Financial Performance - The company reported revenue of HKD 89,296,000 for the six months ended December 31, 2024, representing a 27% increase from HKD 70,311,000 in the same period of 2023[11]. - Gross profit for the same period was HKD 26,423,000, down 48.7% from HKD 51,490,000 year-on-year[11]. - The company achieved a net profit of HKD 26,654,000, compared to a net loss of HKD 38,290,000 in the previous year[11]. - Basic and diluted earnings per share were both HKD 0.99, a significant recovery from a loss of HKD 1.42 per share in the prior year[13]. - Total revenue for the six months ended December 31, 2024, was HKD 89,296,000, representing a 26.9% increase from HKD 70,311,000 in the same period last year[30]. - The group reported a net profit of HKD 26,587,000 for the six months ended December 31, 2024, compared to a loss of HKD 38,290,000 in the same period of 2023[46]. - The group generated a profit of approximately HKD 26,654,000 during the interim period, a significant improvement from a loss of HKD 38,290,000 in the previous year, with a profit margin of 29.8% compared to a loss margin of 54.5% in 2023[97]. Assets and Liabilities - Total assets decreased to HKD 470,440,000 as of December 31, 2024, down from HKD 622,755,000 as of June 30, 2024[14]. - The total assets of the group as of December 31, 2024, were HKD 553,718,000, down from HKD 711,114,000 as of June 30, 2024[34]. - Total liabilities decreased to HKD 535,579,000 from HKD 719,052,000 in the previous period[34]. - The group had a net current liability of approximately HKD 62,923,000 as of December 31, 2024, indicating significant uncertainty regarding the group's ability to continue as a going concern[19]. - The group’s total equity as of December 31, 2024, was approximately HKD 18,139,000, recovering from a total loss of HKD 7,938,000 on June 30, 2024[111]. Investment Properties - The company reported a significant loss of HKD 276,087,000 from the cancellation of investment properties during the period[11]. - The fair value loss on investment properties was HKD 36,058,000, compared to a loss of HKD 134,783,000 in the same period last year[11]. - The fair value of investment properties decreased to HKD 406,702,000 as of December 31, 2024, from HKD 568,817,000 at the beginning of the year[50]. - The group recognized a significant loss of HKD 276,087,000 from the termination of investment properties, offset by a gain of approximately HKD 302,912,000 from lease terminations[101]. Revenue Streams - Revenue from property leasing decreased to HKD 20,267,000, down 32.5% from HKD 30,089,000 in the previous year[26]. - Property management fee income fell to HKD 25,819,000, a decline of 34.5% compared to HKD 39,395,000 last year[26]. - The aviation charter service fee income was HKD 42,268,000, with no revenue reported in the previous year[26]. - Revenue from China for the six months ended December 31, 2024, was HKD 47,028,000, a decrease of 33% compared to HKD 70,311,000 for the same period in 2023[35]. - Revenue from Hong Kong for the same period was HKD 42,268,000, with no prior year comparison available[35]. Expenses and Costs - Administrative expenses increased to HKD 17,468,000, up from HKD 11,380,000 in the previous year, reflecting a 53.5% rise[11]. - The company recorded a financial expense of HKD 12,951,000, down from HKD 18,964,000 in the previous year, indicating a 31.6% reduction[11]. - The group recognized a rental adjustment gain of approximately HKD 41,698,000 due to a lease modification related to the Jiachao Shopping Center[51]. - Financial expenses were approximately HKD 12,951,000, accounting for 14.5% of revenue, a decrease from 27.0% in 2023, mainly due to ongoing litigation with creditors regarding lease agreements[101]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended December 31, 2024, was HKD 2,648,000, a decrease from HKD 23,076,000 in the same period of 2023[17]. - The total cash and cash equivalents decreased from HKD 54,747,000 at the beginning of the period to HKD 35,974,000 at the end of the period[17]. - The group has implemented measures to improve liquidity, including monitoring administrative expenses and operational costs closely[20]. - The group received a net cash inflow of HKD 3,394,000 from the acquisition of subsidiaries during the six months ended December 31, 2024[17]. Corporate Governance and Shareholding - The audit committee consists of three independent non-executive directors, responsible for reviewing financial reporting and risk management[134]. - The company adheres to high standards of corporate governance and complies with the relevant listing rules[131][132]. - Mr. Chen Jin Yan holds 597,280,000 shares, representing 22.21% of the issued share capital[122]. - Ms. Lin Lin holds 369,100,000 shares, accounting for 13.73% of the issued share capital[126]. - The company has a stock option plan effective from November 23, 2023, with 26,850,000 options granted[128][129]. Future Plans and Market Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[10]. - The group anticipates continued focus on expanding its aviation charter services in the upcoming periods[30]. - The company plans to continue expanding its air cargo routes to mitigate market uncertainties and respond to global trade and e-commerce demands[96]. - The group aims to expand its property management and operation services, focusing on leasing to a wider range of tenants to meet diverse customer needs[107].

