香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1240） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 青建國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本 公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報 告期」）的未經審核簡明綜合中期業績，連同截至二零二二年六月三十日 止六個月的比較數字如下： 中期簡明綜合全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） ...

Financial Performance - The company's revenue for the year 2022 was HKD 8.3 billion, an increase from HKD 6.1 billion in 2021[10]. - The net loss attributable to shareholders was approximately HKD 588 million, compared to a net profit of HKD 259.1 million in 2021[10]. - Total revenue for the reporting period was approximately HKD 8,300,000,000, an increase of 36.1% compared to HKD 6,100,000,000 in the previous year[44]. - The group recorded a net loss of approximately HKD 513,000,000 for the reporting period, compared to a net profit of approximately HKD 253,600,000 in the previous year[53]. - The gross profit margin for the reporting period was approximately -0.5%, down from 3.2% in the previous year, primarily due to construction delays and increased costs[47]. Market and Construction Demand - The total uncompleted construction contract amount at the end of 2022 was approximately HKD 13.7 billion, with HKD 4 billion from Hong Kong and HKD 9.4 billion from Singapore and Southeast Asia[13]. - The Hong Kong government is promoting transitional housing projects, which is expected to increase construction demand in the local market[15]. - The Singapore construction demand is projected to be between SGD 27 billion and SGD 32 billion in 2023, primarily driven by government sector tenders[57]. - The total actual construction demand in Singapore for 2022 reached SGD 29.8 billion, remaining stable compared to the previous year[20]. - In Hong Kong, the total number of first-hand property transactions in 2022 was approximately 9,100, a year-on-year decrease of 45%[21]. Strategic Focus and Growth Plans - The company plans to focus on developing the Hong Kong and Singapore markets and has won multiple transitional housing projects using "modular integrated" construction methods[13]. - The company anticipates significant growth in performance over the next two to three years[13]. - The company aims to expand its market competitiveness by exploring opportunities in Belt and Road countries and the Guangdong-Hong Kong-Macao Greater Bay Area[15]. Construction Projects and Sales - The average selling price for the Fuli Xuan project was HKD 122,523 per square meter, with total sales revenue of approximately HKD 1.8989 billion[25]. - The Fuli Xuan project achieved a cumulative contract sales rate of 100%, with 1,212 units sold by the end of 2022[24]. - The company is developing approximately 30,000 "modular housing" units in Hong Kong, with a construction period of one to two years[22]. - The Fuli Xuan project is expected to be completed in the first half of 2024, with a completion percentage of 49.7% as of December 31, 2022[29]. - Contract sales from properties in the Singapore segment amounted to HKD 2,000,000,000, representing a 90.9% increase year-on-year[46]. Financial Position and Borrowings - The company's total interest-bearing bank borrowings increased from approximately HKD 5.8 billion as of December 31, 2021, to approximately HKD 6.2 billion as of December 31, 2022[59]. - As of December 31, 2022, the company's cash and cash equivalents amounted to approximately HKD 1.5 billion, up from approximately HKD 900 million in the previous year[61]. - The company's debt-to-equity ratio was approximately 59.7% as of December 31, 2022, compared to 55.5% in the previous year[61]. Corporate Governance and Management - The company has a diverse board with members holding advanced degrees in economics, finance, and management from prestigious institutions[188][189][192][195][197][200]. - The management team has significant experience in both local and international markets, enhancing the company's strategic positioning[189][192][197][200]. - The board includes members with extensive experience in asset management, corporate governance, and financial oversight, ensuring robust decision-making processes[195][197][200]. Employee and Operational Insights - The total employee count as of December 31, 2022, was 2,609, an increase from 2,318 in 2021[70]. - Total salary costs for the reporting period were approximately HKD 705 million, down from HKD 737.5 million in 2021[71]. - The company emphasizes the importance of employees as valuable assets and provides competitive compensation to attract and motivate them[175]. - The company is committed to continuous employee education and training, particularly for management and core personnel, to enhance performance[175]. Risk Factors and Regulatory Compliance - The company’s operations are significantly influenced by factors such as project delays, government policy changes, and market conditions, which may negatively impact performance[173]. - The company relies on sales proceeds, bank borrowings, and internal funds for financing property projects, and any inability to secure sufficient financing may adversely affect operations[174]. - The company is subject to regulatory requirements from the Building and Construction Authority in Singapore, which could impact its ability to bid for public sector projects if licenses are not renewed[174]. - The company strictly adheres to applicable laws and regulations in Singapore and Hong Kong, with no significant violations reported during the reporting period[180].