Financial Performance - For the year ended December 31, 2023, the company reported a revenue of HKD 262,134,000, a slight increase of 0.7% compared to HKD 260,179,000 in 2022[2] - The gross profit for the year was HKD 19,956,000, representing a 9.2% increase from HKD 18,276,000 in the previous year[2] - The company incurred a loss before tax of HKD 33,796,000, an improvement of 22.7% compared to a loss of HKD 43,715,000 in 2022[2] - The net loss for the year was HKD 33,394,000, down from HKD 43,715,000 in the prior year, indicating a 23.6% reduction in losses[2] - Total comprehensive income for the year was HKD 10,113,000, compared to HKD 5,663,000 in 2022, marking an increase of 78.1%[3] - The basic and diluted loss per share improved to HKD 4.64 from HKD 6.41, a reduction of 27.5%[3] - The annual loss attributable to the company's owners was HKD 31,043,000 in 2023, an improvement from a loss of HKD 41,053,000 in 2022[34] - The group reported a loss attributable to shareholders of approximately HKD 31.0 million, a reduction of 24.6% from HKD 41.1 million in the previous year[72] Assets and Liabilities - Non-current assets increased to HKD 529,860,000 from HKD 447,053,000, reflecting an 18.5% growth[4] - Current assets decreased to HKD 170,235,000 from HKD 258,327,000, a decline of 34.1%[4] - The company's total liabilities remained stable at HKD 666,805,000, compared to HKD 666,743,000 in the previous year[4] - As of December 31, 2023, the company's current liabilities amounted to approximately HKD 666,805,000, which includes construction costs payable of about HKD 93,501,000 and bank borrowings of approximately HKD 299,282,000[20] - The group's current liabilities net amount was approximately HKD 496.6 million, with a current ratio of about 0.26, indicating a decrease from 0.39 in the previous year[83] - The cash and bank balance, including pledged bank deposits, was approximately HKD 49.7 million as of December 31, 2023, down from HKD 75.2 million in the previous year[83] Revenue Sources - PCB sales accounted for HKD 262,134,000 in 2023, compared to HKD 253,167,000 in 2022, reflecting a growth of approximately 3.8%[26] - Single-sided PCB revenue increased to HKD 48,431,000 from HKD 29,811,000, representing a growth of 62.4%[49] - Double-sided PCB revenue remained stable at HKD 207,350,000, a marginal increase of 0.8% from HKD 205,746,000[49] - Multi-layer PCB revenue decreased significantly to HKD 6,353,000 from HKD 17,610,000, a decline of 64.0%[49] - Revenue from the Chinese market (excluding Hong Kong) rose by 6.7% to HKD 244.9 million, while revenue from Hong Kong decreased by 42.5% to HKD 5.5 million[68] Cost Management and Financial Strategy - Management is focusing on cost control measures to enhance operational performance and cash flow from existing businesses[20] - The group continues to implement cost control measures and strategic pricing policies to attract more sales orders amid ongoing economic challenges[76] - The group is actively negotiating with creditors to extend repayment terms for engineering payments and other borrowings[3] - The company is considering issuing more equity to further raise new funds[5] Legal and Compliance Issues - The company is involved in a legal dispute with former director Mr. Lai, claiming HKD 1,640,000 in unpaid bonuses, while the company countersued for HKD 5,240,000 due to alleged wrongful receipt[93] - The company has ongoing legal claims in China totaling RMB 38,500,000 related to disputes with suppliers, contractors, and former employees, with a bank account frozen for approximately HKD 5,076,000 (RMB 4,568,000) as of December 31, 2023[93] - The company confirmed compliance with the corporate governance code throughout the year, except for certain exceptions regarding the distribution of management accounts to the board[111] Future Plans and Developments - The group plans to enhance R&D efforts to focus on high-value-added PCB products, particularly copper-based PCBs for clean environmental applications[71] - The group is developing a new production facility adjacent to existing factories, with a total construction area of 120,513.22 square meters[69] - Project A involves an investment of RMB 349,320,000 for a new factory with a total construction area of approximately 151,875.44 square meters, expected to generate at least RMB 26.68 million in annual tax revenue[102] - Project B entails an investment of RMB 571,170,000 for a new factory covering approximately 248,333.45 square meters, anticipated to yield at least RMB 40 million in annual tax revenue[103] Shareholder and Capital Management - The group has issued 133,883,000 new shares, raising approximately HKD 13.2 million to support funding needs[5] - The company issued a three-year convertible bond with a principal amount of HKD 15,262,320 at an annual interest rate of 8%, resulting in the issuance of 133,880,000 shares at an initial conversion price of HKD 0.114, which is a premium of approximately 3.64% over the closing price on the agreement date[79] - The anticipated credit loss for trade receivables was HKD 5.8 million, an increase from HKD 4.0 million in 2022[74] Employee and Governance - The group employed a total of 328 employees as of December 31, 2023, a decrease from 372 employees in the previous year[87] - The audit committee consists of four independent non-executive directors, with Dr. Lu resigning on November 30, 2023, leaving three members thereafter[118] - The appointment of a new independent non-executive director on February 28, 2024, restored compliance with the minimum requirement for independent non-executive directors[115]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 111,077,000, a decrease of 