香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告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。 LING YUI HOLDINGS LIMITED 凌 控 股 有 限 公司 （於開曼群島註冊成立的有限公司） （股份代號：784） 截至二零二三年三月三十一日止年度 之全年業績公告 財務摘要 • 收益由截至二零二二年三月三十一日止年度約344.3百萬港元減少約30.6％至截至二零二三年 三月三十一日止年度約239.0百萬港元。 • 截至二零二三年三月三十一日止年度的毛損約6.6百萬港元，而截至二零二二年三月三十一日 止年度的毛利約為24.8百萬港元。 • 毛利率由截至二零二二年三月三十一日止年度約7.2%下降至截至二零二三年三月三十一日止 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 126,715, a decrease of 22.6% compared to HKD 163,698 for the same period in 2021[7] - Gross profit increased to HKD 13,033, up 3.3% from HKD 12,619 in the previous year[7] - The company reported a profit before tax of HKD 1,059, down 48.0% from HKD 2,037 in the prior year[7] - Total comprehensive income for the period was HKD 1,019, compared to HKD 1,497 in the same period last year, reflecting a decline of 31.9%[7] - Basic and diluted earnings per share were HKD 0.13, down from HKD 0.19 in the previous year, representing a decrease of 31.6%[7] - The company reported a current tax expense of HKD 40,000 for the six months ended September 30, 2022, significantly lower than HKD 540,000 for the same period in 2021, reflecting a decrease of approximately 92.6%[36] - The group recorded a net profit of approximately HKD 1.0 million for the six months ended September 30, 2022, down from approximately HKD 1.5 million in the same period of 2021, attributed to the economic downturn caused by sporadic COVID-19 outbreaks[62] Assets and Liabilities - Non-current assets amounted to HKD 48,656 as of September 30, 2022, compared to HKD 51,143 as of March 31, 2022[9] - Current assets totaled HKD 159,026, a decrease from HKD 169,920 as of March 31, 2022[9] - Current liabilities were HKD 88,549, down from HKD 110,724 in the previous period, indicating improved liquidity[9] - Total equity increased to HKD 107,851 from HKD 106,832 as of March 31, 2022, showing a slight growth in shareholder value[9] - The company's non-current assets located in Hong Kong were approximately HKD 48,359,000 as of September 30, 2022, a decrease from HKD 50,846,000 as of March 31, 2022[25] - Trade receivables as of September 30, 2022, totaled HKD 34,892,000, a decrease from HKD 53,873,000 as of March 31, 2022, indicating a reduction of about 35.2%[45] - The company's bank borrowings as of September 30, 2022, were HKD 30,470,000, an increase from HKD 24,385,000 as of March 31, 2022, representing an increase of approximately 25.5%[52] - The total amount of other payables and accrued expenses as of September 30, 2022, was HKD 26,677,000, slightly up from HKD 26,350,000 as of March 31, 2022, indicating a marginal increase of about 1.2%[50] - The group’s total debt was approximately HKD 99.8 million as of September 30, 2022, down from about HKD 114.2 million as of March 31, 2022[71] - The capital debt ratio was approximately 92.6% as of September 30, 2022, compared to about 106.9% as of March 31, 2022[72] Cash Flow - For the six months ended September 30, 2022, the net cash used in operating activities was HKD (5,132) thousand, a decrease from HKD 13,260 thousand in the same period of 2021[14] - The net cash used in investing activities was HKD (2,543) thousand, compared to HKD (6,221) thousand in the previous year, indicating a reduction in investment outflows[14] - Financing activities generated a net cash inflow of HKD 6,842 thousand, a significant improvement from the net cash outflow of HKD (12,518) thousand in the prior year[14] - The total cash and cash equivalents decreased by HKD 833 thousand, compared to a decrease of HKD 5,479 thousand in the same period of 2021[14] Revenue Sources - Revenue from major customers for the six months ended September 30, 2022, included HKD 70,149 thousand from Customer A and HKD 33,272 thousand from Customer B, down from HKD 88,643 thousand and HKD 39,465 thousand respectively in 2021[27] - Direct costs for the six months ended September 30, 2022, were approximately HKD 113.7 million, a decrease of about 24.8% from approximately HKD 151.1 million in the same period of 2021, consistent with the revenue decline[66] - Gross profit for the six months ended September 30, 2022, was approximately HKD 13.0 million, with a gross profit margin of about 10.3%, compared to a gross profit of approximately HKD 12.6 million and a margin of about 7.7% in the same period of 2021[67] Employee Costs - Total employee costs for the six months ended September 30, 2022, amounted to HKD 26,502,000, down from HKD 30,448,000 in the previous year, indicating a reduction of about 13.8%[40] - As of September 30, 2022, the total employee cost for the six months was approximately HKD 26.5 million, a decrease from HKD 30.4 million for the same period in 2021[82] - The company had 113 full-time employees in Hong Kong as of September 30, 2022, down from 172 employees as of March 31, 2022[82] - Administrative expenses increased by approximately 20.4% to about HKD 13.6 million for the six months ended September 30, 2022, primarily due to employee costs related to bonuses and salary increases[68] Corporate Governance - The company is committed to maintaining high standards of corporate governance, which it believes is essential for enhancing shareholder value and protecting the interests of stakeholders[106] - The company has established an audit committee to review financial information, internal controls, and risk management systems, ensuring transparency and accountability[108] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022, and believes they comply with applicable accounting standards and listing rules[108] Dividends and Shareholder Information - The company did not recommend an interim dividend for the six months ended September 30, 2022, consistent with no dividend declared for the same period in 2021[37] - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2022, consistent with the previous year[83] - As of September 30, 2022, major shareholders included Mr. Li Jianming with a 57.86% stake and Mr. Chen Shaohong with a 7.14% stake[91] Future Outlook - The company plans to focus on new product development and market expansion strategies to enhance future performance[7] - The company is currently evaluating the potential impact of new and revised Hong Kong Financial Reporting Standards on its financial performance and position[22] - There were no significant capital commitments related to the acquisition of property and equipment as of September 30, 2022[80] - The company did not report any significant acquisitions or expansions during the reporting period[84] - There have been no significant events affecting the company since September 30, 2022, up to the date of this report[109]