Financial Performance - The company's revenue for the six months ended December 31, 2024, was HKD 89,296,000, representing a 27% increase from HKD 70,311,000 in the same period of 2023[3]. - Gross profit decreased to HKD 26,423,000, down 48.7% from HKD 51,490,000 year-on-year[3]. - The company reported a profit before tax of HKD 14,937,000, compared to a loss of HKD 68,680,000 in the previous year[4]. - The net profit for the period was HKD 26,654,000, a significant recovery from a loss of HKD 38,290,000 in the same period last year[4]. - Basic and diluted earnings per share were HKD 0.99, compared to a loss of HKD 1.42 per share in the previous year[4]. - The total profit for the period was HKD 26,654,000, compared to a loss of HKD 38,290,000 in the same period last year, marking a turnaround in profitability[23]. - The group reported a net profit of HKD 26,587,000 for the six months ended December 31, 2024, compared to a net loss of HKD 38,290,000 in the same period of 2023[37]. - The group recorded a profit of approximately HKD 26,654,000 during the interim period, a significant increase from a loss of HKD 38,290,000 in the previous year, resulting in a profit margin of approximately 29.8%[73]. Revenue Breakdown - Property rental income decreased to HKD 20,267,000 from HKD 30,089,000, reflecting a decline of about 32.5% year-over-year[17]. - The income from property management fees was HKD 25,819,000, down from HKD 39,395,000, indicating a decrease of approximately 34.5%[17]. - The aviation charter service fee income was HKD 42,268,000, which was not present in the previous year, contributing significantly to overall revenue growth[17]. - Revenue from external customers in China for the six months ended December 31, 2024, was HKD 47,028,000, a decrease of 33% compared to HKD 70,311,000 in the same period of 2023[30]. - Revenue from external customers in Hong Kong for the same period was HKD 42,268,000, with no prior year comparison available[30]. - Total revenue for the group for the six months ended December 31, 2024, was HKD 89,296,000, compared to HKD 70,311,000 in the previous year, indicating an increase of 27%[30]. Assets and Liabilities - The total assets decreased to HKD 470,440,000 from HKD 622,755,000 as of June 30, 2024[5]. - The company reported a total asset value of HKD 553,718,000 as of December 31, 2024, down from HKD 711,114,000 at the end of the previous period[27]. - Total liabilities decreased to HKD 535,579,000 from HKD 719,052,000, indicating a reduction of approximately 25.5%[28]. - The company has a net current liability of approximately HKD 62,923,000, indicating significant uncertainty regarding its ability to continue as a going concern[9]. - The group’s non-current assets in China amounted to HKD 409,803,000 as of December 31, 2024, down from HKD 572,064,000[30]. - Trade receivables decreased from HKD 16,802,000 as of June 30, 2024, to HKD 10,908,000 as of December 31, 2024, with expected credit loss provisions reducing from HKD 4,533,000 to HKD 680,000[46][47]. - Total lease liabilities decreased from HKD 630,994,000 as of June 30, 2024, to HKD 439,230,000 as of December 31, 2024, with current liabilities at HKD 61,174,000[49][51]. Corporate Actions and Future Plans - Measures have been implemented to improve liquidity, including monitoring administrative expenses and operational costs[10]. - The major shareholder has committed to providing sufficient funds to meet the company's financial obligations over the next twelve months[10]. - The company plans to continue focusing on expanding its aviation charter services as a key growth area moving forward[20]. - The group plans to continue investing in property operations, including hiring experienced personnel and potentially acquiring light asset property operations in China[90]. - The group aims to expand its property management and operation services to more tenants across various regions, enhancing brand offerings and tenant types to meet diverse customer needs[88]. - The board believes that the implementation of air cargo charter services will become a new source of revenue for the group[91]. Legal and Governance - The group has initiated legal action to recover outstanding loans due to increased credit risk from the borrower’s deteriorating financial condition[83]. - The group has no significant contingent liabilities as of the reporting period end[102]. - The group has adopted corporate governance practices in compliance with the listing rules, ensuring accountability and transparency[104]. - The audit committee consists of three independent non-executive directors responsible for reviewing the group's financial reporting processes, risk management, and internal controls[108]. - The interim results have not been audited but have been reviewed by the company's independent auditor in accordance with the Hong Kong Institute of Certified Public Accountants' standards[109]. Other Financial Metrics - Administrative expenses increased to approximately HKD 17,468,000, accounting for 19.6% of revenue, up from 16.2% in the previous year, primarily due to operational expenses from new property operations and air cargo charter market development[75]. - Other income and losses amounted to approximately HKD 6,962,000, a decrease from HKD 7,908,000 in the previous year, attributed to reduced interest income from rental deposits[74]. - Financial expenses decreased to approximately HKD 12,951,000, representing 14.5% of revenue, down from 27.0% in the previous year, mainly due to lease terminations related to the shopping center[81]. - The fair value of investment properties was approximately HKD 406,702,000, with a fair value change loss of approximately HKD 36,058,000 during the interim period[78]. - The group did not declare or recommend any dividends during the interim period[35]. - The board does not recommend the payment of an interim dividend for the period[86].

Financial Performance - The company reported revenue of HKD 111,160,000 for the year, a decrease of 22.4% from HKD 143,233,000 in the previous year[20]. - The net loss for the year was HKD 270,792,000, compared to a loss of HKD 683,448,000 in the previous year, indicating a significant reduction in losses[20]. - For the fiscal year ending June 30, 2024, the company recorded revenue of approximately HKD 111,160,000, a decrease of about 22.4% compared to HKD 143,233,000 in 2023[39]. - The gross profit margin for the fiscal year ending June 30, 2024, was approximately 64.5%, down from 73.8% in 2023, primarily due to revenue decline linked to litigation affecting certain areas of the Jiachao Shopping Center[39]. - The company incurred a loss of approximately HKD 270,792,000 for the fiscal year ending June 30, 2024, significantly reduced from a loss of HKD 683,448,000 in 2023, with a loss ratio of 243.6% compared to 477.2% in the previous year[40]. - The fair value change loss of investment properties, including Jiachao Shopping Center and Shopping Center C, decreased significantly by approximately HKD 260,870,000 for the fiscal year ending June 30, 2024, compared to HKD 720,225,000 in 2023[40]. - The company reported a basic and diluted loss per share of HKD 10.07, compared to HKD 25.42 in the previous year, showing an improvement in loss per share[165]. - The total equity attributable to shareholders turned negative at HKD (7,938,000) compared to HKD 268,442,000 in the previous year, indicating a significant decline in shareholder equity[167]. Property Operations - The company is focusing on property operations to enhance development potential and shareholder returns, aiming to become a light-asset and service-oriented property operator[20]. - The rental area of the Jiachao Shopping Center was reduced from 125,188.32 square meters to 74,655.84 square meters as of June 22, 2024[21]. - Approximately 87.5% of the leasable area in the Jiachao Shopping Center has been rented out for retail, restaurants, and entertainment purposes as of June 30, 2024[21]. - The C Zone of the shopping center has a total area of approximately 80,118 square meters, with about 85.0% of the leasable area rented out as of June 30, 2024[22]. - The company operates two shopping centers, which allows for minimal additional operational costs and potential for significant income from leasing, management, and operational services[23]. - The management of both shopping centers is expected to positively impact customer traffic and tenant quality, contributing to positive revenue and profit margins in property operations[23]. - The company expanded its property operations by leasing 42 units in Zhengzhou