41.7% compared to HKD 190,243,000 for the same period in 2022[6] - Gross profit for the same period was HKD 7,780,000, down 15.5% from HKD 9,211,000 in 2022[6] - The company reported a loss before tax of HKD 13,154,000, an improvement from a loss of HKD 20,689,000 in the previous year, indicating a 36.2% reduction in losses[6] - Total comprehensive loss for the period was HKD 13,832,000, compared to HKD 22,982,000 in 2022, reflecting a 39.9% decrease[6] - Basic and diluted loss per share improved to HKD 1.85 from HKD 3.05 in the previous year, indicating a 39.3% improvement[7] - The company reported a loss of approximately HKD 13,134,000 for the six months ended June 30, 2023, compared to a loss of HKD 20,689,000 for the same period in 2022[17] - The group reported a loss attributable to shareholders of approximately HKD 12.4 million, reduced from HKD 18.7 million in 2022, mainly due to increased other income and reduced selling and administrative expenses[42] Assets and Liabilities - Non-current assets as of June 30, 2023, amounted to HKD 449,032,000, slightly up from HKD 447,053,000 at the end of 2022[8] - Current assets decreased to HKD 247,937,000 from HKD 258,327,000 at the end of 2022, a decline of 4.0%[8] - Current liabilities were HKD 655,926,000, down from HKD 666,743,000 at the end of 2022, showing a decrease of 1.3%[9] - The company’s net asset value decreased to HKD 6,926,000 from HKD 18,794,000 at the end of 2022, a decline of 63.1%[9] - The company’s total equity as of June 30, 2023, was HKD 33,294,000, a decrease from HKD 59,841,000 at the beginning of the year[13] - The total assets of the group as of June 30, 2023, were approximately HKD 696.9 million, compared to HKD 705.4 million as of December 31, 2022[43] - Interest-bearing borrowings amounted to approximately HKD 356.8 million as of June 30, 2023, up from HKD 315.9 million as of December 31, 2022, resulting in a capital debt ratio of approximately 51.2%[43] - The net current liabilities were approximately HKD 408.0 million as of June 30, 2023, with a current ratio of approximately 0.38[43] Cash Flow and Financing - The net cash outflow from operating activities was HKD 418,000, significantly improved from HKD 16,661,000 in the previous year[15] - The financing activities generated a net cash inflow of HKD 7,102,000, compared to HKD 51,407,000 in the previous year, with a notable issuance of convertible bonds amounting to HKD 15,000,000[15] - The company is in discussions with banks to secure necessary financing to meet operational and financial needs[17] - A shareholder has agreed to provide financial assistance for the next twelve months to support the company's ongoing operations[17] Revenue Breakdown - The revenue from single-sided PCBs was HKD 11,143,000, down 68.3% from HKD 35,184,000 in the previous year[19] - The revenue from the Chinese market was approximately HKD 98,284,000, a decrease of 41.6% compared to HKD 168,387,000 in the previous year[41] - The sales of single-sided PCB decreased by 68.3% to HKD 11,143,000, while double-sided PCB sales decreased by 32.1% to HKD 96,752,000[40] Employee and Operational Costs - Total employee costs decreased to HKD 12,008,000 in the first half of 2023 from HKD 23,401,000 in the same period of 2022, indicating a reduction of 48.7%[5] - The company is adjusting to challenges posed by the COVID-19 pandemic and global economic factors, implementing cost control measures and strategic pricing policies to attract more sales orders[57] Shareholder and Equity Information - The company did not declare any dividends during the interim period, consistent with the previous year[23][24] - The total issued share capital of the company as of June 30, 2023, is 669,415,394 shares[64] - The company aims to attract and retain talent through its share option plans to enhance business development[67] Projects and Future Plans - The company is developing a new production facility in Zhongshan, Guangdong, with a total construction area of 120,513.22 square meters and an estimated total construction cost of RMB 270 million[52] - Project A involves an investment of RMB 349.32 million for a new building with a total construction area of approximately 151,875.44 square meters, expected to generate an annual tax level of at least RMB 26.68 million within one year during the eight-year supervision period[54] - Project B involves an investment of RMB 571.17 million for a new building with a total construction area of approximately 248,333.45 square meters, expected to generate an annual tax level of at least RMB 40 million within one year during the eight-year supervision period[55] - The company is in the early planning stages for a third phase development project in Zhongshan, contingent on the full utilization of existing facilities and sufficient funding[53] Governance and Compliance - The audit committee consists of four independent non-executive directors, with Dr. Lu Hailin serving as the chairman[78] - The audit committee reviewed the unaudited financial statements for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards and legal requirements[78] - The company confirmed compliance with the corporate governance code during the reporting period, with some deviations noted[75] - All current directors confirmed compliance with the standard code for securities trading during the six months ending June 30, 2023[77]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA SILVER TECHNOLOGY HOLDINGS LIMITED 中 華 銀 科 技 控 股 有 限 公 司 TC Orient Lighting Holdings Limited （前稱 達進東方照明控股有限公司） （於開曼群島註冊成立之有限公司） 515 （股份代號： ） 中期業績公佈 截至二零二三年六月三十日止六個月 董事（「董事」）會（「董事會」）欣然公佈中華銀科技控股有限公司（前稱達進東方照明 控股有限公司）（「本公司」）及其附屬公司（統稱「本集團」）截至二零二三年六月三十 日止六個月的未經審核綜合中期業績。該等中期簡明綜合財務報表未經審核。 ...