Financial Performance - The group recorded total revenue of approximately HKD 344.3 million for the year ended March 31, 2022, an increase of about 42.9% compared to HKD 241.0 million for the previous year[21]. - The increase in revenue was primarily due to the recovery of the construction industry and the resumption of construction projects, such as those in Kai Tak[21]. - The company's revenue increased by approximately 42.9% from about HKD 241.0 million for the year ended March 31, 2021, to about HKD 344.3 million for the year ended March 31, 2022[32]. - Direct costs rose by approximately 44.0%, from about HKD 222.0 million to about HKD 319.5 million during the same period[33]. - Gross profit increased to approximately HKD 24.8 million, with a gross margin of about 7.2%, down from 7.9% the previous year, a decrease of about 0.7 percentage points[34]. - Other income decreased significantly from about HKD 9.1 million to approximately HKD 2.6 million, primarily due to a one-time government subsidy of about HKD 4.8 million received in the previous year[35]. - Administrative expenses decreased by approximately 13.0%, from about HKD 24.6 million to about HKD 21.4 million, mainly due to the absence of bonuses paid to employees during the COVID-19 pandemic[36]. - The company recorded a net profit of approximately HKD 2.2 million for the year ended March 31, 2022, compared to a net loss of about HKD 0.6 million in the previous year[38]. - As of March 31, 2022, the company's total cash and bank balance was approximately HKD 10.1 million, slightly down from HKD 10.7 million the previous year[41]. - The company's total debt was approximately HKD 114.2 million, up from HKD 103.2 million the previous year, resulting in a debt-to-equity ratio of about 106.9%[43]. Human Resources and Operational Efficiency - The total employee cost for the year was approximately HKD 66.2 million, an increase from about HKD 63.2 million in the previous year, with the workforce growing from 119 to 172 full-time employees[52]. - The company will continue to invest in human resources and information systems to improve operational capabilities and efficiency[25]. - The overall percentage of employees receiving training in 2022 was 100%, an increase from 55% in 2021[185]. - The percentage of male employees receiving training was 91%, while female employees accounted for 9%[185]. - Average training hours for male employees were 3.0 hours, while female employees had an average of 2.5 hours[190]. - The employee retention strategy has resulted in a relatively low percentage of new hires and turnover rates[175]. - Total employee turnover rate for 2022 was 61.6%, significantly up from 32.2% in 2021[176]. - The number of work-related injuries reported was 2, with an injury rate of 1.16 per 100 employees[184]. - The company maintained a zero fatal accident rate during the reporting period, consistent with the previous year[181]. - The company has implemented health and safety measures in response to COVID-19, including daily temperature checks and health declarations[180]. - The company has developed a risk assessment plan to manage health and safety risks in daily operations[179]. - The training programs include quality management and environmental management training to meet ISO standards[185]. - The company has established a comprehensive occupational health and safety management system based on OHSAS18001[179]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through independent directors and various committees[60]. - The company has fully complied with the standards set forth in the securities trading code for directors during the reporting period[74]. - The board consists of a majority of independent non-executive directors, exceeding the requirement of at least one-third as stipulated by the listing rules[80]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clear written terms of reference[86]. - The company complies with the corporate governance code, ensuring the separation of roles between the Chairman and the CEO to avoid power concentration[84]. - The company provided ongoing professional development training for all directors to enhance their knowledge and skills[85]. - The Audit Committee confirmed that the consolidated financial statements for the year ending March 31, 2022, comply with applicable accounting standards and listing rules[94]. - The company has a structured approach to corporate governance, which is essential for maintaining stakeholder trust and long-term value creation[73]. - The board's composition includes members with diverse experiences, ensuring a balanced approach to the company's operational strategies[80]. - The company has purchased liability insurance for its directors and senior management to cover potential legal liabilities arising from their duties[76]. - The board is responsible for monitoring the company's financial performance and internal controls, ensuring effective risk management systems are in place[75]. - The company ensures that all significant issues at the shareholders' meeting are presented as individual resolutions for consideration and voting[117]. - Shareholders can request to convene a special general meeting if they hold at least 10% of the paid-up capital[117]. - The company will disclose the progress of the board diversity policy and measurable targets in the annual corporate governance report[107]. - The nomination committee will conduct a review of the nomination policy to ensure its effectiveness and propose necessary amendments to the board[106]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's measures and performance in sustainable development[132]. - The company has identified key environmental, social, and governance issues and key performance indicators relevant to its operations[135]. - A dedicated team has been established to manage ESG matters and monitor progress towards climate change goals[136]. - The company reported nitrogen oxide emissions of 1.927 tons in 2022, an increase from 1.532 tons in 2021, attributed to a rise in vehicle usage due to an increase in employee numbers[149]. - The company aims to maintain low emission levels and has implemented measures such as avoiding vehicle use during peak traffic hours and encouraging public transport[149]. - The company is committed to reducing greenhouse gas emissions through various environmental policies and measures, including promoting energy-saving practices in the office[142]. - The company has identified extreme weather events as a significant risk that could impact operations, prompting the development of emergency response plans[143]. - The company engages with stakeholders regularly to gather feedback and improve its environmental, social, and governance performance[141]. - The company has adopted effective noise reduction equipment at construction sites to minimize environmental noise disturbances[145]. - The company has obtained necessary permits for wastewater management in compliance with the Water Pollution Control Ordinance[145]. - The company focuses on enhancing the resilience of its business and advocating for collective action to address climate change[142]. - In 2022, the total greenhouse gas emissions amounted to 265.03 tons, an increase from 236.00 tons in 2021, representing an increase of approximately 12.3%[156]. - The total amount of inert construction and demolition waste generated was 18,895 tons in 2022, up from 14,747 tons in 