PINE TECHNOLOGY HOLDINGS LIMITED 松景科技控股有限公司* (Incorporated in the Bermuda with limited liability) （於百慕達註冊成立的有限公司） （Stock Code 股份代號：1079） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, Date as postmarked PINE Technology Holdings Limited (the "Company") – Notice of publication of 2024 Annual Report, Circular, Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the ...

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通告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通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。 PINE TECHNOLOGY HOLDINGS LIMITED 松景科技控股有限公司* （於百慕達註冊成立之有限公司） 1. 省覽、考慮及採納截至二零二四年六月三十日止年度之經審核綜合財務報表及本公 司董事（各為一名「董事」）會報告及核數師報告。 2. (a) 重選張三貨先生為執行董事； (b) 重選安娟女士為執行董事； (c) 重選周春生先生為獨立非執行董事；及 (d) 授權董事會（「董事會」）釐定董事酬金，並授予董事會權力以委任任何人士為董 事以填補董事會臨時空缺（如有）或董事會增補。 3. 續聘中匯安達會計師事務所有限公司為本公司核數師並授權董事會釐定其酬金； 作為特別事項，考慮並酌情通過下列決議案為普通決議案： 而根據本決議案(a)段作出之授權亦須受此限制；及 – 2 – （股份代號：1079） 股東週年大會通告 茲通告松景科技控股有限公司（「本公司」）謹訂於二零二四年十一月二十九日（星期五） ...

此乃要件 請即處理 閣下對本通函之任何內容或應採取之行動如有任何疑問，應諮詢 閣下之持牌證券交易商或註冊證券機 構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有松景科技控股有限公司*（「本公司」）股份，應立即將本通函及隨附之代表委任 表格送交買方或承讓人或經手買賣或轉讓之銀行、持牌證券交易商或註冊證券機構或其他代理人，以便轉 交買方或承讓人。 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通函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就本通函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。 PINE TECHNOLOGY HOLDINGS LIMITED 松景科技控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：1079） (1)建議授出發行及購回股份之一般授權； (2)建議重選董事； (3)續聘核數師； 及 (4)股東週年大會通告 本公司股東週年大會謹訂於二零二四年十一月二十九日（星期五）上午十時三十分假座香港德輔道中19 號環球大廈12樓1203B室召開，大會通告載於本通函第18至22頁。本通函隨附股東週年大會適 ...

ESG Management and Governance - The company is committed to enhancing its ESG management and governance practices[7]. - The company has implemented various strategies to strengthen its ESG governance, including performance gap analysis and setting environmental mitigation goals[9]. - The board is responsible for managing the group's ESG matters, focusing on compliance with the ESG Reporting Guidelines effective from July 2020[10]. - The board reviewed the overall ESG strategy in 2023, emphasizing regulatory compliance, stakeholder relationship management, and product quality improvement[12]. - The group identified 17 key ESG issues through stakeholder engagement and external benchmarking, reflecting significant environmental and social impacts[14]. - A standard questionnaire was distributed to stakeholders to assess the relative importance of identified ESG issues systematically[15]. - The management confirmed and validated the list of important ESG issues disclosed in the report, ensuring relevance and significance[16]. - The board may establish an ESG committee to manage ESG issues and assess their significance annually[11]. - The company emphasizes the importance of stakeholder engagement and external materiality assessments in its ESG reporting[2]. - Stakeholder engagement is crucial, with seven different stakeholder groups identified for effective communication and relationship building[13]. Environmental Impact and Sustainability - The company aims to minimize its environmental impact and mitigate potential climate risks through its Climate Change Policy and Green Office Policy[8]. - The company actively identifies opportunities to integrate sustainable practices into its operations[9]. - The group aims to procure and distribute environmentally friendly and sustainable products to mitigate its environmental impact[20]. - The company has established a "Climate Change Policy" to address climate-related risks and opportunities, aiming to reduce greenhouse gas emissions across its value chain[41]. - The company has implemented green office practices to reduce resource consumption, including energy-efficient lighting and regular maintenance of office equipment[47]. - The company aims to enhance its resilience to extreme weather conditions through its climate change policy, ensuring employee safety during severe weather events[42]. - The company aims to reduce greenhouse gas emissions by 50% by 2027 compared to the 2021 baseline[53]. - The total greenhouse gas emissions (Scope 1 and 2) decreased to 7.14 tons of CO2 equivalent in 2023 from 38.87 tons in 2022, representing an 81.7% reduction[58]. - The total energy consumption in 2023 was 38,184.56 megajoules, down from 176,738.40 megajoules in 2022, indicating a 78.4% decrease[58]. - The company plans to maintain a 100% paper reuse and recycling rate by 2027[53]. - The company achieved a paper reuse and recycling rate of 80% across its offices in Hong Kong, Guangzhou, Shenzhen, and Shanxi[49]. - The company recorded a nitrogen oxide emission of 0.22 kg in 2023, down from 0.47 kg in 2022[58]. - The company aims to implement a general waste monitoring system by 2025[53]. - The company has set waste reduction targets and outlined steps to achieve these goals[65]. - The company has identified and addressed major climate-related issues that could impact its operations[67]. Employee