Financial Performance - The total revenue for the fiscal year ending December 31, 2024, was HKD 428.4 million, a decrease of 28.7% compared to HKD 601.2 million for the fiscal year ending December 31, 2023[9]. - The gross profit for the fiscal year 2024 decreased to HKD 152.9 million from HKD 193.6 million in the previous fiscal year, reflecting a decline of HKD 40.7 million[9]. - The net loss for the fiscal year 2024 was HKD 956.5 million, compared to a net profit of HKD 41.3 million in the fiscal year 2023[9]. - The basic loss per share for the fiscal year 2024 was HKD 0.6154, compared to earnings of HKD 0.0532 per share in the fiscal year 2023[9]. - The net loss included a fair value loss of HKD 201.4 million on investment properties, compared to a fair value gain of HKD 828.6 million in the previous year[10]. - The company does not recommend the distribution of interim and final dividends for the fiscal years 2024 and 2023, resulting in a total dividend of zero for both years[11]. - The group's net loss for fiscal year 2024 was HKD 956,500,000, a significant decline from a net profit of HKD 41,300,000 in fiscal year 2023, primarily due to adverse fair value changes in investment properties[52]. - Other income for fiscal year 2024 was HKD 13.5 million, slightly up from HKD 13.2 million in fiscal year 2023[41]. - Other net income for fiscal year 2024 was HKD 109.2 million, compared to HKD 57.8 million in fiscal year 2023, primarily due to foreign exchange gains[42]. Revenue Segmentation - Property segment revenue increased by HKD 23.2 million, representing a 120.2% increase, while environmental segment revenue decreased by HKD 128.6 million, a decline of 35.9%[38]. - The financial services segment generated revenue of HKD 132,400,000 in fiscal year 2024, a decrease of 7.1% from HKD 142,500,000 in fiscal year 2023, mainly due to declines in interest income from lending and guarantee financing[55]. - The environmental segment's revenue decreased from HKD 357,800,000 in fiscal year 2023 to HKD 229,200,000 in fiscal year 2024, resulting in a segment loss of HKD 129,200,000 compared to a loss of HKD 29,900,000 in the previous year[58]. - The automotive parts segment reported revenue of HKD 1,700,000 in fiscal year 2024, down from HKD 43,100,000 in fiscal year 2023, leading to a segment loss of HKD 32,000,000 compared to a loss of HKD 10,300,000 in the prior year[59]. Investment and Expansion Plans - The company plans to expand its investment opportunities in the Caribbean and Latin America, focusing on sectors such as clean energy, education, tourism, and retail[13]. - The company is seeking partnerships with strong investors to co-invest in projects in designated Caribbean countries and Panama[13]. - The company is exploring new potential investment opportunities in various sectors, including banking, insurance, desalination, and infrastructure engineering[14]. - The company holds a 51% stake in the Laiying Garden project in Nanshan, Shenzhen, which is a mixed-use development covering approximately 106,500 square meters[18]. - The company holds a 70.5% interest in the Grenada project, which spans 450 acres (approximately 1,821,084 square meters) and includes plans for educational facilities and commercial development[34]. - The company aims to diversify its operations in the Caribbean and Latin America through the Grenada project, seeking professional investors for joint investments in new business developments[104]. Financial Position and Risks - As of December 31, 2024, the group's cash and bank balances were HKD 30,700,000, down from HKD 153,300,000 in FY2023[64]. - The group's interest-bearing borrowings amounted to HKD 12,327,800,000 as of December 31, 2024, compared to HKD 13,105,800,000 in FY2023, with a capital debt ratio of 456.3% in FY2024, up from 364.8% in FY2023[64]. - The group faced foreign exchange risks primarily from transactions in HKD, USD, JPY, RMB, and XCD, with no financial hedging instruments in use as of December 31, 2024[66]. - The group had provided corporate guarantees amounting to HKD 8,426,400,000 for bank credit facilities as of December 31, 2024, a slight decrease from HKD 8,753,000,000 in FY2023[67]. Employee and Governance Practices - The group employs a total of 187 employees, with 56 in Hong Kong, 86 in Mainland China, 29 in Japan, and 16 in Grenada[128]. - The group is committed to providing equal opportunities for all employees, evaluating them based on ability, performance, and contribution, regardless of nationality, race, or gender[118]. - The group has implemented policies to ensure adherence to relevant laws and regulations in its financial services and environmental operations[116]. - The group promotes energy-saving and paper-saving measures as part of its corporate social responsibility initiatives[129]. - The group maintains high standards of ethical procurement practices to ensure product quality and public trust[124]. - The board consists of more than one-third independent non-executive directors to provide independent opinions and judgments[197]. - The company has adopted a corporate governance code to ensure high standards of governance and accountability[180]. Market Outlook and Strategic Focus - The global economic outlook remains challenging due to uncertainties in growth prospects and geopolitical tensions, impacting the group's business performance[70]. - The company anticipates stable business growth in the financial services sector by 2025, driven by the expected increase in market activity following the U.S. Federal Reserve's interest rate cuts starting in Q3 2024[99]. - The company plans to maintain a cautious approach in the environmental sector to control operating costs and minimize credit risk, while enhancing competitive advantages to expand its customer base[100]. - The company aims to enhance its financial services by providing diversified and quality services in both primary and secondary markets[74].

