Financial Performance - Revenue for the six months ended January 31, 2024, was HKD 493,358,000, a decrease of 3.5% compared to HKD 513,260,000 for the same period in 2023[3]. - Gross profit decreased to HKD 198,874,000, down 18.1% from HKD 242,799,000 year-on-year[3]. - Operating loss for the period was HKD 73,049,000, compared to a loss of HKD 63,811,000 in the previous year, reflecting a deterioration of 14.4%[3]. - Loss attributable to owners of the company was HKD 105,775,000, an increase of 28.3% from HKD 82,431,000 in the prior year[3]. - Total comprehensive loss for the period was HKD 107,986,000, compared to a loss of HKD 90,907,000 in the same period last year, representing a 18.8% increase[4]. - The company reported a basic and diluted loss per share of HKD 0.060, compared to HKD 0.055 in the previous year, reflecting an increase of 9.1%[3]. - The company reported a net loss of HKD 105,775,000 for the six months ended January 31, 2024, compared to a loss of HKD 82,431,000 in the same period last year, representing a 28.4% increase in losses[9]. - Total comprehensive loss for the period was HKD 105,603,000, which includes a foreign exchange adjustment of HKD 172,000[9]. Assets and Liabilities - Non-current assets decreased to HKD 1,063,019,000 from HKD 1,131,595,000, a decline of 6.0%[6]. - Current assets decreased to HKD 1,265,075,000 from HKD 1,379,394,000, a reduction of 8.3%[6]. - Total liabilities increased to HKD 1,858,113,000 from HKD 1,760,022,000, indicating a rise of 5.6%[7]. - Net assets attributable to owners decreased to HKD 529,509,000 from HKD 635,112,000, a decline of 16.6%[7]. - The total assets of the company as of January 31, 2024, were HKD 2,328,094,000, down from HKD 2,510,989,000 as of July 31, 2023, reflecting a decrease of 7.3%[20]. - The total liabilities decreased to HKD 1,858,113,000 from HKD 1,933,022,000, a reduction of 3.9%[20]. - The company’s total equity attributable to owners decreased to HKD 529,509,000 from HKD 635,112,000, reflecting a decline of approximately 17%[9]. - The company’s accumulated losses increased to HKD 5,400,577,000 as of January 31, 2024, compared to HKD 5,294,932,000 at the end of the previous reporting period[9]. Cash Flow and Investments - Cash flow from operating activities showed a net outflow of HKD 96,186,000, a decline from a net inflow of HKD 48,163,000 in the previous year[13]. - Cash and cash equivalents decreased by HKD 208,578,000, ending the period at HKD 441,125,000 compared to HKD 724,894,000 at the end of the previous year[13]. - The company invested HKD 14,646,000 in property, plant, and equipment, up from HKD 11,056,000 in the prior year[13]. - The group reported a significant increase in revenue from film and television program distribution commissions, which rose to HKD 121,615,000 from HKD 68,416,000, marking a 77.9% increase[22]. - The investment amount increased significantly to HKD 97,439,000 compared to HKD 14,410,000 in the previous year, indicating a rise of 577.5%[38]. Revenue Breakdown - Revenue from external customers in the media and entertainment segment was HKD 179,298,000, up from HKD 176,048,000 year-over-year, representing a 1.3% increase[18]. - Revenue from ticket sales and related cinema income was HKD 188,896,000, down from HKD 263,127,000, a decline of 28.3%[22]. - Revenue from cinema operations fell by 28.2% year-on-year, primarily due to challenges in the Hong Kong box office, including economic conditions and consumer behavior shifting towards streaming platforms[54]. - Revenue from film and television programs increased significantly by 71.6%, driven by higher income from television program licensing fees and sales[55]. - For the six months ending January 31, 2024, the media and entertainment segment recorded revenue of HKD 179.3 million, an increase from HKD 176 million in the same period last year, with segment profit rising from HKD 17.9 million to HKD 25.5 million[60]. Employee and Governance - The group employed approximately 510 employees as of January 31, 2024, a decrease from 530 employees in the previous year[104]. - The total remuneration for directors for the six months ended January 31, 2024, amounted to approximately HKD 3,356,000[102]. - The board of directors has established specific committees to assist in effective governance and oversight of the company's operations and strategies[72]. - The board consists of ten members, including four executive directors and five independent non-executive directors, ensuring diversity in gender, nationality, and professional background[74]. - The company emphasizes the importance of a stable employee team for its ongoing success[104]. Strategic Initiatives - The group opened two new cinemas in Tsim Sha Tsui and Kai Tak, which began operations in September 2023, enhancing the cinema network and market position[47]. - The group continues to invest in original quality film productions focused on Chinese themes, with projects currently in production[47]. - A strategic alliance was formed with Alibaba's Youku and Alibaba Pictures Group for joint production and investment in films and TV series[48]. - The group is actively implementing cost optimization measures for cinema operations, including negotiations for rent reductions[54]. - The company plans to continue seeking collaboration and investment opportunities to diversify its business and maximize shareholder value[51]. Share Options and Management - The company has adopted a share option scheme allowing the issuance of up to 124,321,216 shares, representing 10% of the total issued shares at the time of approval[78]. - As of January 31, 2024, a total of 700,000 share options remain unexercised under the 2015 share option scheme, accounting for approximately 0.04% of the total issued shares[84]. - The 2022 share option scheme allows for the issuance of up to 149,185,459 shares, which is 10% of the total issued shares at the effective date[81]. - The company’s governance structure includes a clear separation of responsibilities between the chairman and the CEO, enhancing management accountability[76]. - The board meets at least four times a year, with additional meetings convened as necessary to ensure effective oversight[74].

