Financial Performance - Total revenue decreased by approximately 7.2% from HKD 103.5 million in 2023 to HKD 96.0 million in 2024[4] - Gross profit fell by about 22.4% from HKD 44.2 million in 2023 to HKD 34.3 million in 2024, with a gross margin decline from 42.7% to 35.7%[4] - The airline ticket distribution segment's revenue dropped by approximately 51.1% from HKD 22.1 million to HKD 10.8 million due to geopolitical tensions affecting air transport volumes[12] - The travel business process management segment's revenue remained stable at approximately HKD 21.5 million in 2024, with an increase in gross margin from 66.4% to 71.5%[13] - Revenue from the travel products and services segment increased by about 5.6% from HKD 60.3 million to HKD 63.7 million, driven by growth in the Greater Bay Area[14] - The company reported a significant loss of HKD 44.5 million in 2024 compared to a profit of HKD 2.9 million in 2023, marking a decline of 1,634.5%[4] Assets and Equity - Total assets decreased by 21.9% from HKD 141.8 million in 2023 to HKD 110.8 million in 2024[4] - Shareholders' equity plummeted by 98.9% from HKD 50.3 million to HKD 0.6 million, indicating severe financial strain[4] Liquidity and Ratios - The current ratio and quick ratio fell by 25.0% from 1.2 to 0.9, reflecting liquidity challenges[4] - The debt-to-equity ratio surged to approximately 415.9% as of December 31, 2024, up from approximately 6.6% as of December 31, 2023, primarily due to additional expected credit loss provisions impacting total equity[41] Credit Loss Provisions - As of December 31, 2024, the cumulative expected credit loss provision is approximately HKD 110.6 million, an increase from approximately HKD 83.9 million as of December 31, 2023, reflecting a significant rise in expected credit losses due to adverse impacts on international travel demand[36] - The expected credit loss provision for trade receivables increased to approximately HKD 1.8 million from approximately HKD 0.5 million year-on-year, while the provision for other receivables rose to approximately HKD 108.8 million from approximately HKD 83.4 million[36] Governance and Board Composition - The company is committed to good corporate governance practices, adhering to applicable codes and principles to enhance shareholder value[87] - The board consists of three independent non-executive directors, meeting the requirement that independent directors must constitute at least one-third of the board[93] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each operating within its defined scope[101] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural and educational background, and professional experience in the selection process[109] Risk Management - The company has established policies and procedures for risk management and internal control, with the board responsible for assessing the nature and extent of risks[110] - The risk management and internal control systems include a strategic risk register to control and evaluate identified risks, ensuring the effectiveness of risk mitigation procedures[111] - The board is aware that the risk management and internal control systems are designed to manage rather than eliminate risks associated with achieving business objectives[110] Employee and Management - As of December 31, 2024, the company had a total of 82 employees, comprising 32 males and 50 females, and is committed to reviewing gender diversity among its workforce[140] - The total remuneration for senior management for the year ending December 31, 2024, is approximately HKD 5.0 million, including salaries, allowances, bonuses, and retirement plan contributions[94] Environmental Commitment - The company has implemented recycling programs for consumables like toner and paper to minimize its environmental impact and is committed to sustainable development[139] Shareholding and Ownership - As of December 31, 2024, the company had a significant shareholding of 900,000,000 shares, representing 75.0% ownership by Mr. Liu through controlled entities[156] - The shareholding structure indicates that Mr. Liu controls 75.0% of the company through Tomorrow Education Technology Limited[157] Dividend Policy - The board will consider various factors, including financial performance and liquidity, when determining dividend payments to shareholders[127] - The company reported no final dividend for the year ended December 31, 2024, in order to retain cash for operational needs and future development[141]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 96.0 million, a decrease of 7.2% compared to HKD 103.5 million in 2023[4] - Gross profit for the same period was HKD 34.3 million, down 22.4% from HKD 44.2 million in the previous year, resulting in a gross margin of 35.7%[4] - The company reported a net loss of HKD 44.5 million for the year, a significant decline from a profit of HKD 2.9 million in 2023, representing a change of 1,634.5%[4] - Basic and diluted loss per share was HKD 3.7, compared to earnings of HKD 0.2 per share in the prior year, reflecting a decrease of 1,955.0%[4] - Total revenue for the year ended December 31, 2024, was HKD 95,970,000, a decrease of 7.4% from HKD 103,510,000 in 2023[24] - The company's annual profit for 2024 was a loss of HKD 44,475,000, compared to a profit of HKD 