2021, reflecting an increase of about 28.9%[158]. - The company has established an environmental management system and obtained ISO14001 and ISO9001 certifications to support sustainable development[168]. - The company aims to use the current year's density of greenhouse gas emissions as a benchmark to maintain emission levels over the next five years[156]. - The company emphasizes the importance of environmental issues and the use of eco-friendly materials in its supply chain management[195]. Risk Management - Significant risks include reliance on non-recurring contracts and a limited number of clients, which could adversely affect operations and financial performance[26]. - The company maintains an effective internal control and risk management system to safeguard shareholder investments and group assets[119]. - Risk management procedures include identifying major risks, assessing their potential impact, and planning effective mitigation activities[121]. - The board reviews the effectiveness of the risk management and internal control systems at least annually[122]. - An independent consultant has reviewed the internal control system, including financial, operational, and compliance measures, and found it effective and sufficient[122]. - The company has established procedures to address any non-compliance issues, including immediate notification of relevant personnel and investigation of incidents[146]. - The company has not been aware of any significant violations of environmental laws and regulations during the reporting period[147].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 163,698,000, representing a 49.7% increase from HKD 109,306,000 in the same period of 2020[11] - Gross profit for the same period was HKD 12,619,000, up from HKD 5,924,000, indicating a significant improvement in profitability[11] - The company reported a profit before tax of HKD 2,037,000, compared to HKD 344,000 in the previous year, reflecting a substantial increase[11] - Net profit attributable to owners for the period was HKD 1,497,000, compared to HKD 340,000 in the prior year, marking a notable growth[11] - Basic and diluted earnings per share increased to HKD 0.19 from HKD 0.04, showcasing improved earnings performance[11] - Other income for the six months ended September 30, 2021, was HKD 2,537,000, a decrease from HKD 7,211,000 in 2020, representing a decline of approximately 64.8%[31] - Revenue from major customers contributing over 10% of total revenue was HKD 1 from Customer A in 2021, down from HKD 35,710,000 in 2020, indicating a significant loss of business from this customer[30] - Total employee costs for the six months ended September 30, 2021, amounted to HKD 30,448,000, up from HKD 28,648,000 in the previous year, indicating a year-over-year increase of approximately 6.3%[38] - The company reported a total tax expense of HKD 540,000 for the six months ended September 30, 2021, significantly higher than HKD 4,000 in the same period of 2020[40] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 170,015,000, up from HKD 149,483,000 as of March 31, 2021[13] - The company's net asset value increased to HKD 106,089,000 from HKD 104,592,000, indicating a positive trend in equity[13] - Trade receivables and contract assets increased to HKD 35,721,000, reflecting growth in operational activities[13] - As of September 30, 2021, the company had bank borrowings of HKD 29,583,000, a decrease from HKD 40,400,000 as of March 31, 2021, indicating a reduction of approximately 26.8%[56] - The total amount of other payables and accrued expenses as of September 30, 2021, was HKD 23,807,000, compared to HKD 19,887,000 as of March 31, 2021, reflecting an increase of about 19.4%[56] - Total debt increased to approximately HKD 121.9 million as of September 30, 2021, from HKD 103.2 million as of March 31, 2021[76] Cash Flow - Net cash generated from operating activities for the six months ended September 30, 2021, was HKD 13,260,000, a significant increase from HKD 5,881,000 in 2020, representing a growth of approximately 125.4%[18] - The net cash used in investing activities was HKD 6,221,000 for the six months ended September 30, 2021, compared to HKD 6,100,000 in 2020, indicating a slight increase of 2%[18] - The net cash used in financing activities was HKD 12,518,000 for the six months ended September 30, 2021, compared to HKD 1,268,000 in 2020, reflecting a substantial increase of approximately 887%[18] - The total cash and cash equivalents decreased by HKD 5,479,000 for the six months ended September 30, 2021, compared to a decrease of HKD 1,487,000 in 2020, indicating a worsening liquidity position[18] - The cash and cash equivalents at the end of the period were HKD 5,179,000, up from HKD 3,750,000 in 2020, showing an increase of approximately 38.1%[18] Operational Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[11] - The company plans to maintain prudent financial management in project selection and cost control amid ongoing challenges in the industry due to COVID-19[67] - The company aims to enhance its financial resources and continue bidding for suitable projects in the private sector[67] - The group continues to manage its cash reserves prudently to ensure the ability to capitalize on future growth opportunities[83] Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and protect stakeholder interests[111] - The company has adopted a standard code of conduct for directors' securities transactions, which all directors complied with during the reporting period[106] - The company has established a non-competition agreement with its controlling shareholders to prevent any potential competition[103] - The company has not engaged in any competitive business activities that may conflict with its existing operations during the reporting period[102] Employment and Human Resources - The group employed 154 full-time employees in Hong Kong as of September 30, 2021, an increase from 119 employees as of March 31, 2021[88] - The company adopted a share option scheme to provide additional incentives to employees, directors, and other stakeholders, which will remain effective for 10 years[107] - No share options were granted, exercised, expired, or lapsed during the six months ending September 30, 2021, and there are no unexercised options under the scheme[110] Events and Announcements - Independent non-executive director Mr. Zhuang resigned from the board of Base Jinbiao Group Holdings Limited effective August 31, 2021[115] - The interim results announcement and interim report will be published on the Hong Kong Stock Exchange website and the company's website[118] - The interim report for the six months ending September 30, 2021, will be sent to shareholders[118] - No significant events affecting the group have occurred since September 30, 2021, up to the date of this report[114]