Financial Performance - For the fiscal year ending December 31, 2024, total revenue decreased to HKD 428,353,000 from HKD 601,220,000, representing a decline of approximately 28.8%[3] - The gross profit for the fiscal year was HKD 152,941,000, down from HKD 193,607,000, indicating a decrease of about 21.0%[3] - The net loss attributable to the owners of the company for the year was HKD 886,670,000, compared to a profit of HKD 76,689,000 in the previous year, marking a significant shift in performance[4] - The company reported a loss before tax of HKD 957,915,000, contrasting with a profit of HKD 440,777,000 in the prior year[3] - The total comprehensive loss for the year amounted to HKD 1,148,208,000, compared to a total comprehensive income of HKD 65,155,000 in the previous year[6] - The basic loss per share for the year was HKD 61.54, a stark contrast to earnings per share of HKD 5.32 in the previous year[4] - The company reported a net loss of HKD 956,468,000 for the year ending December 31, 2024, with total current assets amounting to HKD 9,494,466,000[11] Assets and Liabilities - Non-current assets decreased to HKD 9,494,071,000 from HKD 10,710,856,000, reflecting a reduction of approximately 11.3%[7] - Current liabilities surged to HKD 9,487,649,000, up from HKD 2,065,737,000, indicating a substantial increase of about 359.5%[8] - The company's cash and cash equivalents decreased to HKD 30,690,000 from HKD 153,259,000, a decline of approximately 80.0%[7] - Current liabilities totaled HKD 9,487,649,000, primarily consisting of bank and other borrowings of HKD 7,738,384,000[11] - The company's equity attributable to owners decreased from HKD 3,592,939,000 in 2023 to HKD 2,701,739,000 in 2024, reflecting a decline of approximately 24.8%[9] - The total non-current liabilities decreased significantly from HKD 13,317,129,000 in 2023 to HKD 5,430,078,000 in 2024, a reduction of approximately 59.3%[9] Revenue Segments - The company reported total revenue of HKD 428.353 million, with significant contributions from various segments including financial services (HKD 132.367 million) and environmental services (HKD 229.145 million) [22] - Revenue from automotive parts sales amounted to HKD 1.715 million, while waste management services generated HKD 229.145 million [22] - The company confirmed that rental income totaled HKD 42.540 million, and interest income from guarantee financing was HKD 27.179 million [22] - The property segment generated revenue of HKD 45,060,000, while the financial services segment reported HKD 137,503,000 in revenue [28] - The environmental segment reported a loss of HKD 129,179,000, contributing to a total loss before tax of HKD 957,915,000 for continuing operations [28] Operational Changes - The company has ceased operations in certain segments, including department store sales, which will be detailed in Note 17 [21] - The company has terminated its commercial printing and department store operations, impacting the overall business structure [25] - The company plans to expand its operations in Grenada, focusing on investment citizenship programs and related developments [26] Financial Management and Strategy - The company is actively exploring financial arrangements to improve liquidity and manage cash flow effectively[11] - The company is monitoring the development status of property projects to ensure expected development and sales forecasts are met[11] - The company has identified key performance indicators for management, which will be disclosed in a single note to the financial statements [20] Legal and Compliance - The company is pursuing legal action against Win Dynamic for approximately HKD 260,435,000 related to a conditional voluntary cash offer for shares[69] - The High Court has granted a temporary injunction preventing Win Dynamic from disposing of assets valued at the amount owed to the company[70] - The company and its subsidiary are asserting that the contract with Win Dynamic is enforceable and not subject to cancellation[73] Future Outlook - The company plans to focus on five property projects to maintain a favorable position in the property sector[131] - The financial services segment is expected to achieve stable business growth by 2025, driven by the anticipated increase in market activity following interest rate cuts by the Federal Reserve[132] - The environmental segment will continue to seek new sources of metal waste and expand its customer base in Japan, leveraging a land lease of approximately 19,609 square meters[128] - The automotive parts segment will cautiously control costs and monitor business developments amid a global shift from gasoline to electric vehicles[129] Employee and Governance - The company employed a total of 187 employees as of December 31, 2024, with a distribution of 56 in Hong Kong, 86 in mainland China, 29 in Japan, and 16 in Grenada[144] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring compliance with accounting principles and practices[149] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance for the year ending December 31, 2024[148]

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 349,608,000, a decrease of 10.9% from HKD 392,469,000 for the same period in 2023[8]. - Gross profit for the same period was HKD 135,898,000, down 12.4% from HKD 155,081,000 in 2023[8]. - The company reported a net loss of HKD 550,961,000 for the six months ended June 30, 2024, compared to a profit of HKD 26,035,000 in 2023[9]. - The total comprehensive loss for the period was HKD 720,341,000, significantly higher than HKD 219,531,000 in the previous year[9]. - The company reported a loss of HKD 458,181,000 for the same period[28]. - The company’s total comprehensive income for the six months ended June 30, 2024, was HKD 76,440,000, down from HKD 126,020,000 in 2023, representing a decrease of about 39.5%[37]. Assets and Liabilities - The company's non-current assets amounted to HKD 10,090,810,000 as of June 30, 2024, down from HKD 10,710,856,000 at the end of 2023[10]. - Current liabilities totaled HKD 9,577,839,000, compared to HKD 2,065,737,000 in the previous year, indicating a significant increase[10]. - As of June 30, 2024, the total equity attributable to owners of the company decreased to HKD 2,925,211 thousand from HKD 3,592,939 thousand as of December 31, 2023, representing a decline of approximately 18.5%[11]. - The total non-current liabilities decreased significantly from HKD 13,317,129 thousand to HKD 5,881,928 thousand, a reduction of about 56.1%[11]. - The company’s total assets decreased from HKD 18,415,192 thousand to HKD 10,259,650 thousand, a reduction of about 44.4%[11]. - Total liabilities as of June 30, 2024, were HKD 15,382,866,000, compared to HKD 15,459,767,000 as of December 31, 2023, indicating a slight decrease of about 0.5%[34]. Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 95,756 thousand, a substantial increase from HKD 7,253 thousand in the same period of 2023[15]. - The cash and cash equivalents at the end of the period decreased to HKD 64,005 thousand from HKD 108,699 thousand, reflecting a decline of approximately 41.1%[16]. - The company reported a net cash outflow from financing activities of HKD 196,574 thousand for the six months ended June 30, 2024, compared to an outflow of HKD 134,963 thousand in the previous year[16]. - The company’s total liabilities related to bank borrowings due within one year amounted to HKD 7,124,439,000 as of June 30, 2024, compared to HKD 141,353,000 as of December 31, 2023, indicating a substantial increase[57]. Revenue Breakdown and Business Segments - The revenue breakdown by business segments includes property investment, financial services, environmental industry, automotive parts, commercial printing, department stores, and cinema operations[24]. - The financial services segment generated revenue of HKD 91,365,000, while the environmental segment reported a loss of HKD 71,327,000[28]. - The property segment revenue increased by 149.4% to HKD 22.2 million, while the environmental segment revenue decreased by 19.9% to HKD 136.7 million[87]. - Environmental segment revenue decreased from HKD 170.6 million in H1 2023 to HKD 136.7 million in H1 2024, attributed to stricter credit controls and a focus on the Japanese market[96]. - The automotive parts segment revenue dropped significantly from HKD 16.7 million in H1 2023 to HKD 1.7 million in H1 2024 due to stricter credit controls and reduced operational scale[96]. Impairment and Fair Value Losses - The impairment loss provision increased to HKD 81,831,000 from HKD 27,639,000, reflecting a worsening financial position[8]. - The fair value loss on investment properties was HKD 211,733,000, a significant decline from a gain of HKD 434,302,000 in the same period last year[8]. - The company recorded a net loss of HKD 211.7 million in H1 2024 from changes in the fair value of investment properties, compared to a gain of HKD 434.3 million in H1 2023[95]. Market Outlook and Strategic Plans - The company has plans for market expansion in Grenada, including educational facilities and commercial developments[24]. - The Grenada project involves the development of a mixed-use property project, including educational facilities, student dormitories, hotels, and commercial developments[107]. - The company expects stable business growth in the financial services sector as the Hong Kong financial market recovers, driven by the anticipated reduction in federal funds rate[107]. - The company is focusing on finding new sources of metal waste and expanding its customer base in Japan for its environmental segment[105]. - The company has not observed signs of economic recovery in the first half of 2024, citing high interest rates and geopolitical instability as contributing factors[102]. Corporate Governance and Shareholder Information - The audit committee consists of three independent non-executive directors, overseeing accounting principles, risk management, and financial reporting[130]. - The company has adhered to the corporate governance code as per the listing rules during the six months ending June 30, 2024[127]. - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2024[113]. - The total beneficial ownership of Meilin Holdings is 903,160,000 shares, accounting for 62.69% of the issued share capital as of June 30, 2024[119]. Employee and Compensation Information - The group employed a total of 433 employees as of June 30, 2024, with 280 in Hong Kong, 102 in Mainland China, 35 in Japan, and 16 in Grenada[128]. - The compensation policy is based on market terms and individual employee qualifications, with annual salary reviews and performance-based bonuses[128].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 349,608,000, a decrease of 10.9% compared to HKD 392,469,000 for the same period in 2023[3] - The gross profit for the period was HKD 135,898,000, down 12.4% from HKD 155,081,000 in the previous year[3] - The company reported a loss before tax of HKD 611,694,000, compared to a profit of HKD 126,918,000 in the same period last year[3] - The net loss attributable to the owners of the company was HKD 515,424,000, compared to a profit of HKD 48,561,000 in the prior year[3] - Basic loss per share was HKD (35.776), a significant decline from earnings of HKD 3.371 per share in the previous year[3] - The total comprehensive loss for the period was HKD 720,341,000, compared to a total comprehensive income of HKD 219,531,000 in the previous year[4] - The company reported a significant increase in other comprehensive expenses, primarily due to foreign exchange differences amounting to HKD (171,263,000)[4] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 10,259,650,000, down from HKD 18,415,192,000 as of December 31, 2023[6] - Non-current assets decreased to HKD 10,090,810,000 from HKD 10,710,856,000 at the end of 2023[5] - The company's equity attributable to owners decreased to HKD 2,925,211,000 from HKD 3,592,939,000[6] - Total liabilities included various financial obligations, impacting overall financial performance[15] - Total assets as of June 30, 2024, amounted to HKD 15,017,448 thousand, while total liabilities were HKD 15,382,866 thousand[18] Revenue Streams - The group confirmed revenue from the sale of automotive parts at the point of transfer of control to customers, with total revenue from various sources including sales of goods and services[11] - Total revenue for the six months ended June 30, 2024, was reported at 290,794,000, with significant contributions from rental income and interest income[12] - Revenue from financial services, including asset management and corporate finance advisory, is recognized over time as benefits are consumed by customers[11] - Revenue from securities brokerage commissions is recognized at the point of executing customer orders, contributing to overall revenue growth[11] - Revenue from rental income is recognized on a straight-line basis over the lease term, ensuring consistent income recognition[11] - The revenue from the property investment and development segment was HKD 22,182 million, while the financial services segment generated HKD 87,256 million[16] - The automotive parts segment reported revenue of HKD 136,695 million, and the commercial printing segment contributed HKD 24,115 million[16] Financial Reporting Standards - The application of new Hong Kong Financial Reporting Standards is expected to have no significant impact on the group's financial position and performance for the current and prior periods[10] - The group anticipates that all announced new financial reporting standards will be adopted in the first period after their effective date, with no major impact expected on interim financial statements[10] - The implementation of new accounting standards is projected to begin in 2025 