（於開曼群島註冊成立之有限公司） （股份代號：994） 通函預期寄發日期 茲提述中天順聯（國際）控股有限公司（「本公司」）日期為2025年7月8日的公告 （「該公告」），內容有關（其中包括）認購事項。除非文義另有所指，否則本公 告所用詞彙具有該公告所界定的相同涵義。 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之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 CT Vision S.L. (International) Holdings Limited 中天順聯（國際）控股有限公司 孫得鑫 香港，2025年7月31日 於本公告日期，董事會包括四名執行董事，即吳瑞先生、郭劍峰先生、丁驥 先生及孫得鑫先生；一名非執行董事，即何俊傑博士；及三名獨立非執行董事， 即湯大杰博士、連達鵬博士及劉臻女士。 1 2 誠如該公告所述，一份載有（其中包括）(i)認購協議及其各自項下擬進行之交 易之進一步詳情；(ii)獨立董事委員會就第一認購事項 ...

Group 1 - Hong Kong construction materials stocks experienced a rise, with Zhongtian Shunlian surging over 160% at one point [1] - Other companies in the sector, including Huaxin Cement (600801), Jinyu Group (601992), Conch Materials Technology, and Western Cement, also saw significant increases [1]

Group 1 - Zhongtian Shunlian (00994.HK) experienced a surge of over 110% in its stock price [1] - The company raised HKD 65.88 million through a premium share issuance [1] - Zhongtian Shunlian plans to change its name to Zhongtian Hongxin [1]

Company Performance and Financials - For the year ended December 31, 2024, the Group's revenue amounted to approximately HK$558.1 million, an increase from HK$345.8 million in 2023, primarily driven by a HK$196.4 million increase in revenue from the renewable energy business[34]. - The renewable energy business contributed approximately HK$528.9 million in revenue for 2024, up from HK$332.5 million in 2023, with a total of 4 contracts on hand as of December 31, 2024[28]. - The e-commerce business generated approximately HK$27.8 million in revenue for 2024, compared to HK$12.0 million in 2023, reflecting significant growth in this segment[32]. - The gross profit margin increased from approximately 6.0% in 2023 to approximately 7.2% in 2024, attributed to a higher contribution from the e-commerce business[35]. - Selling and administrative expenses rose by approximately HK$19.5 million to approximately HK$57.1 million in 2024, compared to HK$37.6 million in 2023, mainly due to increased marketing services fees[41]. - As of December 31, 2024, the current ratio was 1.2, down from 1.5 in 2023, indicating a decrease in liquidity[44]. - The gearing ratio improved to 23.8% in 2024 from 37.3% in 2023, reflecting a reduction in total debt relative to equity[44]. - The net debt to equity ratio was (15.1)% in 2024, compared to (6.8)% in 2023, indicating a stronger equity position[44]. - The Group had a total contract sum yet to be recognized amounting to approximately RMB440.8 million as of December 31, 2024, up from RMB224.4 million in 2023[28]. Strategic Focus and Market Position - In 2024, the company achieved significant milestones, including expanding its project portfolio and enhancing operational efficiency[15]. - The company is committed to advancing renewable energy technologies and providing reliable power grid solutions, aligning its growth strategy with China's national vision for a greener future[16]. - The company aims to enhance profitability through rigorous cost-cutting initiatives, including streamlining operations and adopting innovative technologies[21]. - The company recognizes the robust demand and substantial earning potential in the renewable energy sector, committing to enhance its competitiveness in the evolving market landscape[21]. - The company is dedicated to meeting the growing demand for renewable energy infrastructure while contributing to China's energy transition goals[15]. - The company plans to create value for all stakeholders, including clients, partners, and communities, by aligning its strategies with national energy transition goals[16]. - The company is focused on navigating opportunities and challenges in the upcoming year, driving progress toward a cleaner and brighter future[17]. Governance and Management - The Board's primary role is to protect and enhance long-term shareholder value while overseeing management, business strategies, and financial performance[175]. - The company has established written guidelines for employees regarding securities dealings, with no incidents of non-compliance noted for the year ended December 31, 2024[174]. - The Board has been operating without a Chairman and CEO since the passing of Ms. Du Yi on August 12, 2023, and the resignation of Dr. Ho Chun Kit Gregory on April 25, 2023[183]. - The Board has become a single-gender board, resulting in non-compliance with Rule 13.92 of the Listing Rules, but has since appointed Ms. Liu Zhen as an Independent Non-Executive Director on February 28, 2025, achieving re-compliance[185]. - The roles of Chairman and CEO should be separate, and the division of responsibilities is clearly established[189]. - The executive Directors are responsible for encouraging full and active contributions from all Directors to the Board's affairs[196]. - Independent non-executive Directors hold at least one annual meeting among themselves to discuss significant issues without influence from executive