2,917,000 in 2023[35] - The group incurred an operating loss before tax of HKD 28,244,000, with total administrative expenses amounting to HKD 23,159,000[23] - The group recognized a pre-tax loss of approximately HKD 28.2 million for the current year, compared to a pre-tax profit of approximately HKD 5.2 million for the year ended December 31, 2023, primarily due to an increase in expected credit loss provisions[64] Assets and Liabilities - Total assets decreased to HKD 110.8 million in 2024 from HKD 141.8 million in 2023, indicating a reduction of 21.9%[6] - Total liabilities increased to HKD 110.3 million in 2024 from HKD 91.5 million in 2023, marking a rise of 20.6%[7] - The group reported a net current liability of about HKD 13,220,000 at the end of the reporting period[13] - The amount payable to the immediate holding company as of December 31, 2024, was HKD 17.0 million, an increase from HKD 10.0 million as of December 31, 2023[71] Revenue Segmentation - Total external customer revenue for the year was HKD 95,970,000, with contributions from ticket distribution (HKD 10,811,000), travel business process management (HKD 21,480,000), and travel products and services (HKD 63,679,000)[23] - Revenue from the travel business process management segment increased to HKD 21,480,000 in 2024 from HKD 21,078,000 in 2023, representing a growth of 1.9%[25] - Revenue from mainland China was HKD 63,481,000 in 2024, up 5.4% from HKD 60,056,000 in 2023[27] - Revenue from the ticket distribution segment decreased by approximately HKD 11.3 million or 51.1% from about HKD 22.1 million for the year ended December 31, 2023, to about HKD 10.8 million for the year ended December 31, 2024[47] - Revenue from the travel products and services segment increased by approximately HKD 3.4 million or 5.6% from about HKD 60.3 million for the year ended December 31, 2023, to about HKD 63.7 million for the year ended December 31, 2024[49] Credit Loss Provisions and Financial Costs - The company experienced a significant increase in expected credit loss provisions, with a charge of HKD 29.7 million in 2024 compared to a reversal of HKD 1.2 million in 2023[5] - The company reported a net financial cost of HKD 172,000 in 2024, compared to HKD 70,000 in 2023, indicating an increase in financial expenses[31] Cash Flow and Working Capital - The net cash generated from operating activities for the current year was approximately HKD 3.2 million, compared to a net cash used of approximately HKD 24.8 million for the year ended December 31, 2023[65] - As of December 31, 2024, the group's cash and cash equivalents increased by approximately 15.2% to approximately HKD 30.4 million from approximately HKD 26.4 million as of December 31, 2023[65] - The group expects to have sufficient working capital to meet its financial obligations for at least the next twelve months[13] Employee and Operational Information - The total employee cost for the year was approximately HKD 29.5 million, down from approximately HKD 31.7 million for the year ended December 31, 2023[74] - The group had a total of 82 employees as of December 31, 2024, compared to 71 employees as of December 31, 2023[74] Dividends and Shareholder Information - The company did not declare any final dividend for the year ended December 31, 2024[4] - The company did not recommend any final dividend for the year ended December 31, 2024, consistent with 2023[36] - The company does not recommend the payment of a final dividend for the year, maintaining cash for operational needs and future development[50] Compliance and Reporting - The group has maintained compliance with all bank covenants as of December 31, 2024, and 2023[45] - The preliminary announcement of the group's annual performance figures is consistent with the audited consolidated financial statements[89] - The annual performance announcement is published on the Hong Kong Stock Exchange website and the company's website[90] - The annual report contains all information required by the Listing Rules Appendix D2 and will be sent to shareholders at the appropriate time[90] Future Outlook and Strategy - The group anticipates continued revenue growth from self-operated tours in the Greater Bay Area, driven by its travel products and services segment[13] - The company aims to consolidate its market share in the Greater Bay Area tourism sector and explore new business opportunities[51] - The company will continue to monitor and reassess its ticket distribution business model in response to geopolitical tensions affecting air transport volumes between China and North America[51] Accounting and Financial Standards - The group has not adopted any new accounting standards that would have a significant impact on its consolidated financial statements[14] - The group is evaluating the specific impact of the new International Financial Reporting Standard 18 on its consolidated financial statements, effective from January 1, 2027[19] Miscellaneous - The company has not engaged in any major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year[75] - The company has not entered into any derivative transactions or established any financial instruments to hedge foreign currency risks during the year[73] - There were no significant contingent liabilities or guarantees as of December 31, 2024[77] - The executive directors as of the announcement date include Mr. Liu Xuebin and Dr. Gao Songyan[92]