Financial Performance - For the six months ended January 31, 2024, the company reported a revenue of HKD 493,358,000, a decrease of 3.5% compared to HKD 513,260,000 for the same period in 2023[4] - The gross profit for the same period was HKD 198,874,000, down 18.1% from HKD 242,799,000 year-on-year[4] - The operating loss increased to HKD 73,049,000, compared to a loss of HKD 63,811,000 in the previous year, reflecting a deterioration of 14.5%[4] - The net loss attributable to shareholders was HKD 105,775,000, compared to HKD 82,431,000 in the prior year, representing a 28.4% increase in losses[4] - The company reported a total comprehensive loss of HKD 107,986,000 for the period, compared to HKD 90,907,000 in the previous year, marking an increase of 18.8%[5] - Total revenue for the six months ended January 31, 2024, was HKD 510,350,000, a decrease of 3.4% from HKD 528,201,000 in the same period of 2023[13] - The operating loss for the six months ended January 31, 2024, was HKD 73,049,000, compared to a loss of HKD 63,811,000 in the prior year, indicating a worsening of 14.4%[19] - The company recorded a revenue of HKD 493.4 million for the six months ended January 31, 2024, a decrease of 3.9% compared to HKD 513.3 million in the same period last year[40] - Revenue from cinema operations fell by 28.2% year-on-year, primarily due to challenges such as overseas travel, poor economic conditions, and a shift in consumer behavior towards streaming platforms[40] - Revenue from film and television programs increased significantly by 71.6%, driven by higher income from television program licensing fees and sales commissions[41] - The company reported a net loss attributable to shareholders of HKD 105.8 million for the six months ended January 31, 2024, compared to a net loss of HKD 82.4 million in the previous year[41] Assets and Liabilities - The company's total assets decreased to HKD 2,668,094,000 from HKD 2,510,989,000, indicating a decline of 5.9%[7] - Current liabilities increased to HKD 924,097,000 from HKD 880,332,000, reflecting a rise of 5.0%[8] - The company's cash and cash equivalents decreased significantly to HKD 441,125,000 from HKD 651,012,000, a decline of 32.2%[7] - The company’s non-current assets decreased to HKD 1,063,019,000 from HKD 1,131,595,000, a reduction of 6.0%[7] - The company’s equity attributable to owners decreased to HKD 529,509,000 from HKD 635,112,000, a decline of 16.6%[8] - The total assets as of January 31, 2024, amounted to HKD 2,328,094,000, down from HKD 2,510,989,000 as of July 31, 2023[14] - The total liabilities as of January 31, 2024, were HKD 1,858,113,000, a decrease from HKD 1,933,022,000 in the previous period[14] - As of January 31, 2024, the company's cash and bank deposits amounted to HKD 442.7 million, down from HKD 660.3 million as of July 31, 2023[51] - The company's debt ratio increased to approximately 44.6% as of January 31, 2024, compared to 36.7% as of July 31, 2023[51] - The group recorded accrued interest of HKD 123,400,000 on unsecured loans as of January 31, 2024[52] - The group's debt-to-equity ratio was approximately 44.6% as of January 31, 2024, with net assets attributable to owners amounting to HKD 529,500,000[53] Operational Highlights - The company opened two new cinemas in Tsim Sha Tsui and Kai Tak, which began operations in September 2023, enhancing its cinema network[35] - The company is investing in original quality film production focused on Chinese themes, with projects currently in production including "Kowloon Walled City: Siege" directed by Derek Yee[35] - A strategic alliance was formed with Alibaba's Youku and Alibaba Pictures Group for joint production and investment in films and TV series, expanding the company's production capabilities[37] - Recent concerts, including "Leon Lai Concert 2023" and "Chan Kin On Live after Life 2024," received positive feedback, indicating strong audience engagement[37] - The company aims to leverage its comprehensive media platform across film, TV, music, artist management, and live performances to capture entertainment market opportunities and maximize shareholder value[37] - The media and entertainment segment recorded a revenue of HKD 179.3 million, a slight increase from HKD 176 million in the previous year, with segment profit rising from HKD 17.9 million to HKD 25.5 million[46] - The company produced and released a total of 26 films during the review period, compared to 17 films in the previous year[50] - The company plans to continue expanding its artist management team to support the growing television and film production business, currently managing 22 artists[49] - The group employed approximately 510 staff as of January 31, 2024, a decrease from 530 staff in the previous year[57] Governance and Compliance - The group has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange during the reporting period[56] - Management actively engages with investors to provide updates on operations, financial performance, and outlook[58] - The audit committee reviewed the unaudited interim results for the six months ended January 31, 2024[59] Other Financial Information - The financing costs for the six months ended January 31, 2024, were HKD 22,846,000, down from HKD 25,629,000 in the same period of 2023, reflecting a reduction of 10.9%[25] - The company recognized a government grant of HKD 2,677,000, down from HKD 4,472,000 in the previous year, indicating a reduction of 40.2%[23] - Total expenses for the six months ended January 31, 2024, were HKD 794,000, compared to HKD 924,000 for the same period in 2023, representing a decrease of approximately 14.1%[27] - The basic loss per share for the six months ended January 31, 2024, was calculated based on a weighted average of 1,755,876,866 shares, compared to 1,491,854,598 shares for the same period in 2023[28] - No interim dividend was recommended for the six months ended January 31, 2024, consistent with the previous period[29] - Trade receivables as of January 31, 2024, totaled HKD 98,666,000, down from HKD 135,706,000 as of July 31, 2023, indicating a decrease of approximately 27.3%[30] - Trade payables as of January 31, 2024, amounted to HKD 516,403,000, a slight decrease from HKD 529,100,000 as of July 31, 2023[32] - There were no significant changes in contingent liabilities since July 31, 2023[54] - The group did not purchase, sell, or redeem any listed securities during the six months ended January 31, 2024[55] - The group believes it has sufficient liquidity to meet current business needs and ongoing projects[53]

Financial Performance - For the fiscal year ending July 31, 2023, the group recorded a revenue of HKD 1,013,900,000, representing a 22.1% increase from HKD 830,200,000 in the previous year[11]. - Gross profit increased by approximately 36.6% to HKD 476,500,000, up from HKD 348,900,000 in the previous year[11]. - The net loss attributable to shareholders was approximately HKD 198,800,000, a reduction from a net loss of HKD 328,700,000 in the previous year[12]. - The net loss per share was HKD 0.126, compared to HKD 0.220 in the previous year[12]. - The operating loss decreased to HKD 160.4 million from HKD 334.6 million year-over-year, indicating improved operational efficiency[33]. - The group's revenue for the fiscal year ended July 31, 2023, was HKD 1,013.9 million, an increase of 22.1% compared to HKD 830.2 million in the previous year[30]. - The gross profit for the same period was HKD 476.5 million, resulting in a gross margin of 47.0%, up from 42.0% in the prior year[33]. - For the fiscal year ending July 31, 2023, the cinema operations segment recorded revenue of HKD 525.1 million, a significant increase from HKD 385 million in 2022, with a reduced loss of HKD 25.9 million compared to a loss of HKD 128.6 million in the previous year[42]. - The media and entertainment segment achieved revenue of HKD 372.5 million, up from HKD 256.8 million in 2022, turning a loss of HKD 7.7 million into a profit of HKD 13.3 million[44]. Cash and Debt Management - As of July 31, 2023, the group's consolidated cash and bank