Yingrui Property Services Co., Ltd., with 73.2% of the leasable area rented out for various commercial purposes[28]. - The company plans to enhance its property operations by upgrading leasing categories and expanding tenant types to meet diverse customer needs[28]. Financial Management - The company continues to implement prudent cost management policies to improve operational efficiency and maintain a stable financial condition[30]. - Future business development will focus on existing projects and new opportunities, including partnerships, to broaden revenue sources and enhance profitability[31]. - The company has focused on cost reduction as a key strategy to address business uncertainties arising from the pandemic[37]. - The company has no intention to engage in lending activities, focusing instead on property operations[35]. - The board believes that existing financial resources will be sufficient to meet future expansion plans, with the potential for additional financing if needed[52]. - The group’s cash and bank deposits as of June 30, 2024, were approximately HKD 40,239,000, an increase from HKD 33,152,000 in 2023[50]. - The current ratio improved to approximately 63.3% as of June 30, 2024, compared to 35.2% in 2023, indicating better short-term financial health[50]. - The board is implementing measures to improve operational funding and cash flow, including close monitoring of administrative expenses and operating costs[182]. Governance and Compliance - The board of directors includes both executive and independent non-executive members, with recent changes in appointments noted[64]. - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing credibility and transparency[82]. - The audit committee has reviewed the effectiveness of the internal control system, concluding it to be effective and sufficient without any significant issues affecting shareholders[88]. - The company has established a strict code of conduct for directors regarding securities trading, ensuring compliance with regulations[83]. - The independent non-executive directors serve a maximum term of nine consecutive years, ensuring board diversity and skill assessment[90]. - The audit committee reviewed the consolidated financial statements for the year ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[97]. - The company has implemented a whistleblowing policy to encourage employees to report financial misconduct and other inappropriate behaviors confidentially[89]. Environmental, Social, and Governance (ESG) - The company emphasizes long-term sustainable development in its operations, focusing on effective resource utilization, energy saving, and emission reduction[114]. - The board of directors is responsible for environmental, social, and governance (ESG) performance and regularly reviews sustainability goals and policies[116]. - An annual materiality assessment is conducted to evaluate the importance of ESG issues to stakeholders and identify related risks and opportunities[118]. - The company prioritizes waste reduction, recycling, and sustainable development in its operations[117]. - The group aims to reduce construction waste to 7,000 cubic meters, household waste to 15,000 cubic meters, and kitchen waste to 2,500,000 liters in the future[125]. - The group has established a target for wastewater discharge at 150 kg, consistent with the previous year[125]. - The group recognizes the increasing popularity of new energy vehicles and plans to install charging stations in its shopping centers to accommodate this trend[132]. - The group has implemented measures to monitor and manage emissions from its restaurant tenants, ensuring compliance with national standards[121]. Employee Management - The company has a total of 132 employees, with a gender distribution of 83 males and 49 females, and an average age of 39 years[138]. - The employee turnover rate for the year is 15%, comprising 14 male and 6 female employees, with an average age of 33 years[138]. - The company conducted 15 training sessions during the year, with a total of 208 participants, including 115 males and 93 females, resulting in a male-to-female training participation ratio of 1.2:1[141]. - The company has maintained a zero incident rate for employee injuries and work-related accidents over the past three years, including the reporting period[139]. - The company has implemented a fair promotion mechanism to ensure no discrimination based on age, gender, or geography during hiring[138]. - The company supports employees in obtaining necessary certifications for their positions, such as fire and electrical certificates[140]. Investment Properties - The fair value of the group's investment properties was estimated at approximately HKD 568,817,000 as of June 30, 2024, representing 80% of total assets[155]. - The group recognized a fair value loss of approximately HKD 260,870,000 on investment properties for the year ended June 30, 2024[155]. - The group’s investment properties had a fair value of HKD 995,699,000 in the previous year, indicating a significant decrease in value[155]. - The group’s independent valuation expert conducted the valuation of investment properties, which involved significant unobservable inputs and market assumptions[156]. Credit and Receivables Management - The expected credit loss provision for trade receivables and other receivables, loans, and lease deposits amounted to approximately HKD 4,533,000, HKD 185,951,000, and HKD 107,166,000 respectively as of June 30, 2024[157]. - Management assessed the recoverability of trade receivables and other receivables based on various factors including credit status and historical settlement records[158]. - The company utilized external valuation experts to assist in evaluating the expected credit loss provision and its underlying assumptions[158]. - The total expected credit loss provision is critical due to its significance to the consolidated financial statements and the management's judgment in assessing recoverability[157].

Financial Performance - For the fiscal year ending June 30, 2024, the company reported total revenue of HKD 111,160,000, a decrease of 22.4% from HKD 143,233,000 in 2023[1] - The company recorded a pre-tax loss of HKD 253,321,000, significantly improved from a loss of HKD 857,397,000 in the previous year[2] - The total comprehensive loss attributable to the owners of the company for the year was HKD 273,691,000, compared to HKD 743,982,000 in 2023, indicating a reduction of 63.2%[2] - Basic and diluted loss per share for the year was HKD 10.07, down from HKD 25.42 in the previous year[2] - The group reported a net loss attributable to the owners of approximately HKD 270,792,000 for the year ended June 30, 2024[12] - The company reported a loss of HKD 270,792,000 for the year ended June 30, 2024, compared to a loss of HKD 683,448,000 in 2023, indicating an improvement in financial performance[21] - The company incurred a loss of approximately HKD 270,792,000 for the fiscal year ending June 30, 2024, significantly reduced from a loss of HKD 683,448,000 in the previous year, with a loss rate of 243.6% compared to 477.2%[42] Assets and Liabilities - Non-current assets decreased to HKD 622,755,000 from HKD 1,169,452,000, reflecting a decline of 46.8%[3] - The company's total liabilities decreased from HKD 784,009,000 in 2023 to HKD 579,499,000 in 2024, a reduction of 26.1%[4] - As of June 30, 2024, the group had a net liability of approximately HKD 7,938,000 and current liabilities of approximately HKD 51,194,000[12] - As of June 30, 2024, the group's net current liabilities were approximately HKD 51,194,000, down from HKD 117,001,000 in 2023, with total assets less current liabilities at approximately HKD 571,561,000[53] - The carrying value of investment properties was approximately HKD 568,817,000 as of June 30, 2024, down from HKD 995,699,000 in 2023, resulting in a fair value loss of approximately HKD 260,870,000[46] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 40,239,000 from HKD 33,152,000, representing a growth of 21.4%[3] - The board is confident in the group's ability to maintain sufficient cash resources to meet future operational funding needs[12] - The financial statements have been prepared on a going concern basis, reflecting the board's confidence in future cash flows[12] - The group plans to closely monitor general administrative expenses and operating costs to improve liquidity[12] - The group is committed to conservative cost control policies to ensure sufficient working capital and alleviate financial pressure on property operations[50] Revenue