Development and Workplace Practices - The company encourages diversity and supports employee development through various internal training programs[7]. - The company conducted internal training on climate change, waste management, and greenhouse gas emissions, aiming to enhance employee skills and market competitiveness[33]. - The training program included interactive workshops on local climate impacts and strategies to reduce carbon footprints, promoting sustainable practices[34]. - The company encourages employees to participate in external training programs, reimbursing up to 80% of course fees upon completion[35]. - The company has established a whistleblowing policy to address bribery, fraud, and money laundering, ensuring compliance with ethical standards[36]. - The company has not faced any legal cases related to corruption during the reporting period, maintaining a commitment to anti-corruption training for employees[38]. - The company has a clear policy against forced labor and ensures compliance with local labor laws regarding working hours and overtime[39]. - The company maintains high standards of business ethics, focusing on data privacy, intellectual property, and anti-corruption measures[37]. - The company has established policies to provide a safe working environment and comply with relevant laws[68]. - The company has implemented policies to reduce significant impacts on the environment and natural resources[67]. Quality Control and Customer Engagement - The company maintains a cautious approach to sales services and customer engagement, ensuring smooth transaction activities through strict order procedures[21]. - Sales to existing customers typically involve a credit period of 90 to 180 days, while new customers may require deposits or cash on delivery[21]. - The company has implemented strict quality inspection procedures before shipping products to customers, ensuring high-quality standards[22]. - No product recalls or returns occurred during the reporting period, including those related to safety and health reasons[23]. - The company collaborates with 20 suppliers, all of whom meet the established environmental and social responsibility requirements[25]. - The company actively seeks responsible suppliers to promote environmentally friendly products and services within its supply chain[25]. - The company has detailed its quality inspection processes and product recall procedures[69]. Financial Performance and Workforce Metrics - The company reported a total revenue of HKD 234,832,000 in 2024[59]. - Total workforce increased to 27 people in 2024 from 19 in 2023, with a significant rise in male employees from 14 to 22[60]. - Overall turnover rate decreased to 21.74% in 2024 from 134.96% in 2023, with male turnover dropping from 141.94% to 27.78%[60]. - Percentage of trained employees fell to 18.52% in 2024 from 26.32% in 2023, with male training percentage decreasing from 35.71% to 18.18%[61]. - Average training hours per employee decreased to 0.19 hours in 2024 from 0.53 hours in 2023[62]. - The number of suppliers in China decreased to 20 in 2024 from 31 in 2023[62]. - Zero corruption cases concluded in 2024, maintaining a clean record[63]. - Female employee training percentage increased to 20.00% in 2024 from 0.00% in 2023[61]. - The workforce in China increased to 18 people in 2024 from 9 in 2023, while Hong Kong's workforce decreased to 9 from 10[60]. - The percentage of turnover for employees aged 30-40 was 66.67% in 2024, a significant decrease from 191.30% in 2023[60].

Financial Performance - The company reported revenue of approximately HKD 234,832,000 for the fiscal year ending June 30, 2024, representing a 400% increase from HKD 46,993,000 in the previous year[3]. - Gross profit improved to HKD 2,827,000 from a gross loss of HKD 1,268,000, marking a significant turnaround[3]. - The net profit from continuing operations was approximately HKD 45,019,000, compared to a net loss of HKD 107,487,000 in the prior year, reflecting a 142% improvement[3]. - Earnings per share increased to HKD 0.034 from a loss of HKD 0.078, indicating a 144% increase[3]. - The company reported a profit attributable to owners of approximately HKD 45,641,000 for the year, compared to a loss of approximately HKD 103,123,000 in the previous year, indicating a significant turnaround[17]. - Total comprehensive income for the year was HKD 46,742,000, recovering from a total comprehensive loss of HKD 109,845,000 in the previous year[50]. - The company reported a pre-tax profit from continuing operations of HKD 45,620,000 for the year ended June 30, 2024, compared to a pre-tax loss of HKD 117,785,000 in the previous year[148]. - The company reported a net loss of HKD 103,225,000 for the year ended June 30, 2024, compared to a loss of HKD 117,785,000 in the previous year[98]. Revenue Breakdown - Revenue from sales of computer parts and consumer electronics was approximately HKD 