Revenue and Financial Performance - The group's revenue decreased in 2022 primarily due to a reduction in PCB product orders, particularly single-sided and multi-layer PCBs[8]. - The total revenue for the year ended December 31, 2022, was HKD 260,179,000, a decrease of 30.7% compared to HKD 375,375,000 in 2021[87]. - Revenue from single-sided PCBs was HKD 29,811,000, down 55.0% from HKD 66,256,000 in the previous year[87]. - Revenue from double-sided PCBs was HKD 205,746,000, representing a decrease of 10.4% from HKD 229,513,000 in 2021[87]. - Revenue from multi-layer PCBs was HKD 17,610,000, a significant decline of 74.8% compared to HKD 69,786,000 in the prior year[87]. - Revenue from LED lighting business was HKD 7,012,000, down 28.6% from HKD 9,820,000 in 2021[87]. - The company reported a loss of approximately HKD 43,715,000 for the fiscal year ending December 31, 2022[51]. - The loss attributable to shareholders was approximately HKD 41.1 million, a significant increase of 1,053.8% from HKD 3.9 million in the previous year[93]. - As of December 31, 2022, the company's current liabilities exceeded its current assets by approximately HKD 408,416,000, raising significant doubts about its ability to continue as a going concern[51]. Corporate Governance - The board consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors, ensuring a balanced mix of skills and experience[17]. - The audit committee is composed of four independent non-executive directors, with a focus on reviewing and supervising the group's financial reporting and compliance procedures[23]. - The chairman leads the board and ensures effective communication with shareholders while promoting good corporate governance practices[20]. - The company has adopted a standard code of conduct for directors' securities trading, ensuring compliance with regulations[16]. - The board meets at least four times a year, with regular updates provided to ensure directors can fulfill their responsibilities effectively[19]. - The nomination committee is responsible for reviewing the board's structure and composition annually, ensuring a diverse skill set among board members[34]. - The compliance committee oversees the group’s adherence to relevant laws and regulations, ensuring effective compliance procedures[35]. - The board has established a diversity policy aimed at enhancing governance and achieving sustainable business goals, with two female directors among eleven total[37]. - The board has resolved not to recommend a final dividend for the year, consistent with the previous year[110]. Strategic Initiatives and Future Plans - The company plans to implement cost-saving measures and improve quality to attract more sales orders from existing and potential customers[8]. - The company aims to enhance long-term shareholder returns through sustainable recurring revenue growth and maintaining a strong financial position[15]. - The company plans to focus on developing high-value-added PCB products, particularly copper-based PCBs for clean environmental applications[92]. - The company is seeking debt and equity financing to improve its working capital and cash flow situation[103]. - The company is taking cost control measures and strategic pricing policies to attract more sales orders amid the challenges posed by the COVID-19 pandemic[99]. Environmental, Social, and Governance (ESG) Efforts - The company emphasizes a commitment to sustainable development as a core part of its business strategy[135]. - The board of directors is responsible for overseeing the company's environmental, social, and governance (ESG) strategies and performance[148]. - The group has adopted a three-tier risk management approach to identify, assess, and manage significant risks and opportunities, including environmental, social, and governance-related risks[149]. - The group identifies key sustainability issues through a three-step process: identification, prioritization, and application and verification[151]. - High importance issues identified include product/service quality and safety, occupational health and safety, wastewater discharge, and greenhouse gas emissions[157]. - The company generated a total of 7,403.4 tons of carbon dioxide equivalent (tCO2e) greenhouse gases, with a carbon density of 13.0 tons of CO2e per 10,000 square feet, reflecting a reduction attributed to decreased production activities[173]. - The total wastewater discharge for the year was 83,284.1 cubic meters, significantly reduced from 415,233.3 cubic meters in the previous year, primarily due to decreased production activities[169]. - The company aims to reduce greenhouse gas emissions density (Scope 1 and 2) by 3% from the 2021 baseline by 2027[178]. - The company plans to reduce waste emissions density by 5% from the 2021 baseline by 2027[189]. Employee and Operational Insights - The group employed a total of 372 employees as of December 31, 2022, a decrease from 448 employees in 2021[111]. - The employee gender ratio as of December 31, 2022, was 1.68:1 (male to female)[41]. - The company has adopted a competitive remuneration scheme for its employees, with promotions and salary increases based on performance[31]. - The company has established mechanisms to ensure independent viewpoints are available to the board, which are reviewed annually[41]. Risk Management and Compliance - The board conducted an annual review of the effectiveness of the group's risk management and internal control systems, finding them effective and adequate as of December 31, 2022[57]. - The group has implemented a three-tier risk management approach to identify, assess, and manage significant risks[59]. - The board tracks and reviews major environmental, social, and governance issues at least once a year to narrow the gap between current progress and expectations[149]. - The company has established an effective energy monitoring and assessment system to continuously improve energy efficiency and set energy-saving targets[192].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA SILVER TECHNOLOGY HOLDINGS LIMITED 中 華 銀 科 技 控 股 有 限 公 司 TC Orient Lighting Holdings Limited （前稱 達進東方照明控股有限公司） （於開曼群島註冊成立之有限公司） 515 （股份代號： ） 截至二零二二年十二月三十一日止年度 全年業績公告 中華銀科技控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的經審核綜合全 年業績（「全年業績」）以及二零二一年同期之可比較金額如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 4 260,179 375,375 營業額 (241,903) (353,882) 銷售成本 ...