and beyond, with the board expecting minimal disruption to financial reporting[10] - The group has not early adopted any new financial reporting standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[10] Operational Challenges - The group faced a challenging economic environment with no signs of recovery in the first half of 2024, influenced by high interest rates and geopolitical instability[77] - The automotive parts segment reported significant losses due to stricter credit controls and reduced operational scale, with a cautious approach to cost management expected moving forward[81] - The commercial printing segment experienced decreased demand due to a slowdown in the Hong Kong financial market, leading to increased net losses, and was sold for a nominal price of HKD 1[81] - The department store segment faced challenges from weak consumer spending and increased online shopping, prompting the company to actively reduce operating costs and reassess store profitability[82] Future Outlook - Future outlook includes potential growth in the automotive and financial services sectors, with ongoing investments in technology and market expansion[14] - The company anticipates a gradual recovery in the Hong Kong financial market, expecting stable business growth in the financial services segment as new investment products are developed[84] - The company is exploring investment opportunities in the Caribbean and Latin America, seeking strong business partners for new projects under local citizenship investment programs[89] Legal Matters - The company is involved in legal proceedings regarding a conditional cash offer to acquire all issued shares of another company, with a claim amounting to approximately HKD 260,443,000[47] - The company has sought a specific performance order from the High Court to compel the other party to pay the net proceeds from the share offer, totaling about HKD 260,435,000[49] - A temporary injunction has been granted to prevent the other party from disposing of assets in Hong Kong pending the outcome of the legal proceedings[49] Employee and Corporate Governance - The company employed a total of 433 staff as of June 30, 2024, distributed across Hong Kong (280), Mainland China (102), Japan (35), and Grenada (16)[95] - The remuneration committee has reviewed and determined the company's compensation policies, including those for executive directors and senior management[95] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group[97] Dividends and Shareholder Matters - The company did not declare or propose any dividends for the six months ended June 30, 2024[26] - The board did not recommend an interim dividend for the six months ending June 30, 2024, consistent with the previous period[93] - No purchases, sales, or redemptions of the company's issued shares occurred during the six months ending June 30, 2024[96]

Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was HKD 801.5 million, a decrease of 33.1% compared to HKD 1,198.8 million for the fiscal year 2022[6]. - Net profit for the fiscal year 2023 was HKD 41.3 million, a significant decrease of 93.1% from HKD 602.6 million in fiscal year 2022[6]. - Basic earnings per share for the fiscal year 2023 were HKD 0.0532, down from HKD 0.0783 in fiscal year 2022[6]. - The company did not recommend any interim or final dividends for the fiscal year 2023, maintaining a total dividend of zero, consistent with fiscal year 2022[7]. - The net profit for fiscal year 2023 was HKD 41.3 million, a decrease of HKD 561.3 million from HKD 602.6 million in fiscal year 2022, influenced by reduced foreign exchange gains and increased financial expenses[29]. - Other income slightly decreased to HKD 32 million in fiscal year 2023 from HKD 33.4 million in fiscal year 2022, primarily due to a reduction in government subsidies[20]. - The net other income for the fiscal year 2023 was HKD 58.2 million, a significant decrease from HKD 341.9 million in fiscal year 2022, primarily due to a drop in foreign exchange gains from HKD 358.1 million to HKD 59.4 million[21]. Revenue Breakdown - The revenue from the environmental category decreased by HKD 347.2 million, while the automotive parts category saw a reduction of HKD 97.9 million[19]. - The financial services category increased by HKD 16.7 million, and the Latin America and Caribbean category saw a significant increase of HKD 28.9 million, up 489.8%[18]. - The property segment generated revenue of HKD 19.3 million, accounting for 2.4% of total revenue, an increase of 33.1% from the previous year[18]. - The financial services segment contributed HKD 142.5 million, representing 17.8% of total revenue, an increase of 13.3% year-over-year[18]. - The environmental segment accounted for HKD 357.8 million, which was 44.6% of total revenue, reflecting a significant decline of 49.2%[18]. - The automotive parts segment reported a revenue decline to HKD 43,100,000 in fiscal year 2023 from HKD 141,000,000 in fiscal year 2022, resulting in a loss of HKD 10,300,000 compared to a profit of HKD 5,700,000 in the previous year[33]. - The commercial printing segment revenue fell to HKD 54,700,000 in fiscal year 2023 from HKD 59,100,000 in fiscal year 2022, with losses increasing to HKD 4,100,000 from HKD 3,200,000[34]. - Department store segment recorded revenue of HKD 145,600,000 in fiscal year 2023, down slightly from HKD 146,300,000 in fiscal year 2022, with losses increasing to HKD 91,100,000 due to goodwill impairment[35]. - The Latin America and Caribbean segment generated revenue of HKD 34,800,000 in fiscal year 2023, a significant increase from HKD 5,900,000 in fiscal year 2022, but reported a loss of HKD 8,800,000 compared to a profit of HKD 1,799,800,000 in the previous year[36]. Investment and Expansion Plans - The company plans to expand its investment opportunities in the Caribbean and Latin America, targeting four additional Caribbean countries for development projects[8]. - The Grenada project includes educational facilities, student apartments, hotels, and commercial developments, with plans for further investments in clean energy, education, tourism, and retail sectors[8]. - The company is seeking partnerships with strong investors to co-invest in projects in designated Caribbean countries and Panama[8]. - The company is exploring new potential investment opportunities in various sectors, including banking, insurance, desalination, and infrastructure engineering[8]. - The company aims to leverage its experience from the Grenada project to explore more investment opportunities in the Caribbean Economic Area and Latin America, focusing on clean energy, education, tourism, and retail sectors[66]. - The company has identified four investment areas to contribute to local economic development, including clean energy, education, tourism, and retail, which are expected to create job opportunities and enhance local living