Financial Performance - The company's revenue for the six months ended June 30, 2024, increased by 32.5% to approximately HKD 50.1 million, compared to HKD 37.8 million for the same period in 2023[3]. - Gross profit rose by 1.1% to approximately HKD 18.1 million, with a gross margin decline from 47.2% to 36.2%[3]. - The company reported a loss of HKD 28.8 million for the period, a significant decrease from a profit of HKD 0.6 million in the previous year, representing a 4,900% decline[3]. - Overall group revenue increased by approximately 32.5% from HKD 37.8 million for the six months ended June 30, 2023, to HKD 50.1 million for the six months ended June 30, 2024[12]. - The group reported a pre-tax loss of approximately HKD 19.8 million for the six months ended June 30, 2024, compared to a pre-tax profit of approximately HKD 1.8 million for the same period in 2023[24]. - The company reported a net loss attributable to shareholders of HKD 28,826,000 for the six months ended June 30, 2024, compared to a profit of HKD 590,000 in the prior year[52]. - The company reported a net loss of HKD 28,826 million for the six months ended June 30, 2024, compared to a loss of HKD 3,105 million for the same period in 2023[55]. Revenue Breakdown - Revenue from ticket distribution decreased by approximately 36.7% to HKD 6.2 million, primarily due to a stagnation in air transport volume between China and North America[8]. - Revenue from travel business process management remained stable at approximately HKD 11.2 million, with an increase in gross margin from 63.4% to 72.5%[9]. - The travel products and services segment reported a revenue increase of approximately 89.0% from HKD 17.3 million for the six months ended June 30, 2023, to HKD 32.7 million for the six months ended June 30, 2024[10][15]. - Total revenue for the six months ended June 30, 2024, was HKD 50,053,000, with contributions from ticket distribution (HKD 6,174,000), travel business process management (HKD 11,150,000), and travel products and services (HKD 32,729,000)[65]. Asset and Equity Changes - Total assets decreased by 14.5% to HKD 121.3 million as of June 30, 2024, down from HKD 141.8 million at the end of 2023[4]. - Shareholders' equity fell by 62.0% to HKD 19.1 million, compared to HKD 50.3 million at the end of 2023[4]. - The company's equity attributable to owners decreased significantly from HKD 50,282 million to HKD 19,145 million, a decline of approximately 61.9%[53]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2024, was approximately HKD 5.5 million, slightly down from approximately HKD 5.7 million for the same period in 2023[25]. - The group's cash and cash equivalents increased by approximately 31.4%, from about HKD 26.4 million as of December 31, 2023, to approximately HKD 34.7 million as of June 30, 2024[25]. - The current ratio decreased by 19.5% to 0.99, indicating a decline in liquidity compared to the previous period[4]. Expenses and Loss Provisions - The expected credit loss provision increased from approximately HKD 4.2 million for the six months ended June 30, 2023, to approximately HKD 20.2 million for the six months ended June 30, 2024, due to an increase in the aging balances of certain debtors[23]. - The total operating expenses for the six months ended June 30, 2024, were HKD 19,509,000, slightly down from HKD 20,293,000 in the previous year[52]. - The total administrative expenses increased to HKD 51,420,000 for the six months ended June 30, 2024, compared to HKD 40,268,000 in the same period of 2023, marking an increase of 27.0%[70]. Governance and Compliance - The board of directors has complied with the corporate governance code, with a noted deviation regarding the separation of the roles of Chairman and CEO[39]. - The audit committee has reviewed the interim financial results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[42]. - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors[41]. Shareholder Information - Major shareholders include Tomorrow Education Technology Limited, holding 75.0% of the shares, and Mr. Liu, who also holds 75.0% through controlled entities[46]. - The company has a significant ownership structure, with Mr. Liu holding 75% of the shares through controlled entities[43]. Credit Risk and Receivables - The expected credit loss provision for amounts receivable from travel companies for ticket costs was HKD 102,508,000 as of June 30, 2024[97]. - The total expected credit loss provision for the period was HKD 20,167,000, reflecting adjustments based on macroeconomic factors[97]. - The company has identified that 60% of trade receivables as of June 30, 2024, came from its three largest customers, indicating a concentration of credit risk[98]. Financial Assets and Fair Value - As of June 30, 2024, the total financial assets measured at fair value amounted to HKD 3,110,000, with HKD 1,480,000 classified as Level 1 and HKD 1,630,000 as Level 3[103]. - The fair value of financial assets measured at fair value through profit or loss was HKD 1,480,000 as of June 30, 2024[103]. - The fair value of financial assets measured at fair value through other comprehensive income was HKD 1,630,000 as of June 30, 2024[103].