Directors[197]. - The executive Directors ensure effective communication with shareholders and convey their views to the Board[198]. - The Board promotes a culture of openness and debate, facilitating effective contributions from non-executive Directors[199]. - All Directors have the right to propose board meetings to discuss important issues, ensuring adequate time for review of Board Papers[199]. - The Board encourages non-executive Directors to express their viewpoints during meetings[199]. - The remuneration committee consults with executive Directors regarding remuneration proposals for other executive Directors[200]. Shareholding and Capital Structure - As of December 31, 2024, Mr. Ding Ji holds 40,000,000 shares, representing 4.31% of the company's total shareholding[141]. - CT Vision Investment holds 479,160,000 shares, accounting for 51.63% of the company's total shareholding[145]. - Condover Assets Limited has a beneficial interest in 53,236,000 shares, which is 5.74% of the company's total shareholding[145]. - Dr. Ho Chun Kit Gregory has a beneficial ownership of 448,000 shares in CT Vision Investment, representing 22.4%[143]. - Mr. Wu Rui holds 156,000 shares in CT Vision Investment, which is 7.8%[143]. - As of December 31, 2024, Mr. Lee holds 53,236,000 shares, representing 5.74% of the company[146]. - Mr. Guo holds 60,000,000 shares, representing 6.47% of the company[146]. - Ms. Lin beneficially owns 44.80% of the issued share capital of CT Vision Investment, which is deemed to hold shares in the company[146]. Risk Management and Compliance - The annual report includes a business review detailing principal risks and future developments[89]. - The financial statements for the year ended December 31, 2024, are included in the annual report[86]. - The Group does not have a foreign currency hedging policy but will monitor its foreign currency exposure closely[51]. - The Group does not recommend the payment of a final dividend for the year ended December 31, 2024[99]. - The Company did not recommend the payment of a final dividend for the year ending December 31, 2024[105]. - The Company is not aware of any tax relief available to shareholders due to their shareholding[102]. - There were no significant contracts for management and administration of the Company's business other than service contracts with directors[101]. - The Company has not entered into any management contracts with external parties for substantial parts of its business[107]. - The movements in property, plant, and equipment during the year ended December 31, 2024, are detailed in the consolidated financial statements[110]. - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2024[151]. - The company has maintained the prescribed public float under the Listing Rules since its Listing Date[157]. - The company complied with all code provisions set out in the Corporate Governance Code during the year ended December 31, 2024[172]. - There were no material subsequent events after December 31, 2024, up to the date of the annual report[166]. - The financial statements for the year ended December 31, 2024, were audited by ZHONGHUI ANDA CPA Limited[167]. - The company did not participate in any pension schemes other than the mandatory provident fund during the year ended December 31, 2024[164].

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 558,058,000, representing a 61.5% increase from HKD 345,847,000 in 2023[4] - Gross profit for the year was HKD 39,915,000, up from HKD 20,739,000 in the previous year, indicating a gross margin improvement[4] - The annual loss attributable to the company's owners was HKD 23,810,000, compared to HKD 21,600,000 in 2023, reflecting a 10.2% increase in losses[5] - The company reported a total comprehensive loss of HKD 30,499,000 for the year, compared to HKD 25,550,000 in 2023, reflecting a 19.3% increase in comprehensive losses[4] - The company reported a net loss of HKD 26.51 million for the year ending December 31, 2024, compared to a net loss of HKD 22.65 million in 2023[16] - Basic loss per share for the year ending December 31, 2024, was HKD 2.59, compared to HKD 2.83 in 2023[22] Revenue Breakdown - Revenue from renewable energy projects reached HKD 498,456,000, a substantial increase from HKD 331,815,000 in 2023, representing a 50.2% growth[12] - E-commerce related services generated revenue of HKD 27,757,000, compared to HKD 12,033,000 in the previous year, showing a 130.5% increase[12] - Renewable energy business contributed approximately HKD 528.9 million in revenue for the year ending December 31, 2024, compared to HKD 332.5 million in 2023, representing a growth of 59%[28] - E-commerce business contributed approximately HKD 27.8 million in revenue for the year ended December 31, 2024, compared to HKD 12.0 million in 2023, representing a significant increase[30] - Total revenue for the group was approximately HKD 558.1 million for the year ended December 31, 2024, up from