Financial Performance - The group recorded total revenue of approximately HKD 241.0 million for the year ended March 31, 2021, a decrease of about 46.8% compared to HKD 452.6 million for the year ended March 31, 2020[24]. - The group reported a net loss of approximately HKD 0.6 million for the year ended March 31, 2021, compared to a net profit of approximately HKD 0.3 million for the previous year[24]. - The decline in revenue was primarily due to the economic recession caused by the COVID-19 pandemic, which led to project delays and suspensions in new construction projects[24]. - The company's revenue decreased by approximately 46.8% from about HKD 452.6 million for the year ended March 31, 2020, to about HKD 241.0 million for the year ended March 31, 2021, primarily due to the economic downturn caused by COVID-19[35]. - Direct costs for the year ended March 31, 2021, were approximately HKD 222.0 million, a reduction of about 47.7% compared to approximately HKD 424.8 million for the year ended March 31, 2020, aligning with the decrease in revenue[36]. - Gross profit for the year ended March 31, 2021, was approximately HKD 19.0 million, compared to about HKD 27.8 million for the year ended March 31, 2020, with a gross margin of approximately 7.9%, an increase of about 1.7 percentage points from 6.2%[37]. - Other income increased from approximately HKD 0.8 million for the year ended March 31, 2020, to about HKD 9.1 million for the year ended March 31, 2021, mainly due to government subsidies related to COVID-19 totaling approximately HKD 4.8 million[38]. - Administrative expenses decreased by approximately 2.7% to about HKD 24.6 million for the year ended March 31, 2021, from approximately HKD 25.3 million for the year ended March 31, 2020[39]. Business Strategy and Future Outlook - The board anticipates that the public foundation sector will present potential business opportunities in the next fiscal year despite current competitive challenges[25]. - The company has established a project team targeting well-known clients with a substantial number of construction projects, aiming for satisfactory performance in the foundation business[25]. - The board believes that the company's listing on the Hong Kong Stock Exchange enhances its influence in the relevant industry sector[25]. - The company plans to adhere to prudent financial management in project selection and cost control moving forward[28]. - The group will continue to obtain additional qualifications and enhance its financial resources to position itself as a suitable bidder for private sector projects[28]. - The company intends to invest in human resources and information systems to improve operational capabilities and efficiency[28]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange's listing rules, ensuring compliance and transparency in operations[78]. - The board of directors includes a majority of independent non-executive directors, exceeding the minimum requirement, which supports effective governance[85]. - The company has implemented a risk management system to monitor financial performance and internal controls, ensuring accountability and long-term value creation for shareholders[80]. - The company has a comprehensive insurance policy for its directors and senior management to cover potential legal liabilities arising from their duties[81]. - The daily operations and management of the business have been delegated to executive directors and senior management, who report regularly to the board[82]. - The company has a commitment to maintaining high standards of corporate governance, which is essential for building trust with stakeholders[78]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clear written terms of reference[91]. - The Remuneration Committee held one meeting during the year to review the remuneration of directors and senior management, finding it fair and reasonable[96]. - The Audit Committee held three meetings to review the company's annual results, interim results, and audit plans, ensuring compliance with applicable accounting standards and disclosure requirements[99]. - The Nomination Committee has reviewed and recommended the re-election of directors, considering factors such as diversity in gender, age, and industry experience[97][98]. - The company has provided ongoing professional development for all directors to ensure they remain informed and capable of contributing effectively[90]. - The chairman and CEO roles are separated to avoid power concentration, with Mr. Li serving as chairman and Mr. Chen as CEO during the year[89]. - The company has complied with the requirement that the Audit Committee includes at least one member with appropriate professional qualifications or accounting expertise[99]. - The company continues to enhance its corporate governance practices, including training and updates on regulatory developments for directors[93]. - The company held board meetings with full attendance from executive directors, achieving a participation rate of 100% for the fiscal year ending March 31, 2021[103]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified key environmental, social, and governance (ESG) issues relevant to its operations and has set key performance indicators for these areas[139]. - The ESG report is prepared in accordance with the guidelines set by the Hong Kong Stock Exchange, reflecting the company's performance in environmental management and social responsibility[137]. - The reporting period for the ESG report covers from April 1, 2020, to March 31, 2021[138]. - The company has established a dedicated team to manage environmental, social, and governance (ESG) matters across its business sectors, ensuring effective implementation of sustainability strategies[140]. - The company reported nitrogen oxide emissions of 1.53 tons in 2021, a slight decrease from 1.55 tons in 2020, while sulfur oxide emissions dropped from 0.0016 tons to 0.0009 tons[153]. - The company aims to maintain low emission levels and will continue to monitor its emissions closely[153]. - The company has implemented various environmental policies and measures to mitigate climate change risks, focusing on reducing operational emissions and enhancing business resilience[147]. - The company has not been aware of any significant violations of environmental laws and regulations during the reporting period[152]. - The company engages with stakeholders regularly to gather feedback and improve its ESG performance, ensuring transparency and accountability[143]. - The company has adopted proactive guidelines and action plans to address ESG issues, regularly reviewing and adjusting its sustainability policies[140]. - The company emphasizes the importance of stakeholder participation in assessing significant environmental and social issues[143]. - The company has established procedures to address any non-compliance situations, including immediate notification and investigation of incidents[151]. - The company is committed to reducing its operational impact on the environment through effective management of emissions and waste[148]. - Greenhouse gas emissions in 2021 totaled 236.00 tons, a slight decrease from 240.24 tons in 2020, with a notable reduction in direct emissions from 