190,982,000, up from HKD 105,000, showing strong sales growth[7]. - Revenue from plastic raw material trading increased to HKD 42,163,000 from HKD 35,568,000, reflecting a positive trend in this segment[7]. - Revenue from the sale of subsidiaries for the year was approximately HKD 57,411,000, while the previous year recorded a loss of approximately HKD 1,183,000 from the sale of subsidiaries[12]. - Revenue from other brand products increased significantly to approximately HKD 190,982,000, compared to HKD 105,000 in the previous year, with a corresponding profit of approximately HKD 1,799,000, up from a loss of HKD 27,000[25]. - Revenue from trade sales of plastic products amounted to HKD 42,163,000, up from HKD 35,568,000, reflecting an increase of about 18%[147]. - Revenue from the computer software and hardware services segment decreased by approximately 85% to HKD 1,687,000, while losses reduced to approximately HKD 1,094,000 from HKD 98,266,000 last year[28]. Expenses and Cost Management - Selling and distribution expenses decreased by approximately 61% from about HKD 2,547,000 to about HKD 1,001,000 due to a reduction in the number of sales personnel[13]. - General and administrative expenses decreased by approximately 54% from about HKD 30,038,000 to about HKD 13,819,000, primarily due to the absence of amortization expenses related to intangible assets[14]. - Financing costs decreased by approximately 48% from about HKD 204,000 to about HKD 106,000, attributed to a reduction in bank borrowings[15]. - Employee costs for the year were approximately HKD 9,603,000, down from HKD 22,230,000 in the previous year, with a total of 27 employees[31]. Liquidity and Financial Position - The company's total assets decreased by 16% to HKD 90,354,000 from HKD 107,606,000[3]. - The current ratio improved significantly to 21.43 from 5.05, indicating enhanced liquidity[3]. - The capital debt ratio as of June 30, 2024, was approximately 4%, down from about 21% in the previous year, reflecting a stronger balance sheet[21]. - The net cash and bank balance as of June 30, 2024, was approximately HKD 83,646,000, down from HKD 96,742,000 in the previous year[18]. - The company maintained a net asset value of HKD 86,389 thousand, slightly up from HKD 85,384 thousand in the previous year[96]. - The company’s total liabilities decreased from 1,495,000 thousand HKD in 2023 to 1,155,000 thousand HKD in 2024, a reduction of about 22.8%[195]. Corporate Governance - The company emphasizes the importance of independent directors in maintaining corporate governance and oversight[34]. - The board of directors consists of 5 members, including 2 executive directors and 3 independent non-executive directors, ensuring compliance with listing rules[40]. - The company has established committees for audit, remuneration, and nomination, enhancing its governance framework[37]. - The independent directors have confirmed their independence, and the board believes they can make independent judgments[46]. - The company has fully complied with the corporate governance code, except for the deviation regarding the separation of the roles of Chairman and CEO, which is held by Mr. Zhang Sanhua[39]. Risk Management - The group faces various financial risks including foreign currency risk, credit risk, liquidity risk, and interest rate risk, with a focus on minimizing potential adverse impacts on financial performance[134]. - The group has not established a foreign currency hedging policy as most transactions, assets, and liabilities are denominated in the functional currency[134]. - The group will assess the recoverable amount of assets at least annually or when there are indications of impairment[129]. - The group has significantly reduced credit risk, primarily associated with trade receivables and other receivables, through close monitoring and adequate impairment loss provisions[135]. Future Outlook - The company anticipates that global economic growth will continue to be affected by geopolitical tensions and low international trade, with a projected global growth rate of 3.2% for 2024[6]. - The group plans to allocate more resources to the computer services business to expand its customer base and increase market share[29]. - The company plans to continue focusing on market expansion and new product development to drive future growth[160]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the financial report[50]. Shareholder Information - The company has adopted a dividend policy effective from July 5, 2019, but no final dividend is recommended for the current fiscal year[64][65]. - The company aims to balance dividend distribution with sufficient liquidity to meet operational needs and future growth opportunities[64]. - Shareholders holding at least 10% of voting rights can request a special general meeting[59]. - The company encourages ongoing dialogue with shareholders through various communication channels[61].

