Revenue and Financial Performance - The revenue from the provision of wet trades works and related ancillary works amounted to approximately HK$110.0 million, representing an increase of approximately HK$23.2 million or 26.8% compared to HK$86.7 million for the year ended December 31, 2023[17]. - The Group's revenue increased by approximately HK$23.3 million or approximately 26.8%, from approximately HK$86.7 million for the year ended 31 December 2023 to approximately HK$110.0 million for the Year[39]. - The gross loss reported for the year was approximately HK$12.9 million, primarily due to competitive project pricing, delays in certification of works, and increased direct costs[17]. - The gross loss for the Year was approximately HK$12.9 million, a decrease of approximately 40.0% from approximately HK$21.5 million for the year ended 31 December 2023, with a gross loss margin of approximately 11.7% compared to 24.8% in the previous year[43]. - Other gains for the Year amounted to a net gain of approximately HK$0.1 million, representing a decrease of approximately 97.3% from a net gain of approximately HK$3.4 million for the year ended 31 December 2023[41]. - Impairment losses under the expected credit loss model for the Year were approximately HK$21.5 million, a decrease of approximately 11.6% from HK$24.3 million for the year ended 31 December 2023[45]. - The net loss attributable to owners of the Company decreased by approximately HK$8.3 million or 16.0% to approximately HK$43.3 million for the Year, mainly due to improvements in gross loss margin and impairment loss allowances[48]. - Administrative expenses for the Year were approximately HK$8.9 million, a decrease of approximately 2.0% from approximately HK$9.1 million for the year ended 31 December 2023, maintaining a stable level[46]. - Finance costs for the Year were approximately HK$214,000, a decrease of approximately 36.3% from approximately HK$336,000 for the year ended 31 December 2023, primarily due to repayment of borrowings[47]. Business Strategy and Expansion - The Group intends to commence a new beauty business, providing high-quality beauty services and nutritional healthcare products, to diversify its income sources[20]. - The Group's strategic focus includes capitalizing on emerging opportunities in the beauty industry due to changing consumer lifestyles and health awareness[20]. - The Group aims to provide better returns to shareholders through diversification of its business operations[21]. - The Group is exploring business opportunities and expanding geographical coverage beyond the Hong Kong market to enhance future development and strengthen revenue bases[21]. - The Group's proactive approach in expanding its service offerings and exploring new business opportunities is aimed at strengthening its revenue base and ensuring long-term growth[32]. - The Group intends to commence a new beauty business focused on comprehensive consumer services, including cosmetics, beauty and skin care products, and health management, with plans to establish joint ventures and physical stores in first- and second-tier cities in China[36]. Market Conditions and Challenges - The Group is facing challenges in the Hong Kong construction market due to a decrease in new construction projects, intense market competition, and increased direct costs impacting gross margin[31]. - The ongoing economic slowdown and slower-than-expected recovery have increased credit risk in the construction industry, leading to potential financial constraints for construction companies[31]. - The Group will continue to monitor market conditions and seek opportunities to expand its customer base and market share in the wet trades works industry[32]. - The Group plans to increase involvement in private sector projects to mitigate reliance on government infrastructure projects[199]. - Demand for residential and commercial buildings is expected to sustain growth in the construction industry, prompting the Group to acquire new machinery[200]. Operational Efficiency and Management - The gross loss margin decreased compared to the previous year, indicating potential improvements in operational efficiency despite the loss[17]. - The Group's management is confident in its competitive position due to its reputation and experienced management team in the wet trades works industry[32]. - The establishment of an online platform to provide information on wet trade services aims to assist customers in reviewing contractor payment requests, leveraging the Group's expertise in construction information technology[35]. - The Group has implemented safety measures, including recruiting safety officers and conducting semi-annual safety audits, to minimize industrial accidents[197]. - The Group conducts regular aging analysis of receivables to manage financial liquidity and understand customer solvency[198]. Shareholder and Corporate Governance - The Board has resolved not to recommend the declaration of a final dividend to shareholders for the year[77]. - The Company has adopted a Dividend Policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[139]. - The Board will consider various factors, including the Group's financial condition and market conditions, when deciding on dividend proposals[147]. - The Company considers all independent non-executive Directors to