PineStone 鼎石 Pinestone Capital Limited 鼎石資本有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號: B04) 2020 NTERIM REPORT: 二零二零年中期報告 目錄 公司資料 2 財務摘要 3 簡明綜合全面收入表 4 簡明綜合財務狀況表 5 簡明綜合權益變動表 7 簡明綜合現金流量表 8 簡明綜合中期財務報表附註 9 管理層討論及分析 22 其他資料 28 1 鼎石資本有限公司 | --- | --- | |-----------------------|----------------------------------| | | | | 董事會（「董事會」） | 註冊辦事處 | | 執行董事 | Clifton House, 75 Fort Street | | 張仁亮先生 （主席） | P.O. Box 1350 | | 張存雋先生 | Grand Cayman, KY1-1108 | | 獨立非執行董事 | ...

Financial Performance - For the fiscal year ended December 31, 2019, the group's revenue was approximately HKD 25,900,000, representing an increase of about 38% compared to 2018[6] - The group recorded a profit before tax of HKD 9,600,000 for the same period[6] - The company transitioned from a net loss of approximately HKD 7,200,000 in 2018 to a net profit in 2019[15] - Total revenue for the year ended December 31, 2019, was approximately HKD 25,900,000, an increase of about 38% compared to HKD 18,800,000 in 2018[39] - Interest income from securities margin financing increased to approximately HKD 25,300,000 in 2019, a rise of 45% from about HKD 17,500,000 in 2018[39][27] - Net profit for the year ended December 31, 2019, was HKD 7,200,000, compared to a net loss of HKD 3,000,000 in 2018, marking a significant turnaround[20][38] - Basic earnings per share for 2019 was HKD 0.15, compared to a basic loss per share of HKD 0.06 in 2018[21] - The total operating expenses for 2019 were HKD 7,600,000, a decrease of approximately 51% from HKD 15,400,000 in 2018, primarily due to an increase in compliance, professional, and administrative expenses[46] Business Strategy and Market Response - The company aims to explore strategic opportunities to enhance its product platform and expand its business scope in response to market uncertainties[7] - The company will closely monitor the political and business environment to manage risks effectively amid global economic challenges[7] - The company plans to improve and diversify its financial position and risk hedging strategies for sustainable long-term growth[7] - The group faced significant economic challenges in 2019 due to social instability and uncertainties from the US-China trade war, yet managed to achieve stable growth in revenue and profit[59] - The group plans to continue exploring strategic opportunities to enhance product platforms and expand business scope, while closely monitoring political and business environments[59] Shareholder and Dividend Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2019[22] - The group did not recommend a final dividend for the year ended December 31, 2019, but paid an interim dividend of HKD 0.001 per share in September 2019, totaling approximately HKD 4,900,000[47] - The company paid an interim dividend of HKD 0.001 per share in September 2019, totaling HKD 4,897,000, compared to no dividend in 2018[149] - For the year ending December 31, 2019, the total dividend paid was HKD 0.001 per share, with no dividends paid in 2018[150] Corporate Governance and Compliance - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring diverse skills and experience for business development[62] - The audit committee held three meetings during the year to review and assess the group's risk management and internal control functions[68] - The company ensures compliance with applicable laws and regulations through appropriate internal control systems[63] - The independent non-executive directors confirmed their independence as of December 31, 2019, in accordance with listing rules[66] - The board members' attendance rates at meetings were recorded, with all members attending their respective committee meetings[74] Employee and Operational Metrics - Employee benefits expenses increased by 7% to approximately HKD 6,500,000 in 2019, compared to HKD 6,100,000 in 2018[40] - The company had 13 employees as of December 31, 2019, down from 14 employees in 2018[78] - The number of employees decreased from 14 in 2018 to 13 in 2019, leading to a 10% increase in per capita greenhouse gas emissions[180] Environmental Impact and Sustainability - Total greenhouse gas emissions increased by 2% to 9.02 tons in 2019, up from 8.81 tons in 2018[180] - The