standards[66]. Operational Performance - The company holds a 51% stake in the Laiying Garden urban renewal project in Nanshan, Shenzhen, and a 100% stake in the Qinkeng property project in Longhua, Shenzhen[10][11]. - The property segment recorded a profit of HKD 782,500,000 in fiscal year 2023, a significant turnaround from a loss of HKD 1,379,500,000 in fiscal year 2022, primarily due to a net gain of HKD 1,097,800,000 from fair value changes of investment properties[30]. - Financial services segment revenue rose to HKD 142,500,000 in fiscal year 2023, up 13.3% from HKD 125,800,000 in fiscal year 2022, attributed to increased interest income from lending and guarantee financing[31]. - The financial services segment profit increased to HKD 75,700,000 in fiscal year 2023 from HKD 21,300,000 in fiscal year 2022, driven by revenue growth and reduced service costs[31]. - The company has five property projects, maintaining the same number as in 2022, with various stages of development ongoing[42]. Environmental and Sustainability Efforts - The company emphasizes the importance of environmental sustainability and has integrated it into its business operations[150]. - The total greenhouse gas emissions for the fiscal year 2023 amounted to 1,705.60 tons of CO2 equivalent, a decrease from 1,818.16 tons in fiscal year 2022[154]. - The greenhouse gas emissions density per employee for fiscal year 2023 was 3.68 tons of CO2 equivalent, down from 3.80 tons in fiscal year 2022[154]. - The company has set a target to maintain the greenhouse gas emissions density at the fiscal year 2023 level for the fiscal year ending December 31, 2024[153]. - The company has implemented various energy-saving measures to achieve its emissions reduction targets[153]. - The total amount of non-hazardous waste disposed of in 2023 was 22.70 tons, an increase from 19.87 tons in 2022, reflecting a rise of approximately 9.3%[160]. - The company has implemented various measures to reduce paper usage, including encouraging electronic communication and double-sided printing[170]. - The company promotes water conservation and has implemented water reuse practices at its Japan recycling facility[165]. Corporate Governance - The company has established a corporate governance report detailing its governance practices[101]. - The company has adhered to the corporate governance code and maintained high standards of corporate governance throughout the fiscal year[109]. - The board of directors confirmed compliance with the standards of the code for securities trading by directors during the fiscal year[111]. - The company has established a risk management and internal control system, which was reviewed by the Audit Committee, confirming no significant deficiencies were found during the internal control review conducted in 2023[130]. - The company maintains a sufficient public float of at least 25% of its total issued shares throughout the review year[107]. - The company has established a shareholder communication policy to enhance relationships with shareholders, including annual general meetings and timely announcements of interim and annual results[138]. Employee and Workplace Policies - The group employed a total of 463 employees as of December 31, 2023, with 302 in Hong Kong, 112 in Mainland China, 33 in Japan, and 16 in Grenada[77]. - Employee compensation policies are reviewed regularly based on market benchmarks, financial performance, and individual performance, with bonuses distributed accordingly[74]. - The employee gender ratio is 48.4% male and 51.6% female among 463 employees, indicating a diverse workforce[121]. - The group has implemented employee welfare programs, including mandatory provident fund plans, stock option plans, and medical insurance[77]. - The group focuses on creating a safe and beneficial work environment for employees, adhering to occupational health and safety regulations[77]. - The group has established a feedback channel for employees to express concerns confidentially, promoting a supportive work environment[190]. Risk Management - The company has established a credit assessment committee responsible for formulating credit policies and monitoring credit risk in lending operations[52]. - The credit risk management includes daily monitoring of market conditions and collateral adequacy for margin accounts[49]. - The margin monitoring team reports daily on margin status and takes immediate action in case of collateral shortfalls[47]. Community Engagement and Social Responsibility - The group made donations of approximately HKD 124,000 in the fiscal year ending December 31, 2023, compared to HKD 112,000 in 2022[108]. - The company supports key internal talents by providing clear career paths and funding for external training courses to enhance their professional qualifications[194]. - The company strictly prohibits child labor and forced labor, ensuring compliance with relevant laws and regulations during the hiring process[195].

Financial Performance - Total revenue for the fiscal year ended December 31, 2023, was HKD 801,485,000, a decrease of 33.1% from HKD 1,198,810,000 in the previous year[2] - Net profit for the year was HKD 41,250,000, a significant decline of 93.2% compared to HKD 602,628,000 in the previous year[3] - Basic earnings per share decreased to HKD 5.32 from HKD 7.83, reflecting a decline of 32.0%[2] - The total comprehensive income for the year was HKD (708,799) thousand, reflecting a slight adjustment due to actuarial gains and losses[14] - The group’s annual profit for 2023 was HKD 31,950, a decrease from HKD 33,379 in 2022[28] - The company reported a basic and diluted earnings per share of 76,689 thousand HKD for 2023, down from 112,787 thousand HKD in 2022, indicating a decrease of approximately 32%[38] Revenue Breakdown - Revenue from automotive parts amounted to 357,814 thousand yuan, while department store goods generated 106,666 thousand yuan[20] - The property investment and development segment generated revenue of HKD 19,254,000, while the financial services segment reported HKD 142,544,000[23] - The environmental segment reported a loss of HKD 29,852,000, indicating challenges in this area[24] - The automotive parts segment achieved revenue of HKD 43,054,000, reflecting stable performance[23] - The department store segment reported revenue of HKD 145,593,000, showcasing strong consumer demand[23] - The financial services segment revenue rose to HKD 142,500,000 in FY2023, up 13.3% from HKD 125,800,000 in FY2022, attributed to increased interest income from lending and guarantee financing[79] Asset and Liability Management - Non-current assets totaled HKD 10,710,856,000, up from HKD 9,908,685,000 year-on-year[4] - Current liabilities increased to HKD 2,065,737,000 from HKD 6,799,260,000, indicating a significant reduction in short-term obligations[5] - The company reported a net asset value of HKD 18,415,192,000, an