be independent under the Listing Rules, with annual confirmations of independence received[131]. - Each controlling shareholder has complied with non-competition undertakings during the year[151]. - The Company has arranged for appropriate insurance coverage for Directors' and officers' liabilities arising from corporate activities[156]. Employee and Management Contracts - The total staff costs for the year were approximately HK$5.0 million, down from approximately HK$5.6 million for the year ended December 31, 2023[74]. - The Group employed a total of 13 employees as of December 31, 2024, compared to 14 employees as of December 31, 2023[74]. - The service contracts for executive Directors are typically for a term of three years, with a notice period of not less than three months for termination[132]. - Ms. Zhang Lingke has entered into a service contract for an initial term of 2 years starting from October 21, 2024, with automatic renewal for 1 year[133]. - Mr. Zhu Qi has a service contract for an initial term of 2 years starting from November 29, 2024, also with automatic renewal for 1 year[133]. - Ms. Ding Xin has a letter of appointment for a term of 1 year, subject to termination with one month's notice[133]. Share Option Scheme - The Company adopted a share option scheme on July 22, 2019, to incentivize directors and employees[107]. - The total number of shares available for issue under the Share Option Scheme is 26,000,000 Shares, representing approximately 8.33% of the Shares in issue after the ten-to-one Share Consolidation effective on August 15, 2023[113]. - No options have been granted under the Share Option Scheme since its adoption, resulting in no options being exercised, cancelled, or lapsed during the year, and no options outstanding as of December 31, 2024[118]. - The maximum entitlement of each participant under the Share Option Scheme is limited to 1% of the Shares in issue as at the date of grant, requiring shareholder approval for any further grants exceeding this limit[114]. - The remaining life of the Share Option Scheme is approximately 4 years and 4 months as of the date of the annual report[123]. - Each eligible participant must accept the offer of the grant of a share option within 21 days, with a consideration of HK$1.00 for each option[116]. - The subscription price for any share option granted must not be less than the highest of the closing price on the date of grant, the average closing price for the five trading days preceding the grant, or the nominal value of a Share[117]. Shareholding Structure - As of December 31, 2024, Mr. Adam Cheung holds a long position of 195,000,000 shares, representing 62.5% of the company's shareholding[163]. - Wonderful Renown Limited, a corporation beneficially owned by Mr. Adam Cheung (84%) and Ms. LC Cheung (16%), holds 195,000,000 shares, equating to 62.5% of the total issued share capital[171]. - Ms. LC Cheung and Ms. Chan Shui King also have interests in the same 195,000,000 shares, each representing 62.5% of the company's shareholding[171]. - No other directors or chief executives reported interests or short positions in the shares or underlying shares of the company as of the report date[166]. - The company did not purchase, sell, or redeem any of its listed securities during the year[173]. - There were no arrangements for directors to acquire benefits through the acquisition of shares or debentures of the company during the year[174]. - No substantial shareholders other than those disclosed hold interests or short positions in the shares or underlying shares of the company as of December 31, 2024[172]. - The company has not been notified of any additional interests or short positions in its shares that would require disclosure under the SFO provisions[172]. Customer and Revenue Concentration - The largest customer accounted for 24.1% of total revenue for the year ended December 31, 2024, down from 80.8% in the previous year[179]. - The five largest customers collectively represented 59.8% of total revenue for the year ended December 31, 2024, compared to 97.7% in 2023[179]. - The largest cost of services incurred accounted for 53.4% of total service costs for the year ended December 31, 2024, a decrease from 85.9% in 2023[179]. - The five largest costs of services collectively represented 90.8% of total service costs for the year ended December 31, 2024, compared to 81.8% in 2023[179]. Compliance and Regulatory Matters - The Group has maintained a sufficient amount of public float for its shares as required under the Listing Rules during the year[188]. - The Group's operational results may vary significantly due to factors such as political and economic environment, competitiveness, and subcontractor performance[192].

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之內容概不負 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 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Wacan Group Company Limited 中國網成集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1920） 截至二零二四年十二月三十一日止年度之 年度業績公告 中國網成集團有限公司（前稱恆新豐控股有限公司）（「本公司」）董事（「董事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 四 年 十 二 月 三十一日止年度之綜合財務報表如下： 綜合損益及其他全面收益表 截至二零二四年十二月三十一日止年度 | | | | | | 二零二四年 | 二零二三年 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 附 註 | 千港元 | 千港元 | | 收 | 益 | | | 3 | 109,950 | 86,702 | | 服務成本 | | | | | ...

