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% ...

Financial Performance - The company reported its financial performance for the year ending December 31, 2022, with comprehensive financial statements available on pages 47 to 49 of the report[21]. - The group reported a loss of approximately HKD 13,802,000 for the year ended December 31, 2022, raising significant doubts about its ability to continue as a going concern[25]. - Total revenue for the year ended December 31, 2022, was HKD 45,777,000, compared to HKD 55,822,000 in 2021, representing a decrease of approximately 18%[136]. - Gross profit increased to HKD 22,527,000 from HKD 16,587,000, marking a growth of about 36%[136]. - The total comprehensive loss for the year was HKD 16,707,000, compared to HKD 75,483,000 in the previous year, representing a decrease of approximately 78%[136]. - The annual loss for 2022 was HKD (13.8) million, a significant improvement of 81.8% compared to HKD (75.8) million in 2021[187]. - Basic and diluted loss per share improved to HKD 1.2 from HKD 6.3, a reduction of approximately 81%[136]. Revenue Breakdown - The group’s revenue from ticket distribution was HKD 11,430,000, representing 25.0% of total revenue, an increase from HKD 7,445,000 (13.3%) in the previous year[46]. - Revenue from travel business process management was HKD 32,027,000, accounting for 70.0% of total revenue, up from HKD 26,041,000 (46.7%) year-over-year[46]. - The ticket distribution segment's revenue increased by approximately 54.1% or about HKD 4.0 million to approximately HKD 11.4 million for the year ended December 31, 2022, driven by the recovery of the travel industry[196]. - The travel business process management segment's revenue rose by approximately 23.1% or about HKD 6.0 million to approximately HKD 32.0 million for the year ended December 31, 2022, due to increased transaction volumes[197]. - The other business process management segment's revenue decreased by approximately 89.7% or about HKD 20.0 million to approximately HKD 2.3 million for the year ended December 31, 2022, primarily due to reduced service provision[198]. Shareholder Returns and Dividends - The board emphasizes a dividend policy aimed at providing sustainable returns to shareholders while retaining adequate reserves for future development[8]. - The group did not recommend a final dividend for the year ended December 31, 2022, maintaining a zero dividend policy from the previous year[34]. - As of December 31, 2022, the distributable reserves of the company were approximately HKD 17.7 million, including share premium and retained earnings[39]. Assets and Liabilities - The total assets as of December 31, 2022, were HKD 133.0 million, down from HKD 155.4 million as of December 31, 2021[42]. - Shareholders' equity decreased to HKD 47.8 million from HKD 64.5 million year-over-year[42]. - The total liabilities decreased from HKD 90,901 million in 2021 to HKD 85,134 million in 2022, a decrease of approximately 6.1%[141]. - The company reported a loss of HKD 4,945 million in retained earnings as of December 31, 2022, compared to a profit of HKD 8,857 million in 2021[141]. Corporate Governance and Compliance - The board has established a policy for regular communication and reasonable disclosure of information to shareholders[7]. - The company operates under licenses from various regulatory bodies, ensuring compliance with industry regulations[24]. - The company has adhered to the corporate governance code as set out in the Listing Rules, except for one provision[71]. - The independent non-executive directors confirmed that the ongoing connected transactions were conducted on normal commercial terms and were fair and reasonable[60]. Risk Management - The company has identified key risks affecting its financial condition and operational results, including adverse weather, natural disasters, and economic conditions[15]. - The company is committed to environmental sustainability and has implemented recycling programs for consumables to minimize its environmental impact[19]. Future Outlook - The group anticipates a recovery in the travel products and services segment in the future as travel restrictions ease[44]. - The company plans to continue expanding its travel-related business in the Greater Bay Area and explore suitable opportunities in travel consulting, healthcare, hotels, and other potential service industries[200]. - The overall recovery of the travel industry is expected to generate revenue for the travel products and services segment in 2023[193].

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% ...