Financial Performance - The company reported a revenue of HKD 190,243,000 for the six months ended June 30, 2022, a decrease of 20.9% compared to HKD 240,569,000 in the same period of 2021[5]. - Gross profit for the same period was HKD 9,211,000, down 41.1% from HKD 15,615,000 year-on-year[5]. - The company incurred a loss before tax of HKD 20,689,000, compared to a loss of HKD 13,876,000 in the previous year, representing an increase in loss of 49.4%[5]. - The total comprehensive loss for the period was HKD 22,982,000, compared to HKD 14,954,000 in the same period last year, indicating a 53.7% increase in total comprehensive loss[5]. - Basic and diluted loss per share was HKD 3.05, compared to HKD 2.44 in the previous year, reflecting a 25.0% increase in loss per share[7]. - The company reported a total loss of HKD 13,329,000 during the period, contributing to an accumulated loss of HKD 900,045,000 as of June 30, 2022[16]. - The company reported a loss attributable to shareholders of HKD 18,653,000 for the six months ended June 30, 2022, compared to a loss of HKD 13,329,000 for the same period in 2021, representing a year-over-year increase in loss of approximately 40.5%[35]. Assets and Liabilities - Non-current assets increased to HKD 274,059,000 as of June 30, 2022, from HKD 250,798,000 at the end of 2021, marking a growth of 9.3%[9]. - Current assets totaled HKD 314,245,000, up from HKD 301,120,000 at the end of 2021, representing a 4.5% increase[9]. - The company's total liabilities were HKD 537,597,000, slightly up from HKD 533,249,000 at the end of 2021, indicating a marginal increase of 0.7%[11]. - The company’s total liabilities exceeded its current assets by approximately HKD 223,352,000 as of June 30, 2022[21]. - The total trade and other receivables amounted to HKD 194,783,000 as of June 30, 2022, compared to HKD 181,054,000 as of December 31, 2021, indicating an increase of approximately 7.6%[38]. - Trade and other payables totaled HKD 108,892,000 as of June 30, 2022, down from HKD 138,054,000 as of December 31, 2021[46]. - Interest-bearing borrowings amounted to approximately HKD 210.7 million, up from HKD 159.9 million as of December 31, 2021, resulting in a capital debt ratio of 35.8%[62]. - The net current liabilities were approximately HKD 223.4 million, with a current ratio of 0.58[62]. Cash Flow and Financing - The cash flow from operating activities for the six months ended June 30, 2022, was a net outflow of HKD 16,661,000, compared to a net inflow of HKD 15,635,000 for the same period in 2021[18]. - The company’s financing activities generated a net cash inflow of HKD 51,407,000 for the six months ended June 30, 2022, compared to HKD 8,252,000 for the same period in 2021[18]. - New bank loans obtained during the interim period amounted to HKD 50,833,000, compared to zero in the same period of 2021[48]. - The company is in discussions with bankers to secure necessary financing to meet its operational and financial needs[21]. - The company plans to continue seeking debt and equity financing to improve its working capital and cash flow situation[70]. Operational Highlights - The company experienced a significant decline in revenue from LED lighting, which dropped to HKD 1,874,000 from HKD 25,619,000, a decrease of 92.7% year-over-year[27]. - The group's revenue decreased in the first half of 2022, primarily due to business disruptions caused by the pandemic and related lockdown measures, leading to a reduction in PCB product orders and a decline in LED business revenue[74]. - Single-sided PCB revenue was HKD 35,184,000, accounting for 18.5% of total revenue, while double-sided PCB revenue was HKD 142,542,000, representing 74.9% of total revenue[57]. - Multi-layer PCB revenue decreased by 39.9% to HKD 10,643,000, and LED business revenue dropped by 91.6% to HKD 1,874,000[57]. - The LED division confirmed revenue of approximately HKD 1.9 million from lighting projects in Jiangsu Province during the first half of 2022[76]. Employee and Management Information - Total employee costs decreased to HKD 23,401,000 in the first half of 2022 from HKD 35,152,000 in the same period of 2021, reflecting a reduction of about 33.4%[30]. - The group employed approximately 267 employees as of June 30, 2022, a decrease from 448 employees as of December 31, 2021[66]. - The company’s management compensation for the six months ended June 30, 2022, was HKD 1,477,000, slightly up from HKD 1,440,000 in the previous year[56]. Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code during the reporting period, with some deviations noted regarding the distribution of management accounts to the board[100]. - All current directors have confirmed compliance with the standard code for securities trading by directors during the six months ending June 30, 2022[101]. - The audit committee consists of three independent non-executive directors, with Dr. Lu Hailin serving as the chairman[103]. - The audit committee reviewed the unaudited financial statements for the six months ending June 30, 2022, and confirmed compliance with applicable accounting standards and legal requirements[103]. Share Capital and Options - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased to 610,789,000 in 2022 from 545,304,000 in 2021 due to a share consolidation[35]. - The old share option scheme, established in June 2006, has not been able to grant new options since its expiration in June 2016, but previously granted options remain valid[86]. - As of the report date, there are 4,558,930 unexercised share options under the old scheme, representing 0.68% of the company's existing issued share capital[87]. - The new share option plan allows for the issuance of up to 90,225,766 pre-consolidation shares, equivalent to 18,045,153 post-consolidation shares, representing 10% of the issued shares as of August 19, 2016[90]. - The maximum allocation for any eligible participant within a 12-month period is capped at 1% of the issued shares, while major shareholders or independent non-executive directors are limited to 0.1%[90]. - The updated plan allows for the issuance of up to 271,823,697 pre-consolidation shares, equivalent to 54,364,739 post-consolidation shares, also representing 10% of the issued shares as of June 22, 2020[91]. - The exercise price for options must be at least the highest of the closing price on the grant date, the average closing price over the five trading days prior to the grant date, or the par value of the shares[91]. - The company has not purchased, redeemed, or sold any of its own listed securities during the six months ending June 30, 2022[97].

