Financial Performance - For the year ended December 31, 2024, the Group recorded a revenue of approximately HK$131,256,000, a year-on-year decrease of 14.2% compared to HK$152,950,000 in the previous financial year[15]. - The loss attributable to the equity shareholders of the Company was approximately HK$6,861,000, compared to a profit of approximately HK$680,000 in 2023[15]. - The Group's revenue decreased by approximately HK$21,694,000 or 14.2% to approximately HK$131,256,000 for the year ended December 31, 2024, primarily due to a suspension of a project in Tuen Mun[31]. - The Group's gross profit decreased by approximately HK$5,825,000 or 30.3% to approximately HK$13,382,000 for the year ended December 31, 2024, with a gross profit margin decline from approximately 12.6% to 10.2%[37]. - The cost of services decreased by approximately HK$15,869,000 or 11.9% to approximately HK$117,874,000 for the year ended December 31, 2024, compared to approximately HK$133,743,000 for the previous year[36]. - The total staff costs for the year ended December 31, 2024, were approximately HK$26,098,000, down from approximately HK$32,157,000 in 2023[88]. Assets and Liabilities - Current assets decreased to HK$134,840,000 in 2024 from HK$170,597,000 in 2023, reflecting a decline of 21%[12]. - Non-current assets decreased to HK$1,661,000 in 2024 from HK$2,116,000 in 2023, a reduction of 21.5%[12]. - Current liabilities decreased to HK$15,381,000 in 2024 from HK$20,364,000 in 2023, a decrease of 24.5%[12]. - The net assets of the Group were HK$120,967,000 in 2024, down from HK$151,828,000 in 2023, representing a decline of 20.4%[12]. - The Group's net current assets were approximately HK$119,459,000 as of December 31, 2024, down from approximately HK$150,233,000 in 2023[63][69]. - The quick ratio improved to approximately 8.7 times as of December 31, 2024, compared to approximately 8.3 times in 2023[63][69]. - The Group's gearing ratio was approximately 0.7% as of December 31, 2024, down from 1.0% in 2023[66][72]. Market Conditions and Future Outlook - The Group's operations faced challenges due to sluggish property transactions and a weak property market, impacting revenue generation[16]. - The construction industry in Hong Kong is expected to gradually recover, which may benefit the Group's operations moving forward[17]. - The property value threshold for levying the Stamp Duty will be raised from HK$3 million to HK$4 million effective February 26, 2025, which may positively influence the market[17]. - The Group aims to maintain relationships with suppliers and customers while exploring potential development opportunities to enhance future profitability[18]. - Competition is expected to remain keen, with profit margins tightening due to rising labor and operating costs[58][62]. Dividends and Shareholder Information - A special dividend of HK2.40 cents per ordinary share was declared on July 25, 2024, while no final dividend was recommended for the year ended December 31, 2024[48][54]. - The Group does not have a fixed dividend policy, and future dividends will depend on various factors including operations, earnings, and cash flow position[154]. - The Board has approved a special dividend of HK2.40 cents per ordinary share for the year ended 31 December 2024, compared to no dividend in 2023[153]. - The Company will hold its Annual General Meeting on June 5, 2025[159]. Management and Governance - The Group's overall strategy planning, business development, and corporate management are primarily overseen by Mr. Tony Cheung and Mr. Gary Cheung[103]. - The Group's management team is responsible for significant contract approvals, investment decisions, and senior management appointments[106]. - The combined experience of the management team exceeds 100 years in the air-conditioning and engineering services sector, positioning the Group for future growth[106]. - The Board received annual confirmations of independence from all independent non-executive Directors and considers them to be independent[188]. Risks and Compliance - The Group faces risks such as reliance on major customers and fluctuations in revenue and profit margins due to various factors[150]. - There were no material breaches of laws and regulations that significantly impacted the Group's business and operations during the year[140]. - The Group currently does not have a foreign currency hedging policy due to insignificant foreign currency risk exposure[87]. - The Group's monetary assets and liabilities are primarily denominated in Hong Kong dollars, minimizing foreign exchange risk[86]. Customer and Supplier Concentration - For the year ended December 31, 2024, 35.3% of the Group's revenue was generated from the largest customer, while the five largest customers accounted for 99.5% of total revenue[186]. - The largest supplier represented approximately 22.4% of the total direct costs, with the five largest suppliers accounting for 46.1%[186].