恒新豐控股有限公司 HANDS FORM HOLDINGS LIMITED (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：1920 2024 INTERIM REPORT 中期報告 二零二四年中期報告 恆新豐控股有限公司 | --- | --- | --- | |-------------------------------------------------------------------------------------|------------------------------|-------| | | CONTENTS | 目錄 | | Corporate Information | 公司資料 | 2 | | Management Discussion and Analysis | 管理層討論及分析 | 4 | | Condensed Consolidated Statement of Profit or Loss and Other Comprehens ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 38,368,000, a decrease of 6.8% from HKD 41,235,000 in the same period of 2023[9] - Gross loss for the period was HKD 13,699,000, compared to a gross loss of HKD 14,938,000 in the previous year, indicating an improvement[1] - The company reported a pre-tax loss of HKD 25,467,000, which is a 10.9% increase from a pre-tax loss of HKD 22,960,000 in the prior year[1] - Basic loss per share for the six months was HKD 0.0816, slightly improved from HKD 0.0869 in the same period last year[2] - The company reported a loss attributable to owners of HKD 25,467,000 for the six months ended June 30, 2024, compared to a loss of HKD 22,960,000 in the same period of 2023[24] - The net loss attributable to the company's owners was approximately 25.5 million HKD for the review period, compared to a net loss of approximately 23.0 million HKD for the six months ended June 30, 2023[47] Assets and Liabilities - Total current assets decreased to HKD 40,379,000 from HKD 64,120,000, reflecting a decline of 37.0%[3] - The net asset value dropped to HKD 27,701,000 from HKD 53,168,000, a decrease of 47.9%[3] - Trade receivables increased to HKD 7,303,000 from HKD 5,512,000, representing a growth of 32.5%[3] - Trade receivables increased to HKD 7,615,000 as of June 30, 2024, compared to HKD 5,824,000 as of December 31, 2023, representing a growth of 30.7%[29] - Contract assets amounted to HKD 23,388,000 as of June 30, 2024, up from HKD 23,111,000 as of December 31, 2023, indicating a slight increase of 1.2%[31] - The company recorded a total of HKD 12,352,000 in trade payables as of June 30, 2024, compared to HKD 7,164,000 as of December 31, 2023, reflecting an increase of 72.5%[34] - As of June 30, 2024, the group's bank balances and cash totaled approximately 435,000 HKD, compared to about 18.6 million HKD as of December 31, 2023[48] - The total borrowings of the group as of June 30, 2024, were approximately 5.8 million HKD, down from about 9.6 million HKD as of December 31, 2023[48] - The debt-to-equity ratio was approximately 21.0%, an increase from 18.1% as of December 31, 2023, primarily due to accumulated losses[52] Expenses and Costs - The company incurred a depreciation expense of HKD 933,000 for property, plant, and equipment during the six months ended June 30, 2024, compared to HKD 1,399,000 for the same period in 2023[20] - The total employee costs for the six months ended June 30, 2024, amounted to HKD 2,535,000, down from HKD 3,079,000 in the previous year[22] - Short-term benefits for key management personnel decreased to HKD 390,000 in the first half of 2024 from HKD 504,000 in the same period of 2023, a decline of 22.5%[37] - Total employee costs for the review period were approximately HKD 2.5 million, down from HKD 3.1 million for the six months ended June 30, 2023[53] - Administrative expenses decreased by approximately 14.4% to about 3.8 million HKD from approximately 4.4 million HKD for the six months ended June 30, 2023[45] - Financing costs increased by approximately 25.6% to about 255,000 HKD from approximately 203,000 HKD for the six months ended June 30, 2023[46] Corporate Governance and Compliance - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[23] - The audit committee has reviewed and approved the interim financial results, ensuring compliance with applicable accounting standards and regulations[59] - The company continues to comply with corporate governance codes, with the chairman also serving as the CEO, which the board believes is in the best interest of the group[55] Business Operations and Strategy - The company continues to focus on providing construction services and construction information technology services, with no new products or technologies reported in this period[4] - The group is actively seeking opportunities to expand its customer base and market share in the mud engineering sector[41] - The group is exploring business opportunities outside the Hong Kong market to enhance future development and solidify its revenue base[41] - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[52] - The group has no plans for significant investments or capital assets as of the announcement date[52] Financial Management - The company recorded a financing cost of HKD 255,000 for bank borrowings in the six months ended June 30, 2024, compared to HKD 203,000 in the same period of 2023[21] - The group has adopted a prudent financial management approach to ensure liquidity and meet funding needs[49] - The group has not utilized any financial instruments to hedge foreign exchange risks, as most transactions and assets are denominated in HKD[51] - The group has maintained a stable workforce of 14 employees as of June 30, 2024, consistent with the previous reporting period[53] - The company has established an online platform since 2021 to facilitate payment applications using its database, enhancing operational efficiency[38]

