Company Overview - Hengchang Group International Limited primarily engages in electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system business (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [2] Financial Performance - As of December 31, 2024, Hengchang Group International reported total revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [1] - The company recorded a net profit attributable to shareholders of -15.10 million yuan, an increase of 41.02% year-on-year [1] - The gross profit margin stood at 6.39%, with a debt-to-asset ratio of 32.84% [1] Stock Performance - On July 10, the stock price closed at 0.6 HKD per share, reflecting a 17.65% increase with a trading volume of 2.64 million shares and a turnover of 1.52 million HKD [1] - Over the past month, the stock has seen a cumulative decline of 29.17%, while it has increased by 131.82% year-to-date, outperforming the Hang Seng Index's increase of 19.1% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 9.9 times, with a median of 0.39 times [1] - Hengchang Group International's P/E ratio is -2.37 times, ranking 187th in the industry [1] - Comparatively, other companies in the sector have P/E ratios of 0.95 times (HPC Holdings), 1.01 times (Pujiang International), 1.09 times (Ding Shi Tian Wang Global - New), 1.45 times (Ding Shi Tian Wang Global - Old), and 1.58 times (Indigo Star) [1]

7月4日，截至港股收盘，恒生指数下跌0.64%，报23916.06点。恒昌集团国际（01421.HK）收报0.475港 元/股，上涨31.94%，成交量287.8万股，成交额128.35万港元，振幅30.56%。 最近一个月来，恒昌集团国际累计跌幅12.2%，今年来累计涨幅63.64%，跑赢恒生指数19.99%的涨幅。 作者：行情君 财务数据显示，截至2024年12月31日，恒昌集团国际实现营业总收入5061.18万元，同比减少13.41%； 归母净利润-1510.28万元，同比增长41.02%；毛利率6.39%，资产负债率32.84%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 行业估值方面，建筑行业市盈率（TTM）平均值为8.55倍，行业中值0.42倍。恒昌集团国际市盈率-1.67 倍，行业排名第191位；其他浦江国际（02060.HK）为1.01倍、HPC HOLDINGS（01742.HK）为1.05 倍、饮食天王环球-新（08619.HK）为1.09倍、饮食天王环球-旧（08561.HK） ...

财务数据显示，截至2024年12月31日，恒昌集团国际实现营业总收入5061.18万元，同比减少13.41%； 归母净利润-1510.28万元，同比增长41.02%；毛利率6.39%，资产负债率32.84%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，建筑行业市盈率（TTM）平均值为8.82倍，行业中值1.6倍。恒昌集团国际市盈率-1.16 倍，行业排名第197位；其他浦江国际（02060.HK）为1.01倍、进升集团控股（01581.HK）为1.51倍、 靛蓝星（08373.HK）为1.58倍、中国管业（00380.HK）为1.6倍、饮食天王(环球)（08619.HK）为1.66 倍。 6月2日，截至港股收盘，恒生指数下跌0.57%，报23157.97点。恒昌集团国际（01421.HK）收报0.405港 元/股，上涨62.0%，成交量1612.55万股，成交额589.33万港元，振幅70.0%。 最近一个月来，恒昌集团国际累计涨幅2.04%，今年来累计涨幅13.64%，跑输恒生指数16.1%的涨幅。 资料显示，恒昌集团国际有限公司主要在新加坡从事提供电气工程服务、太阳能业务(供应及安 ...

