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 部分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。 CT Vision S.L. (International) Holdings Limited 中天順聯（國際）控股有限公司 （於開曼群島註冊成立之有限公司） 994 （股份代號： ） 2023 6 30 截至 年 月 日止六個月之 未經審核中期業績公告 中期業績 中天順聯（國際）控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 2023 6 30 司及其附屬公司（統稱為「本集團」）截至 年 月 日止六個月的未經審核簡明綜 2022 合中期業績，連同 年同期的比較數字。 ...

Financial Performance - The Group's revenue for the year ended December 31, 2022, was HK$2,520,000, reflecting a significant increase compared to the previous year[20]. - The Group's financial statements for the year ended December 31, 2022, have been audited and submitted by the Board[81]. - The Group's five largest customers accounted for approximately 79.1% of total revenue for the year ended December 31, 2022, up from 62.7% in 2021, with the largest customer contributing 32.1% of total revenue[82]. - The construction business experienced a substantial revenue drop due to pandemic-related delays and increased costs, leading to a decision to cease further investments and sell the construction business on November 29, 2022[141]. - During the year ended December 31, 2022, the foundation works and ancillary services projects generated approximately HK$47.0 million in revenue, a decrease from HK$135.7 million in 2021[198]. - The general building works segment contributed approximately HK$37.1 million in revenue from 3 projects in 2022, up from HK$12.7 million from 2 projects in 2021[199]. Governance and Management - The Board consists of 9 members, with 8 male directors and 1 female director, all possessing university-level education and relevant professional qualifications[4]. - The Company has established a risk management policy to identify, assess, and manage key business risks[9]. - The Directors acknowledge their responsibility for preparing financial statements that provide a true and fair view of the Group's financial position[24]. - The governance structure and biographies of directors and senior management are detailed, showcasing their extensive experience in various sectors[46]. - The governance and management team includes professionals with significant expertise in finance and corporate governance, enhancing the company's strategic direction[46]. - The Board emphasizes the importance of governance and strategic oversight in achieving the Group's long-term objectives[81]. Sustainability and ESG Initiatives - The Group is committed to long-term sustainability and has assigned an ESG Responsible Person to evaluate corporate performance on relevant ESG issues[30]. - The Environmental, Social, and Governance (ESG) report for the year ending December 31, 2022, highlights the group's sustainability measures and performance[43]. - The ESG report was prepared in accordance with the Hong Kong Stock Exchange's Listing Rules, focusing on environmental and social measures during 2022[44]. - The company is committed to sustainable development and regularly reports on its ESG initiatives to stakeholders[43]. - The Group's commitment to the "Dual Carbon" targets aligns with national policies, suggesting a strategic focus on renewable energy and sustainability[144]. - The Group's renewable energy business is expected to benefit from government policies aimed at achieving carbon neutrality and increasing renewable energy generation[174]. Business Segments and Strategy - The Group is engaged in multiple business segments, including building construction, renewable energy, e-commerce, and building information modeling services[31]. - The Group plans to reallocate internal resources to renewable energy, e-commerce, and building information modeling services after divesting its building construction business[63]. - The Group aims to diversify investments in high-quality industries and respond proactively to market changes and challenges to promote sustainable development[63]. - The Group anticipates significant growth opportunities in digital agriculture and marine economy, leveraging China's push for agricultural digitization to expand its e-commerce business[121]. - The Group is actively expanding its e-commerce business through partnerships, aiming to diversify business risks and enhance economic benefits[146]. - The Group's investment holding company structure supports its diverse business activities, including construction, renewable energy, and e-commerce[82]. Challenges and Risks - The construction business faced significant delays and increased costs due to strict social distancing measures during the pandemic, impacting overall revenue[111]. - The COVID-19 pandemic has significantly impacted the progress of the construction project, causing further delays due to travel restrictions and supply chain disruptions[186]. - The management expresses gratitude to stakeholders for their support, reinforcing the importance of collaboration in navigating the business environment[152]. - The management is actively discussing the project's progress and associated costs due to delays and uncertainties[189]. Research and Development - The Group has increased its investment in research and development, expanding its application scope in various industries, signing contracts for projects in park, city bus, metro, and port sectors[63]. - Increased investment in research and development has led to contracts in various projects, including smart buildings and digital twin systems, indicating a focus on innovation and technology[149]. Customer and Supplier Relationships - The company has entered into an agreement to ensure the recoverability of outstanding amounts from Customer A, involving a repayment schedule[191]. - The company has established a security agreement to enforce repayment obligations from Customer A in case of default[190]. - The five largest suppliers accounted for approximately 96.8% of total material costs, with the largest supplier contributing 50.8%, significantly up from 15.2% in 2021[82]. Divestment and Future Plans - The construction business was disposed of on November 29, 2022, due to continuous losses over three financial years and increased costs from the COVID-19 pandemic[112]. - The Group plans to establish more renewable energy power plants, anticipating growth driven by the 14th Five-Year Plan for Renewable Energy Development, which aims for annual electricity generation from renewable sources to reach approximately 3.3 trillion kilowatt hours by 2025[116][118]. - The Group entered a memorandum of understanding with Huaji Science and Technology to expand into China's smart fisheries market, leveraging technological achievements to create a digital ecosystem for the fisheries industry[119]. - The Company entered into a sale and purchase agreement on November 29, 2022, to sell 100% equity interest in Win Win Way Investment for HK$56,436,592[165].