Financial Performance - The Group's revenue for the year ended December 31, 2023, was approximately HK$86.7 million, a decrease of approximately HK$35.8 million or 29.2% compared to HK$122.5 million for the year ended December 31, 2022[13]. - The gross loss reported for the year was approximately HK$21.5 million, primarily due to competitive project pricing, delays in certification of works, and increased direct costs[13]. - The gross loss for the Year amounted to approximately HK$21.5 million, a decrease of approximately 24.9% compared to a gross loss of approximately HK$28.6 million in 2022[40]. - The gross loss margin for the Year was approximately 24.8%, compared to approximately 23.4% in 2022[40]. - Other gains for the Year amounted to a net gain of approximately HK$3.4 million, representing an increase of approximately 293.5% compared to a net loss of approximately HK$1.8 million in 2022[41]. - Administrative expenses increased by approximately 15.8% to approximately HK$9.1 million, up from approximately HK$7.9 million in 2022[42]. - The net loss attributable to owners of the Company for the year was approximately HK$51.6 million, a decrease of approximately HK$4.6 million or approximately 8.2% from approximately HK$56.2 million for the year ended December 31, 2022[49]. - The gearing ratio as of December 31, 2023, was approximately 18.1%, compared to approximately 9.3% as of December 31, 2022[66]. Market Conditions - Hong Kong's GDP grew by 3.2% year-on-year in 2023, driven by the recovery of inbound tourism and private consumption, but ongoing global demand weakness and tightened monetary conditions limited a full rebound[17]. - The economic outlook for Hong Kong in 2024 is expected to remain positive but at a slower pace, supported by resilient consumption and government stimulus[17]. - The recent relaxation of property cooling measures in Hong Kong has positively impacted the property market, although economic performance is heavily reliant on the Mainland economy[17]. - The Group's management acknowledges the ongoing external and domestic uncertainties that may prolong the resolution of current challenges[17]. Business Strategy - The Group is exploring business opportunities and expanding geographical coverage beyond the Hong Kong market to enhance future development and strengthen revenue bases[18]. - The Group anticipates that diversification of its business will provide better returns to shareholders[18]. - The Group plans to maintain its market share by closely monitoring market conditions and improving competitiveness through quality work[34]. - The Group anticipates continued government investment in infrastructure despite challenges in the construction market due to increased competition from Mainland China companies[33]. Human Resources - As of December 31, 2023, the Group employed a total of 14 employees, down from 16 employees as of December 31, 2022[79]. - Total staff costs for the year were approximately HK$5.6 million, compared to approximately HK$5.3 million for the year ended December 31, 2022, reflecting a year-on-year increase of about 5.66%[79]. - The Group has not experienced significant problems with employees due to labor disputes, nor difficulties in recruitment and retention of experienced staff during the year[81]. - The Group's human resource management aims to reward and recognize well-performing staff through competitive remuneration and performance appraisal systems[101]. Share Option Scheme - The Company has adopted a share option scheme to incentivize Directors and eligible employees, which is valid for ten years starting from July 22, 2019[114]. - The maximum number of shares available for issue under the Share Option Scheme is 26,000,000 shares, approximately 8.33% of the shares in issue as of December 31, 2023[122]. - The maximum entitlement of each participant under the Share Option Scheme is limited to 1% of the shares in issue at the date of grant, requiring shareholder approval for any excess[124]. - The subscription price for any share option granted under the Share Option Scheme must not be less than the highest of the closing price on the date of grant, the average closing price for the five trading days preceding the grant, or the nominal value of a share[131]. - As of the date of the annual report, the remaining life of the Share Option Scheme is approximately 5 years and 3 months, with no options granted or exercised during the year[132]. - The Company has no outstanding options as of December 31, 2023, as none were granted since the