Sources - Rental income from property leasing decreased to HKD 41,577,000 in 2024 from HKD 60,174,000 in 2023, representing a decline of approximately 30.9%[17] - Property management fee income was HKD 67,887,000 in 2024, down from HKD 81,312,000 in 2023, a decrease of about 16.5%[17] - Total revenue for the property operations segment was HKD 111,160,000 for the year ended June 30, 2024, compared to HKD 143,233,000 for the previous year, reflecting a decline of approximately 22.4%[20] - Other income decreased to HKD 13,253,000 in 2024 from HKD 28,476,000 in 2023, a decline of approximately 53.5%[22] - Interest income from loans decreased significantly to HKD 327,000 in 2024 from HKD 13,964,000 in 2023, a drop of about 97.7%[22] Shareholder Information - The company declared a special dividend of HKD 0.001 per share, totaling HKD 2,689,000 for the year 2024, with no final dividend recommended for the year[29] - The average number of ordinary shares for calculating basic and diluted loss per share remained constant at 2,688,805,000 shares for both years[31] - The board declared a special dividend of HKD 0.001 per share for the year ending June 30, 2024[48] Operational Focus - The company is focused on property operations and has not disclosed any new product or technology developments in the current report[5] - The company aims to reduce costs as a key strategic focus to address business uncertainties arising from the pandemic[39] - The group plans to expand its property operations by leasing 42 units in the Jin Yi Zhi Yun City industrial park, with a total area of approximately 130,873 square meters[49] - The group aims to enhance the value of its existing shopping centers and diversify its business to strengthen property operations[52] Compliance and Governance - The company has adopted new accounting policies related to long service payments following the removal of the offset mechanism[10] - The company has applied new Hong Kong Financial Reporting Standards for the fiscal year, which may impact future financial performance[6] - The new Hong Kong Financial Reporting Standards and amendments are expected to have no significant impact on the group's financial position and performance[9] - The company has adopted a strict code of conduct for securities trading by directors, ensuring compliance with regulations[66]

Financial Performance - For the six months ended December 31, 2023, the group recorded revenue of approximately HKD 70,311,000, a decrease of about 6.0% compared to HKD 74,788,000 for the same period in 2022[9]. - The gross profit margin for the period was approximately 73.2%, down from 75.0% in 2022[10]. - The group incurred a loss of approximately HKD 38,290,000, significantly reduced from a loss of HKD 391,151,000 in 2022, resulting in a loss ratio of about 54.5% compared to 523.0% in the previous year[11]. - The company reported a pre-tax loss of HKD 68,680,000, significantly improved from a loss of HKD 509,147,000 in the previous year[59]. - The net loss for the period was HKD 38,290,000, compared to a loss of HKD 391,151,000 in the prior year, indicating a substantial reduction in losses[59]. - The total comprehensive expenses for the six months ended December 31, 2023, amounted to HKD 46,691,000, a significant decrease from HKD 432,133,000 in the same period of 2022[69]. - The basic and diluted loss per share for the period was HKD 1.42, compared to HKD 14.55 in the previous year[69]. - The company reported a loss of HKD 38,290,000 for the six months ended December 31, 2023, compared to a loss of HKD 391,151,000 for the same period in 2022, indicating a significant improvement[114]. Revenue and Income Sources - Revenue from property leasing for the six months ended December 31, 2023, was HKD 30,089,000, slightly down from HKD 30,657,000 in the same period of 2022, representing a decrease of about 1.8%[98]. - Property management fee income decreased to HKD 39,395,000 from HKD 43,441,000, a decline of approximately 9.5% year-over-year[98]. - The total revenue for the property operations segment was HKD 70,311,000, down from HKD 74,788,000 in the previous year, indicating a decrease of about 6.3%[103]. - Rental income, management fees, and operational service income for the period amounted to HKD 70,311,000, down from HKD 74,788,000 in the previous year[137]. Investment Properties - The fair value of investment properties, including the Jiachao Shopping Center, was approximately HKD 881,318,000 as of December 31, 2023, down from HKD 995,699,000 on June 30, 2022[13]. - The fair value loss on investment properties was HKD 134,783,000 for the six months ended December 31, 2023, compared to a loss of HKD 483,146,000 for the same period in 2022[123][126]. - The company’s investment properties decreased to HKD 881,318,000 from HKD 995,699,000[73]. - The fair value of investment properties decreased from HKD 1,843,529,000 as of June 30, 2022, to HKD 881,318,000 as of December 31, 2023, reflecting a loss of HKD 134,783,000 during the period[151]. Financial Position - As of December 31, 2023, the group's current liabilities net and total assets less current liabilities were approximately HKD 117,001,000 and HKD 1,002,215,000, respectively[21]. - Non-current assets as of December 31, 2023, totaled HKD 1,095,472,000, a decrease from HKD 1,169,452,000 as of June 30, 2023[73]. - Current assets increased to HKD 103,319,000 from HKD 63,690,000 as of June 30, 2023[73]. - Total equity decreased to HKD 221,751,000 from HKD 268,442,000 as of June 30, 2023[74]. - The company reported a total asset less current liabilities of HKD 1,002,215,000, down from HKD 1,052,451,000[73]. - The company’s cash and bank balances increased to HKD 54,747,000 from HKD 33,152,000 as of June 30, 2023[73]. - The company reported a net current liability of HKD 93,257,000, which includes contract liabilities, advance payments, and tenant deposits totaling HKD 51,914,000, with no expected cash outflow[62]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended December 31, 2023, was HKD 23,076,000, an increase from HKD 21,294,000 in the same period of 2022, representing an increase of approximately 8.4%[76]. - Cash flows from investing activities resulted in a net cash inflow of HKD 37,283,000, compared to HKD 22,489,000 in the previous year, indicating a significant increase of approximately 65.7%[76]. - The net cash used in financing activities was HKD 24,182,000, a decrease from HKD 55,439,000 in the prior year, reflecting a reduction of approximately 56.4%[76]. - Total cash and cash equivalents at the end of the period increased to HKD 54,747,000 from HKD 9,298,000, marking a substantial increase of approximately 487.5%[76]. Future Outlook and Strategy - The group expects an increase in foot traffic and rental income as the shopping malls recover post-pandemic, with anticipated positive impacts from China's economic recovery[20]. - The company plans to expand its leasing services to more tenants in various shopping centers, aiming to create stable and continuous revenue streams[33]. - Future growth is anticipated due to the strategic location of its shopping centers in Zhengzhou, a regional economic hub in central China[35]. - The company aims to maximize shareholder returns and market value through business diversification and expansion opportunities[35]. - The board believes existing financial resources will be sufficient to support future expansion plans, with potential for additional financing if needed[38]. Employee and Administrative Expenses - The group employed a total of 141 employees in China and Hong Kong, providing competitive compensation and benefits[23]. - Administrative expenses were approximately HKD 11,380,000, accounting for about 16.2% of revenue, compared to 17.5% in the previous year, indicating effective cost control measures[198]. Dividends and Shareholder Returns - The board does not recommend the payment of an interim dividend for the period[16]. - The company has not declared or proposed any dividends for the interim period, consistent with the previous year[147]. - The company plans to pay a special dividend of HKD 0.001 per share on March 25, 2024[131]. Taxation - The income tax credit for the period was HKD 30,390,000, compared to HKD 118,266,000 in the previous year, indicating a decrease of approximately 74.3%[110]. - The estimated corporate income tax rate in China is 25%, with a reduced rate of 5% applicable to a small micro-enterprise[111]. - The company has not incurred any taxable profits in Hong Kong during the reporting periods, resulting in no tax provisions being made[129].