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，概不就因本公告全部或任何 部分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。 CT Vision S.L. (International) Holdings Limited 中天順聯（國際）控股有限公司 （於開曼群島註冊成立之有限公司） 994 （股份代號： ） 2022 12 31 截至 年 月 日止年度的 年度業績公告 年度業績 中天順聯（國際）控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 2022 12 31 司及其附屬公司（統稱為「本集團」）截至 年 月 日止年度的經審核綜合年度業 2021 12 31 績，連同截至 年 月 日止年度的比較數字。 ...

Financial Performance - Revenue for the six months ended June 30, 2022, amounted to approximately HK$140.4 million, representing an increase of approximately 3.5% compared to HK$135.7 million in the corresponding period in 2021[11]. - Loss attributable to owners of the Company for the same period was approximately HK$57.8 million, an increase of approximately 37.6% compared to HK$42.0 million in 2021[11]. - Basic loss per share for the six months ended June 30, 2022, was HK7.60 cents, compared to HK5.53 cents in the corresponding period in 2021[11]. - The Group's gross profit decreased from approximately HK$2.6 million in the first half of 2021 to a gross loss of approximately HK$22.8 million in the first half of 2022, resulting in a gross profit margin decline from approximately 1.9% to a gross loss margin of approximately 16.2%[43]. - The company reported a total comprehensive loss for the period of HK$64,888,000, compared to HK$42,355,000 in the previous year[130]. - Operating loss increased to HK$57,848,000 from HK$42,183,000 year-on-year, reflecting a worsening operational performance[130]. - Total assets decreased to HK$441,110,000 as of June 30, 2022, down from HK$461,170,000 at the end of 2021[135]. - Total equity decreased to HK$130,622,000 from HK$195,510,000 at the end of 2021, indicating a decline in shareholder value[135]. - Current liabilities increased to HK$303,597,000 from HK$261,578,000, reflecting a rise in short-term financial obligations[137]. - Cash and bank balances significantly decreased to HK$3,434,000 from HK$20,911,000, indicating liquidity challenges[135]. Revenue Breakdown - In the first half of 2022, the foundation works and ancillary services projects generated revenue of approximately HK$27.5 million, a decrease from approximately HK$96.3 million in the first half of 2021[23]. - The general building works segment contributed revenue of approximately HK$10.1 million in the first half of 2022, compared to HK$8.5 million in the same period of 2021[24]. - The renewable energy business saw a significant revenue increase to approximately HK$96.0 million in the first half of 2022, up from approximately HK$11.6 million in the first half of 2021[26]. - The e-commerce business generated approximately HK$5.5 million in revenue in the first half of 2022, down from HK$18.6 million in the same period of 2021[31]. - The building information modeling business contributed approximately HK$1.3 million in revenue for the first half of 2022, compared to HK$0.8 million in the first half of 2021[35]. - Revenue from construction contracts amounted to HK$140,007,000, a slight increase from HK$135,446,000 in the previous year[161]. - Revenue from renewable energy systems surged to HK$95,579,000, up from HK$11,322,000, indicating a growth of over 746%[161]. - Revenue from external customers in Hong Kong was HK$31,474,000, significantly down from HK$104,716,000 in the previous year[186]. - Revenue from the PRC increased to HK$102,770,000, up from HK$31,031,000 in the same period last year[186]. Project Delays and Challenges - The Group's construction project in Saipan has faced delays due to inclement weather, visa policy changes, design alterations, and COVID-19 impacts[15][16]. - The completion date for the Saipan project has been extended multiple times, with the latest expected completion in the 2020 financial year[15]. - The COVID-19 pandemic has significantly disrupted construction-related supply chains, affecting material and labor availability[16]. - The completion of a major construction project has been delayed to December 2023 due to a new advisory services agreement with a renowned hotel brand management company[20]. - The project originally scheduled for completion in 2020 has faced multiple delays due to adverse weather, changes in design, and COVID-19 related supply chain disruptions[18]. - The construction works under the building work business were significantly delayed due to the fifth wave of the pandemic, resulting in increased construction costs[64]. Financial Ratios and Position - The Group's current ratio decreased from 1.6 as of December 31, 2021, to 1.3 as of June 30, 2022[52]. - The gearing ratio increased from 22.9% as of December 31, 2021, to 50.4% as of June 30, 2022[52]. - The net debt to equity ratio rose from 12.0% as of December 31, 2021, to 46.1% as of June 30, 2022[52]. - The Group's interest coverage ratio was (95.6) for the six months ended June 30, 2022, compared to (40.0) for the corresponding period in 2021[52]. - Current ratio decreased from 1.6 as of December 31, 2021, to 1.3 as of June 30, 2022, due to a decrease in cash and bank balances and an increase in amounts due to the immediate holding company[53]. - Gearing ratio increased from 22.9% as of December 31, 2021, to 50.4% as of June 30, 2022, primarily due to a decrease in equity[56]. - Net debt to equity ratio rose from 12.0% as of December 31, 2021, to 46.1% as of June 30, 2022[56]. Corporate Governance and Management - The Board did not recommend the payment of a dividend for the six months ended June 30, 2022, consistent with the previous year[11]. - The Group did not have any significant investments, material acquisitions, or disposals of subsidiaries during the six months ended June 30, 2022[62]. - The Company complied with all applicable code provisions as set out in the Corporate Governance Code during the six months ended June 30, 2022[111]. - The Audit Committee reviewed the unaudited interim financial report for the six months ended June 30, 2022 with no disagreements noted[126]. - On 30 June 2022, Dr. Lin Tat Pang was appointed as an independent non-executive Director and chairman of the remuneration committee[117]. - On 30 June 2022, Ms. Yip Man Shan resigned as a non-executive Director[118]. - The Company adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during the period[113]. - There were no material subsequent events undertaken by the Company or the Group after 30 June 2022 up to the date of this interim report[116]. Strategic Initiatives and Future Outlook - The Group has entered a memorandum of understanding with Huaji Science and Technology to expand its business into China's smart fisheries market, leveraging technological achievements for revenue growth[74][77]. - The development of digital agriculture and the marine economy presents substantial growth opportunities for the Group's e-commerce business, aligning with national development strategies[75]. - The Group has increased its investment in research and development, signing contracts for various projects in smart city and transportation sectors, enhancing its building information modeling services[81][82]. - Future strategies include diversifying investments into quality industries and exploring new technologies to promote sustainable development and contribute