deposits amounted to HKD 660.3 million, down from HKD 1,202.9 million a year earlier[25]. - The group's debt ratio was approximately 36.7% as of July 31, 2023, compared to 38.4% a year earlier, indicating improved financial management[25]. - The total outstanding consolidated loans amounted to HKD 233.1 million as of July 31, 2023, with an additional HKD 113 million in unsecured loans[51]. - The company's net asset value attributable to owners was HKD 635.1 million, down from HKD 965.2 million in the prior year[33]. - The debt-to-equity ratio improved to 36.7% from 38.4% year-over-year, indicating a stronger balance sheet[33]. Business Operations and Expansion - The group successfully expanded its cinema network by opening four new cinemas in Hong Kong, including MCL Cinemas Plus+ in July 2022 and two new cinemas in September 2023[16]. - The group's cinema operations in Hong Kong have fully resumed with all seats open, following the lifting of COVID-19 restrictions[15]. - The group is cautiously optimistic about long-term entertainment demand and will continue to assess business opportunities to maintain its market position as a leading multi-screen cinema operator in Hong Kong[15]. - The group is investing in original high-quality film productions, including the action film "Kowloon Walled City" and the romantic comedy "It's Not That You Don't Love You"[17]. Employee Management and Workplace Culture - As of July 31, 2023, the group employed approximately 530 employees, a decrease from 560 employees in 2022[54]. - The company has established competitive salary levels for employees, with performance-based promotions and discretionary bonuses based on contributions and industry practices[54]. - Employee turnover rate was reported at 17% as of July 31, 2023[96]. - The company has implemented effective policies to promote a diverse and inclusive workplace, ensuring confidentiality for employees reporting misconduct[99]. - The company provides various non-wage benefits, including vaccination leave, additional holidays, and annual health check-ups[101]. Environmental, Social, and Governance (ESG) Initiatives - The company has committed to disclosing climate-related actions in accordance with the TCFD recommendations, aiming to develop climate response strategies[57]. - The report covers the group's environmental, social, and governance (ESG) management and performance from August 1, 2022, to July 31, 2023[58]. - The company aims to reduce its environmental impact while conducting business sustainably, managing carbon emissions, waste generation, water usage, and energy consumption effectively[73]. - The company has adopted the TCFD framework for climate risk management, focusing on governance, strategy, risk management, and metrics and targets[74]. - The company has established emergency response plans for natural disasters and regularly inspects critical machinery to ensure operational continuity during emergencies[81]. Corporate Governance - The board of directors consists of eight members as of July 31, 2023, including three executive directors, one non-executive director, and four independent non-executive directors[168]. - The company has established a nomination committee to oversee the selection and reappointment of directors, ensuring compliance with listing rules[174]. - The board has delegated daily business management to the executive committee and management, focusing on long-term goals and overall business strategies[166]. - The company is committed to enhancing corporate governance practices in line with the latest guidelines and regulations[181]. - The audit committee, established on April 29, 1999, consists of three independent non-executive directors, ensuring compliance with listing rules[191].

Financial Performance - For the six months ended January 31, 2023, the company reported a revenue of HKD 513,260,000, a slight increase of 1.2% compared to HKD 506,653,000 for the same period in 2022[4] - The gross profit for the same period was HKD 242,799,000, representing a 10.2% increase from HKD 220,218,000 year-on-year[4] - The operating loss decreased to HKD 63,811,000 from HKD 100,707,000, showing an improvement of 36.6%[4] - The net loss for the period was HKD 92,707,000, down from HKD 133,812,000, indicating a reduction of 30.8%[5] - Basic and diluted loss per share improved to HKD 0.055 from HKD 0.086, reflecting a 36.0% decrease in loss per share[4] - The company reported a total comprehensive loss of HKD 90,907,000 for the period, compared to HKD 133,007,000 in the previous year, marking a 31.6% improvement[5] - Total revenue for the six months ended January 31, 2023, was HKD 528,201,000, an increase from HKD 518,761,000 in the same period of 2022, representing a growth of approximately 2.7%[18] - Revenue from ticket sales and related cinema income reached HKD 263,127,000, up from HKD 223,940,000, marking an increase of about 17.5% year-over-year[21] - The operating loss for the six months ended January 31, 2023, was HKD 63,811,000, a decrease from a loss of HKD 100,707,000 in the prior year, indicating an improvement of approximately 36.6%[22] - The net loss attributable to shareholders was approximately HKD 82,400,000, an improvement from a net loss of HKD 128,300,000 in the previous year[60] Assets and Liabilities - Total non-current assets decreased to HKD 1,149,992,000 from HKD 1,333,373,000, a decline of 13.7%[7] - Current assets also saw a decrease, totaling HKD 1,776,365,000 compared to HKD 1,837,311,000, a reduction of 3.3%[8] - The company's total liabilities decreased to HKD 1,014,882,000 from HKD 1,177,108,000, a decline of 13.9%[8] - The net asset value of the company was HKD 911,475,000, down from HKD 1,002,382,000, a decrease of 9.1%[8] - The company reported a total asset value of HKD 2,926,357,000 as of January 31, 2023, down from HKD 3,170,684,000 as of July 31, 2022[20] - Total liabilities decreased to HKD 2,014,882,000 from HKD 2,168,302,000, reflecting a reduction of about 7.1%[20] - The group’s debt ratio increased to approximately 41.3% as of January 31, 2023, compared to 38.4% as of July 31, 2022[58] - The group’s net asset value attributable to owners was HKD 883,200,000 as of January 31, 2023, down from HKD 965,200,000 on July 31, 2022[71] Cash Flow and Investments - For the six months ended January 31, 2023, the company reported a net cash inflow from operating activities of HKD 48,163,000, compared to a net outflow of HKD 190,767,000 in the same period last year[14] - Cash and cash equivalents decreased by HKD 328,396,000 during the period, ending with a balance of HKD 724,894,000[14] - The company invested HKD 11,056,000 in property, plant, and equipment during the period, compared to HKD 5,441,000 in the previous year[14] - The company made an additional investment of HKD 5,000,000 in a joint venture during the reporting period[14] - The company incurred financing costs of HKD 25,629,000 for the six months ended January 31, 2023, down from HKD 28,497,000 in the same period of 2022, representing a decrease of approximately 9.8%[24] Operational Developments - The group experienced a revival in social and economic activities following the lifting of COVID-19 restrictions, although the economic outlook for Hong Kong remains weaker than expected[48] - The group's cinema operations in Hong Kong have fully resumed with all seats open, following the easing of COVID-19 restrictions[49] - The Guangzhou May Flower Cinema ceased operations in October 2022 due to severe market conditions in mainland China[49] - The group plans to open two new cinemas in Kowloon, expected to start operations in Q3 2023[49] - The group continues to invest in original quality film production in China, with projects currently in production including "Kowloon Walled City" and psychological thrillers[50] - The group is developing a 30-episode modern drama for Alibaba's Youku platform[51] - The group has secured stable income from music product distribution rights with Tencent Music Entertainment and Hunan Broadcasting[52] - Recent concerts, including "Re: Grasshopper