Financial Performance - The company's revenue decreased by approximately HKD 59.2 million or 13.6% from HKD 435.8 million in 2020 to HKD 376.6 million in 2021[9]. - The gross loss increased significantly to HKD 140.1 million in 2021, compared to a gross loss of HKD 25.6 million in 2020, resulting in a gross loss margin of 37.2%[12]. - The company reported a loss before tax of HKD 175.7 million for 2021, compared to a loss of HKD 48.5 million in 2020[9]. - The net loss for the year was HKD 187.5 million, up from a net loss of HKD 47.8 million in the previous year[9]. - The company recorded a revenue of approximately HKD 376.6 million for the year, a decrease of about 13.6% compared to HKD 435.8 million for the year ended December 31, 2020[18]. - The facade engineering business generated revenue of HKD 213.5 million, down from HKD 336.2 million, while the permanent suspended platform business saw a revenue increase of 63.7% to HKD 163.1 million[21]. - The company reported a gross loss of approximately HKD 180.2 million in the facade engineering business, compared to a gross loss of HKD 54.8 million in the previous year[22]. - The gross profit margin for the permanent suspended platform business decreased to approximately 24.6% from 29.3% due to competitive pricing pressures[22]. - Other income decreased significantly from approximately HKD 6.8 million to HKD 0.7 million, primarily due to the absence of government subsidies received in the previous year[25]. - The company incurred administrative expenses of approximately HKD 32.0 million, a slight increase of about HKD 2.0 million from HKD 30.0 million in the previous year, mainly due to increased employee benefits[27]. - The net loss for the year was attributed to various factors, including supply chain disruptions and increased material costs due to the ongoing impact of COVID-19[19]. - The company faced significant challenges in project execution and material delivery, leading to additional outsourcing costs and project delays[19]. - The overall market environment remains challenging, with ongoing impacts from the pandemic affecting construction timelines and material costs[18]. - Financial costs increased from HKD 0.2 million in the previous year to HKD 1.9 million, primarily due to an increase in borrowings[28]. - The company's total borrowings rose significantly to approximately HKD 49.3 million as of December 31, 2021, from HKD 5.3 million in the previous year[33]. - The debt-to-equity ratio increased dramatically to approximately 34.9% as of December 31, 2021, compared to 2.0% in the previous year[34]. - The company’s tax expenses amounted to approximately HKD 11.8 million for the year, compared to a tax credit of HKD 0.7 million in the previous year[29]. - The company’s cash and cash equivalents decreased to HKD 96.1 million as of December 31, 2021, from HKD 107.3 million in the previous year[31]. Business Strategy and Development - The company plans to adopt a more conservative bidding strategy in its operations to address the intense competition in the facade engineering business[13]. - The company aims to actively develop green energy businesses, including green building materials and renewable energy systems, through its joint venture Zhejiang Xinneng Zhonghe Technology Co., Ltd.[13]. - The company has signed its first supply contract for solar systems with a customer in Malaysia and is in the process of registering its own brand trademarks for solar and energy storage products in China, the US, and the EU[13]. - The company anticipates the need for additional fundraising to support operational expenditures for business growth[13]. - The company maintains a cautiously optimistic outlook for the construction industry in Hong Kong and seeks opportunities to enhance recurring revenue[14]. - The company acknowledges the support from shareholders, customers, suppliers, and employees during challenging times, aiming to restore sustainable profitability and long-term growth[15]. Corporate Governance - The company has adhered to the corporate governance code, with no deviations reported for the year[68]. - The company emphasizes the importance of independent directors in providing oversight and independent opinions to the board[56]. - The board consists of seven members, including four executive directors and three independent non-executive directors as