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。 TESSON HOLDINGS LIMITED 天 臣 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：1201） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 公 告 天臣控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）之董事（「董事」） 會（「董事會」）欣然公佈，本集團截至二零二二年十二月三十一日止年度之綜合 業績，連同二零二一年同期之經審核比較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 （經重列） 持續經營業務 收益 3 94,399 159,839 ...

Financial Performance - The Group reported a profit for the year of HK$ 39,482,000, a significant recovery from a loss of HK$ 125,762,000 in 2020[10] - Total assets increased to HK$ 2,335,477,000 in 2021 from HK$ 2,187,925,000 in 2020, reflecting a growth of approximately 6.7%[10] - The net assets attributable to owners of the Company decreased to HK$ 764,589,000 in 2021 from HK$ 1,049,978,000 in 2020, indicating a decline of about 27.2%[10] - Revenue from the Lithium Ion Motive Battery Business increased to approximately HK$157,691,000 in 2021, up from HK$149,171,000 in 2020[50] - Revenue from the Property segment amounted to approximately HK$537,000 in 2021, a significant decrease from HK$603,833,000 in the previous year[50] - Revenue from the cultural business slightly increased to approximately HK$10,918,000 in 2021, compared to HK$9,887,000 in 2020[50] - Other income for the year increased to approximately HK$15,863,000 in 2021, up from HK$5,331,000 in 2020, primarily due to gains on disposal of scrap products and increased government grants[50] - Administrative expenses rose to approximately HK$178,757,000 in 2021 from HK$162,930,000 in 2020, driven by increased R&D costs and new internet sales business expenses[54] - The Group recorded impairment losses totaling approximately HK$379,226,000 in 2021, including inventory, property, and goodwill impairments[55] - Basic and diluted loss per share for 2021 was HK26.92 cents, compared to HK2.11 cents in 2020[57] Property Development - The Group's property development projects in Nanning and Nanchang faced delays, leading to a significant drop in revenue for the year[14] - The Group will not commence new property projects in the near future, focusing instead on existing projects due to current market conditions in the PRC[14] - The Group will focus on developing existing projects and will not initiate new property projects in the short term due to regulatory pressures in the real estate sector[18] - The Group recorded an impairment loss of approximately HK$54,391,000 on properties for sale under development due to a downturn in the property market in Nanchang[36] - An impairment of approximately HK$75,693,000 was recognized for remaining property units at Fengxiang Terrace due to the sluggish property market[37] - The presale of Fengxiang Terrace started in late 2019, and all residential units available for sale were fully subscribed[37] - The Group terminated a land transaction for a commercial and residential land parcel in Lishui District, resulting in a loss of approximately HK$5,812,000 mainly from design and survey fees[43] - The Group is facing a bottleneck in future property development and is considering gradually ceasing its property development business[44] - The Group will not commence new property development projects in the near future due to unsuitable land parcels identified[44] Business Strategy and Operations - The Group plans to diversify its business structure and enhance gross profit from battery products by actively seeking new business opportunities[16] - The Group aims to expand its market share in electric motorcycles and develop automobile battery products to meet increasing demand[30] - The management will maintain a cautious production strategy in response to raw material price pressures to further increase gross profit margins[30] - The Group is committed to improving battery product quality and expanding its product range and customer base despite operational challenges[19] - The fire incident did not significantly impact the production activities of the Lithium Ion Motive Battery Business due to the transfer to the more advanced Phase II production base[34] - The Group plans to optimize resource allocation and enhance its international R&D team's capabilities to improve product quality in the lithium-ion motive battery market[45] - The Group aims to develop more battery products targeting home appliances and electric motorcycles to compete in the lithium-ion battery market[45] - The Group's focus on expanding its Lithium Ion Motive Battery Business indicates a strategic direction towards growth in this sector[121] Employee and Management Information - Total employee costs, including Directors' emoluments, were approximately HK$70,265,000 in 2021, up from HK$68,191,000 in 2020[63] - As of December 31, 2021, the