Financial Performance - For the fiscal year ending December 31, 2024, the group recorded revenue of approximately HKD 131,256,000, a decrease of 14.3% compared to HKD 152,950,000 in 2023[2] - The company reported a loss attributable to equity shareholders of approximately HKD 6,861,000 for the fiscal year, compared to a profit of HKD 680,000 in 2023[2] - Basic and diluted loss per share for the fiscal year was HKD 0.69, compared to earnings of HKD 0.07 per share in 2023[2] - The group's gross profit for the fiscal year was HKD 13,382,000, down from HKD 19,207,000 in 2023, reflecting a decline in service revenue[4] - The group reported a total revenue of HKD 131,256,000 for the year ending December 31, 2024, compared to HKD 152,950,000 for the year ending December 31, 2023, indicating a decrease of approximately 14.2%[14] - Revenue from services recognized over time amounted to HKD 89,332,000 for the year ending December 31, 2024, down from HKD 121,873,000 in the previous year, reflecting a decline of about 26.6%[15] - The net installation services revenue was HKD 16,796,000 for the year ending December 31, 2024, a significant decrease from HKD 70,568,000 in the previous year, representing a decline of about 76.2%[15] - Other income for the fiscal year 2024 is reported at HKD 8,061,000, a decrease from HKD 10,026,000 in 2023, with bank interest income at HKD 2,444,000 and maintenance services income at HKD 5,071,000[18] - The pre-tax profit for the fiscal year 2024 is reported at HKD 26,098,000, down from HKD 32,157,000 in 2023, with employee costs amounting to HKD 25,254,000[19] Dividends and Shareholder Returns - The board of directors does not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[2] - A special dividend of HKD 0.024 per ordinary share is proposed for the fiscal year 2024, totaling HKD 24,000,000, while no final dividend is recommended for the fiscal year 2023[22] - A special dividend of HKD 0.024 per share was approved and declared for the year ended December 31, 2024, while no final dividend was recommended[40] Assets and Liabilities - Total assets decreased to HKD 134,840,000 in 2024 from HKD 170,597,000 in 2023, indicating a reduction in both current and non-current assets[5] - The group's net current assets were HKD 119,459,000, down from HKD 150,233,000 in the previous year, highlighting liquidity challenges[5] - The total equity attributable to shareholders decreased to HKD 120,967,000 in 2024 from HKD 151,828,000 in 2023, reflecting a decline in shareholder value[5] - Trade receivables as of December 31, 2024, amounted to HKD 27,226,000, an increase from HKD 21,724,000 in 2023[25] - The expected recoverable amount of retention money is approximately HKD 15,796,000 for 2024, up from HKD 14,185,000 in 2023[25] - Contract assets from installation contracts amounted to HKD 17,990,000 in 2024, down from HKD 28,739,000 in 2023[27] - Trade payables as of December 31, 2024, were HKD 4,261,000, a decrease from HKD 11,771,000 in 2023[28] - The group's current assets net value as of December 31, 2024, was approximately HKD 119,459,000, down from HKD 150,233,000 in 2023, with a quick ratio of about 8.7 times[46] - The asset-liability ratio as of December 31, 2024, was approximately 0.7%, down from 1.0% in 2023[49] Operational Overview - The company primarily engages in providing heating, ventilation, and air conditioning system installation services in Hong Kong[6] - The group operates solely in the HVAC business in Hong Kong, with no further independent financial data or analysis presented for separate operating segments[14] - The company aims to strengthen its market position as a leading HVAC engineering service provider in Hong Kong[30] - The group continues to enhance financial management and licensing qualifications to solidify its position in the property development value chain[30] - The company anticipates the suspended construction project will resume in 2026, impacting future revenue growth[32] - The group plans to enhance service capabilities to capture business opportunities in HVAC engineering services while pursuing prudent financial management strategies for sustainable growth[45] Financial Management and Compliance - The group has applied the revised Hong Kong Financial Reporting Standards for the current financial period, which did not have a significant impact on the consolidated financial statements[13] - The group’s financial statements are prepared using the historical cost basis, ensuring consistency in financial reporting[8] - The group’s auditor confirmed that the financial data for the year ending December 31, 2024, is consistent with the preliminary performance announcement[8] - The group has not disclosed any significant impacts from the application of the revised accounting policies on its financial position and performance for the current and prior years[9] - The group’s financial reporting adheres to the Hong Kong Financial Reporting Standards, ensuring