Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 54.6 million, an increase from HKD 51.3 million in 2023, while gross profit decreased to HKD 18.4 million from HKD 21.1 million, resulting in a gross margin of 33.7% compared to 41.1% in the previous year[4]. - The net profit attributable to the company's owners surged to HKD 326.3 million from HKD 12.5 million in 2023, primarily due to a one-time gain from debt restructuring[4]. - The group achieved a net cash inflow from operating activities of HKD 3.9 million, a turnaround from a cash outflow of HKD 4.5 million in 2023[5]. - The total borrowings of the group decreased significantly to HKD 33.1 million from HKD 290.8 million in 2023[5]. - The company reported a significant debt restructuring gain of HKD 328,026,000, compared to no such gain in 2023[118]. - Profit before tax surged to HKD 327,954,000 from HKD 14,369,000, marking an increase of 2,283.5%[118]. - Net profit for the year was HKD 326,317,000, compared to HKD 12,511,000 in 2023, reflecting a substantial increase[118]. - Basic and diluted earnings per share improved to HKD 1.0 from HKD 0.038 in the previous year[118]. - The company reported a pre-tax profit of HKD 327,954,000 for 2024, a substantial increase from HKD 14,369,000 in 2023, reflecting a growth of 2,183%[121]. Assets and Liabilities - As of December 31, 2024, the total assets and net assets of the group were HKD 54.7 million and HKD 2.5 million, respectively, with cash and bank balances of HKD 8.8 million, up from HKD 8.1 million in 2023[5]. - The total assets for the group as of December 31, 2024, amounted to HKD 54,667,000, compared to HKD 56,073,000 in 2023, reflecting a decrease of approximately 2.3%[175]. - The group’s total liabilities as of December 31, 2024, were HKD 52,211,000, a decrease from HKD 379,934,000 in 2023, indicating a significant reduction in liabilities[175]. - The company reported a net asset value of HKD 2,456,000, recovering from a net liability of HKD 323,861,000 in 2023[119]. - Cash and cash equivalents at the end of 2024 increased to HKD 8,773,000 from HKD 8,068,000 in 2023, marking a rise of 8.7%[121]. Corporate Governance - The company has maintained compliance with applicable corporate governance codes and regulations throughout the fiscal year ending December 31, 2024[50][57]. - The audit committee, composed of three independent non-executive directors, reviewed the financial statements and found no discrepancies with the auditors[51]. - The company has adopted a board diversity policy that considers factors such as gender, culture, education background, professional experience, skills, knowledge, and tenure for board appointments and re-elections[60]. - All directors are required to retire and stand for re-election every 3 years at the annual general meeting, ensuring a rotation of board members[61]. - The board has established four committees, each with independent authority, to enhance governance and oversight[64]. Employee and Social Responsibility - The group had 19 employees as of December 31, 2024, down from 22 in 2023, with compensation determined based on performance and market conditions[49]. - The company has implemented measures to enhance employee health and safety in response to the COVID-19 pandemic, including regular disinfection of the workplace[96]. - The company has a commitment to training and development, providing comprehensive on-the-job training programs and encouraging participation in external seminars[97]. - The company adheres to labor standards, strictly prohibiting child labor and forced labor, with no serious violations reported during the year[98]. - The company has established a mandatory MPF retirement benefit plan for eligible employees, with contributions calculated as a percentage of basic salary[160]. Environmental, Social, and Governance (ESG) - The company has set up an Environmental, Social, and Governance (ESG) committee to enhance awareness of ESG matters across the group[78]. - The company complies with the Air Pollution Control Ordinance, Wastewater Treatment Ordinance, and Water Pollution Ordinance without any violations reported[84]. - The company has conducted a materiality assessment to identify significant ESG issues relevant to its business and stakeholders[82]. - The company emphasizes the importance of sustainable development and resource conservation in its operations[77]. - The group is committed to sustainable development and aims to create long-term value for society and stakeholders by incorporating environmental factors into its decision-making process[104]. Revenue and Customer Relations - The largest customer accounted for 8.7% of the group's revenue, while the top five customers represented 29.5%[26]. - The largest supplier constituted 42.6% of the group's procurement, with the top five suppliers making up 95.3%[26]. - The group emphasizes the importance of product and service quality as a key competitive advantage, ensuring customer satisfaction through comprehensive training for all service personnel[100]. - The group has not identified any serious violations of laws and regulations related to health and safety, advertising, labeling, and privacy concerning the products and services provided during the year[100]. Financial Reporting and Compliance - The company has adopted accounting policies and applied them consistently to prepare fair and true consolidated financial statements[73]. - The company has not applied any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial position or performance for the current and prior years[124]. - The group assesses tax implications of transactions and records corresponding tax provisions regularly[168]. - The company has confirmed compliance with the standard code for securities trading by all directors for the year ending December 31, 2024[71]. Future Outlook and Strategy - The company plans to focus on organic growth through improved business models, increased market penetration, and product range expansion despite ongoing economic challenges[7]. - The company has no specific major investment or capital asset acquisition plans as of the report date but will continue to seek appropriate investment opportunities[10]. - The group has no significant events occurring after the reporting date[31].