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 CNQC INTERNATIONAL HOLDINGS LIMITED 青 建 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1240） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 末 期 業 績 公 告 青建國際控股有限公司（「本公司」及其附屬公司，統稱為「本集團」）董事（「董 事」）會（「董 事 會」）欣 然 呈 列 本 集 團 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度（「報 告 期」）之 綜 合 業 績，連 同 截 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 之比較數字如下： 綜合全面收益表 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 收益 3、4 8,272,122 6,098,655 銷售成本 5 (8,312,472) (5,904,618) 毛（損 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 3,839,967, an increase of 39% compared to HKD 2,759,572 for the same period in 2021[9] - Gross profit for the same period was HKD 210,695, representing a gross margin of approximately 5.5%[9] - Operating profit for the six months was HKD 116,932, a significant recovery from an operating loss of HKD 63,763 in the previous year[9] - Net profit attributable to the owners of the company was HKD 86,233, down from HKD 160,021 in the prior year, reflecting a decrease of 46%[13] - The total comprehensive income for the period was HKD 58,895, compared to HKD 136,031 in the same period last year, indicating a decline of 57%[13] - Basic earnings per share for the period was HKD 0.052, down from HKD 0.097 in the previous year[13] - Financial costs for the period were HKD 97,133, an increase from HKD 83,270 in the previous year[9] - The company reported a share of profit from associates of HKD 66,653, a decrease from HKD 261,601 in the previous year[9] Assets and Liabilities - Total assets as of June 30, 2022, amounted to HKD 11,447,328, a decrease from HKD 11,973,887 as of December 31, 2021, representing a decline of approximately 4.4%[20] - Current assets totaled HKD 8,220,883, down from HKD 8,934,964, indicating a decrease of about 8%[20] - Non-current assets were reported at HKD 3,226,445, compared to HKD 3,038,923, reflecting an increase of approximately 6.2%[20] - The company's equity attributable to owners was HKD 3,472,237, a slight decrease from HKD 3,533,645, representing a decline of about 1.7%[22] - Total liabilities decreased to HKD 7,758,623 from HKD 8,245,118, showing a reduction of approximately 5.9%[22] - Cash and cash equivalents stood at HKD 877,001, down from HKD 917,855, indicating a decrease of about 4.4%[20] - The company reported retained earnings of HKD 1,384,934, a slight decrease from HKD 1,397,293, reflecting a decline of approximately 0.8%[22] - The company’s borrowings amounted to HKD 3,384,387, a decrease from HKD 3,455,774, indicating a reduction of about 2.1%[22] Cash Flow and Financing Activities - The company reported a net loss from operating activities of HKD 248,635 thousand for the six months ended June 30, 2022, compared to a net cash inflow of HKD 399,942 thousand for the same period in 2021[36] - Cash flow from investing activities showed a net inflow of HKD 229,378 thousand in the first half of 2022, contrasting with a net outflow of HKD 88,164 thousand in the prior year[36] - The company’s cash flow from financing activities showed a net outflow of HKD 13,694 thousand, compared to a net outflow of HKD 148,094 thousand in the previous year[36] - The company paid dividends totaling HKD 131,646 thousand during the reporting period, compared to HKD 190 thousand in the previous year[36] Market Outlook and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[9] - The management remains optimistic about future performance despite the current challenges faced in the market[9] - The company plans to continue focusing on market expansion and new product development to drive future growth[95] Financial Risks and Management - The company faces various financial risks, including market risk, credit risk, and liquidity risk, and has strategies in place to mitigate these risks[58] - The company maintains a policy of regularly monitoring current and expected liquidity needs to ensure sufficient cash reserves[60] - The company’s financial risk management policies have not changed since the end of the previous fiscal year[59] Segment Performance - The adjusted segment profit for the six months ended June 30, 2022, was HKD 140,323,000, compared to a loss of HKD 41,320,000 in the same period of 2021[91] - Segment assets as of June 30, 2022, totaled HKD 12,350,487,000, a decrease from HKD 12,533,000,000 as of December 31, 2021[91] - The segment sales for construction in Singapore and Southeast Asia reached HKD 2,272,124,000 for the six months ended June 30, 2022[85] Project Developments - The cumulative contract sales rate for the Shunfu Residence project exceeded 99%, with a total of 1,207 units sold, including 1,201 residential units and 6 commercial units[186] - The cumulative contract sales rate for the Furuixuan project reached over 91%, with 578 units sold[186] - The sales revenue for the Furuixuan project was approximately HKD 575.5 million, with an average selling price of HKD 123,602 per square meter[188] - The company holds significant interests in three private residential development projects in Singapore as of June 30, 2022[189] - The Tampines EC project is expected to have a saleable area of 62,180 square meters and is projected to be completed by June 2025[198] - The Sengkang EC project is estimated to have a saleable area of 38,880 square meters and is projected to be completed by March 2026[199] Awards and Recognition - The company was awarded the BCI Asia Top 10 Developers Award in Singapore during the reporting period[187]