191.74 tons to 156.08 tons[161]. - The total water consumption decreased significantly from 31,649 cubic meters in 2020 to 13,045 cubic meters in 2021, resulting in a reduction in water density from 2,877 to 625 cubic meters per project[170]. - Total energy consumption decreased from 824,500 kWh in 2020 to 765,609 kWh in 2021, attributed to a reduction in overall vehicle usage[172]. - The company implemented a comprehensive data collection system to monitor and control greenhouse gas emissions, ensuring optimal vehicle efficiency[157]. - The density of total greenhouse gas emissions per project decreased from 21.84 tons in 2020 to 11.80 tons in 2021, due to the completion of several large projects[161]. - The company aims to reduce construction and demolition waste through measures of reduction, reuse, and recycling, with inert construction waste significantly reduced from 24,544 tons in 2020 to 14,747 tons in 2021[163]. - The company has established an environmental management system and obtained ISO14001 and ISO9001 certifications to support sustainable development[173]. - The total consumption of non-renewable fuels decreased from 768,064 kWh in 2020 to 624,867 kWh in 2021[171]. - The company encourages the use of public transportation and carpooling among employees to enhance vehicle efficiency and reduce emissions[154]. - The company has committed to proper management of non-hazardous solid waste, with designated areas for temporary storage of construction waste[167]. Employee and Labor Relations - The employee gender ratio in 2021 was approximately 23.3:1 (male to female), compared to 18.5:1 in 2020[180]. - The total number of employees as of March 31, 2021, was 146, with 140 males and 6 females[180]. - The percentage of new hires in 2021 was 25% for males and 5.4% for females, compared to 54% for males in 2020[180]. - Employee turnover in 2021 was 32% for males and 100% for females aged 30 to 50, with a total turnover of 47 employees[182]. - The company reported zero fatal accidents during the reporting period, maintaining a low injury rate[188]. - The company implemented health and safety measures in response to COVID-19, including daily temperature checks and health declarations[184]. - The company has established a comprehensive occupational health and safety management system based on OHSAS18001[183]. - There were no significant violations of health and safety regulations reported during the period[189]. - The company has a low injury rate of 0 per 100 employees in 2021, compared to 1.3 in 2020[190]. - The company maintains a harmonious labor relationship and ensures compliance with employment regulations[178]. - The company emphasizes the importance of skilled and professionally trained employees for business growth and future success[191]. - In 2021, 52% of employees received training, an increase from 50% in 2020[192]. - The average training hours for male senior management was 8.0 hours, while general employees received an average of 1.6 hours[192]. - The average training hours for female general employees was 0.8 hours in 2021[192]. - The company provides comprehensive training opportunities to support talent development and business growth[191]. - The company has implemented strict recruitment measures to prevent illegal child labor and ensure compliance with labor laws[193]. - The company conducted annual reviews of supplier capabilities, ensuring compliance with ISO9001 and ISO14001 standards[198]. - In 2021, the number of key suppliers in Hong Kong was 32, with no data available for 2020[199]. Audit and Compliance - The company appointed National Audit Limited as its auditor on April 29, 2021, to fill the vacancy left by the resignation of Deloitte Touche Tohmatsu on April 28, 2021[57]. - The external auditor, Guo Wei CPA Limited, was appointed on April 29, 2021, with audit fees amounting to approximately HKD 880,000 for the fiscal year, down from HKD 1,100,000 in the previous year[120]. - The fees for non-audit services paid to the external auditor were approximately HKD 20,000, a decrease from HKD 68,000 in the previous year[120]. - The company has established procedures to address any non-compliance situations, including immediate notification and investigation of incidents[151]. - The company is committed to protecting intellectual property and consumer privacy through appropriate licenses and confidentiality agreements[200].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 109,306, a decrease of 42% compared to HKD 188,910 for the same period in 2019[10] - Gross profit for the same period was HKD 5,924, down 59% from HKD 14,553 in 2019[10] - The company reported a profit before tax of HKD 344, a decline of 68% from HKD 1,077 in the previous year[10] - Total comprehensive income for the period was HKD 340, compared to HKD 627 in the prior year, representing a decrease of 46%[10] - The company’s basic and diluted earnings per share for the period were HKD 0.04, down from HKD 0.08 in the previous year[10] - The company's profit before tax for the six months ended September 30, 2020, was 340,000 HKD, a decrease of 45.9% compared to 627,000 HKD for the same period in 2019[42] - The company recorded a net profit of approximately HKD 0.3 million for the six months ended September 30, 2020, down from approximately HKD 0.6 million in the same period of 2019, representing a decrease of about 50%[63] - Revenue decreased by approximately 42.1% to about HKD 109.3 million for the six months ended September 30, 2020, compared to approximately HKD 188.9 million for the same period in 2019, primarily due to the impact of COVID-19 on the economy[65] Assets and Liabilities - The company's total assets as of September 30, 2020, were HKD 165,802, down from HKD 197,785 as of March 31, 2020[12] - Current liabilities decreased to HKD 115,309 from HKD 151,574, indicating improved liquidity management[12] - The net asset value attributable to the owners of the company increased to HKD 105,482 from HKD 105,142[12] - Trade receivables as of September 30, 2020, were 48,632,000 HKD, a decrease of 4.4% from 50,853,000 HKD as of March 31, 2020[47] - The company's bank borrowings as of September 30, 2020, totaled 44,646,000 HKD, an increase of 8.3% from 41,101,000 HKD as of March 31, 2020[54] - Total debt was approximately HKD 123.7 million as of September 30, 2020, down from approximately HKD 155.8 million as of March 31, 2020[73] - The company's debt-to-equity ratio was approximately 117.3% as of September 30, 2020, compared to 148.1% as of March 31, 2020[74] Cash Flow - For the six months ended September 30, 2020, the net cash generated from operating activities was HKD 5,881,000, compared to a net cash used of HKD 10,305,000 in the same period of 2019, representing a significant improvement[17] - The net cash used in investing activities was HKD 6,100,000, an increase from HKD 266,000 in the prior year, primarily due to the purchase of property and equipment amounting to HKD 6,256,000[17] - The net cash used in financing activities decreased to HKD 1,268,000 from HKD 