HKD 345.8 million in 2023, primarily due to an increase in renewable energy business revenue by approximately HKD 196.4 million[32] Assets and Liabilities - Total assets increased significantly to HKD 412,061,000 in 2024 from HKD 259,387,000 in 2023, marking a 58.7% growth[6] - The company's liabilities rose to HKD 306,909,000, up from HKD 154,976,000 in the previous year, indicating a 97.7% increase[7] - Trade receivables and notes receivable increased to HKD 205.35 million in 2024 from HKD 75.17 million in 2023, reflecting a significant rise of 173%[23] - Trade payables increased to HKD 140.45 million in 2024 from HKD 53.38 million in 2023, marking a rise of 163%[25] Operational Efficiency - The company plans to continue expanding its renewable energy and e-commerce services in the upcoming year, focusing on enhancing operational efficiency and market reach[8] - Gross profit margin improved from approximately 6.0% in 2023 to approximately 7.2% in 2024, driven by changes in revenue mix, with e-commerce business contributing a higher margin[32] - Selling and administrative expenses increased by approximately HKD 19.5 million to about HKD 57.1 million due to higher marketing service fees[32] - Current ratio decreased from 1.5 in 2023 to 1.2 in 2024, indicating a decline in short-term liquidity[33] - Leverage ratio improved from 37.3% in 2023 to 23.8% in 2024, reflecting a reduction in debt relative to equity[33] Governance and Compliance - The audit committee is composed of three independent non-executive directors, ensuring compliance with corporate governance codes[50] - The audit committee is responsible for reviewing the accounting principles adopted by the group and discussing audit and financial reporting matters[52] - The preliminary announcement of the group's consolidated financial statements for the year ending December 31, 2024, is consistent with the audited financial statements[49] Future Outlook - The group anticipates increased demand for its professional services and expertise due to significant expansion in renewable energy generation capacity driven by national policies[40] - The company completed a placement of 37,176,000 new ordinary shares at a net price of HKD 0.39 per share, raising approximately HKD 14.4 million for its intended purposes[41] - No final dividend is recommended for the year ended December 31, 2024[44] - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[53] - The board expresses gratitude to management, employees, shareholders, and business partners for their support throughout the year[54]

Revenue Performance - In the first half of 2024, the renewable energy business generated approximately HK$169.0 million in revenue, a decrease from HK$210.3 million in the same period of 2023[27]. - The e-commerce business contributed approximately HK$33.6 million in revenue in the first half of 2024, significantly increasing from HK$2.0 million in the first half of 2023[27]. - Revenue for the six months ended June 30, 2024, was HK$203,926,000, a decrease of 5.7% from HK$215,653,000 in the same period of 2023[78]. - Total revenue from contracts with customers was HK$203,712,000 in H1 2024, down from HK$215,312,000 in H1 2023, reflecting a decrease of about 5.4%[95]. - The total segment revenue for H1 2024 was HK$203,926,000, compared to HK$215,653,000 in H1 2023, indicating a decline of approximately 5.4%[99]. - Revenue from renewable energy systems decreased to HK$168,739,000 in H1 2024 from HK$209,983,000 in H1 2023, representing a decline of approximately 19.7%[95]. - Revenue from external customers in the PRC was HK$203,926,000 in H1 2024, down from HK$215,653,000 in H1 2023, reflecting a decrease of approximately 5.4%[105]. Profitability and Loss - The loss attributable to owners of the Company for the six months ended June 30, 2024, was approximately HK$11.2 million, a decrease of about 5.8% compared to a loss of approximately HK$11.9 million in 2023[32]. - The company reported a loss attributable to owners of approximately HK$11.2 million for the six months ended June 30, 2024, a decrease of about 5.8% compared to a loss of approximately HK$11.9 million for the same period in 2023[34]. - Operating loss widened to HK$18,573,000 from HK$9,170,000 year-over-year, indicating increased operational challenges[78]. - The company reported a total comprehensive loss of HK$18,582,000 for the period, compared to HK$17,749,000 in the previous year, indicating ongoing financial challenges[79]. - The total comprehensive loss for the period ended June 30, 2024, is HK$18,582,000, which includes a loss of HK$11,249,000 and other comprehensive losses of HK$7,333,000[84]. - The basic loss per share improved to HK$1.23 in the first half of 2024 from HK$1.57 in 2023, showing a reduction in loss per share of 22%[120]. Financial Position - The Group had a total of 5 contracts on hand as of the report date, with an unrecognized contract sum of approximately RMB392.1 million, up from