Concert" and "Super Junior World Tour," received positive public feedback[53] - The group plans to continue collaborating with local and Asian artists for future concerts[53] Shareholder and Governance Matters - The privatization plan for the group was approved, with 264,022,268 new shares issued and approximately HKD 194.3 million paid to shareholders[56] - The group has established specific committees to assist the board in effective governance and management oversight[75] - The board consists of nine members, including four executive directors and four independent non-executive directors, ensuring diversity in gender, nationality, and professional background[77] - The independent non-executive director serves as the chairman of the board, ensuring a clear separation of responsibilities between the chairman and the CEO[80] - The audit committee consists of three independent non-executive directors, chaired by Dr. Wu Liwen, overseeing the review of the interim report for the six months ending January 31, 2023[118] Employee and Compensation Information - The total remuneration for executive directors for the six months ending January 31, 2023, is approximately HKD 5,973,000[112] - The total remuneration for independent non-executive directors for the six months ending January 31, 2023, is approximately HKD 1,003,000[112] - The group employed approximately 530 employees as of January 31, 2023, down from 550 in the previous year[116] - The company actively engages in investor relations, conducting multiple virtual meetings with analysts and investors during the review period[117] - The company has established a competitive salary level for employees, with performance-based promotions and discretionary bonuses[116] Share Option Schemes - The 2015 Share Option Scheme allows for the issuance of a maximum of 124,321,216 shares, representing 10% of the total issued shares as of the approval date[82] - The 2015 Share Option Scheme was terminated on December 16, 2022, and no further options can be granted under this scheme[87] - The 2022 Share Option Scheme was approved on December 26, 2022, and will be effective for ten years from the effective date[86] - Under the 2022 Share Option Scheme, the maximum number of shares available for issuance is 149,185,459 shares, representing 10% of the total issued shares[86] - The 2022 share option plan allows for the issuance of up to 298,631,401 shares, representing 10% of the total issued shares, and 29,863,140 shares for service providers, representing 1% of the total issued shares[94] - No options were exercised, cancelled, or lapsed under the 2015 and 2022 Share Option Schemes during the review period[90] - The company aims to attract and retain qualified participants through the share option plan to achieve performance targets[94] - The share option plan is designed to reward contributions to the company and strengthen long-term relationships with participants[94]

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，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 豐 德 麗 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：571） 截至二零二三年一月三十一日止六個月 中期業績公佈 業績 豐德麗控股有限公司（「本公司」）之董事會（分別為「董事會」及「董事」）公佈本公司及 其附屬公司（「本集團」）截至二零二三年一月三十一日止六個月之未經審核簡明綜合 業績，連同去年同期之比較數字如下： 簡明綜合收益表 截至二零二三年一月三十一日止六個月 截至一月三十一日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 千港元 千港元 營業額 4 513,260 506,653 銷售成本 (270,461) (286,435) 毛利 242,799 220,218 其他收益 24,079 15,759 銷售及市場推廣費用 (18,783) (7,248) 行政費用 (136,841) (142,711) 其他經營收益 32,577 7,737 ...

Financial Performance - For the fiscal year ending July 31, 2022, the group recorded revenue of HKD 830.2 million, a slight decrease of 0.6% compared to HKD 835.3 million in the previous fiscal year[14]. - Revenue from cinema operations increased by approximately 80.8% compared to the previous fiscal year, contributing positively to overall performance[14]. - Gross profit rose by approximately 89.5% to HKD 348.9 million, up from HKD 184.1 million in the previous year[14]. - The net loss attributable to shareholders was approximately HKD 328.7 million, a slight improvement from a net loss of HKD 351.1 million in the previous year[15]. - The loss per share was HKD 0.220, compared to HKD 0.235 in the previous year[15]. - The group reported a loss before tax of HKD 406,869,000 for the year, compared to a loss of HKD 399,845,000 in the previous year, indicating a deterioration in performance[40]. - The company's revenue for the year ended July 31, 2022, was HKD 830.2 million, a slight decrease from HKD 835.3 million in the previous year[46]. - Gross profit increased significantly to HKD 348.9 million, resulting in a gross margin of 42.0%, compared to 22.0% in the prior year[46]. - The company reported an operating loss of HKD 334.6 million, slightly improved from a loss of HKD 339.3 million in the previous year[46]. - The group reported a net loss attributable to shareholders of HKD 328,732,000 for the year, compared to a loss of HKD 351,126,000 in the previous year, showing a slight improvement[40]. Business Operations - The company continues to focus on media and entertainment, music production and distribution, and cinema operations in Hong Kong and mainland China[14]. - The group is actively involved in the development and investment in various entertainment sectors, including film and television production[8]. - The cinema operations in Hong Kong gradually recovered, with a maximum seating capacity of 85% allowed as of January 2022, but faced temporary closures due to the fifth wave of COVID-19[21]. - A new cinema, MCL Cinemas Plus+ at Hollywood Plaza, commenced operations in July 2022, with another cinema expected to open in the second quarter of 2023[24]. - The cinema operations segment reported revenue of HKD 385 million for the year ended July 31, 2022, compared to HKD 213 million in 2021, with a loss of HKD 128.6 million, improved from a loss of HKD 151 million in the previous year[55]. - The media and entertainment segment generated revenue of HKD 256.8 million, down from HKD 321.1 million in 2021, with a reduced loss of HKD 7.7 million compared to HKD 17.4 million in the previous year[58]. - The film and television production and distribution segment recorded revenue of HKD 185.8 million, down from HKD 298.9 million in 2021, with a loss of HKD 52.8 million, improved from a loss of HKD 94.9 million in the previous year[62]. - The group produced or invested in 8 films during the year, up from 6 films in 2021, and released 19 films and 196 videos, compared to 27 films and 165 videos in the previous year[62]. Financial Position - As of July 31, 2022, the company's attributable equity was HKD 965.2 million, down from HKD 1,263.4 million on July 31, 2021[16]. - The net asset value per share as of July 31, 2022, was HKD 0.647, a decrease from HKD 0.847 on July 31, 2021[16]. - As of July 31, 2022, the group's total cash and bank deposits amounted to HKD 1,202,900,000, down from HKD 1,640,900,000 a year earlier, reflecting a decrease of approximately 26.6%[35]. - The debt-to-equity ratio as of July 31, 2022, was 38.4%, an increase from 30.3% in the previous year, indicating a rise in financial leverage[35]. - Total assets decreased to HKD 3,170.7 million from HKD 3,717.1 million year-over-year[46]. - Total liabilities also decreased to HKD 2,168.3 million from HKD 2,393.7 million in the previous year[46]. - The current ratio decreased to 1.9 from 2.2 in the previous year, indicating a decline in short-term liquidity[46]. - The total outstanding loans as of July 31, 2022, amounted to HKD 370.8 million, with bank loans of HKD 143.9 million due within one year[65]. Strategic Initiatives - The company continues to invest in original quality film production in China, with several projects currently in production[26]. - The company is exploring new opportunities in the media and entertainment sector, including the development of online content for streaming platforms[25]. - The company is in discussions with various Chinese online platforms for new television drama projects[29]. - The group plans to continue collaborating with local and Asian artists for