compliance with local accounting regulations[10] - The company has adhered to the corporate governance code and has implemented the relevant principles to enhance shareholder value[65] Employee and Capital Management - As of December 31, 2024, the group had 64 employees, down from 71 in 2023, with total employee costs amounting to approximately HKD 26,098,000, a decrease from HKD 32,157,000 in 2023[58] - Capital expenditure for the year ended December 31, 2024, was approximately HKD 1,482,000, compared to HKD 1,874,000 in 2023, primarily for vehicles, computers, and office equipment[50] - The group has no significant capital commitments as of December 31, 2024, consistent with the previous year[51] - The company has not made any significant investments or acquisitions in subsidiaries or associates during the year ended December 31, 2024[55] Shareholder Engagement and Governance - The company has adopted a share option scheme to incentivize and reward eligible participants for their contributions to the group[62] - The share options granted under the scheme cannot be exercised after ten years from the date of grant[63] - The company has confirmed compliance with the non-competition agreement established with its controlling shareholders since July 11, 2018[59] - There are no interests held by directors or controlling shareholders that could potentially compete with the group's business[60] - The audit committee is responsible for ensuring the group's assets and reviewing the financial reporting procedures and internal controls[69] - The annual report for the year ending December 31, 2024, will include all information required by the listing rules and will be sent to shareholders in due course[70]

Man Shun Group (Holdings) Limited 萬順集團(控股)有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1746 station attimat TIME) HIT 中期報告 萬順集團（控股）有限公司 2024年中期報告 n so are month 目 錄 | --- | --- | |-------|----------------------------------| | | | | | | | | 2 公司資料 | | | 3 簡明綜合損益及其他全面收益表 | | | 4 簡明綜合財務狀況表 | | | 5 簡明綜合權益變動表 | | | 6 簡明綜合現金流量表 | | | 7 簡明綜合中期財務報表附註 | | | 21 管理層討論與分析 | | | 30 其他資料 | | | | 公司資料 董事曾 執行董事 張元通先生(主席) 張元秋先生 獨立非執行董事 影錄舞先生 躍傾眾先生 劉裕正先生(於二零二四年六月十四日辭任) 魏玉珍女士(於二零二四年六月十四日獲委任) 審核委員會 劉裕正先生(主席) (於二零二四年六月十四日辭任) 魏玉珍女士(主席) (於二零二四年六月十 ...

Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately HKD 69,388,000, a slight decrease from HKD 69,852,000 for the same period in 2023[1] - The company's loss attributable to equity shareholders for the six months ended June 30, 2024, was approximately HKD 1,840,000, compared to a profit of HKD 1,353,000 for the same period in 2023[2] - Gross profit for the six months ended June 30, 2024, was HKD 6,302,000, down from HKD 9,388,000 in the same period of 2023, indicating a decline in profitability[2] - Revenue for the six months ended June 30, 2024, was HKD 69,388,000, a slight decrease of 0.7% compared to HKD 69,852,000 for the same period in 2023[8] - The basic loss per share for the six months ended June 30, 2024, was HKD 1.84, compared to earnings of HKD 1.35 per share in the same period of 2023[15] - Revenue from installation services related to HVAC systems was HKD 59,460,000, significantly up from HKD 29,238,000 in the previous year, representing an increase of 102.5%[9] - Revenue from net installation services was HKD 9,928,000, down from HKD 40,614,000, indicating a decrease of 75.6%[9] - Bank interest income increased to HKD 1,558,000 from HKD 1,181,000, reflecting a growth of 32%[10] - Maintenance and other service income decreased to HKD 1,599,000 from HKD 3,742,000, a decline of 57.4%[10] - Total other income for the six months ended June 30, 2024, was HKD 3,782,000, down from HKD 5,968,000, a decrease of 36.5%[10] Expenses and Costs - Administrative expenses decreased to HKD 11,938,000 for the six months ended June 30, 2024, from HKD 13,988,000 in the same period of 2023, reflecting cost control measures[2] - Employee costs, including director remuneration, increased to HKD 15,246,000 for the six months ended June 30, 2024, from HKD 12,534,000 in the same period of 2023, representing a 21.7% increase[1] - Service costs increased by approximately HKD 2,622,000 or 4.3% to about HKD 63,086,000, primarily due to rising material and supply costs[35] - Other income decreased by approximately HKD 2,186,000 to about HKD 3,782,000, mainly due to reduced income from maintenance work and material sales[37] Assets and Liabilities - The company's total assets as of June 30, 2024, were HKD 158,605,000, down from HKD 170,597,000 as of December 31, 2023[3] - Current liabilities decreased to HKD 10,629,000 as of June 30, 2024, from HKD 20,364,000 as of December 31, 2023, indicating improved liquidity[3] - The net asset value of the company as of June 30, 2024, was HKD 149,988,000, compared to HKD 151,828,000 as of December 31, 2023[3] - The total value of right-of-use assets as of June 30, 2024, was HKD 11,817,000, an increase from HKD 10,213,000 as of December 31, 2023[17] - The