Revenue and Profitability - Revenue for the six months ended December 31, 2023, was HKD 70,311,000, a decrease of 6.6% from HKD 74,788,000 in the same period of 2022[3] - Gross profit for the period was HKD 51,490,000, down from HKD 56,126,000, reflecting a decline of 8.8%[3] - The company reported a loss before tax of HKD 68,680,000, significantly improved from a loss of HKD 509,147,000 in the prior year, indicating a reduction of 86.5%[4] - The net loss for the period was HKD 38,290,000, compared to a net loss of HKD 391,151,000 in the same period last year, representing a decrease of 90.2%[4] - The property operations segment reported a loss of HKD 38,290,000 for the six months ended December 31, 2023, compared to a loss of HKD 391,151,000 for the same period in 2022, indicating a significant improvement in performance[20][30] - The group incurred a loss of approximately HKD 38,290,000 during the period, significantly reduced from HKD 391,151,000 in 2022, with a loss rate of about 54.5% compared to 523.0% in the previous year[48] Assets and Liabilities - Total assets less current liabilities amounted to HKD 1,002,215,000 as of December 31, 2023, down from HKD 1,052,451,000 as of June 30, 2023[6] - As of December 31, 2023, the group's net current liabilities were approximately HKD 93,257,000, down from HKD 117,001,000 as of June 30, 2023[63] - The total assets minus current liabilities amounted to approximately HKD 1,002,215,000, a decrease from HKD 1,052,451,000 as of June 30, 2023[63] - Total equity as of December 31, 2023, was approximately HKD 221,751,000, down from HKD 268,442,000 as of June 30, 2023[63] Cash Flow and Financial Stability - The company’s cash and cash equivalents increased to HKD 54,747,000 from HKD 33,152,000, reflecting a growth of 64.5%[6] - The group has maintained reasonable operating capital despite the ongoing COVID-19 pandemic, ensuring financial stability[64] - The board believes that existing financial resources will be sufficient to support future expansion plans[66] Revenue Sources and Performance - Property rental income for the period was HKD 30,089,000, slightly down from HKD 30,657,000, a decrease of 1.8%[14] - Property management fee income decreased to HKD 39,395,000 from HKD 43,441,000, a decline of 9.5%[14] - Revenue for the property operations segment for the six months ended December 31, 2023, was HKD 70,311,000, a decrease from HKD 74,788,000 for the same period in 2022, representing a decline of approximately 6.6%[20][21] - The total revenue from a single tenant accounted for 10% or more of the group's revenue, amounting to HKD 13,495,000 for the six months ended December 31, 2023, up from HKD 10,830,000 in the same period of 2022, reflecting a growth of approximately 24.5%[17] Expenses and Cost Management - Interest expenses for the six months ended December 31, 2023, were HKD 18,964,000, down from HKD 22,275,000 in the same period of 2022, representing a reduction of approximately 14%[22] - Administrative expenses were approximately HKD 11,380,000, accounting for 16.2% of revenue, a decrease from 17.5% in 2022, maintained at similar levels due to strict cost control policies[50] - Financial expenses were approximately HKD 18,964,000, accounting for 27.0% of revenue, down from 29.8% in 2022, mainly due to reduced interest expenses from lease liabilities[53] Future Outlook and Expansion Plans - The company expects to fulfill its financial obligations in the foreseeable future based on cash flow forecasts and available internal resources[9] - The group plans to expand property management operations to additional subsidiaries in China to develop potential new properties[35] - The group aims to maximize shareholder returns and market value through business diversification and expansion opportunities[62] - The reopening of China is expected to positively impact economic recovery, with anticipated increases in demand for goods and services, leading to gradual recovery in sales and foot traffic at shopping malls[60] Tenant Support and Market Conditions - The group provided support to over 235 tenants affected by the pandemic, resulting in a total reduction of approximately HKD 32,634,000 in rent and service fees[44] - The group aims to reduce costs as a key strategy to address business uncertainties arising from the pandemic[44] Impairment and Receivables - The impairment loss on trade receivables for the six months ended December 31, 2023, was HKD 393,000, compared to HKD 28,866,000 for the same period in 2022, indicating a significant decrease in impairment losses[20][21] - The total receivables as of December 31, 2023, amounted to HKD 48,572,000, an increase from HKD 30,538,000 as of June 30, 2023, indicating a growth of approximately 58.9%[33] - As of December 31, 2023, accounts receivable amounted to HKD 16,707,000, an increase from HKD 15,290,000 as of June 30, 2023, with overdue accounts over 90 days rising to HKD 12,950,000 from HKD 7,138,000[34] - The internal credit assessment indicates that there are no overdue or impaired accounts receivable, with a credit quality acceptance rate of 19% as of June 30, 2023, down from 32%[34] Investment Properties and Fair Value - The fair value of investment properties, including Jiachao Shopping Center and Shopping Center C, was approximately HKD 881,318,000, reflecting a fair value loss of HKD 134,783,000, significantly reduced from HKD 483,146,000 in 2022[52] - The group aims to enhance its property management team and may consider acquiring light-asset property operations in China to strengthen its operational capabilities[57]

Financial Performance - The company reported revenue of HKD 143,233,000 for the year, a decrease of 22.5% from HKD 184,601,000 in 2022[10] - The net loss for the year was HKD 683,448,000, compared to a loss of HKD 88,159,000 in the previous year, indicating a significant increase in losses[10] - For the fiscal year ending June 30, 2023, the gross profit margin was approximately 73.8%, down from 79.8% in 2022, primarily due to rental and service fee reductions for over 275 tenants affected by the pandemic, totaling approximately HKD 23,025,000[29] - Other income and losses amounted to approximately HKD 28,476,000 for the fiscal year ending June 30, 2023, a decrease from HKD 33,156,000 in 2022, mainly due to the expiration of receivable loans[32] - The impairment loss on rental deposits was approximately HKD 19,247,000 for the fiscal year ending June 30, 2023, attributed to certain banks seizing parts of stores, increasing credit risk[33] - The group reported a loss of approximately HKD 683,448,000 for the year ended June 30, 2023, with a loss rate of 477.2%, significantly higher than the previous year's loss of HKD 77,683,000 and a loss rate of 42.1%[53] - The fair value of investment properties, including Jiachao Shopping Center, decreased by approximately HKD 720,225,000 during the year, compared to a decrease of HKD 162,651,000 in the previous year[53] - The group recorded an impairment loss on receivables of approximately HKD 184,361,000, significantly up from HKD 