Company Overview - Hengchang Group International primarily engages in electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system business (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [3] - The company is recognized as one of the established electrical engineering firms in Singapore for public housing projects and is a participant in China's solar and distribution system sectors [3] - The competitive advantage lies in the experienced management team providing reliable and cost-competitive solutions [3] Financial Performance - As of December 31, 2024, Hengchang Group International reported total revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [2] - The net profit attributable to the parent company was -15.10 million yuan, showing a year-on-year increase of 41.02% [2] - The gross profit margin stood at 6.39%, with a debt-to-asset ratio of 32.84% [2] Stock Performance - As of May 28, the stock price closed at 0.205 HKD per share, reflecting a 19.19% increase with a trading volume of 11.39 million shares and a turnover of 2.27 million HKD, showing a volatility of 27.91% [1] - Over the past month, the stock has experienced a cumulative decline of 14%, and a year-to-date decline of 21.82%, underperforming the Hang Seng Index which has increased by 16.56% [2] Valuation Metrics - Currently, there are no institutional investment ratings for Hengchang Group International [2] - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 10.55 times, with a median of 1.58 times; Hengchang Group International's P/E ratio is -0.8 times, ranking 205th in the industry [3]

Company Overview - Hengchang Group International Limited primarily engages in providing electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system services (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [2] Financial Performance - As of December 31, 2024, Hengchang Group International reported total revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [1] - The company recorded a net profit attributable to shareholders of -15.10 million yuan, an increase of 41.02% year-on-year [1] - The gross profit margin stood at 6.39%, while the debt-to-asset ratio was 32.84% [1] Stock Performance - As of May 14, the stock price of Hengchang Group International closed at 0.69 HKD per share, reflecting a significant increase of 46.81% [1] - Over the past month, the stock has seen a cumulative increase of 137.37%, and a year-to-date increase of 113.64%, outperforming the Hang Seng Index by 15.2% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 7.9 times, with a median of 1.58 times [1] - Hengchang Group International's P/E ratio is -2.18 times, ranking 183rd in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Food King (Global) at 1.44 times, and others ranging from 1.52 to 1.58 times [1]

Company Overview - Hengchang Group International Limited primarily engages in providing electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system services (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [2] Financial Performance - As of December 31, 2024, Hengchang Group International reported total operating revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [1] - The company recorded a net profit attributable to shareholders of -15.10 million yuan, representing a year-on-year increase of 41.02% [1] - The gross profit margin stood at 6.39%, while the debt-to-asset ratio was 32.84% [1] Stock Performance - As of April 30, the stock price closed at 0.245 HKD per share, an increase of 11.36% with a trading volume of 30,000 shares and a turnover of 7,065 HKD [1] - Over the past month, the stock has experienced a cumulative decline of 4.35%, and year-to-date, it has shown no growth, underperforming the Hang Seng Index by 9.71% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 7.18 times, with a median of 1.79 times [1] - Hengchang Group International's P/E ratio is -1.02 times, ranking it 200th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Jinsheng Group Holdings at 1.56 times, and China Pipe Industry at 1.57 times [1]

Revenue Performance - The solar power business generated revenue of approximately HKD 10,800,000 for the six months ended December 31, 2024, a decrease of 25% from HKD 14,400,000 for the same period in 2023 due to fewer contracts secured and delivered [7]. - The distribution system segment recorded revenue of approximately HKD 43,700,000, down from HKD 48,700,000, attributed to a reduction in the number of contracts [8]. - Revenue for the six months ended December 31, 2024, was HKD 54,654,000, a decrease of 13.0% compared to HKD 63,118,000 for the same period in 2023 [57]. - The solar energy business generated revenue of HKD 10,763,000, down 25.5% from HKD 14,392,000 in the previous year [83][85]. - The distribution system business reported revenue of HKD 43,695,000, a slight decrease of 10.5% from HKD 48,726,000 in the prior year [83][85]. - The beauty and health products trading segment recorded a loss of HKD 