Financial Performance - The company's total revenue increased by approximately 126.0% from HKD 45.8 million in 2022 to HKD 103.5 million in 2023[3]. - Gross profit rose by about 96.4% from HKD 22.5 million in 2022 to HKD 44.2 million in 2023, with a gross margin decrease of 6.5 percentage points to 42.7%[3][11]. - The annual profit improved significantly from a loss of HKD 13.8 million in 2022 to a profit of HKD 2.9 million in 2023, marking a 121.0% increase[3]. - The ticket distribution segment's revenue surged by approximately 93.9% from HKD 11.4 million in 2022 to HKD 22.1 million in 2023, driven by the recovery of the global travel industry[13]. - The travel business process management segment's revenue decreased by about 34.1% from HKD 32.0 million in 2022 to HKD 21.1 million in 2023, while its gross margin increased by 18.4 percentage points to 66.4%[14]. - The company generated approximately HKD 60.1 million in revenue from its travel products and services segment, primarily related to cultural tourism in the Greater Bay Area of China[10]. - The group's revenue increased by approximately HKD 57.7 million or about 126.0% to approximately HKD 103.5 million for the year ended December 31, 2023, compared to approximately HKD 45.8 million for the previous year[23]. - Ticket distribution revenue rose by approximately HKD 10.7 million or about 93.9% to approximately HKD 22.1 million, driven by a strong recovery in the tourism industry[24]. - Revenue from the travel products and services segment was approximately HKD 60.3 million, attributed to the resumption of self-operated tours in the first quarter of 2023 following the easing of COVID-19 restrictions[26]. - The gross profit increased by approximately HKD 21.7 million or about 96.4% to approximately HKD 44.2 million, primarily due to increased revenue from ticket distribution services and travel products[29]. - The overall gross margin decreased by approximately 6.5 percentage points to about 42.7%, mainly due to a higher contribution from the lower-margin travel products and services segment[30]. - The gross profit from the ticket distribution segment increased by approximately HKD 10.9 million or about 162.7% to approximately HKD 17.6 million, with a gross margin of approximately 79.5%[31]. - The gross profit from the travel business process management segment decreased by approximately HKD 1.4 million or about 9.1% to approximately HKD 14.0 million, with a gross margin of approximately 66.4%[32]. - The group reported a profit of approximately HKD 2.9 million for the year, a significant turnaround from a loss of approximately HKD 13.8 million in the previous year, driven by a revenue increase of approximately 126.0% from HKD 45.8 million to HKD 103.5 million[42]. Assets and Equity - Total assets increased by 6.6% from HKD 133.0 million in 2022 to HKD 141.8 million in 2023[3]. - Shareholders' equity rose by 5.2% from HKD 47.8 million in 2022 to HKD 50.3 million in 2023[3]. - The current ratio improved by 9.1% from 1.1 in 2022 to 1.2 in 2023, indicating better liquidity[3]. - The group's cash and cash equivalents decreased by approximately 39.7% to about HKD 26.4 million from HKD 43.8 million as of December 31, 2022[43]. - The debt-to-equity ratio improved to approximately 6.6% from 8.4% in the previous year, reflecting a decrease of about 1.8 percentage points[43]. - As of December 31, 2023, the company's distributable reserves amounted to approximately HKD 7.6 million, including share premium and accumulated losses[148]. Business Strategy and Opportunities - The company is exploring new business opportunities in the travel wellness sector through a memorandum of understanding with a service provider in Hainan, China[10]. - The company will continue to explore new business opportunities in the travel industry, particularly in the Greater Bay Area, to strengthen its market share[20]. - The company anticipates a steady recovery in the aviation travel demand throughout 2023, creating more business opportunities in the tourism sector[20]. - The company is focused on expanding its market presence through strategic investments and operational efficiencies[75]. - Future outlook includes potential new product offerings and technological advancements to enhance customer experience[75]. - The company is focused on expanding its business operations in Canada, the United States, and the People's Republic of China[136]. Corporate Governance - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2023, except for C.2.1[88]. - The board consists of 3 independent non-executive directors, meeting the requirement that they must represent at least one-third of the board[95]. - The company emphasizes the importance of good corporate governance to enhance shareholder value and ensure effective accountability mechanisms[88]. - The company provides tailored onboarding training for new directors to ensure they understand their responsibilities and the company's operations[98]. - The company encourages all directors to participate in relevant training courses, with costs covered by the company[98]. - The board believes that having the same person serve as both chairman and CEO is beneficial for consistent leadership and effective strategic planning[88]. - The company has a balanced composition of