NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, HANG YICK HOLDINGS COMPANY LIMITED 恒益控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1894） 30 July 2025 Hang Yick Holdings Company Limited (the "Company") – Notification of publication of Annual Report 2024/25, Circular & Proxy Form (" Current Corporate Communications") We hereby notify you that the Current Corporate Communication(s) in both English and Chinese are now available on the Company's websi ...

HANG YICK HOLDINGS COMPANY LIMITED 恒益控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：1894） NOTIFICATION LETTER 通知信函 30 July 2025 Dear Non-registered Shareholder, Hang Yick Holdings Company Limited (the "Company") – Notification of publication of Annual Report 2024/25, Circular & Proxy Form (" Current Corporate Communications") The Current Corporate Communications of the Company has been published in English and Chinese languages and are available on the w ...

此 乃 要 件 請 即 處 理 閣 下 如 對 本 通 函 任 何 方 面 或 應 採 取 的 行 動 有 任 何 疑 問，應 諮 詢 閣 下 的 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 閣 下 如 已 售 出 或 轉 讓 名 下 所 有 恒 益 控 股 有 限 公 司（「本 公 司」）股 份，應 立 即 將 本 通 函 連 同 隨 附 的 代 表 委 任 表 格 送 交 買 主 或 承 讓 人 或 經 手 買 賣 或 轉 讓 的 銀 行、股 票 經 紀 或 其 他 代 理 商，以 便 轉 交 買 主 或 承 讓 人。 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 通 函 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 對 因 本 通 函 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。 HANG YICK HOLDINGS COMPANY LIMITED 恒益控股有 ...

目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 主席報告 | 5 | | 管理層討論及分析 | 6 | | 董事會報告 | 12 | | 企業管治報告 | 25 | | 環境、社會及管治報告 | 35 | | 獨立核數師報告 | 49 | | 綜合損益及其他全面收益表 | 55 | | 綜合財務狀況表 | 56 | | 綜合權益變動表 | 58 | | 綜合現金流量表 | 59 | | 綜合財務報表附註 | 61 | | 財務概要 | 122 | 釋義 於本年報內，除文義另有所指外，下列詞彙應具有以下涵義： | 「細則」 | 指 | 於二零二三年九月十一日舉行之股東週年大會上特別決議案獲批准後採納的本 | | --- | --- | --- | | | | 公司經第二次修訂及經重列組織章程細則 | | 「審核委員會」 | 指 | 董事會審核委員會 | | 「董事會」 | 指 | 董事會 | | 「英屬處女群島」 | 指 | 英屬處女群島 | | 「本公司」 | 指 | 恒益控股有限公司，於二零一八年三月六日在開曼群島註冊成立的獲豁免有限 | | | | 公司 | | 「董 ...

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 對 因 本 公 告 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。 HANG YICK HOLDINGS COMPANY LIMITED 恒益控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1894） 截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 恒 益 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度（「二 零 二 五 年 財 政 年 度」）的 經 審 核 綜 合 財 務 業 績，連 同 截 至 二 零 二 四 年 三 月 三 十 一 日 止 年 度（「二 零 二 四 年 ...

Revenue Performance - Revenue from the sale of steel and metal products decreased by approximately HKD 16.2 million or about 77.1% to approximately HKD 4.8 million during the reporting period[9] - Overall revenue for the group decreased from approximately HKD 85.0 million to approximately HKD 78.8 million, a decline of about HKD 6.2 million or approximately 7.3% compared to the same period in 2023[11] - Revenue for the six months ended September 30, 2024, was approximately HKD 78,794,000, a decrease of about 7.4% from HKD 85,041,000 in the same period of 2023[51] - Revenue from steel and metal engineering services was HKD 74,016,000, up 15.6% from HKD 64,046,000 in the previous year[51] - Revenue from the sale of steel and metal products dropped significantly to HKD 4,778,000, down 77.2% from HKD 20,995,000 in the same period last year[51] - The group's revenue for the reporting period was approximately HKD 78.8 million, a decrease of about 7.3% compared to HKD 85.0 million in the same period last year[72] Profitability and Loss - The group reported a loss of approximately HKD 10.6 million for the reporting period, compared to a profit of approximately HKD 6.6 million in the same period last year[13] - The gross profit decreased from approximately HKD 11.8 million to about HKD 0.4 million, a decline of approximately 96.6%[64] - The gross profit margin fell from approximately 13.9% to about 0.5% due to rising material and labor costs, along with ongoing price competition[64] - The company incurred a loss before tax of HKD 10.368 million, compared to a profit of HKD 7.530 million in the previous year, reflecting a negative shift in financial performance[113] - The net loss attributable to shareholders for the period was HKD 10.661 million, compared to a profit of HKD 6.626 million in the same period last year[113] Financial Position - The group's debt-to-equity ratio was approximately 0.15% as of March 31, 2024, down from 0.25%[14] - Total cash and cash equivalents as of September 30, 2024, were HKD 43.5 million, down from HKD 63.6 million as of March 31, 2024[78] - The group's capital structure included equity of approximately HKD 159.4 million as of September 30, 2024, compared to HKD 160.0 million as of March 31, 2024[79] - The company’s total assets were reported at HKD 159,554,000 as of September 30, 2024, compared to HKD 159,969,000 as of March 31, 2024[120] - The company’s cash and cash equivalents decreased to HKD 43,482 million from HKD 63,556 million, indicating a reduction