光啟科學有限公司 於百慕達註冊成立之有限公司 | 股份代號:439 K KUANGCHI 光啟科學 2020年度報告 I I | | | 目錄 公司資料2 | --- | |------------------------| | | | | | 管理層討論與分析 | | 環境、社會及管治報告 | | 董事及高層管理人員履歷 | | 董事會報告 | | 企業管治報告 | | 獨立核數師報告 | | 綜合損益表 | | 綜合全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | | 五年財務摘要 | 3 7 30 33 47 59 64 66 67 69 70 71 154 111 光啟科學有限公司 2 439 公司資料 | --- | --- | |----------------------------------------------------|--------------------------------------------------------------| | 董事會 | 註冊辦事處 | | 執行董事 | Clarendon Hou ...

Financial Performance - The company reported a revenue of HKD 61,379,000 for the period, representing a 74.11% increase compared to HKD 35,252,000 for the same period in 2019[9]. - The net loss for the period was HKD 11,617,000, a significant reduction of 87.14% from a net loss of HKD 90,328,000 in the same period of 2019[9]. - The gross profit margin improved from 8% in 2019 to 29% in the current period, attributed to the launch of the new "wearable smart helmet," which accounted for 75.6% of the revenue[9]. - The company reported a significant increase in revenue due to the demand for wearable smart helmets, compared to the same period in 2019[27]. - Gross profit for the same period was HKD 17,812,000, significantly up from HKD 2,819,000 in 2019, indicating a substantial improvement in profitability[66]. - The company incurred a net loss of HKD 11,617,000 for the six months ended June 30, 2020, a decrease from a loss of HKD 90,328,000 in the prior year, reflecting a reduction in losses by approximately 87.1%[66]. - The total comprehensive loss for the period was HKD 147,625,000, compared to HKD 125,927,000 in the previous year, indicating an increase in overall losses[71]. - The company reported a net loss attributable to shareholders of HKD 11,448,000 for the six months ended June 30, 2020, compared to a loss of HKD 91,659,000 in the same period of 2019[115]. Revenue Sources - Sales of wearable smart helmets reached HKD 46,429,000 in the first half of 2020, a significant increase from HKD 851,000 in the same period of 2019[99]. - Revenue from external customers in China was HKD 41,444,000 for the six months ended June 30, 2020, compared to HKD 27,941,000 in 2019, reflecting a growth of 48.2%[102]. Expenses and Cost Management - The total operating expenses, including sales and distribution, R&D, and administrative expenses, amounted to HKD 46,572,000, compared to HKD 34,061,000 in 2019, showing an increase of 37.0%[66]. - The company has optimized its operations, reducing R&D expenses by approximately 63.4% and administrative expenses by about 28.7% compared to the same period in 2019[9]. - The company reported a significant decrease in salaries and wages expenses, which amounted to HKD 16,362,000 in the first half of 2020, down from HKD 49,466,000 in 2019, a reduction of 67.0%[105]. Assets and Liabilities - As of June 30, 2020, the total shareholder equity was approximately HKD 900,747,000, down from HKD 1,048,372,000 as of December 31, 2019[19]. - The total assets were approximately HKD 1,603,892,000, a decrease from HKD 1,842,236,000 as of December 31, 2019[19]. - The total liabilities were approximately HKD 703,145,000, reduced from HKD 793,864,000 as of December 31, 2019[19]. - The cash and cash equivalents were approximately HKD 113,982,000, down from HKD 245,879,000 as of December 31, 2019[19]. - The asset-liability ratio as of June 30, 2020, was approximately 55.21%, compared to 48.28% as of December 31, 2019[19]. - The company's total assets decreased to HKD 1,603,892,000 as of June 30, 2020, down from HKD 1,842,236,000 at the end of 2019, reflecting a decline of approximately 12.93%[73]. - Total liabilities decreased to HKD 703,145,000 from HKD 793,864,000, indicating a reduction of approximately 11.43%[74]. Shareholder Information - The company has not declared any interim dividends for the period, consistent with the previous year[17]. - The company’s major shareholders include Everbright Securities Co., Ltd. with a 17.34% stake and Central Faith International Ltd. with a 15.80% stake[48]. - As of June 30, 2020, the total issued shares of the company were 6,156,928,860[55]. - The company holds 71,528,751 shares of Guangqi Technology, representing 3.32% of its issued shares, with a book value of HKD 568,471,000 as of June 30, 2020[28]. Innovation and Development - The company is focusing on the development of artificial intelligence technologies and aims to enhance its solutions for smart city applications, leveraging 5G network advancements[12]. - The company is committed to continuous innovation in future technologies, particularly in artificial