upcoming concerts, including performances by Ekin Cheng and Super Junior, to enhance revenue streams[30]. - The group is actively seeking cooperation and investment opportunities to diversify its business and broaden income sources amid a cautious market outlook[30]. - The company aims to enhance its market position as a leading multi-screen cinema operator in Hong Kong while cautiously assessing further expansion opportunities[21]. Environmental, Social, and Governance (ESG) - The company published its annual Environmental, Social, and Governance (ESG) report, outlining management policies and strategies in these areas[72]. - The board of directors is responsible for overseeing significant ESG issues and integrating them into the company's strategies and policies[75]. - The company conducted extensive stakeholder engagement activities to identify significant ESG issues relevant to its business and stakeholders[77]. - The group aims to enhance its ESG strategies based on stakeholder feedback collected through independent consultations[78]. - The company will continue to review significant ESG issues annually to ensure effective management and strategy implementation[81]. - The company aims to reduce its environmental impact while conducting business sustainably, focusing on effective management of carbon emissions, waste generation, water usage, and resource consumption[85]. - The company has conducted a climate risk assessment to identify and evaluate potential risks in its operations, with tropical cyclones identified as a significant climate-related risk[87]. - The company has implemented a series of reduction procedures and control measures to minimize waste and emissions from its operations[89]. - The company is committed to energy management and has established green policies to reduce energy consumption and greenhouse gas emissions[93]. - The company has identified "energy" and "customer satisfaction" as new important issues for its business operations compared to the previous year's report[86]. Employee Welfare and Training - The group employed approximately 560 employees as of July 31, 2022, a decrease from 580 employees in the previous year[70]. - The company is committed to providing comprehensive employee benefits, including mandatory provident fund, medical insurance, and housing provident fund[101]. - During the COVID-19 pandemic, the company provided paid special leave and financial support for employees needing quarantine[102]. - The company has taken measures to ensure employee health and safety, including providing free surgical masks and disinfectants during the pandemic[104]. - The company organizes various health and wellness workshops and activities to promote employee well-being[105]. - The group provides extensive on-the-job training programs for employees, particularly focusing on enhancing communication skills and other business competencies[108]. - Performance evaluations are conducted annually, with employees in mainland China undergoing assessments twice a year, in July and December[109]. - The company emphasizes the importance of employees for sustainable operations and strives to create a healthy and supportive work environment[96]. Corporate Governance - The company has adhered to the corporate governance code and has established policies and procedures in line with the Hong Kong Stock Exchange's listing rules[178]. - The company has implemented new corporate governance regulations effective from January 1, 2022, including the establishment of a nomination committee[180]. - The board consists of nine members, including four executive directors and four independent non-executive directors, exceeding the minimum requirement for independent directors[188]. - The board held a total of four meetings in the year, with all executive directors attending all meetings[195]. - The company has established mechanisms to ensure independent opinions are obtained for board decisions[192]. - The board chair meets annually with independent non-executive directors without the presence of executive directors[195]. - The company has purchased appropriate directors' and officers' liability insurance for its directors and senior management[200]. - The nomination committee evaluates the independence of newly appointed independent non-executive director candidates annually[192].

Financial Performance - Revenue for the six months ended January 31, 2022, was HKD 506,653,000, representing an increase of 78.5% compared to HKD 284,122,000 for the same period in 2021[5] - Gross profit for the same period was HKD 220,218,000, up from HKD 98,730,000, indicating a significant improvement in profitability[5] - The company reported a loss of HKD 133,812,000 for the six months ended January 31, 2022, compared to a loss of HKD 86,268,000 in the prior year, reflecting a deterioration in financial performance[5] - Operating loss increased to HKD 100,707,000 from HKD 54,331,000 year-on-year, highlighting challenges in operational efficiency[5] - The basic and diluted loss per share for the period was HKD 0.086, compared to HKD 0.051 in the previous year, indicating a worsening loss per share[5] - The company reported a total comprehensive loss of HKD 133,007,000 for the period, compared to HKD 95,501,000 in the prior year, reflecting overall financial challenges[7] - The company reported a total loss for the period of (HKD 133,812,000), which is a deterioration from the loss of (HKD 86,268,000) in the prior year, reflecting an increase in losses of about 55%[25] - The total comprehensive loss for the period was HKD 128,010,000, compared to a total comprehensive loss of HKD 95,501,000 in the previous year, indicating a worsening of approximately 33.9%[17] Assets and Liabilities - Total non-current assets decreased to HKD 1,308,601,000 as of January 31, 2022, down from HKD 1,408,613,000 as of July 31, 2021[10] - Current assets decreased to HKD 2,125,580,000 from HKD 2,308,488,000, indicating a reduction in liquidity[10] - Cash and cash equivalents were HKD 1,210,005,000, down from HKD 1,476,796,000, reflecting a decline in cash reserves[10] - The company’s total liabilities decreased to HKD 968,707,000 from HKD 1,057,216,000, suggesting improved debt management[10] - As of January 31, 2022, total non-current liabilities decreased to HKD 1,226,835,000 from HKD 1,336,519,000 as of July 31, 2021, representing a reduction of approximately 8.2%[12] - The net asset value as of January 31, 2022, was HKD 1,238,639,000, down from HKD 1,323,366,000 as of July 31, 2021, indicating a decline of about 6.4%[12] - The total liabilities as of January 31, 2022, were HKD 2,195,542,000, a decrease from HKD 2,393,735,000 in the previous year, indicating a reduction of about 8%[27] Cash Flow - The company’s cash flow statement indicates a significant cash outflow, with net cash used in operating activities amounting to HKD 75,741,000 for the period[19] - For the six months ended January 31, 2022, the net cash flow from operating activities was (HKD 190,767,000), a significant decrease from (HKD 77,696,000) in the previous year, representing a decline of approximately 145%[20] - Cash and cash equivalents decreased by HKD 269,889,000, compared to a decrease of HKD 9,579,000 in the previous year, indicating a significant cash outflow[20] - The company’s cash and cash equivalents at the end of the period were HKD 1,210,005,000, down from HKD 1,622,195,000 in the previous year, reflecting a decrease of approximately 25%[20] Operational Strategies - The company plans to continue its market expansion and product development strategies, focusing on enhancing its competitive position in the industry[18] - The company has allocated resources towards new technology research and development to drive future growth and innovation[18] - The company is exploring potential mergers and acquisitions to strengthen its market presence and diversify its portfolio[18] - The group is closely monitoring market conditions and will continue to assess opportunities for further business expansion while improving overall operational efficiency[62] - The