Revenue and Profitability - The group's revenue from continuing operations for the period was approximately HKD 127,559,000, a significant increase of about 1,082% compared to HKD 10,792,000 in the same period last year[6]. - Revenue from the sale of computer parts and consumer electronics amounted to approximately HKD 101,363,000, while revenue from plastic raw material trading was approximately HKD 24,965,000, both of which were not present in the previous year[6]. - The profit attributable to the owners of the company from continuing operations was approximately HKD 52,458,000, compared to a loss of HKD 17,654,000 in the same period last year, primarily due to the gain from the sale of a subsidiary[16]. - Revenue for the six months ended December 31, 2023, was HKD 127,559,000, a significant increase from HKD 10,792,000 in the same period of 2022[75]. - Operating profit for the period was HKD 52,293,000, a substantial recovery from an operating loss of HKD 19,074,000 in the prior year[75]. - Profit before tax was HKD 52,215,000, compared to a loss of HKD 19,197,000 in the same period last year[75]. - Net profit for the period was HKD 51,843,000, a turnaround from a net loss of HKD 18,432,000 in the previous year[75]. - The total comprehensive income attributable to the company's owners for the six months ended December 31, 2023, was HKD 54,210,000, compared to a loss of HKD 19,294,000 in the same period of 2022[77]. Expenses and Cost Management - Gross profit from continuing operations decreased to approximately HKD 1,490,000, with a gross margin of about 1.2%, down from HKD 1,766,000 and 16.4% in the same period last year[7]. - Selling and distribution expenses decreased by about 51% to approximately HKD 340,000, down from HKD 696,000 in the previous year, due to a reduction in sales personnel[11]. - General and administrative expenses were reduced by approximately 50% to about HKD 7,346,000, down from HKD 14,676,000, mainly due to decreased employee costs and the absence of intangible asset amortization[12]. - Financing costs decreased by approximately 37% to about HKD 78,000, down from HKD 123,000, due to a reduction in bank borrowings[14]. - Employee costs for the period amounted to approximately HKD 5,016,000, a decrease from approximately HKD 10,898,000 in the same period last year[42]. Financial Position and Liquidity - As of December 31, 2023, the group's net current assets and equity attributable to owners were approximately HKD 89,270,000 and HKD 90,487,000, respectively, compared to HKD 84,581,000 and HKD 36,277,000 as of June 30, 2023[19]. - The group had no outstanding bank borrowings as of December 31, 2023, a significant decrease of approximately 100% from HKD 1,367,000 as of June 30, 2023[19]. - The current ratio as of December 31, 2023, was approximately 24.39 times, up from 5.05 times as of June 30, 2023[19]. - The debt-to-asset ratio was approximately 4.05% as of December 31, 2023, down from 20.65% as of June 30, 2023[24]. - Current liabilities decreased from HKD 20,900,000 to HKD 3,816,000, reflecting improved liquidity management[79]. - Cash and cash equivalents at the end of the period were HKD 91,735,000, down from HKD 98,109,000 at the beginning of the period[83]. Business Operations and Strategy - The group plans to closely monitor market conditions and may revitalize its computer services business when appropriate opportunities arise following the sale of its subsidiary[34]. - The management adopted a conservative operational strategy during the first half of the fiscal year to mitigate investment risks and maintain liquidity due to ongoing economic challenges[26]. - The company is committed to increasing its market share in the computer services business[36]. - The board is cautiously optimistic about the economic outlook for the fiscal year ending June 30, 2024, and is actively seeking diversified investment opportunities, particularly in technology[36]. Share Options and Corporate Governance - The company granted 80,140,000 share options at an exercise price of HKD 0.46 per share, which is the highest of the closing price on the grant date and the average closing price over the five trading days prior[53]. - The total number of unexercised share options granted under the plan is 72,640,000[61]. - The updated plan allows the company to grant options for up to 132,670,173 shares, representing approximately 10% of the issued shares as of the annual general meeting date[56]. - The share options granted to employees and directors have a vesting period of 33.33% and a validity period of up to 10 years from the grant date[58]. - The company has a share option plan in place to reward directors and qualified employees for their contributions[52]. - The company has maintained compliance with corporate governance codes, with no significant deviations reported[64]. Discontinued Operations and Other Financial Matters - The company has ceased its lending operations as of September 29, 2022, and classified the performance of this segment as discontinued[92]. - The group classified its lending business as discontinued operations, with a loss of HKD 102 thousand reported for the previous period[105]. - The company sold its subsidiaries, Songjing Dahui (Shanghai) International Trade Co., Ltd. and Shanghai Kaitong Dahui International Trade Co., Ltd., resulting in a net liability of HKD 309,000 at the time of sale[119]. - The company reported a pre-tax profit from continuing operations of HKD 52,215,000 for the period[96]. - The income tax expense for the period was HKD 372 thousand, compared to a tax credit of HKD 867 thousand in the previous year[102].