adoption of the Share Option Scheme[132]. Customer and Supplier Relationships - The Group's major customers include construction work companies engaged in public and/or private construction projects in Hong Kong, with long-term business relationships established[102]. - The Group has developed long-standing relationships with sub-contractors and suppliers, ensuring quality and sustainable goods and services[103]. - The largest customer accounted for approximately 80.8% of total revenue for the year ended December 31, 2023, compared to 49.0% in the previous year[192]. - The five largest customers collectively contributed 97.7% of total revenue for the year ended December 31, 2023, slightly down from 98.0% in 2022[192]. Corporate Governance - The Board has resolved not to recommend the declaration of a final dividend to shareholders for the year[82]. - As of December 31, 2023, there are no reserves available for distribution to shareholders, a decrease from HK$72.2 million in 2022[112]. - The Company has adopted a dividend policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[142]. - In deciding whether to propose a dividend, the Board will consider the general financial condition of the Group[143]. - The Board will review the dividend policy periodically, but there is no assurance that dividends will be proposed or declared in any specific periods[149]. Related Party Transactions - All related party transactions of the Group are fully exempted from independent Shareholders' approval and disclosure requirements[195]. - There were no significant transactions, arrangements, or contracts related to the Group's business involving Directors or controlling shareholders during the year[157]. - The company has not disclosed any loans or significant transactions involving Directors or their connected entities during the year[152].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 86,702,000, a decrease of 29.3% from HKD 122,517,000 in 2022[2] - Cost of services for the same period was HKD 108,191,000, down 28.5% from HKD 151,145,000 in 2022[2] - The gross loss for the year was HKD 21,489,000, compared to a gross loss of HKD 28,628,000 in 2022, representing a 25.2% improvement[2] - The company reported a loss before tax of HKD 51,618,000 for the year, slightly improved from a loss of HKD 56,310,000 in 2022[2] - Basic loss per share for the year was HKD 16.54, compared to HKD 19.49 in 2022, indicating a reduction in loss per share by 15.1%[2] - The company reported a loss of HKD 51,618,000 in 2023, an improvement from a loss of HKD 56,203,000 in 2022, indicating a reduction in losses of approximately 8%[46] - The net loss attributable to shareholders decreased by approximately 4.6 million HKD or about 8.2% to approximately 51.6 million HKD for the year, compared to a net loss of approximately 56.2 million HKD in the previous year[64] Assets and Liabilities - Total assets decreased to HKD 71,757,000 in 2023 from HKD 123,936,000 in 2022, a decline of 42.1%[3] - The net asset value decreased to HKD 53,168,000 in 2023 from HKD 104,786,000 in 2022, a decline of 49.3%[3] - The company's total liabilities classification will not be affected by the application of the amendments to accounting standards as of December 31, 2023[26] - The asset-liability ratio was approximately 18.1%, up from 9.3% on December 31, 2022[72] - The total borrowings of the group were approximately 9.6 million HKD as of December 31, 2023, compared to approximately 9.7 million HKD as of December 31, 2022[67] Cash Flow and Financial Position - Cash and cash equivalents increased to HKD 18,600,000 in 2023 from HKD 14,006,000 in 2022, an increase of 32.5%[3] - Interest income increased to HKD 112,000 in 2023 from HKD 35,000 in 2022, representing a growth of 220%[39] - The gain from the sale of properties, plants, and equipment was HKD 3,314,000 in 2023, compared to a loss of HKD 1,881,000 in 2022, indicating a significant turnaround[39] - The net trade receivables decreased to HKD 5,512,000 in 2023 from HKD 6,472,000 in 2022, a decline of approximately 15%[48] - The group had pledged financial assets valued at approximately HKD 2.7 million as of December 31, 2023, compared to HKD 2.6 million on December 31, 2022[69] Revenue Segmentation - The construction services segment generated revenue of HKD 86,336 thousand in 2023, down from HKD 121,720 thousand in 2022, reflecting a decline of 29.1%[31] - The construction information technology services segment recorded a revenue of HKD 366 thousand in 2023, down from HKD 797 thousand in 2022, representing a decline of 54.0%[31] - Revenue from Customer I accounted for HKD 70,089 thousand in 2023, up from HKD 60,047 thousand in 2022, reflecting an increase of 16.9%[37] - The group did not report any inter-segment sales, with all reported segment revenues derived from external customers[31] Employee and Administrative Expenses - The total employee benefits expenses rose to HKD 5,584,000 in 2023 from HKD 5,294,000 in 2022, an