Financial Performance - For the year ended December 31, 2024, the company reported total revenue of HKD 54,639,000, an increase of 6.4% from HKD 51,340,000 in 2023[3] - The cost of goods sold for 2024 was HKD 36,241,000, compared to HKD 30,215,000 in 2023, resulting in a gross profit of HKD 18,398,000, down 13.0% from HKD 21,125,000[3] - The net profit for the year was HKD 326,317,000, a significant increase from HKD 12,511,000 in 2023[3] - Basic and diluted earnings per share for 2024 were HKD 1.00, compared to HKD 0.038 in 2023[3] - Gross profit for the year was HKD 184 million, down from HKD 211 million in 2023, resulting in a gross margin of 33.7%, compared to 41.1% in the previous year[30] - The net profit attributable to the company's owners was HKD 326.3 million, significantly up from HKD 12.5 million in 2023, primarily due to a one-time gain from debt restructuring[30] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 49,812,000, up from HKD 35,098,000 in 2023[4] - The company reported a net asset value of HKD 2,456,000 in 2024, a recovery from a net liability of HKD 323,861,000 in 2023[4] - The total liabilities of the group as of December 31, 2024, were HKD 52,211,000, with reported segment liabilities of HKD 31,703,000[15] - As of December 31, 2024, total assets were valued at HKD 547 million, a decrease from HKD 561 million in 2023, while net assets were HKD 25 million, compared to a net liability of HKD 323.9 million in 2023[31] - The total borrowings amounted to HKD 33.1 million, down from HKD 290.8 million in 2023, which included HKD 230 million in loans and HKD 60.8 million in bonds payable[31] Operational Highlights - Inventory increased to HKD 4,781,000 in 2024 from HKD 2,830,000 in 2023, indicating a growth of 68.8%[4] - Trade receivables rose significantly to HKD 16,739,000 in 2024 from HKD 7,108,000 in 2023, marking an increase of 135.5%[4] - The adjusted profit before tax for the medical and health segment was HKD 12,265,000 for 2024, compared to HKD 11,308,000 in 2023, reflecting an increase of 8.5%[15] - The average credit period for trade receivables remained at 90 days, with trade receivables increasing to HKD 16.7 million in 2024 from HKD 7.1 million in 2023[25] Debt and Financing - The company recognized a debt restructuring gain of HKD 328,026,000 in 2024, which was not present in 2023[3] - The company incurred financing costs of HKD 1,321,000 in 2024, a significant decrease from HKD 12,940,000 in 2023, indicating improved financial management[19] - The company has no outstanding bonds as of 2024, compared to HKD 60.8 million in 2023[26] Governance and Risk Management - The company has adopted a set of corporate governance principles and practices to ensure effective risk management and internal control systems[39] - A Risk Management Committee was established in April 2023, consisting of two independent non-executive directors and one executive director, to continuously review and monitor the effectiveness of risk management and internal control systems[39] - The Audit Committee has reviewed the group's annual performance for the year ending December 31, 2024, including the accounting principles and practices adopted by the group[41] - The auditors confirmed that the preliminary announcement aligns with the audited consolidated financial statements approved by the board on March 25, 2025[42] Future Outlook - The group plans to focus on improving business models, increasing market penetration, and expanding product ranges to achieve organic growth despite ongoing economic challenges[33] - No capital raising activities were completed during the year ending December 31, 2024[34] - The company will publish its 2024 annual report, which will be sent to shareholders and made available on the company's and the stock exchange's websites[43]

Financial Performance - The company recorded revenue of HKD 30.7 million for the six months ended June 30, 2024, compared to HKD 20.6 million in 2023, representing a growth of 48.8%[3] - Gross profit for the same period was HKD 10.8 million, with a gross margin of 35.1%, down from HKD 11.4 million and 55.3% in 2023[3] - The consolidated loss attributable to the company was HKD 6.1 million, an increase from HKD 3.4 million in 2023, primarily due to fair value losses on financial assets[3] - Revenue for the six months ended June 30, 2024, was HKD 30,704,000, an increase of 49.1% compared to HKD 20,599,000 for the same period in 2023[18] - Gross profit for the same period was HKD 10,790,000, a decrease of 5.3% from HKD 11,393,000 in 2023[18] - The company reported a loss before tax of HKD 4,793,000 for the six months ended June 30, 2024, compared to a loss of HKD 2,658,000 in 2023[18] - Total comprehensive loss for the period was HKD 6,093,000, compared to a loss of HKD 3,401,000 in the previous year[18] - The company reported a net cash outflow from operating activities of HK$11,513,000 for the six months ended June 30, 2024, compared to HK$5,109,000 in the same period of 2023[22] - The company recorded a loss before tax of HK$4,793,000 for the six months ended June 30, 2024, compared to a profit of HK$7,995,000 in the same period of 2023[27] - The company reported a basic and diluted loss per share of HK$0.0187 for the six months ended June 30, 2024, compared to HK$0.0119 in the same period of 2023[36] Assets and Liabilities - As of June 30, 2024, total assets were HKD 50.1 million, down from HKD 56.1 million at the end of 2023, while total liabilities increased to HKD 330.0 million from HKD 323.9 million[4] - The company had a cash and bank balance of HKD 4.1 million, a decrease from HKD 8.1 million at the end of 2023[4] - Non-current assets as of June 30, 2024, totaled HKD 9,278,000, a decrease from HKD 20,975,000 as of December 31, 2023[20] - Current assets increased to HKD 40,854,000 as of June 30, 2024, compared to HKD 35,098,000 at the end of 2023[20] - Current liabilities amounted to HKD 380,086,000 as of June 30, 2024, slightly up from HKD 376,688,000 at the end of 2023[20] - The company had a net current liability of HK$339.2 million and a net liability of HK$330.0 million as of June 30, 2024, raising significant doubts about its ability to continue as a going concern[24] - Total borrowings as of June 30, 2024, were HKD 234,520,000, up from HKD 229,985,000 as