increase from HKD 13,070,417,000 year-on-year[5] - Total liabilities as of December 31, 2023, were HKD 15,382,866, compared to HKD 14,706,459 in 2022[26] - The company's bank borrowings rose significantly to HKD 9,104,950,000 in 2023 from HKD 4,543,885,000 in 2022, representing an increase of about 100%[6] Operational Strategies - The company plans to focus on expanding its investment properties and enhancing operational efficiency in the upcoming fiscal year[1] - The company has implemented measures to enhance cost control on property projects and explore feasible financial arrangements to improve liquidity[8] - The company plans to expand its market presence and enhance product offerings in the coming fiscal year[21] - New product developments and technological advancements are expected to drive future revenue growth and market expansion[21] Legal and Compliance Matters - The group has initiated legal proceedings against Win Dynamic regarding the alleged cancellation of a contract, seeking specific performance and payment of the aforementioned amount[60] - The group has maintained that the contract in question is enforceable and has not been legally revoked[62] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the fiscal year ending December 31, 2023[124] Market and Economic Conditions - The environmental classification remains a major revenue source, with a leased land area of approximately 19,609 square meters in Osaka, Japan[106] - The automotive parts segment experienced a sharp decline in revenue due to slow recovery in the mainland China market and ongoing customer payment delays[107] - The financial services segment anticipates stable business growth in 2024, driven by the recovery of the Hong Kong financial market and the development of various investment products[111] Future Outlook - The company aims to expand investment opportunities in the Caribbean and Latin America, targeting four additional Caribbean countries: Antigua and Barbuda, Saint Lucia, Saint Kitts and Nevis, and Dominica[115] - The company has identified four investment areas: clean energy, education, tourism, and retail, to contribute to economic development in the targeted Caribbean countries[116]

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 392,469,000, a decrease of 32.7% from HKD 583,297,000 in the same period of 2022[6]. - Gross profit for the same period was HKD 155,081,000, compared to HKD 137,783,000 in 2022, reflecting an increase of 12.5%[6]. - The net profit for the period was HKD 26,035,000, down 87.3% from HKD 204,089,000 in the previous year[6]. - Basic earnings per share for the six months ended June 30, 2023, was HKD 3.371, compared to HKD 3.561 in 2022, a decrease of 5.3%[7]. - The company’s total comprehensive income for the period was HKD 116,724, a decrease from HKD 204,089 in the same period of 2022[12]. - The group’s net profit decreased from HKD 204.1 million in the first half of 2022 to HKD 26 million in the first half of 2023, a decline of HKD 178.1 million[105]. Revenue Breakdown - Environmental segment generated revenue of HKD 356,087,000, accounting for approximately 61% of total revenue[23]. - Financial services segment contributed HKD 63,142,000, representing about 10.8% of total revenue[23]. - The automotive parts segment reported revenue of HKD 54,156,000, which is around 9.3% of total revenue[23]. - The printing services segment generated revenue of HKD 31,784,000, contributing approximately 5.4% to total revenue[23]. - The department store segment earned HKD 69,091,000, making up about 11.8% of total revenue[23]. - Revenue from the environmental segment decreased by HKD 185.5 million, primarily due to reduced demand for copper materials[97]. - Revenue from the automotive parts segment decreased by HKD 37.5 million, a decline of 69.2%[96]. - Financial services segment revenue increased by HKD 25.1 million, a growth of 39.8%[96]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 14,270,890,000, an increase from HKD 13,070,617,000 as of December 31, 2022[9]. - The total liabilities as of June 30, 2023, were HKD 5,424,916,000, down from HKD 6,799,060,000 at the end of 2022[9]. - The company’s total assets as of June 30, 2023, were HKD 659,934,000, a decrease from HKD 705,083,000 as of December 31, 2022[46]. - Total liabilities as of June 30, 2023, were HKD 14,750,282,000, compared to HKD 14,704,622,000 at the end of 2022, showing a slight increase[33]. Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 7,253, a significant improvement from a net cash outflow of HKD 446,146 in the same period of 2022[13]. - The company reported a net cash outflow from financing activities of HKD 134,963 for the six months ended June 30, 2023, compared to a net cash inflow of HKD 495,696 in the same period of 2022[13]. - The company’s cash and cash equivalents decreased to HKD 108,699,000 from HKD 171,900,000, a decline of 36.8%[9]. - The total cash and cash equivalents at the end of June 30, 2023, were HKD 108,699, down from HKD 274,329 at the end of June 30, 2022, reflecting a decrease of approximately 60.4%[13]. Investments and Acquisitions - The company completed the acquisition of Hartmann Education Group for a total cash consideration of HKD 1,876,000, aimed at enhancing marketing resources under the CBI program in Latin America and the Caribbean[73]. - The identifiable net assets acquired from Hartmann Education Group were valued at HKD 1,876,000, resulting in no goodwill generated from the acquisition[75]. - The company is exploring potential acquisitions to enhance its market presence and diversify its service offerings[25]. Legal Matters - The total claims against the company by a former director amount to approximately HKD 12,442,000, with counterclaims of about HKD 71,600,000 being pursued[87]. - The company is involved in a legal dispute regarding a contract cancellation, with a claim for approximately HKD 260,443,000 related to shares of a subsidiary[88]. - The court issued a temporary injunction preventing Win Dynamic from disposing of assets in Hong Kong valued at the amount claimed[90]. Corporate Governance - The Audit Committee, consisting of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[144]. - The company has adhered to the corporate governance code as per the listing rules during the six months ending June 30, 2023[141]. - The company has established a remuneration committee to review and determine the remuneration policies for executive directors and senior management[142]. Shareholder Information - As of June 30, 2023, the major shareholder, Meilin Holdings, holds 903,160,000 shares, representing 62.69% of the issued share capital[134]. - Dr. Lin Xiaohui owns 70% of Meilin Holdings, which in turn holds the aforementioned shares[134]. - The total equity held by Dr. Lin Xiaohui and related parties amounts to 945,750,000 shares, which is 65.64% of the issued share capital[130].