Group had approximately 589 employees, an increase from 504 employees in 2020, with total employee costs amounting to approximately HK$70,265,000, up from HK$68,191,000 in 2020[67] - The Group has implemented a human resources policy based on employee performance and contributions, with benefits including housing, medical plans, and training programs for career advancement[67] - The Group's executive team includes experienced professionals with extensive backgrounds in finance, media, and management, enhancing its operational capabilities[81][83][85] - The Group's financial controller, Ms. Cheng Li Zhen, has over 19 years of experience in accounting and financial management[115] - The deputy general manager, Mr. Yang Ai Ping, has over 21 years of experience in project management within the Property and Cultural Business[113] Share Capital and Securities - The Company raised approximately HK$15,640,000 through the placement of 40,008,000 new shares at HK$0.40 per share, completed on July 20, 2021[126] - As of December 31, 2021, the Company's issued share capital is HK$123,649,370, with a total of 1,236,493,700 ordinary shares issued at HK$0.10 each[127] - The total number of shares available for issue under the share option scheme is 119,648,570 shares, which represents 9.68% of the total number of ordinary shares of the Company in issue[156] - A total of 24,300,000 share options were granted under the scheme, all of which have lapsed as of December 31, 2021[157] - The exercise price for share options must not be less than the highest of the closing price on the date of grant, the average closing price for the preceding five trading days, or the nominal value of the shares[155] - The share option scheme was adopted on June 13, 2012, and is set to expire on June 12, 2022[154] - The number of shares that can be granted to any individual under the scheme is limited to 1% of the issued share capital of the Company[156] Risks and Liabilities - The Group faced low foreign exchange risk due to transactions in RMB for its lithium-ion battery and cultural businesses, but there are risks associated with fundraising in HKD and remittances to subsidiaries in China[68] - The Group did not have any material contingent liabilities as of December 31, 2021, consistent with 2020[72] - The management will continue to monitor foreign exchange risks in the future[68] Related Party Transactions - Related party transactions during the year did not constitute connected transactions or were exempt from disclosure and independent shareholders' approval requirements[200] - No beneficial interests in the Group's five largest customers or suppliers were reported by directors or significant shareholders[190]

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$85,063,000, a decrease of 79.9% compared to HK$422,562,000 in the same period of 2020[9] - Gross profit for the reporting period was HK$11,662,000, down 93.2% from HK$171,830,000 in 2020[9] - The company reported a loss from operations of HK$267,695,000, compared to a profit of HK$103,016,000 in the prior year[9] - Total comprehensive loss for the period was HK$253,021,000, compared to a total comprehensive income of HK$23,697,000 in the same period of 2020[9] - The company reported a loss attributable to owners of HK$214,092,000 for the six months ended June 30, 2021, compared to a profit of HK$26,720,000 in the same period of 2020, indicating a significant decline in performance[13] - Total comprehensive loss attributable to owners was HK$193,230,000 for the period, compared to a comprehensive income of HK$17,504,000 in the prior year, reflecting a worsening financial situation[13] - Basic and diluted loss per share was HK$17.89, a substantial decrease from earnings of HK$2.23 per share in the previous year[13] - The company reported a loss for the period of HK$272,667,000, compared to a profit of HK$48,961,000 in the same period of the previous year, indicating a significant decline in performance[141] Income and Expenses - Other income increased to HK$6,401,000, up from HK$2,680,000 in the previous year, representing a growth of 138.3%[9] - Administrative expenses surged to HK$231,134,000, a significant increase from HK$65,181,000 in 2020, reflecting a rise of 254.5%[9] - Impairment losses on trade and other receivables amounted to HK$48,148,000, with no such losses reported in the previous year[9] - Finance costs decreased to HK$4,112,000 from HK$7,214,000, a reduction of 43.5%[9] - Interest expenses on borrowings decreased to HK$10,334,000 from HK$11,001,000, a reduction of approximately 6.1%[144] - Total income tax provision for the period was HK$860,000, a significant decrease from HK$46,841,000 in the prior year[146] - Cost of sales significantly decreased to