group’s total liabilities as of June 30, 2024, were HKD 9,453,000, down from HKD 19,157,000 as of December 31, 2023, indicating a reduction of about 50.7%[26] - Trade receivables decreased by 13.6% from approximately 21,724,000 HKD on December 31, 2023, to approximately 18,763,000 HKD as of June 30, 2024[41] - Trade payables decreased significantly by 47.9% from approximately 11,771,000 HKD on December 31, 2023, to approximately 6,131,000 HKD as of June 30, 2024[43] Corporate Governance and Compliance - The financial report is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[6] - The interim financial report for the six months ended June 30, 2024, has not been audited but has been reviewed by the company's audit committee[8] - The board has maintained good corporate governance standards, enhancing operational efficiency and shareholder returns, and has complied with all corporate governance code provisions during the reporting period[63] - The audit committee has reviewed the group's unaudited interim financial results and discussed financial matters with management during the reporting period[65] Dividends and Share Capital - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[14] - The company declared a special dividend of HKD 0.024 per ordinary share on July 25, 2024, to be paid on or around August 30, 2024[30] - The company’s issued share capital as of June 30, 2024, was HKD 50,000,000, with 5,000,000,000 ordinary shares issued[28] Market and Operational Environment - The company operates solely in Hong Kong, with no additional segments reported[8] - The company operates in a challenging economic environment, with a slowdown in the Hong Kong real estate market affecting project timelines and available tenders[32] - Material and supply prices significantly increased during the second quarter of the year, impacting overall costs[32] - The company has been primarily engaged in providing heating, ventilation, and air conditioning installation services in Hong Kong[4] - The company is registered as a contractor under various classifications, providing HVAC engineering services primarily for new residential projects in Hong Kong[32] Future Outlook - The company anticipates reflecting changes in accounting policies in the consolidated financial statements for the year ending December 31, 2024[7] - The group continues to enhance budget management and project execution capabilities to ensure stable and sustainable development[44]

Financial Performance - For the year ended 31 December 2023, the Group recorded a revenue of approximately HK$152,950,000, representing a year-on-year increase of 22.3% compared to approximately HK$125,087,000 in the previous financial year[16]. - The profit attributable to the equity shareholders of the Company was approximately HK$680,000, an increase from approximately HK$238,000 in 2022[16]. - The Group's total comprehensive income attributable to equity shareholders for the year ended December 31, 2023, was approximately HK$680,000, an increase from approximately HK$238,000 in 2022[52][58]. - Revenue from services transferred over time was HK$121,873,000 (80% of total revenue) in 2023, while products transferred at a point in time accounted for HK$31,077,000 (20%)[33]. - The cost of services rose by approximately HK$27,362,000 or 25.7% to approximately HK$133,743,000 in 2023, up from HK$106,381,000 in 2022[41]. - Gross profit increased by approximately HK$501,000 or 2.7% to approximately HK$19,207,000 in 2023, but the gross profit margin decreased from approximately 15.0% in 2022 to approximately 12.6% in 2023[42]. - Administrative expenses increased from approximately HK$24,691,000 in 2022 to approximately HK$28,465,000 in 2023, primarily due to higher costs related to repair and installation services[44]. Assets and Liabilities - As at 31 December 2023, the Group's current assets were HK$170,597,000, while non-current assets were HK$2,116,000[13]. - The Group's current liabilities stood at HK$20,364,000, and non-current liabilities were HK$521,000[13]. - The net assets of the Group were HK$151,828,000, consistent with HK$151,148,000 in 2022[13]. - Trade receivables decreased by approximately HK$15,667,000 from approximately HK$37,391,000 as of December 31, 2022, to approximately HK$21,724,000 as of December 31, 2023[54][60]. - Trade payables increased by approximately HK$7,989,000 from approximately HK$3,782,000 as of December 31, 2022, to approximately HK$11,771,000 as of December 31, 2023, due to large purchases of HVAC systems[63][67]. - The Group's net current assets were approximately HK$150,233,000 as of December 31, 2023, compared to approximately HK$148,984,000 in 2022[70][75]. - The quick ratio of the Group was approximately 8.3 times as of December 31, 2023, down from approximately 12.2 times in 2022[70][75]. - The Group's gearing ratio was approximately 1.0% as of December 31, 2023, compared to 0.9% in 2022[73]. - As of December 31, 2023, the Group's