to economic transformation[83][84]. - Increased investment in the new energy market is anticipated due to favorable national policies and cost reductions, although there are risks of deteriorating profitability amid intensified competition[73][76]. Shareholding Structure - Dr. Ho Chun kit Gregory holds 448,000 shares, representing 22.4% of total interests in CT Vision Investment Limited[90]. - Mr. Wu Rui owns 156,000 shares, accounting for 7.8% of total interests in CT Vision Investment[90]. - CT Vision Investment holds 389,160,000 shares, which is 51.15% of the company's total shareholding[94]. - Condover Assets Limited has a beneficial interest of 71,880,000 shares, equating to 9.45% of the company's shareholding[94]. - Forwin Credit Limited and BC Financial Group Limited each hold a security interest of 71,880,000 shares, representing 9.45% of the company's shareholding[96]. - Mr. Guo Hongan has a beneficial interest of 60,000,000 shares, which is 7.89% of the total shareholding[96]. - Ms. Lin Zhiling beneficially owns 44.80% of the issued share capital of CT Vision Investment[96]. - Dr. Kan Hou Sek beneficially owns 331 shares held by Condover Assets, which is 0.03% of the issued share capital[96]. - Mr. Lee Sai Man also beneficially owns 331 shares held by Condover Assets, representing 0.03% of the issued share capital[96]. - Mr. Wong Siu Kwai holds 331 shares in Condover Assets, equivalent to 0.03% of the issued share capital[96].

Revenue and Business Performance - The revenue from the building construction business improved, with 5 new contracts for foundation works and 1 new contract for general building work awarded during the year[24]. - For the year ended 31 December 2021, the Group's revenue amounted to approximately HK$355.5 million, an increase of 41.7% from HK$250.9 million in 2020[77]. - The renewable energy business contributed approximately HK$177.2 million in revenue, up 45% from HK$122.4 million in 2020, with a total of 7 contracts on hand valued at approximately RMB200.2 million[75]. - The e-commerce business generated approximately HK$25.7 million in revenue, a significant increase from HK$3.0 million in 2020[75]. - The building information modeling business contributed approximately HK$4.2 million in revenue, up from HK$1.2 million in 2020[75]. - The general building works segment contributed approximately HK$12.7 million in revenue from 2 projects in 2021, up from HK$9.6 million from 4 projects in 2020[71]. Project Updates and Challenges - The Saipan Project resumed in January 2022, expected to contribute positively to the Group's results in the coming year[25]. - The completion of a significant construction project in Saipan has been delayed due to various factors, including COVID-19, with an expected completion within 18 months upon resumption of work[55]. - The ongoing COVID-19 pandemic and related travel restrictions have negatively impacted the construction business, particularly in Hong Kong, with expected continued effects into the first half of 2022[46]. - The construction project originally scheduled for completion in February 2018 has been delayed to the fiscal year 2020 due to adverse weather, visa issues, and design changes[56]. - The project was further delayed by COVID-19 restrictions, with a new estimated completion timeline of 18 months post-resumption, which began in January 2022[57][65]. Financial Position and Performance - The Group recorded a loss attributable to owners of approximately HK$100.8 million, compared to a loss of approximately HK$55.5 million in 2020[82]. - The gross loss decreased from approximately HK$30.4 million in 2020 to approximately HK$9.5 million in 2021, with the gross loss margin improving from 12.1% to 2.7%[78]. - Selling and administrative expenses increased by approximately HK$30.7 million to approximately HK$89.3 million, compared to HK$58.6 million in the previous year[79]. - The current ratio decreased from 2.2 in 2020 to 1.6 in 2021, while the gearing ratio improved from 29.0% to 22.9%[85]. - The net debt to equity ratio improved from 17.5% in 2020 to 12.0% in 2021[85]. Strategic Initiatives - The Group anticipates that the "Dual Carbon" objective will create new opportunities for its renewable energy business[32]. - The Group aims to expand its e-commerce business to diversify economic benefits and mitigate business risks[35]. - The Group plans to strengthen its e-commerce business through strategic cooperation with advanced merchants and aims to establish self-branded merchandise over the next three years[114]. - The Group expects to promote building information modeling technologies to government authorities and clients to enhance project operation management and cost savings[39]. - The Group has completed product research and development for building information modeling services and has entered into contracts for various projects, including BIM technical services and smart construction management platforms[115]. Governance and Management - The company has a diverse board with extensive experience in construction, property consultancy, and business development across multiple regions[142][144][148]. - The management team includes professionals with significant backgrounds in finance, strategy, and corporate governance[156]. - The company is focused on maintaining high standards of corporate governance through the expertise of its independent non-executive directors[169]. - The board composition reflects a commitment to governance and strategic oversight in the company's operations[156]. - The company emphasizes the importance of legal and financial expertise in navigating complex market conditions and regulatory environments[161]. Customer and Supplier Concentration - For the year ended December 31, 2021, the Group's five largest customers accounted for approximately 62.7% of total revenue, down from 84.1% in 2020[182]. - The largest customer contributed approximately 18.7% of total revenue, a decrease from 34.5% in 2020[182]. - The Group's five largest subcontractors accounted for approximately 85.7% of total subcontracting fees, slightly down from 85.8% in 2020[182]. - The largest subcontractor accounted for approximately 53.1% of total subcontracting fees, up from 45.3% in 2020[182]. - The five largest suppliers accounted for approximately 57.5% of total material costs, down from 76.9% in 2020[183]. Audit and Financial Reporting - The auditor's report for the year ended 31 December 2021 states that the consolidated financial statements give a true and fair view of the Group's financial position[125]. - The qualification in the auditor's report is due to the inability to perform satisfactory audit procedures for the financial year ended 31 December 2019, which may affect the financial performance for FY2020[125]. - The management believes that the qualification will be removed in the auditors' report for the year ended 31 December 2022, as it has no effect on the consolidated financial statements since FY2021[127]. - The audit committee concurs with the management's position regarding the qualification and its potential impact on financial performance[128]. - The audit committee has reviewed and agreed with the management's stance on the qualification[133].