executive, non-executive, and independent non-executive directors to ensure independent judgment[90]. - The board has established three committees: the audit committee, remuneration committee, and nomination committee, each operating within its defined scope[103]. - The audit committee consists of three independent non-executive directors, ensuring oversight of the group's financial reporting and internal control systems[104]. - The board conducted a review of the effectiveness of the risk management and internal control systems, concluding that they are adequate and effective for the current business environment[117]. Employee and Management Information - As of December 31, 2023, the group had a total of 71 employees, with total employee costs for the year amounting to approximately HKD 31.7 million, down from approximately HKD 46.3 million for the year ended December 31, 2022[54]. - The total compensation for senior management for the year ended December 31, 2023, was approximately HKD 5.3 million[96]. - The number of senior management members earning between HKD 1,000,001 and HKD 1,500,000 was 1[96]. - The total number of senior management members earning between HKD 500,001 and HKD 1,000,000 was 2[96]. - The group is committed to regular reviews of employee compensation policies and benefits based on market practices and individual performance[54]. Risk Management - The group has identified key risks including natural disasters, travel demand fluctuations, and economic conditions that may affect financial performance[138]. - The company has a procedure for identifying, assessing, and managing significant risks that could impact its business objectives, reviewed at least annually[116]. - The risk management procedures are updated regularly to ensure the effectiveness of risk mitigation strategies, reflecting management's focus on identified risks[114]. - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[113]. - The company will review its risk management and internal control systems annually to adapt to any regulatory changes and business needs[117]. Shareholder Communication and Dividends - The board is committed to maintaining effective communication with shareholders and regularly reviews the shareholder communication policy[130]. - The board will consider various factors, including financial performance and liquidity, when determining dividend payments[131]. - The company did not recommend a final dividend for the year ended December 31, 2023, in order to retain more cash for operational needs and future development[143]. - The company will consider future dividend distributions based on its dividend policy at an appropriate time[143]. - The board will convene a special general meeting if requested by shareholders holding at least 10% of voting rights[128]. - The annual general meeting is scheduled for June 26, 2024, with a deadline for share transfer registration on June 20, 2024[146][147]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[192]. - The audit committee reviewed the consolidated financial statements and annual performance announcement, ensuring compliance with applicable accounting standards and listing rules[188]. - The company maintained a minimum public float of 25% as required by listing rules as of the report date[185]. - The company has appropriate insurance for the responsibilities of directors and senior officers, effective throughout the reporting period[184]. - The audit committee assessed the recoverability of deferred tax assets, considering future taxable income forecasts and tax planning strategies[196]. Related Party Transactions - The company has not engaged in any related party transactions during the fiscal year ending December 31, 2023[176]. - The company has complied with the relevant provisions of the Listing Rules regarding related party transactions[176]. - There are no rights granted to directors or their associates to acquire shares or bonds of the company during the fiscal year[175]. Stock Options and Share Capital - The stock option plan allows for a maximum of 120,000,000 shares to be issued, equivalent to 10% of the total issued shares as of the report date[167]. - No stock options have been granted or agreed to be granted under the stock option plan as of the report date[170]. - The stock option plan will remain effective for ten years from its adoption date, expiring on May 6, 2028[174]. Financial Assets and Liabilities - The group confirmed deferred tax assets of approximately HKD 28,161,000 as of December 31, 2023, related to unused tax losses and other deductible temporary differences[196]. - As of December 31, 2023, the carrying value of trade receivables and amounts due from travel companies for ticket costs, net of expected credit loss provisions, were approximately HKD 32,706,000 and HKD 44,322,000 respectively[199]. - For the year ended December 31, 2023, the expected credit loss provision made for trade receivables and amounts due from travel companies for ticket costs was approximately HKD 414,000, with a reversal of approximately HKD 1,575,000[199]. - Management's estimation of expected credit losses is based on a forward-looking expected credit loss model, taking into account economic factors that may impact the recoverability of amounts from customers and travel companies[199].

