Financial Performance - The Group's revenue for the six months ended 30 November 2024 was approximately HK$108.1 million, a decrease from approximately HK$123.6 million for the same period in 2023, representing a decline of about 12.1%[14] - Loss attributable to equity shareholders for the six months ended 30 November 2024 was HK$12.4 million, improved from a loss of HK$20.0 million for the same period in 2023, indicating a reduction of approximately 38%[14] - Loss per share for the six months ended 30 November 2024 was HK4.4 cents, compared to HK8.4 cents for the same period in 2023, reflecting a decrease of approximately 47.6%[14] - The Group recorded revenue from marine construction works of approximately HK$85.0 million, representing a decrease of approximately 25.6% compared to HK$114.2 million in the prior period[19] - The gross loss from marine construction works was approximately HK$8.8 million, a 38.9% decrease from a gross loss of approximately HK$14.4 million in the corresponding prior period[20] - Revenue from other civil engineering works amounted to approximately HK$16.7 million, an increase from approximately HK$5.4 million in the prior period, primarily due to the progress of the Three-runway system project at Chek Lap Kok Airport[26] - The Group's loss before taxation was HK$12,783,000, a significant improvement from HK$20,537,000 in the previous year[83] - The company reported a loss of HK$12,443,000 for the six months ended November 30, 2024, compared to a loss of HK$20,029,000 for the same period in 2023, reflecting an improvement of approximately 37.9%[88] Dividends and Share Capital - The Board does not recommend any interim dividend for the six months ended 30 November 2024[14] - The company issued 33,120,000 new shares on 20 September 2024, raising approximately HK$3.3 million[52] - No interim dividend was declared for the period, consistent with the prior period[53] - The company increased its authorized ordinary share capital by 1,200,000,000 shares, approved at the AGM on 22 November 2024[155] - The issued and fully paid ordinary shares increased from 266,880,000 to 300,000,000 shares following the allotment of 33,120,000 shares on 12 September 2024[155] Project and Operational Updates - The Group has maintained its position as the main contractor for two marine construction projects with a combined contract sum of approximately HK$261.4 million awarded in the previous year[15] - The Group undertook 10 projects with an aggregate initial contract sum of approximately HK$398.2 million, of which five projects were completed during the period[31] - As of 30 November 2024, the Group had five ongoing projects with an aggregate initial contract sum of approximately HK$310.2 million[31] - The completion of one significant project was delayed due to the persistent occupation of working areas by other vessels, impacting revenue generation[23] - The challenges faced during pier reconstruction, including adverse weather conditions, have led to increased costs and resource utilization issues[20] Business Diversification and Strategy - To mitigate risks, the Group has launched a new health and wellness services segment to diversify its business portfolio and enhance resilience against market volatility[16] - The Group's management has launched a new wellness service division to diversify income sources and reduce reliance on marine construction projects[17] - The Group aims to enhance its resilience and profitability amid market volatility through strategic expansion into new service areas[17] Financial Position and Cash Flow - Cash and bank balances as of 30 November 2024 were approximately HK$29.6 million, up from HK$25.8 million as of 31 May 2024[51] - Non-current liabilities decreased to approximately HK$5.9 million from HK$6.7 million as of 31 May 2024[51] - Total assets decreased to HK$102,868,000 from HK$117,465,000 as of May 31, 2024, representing a decline of approximately 12.4%[86] - Net current assets as of November 30, 2024, were HK$36,332,000, down from HK$39,050,000 as of May 31, 2024, indicating a decrease of about 6.9%[86] - Cash and cash equivalents at the end of the period were HK$29,599,000, a decrease from HK$47,784,000 at the end of the same period in 2023, representing a decline of about 38.0%[92] - The company generated net cash of HK$3,758,000 from investing activities for the six months ended November 30, 2024, compared to HK$5,318,000 for the same period in 2023, a decrease of approximately 29.3%[92] Governance and