HK$73,401,000 from HK$250,732,000, representing a decline of approximately 70.7%[152] - Research and development expenses decreased to HK$2,463,000 from HK$11,596,000, a reduction of approximately 78.7%[152] Assets and Liabilities - Non-current assets decreased to HK$761,454,000 as of June 30, 2021, down from HK$805,870,000 at the end of 2020, indicating a reduction in long-term asset value[15] - Current assets totaled HK$2,068,341,000, a decrease from HK$2,187,925,000 at the end of 2020, suggesting a decline in liquidity[15] - Current liabilities increased to HK$1,746,580,000 from HK$1,656,639,000, indicating a rise in short-term financial obligations[17] - Net assets decreased to HK$994,883,000 as of June 30, 2021, down from HK$1,240,390,000 at the end of 2020, reflecting a decline in overall equity[17] - The company reported a significant increase in contract liabilities, which rose to HK$1,011,846,000 from HK$938,905,000, indicating a growing obligation to deliver goods or services[17] - The company’s goodwill decreased to HK$199,758,000 from HK$220,408,000, suggesting a reduction in the premium paid over the fair value of identifiable assets during acquisitions[15] - The company’s reserves decreased significantly from HK$930,329,000 to HK$742,663,000, indicating a reduction in retained earnings and other reserves[17] - Total assets as of June 30, 2021, were HK$994,883,000, an increase from HK$882,312,000 at the end of June 2020[117] - Total liabilities were HK$1,707,311,000 as of June 30, 2021, down from HK$1,632,285,000 at the end of 2020, indicating an increase of about 4.6%[135] Cash Flow - Net cash used in operating activities for the six months ended June 30, 2021, was HK$52,404,000, a decrease from net cash generated of HK$62,679,000 in 2020[120] - Cash and cash equivalents at the end of the period were HK$7,520,000, down from HK$58,770,000 at the end of June 2020[120] - The company reported a net cash generated from investing activities of HK$28,262,000 for the six months ended June 30, 2021, compared to a net cash used of HK$42,099,000 in 2020[120] - The repayment of borrowings amounted to HK$12,014,000 during the period, with lease liabilities repayment of HK$822,000[120] - The company reported a significant increase in cash flows from the disposal of right-of-use assets, generating HK$35,893,000 in the first half of 2021[120] Strategic Focus - The board is focused on strategic initiatives to improve operational efficiency and explore market expansion opportunities moving forward[8] - The company is engaged in the manufacturing and sale of lithium-ion motive batteries and related equipment, indicating a focus on the new energy sector[124] - The company plans to continue its investment in property development and cultural industry-related businesses, including large-scale event production[124] Shareholder Information - The company’s controlling shareholder is Double Key International Limited, incorporated in the British Virgin Islands[124] - The Company issued Convertible Bonds with a principal amount of HK$300,000,000 at a coupon rate of 3% on 28 February 2017, maturing on 30 June 2036[190] - The Company early redeemed the Convertible Bonds on 26 August 2020, after allotting 150,000,000 conversion shares equivalent to HK$240,000,000[192] - The amount due to the controlling shareholder was approximately HK$382,728,000, with a convertible bond issuance of HK$300,000,000 to replace the loan amount[188] - The interest portion of the payable to the Controlling Shareholder was settled by the end of 2020[191]

Financial Performance - For the year ended December 31, 2020, the profit for the year was HK$39,482,000, a recovery from a loss of HK$125,762,000 in 2019[11]. - Total equity increased to HK$1,240,390,000 in 2020, up from HK$1,105,276,000 in 2019[15]. - The Group's net assets attributable to owners of the Company were HK$1,049,978,000 as of December 31, 2020[16]. - Basic and diluted loss per share for 2020 was HK2.11 cents, compared to HK8.77 cents in 2019, with no final dividend recommended due to anticipated funding needs for the Lithium Ion Motive Battery Business[59][64]. - The Group maintained net current assets of approximately HK$531,286,000 as of December 31, 2020, an increase from HK$469,648,000 in 2019, with a gearing ratio of 20.24%[60][65]. - Other income decreased to approximately HK$5,331,000 in 2020 from HK$12,343,000 in 2019, primarily due to a drop in government grants[57][62]. - Finance costs decreased to approximately HK$12,951,000 in 2020 from HK$17,036,000 in 2019, attributed to a reduction in general loan balances[58][63]. Revenue Sources - Revenue from sales of battery products increased by approximately HK$95,733,000 compared to 2019, driven by a market rebound in