Financial Performance - The group's revenue for the year ended December 31, 2021, was HKD 6.1 billion, an increase from HKD 5.1 billion in 2020[9]. - Profit attributable to shareholders was approximately HKD 259.1 million, compared to HKD 218.1 million in 2020, with earnings per share of HKD 0.158, up from HKD 0.133[9]. - The board proposed a final dividend of approximately HKD 98.6 million, equivalent to HKD 0.06 per share, down from HKD 0.08 per share in 2020[10]. - Total revenue for the reporting period was approximately HKD 6,100,000,000, an increase of 19.6% compared to HKD 5,100,000,000 in the previous year[47]. - Revenue from the Singapore and Southeast Asia segment was approximately HKD 4,700,000,000, up from HKD 3,800,000,000 in the previous year[49]. - The gross profit margin for the reporting period was approximately 3.2%, down from 4.9% in the previous year, primarily due to rising construction material costs and temporary labor shortages[51]. - The company recorded a net profit of approximately HKD 253,600,000, representing a 30.6% increase from HKD 194,200,000 in the previous year[54]. Market and Industry Trends - The construction industry in Singapore experienced a significant recovery, with economic growth reaching 7.2% in 2021, the highest since 2010[12]. - The actual demand in Singapore's construction industry reached SGD 30 billion in 2021, representing a 42% increase compared to 2020, driven by government initiatives in public housing and infrastructure projects[19]. - The construction demand in Singapore is projected to reach between SGD 27 billion and SGD 32 billion in 2022, representing a growth of approximately 15% compared to the previous year[59]. - Approximately 60% of the construction demand (SGD 16 billion to SGD 19 billion) will come from public projects, including government housing developments and infrastructure construction[59]. - The GDP growth rate for Malaysia in 2022 is expected to be between 5.5% and 6.5%, with the construction industry projected to grow by 11.5%[61]. Strategic Initiatives - The group aims to expand its market competitiveness by actively exploring opportunities in Belt and Road countries and the Guangdong-Hong Kong-Macao Greater Bay Area[14]. - The company will continue to focus on the Singapore market, seeking quality projects to strengthen its position as a leading local developer[58]. - The company has a total of 26 external construction projects with an outstanding contract amount of approximately HKD 8,390,000,000 as of December 31, 2021[39]. - The company has invested approximately USD 14,100,000 (equivalent to HKD 110,000,000) in a pharmaceutical fund focused on developing new drugs for various medical conditions[42]. Project Developments - A construction contract valued at approximately HKD 550 million was awarded to the acquired company for a public housing development project in Tuen Mun, Hong Kong[14]. - The cumulative contract sales rate for the company's project "Xin Le Xuan" reached 100% with 516 units sold by the end of 2021[24]. - The average selling price for "Fu Rui Xuan" was HKD 121,908 per square meter, with total sales revenue of approximately HKD 960.7 million recognized during the reporting period[26][27]. - The "Shun Fu Xuan" project, with a total saleable area of 106,955 square meters, achieved a pre-sold saleable area ratio of 98.4% by December 31, 2021[31]. - The company has three ongoing private residential projects in Singapore, with "Shun Fu Xuan" expected to be completed in August 2022 and "Fu Rui Xuan" in December 2023[30]. Corporate Governance and Management - The company has complied with all applicable corporate governance codes during the reporting period[82]. - The company has received annual independence confirmations from all independent non-executive directors, confirming their independence[98]. - The company has a strong leadership team with extensive experience in engineering, construction, and management across various roles and companies[173]. - The management team includes professionals with degrees from prestigious institutions, such as University College London and Imperial College London, indicating a strong educational foundation[190]. - The company has appointed independent non-executive directors with extensive backgrounds in finance and management, enhancing governance and oversight[181][182][186]. Financial Position and Debt Management - The company's total interest-bearing bank borrowings decreased from approximately HKD 6.5 billion as of December 31, 2020, to about HKD 5.8 billion as of December 31, 2021[63]. - As of December 31, 2021, the company's cash and cash equivalents were approximately HKD 900 million, down from HKD 1.2 billion in 2020[64]. - The company's debt-to-equity ratio was approximately 55.5% as of December 31, 2021, compared to 58.5% in 2020[64]. Awards and Recognition - The company received multiple industry awards during the reporting period, including the BCA Gold Award for "Shun Fu Xuan" and the Super Gold Award for "Xin Le Xuan" in the category of universal design[25]. Related Party Transactions - The total amount of ongoing related transactions under the supplementary agreement for the year ending December 31, 2021, was RM 18,800,000 (equivalent to HKD 35,200,000)[139]. - The company has complied with the disclosure requirements under the Listing Rules for all related party transactions[147]. Employee and Human Resources Management - The total employee count as of December 31, 2021, was 2,318, an increase from 2,026 in 2020[72]. - Total salary costs for the reporting period were approximately HKD 737,500,000, compared to HKD 599,100,000 in 2020, reflecting a year-over-year increase of about 23.2%[73]. - The company is committed to providing competitive compensation and continuous training for employees to enhance management and decision-making capabilities[161]. Environmental and Social Responsibility - The company is focused on environmental protection and creating an eco-friendly work environment through resource conservation and recycling initiatives[164]. - The company made charitable donations amounting to HKD 96,000 during the reporting period, compared to HKD 115,000 in the previous year[150].