[Financial Statements](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Consolidated Performance Overview](index=1&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) During the reporting period, the Group achieved a turnaround to profit, primarily driven by a one-off gain from subsidiary disposal; despite revenue increasing over tenfold, gross profit margin significantly declined due to business restructuring, resulting in a profit attributable to owners of HK$52.46 million, compared to a loss of HK$17.76 million in the prior period Performance Overview for the Six Months Ended December 31, 2023 | Indicator | For the Six Months Ended December 31, 2023 (thousand HKD) | For the Six Months Ended December 31, 2022 (thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 127,559 | 10,792 | +1082% | | Gross Profit (Continuing Operations) | 1,490 | 1,766 | -15.6% | | Gain on Disposal of Subsidiary | 57,412 | (1,183) | Turnaround to Profit | | Profit/(Loss) for the Period | 51,843 | (18,432) | Turnaround to Profit | | Profit/(Loss) Attributable to Owners of the Company | 52,458 | (17,756) | Turnaround to Profit | | Basic Earnings/(Loss) Per Share (HKD) | 0.040 | (0.013) | Turnaround to Profit | [Financial Position](index=4&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) At the end of the reporting period, the Group's financial position remained robust, with net assets slightly increasing and total liabilities significantly reducing due to subsidiary disposal; bank borrowings were fully repaid, and cash balances remained high, indicating ample liquidity Key Financial Position Indicators (December 31, 2023 vs June 30, 2023) | Indicator | December 31, 2023 (thousand HKD) | June 30, 2023 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Net Assets | 90,503 | 85,384 | +6.0% | | Bank Balances and Cash | 91,735 | 98,109 | -6.5% | | Current Liabilities | 3,816 | 20,900 | -81.7% | | Bank Borrowings | 0 | 1,367 | -100% | | Equity Attributable to Owners of the Company | 90,487 | 36,277 | +149.4% | [Notes to Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) [Company Information and Accounting Policies](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99) This note outlines the Group's principal activities, the discontinued money lending business, and explains the change in presentation currency from USD to HKD for better investor understanding, with accounting policies remaining consistent with the prior year - The Group's principal activities include manufacturing and sales of branded video graphics display cards, distribution of other branded computer components, trading business, and software and hardware development services[11](index=11&type=chunk) - The Group has discontinued its money lending business, with its results classified as 'discontinued operations' in the financial statements[12](index=12&type=chunk)[20](index=20&type=chunk)[29](index=29&type=chunk) - To provide shareholders and investors with a more accurate understanding of financial performance, the Group has changed the presentation currency of its financial statements from US Dollar (USD) to Hong Kong Dollar (HKD)[13](index=13&type=chunk)[76](index=76&type=chunk) [Segment Information](index=7&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) During the reporting period, the Group's revenue structure underwent significant changes, with new 'other branded products' distribution and 'trading business' becoming primary revenue sources, while traditional 'computer software and hardware and system development services' revenue substantially declined, and the 'Group's branded products' segment generated no revenue Revenue by Business Segment for H1 2023 (Continuing Operations) | Business Segment | Revenue (thousand HKD) | Revenue in Prior Period (thousand HKD) | | :--- | :--- | :--- | | Other Branded Products | 101,363 | 0 | | Trading Business | 24,965 | 0 | | Computer Software and Hardware and System Development Services | 1,231 | 10,792 | | Group's Branded Products | 0 | 0 | | **Total** | **127,559** | **10,792** | [Disposal of Subsidiary](index=13&type=section&id=11.%20%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%9E%E5%85%AC%E5%8F%B8) During the reporting period, the Group completed a significant asset disposal, selling its entire equity interest in Choi Min Limited on December 22, 2023, which generated a one-off gain of approximately HK$57.41 million and was a key factor in achieving profitability for the period - On December 22, 2023, the Group completed the disposal of its subsidiary Choi Min Limited and its subsidiaries[39](index=39&type=chunk) - This disposal generated a gain of **HK$57,412,000** for the Group and resulted in a net cash outflow of **HK$3,481,000**[39](index=39&type=chunk)[46](index=46&type=chunk) [Dividends and Earnings Per Share](index=10&type=section&id=6.%20%E8%82%A1%E6%81%AF) The Board did not recommend an interim dividend for the period; basic earnings per share turned profitable at HK$0.040, compared to a loss of HK$0.013 in the prior period, primarily due to the gain from the disposal of a subsidiary - The Board did not recommend the payment of an interim dividend for the six months ended December 31, 2023[28](index=28&type=chunk)[81](index=81&type=chunk) - Basic earnings per share from continuing and discontinued operations was **HK$0.040**, compared to a loss per share of **HK$0.013** in the prior period[7](index=7&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E4%B9%8B%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) [Financial Review](index=15&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) This period's financial performance was marked by a revenue structure transformation and a one-off disposal gain; revenue surged by 1082% to HK$128 million from new distribution and trading businesses, though overall gross margin fell to 1.2% due to lower-margin activities, while the HK$57.41 million gain from subsidiary disposal was key to the Group's turnaround to profit, supported by a robust financial position with a 24.39x current ratio and 4.05% gearing ratio - Revenue increased by **1,082%** year-on-year to **HK$128 million**, primarily driven by new