Financial Performance - Revenue for the six months ended June 30, 2021, amounted to approximately HK$135.7 million, representing an increase of approximately 76.9% compared to HK$76.7 million in the corresponding period in 2020[19] - Loss attributable to owners of the Company for the six months ended June 30, 2021, was approximately HK$42.0 million, a decrease of approximately 19.2% from HK$52.0 million in the corresponding period in 2020[19] - Basic loss per share for the six months ended June 30, 2021, was HK5.53 cents, compared to earnings of HK8.49 cents in the corresponding period in 2020[19] - The gross profit for the period was HK$2,605,000, compared to a gross loss of HK$33,733,000 in the previous year, indicating a significant turnaround[113] - The total comprehensive loss for the period was HK$42,355,000, compared to HK$52,946,000 in the same period of 2020, showing a decrease of about 20%[113] - The loss before income tax was HK$43,847,000, an improvement from a loss of HK$52,244,000 in the prior year, reflecting a reduction of approximately 16%[113] Revenue Breakdown - In the first half of 2021, foundation works and ancillary services projects contributed approximately HK$96.3 million in revenue, compared to approximately HK$54.5 million in the first half of 2020[36] - The renewable energy business contributed approximately HK$11.6 million in revenue in the first half of 2021, down from approximately HK$22.2 million in the first half of 2020[36] - Revenue from construction contracts increased significantly to HK$135,446,000, up from HK$76,397,000, marking an increase of approximately 77.3%[138] - Revenue from external customers in Hong Kong was HK$104,716,000, compared to HK$54,533,000 in the same period of 2020, indicating a growth of 92%[164] - Revenue from external customers in the PRC was HK$31,031,000, up from HK$22,175,000 in the previous year, marking an increase of 40%[164] Strategic Focus and Business Development - The Company is focused on expanding its renewable energy and e-commerce businesses as part of its growth strategy[21] - The Company aims to enhance its market position through strategic partnerships and potential acquisitions in the construction and renewable energy sectors[21] - The Group plans to strengthen its e-commerce business expansion and establish self-branded merchandise over the next three years[73] - The Group will continue to pursue opportunities in the e-commerce industry while developing its existing construction and renewable energy businesses[81][83] Operational Challenges - The Group's construction project in Saipan faced delays due to inclement weather, visa policy changes, and design modifications, with the completion date extended to the 2020 financial year[22] - The Group's construction-related supply chains have been disrupted due to COVID-19, affecting project timelines and costs[25] - The project is still under suspension, with expectations to resume in January 2022 based on current information[30] Financial Position and Ratios - As of June 30, 2021, the Group had cash and bank balances of approximately HK$7.3 million, down from approximately HK$33.7 million as of 31 December 2020[54] - The current ratio decreased from 2.2 as of 31 December 2020 to 2.0 as of 30 June 2021, while the gearing ratio increased from 29.0% to 32.4%[53] - The net debt to equity ratio rose from 17.5% as of 31 December 2020 to 29.3% as of 30 June 2021, indicating increased leverage[53] - Total equity attributable to owners of the company decreased to HK$254,950,000 from HK$295,584,000, a decline of approximately 13.8%[117] Employee and Operational Metrics - The Group had 127 employees as of June 30, 2021, an increase from 99 employees as of December 31, 2020[58] - Staff costs increased to HK$29,834,000 in the first half of 2021, up from HK$27,634,000 in the prior year, with salaries and wages accounting for HK$29,085,000[175] Corporate Governance and Compliance - The company complied with all code provisions set out in the Code on Corporate Governance Practices except for a temporary non-compliance regarding the composition of the Board[99] - The non-compliance was rectified upon the resignation of Mr. Lee Kai Lun as executive Director on July 6, 2021[99] - The company has adopted the Model Code for Securities Transactions by Directors as its own code of conduct[99] Future Outlook - The management is optimistic about future growth prospects, driven by increased demand in the construction and renewable energy markets[21] - The renewable energy business is expected to benefit from China's commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2060[72] - The Saipan project is scheduled to resume in January 2022, which is expected to contribute positively to the Group's results in the coming year[70]

Financial Performance - For the year ended December 31, 2020, the Group's revenue amounted to approximately HK$250.9 million, an increase from HK$246.9 million in 2019, primarily due to an increase in renewable energy business revenue of approximately HK$85.6 million[60]. - The Group recorded a gross loss of approximately HK$30.4 million for the year ended December 31, 2020, down from a gross profit of approximately HK$24.0 million in 2019, resulting in a gross profit margin decrease from approximately 9.7% to a gross loss margin of about 12.1%[60]. - The Group recorded a loss attributable to owners of the Company of approximately HK$55.5 million for the year, an improvement from a loss of approximately HK$108.1 million in 2019[63]. - Selling and administrative expenses increased by HK$13.0 million to approximately HK$58.6 million, compared to approximately