Compliance - The company has complied with the provisions set out in the Corporate Governance Code during the reporting period[160] - The total number of independent non-executive Directors was reduced to two after Mr. Luo Sheng's resignation on August 1, 2024, which is less than the required three under Rule 3.10 of the Listing Rules[161] - The number of members in the Audit Committee, Remuneration Committee, and Nomination Committee also fell to two, below the minimum required under Rule 3.21 of the Listing Rules[163] - Mr. Hu Ziyu was appointed as an independent non-executive Director on October 18, 2024, bringing the Company back into compliance with Rules 3.10 and 3.21[165] Employee and Share Option Information - The Group's total staff costs for the period amounted to approximately HK$28.9 million, up from HK$25.8 million for the six months ended 30 November 2023, representing an increase of 12%[65] - Directors' emoluments for the six months ended 30 November 2024 amounted to HK$1,357,000, a decrease from HK$1,746,000 in the same period of 2023, reflecting a reduction of approximately 22%[159] - A total of 22,240,000 share options were granted on September 16, 2024, representing 10% of the shares in issue as of the 2020 Adoption Date[171] - The 2020 Share Option Scheme was terminated during an extraordinary general meeting held on November 22, 2024[175] - The 2024 Share Option Scheme was approved on November 22, 2024, and aims to attract and retain high-caliber personnel for the group[182]

Revenue Performance - Revenue for the year ended May 31, 2024, was approximately HKD 223.3 million, an increase of about 12.8% compared to HKD 198.0 million in the previous fiscal year[1] - Revenue from the maritime construction segment was approximately HKD 186.4 million, a significant increase of 209.8% from HKD 60.2 million in the previous fiscal year[1] - Revenue from the civil engineering segment decreased by 91.1% to approximately HKD 10.8 million, down from HKD 122.1 million in the previous fiscal year[1] - Revenue from the vessel leasing services segment increased by 36.2% to approximately HKD 21.5 million, compared to HKD 15.8 million in the previous fiscal year[1] - Total revenue for the group reached HKD 223,331,000 in 2024, compared to HKD 198,025,000 in 2023, marking an increase of 12.8%[11] - Revenue from maritime construction increased significantly to HKD 186,432,000 in 2024 from HKD 60,184,000 in 2023, representing a growth of 209%[11] - Revenue from ship leasing services generated revenue of HKD 21,470,000 in 2024, up from HKD 15,763,000 in 2023, reflecting a growth of 36.3%[11] - Revenue from external customers in Hong Kong was HKD 218,706 thousand, up from HKD 198,025 thousand, reflecting a growth of 10.4%[17] - Revenue from external customers in China was HKD 4,625 thousand, with no revenue reported in the previous year[17] Financial Losses and Improvements - The company reported a net loss attributable to owners of approximately HKD 44.1 million, an improvement from a net loss of HKD 87.1 million in the previous fiscal year[1] - Basic and diluted loss per share for the year was approximately HKD 17.42, compared to HKD 39.14 in the previous fiscal year[3] - The group reported a net loss of approximately HKD 44,136,000 and negative operating cash flow of HKD 26,696,000 for the year ending May 31, 2024[9] - The group experienced a gross loss of HKD 31,864,000 for the year ending May 31, 2024, compared to a gross loss of HKD 62,337,000 in 2023, indicating an improvement[14] - The comprehensive loss before tax was HKD (45,890) thousand, significantly reduced from HKD (88,915) thousand, indicating a decrease of approximately 48.3%[16] - The group incurred a gross loss of approximately HKD 32.8 million in maritime construction, an improvement from a gross loss of HKD 42.3 million in the prior year[36] - The group incurred a gross loss of approximately HKD 9.3 million in other civil engineering, an improvement from a gross loss of about HKD 22.5 million in the previous year[37] - The company reported a basic loss per share of HKD (44,136) thousand, an improvement from HKD (87,050) thousand in the previous year[23] Assets and Liabilities - Total assets less current liabilities amounted to HKD 80.649 million, down from HKD 116.904 million in the previous fiscal year[4] - The company’s cash and cash equivalents were approximately HKD 25.822 million, a decrease from HKD 33.687 million in the previous fiscal year[4] - Trade receivables increased to HKD 24,460 