of December 31, 2023, indicating a 2% increase[40] - The company has issued bonds totaling HKD 60,818,000 due within one year, unchanged from December 31, 2023[41] - The company’s total borrowings include principal amounts of HKD 200,900,000, with interest rates ranging from 2% to 8.5%[40] Operational Insights - The company plans to focus on improving business models, increasing market penetration, and expanding product range to achieve organic growth despite economic challenges[5] - No significant capital raising activities or major investments were completed in the six months ended June 30, 2024[6] - The company continues to monitor foreign exchange risks closely, as its operations are primarily denominated in HKD[7] - The company has successfully implemented measures to alleviate uncertainties regarding its going concern status, including extending a loan repayment date by six months[24] - The company successfully implemented a plan to distribute cash to creditors as of the report date[43] - An agreement was made to extend the maturity date of a HKD 15,000,000 loan by six months to March 31, 2025[43] Employee and Governance - The company has 21 employees as of June 30, 2024, down from 22 at the end of 2023[8] - The company is committed to maintaining high standards of corporate governance, having complied with the relevant codes during the reporting period[16] Trade and Receivables - Trade receivables as of June 30, 2024, amounted to HKD 9,087,000, compared to HKD 7,108,000 as of December 31, 2023, representing a 28% increase[38] - The aging analysis of trade receivables shows that amounts overdue by 0-30 days increased from HKD 506,000 to HKD 950,000, a rise of 88%[38] - Trade payables as of June 30, 2024, totaled HKD 2,190,000, with no previous amounts reported as of December 31, 2023[39] Other Financial Metrics - The company incurred total depreciation expenses of HK$427,000 for the six months ended June 30, 2024, down from HK$662,000 in the same period of 2023[34] - Interest income from bank balances was nil for the six months ended June 30, 2024, compared to HK$153,000 in the same period of 2023[31] - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[35] - Total equity attributable to owners was HKD (329,954,000) as of June 30, 2024, compared to HKD (323,861,000) at the end of 2023[21]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 30,704,000, an increase of 49% compared to HKD 20,599,000 for the same period in 2023[7] - Gross profit for the period was HKD 10,790,000, down from HKD 11,393,000 in the previous year, reflecting a decrease of approximately 5.3%[1] - The company reported a loss before tax of HKD 4,793,000, compared to a loss of HKD 2,658,000 in the same period last year, indicating a worsening of 80%[1] - Total comprehensive loss for the period was HKD 6,093,000, compared to HKD 3,401,000 in the previous year, representing an increase of 79.3%[1] - The company reported a loss attributable to owners of the company of HKD 6,093,000 for the six months ended June 30, 2024, compared to HKD 3,874,000 for the same period in 2023[15] - The consolidated loss attributable to the company was HKD 6.1 million, an increase from HKD 3.4 million in 2023, primarily due to fair value losses on financial assets[22] Assets and Liabilities - Current liabilities net amount was HKD 339,232,000, slightly improved from HKD 341,590,000 in the previous period[4] - Non-current assets, including property, plant, and equipment, increased to HKD 2,584,000 compared to HKD 238,000 at the end of 2023[2] - The total assets less current liabilities amounted to HKD 329,954,000, compared to HKD 320,615,000 in the previous period, showing a slight increase[4] - As of June 30, 2024, total assets amounted to HKD 50,132,000, with segment assets in the medical and health business at HKD 44,258,000[10] - The company’s total liabilities as of June 30, 2024, were HKD 380,086,000, with segment liabilities in the medical and health business at HKD 26,661,000[10] - As of June 30, 2024, total assets were HKD 50.1 million, down from HKD 56.1 million as of December 31, 2023, while total liabilities increased to HKD 330.0 million from HKD 323.9 million[23] Cash Flow and Financing - The net cash outflow from operating activities was HKD 11.4 million for the six months ended June 30, 2024, compared to HKD 9.0 million in 2023[23] - The group had a cash and bank balance of HKD 4.1 million as of June 30, 2024, down from HKD 8.1 million as of December 31, 2023[23] - The total borrowings amounted to HKD 295.3 million as of June 30, 2024, compared to HKD 290.8 million as of December 31, 2023[23] - The company has extended the maturity of a HKD 15,000,000 loan by six months to March 31, 2025, to improve liquidity[6] - The company has successfully implemented a plan to extend a loan of HKD 15,000,000 by six months to March 31, 2025[20] Business Operations - The company continues to develop its medical and health business to enhance its financial position[6] - For the six months ended June 30, 2024, the company reported external sales of HKD 20,599,000 in the medical and health business, with a total segment profit of HKD 7,995,000[10] - The company incurred a pre-tax loss of HKD 2,658,000 after allocating unallocated corporate expenses and financing costs of HKD 4,829,000 and HKD 5,824,000 respectively[10] - Future business operations may be impacted by ongoing global economic challenges, but the company aims to improve business models and expand product offerings for organic growth[24] Corporate Governance - The company confirmed compliance with the standard code for securities trading by all directors for the six months ended June 30, 2024[37] - The company is committed to maintaining high levels of corporate governance and has adhered to the corporate governance code provisions, except for the vacancy in the CEO position[38] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial statements for the six months ended June 30, 2024, which were not audited by the company's auditor but deemed compliant with applicable accounting standards[39] Share Incentive Plan - The company adopted a share incentive plan on June 19, 2015, with a duration of 10 years to recognize contributions from eligible participants[36] - As of June 30, 2024, the company has not granted any share incentives to any individuals under the share incentive plan[36] Dividends - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[14] Costs and Expenses - The company recognized a cost of goods sold of HKD 19,914,000, significantly higher than HKD 9,206,000 in the previous year[13] - Interest income from bank balances was reported at HKD 0 for the six months ended June 30, 2024, down from HKD 153,000 in 2023[11] Capital Commitments - The group had no significant capital commitments or contingent liabilities as of June 30, 2024[28]