debt-to-equity ratio was approximately 1.0%, compared to 0.9% in 2022[78]. Risk Management and Challenges - The Group faces challenges due to labor shortages and inflation in building material costs, impacting construction speed and costs[18]. - The Company plans to mitigate risks by closely monitoring the economic situation and maintaining relationships with suppliers and customers[18]. - The overall economic landscape in Hong Kong remains volatile, affecting the property market and housing construction[18]. - The Group aims to manage risks and reduce direct costs while maintaining relationships with suppliers and customers to enhance future profitability[20]. - The Group has focused on risk control to address uncertainties that may affect financial conditions or growth prospects[168]. Future Prospects and Strategies - The Company aims to explore potential development opportunities to enhance future profitability and maximize returns for shareholders[18]. - The Group aims to strengthen its market position as a prime HVAC E&M engineering services provider and pursue new business opportunities directly with property developers[30]. - Future prospects indicate that the Group will expand service capabilities to capture business opportunities in HVAC E&M engineering services[64][68]. - The property market is expected to become more active after the cancellation of certain stamp duties, although risks remain due to high interest rates and a slower-than-expected recovery from the pandemic[65][68]. - The Group's future business development strategies are outlined in the annual report, indicating a focus on growth and expansion[155]. Corporate Governance and Management - The company is focused on strategic planning, business development, and corporate management led by Mr. Tony Cheung, who has over 20 years of experience in the air-conditioning E&M engineering services industry[113][114]. - The management team is responsible for formulating corporate strategies and making significant operational decisions, ensuring effective business monitoring[114][120]. - The company is committed to compliance, internal control, and corporate governance, overseen by independent non-executive director Mr. Pang Kam Fai[125][129]. - The overall strategic direction and major operational decisions are collaboratively made by the Cheung brothers, enhancing the company's leadership structure[114][120]. Shareholder Information - The Group does not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with 2022[53][59]. - The Board does not recommend declaring a final dividend for the year ended 31 December 2023, consistent with the previous year[171]. - The Company does not have a fixed dividend policy, and future dividend payments will depend on various factors including operations, earnings, and cash flow position[172]. - The annual general meeting is scheduled for 6 June 2024, with a notice issued to shareholders[173]. Donations and Community Engagement - The Group reported a donation of HK$70,000 for the year ended 31 December 2023, an increase from HK$55,000 in 2022[197]. Compliance and Legal Matters - There were no material breaches of applicable laws and regulations that significantly impacted the Group's business and operations during the year[158]. - There were no contingent liabilities provided for in the consolidated financial statements as of December 31, 2023, except for legal proceedings amounting to HK$872,000[86].

Financial Performance - For the fiscal year ending December 31, 2023, the group recorded revenue of approximately HKD 152,950,000, representing an increase of 22.3% compared to HKD 125,087,000 in 2022[3] - The profit attributable to equity shareholders for the fiscal year was approximately HKD 680,000, compared to HKD 238,000 in 2022, marking a significant increase of 185.7%[3] - Basic and diluted earnings per share for the year were HKD 0.07, up from HKD 0.02 in the previous year, reflecting a growth of 250%[3] - The group's gross profit for the year was HKD 19,207,000, compared to HKD 18,706,000 in 2022, indicating a slight increase of 2.67%[5] - Other income for the year 2023 totaled HKD 10,026,000, compared to HKD 6,297,000 in 2022, marking an increase of approximately 59.5%[27] - The company's total comprehensive income attributable to equity shareholders was approximately HKD 680,000 for the year ended December 31, 2023, compared to approximately HKD 238,000 for the year ended December 31, 2022[53] Dividend Policy - The board of directors does not recommend the payment of a final dividend for the fiscal year ending December 31, 2023[3] - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[34] - The company does not recommend the payment of a final dividend for the year ended December 31, 2023, compared to no dividend in the previous year[54] Assets and Liabilities - Total assets for the group as of December 31, 2023, were HKD 152,349,000, compared to HKD 151,403,000 in 2022, showing a growth of 0.62%[7] - The