intelligence and its applications in various vertical industries[10]. - The company has established demonstration sites for its "AI coverage network" in major locations, receiving positive feedback from customers[12]. - The company is engaged in the research and development of innovative products and technology solutions, focusing on future technology business[82]. Financial Risks and Governance - The company faces various financial risks, including market risk, credit risk, and liquidity risk, which are not fully disclosed in the interim financial data[92]. - The company has adopted sound corporate governance principles to enhance shareholder value and protect shareholder interests[56]. - The financial data presented is unaudited and was approved for publication by the board on August 26, 2020[83]. Cash Flow and Financing Activities - Operating cash flow for the six months ended June 30, 2020, was (116,003) thousand HKD, a decrease from 58,439 thousand HKD in 2019, indicating a significant decline in cash generation[81]. - Financing activities generated a net cash inflow of 2,098 thousand HKD, a sharp decline from 26,430 thousand HKD in 2019, highlighting reduced financing activities[81]. - The company has available bank financing of approximately HKD 548,100,000 as of June 30, 2020, with HKD 375,301,000 remaining unutilized[141].

Financial Performance - The company recorded total revenue of approximately HKD 61 million and a net loss of approximately HKD 294 million for the year ended December 31, 2019[5]. - The group's revenue decreased from approximately HKD 158 million for the year ended December 31, 2018, to approximately HKD 61 million for the year ended December 31, 2019, a decline of about HKD 97 million or 61.4%[13]. - The net loss of the group reduced from approximately HKD 498 million for the year ended December 31, 2018, to approximately HKD 294 million for the year ended December 31, 2019, a decrease of about HKD 204 million or 41%[13]. - The group's gross profit margin for the year ended December 31, 2019, was 16%, an increase from 12% in 2018, primarily due to higher sales of more profitable products[101]. - EBITDA and share-based payment increased by HKD 138,229,000 in 2019, compared to a decrease of HKD 769,075,000 in 2018, reflecting a reduction in other operating expenses[102]. - The debt-to-equity ratio as of December 31, 2019, was 0.48, up from 0.33 in 2018, indicating a solid level of financial stability[102]. - The group’s financial performance details are available in the audited consolidated financial statements[98]. Technology and Innovation - The company is focusing on future technology business, particularly in artificial intelligence and future space technologies, with significant applications in various industries[6]. - The artificial intelligence system has been deployed in key areas of Shanghai and Chongqing, with a partnership established with the Huangpu District government to promote AI technology applications[7]. - The company successfully won a project for an AI coverage system in Shunde District, Foshan, integrating smart helmets and big data analysis to enhance operational efficiency[8]. - The company believes that the development of 5G networks will accelerate the application of its AI technology across more vertical industries, particularly in smart city construction[8]. - The company submitted over 828 patent applications, showcasing its commitment to innovation and technology leadership[69]. - The company has a strong management team with extensive experience in advanced technology research and development[88][89]. - The company has been recognized for its contributions to technology and innovation, with several team members receiving awards[88][89]. - The main business of the company involves innovation in future technology products and providing innovative technology service solutions[95]. - The company is focused on expanding its market presence and developing new technologies[95]. Environmental Responsibility - The report outlines the group's commitment to sustainable development, focusing on environmental, employment, operational practices, and community engagement[26]. - In 2019, the company reported a significant reduction in air pollutant emissions, with nitrogen oxides decreasing from 8.94 kg in 2018 to 2.67 kg in 2019, a reduction of approximately 70%[40]. - The total greenhouse gas emissions for 2019 were 140.18 tons of CO2 equivalent, down from 330.52 tons in 2018, representing a reduction of about 58%[42]. - The company’s Scope 1 greenhouse gas emissions decreased from 64.46 tons of CO2 equivalent in 2018 to 43.02 