company aims to continue evaluating and recording annual greenhouse gas emissions to assist in setting future reduction targets[180] - The company is committed to reducing the use of natural resources and implementing environmental monitoring measures[173] - The company emphasizes compliance with environmental regulations and aims for long-term environmental sustainability[177] - The company has implemented measures to reduce environmental impact through energy-saving initiatives[193] Financial Position and Assets - The total assets decreased by 9% from approximately HKD 278,200,000 in 2018 to about HKD 253,900,000 in 2019[37] - The current ratio was 22.6 times as of December 31, 2019, down from 41.0 times in 2018[50] - As of December 31, 2019, the group's cash and bank balances totaled HKD 29,200,000, an increase from HKD 22,500,000 in 2018[47] - The group maintained a long-term debt to equity ratio of approximately 1% as of December 31, 2019, compared to 0% in 2018[47] Share Repurchase and Capital Structure - As of December 31, 2019, the company repurchased a total of 212,510,000 shares at a total cash consideration of HKD 32,302,000[85] - Following the reporting period, the company further repurchased 185,600,000 shares at a total cash consideration of HKD 25,813,000[85] - The board believes that the share buyback reflects the company's intrinsic value and confidence in its long-term growth prospects[121] - The company has not engaged in any other purchases, sales, or redemptions of its listed securities during the fiscal year[121] Risk Management - The company has established appropriate risk management guidelines to prevent excessive lending to clients[173] - The company has a formal policy for risk management, including procedures for understanding customer profiles and credit limits[88]

Financial Performance - For the six months ended June 30, 2019, the company recorded unaudited revenue of approximately HKD 13,300,000, an increase of about HKD 4,600,000 or 53% compared to HKD 8,700,000 for the same period in 2018[8] - The company reported a profit attributable to owners of approximately HKD 3,300,000, which is an increase of about 3% from HKD 3,200,000 in the same period of 2018[8] - The increase in profit was primarily due to a rise in revenue from securities lending services, which generated an additional HKD 5,000,000, offset by non-recurring operating expenses of approximately HKD 1,700,000[8] - The company’s total comprehensive income for the period was HKD 3,302,000, slightly up from HKD 3,206,000 in the previous year[10] - The group reported a profit before tax of HKD 3,302 for the six months ended June 30, 2019, compared to HKD 3,206 in 2018[69] - The company's net profit for the six months ended June 30, 2019, was approximately HKD 3,300,000, representing a 3% increase from HKD 3,200,000 for the same period in 2018[105] - Net profit for the six months ended June 30, 2019, was approximately HKD 3,302,000, an increase of about 3% from HKD 3,206,000 in 2018[121] Revenue Breakdown - Total revenue for the six months ended June 30, 2019, was HKD 259,000, a decrease of 63% compared to HKD 701,000 for the same period in 2018[55] - Commission income from securities brokerage services was HKD 244, down 49% from HKD 480 in 2018[55] - Interest income from securities lending services increased to HKD 13,025, up 62% from HKD 8,029 in 2018[55] - Securities brokerage commission income decreased from approximately HKD 480,000 in 2018 to approximately HKD 244,000 in 2019, while interest income from securities lending services increased from HKD 8,029,000 to HKD 13,025,000, representing a growth of approximately 63%[112] - Margin financing service interest income increased to approximately HKD 11,900,000 for the six months ended June 30, 2019, up about 49% from HKD 8,000,000 in the same period of 2018[102] Dividends - The board proposed an interim dividend of HKD 0.1 per ordinary share for the six months ended June 30, 2019, compared to no dividend in 2018[9] - The company declared an interim dividend of HKD 0.001 per share, totaling approximately HKD 4,900,000, compared to no dividend in 2018[66] Assets and Liabilities - Total assets as of June 30, 2019, amounted