RMB224.4 million as of December 31, 2023[27]. - Total assets increased to HK$550,751,000 as of June 30, 2024, compared to HK$259,387,000 at the end of 2023, showing significant growth in asset base[82]. - Total liabilities increased to HK$433,940,000 from HK$154,976,000, primarily due to higher trade and other payables[83]. - The current ratio decreased from 1.5 as of December 31, 2023, to 1.2 as of June 30, 2024, indicating a decline in liquidity[36]. - The gearing ratio improved from 37.3% as of December 31, 2023, to 19.6% as of June 30, 2024, reflecting a reduction in debt relative to equity[36]. - The net debt to equity ratio changed from (6.8%) to (47.3%), indicating a significant increase in net debt relative to equity[36]. - As of June 30, 2024, the total equity attributable to owners of the Company is HK$128,541,000, with accumulated losses of HK$213,394,000[84]. Expenses and Costs - Selling and administrative expenses increased to approximately HK$46.6 million in the relevant period, up from approximately HK$18.5 million in the last corresponding period, primarily due to a change in business strategy[33]. - Sales and administrative expenses rose to approximately HK$46.6 million, an increase of about HK$28.1 million from approximately HK$18.5 million in the previous year, primarily due to changes in business strategy[34]. - Staff costs, including directors' remuneration, reduced to HK$5,730,000 in the first half of 2024, a decrease of 40% from HK$9,467,000 in 2023[111]. - The cost of inventories recognized as an expense increased significantly to HK$12,528,000 in the first half of 2024, compared to HK$3,610,000 in 2023, indicating a rise of 248%[113]. - Total finance costs decreased to HK$168,000 in the first half of 2024, down 78% from HK$761,000 in the same period of 2023[110]. Share Capital and Financing - The Company entered into a placing agreement on 28 July 2023 for a maximum of 90,000,000 new ordinary shares at a gross price of HK$0.40 per share, with gross proceeds of approximately HK$14.9 million[71]. - A total of 37,176,000 new ordinary shares were successfully placed at a net price of HK$0.39, resulting in net proceeds of approximately HK$14.4 million[71]. - On 8 January 2024, the Company entered into a subscription agreement for a maximum of 40,000,000 new ordinary shares at a gross price of HK$0.40 per share, with gross proceeds of HK$16.0 million[72]. - The net proceeds from the subscription amounted to approximately HK$15.8 million, fully utilized according to the intended purposes disclosed[72]. - The total number of issued and fully paid shares increased to 928,006,000 as of June 30, 2024, from 760,830,000 at the beginning of 2023[13]. - The share capital increased from HK$8,508,000 on January 1, 2024, to HK$9,280,000 on June 30, 2024, reflecting an increase of approximately 9%[84]. - The share premium increased from HK$312,505,000 on January 1, 2024, to HK$342,715,000 on June 30, 2024, indicating a growth of approximately 9.7%[84]. Corporate Governance and Management - The Audit Committee is responsible for reviewing the Group's unaudited interim financial report for the six months ended June 30, 2024[77]. - The Company has complied with all applicable code provisions as set out in the Corporate Governance Code during the reporting period[68]. - Mr. Ding Ji was appointed as an executive Director on 15 April 2024[76]. - Dr. Tang Dajie was appointed as the chairman of the nomination committee on 15 April 2024[76]. - The company has not disclosed any other substantial shareholders with interests of 5% or more in the company's shares[66]. Employee and Workforce - The Group had 34 employees as of June 30, 2024, up from 24 employees as of December 31, 2023, reflecting growth in workforce[37]. - Key management personnel compensation for the year included short-term benefits of HK$2,596,000, down from HK$3,630,000 in 2023[15]. Other Financial Information - The Group has no significant exposure to foreign currency risk, as most transactions are conducted in Hong Kong dollars, USD, and RMB[44]. - The company had no contingent liabilities as of June 30, 2024[14]. - The company did not recommend the payment of a dividend for the six months ended June 30, 2024, consistent with the same period in 2023[13]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant changes to accounting policies[93].