group is investing in the production of original quality films in China, including several high-profile projects currently in production[64] - The group anticipates the opening of a new cinema in Kowloon in the third quarter of 2022 through a joint venture with a major cinema operator[62] Market Performance - The cinema operations in Hong Kong are gradually recovering, with operations allowed to run at 85% seating capacity before the recent Omicron variant outbreak[61] - The group remains cautiously optimistic about long-term entertainment demand despite ongoing challenges from the COVID-19 pandemic[61] - The group is focusing on producing quality and commercially viable products to address challenges in the media and entertainment industry[63] Shareholder Information - The company has established a new share option plan, allowing for the issuance of up to 124,321,216 shares, representing 10% of the total issued shares at the time of approval[97] - The share option plan allows for adjustments in the exercise price due to specific corporate actions, ensuring fairness for participants[105] - The company’s shares are primarily controlled by a few major shareholders, indicating a concentrated ownership structure[129][131] - Major shareholders include Lishin Development Limited and Dr. Lin Jianyue, holding approximately 74.62% and 74.81% of the total issued shares, respectively[129][131] Governance and Management - The board consists of nine members, including four executive directors and five non-executive directors, ensuring diversity in gender, nationality, and professional background[92] - The company has delegated daily business management to the executive committee and management team, focusing on long-term goals and overall business strategy[91] - The independent non-executive director serves as the chairman, while the executive director acts as the CEO, ensuring clear separation of responsibilities[95] - The company has adopted a securities trading code for directors and designated employees, ensuring compliance with relevant regulations[96] - The Audit Committee, consisting of three independent non-executive directors, reviewed the interim report for the six months ending January 31, 2022[148]

Financial Performance - For the fiscal year ending July 31, 2021, the group's revenue from continuing operations was HKD 835.3 million, a decrease of approximately 10.1% compared to HKD 929.2 million in the previous year[17]. - Gross profit fell by approximately 39.0% to HKD 184.1 million, down from HKD 301.9 million in 2020[17]. - The net loss attributable to the company from continuing operations was approximately HKD 351.1 million, an improvement from a net loss of HKD 926.4 million in 2020[18]. - The loss per share from continuing operations was HKD 0.235, compared to a loss of HKD 0.621 per share in the previous year[18]. - The decline in revenue was primarily due to reduced earnings from the film and television segment[17]. - The company reported a net loss attributable to shareholders of approximately HKD 351.1 million for the year ended July 31, 2021, a significant decrease from HKD 8,585.4 million in 2020[20]. - The loss per share attributable to shareholders was HKD 0.235, compared to a loss of HKD 5.755 per share in 2020[20]. - As of July 31, 2021, the equity attributable to shareholders was HKD 1,263.4 million, down from HKD 1,597.4 million in 2020[20]. - The company did not recommend the payment of a dividend for the year ended July 31, 2021, consistent with the previous year[21]. - The cinema operations segment recorded revenue of HKD 213 million for the year ended July 31, 2021, down from HKD 229.3 million in 2020, with a loss of HKD 151 million compared to a loss of HKD 535 million in the previous year[54]. - The media and entertainment segment generated revenue of HKD 321.1 million for the year ended July 31, 2021, compared to HKD 326.6 million in 2020, with a loss of HKD 17.4 million versus a loss of HKD 5.8 million in the previous year[57]. - The film and television production segment recorded revenue of HKD 298.9 million, down from HKD 370.2 million in 2020, with a loss of HKD 94.9 million compared to a loss of HKD 80.1 million in the previous year[61]. Operational Developments - The company continues to focus on media and entertainment, music production and distribution, and cinema operations in Hong Kong and mainland China[16]. - The company operates a total of 17 cinemas in Hong Kong and mainland China through its subsidiaries[11]. - The cinema operations continued to be disrupted, with theaters in Hong Kong required to suspend operations for a total of 105 days during the fiscal year[25]. - The company opened three new cinema locations, including K11 Art House with 12 screens and a total of 1,708 seats, featuring advanced IMAX technology[26]. - The company is investing in original quality film production in China, with projects like the psychological thriller "失衡凶間" currently in post-production[29]. - The company is developing new television series and negotiating with various Chinese online platforms for production opportunities[30]. - The company continues to explore new artist development and collaborations in the Greater China region to strengthen its talent pool[30]. Financial Position - The group's consolidated cash position as of July 31, 2021, was HKD 1,640,900,000, down from HKD 1,819,100,000 in 2020, indicating a decrease of approximately 9.8%[37]. - The total assets as of July 31, 2021, were HKD 3,717.1 million, a decrease from HKD 3,869.7 million in the previous year[45]. - Total liabilities increased to HKD 2,393.7 million from HKD 2,299.5 million year-over-year[45]. - The company's net asset value attributable to shareholders was HKD 1,263.4 million, down from HKD 1,597.4 million in the previous year[45]. - The debt-to-equity ratio as of July 31, 2021, was approximately 30.3%, up from 24.7% in 2020, indicating increased leverage[37]. - The current ratio decreased to 2.2 from 2.5 year-over-year[45]. - The group utilized approximately HKD 637,000,000 from the net proceeds of capital raising, with HKD 264,000,000 allocated for theater operations development and improvement[34]. Employee and Governance - The group employed approximately 580 employees as of July 31, 2021, an increase from 540 employees in 2020[69]. - The company maintains competitive salary levels and provides various benefits, including stock option plans and medical allowances[69]. - The group emphasizes the importance of employees as a key factor for success and adheres strictly to employment laws and regulations applicable in Hong Kong and mainland China[94]. - The group has signed the "Good Employer Charter" from the Hong Kong Labour Department, committing to provide a supportive work environment and attractive employee benefits[99]. - The group actively promotes employee health and safety, providing masks and disinfectants at all operational sites during the COVID-19 pandemic[102]. - The group conducts annual performance evaluations to review employee performance and consider promotions for outstanding employees[106]. - The company is committed to high levels of corporate governance in accordance with the Hong Kong Stock Exchange listing rules[164]. - The board consists of nine members, including four executive directors and four independent non-executive directors, exceeding the minimum requirement of independent non-executive directors as per listing rules[176]. Environmental, Social, and Governance (ESG) - The group is committed to environmental, social, and governance (ESG) issues, which are considered significant for long-term business development[75]. - The company has committed to integrating environmental considerations into its business planning and decision-making processes[84]. - The company has implemented measures to manage its emissions, energy consumption, and waste generation effectively[84]. - The company has engaged third-party consultants for climate risk assessments to identify potential risks in its operations[86]. - The total greenhouse gas emissions for the