3,484,000 in the previous year, reflecting a reduction in bank loan repayments[17] - The total cash and cash equivalents decreased by HKD 1,487,000, compared to a decrease of HKD 14,055,000 in the same period last year[17] Expenses and Cost Management - Administrative expenses were reduced to HKD 11,825 from HKD 12,971, reflecting cost control measures[10] - Total employee costs amounted to 28,648,000 HKD for the six months ended September 30, 2020, down 3.0% from 29,532,000 HKD in the previous year[42] - Administrative expenses decreased by approximately 8.8% to about HKD 11.8 million for the six months ended September 30, 2020, from approximately HKD 13.0 million in the same period of 2019[70] Business Strategy and Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[10] - The company anticipates ongoing challenges in the construction industry due to the economic uncertainties caused by COVID-19, including supply chain disruptions and labor shortages[64] Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance shareholder value and protect stakeholder interests[106] - The company has adopted the standard code of conduct for securities transactions by directors, and all directors complied with these standards during the reporting period[101] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2020, and confirmed compliance with applicable accounting standards and listing rules[109] Shareholder Information - Major shareholders include Simple Joy with 66.61% and Simply Marvel with 7.14% of the shares[89][90] - The board of directors includes executive directors Li Jianming, Chen Shaohong, and Han Zhenghai, along with independent non-executive directors Zhuang Jinfeng, He Zhencong, and Shi Weilian[114] Employee Information - The group employed 125 full-time employees in Hong Kong as of September 30, 2020, an increase from 118 employees as of March 31, 2020[85]

Financial Performance - The group recorded total revenue of approximately HKD 452.6 million for the year ended March 31, 2020, an increase of 56.5% compared to HKD 289.2 million for the year ended March 31, 2019[23]. - The group achieved a net profit of approximately HKD 0.3 million for the year ended March 31, 2020, a significant improvement from a net loss of HKD 20.5 million in the previous year[23]. - The group's revenue increased by approximately 56.5% from about HKD 289.2 million for the year ended March 31, 2019, to about HKD 452.6 million for the year ended March 31, 2020, primarily due to significant contributions from three projects[34]. - Gross profit for the year ended March 31, 2020, was approximately HKD 27.8 million, with a gross margin of about 6.2%, an increase of approximately 5.9 percentage points from 0.3% in the previous year[36]. - The net profit attributable to the owners of the company for the year ended March 31, 2020, was approximately HKD 0.3 million, a significant improvement from a net loss of about HKD 20.5 million in the previous year[39]. Operational Challenges and Strategies - The board anticipates challenges in the foundation industry, including price wars and slow approval processes for infrastructure projects, which may impact bidding prices[24]. - The group aims to expand its client base in the public foundation sector despite current competitive pressures, focusing on key clients with productive construction projects[24]. - The company plans to maintain strict cost control and enhance operational efficiency through regular employee engagement and monitoring of resource usage[24]. - The group will continue to pursue additional qualifications and enhance financial resources to position itself favorably for private sector project tenders[27]. - The company recognizes significant risks, including reliance on non-recurring contracts and potential issues with subcontractor performance[28]. Human Resources and Workforce - The group has hired additional personnel, including 2 assistant quantity surveyors, 6 surveyors, 3 engineers, and 2 project managers, to support business growth[43]. - As of March 31, 2020, the total employee cost, including directors' remuneration and mandatory provident fund contributions, was approximately HKD 60.3 million, an increase from HKD 51.9 million in 2019, representing a growth of 16.5%[59]. - The group had 118 full-time employees in Hong Kong as of March 31, 2020, compared to 116 in 2019, indicating a slight increase in workforce[59]. - The total employee count as of March 31, 2020, was 156, with a male-to-female ratio of 18.5:1, compared to 17:1 in 2019[174]. - The employee turnover rate for 2020 was 35%, a decrease from 51% in 2019[174]. Corporate Governance - The board of directors confirmed compliance with corporate governance standards, ensuring transparency and accountability in operations[79]. - The board of directors is responsible for overseeing the company's overall strategy and business performance, monitoring financial performance, and supervising risk management systems[81]. - The company has established three board committees: the remuneration committee, nomination committee, and audit committee, each with clear written terms of reference[92]. - The chairman and CEO roles are separated to avoid power concentration, with Mr. Li serving as chairman and Mr. Chan as CEO during the year[90]. - The remuneration committee has reviewed the compensation of directors and senior management, deeming it fair and reasonable as of March 31, 2020[97]. Environmental and Sustainability Efforts - The company reported nitrogen oxide emissions of 1.55 tons in 2020, a decrease of 7.19% from 1.67 tons in 2019[146]. - The company is committed to minimizing greenhouse gas emissions primarily from vehicle use and electricity consumption[149]. - The environmental, social, and governance report aims to enhance stakeholder confidence and understanding of the company's sustainability efforts[135]. - The company has implemented measures to reduce vehicle emissions, including avoiding vehicle use during peak traffic hours and encouraging public transport[148]. - The company has established a comprehensive data collection system to identify key environmental, social, and governance issues[138]. Risk Management and Compliance - The company maintains an effective internal control and risk management system, with annual reviews conducted by the board to assess its effectiveness[122]. - The risk management process includes identifying major risks, assessing their potential impact, and planning effective mitigation activities, with annual updates on risk assessments[124]. - The company has established a policy for disclosing inside information, ensuring compliance with statutory disclosure requirements and maintaining confidentiality[126]. - The company has complied with anti-corruption and anti-money laundering laws and regulations during the reporting period, with no concluded corruption lawsuits against the issuer or its employees[194]. - The company has established a whistleblowing procedure to encourage employees to report any misconduct or dishonest behavior[193].