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 203,926 thousand, a decrease of 5.7% from HKD 215,653 thousand in the same period of 2023[4] - The net loss for the period was HKD 16,090 thousand, compared to a loss of HKD 13,229 thousand in the same period last year, indicating a worsening financial performance[4] - Operating loss increased to HKD 18,573 thousand compared to HKD 9,170 thousand in the previous year, reflecting higher sales and administrative expenses of HKD 46,582 thousand, up from HKD 18,494 thousand[4] - Total revenue for the group for the six months ended June 30, 2024, was HKD 203,926,000, down from HKD 215,653,000 in the same period of 2023, representing a decrease of 5.4%[12] - The group reported a net loss of HKD 16,090,000 for the six months ended June 30, 2024, compared to a net loss of HKD 13,229,000 in the same period of 2023[12] Profitability - The gross profit for the period was HKD 973 thousand, significantly up from HKD 273 thousand year-on-year, indicating a notable improvement in profitability[4] - Gross profit increased from approximately HKD 9.1 million for the first half of 2023 to approximately HKD 27.0 million for the first half of 2024, with gross margin rising from 4.2% to 13.2%[30] Revenue Breakdown - Revenue from renewable energy projects decreased to HKD 168,739 thousand from HKD 209,983 thousand, highlighting challenges in this segment[10] - Renewable energy business revenue for the six months ended June 30, 2024, was HKD 168,953,000, a decrease of 19.6% from HKD 210,324,000 in the same period of 2023[12] - E-commerce business revenue surged to HKD 33,551 thousand from HKD 1,983 thousand, indicating strong growth in this area[10] - E-commerce business generated approximately HKD 33.6 million in revenue for the first half of 2024, significantly up from HKD 2.0 million in the same period of 2023[28] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 550,751 thousand, a significant increase from HKD 259,387 thousand at the end of 2023[6] - Trade receivables and other receivables rose sharply to HKD 289,874 thousand from HKD 94,038 thousand, indicating improved collection or increased sales[6] - Trade receivables, net of impairment losses, amounted to HKD 219,993,000 as of June 30, 2024, significantly up from HKD 68,315,000 as of December 31, 2023[21] - Total trade and other payables as of June 30, 2024, amounted to HKD 310.7 million, compared to HKD 105.5 million as of December 31, 2023[25] Equity and Dividends - The company’s equity increased to HKD 116,811 thousand from HKD 104,411 thousand, reflecting a strengthening balance sheet[7] - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared in the same period of 2023[20] - The company reported a loss attributable to owners of approximately HKD 11.2 million for the first half of 2024, a decrease of about 5.8% from a loss of HKD 11.9 million in the same period of 2023[30] Financial Ratios - Current ratio decreased from 1.5 as of December 31, 2023, to 1.2 as of June 30, 2024[31] - The company maintained a net debt-to-equity ratio of (47.3%) as of June 30, 2024, compared to (6.8%) as of December 31, 2023[31] Future Plans and Opportunities - The company plans to explore other business opportunities and consider asset sales, acquisitions, and diversification to enhance long-term development potential[32] Audit and Reporting - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the accounting principles and practices adopted by the company, as well as discussing audit, internal control, and financial reporting matters[39] - The interim financial report for the six months ending June 30, 2024, is currently under review by the audit committee[39] - The interim results announcement will be published on the company's website and the Hong Kong Stock Exchange website, with the interim report to be sent to shareholders[40] Other Income and Interest - Bank interest income increased to HKD 109,000 for the six months ended June 30, 2024, from HKD 33,000 in the same period of 2023[13] - The group reported a total of HKD 973,000 in other income for the six months ended June 30, 2024, compared to HKD 273,000 in the same period of 2023[13] Contracts and Placements - The company has five ongoing contracts in the renewable energy sector, with an unconfirmed contract amount of approximately RMB 392.1 million as of June 30, 2024[27] - The company completed a placement agreement on January 8, 2024, successfully placing 37,176,000 new ordinary shares at a net price of HKD 0.39 per share, raising approximately HKD 14.4 million after expenses[37] - A subscription agreement was established with an independent investor on January 8, 2024, resulting in the successful subscription of 40,000,000 new ordinary shares at a net price of HKD 0.39 per share, raising approximately HKD 15.8 million after commissions and expenses[38] Acknowledgments - The company expresses gratitude to its management, employees, shareholders, business partners, and professionals for their support during the period[41]