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 2,759,572, an increase of 25.3% compared to HKD 2,203,181 for the same period in 2020[6]. - Gross profit for the same period was HKD 136,936, representing a gross margin of 5%[6]. - The net profit attributable to the company's owners was HKD 160,021, compared to HKD 38,212 in the previous year, marking a significant increase of 318.5%[8]. - The company reported a total comprehensive income of HKD 136,031, recovering from a loss of HKD 48,185 in the prior period[8]. - Basic earnings per share for ordinary shares was HKD 0.097, up from HKD 0.024 in the previous year[8]. - Operating loss for the period was HKD 63,763, compared to an operating profit of HKD 67,406 in the same period last year[6]. - The company recorded other income of HKD 49,927, a decrease from HKD 77,582 in the previous year[6]. - The total comprehensive income for the period was HKD (25,844,000), compared to HKD 22,801,000 in the previous year, indicating a significant decline[23]. - The company reported a profit of HKD 160,021 for the six months ended June 30, 2021[18]. - The adjusted segment loss for the six months ended June 30, 2021, was HKD (41,320), compared to a profit of HKD 85,894 for the same period in 2020[85]. - The financial income for the six months ended June 30, 2021, was HKD 28,726, slightly down from HKD 29,723 in the same period of 2020[85]. - The financial costs for the six months ended June 30, 2021, were HKD (83,270), compared to HKD (84,470) in the previous year[85]. - The company recognized a government subsidy of HKD 19,473 for COVID-19 support, down from HKD 52,730 in the previous year[90]. - The company incurred a loss provision of HKD (58,559) for certain construction contracts, compared to HKD (10,524) in the previous year, indicating increased risk exposure[91]. - The company’s employee costs, including directors' remuneration, rose to HKD 396,164, compared to HKD 225,047 in the previous year, reflecting a significant increase in personnel expenses[95]. - The company reported a significant increase in construction contract revenue from an associate, totaling HKD 327,476,000 for the six months ended June 30, 2021, compared to HKD 191,541,000 for the same period in 2020, representing an increase of approximately 70.8%[168]. Assets and Liabilities - As of June 30, 2021, total assets amounted to HKD 12,458,849, a decrease of 2.9% from HKD 12,834,556 as of December 31, 2020[12][15]. - Non-current assets totaled HKD 3,500,986, down from HKD 3,781,278, reflecting a decrease of 7.4%[12][15]. - Current assets decreased to HKD 8,957,863 from HKD 9,053,278, representing a decline of 1.1%[12][15]. - Total liabilities decreased to HKD 8,850,715, down 4.2% from HKD 9,241,255[15]. - The company's equity attributable to owners increased to HKD 3,608,134, a slight rise from HKD 3,593,301[15]. - The total liabilities as of June 30, 2021, were HKD 10,856,660, compared to HKD 11,234,560 as of December 31, 2020[82]. - The total amount of property, plant, and equipment decreased to HKD 509,495 thousand as of June 30, 2021, down from HKD 528,399 thousand, a decline of 3.4%[114]. - The total trade and other payables amounted to HKD 1,967,728,000, a decrease from HKD 2,162,157,000 as of December 31, 2020[150]. - The company’s total liabilities related to construction costs accrued were HKD 535,869,000 as of June 30, 2021, compared to HKD 672,509,000 as of December 31, 2020, indicating a decrease of approximately 20.3%[150]. Cash Flow and Financing - For the six months ended June 30, 2021, the net cash inflow from operating activities was HKD 399,942,000, an increase from HKD 363,639,000 in the same period of 2020, representing a growth of approximately 10.4%[28]. - The company reported a net cash outflow from investing activities of HKD (88,164,000), an improvement from HKD (175,757,000) in the prior year, reflecting a reduction of approximately 49.9%[28]. - The company paid dividends amounting to HKD (131,646,000) during the period, compared to HKD (65,728,000) in the previous year, indicating a 100.5% increase in dividend payouts[28]. - The company reported a significant increase in cash flow from financing activities, with a net cash outflow of HKD (148,094,000) compared to a net inflow of HKD 191,789,000 in the prior year[28]. - The company’s total borrowings as of June 30, 2021, were HKD 5,666,747,000, a decrease from HKD 6,371,447,000 as of December 31, 2020[134]. - The company’s borrowings due within one year were HKD 1,325,356,000 as of June 30, 2021, down from HKD 1,730,499,000 as of December 31, 2020[137]. - The company had unutilized bank financing of approximately HKD 921,101,000 as of June 30, 2021, compared to HKD 794,307,000 as of December 31, 2020, indicating an increase of about 16%[147]. Strategic Initiatives and Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[6]. - The management expressed optimism about future performance, citing improved operational efficiency and strategic initiatives[6]. - The