the new energy vehicle sector[20]. - The Group's main revenue source comes from the property development business, particularly from the handover of units in the Rongzhou Gangjiucheng project in Nanchang, Jiangxi[24]. - The Group's property business generated revenue of approximately HK$603,833,000 from the delivery of phase II property units, a decrease from HK$839,225,000 in 2019, attributed to reduced unit deliveries[50][53]. - Cultural business revenue fell to approximately HK$9,887,000 in 2020 from HK$19,683,000 in 2019, due to fewer events and exhibitions caused by COVID-19[51][53]. - Revenue from the Lithium Ion Motive Battery Business increased to approximately HK$149,171,000 in the first half of 2020, up from HK$53,438,000 in 2019, driven by growth in customer base and product quality enhancement[48][49]. Business Operations - The Group's core business includes manufacturing and sale of lithium-ion motive batteries and related products, which showed improvement despite challenges from COVID-19 and trade frictions[20]. - The Group's operations in the PRC were temporarily closed during the first half of 2020 due to COVID-19, but resumed to normal scale in the second half[19]. - The Group plans to deliver remaining property units in Nanning throughout 2021 and 2022[21]. - The Group will continue construction on the remaining units in Rongzhou Gangjiucheng and the Fengxiang Terrace project, with handover expected to start by the end of 2020 or early 2021[40]. - The Group plans to continue developing existing projects and explore new business opportunities, including medical equipment sales and educational park development, to create synergies with current operations[45]. Strategic Plans - The Group plans to diversify its battery products for wider applications, including home appliances and electrical tools, to enhance product quality and market share[28]. - The Group expects that by 2025, new energy vehicles will account for 20% of total vehicle sales in China, with a 20% decline in subsidies for 2021 compared to 2020[35]. - The Group aims to optimize resource allocation and enhance product quality following the resumption of normal operations post-COVID-19[41]. - The Group is focused on building an international research team to develop diversified battery products and will construct a new production base in Weinan, Shaanxi[41]. - The Group will explore new industries that create synergy with existing businesses to maximize returns for shareholders[28]. Human Resources - As of December 31, 2020, the Group had approximately 504 employees, an increase from 493 employees in 2019[72]. - Total employee costs for the year were approximately HK$68,191,000, down from HK$76,385,000 in 2019, indicating a decrease of about 10.5%[72]. - The Group has developed human resources policies based on performance and merit, with discretionary bonuses linked to both Group and individual performance[72]. - The Group has implemented training programs to promote career advancement for its management and employees[72]. Share Capital and Ownership - As of December 31, 2020, the Company's issued share capital is HK$119,648,570, with a total of 1,196,485,700 ordinary shares issued at HK$0.10 each[116]. - As of December 31, 2020, Cheng Hung Mui holds 775,894,533 shares, representing 64.85% of the total issued share capital of the Company[131]. - Sheng Siguang, an executive Director, has an interest in 13,994,253 shares, accounting for 1.17% of the total issued share capital[146]. - The entire issued share capital of Double Key International Limited is wholly owned by Cheng Hung Mui, linking her interest to the shares held by this corporation[137]. - The Company has a share option scheme adopted on June 13, 2012, under which certain Directors and chief executives hold underlying shares[161]. Financial Management - The Group's financial management, accounting, and treasury functions are overseen by Ms. Cheng Li Zhen, who has over 18 years of experience in the field[109]. - Mr. Zhao Qi Rong, with over 18 years of experience in lithium battery design and production, managed the Lithium Ion Motive Battery Business operations[111]. - Mr. Niu Wen Tao is responsible for product design and development of battery packs, with over 13 years of relevant experience[108]. - The Group's financial statements are audited and presented for the year ended December 31, 2020[116]. Market Outlook - The Group remains cautiously optimistic about the lithium-ion battery market and property market in China despite challenges from the Sino-US trade conflicts and COVID-19[42]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[106]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[106]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[106].