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佈之內容概不負責， 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佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1196） 二零二三年中期業績公佈 偉祿集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司 及其附屬公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核中期業 績如下： | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------|---------------------- ...

Financial Performance - For the fiscal year ending December 31, 2022, the total revenue recorded by the company was approximately HKD 1,198,800,000, an increase of about 0.3% compared to HKD 1,195,100,000 for the fiscal year ending December 31, 2021[23]. - The gross profit grew by approximately 5.4% to about HKD 287,400,000, up from HKD 272,800,000 in the previous fiscal year[23]. - The net profit for the fiscal year 2022 was approximately HKD 605,100,000, a significant increase of about 421.9% compared to HKD 115,900,000 in the fiscal year 2021[23]. - The basic earnings per share for the fiscal year 2022 were HKD 0.0798, down from HKD 0.0849 in the previous fiscal year[23]. - The net profit included a fair value gain (after deferred tax impact) of approximately HKD 1,203,600,000, compared to HKD 955,500,000 in the previous fiscal year[23]. - The company reported a net exchange gain of approximately HKD 358,100,000 for the fiscal year 2022, compared to a net exchange loss of HKD 139,000,000 in the previous fiscal year[23]. - The total revenue for the fiscal year ending December 31, 2022, was approximately HKD 1,198.8 million, a slight increase of 0.3% from HKD 1,195.1 million in the previous fiscal year[34]. - The net profit for the fiscal year 2022 was approximately HKD 605.2 million, a significant increase of approximately HKD 489.3 million compared to HKD 115.9 million in the previous year[34]. - The group reported a net profit of approximately HKD 605.2 million for the fiscal year 2022, an increase of approximately HKD 489.3 million from approximately HKD 115.9 million in the fiscal year 2021[46]. Revenue Segments - Revenue from the environmental segment increased by HKD 32.2 million, reaching HKD 705.0 million, which accounted for 58.8% of total revenue[35]. - The property segment revenue increased by 46.5% to HKD 14.5 million, while the automotive parts segment saw a decrease of 34.8% to HKD 141.0 million[35]. - Environmental segment revenue increased from approximately HKD 672,800,000 in fiscal year 2021 to approximately HKD 705,000,000 in fiscal year 2022, representing a growth of 4.8%[50]. - Automotive parts segment revenue decreased by approximately 34.8% to about HKD 141,000,000 in fiscal year 2022, down from approximately HKD 216,200,000 in fiscal year 2021[51]. - Commercial printing segment revenue slightly increased by about 1.4% to approximately HKD 59,100,000 in fiscal year 2022, compared to HKD 58,300,000 in fiscal year 2021[52]. - Department store segment recorded revenue of approximately HKD 146,300,000 in fiscal year 2022, up from HKD 95,000,000 in fiscal year 2021, but incurred a loss of approximately HKD 33,600,000[53]. - Latin America and Caribbean segment generated revenue of HKD 5,900,000 from consulting services under the CBI plan, with a segment profit of approximately HKD 1,799,800,000 due to fair value changes of investment properties[54]. Investment Opportunities - The company plans to expand its investment opportunities in the Caribbean and Latin America, targeting four additional Caribbean countries for investment[25]. - The company is seeking professional investors to co-invest in projects in designated Caribbean countries and Panama[25]. - The company is exploring new potential investment opportunities in various sectors, including clean energy, education, tourism, and retail[25]. - The company holds a 51% interest in the Laiying Garden urban renewal project in Nanshan District, Shenzhen, which is a high-end residential and commercial development[27]. - The company holds a 70.5% interest in the Grenada project, which spans 450 acres (approximately 1,821,084 square meters) and includes various developments such as educational facilities and residential villas[32]. - The company has developed infrastructure for the Grenada project, including power, water, and road access, and has transitioned two plots of land from investment properties to development properties[32]. - The Grenada project represents a significant opportunity for the company to diversify its operations in the Caribbean and Latin America, leveraging foreign investment through the CBI program[78]. - The company has identified four investment sectors for collaboration with local governments: clean energy, education, tourism, and retail, to enhance economic development and job creation[84]. Financial Position - The total balance of receivables was approximately HKD 458.9 million as of December 31, 2022, compared to HKD 207 million as of December 31, 2021[41]. - The group’s interest-bearing borrowings amounted to approximately HKD 12,950,000,000 as of December 31, 2022, compared to HKD 11,608,900,000 as of December 31, 2021, resulting in a capital debt ratio of approximately 358.5%[55]. - The total net asset value of the group was approximately HKD 8,512,000,000 as of December 31, 2022, down from HKD 10,184,000,000 a year earlier[57]. - The total outstanding margin financing loans to clients amounted to HKD 457,200,000 as of December 31, 2022, an increase of 65.5% from HKD 276,200,000 as of December 31, 2021[62]. - The company’s guarantees for loans to subsidiaries amounted to approximately HKD 57,900,000 as of December 31, 2022, with certain investment properties serving as collateral[58]. Operational Challenges - Other income decreased from HKD 53.3 million in the previous year to HKD 33.4 million in the fiscal year 2022, primarily due to a reduction in bank interest income[37]. - The commercial printing segment recorded a loss for the fiscal year 2022 due to reduced demand amid the pandemic, necessitating further efforts to strengthen customer relationships[76]. - The department store segment was affected by the ongoing pandemic, with one store closure during the fiscal year, but anticipates a rebound in the local retail market as restrictions ease[77]. - The automotive parts segment faced adverse demand impacts due to lockdown policies in certain Chinese cities, but the company remains optimistic about future prospects as pandemic restrictions ease[75]. Corporate Governance - The board of directors includes independent non-executive directors, ensuring compliance with independence standards[111]. - The company has maintained a consistent governance structure with no service