3,066,000, compared to no revenue in the same period last year [83][85]. Profitability and Loss - Gross profit increased by 52% to approximately HKD 3,500,000, with a gross margin rising from 3.6% to 6.4% due to general price increases [11]. - The loss attributable to equity holders was approximately HKD 16,300,000, an improvement from a loss of HKD 27,700,000 in the previous period [11]. - The net loss for the period was HKD 13,920,000, an improvement from a net loss of HKD 23,989,000 in the previous year, representing a 42.0% reduction [57]. - The company reported a net loss of HKD 27,654,000 for the six months ended December 31, 2024, compared to a loss of HKD 16,309,000 in the previous period, representing a 69.5% increase in losses [62]. - The company’s total comprehensive income for the period was a loss of HKD 23,869,000, compared to a loss of HKD 15,805,000 in the previous period, marking a 50.5% increase in comprehensive losses [62]. Expenses and Cost Management - Administrative expenses decreased from approximately HKD 13,100,000 to HKD 11,500,000, primarily due to reduced employee benefits [14]. - The group reported a significant reduction in employee benefits expenses to HKD 6,514,000, down 28% from HKD 9,031,000 in the previous year [94]. - Financing costs decreased significantly to HKD 137,000 for the six months ended December 31, 2024, down 53.3% from HKD 293,000 in the previous year [93]. Assets and Liabilities - As of December 31, 2024, the group's net current assets were approximately HKD 129,500,000, down from HKD 145,400,000 as of June 30, 2024 [16]. - Total assets as of December 31, 2024, amounted to HKD 208,762,000, down from HKD 227,275,000 as of June 30, 2024 [84][86]. - Total liabilities increased to HKD 68,553,000 from HKD 75,531,000 in the previous reporting period [84][86]. - Current assets decreased to HKD 196,389,000 from HKD 219,500,000, a decline of 10.5% [58]. - Total equity decreased to HKD 140,209,000 from HKD 151,744,000, a reduction of 7.6% [60]. Capital Raising and Financial Activities - The company announced a rights issue on March 22, 2024, to raise up to approximately HKD 16,700,000 by issuing up to 41,708,400 shares at HKD 0.4 each [19]. - The net proceeds from the rights issue were approximately HKD 16,000,000, with a portion reallocated to develop the cosmetics sales business [20]. - The company raised HKD 3,102,000 from the placement of shares during the financing activities, which was not recorded in the previous period [64]. - The company raised approximately HKD 15,953,000 from a rights issue completed on May 8, 2024, aimed at developing its cosmetics sales and solar energy business [28]. Corporate Governance and Compliance - The company confirms that all directors have fully complied with the standard code of conduct for securities trading during the six months ending December 31, 2024 [46]. - The company plans to continue considering the feasibility of complying with the corporate governance code regarding the separation of the roles of chairman and managing director [43]. - The board believes that the current structure of separating the roles of chairman and managing director is beneficial for effective leadership and operational efficiency [43]. Business Strategy and Future Outlook - The company is focusing on expanding its solar power and distribution system business while also making progress in the beauty and wellness sector [38]. - The company aims to seek projects with stable returns and high growth potential to enhance shareholder value [39]. - The company has initiated a new reporting segment for beauty and health products, reflecting a strategic expansion into this market [79]. - The company’s management continues to monitor the performance of its three business segments: solar energy, distribution systems, and beauty and health products [79]. Share Capital and Options - The company has adopted a share option scheme that allows for the issuance of up to 8,341,680 shares, representing 10% of the total shares issued at the time of the scheme's adoption [51]. - As of December 31, 2024, there are 1,663,568 share options granted but not yet exercised under the 2017 scheme, accounting for approximately 1.17% of the company's issued shares [49]. - The total issued share capital increased from HKD 25,025,000 on June 30, 2024, to HKD 28,361,000 by December 31, 2024, reflecting an increase in issued shares from 125,125,200 to 141,805,200 [21]. Miscellaneous - The company did not declare any interim dividend for the six months ended December 31, 2024 [55]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended December 31, 2024 [54]. - The company has not engaged in any other capital raising activities in the past 12 months aside from the disclosed placement [26]. - The company has not purchased insurance for legal actions against its directors, as the board believes the risk is relatively low under the current risk management and internal control systems [44].