of December 31, 2021[75]. - The company is committed to maintaining a diverse and experienced board to enhance governance and strategic decision-making[56]. - The board has delegated daily management and operational responsibilities to senior management while retaining overall leadership and strategic oversight[72]. - The company has established a risk management policy to address potential risks related to its business operations, including strategic, operational, and compliance risks[107]. - The board of directors believes that the company's risk management and internal control systems are adequate and effective, with annual reviews planned[108]. - The company has adopted a standard code for securities trading by directors, confirming compliance by all directors during the year[106]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific matters[72]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the company's performance and initiatives in environmental, social, and governance (ESG) aspects for the reporting period from January 1, 2021, to December 31, 2021[122]. - The company is committed to integrating sustainable business practices into its operations while adhering to the highest ethical standards[126]. - A comprehensive stakeholder survey was conducted in 2021 to identify significant ESG issues relevant to the company's operations[120]. - The company emphasizes the importance of stakeholder engagement to enhance its sustainable development performance[131]. - The board of directors oversees the management of ESG matters and is responsible for the company's ESG strategies and policies[125]. - The company is focused on continuous monitoring and improvement of its ESG performance, strategies, and goals[128]. - The company has established a comprehensive quality management system certified to ISO 9001:2015, ensuring compliance with quality standards and continuous improvement[151]. - The company has implemented a regulatory compliance and licensing management system to ensure business operations adhere to relevant laws and regulations[149]. - The company conducts regular compliance checks through audits, site inspections, and performance evaluations to maintain up-to-date compliance measures[149]. Employee and Workplace Management - The company has a total of 128 employees, all of whom are full-time staff from Hong Kong[169]. - Employee composition includes 77% male and 23% female, with 29% under 30 years old, 70% between 30 to 50 years old, and 1% over 51 years old[170][172]. - The company prioritizes employee development and training as part of its high-importance issues[142]. - The company provides appropriate training for employees to enhance the quality of work and services[157]. - The company has implemented a key performance indicator assessment scheme to enhance performance and operational efficiency[177]. - The company aims to maintain a high standard of occupational safety and health, adhering to applicable laws and regulations[183]. - Safety measures include regular inspections of equipment and safety assessments conducted weekly by senior safety supervisors[185]. - The total number of work-related deaths over the past three years remains at zero, with a work injury count of 3 in 2021, down from 7 in 2020[190]. - The total days lost due to work injuries decreased significantly to 231 days in 2021 from 1551 days in 2020 and 2121 days in 2019[190].

Financial Performance - The company reported revenue of approximately HKD 244.1 million for the six months ended June 30, 2021, representing an increase of about 78.5% compared to HKD 136.8 million in the same period of 2020[8]. - The gross loss for the period was HKD 48.9 million, compared to a gross loss of HKD 13.7 million in the prior year[8]. - The loss before tax was HKD 63.4 million, up from a loss of HKD 27.0 million in the previous year[8]. - The net loss for the period was HKD 73.1 million, compared to a net loss of HKD 24.8 million in the same period of 2020[8]. - The group recorded a net loss of approximately HKD 73.1 million for the period, compared to a net loss of HKD 24.8 million in the same period of 2020[29]. - The company reported a loss before tax of HKD 63,433,000 for the six months ended June 30, 2021, compared to a loss of HKD 27,006,000 for the same period in 2020[113]. - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (19,730,000), compared