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 188.91 million, an increase from HKD 101.47 million in the same period of 2018, representing an increase of 86%[16] - Gross profit for the same period was HKD 14.55 million, compared to a gross loss of HKD 6.26 million in 2018[16] - The company reported a net profit of HKD 0.63 million for the period, a significant recovery from a net loss of HKD 17.31 million in the previous year[16] - Basic and diluted earnings per share for the period was HKD 0.08, compared to a loss per share of HKD 2.16 in the same period last year[16] - For the six months ended September 30, 2019, the company reported a profit attributable to owners of HKD 627,000, compared to a loss of HKD 17,306,000 for the same period in 2018[70] - Basic earnings per share for the six months ended September 30, 2019, was HKD 0.08, a significant improvement from a loss of HKD 2.16 per share in the previous year[70] - Revenue increased by approximately 86.2% from about HKD 101.5 million for the six months ended September 30, 2018, to approximately HKD 188.9 million for the same period in 2019, driven by significant business development in the foundation and site formation industry[94] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 184.14 million, up from HKD 175.84 million as of March 31, 2019[18] - The company’s total equity increased to HKD 105.48 million as of September 30, 2019, compared to HKD 104.85 million as of March 31, 2019[18] - Non-current assets amounted to HKD 67.34 million, slightly down from HKD 68.29 million as of March 31, 2019[18] - The total debt of the company was approximately HKD 146.0 million as of September 30, 2019, compared to HKD 139.3 million as of March 31, 2019[114] - The company's capital debt ratio was approximately 138.4% as of September 30, 2019, up from 132.8% as of March 31, 2019[115] Cash Flow and Financing - The company's net cash used in operating activities was HKD 10.31 million, an improvement from HKD 17.81 million in the previous year[23] - Cash and cash equivalents at the end of the period were HKD 12.31 million, down from HKD 17.68 million at the end of the previous year[23] - The company reported cash and cash equivalents including short-term bank deposits with an interest rate of 0.01% per annum[78] - The company had secured bank borrowings of HKD 23,693,000 due within one year as of September 30, 2019, compared to HKD 21,901,000 as of March 31, 2019[84] - Total financing costs for the six months ended September 30, 2019, amounted to HKD 1,074,000, up from HKD 934,000 in the same period of 2018, reflecting a rise of approximately 15%[61] Expenses and Costs - Direct costs rose by approximately 61.9% to about HKD 174.4 million for the six months ended September 30, 2019, compared to approximately HKD 107.7 million for the same period in 2018, consistent with the increase in revenue[96] - Administrative expenses increased by approximately 22.8% to about HKD 13.0 million for the six months ended September 30, 2019, primarily due to an increase in employee costs to support significant business development in the foundation and site formation industry[98] - The company incurred a total employee cost of HKD 29,532,000 for the six months ended September 30, 2019, which is an increase from HKD 21,816,000 in the same period of 2018, reflecting a rise of about 35%[63] - The company recognized a depreciation expense of HKD 5,631,000 for property and equipment for the six months ended September 30, 2019, compared to HKD 4,192,000 in the previous year, representing an increase of about 34%[63] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, which is essential for enhancing shareholder value and protecting stakeholder interests[140] - The company has complied with the corporate governance code as of the six-month period ending September 30, 2019, and continues to review its governance practices[140] - The audit committee's primary duties include reviewing financial information, internal control procedures, and risk management systems[143] - The audit committee, established on December 4, 2017, includes independent non-executive directors and has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2019, ensuring compliance with applicable accounting standards and listing rules[141][143] Future Plans and Strategies - The company plans to continue focusing on market expansion and product development to drive future growth[10] - The company plans to enhance operational efficiency and profitability by expanding its machinery and equipment scale, which will improve its technical capabilities for bidding projects[93] Shareholder Information - Major shareholders include Simple Joy with a 67.86% stake and Simply Marvel with a 7.14% stake as of September 30, 2019[127][131] - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2019, consistent with the previous year[125] Accounting Standards - The financial statements are prepared in accordance with applicable Hong Kong Financial Reporting Standards[27] - The company adopted several new and revised Hong Kong Financial Reporting Standards starting from January 1, 2019, including HKFRS 16 on leases[29] - The impact of adopting HKFRS 16 includes recognizing right-of-use assets and lease liabilities at the commencement date of leases[30] - The company will measure lease liabilities at the present value of lease payments not paid at the lease commencement date[41] - Lease payments include fixed payments and variable lease payments based on indices or rates[42] - The company will reassess lease liabilities in cases of changes in lease terms or assessments of purchase options[44] - The company will account for lease modifications as a separate lease if they increase the scope of the lease by adding the right to use one or more assets[45] - The financial statements are presented in Hong Kong dollars, which is the functional currency of the group[26]

