| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01421 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000 | HKD | | 0.2 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 250,000,000 | HKD | | 0.2 | HKD | | 50,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 恒昌集團國際有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 本月底法定/註冊股本總額 ...

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]

Group 1 - The core viewpoint of the news highlights the performance of Hengchang Group International, which saw a significant stock price increase despite a recent decline in revenue and a negative net profit [1][2] - As of July 4, the Hang Seng Index fell by 0.64%, while Hengchang Group International's stock price rose by 31.94% to HKD 0.475 per share, with a trading volume of 2.878 million shares and a turnover of HKD 1.2835 million [1] - Over the past month, Hengchang Group International has experienced a cumulative decline of 12.2%, but year-to-date, it has achieved a cumulative increase of 63.64%, outperforming the Hang Seng Index by 19.99% [1] Group 2 - Financial data shows that for the year ending December 31, 2024, Hengchang Group International reported total revenue of HKD 50.6118 million, a year-on-year decrease of 13.41%, and a net profit attributable to shareholders of -HKD 15.1028 million, an increase of 41.02% [1] - The company's gross margin stands at 6.39%, and its debt-to-asset ratio is 32.84% [1] - Currently, there are no institutional investment ratings for Hengchang Group International, and its price-to-earnings ratio is -1.67, ranking 191st in the industry, which has an average P/E ratio of 8.55 [2] Group 3 - Hengchang Group International primarily operates in Singapore, providing electrical engineering services, solar energy 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] - The company is recognized as one of the established electrical engineering firms for public housing projects in Singapore and is a participant in the solar energy and distribution system sectors in China [2] - The competitive advantage of the company lies in its experienced management team, which offers reliable and cost-competitive solutions [2]

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 - As of June 2, the stock price of Hengchang Group International closed at 0.405 HKD per share, reflecting a 62.0% increase with a trading volume of 16.13 million shares and a turnover of 5.89 million HKD, showing a volatility of 70.0% [1] - Over the past month, the stock has seen a cumulative increase of 2.04%, while year-to-date, it has risen by 13.64%, underperforming the Hang Seng Index by 16.1% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 8.82 times, with a median of 1.6 times [1] - Hengchang Group International's P/E ratio is -1.16 times, ranking 197th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Jincheng Group Holdings at 1.51 times, Indigo Star at 1.58 times, China Pipe Industry at 1.6 times, and Food King (Global) at 1.66 times [1]

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]

Group 1 - As of May 14, 78 stocks reached a 52-week high, with Chang'an Renheng (08139), Hengchang Group International (01421), and Lehua Entertainment (02306) leading the high rate at 65.38%, 42.59%, and 38.52% respectively [1] - The closing price of Chang'an Renheng was 1.370, with a peak price of 2.580, indicating a significant increase [1] - Hengchang Group International closed at 0.690, reaching a high of 0.770, reflecting a 42.59% increase [1] Group 2 - Lehua Entertainment's closing price was 1.510, with a maximum price of 1.690, showing a 38.52% rise [1] - XL Ernan CO (07711) and XL Ernan CO-U had increases of 27.75% and 26.89% respectively, with closing prices of 125.000 and 15.960 [1] - Other notable stocks include Madison Holdings (08057) with a 25.00% increase and Du Fu Wine Group (00986) with a 17.48% increase [1] Group 3 - The report also highlights stocks that reached 52-week lows, with XI Ernan CO (07311) dropping by 36.46% to a closing price of 26.500 [3] - XI Ernan CO-U saw a decrease of 35.53%, closing at 3.386 [3] - Other stocks with significant declines include Touyun Biotechnology (01332) at -22.46% and Aoweiholdings (01370) at -16.67% [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 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]