contracts for directors that cannot be terminated within one year[112]. - The board is committed to maintaining high standards of corporate governance to ensure satisfactory and sustainable returns for shareholders[131]. - The group has complied with all applicable corporate governance code provisions during the year ending December 31, 2022[132]. - The board's independent non-executive directors account for more than one-third of the board, ensuring independent opinions and judgments[142]. Environmental Sustainability - The company is committed to integrating environmental sustainability into its business operations and reducing its environmental impact[175]. - The company has implemented various energy-saving measures to achieve its greenhouse gas emissions targets for the fiscal year 2023[178]. - The company aims to maintain the greenhouse gas emissions density at the level of approximately 3.92 tons of CO2 equivalent per employee, consistent with the previous fiscal year[178]. - The company has installed gas collection and extraction devices at its plastic recycling facility in Japan to minimize emissions from waste processing[176]. - Total greenhouse gas emissions decreased to 1,818.16 tons CO2 equivalent in 2022 from 2,040.92 tons in 2021, representing a reduction of approximately 10.9%[179]. Employee and Workforce Management - The company employed a total of 478 employees as of December 31, 2022, with 295 in Hong Kong, 135 in China, 29 in Japan, and 19 in Grenada[98]. - Employee compensation policies are reviewed regularly based on market benchmarks, financial performance, and individual employee performance[95]. - The gender distribution of employees is 227 males and 251 females, indicating a female representation of approximately 52.5%[199]. - The company emphasizes the importance of talent acquisition, retention, and development to maintain market competitiveness[200]. Shareholder Information - The company reported no interim or final dividends for the fiscal year ending December 31, 2022[108]. - The top five customers accounted for 49.0% of the total revenue, with the largest customer contributing 21.7%[110]. - The top five suppliers represented 75.4% of total procurement, with the largest supplier accounting for 53.0%[110]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the fiscal year[109].

Financial Performance - Total revenue for the fiscal year 2022 reached HKD 1,198,810,000, a slight increase from HKD 1,195,079,000 in 2021[2] - The company reported a net profit of HKD 605,162,000 for 2022, significantly up from HKD 115,934,000 in the previous year[3] - Gross profit increased to HKD 287,398,000, compared to HKD 272,785,000 in 2021, reflecting a growth of approximately 5.4%[2] - The company’s basic earnings per share decreased to HKD 7.98 from HKD 8.49 in the previous year[2] - Total profit for the year 2022 was HKD 114,892,000, a decrease from HKD 122,197,000 in 2021, representing a decline of approximately 2.5%[29] - The net profit for the fiscal year 2022 was approximately HKD 605,200,000, an increase of about HKD 489,300,000 compared to HKD 115,900,000 in the previous fiscal year[55] Revenue Breakdown - Revenue from automotive parts sales amounted to 140,952 thousand, while revenue from commercial printing reached 59,122 thousand[12] - Revenue from financial printing and related services was confirmed using the output method over time, reflecting ongoing customer benefits[12] - The automotive parts segment generated revenue of 216,163 thousand, while the financial services segment contributed 142,643 thousand[14] - The department store segment recorded revenue of approximately HKD 146,300,000 in fiscal year 2022, up from HKD 95,000,000 in fiscal year 2021[74] - The financial services segment reported a loss of HKD 1,379,530,000, highlighting challenges in that area[16] Assets and Liabilities - Non-current assets totaled HKD 9,908,685,000, a decrease from HKD 11,911,136,000 in 2021[4] - Current assets included development properties valued at HKD 5,535,564,000, up from HKD 3,229,062,000 in 2021, indicating a growth of approximately 71.5%[4] - As of December 31, 2022, the total current liabilities amounted to HKD 6,799,060,000, a significant increase from HKD 1,082,627,000 in 2021[5] - The total equity attributable to the owners of the company was HKD 3,612,468,000, compared to HKD 4,133,072,000 in 2021, reflecting a decline[5] - Total liabilities were reported at HKD 13,482,106,000, reflecting the company's financial obligations[19] Cash Flow and Financing - The company’s cash and cash equivalents decreased to HKD 171,900,000 from HKD 229,645,000 in the previous year[4] - Bank borrowings surged to HKD 5,366,919,000 from HKD 511,206,000, indicating a substantial increase in leverage[5] - The company has sufficient operating funds to meet its financial obligations for at least the next twelve months[8] - The company’s total borrowings, including secured and unsecured loans, reached HKD 239,439,000 in 2022, compared to HKD 2,740,000 in 2021, indicating a substantial increase[32] Investments and Acquisitions - The company completed the acquisition of Hartmann Education Group for a total cash consideration of HKD 1,876,000, aiming to enhance marketing resources in the CBI program[36] - The identifiable net assets of Hartmann Education Group at fair value were assessed at HKD 1,876,000, equal to the purchase price, indicating no goodwill was generated from this acquisition[38] - The company has ongoing legal claims amounting to HKD 8,244,000 related to unpaid salaries from a former director[48] Market and Strategic Focus - The company is in the process of establishing a securities company in the Guangzhou Free Trade Zone, with the application currently under review by the China Securities Regulatory Commission[82] - The company is actively seeking investment opportunities in four additional Caribbean countries, namely Antigua and Barbuda, Saint Lucia, Saint Kitts and Nevis, and Dominica, as part of its strategy to diversify operations in Latin America and the Caribbean[103] - The company plans to invest in four key areas: clean energy, education, tourism, and retail, to contribute to economic development in the Caribbean and Panama[104] Corporate Governance and Compliance - The company adheres to good corporate governance practices and has complied with all relevant codes during the reporting period[108] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2022, ensuring compliance with accounting principles and practices[113] - The annual report containing all information required by the listing rules will be sent to shareholders at an appropriate time[114]