tons in 2019, a reduction of approximately 33%[42]. - The Scope 2 emissions also saw a significant drop from 266.06 tons of CO2 equivalent in 2018 to 97.16 tons in 2019, a decrease of around 63%[42]. - The company has implemented an environmental and waste policy aimed at reducing operational impacts on the environment[37]. - The reduction in emissions was attributed to decreased sales of the super smart tracking system chips and "Cloud Number" products during the reporting period[39][41]. - The company is committed to maintaining compliance with environmental regulations, including the Air Pollution Control Ordinance in Hong Kong and the Environmental Protection Law in China[38]. - The company has established procedures to monitor air pollutants, waste, wastewater, and noise emissions[38]. Stakeholder Engagement - The group recognizes the importance of stakeholder support for business success and has established various communication channels to engage with key stakeholders[29]. - The group acknowledges the significance of stakeholder insights and has identified key stakeholders critical to its business activities[29]. - The company engages stakeholders through various channels to understand their expectations and concerns regarding ESG issues[32]. - The company emphasizes the importance of a healthy work environment and employee rights as part of its corporate social responsibility initiatives[37]. Employee Welfare and Development - As of December 31, 2019, the group had approximately 239 employees and provided competitive compensation packages, including stock option plans and discretionary bonuses for outstanding performance[22]. - The company emphasizes employee welfare and development through competitive compensation and performance evaluation programs[113]. - The company focuses on employee training, particularly in safety, to enhance safety awareness and reduce workplace accidents[66]. - The company has a diverse workforce, with 31% male and 69% female employees, and various age groups represented[60]. - The company maintains high labor standards and strictly adheres to labor laws, with no incidents of child or forced labor reported in 2019[67]. - The company has implemented a "Work Stress and Fatigue Management Policy" to identify and manage workplace stress and fatigue[64]. - The company recorded zero work-related fatalities and zero lost workdays due to injuries[17]. - The percentage of trained employees was F%, indicating a strong commitment to employee development[17]. Corporate Governance - The company has adopted sound corporate governance principles to enhance shareholder value and protect shareholder interests[173]. - The company did not comply with certain corporate governance code provisions during the review year, specifically regarding the notice period for board meetings and attendance at the annual general meeting[174]. - The board of directors includes both executive and non-executive members, with specific appointments and resignations noted[125]. - The company has established a diversity policy to enhance corporate governance and ensure a diverse board composition[177]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, bringing valuable business and professional knowledge[193]. - The company complies with the listing rules requiring at least three independent non-executive directors, with one possessing appropriate professional qualifications or experience in accounting or financial management[197]. - The board retains the authority to decide on all major matters, including policies, overall strategy, budgets, internal controls, risk management, and significant transactions[198]. Risk Management - The company is actively monitoring foreign exchange risks, particularly due to its sales transactions being primarily denominated in RMB while financial statements are presented in HKD[111]. - The impact of the COVID-19 pandemic on the group's operations remains uncertain, and the overall financial impact cannot be reliably estimated as of the report date[168]. Shareholder Information - The company did not recommend any dividend payment for the year ended December 31, 2019[99]. - The company has a stock option plan that allows for the issuance of options up to 10% of the issued shares[154]. - The company can only declare dividends from legally distributable profits and reserves, ensuring compliance with regulations[187]. - The board will continuously review the dividend policy and retains the right to amend it at any time[189]. - The company has made arrangements for directors and senior management to purchase appropriate liability insurance[130].