Financial Performance - The company recorded revenue of HKD 51.3 million for the year ending December 31, 2023, compared to HKD 33.8 million in 2022, representing a growth of 51.5%[3]. - Gross profit for the year was HKD 21.1 million, with a gross margin of 41.1%, up from HKD 13.7 million and a gross margin of 40.5% in 2022[3]. - The company achieved a net profit of HKD 12.5 million in 2023, a significant turnaround from a loss of HKD 19.2 million in 2022[3]. - Total revenue for 2023 was HKD 51,340,000, an increase of 52.1% compared to HKD 33,765,000 in 2022[130]. - Gross profit for 2023 was HKD 21,125,000, up 54.0% from HKD 13,737,000 in 2022[130]. - The net profit for 2023 was HKD 12,511,000, a significant recovery from a loss of HKD 19,225,000 in 2022[130]. - The company reported a basic and diluted earnings per share of HKD 0.038, compared to a loss per share of HKD 0.059 in the previous year[130]. - The group recorded a pre-tax profit of HKD 14,369,000 for 2023, compared to a pre-tax loss of HKD 16,632,000 in 2022, marking a turnaround in performance[196]. Cash Flow and Liquidity - Cash and bank balances increased to HKD 8.1 million in 2023 from HKD 3.1 million in 2022, indicating improved liquidity[4]. - The company reported a net cash inflow of HKD 5.0 million for the year, compared to a cash outflow of HKD 0.6 million in 2022[5]. - The cash flow from operating activities showed a net outflow of HKD 4,490,000 in 2023, an increase in outflow compared to HKD 2,843,000 in 2022[135]. - The company’s cash and cash equivalents increased to HKD 8,068,000 at the end of 2023, compared to HKD 3,096,000 at the beginning of the year[135]. Assets and Liabilities - The total assets of the company were HKD 56.1 million as of December 31, 2023, compared to HKD 24.6 million in 2022, showing a substantial increase[4]. - The group’s total liabilities as of December 31, 2023, were HKD 379,934,000, compared to HKD 368,595,000 in 2022, showing a slight increase of 3.6%[196]. - The company reported a net current liability of approximately HKD 341,590,000 and a net liability of approximately HKD 323,861,000 as of December 31, 2023[118]. - The company’s total equity attributable to owners was a loss of HKD 323,861,000, improving from a loss of HKD 336,372,000 in 2022[132]. Borrowings and Debt Management - The company’s total borrowings amounted to HKD 290.8 million in 2023, up from HKD 275.6 million in 2022[4]. - The company raised new loans amounting to HKD 13,526,000 in 2023, up from HKD 7,243,000 in the previous year[135]. - The company has entered into a loan agreement with investors for up to HKD 8 million, fully drawn as of December 31, 2023, and a second loan agreement for up to HKD 10 million to settle creditor claims[147]. - A debt restructuring plan is in place, with an estimated HKD 345 million in debt expected to be fully and finally discharged after the settlement payment, which will range from HKD 8.6 million to HKD 10.4 million depending on creditor choices[147]. Corporate Governance - The board of directors confirmed the independence of all independent non-executive directors according to the listing rules[34]. - The company has adopted a board diversity policy in line with corporate governance code provisions, considering various factors for board appointments[62]. - The board of directors has established four committees, each with independent authority[67]. - The Audit Committee held three meetings during the year, with all members in attendance, and reviewed the interim and annual performance for the year ending December 31, 2023[68]. Environmental, Social, and Governance (ESG) Initiatives - The company has set up an Environmental, Social, and Governance (ESG) committee to enhance awareness of ESG matters across the group[84]. - The company reported greenhouse gas emissions of 29.8 tons (CO2 equivalent) for the year, an increase from 26.4 tons in the previous year[94]. - The group has implemented measures to monitor and mitigate the environmental impact of its operations, integrating environmental considerations into future strategic planning[97]. - The group has established policies to enhance operational resilience against extreme weather events, including typhoons and heavy rain[98]. Employee and Labor Practices - The group had 22 employees as of December 31, 2023, with compensation determined based on performance, experience, and current market conditions[51]. - The gender distribution of employees as of December 31, 2023, was 64% male and 36% female, with age groups showing 23% aged 20-35, 36% aged 36-50, and 41% aged 51 and above[104]. - The group emphasizes employee training and development, providing comprehensive on-the-job training programs and encouraging participation in external seminars[106]. - The group adheres to fair recruitment practices and regularly reviews compensation and benefits policies based on market standards[103]. Risk Management - The company has identified significant risks related to fraud and errors in financial reporting, emphasizing the importance of internal controls[127]. - The Risk Management Committee was established in April 2023 to continuously review and monitor the effectiveness of risk management and internal control systems[73]. Revenue Recognition and Accounting Policies - Revenue is recognized at the amount the group expects to receive in exchange for goods or services, net of VAT or other sales taxes[172]. - The group recognizes provisions for liabilities when there is a legal or constructive obligation that may result in an outflow of economic benefits[183]. - Financial assets are initially measured at fair value plus transaction costs, except for trade receivables without significant financing components, which are measured at transaction price[159].