Financial Performance - Revenue for the six months ended December 31, 2024, was HKD 54,654,000, a decrease of 13.1% compared to HKD 63,118,000 for the same period in 2023[2] - Gross profit increased to HKD 3,493,000, representing a 53.5% increase from HKD 2,276,000 in the previous year[2] - The net loss for the period was HKD 13,920,000, an improvement of 42.0% compared to a net loss of HKD 23,989,000 in the prior year[3] - The basic and diluted loss per share was HKD 12.8, compared to HKD 33.1 in the previous year, indicating a reduction in loss per share[3] - The company recorded a pre-tax loss of HKD 14,979,000 for the six months ended December 31, 2024, compared to a loss of HKD 23,336,000 for the same period in 2023[30] - For the six months ended December 31, 2024, the company reported a loss attributable to equity holders of HKD 16,309,000, compared to a loss of HKD 27,654,000 for the same period in 2023, representing a 41.5% improvement[34] Expenses and Liabilities - Administrative expenses decreased to HKD 11,497,000, down 12.1% from HKD 13,077,000 in the previous year[2] - Total liabilities increased to HKD 68,553,000 as of December 31, 2024, compared to HKD 75,531,000 as of June 30, 2023[20] - Trade payables amounted to HKD 9,206,000 as of December 31, 2024, compared to HKD 8,747,000 as of June 30, 2024[45] - Total liabilities stood at HKD 41,279,000 as of December 31, 2024, slightly up from HKD 41,039,000 as of June 30, 2024[45] Assets and Equity - Total assets as of December 31, 2024, were HKD 196,389,000, compared to HKD 219,500,000 as of June 30, 2024[5] - The company's equity attributable to owners decreased to HKD 105,877,000 from HKD 120,344,000, reflecting a decline of 12.0%[5] - Trade receivables as of December 31, 2024, amounted to HKD 220,106,000, with an expected credit loss provision of HKD 94,123,000, resulting in a net trade receivable of HKD 125,983,000[37] - The aging analysis of trade receivables showed that HKD 39,791,000 was less than 90 days overdue, while HKD 33,215,000 was overdue for more than 365 days[38] Business Segments - The company operates primarily in the supply of solar photovoltaic components and equipment, distribution systems, and the trade of beauty and health products[6] - The solar energy segment generated revenue of HKD 10,763,000, down 25.4% from HKD 14,392,000 in the previous year[25] - The distribution system segment reported revenue of HKD 43,695,000, a decrease of 10.4% from HKD 48,726,000 in the prior year[25] - The beauty and wellness business commenced operations during the period, generating revenue of HKD 200,000[54] Financial Reporting and Standards - The interim financial statements for the six months ending December 31, 2024, were prepared in accordance with International Accounting Standards, specifically IAS 34[7] - The group has applied new International Financial Reporting Standards amendments effective from July 1, 2024, which did not have a significant impact on the financial position or performance[12] - The financial statements are presented in Hong Kong dollars, with all values rounded to the nearest thousand Hong Kong dollars[10] Shareholder Information - The weighted average number of ordinary shares issued during the period increased to 127,210,000 shares from 83,624,000 shares, reflecting a significant increase in share issuance[34] - As of December 31, 2024, the total number of shares issued by the company is 83,416,800, with a par value of HKD 0.2 per share[91] - The company has granted stock options under the 2017 Plan, with 1,663,568 shares available for exercise, representing approximately 1.17% of the total shares issued as of December 31, 2024[90] Management and Governance - The audit committee was established on December 9, 2013, and consists of three independent non-executive directors[98] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed the unaudited condensed consolidated financial statements for the six months ending December 31, 2024[98] - All directors have fully complied with the standards set forth in the Securities and Futures Ordinance regarding securities trading as of December 31, 2024[86] Future Outlook and Strategy - The group remains confident in its business in mainland China despite global economic challenges[80] - The group is focusing on expanding its solar energy and distribution system businesses to attract new customers[80] - The group has made progress in its beauty and health business during the reporting period and is exploring cooperation opportunities with potential clients[80]