Financial Performance - The company's revenue increased from approximately HKD 45.8 million in the year ended December 31, 2022, to approximately HKD 103.5 million in the year ended December 31, 2023, representing a growth of 126.0%[6] - The gross profit for the year was approximately HKD 44.2 million, up 96.4% from HKD 22.5 million in the previous year[6] - The company reported a profit of approximately HKD 2.9 million for the year, a significant turnaround from a loss of approximately HKD 13.8 million in the prior year, marking a change of 121.0%[3] - Basic and diluted earnings per share improved to HKD 0.2 from a loss of HKD 1.2 per share in the previous year, reflecting a 116.7% increase[6] - The overall gross profit rose by approximately HKD 21.7 million or about 96.4% from approximately HKD 22.5 million to approximately HKD 44.2 million, although the gross profit margin decreased by about 6.5 percentage points to approximately 42.7%[89] - The company reported a net profit of HKD 2,917,000 for the year ended December 31, 2023, compared to a net loss of HKD 13,802,000 in the previous year[36] Revenue Segments - The company operates four main business segments: (1) ticket distribution, (2) travel business process management, (3) travel products and services, and (4) other business process management[33] - The ticket distribution segment generates revenue through commission and margin income from airlines[34] - The travel business process management segment provides administrative and management services to travel agents, earning management fees[34] - The travel products and services segment combines various travel products from different suppliers for self-operated tours and sells other travel products[34] - External customer revenue for the travel business reached HKD 103,510,000 in 2023, a significant increase from HKD 45,777,000 in 2022, representing a growth of 126%[35] - The ticket distribution segment's revenue significantly increased by approximately HKD 10.7 million or about 93.9% from approximately HKD 11.4 million to approximately HKD 22.1 million, driven by the recovery of the global travel industry[80] - The travel products and services segment generated revenue of approximately HKD 60.3 million, attributed to the resumption of self-operated tours in the Greater Bay Area following the easing of COVID-19 restrictions[84] - The travel business process management segment's revenue decreased by approximately HKD 10.9 million or about 34.1% from approximately HKD 32.0 million to approximately HKD 21.1 million due to reduced collaboration with lower-margin clients[92] - The other business process management segment reported no revenue for the current year, down from approximately HKD 2.3 million in the previous year, following the cancellation of COVID-19 testing for international travelers in Canada[94] Asset and Liability Management - Total liabilities increased to approximately HKD 91.5 million from HKD 85.1 million year-on-year[9] - The total assets of the company rose to approximately HKD 141.8 million from HKD 133.0 million, indicating growth in the asset base[14] - Trade receivables significantly increased to approximately HKD 32.7 million from HKD 2.2 million, highlighting improved collection and sales performance[14] - Trade payables amounted to HKD 15,273,000 as of December 31, 2023, a significant increase from HKD 12,000 in 2022[69] - The debt-to-equity ratio decreased by approximately 1.8 percentage points from about 8.4% as of December 31, 2022, to about 6.6% as of December 31, 2023[110] - The group's net current assets increased to approximately HKD 20.0 million as of December 31, 2023, compared to approximately HKD 4.2 million as of December 31, 2022[111] Cash Flow and Expenditures - The net cash used in operating activities for the current year was approximately HKD 24.8 million, compared to approximately HKD 11.2 million for the year ended December 31, 2022[109] - As of December 31, 2023, the group's cash and cash equivalents were approximately HKD 26.4 million, a decrease of approximately 39.7% from about HKD 43.8 million as of December 31, 2022[109] - Capital expenditures for the travel business amounted to HKD 25,000 in 2023, up from HKD 64,000 in 2022, reflecting increased investment in operations[36] - The group plans to utilize HKD 21.5 million for repaying bank loans and HKD 13.4 million for expanding ticket distribution business in 2024[133] Tax and Financial Costs - The company’s tax expense for the year was HKD (2,234,000), reflecting the tax obligations based on the taxable income for the year[51] - The financial cost net amount improved to HKD (70,000) in 2023 from HKD (285,000) in 2022, showing a reduction in financial expenses[50] - The company recorded a deferred tax expense of HKD 13,967,000 for the year ended December 31, 2023, compared to a deferred tax benefit of HKD 1,188,000 in 2022[52] Dividends and Shareholder Information - The company did not declare any final dividend for the year[6] - The board of directors did not recommend a final dividend for the current year, aiming to retain more cash for operational needs and future development[85] - The annual general meeting is scheduled for June 26, 2024[136] Compliance and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards and relevant interpretations, ensuring compliance with disclosure requirements[20] - The company has adopted several new accounting standards, but they did not have a significant impact on the consolidated financial statements[24] - The financial statements are presented in Hong Kong dollars, rounded to the nearest thousand[18] - The preliminary announcement of the group's annual performance figures has been verified against the audited consolidated financial statements[144] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website[146] - The annual report will