Revenue and Profitability - Total revenue increased by approximately 100.0% from HKD 13.3 million in the six months ended June 30, 2021, to HKD 26.6 million in the same period of 2022[12] - Gross profit rose by approximately 186.4% from HKD 4.4 million to HKD 12.6 million, with an overall gross margin increase of 14.6 percentage points to approximately 47.5%[12] - The ticket distribution segment's revenue increased by approximately 80.0% from HKD 3.0 million to HKD 5.4 million, driven by higher vaccination rates and eased travel restrictions[13] - Revenue from travel business process management rose by approximately 82.5% from HKD 10.3 million to HKD 18.8 million, attributed to increased transaction volumes as the travel industry recovers[14] - The group's total revenue increased by approximately HKD 13.3 million or about 100.0% to approximately HKD 26.6 million for the six months ended June 30, 2022, compared to approximately HKD 13.3 million for the same period in 2021[20] - Revenue from the ticket distribution segment rose by approximately HKD 2.4 million or about 80.0% to approximately HKD 5.4 million for the six months ended June 30, 2022, driven by increased vaccination rates and relaxed travel restrictions[21] - Revenue from the travel business process management segment increased by approximately HKD 8.5 million or about 82.5% to approximately HKD 18.8 million for the six months ended June 30, 2022, due to a rise in service transaction volume[22] - The gross profit for the group increased by approximately HKD 8.2 million or about 186.4% to approximately HKD 12.6 million for the six months ended June 30, 2022, primarily due to increased revenue and overall gross margin improvement[26] - The overall gross margin rose by approximately 14.6 percentage points to about 47.5% for the six months ended June 30, 2022, compared to approximately 32.9% for the same period in 2021[27] - The gross profit from the ticket distribution segment increased by approximately HKD 2.4 million or about 600.0% to approximately HKD 2.8 million for the six months ended June 30, 2022, with a gross margin increase of approximately 37.6 percentage points to about 51.2%[28] - The gross profit from the travel business process management segment rose by approximately HKD 5.4 million or about 135.0% to approximately HKD 9.4 million for the six months ended June 30, 2022, with a gross margin increase of approximately 11.6 percentage points to about 50.1%[29] Financial Position - Total assets decreased by 10.9% from HKD 155.4 million as of December 31, 2021, to HKD 138.4 million as of June 30, 2022[5] - Shareholders' equity declined by 21.4% from HKD 64.5 million to HKD 50.7 million[5] - The current ratio decreased by 9.1% from 1.1 to 1.0, indicating a slight reduction in liquidity[5] - The debt-to-asset ratio increased by 28.1% from 6.4% to 8.2%, reflecting a rise in financial leverage[5] - As of June 30, 2022, the group's cash and cash equivalents were approximately HKD 41.7 million, a decrease of approximately 14.4% from approximately HKD 48.7 million as of December 31, 2021[39] - The group's debt-to-equity ratio increased from approximately 6.4% as of December 31, 2021, to approximately 8.2% as of June 30, 2022, an increase of approximately 1.8%[40] - The company reported a basic and diluted loss per share of HKD 1.1, an improvement from HKD 2.8 in the previous year[89] - The company’s equity attributable to owners decreased to HKD 50,691,000 from HKD 64,523,000, reflecting the impact of losses incurred[94] - The group had a net current liability of approximately HKD 2,968,000 at the end of the reporting period[107] - The total undrawn bank credit available to the group was HKD 10,263,000, which is expected to support future operations and financial obligations[107] Operational Performance - For the six months ended June 30, 2022, the group reported a loss of approximately HKD 13.4 million, a decrease of about HKD 19.7 million or approximately 59.5% compared to a loss of approximately HKD 33.1 million for the same period in 2021[38] - Operating loss decreased to HKD 12,041,000 from HKD 36,817,000 year-over-year, indicating better operational efficiency[89] - Loss attributable to owners of the company for the period was HKD 13,426,000, down from HKD 33,086,000 in the previous year[89] - The net cash used in operating activities for the six months ended June 30, 2022, was approximately HKD 6.6 million, compared to a net cash generated of approximately HKD 3.4 million for the same period in 2021[39] - The group reported a loss before tax of HKD 12,528 thousand for the six months ended June 30, 2022, compared to a loss of HKD 36,999 thousand for the same period in 2021[124] Business Strategy and Future Outlook - The company is exploring new business opportunities in collaboration with travel service providers in the Greater Bay Area, having signed a non-binding memorandum of understanding[11] - Management plans to expand its customer base through marketing initiatives targeting travel agents with similar characteristics and market positioning[14] - The group will continue