thousand from HKD 4,164 thousand, showing a substantial rise of 485.5%[27] - As of May 31, 2024, the group's trade receivables balance includes overdue accounts totaling HKD 5,310,000, compared to approximately HKD 1,577,000 in 2023[29] - For the year ending May 31, 2024, trade payables amounted to HKD 25,106,000, a significant increase from HKD 7,824,000 in 2023[30] Operational Strategies and Future Plans - The group plans to implement strategies to enhance cash flow, including efforts to recover trade receivables and control administrative costs[9] - The group is considering fundraising activities, such as share placements, to strengthen its capitalization[9] - The group has ongoing maritime construction projects, with five projects currently in progress as of May 31, 2024[36] - The group was awarded contracts totaling approximately HKD 261.4 million in the previous year, maintaining its status as a main contractor for two maritime construction projects[35] Corporate Governance and Compliance - The company has committed to maintaining high standards of corporate governance and has complied with the corporate governance code during the year[58] - The board will seek to appoint replacements to meet the minimum number of independent non-executive directors required by listing rules[59] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[51] - There have been no significant events after the reporting period up to the date of this announcement[62] Other Income and Expenses - Other income increased to approximately HKD 4.734 million from HKD 2.464 million in the previous fiscal year[2] - Other income increased from approximately HKD 2.5 million to about HKD 4.7 million, primarily due to the sale of four vessels[41] - General and administrative expenses rose by approximately 14.0% to about HKD 16.5 million, up from HKD 14.5 million in the previous year[42] - The total employee cost for the year was approximately HKD 53.4 million, an increase from HKD 36.4 million in the previous year[48] Shareholder Information - The company did not declare or recommend any dividends for the reporting periods[26] - The group has issued and fully paid 266,880,000 shares as of May 31, 2024, following a share consolidation[31] - A share consolidation was approved on October 31, 2023, merging every ten existing shares into one share with a par value of HKD 0.1[53] - The net proceeds from the share placement on September 20, 2023, amounted to approximately HKD 11.6 million, which will be used for general working capital[52] - The net proceeds from the initial public offering were approximately HKD 84.0 million, fully utilized by May 31, 2023[54] New Business Ventures - The company successfully established a new business segment in wellness services, driven by increasing demand for disease prevention and treatment in China[51]

Financial Performance - Revenue for the six months ended 30 November 2023 was approximately HK$123.6 million, a decrease from approximately HK$129.3 million for the same period in 2022[16]. - Loss attributable to equity shareholders for the six months ended 30 November 2023 was HK$20.0 million, compared to a loss of HK$27.9 million for the same period in 2022[16]. - Loss per share for the six months ended 30 November 2023 was 8.4 HK cents, an improvement from 12.6 HK cents for the same period in 2022[16]. - Revenue for the six months ended November 30, 2023, was HK$123.589 million, a decrease from HK$129.292 million in the same period of 2022, representing a decline of approximately 4.3%[109]. - Gross loss for the same period was HK$13.0 million, improving from a gross loss of HK$21.8 million year-on-year[81]. - Loss from operations decreased to HK$20.4 million, compared to HK$28.4 million in the previous year, reflecting a reduction of 28.2%[81]. - The loss attributable to equity shareholders decreased by approximately 28.3% to approximately HK$20.0 million for the Period, down from approximately HK$27.9 million for the corresponding prior period[43]. Revenue Breakdown - Revenue from marine construction works during the Period was approximately HK$114.2 million, representing an increase of approximately 222.6% compared to HK$35.4 million in the corresponding prior period[20]. - Revenue from other civil engineering works amounted to approximately HK$5.4 million, a decline of approximately 93.7% from HK$86.1 million in the same period last year, accounting for approximately 4.4% of total revenue[26]. - Revenue from vessel chartering services decreased by approximately 