Financial Performance - Revenue for the six months ended June 30, 2020, was HK$422,562,000, a significant increase from HK$891,033,000 in the same period of 2019[9] - Gross profit for the period was HK$171,830,000, compared to HK$111,737,000 in 2019, reflecting a gross profit margin improvement[9] - Profit for the period was HK$48,961,000, a substantial increase from HK$3,979,000 in the previous year[9] - Total comprehensive income for the period was HK$23,697,000, compared to a loss of HK$380,000 in 2019[9] - Basic and diluted earnings per share for the six months ended June 30, 2020, were both 2.23 cents, compared to a loss of 1.82 cents per share in 2019[13] - The company reported a profit from operations of HK$103,016,000, up from HK$35,849,000 in the same period last year[9] - The company reported a total comprehensive income of HK$23,697,000 for the period ended June 30, 2020, compared to a loss of HK$9,216,000 in the same period of 2019[24] - The total profit for the period was HK$48,961,000, significantly higher than HK$3,979,000 in the same period of 2019, indicating a growth of approximately 1,129%[46] Expenses and Cost Management - Distribution and selling expenses decreased to HK$6,313,000 from HK$6,746,000 in 2019, indicating improved cost management[9] - Administrative expenses were reduced to HK$65,181,000 from HK$75,071,000, contributing to the overall profit increase[9] - Cost of sales decreased to HK$250,732,000 from HK$779,296,000, representing a reduction of approximately 67.8% year-over-year[57] - Research and development expenses totaled HK$11,596,000, down from HK$15,421,000, indicating a decrease of about 24.0%[57] - Depreciation expenses for property, plant, and equipment amounted to HK$37,536,000 for the period, compared to HK$26,786,000 in the same period of 2019, an increase of approximately 40%[43] Assets and Liabilities - As of June 30, 2020, non-current assets totaled HK$797,176,000, a decrease from HK$840,035,000 as of December 31, 2019, representing a decline of approximately 5.1%[16] - Current assets amounted to HK$2,238,183,000, down from HK$2,335,477,000, indicating a decrease of about 4.2%[16] - Total liabilities were reported at HK$1,722,239,000, a reduction from HK$1,865,829,000, reflecting a decrease of approximately 7.7%[19] - Net current assets increased to HK$515,944,000 from HK$469,648,000, showing an improvement of around 9.8%[19] - The company's net assets rose to HK$1,128,973,000, compared to HK$1,105,276,000, marking an increase of about 2.1%[19] - Trade and other payables significantly increased to HK$358,876,000 from HK$330,978,000, representing an increase of approximately 8.4%[19] - Borrowings surged to HK$260,360,000, up from HK$263,784,000, indicating a rise of about 1.5%[19] Cash Flow and Financing Activities - For the six months ended June 30, 2020, net cash generated from operating activities was HK$62,679,000, compared to a cash used of HK$51,999,000 in the same period of 2019[25] - Net cash used in investing activities amounted to HK$42,099,000, an increase from HK$19,310,000 in the prior year[25] - The repayment of borrowings was nil in the current period, compared to HK$67,181,000 in the previous period[25] - The company’s cash flows from financing activities generated HK$4,323,000, a decrease from HK$74,435,000 in the prior year[25] - Cash and bank balances improved to HK$58,770,000 from HK$35,389,000, indicating an increase of approximately 66.0%[16] Business Segments and Revenue Sources - The lithium-ion motive battery business generated revenue of HK$58,852,000, compared to HK$20,096,000 in the same period of 2019, indicating a growth of approximately 192%[38] - The property and cultural business reported revenue of HK$363,710,000, down from HK$870,937,000, reflecting a decrease of about 58%[43] - The total profit for reportable segments increased to HK$63,808,000 for the six months ended June 30, 2020, compared to HK$17,295,000 in the same period of 2019, marking