include all information required by the Listing Rules Appendix D2 and will be sent to shareholders at the appropriate time[146] Market Outlook and Strategic Plans - The company plans to continue expanding its market share in the Greater Bay Area and explore new business opportunities in travel consulting, healthcare, hotels, and other potential service industries[88] - The company is optimistic about the recovery of the travel industry in 2023, with increasing demand and flight numbers expected to create more business opportunities[86] - The company has entered into a non-binding memorandum of understanding for potential collaboration in travel wellness services with a provider in Hainan, China[72] Employee and Operational Costs - The total employee cost for the year was approximately HKD 31.7 million, down from approximately HKD 46.3 million for the year ended December 31, 2022[120] - The group has adopted a share option scheme to attract and retain experienced personnel since May 7, 2018, but no options have been granted or exercised to date[124]

Revenue Performance - For the six months ended June 30, 2023, the total revenue was approximately HKD 37.8 million, representing an increase of 42.3% compared to HKD 26.6 million for the same period in 2022[10]. - The ticket distribution segment generated revenue of HKD 9.8 million, up 81.8% from HKD 5.4 million in the previous year, with a gross margin of 79.1%[10][13]. - The travel business process management segment's revenue decreased by approximately 42.6% to HKD 10.8 million from HKD 18.8 million in the prior year, primarily due to a reduction in business with lower-margin clients[11][36]. - The travel products and services segment recorded revenue of HKD 17.3 million, attributed to the resumption of tour services following the easing of COVID-19 restrictions[40]. - Revenue from the ticket distribution segment increased by approximately HKD 4.4 million or 81.5%, reaching about HKD 9.8 million for the six months ended June 30, 2023, driven by the recovery of the global travel industry[189]. Profitability and Financial Performance - The overall gross profit for the six months ended June 30, 2023, was approximately HKD 17.9 million, with a gross margin of 47.2%, compared to HKD 12.6 million and a margin of 47.5% in the previous year[13]. - The company reported a profit before tax of approximately HKD 1.8 million for the six months ended June 30, 2023, compared to a loss of HKD 12.5 million for the same period in 2022[18]. - The company reported a profit attributable to owners of the company of HKD 590,000 for the six months ended June 30, 2023, compared to a loss of HKD 13,426,000 for the same period in 2022[138]. - The basic and diluted earnings per share for the six months ended June 30, 2023, was HKD 0.05, a significant improvement from a loss of HKD 1.12 per share in the previous year[138]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were approximately HKD 54.4 million, an increase of about 24.2% from approximately HKD 43.8 million as of December 31, 2022[47]. - The operating cash flow for the six months ended June 30, 2023, was HKD 5,747,000, a significant improvement from an outflow of HKD 7,778,000 in the same period of 2022[196]. - The company reported a net cash increase of HKD 9,854,000 for the six months ended June 30, 2023, compared to a decrease of HKD 6,278,000 in the same period of 2022[196]. - The group maintained a sound liquidity position throughout the review period through prudent financial management and continuous credit assessments of its customers[49]. Expenses and Cost Management - Sales expenses decreased by approximately HKD 0.4 million or about 22.2% to approximately HKD 1.4 million for the six months ended June 30, 2023, primarily due to the closure of the retail branch of the group's Canadian travel products and services division[45]. - Total sales, administrative, and other expenses amounted to HKD 40.3 million, up from HKD 37.0 million in the previous year[112]. - Employee benefits expenses, including director remuneration, decreased to HKD 16.5 million from HKD 25.7 million year-on-year[112]. - Capital expenditure for property, plant, and equipment was HKD 1.4 million as of June 30, 2023, down from HKD 4.2 million in the same period last year[117]. Credit Risk and Provisions - The company’s expected credit loss provision for trade receivables was HKD 80,766,000 as of June 30, 2023, slightly down from HKD 84,211,000 as of December 31, 2022[143]. - The expected credit loss rate for trade receivables was 0.5%, a significant decrease from 2.2% as of December 31, 2022[156]. - The expected credit loss provision for overdue accounts between 91 to 180 days is 100%, with a total expected credit loss provision of HKD 19,512,000[173]. - The expected credit loss rate for accounts overdue between 181 days to 12 months is also 100%, with a provision of HKD 50,577,000[173]. Shareholder Returns and Dividends - No interim dividend was declared for the six months ended June 30, 2023, consistent with the previous year[26]. - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[199]. Government Support and Loans - The company received an interest-free loan of approximately HKD 3.7 million from the Canadian government under the regional innovation economic growth plan[20]. Management and Governance - The group has not identified any significant issues that would lead to non-compliance with International Accounting Standard 34 in its interim financial statements[66]. - The company has not identified any incidents of employees failing to comply with the standard code regarding undisclosed inside information[87]. - The group has not granted, exercised, or cancelled any options under the share option scheme since its adoption on May 7, 2018, with a total of 120,000,000 options available for grant as of June 30, 2023[55].