sales of computer components and consumer electronics (**HK$101 million**) and plastic raw material trading (**HK$25 million**)[42](index=42&type=chunk) - Overall gross profit margin significantly decreased from **16.4%** in the prior period to **1.2%**, as the business focus shifted from high-margin software services to low-margin trade and distribution[43](index=43&type=chunk) - Profit for the period primarily resulted from a gain of approximately **HK$57.41 million** recognized from the disposal of a subsidiary[46](index=46&type=chunk)[52](index=52&type=chunk) - The Group maintains ample liquidity, with a current ratio of approximately **24.39 times** (June 30, 2023: 5.05 times) and a gearing ratio reduced from **20.65%** to **4.05%**[54](index=54&type=chunk)[58](index=58&type=chunk) [Business Review and Outlook](index=18&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) Facing a sluggish macroeconomic environment, the Group adopted a conservative strategy, leading to an 89% revenue decline in computer software services and the disposal of its related subsidiary; new distribution of other branded products and plastic raw material trading became primary revenue pillars, and looking ahead, the Group is cautiously optimistic, establishing a Shenzhen joint venture for computer services and planning investments in drones, robotics, and diversified technology opportunities - Revenue from the computer software and hardware and system development services segment decreased by approximately **89%** year-on-year, with segment loss reduced by approximately **80%**; the Group disposed of its Chinese subsidiary engaged in this business in December 2023[67](index=67&type=chunk)[70](index=70&type=chunk) - Newly added segments, Other Branded Products (computer components and consumer electronics distribution) and Trading Business (plastic raw material trading), became major performance contributors, generating approximately **HK$101 million** and **HK$25 million** in revenue, respectively[62](index=62&type=chunk)[66](index=66&type=chunk) - Looking ahead, the Group established a joint venture in Shenzhen in January 2024, primarily engaged in computer services, and plans to actively explore opportunities in the drone and robotics markets[71](index=71&type=chunk) - The Board remains cautiously optimistic about the economic outlook for fiscal year 2024 and will actively seek diversified investment opportunities in technology and other promising businesses[72](index=72&type=chunk) [Other Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) [Corporate Governance and Compliance](index=22&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) During the reporting period, the company complied with the Corporate Governance Code under the Listing Rules, with two deviations: the Chairman and Chief Executive Officer roles are held by the same person (Mr. Zhang Sanhuo), and directors' fixed two-year terms do not fully align with the triennial rotation requirement, though the company intends to comply; the Audit Committee has reviewed these interim results - The Company has complied with the Corporate Governance Code, with deviations from Code Provisions C.2.1 and B.2.2[82](index=82&type=chunk) - Deviation from C.2.1: The roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Zhang Sanhuo; the Board believes this structure consolidates leadership and facilitates effective strategy execution[83](index=83&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial statements for the period[93](index=93&type=chunk)[95](index=95&type=chunk) [Share Option Scheme and Other Disclosures](index=23&type=section&id=%E8%B4%AD%E8%82%A1%E6%9D%83%E8%AE%A1%E5%88%92) The company's share option scheme adopted in 2013 expired after ten years during the reporting period; neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period - The Company's share option scheme adopted on November 22, 2013, expired on the tenth anniversary of its adoption date[86](index=86&type=chunk) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[96](index=96&type=chunk)

Financial Performance - The company's revenue for the fiscal year ended June 30, 2023, was approximately HKD 46,993,000, a decrease of 9% compared to HKD 51,776,000 in the previous year[3]. - The gross loss for the fiscal year was approximately HKD 1,268,000, compared to a gross profit of approximately HKD 4,455,000 in the previous year, resulting in a gross margin of -2.7%[11]. - The annual loss attributable to the company's owners was HKD 103,123,000, representing a 41% increase from HKD 73,009,000 in the previous year[3]. - The company reported a significant decline of approximately 78% in revenue from computer software and hardware development services, which was a major contributor to the overall revenue decrease[10]. - Revenue from the computer hardware and software development segment was approximately HKD 11,320,000, a decrease of about 78% compared to approximately HKD 51,776,000 in the previous year[15]. - The loss in the computer hardware and software development services segment increased to approximately HKD 98,266,000, up about 68% from a loss of HKD 58,516,000 in the previous year[36]. - The company reported a loss attributable to owners of approximately HKD 103,123,000 for the year, compared to a loss of HKD 73,009,000 in the previous year, representing an increase in loss of about 41.3%[23]. - The company reported a basic and diluted loss per share of HKD 0.078 for continuing operations, compared to HKD 0.055 in 2022[174]. - The company experienced a loss before tax from continuing operations of (HKD 117,785,000) in 2023, compared to a loss of (HKD 76,260,000) in 2022, reflecting a worsening financial performance[178]. Cash Flow and Assets - Cash and cash equivalents decreased by 12% to HKD 98,109,000 from HKD 111,639,000 in the previous year[3]. - The total assets of the company decreased by 54% to HKD 107,606,000 from HKD 233,916,000 in the previous year[3]. - As of June 30, 2023, the company's net current assets were approximately HKD 84,581,000, down from HKD 114,041,000 in the previous year, a decrease of about 25.8%[24]. - The company reported a cash flow from