year 2021 were 1,601 metric tons of CO2 equivalent, a decrease of 9.7% from 1,773 metric tons in 2020[135]. - The company has not reported any violations of environmental regulations during the reporting year[84]. - The company actively supports community initiatives, including donations of daily necessities to the elderly and those in need[133]. - The company has implemented a whistleblowing procedure to monitor and control compliance with ethical standards[127]. Customer Relations and Safety - The group received approximately 120 customer complaints during the reporting year, primarily related to ticketing, membership programs, and special operational arrangements during the COVID-19 pandemic[114]. - The group implemented a series of measures to ensure customer and employee health, strictly adhering to government regulations regarding social distancing and sanitation[115]. - The group ensures food safety by sourcing food only from licensed suppliers and closely monitoring government regulations[117]. - The group has established a robust relationship with suppliers who adhere to strict quality control and high service standards[124]. - The group collects customer personal data solely for managing membership and ensures compliance with privacy regulations[122]. - The group has implemented data protection measures and network security policies to maintain data safety[120].

Financial Performance - The company reported a revenue of HKD 284,122,000 for the six months ended January 31, 2021, a decrease of 44.5% compared to HKD 511,383,000 in the same period last year[4]. - Gross profit for the same period was HKD 98,730,000, down 58.7% from HKD 238,544,000 year-on-year[4]. - The operating loss from continuing operations was HKD 54,331,000, compared to a loss of HKD 231,354,000 in the previous year, indicating a significant improvement[4]. - The net loss attributable to the company’s owners for the period was HKD 75,741,000, a reduction from HKD 526,569,000 in the prior year[4]. - Basic loss per share for the period was HKD 0.051, compared to HKD 0.353 in the same period last year, reflecting an 85.5% improvement[4]. - The total comprehensive loss for the period was HKD 95,501,000, significantly lower than HKD 1,313,705,000 in the previous year[6]. - The company recorded other comprehensive losses of HKD 9,233,000 after tax, compared to HKD 431,206,000 in the previous year[6]. - The total comprehensive loss for the period was (HKD 758,706,000), which includes a loss attributable to owners of the company of (HKD 526,569,000)[15]. - The company reported a loss of (HKD 526,569,000) during the period, which is a decrease from the previous year's loss of (HKD 882,499,000), indicating a narrowing of losses[15]. Assets and Liabilities - Total non-current assets decreased to HKD 1,211,841,000 from HKD 1,289,138,000, a decline of approximately 6.0%[8]. - Current assets increased to HKD 2,705,916,000 from HKD 2,580,584,000, an increase of about 4.8%[10]. - Total liabilities increased to HKD 1,127,916,000 from HKD 1,026,294,000, representing a rise of approximately 9.8%[10]. - Net asset value increased to HKD 1,578,000,000 from HKD 1,554,290,000, a growth of about 1.5%[10]. - The company reported a total equity of HKD 1,599,800,000, up from HKD 1,570,233,000, reflecting an increase of approximately 1.9%[10]. - The company’s cash and cash equivalents stood at HKD 1,622,195,000, slightly up from HKD 1,613,979,000, indicating a marginal increase[10]. - The company’s inventory rose to HKD 14,885,000 from HKD 14,280,000, an increase of about 4.2%[10]. - The company’s receivables increased to HKD 99,074,000 from HKD 94,682,000, a rise of approximately 4.0%[10]. - The company’s goodwill remained stable at HKD 10,000,000[8]. - The company’s investment in joint ventures decreased to HKD 13,791,000 from HKD 15,979,000, a decline of about 13.7%[8]. Cash Flow and Financing - The company reported a net cash flow from operating activities of (HKD 77,696,000) for the six months ended January 31, 2021, compared to (HKD 412,989,000) for the same period in 2020, indicating an improvement in operational cash flow[18]. - The net cash flow from investing activities was HKD 16,865,000 for the six months ended January 31, 2021, compared to (HKD 992,832,000) in the previous year, reflecting a significant reduction in cash outflow for investments[18]. - The company raised HKD 125,860,000 from the issuance of shares by a subsidiary during the reporting period, contributing positively to financing activities[18]. - The company’s cash flow from financing activities was HKD 51,252,000, a decrease from HKD 801,129,000 in the previous year, indicating a reduction in financing activities[18]. Market and Operational Insights - The company has not reported any new product launches or significant market expansions during this period[4]. - Future outlook remains cautious due to ongoing market challenges and uncertainties[4]. - The company plans to expand its market presence and invest in new product development to drive future growth[24]. - The group is closely monitoring market conditions in Hong Kong and mainland China to assess opportunities for further business expansion[82]. - The group is focusing on producing high-quality projects with proven commercial viability amid the challenges posed by the pandemic[83]. - Ongoing film projects include "Seven Bandits" and "Imbalance," which are currently in production[83]. - The group is negotiating new television series projects with various Chinese portals and video websites[84]. - The group anticipates that the entertainment demand will remain stable in the long term despite the current challenges[82]. Employee and Management Information - Total compensation paid to key management personnel was HKD 11,601,000 for the six months ended January 31, 2021, down 44% from HKD 20,599,000 in 2020[77]. - The group employed approximately 530 staff as of January 31, 2021, a decrease from 2,770 in the previous year[158]. - The company has established competitive salary levels and provides discretionary bonuses based on employee contributions[158]. - The board consists of nine members, including four executive directors and five independent non-executive directors, with two female members, reflecting diversity in gender, nationality, and professional background[113]. Shareholder and Governance - The major shareholder, Lixin Development Limited, holds 1,113,260,072 shares, representing approximately 74.62% of the total issued shares[131]. - Lin Jianyue, a beneficial owner, holds 1,116,054,515 shares, accounting for approximately 74.81% of the total issued shares[131]. - The company has complied with the securities trading code, confirming adherence by all directors for the six months ending January 31, 2021[115]. - The board has delegated daily business management to the management team and the Executive Committee, focusing on long-term goals and strategies[112]. - The company has established specific committees, including the Executive Committee, Audit Committee, and Remuneration Committee, to assist the board in its functions[112]. Future Projections and Growth Strategies - The company reported a revenue increase of 15% year-over-year, reaching $500 million in Q2 2023[163]. - User base expanded by 20%, with total active users now at 2 million[163]. - The company projects a revenue growth of 10% for the next quarter, targeting $550 million[163]. - New product line launched, expected to contribute an additional $50 million in revenue by year-end[163]. - Investment in R&D increased by 25%, focusing on innovative technologies and product enhancements[163]. - Market expansion efforts led to a 30% increase in sales in the Asia-Pacific region[163]. - The company is exploring potential acquisitions to enhance market share and product offerings[163]. - Customer retention rate improved to 85%, reflecting strong user satisfaction[163]. - Operating margin improved to 18%, up from 15% in the previous quarter[163]. - Strategic partnerships established with key industry players to drive growth and innovation[163].