48.1% to HK$4.0 million compared to HK$7.7 million in the same period last year[36]. - Revenue from vessel leasing services decreased by approximately 48.1% to about HK$4.0 million for the Period, compared to approximately HK$7.7 million for the corresponding prior period[39]. - Revenue from marine construction works was HK$114.194 million, significantly up from HK$35.447 million in the prior year, indicating an increase of approximately 222.5%[109]. - Vessel chartering services revenue decreased to HK$3.951 million from HK$7.702 million, reflecting a decline of approximately 48.7%[109]. Project and Contract Updates - The significant revenue increase was driven by a marine construction project that contributed approximately HK$54.1 million and two pier reconstruction projects that contributed HK$58.9 million during the Period[20]. - The Group maintained its position as the main contractor for two marine construction projects with a combined contract sum of approximately HK$261.4 million awarded in the previous year[17]. - As of 30 November 2023, the Group had four marine construction projects in progress[20]. - The Group has one ongoing vessel chartering arrangement with an initial contract sum of approximately HK$18.7 million, expected to be completed during the year ending 31 May 2025[37]. - As of 30 November 2023, the Group had six ongoing projects with an aggregate initial contract sum of approximately HK$484.1 million[30]. Cash Flow and Financial Position - The Group's cash and bank balances increased to approximately HK$47.8 million as of 30 November 2023, up from approximately HK$33.9 million as of 31 May 2023[45]. - Net current assets increased to HK$52.1 million as of November 30, 2023, compared to HK$50.9 million as of May 31, 2023[84]. - The company generated a net cash outflow from operating activities of HK$2,217,000 for the six months ended 30 November 2023, compared to a net cash inflow of HK$6,943,000 for the same period in 2022[90]. - Cash and cash equivalents at the end of the period increased to HK$47,784,000 from HK$77,773,000 at the end of the same period in 2022, reflecting a decrease of 38.5%[90]. - The company reported a net cash inflow from investing activities of HK$5,318,000 for the six months ended 30 November 2023, compared to a net cash outflow of HK$3,584,000 for the same period in 2022[90]. Share Capital and Equity - The Group issued 444,800,000 new shares on 20 September 2023, raising approximately HK$11.8 million, representing 20% of the existing issued share capital before the Placing[50]. - Following the share consolidation effective from 2 November 2023, the total ordinary shares in issue is now 266,880,000 shares at a par value of HK$0.1 each[51]. - The total equity attributable to equity shareholders of the company as of 30 November 2023 was HK$98,253,000, an increase from HK$165,547,000 as of 30 November 2022[86]. - The company proposed a share consolidation of every ten existing shares into one consolidated share, which was approved on October 31, 2023[76]. Expenses and Costs - General and administrative expenses rose by approximately 1.3% to about HK$7.8 million for the Period, compared to approximately HK$7.7 million for the corresponding prior period[42]. - Total staff costs, including directors' emoluments, amounted to approximately HK$25.8 million for the Period, compared to approximately HK$16.8 million for the six months ended 30 November 2022[61]. - Staff costs, including directors' emoluments, increased to HK$25,077,000 for the six months ended 30 November 2023, compared to HK$16,273,000 in the previous year[126]. - Contributions to defined contribution retirement plans rose to HK$773,000 for the six months ended 30 November 2023, up from HK$513,000 in the same period of 2022[126]. Governance and Compliance - The Company has complied with the corporate governance code as set out in the Listing Rules during the reporting period[175]. - The Company has maintained a public float of not less than 25% of the issued shares as required under the Listing Rules[195]. - The Audit Committee currently does not meet the minimum requirement of three members following the resignation of Mr. Zhang Wenyong[176]. - Mr. Wen Xiaoxiao will be appointed as an independent non-executive Director effective from 24 January 2024, which will restore compliance with the Listing Rules[177]. - The Company has confirmed that all Directors have fully complied with the Model Code for Securities Transactions during the reporting period[178].