to explore diversified business opportunities to expand revenue sources and enhance future profitability and potential[18] - The group aims to enter the Greater Bay Area tourism market through newly established tourism business collaborations[18] - The group will maintain its tourism-related business strategies and seek suitable opportunities in tourism consulting, healthcare, hotels, and other potential service industries[18] - The group anticipates a gradual recovery in international travel, particularly in North America, as the COVID-19 pandemic subsides[108] Employee and Management Information - As of June 30, 2022, the group had a total of 94 employees, down from 143 employees as of December 31, 2021[47] - Total employee costs for the six months ended June 30, 2022, were approximately HKD 25.7 million, compared to approximately HKD 21.2 million for the same period in 2021, representing an increase of about 21.2%[47] - The total management compensation for the six months ended June 30, 2022, was HKD 1,850,000, a decrease from HKD 3,195,000 for the same period in 2021, indicating a reduction of about 42.5%[173] Compliance and Governance - The board of directors consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced power structure[63] - The audit committee, established on May 7, 2018, is responsible for overseeing the effectiveness of the group's financial reporting, internal controls, and risk management systems[66] - The group’s interim financial report for the six months ended June 30, 2022, has been reviewed by the audit committee and is deemed to comply with applicable accounting standards and regulations[70] - The company has complied with the Securities and Futures Ordinance regarding the disclosure of interests and holdings[76] Credit Risk and Financial Assets - The expected credit loss provision for financial assets decreased by approximately HKD 22.7 million or approximately 87.6% to approximately HKD 3.2 million for the six months ended June 30, 2022, from approximately HKD 25.9 million for the same period in 2021[37] - The expected credit loss provision for trade and other receivables was HKD 94,007,000, an increase from HKD 90,811,000 as of December 31, 2021, reflecting a provision of HKD 3,230,000 during the period[182] - The management believes that the credit risk for financial assets measured at fair value is low due to close monitoring of the fair value of such investments[183] - The group's trade receivables credit risk is concentrated, with 83% and 82% of trade receivables as of June 30, 2022, and December 31, 2021, respectively, coming from the three largest customers[184]

Financial Performance - Revenue for the year ended December 31, 2021, was HKD 55.8 million, an increase of 8.1% from HKD 51.6 million in 2020[5] - Gross profit decreased by 29.7% to HKD 16.6 million from HKD 23.6 million in the previous year[5] - The annual loss for 2021 was HKD (75.8) million, representing a 57.6% increase from HKD (48.1) million in 2020[5] - The adjusted loss for the year was HKD (44.3) million, a 7.9% improvement from HKD (48.1) million in 2020[5] - Basic and diluted loss per share was HKD (6.3), a 57.5% increase from HKD (4.0) in the previous year[5] - Other income decreased by approximately HKD 7.2 million or about 33.6% to approximately HKD 14.2 million for the year ended December 31, 2021[35] - Selling expenses decreased by approximately HKD 4.8 million or about 42.5% to approximately HKD 6.5 million for the year ended December 31, 2021[37] - Administrative expenses increased by approximately HKD 3.6 million or about 9.1% to approximately HKD 43.3 million for the year ended December 31, 2021[38] - The group reported a loss of approximately HKD 75.8 million for the year ended December 31, 2021, an increase in loss of about HKD 27.7 million or about 57.6% compared to a loss of approximately HKD 48.1 million for the year ended December 31, 2020[39] Assets and Liabilities - Total assets as of December 31, 2021, increased by 11.4% to HKD 155.4 million from HKD 139.5 million in 2020[6] - Shareholders' equity decreased by 43.4% to HKD 64.5 million from HKD 113.9 million in the previous year[6] - The current ratio and quick ratio dropped by 77.1% to 1.1 from 4.8 in 2020[6] - The debt-to-asset ratio increased by 178.3% to 6.4% from 2.3% in the previous year[6] - The net current assets as of December 31, 2021, were approximately HKD 6.8 million, a significant decrease from HKD 72.7 million as of December 31, 2020[52] Revenue Segmentation - The ticket distribution segment's revenue decreased by approximately HKD 14.0 million or about 65.4% to approximately HKD 7.4 million for the year ended December 31, 2021, accounting for about 13.3% of total revenue[23] - Revenue from the travel business process management segment decreased by approximately HKD 2.1 million or about 7.5% to approximately HKD 26.0 million for the year ended December 31, 2021, representing about 46.7% of total revenue[24] - The newly developed other business process management segment generated approximately HKD 22.3 million in revenue, accounting for about 40.0% of