in liquidity[116] Trade Receivables and Impairments - Trade receivables and contract assets impairment loss was HKD 1,915,000, significantly higher than HKD 42,000 in the previous year[59] - As of September 30, 2024, trade receivables aged 0 to 30 days amounted to HKD 13,937,000, an increase from HKD 13,356,000 as of March 31, 2024, reflecting a growth of 4.3%[152] - Trade receivables aged over 90 days decreased significantly to HKD 3,489,000 from HKD 6,153,000, indicating a reduction of 43.2%[152] - Total trade receivables as of September 30, 2024, were HKD 19,524,000, slightly down from HKD 20,099,000 as of March 31, 2024, representing a decline of 2.8%[152] Employee and Operational Information - The group employed a total of 335 full-time employees as of September 30, 2024, with 180 located in Hong Kong and the remainder in China[17] - The group did not incur any significant impact on operations or liquidity due to currency fluctuations during the reporting period[14] - The group will continue to monitor foreign exchange risks and consider hedging significant foreign exchange risks as necessary[14] Capital Expenditures and Investments - The group invested approximately HKD 3.5 million in capital expenditures for property, plant, and equipment during the reporting period[84] - The group plans to allocate approximately HKD 51.2 million for machinery replacement and capacity enhancement, with an estimated timeline for completion by March 31, 2025[93] - The company completed a placement agreement to issue up to 153,520,000 shares at a price of HKD 0.054 per share, raising approximately HKD 7.8 million for future use[96] Dividends and Share Issuance - The board does not recommend the declaration of an interim dividend for the reporting period[88] - The company did not declare an interim dividend for the reporting period, consistent with the previous period where no dividend was declared[131] - The company issued new shares, raising HKD 8,290,000 during the period, with share issuance costs amounting to HKD (249,000)[125] Future Outlook and Strategy - The company is focused on maintaining a healthy balance sheet while exploring opportunities for market expansion and new product development[154] - The company aims to enhance operational efficiency through strategic initiatives and potential mergers and acquisitions in the future[154] - The company plans to appoint a suitable female candidate to the board within three months to comply with listing rules regarding board diversity[101]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 78,794 thousand, compared to HKD 85,041 thousand for the same period in 2023, representing a decrease of approximately 7.4%[4] - Gross profit for the period was HKD 418 thousand, significantly lower than HKD 11,804 thousand in the previous year, indicating a decline of approximately 96.5%[4] - The company reported a loss attributable to owners of the company of HKD 10,661 thousand for the current period, compared to a profit of HKD 6,626 thousand in the prior period, reflecting a negative swing of approximately 261.0%[4] - Other income and gains decreased to HKD 55 thousand from HKD 6,360 thousand, a decline of approximately 99.1%[4] - For the six months ended September 30, 2024, the company reported a pre-tax loss of HKD 1,915,000, compared to a profit of HKD 42,000 for the same period in 2023[38] - The cost of goods sold recognized as expenses was HKD 49,559,000 for the six months ended September 30, 2024, compared to HKD 17,618,000 for the same period in 2023[38] - Basic and diluted earnings per share were based on a loss attributable to shareholders of HKD 10,661,000 for the period ended September 30, 2024, compared to a profit of HKD 6,626,000 for the same period in 2023[43] - The group reported a loss of approximately HKD 10.6 million for the reporting period, compared to a profit of approximately HKD 6.6 million in the same period last year[60] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 152,279 thousand, down from HKD 159,668 thousand as of March 31, 2024, a decrease of approximately 4.7%[6] - Cash and cash equivalents decreased to HKD 43,482 thousand from HKD 63,556 thousand, representing a decline of approximately 31.6%[6] - The company's total liabilities decreased to HKD 23,138 thousand from HKD 27,903 thousand, a reduction of approximately 17.3%[6] - As of September 30, 2024, the group's equity was approximately HKD 159.4 million, with no bank borrowings reported[61] - The asset-to-equity ratio was approximately 0.15% as of September 30, 2024, compared to 0.25% as of March 31, 2024[61] Revenue Breakdown - Revenue from steel and metal engineering services for the six months ended September 30, 2024, was HKD 74,016,000, an increase from HKD 64,046,000 in the same period of 2023, representing a growth of approximately 14.4%[17] - Revenue from the sale of steel and metal products for the six months