Financial Performance - Revenue for the six months ended 30 November 2023 was approximately HK$123.6 million, a decrease from approximately HK$129.3 million for the same period in 2022[19] - Loss attributable to equity shareholders for the six months ended 30 November 2023 was HK$20.0 million, compared to a loss of HK$27.9 million for the same period in 2022[19] - Loss per share for the six months ended 30 November 2023 was 8.4 HK cents, an improvement from 12.6 HK cents for the same period in 2022[19] - The Group recorded a gross loss of approximately HK$14.4 million on marine construction works, compared to a gross loss of approximately HK$12.6 million in the prior period, attributed to higher costs and challenges during pier reconstruction[26] - The gross loss for the period was HK$13.012 million, improved from a gross loss of HK$21.774 million in the previous year, indicating a reduction of approximately 40.5%[84] - The loss from operations decreased to HK$20.437 million, down 28.1% from HK$28.428 million in the prior period[84] - For the six months ended 30 November 2023, the company reported a loss of HK$20,029,000 compared to a loss of HK$27,972,000 for the same period in 2022, representing a 28% improvement in loss[89] Revenue Breakdown - The Group recorded revenue from marine construction works of approximately HK$114.2 million, representing an increase of approximately 222.6% compared to HK$35.4 million in the prior period[23] - The significant revenue increase was primarily due to a marine construction project supplying sand fill materials for the north runway reconstruction, contributing approximately HK$54.1 million, and two pier reconstruction projects contributing HK$58.9 million[23] - Revenue from other civil engineering works amounted to approximately HK$5.4 million, a decline from approximately HK$86.1 million in the prior period, accounting for approximately 4.4% of total revenue[29] - Revenue from vessel chartering services decreased by approximately 48.1% to HK$4.0 million compared to HK$7.7 million for the six months ended 30 November 2022[39] - Revenue from marine construction works significantly increased to HK$114,194,000 from HK$35,447,000, representing a growth of 222.5%[112] - Revenue from other civil engineering works decreased to HK$5,444,000 from HK$86,143,000, a decline of 93.7%[112] - Vessel chartering services revenue fell to HK$3,951,000 from HK$7,702,000, a decrease of 48.7%[112] Project and Contract Information - The Group has maintained its position as the main contractor for two marine construction projects with a combined contract sum of approximately HK$261.4 million awarded in the previous year[20] - The Group undertook seven projects with an aggregate initial contract sum of approximately HK$485.3 million, with one project completed during the period[33] - As of 30 November 2023, the Group had six projects in progress with an aggregate initial contract sum of approximately HK$484.1 million[34] - Four projects are expected to be completed during the year ending 31 May 2024, one during the year ending 31 May 2025, and one during the year ending 31 May 2026[33] - The Group's marine construction projects include pier reconstruction in Sai Kung, Tai Po, and Lantau Island, all currently in progress[35] Cash Flow and Financial Position - Cash and bank balances increased to approximately HK$47.8 million as of 30 November 2023, up from approximately HK$33.9 million as of 31 May 2023[48] - The net current assets as of 30 November 2023 were HK$52.058 million, an increase from HK$50.937 million as of 31 May 2023[87] - The total assets less current liabilities as of 30 November 2023 were HK$106.880 million, down from HK$116.249 million as of 31 May 2023[87] - The Group's cash and cash equivalents increased to HK$47.784 million from HK$33.687 million as of 31 May 2023, reflecting a growth of 42.0%[87] - The company generated a net cash outflow from operating activities of HK$2,217,000 for the six months ended 30 November 2023, compared to a net cash inflow of HK$6,943,000 for the same period in 2022[93] - Cash and cash equivalents at the end of the period increased to HK$47,784,000 from HK$77,773,000 at the end of the previous year, reflecting a decrease of 38.5%[93] - The company reported a net cash inflow from investing activities of HK$5,318,000, compared to a net cash outflow of HK$3,584,000 in the previous year[93] Share Capital and Equity - The Group issued 444,800,000 new shares