HK$45.6 million in the previous year[62]. - The Group's financial positions were affected by a reduction in revenue and government grants related to COVID-19, as disclosed in the relevant notes[55]. Impact of COVID-19 - The construction activities were halted from January 2020 to April 2020 due to mandatory government quarantine measures, which disrupted supply chains and delayed project progress[25]. - The COVID-19 pandemic led to a halt in construction activities from January 2020 to April 2020, negatively impacting the Group's financial performance and operations[55]. - The uncertain economic outlook led to a significant reduction in the number of projects available for tender and a decline in profit margins for construction projects[26]. - The Group faced a significant decline in the number of projects available for tender due to the COVID-19 pandemic and Sino-US trade disputes, resulting in only seven new contracts awarded for foundation works[86]. - The management acknowledges the profound impact of the COVID-19 pandemic and anticipates a gradual recovery in global economic activities, while adapting to the "New Normal" of co-existing with the virus[41][43]. Business Diversification and Development - The Group plans to adopt energy-saving measures and building information models to enhance competitiveness in tendering for construction contracts[27]. - The management is developing energy storage projects based on the original clean energy business in response to opportunities from the PRC's macroeconomic policies[32]. - On June 29, 2020, the Company entered into cooperation agreements with SPIC Beijing and CATL to develop Energy Storage Projects, diversifying revenue risks and enhancing the renewable energy business[33][34]. - The Company is expanding its renewable energy business by developing domestic grid energy storage projects, leveraging opportunities from China's macroeconomic policies and government support[34]. - To broaden its revenue base, the Company established CT Shunlian in partnership with Zhejiang Shunlian to provide procurement and consultation services to e-commerce companies, tapping into the potential of the e-commerce industry in China[35][36]. Contracts and Projects - As of December 31, 2020, the Group had a total of 15 contracts on hand, an increase from 12 contracts in 2019, with a total contract sum yet to be recognized amounting to approximately HK$440.1 million, down from HK$469.6 million in 2019[55]. - The foundation works and ancillary services projects contributed revenue of approximately HK$114.8 million in 2020, a decrease from HK$143.5 million in 2019, with 19 projects completed compared to 18 in the previous year[55]. - General building works generated revenue of approximately HK$9.6 million in 2020, significantly down from HK$63.7 million in 2019, with only 4 projects completed compared to 8 in the previous year[55]. - The completion date for a major construction project was extended to 18 months after the recommencement of construction, dependent on the easing of quarantine measures and travel restrictions[53]. - The Group will continue to monitor the progress of ongoing projects closely, particularly in light of the ongoing impacts of the COVID-19 pandemic[53]. Revenue Sources and Future Outlook - The Group's renewable energy business segment is expected to play a significant role in future growth, although specific financial contributions were not detailed in the provided content[57]. - The renewable energy business contributed approximately HK$122.4 million in revenue for the year ended December 31, 2020, compared to HK$36.7 million in 2019[58]. - The e-commerce business generated approximately HK$3.0 million in revenue for the year ended December 31, 2020, compared to HK$Nil in 2019[58]. - The decrease in revenue from building construction business was approximately HK$82.9 million, which was offset by the increase in renewable energy business revenue[60]. - The board is confident in the company's outlook, supported by the development plans for Energy Storage Projects and the e-commerce business[92]. Shareholder and Governance Information - The Group's five largest customers accounted for approximately 84.1% of total revenue in 2020, up from 63.7% in 2019[147]. - The largest customer contributed approximately 34.5% of total revenue in 2020, compared to 21.1% in 2019[147]. - The Group's five largest subcontractors represented about 85.8% of total subcontracting fees in 2020, an increase from 60.9% in 2019[148]. - The largest subcontractor accounted for approximately 45.3% of total subcontracting fees in 2020, compared to 20.3% in 2019[148]. - The five largest suppliers made up approximately 76.9% of total material costs in 2020, up from 57.3% in 2019[149]. Management and Employee Information - The Group had 99 employees as of 31 December 2020, offering a competitive remuneration package based on market rates and performance[81]. - Ms. Ng has over 20 years of experience in senior positions within the finance and real estate sectors, including roles as CFO and executive director in listed companies[114]. - Mr. Wong has extensive legal experience, serving as a partner and head of the commercial department at a law firm, and has held various public service appointments[120]. - Dr. Tang has over 20 years of experience in investment and corporate management, holding senior positions in multiple companies and currently serving as chairman of Triwise Capital Management[124]. - Mr. Ng has over 20 years of experience in management and finance, previously working as a deputy general manager in a subsidiary of New World Development[128].