total revenue for the year ended December 31, 2021[16] Cost Management - The group has implemented cost control measures, including salary reductions for directors and senior management, to improve cash flow and operational efficiency[19] - The group maintained a strong liquidity position with total employee costs of approximately HKD 51.6 million for the year ended December 31, 2021, compared to HKD 53.7 million for the previous year[58] Governance and Management - The company is committed to good corporate governance practices, adhering to all applicable code provisions except for one regarding the separation of the roles of Chairman and CEO[101] - The board of directors is responsible for guiding and overseeing the company's affairs to promote its success[102] - The company has a diverse board with members holding various positions in different committees, enhancing its governance structure[98] - The company has a dedicated team for financial planning and treasury management, ensuring robust financial oversight[93] - The company has a strong management team, including a CFO with over 25 years of experience in finance and accounting[93] Risk Management - The company has established policies and procedures for risk management and internal control systems[125] - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[125] - The company has identified several key risks, including adverse weather, natural disasters, and economic conditions that may affect financial performance and business outlook[151] Shareholder Relations - The company is committed to providing regular communication and reasonable disclosure of information to shareholders, including annual and interim reports[143] - The board will consider future dividend distributions based on the company's dividend policy at an appropriate time[157] - The company has maintained good relationships with stakeholders, including employees, customers, and suppliers, with no significant disputes reported during the year[156] Employee and Director Information - As of December 31, 2021, the group had a total of 143 employees, an increase from 127 employees as of December 31, 2020[58] - The total remuneration for senior management, including salaries, allowances, discretionary bonuses, and retirement plan contributions, amounted to approximately HKD 3.9 million for the year ended December 31, 2021[107] - All executive directors have entered into three-year service contracts, which can be terminated with three months' written notice[168] Environmental and Social Responsibility - The company has implemented recycling programs for consumables to minimize environmental impact and is committed to improving its environmental, social, and governance policies[155]

Financial Performance - Total revenue decreased by approximately 66.8% to HKD 13.3 million for the six months ended June 30, 2021, compared to HKD 40.1 million for the same period in 2020[4] - Gross profit fell by approximately 82.1% to HKD 4.4 million, down from HKD 24.6 million in the previous year[4] - The net loss for the period was HKD 33.1 million, a significant decline of 553.4% compared to a profit of HKD 7.3 million in the prior year[4] - Basic and diluted loss per share was HKD (2.8), compared to earnings of HKD 0.6 per share in the same period last year, representing a decrease of 566.7%[4] - The overall gross profit dropped from approximately HKD 24.6 million to approximately HKD 4.4 million, a decrease of about 82.1%[23] - The overall gross margin declined from approximately 61.3% to approximately 32.9%, a drop of about 28.4%[24] - The group reported a net loss of approximately HKD 33.1 million for the six months ended June 30, 2021, compared to a net profit of approximately HKD 7.3 million for the same period in 2020, representing a significant reversal[31] - Revenue for the six months ended June 30, 2021, was HKD 13,268 thousand, a decrease of 66.9% compared to HKD 40,097 thousand for the same period in 2020[77] - Gross profit for the same period was HKD 4,365 thousand, down 82.2% from HKD 24,566 thousand in 2020[77] - The company reported a net loss attributable to owners of HKD 33,086 thousand for the six months ended June 30, 2021, compared to a profit of HKD 7,292 thousand in 2020[77] Assets and Liabilities - Total assets as of June 30, 2021, were HKD 133.4 million, a decrease of 4.4% from HKD 139.5 million as of December 31, 2020[4] - Total liabilities increased to HKD 51,305 thousand as of June 30, 2021, compared to HKD 25,595 thousand at the end of 2020[83] - The company's equity attributable to owners decreased to HKD 82,123 thousand as of June 30, 2021, from HKD 113,865 thousand at the end of 2020[83] - The group’s net current assets decreased to approximately HKD 40.1 million as of June 30, 2021, from approximately HKD 72.7 million as of December 31, 2020[35] - The debt-to-asset ratio increased to 5.1% from 2.3%[4] - The debt-to-equity ratio increased to approximately 5.1% as of June 30, 2021, from about 2.3% as of December 31, 2020, primarily due to an increase in government loans[34] Revenue Segments - The ticket distribution