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].

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 三 年 九 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 恒益控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月（「報 告期」）的未經審核中期業績，連同截至二零二二年九月三十日止六個月 的比較數字。 ...

Corporate Governance - The company has appointed two new directors, Mr. He Zhi Yuan and Mr. Liang Fu Shun, on January 18, 2023[5]. - The board recognizes the importance of gender diversity and will continue to seek female candidates to enhance board diversity[1]. - The company has established a new board of directors effective September 14, 2022, following the resignation of previous directors[134]. Business Strategy - The company plans to focus on the construction business in Hong Kong, benefiting from government housing and infrastructure stimulus plans, which aim to build 330,000 public housing units over the next ten years[16]. - The company is working on improving its operations to minimize environmental pollution[126]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of up to HKD 300 million earmarked for potential mergers and acquisitions[161]. - Market expansion plans include entering two new international markets, which are projected to increase overall market share by 5% within the next year[161]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing product features and user experience[161]. Financial Performance - The company reported a loss attributable to owners of HKD 21,707,000 for the year ended March 31, 2023, compared to a profit of HKD 19,678,000 in the previous year, representing a significant decline[77]. - Revenue from continuing operations was HKD 1,758,000, down from HKD 17,795,000 in the previous year, indicating a decrease of approximately 90.1%[77]. - Total comprehensive income attributable to owners was HKD (24,431,000) for the year, compared to HKD 20,507,000 in the previous year, reflecting a substantial drop[77]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year ending March 31, 2023, representing a year-on-year growth of 15%[161]. - The financial statements reflect a robust financial position, with total assets amounting to HKD 5 billion and a debt-to-equity ratio of 0.5, indicating a healthy balance sheet[161]. Risk Management - The board is responsible for evaluating the nature and extent of risks the company is willing to accept to achieve its strategic objectives[7]. - The company is committed to maintaining effective risk management and internal control systems to manage risks associated with achieving business objectives[7]. - The company acknowledges the significant risks related to environmental, social, and governance factors in its risk management framework[7]. Employee and Training - As of March 31, 2023, the total number of employees is 274, with 248 males and 26 females[23]. - The number of employees injured in occupational accidents increased to 12 from 3 in the previous year, while the number of lost workdays due to injuries was 400[29]. - A total of 192 employees received training, accumulating 1,795.75 hours, resulting in an average training time of 9.35 hours per employee[30]. - The company has implemented a salary adjustment and performance point system for production employees in mainland China to retain talent[25]. - The company has maintained compliance with all applicable health and safety laws, with no fatalities reported due to occupational accidents[29]. Environmental Impact - The total greenhouse gas emissions for the year amounted to 810.02 tons of CO2 equivalent, with a reduction of 7.5% compared to the previous year[130]. - The company planted 50 trees during the year to mitigate its environmental impact[130]. - The company has reduced greenhouse gas emissions and other major air pollutants due to decreased fuel, electricity, water consumption, and packaging usage compared to the year ending March 31, 2022[131]. - The company is committed to monitoring and revising its energy usage and logistics plans to minimize future emissions[131]. - The total amount of non-hazardous solid waste generated was 15.19 tons, with a focus on reducing and recycling waste[43]. Compliance and Policies - The company has established a robust anti-corruption policy, with no significant incidents reported during the year[34]. - The company has implemented a whistleblower policy to ensure transparency and accountability, encouraging employees and stakeholders to report any suspicious activities[167]. - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders, allowing them to exercise their rights and actively participate in company affairs[142]. Operational Efficiency - The company is investing in new technology development, allocating HKD 50 million towards R&D initiatives aimed at improving operational efficiency and product innovation[161]. - The company emphasizes customized products and strict quality monitoring, adhering to relevant regulations[32]. - The company has implemented a policy to limit overtime work to 20 hours per month to promote a healthy work-life balance[25]. Financial Reporting and Accounting - The group has chosen not to distinguish between lease and non-lease components in contracts, accounting for all components as a single lease component[188]. - Depreciation of property, plant, and equipment is calculated using the straight-line method over the estimated useful life, with major annual rates specified[187]. - The cost of inventory is determined using the weighted average method, including appropriate portions of materials, direct labor, and all production overheads[194].