Financial Performance - Revenue for the six months ended June 30, 2020, amounted to approximately HK$76.7 million, representing a decrease of approximately 26.6% compared to HK$104.5 million in the corresponding period in 2019[17]. - Loss attributable to owners of the Company for the six months ended June 30, 2020, amounted to approximately HK$52.0 million, a decrease of approximately 604.9% compared to a profit of approximately HK$10.3 million in 2019[17]. - Basic loss per share amounted to HK8.49 cents for the six months ended June 30, 2020, compared to earnings of HK1.69 cents in the corresponding period in 2019[17]. - The Group's unaudited consolidated revenue for the six months ended June 30, 2020, was approximately HK$76.7 million, a decrease from approximately HK$104.5 million in the corresponding period of 2019[29]. - The gross profit margin significantly decreased from approximately 30.6% in the first half of 2019 to a gross loss margin of approximately 44.0% in the first half of 2020[29]. - The company reported a loss attributable to owners of approximately HK$52.0 million for the six months ended June 30, 2020, a decrease of about 604.9% compared to a profit of approximately HK$10.3 million in the same period of 2019[34]. - Total comprehensive expense for the period was HK$52,946,000, a significant decline from a total comprehensive income of HK$10,302,000 in the prior year[96]. - The company reported a loss of HK$51,983,000 for the six months ended June 30, 2020, compared to a profit of HK$10,341,000 in the corresponding period of 2019[177]. Impact of COVID-19 - The Group's construction activities were halted from January 2020 to April 2020 due to mandatory government quarantine measures related to the COVID-19 pandemic[21]. - The Group's financial positions and performance were affected by the pandemic, including a reduction in revenue and government grants related to COVID-19 subsidies[21]. - The ongoing impacts of the COVID-19 pandemic continue to affect the operations of the Group[21]. - The Group is closely monitoring the progress of its construction projects amid ongoing challenges[20]. - The COVID-19 pandemic disrupted construction-related supply chains, affecting the progress of the Saipan project originally scheduled to resume in mid-2020[57]. - A majority of construction activities resumed in April 2020, with one new contract awarded in July 2020, indicating a gradual recovery in the construction business[62]. - The Group plans to continue assessing the impact of the COVID-19 pandemic on its operations and financial performance[63]. Construction and Project Updates - The completion of a significant construction project has been delayed, with the new expected completion date being 18 months after the resumption of construction work[20]. - As of June 30, 2020, the Group had a total of 12 contracts on hand, with an unrecognized contract sum of approximately HK$467.9 million, down from approximately HK$506.3 million as of December 31, 2019[26]. - In the first half of 2020, the renewable energy business contributed approximately HK$22.2 million in revenue, an increase from approximately HK$19.2 million in the first half of 2019[29]. - In the first half of 2020, there were 9 foundation works and ancillary services projects contributing approximately HK$54.5 million in revenue, compared to 16 projects generating approximately HK$47.1 million in the first half of 2019[26]. - The Group recorded no revenue from general building works projects in the first half of 2020, down from approximately HK$35.3 million in the first half of 2019 due to project suspensions[26]. - Sales of piles contributed nil revenue in the first half of 2020, a decrease from approximately HK$2.9 million in the first half of 2019, attributed to decreased demand[26]. Financial Position and Ratios - The current ratio decreased from 1.6 as of December 31, 2019, to 1.5 as of June 30, 2020, due to a decrease in trade receivables[42]. - The gearing ratio increased from 51.5% as of December 31, 2019, to 80.5% as of June 30, 2020, mainly due to a decrease in equity[42]. - The net debt to equity ratio rose from 33.8% as of December 31, 2019, to 58.0% as of June 30, 2020[42]. - As of June 30, 2020, the Group had cash and bank balances of approximately HK$0.6 million, down from approximately HK$1.3 million as of December 31, 2019[43]. - The capital structure consisted of equity of approximately HK$181 million and debts of approximately HK$146 million as of June 30, 2020, compared to HK$234 million and HK$121 million, respectively, as of December 31, 2019[44]. - The interest coverage ratio was negative 19.5% as of June 30, 2020, compared to negative 21.8% as of December 31, 2019[42]. - The total consolidated assets decreased to HK$445,886,000 from HK$517,742,000, a decline of 13.9%[155]. - Consolidated liabilities were HK$264,603,000, down from HK$283,513,000, indicating a reduction of 6.7%[155]. Corporate Governance and Shareholding - The Company did not recommend the payment of an interim dividend for the six months ended 30 June 2020, consistent with the previous year where no dividend was paid[79]. - The Company complied with all code provisions of the Corporate Governance Code except for the absence of the chairlady at the annual general meeting[83][84]. - The Company entered into a subscription and placing agreement on 22 January 2020, resulting in the subscription of 77,000,000 new shares and the placing of 73,000,000 new shares at HK$0.80 per share[93]. - The total net proceeds from the Subscription and Placing amounted to approximately HK$69.76 million, with HK$51.92 million allocated for renewable energy construction projects and HK$17.84 million for general working capital[93]. - The Company confirmed compliance with the Model Code for Securities Transactions by Directors during the reporting period[85][90]. - The Directors are not aware of any other persons with interests or short positions in shares that require disclosure under the SFO provisions[76]. Employee and Operational Updates - The group employed 128 employees as of June 30, 2020, a slight decrease from 130 employees as of December 31, 2019[46]. - General and administrative expenses decreased by approximately HK$1.1 million to approximately HK$17.5 million compared to approximately HK$18.6 million in the last corresponding period[31]. - Staff costs for the period were HK$26,979,000, a decrease from HK$28,454,000, representing a reduction of 5.2%[170].