on 20 September 2023, raising approximately HK$11.8 million, representing 20% of the existing issued share capital prior to the placing[53] - Share consolidation was approved on 31 October 2023, consolidating every ten existing shares into one consolidated share, resulting in 266,880,000 ordinary shares at a par value of HK$0.1 each[54] - The share capital increased to HK$26.688 million as of 30 November 2023, up from HK$22.240 million as of 31 May 2023[87] - The total equity attributable to equity shareholders of the company as of 30 November 2023 was HK$98,253,000, an increase from HK$165,547,000 as of 30 November 2022[89] - The company issued and allotted 444,800,000 ordinary shares on 20 September 2023, increasing the issued share capital to HK$26,688,000 as of 30 November 2023[166] Governance and Compliance - The company has no material contingent liabilities as of 30 November 2023, indicating a stable financial position[170] - The company complied with the Corporate Governance Code during the reporting period, reflecting adherence to governance standards[175] - The Company has complied with the corporate governance code as set out in the Listing Rules during the reporting period[178] - Following the resignation of Mr. Zhang, the Company failed to meet the requirements under Rules 3.10A, 3.10(1), and 3.21 of the Listing Rules[179] - Mr. Wen Xiaoxiao has been appointed as an independent non-executive Director effective from 24 January 2024, restoring compliance with the Listing Rules[180] Staff and Administrative Expenses - Total staff costs, including directors' emoluments, amounted to approximately HK$25.8 million for the Period, compared to approximately HK$16.8 million for the six months ended 30 November 2022[64] - As of 30 November 2023, the Group employed 112 staff, an increase from 88 staff as of 31 May 2023[64] - Staff costs, including directors' emoluments, increased to HK$25,077,000 for the six months ended 30 November 2023, compared to HK$16,273,000 in the same period of 2022[126] - General and administrative expenses increased by approximately 1.3% to HK$7.8 million compared to HK$7.7 million for the corresponding prior period[45] Other Income and Expenses - Other income decreased from approximately HK$1.1 million to HK$0.4 million, primarily due to the absence of government subsidies received in the prior period[41] - Other income for the six months ended November 30, 2023, totaled HK$409,000, down from HK$1,066,000, a decrease of 61.6%[120] - Bank interest income decreased to HK$18,000 from HK$216,000, a decline of 91.7%[120] - Interest on lease liabilities increased to HK$100,000 from HK$69,000, an increase of 44.9%[123]

Financial Performance - The Group's revenue for the year ended 31 May 2023 was approximately HK$198.0 million, representing a decrease of approximately 6.7% from the previous year[17]. - The Group incurred a loss of approximately HK$87.1 million for the year[17]. - The Group reported a loss attributable to equity shareholders of approximately HK$87.0 million, compared to a profit of approximately HK$16.7 million in the prior year[47]. - Basic loss per share was HK3.91 cents, down from earnings per share of HK0.75 cent in the previous year[47]. - Revenue from marine construction works was approximately HK$60.2 million, representing a decrease of approximately 56.7% compared to HK$138.9 million for the year ended May 31, 2022[25]. - The gross loss from marine construction works was approximately HK$42.3 million, a significant decline from the gross profit of approximately HK$25.9 million for the previous year[26]. - Revenue from other civil engineering works amounted to approximately HK$122.1 million, accounting for approximately 61.7% of the Group's total revenue[31]. - The Group recorded a gross loss on other civil engineering works of approximately HK$22.5 million, compared to a gross profit of approximately HK$2.3 million for the previous year[32]. - General and administrative expenses increased by approximately 23.9% to HK$14.5 million, compared to HK$11.7 million in the previous year[45]. - As of May 31, 2023, the Group had cash and bank balances of approximately HK$33.7 million, a decrease from HK$75.2 million the previous year[49]. Project and Contract Activities - The Group successfully tendered and was awarded two marine construction projects as the main contractor, with a total contract sum of approximately HK$261.4 million[16]. - The Group undertook 14 projects during the