Revenue and Profitability - Revenue for the fiscal year ending June 30, 2024, was HKD 160,732,000, representing an increase of 97% compared to HKD 81,518,000 in the previous year[1] - Gross profit for the same period was HKD 5,943,000, up from HKD 5,443,000, indicating a slight increase in profitability[1] - The solar energy business generated revenue of HKD 61,866 thousand in 2024, up from HKD 38,477 thousand in 2023, representing a growth of 60.9%[12] - The distribution system business reported revenue of HKD 98,866 thousand in 2024, compared to HKD 43,041 thousand in 2023, indicating an increase of 130.1%[12] - Total revenue for the company reached HKD 160,732 thousand in 2024, a significant rise from HKD 81,518 thousand in 2023, reflecting a growth of 96.7%[15] Losses and Financial Performance - The company reported a net loss of HKD 44,057,000 for the fiscal year 2024, an improvement from a net loss of HKD 53,110,000 in 2023[2] - Total comprehensive loss for the year was HKD 45,193,000, compared to HKD 68,460,000 in the previous year, showing a reduction in overall losses[2] - Basic and diluted loss per share for the year was HKD (53.0), an improvement from HKD (87.5) in the previous year[2] - The company reported a pre-tax loss of HKD 42,552 thousand for the year ending June 30, 2024, compared to a pre-tax loss of HKD 51,279 thousand for the previous year, showing an improvement of 17.5%[12] - The company reported a loss attributable to equity holders of approximately HKD 47,300,000 in 2024, compared to a loss of HKD 61,600,000 in 2023, indicating an improvement[38] Assets and Liabilities - Non-current assets increased to HKD 7,775,000 from HKD 3,360,000, reflecting significant investment in property, plant, and equipment[3] - Current assets decreased to HKD 219,500,000 from HKD 247,290,000, primarily due to changes in inventory and trade receivables[3] - The company's total equity decreased to HKD 151,744,000 from HKD 181,015,000, indicating a decline in shareholder value[4] - The total assets of the group as of June 30, 2024, were approximately HKD 227.3 million, a decrease of 9.3% compared to HKD 250.7 million as of June 30, 2023[47] - Total liabilities increased by 8.5% to approximately HKD 75.5 million as of June 30, 2024, compared to HKD 69.6 million as of June 30, 2023[48] Credit Losses and Receivables - The expected credit loss provision before segment performance for the solar energy business was HKD 1,441 thousand in 2024, down from HKD 2,408 thousand in 2023, a decrease of 40.2%[12] - The expected credit loss allowance for trade receivables was HKD 89,351,000 in 2024, compared to HKD 70,316,000 in 2023, indicating a rise of about 27.0%[25] - The company's trade receivables aged less than 30 days increased to HKD 25,168,000 in 2024 from HKD 18,204,000 in 2023, indicating improved collection efficiency[26] Employee and Operational Costs - The company incurred total employee benefits of HKD 17,899,000 in 2024, slightly increasing from HKD 17,095,000 in 2023, representing a growth of about 4.7%[19] - The gross profit margin for the fiscal year ending June 30, 2024, is reported at 275.1%[62] - The group's employee costs, including director remuneration, amounted to approximately HKD 17.9 million for the fiscal year ending June 30, 2024, compared to HKD 17.1 million for the fiscal year ending June 30, 2023[46] Financial Reporting and Compliance - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency[6] - The company anticipates that the application of new international financial reporting standards will not have a significant impact on its consolidated financial statements in the foreseeable future[9] - The company has not early adopted any new international financial reporting standards that have been issued but are not yet effective[8] Business Operations and Strategy - The company is engaged in the supply of solar photovoltaic components and equipment in China, indicating a focus on renewable energy markets[5] - The company expects to continue monitoring the performance of its solar energy and distribution system businesses separately for resource allocation and performance evaluation[10] - The company maintains confidence in the recovery of its business in China following the easing of social distancing measures[37] - The company aims to continue seeking good business opportunities to create value for its shareholders[37] Capital and Funding - The net proceeds from the 2023 placement amount to approximately HKD 2,900,000, which will be fully utilized for general operating funds[52] - The company completed a rights issue on May 8, 2024, raising net proceeds of approximately HKD 16,000,000[55] - The total amount utilized from the rights issue for general operating funds as of June 30, 2024, is HKD 3,800,000[55] - The company plans to extend the expected timeline for utilizing unutilized proceeds from the rights issue to June 2025[55] Dividends and Shareholder Communication - The board does not recommend the payment of a final dividend for the fiscal year ending June 30, 2024[72] - The preliminary annual results announcement will be published on the company's website and the Hong Kong Stock Exchange website[73] - The annual report for the fiscal year ending June 30, 2024, will be sent to shareholders in due course and will be available on the aforementioned websites[73]