Financial Performance - The company reported a revenue of HKD 51,340,000 for the year ended December 31, 2023, representing a 52.1% increase from HKD 33,765,000 in 2022[5] - Gross profit for the year was HKD 21,125,000, up 54.0% from HKD 13,737,000 in the previous year[5] - The company achieved a net profit of HKD 12,511,000 for the year, compared to a net loss of HKD 19,225,000 in 2022[5] - Revenue from the distribution of medical equipment and products increased to HKD 51,340,000 in 2023, up 52.1% from HKD 33,765,000 in 2022[15] - The company's adjusted profit before tax for the medical and health business segment was HKD 11,308,000 in 2023, compared to HKD 6,834,000 in 2022, representing a 65.5% increase[19] - The group recorded revenue of HKD 513 million for the year ending December 31, 2023, compared to HKD 338 million in 2022, representing a growth of approximately 51.8%[33] - Gross profit for the same period was HKD 211 million, up from HKD 137 million in 2022, resulting in a gross margin of 41.1%, compared to 40.5% in the previous year[33] Assets and Liabilities - The company's total assets increased to HKD 35,098,000 in 2023 from HKD 18,605,000 in 2022, reflecting an increase of 88.5%[6] - Total assets as of December 31, 2023, amounted to HKD 56,073,000, an increase from HKD 24,640,000 in 2022[19] - The total assets of the group reached HKD 561 million in 2023, compared to HKD 246 million in 2022, indicating substantial growth in asset value[34] - The company's total liabilities as of December 31, 2023, were HKD 379,934,000, compared to HKD 368,595,000 in 2022, indicating a slight increase[19] - As of December 31, 2023, the company reported current liabilities of approximately HKD 341,590,000 and total liabilities of HKD 323,861,000[46] - The company's cash and cash equivalents were only about HKD 8,068,000, while borrowings and bonds payable totaled HKD 287,557,000[46] - Approximately HKD 262,735,000 of borrowings and bonds payable were overdue as of December 31, 2023, raising significant doubts about the company's ability to continue as a going concern[46] Expenses and Costs - The company reported a significant reduction in administrative expenses, which fell to HKD 15,087,000 from HKD 23,021,000, a decrease of 34.6%[5] - Financing costs decreased to HKD 12,940,000 in 2023 from HKD 15,549,000 in 2022, reflecting a reduction of 16.5%[22] - Depreciation expenses for property, plant, and equipment were HKD 1,189,000 in 2023, a decrease from HKD 2,040,000 in 2022[24] - Other income, including bank interest and foreign exchange gains, totaled HKD 6,921,000 in 2023, down from HKD 9,765,000 in 2022[21] Corporate Governance and Future Outlook - The company has engaged in a debt restructuring plan to restore its financial and operational status, with an estimated HKD 345 million of debt expected to be fully and finally discharged[9] - The company has been continuously developing its healthcare business to improve operational cash flow[9] - The company expects that the newly issued Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[14] - The company has adopted a new corporate governance framework emphasizing effective risk management and internal control systems[42] - The group aims to expand its existing business and seek new commercial opportunities despite ongoing global economic challenges[36] Shareholder Information - The company did not declare any dividends for the year ending December 31, 2023, consistent with the previous year[25] - The total issued shares remained unchanged at 326,037,000 shares, with a total issued capital of HKD 3,030.66 million[35] - The company is under a trading suspension since November 27, 2017, and is working towards meeting the resumption conditions set by the stock exchange[36] Cash Flow - Cash and cash equivalents increased to HKD 8,068,000 in 2023 from HKD 3,096,000 in 2022, marking a 160.5% increase[6] - The group's net cash inflow for the year was HKD 5.0 million, a turnaround from a net outflow of HKD 0.6 million in 2022[34] Trade Receivables - Trade receivables rose significantly to HKD 7.1 million in 2023 from HKD 1.0 million in 2022, with a notable increase in receivables aged 31 to 90 days[28] Audit and Review - The audit committee has reviewed the annual performance for the year ending December 31, 2023, ensuring alignment with the consolidated financial report[47]

Financial Performance - The company reported revenue of HKD 20.6 million for the six months ended June 30, 2023, compared to HKD 13.6 million in the same period of 2022, representing a year-over-year increase of 51.5%[5] - Gross profit for the same period was HKD 11.4 million, with a gross margin of 55.3%, up from HKD 5.9 million and a gross margin of 43.0% in 2022[5] - The consolidated loss attributable to the company was HKD 3.4 million, compared to HKD 2.4 million in 2022, indicating a worsening of 41.7%[5] - The company reported a loss before tax of HKD 2,658,000, compared to a loss of HKD 2,436,000 in the previous year, indicating a deterioration in performance[26] - Total comprehensive loss for the period was HKD 3,401,000, compared to HKD 2,446,000 in the same period last year[26] - Basic and diluted loss per share was HKD 1.2, an increase from HKD 0.8 in the previous year[26] - For the six months ended June 30, 2023, the company reported a net loss of HKD 3,401,000, compared to a net loss of HKD 2,446,000 for the same period in 2022[36] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 41.5 million, an increase from HKD 24.6 million as of December 31, 2022[6] - Current assets increased to HKD 36,146,000 as of June 30, 2023, from HKD 18,605,000 at the end of 2022, reflecting improved liquidity[28] - Total liabilities as of June 30, 2023, were HKD 385,239,000, compared to HKD 366,407,000 at the end of 2022, showing an increase in financial obligations[28] - Total liabilities increased to HKD 388,880,000 as of June 30, 2023, compared to HKD 368,595,000 at the end of 2022[43] Cash Flow and Financing - The net cash inflow for the six months ended June 30, 2023, was HKD 2.6 million, compared to a cash outflow of HKD 2.1 million in the same period of 2022[6] - The company reported cash used in operating activities of HKD 8,971,000 for the six months ended June 30, 2023, compared to HKD 5,109,000 for the same period in 2022[33] - The company has secured financing of HKD 8,000,000 and HKD 12,000,000 from investors to support its operational costs and business activities[37] - The company is assessing its ability to continue as a going concern, considering its future cash flow and financing options[36] Business Operations - Revenue from the medical and health lifestyle business for the six months ended June 30, 2023, was HKD 20,599,000, a significant increase from HKD 13,615,000 in the same period of 2022, representing a growth of approximately 51.2%[38] - The company continues to develop its medical and health lifestyle business to improve operational