Financial Performance - The renewable energy business generated approximately HK$332.5 million in revenue for 2023, up from HK$201.8 million in 2022, reflecting a growth of 64.5%[20] - The renewable energy business contributed approximately HK$332.5 million in revenue for the year ended December 31, 2023, compared to HK$201.8 million in 2022, marking an increase of approximately 64.6%[22] - The Group's total revenue for the year ended December 31, 2023, was approximately HK$345.8 million, up from HK$213.4 million in 2022, representing an increase of approximately 62%[26] - The e-commerce business generated approximately HK$12.0 million in revenue for the year ended December 31, 2023, an increase from HK$10.0 million in 2022, reflecting a growth of 20%[24] - The building information modeling services revenue decreased to approximately HK$1.3 million in 2023 from HK$1.6 million in 2022, a decline of about 18.8%[25] Financial Position - The current ratio improved to 1.5 as of December 31, 2023, compared to 1.3 as of December 31, 2022[36] - The gearing ratio increased to 37.3% as of December 31, 2023, from 30.1% in 2022[36] - The net debt to equity ratio improved to (6.8%) as of December 31, 2023, compared to 23.9% in 2022, indicating a stronger equity position[36] - The Group had no capital commitments or contingent liabilities as of December 31, 2023[39][41] - As of December 31, 2023, the Company's distributable reserves amounted to approximately HK$95.9 million, an increase from HK$94.0 million as of December 31, 2022[109] Business Strategy and Market Outlook - The management is committed to investing in development projects with economic growth potential to expand revenue sources and improve profitability, particularly in the PRC renewable energy market[12] - The overall macroeconomic situation and external environment remained challenging, impacting the productivity and profitability levels of the renewable energy industry[18] - The Group's business strategy focuses on enhancing operating capability and efficiency to maintain steady progress in overall performance despite external challenges[18] - The long-term prospect of the PRC renewable energy market is viewed as promising due to favorable government policies and continuous economic growth[12] - The Group is committed to enhancing profitability and exploring new business opportunities, including asset disposals, acquisitions, and diversification[51] Corporate Governance and Management - The company has established written guidelines for relevant employees regarding their dealings in the securities of the company, in compliance with the CG Code[178] - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2023[181] - The Board is currently seeking suitable candidates to fill the vacancies of Chairman and Chief Executive Officer following the passing of Ms. Du Yi and the resignation of Dr. Ho Chun Kit Gregory[188] - The Board members are sharing the responsibilities of the Chairman and Chief Executive Officer among themselves[188] - The company is committed to ensuring good corporate governance practices and procedures are established and discussed in Board meetings[196] Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended December 31, 2023[98] - The Company did not recommend the payment of a final dividend for the year ended December 31, 2023[104] - As of December 31, 2023, CT Vision Investment holds 479,160,000 shares, representing 56.32% of the company's total shareholding[148] - Dr. Ho Chun Kit Gregory and Mr. Wu Rui each hold 448,000 shares in CT Vision Investment, accounting for approximately 22.4% and 7.8% respectively[145] - Ms. Lin beneficially owns 44.80% of the issued share capital of CT Vision Investment, indicating significant shareholder concentration[150] Risk Management and Compliance - The company has implemented risk management and internal control systems as part of its daily operations[183] - The company maintained compliance with the listing rules and corporate governance standards throughout the reporting period[181] - The company confirmed that all directors complied with the Model Code for Securities Transactions during the year ended December 31, 2023[177] - There were no significant related party transactions that required disclosure as connected transactions under the Listing Rules during the year[158] - The company is not aware of any tax relief available to shareholders due to their holding of the Company's shares[107]

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 345.847 million, an increase of 62% compared to HKD 213.379 million in 2022[15] - The gross profit margin decreased from approximately 7.1% in 2022 to about 6.0% in 2023, primarily due to changes in the revenue mix[4] - The operating loss for the year was HKD 19.792 million, a significant improvement from an operating loss of HKD 38.709 million in 2022[15] - The net loss attributable to the company's owners for continuing operations was HKD 21.600 million, compared to HKD 37.964 million in the previous year, reflecting a reduction of 43%[23] - The total comprehensive loss for the year was HKD 25.550 million, down from HKD 100.179 million in 2022, indicating a substantial improvement[23] - The company reported a total loss of HKD 90,984,000 for the year, with a loss from continuing operations in the e-commerce segment amounting to HKD 5,311,000[34] - The company reported a loss attributable to shareholders of HKD 21.6 million in 2023, significantly improved from a