ended September 30, 2024, was HKD 4,778,000, a decrease from HKD 20,995,000 in the same period of 2023, representing a decline of approximately 77.2%[17] - The group's revenue for the reporting period was approximately HKD 78.8 million, a decrease of about 7.3% from HKD 85.0 million in the same period last year[54] - Revenue from steel and metal engineering services increased by approximately HKD 10.0 million or 15.6% to about HKD 74.0 million, while revenue from steel and metal product sales decreased by approximately HKD 16.2 million or 77.1% to about HKD 4.8 million[55] Cash Flow and Investments - The group invested approximately HKD 3.5 million in capital expenditures for properties, plants, and equipment during the reporting period[65] - The company has earmarked HKD 12.5 million for general working capital purposes, with an estimated remaining balance of HKD 15.2 million[74] - The net proceeds from the placement of shares, amounting to approximately HKD 7.8 million, have been fully utilized as of September 30, 2024[78] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance rules during the reporting period, except for certain deviations noted[81] - The audit committee, composed entirely of independent non-executive directors, has reviewed and approved the unaudited condensed consolidated financial statements for the reporting period[102] - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period, ensuring consistency in financial reporting[15] Employee and Operational Information - As of September 30, 2024, the group employed a total of 335 full-time employees, with 180 located in Hong Kong and the remainder in China[71] - The group’s main customers are construction companies, contractors, and engineering firms in Hong Kong, with contracts primarily being fixed-price contracts[17] Future Plans and Outlook - The company plans to allocate approximately HKD 51.2 million for machinery replacement and capacity enhancement, with an estimated completion by March 31, 2025[74] - The revised allocation for expanding the workforce in Hong Kong and China is set at HKD 33.7 million, with no changes to the previous allocation[74] - There were no significant future investment or capital asset plans disclosed by the group[64] Dividends and Shareholder Information - No interim dividend was declared for the six months ended September 30, 2024, consistent with the previous period[44] - The board does not recommend declaring an interim dividend for the reporting period[70]

Company Operations and Strategy - The company resumed trading on August 4, 2023, after fulfilling all resumption guidelines following the sale of its chaotic operations in China[7]. - The company anticipates that favorable government policies and a rebound in manufacturing activity will alleviate current economic pressures and provide significant business opportunities[7]. - The company aims to improve the working environment and enhance manufacturing capabilities while exploring new construction technologies to seek new profit growth points[7]. - The company is leveraging government policies to expand order volumes due to the Hong Kong government's commitment to increasing public housing supply[7]. - The management team is focused on strategic leadership and professional expertise to drive improvements and maximize shareholder returns[7]. - The company has undergone business reforms to address previous operational challenges and streamline its focus[7]. - The company expresses gratitude to employees, shareholders, customers, suppliers, and business partners for their support over the past year[7]. - The company is committed to seeking new avenues for profitability and growth in the construction sector[7]. - The company has faced significant economic and operational pressures but remains optimistic about future opportunities[7]. Financial Performance - The group's revenue decreased by 15.0% to approximately HKD 157.2 million in the fiscal year 2024, down from HKD 184.9 million in fiscal year 2023[18]. - The net loss attributable to equity shareholders was HKD 4.1 million in fiscal year 2024, compared to a profit of HKD 1.8 million in fiscal year 2023[26]. - Credit loss provisions increased from HKD 2.2 million in fiscal year 2023 to HKD 6.9 million in fiscal year 2024, reflecting market instability[18]. - The gross profit decreased by 19.5% to approximately HKD 18.0 million in fiscal year 2024, with a gross profit margin of 11.5%[21]. - Administrative expenses increased by approximately 6.0% to HKD 23.0 million in fiscal year 2024, primarily due to rising legal and professional fees[24]. - The group recorded other income and losses of approximately HKD 0.6 million in fiscal year 2024, down from HKD 2.4 million in fiscal year 2023[23]. Contracts and Market Demand - The total value of new steel and metal engineering contracts obtained in fiscal year 2024 was HKD 215.0 million[11]. - As of