cash flow[37] - The company incurred a pre-tax loss of HKD 2,658,000 for the medical and health lifestyle segment, after accounting for unallocated corporate expenses of HKD 4,829,000 and unallocated finance costs of HKD 5,824,000[40] Corporate Governance - The board is committed to maintaining high standards of corporate governance, despite the CEO position being vacant[22][24] - The company has not conducted any capital raising activities during the reporting period[8] - The company has not granted any share options or share awards during the six months ended June 30, 2023[20][26] - The board did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[48] Other Financial Metrics - The company's cash and cash equivalents increased by HKD 2,574,000, reaching HKD 5,670,000 at the end of June 2023, compared to HKD 1,546,000 at the end of June 2022[33] - Trade receivables surged to HKD 10,237,000, a significant increase from HKD 1,037,000 in the previous year, indicating higher sales volume[28] - The company recorded interest income of HKD 153,000 from bank balances, a significant increase from HKD 1,000 in the previous year[45] - The total depreciation expense for the six months ended June 30, 2023, was HKD 662,000, up from HKD 565,000 in the prior year[47]

Financial Performance - The company recorded revenue of HKD 33.8 million for the year ended December 31, 2022, compared to HKD 1.7 million in 2021, representing a significant increase[5]. - Gross profit for the year was HKD 13.7 million, with a gross margin of 40.5%, down from 47.1% in the previous year[5]. - The consolidated loss attributable to the company was HKD 19.2 million, an improvement from HKD 26.3 million in 2021[5]. - Total revenue for the year was HKD 33.8 million, a significant increase from HKD 1.7 million in 2021, marking a growth of approximately 1,887%[123]. - Gross profit for the year was HKD 13.7 million, up from HKD 0.8 million in 2021, indicating a substantial increase in profitability[123]. - The company reported a net loss attributable to owners of HKD 19.2 million for the year ended December 31, 2022, compared to a loss of HKD 26.3 million in the previous year, representing a 27.5% improvement[123]. Assets and Liabilities - Total assets and net liabilities as of December 31, 2022, were HKD 24.6 million and HKD 344.0 million, respectively, compared to HKD 19.1 million and HKD 324.9 million in 2021[6]. - The total borrowings amounted to HKD 275.6 million, slightly up from HKD 272.0 million in 2021[6]. - The company's current liabilities and total liabilities were HKD 347.8 million and HKD 344.0 million, respectively, as of December 31, 2022[113]. - Cash and cash equivalents at year-end were only HKD 3.1 million, indicating insufficient liquidity to cover short-term obligations[113]. - The company faced loan defaults totaling HKD 167.6 million due to events of default as of December 31, 2022[113]. - Total equity attributable to shareholders decreased from HKD (317,350,000) to HKD (336,372,000), indicating a worsening financial position[128]. Governance and Management - The board of directors includes both executive and independent non-executive members, ensuring independence as per listing rules[44]. - The company has not entered into any significant contracts or agreements with directors that would prevent termination within one year[47]. - The company has not granted any stock options during the year, and as of December 31, 2022, there are no unexercised stock options outstanding[51]. - The company has established a risk management committee to monitor the effectiveness of risk management and internal controls, ensuring operational and financial reporting compliance[86]. - The audit committee is composed entirely of independent non-executive directors and has reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2022[61]. - The board held five meetings during the year, ensuring all directors had access to relevant materials for informed decision-making[74]. Business Strategy and Outlook - The company is actively seeking new business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other global issues[19]. - The company has confidence that its medical equipment and product distribution business will thrive in 2023 and beyond as the global economy gradually opens up[19]. - The company has implemented new policies to ensure prudent financial and cash flow management while continuing to seek profitable growth[19]. Environmental and Social Responsibility - The company promotes a paperless office and encourages recycling and efficient resource use to minimize environmental impact[93]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring all candidates provide identification for verification[98]. - The company is committed to reducing its environmental footprint and has taken measures to improve energy efficiency and waste reduction[94]. - The company emphasizes the importance of employee health and safety, implementing measures such as flexible work arrangements and regular disinfection procedures during the COVID-19 pandemic[99]. - Employee training and development are critical for the company's growth, with comprehensive on-the-job training programs and encouragement for external training participation[100]. Compliance and Risk Management - The company faces significant risks including competition, credit risk, and potential impacts from global economic conditions[12][15][16][17][18]. - The company has complied with applicable corporate governance code provisions during the year ended December 31, 2022, although it had only two independent non-executive directors at that time[67]. - The company is in the process of searching for a suitable candidate to fill the CEO position, which became vacant during the year[69]. - The company has not held any shareholder meetings during the year, maintaining high levels of disclosure and financial transparency[89]. Financial Reporting and Audit - The independent auditor's report indicates that the financial statements for the year ended December 31, 2022, reflect the company's financial position fairly, despite limitations in comparability with the previous year[108]. - The audit opinion for the financial statements is non-unqualified due to uncertainties regarding the accuracy of records related to liquidated subsidiaries[110]. - The company has limited records available for audit purposes due to the liquidation of certain subsidiaries, which may affect the accuracy of the consolidated financial statements[143]. Employee and Workforce - The company had 17 employees as of December 31, 2022, with compensation determined based on performance, experience, and market conditions[60]. - The workforce composition as of December 31, 2022, was 64% male and 36% female, with a focus on retaining employees over 65 years old[98]. - The company supports employee volunteerism and charitable work, although no donations were made to charities during the year[106].