to HKD (70,465,000) for the same period in 2020, indicating an improvement of approximately 72%[99]. - The company incurred a total comprehensive loss of HKD (73,073,000) for the period, reflecting significant challenges in its operations[96]. Revenue Breakdown - The facade engineering business generated revenue of HKD 182.8 million, up from HKD 95.9 million, while the permanent scaffold business increased to HKD 61.3 million from HKD 40.9 million[19]. - Revenue from major customers contributing over 10% to total revenue for the six months ended June 30, 2021, was HKD 106,764,000, compared to HKD 54,631,000 for the same period in 2020, representing an increase of 95.5%[110]. - The total revenue for the exterior wall engineering business for the six months ended June 30, 2021, was HKD 182,831,000, up from HKD 95,875,000 in 2020, reflecting an increase of 90.6%[113]. - The total revenue for the permanent lifting vessel business for the six months ended June 30, 2021, was HKD 61,282,000, compared to HKD 40,918,000 in 2020, marking an increase of 49.5%[113]. Operational Challenges - The company faced significant challenges due to the COVID-19 pandemic, affecting construction schedules and material delivery, leading to increased project costs[11]. - The company incurred additional costs due to delays in material delivery from suppliers, resulting in significant losses on several projects[12]. - The overall operational environment remains challenging, with ongoing impacts from the pandemic affecting the construction industry[11]. - The company anticipates additional costs exceeding HKD 10 million due to delays and material inflation related to the external wall construction project in Tai Wai[177]. - The company has ongoing negotiations regarding compensation related to construction defects, with financial impacts yet to be quantified[177]. Financial Position - As of June 30, 2021, the group's cash and cash equivalents amounted to approximately HKD 113.7 million, an increase from HKD 107.3 million as of December 31, 2020[32]. - The total bank and other borrowings increased to approximately HKD 33.3 million from HKD 5.3 million as of December 31, 2020[32]. - The group's debt-to-equity ratio rose significantly to about 15.7% as of June 30, 2021, compared to 2.0% as of December 31, 2020[34]. - The company’s total equity attributable to owners decreased to HKD 246,938,000 from HKD 317,854,000, a decline of 22.2%[88]. - The total assets as of June 30, 2021, were HKD 435,805,000, down from HKD 483,874,000 as of December 31, 2020, representing a decrease of 9.9%[88]. - Current liabilities increased to HKD 188,867,000 as of June 30, 2021, compared to HKD 166,020,000 at the end of 2020, reflecting a rise of 13.7%[91]. - The company’s retained earnings decreased to HKD 94,642,000 as of June 30, 2021, down from HKD 167,715,000 at the beginning of the year, representing a decline of approximately 43.7%[96]. Share Options and Corporate Governance - The company has adopted corporate governance practices in compliance with the Stock Exchange's guidelines[48]. - The board of directors confirmed compliance with the securities trading standards throughout the reporting period[49]. - The company adopted a pre-IPO share option plan on March 21, 2019, which will expire on March 21, 2029, with a total of 23,400,000 shares granted, accounting for approximately 3.75% of the issued shares as of the report date[68]. - The exercise price for each share option granted under the pre-IPO share option plan is HKD 0.115 per share[143]. - The company will seek shareholder approval to update the 10% limit on share options at the upcoming general meeting[74]. - The total expenses incurred from share-based payments for the six months ended June 30, 2021, were HKD 2,157,000, compared to HKD 2,158,000 for the same period in 2020[148]. Employee and Management Information - The group employed 160 full-time employees as of June 30, 2021, down from 172 employees as of December 31, 2020[61]. - The total remuneration for key management personnel increased to HKD 7,900,000 for the six months ended June 30, 2021, compared to HKD 5,835,000 for the same period in 2020, reflecting a rise in compensation expenses[176]. - The monthly salary of executive director Ms. Liang was revised from HKD 90,000 to HKD 100,000 in May 2021[79].