to HKD 276,155,000, an increase from HKD 271,547,000 as of December 31, 2018[13] - The company's net asset value as of June 30, 2019, was HKD 273,526,000, compared to HKD 271,329,000 at the end of 2018[13] - The company’s total liabilities as of June 30, 2019, were HKD 2,629,000, compared to HKD 218,000 at the end of 2018[13] - The current ratio as of June 30, 2019, was approximately 30.3 times, down from 41.0 times as of December 31, 2018[128] - The company recorded a capital debt ratio of approximately 2% as of June 30, 2019, with total debt of approximately HKD 4,800,000[128] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2019, was HKD 3,659,000, compared to a net cash used of HKD 27,356,000 in the same period of 2018, indicating a significant improvement[18] - The net cash generated from investing activities was HKD 4,000 for the six months ended June 30, 2019, slightly up from HKD 2,000 in the previous year[18] - The net cash used in financing activities decreased to HKD 2,169,000 from HKD 3,594,000 year-over-year, reflecting better cash management[18] - The total cash and cash equivalents increased by HKD 1,494,000, ending at HKD 24,041,000 compared to HKD 62,507,000 at the end of the same period in 2018[18] - The cash and cash equivalents at the beginning of the period were HKD 22,547,000, down from HKD 93,455,000 in the previous year, indicating a reduction in available cash[18] Employee Expenses - Employee benefit expenses increased to HKD 3,188,000 for the six months ended June 30, 2019, from HKD 2,212,000 in the same period of 2018[10] - Employee benefit expenses increased by approximately 45% to HKD 3,200,000 in the first half of 2019, compared to HKD 2,200,000 in the same period of 2018[116] Lease Accounting - The company adopted the Hong Kong Financial Reporting Standard 16, which significantly changed the accounting treatment of leases, impacting the balance sheet[36] - As of January 1, 2019, the right-of-use assets recognized amounted to HKD 5,464,000, with total lease liabilities of HKD 5,733,000[39] - The weighted average incremental borrowing rate applicable to the lease liabilities recognized was 4%[39] - The company has chosen to measure all right-of-use assets at an amount equal to the lease liabilities recognized[50] - The net book value of a leased vehicle as of January 1, 2019, was HKD 294,000, with the corresponding lease liability reclassified to lease liabilities amounting to HKD 269,000[53] Shareholder Information - As of June 30, 2019, major shareholders HCC and SCL hold 51.3% and 22.0% of the company's issued shares, respectively, totaling 2,520,000,000 and 1,080,000,000 shares[145][146] - The company repurchased a total of 12,370,000 shares at a total cost of HKD 1,105,000, which were subsequently cancelled in July 2019[85] - The company repurchased a total of 12,370,000 shares during the reporting period, with the highest price paid being HKD 0.105 and the lowest HKD 0.065, totaling HKD 1,101,425[150] Compliance and Governance - The company’s financial statements are prepared in accordance with the Hong Kong Accounting Standards and have been reviewed by the audit committee[24] - The financial report was approved and authorized for publication by the board of directors on August 29, 2019[21] - The audit committee, consisting of three independent non-executive directors, reviewed the group's unaudited financial results for the six months ended June 30, 2019, ensuring compliance with applicable accounting standards[160] Strategic Outlook - The company plans to continue monitoring political and business environment changes and explore strategic opportunities for customer expansion and risk diversification[106]

PineStone 鼎石 Pinestone Capital Limited 鼎石資本有限公司 (Incorporated in the Cayman Islands with limited liability) (於同曼群島註冊成立的有限公司) (Stock Code 股份代號 : 804) 2018 ANNUAL REPORT 年報 二零一八年度報告 目錄 頁次 公司資料2 主席報告3 企業里程碑4 管理層討論及分析5 企業管治報告 11 | --- | |----------------------| | | | 董事及高級管理層履歷 | | 董事會報告 | | 環境、社會及管治報告 | | 獨立核數師報告 | | 綜合全面收入表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 財務報表附註 | | 五年財務概要 | 17 19 25 37 42 43 44 45 46 100 1 公司資料 | --- | --- | |-----------------------|-----------------------------------------| | | | | ...