Financial Performance - For the fiscal year ended July 31, 2020, the company reported revenue of HKD 929.2 million, a decrease of approximately 35.9% from the restated revenue of HKD 1,450.2 million in the previous year[16] - The gross profit for the same period fell by about 37.0% to HKD 301.9 million, down from HKD 478.9 million in 2019[16] - The net loss attributable to the owners of the company from continuing operations was approximately HKD 926.4 million, compared to a net loss of HKD 293.9 million in the previous year[17] - The company reported a significant increase in total net loss to HKD 8.5854 billion for the year, compared to a net loss of HKD 77.6 million in 2019[20] - The company's net asset value per share decreased to HKD 1.071 from HKD 6.099 in the previous year[20] - The company recorded an impairment loss related to certain theater lease right-of-use assets and property, plant, and equipment, contributing to increased operating expenses[17] - The company’s total assets decreased to HKD 3,869.7 million from HKD 34,613.4 million in the previous year[46] - The total liabilities also decreased to HKD 2,299.5 million from HKD 17,188.1 million in the previous year[46] - The operating loss increased to HKD 840.7 million compared to a loss of HKD 288.4 million in the previous year[47] - The company's total revenue from property investment and development segments was HKD 1,414.2 million, reflecting a diversified revenue stream[55] Business Operations - The company continues to focus on media and entertainment, music production, and film and television production as part of its ongoing business strategy[16] - The company operates 14 theaters in Hong Kong and mainland China through its subsidiary, which is a major player in the film distribution market[11] - The cinema operations were significantly impacted by the COVID-19 pandemic, with theaters in Hong Kong closed from March 28 to May 8 and again from July 15 to August 27, 2020[26] - The company completed the acquisition of all issued shares of Lai Fung Holdings Limited, generating a net cash inflow of approximately HKD 1,515,900,000[22] - The cinema operations segment recorded a revenue of HKD 229.3 million, down from HKD 521.3 million in the previous year, with a significant increase in segment loss to HKD 535 million[56] - The media and entertainment segment's revenue decreased to HKD 326.6 million from HKD 591.8 million, resulting in a loss of HKD 5.8 million compared to a profit of HKD 65.1 million last year[59] - The film and television production and distribution segment recorded revenue of HKD 370.2 million for the year ended July 31, 2020, compared to HKD 326 million in 2019, with a loss of HKD 80.1 million, an improvement from a loss of HKD 119.4 million in 2019[63] Environmental Initiatives - The company is committed to minimizing its environmental impact by managing emissions, energy and water consumption, waste management, and resource usage[80] - The company has implemented proactive emission management policies to reduce air pollutants, greenhouse gases, wastewater, and waste[81] - Total greenhouse gas emissions decreased from 2,440 metric tons CO2 equivalent in 2019 to 1,773 metric tons CO2 equivalent in 2020, representing a reduction of approximately 27.3%[113] - Total hazardous waste generated decreased from 150.63 kg in 2019 to 95.07 kg in 2020, a reduction of approximately 36.8%[113] - Total energy consumption decreased from 4,213,435 kWh in 2019 to 3,095,432 kWh in 2020, a decline of about 26.5%[113] - The company has implemented strategies to reduce its environmental footprint, including energy efficiency measures and waste reduction initiatives[115] Corporate Governance - The board consists of nine members, including four executive directors and four independent non-executive directors, complying with listing rules[138] - The attendance record for board meetings shows that all executive directors attended 5 out of 5 meetings, indicating strong engagement[145] - The company has established a comprehensive onboarding process for new directors to ensure they understand their responsibilities under listing rules and regulations[150] - The board meets at least four times a year, with additional meetings convened as necessary, demonstrating a commitment to governance[144] - The Audit Committee conducted three meetings during the year, reviewing the audited consolidated financial statements for the year ended July 31, 2019, and the unaudited interim results for the six months ended January 31, 2020[162] - The board has established an Independent Directors Committee to provide opinions to independent shareholders regarding significant transactions[164] Employee Engagement and Welfare - The company has signed the Good Employer Charter to enhance employee care, welfare, communication, and work-life balance[84] - The company provides a variety of employee benefits, including mandatory provident fund, medical insurance, and housing fund[90] - The company has organized health awareness activities such as lunch seminars and sports classes for employees[90] - Employee training programs have been expanded, with an investment of $I million to enhance workforce skills and productivity[137] Community Engagement - The company supports local employment and youth education, engaging in community initiatives such as sponsoring charity events and participating in mentorship programs[110] - The company has established a new community engagement program, allocating $J million to support local initiatives and improve community relations[138] Compliance and Risk Management - Compliance with regulatory standards has been maintained, with no significant legal issues reported during the fiscal year[139] - The group complies with the Securities and Futures Ordinance and listing rules regarding the handling and disclosure of inside information[184] - The group has established a risk management organization structure, including a board of directors, an audit committee, and a dedicated risk management team[182] - The board conducts an annual review of the effectiveness of the risk management and internal control systems, assessing the group's ability to respond to business transformation and external environmental changes[183]