March 31, 2024, the total value of contracts on hand (unfulfilled or partially fulfilled) was HKD 321.7 million[11]. - The group anticipates increased demand for steel and metal products due to government policies favoring the construction industry[14]. - The Hong Kong government plans to build 330,000 public housing units over the next ten years, which is double the number built in the previous decade[13]. Cash Flow and Financial Position - As of March 31, 2024, the total cash and cash equivalents of the group amounted to approximately HKD 63.6 million, a decrease of about 15.8 million from HKD 79.4 million as of March 31, 2023[30]. - The group's net cash outflow from operating activities for the fiscal year 2024 was approximately HKD 1.0 million, while cash outflow from investing activities was about HKD 11.8 million, primarily due to the purchase of properties, plants, and equipment[30]. - The group had no bank borrowings as of March 31, 2024, compared to HKD 3.7 million as of March 31, 2023, following the full repayment of bank loans[31]. - The group's debt-to-equity ratio decreased to approximately 0.25% as of March 31, 2024, down from 2.6% in the previous year, mainly due to the repayment of bank borrowings[30]. - Capital expenditure for the acquisition of properties, plants, and equipment was approximately HKD 12.6 million for the fiscal year 2024, with about HKD 8.5 million funded through net proceeds from the company's shares listed on the stock exchange[38]. Shareholder and Corporate Governance - The board does not recommend the payment of a final dividend for the fiscal year ending March 31, 2024[54]. - The group had no significant acquisitions or disposals of subsidiaries or joint ventures during the fiscal year ending March 31, 2024[40]. - The group has not engaged in any derivative contracts to hedge currency risks and will continue to monitor foreign currency risks[35]. - The group has no major investments that account for 5% or more of total assets as of March 31, 2024[41]. - The company has fully utilized HKD 33.7 million for expanding its workforce in Hong Kong and China, and HKD 5 million for purchasing trucks[58]. - The company continues to apply the net proceeds according to the disclosure in the prospectus regarding future plans and use of proceeds[60]. - The board of directors has confirmed the independence of all independent non-executive directors according to the listing rules[74]. - The board consists of two executive directors and three independent non-executive directors as of March 31, 2024, complying with the listing rules regarding board composition[129]. - The company has established a board independence assessment mechanism to enhance the board's effectiveness and identify areas for improvement[132]. Employee and Workplace Initiatives - The total salary and related costs provided to employees amounted to approximately HKD 66.0 million for the year ending March 31, 2024[84]. - The group employed a total of 302 employees as of March 31, 2024[84]. - The company has established an annual review system to assess employee performance, which influences decisions on salary increases, bonuses, and promotions[84]. - The company encourages a healthy work-life balance by enforcing an internal rule of not exceeding 20 hours of overtime work per month[199]. - The Hong Kong office launched a Happy Workplace Promotion Plan to enhance employee satisfaction and joy at work, receiving recognition as a Happy Enterprise from the Hong Kong Happiness Index Fund[199]. Environmental and Social Responsibility - The company is committed to sustainable development and provides business solutions to address social and environmental challenges, including transitioning to a net-zero economy[173]. - The environmental management system at the main production facility in Huizhou, Guangdong, complies with ISO 14001:2015 standards[182]. - The company has recorded data on four environmental impact areas: air emissions management, noise levels, wastewater discharge, and solid waste[182]. - Total greenhouse gas emissions decreased by 0.65% compared to the previous year, amounting to 804.79 metric tons CO2 equivalent[184]. - The company planted 150 trees to minimize environmental impact during the fiscal year ending March 31, 2024[184]. - The company has implemented ventilation and filtration systems to reduce pollutant accumulation in production facilities[185]. Risk Management and Compliance - The board confirmed that the existing risk management and internal control systems are adequate and effective as of March 31, 2024[160]. - The company has adopted a whistleblowing policy to encourage reporting of suspicious misconduct, ensuring protection for whistleblowers[163]. - There were no related party transactions that required disclosure under the Listing Rules for the year ending March 31, 2024[89].