Financial Performance - Revenue from construction services dropped sharply compared to the previous year, attributed to a reduced number of projects and lower profit margins[26]. - For the year ended December 31, 2019, the Group's revenue amounted to approximately HK$246.9 million, a decrease from HK$610.8 million in 2018[68]. - The gross profit decreased from approximately HK$79.6 million in 2018 to approximately HK$24.0 million in 2019, with a gross profit margin decline from 13.0% to 9.7%[70]. - The Group recorded a loss of approximately HK$108.1 million for the year, compared to a profit of approximately HK$17.4 million in 2018[71]. - The current ratio decreased from 2.6 in 2018 to 1.6 in 2019, indicating a decline in liquidity[74]. - The gearing ratio increased from 31.9% in 2018 to 51.5% in 2019, reflecting higher leverage[74]. - The net debt to equity ratio rose from 16.6% in 2018 to 33.8% in 2019, indicating increased financial risk[74]. Contract and Project Updates - In 2019, the Group did not secure any new contracts for general building works and only obtained seven new contracts for foundation works and ancillary services, reflecting a significant decline in available projects due to market conditions[23]. - As of December 31, 2019, the company had 10 contracts on hand, with an unrecognized contract sum of approximately HK$506.3 million, up from HK$386.0 million in 2018[52][56]. - The company anticipates that new contracts signed in 2019 will generate revenue in 2020, positively impacting construction services income[31][32]. - The Saipan project is expected to resume work by the end of 2020, which will positively impact construction services income in the following year[31][32]. - The overdue trade receivables from Customer A are set to be settled in stages by March 31, 2021, with HK$103,952,000 already received[45][48]. - The completion of the affected project is now expected within 18 months after the resumption of construction work, pending visa approval processes[46][50]. Renewable Energy Initiatives - The Group plans to leverage the experience and technology of its controlling shareholder to introduce renewable energy solutions in construction, aiming to enhance competitiveness in tendering[24]. - TIEN New Energy Development Limited, a subsidiary, is expanding into renewable energy construction projects, including solar and wind power systems, to diversify income sources[29]. - The outlook for the renewable energy industry remains optimistic, supported by policies from the People's Republic of China, with expectations that this sector will drive future revenue growth for the Group[29]. - The renewable energy business is expanding, with the company signing its first wind power project contract in addition to constructing solar power stations[30]. - The renewable energy business contributed approximately HK$36.7 million in revenue for 2019, significantly up from HK$0.8 million in 2018[65]. - The renewable energy business is expected to be impacted by postponed work resumption in the first half of 2020, but overall revenue impact is deemed insignificant[101]. Management and Corporate Governance - The company changed its name from "Win Win Way Construction Holdings Ltd." to "CT Vision (International) Holdings Limited" on June 14, 2019, with the new stock short name effective from August 5, 2019[117][118]. - On 25 January 2019, CT Vision Investment acquired 51% of the company's issued share capital for HK$262,180,800, marking a significant change in controlling shareholder[105]. - Following the completion of the acquisition on February 19, 2019, Zhongtian Hongxin Investment made an unconditional mandatory cash offer for all remaining shares at HKD 0.84 per share, which closed on April 24, 2019[109]. - After the change in control, three executive directors resigned on April 26, 2019, and new appointments included Mr. Wu Rui as executive director and vice chairman, and Dr. Ho Chun Kit Gregory as executive director and CEO[112]. - The board of directors saw several changes, including the appointment of Ms. Ng Yi Kum, Estella, and Mr. Wong Wing Cheong Philip as independent non-executive directors in July 2019[116]. - The company emphasizes the importance of corporate governance with independent non-executive directors contributing to its strategic direction[143][148]. Shareholder and Financial Management - The Directors do not recommend the payment of a final dividend for the year ended 31 December 2019[171]. - As of 31 December 2019, the Company's reserves available for distribution to shareholders amounted to approximately HK$153 million, compared to HK$161 million as of 31 December 2018[173]. - The company issued 100,000,000 shares at a subscription price of HK$0.84 each, receiving net proceeds of approximately HK$81.3 million after deducting issuing expenses[81]. - The proposed application of the net proceeds included HK$20.0 million for the settlement of potential acquisition consideration and HK$61.3 million for general working capital, with actual usage matching the proposed amounts as of 31 December 2019[83]. - The maximum number of shares that may be issued upon exercise of all options under the Scheme is capped at 10% of the total shares in issue on the Listing Date, which amounts to 51,200,000 shares[184]. - No share options have been granted, exercised, or cancelled under the Scheme since its adoption, maintaining the total number of shares available for grant at 51,200,000 shares, representing 10% of the issued share capital[185]. Market and Economic Conditions - The company anticipates that the slowdown in the global economy and social unrest in Hong Kong will significantly affect the construction industry, leading to a focus on completing existing projects in the upcoming financial year[100]. - The ongoing COVID-19 pandemic has caused delays in renewable energy projects, expected to affect results in the first half of 2020[31][32].