Financial Performance - Revenue for 2020 decreased by 9.1% to approximately HKD 435.8 million from HKD 479.5 million in 2019[19] - The company recorded a gross loss of approximately HKD 25.6 million, compared to a gross profit of HKD 97.2 million in the previous year, resulting in a gross margin of -5.9%[12] - Adjusted loss for the year was approximately HKD 47.8 million, down from an adjusted profit of HKD 59.2 million in 2019[19] - The company recorded revenue of approximately HKD 435.8 million for the year, a decrease of about 9.1% compared to HKD 479.5 million for the year ended December 31, 2019[29] - The company experienced a gross loss of approximately HKD 25.6 million, compared to a gross profit of HKD 97.2 million for the year ended December 31, 2019[29] - The company recorded a net loss of approximately HKD 47.8 million for the year, compared to a net profit of HKD 59.2 million for the year ended December 31, 2019[29] - The external wall engineering business recorded a gross loss of approximately HKD 54.8 million in 2020, compared to a gross profit of approximately HKD 38.4 million in 2019, due to unforeseen challenges from the COVID-19 pandemic[55] Project and Market Activity - The company secured 37 new design and build projects with a total contract value of approximately HKD 278.1 million during the year[21] - As of December 31, 2020, the company had 23 ongoing facade engineering projects valued at approximately HKD 1,256.1 million and 71 permanent hoisting projects valued at approximately HKD 360.7 million[21] - The company faced significant project delays due to the COVID-19 pandemic, impacting both the supply chain and project timelines, leading to increased costs[29] - The permanent hoist business's revenue significantly decreased due to major delays in new and ongoing projects caused by the pandemic[33] Cost Management and Financial Strategy - The company plans to implement stricter cost control measures to optimize cash flow management amid ongoing economic challenges[20] - The company aims to adopt a more competitive bidding pricing policy while strictly controlling production costs to achieve reasonable project gross margins[21] - The overall economic downturn in Hong Kong and intense market competition forced the company to adjust project pricing, resulting in a decrease in the number of change orders and gross margins[39] - The group’s administrative expenses decreased to approximately HKD 30.0 million for the year, down 34.0% from HKD 45.5 million for the year ended December 31, 2019, primarily due to the absence of listing expenses this year[47] Governance and Corporate Structure - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[98] - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[96] - The company has received annual independence confirmation from all independent non-executive directors, affirming their independence[103] - The company will continue to review and improve its corporate governance practices to ensure compliance with the corporate governance code[97] - The board is responsible for overall leadership and monitoring the company's strategic decisions and performance[98] Environmental and Social Responsibility - The company has established a sustainable development strategy that includes environmental sustainability, respect for human rights, and maintaining relationships with local communities[164] - The company aims to reduce carbon emissions and carbon footprint through various carbon reduction measures in daily operations[190] - The total greenhouse gas emissions for the reporting year were approximately 149.51 tons, an increase of about 19.30% compared to 125.32 tons in 2019[186] - The company is committed to sustainable development and has not experienced any significant violations of environmental laws and regulations during the reporting year[182] Employee and Human Resource Management - The company has implemented comprehensive human resource management policies to ensure competitive employee benefits and fair compensation practices[200] - The company has 172 employees as of December 31, 2020, compared to 128 employees in 2019[188] - The company encourages employees to turn off all electrical appliances and use energy-efficient devices to further reduce greenhouse gas emissions[186]