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 157,197,000, a decrease of 15% compared to HKD 184,904,000 for the fiscal year ending March 31, 2023[4] - The gross profit for the fiscal year 2024 was HKD 17,995,000, down 19% from HKD 22,357,000 in the previous year[4] - The operating loss for the fiscal year 2024 was HKD 4,395,000, compared to an operating profit of HKD 3,042,000 in fiscal year 2023[4] - The net loss attributable to owners of the company for the fiscal year 2024 was HKD 4,118,000, compared to a net loss of HKD 21,707,000 in fiscal year 2023[5] - The company reported total comprehensive loss of HKD 5,005,000 for the fiscal year 2024, compared to a total comprehensive loss of HKD 24,431,000 in the previous year[5] - The basic and diluted loss per share from continuing operations was HKD 0.5 for fiscal year 2024, compared to a loss of HKD 2.8 in fiscal year 2023[5] Assets and Liabilities - Total assets decreased from HKD 170,654 million in 2023 to HKD 160,488 million in 2024, a decline of approximately 6.9%[6] - Current assets decreased from HKD 148,488 million in 2023 to HKD 131,765 million in 2024, representing a decrease of about 11.3%[6] - Cash and cash equivalents decreased from HKD 79,386 million in 2023 to HKD 63,556 million in 2024, a reduction of approximately 19.9%[6] - Trade and other receivables increased from HKD 12,054 million in 2023 to HKD 20,099 million in 2024, an increase of about 66.7%[6] - Total liabilities decreased from HKD 18,842 million in 2023 to HKD 27,903 million in 2024, an increase of approximately 48.0%[7] - Non-current liabilities increased from HKD 518 million in 2023 to HKD 9,135 million in 2024, a significant increase of about 1,661.2%[7] - Total equity decreased from HKD 170,098 million in 2023 to HKD 159,969 million in 2024, a decline of approximately 5.9%[7] Operational Changes - The company did not report any new product launches or technological advancements during the fiscal year[4] - There were no significant market expansions or acquisitions mentioned in the earnings call[4] - The company is currently focusing on restructuring and cost management strategies to improve financial performance[4] - Future outlook remains cautious due to market conditions and previous financial performance[4] Discontinued Operations - HY China has voluntarily entered liquidation as of January 18, 2023, with Tracy Cook and Janette Tsang appointed as joint liquidators[13] - The group ceased operations on February 24, 2023, following the liquidation decision[13] - For the financial year ending March 31, 2023, the group reported a loss of HKD 21,161,000 from discontinued operations[14] - The total loss related to the cancellation of consolidation for subsidiaries amounted to HKD 27,001,000[14] Revenue Breakdown - Revenue from steel and metal engineering services for the year 2024 was HKD 321,723,000, compared to HKD 243,506,000 in 2023, representing a significant increase[23] - Total revenue from the sale of steel and metal products was HKD 19,648,000 in 2024, up from HKD 21,997,000 in 2023[20] - Revenue from Hong Kong operations was HKD 157,165,000 in 2024, down from HKD 182,998,000 in 2023[25] - The group’s total revenue from China operations was HKD 32,000 in 2024, a decrease from HKD 1,906,000 in 2023[25] Taxation - The effective tax rate for the company's subsidiaries in China is 25%, while in Hong Kong, profits are taxed at 8.25% for the first HKD 2,000,000 and 16.5% thereafter[35] - The company incurred a tax expense of HKD 1,549,000 for Hong Kong profits tax and HKD 1,326,000 for Chinese corporate income tax during the reporting period[34] Shareholder Information - The company does not recommend the payment of any final dividend for the year ended March 31, 2024, consistent with the previous year[37] - The annual general meeting is scheduled for August 30, 2024, in Hong Kong, with a suspension of share registration from August 27 to August 30, 2024, to determine voting rights[107] Audit and Compliance - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ending March 31, 2024[52] - The consolidated financial statements for the year ending March 31, 2024, have been reviewed by the audit committee and approved by the auditors, confirming the accuracy of the financial data[103] Future Outlook - The board remains confident in the future, anticipating continued government support for public housing construction in Hong Kong[62] - The estimated timeline for the remaining proceeds utilization is subject to change based on future developments and market conditions[90]