group is actively evaluating reputable land and property projects in Hong Kong, including collaborations with local major developers and investors[199]. - The group continues to explore opportunities in Belt and Road countries and regions, including Malaysia, Indonesia, Vietnam, and Cambodia, while seizing development opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area[199]. - The group has established prefabricated component factories in Shandong Province and Hong Kong, with the Hong Kong factory expected to commence production in the second half of this year[199]. Market Conditions - The International Monetary Fund (IMF) maintains a global economic growth estimate of 6% for the year, the fastest growth in nearly half a century, with a projected growth of 4.5% for 2022[198]. - In Singapore, private residential prices increased by 6.1% over the past year, the largest increase in Asia, driven by a low-interest-rate environment and demand from collective sales[198].

Financial Performance - The group's revenue for 2019 was approximately HKD 7,900,000,000, an increase from HKD 7,500,000,000 in 2018[12] - Profit attributable to shareholders was approximately HKD 238,800,000, compared to HKD 225,300,000 in 2018, with earnings per share of HKD 0.145, up from HKD 0.135[12] - The group plans to establish component factories in Hong Kong and mainland China to support its construction business[17] - Total revenue for the period was approximately HKD 7,900,000,000, an increase of 4.9% compared to HKD 7,500,000,000 in the previous year[45] - Revenue from Singapore and Southeast Asia projects was approximately HKD 6,900,000,000, up from HKD 6,400,000,000 in the previous year[45] - Gross profit margin decreased to approximately 6.7% from 12.5% in the previous year, primarily due to accounting treatment from further acquisitions[49] - Net profit for the period was approximately HKD 243,300,000, a decrease of 19.4% compared to HKD 301,900,000 in the previous year[52] Dividends and Shareholder Returns - The board proposed a final dividend of approximately HKD 65,700,000, equivalent to HKD 0.04 per share, leading to a total annual dividend of HKD 0.10 per share, down from HKD 0.11 in 2018[13] - The company proposed a final dividend of HKD 0.04 per ordinary share and per convertible preferred share, subject to shareholder approval[84] - As of March 31, 2019, the company had distributable reserves of HKD 3,044,600,000, down from HKD 3,113,400,000 in 2018[88] Market Expansion and Strategy - The company is focusing on prefabricated construction and plans to introduce related technologies to the Hong Kong market, leveraging experience from Singapore[17] - The group aims to expand its land reserves and property projects in the Greater Bay Area and Belt and Road regions, targeting areas with high demand for residential units[15] - The company is exploring investment opportunities in emerging industries and expanding into new markets in Southeast Asia, including Malaysia, Indonesia, Vietnam, Myanmar, and Cambodia[17] - The company plans to introduce Modular Integrated Construction (MiC) technology to the Hong Kong construction sector, enhancing product quality and construction efficiency[25] - The company anticipates challenges in project sales due to the impact of COVID-19, with Singapore's GDP growth forecasted between -0.5% and 1.5%[55] - The company plans to continue expanding into Southeast Asian markets, including Malaysia, Indonesia, Vietnam, Myanmar, and Cambodia[57] Economic Outlook and Market Conditions - The global economic outlook remains uncertain due to factors such as US-China trade relations and the COVID-19 pandemic, which may impact financial markets and recovery[14] - The company believes that the demand for essential housing will be less affected by global uncertainties, allowing for continued development in this sector[15] - In 2019, the Singapore property market saw a new private residential price index increase of 2.7% year-on-year, despite a slower GDP growth of 0.7% compared to 3.1% in 2018[20] - The total number of new private residential units sold in Singapore reached 9,912 in 2019, indicating a positive market performance amid economic challenges[20] - The construction market in Singapore grew by 4.3% in 2019, recovering from a three-year downturn, with public sector demand at SGD 19 billion and private sector demand at SGD 14.4 billion[21] - In Hong Kong, the private residential price index rose by 7.1% from Q4 2018 to Q2 2019, with over 21,000 new residential units sold throughout the year, marking a recent high[22] Project Development and Sales - The average selling price for the project "悦心雅軒" was HKD 48,849 per square meter, generating sales revenue of approximately HKD 2.42 billion in 2019[29] - The project "心樂軒" achieved a cumulative contract sales area of 27,950 square meters, with sales revenue of about HKD 1.29 billion recognized during the reporting period[30] - As of December 31, 2019, the company had a significant property