operating activities of (HKD 5,516,000) for the year ended June 30, 2023, compared to HKD 83,806,000 in the previous year, indicating a significant decline in operational cash flow[178]. - The company recorded a net cash outflow from financing activities of (HKD 7,261,000) in 2023, compared to (HKD 6,082,000) in 2022, indicating increased financial strain[179]. - The company’s cash and cash equivalents decreased by HKD 12,729,000 in 2023, resulting in a year-end balance of HKD 98,109,000, down from HKD 111,639,000 in 2022[179]. Impairment and Losses - The company recognized goodwill impairment loss of approximately HKD 18,289,000 and intangible asset impairment loss of approximately HKD 58,007,000, primarily related to a subsidiary in China[14]. - The company incurred an impairment loss of HKD 58,007,000 on intangible assets during the year[52]. - The company reported a significant impairment loss on goodwill of HKD 18,289,000 in 2023, down from HKD 43,991,000 in 2022, suggesting some improvement in asset valuation[178]. Operational Challenges - The company faced challenges due to the ongoing geopolitical tensions, inflationary pressures, and a slower-than-expected economic recovery in China[6]. - The strict lockdown measures and pandemic policies in China adversely affected business activities, leading to operational challenges for the subsidiary[16]. - The company anticipates facing various challenges in the upcoming fiscal year but remains cautiously optimistic about future economic growth in core markets[8]. - The group anticipates continued uncertainty and external adverse factors affecting its business due to geopolitical conflicts, global interest rates, and the unpredictable recovery of the Chinese economy post-COVID-19[37]. Corporate Governance - The company is committed to maintaining high levels of corporate governance, which is crucial for gaining and maintaining the trust of shareholders and stakeholders[51]. - The board of directors includes executive director Zhang Sanhua (Chairman and CEO) and independent non-executive directors Su Hanzhang, Zhou Chunsheng, and Tian Hong[53]. - The company has fully complied with the corporate governance code, except for the separation of roles between the Chairman and CEO, which is currently held by Zhang Sanhua[51]. - The attendance record for board meetings shows that all directors attended 100% of the meetings held during the year[55]. - The company has established clear written terms of reference for its board committees, including the audit, nomination, and remuneration committees[64]. - The company has established mechanisms to ensure the independence of non-executive directors, who have confirmed their independence[69]. - The company has a balanced mechanism in place to ensure that shareholders' interests are fairly reflected[51]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to strengthen investor relations[101]. - The company’s investor relations policy aims to provide shareholders and potential investors with timely and understandable information[101]. - Shareholders have the right to submit written requests for special meetings if they hold at least 10% of the voting rights[96]. - The board of directors does not recommend the distribution of dividends for the current fiscal year, consistent with the previous year where no dividends were declared[113]. - The company has no predetermined dividend payout ratio, and past dividend distribution records do not serve as a reference for future dividends[112]. Employee and Director Compensation - Employee costs, including director remuneration, amounted to approximately HKD 22,230,000 for the year, down from approximately HKD 30,621,000 in the previous year[40]. - The remuneration policy for employees is based on performance, qualifications, and work capability, as determined by the board[135]. - The remuneration committee has reviewed the compensation policy for all directors and senior management based on operational performance and market statistics[135]. Risk Management - The company has established a comprehensive risk management and internal control system to identify and monitor business-related risks[83]. - The board is committed to managing and monitoring risks associated with its business activities, including environmental, social, and governance risks[83]. - The company has implemented a whistleblowing policy for employees and business partners to report any suspected misconduct[85]. - The risk management system includes regular updates and reviews of policies and procedures related to operational, financial, compliance, and risk monitoring[83]. Changes in Capital Structure - The company has changed its presentation currency from USD to HKD to better reflect its financial performance for shareholders and potential investors[132]. - The company has adopted a share option scheme to reward directors and eligible employees[136]. - The updated plan authorization allows the company to grant options for up to 132,670,173 shares, equivalent to about 10% of the issued shares as of the annual general meeting date[145]. - The total number of share options available for issuance under the updated plan is 132,670,173 shares, representing approximately 10% of the company's issued share capital as of the report date[148]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of June 30, 2023, in accordance with Hong Kong Financial Reporting Standards[162]. - The audit committee reviewed the accounting principles and practices adopted by the group, ensuring compliance with internal controls and financial reporting matters[157]. - The independent auditor, Crowe Horwath, will be proposed for reappointment at the upcoming annual general meeting[158].

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，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 PINE TECHNOLOGY HOLDINGS LIMITED 松景科技控股有限公司* （於百慕達註冊成立之有限公司） （股份代號：1079） 截 至 二 零 二 三 年 六 月 三 十 日 止 年 度 全 年 業 績 公 告 松景科技控股有限公司（「本公司」，連同其附屬公司（統稱「本集團」））董事（「董 事」）會（「董事會」）謹此呈報本集團截至二零二三年六月三十日止年度（「本年度」） 的經審核綜合損益及其他全面收益表以及本集團於二零二三年六月三十日的 經審核綜合財務狀況表，連同截至二零二二年六月三十日止年度的比較數字 如下： 綜合損益及其他全面收益表 截至二零二三年六月三十日止年度 二零二三年 二零二二年 附註 千港元 千港元 （經重列） （附註1(c)及5） ...