a growth of approximately 269%[46] - The segment loss for the lithium-ion motive battery business was HK$52,415,000, while the property and cultural business achieved a profit of HK$116,223,000[43] Market and Strategic Outlook - The company is engaged in the manufacturing and sale of lithium-ion motive batteries and related equipment, indicating a focus on the renewable energy sector[28] - The company has plans for market expansion in the lithium-ion battery sector, aligning with global trends towards renewable energy solutions[28] - The Group expects to increase sales revenue in the second half of 2020 by expanding its market share in electric motorcycles and developing automobile battery products[122][124] - Despite challenges from the Sino-US trade conflicts and COVID-19, the Group remains cautiously optimistic about the lithium-ion motive battery market in China[127] - The Group aims to continue diversifying its battery product portfolio and enhance product quality while constructing a new production base in Weinan, Shaanxi[127] Share Capital and Governance - The issued and fully paid share capital as of June 30, 2020, was 1,196,485,700 shares, totaling HK$119,649,000[102] - The Company has a share option scheme adopted on June 13, 2012, which granted options to relevant Directors and chief executives[171] - The total number of underlying Shares held by Directors and chief executives is recorded in the register as per the SFO requirements[170] - The Company’s substantial shareholders and their interests are documented in compliance with the SFO regulations[184] - The company adheres to the Corporate Governance Code and Report as outlined in Appendix 14 of the Listing Rules, ensuring compliance with governance practices[199]

Financial Performance - The company reported a loss of HKD 125,762,000 for the fiscal year ending December 31, 2019, compared to a profit of HKD 59,163,000 in 2018, indicating a significant decline in performance[8]. - Revenue from the lithium-ion battery business decreased from approximately HKD 83,516,000 in 2018 to about HKD 53,438,000 in 2019, reflecting a challenging market environment[25]. - For the year ended December 31, 2019, the company reported revenue of HKD 912,346,000, an increase from HKD 362,208,000 in 2018, representing a growth of 152%[186]. - The gross profit for 2019 was HKD 103,466,000, compared to HKD 26,067,000 in 2018, indicating a significant improvement in profitability[186]. - The operating loss decreased to HKD 76,077,000 in 2019 from HKD 203,971,000 in 2018, reflecting a reduction of approximately 63%[186]. - The loss attributable to owners of the company from continuing operations was HKD 104,331,000 in 2019, down from HKD 182,155,000 in 2018, a decrease of about 43%[188]. - The total comprehensive expense for the year was HKD 153,521,000, compared to HKD 145,281,000 in 2018, showing a slight increase of 5%[188]. - Basic loss per share from continuing operations was HKD 8.77 in 2019, an improvement from HKD 15.93 in 2018[188]. Assets and Liabilities - Non-current assets amounted to HKD 840,035,000 as of December 31, 2019, a decrease from HKD 779,896,000 in 2018[8]. - The total equity attributable to owners of the company was HKD 976,740,000 in 2019, down from HKD 1,047,318,000 in 2018[8]. - The company's inventory dropped significantly from HKD 59,667,000 in 2018 to HKD 36,163,000 in 2019, a decrease of approximately 39.4%[191]. - The total liabilities decreased from HKD 2,518,951,000 in 2018 to HKD 1,865,829,000 in 2019, a reduction of approximately 26%[191]. - The net asset value decreased to HKD 1,105,276,000 in 2019 from HKD 1,224,405,000 in 2018, reflecting a decline of about 9.7%[193]. Operational Challenges - The company faced challenges due to the tightening of subsidies for new energy vehicles in China, which negatively impacted revenue and gross profit from its core lithium-ion battery business[11]. - The lithium-ion battery business experienced a significant