increase of about 5%[43] - The total employee cost for the year was approximately HKD 5.6 million, compared to HKD 5.3 million for the year ending December 31, 2022[79] - Administrative expenses increased by approximately 15.8% to about 9.1 million HKD from approximately 7.9 million HKD in the previous year, primarily due to increased administrative costs allocated to employees[62] - The group employed a total of 14 employees as of December 31, 2023, down from 16 employees as of December 31, 2022[79] Accounting Standards and Policies - The company has adopted new accounting standards, which may impact future financial reporting but did not have a significant effect on the current year's results[9] - The application of the revised Hong Kong Financial Reporting Standard No. 17 has been postponed to January 1, 2023, or later for the first reporting period[11] - The group has contracts that meet the definition of insurance contracts under Hong Kong Financial Reporting Standard No. 17, but these contracts are explicitly excluded from its scope, resulting in no significant impact on the consolidated financial statements for the year[12] - The group has adopted the revised definition of accounting estimates under Hong Kong Accounting Standard No. 8, which clarifies the distinction between changes in accounting estimates and changes in accounting policies[13] - The application of the revised Hong Kong Accounting Standard No. 1 and the practical guide has not had a significant impact on the group's financial position and performance, but it has affected the disclosure of accounting policies in the consolidated financial statements[16][17] - The accounting policy changes during the year did not have a significant impact on the consolidated financial statements[22] - The group does not anticipate that the newly issued and revised Hong Kong Financial Reporting Standards will have a significant impact on the consolidated financial statements in the foreseeable future[23] Corporate Governance and Future Outlook - The audit committee was established on July 22, 2019, consisting of three independent non-executive directors to review internal controls, risk management, and financial reporting[90] - The preliminary announcement of the consolidated financial statements for the fiscal year ending December 31, 2023, was agreed upon by the auditors, confirming consistency with the audited financial statements approved by the board on March 26, 2024[91] - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website[93] - The group is actively seeking opportunities to expand its customer base and market share in the civil engineering sector[57] - The group has established an online platform to assist clients in reviewing contractor payment requests, leveraging its expertise in providing information technology solutions for civil engineering payment requests[54] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[74] - The group did not hold any significant investments during the year[76] - The group maintained sufficient public float as required by the listing rules[89] - The group did not encounter any significant labor disputes or difficulties in hiring and retaining experienced staff during the year[80] - The board has resolved not to recommend a final dividend for the year[81]

Financial Performance - The Group's revenue decreased by approximately HK$2.6 million or approximately 6.0%, from approximately HK$43.9 million for the six months ended June 30, 2022, to approximately HK$41.2 million for the Review Period [31]. - The gross loss for the Review Period amounted to approximately HK$14.9 million, representing a decrease of approximately 39.8% compared to approximately HK$24.8 million for the six months ended June 30, 2022 [32]. - The gross loss margin for the Review Period was approximately 36.2%, down from approximately 56.6% for the six months ended June 30, 2022, indicating improved cost control [32]. - The net loss attributed to owners of the Company was approximately HK$23.0 million for the Review Period, an improvement from a net loss of approximately HK$34.7 million for the six months ended June 30, 2022 [41]. - Loss before tax for the period was approximately HK$23.0 million, compared to a loss of approximately HK$34.8 million for the same period in 2022, indicating a reduction in losses [71]. - The company reported a loss before tax of HK$22,960,000 for the six months ended June 30, 2023, an improvement from a loss of HK$34,796,000 in the same period of 2022, reflecting a reduction of approximately 34% [79]. - Operating cash flow before movement in working capital was negative at HK$17,786,000, compared to negative HK$28,246,000 in the prior year, showing an improvement of about 37% [79]. - Cash and cash equivalents at the end of the period decreased to HK$7,797,000 from HK$14,006,000, a decline of approximately 44% [81]. Market Conditions - The construction market in Hong Kong is facing challenges due to high competition, which