51,551,000 in 2022, due to increased credit risk from overdue loans[86] - The fair value of investment properties decreased to approximately HKD 995,699,000 from HKD 1,843,529,000 in 2022, reflecting a loss of approximately HKD 720,225,000 due to slowing rental growth[88] - The net loss from fair value changes of investment properties, after deferred tax liabilities, was approximately HKD 540,169,000, compared to HKD 121,988,000 in 2022[88] - The total equity of the group as of June 30, 2023, was approximately HKD 268,442,000, a significant decrease from HKD 1,012,424,000 in the previous year[69] Property Operations - Approximately 99.0% of the leasable area at the Jiachao Shopping Center has been rented out, with around 134 tenants operating retail stores, restaurants, and entertainment facilities[11] - The C Zone Shopping Center has approximately 95.0% of its leasable area rented out to 106 tenants, providing various services and products[24] - The company plans to enhance property operations by leasing to more well-known brands and diversifying tenant types to meet customer needs[16] - The company aims to explore potential investment opportunities in property operations, driven by China's large population and strong consumer power[16] - The company plans to focus on property operations to enhance shareholder returns and explore future market opportunities[38] - The group aims to expand its tenant base and enhance the shopping experience through marketing and promotional activities to generate stable revenue and cash flow[64] - The group plans to continue focusing on property operations and management services, leveraging its existing team to minimize additional operational costs while maximizing rental income[51] - The group plans to invest approximately HKD 203,000 in property, plant, and equipment, a substantial decrease from HKD 3,981,000 in 2022, suggesting a shift in capital expenditure strategy[101] - The group aims to leverage growth opportunities in the property operation market, particularly in Zhengzhou, a regional economic center in China[95] Cost Management and Financial Stability - The company continues to implement prudent cost management policies to improve operational efficiency and maintain a stable financial position[17] - The management believes that the company will achieve more robust performance in the future through strict cost control and financial planning[14] - The company aims to maintain sustainable financial performance in property operations and is closely monitoring the effectiveness of its strategic initiatives[45] - The group continues to implement strict cost control measures to manage operational costs and capital expenditures effectively[94] - Administrative expenses were approximately HKD 21,766,000, accounting for 15.2% of total revenue for the year, compared to 12.8% in the previous year, reflecting strict cost control measures[55] - Financial expenses were approximately HKD 43,761,000, representing 30.6% of total revenue, consistent with the previous year's 25.8%[59] Governance and Compliance - The company has established an audit committee, a remuneration committee, and a nomination committee to oversee its operations[164] - The company has committed to best corporate governance practices, adhering to the principles outlined in the Corporate Governance Code[153] - The company has established strict written guidelines for employees regarding trading in securities to prevent violations of insider trading regulations[154] - The board believes that the governance mechanisms in place are effective[186] - The independent non-executive directors confirmed their independence, with each serving a term of one year[155] - The company is committed to maintaining effective communication with shareholders through various channels, including web announcements and annual general meetings[1] Employee and Shareholder Information - The group employs a total of 144 employees across China and Hong Kong, providing competitive compensation and benefits packages[126] - The company has a total of 597,280,000 shares held by Chairman Chen Jin Yan, representing 22.21% of the issued share capital[138] - The company has a total of 369,100,000 shares held by Ms. Lin Lin, representing 13.73% of the issued share capital[167] - Mr. Chen Jinqing holds 188,315,000 shares, accounting for 7.00% of the issued share capital[167] - Dresdner VPV N.V. holds 139,755,200 shares, which is 5.20% of the issued share capital[167] - The group reported that the sales from the top five customers accounted for 29% of total sales, down from 30% in the previous year, with the largest customer contributing approximately 17% of total sales[146] - The group’s procurement from the top five suppliers represented 37% of total procurement, slightly up from 36% in the previous year, with the largest supplier accounting for about 14% of total procurement[146] Future Outlook - The company expects stable business development in the future, with a cautious approach to developing existing projects and exploring new opportunities[46] - The board anticipates that the reopening of the economy will positively impact sales and foot traffic in shopping malls, leading to increased tenant confidence and eliminating the need for rent reductions[68] - The board believes existing financial resources will be sufficient for future expansion plans, with the potential to secure additional financing on favorable terms if necessary[98] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending June 30, 2023[147] - The company has reached an agreement with borrowers on a revised repayment schedule for extended loans, with the final repayment date set for January 31, 2024[176] Audit and Financial Reporting - The company’s financial statements for the fiscal year ending June 30, 2023, were audited by Kaiyuan Xinde CPA[177] - The financial statements for the fiscal year ending June 30, 2023, were prepared in accordance with statutory requirements and applicable accounting standards, ensuring a true and fair view of the company's financial position and performance[1] - The Audit Committee held a total of seven meetings during the fiscal year ending June 30, 2023, with attendance recorded for all members[195] - The Board of Directors reviewed the effectiveness of the internal control system and found it to be effective and adequate, with no significant issues affecting shareholders identified[197] - The Audit Committee assessed the risk environment and internal control procedures, concluding that the current internal control and risk management systems are effective and sufficient[196] - The company has no significant uncertainties that would cast doubt on its ability to continue as a going concern[1]

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 ART GROUP HOLDINGS LIMITED 錦 藝 集 團 控 股 有 限 公司 （於開曼群島註冊成立之有限公司） 565 （股份代號： ） 二零二三年年度業績公佈 錦藝集團控股有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司 （以下統稱「本集團」）截至二零二三年六月三十日止年度之經審核綜合財務報表， 連同二零二二年之比較數字如下︰ 綜合損益及其他全面收益表 截至二零二三年六月三十日止年度 二零二三年 二零二二年 附註 港幣千元 港幣千元 持續經營業務 4 143,233 184,601 ...