group's current assets amounted to HKD 170,597,000, an increase from HKD 161,952,000 in the previous year, representing a growth of 5.5%[7] - The total equity attributable to shareholders was HKD 151,828,000, compared to HKD 151,148,000 in 2022, reflecting a growth of 0.45%[7] - Trade receivables, net of provisions, amounted to HKD 21,724,000, while provisions for bad debts were HKD 37,391,000[38] - The expected recoverable amount of retained deposits was approximately HKD 14,185,000, down from HKD 23,164,000 in the previous year[38] - Total trade and other receivables were HKD 51,263,000, compared to HKD 68,161,000 in the previous year[38] - The total trade and other payables amounted to HKD 19,157,000, with HKD 11,771,000 expected to settle within one year[41] - Deferred tax liabilities increased to HKD 23,000 from HKD 14,000 year-on-year[33] Revenue Breakdown - Revenue from installation services amounted to HKD 70,568,000 in 2023, down from HKD 84,640,000 in 2022, indicating a decline of about 16.7%[23] - The group reported total revenue of HKD 152,950,000 for the year ending December 31, 2023, compared to HKD 125,087,000 for the previous year, representing a growth of approximately 22.3%[23] - The group’s revenue from services recognized over time was HKD 121,873,000 in 2023, compared to HKD 105,803,000 in 2022, reflecting an increase of approximately 15.2%[23] - Revenue from "On-demand Services" was HKD 121,873,000, which is an increase of 15% compared to the previous year[44] - Revenue from "Point-in-time Products" was HKD 31,077,000, reflecting a growth of 62% year-over-year[44] - Revenue from service type "Net Installation Services" was HKD 70,568,000, accounting for 46% of total revenue, while "Installation Services including HVAC Systems Procurement" generated HKD 82,382,000, representing 54%[46] Operational Highlights - The group primarily engages in providing heating, ventilation, and air conditioning system installation services in Hong Kong[8] - The company aims to strengthen its market position as a preferred HVAC engineering contractor for property developers in Hong Kong[43] - The company continues to enhance financial management and licensing qualifications to solidify its position in the property development value chain[43] - The company is focused on direct engagement with property developers and/or their designated main contractors to secure new business opportunities[43] - The company plans to expand service capabilities to capture business opportunities and provide comprehensive HVAC electrical engineering services[59] Financial Management - The company has adopted new accounting standards this year, which did not have a significant impact on the financial statements[12] - The revisions to the accounting standards clarify the definition of accounting estimates and their application[13] - The Group's financial position and performance remain unaffected by the new accounting standards adopted this year[20] - The company has registered as a Class A contractor under the Electrical and Mechanical Services Department, enhancing its service capabilities[42] - The company received government funding of HKD 3,008,000 under the Employment Support Scheme to retain employees during the pandemic[32] - The company confirmed receipt of government subsidies of HKD 27,000 for construction innovation and technology, compared to none in the previous year[32] Cost Management - Employee costs, including directors' remuneration, were HKD 31,157,000 in 2023, compared to HKD 31,180,000 in 2022, showing a marginal decrease[30] - Service costs increased by approximately HKD 27,362,000 or 25.7% to about HKD 133,743,000 for the year ended December 31, 2023, compared to approximately HKD 106,381,000 for the year ended December 31, 2022[47] - Administrative expenses increased from approximately HKD 24,691,000 to about HKD 28,465,000, primarily due to costs associated with maintenance and other installation services[50] - The group’s financial costs included lease liabilities interest of HKD 65,000 in 2023, slightly up from HKD 60,000 in 2022[30] - Financial costs were approximately HKD 65,000 for the year ended December 31, 2023, compared to HKD 60,000 for the previous year, reflecting interest expenses on lease liabilities[51] Corporate Governance - The company has adhered to corporate governance codes and standards throughout the fiscal year ending December 31, 2023[82] - The audit committee is responsible for ensuring the effectiveness of internal controls and risk management systems[87] - The annual report for the year ending December 31, 2023, will be available on the company's website and the stock exchange website[88] - The report will include all information required by the listing rules, as stated in Appendix 16[88] - The company will distribute the report to shareholders in accordance with listing rules[88] Shareholder Information - The company successfully raised approximately HKD 102.4 