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） 截至二零二三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」）截至二零二三年三月三十一日止年度（「二零二三年財政年度」）的經審核綜 合財務業績，連同截至二零二二年三月三十一日止年度（「二零二二年財政年度」）的比較 數字如下。 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 111,401,000, representing a 1.6% increase from HKD 109,666,000 in the same period last year[2]. - Gross profit decreased by 40.0% to HKD 16,449,000, down from HKD 27,424,000, resulting in a gross margin of 14.8% compared to 25.0%[2]. - Profit attributable to owners of the company was HKD 6,399,000, a decline of 46.9% from HKD 12,046,000 in the previous year[2]. - Basic and diluted earnings per share decreased to 0.8 cents from 1.6 cents, a reduction of 0.8 cents[2]. - Total comprehensive loss for the period was HKD 2,366,000, compared to a total comprehensive income of HKD 12,929,000 in the previous year[6]. - The company reported a profit before tax of HKD 7,272,000 for the six months ended September 30, 2022, compared to HKD 14,209,000 for the same period in 2021, representing a decrease of 48.8%[22]. - Net profit attributable to shareholders decreased from approximately HKD 12.0 million to about HKD 6.4 million, a reduction of approximately 46.7%[43]. Revenue Breakdown - Revenue from steel and metal engineering services was HKD 96,495,000, down 3.9% from HKD 99,914,000 in the previous year[22]. - Sales of steel and metal products increased significantly to HKD 14,906,000, up 53.5% from HKD 9,752,000 in the prior year[22]. - Total revenue for the reporting period was approximately HKD 111.4 million, an increase of about 1.6% from HKD 109.7 million in the same period last year[43]. Expenses and Costs - Administrative expenses for the period were HKD 12,329,000, slightly lower than HKD 13,801,000 in the previous year[22]. - Direct costs increased by approximately 15.5% to about HKD 95.0 million, up from approximately HKD 82.2 million in the previous year[48]. - Other income and gains amounted to HKD 3,175,000, compared to HKD 859,000 in the prior year, indicating a significant increase[22]. - Other income increased from approximately HKD 0.9 million to about HKD 3.2 million, primarily due to government subsidies received[51]. - Administrative expenses decreased by approximately 10.8% to about HKD 12.3 million, down from approximately HKD 13.8 million[52]. Assets and Liabilities - Non-current assets decreased to HKD 35,264,000 from HKD 44,702,000, primarily due to a reduction in property, plant, and equipment[8]. - Current assets totaled HKD 174,012,000, slightly down from HKD 174,484,000, with inventory decreasing to HKD 23,917,000 from HKD 35,123,000[8]. - Trade receivables increased to HKD 30,438,000 from HKD 24,529,000, indicating improved collection efforts[8]. - Cash and cash equivalents increased to HKD 59,726,000 from HKD 54,989,000, reflecting better liquidity management[8]. - Total liabilities decreased to HKD 20,206,000 from HKD 27,289,000, indicating a reduction in financial obligations[10]. - Trade receivables aged 0 to 30 days increased to HKD 17,442,000 from HKD 8,206,000, indicating improved cash flow management[39]. - The debt-to-equity ratio as of September 30, 2022, was approximately 1.8%, unchanged from March 31, 2022[55]. Corporate Governance and Compliance - The company has appointed forensic accountants to investigate alleged misconduct by certain directors and is implementing corrective actions based on their recommendations[88]. - The company has engaged an independent firm to assist in reviewing internal controls and is enhancing its internal control procedures as per their suggestions[88]. - The company is in the process of publishing all outstanding financial results as required by listing rules, following the completion of audits for the fiscal years ending March 31, 2021, and March 31, 2022[88]. - The company has confirmed compliance with listing rule 13.24 by demonstrating normal business operations in all material aspects[88]. - The company has taken steps to ensure that involved directors no longer hold any positions on the board or in senior management[88]. - The company has suspended trading of its shares since April 22, 2021, and will continue to do so until further notice[94]. - The audit committee, composed entirely of independent non-executive directors, has reviewed and approved the unaudited consolidated financial statements for the reporting period[92]. - The company is committed to providing updates to shareholders and potential investors regarding progress towards meeting the conditions of the resumption guidance[88]. - The company has maintained the required public float as per listing rules as of the announcement date[90]. - The company will publish its interim report on its website after completing the audit process for the relevant financial results[93]. Future Plans and Investments - The company plans to focus on the construction business in Hong Kong, benefiting from government policies aimed at increasing public housing supply by approximately 50% over the next five years[44]. - The group invested approximately HKD 1.3 million in the purchase of properties, plants, and equipment during the reporting period[62]. - As of September 30, 2022, the total amount of contracted but not provided for expenditures related to the acquisition of certain plants and equipment was approximately HKD 0.3 million[64]. - The net proceeds from the global offering amounted to approximately HKD 130.0 million after deducting listing expenses[70]. - As of September 30, 2022, the group had utilized HKD 57.059 million of the net proceeds, with HKD 66.966 million remaining[73]. Risk Management - The group plans to continue monitoring foreign exchange risks and will consider hedging significant foreign exchange risks if necessary[60]. - The group has no significant contingent liabilities as of September 30, 2022[67]. - The group has not been involved in any claims or litigation that would have a significant adverse effect on its business, operating results, or financial condition as of September 30, 2022[66].