segment's revenue decreased by approximately 85.1% to HKD 3.0 million, down from HKD 20.1 million in the previous year[11] - Travel business process management revenue decreased by approximately HKD 8.3 million or about 44.6%, from approximately HKD 18.6 million to approximately HKD 10.3 million[20] - Ticket distribution revenue fell by approximately HKD 17.1 million or about 85.1%, from approximately HKD 20.1 million to approximately HKD 3.0 million for the same periods[19] - Revenue from external customers for the ticket distribution segment was HKD 2,989 thousand, while the travel business process management segment generated HKD 10,274 thousand, totaling HKD 13,268 thousand in revenue[107] Cash Flow and Financing - Cash generated from operating activities was approximately HKD 3.4 million for the six months ended June 30, 2021, compared to cash used of approximately HKD 14.7 million for the same period in 2020[33] - The group's cash and cash equivalents increased by approximately 35.2% to approximately HKD 40.7 million as of June 30, 2021, from approximately HKD 30.1 million as of December 31, 2020[33] - Operating cash flow for the six months ended June 30, 2021, was HKD 3,534 thousand, a significant improvement from a cash outflow of HKD 19,821 thousand in the same period of 2020[89] - Net cash generated from investing activities was HKD 5,879 thousand, compared to only HKD 44 thousand in the prior year, indicating a strong recovery in investment performance[89] - The company received government loan proceeds of HKD 1,557 thousand, contributing to its financing activities[89] Cost Management - Selling expenses decreased by approximately HKD 2.3 million or about 37.7%, from approximately HKD 6.1 million to approximately HKD 3.8 million[29] - Administrative expenses slightly decreased by approximately HKD 0.7 million or about 3.2%, from approximately HKD 21.9 million to approximately HKD 21.2 million[30] - Total employee costs for the six months ended June 30, 2021, were approximately HKD 21.2 million, down from approximately HKD 29.4 million for the same period in 2020[43] - The company recognized an expected credit loss provision of HKD (25,871) thousand during the period, indicating significant financial challenges[77] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the deviation regarding the roles of the chairman and CEO being held by the same individual[61] - The audit committee reviewed the interim financial results for the six months ended June 30, 2021, and confirmed that they were prepared in accordance with applicable accounting standards[64] - The company continues to operate under the regulations of various industry bodies, ensuring compliance with operational standards[93] Shareholder Information - The company did not declare an interim dividend for the six months ending June 30, 2021[58] - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2021[44] - As of June 30, 2021, the company had a total of 900,000,000 shares held by Tomorrow Education Holdings Limited, representing 75.0% of the company's equity[71] - The company’s board members and key executives held significant interests in the company, with Ms. Zhu Bi Fang owning 540,000,000 shares (45.0%), Ms. Zhu Shu Fang owning 270,000,000 shares (22.5%), and Dr. Zhu Guo Jun owning 90,000,000 shares (7.5%) as of June 30, 2021[66]

Financial Performance - Total revenue for the year ended December 31, 2020, decreased by approximately 54.0% to HKD 51.6 million from HKD 112.1 million in 2019[4] - Gross profit for the same period fell by about 70.6% to HKD 23.6 million, down from HKD 80.3 million in 2019[4] - The company reported a net loss of HKD 48.1 million for 2020, compared to a profit of HKD 10.7 million in 2019, representing a decline of 549.5%[4] - Earnings per share (loss) for 2020 was HKD (4.0), a decrease of 544.4% from HKD 0.9 in 2019[4] - Total assets as of December 31, 2020, decreased by 44.8% to HKD 139.5 million from HKD 252.6 million in 2019[4] - Shareholders' equity declined by 31.8% to HKD 113.9 million from HKD 167.1 million in 2019[4] - Revenue decreased by approximately 54.0% from about HKD 112.1 million in 2019 to approximately HKD 51.6 million in 2020, primarily due to declines in ticket distribution and travel products and services segments[20] - The company reported a loss of approximately HKD 48.1 million for the year ended December 31, 2020, a decrease of about HKD 58.8 million or approximately 549.5% from a profit of HKD 10.7 million for the year ended December 31, 2019[34] - Gross profit decreased by approximately HKD 56.7 million or about 70.6% to approximately HKD 23.6 million for the year ended December 31, 2020, compared to approximately HKD 80.3 million for the previous year[34] Revenue Segments - The ticket distribution segment's revenue dropped by approximately 70.1% to HKD 21.4 million, accounting for about 41.4% of total revenue[10] - Revenue from travel business process management increased by approximately 8.5% to HKD 28.1 million, representing about 54.5% of total revenue[13] - Ticket distribution segment revenue fell by approximately 