million from the issuance of 250,000,000 shares at HKD 0.52 per share[77] - As of the announcement date, the actual utilization of the net proceeds was HKD 102.018 million, with HKD 382,000 expected to be used by the end of 2024[77] - The company allocated HKD 87.654 million for the purchase of a heating, ventilation, and air conditioning system, fully utilized[77] - The company has adopted a share option scheme to incentivize and reward eligible participants, effective for ten years from the adoption date[78] - The annual general meeting is scheduled for June 6, 2024, with a suspension of share registration from June 3 to June 6, 2024[83]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 69,852,000, representing a 20.1% increase from HKD 58,202,000 in the same period of 2022[4] - Gross profit for the same period was HKD 9,388,000, up 27.8% from HKD 7,345,000 year-on-year[4] - The company reported a profit before tax of HKD 1,353,000, compared to a loss of HKD 2,222,000 in the previous year[4] - Basic earnings per share for the first half of 2023 was HKD 0.14, recovering from a loss of HKD 0.22 per share in the same period of 2022[4] - Other income for the six months ended June 30, 2023, totaled HKD 5,968,000, significantly up from HKD 2,041,000 in 2022, marking a 192.5% increase[23] - The total comprehensive income attributable to equity shareholders for the reporting period was approximately HKD 1,353,000, compared to a loss of HKD 2,222,000 in the same period last year[76] Cash Flow and Assets - Cash and cash equivalents increased to HKD 91,479,000 as of June 30, 2023, compared to HKD 64,581,000 at the beginning of the period[10] - The company reported a net cash inflow from operating activities of HKD 24,589,000, a significant recovery from an outflow of HKD 10,376,000 in the previous year[10] - Total assets less current liabilities stood at HKD 152,739,000, slightly up from HKD 151,403,000 at the end of 2022[6] - Trade and other receivables decreased to HKD 45,957,000 from HKD 68,161,000, indicating improved cash flow management[6] - Trade receivables, net of impairment losses, decreased to HKD 17,891,000 as of June 30, 2023, from HKD 37,391,000 as of December 31, 2022, reflecting a significant reduction of 52%[45] - Cash and cash equivalents increased to HKD 91,479,000 as of June 30, 2023, up from HKD 64,581,000 as of December 31, 2022, representing a growth of 42%[48] Liabilities and Expenses - The company’s total liabilities increased, with trade and other payables totaling HKD 11,982,000 as of June 30, 2023, compared to HKD 11,191,000 as of December 31, 2022[49] - Employee costs, including director remuneration, increased to HKD 15,246,000 from HKD 14,464,000, reflecting a rise of 5.4%[26] - Administrative expenses rose from approximately HKD 11,576,000 to approximately HKD 13,988,000, primarily due to increased subcontracting costs related to maintenance and other services[73] - The company incurred depreciation expenses of HKD 1,054,000 for the period ending June 30, 2023, compared to HKD 2,041,000 for the same period in 2022[37] Operational Insights - The company operates solely in Hong Kong, focusing on the HVAC business without any geographical expansion reported[21] - The company has not disclosed any new product developments or market expansion strategies in the current report[4] - There were no significant mergers or acquisitions reported during the period[4] - The company is actively exploring additional business opportunities to enhance returns, including providing maintenance and other services[59] - The company has registered as a subcontractor under various regulatory bodies, enhancing its operational capabilities in the HVAC engineering services sector[59] Shareholder and Governance - The company successfully raised approximately HKD 102.4 million from the issuance of 250,000,000 shares at HKD 0.52 per share[103] - The company’s major shareholders, Prime Pinnacle, holds 750,000,000 shares, representing 75% of the total equity[110] - The company has adopted a share option scheme to incentivize and reward eligible participants, allowing for the issuance of up to 10% of the total issued shares post-global offering[112] - The board is committed to maintaining high corporate governance standards to enhance operational efficiency and shareholder returns[117] - The audit committee is responsible for safeguarding the group's assets and reviewing the effectiveness of financial reporting and internal controls[121]

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佈的內容 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 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 MAN SHUN GROUP (HOLDINGS) LIMITED 萬 順 集 團（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1746） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 佈 摘要 • 截至二零二三年六月三十日止六個月，本集團錄得收入約69,852,000 港元（截至二零二二年六月三十日止六個月：約58,202,000港元）。 • 截至二零二三年六月三十日止六個月，本公司權益股東應佔盈利約 為1,353,000港元（截至二零二二年六月三十日止六個月：虧損約2,222,000 港元）。 ...