Financial Performance - The company's revenue for the six months ended June 30, 2020, was approximately HKD 136.8 million, a decrease of about 40.4% compared to HKD 229.6 million in the same period of 2019[9]. - The gross loss recorded was approximately HKD 13.7 million, compared to a gross profit of approximately HKD 54.2 million in 2019[14]. - The company reported a loss before tax of approximately HKD 27.0 million, compared to a profit of HKD 32.3 million in the same period of 2019[9]. - Adjusted loss for the period was approximately HKD 24.8 million, down from a profit of approximately HKD 36.0 million in 2019, excluding one-time listing expenses of HKD 10.8 million[15]. - The group recorded revenue of approximately HKD 136.8 million for the period, a significant decrease of about 40.4% compared to HKD 229.6 million in the same period of 2019[23]. - The group reported a net loss of approximately HKD 24.8 million for the period, compared to an adjusted profit of approximately HKD 36.0 million in the same period of 2019[33]. - The company reported a loss of HKD 24,815,000 during the period, impacting retained earnings[121]. - The total comprehensive loss for the period amounted to HKD 32,497,000, reflecting the financial challenges faced[121]. Operational Challenges - The decline in performance was primarily due to unexpected increases in project costs and delays caused by the COVID-19 pandemic, affecting supplier deliveries and material quality[15]. - The permanent hoisting business experienced a significant revenue decrease due to the overall economic downturn in Hong Kong and intense market competition[17]. - The number of change order projects and gross margins decreased due to competitive pricing pressures in the market[17]. - The construction progress of several ongoing projects was unexpectedly delayed, leading to cost overruns and additional construction costs[15]. - The company faced increased legal and compliance costs post-listing, impacting overall profitability[17]. Financial Position - The group maintained a solid financial position with cash and cash equivalents of approximately HKD 148.4 million as of June 30, 2020, down from HKD 206.6 million as of December 31, 2019[37]. - The group did not recommend any dividend payment for the period, consistent with the previous period[20]. - As of June 30, 2020, the group's unutilized bank financing amounted to HKD 27.7 million, an increase from HKD 13.3 million as of December 31, 2019[38]. - The group's debt-to-equity ratio as of June 30, 2020, was approximately 2.1%, slightly down from 2.2% as of December 31, 2019[38]. - The company has maintained a prudent financial management strategy to ensure a robust liquidity position throughout the period[39]. Shareholder Information - The company has a total of 520,000,000 shares issued as of June 30, 2020[71]. - Major shareholders RR (BVI) Limited and SV (BVI) Limited each hold 195,000,000 shares, representing 37.5% ownership each[70][72]. - The total number of options granted under the pre-IPO share option plan is 23,400,000 shares, accounting for approximately 4.5% of the issued shares[86]. - The company aims to attract and retain experienced personnel through its share option plan[89]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2020, was a net outflow of HKD 70,465,000 compared to an inflow of HKD 11,691,000 in 2019, indicating a significant decline in operational performance[125]. - Cash inflow from investing activities was HKD 19,194,000 for the first half of 2020, a recovery from an outflow of HKD 807,000 in the same period of 2019, primarily due to the sale of financial assets[125]. - Cash inflow from financing activities increased to HKD 35,812,000 in 2020, up from HKD 24,782,000 in 2019, reflecting improved borrowing activities[125]. - The company reported a net decrease in cash and cash equivalents of HKD 59,621,000 for the first half of 2020, compared to a decrease of HKD 38,289,000 in 2019[125]. Assets and Liabilities - Total assets decreased from HKD 495,579,000 to HKD 415,387,000, a decline of approximately 16.2%[110]. - Total liabilities decreased from HKD 121,321,000 to HKD 76,668,000, a decline of about 36.8%[113]. - The company's equity attributable to owners decreased from HKD 374,258,000 to HKD 338,719,000, a drop of approximately 9.5%[110]. - Trade receivables and warranty receivables fell from HKD 40,996,000 to HKD 27,086,000, a reduction of approximately 33.9%[110]. Future Plans - The company aims to navigate these challenges by enhancing project management and operational efficiency in the upcoming periods[12]. - The group plans to adopt a more competitive bidding pricing policy and strictly control production costs to achieve reasonable project gross margins in the future[23]. - The group plans to utilize HKD 5.0 million for recruiting additional staff by the first half of 2021[47]. - The company has no significant plans for major investments or capital assets as of June 30, 2020[53].