Financial Performance - The company's revenue for the six months ended September 30, 2020, was approximately HKD 125.8 million, an increase of about 30.7% from approximately HKD 96.3 million in the corresponding period of 2019[11]. - The gross profit decreased to approximately HKD 10.5 million, down about 59.3% from approximately HKD 25.9 million in the same period last year, resulting in a gross margin drop from 26.9% to 8.4%[18]. - Direct costs increased to approximately HKD 115.3 million, a rise of about 63.8% from approximately HKD 70.4 million in the previous year[14]. - The company's profit attributable to owners decreased to HKD 0.9 million, down from HKD 9.9 million in the same period of 2019, a decline of HKD 9.0 million[23]. - Profit before tax for the period was HKD 1,347,000, a decline of 87.8% from HKD 11,079,000 in the previous year[80]. - Net profit for the period was HKD 878,000, a decrease of 90.2% compared to HKD 8,994,000 in the same period last year[80]. - Total comprehensive income for the period was HKD 3,277,000, down 45.9% from HKD 6,054,000 in the prior year[83]. - The company reported a profit of HKD 988,000 for the period, a decrease from HKD 9,937,000 in the same period last year, representing a decline of approximately 90%[98]. Revenue Breakdown - The revenue from steel and metal engineering services increased to approximately HKD 95.8 million, up about 15.4% from approximately HKD 83.0 million in the previous year[12]. - The revenue from construction services was approximately HKD 20.6 million, with no corresponding revenue in the previous year[13]. - Revenue from steel and metal engineering services was HKD 95,830,000, up from HKD 83,028,000, representing a growth of 15.5%[118]. - Revenue from construction services was HKD 20,622,000, with no revenue reported in the previous year[118]. - Sales of steel and metal products decreased to HKD 9,357,000 from HKD 13,236,000, a decline of 29.1%[118]. Expenses and Costs - Administrative expenses rose to approximately HKD 16.4 million, an increase of about 12.6% from approximately HKD 14.5 million in the previous year[21]. - Financing costs slightly decreased to HKD 892,000 from HKD 894,000 year-on-year[122]. - The company incurred a net cash outflow from investing activities of HKD 13,211,000, compared to a net inflow of HKD 41,230,000 in the previous year, highlighting a shift in investment strategy[99]. Assets and Liabilities - As of September 30, 2020, the group's debt-to-equity ratio was 21.5%, down from 25.9% as of March 31, 2020[24]. - The group's total bank borrowings were approximately HKD 54.3 million as of September 30, 2020, compared to HKD 64.4 million as of March 31, 2020[28]. - The group's cash and bank balances totaled approximately HKD 42.1 million as of September 30, 2020, down from HKD 60.6 million as of March 31, 2020[27]. - The net current assets of the group increased to approximately HKD 157.4 million as of September 30, 2020, from approximately HKD 144.0 million as of March 31, 2020[27]. - The company has a total equity of HKD 248,221,000 as of September 30, 2020, compared to HKD 252,367,000 as of the same date in 2019, showing a slight decrease of approximately 1.5%[98]. - The company’s total liabilities decreased to HKD 85,700,000 from HKD 86,688,000 year-over-year, indicating a reduction in financial obligations[98]. Strategic Developments - The company has expanded its business into the People's Republic of China, providing construction services and real estate development[10]. - The group plans to use the remaining net proceeds for various projects, including expanding its workforce in Hong Kong and China, with a total planned expenditure of HKD 33.7 million[47]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[100]. - The company is actively exploring potential acquisitions to enhance its market position and operational capabilities[100]. Shareholder Information - The group did not declare an interim dividend for the period, compared to HKD 0.003 per share for the same period last year[39]. - The company declared and paid no dividends during the period, maintaining cash reserves for future investments[99]. - As of September 30, 2020, major shareholders, HY Steel, held 570,000,000 shares, representing approximately 74.26% of the company's total shares[60]. Operational Challenges - The group faced challenges due to the COVID-19 pandemic, impacting its operational performance and necessitating a focus on cost control and efficiency improvements[40]. Auditor and Compliance - The company appointed a new auditor, Tianzhi Hong Kong CPA Limited, effective December 18, 2020, following the resignation of Deloitte due to a disagreement over audit fees[56]. - The company has adopted a standard code for regulating directors' securities trading, ensuring compliance during the reporting period[67].