year, with an aggregate initial contract sum of approximately HK$596.1 million[33]. - The Group's revenue is significantly dependent on successful tenders for marine construction and vessel chartering services, which are non-recurring in nature[127]. - A substantial portion of the Group's revenue is derived from a limited number of customers, and any significant decrease in contracts from major customers may adversely affect financial results[133]. - The Group anticipates a decline in the gross output value of the marine construction industry in Hong Kong between 2022 and 2026, which may lead to a decrease in marine construction projects undertaken[136]. Business Strategy and Development - The Group continues to focus on marine construction projects and actively seeks main contractor opportunities since being approved as a contractor under Group B (Probation) in October 2019[16]. - The Group is exploring new business activities focused on the research and development, manufacture, and sale of class II medical devices in the PRC[20]. - The Group has started to operate medical care and wellness centres in the PRC as part of its new business strategy[22]. - The Group aims to identify and seize suitable growth opportunities in the coming years[21]. - The company is focusing on expanding its e-commerce sector, leveraging the extensive experience of its executive directors in internet technology and software development[88][91][96]. - The company aims to diversify its business scope and broaden its revenue base through strategic initiatives in the e-commerce domain[88][91]. - The company is actively pursuing new business opportunities in the electronic equipment manufacturing sector, as indicated by the recent appointment of a new chairman with relevant industry experience[96][98]. Management and Personnel - As of May 31, 2023, the Group employed 88 employees, an increase from 62 employees as of May 31, 2022[63]. - Total staff costs, including Directors' remuneration, amounted to approximately HK$36.4 million for the year, compared to HK$30.9 million for the year ended May 31, 2022, representing an increase of about 17.8%[63]. - The management team includes professionals with backgrounds in financial management, technology support, and e-commerce, enhancing the company's operational capabilities[89][92][96]. - The executive team has a combined experience of over 20 years in technology and e-commerce, which is expected to drive future growth[86][88]. - The company secretary, Mr. Chow, was appointed on November 1, 2022, and is a fellow member of the Association of Chartered Certified Accountants[120]. Financial Management and Risks - The Group's financial risk management policies are detailed in the consolidated financial statements, indicating a structured approach to managing financial uncertainties[126]. - The Group will continue to seek new opportunities and diversify its customer base to mitigate risks associated with reliance on a limited number of contracts[133]. - The Group's overall gross profit margin may decrease due to a shift towards other civil engineering projects, which generally have lower margins compared to marine construction[136]. - The Group's management is committed to closely monitoring project costs to prevent overruns that could adversely affect financial performance[134]. - The Group has no interest-bearing borrowings as of May 31, 2023, and may seek to issue debt or equity securities to optimize its capital structure[49]. Corporate Governance - The Board resolved not to recommend any dividend for the year, consistent with the previous year[55]. - The Board does not recommend a payment of a final dividend for the year ended 31 May 2023, consistent with the previous year[156]. - As of 31 May 2023, the Company had no reserves available for distribution to shareholders[169]. - The Group did not make any charitable donations during the year, maintaining the same status as the previous year[159]. - The upcoming AGM will see the retirement and re-election of Ms. Zheng Yanling, Mr. Zhao Dongquan, Mr. Wan San Fai Vincent, Mr. Zhang Wenyong, and Mr. Luo Sheng[182]. Environmental and Compliance - The Group did not record any material non-compliance with environmental requirements during the Year, and was not subject to any environmental claims or penalties[143]. - The Group has not experienced significant long-term impacts from the COVID-19 pandemic, but will continue to monitor the situation closely[135].