Financial Performance - The company reported an increase in revenue due to the easing of COVID-19 restrictions, leading to a rise in customer orders and an overall improvement in the supply chain environment[9]. - The sales price of PCB products increased, contributing to the revenue growth[9]. - The company's revenue for the year ended December 31, 2021, was approximately HK$375.4 million, an increase of 58.0% compared to HK$237.6 million in 2020[84]. - The gross profit margin for 2021 was 5.7%, up from 2.1% in 2020[84]. - The loss attributable to shareholders decreased to approximately HK$3.9 million in 2021, compared to HK$74.4 million in 2020[84]. - Revenue from single-sided PCB products was HK$66.3 million, representing a growth of 11.5% from HK$59.4 million in 2020[78]. - Revenue from double-sided PCB products increased by 59.6% to HK$229.5 million, up from HK$143.8 million in 2020[78]. - Revenue from multi-layer PCB products surged by 103.1% to HK$69.8 million, compared to HK$34.4 million in 2020[78]. - The group reported a loss of approximately HKD 6,649,000 for the fiscal year ending December 31, 2021[46]. - Current liabilities exceeded current assets by approximately HKD 232,129,000 as of December 31, 2021[46]. - The group has bank borrowings of HKD 156,310,000 classified as current liabilities, despite repayment dates being over 12 months after the reporting period[47]. - The company expects to have sufficient working capital to meet current operational needs and reasonably anticipates continued operations on a going concern basis[47]. Corporate Governance - The company has adopted various self-regulatory policies and procedures to ensure transparency and accountability in its operations[14]. - The board consists of 11 members, including 5 executive directors, 2 non-executive directors, and 4 independent non-executive directors, reflecting the necessary skills and experience for effective leadership[16]. - The company has a diversity policy for board members to enhance efficiency and governance, considering factors such as gender, age, and professional experience[18]. - The company has complied with the corporate governance code since the appointment of its CEO and chairman in 2020[27]. - The company emphasizes the importance of independent judgment from non-executive and independent directors in board meetings[32]. - The board is responsible for providing sufficient information to its members to make informed decisions[34]. - The company has a clear policy for evaluating the performance of directors and senior management, which is linked to their remuneration[38]. - The company ensures that directors receive ongoing training and updates on regulatory developments to fulfill their responsibilities[29]. - The company has arranged appropriate liability insurance for its directors, which is reviewed annually[33]. - The company held 7 board meetings during the year, with attendance rates for executive directors ranging from 6/7 to 7/7[19]. - The company conducted its annual general meeting on June 30, 2021, with all directors present at a 100% attendance rate[22]. - The remuneration committee held 2 meetings during the year, with all members attending both meetings[38]. - The Nomination Committee held 2 meetings during the year, with all members attending both[41]. - The Compliance Committee convened 1 meeting during the year, with full attendance from all members[43]. - The Audit Committee reviewed the audited financial statements for the year ending December 31, 2021, confirming compliance with applicable accounting standards and regulations[51]. - The audit committee held 2 meetings during the year to discuss financial reports and compliance procedures[52]. - The audit committee reviewed the full-year performance for the fiscal year ending December 31, 2021[55]. Operational Strategy - The company implemented cost-saving measures and strategic pricing policies to attract more sales orders from existing and potential customers[9]. - The board and management team will continue to take measures to improve existing business and explore opportunities to create value for the company and its shareholders[10]. - The company has taken all feasible measures to address future challenges, including cost control and business development initiatives[9]. - The company plans to develop a new production facility adjacent to existing factories, covering a total area of 120,513.22 square meters[82]. - The company aims to focus on high-value-added PCB products, particularly copper-based PCBs for clean environmental applications[83]. - The company has entered into a subscription agreement for 286,000,000 shares at HKD 0.10 per share, raising approximately HKD 28.6 million[116]. - The subscription proceeds will be used for debt repayment and operational expenses, with HKD 24.4 million allocated for debt repayment and HKD 4 million for operational capital[116]. - The group will continue to seek debt and equity financing to improve its working capital and cash flow situation[91]. - The company plans to invest in a new production line in Jiangxi Province, with the implementation timeline dependent on various factors[115]. - The strategic cooperation agreement with Shenzhen Wenyiyi Industrial Co., Ltd. includes a ten-year cooperation period based on a revenue-sharing model[109]. - The proposed investment in Anxun Group aims to acquire at least 51% of its issued share capital, with a potential cost capped at HKD 30.6 million[110]. Environmental, Social, and Governance (ESG) - The company is committed to sustainable development, focusing on high technology, high quality, high value-added, high efficiency, and high returns while minimizing emissions and energy consumption[123]. - The board is responsible for the company's environmental, social, and governance (ESG) strategies and reports, ensuring effective risk management and internal control systems related to ESG[131]. - The company aims to maximize efficiency while minimizing emissions and energy consumption, continuously