Financial Performance - Revenue for the six months ended June 30, 2019, amounted to approximately HK$104.5 million, representing a decrease of approximately 67.87% compared to HK$325.2 million in the corresponding period in 2018[30]. - Profit for the period amounted to approximately HK$10.3 million for the six months ended June 30, 2019, a decrease of approximately 36.02% compared to HK$16.1 million in the corresponding period in 2018[30]. - Basic earnings per share amounted to HK1.69 cents for the six months ended June 30, 2019, down from HK3.09 cents in 2018[30]. - The Group's unaudited consolidated revenue for the six months ended 30 June 2019 was approximately HK$104.5 million, a decrease of 67.8% from HK$325.2 million in the same period of 2018[50][52]. - Gross profit decreased from approximately HK$49.4 million to approximately HK$31.9 million, but the gross profit margin increased significantly from approximately 15.2% to approximately 30.6%[51][53]. - Profit for the six months ended 30 June 2019 was approximately HK$10.34 million, representing a decrease of approximately 35.81% from approximately HK$16.11 million in 2018[55][57]. - The total comprehensive income for the period was HK$10,302,000, compared to HK$16,111,000 for the six months ended June 30, 2018, reflecting a decline of 36.0%[143]. - The profit for the period was HK$10,341,000, down from HK$16,110,000 for the same period in 2018, indicating a decline of 35.5%[143]. Revenue Breakdown - During the six months ended June 30, 2019, foundation works and ancillary services projects generated revenue of approximately HK$47.1 million, up from HK$36.4 million in 2018, with 16 projects compared to 9 in the previous year[36][39]. - General building works contributed approximately HK$35.3 million in revenue during the same period, a significant decrease from HK$235.3 million in 2018, primarily due to most projects being in the completion phase[38][40]. - Sales of piles generated approximately HK$2.9 million in revenue, down from HK$53.5 million in 2018, attributed to decreased demand in certain geological areas[43][45]. - The construction of solar power plants and sales of electricity contributed approximately HK$19.2 million in revenue, with the Group holding 2 contracts as of the interim report date[47]. - Revenue from construction contracts for the six months ended June 30, 2019, was $82,409,000, a decrease of 69.6% compared to $271,720,000 in the same period of 2018[198]. - Revenue from the construction of solar power plants and sales of electricity reached $19,202,000, with no revenue reported in the same period of 2018[198]. - Total revenue for the six months ended June 30, 2019, was $104,468,000, a decline of 67.8% from $325,215,000 in the previous year[198]. Contracts and Projects - As of June 30, 2019, the Group had a total of 10 contracts on hand, an increase from 8 contracts as of December 31, 2018, with unrecognized contract sums amounting to approximately HK$353.9 million[33]. - The awarded contract sum for solar power projects on hand amounted to approximately RMB189.8 million, down from RMB201.0 million as of December 31, 2018[47]. - The Saipan Project's completion date has been extended to December 2019 due to various delays, including weather and policy changes[33]. - The increase in foundation works projects indicates a positive trend in construction demand, while the decline in general building works revenue suggests a need for new project acquisitions[36][38]. - The Group continues to monitor the progress of ongoing projects closely, ensuring timely completion and client communication regarding delays[33]. - The company awarded only 4 new contracts with a total contract sum of HK$16.6 million during the first half of 2019, compared to 3 new contracts totaling HK$41.4 million in the same period of 2018[82]. Financial Position and Ratios - Current ratio decreased from 2.6 as at 31 December 2018 to 2.4 as at 30 June 2019, while the gearing ratio increased from 31.9% to 39.3%[59][60]. - Net debt to equity ratio increased from 16.6% to 27.1% as at 30 June 2019, primarily due to an increase in bank loans and loans from related parties[60][61]. - As at 30 June 2019, the Group had cash and bank balances of approximately HK$43.3 million, down from HK$52.5 million as at 31 December 2018[63][67]. - The capital structure consisted of equity of approximately HK$353.0 million and debts of approximately HK$138.8 million as at 30 June 2019[64][67]. - The company reported finance costs of HKD 2,134,000, up 47.4% from HKD 1,448,000 in the previous year[134]. - Total assets as of June 30, 2019, were HKD 542,196,000, slightly down from HKD 554,760,000 at the end of 2018[137]. - Net current assets decreased to HKD 319,080,000 from HKD 338,224,000, reflecting a decline of 5.4%[139]. - Non-current liabilities increased to HKD 32,322,000 from HKD 25,443,000, an increase of 27.5%[139]. - Cash and bank balances as of June 30, 2019, were HKD 43,261,000, down from HKD 52,520,000, a decrease of 17.6%[137]. Shareholder and Corporate Governance - CT Vision Investment holds a beneficial interest of 51.01% in the Company, indicating significant control over the Group[98]. - The total interests of Dr. Ho Chun Kit and Mr. Wu Rui in CT Vision Investment are 22.4% and 7.8%, respectively, reflecting their significant stakes in the associated corporation[94]. - Condover Assets Limited holds a beneficial interest of 11.75% in the Company, indicating additional substantial shareholder involvement[98]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2019, compared to $Nil in 2018[102]. - The company complied with all code provisions of the Corporate Governance Code, except for the absence of the chairman at the annual general meeting[111]. - The company has maintained the prescribed public float under the Listing Rules from the Listing Date up to the date of the interim report[108]. Strategic Initiatives - The company plans to develop green building construction projects in domestic and overseas markets, leveraging the experience and technology of strategic shareholders[86]. - The company aims to enhance competitiveness in tendering for construction contracts by applying renewable energy and energy-saving measures in its projects[86]. - The Group aims to broaden its earning base by seeking suitable investment opportunities, with a focus on renewable energy projects[89]. - The introduction of strategic shareholders in April 2019 is expected to enhance the Group's competitiveness in construction contract bidding[88]. - The Group is actively considering expanding into domestic and overseas green building projects, leveraging the experience and technology of strategic shareholders in renewable energy applications[88]. Accounting Standards and Changes - The company has applied new accounting standards, including HKFRS 16, which may impact future financial reporting but did not have a material effect on current performance[154]. - The Group has applied HKFRS 16 for the first time in the current interim period, superseding HKAS 17 Leases[156]. - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less any accumulated depreciation and impairment losses[160]. - The Group recognizes lease liabilities at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit interest rate is not determinable[166]. - The Group applies HKFRS 15 to allocate consideration in a contract to lease and non-lease components based on their relative standalone selling prices[172].