Financial Performance - The company reported revenue of HKD 13.6 million for the six months ended June 30, 2022, with a gross profit of HKD 5.9 million and a gross margin of 43.0%[5] - The consolidated loss attributable to the company's owners was HKD 2.4 million, a significant improvement from a loss of HKD 9.9 million in the previous year[5] - The company reported revenue of HKD 13,615,000 for the six months ended June 30, 2022, compared to no revenue in the same period of 2021[26] - Gross profit for the same period was HKD 5,859,000, with a cost of goods sold amounting to HKD 7,756,000[26] - The company incurred a loss before tax of HKD 2,436,000, a significant improvement from a loss of HKD 9,942,000 in the prior year[26] - Total comprehensive loss for the period was HKD 2,446,000, compared to HKD 9,942,000 in the previous year[26] - The company reported a net loss of HKD 2,400,000 for the six months ended June 30, 2022, compared to a loss of HKD 9,942,000 for the same period in 2021[37] - The net loss attributable to shareholders for the six months ended June 30, 2022, was HKD 2,446,000, a significant improvement from HKD 9,942,000 in the prior year[49] Assets and Liabilities - As of June 30, 2022, the total assets and net liabilities of the group were HKD 26.2 million and HKD 327.2 million, respectively[6] - The company had total assets of HKD 20,044,000 as of June 30, 2022, up from HKD 12,032,000 at the end of 2021[28] - The total assets as of June 30, 2022, amounted to HKD 26,217,000, an increase from HKD 19,115,000 as of December 31, 2021[43] - The total liabilities as of June 30, 2022, were HKD 353,392,000, compared to HKD 344,048,000 as of December 31, 2021[43] - Current liabilities increased to HKD 349,554,000 from HKD 267,372,000 year-over-year[28] - The company’s total equity attributable to owners was reported at HKD (319,592,000) as of June 30, 2022, reflecting accumulated losses[31] Cash Flow and Financing - The group's cash and bank balances were HKD 1.5 million, down from HKD 3.7 million as of December 31, 2021[6] - The net cash outflow from operating activities was HKD 5.1 million, compared to HKD 1.7 million in the previous year[6] - Cash and cash equivalents decreased by HKD 2,125,000 in the first half of 2022, with a closing balance of HKD 1,546,000 compared to HKD 372,000 at the end of June 2021[33] - The company has secured a loan financing of HKD 8,000,000 from an investor to cover operational costs and an additional HKD 12,000,000 to support business operations[38] - The company’s financing costs decreased to HKD 7,439,000 from HKD 8,236,000 year-over-year[26] - The total financing costs for the six months ended June 30, 2022, were HKD 7,439,000, down from HKD 8,236,000 in the same period of 2021[46] Business Operations and Strategy - The company is actively seeking new business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and geopolitical tensions[7] - There were no significant investments or major acquisitions and disposals during the reporting period[9] - The company continues to develop its medical and health lifestyle business to improve operational cash flow[38] - The company has one reportable segment, which is the distribution of medical equipment and products, consistent with the previous year[40] Employee and Governance - The total number of employees as of June 30, 2022, was 13, with compensation based on performance and market levels[14] - The company is committed to maintaining high standards of corporate governance, having complied with the relevant codes during the reporting period[23] - The company has not conducted any equity fundraising activities during the six months ended June 30, 2022[8] - The company has not granted any share options or share awards during the six months ended June 30, 2022[20][26] - The board believes that the company will have sufficient working capital to meet its financial obligations for the next twelve months, despite significant uncertainties[37] Revenue Breakdown - Revenue from the medical and health lifestyle business, specifically from the distribution of medical equipment and products, was HKD 13,615,000 for the six months ended June 30, 2022, a slight decrease from HKD 14,315,000 in 2021[39] - For the six months ended June 30, 2022, the total segment revenue was HKD 13,615,000, compared to a loss of HKD 9,942,000 for the same period in 2021[41] - The total segment performance for the six months ended June 30, 2022, was HKD 2,341,000, while the unallocated corporate expenses were HKD 2,339,000[41] Other Financial Information - Interest income from bank balances for the six months ended June 30, 2022, was HKD 1,000, while rental income increased to HKD 307,000 from HKD 62,000 in the previous year[44] - The weighted average number of ordinary shares for calculating basic and diluted loss per share remained constant at 326,037,000 shares for both periods[49] - The company did not recommend an interim dividend for the six months ended June 30, 2022, consistent with the previous year[48] - As of June 30, 2022, trade receivables were HKD 1,729,000, showing an increase from HKD 1,665,000 as of December 31, 2021[51]