development portfolio in Singapore, with over 190,000 square meters of total saleable area, of which more than 124,000 square meters remained unsold[30] - The project "心崇轩" is expected to be completed by March 2020, with a completion percentage of 97.7% as of December 31, 2019[31] - The project "順福軒" is projected to be completed by May 2021, with a completion percentage of 30.9% as of December 31, 2019[35] - The company completed four construction projects in Singapore, including two public housing projects, with a total contract value of approximately HKD 3,930,000,000[43] - The company entered two new Southeast Asian markets, Cambodia and Myanmar, securing three new construction projects with a total contract value of approximately HKD 787,000,000[43] Financial Position and Borrowings - The group's total borrowings increased from approximately HKD 4.1 billion at the end of 2018 to about HKD 7.2 billion at the end of 2019[61] - The group's cash and cash equivalents were approximately HKD 1.3 billion as of December 31, 2019, down from about HKD 1.5 billion in 2018[62] - The group's debt-to-equity ratio increased to approximately 62.6% as of December 31, 2019, compared to 41.9% in 2018[62] - The group has capital commitments of approximately HKD 24.4 million for development expenditures as of December 31, 2019[66] Corporate Governance and Management - The company has complied with all applicable corporate governance codes during the reporting period[79] - The company has received annual independence confirmation from all independent non-executive directors, affirming their independence[93] - The company has appointed independent non-executive directors with significant backgrounds in finance and management, enhancing corporate governance and oversight[185] - The independent non-executive directors have been appointed to key committees, including audit and remuneration, to strengthen governance[185] - The company has a strong management team with extensive experience in finance and construction, including Wang Linxuan, who has over 20 years in the construction and real estate development industry[196] - The management team includes professionals with qualifications such as CPA and advanced degrees in finance and management, ensuring a high level of expertise[196] Risks and Challenges - The company is subject to various risks including project delays, government policy changes, and fluctuations in construction costs, which may negatively impact operational performance[161] - The property development business is capital-intensive, and the group relies on sales proceeds, bank borrowings, and internal funds for financing[162] - The group is currently operating under several necessary construction licenses, some of which will expire in July 2020, and will seek to renew these licenses[162] Environmental and Social Responsibility - The company emphasizes environmental protection by promoting water and energy conservation and recycling of office supplies and building materials[168] - Charitable donations made by the group during the reporting period amounted to HKD 111,000, an increase from HKD 88,000 in 2018[152]

Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 5,021,909, a decrease of 2.3% compared to HKD 5,138,744 for the same period in 2018[9] - Gross profit for the same period was HKD 267,649, down 59.5% from HKD 659,570 in 2018[9] - Operating profit decreased to HKD 260,792, a decline of 38.1% from HKD 421,786 in the previous year[9] - Net profit for the period was HKD 199,433, representing a decrease of 28.3% compared to HKD 277,971 in 2018[9] - Total comprehensive income for the period was HKD 160,453, down 33.8% from HKD 242,283 in the same period last year[9] - Basic earnings per share for the period was HKD 0.119, a decrease from HKD 0.136 in 2018[10] - The total comprehensive income for the period was HKD 191,024,000, compared to HKD 242,283,000 in the previous year, reflecting a decrease of approximately 21%[26] - The company’s revenue for the period was HKD 3,296,473,000, compared to HKD 3,493,533,000 in the previous year, marking a decrease of approximately 5.6%[26] Income and Expenses - Other income increased to HKD 26,925, up from HKD 10,885 in the previous year[9] - Financial costs decreased to HKD 62,516, down from HKD 84,962 in 2018, reflecting a reduction of 26.5%[9] - The company paid dividends amounting to HKD 167,300,000 during the period, compared to HKD 101,366,000 in the previous year, representing an increase of approximately 65%[31] Assets and Liabilities - Total assets as of June 30, 2019, amounted to HKD 12,671,199 thousand, an increase from HKD 9,604,364 thousand as of December 31, 2018, representing a growth of approximately 32.5%[16] - Total liabilities increased to HKD 9,033,571 thousand from HKD 6,281,810 thousand, representing a growth of 43.9%[16] - The company reported a retained earnings of HKD 1,173,203 thousand, up from HKD 1,067,997 thousand, which is an increase of 9.8%[16] - The borrowings increased significantly