is expected to pressure the Group's profit margins for new projects [25]. - The overall business environment has gradually improved, yet the Group's tendering results remain unsatisfactory due to intense market competition [25]. - The easing of COVID-19-related restrictions has not yet translated into significant economic benefits for the construction industry [23]. - The Directors anticipate that the construction industry will continue to face a difficult and challenging business environment [24]. Operational Developments - The Group established an online platform to assist subscribers in managing payment requests for wet trade services, enhancing operational efficiency during the Review Period [22]. - The Group's expertise in providing wet trade solutions has been leveraged to create a database for payment applications, aiming to improve service delivery [12]. - The Group's ongoing projects include a wide range of specialties, such as brick work, plastering, and tiling, reflecting its diverse capabilities in the wet trades sector [13]. - The Group plans to explore business opportunities and expand geographical coverage beyond the Hong Kong market to enhance future development and strengthen revenue bases [30]. - The Group aims to maintain market share in the wet trades works industry by improving competitiveness and seeking opportunities to expand its customer base [29]. Financial Position - As of June 30, 2023, the Group's total bank balances and cash amounted to approximately HK$7.8 million, a decrease from approximately HK$14.0 million as of December 31, 2022 [50]. - The total borrowings of the Group remained stable at approximately HK$9.7 million as of June 30, 2023, consistent with the figure from December 31, 2022 [50]. - The gearing ratio increased to approximately 11.8% as of June 30, 2023, up from approximately 9.3% as of December 31, 2022, primarily due to an increase in accumulated losses [54]. - As of June 30, 2023, the company's net assets decreased to HK$81,826,000 from HK$104,786,000 as of December 31, 2022, representing a decline of approximately 22% [74]. - The total equity attributable to owners of the company fell to HK$81,826,000, down from HK$104,786,000, indicating a decrease of about 22% [76]. - The company’s reserves decreased significantly from HK$73,586,000 to HK$50,626,000, a reduction of approximately 31% [76]. Revenue and Income - For the six months ended June 30, 2023, total revenue was HK$41,235,000, a decrease of 6.0% from HK$43,881,000 in the same period of 2022 [102]. - Construction Services revenue decreased to HK$40,869,000, down 6.0% from HK$43,564,000 year-on-year [109]. - Public sector projects contributed HK$33,493,000 to Construction Services, an increase of 24.5% from HK$26,868,000 in 2022 [102]. - Other income increased significantly by approximately 12,628.1% to approximately HK$4.1 million, primarily due to increased government subsidies and gains from the disposal of property, plant, and equipment [38]. - Interest income for the period was HK$72,000, with unallocated other income amounting to HK$3,917,000 [109]. Staff and Management - Total staff costs for the Review Period amounted to approximately HK$3.1 million, an increase from approximately HK$2.9 million in the previous year [64]. - The remuneration for key management personnel increased to HK$1,503,000 in the six months ended June 30, 2023, compared to HK$1,386,000 in the same period of 2022, reflecting a rise of approximately 8.4% [179]. - The group’s short-term benefits for key management personnel increased to HK$1,462,000 in the first half of 2023, up from HK$1,345,000 in the same period of 2022, marking an increase of approximately 8.7% [179]. Shareholder Information - Mr. Adam Cheung holds a long position of 1,950,000,000 shares, representing 62.5% of the company's shareholding [190][198]. - Wonderful Renown, a direct shareholder of the company, is beneficially owned 84% by Mr. Adam Cheung and 16% by Ms. LC Cheung, collectively controlling 62.5% of the entire issued share capital [199]. - The company reported no significant changes in the interests of substantial shareholders as of June 30, 2023 [196]. Future Outlook - The company provided a future outlook with a revenue guidance of HKD 2.5 billion for the full year, representing a 20% increase compared to 2022 [200]. - Overall, the company remains optimistic about achieving double-digit growth in the next fiscal year [200].

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之內容概不負 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 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HANDS FORM HOLDINGS LIMITED 恆新豐控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號: 1920) 截至二零二三年六月三十日止六個月之 中期業績公告 恆新豐控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司及其 附屬公司（統稱為「本集團」）截至二零二三年六月三十日止六個月（「回顧期間」） 之未經審核簡明綜合中期財務報表如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 收益 3A 41,235 43,881 服務成本 (56,173) (68,713) 毛損 (14,938) (24,832) 其他收入 4 4,073 32 ...