loss of HKD 87.5 million in 2022, representing a reduction of 75.7%[87] Revenue Breakdown - Total revenue for the year ended December 31, 2022, was HKD 297,485,000, with a significant contribution from renewable energy business at HKD 201,784,000, representing approximately 67.8% of total revenue[34] - Revenue from renewable energy power stations increased to HKD 331,815,000 in 2023, up from HKD 200,983,000 in 2022, reflecting a growth of approximately 65.3%[50] - Renewable energy business contributed approximately HKD 332.5 million in revenue for the year ended December 31, 2023, up from HKD 201.8 million in 2022, representing a growth of 64.6%[69] - The e-commerce business generated revenue of approximately HKD 12.0 million for the year ended December 31, 2023, compared to HKD 10.0 million in 2022, reflecting a growth of 20%[96] - For the year ended December 31, 2023, the group's revenue was approximately HKD 345.8 million, an increase from HKD 213.4 million in 2022, primarily driven by a rise in renewable energy business revenue of approximately HKD 130.8 million[119] Assets and Liabilities - The total assets decreased from HKD 331.274 million in 2022 to HKD 259.387 million in 2023, a decline of approximately 22%[24] - The company’s total liabilities decreased to HKD 154,976,000 in 2023 from HKD 235,943,000 in 2022, indicating a reduction of about 34.3%[45] - The company’s equity increased from HKD 95.331 million in 2022 to HKD 104.411 million in 2023, reflecting a growth of approximately 9%[24] - Trade receivables decreased to HKD 75.2 million in 2023 from HKD 102.7 million in 2022, a decline of 26.8%[88] Cash Flow and Financing - The cash and bank balances increased significantly from HKD 4.454 million in 2022 to HKD 46.551 million in 2023[24] - The company completed a subscription agreement on January 8, 2024, for up to 40 million new shares at a subscription price of HKD 0.40 per share, raising approximately HKD 15.5 million for general working capital[6] - The net proceeds from the subscription and placement of shares amounted to approximately HKD 50.1 million, with about HKD 38.9 million allocated for the development of renewable energy business and HKD 11.2 million for general working capital[128] Expenses and Costs - Sales and administrative expenses decreased by approximately HKD 13.7 million to about HKD 37.6 million, a reduction of 26.7% compared to 2022[73] - Interest expenses for the year totaled HKD 1,375,000, with HKD 778,000 attributed to the renewable energy segment[34] - The company recorded a net impairment loss on trade receivables and contract assets of HKD 3,427,000, primarily from the renewable energy business[34] Tax and Government Subsidies - The effective tax rate for the year was impacted by deferred tax liabilities, resulting in a total income tax expense of HKD 1,888,000 for 2023[40] - The company received government subsidies totaling approximately HKD 460,000 in 2023, compared to HKD 1,216,000 in 2022, showing a decline of about 62.1%[55] Operational Metrics - The current ratio improved to 1.5 in 2023 from 1.3 in 2022, indicating better short-term financial health[100] - The leverage ratio increased to 37.3% in 2023 from 30.1% in 2022, suggesting a higher level of debt relative to equity[100] - The net debt-to-equity ratio improved to (6.8)% in 2023 from 23.9% in 2022, indicating a reduction in net debt[100] - The interest coverage ratio was (20.4) in 2023, compared to (28.5) in 2022, reflecting a decrease in the ability to cover interest expenses[100] Future Outlook and Strategy - The group aims to enhance profitability by exploring other business opportunities and considering asset sales, acquisitions, and diversification strategies[126] - The group has no significant post-balance sheet events as of the announcement date[109] - The group has no foreign currency hedging policy in place as of December 31, 2023, but will monitor foreign currency risks closely[124] Workforce - The group had 24 employees as of December 31, 2023, and offers a competitive compensation package based on market levels and performance[102] Dividend Policy - The company does not recommend the payment of a final dividend for the year ended December 31, 2023[110] Audit and Governance - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ended December 31, 2023[115]