Financial Performance - The company recorded revenue of HKD 1.7 million for the year ended December 31, 2021, unchanged from 2020, with a gross profit of HKD 0.8 million and a gross margin of 46.5% compared to 54.3% in 2020[6]. - The consolidated loss attributable to the company was HKD 26.3 million, a decrease from HKD 50.8 million in 2020, while the total consolidated loss was HKD 24.7 million, down from HKD 52.5 million in 2020[6]. - Total revenue for the year ended December 31, 2021, was HKD 1,699,000, compared to HKD 9,617,000 in 2020, representing a decrease of approximately 82.3%[116]. - Gross profit for 2021 was HKD 790,000, down from HKD 5,225,000 in 2020, indicating a decline of about 84.9%[116]. - The company reported a loss before tax of HKD 24,717,000 for 2021, an improvement from a loss of HKD 52,470,000 in 2020, reflecting a reduction of approximately 53%[116]. - The net loss attributable to owners of the company for 2021 was HKD 26,275,000, compared to HKD 50,846,000 in 2020, showing a decrease of about 48.7%[116]. Assets and Liabilities - As of December 31, 2021, the total assets and total liabilities of the group were HKD 19.1 million and HKD 324.9 million, respectively, with cash and bank balances of HKD 3.7 million[7]. - The group had a total borrowing of HKD 272.0 million, which included HKD 217.1 million in loans and HKD 54.9 million in bonds payable[7]. - As of December 31, 2021, the group's current liabilities and total liabilities were HKD 255.3 million and HKD 324.9 million, respectively, including borrowings of HKD 140.4 million due within one year[110]. - The group's cash and cash equivalents balance was HKD 3.7 million, indicating insufficient liquidity to repay borrowings immediately[110]. - The company's total equity attributable to owners decreased from HKD (291,075,000) in 2020 to HKD (317,350,000) in 2021, indicating a worsening of approximately 9%[118]. Cash Flow - The net cash outflow from operating activities was HKD 6.6 million, while the net cash inflow from financing activities was HKD 9.9 million, resulting in a net cash inflow of HKD 2.6 million for the year[7]. - Cash flow from operating activities showed a net cash outflow of HKD 6,618,000, which is a 33% improvement compared to HKD 9,922,000 in the previous year[124]. - The net cash from financing activities increased to HKD 9,913,000, up from HKD 7,335,000 in the previous year, indicating a 35% increase[124]. - The total cash and cash equivalents at the end of the year rose to HKD 3,671,000, compared to HKD 1,073,000 at the beginning of the year, marking a significant increase[124]. Business Operations - The company is actively seeking business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other geopolitical factors[20]. - The company plans to continue its medical equipment and product distribution business, which showed good progress in 2022, and expects further growth in 2023 and beyond[20]. - The group is continuously developing its medical and health lifestyle business to improve its operating cash flow[140]. Governance and Compliance - The board of directors includes a mix of executive and independent non-executive members, ensuring independence as per the listing rules[45]. - The company complied with all code provisions of the corporate governance code during the year ended December 31, 2021, except for the non-executive directors having no fixed term[68]. - The audit committee reviewed the accounting principles adopted by the group and there were no disagreements with the auditors regarding the accounting policies[62]. - The board has adopted a diversity policy for its members, considering various factors such as cultural background and professional experience[71]. - The company has established four committees under the board to oversee different aspects of its operations[76]. Risk Management - The company has implemented risk management policies to address various risks that may impact its operations and financial condition[13]. - The board of directors has established a risk management committee to monitor the effectiveness of risk management and internal controls within the group[80]. - The company is committed to maintaining a robust risk management system to ensure effective management of operational and financial reporting risks[85]. Environmental and Social Responsibility - The group’s operations do not produce air pollutants or regulated emissions, indicating a low environmental impact[90]. - The group does not generate hazardous waste and has implemented policies to minimize waste and improve resource efficiency[91]. - The company is committed to energy efficiency and resource conservation, promoting practices such as recycling and reducing unnecessary business travel[92]. - The company adheres to employment laws and promotes a fair working environment, with zero tolerance for child labor and forced labor[96]. - Employee health and safety are prioritized, with measures taken to protect staff during the COVID-19 pandemic[97]. Financial Reporting and Accounting - The financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[134]. - The company has adopted the revised Hong Kong Accounting Standards, which are not expected to have a significant impact on the financial statements[131]. - The financial statements are presented in Hong Kong dollars (HKD), which is also the functional currency of the company[138]. - The company recognizes impairment losses on financial instruments in profit or loss, adjusting the carrying amount through loss provisions[158]. - Revenue is recognized when control of goods or services is transferred to customers, reflecting the amount the group expects to receive[171].