Financial Performance - The company reported a total comprehensive loss attributable to owners of the company of HKD (432,133) thousand for the six months ended December 31, 2022, compared to a profit of HKD 45,161 thousand in the same period of 2021, representing a significant decline [9]. - Basic and diluted loss per share from continuing and discontinued operations was HKD (14.55) for the six months ended December 31, 2022, compared to earnings of HKD 0.95 in the prior year [9]. - The company reported a loss attributable to owners of the company of HKD 391,151,000 for the six months ended December 31, 2022, compared to a profit of HKD 25,471,000 for the same period in 2021 [63]. - The company recognized a loss of HKD 483,146,000 from changes in the fair value of investment properties during the reporting period [45]. - The group reported a loss of approximately HKD 391,151,000 for the period, with a loss margin of 523.0%, compared to a profit margin of 47.1% in the previous year [172]. - Other income for the period was approximately HKD 17,599,000, a decrease from HKD 20,815,000 in the previous year, primarily due to the forced closure of shopping centers [172]. Equity and Liabilities - Total equity decreased to HKD 580,291 thousand as of December 31, 2022, down from HKD 1,012,424 thousand as of June 30, 2022, indicating a decline of approximately 42.6% [11]. - Non-current liabilities amounted to HKD 899,520 thousand as of December 31, 2022, compared to HKD 1,077,231 thousand as of June 30, 2022, reflecting a decrease of about 16.6% [11]. - The group reported a total of HKD 930,012,000 in lease liabilities as of December 31, 2022, down from HKD 976,100,000 as of June 30, 2022, representing a decrease of 4.7% [100]. - The group has no borrowings as of December 31, 2022, and has arranged four bonds totaling approximately HKD 26,351,000 [183]. Revenue and Income - Revenue from property operations for the six months ended December 31, 2021, was HKD 94,447 thousand, with a segment profit of HKD 55,041 thousand [31]. - Rental income, management fees, and operational service income for the period amounted to HKD 74,788,000, compared to HKD 94,447,000 for the six months ended December 31, 2021, indicating a decline of about 21% [71]. - The group recorded revenue of approximately HKD 74,788,000 for the six months ended December 31, 2022, a decrease of about 20.8% compared to HKD 94,447,000 in 2021 [130]. - The decrease in revenue was primarily due to rental reductions for over 235 tenants affected by the pandemic, amounting to approximately HKD 32,634,000 [130]. Operational Strategy - The company plans to focus on property management and related services, with a strategy to enhance operational efficiency and customer satisfaction [18]. - Future outlook includes potential market expansion and the introduction of new services to enhance revenue streams [18]. - The group plans to continue investing in property operations, including recruiting experienced personnel and exploring suitable shopping centers for expansion [156]. - The group aims to expand its tenant base by providing leasing, management, and operational services to more shopping centers, enhancing marketing efforts to create stable revenue streams [179]. Asset Management - As of December 31, 2022, the fair value of investment properties was HKD 1,292,045,000, down from HKD 1,843,529,000 as of June 30, 2022, representing a decrease of approximately 30% [68]. - The fair value of investment properties decreased by approximately HKD 483,146,000 due to COVID-19 restrictions, with the carrying value of these properties at HKD 1,292,045,000 as of December 31, 2022 [176]. - The company has recognized contract liabilities related to property management fees, which are collected in advance and recognized as revenue over the service period [18]. - The fair value of investment properties is determined by independent qualified valuers, ensuring compliance with valuation standards [70]. Compliance and Governance - The company is committed to maintaining compliance with Hong Kong Financial Reporting Standards and has adopted relevant accounting policies consistently [13]. - The company did not declare or recommend any dividends during the reporting period, consistent with the previous period [55]. - The group has not proposed an interim dividend for the period, consistent with the previous year [154]. - As of December 31, 2022, there were no significant contracts involving the company's directors with substantial interests [194]. Challenges and Risks - The impairment loss for rental deposits was approximately HKD 35.79 million, a significant increase compared to the previous year, attributed to increased credit risk from certain banks and financial institutions [152]. - The group remains committed to maintaining reasonable working capital despite challenges posed by the COVID-19 pandemic [162]. - The anticipated reopening of the Chinese economy is expected to positively impact sales and foot traffic in shopping malls, leading to a gradual recovery in tenant confidence [159].