Financial Performance - The group's revenue from continuing operations for the period was approximately $1,384,000, a decrease of about 69% compared to approximately $4,469,000 in the same period last year[6]. - The gross profit decreased by approximately 85% to about $227,000 from approximately $1,508,000 in the same period last year[7]. - The group recorded a loss attributable to owners of the company of approximately $2,276,000, an increase of about 367% compared to approximately $487,000 in the previous year[14]. - The total comprehensive loss for the period was $2,560,000, compared to a loss of $97,000 in the same period last year[70]. - The company reported a net cash inflow from operating activities of $648,000, a decrease from $3,760,000 in the previous year[71]. - The loss before tax from continuing operations for the six months ended December 31, 2022, was $2,461,000, compared to a loss of $949,000 for the same period in 2021, reflecting a worsening financial performance[86]. - The company reported a loss attributable to owners of the company of $2,276,000 for the six months ended December 31, 2022, compared to a loss of $487,000 for the same period in 2021[93]. Cost and Expenses - The cost of sales for the group was approximately $1,157,000, down about 61% from approximately $2,961,000 in the previous year[7]. - The division incurred a loss of approximately $949,000, an increase of about 524% compared to a profit of approximately $224,000 in the same period last year[29]. - The total employee cost was approximately $1,397,000, down from approximately $1,897,000 in the same period last year[34]. - The company’s total unallocated corporate expenses for the six months ended December 31, 2022, were $1,498,000, compared to $1,122,000 in the same period of 2021[83][85]. - The company incurred an intangible asset amortization expense of $741,000 for the six months ended December 31, 2022[86]. - The depreciation expense for property, plant, and equipment was $89,000 for the six months ended December 31, 2022, down from $122,000 in the same period of 2021[86]. Assets and Liabilities - As of December 31, 2022, the group's current assets net value was approximately $13,086,000, down from approximately $14,621,000 as of June 30, 2022[15]. - Current liabilities decreased to $2,450,000 from $3,815,000, showing improved short-term financial health[68]. - Total equity as of December 31, 2022, was $22,470,000, down from $24,838,000, reflecting the impact of losses on shareholder equity[68]. - Non-current assets decreased to $10,883,000 from $11,553,000, indicating a reduction in long-term investments[67]. - Trade receivables net amount increased to $830,000 as of December 31, 2022, from $200,000 as of June 30, 2022[96]. - The company reported total trade payables of $1,134,000 as of December 31, 2022, down from $1,871,000 as of June 30, 2022[101]. Financing and Capital Structure - The group’s bank borrowings as of December 31, 2022, were approximately $215,000, a significant decrease of about 71% from approximately $753,000 as of June 30, 2022[15]. - The capital debt ratio as of December 31, 2022, was approximately 15%, down from about 17% as of June 30, 2022[20]. - The company has not entered into any new loan agreements since September 2021, leading to the decision to not renew its lending license[99]. - The company maintained a healthy financial condition with a low capital debt ratio despite the adverse effects of the COVID-19 pandemic[23]. Business Operations - The trade business did not generate any revenue during the period, compared to a loss of approximately $4,000 in the same period last year[28]. - The company has ceased its lending business as of September 29, 2022, and has reclassified the performance of this segment as discontinued operations, impacting the comparability of financial data[79]. - The board decided not to extend the lending license that expired on September 29, 2022, and to terminate the lending services business segment[24]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[31]. Shareholder Information - Major shareholder Mingzhi Global holds 714,163,680 shares, representing 53.83% of the issued share capital[42]. - The company has granted 80,140,000 share options at an exercise price of HKD 0.46 per share[45]. - As of December 31, 2022, there are 16,860,000 unexercised share options remaining under the share option plan[50]. - The total number of share options outstanding at the end of the period is 72,640,000[54]. - The company did not recommend the payment of an interim dividend for the period[36]. - The company did not declare or recommend any dividends for the current period, consistent with the previous period[89]. Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for C.2.1 and B.2.2, regarding the separation of roles between the Chairman and CEO[57]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim financial statements and found them to be prepared in accordance with applicable accounting standards[61]. - The company has confirmed that all directors have complied with the required standards of the Corporate Governance Code throughout the period[60]. - The company believes that the current structure of having the same person serve as both Chairman and CEO is beneficial for effective strategy implementation[57]. Market Outlook - The company remains cautiously optimistic about business recovery in the coming years as COVID-19 restrictions are gradually lifted[30]. - Future outlook and performance guidance details are not included in the content[104].