innovating and addressing social needs[128]. - The report covers the company's ESG policies and measures, with no changes in the reporting scope compared to the previous year[126]. - The company identifies and assesses the importance of ESG issues related to its operations, which will influence corporate strategy[130]. - The company has established an ESG working group to assist the board in developing and implementing ESG strategies and policies[131]. - The company follows a three-step process to manage and report on sustainability issues, ensuring that the most important topics are prioritized[134]. - The company adheres to strict environmental regulations, with no violations reported in emissions, wastewater discharge, or greenhouse gas emissions during the year[149]. - The company has implemented a comprehensive system to ensure that all emissions comply with regulatory standards, focusing on reducing air pollution and waste generation[148]. - The company has established an ISO14001 certified Environmental Management System (EMS) to manage its environmental impact[148]. - The company has prioritized high energy efficiency and low emissions in its operational processes[150]. - The company has established long-term reduction pathways for both greenhouse gas and wastewater emissions as directional targets[159][163]. - The company conducts quarterly assessments of wastewater discharge and monthly monitoring of chemical oxygen demand and total copper levels[153]. - The company has implemented measures to minimize Scope 3 emissions, including avoiding business air travel and utilizing video conferencing[163]. - The company collaborates with authorized contractors for the collection and disposal of hazardous waste, ensuring compliance with relevant regulations[165]. - The company generated a total of 14,515.9 tons of greenhouse gas emissions (Scope 1 and 2), with a carbon density of 25.4 tons of CO2 equivalent per 10,000 square feet[161]. - The company recorded emissions of 0.8 kg of sulfur oxides, 323.5 kg of nitrogen oxides, and 31.1 kg of particulate matter in the fiscal year[151]. - The total wastewater discharge amounted to 415,233.3 cubic meters in the fiscal year[154]. - The company produced 1,095 tons of hazardous waste, resulting in a hazardous waste density of 1.9 tons per 10,000 square feet[167]. - The company has set future targets for reducing emissions and improving environmental performance through ongoing reviews of existing measures[159]. - The company engages with stakeholders through various channels, including shareholder meetings and regular corporate announcements[147]. - The company actively participates in community investment and environmental protection initiatives[147]. Employee Management - The company employs approximately 428 employees as of December 31, 2021, with 288 males and 140 females[190]. - The workforce consists of 425 full-time employees and 3 part-time employees, primarily aged between 31 to 50 years[190]. - The company emphasizes fair and competitive employee compensation, regularly reviewing its salary policies based on market conditions and individual performance[194]. - The company has established a human resources management procedure to regulate recruitment processes and ensure fair promotion and salary adjustment practices[197]. - The company has not reported any violations of applicable labor laws in all operational regions during the year[193]. - The company aims to create a healthy work-life balance culture, providing various leave options and organizing recreational activities[200]. - The company is focused on employee development and occupational health and safety as key areas of concern[140]. - The company promotes a culture of environmental awareness among employees, encouraging the use of public transportation and sustainable practices[183].

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 240,569,000, a significant increase of 137.5% compared to HKD 101,347,000 for the same period in 2020[6] - Gross profit for the same period was HKD 15,615,000, compared to a gross profit of HKD 295, marking a substantial improvement[6] - The company reported a loss before tax of HKD 13,876,000, which is an improvement from a loss of HKD 31,086,000 in the previous year, indicating a reduction in losses by approximately 55.4%[6] - The total comprehensive loss for the period was HKD 14,954,000, down from HKD 31,890,000 in the prior year, reflecting a decrease of about 53.2%[6] - Basic and diluted loss per share improved to HKD 0.49 from HKD 1.11, representing a reduction in loss per share by approximately 56%[8] - The company reported a net loss of approximately HKD 13,876,000 for the six months ended June 30, 2021, compared to a loss of HKD 31,086,000 for the same period in 2020, indicating an improvement of 55.3%[22] - The company reported a total loss across all segments of HKD 6,916,000 for the six months ended June 30, 2021, compared to HKD 22,559,000 in the same period of 2020, indicating a reduction of 69.4%[27] - The group reported a significant reduction in loss attributable to shareholders, down to approximately HKD 13.3 million from HKD 30.3 million in the previous year[57] Assets and Liabilities - Non-current assets as of June 30, 2021, totaled HKD 174,941,000, a decrease from HKD 183,018,000 at the end of 2020[10] - Current assets increased to HKD 392,176,000 from HKD 342,522,000, showing a growth of approximately 14.5%[10] - Total liabilities increased to HKD 557,047,000 from HKD 506,671,000, indicating a rise of about 9.9%[10] - The company's equity attributable to owners decreased to HKD 49,663,000 from HKD 56,970,000, reflecting a decline of approximately 12.7%[12] - Trade and other receivables amounted to HKD 256,780,000 as of June 30, 2021, compared to HKD 238,073,000 at the end of 2020, indicating a 7.2% increase[35] - The company’s trade receivables, net of expected credit loss provisions, totaled HKD 171,174,000 as of June 30, 2021, up from HKD 142,913,000 at the end of 2020, marking a 