Financial Performance - For the year ended December 31, 2022, the Group recorded a revenue of approximately HK$125,087,000, representing a year-on-year increase of 2.8% compared to approximately HK$121,672,000 in the previous financial year[15]. - The profit attributable to the equity shareholders of the Company was approximately HK$238,000, a significant recovery from a loss of approximately HK$2,225,000 in 2021[15]. - The Group's revenue increased by approximately HK$3,415,000 or 2.8% to approximately HK$125,087,000 for the year ended 31 December 2022[36]. - Revenue from services transferred over time was HK$105,803,000, accounting for 85% of total revenue, while products transferred at a point in time contributed HK$19,284,000 or 15%[33]. - The cost of services rose by approximately HK$5,672,000 or 5.6% to approximately HK$106,381,000, primarily due to increased material costs and subcontracting fees[41]. - Gross profit decreased by approximately HK$2,257,000 or 10.8% to approximately HK$18,706,000, with the gross profit margin declining from 17.2% to 15.0%[42]. - Administrative expenses decreased from approximately HK$25,102,000 to approximately HK$24,691,000, mainly due to reduced legal and professional fees[44]. - The Group's financial position and results for the year ended December 31, 2022, are detailed in the consolidated financial statements on pages 99 to 101 of the annual report[172][177]. Assets and Liabilities - Current assets as of December 31, 2022, were HK$161,952,000, a decrease from HK$168,716,000 in 2021[12]. - Current liabilities decreased to HK$12,968,000 in 2022 from HK$20,021,000 in 2021, indicating improved financial stability[12]. - Total equity attributable to equity shareholders as of December 31, 2022, was HK$151,148,000, slightly up from HK$150,910,000 in 2021[12]. - Trade receivables increased by approximately HK$1,257,000 from approximately HK$36,134,000 as of December 31, 2021, to approximately HK$37,391,000 as of December 31, 2022, reflecting an increase in revenue[54][60]. - Retention receivables rose by approximately HK$5,060,000 from approximately HK$21,297,000 as of December 31, 2021, to approximately HK$26,357,000 as of December 31, 2022, in line with project progress[55][60]. - The Group's net current assets were approximately HK$148,984,000 as of December 31, 2022, compared to approximately HK$148,695,000 in 2021[71][76]. - The quick ratio improved to approximately 12.2 times as of December 31, 2022, up from approximately 8.3 times in 2021[71][76]. - The Group's gearing ratio decreased to approximately 0.9% as of December 31, 2022, from 1.3% in 2021, indicating a stronger equity position[74][79]. - Trade payables decreased by approximately HK$6,420,000 from approximately HK$10,202,000 as of December 31, 2021, to approximately HK$3,782,000 as of December 31, 2022, due to payments made to subcontractors[63][67]. Market Conditions and Challenges - The construction industry in Hong Kong faced challenges due to the COVID-19 pandemic, including labor shortages and increased raw material prices, which negatively impacted the Group's gross profits and revenue growth[16]. - The increase in costs for building materials and labor, along with reduced tendering for new projects, presents ongoing challenges for the Group[17]. - The overall economic environment is expected to stabilize, allowing construction works to proceed smoothly, while the Group will continue to explore potential development opportunities[70][75]. - The Group's reliance on major customers poses a risk, as revenue and profit margins are subject to fluctuations due to various factors[170]. Strategic Plans and Goals - The Group aims to monitor market conditions closely and explore potential development opportunities to enhance future profitability[18]. - The Group plans to maintain relationships with suppliers and customers to maximize returns for shareholders[18]. - The Group aims to strengthen its market position as a prime HVAC E&M engineering services provider and pursue new business opportunities directly with property developers[30]. - The Group plans to expand service capabilities and enhance budget management to secure stable and sustainable development[64][68]. - The Group continues to focus on maintaining relationships with suppliers and existing clients while actively exploring potential development opportunities[20]. Corporate Governance and Management - The Group is committed to enhancing financial management, internal control, and corporate governance to ensure stable and sustainable development[22]. - The Group's directors are responsible for overseeing compliance, internal control, and corporate governance, without participating in day-to-day operations[140]. - The Group's management team includes individuals with extensive industry experience, enhancing strategic decision-making capabilities[141]. - The Company has been actively involved in corporate governance, adopting the Model Code for Securities Transactions by Directors[159]. Employee and Social Responsibility - The Company has been committed to delivering high-quality services to enhance competitiveness and foster a caring environment for employees[168]. - The Company has a strong emphasis on the personal development of its employees[168]. - The Group made donations totaling HK$55,000 for the year ended December 31, 2022, down from HK$73,000 in 2021[198]. Future Outlook - The Group does not recommend declaring a final dividend for the year ended December 31, 2022, consistent with the previous year where no dividend was declared[172][178]. - There were no significant investments, material acquisitions, or disposals of subsidiaries during the year ended December 31, 2022[92]. - The Group does not have a foreign currency hedging policy as foreign currency risk is considered insignificant[95]. - The Group's strategy to undertake more projects as a first-tier HVAC E&M subcontractor may lead to lower gross and net profit margins in the future[170].

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佈的內容 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 因本公佈全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 MAN SHUN GROUP (HOLDINGS) LIMITED 萬 順 集 團（ 控 股 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1746） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 佈 財務摘要 • 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度，本 集 團 錄 得 收 入 約 125,087,000港元（二零二一年：約121,672,000港元）。 • 截至二零二二年十二月三十一日止年度，本公司權益股東應佔年內 盈利約238,000港元（二零二一年：虧損約2,225,000港元） • 截至二零二二年十二月三十一日止年度，每股基本及攤薄盈利0.02 港仙（二零二一年：每股虧損0.22港仙）。 • 董 事 會 不 建 議 派 付 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 末 ...