Revenue Performance - The revenue from the solar power business for the six months ended December 31, 2023, was approximately HKD 14,300,000, a decrease from HKD 39,300,000 for the same period in 2022, due to fewer contracts being secured and delivered [6]. - The revenue from the distribution system for the six months ended December 31, 2023, was approximately HKD 48,700,000, an increase from HKD 25,200,000 for the same period in 2022, attributed to the gradual recovery from the pandemic [7]. - The company reported revenue of HKD 63,118,000 for the six months ended December 31, 2023, a decrease of 2.1% compared to HKD 64,452,000 in the same period of 2022 [52]. - The solar energy business generated revenue of HKD 14,392,000, while the distribution system business generated HKD 48,726,000, with the engineering services segment reporting no revenue [76]. - Revenue from solar photovoltaic components and equipment decreased to HKD 14,392,000 from HKD 36,554,000, a decline of approximately 60.7% year-over-year [86]. - Revenue from the provision of distribution systems increased to HKD 48,726,000 from HKD 25,154,000, representing an increase of approximately 93.2% year-over-year [86]. Financial Performance - The gross profit for the six months ended December 31, 2023, decreased by 61.9% to approximately HKD 2,300,000, with a gross profit margin dropping from 9.3% to 3.6% [10]. - The loss attributable to equity holders of the company was approximately HKD 27,700,000 for the six months ended December 31, 2023, compared to a loss of HKD 9,600,000 for the same period in 2022 [10]. - The company incurred a loss before tax of HKD 23,336,000, compared to a loss of HKD 1,959,000 in the previous year, indicating a significant decline in performance [52]. - The net loss for the period was HKD 23,989,000, compared to a loss of HKD 3,213,000 in the prior year, reflecting a worsening financial situation [52]. - Basic and diluted loss per share was HKD 33.1, up from HKD 13.9 in the previous year, indicating increased losses per share [52]. - The company reported a significant increase in overdue trade receivables over 90 days, rising to HKD 8,585,000 as of December 31, 2023, from zero as of June 30, 2023 [117]. Assets and Liabilities - The net current assets as of December 31, 2023, were approximately HKD 158,500,000, down from HKD 179,800,000 as of June 30, 2023 [15]. - The total assets decreased to HKD 232,257,000 from HKD 247,290,000, showing a decline in current assets [53]. - The company's total equity as of December 31, 2023, was HKD 161,912,000, down from HKD 181,015,000 as of June 30, 2023 [55]. - The total liabilities as of December 31, 2023, were HKD 75,316,000, compared to HKD 69,635,000 as of June 30, 2023, reflecting an increase in liabilities [77][80]. - The expected credit loss provision for trade receivables increased to HKD 80,124,000 from HKD 70,316,000, an increase of approximately 13.9% [104]. Cash Flow and Financing - The cash and cash equivalents held by the group were approximately HKD 6,200,000 as of December 31, 2023, compared to HKD 13,700,000 as of June 30, 2023 [15]. - Cash flow from operating activities showed a net outflow of HKD 3,371,000 for the six months ended December 31, 2023, an improvement from a net outflow of HKD 33,125,000 in the previous year [58]. - The company’s financing activities resulted in a net cash outflow of HKD 2,525,000 for the six months ended December 31, 2023, compared to an inflow of HKD 43,367,000 in the previous year [58]. - The company’s bank borrowings decreased to HKD 3,866,000 as of December 31, 2023, from HKD 10,815,000 as of June 30, 2023 [127]. Corporate Governance - The company has adhered to corporate governance codes and is considering the feasibility of separating the roles of Chairman and CEO [34][35]. - The company has appointed three independent non-executive directors, thus complying with Listing Rule 3.10(1) which requires at least three independent non-executive directors [40]. - The audit committee consists of three members, all independent non-executive directors, with one having professional accounting qualifications, complying with Listing Rule 3.21 [40]. - The company has established a remuneration committee chaired by an independent non-executive director, adhering to Listing Rule 3.25 [40]. Strategic Outlook - The company remains confident in the recovery of its business in China despite ongoing pressures in the solar energy sector due to government policies [31]. - The company aims to continue seeking good business opportunities to enhance shareholder value [32]. - The company continues to focus on expanding its solar photovoltaic components and equipment supply business in China, as well as power engineering services in Singapore [59].