19.8% increase[35] - Trade and other payables increased to HKD 157,631,000 from HKD 152,520,000 year-over-year[42] Cash Flow and Financing - The company generated a net cash inflow from operating activities of HKD 15,635,000, down from HKD 37,779,000 in the previous year, reflecting a decrease of 58.6%[19] - The company’s cash and cash equivalents increased to HKD 33,602,000 as of June 30, 2021, compared to HKD 30,115,000 at the end of the same period in 2020, showing a growth of 8.3%[19] - The company is in discussions with bankers to secure necessary financing to meet its operational and financial needs in the near future[22] - The company plans to continue its operational activities with financial support from a shareholder for the next twelve months[24] - The company has not conducted any equity fundraising activities in the first half of 2021 and will continue to seek debt and equity financing to improve its working capital[64] Revenue Breakdown - The revenue from double-sided PCB sales surged to HKD 161,819,000, up from HKD 49,253,000 in the previous year, marking a growth of 228.5%[27] - Single-sided PCB sales decreased by 6.5% to HKD 35,395,000, while double-sided PCB sales surged by 228.5% to HKD 161,819,000[53] - The revenue breakdown by region shows that China contributed HKD 190.4 million, representing a 166.2% increase from HKD 71.5 million in 2020[54] - The LED division confirmed revenue of HKD 25.6 million in the first half of 2021 and continues to explore suitable business opportunities[67] Employee and Operational Costs - Total employee costs increased to HKD 35,152,000 in the first half of 2021, up from HKD 26,826,000 in the same period of 2020, reflecting a 31% rise[30] - The company’s management compensation for the first half of 2021 was HKD 1,440,000, compared to HKD 1,184,000 in the same period of 2020[50] Strategic Initiatives and Future Plans - The company continues to explore new strategies for market expansion and product development, although specific details were not disclosed in the interim report[5] - The company plans to develop a new production facility on a 65,999.7 square meter industrial land in Zhongshan, Guangdong, with a total construction area of 120,513.22 square meters, including two factory and office buildings[71] - The estimated total construction cost for the new facility is RMB 270 million, which will be funded through internal resources, external loans, and equity financing[71] - A strategic cooperation agreement was signed with Shenzhen Wenyiyi Industrial Co., Ltd. to utilize the new space for a shared workspace project, with a ten-year cooperation period based on a revenue-sharing model[73] - The company intends to invest in at least 51% of the issued share capital of Anxun Group Limited, which operates data centers and provides cloud computing and blockchain solutions[74] - A memorandum of understanding was established to potentially acquire up to 45% equity in Chongren County Zhongyuan Electronic Technology Co., Ltd., focusing on integrated circuits and industrial automation equipment[76] - A cooperation agreement was signed with Dayu Industrial (Hong Kong) Co., Ltd. to supply smart mobile communication devices, with expected annual sales in Hong Kong of no less than HKD 300 million in the first year[77] - The company is planning to invest in a new production line at a new factory in the Jiangxi Province, with the timeline dependent on various factors including lease negotiations[78] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited financial statements for the six months ending June 30, 2021, ensuring compliance with applicable accounting standards and regulations[104] - The company confirmed compliance with the corporate governance code during the reporting period, with no significant deviations noted[101] - The company has adopted the standard code for securities transactions by directors, with all current directors confirming compliance during the reporting period[102] - The company has established key banking relationships with China Construction Bank, Agricultural Bank of China, and China Trust Commercial Bank[106] Shareholder Information - As of June 30, 2021, major shareholders include Intelligent South Network with 216 million shares (7.74%) and Union Insurance with 225.08 million shares (8.07%) of the issued capital[83] - The company has disclosed that no other directors or key executives hold any shares or related interests in the company as of June 30, 2021[84] - A total of 29,089,487 options remain unexercised under the old share option scheme, equivalent to 1.04% of the company's existing issued share capital[87] - The new share option scheme allows for a maximum of 90,225,766 shares to be issued, representing 10% of the issued shares as of August 19, 2016[90] - The total number of unexercised options under the 2019 share option plan is 148,000,000 shares, equivalent to 5.31% of the company's existing issued share capital[92] - The total number of stock options granted during the period was 248,089 thousand shares, with 71,000 thousand shares exercised and 177,089 thousand shares remaining unexercised as of June 30, 2021[94] Miscellaneous - The company expressed gratitude to all management, employees, business partners, and shareholders for their support and contributions[108] - The company is listed under the stock code 00515[107] - The main office is located in Hong Kong, with a registered office in the Cayman Islands[106] - The company’s website is www.csthltd.com[107]

CHINA SILVER TECHNOLOGY HOLDINGS LIMITED (前稱 TC Orient Lighting Holdings Limited 達進東方照明控股有限公司) （股份代號: 515） （於開曼群島註冊成立之有限公司） 年 報 2020 ANNUAL REPORT 2020 CHINA SILVER TECHNOLOGY HOLDINGS LIMITED (formerly known as TC Orient Lighting Holdings Limited 達進東方照明控股有限公司) (Stock Code: 515) (Incorporated in the Cayman Islands with limited liability) CHINA SILVER TECHNOLOGY HOLDINGS LIMITED 中華銀科技控股有限公司 ANNUAL REPORT ���� 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 董事會聲明 | 4 | | 企業管治報告 | 5 | | 董事及高級管理層履歷 | 18 | | 管理層討論及分析 | 20 | ...

Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 101,347,000, a decrease of 22.4% compared to HKD 130,768,000 for the same period in 2019[5] - Gross profit for the same period was HKD 295,000, down 35.5% from HKD 457,000 in 2019[5] - The company reported a loss before tax of HKD 31,086,000, an improvement of 29.0% compared to a loss of HKD 43,668,000 in the previous year[5] - Total comprehensive loss for the period was HKD 31,890,000, compared to HKD 44,751,000 in 2019, reflecting a 28.8% reduction[5] - Basic and diluted loss per share was HKD 1.11, an improvement from HKD 1.61 in the same period last year[7] - The company reported a net loss of approximately HKD 31,090,000 for the six months ended June 30, 2020, compared to a loss of HKD 41,660,000 in the previous period[20] - The total comprehensive expenses for the period amounted to HKD 44,751,000, which includes property revaluation losses[20] - The total loss attributable to shareholders for the six months ended June 30, 2020, was HKD 30,300,000, compared to HKD 41,660,000 in the same period of 2019, indicating a 27.1% reduction in losses[31] Assets and Liabilities - Non-current assets decreased to HKD 161,579,000 from HKD 166,804,000 as of December 31, 2019[9] - Current assets slightly decreased to HKD 351,808,000 from HKD 353,504,000 as of December 31, 2019[10] - Total liabilities increased to HKD 474,102,000 from HKD 448,145,000, indicating a rise in financial obligations[10] - The company's net asset value dropped significantly to HKD 25,620,000 from HKD 57,510,000 at the end of 2019[10] - The company’s current liabilities exceeded its current assets by approximately HKD 122,294,000 as of June 30, 2020[20] - The group's total assets as of June 30, 2020, were approximately HKD 513.4 million, with interest-bearing borrowings of approximately HKD 168.9 million, resulting in a debt-to-asset ratio of 32.9%[59] - The current liabilities net amount was approximately HKD 122.3 million, with a current ratio of approximately 0.74[59] Cash Flow and Financing - Cash and cash equivalents increased by HKD 6,330,000, reaching HKD 30,115,000 as of June 30, 2020, compared to HKD 23,785,000 at the beginning of the period[17] - The net cash outflow from operating activities was HKD 37,779,000, a significant increase from a net outflow of HKD 382,000 in the same period last year[17] - The company is in discussions with bankers to secure necessary financing to meet its operational and financial needs[20] - A shareholder has agreed to provide financial assistance for the next twelve months to support the company's ongoing operations[20] - The company issued new shares, raising HKD 45,304,000 during the reporting period[17] - A subscription agreement was established to issue 543,600,000 shares at HKD 0.10 per share, potentially raising approximately HKD 54.1 million to alleviate net current liabilities[65] Revenue Breakdown - Revenue from single-sided PCBs decreased to HKD 37,874,000, down 14.2% from HKD 44,138,000 in 2019[25] - The revenue from double-sided PCBs fell to HKD 49,253,000, a decline of 30.2% compared to HKD 70,563,000 in 2019[25] - Revenue from Hong Kong decreased by 52.6% to HKD 14.4 million, while revenue from China decreased by 8.1% to HKD 71.5 million[56] - The group reported zero revenue from the LED lighting business during the review period[54] Operational Strategies - The company continues to explore new strategies for market expansion and product development to enhance future performance[4] - The company is exploring strategies to improve its working capital and cash flow situation[20] - The board emphasizes the importance of increasing R&D efforts for product upgrades, particularly focusing on high-value PCB products for clean environmental applications[67] - The company plans to concentrate on credit management and optimizing the collection of trade receivables in its LED division, targeting shorter and more profitable receivable cycles[67] - The company implemented cost control measures to address challenges posed by the pandemic while seeking opportunities for business development and growth[68] Employee and Management Information - The group employed approximately 612 employees as of June 30, 2020, down from 716 employees at the end of 2019[63] - The company reported a short-term benefits compensation for key management personnel of HKD 1,150,000 for the six months ended June 30, 2020, compared to HKD 1,059,000 in the previous year[51] - The group plans to regularly review its compensation policies and provide training courses for employees[63] Corporate Governance - The company confirmed compliance with the corporate governance code during the reporting period, with the exception of the separation of roles between the chairman and CEO, which has since been addressed[92] - The company has adopted the standard code for securities transactions by directors, and all current directors confirmed compliance for the six months ending June 30, 2020[95] - The company’s financial statements for the six months ending June 30, 2020, were reviewed by the audit committee and deemed to comply with applicable accounting standards and regulations[96] - The company has established arrangements for employees to raise concerns regarding financial reporting and internal controls, ensuring independent investigation of such matters[96] Impact of COVID-19 - The COVID-19 pandemic has impacted the company's operations, affecting human resources and the supply chain, with potential adverse effects on business performance that are yet to be quantified[68] - The company is actively monitoring the pandemic's developments and its impact on financial conditions and operational performance[68]