Financial Performance - For the six months ended June 30, 2023, the loss attributable to owners of the Company was HK$11,944,000, a decrease of 79.3% compared to HK$57,828,000 for the same period in 2022[7]. - Basic loss per share for the six months ended June 30, 2023, was HK$1.57, down from HK$7.60 in 2022, reflecting a 79.3% improvement[7]. - The loss attributable to owners of the Company for the period was approximately HK$11.9 million, a decrease of approximately 24.2% from HK$15.7 million in the corresponding period in 2022[51]. - The company reported a basic loss per share of HK1.57 cents for the first half of 2023, compared to HK2.07 cents in the same period of 2022[70]. - The Group's loss attributable to owners for the six months ended June 30, 2023, was approximately HK$11.9 million, representing a decrease of approximately 79.3% from a loss of approximately HK$57.8 million in the same period of 2022[101]. - The company reported a total comprehensive loss of HK$17,749,000 for the period, down from HK$64,888,000 in the same period of 2022, reflecting a significant improvement[179]. Revenue and Business Segments - For the six months ended 30 June 2023, the Group's revenue was approximately HK$215.7 million, representing an increase of approximately 109.8% compared to HK$102.8 million in the same period of 2022[54]. - The renewable energy business contributed approximately HK$210.3 million in revenue for the first half of 2023, up from HK$96.0 million in the first half of 2022[60]. - The e-commerce business generated approximately HK$2.0 million in revenue for the first half of 2023, a decrease from HK$5.5 million in the first half of 2022[61]. - Other businesses contributed approximately HK$3.3 million in revenue in the first half of 2023, an increase from HK$1.3 million in the first half of 2022[101]. - The geographical revenue breakdown shows that revenue from the PRC was HK$215.7 million, while there was no revenue from Hong Kong and Saipan during the reporting period[31]. Expenses and Costs - Total staff costs for the period were HK$9,467,000, a significant decrease of 65.1% from HK$27,140,000 in the previous year[15]. - Selling and administrative expenses decreased by approximately HK$6.0 million to approximately HK$18.5 million compared to HK$24.5 million in the previous corresponding period[82]. - Cost of inventories recognized as an expense increased to HK$3,610,000, up 52.5% from HK$2,364,000 in 2022[14]. - Interest on discounted bills amounted to HK$627,000, compared to no interest recorded in the previous year[11]. - Depreciation of right-of-use assets and property, plant, and equipment totaled HK$2,070,000 for the current period, a decrease from HK$2,392,000 in 2022[14]. Assets and Liabilities - Total liabilities increased to HK$322,541,000 as of June 30, 2023, compared to HK$235,943,000 at the end of 2022, reflecting a rise of 36.6%[183]. - Total assets increased to HK$400,123,000 as of June 30, 2023, up from HK$331,274,000 at December 31, 2022, representing a growth of 20.8%[184]. - Cash and cash equivalents at the end of the period were HK$33,051,000, up from HK$3,434,000 at the end of June 2022, indicating a substantial increase[168]. - Contract assets surged to HK$232,757,000, up 45% from HK$160,489,000 at the end of 2022[184]. - Total equity decreased to HK$77,582,000 from HK$95,331,000, reflecting a decline of 18.6%[184]. Corporate Governance and Compliance - The interim report confirms compliance with Hong Kong Accounting Standards, indicating no significant issues found[132]. - The report emphasizes corporate governance and compliance with relevant regulations, reflecting the company's commitment to ethical practices[146]. - The Audit Committee has reviewed the interim financial report, which complies with Hong Kong Accounting Standard 34[150]. - The company maintained the prescribed public float under the Listing Rules from the Listing Date up to the date of the interim report[147]. Future Outlook and Strategic Focus - The Group aims to leverage its extensive experience in solar PV and wind projects to capitalize on development opportunities arising from the renewable energy sector's growth, as outlined in Jiangsu Province's carbon peaking goals[110]. - The Group's strategic focus includes diversifying investments into quality industries and responding proactively to market changes to promote sustainable development[93]. - The Group plans to prioritize the sales of popular products with considerable market share and low user education costs, including 3C digital products, kitchen products, and maternity products, to explore more business opportunities in e-commerce[114]. - The company is actively negotiating various types of projects, including tunnel operation and maintenance management systems, smart campus management systems, and digital street projects, to diversify business risks in the second half of 2023[117]. Shareholding and Ownership - CT Vision Investment holds a beneficial interest of 389,160,000 shares, representing 51.15% of the company's total shareholding[143]. - Ms. Lin Zhiling beneficially owns 44.80% of the issued share capital of CT Vision Investment, thus deemed to have an interest in all shares held by it[145]. - The company has substantial shareholders, including Mr. Guo Hongan and Condover Assets Limited, each holding 60,000,000 shares (7.89%) and 58,092,000 shares (7.64%) respectively[143]. Changes in Management - Changes in directors included the resignation of Mr. Wong Kee Chung and the appointment of Mr. Sun Dexin as an executive director on March 7, 2023[149].