to HKD 4,290,215 thousand from HKD 2,268,331 thousand, indicating an increase of 89.1%[16] - The company’s total liabilities included HKD 114,000 in listed equity securities as of December 31, 2018[132] Cash Flow - Cash flow from operating activities showed a net outflow of HKD 2,621,767,000, compared to a net inflow of HKD 110,949,000 in the previous year, indicating a significant decline in operational cash generation[31] - Cash flow from investing activities resulted in a net inflow of HKD 205,365,000, contrasting with a net outflow of HKD 640,261,000 in the previous year, suggesting improved investment cash management[31] - The company reported a decrease in cash and cash equivalents, with a net reduction of HKD 280,656,000, compared to a decrease of HKD 1,038,069,000 in the previous year[31] - The company’s cash and cash equivalents at the end of the period stood at HKD 1,202,488,000, down from HKD 2,125,044,000 at the end of the previous year, indicating a decrease of approximately 43%[31] Accounting Policies and Changes - The company has implemented a new accounting policy for capitalizing interest, which may impact future financial results[20] - The company adopted HKFRS 16, resulting in a recognition of lease liabilities amounting to HKD 57,403,000 as of January 1, 2019, with a weighted average incremental borrowing rate of 3.1%[58] - The company’s accounting policy changes reflect a shift in how leases are recognized and measured, impacting financial statements significantly[58] - The company’s accounting policy changes include the adoption of HKFRS 16, impacting the recognition of lease liabilities and right-of-use assets[93] Financial Risk Management - The company has a significant financial risk management strategy in place to mitigate market risks, including currency and interest rate risks[101] - The company’s financial instruments are classified into three levels based on the observability of inputs used in their valuation[109] - The company’s financial risk management includes the use of observable market data to determine fair values, minimizing reliance on entity-specific estimates[139] Investments and Fair Value - The company reported a total of HKD 10,881,000 in financial assets measured at fair value through other comprehensive income as of June 30, 2019[112] - The fair value of financial assets measured at fair value through other comprehensive income was HKD 10,881 as of June 30, 2019, reflecting an increase from HKD 8,914 at the beginning of the year[144] - The non-listed investment fund's fair value decreased to HKD 228,149 by June 30, 2019, down from HKD 340,568 at the start of the year[144] - A 5% increase or decrease in projected dividend income would result in a change of HKD 479,000 in other comprehensive income[145] Segment Performance - As of June 30, 2019, total sales amounted to HKD 5,248,995, with segment sales from property development in Hong Kong and Macau contributing significantly[165] - The company reported an adjusted segment profit of HKD 305,837 for the six months ended June 30, 2019[179]

Financial Performance - The group's revenue for the year ended December 31, 2018, was approximately HKD 7,500,000,000, a decrease from HKD 10,300,000,000 in 2017[10] - Profit attributable to shareholders was approximately HKD 224,900,000, down from HKD 512,100,000 in 2017, with earnings per share of HKD 0.135 compared to HKD 0.306 in the previous year[10] - Total revenue for the reporting period was approximately HKD 7,500,000,000, a decrease of 27.2% compared to HKD 10,300,000,000 in 2017[39] - Revenue from Singapore and Southeast Asia projects was approximately HKD 6,400,000,000, down from HKD 8,700,000,000 in 2017[39] - The gross profit margin for the reporting period was approximately 12%, slightly down from 12.6% in 2017[41] - Net profit for the reporting period was approximately HKD 305,200,000, a decrease of 55% from HKD 673,200,000 in 2017[45] Dividends and Shareholder Returns - The board proposed a final dividend of approximately HKD 82,200,000, equating to HKD 0.05 per share, resulting in a total annual dividend of HKD 0.11 per share, down from HKD 0.16 in 2017[11] - The company proposed a final dividend of HKD 0.05 per share, subject to shareholder approval at the upcoming annual general meeting[79] - As of December 31, 2018, the company had distributable reserves of HKD 3,113,400,000, down from HKD 3,238,100,000 in 2017[83] Market Conditions and Opportunities - The company noted that the global economic environment remains uncertain, with potential downward risks highlighted in the Hong Kong government's financial budget for 2019-2020[12] - The company is positioned to benefit from growth opportunities in emerging Asian economies, which have shown an average economic growth of 6.3% over the past five years[12] - The company is focused on expanding its business in the Belt and Road regions, leveraging the growth forecasts for emerging markets outside of mainland China[12] - The company aims to explore