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% growth year-over-year[12] - For the fiscal year ending March 31, 2020, the company reported a profit attributable to owners of HKD 12.2 million, a decrease of 24.2% from HKD 16.1 million in 2019[20] - The group recorded a foreign exchange loss of HKD 2.4 million, contributing to a net loss of approximately HKD 0.2 million in FY2020[101] - The group's attributable profit decreased by approximately 24.2% from about HKD 16.1 million in FY2019 to about HKD 12.2 million in FY2020[113] User Growth and Market Expansion - User data showed a 20% increase in active users, reaching 500,000 by the end of the fiscal year[12] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[12] - User data showed a 15% increase in active users, reaching 2 million by the end of the fiscal year[41] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share within the next two years[41] Future Projections - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[12] - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming to reach $625 million[41] Product Development and Innovation - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on innovative technology solutions[12] - New product launches are expected to contribute an additional $100 million in revenue, with a focus on innovative technology solutions[41] - Research and development investments increased by 30%, totaling HKD 150 million, to drive innovation[12] - Research and development expenditures increased by 10%, totaling $50 million, to support new technology initiatives[41] Cost Management and Efficiency - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management[12] - The company aims to reduce operational costs by 15% through process optimization initiatives[12] - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% in the upcoming year[41] - Direct costs increased by approximately 24.1% from about HKD 121.4 million in FY2019 to about HKD 150.6 million in FY2020, primarily due to rising labor and subcontracting costs[96] Market Challenges - The decline in profit was primarily due to intense market competition and rising construction costs[20] - The COVID-19 pandemic significantly impacted the local economy and the Hong Kong construction industry, leading to a slowdown in business growth and project sizes[81] - The company anticipates ongoing challenges due to the unpredictable nature of the COVID-19 pandemic and its financial implications[81] Employee and Administrative Matters - Total employee compensation and related costs amounted to approximately HKD 77.8 million for the year ending March 31, 2020[178] - The company has a total of 383 employees as of March 31, 2020[178] - The board of directors' remuneration was temporarily adjusted due to the impact of the COVID-19 pandemic, with the new salary levels for directors being HKD 930,000 for Mr. Li Peixin and Ms. Liu Lijing, HKD 504,000 for Mr. Li Jiahao, and HKD 630,000 for Mr. Peng Ming[182] Financial Position and Cash Flow - As of March 31, 2020, the total cash and cash equivalents amounted to approximately HKD 60.6 million, an increase from HKD 55.0 million in 2019[114] - The total assets were approximately HKD 333.3 million, up from HKD 286.3 million in 2019[114] - The total interest-bearing debt increased to approximately HKD 64.4 million from HKD 30.0 million in 2019, resulting in a debt-to-equity ratio of approximately 25.9%, compared to 12.3% in 2019[114] - The net cash outflow from operating activities was HKD 10.9 million, primarily due to increases in trade receivables and other receivables[115] Shareholder and Management Information - Major shareholders include HY Steel, holding 570,000,000 shares, representing 74.26% of the company[199] - Well Link Holdings Limited and its associated entities hold 414,504,000 shares, accounting for 54% of the company[199] - The company has adopted a share option scheme as a reward for eligible individuals, details of which are provided in the report[178]

Revenue Performance - The group's overall revenue decreased from approximately HKD 98.0 million to approximately HKD 96.3 million, a decline of about 1.8%[13] - Revenue from steel and metal engineering services increased by approximately HKD 3.9 million or 4.9% to approximately HKD 83.0 million, mainly due to progress on ongoing projects[13] - Revenue from the sale of steel and metal products decreased by approximately HKD 5.7 million or 30.2% to approximately HKD 13.2 million, impacted by reduced demand for standard folding gates[13] - Revenue for the six months ended September 30, 2019, was HKD 96,264,000, a decrease of 1.8% from HKD 98,043,000 in the same period of 2018[73] - Revenue from steel and metal engineering services was HKD 83,028,000, an increase from HKD 79,120,000 year-on-year, reflecting a growth of about 3.6%[109] Profitability and Financial Performance - The gross profit for the reporting period