Financial Performance - The company reported a revenue of HKD 35,252,000 for the six months ended June 30, 2019, a decrease of 61.29% compared to the same period in 2018[7]. - The net loss for the period was HKD 90,328,000, a reduction from a net loss of HKD 181,524,000 in 2018, primarily due to significant reductions in R&D and administrative expenses[7]. - Revenue for the six months ended June 30, 2019, was HKD 35,252 thousand, a decrease from HKD 91,070 thousand in the same period of 2018, representing a decline of 61.3%[67]. - Gross profit for the same period was HKD 2,819 thousand, down from HKD 6,311 thousand in 2018, indicating a decrease of 55.3%[67]. - Operating loss for the six months ended June 30, 2019, was HKD 63,535 thousand, compared to a loss of HKD 178,454 thousand in 2018, showing an improvement of 64.4%[67]. - The net loss for the period was HKD 90,328 thousand, significantly reduced from HKD 181,524 thousand in the previous year, reflecting a decrease of 50.2%[70]. - Research and development expenses were HKD 37,354 thousand, down from HKD 94,988 thousand in 2018, a reduction of 60.7%[67]. - The company reported a basic loss per share from continuing operations of HKD 1.47, compared to HKD 2.65 in the same period of 2018, showing an improvement of 44.4%[68]. - The company reported a loss attributable to owners of approximately HKD 91,659,000 for the six months ended June 30, 2019, compared to a loss of HKD 162,867,000 for the same period in 2018[139]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2019, amounted to HKD 498,176 thousand, an increase from HKD 429,611 thousand at the end of 2018, representing a growth of 16.0%[72]. - The cash flow from operating activities for the six months ended June 30, 2019, was HKD 58,439,000, a significant improvement from a cash outflow of HKD 252,179,000 in the previous year[82]. - The total cash and cash equivalents at the end of the period were HKD 498,176,000, down from HKD 730,058,000 at the end of June 2018[82]. - The net cash used in investing activities was HKD 14,498,000, compared to a cash inflow of HKD 145,477,000 in the previous year[82]. - Financing activities generated a net cash inflow of HKD 26,430,000, down from HKD 55,135,000 in the same period last year[82]. Assets and Liabilities - As of June 30, 2019, the company's total shareholder equity was approximately HKD 1,305.99 million, down from HKD 1,431.92 million as of December 31, 2018[21]. - The company's total assets were approximately HKD 2,041.71 million, a decrease from HKD 2,148.82 million as of December 31, 2018[21]. - The asset-liability ratio as of June 30, 2019, was approximately 37.85%, compared to 32.58% as of December 31, 2018[21]. - The company's trade receivables net amount was HKD 114,617,000 as of June 30, 2019, down from HKD 344,856,000 as of December 31, 2018[154]. - The expected credit loss provision for trade receivables was HKD 12,756,000 as of June 30, 2019, compared to HKD 25,788,000 as of December 31, 2018[156]. - The company’s total assets as of June 30, 2019, included significant investments in construction in progress amounting to HKD 311,698,000[140]. Shareholder Information - As of June 30, 2019, the company had a total of 6,156,928,860 issued shares[42]. - Dr. Liu holds 3,078,500,000 shares, representing 50.00% of the total issued shares, and has a short position of 1,067,862,045 shares, representing 17.34%[34]. - Major shareholders include New Horizon and Wireless Connection Innovative Technology Limited, each holding 3,078,000,000 shares, representing approximately 49.99% of the total issued shares[43]. - The company has adopted sound corporate governance principles to enhance shareholder value and protect shareholder interests[54]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the review period[54]. Technology and Innovation - The company is focusing on future technology business, particularly in "Artificial Intelligence Coverage" and "Future Space" technologies, aiming to create smart cities and improve service efficiency[11]. - The "Matrix Intelligent Engine" achieved a peak concurrent processing capacity of 70,000 users per second, demonstrating the effectiveness of the "Artificial Intelligence Coverage Network" in practical applications[11]. - The company has developed a leading "Artificial Intelligence Coverage" technology, achieving real-time dynamic tracking of massive targets, significantly enhancing security capabilities in urban governance and public safety[13]. - The company is actively constructing demonstration zones for the "Artificial Intelligence Coverage Network" in various cities, including Shanghai and Chongqing, to promote nationwide applications[11]. - The company continues to focus on innovative product development and technology solutions primarily in China and Hong Kong[84]. Corporate Governance and Compliance - The audit committee regularly meets with management and external auditors to discuss accounting principles and financial reporting matters[63]. - The company is committed to filling the vacancies of independent non-executive directors to comply with listing rules[60]. - The company has maintained sufficient public float as required by listing rules[62]. - The company’s internal control and risk management systems are regularly reviewed by the audit committee[63]. Changes in Accounting Policies - The group has adopted significant changes in accounting policies due to the application of Hong Kong Financial Reporting Standard No. 16, which affects the treatment of lease assets and liabilities[96]. - Lease liabilities are recognized at the present value of unpaid lease payments, discounted using the group's incremental borrowing rate of approximately 6.5%[104]. - The transition to Hong Kong Financial Reporting Standard No. 16 resulted in the recognition of lease liabilities of HKD 2,592,000 and HKD 33,652,000 for current and non-current liabilities respectively[105]. - The group will recognize lease payments related to short-term leases and low-value assets on a straight-line basis in the income statement[98].