development opportunities in the Greater Bay Area and expand into Southeast Asian markets, including Sri Lanka and Cambodia[15] - The government of Hong Kong is implementing measures to increase land and housing supply, which may present new opportunities for the construction and real estate industry[14] Construction and Development Projects - The company successfully acquired land in Yau Tong, Hong Kong, and participated in property development projects in Singapore and Jakarta through joint ventures[14] - The company plans to continue increasing land reserves and property projects annually to support long-term development[14] - The company achieved sales revenue of HKD 3.03 billion from the residential project "Pin Shang Ju" with an average price of HKD 50,418 per square meter in 2018[27] - The "Heartful Residence" project generated sales revenue of HKD 0.76 billion with an average price of HKD 83,865 per square meter in 2018[27] - As of December 31, 2018, the company had a total saleable area of over 194,000 square meters across three ongoing projects in Singapore, with over 100,000 square meters remaining unsold[28] - The "Heartful Residence" project had a completion percentage of 62.2% as of December 31, 2018, and is expected to be completed by March 2020[31] - The "Shun Fu Residence" project had a completion percentage of 21.2% as of December 31, 2018, with an expected completion date in May 2021[32] - The company acquired land at Goodluck Garden for SGD 610 million (approximately HKD 3.64 billion) for future development of over 600 private apartments[33] - The company successfully purchased land in Yau Tong for HKD 530 million, intended for residential redevelopment[34] Financial Position and Borrowings - The total interest-bearing bank borrowings decreased from approximately HKD 5,000,000,000 as of December 31, 2017, to approximately HKD 4,100,000,000 as of December 31, 2018[52] - As of December 31, 2018, the group had cash and cash equivalents of approximately HKD 1,500,000,000, a decrease from HKD 3,200,000,000 in 2017[53] - The group's debt-to-equity ratio was approximately 41.9% as of December 31, 2018, compared to 31.3% in 2017[53] Employee and Compensation - Total employee compensation costs for the reporting period were approximately HKD 595,500,000, down from HKD 699,300,000 in 2017[62] - As of December 31, 2018, the group employed 1,846 full-time employees, a decrease from 1,921 in 2017[62] Corporate Governance and Compliance - The company has complied with all applicable corporate governance codes as per the Hong Kong Stock Exchange listing rules during the reporting period[74] - The board of directors confirmed adherence to the standard code of conduct for securities transactions throughout the reporting period[75] - The company has not entered into any significant management contracts affecting its business during the year[88] - The company has a public float of at least 25% of its total issued share capital as of the report date[108] - The company has established service contracts for its directors, ensuring clear terms for their roles and responsibilities[191] - The company has a structured approach to governance, with regular meetings scheduled at least quarterly[199] Risk Management and Strategic Planning - The group’s financial risk management details are outlined in the consolidated financial statements, indicating a structured approach to managing market and credit risks[143] - The group has implemented financial instruments for currency hedging to mitigate foreign exchange risks[54] - The group regularly reviews its hedging policies to manage foreign exchange exposure effectively[56] Leadership and Management - The executive team includes experienced professionals with over 30 years in the engineering and construction industry, enhancing the company's operational capabilities[152][158] - The management team has a strong educational background, with degrees from prestigious institutions, contributing to informed decision-making[154][158] - The company has a strong leadership team with over 25 years of experience in the engineering and construction industry, including key executives with backgrounds in civil engineering and project management[176][182] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[188] Related Party Transactions - The total amount of related party transactions for the year ended December 31, 2018, was MYR 12,000,000 (approximately HKD 23,300,000)[129] - The framework agreement with Singapore Bai Chuan for renovation services has a maximum annual limit of SGD 30,000,000, with total related party transactions amounting to SGD 6,900,000 (approximately HKD 39,400,000) for the year ended December 31, 2018[131] Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection through water and energy conservation, as well as recycling office supplies and building materials[149] - The group reported charitable donations of HKD 88,000 during the reporting period, a decrease from HKD 384,600 in the previous year[135]