Financial Performance - Revenue from continuing operations decreased to approximately HKD 85.0 million, a decline of about HKD 26.4 million or 23.7% compared to HKD 111.4 million in the same period last year[20][26]. - Gross profit from continuing operations fell to approximately HKD 11.8 million, down about HKD 4.6 million or 28.2%, with a gross margin decrease from 14.8% to 13.9%[22]. - The company's profit attributable to owners decreased to approximately HKD 6.6 million, down from HKD 6.9 million in the same period last year, a reduction of about HKD 0.3 million[52]. - For the six months ended September 30, 2023, the company reported revenue of HKD 85,041 thousand, a decrease of 23.7% from HKD 111,401 thousand in the same period of 2022[97]. - Gross profit for the same period was HKD 11,804 thousand, down 28.1% from HKD 16,449 thousand year-over-year[97]. - The company achieved a profit before tax of HKD 7,530 thousand, a decline of 6.6% compared to HKD 8,060 thousand in the previous year[97]. - Net profit attributable to the company's owners for the period was HKD 6,626 thousand, slightly down from HKD 6,872 thousand in the prior year, representing a decrease of 3.6%[98]. - Total comprehensive income for the period was HKD 5,183 thousand, an increase of 72.5% from HKD 3,006 thousand in the same period last year[98]. Costs and Expenses - Direct costs for continuing operations were approximately HKD 73.2 million, a reduction of about HKD 21.7 million or 22.9% compared to HKD 95.0 million in the previous year[29]. - Administrative expenses decreased to approximately HKD 10.6 million, down about HKD 0.9 million or 8.2% from HKD 11.5 million in the previous year[30]. - The company incurred bank borrowing interest expenses of HKD 25,000, up from HKD 23,000 in the previous period, reflecting an increase of 8.7%[120]. - The cost of goods sold recognized as expenses was HKD 17,618,000 for the six months ended September 30, 2023, up from HKD 13,727,000 in 2022, representing a growth of about 28.3%[134]. - The depreciation of property, plant, and equipment increased to HKD 2,001,000 in 2023 from HKD 1,712,000 in 2022, indicating a rise of approximately 16.85%[134]. Assets and Liabilities - The company's equity as of September 30, 2023, was approximately HKD 175.3 million, compared to HKD 170.0 million as of March 31, 2023[31]. - As of September 30, 2023, the company's total bank balance and cash amounted to approximately HKD 68.1 million, down from HKD 79.4 million as of March 31, 2023[54]. - Current assets totaled HKD 168,382,000, slightly up from HKD 167,330,000, indicating a marginal growth of 0.63%[76]. - Total liabilities decreased from HKD 19,110,000 to HKD 18,842,000, showing a reduction of 1.4%[76]. - The company's debt-to-equity ratio was approximately 0% as of September 30, 2023, compared to about 2.2% on March 31, 2023[53]. - Trade payables as of September 30, 2023, amounted to HKD 3,155,000, compared to HKD 2,821,000 as of March 31, 2023, reflecting an increase of approximately 11.85%[141]. Cash Flow - The company generated a net cash outflow from operating activities of HKD (999,000) for the six months ended September 30, 2023, compared to a net inflow of HKD 7,492,000 in the same period of 2022[124]. - The company reported a net cash outflow from investing activities of HKD (6,812,000) for the six months ended September 30, 2023, compared to HKD (273,000) in the same period of 2022[124]. - The company's financing activities resulted in a net cash outflow of HKD (3,914,000) for the six months ended September 30, 2023, compared to HKD (133,000) in the same period of 2022[124]. Corporate Governance - The company maintained a high standard of corporate governance, confirming compliance with all applicable codes as of September 30, 2023[69]. - The board of directors confirmed adherence to the trading standards set forth in the company's code of conduct during the reporting period[68]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the reporting period[69]. - The company has maintained its public float as per listing rules, ensuring compliance with regulatory requirements[96]. Future Outlook - The outlook remains optimistic for the construction business due to increased land supply and government commitments to improve public housing supply, despite challenges from global economic instability and rising labor costs[19]. - The company does not recommend declaring an interim dividend for the reporting period, consistent with the previous year[14][37]. Other Information - The company raised approximately HKD 161.5 million through a global offering, with a net amount of about HKD 130.0 million after deducting listing expenses[41]. - The company has fully utilized the funds for upgrading its information technology systems and equipment, totaling HKD 3.5 million[42]. - The company has not yet utilized the funds for expanding its labor force in Hong Kong and China due to delays caused by the COVID-19 pandemic[44]. - The company continues to monitor foreign exchange risks and will consider hedging significant foreign exchange risks as needed[55]. - The company has lost control over HY China Investment Company Limited and its subsidiaries, which ceased operations on February 24, 2023, and their financial results are no longer consolidated[144].