Financial Performance - The total revenue for the fiscal year ending March 31, 2019, was approximately HKD 289.2 million, a decrease of 12.7% compared to HKD 331.1 million for the previous fiscal year[26] - The company recorded a net loss of approximately HKD 20.5 million for the fiscal year, compared to a net profit of HKD 17.4 million in the previous year, primarily due to increased costs of construction materials[26] - The company's revenue decreased by approximately 12.7% from about HKD 331.1 million for the year ended March 31, 2018, to about HKD 289.2 million for the year ended March 31, 2019[37] - Gross profit dropped to approximately HKD 0.9 million for the year ended March 31, 2019, resulting in a gross margin of 0.3%, down about 15.7 percentage points from approximately 16.0% in the previous year[39] - The company recorded a net loss of approximately HKD 20.5 million for the year ended March 31, 2019, compared to a net profit of approximately HKD 17.4 million in the same period of the previous year[42] - Administrative expenses increased by approximately 9.9% from about HKD 21.9 million to about HKD 24.0 million, mainly due to higher compliance-related legal and professional fees[40] Operational Challenges and Strategies - The board anticipates challenges in the foundation industry, including inevitable price wars and slow approval processes for infrastructure projects, which may pressure bidding prices[27] - The company plans to implement strict cost control measures and enhance operational efficiency to mitigate resource wastage and improve employee loyalty[27] - Future opportunities are expected to arise from expanding the client base in the public foundation sector, with a focus on key clients holding productive construction projects[27] - The company aims to enhance its technical capabilities by expanding its machinery and equipment fleet to compete for future projects[30] Financial Position and Resources - As of March 31, 2019, the company's cash and bank balances were approximately HKD 26.4 million, down from HKD 47.7 million in the previous year[51] - The total debt as of March 31, 2019, was approximately HKD 139.3 million, an increase from HKD 106.5 million in the previous year[51] - The company's debt-to-equity ratio was approximately 132.8% as of March 31, 2019, compared to 83.9% in the previous year[53] - The net proceeds from the IPO were approximately HKD 52.0 million, with about HKD 47.3 million utilized by March 31, 2019[45] Human Resources and Employee Management - The total employee cost for the year ended March 31, 2019, was approximately HKD 51.9 million, an increase from HKD 44.8 million in 2018[62] - The group employed 116 full-time employees in Hong Kong as of March 31, 2019, an increase from 110 in 2018[62] - The company has hired additional personnel, including 2 assistant quantity surveyors, 6 surveyors, and 3 engineers, to strengthen project management and supervision[44] - The employee gender ratio in 2019 was approximately 17:1 male to female, compared to 15:1 in 2018[181] - The total number of employees as of March 31, 2019, was 140, with a new hire percentage of 62% for males and 51% for females[185] - The employee turnover rate in 2019 was 33% for males and 51% for females[185] - The company reported a zero accident and injury rate during the reporting period, consistent with the previous year[189] - The company has established a comprehensive occupational health and safety management system based on OHSAS 18001[188] - A comprehensive training program is implemented annually to assess and meet employee training needs, ensuring appropriate training based on job nature and position[193] - In 2019, 100% of senior management and 94% of general employees received training, with an overall training percentage of 81%[194] Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has fully complied with it for the year ending March 31, 2019[84] - The board consists of a majority of independent non-executive directors, exceeding the requirement of at least one-third as per the listing rules[91] - All independent non-executive directors have confirmed their independence and possess appropriate qualifications and relevant financial management experience[92] - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clear written terms of reference[97] - The company has provided directors with training to enhance their knowledge and skills regarding the Listing Rules and corporate governance practices[96] - The board is responsible for overseeing the company's overall strategy and business performance, including financial performance and risk management[86] - The company has purchased liability insurance for its directors and senior management to cover potential legal liabilities arising from their duties[87] - The roles of the Chairman and the CEO are separated to avoid power concentration in one individual, with Mr. Li serving as Chairman and Mr. Chen as CEO during the year[95] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report reflects the company's performance in sustainability from April 1, 2018, to March 31, 2019[147] - The company identifies key environmental, social, and governance issues and performance indicators relevant to its operations[148] - The company emphasizes stakeholder engagement to assess significant environmental and social issues[149] - The company aims to enhance the transparency and accountability of its ESG reporting[147] - The company reported a nitrogen oxide (NOx) emission of 0.69 tons in 2018, with a slight increase in emissions due to additional vehicle usage in 2019[159] - Sulfur oxide (SOx) emissions rose to 1.67 tons in 2019 from 0.0010 tons in 2018, indicating a significant increase in pollution levels[159] - The total carbon dioxide (CO2) emissions from electricity usage in 2019 were approximately 48.63 tons for office and construction site power, down from 59.44 tons in 2018[161] - The company generated 73,191 tons of inert construction and demolition waste in 2019, a substantial increase from 9,272 tons in 2018, due to increased excavation activities[161] - The company is committed to reducing waste through measures of reduction, reuse, and recycling of construction materials[163] - The company has implemented effective noise reduction equipment to minimize environmental impact during construction[156] - The company has implemented ISO 14001 and ISO 9001 certifications to minimize significant environmental impacts and monitor performance[177] Future Outlook and Growth Strategies - Revenue for the fiscal year reached $150 million, representing a 15% increase compared to the previous year[81] - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year[81] - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative technology solutions[75] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[81] - A strategic acquisition is planned, which is anticipated to enhance operational efficiency and increase market competitiveness[75] - The company has invested $5 million in research and development for new technologies aimed at improving service delivery[81] - The management team emphasized the importance of maintaining compliance with industry regulations to mitigate risks[80] - The company aims to improve its profit margins by 5% through cost optimization strategies implemented in the upcoming year[81] - The board of directors has approved a new strategic plan focusing on sustainability and long-term growth initiatives[75]