Financial Performance - The company reported revenue of HKD 479.5 million for the year ended December 31, 2019, representing a 2.9% increase from HKD 466.1 million in 2018[8]. - Gross profit increased to HKD 97.2 million, with a gross margin of 20.3%, up from 19.5% in the previous year[8]. - Adjusted profit before tax was HKD 59.2 million, slightly down from HKD 59.4 million in 2018, indicating a decrease of approximately 0.5%[12]. - The net profit after tax decreased to HKD 41.1 million from HKD 98.9 million in 2018, primarily due to increased listing and administrative expenses[12]. - The group recorded a revenue of approximately HKD 479.5 million, an increase of 2.9% compared to HKD 466.1 million for the year ended December 31, 2018[25]. - The net profit for the year was approximately HKD 41.1 million, a decrease of about 58.5% from HKD 98.9 million for the year ended December 31, 2018[40]. - The group's net profit for 2019 was HKD 41.1 million, a decrease of 58.5% from HKD 98.9 million in 2018[41]. - Adjusted net profit for 2019 was HKD 59.2 million, slightly down from HKD 59.4 million in 2018[41]. Cash and Financial Position - The company maintained a healthy financial position with cash and bank balances of approximately HKD 133.3 million as of December 31, 2019[13]. - Cash and cash equivalents increased from HKD 70.1 million at the end of 2018 to HKD 133.3 million at the end of 2019[44]. - The group's total bank borrowings decreased from approximately HKD 8.9 million in 2018 to HKD 6.4 million in 2019, with an interest rate of 6.00% to 6.13%[44]. - The group's unused bank financing was approximately HKD 13.3 million as of December 31, 2019, down from HKD 65.8 million in 2018[45]. - The debt-to-equity ratio improved from 5.6% in 2018 to 2.2% in 2019[45]. Market and Business Strategy - The company plans to leverage its resources to seize opportunities for long-term development despite economic uncertainties[15]. - The company aims to expand its market presence beyond Hong Kong to mitigate risks associated with reliance on a single regional market[18]. - The listing on the Hong Kong Stock Exchange on November 8, 2019, is seen as a significant milestone for the company, providing additional capital for project acquisition and business expansion[11]. - The group expects significant revenue contributions from ongoing projects in the coming years[24]. Project and Operational Performance - The group completed a total of 30 design and construction projects during the year, with a total contract value of approximately HKD 736.7 million, representing an increase of about 50.4% from HKD 489.9 million as of December 31, 2018[23]. - The gross profit increased from approximately HKD 91.1 million to HKD 97.2 million, reflecting a growth of 6.7%[29]. - The gross profit margin improved from 19.5% to 20.3%, primarily due to an increase in the gross profit margin of permanent suspended working platforms[29]. - The group has 21 ongoing projects related to facade engineering with a total contract value of approximately HKD 1,146.0 million, and 72 projects related to permanent suspended working platforms valued at approximately HKD 409.2 million[24]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[85]. - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules[89]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence as per listing rules[91]. - The board emphasizes the importance of diversity in enhancing performance, considering factors such as gender, age, cultural background, and professional qualifications[92]. - The company aims to hold at least four board meetings annually, with the first meeting of 2020 held on March 26 to approve the annual results for the year ending December 31, 2019[102]. Risk Management and Compliance - The company has established a risk management policy to address potential risks related to its business operations, including strategic, operational, and compliance risks[131]. - An independent internal control consultant was hired to conduct a comprehensive assessment of the company's internal control system, including financial, operational, compliance, and risk management aspects[131]. - The board of directors believes that the company's risk management and internal control systems are adequate and effective, with annual reviews planned[133]. - The company has implemented strict internal control procedures to identify potential non-compliance events and encourages employees to report any issues[133]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report outlines the company's performance in these areas for the fiscal year ending December 31, 2019[144]. - The ESG report was prepared in accordance with the Hong Kong Stock Exchange's listing rules and highlights the impact of the company's operations in Hong Kong[145]. - The total greenhouse gas emissions for the reporting year amounted to 125.32 tons, with an intensity of approximately 0.98 tons per employee[162]. - The company aims to reduce carbon emissions and carbon footprint through various energy-saving measures, including encouraging employees to use natural light[171]. - The company has implemented environmental policies to reduce air pollutant emissions, with all vehicles undergoing frequent inspections and maintenance[156]. Employee Management and Welfare - The company has a total of 128 employees in Hong Kong as of December 31, 2019, with a gender ratio of approximately 4:1 (male to female) and 75% of employees being frontline workers[180]. - The average monthly turnover rate for employees is maintained at a favorable level of 1.77%, with male and female turnover rates at 2.20% and 1.05% respectively[186]. - The company emphasizes a competitive employee benefits package, ensuring fair and competitive compensation practices aligned with market standards[176]. - The company is committed to maintaining a safe and healthy work environment, with regular safety training and monitoring on construction sites[189]. - 100% of employees received training on safety issues during the reporting year[190].