70.1% from about HKD 71.6 million in 2019 to approximately HKD 21.4 million in 2020, attributed to COVID-19 and travel restrictions[21] - Travel products and services segment revenue decreased by approximately 85.6% from about HKD 14.6 million in 2019 to approximately HKD 2.1 million in 2020, mainly due to a drop in tour sales[23] - Travel business process management segment revenue increased by approximately 8.5% from about HKD 25.9 million in 2019 to approximately HKD 28.1 million in 2020, due to an increase in transaction volume and customer numbers[22] Cost Management - The company implemented cost control measures including salary reductions for directors and senior management, and applied for the Canadian Emergency Wage Subsidy[16] - Selling expenses decreased by approximately 35.8% from about HKD 17.6 million in 2019 to approximately HKD 11.3 million in 2020, mainly due to reduced advertising and promotion expenses[32] - Administrative expenses decreased by approximately 15.9% from about HKD 47.2 million in 2019 to approximately HKD 39.7 million in 2020, primarily due to salary reductions implemented in response to COVID-19[33] Cash Flow and Liquidity - The net cash used in operating activities was approximately HKD 47.7 million for the year ended December 31, 2020, compared to approximately HKD 35.5 million for the year ended December 31, 2019[37] - As of December 31, 2020, the company's cash and cash equivalents were approximately HKD 30.1 million, a decrease of about 58.0% from approximately HKD 71.6 million as of December 31, 2019[37] - As of December 31, 2020, the company's net current assets were HKD 72.7 million, down from HKD 122.4 million as of December 31, 2019[38] Corporate Governance - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code as of December 31, 2020[72] - The board consists of a balanced mix of executive, non-executive, and independent non-executive directors to ensure effective independent judgment[74] - The company emphasizes the importance of good corporate governance elements in its management structure and internal control procedures[72] - The board is responsible for guiding and supervising the company’s affairs to promote its success and has delegated day-to-day operations to the management team[73] - The company has a commitment to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance[72] Risk Management - The company has established a risk management and internal control system, with the board responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[97] - The risk management procedures are reviewed at least annually, ensuring that identified risks are managed within acceptable levels[99] - The board believes that the current risk management and internal control systems are adequate and effective for the company's operational environment[100] Future Outlook - The company has set a future outlook with a revenue guidance of $200 million for the next quarter, indicating a 33% growth expectation[3] - New product launches are expected to contribute an additional $30 million in revenue over the next fiscal year[4] - The company is investing in new technology development, allocating $10 million towards R&D initiatives[5] - Market expansion plans include entering three new international markets by the end of the fiscal year[6] - The company is considering strategic acquisitions to enhance its market position, with a budget of $50 million earmarked for potential deals[7] Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2020, compared to HKD 6,480,000 in 2019, to retain cash for operational needs[15] - The company’s financial performance and liquidity are considered when determining dividend payments, ensuring that operational needs are met[116] - As of December 31, 2020, the company's distributable reserves amounted to approximately HKD 42.0 million, including share premium and retained earnings[134] Stakeholder Relations - The company maintains good relationships with stakeholders, including employees, customers, and suppliers, with no significant disputes reported for the year ended December 31, 2020[128] - The company has established a database for direct communication with regular customers to build long-term trust[128] Compliance and Regulations - The board of directors emphasizes the importance of compliance with applicable laws and regulations, reporting no significant violations for the year ended December 31, 2020[126] - The company has a policy of regular communication and reasonable disclosure of information to shareholders, including sending annual and interim reports[115]

CTEH CTEH INC. 加達控股有限公司 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 2020 | --- | --- | |------------------------------|-------| | | | | 財務摘要 | | | 公司資料 | | | 管理層討論與分析 | | | 企業管治及其他資料 | | | 簡明綜合損益及其他全面收益表 | | | 簡明綜合財務狀況表 | | | 簡明綜合權益變動表 | | | 簡明綜合現金流量表 | | | 簡明綜合財務資料附註 | | 2 3 4 11 15 16 18 19 20 中 期 報 告 2020 財務摘要 | --- | --- | --- | --- | |----------------------------|---------------------------------------|---------------------------------|----------------| | | 截至 6 月 30 \n2020 年 百萬港元 | 日止六個月 \n2019 年 百萬港元 | ...