Financial Performance - The company reported revenue of HKD 184,601,000 for the year, a decrease of 1.1% from HKD 188,634,000 in the previous year, and a net loss of HKD 88,159,000 compared to a loss of HKD 227,892,000 in the prior year[9]. - The company recorded revenue of approximately HKD 184,601,000 for the fiscal year ending June 30, 2022, a decrease of about 2.1% compared to HKD 188,634,000 in 2021[30]. - The group incurred a loss of approximately HKD 77,683,000 for the fiscal year ending June 30, 2022, a substantial decrease from HKD 196,375,000 in 2021, resulting in a loss rate of 42.1%[33]. - Other income and gains amounted to approximately HKD 33,156,000 for the fiscal year ending June 30, 2022, compared to HKD 30,150,000 in 2021, primarily due to interest income from loans[34]. - The gross profit margin increased significantly to approximately 79.8% for the fiscal year ending June 30, 2022, up from 56.4% in 2021[32]. - Administrative expenses decreased by approximately 25.2% to HKD 23,617,000, representing 12.8% of revenue, down from 16.7% in 2021[35]. - Financial expenses amounted to HKD 47,711,000, representing 25.8% of revenue for the year ended June 30, 2022, a decrease from 34.9% in the previous year[40]. - The expected credit loss for receivable loans was approximately HKD 51,551,000, accounting for 27.9% of revenue, significantly up from HKD 460,000 in 2021[35]. - The fair value of investment properties was approximately HKD 1,843,529,000 as of June 30, 2022, down from HKD 2,050,602,000 in 2021, reflecting a loss of approximately HKD 162,651,000 due to rental growth slowdown[39]. Property Operations - The company acquired a 25% stake in Zhengzhou Zhongyuan Jinyi Commercial Operation Management Co., which has become a wholly-owned subsidiary, shifting focus towards property operations[9]. - The group acquired a 25% stake in Zhengzhou Zhongyuan Jinyi Commercial Operation Management Co., making it an indirect wholly-owned subsidiary[23]. - The group plans to enhance property operations by offering leases to more well-known brands and diversifying tenant types to meet various customer needs[18]. - The group aims to explore investment opportunities in property operations due to the significant market potential in China driven by its large population and strong consumer power[18]. - The group aims to expand its tenant base by providing leasing and management services to more shopping centers, enhancing revenue stability[45]. - The company leased two shopping malls in Zhengzhou, with the first mall having a total area of approximately 125,188 square meters and an occupancy rate of about 94.9% as of June 30, 2022[10]. - The second shopping mall has an area of approximately 80,118 square meters and an occupancy rate of about 92.7% as of June 30, 2022[11]. - As of June 30, 2022, approximately 94.9% of the leasable area of Jiachao Shopping Center was leased to about 134 tenants[23]. - The leasable area of Shopping Center C was approximately 80,118 square meters, with about 92.7% leased to around 112 tenants as of June 30, 2022[24]. Cost Management and Profitability - The company aims to penetrate the property operation market and implement strict cost control policies to increase profit margins[15]. - The group continues to implement prudent cost management policies to improve operational efficiency and maintain a reasonable financial position[18]. - The group plans to continue investing in property operations and may consider acquisitions to strengthen its management team[45]. - The group will focus on developing existing projects and exploring new opportunities, including partnerships, to broaden revenue sources and enhance profitability[18]. Dividends and Shareholder Value - The board declared a special dividend of HKD 0.08 per share for the year ended June 30, 2022, compared to no dividend in the previous year[41]. - A special dividend of HKD 0.08 per share was paid in June 2022, with no final dividend recommended for the year ending June 30, 2022[71]. - The company has established a dividend policy aimed at maximizing shareholder value, with the board having full discretion over dividend declarations[148]. - Factors considered for dividend declaration include operating and financial performance, cash flow, and future earnings[149]. - The board will review the dividend policy periodically and may update it as deemed necessary[150]. Governance and Compliance - The company ensures compliance with applicable laws, rules, and regulations through its governance policies and practices[125]. - The company has established various committees, including the audit committee, remuneration committee, and nomination committee, to enhance corporate governance[120]. - The audit committee consists of four independent non-executive directors, ensuring effective oversight of financial reporting and compliance[122]. - The audit committee reviewed the effectiveness of the internal control system, which was deemed effective and sufficient[115]. - The company has obtained appropriate directors' and officers' liability insurance for its directors and senior management[98]. - The company has arranged appropriate liability insurance for directors to cover responsibilities arising from corporate activities[116]. - The board is responsible for monitoring the company's business and making decisions in the best interest of the company and its shareholders[115]. Environmental and Social Responsibility - The company is committed to sustainable development in its operational locations, focusing on resource efficiency and emissions reduction[160]. - The board is responsible for environmental, social, and governance (ESG) performance and regularly assesses ESG risks and strategies[160]. - The total carbon emissions from the group amounted to approximately 1.2 tons, a decrease from 1.61 tons in the previous year[168]. - The group monitored exhaust emissions from underground parking facilities, which operated approximately 2,900 hours annually[168]. - The wastewater discharge during the reporting period was approximately 130 kilograms, slightly down from 136 kilograms in the previous year[171]. - The group has constructed a total of 7 discharge outlets for wastewater from shopping centers, ensuring compliance with national standards[171]. - The group is committed to reducing waste and promoting sustainable development through specific policies and indicators[162]. - The group engages with stakeholders through various channels, including annual meetings and reports, to understand their expectations[164]. - The group identified COVID-19 and flooding as highly significant issues during its annual materiality assessment[167]. - The group adheres to environmental protection laws and standards during construction and operation phases[168]. Employee Management and Training - The group has a total of 141 employees, with a gender distribution of 87 males and 54 females, and an average age of 37 years[194]. - The employee turnover rate for the year was 14%, with 14 male and 6 female employees leaving, and 30% of those departing were over 45 years old[194]. - The group conducted 9 training sessions during the year, with a total of 550 participants, including 330 males and 220 females, resulting in a male-to-female training participation ratio of 1.5:1[198]. - The average training time for employees was 1.5 hours, with male employees receiving an average of 1.1 hours and female employees receiving 1.8 hours[198]. - The company fully complies with the Labor Law of the People's Republic of China and the Employment Ordinance of Hong Kong during recruitment processes[199]. - The company prohibits the employment of child labor and forced labor, ensuring no such incidents occurred during the reporting period[199]. Supplier Management - The company categorizes suppliers based on service characteristics, including procurement suppliers, builders, and external security and cleaning suppliers[199]. - A unified bidding process is implemented for selecting suppliers and builders, with clear standards and specifications outlined[199]. - Multiple departments are involved in the evaluation process to ensure consistent assessment methods for bids[199]. - A supply chain information system has been established to facilitate collaboration and achieve win-win outcomes[199]. - All suppliers and builders will undergo a quality service review at the end of the year[199]. - An evaluation system linked to salaries has been developed for external security and cleaning suppliers to enhance service quality[199].