decline in sales, dropping approximately 56% year-on-year due to the impact of the US-China trade tensions and changes in government subsidy policies for new energy vehicles[18]. - The company anticipates that 2020 will be another challenging year due to uncertainties in the global economic environment caused by the COVID-19 pandemic[12]. - The company plans to continue developing existing property projects in Nanning and Nanjing while addressing delays caused by the COVID-19 pandemic[11]. Cost Management and Efficiency - The company is focused on optimizing cost control and improving production and operational efficiency to maximize shareholder returns[12]. - Administrative expenses decreased from approximately HKD 248,675,000 in 2018 to about HKD 174,470,000 in 2019, attributed to reduced impairment losses on older battery products and lower R&D expenses[27]. - Distribution and selling expenses increased to approximately HKD 14,420,000 in 2019 from HKD 10,085,000 in 2018, mainly due to pre-sale activities for the Nanning property project[29]. Future Plans and Strategies - The company aims to improve product quality and establish joint R&D projects to meet higher standards in the coming year[11]. - The company plans to enhance the diversity of its lithium-ion battery product portfolio to improve gross margins and continue the construction of production bases in Shaanxi and Jiangsu[22]. - The company aims to balance sales and credit risks by strictly adhering to its credit policies and implementing effective sales strategies[19]. - The management believes that the long-term market prospects for new energy vehicles remain positive, despite short-term challenges[25]. Shareholder and Capital Management - The board does not recommend the payment of a final dividend for the year due to the anticipated funding requirements for the development of the lithium-ion battery business[33]. - The company raised approximately HKD 5,100,000 from the placement of 10,170,000 shares at a price of HKD 0.5 per share, with net proceeds of about HKD 5,000,000 intended for general working capital[65]. - The company has no distributable reserves as of December 31, 2019, indicating a focus on reinvestment or operational funding[67]. Governance and Compliance - The board consists of four executive directors and three independent non-executive directors, ensuring compliance with the listing rules regarding board composition[117]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the year ending December 31, 2019[115]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules[133]. - The company has established a board diversity policy, considering various factors such as gender, age, and professional experience in board appointments[141]. Risk Management - The company’s financial position and operating performance are subject to various risks, including market risk, foreign exchange risk, credit risk, and liquidity risk[99]. - The internal control committee has sought external professional consultation to review the adequacy and effectiveness of risk management and internal control systems[138]. Employee Management - The company has established a comprehensive employee performance evaluation system to promote career advancement and opportunities[101]. - The remuneration policy for employees is based on individual performance and is reviewed regularly, with discretionary bonuses potentially awarded depending on the company's profitability[144].

(Incorporated in Bermuda with limited liability) Stock Code 股份代號 : 1201 (於百慕達註冊成立之有限 公司) | --- | --- | --- | |-------|-----------------------------------|-------| | | | | | | | | | | | | | | | | | | INFINITE INFINITE ENERGY ENERGY | | | | | | | | | | Annual Report 2018 年報 目錄 企業資料 2 財務概要 3 主席報告 4 管理層之討論與分析 6 董事及高級管理人員簡介 13 董事會報告書 17 企業管治報告 27 獨立核數師報告 41 綜合損益及其他全面收益表 45 | --- | --- | |------------------|-------| | | | | | | | 綜合財務狀況表 | | | 綜合權益變動表 | | | 綜合現金流量表 | | | 綜合財務賬目附註 | | | 物業概要 | | 47 49 50 52 136 天臣 ...