decreased by approximately HKD 10.8 million or 29.5%, with the gross profit margin dropping from 37.4% to 25.9%[8] - Gross profit decreased from approximately HKD 36.7 million to approximately HKD 25.9 million, a reduction of about HKD 10.8 million or approximately 29.5%, with the gross margin dropping from about 37.4% to 26.9%[16] - The company's profit attributable to equity shareholders was HKD 9.9 million, a decrease of HKD 4.2 million compared to HKD 14.1 million in the same period last year[22] - Profit before tax decreased to HKD 11,079,000, a decline of 43.2% compared to HKD 19,436,000 in the previous year[73] - Net profit for the period was HKD 8,994,000, down 36.5% from HKD 14,108,000 in the prior year[73] - Basic earnings per share for the period was HKD 1.3, a decrease from HKD 2.5 in the same period last year[73] - Total comprehensive income for the period was HKD 6,054,000, down 46.3% from HKD 11,283,000 in the previous year[75] Costs and Expenses - The group's direct costs amounted to approximately HKD 70.4 million, an increase of about HKD 9.1 million or approximately 14.8% compared to HKD 61.3 million in the same period last year, primarily due to an increase in the number of site workers[14] - Administrative expenses rose from approximately HKD 7.2 million to approximately HKD 14.5 million, an increase of about HKD 7.3 million or approximately 102.2%[19] - Financing costs increased from approximately HKD 46,000 to approximately HKD 894,000, an increase of about HKD 0.8 million, consistent with increased bank borrowings during the reporting period[18] - The total administrative expenses for the six months ended September 30, 2019, were HKD 14,549,000, compared to HKD 7,196,000 in the same period of 2018, indicating an increase of approximately 102.0%[116] Assets and Liabilities - Non-current assets amounted to HKD 21,549,000 as of September 30, 2019, an increase from HKD 17,218,000 as of March 31, 2019[78] - Current assets included trade receivables of HKD 23,236,000, up from HKD 11,241,000 in the previous period[78] - The company’s total liabilities increased to HKD 1,238,000, compared to HKD 262,000 in the previous period, indicating a significant rise in financial obligations[80] - The company’s reserves increased to HKD 239,286,000 from HKD 236,089,000, reflecting a growth of approximately 1.0% in retained earnings[80] - The company reported a net cash outflow from operating activities of HKD 35,150,000 for the six months ended September 30, 2019, compared to a cash inflow of HKD 12,609,000 in the same period last year[87] Strategic Developments - The group has 55 ongoing or upcoming projects with a total contract value of approximately HKD 375.0 million, compared to 46 projects valued at approximately HKD 404.5 million as of March 31, 2019[8] - The group has secured two construction contracts in China with a total contract value of RMB 300 million, located in Zhejiang and Guangdong provinces[12] - The group has commenced its first real estate development project in Foshan, Guangdong, which is expected to contribute to revenue in the third and fourth quarters of the 2020 fiscal year[12] - The group aims to leverage its expertise in the public housing sector to capitalize on future opportunities in the market[9] - The company completed the acquisition of Fujian Hejin Construction Engineering Co., Ltd. for RMB 2,800,000 (approximately HKD 3,276,000) to obtain licenses for construction services in China[40] Shareholder and Capital Management - The board proposed an interim dividend of HKD 0.003 per share for the six months ended September 30, 2019, down from HKD 0.013 for the same period last year[43] - The company paid dividends totaling HKD 3,838,000 during the period, a decrease from HKD 24,000,000 paid in the same period last year, reflecting a strategic shift in capital allocation[87] - A shareholder loan agreement was established on November 11, 2019, for RMB 30 million with a 12% annual interest rate, to be repaid in 24 months[47] - The company has implemented a share option scheme to incentivize eligible participants and retain talent[51] Market Outlook and Risks - The group is optimistic about the construction industry outlook in Hong Kong due to ongoing housing shortages and government initiatives to expedite public housing supply[9] - The company faces foreign exchange risk due to revenue primarily in HKD and costs in RMB, but no significant impact from currency fluctuations was reported during the period[41] - The company has not adopted any currency hedging policies but will continue to monitor foreign exchange risks[41] Employee and Workforce - As of September 30, 2019, the company employed 308 full-time employees, with 151 located in Hong Kong and the remainder in China[46] - Accrued employee costs were reported at HKD 5,063,000, slightly up from HKD 4,943,000 as of March 31, 2019[144]