Financial Performance - The revenue from wet trades works and related ancillary works amounted to approximately HK$122.5 million, representing an increase of approximately HK$5.1 million or 4.3% compared to HK$117.5 million in 2021[18]. - The gross loss reported for the year was approximately HK$28.6 million, primarily due to competitive project pricing, delays in certification of works, and increased direct costs[18]. - The Group's revenue increased by approximately HK$5.1 million or approximately 4.3%, from approximately HK$117.5 million for the year ended 31 December 2021 to approximately HK$122.5 million for the Year[45]. - The gross loss for the Year was approximately HK$28.6 million, a decrease of approximately 54.9% compared to HK$63.5 million for the year ended 31 December 2021, with a gross loss margin improving to approximately 23.4% from 54.0%[50]. - Other income and losses resulted in a net loss of approximately HK$1.7 million, a decrease of approximately 1,014.2% compared to a net loss of approximately HK$190,000 for the previous year, mainly due to a one-off loss on disposals of property, plant, and equipment[47]. - The net loss attributable to owners of the Company decreased by approximately HK$27.0 million or 32.4% to approximately HK$56.2 million for the Year, driven by improved gross loss margin[55]. Operational Challenges - The Group incurred additional costs for safe management measures on site due to COVID-19, impacting operational efficiencies and project completion[23]. - The outlook for the industry remains difficult, with economic uncertainties potentially affecting short-term performance[23]. - The construction industry in Hong Kong remains challenged due to COVID-19-related restrictions, impacting cash flows and project timelines[39]. - The Group's profit margin for new projects is under pressure due to high competition in the Hong Kong construction industry[39]. - The Group's gross profit margin is affected by competitive project pricing, which impacts overall financial performance[39]. Strategic Initiatives - The Group has been exploring business opportunities beyond the Hong Kong market to enhance future development and strengthen revenue bases[24]. - The Group aims to diversify its business to provide better returns to shareholders[24]. - The Group aims to diversify its business and expand beyond the Hong Kong market to enhance future development and shareholder returns[26]. - The Group established an online platform to assist customers in reviewing contractor payment requests, leveraging its expertise in passive wet trade payment request information technology solutions[41]. - The Group will continue to monitor market conditions closely and respond to changes to maintain its market share in the wet trades works industry[40]. Financial Position - As of 31 December 2022, the original contract sum of ongoing projects amounted to approximately HK$280.2 million, and HK$289.3 million as of the report date[32]. - The Group is currently bidding for six projects with an estimated total contract sum of approximately HK$319.2 million[32]. - As of 31 December 2022, the Group had total bank balances of approximately HK$14.0 million, an increase from approximately HK$9.6 million as of 31 December 2021[57]. - The total borrowings of the Group decreased to approximately HK$9.7 million from approximately HK$16.3 million, with all borrowings denominated in Hong Kong dollars[57]. - The gearing ratio as of December 31, 2022, was approximately 9.3%, a decrease from 11.2% as of December 31, 2021[71]. Shareholder Information - The Board resolved not to recommend the declaration of a final dividend for the year[88]. - The Company has adopted a dividend policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[151]. - The Board will consider the general financial condition, capital and debt levels, and future cash requirements when proposing dividends[155]. - As of December 31, 2022, Mr. Adam Cheung holds a long position of 1,950,000,000 shares, representing 62.5% of the company's shareholding[179]. - Wonderful Renown Limited, which is 84% owned by Mr. Adam Cheung, is the direct shareholder of the 1,950,000,000 shares[181]. Corporate Governance - All independent non-executive Directors confirmed their independence under the Listing Rules[148]. - The Company has arranged for insurance coverage for Directors' and officers' liabilities arising from corporate activities[174]. - Each executive Director has a service contract with a term of three years, while independent non-executive Directors have a one-year appointment[149]. - No early termination of Directors' appointments occurred during the year, and no termination benefits were provided[160]. - The independent non-executive Directors reviewed compliance with non-competition undertakings and confirmed no breaches[168].

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之內容概不負責， 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 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HANDS FORM HOLDINGS LIMITED 恆新豐控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1920） 截至二零二二年十二月三十一日止年度之 年度業績公告 恆新豐控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度（「本年度」）之 綜合財務報表如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 3 122,517 117,456 服務成本 (151,145) (180,916) ...