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的內容概不負責，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份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Cinese International Group Holdings Limited 富 盈 環 球 集 團 控 股 有 限 公 司 （於加拿大安大略省註冊成立及於開曼群島存續的有限公司） （股份代號：1620） 截 至 2023 年 6 月 30 日 止 六 個 月 中 期 業 績 公 告 富盈環球集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月的未經審核綜合中期業 績，連同截至2022年6月30日止六個月的未經審核比較數字。 截至6月30日止六個月 2023年 2022年 百萬港元 百萬港元 增加 收益 37.8 26.6 42.1% 毛利 17.9 12.6 42.1% 期內溢利╱（虧損） 0.6 (13.4) 104.5% ...

企業管治報告 股東權利 股東召開股東特別大會的程序 ‧ 根據本公司的組織章程大綱及組織章程細則（「大綱及細則」），於遞交要求日期持有不少於附帶本公司股東大 會表決權的本公司繳足股本十分之一的任何一名或多名股東（「合資格股東」），在任何時候均有權向董事會或 公司秘書提出書面要求，要求董事會召開股東特別大會（「股東特別大會」），以處理有關要求中指明的任何事 項。 ‧ 合資格股東如欲召開股東特別大會，須將有關合資格股東簽署的書面要求（「要求」）遞交至本公司的香港主要 營業地點（地址為香港九龍梳士巴利道3 號，星光行18樓 1814-1815室），注明公司秘書收。 ‧ 要求須清楚說明合資格股東的名稱、其於本公司的股權、召開股東特別大會的理由、擬議列入的議程及擬於 股東特別大會上處理的事項詳情。要求須由有關合資格股東簽署。 ‧ 本公司將核對要求，並將與本公司的股份過戶登記處核實合資格股東的身份及股權。倘發現要求正確有序， 公司秘書將要求董事會於兩個月內召開股東特別大會及╱或將合資格股東提呈的議案或決議案加入遞交要求 後的股東特別大會。 ‧ 倘於遞交要求後21天內，董事會並未向合資格股東通知任何相反的結果且未能召集有關股 ...

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的內容概不負責，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份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 Cinese International Group Holdings Limited 富 盈 環 球 集 團 控 股 有 限 公 司 （於加拿大安大略省註冊成立及於開曼群島存續的有限公司） （股份代號：1620） 年 度 業 績 公 告 截 至 2022 年 12 月 31 日 止 年 度 富盈環球集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公 司及其附屬公司（統稱「本集團」）截至2022年12月31日止年度的經審核綜合年度業 績，連同截至2021年12月31日止年度的比較數字。 財務摘要 截至12月31日止年度 2022年 2021年 增加╱ 百萬港元 百萬港元 （減少） 收益 45.8 55.8 (17.9%) 毛利 22.5 16.6 35.5% ...

Cinese International Group Holdings Limited 富盈環球集團控股有限公司 (於加拿大安大略省註冊成立及於開曼群島存續的有限公司) 股份代號: 1620 中期報告 2022 (( PASSPORT © COVID-19 2 財務摘要 3 公司資料 4 管理層討論與分析 14 企業管治及其他資料 18 簡明綜合中期財務報表審閱報告 19 簡明綜合全面收益表 20 簡明綜合財務狀況表 22 簡明綜合權益變動表 23 簡明綜合現金流量表 24 簡明綜合中期財務報表附註 目錄 2022年中期報告 截至6 月 30日止六個月 （未經審核） （未經審核） 財務摘要 增加╱ （減少） 100.0% 186.4% (59.5%) (60.7%) 2022年 2021年 百萬港元 百萬港元 收益 26.6 13.3 毛利 12.6 4.4 期內虧損 (13.4) (33.1) 每股基本及攤薄虧損（港仙） (1.1) (2.8) | --- | --- | --- | --- | |----------------------------|-------------------------- ...