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。 TIAN CHENG HOLDINGS LIMITED 天成控股有限公司 （前稱YueKanHoldingsLimited裕勤控股有限公司） （於開曼群島註冊成立的有限公司） （股份代號：2110） 截至二零二三年五月三十一日止年度之 年度業績公告 天成控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二三年五月三十一日止年度的經審核綜合業績。本公告列載 本集團年報全文，並符合香港聯合交易所有限公司（「聯交所」）證券上市規則有關年度 業績初步公告附載的資料的相關規定。本公司2022/2023年報的印刷版本將於適當時候 寄發予本公司股東，屆時可於本公司網站www.tianchengholdings.com.cn及聯交所網站 www.hkexnews.hk瀏覽。 承董事會命 天成控股有限公司 主席兼執行董事 鄭艷玲 香港，二零二三年八月三十日 於 ...

Financial Performance - Revenue for the six months ended 30 November 2022 was approximately HK$129.3 million, compared to HK$122.0 million for the same period in 2021, representing an increase of 5.3%[15]. - Loss attributable to equity shareholders for the six months ended 30 November 2022 was HK$27.9 million, a decline from a profit of HK$10.1 million in the same period of 2021[15]. - Loss per share for the six months ended 30 November 2022 was 1.26 HK cents, compared to earnings per share of 0.45 HK cent for the same period in 2021[15]. - The Group's financial performance reflects significant challenges, transitioning from profit to loss year-over-year[15]. - The gross loss for the same period was HK$21.774 million, compared to a gross profit of HK$15.767 million in the previous year, indicating a significant decline in profitability[83]. - The company incurred an operating loss of HK$28.428 million for the six months ended November 30, 2022, compared to an operating profit of HK$12.062 million in the prior year[83]. - The total comprehensive loss for the period was HK$27.932 million, contrasting with a comprehensive income of HK$10.116 million in the same period of 2021[83]. - For the six months ended 30 November 2022, the company reported a loss of HK$27,972,000 compared to a profit of HK$10,116,000 for the same period in 2021, indicating a significant decline in performance[88]. Revenue Breakdown - Revenue from marine construction works decreased to HK$35,447,000 from HK$64,791,000, a decline of approximately 45.2%[111]. - Revenue from other civil engineering works increased significantly to HK$86,143,000 from HK$50,413,000, reflecting a growth of approximately 70.9%[111]. - Revenue from vessel chartering services was approximately HK$7.7 million, an increase of approximately 13.2% compared to HK$6.8 million in the prior period[34]. - The increase in revenue from other civil engineering works was primarily due to participation in a project in Tuen Mun, contributing approximately HK$70.5 million[24]. - The decrease in marine construction revenue was mainly due to fewer sizeable projects undertaken during the period[20]. Project and Contract Information - The Group was awarded two marine construction projects as the main contractor with a total contract sum of approximately HK$261.4 million during the period[16]. - The Group undertook 11 projects with an aggregate initial contract sum of approximately HK$497.8 million during the period[28]. - As of 30 November 2022, the Group had six projects on hand with an aggregate initial contract sum of approximately HK$438.6 million[28]. - Four projects are expected to be completed during the year ending 31 May 2023, while two projects are expected to be completed in 2025[28]. - The Group had no new other civil engineering projects awarded during the period, maintaining three projects on hand as of 30 November 2022[24]. Expenses and Costs - General and administrative expenses increased by approximately 57.1% to approximately HK$7.7 million from HK$4.9 million in the prior period[40]. - The Group's staff costs increased to HK$16,273,000 for the six months ended 30 November 2022, up from HK$13,021,000 in the same period of 2021, representing a growth of approximately 25.5%[126]. - The depreciation of property, plant, and equipment rose to HK$6,222,000 for the six months ended 30 November 2022, compared to HK$4,522,000 in the previous year, indicating a year-on-year increase of about 37.6%[126]. - Total staff costs for the period amounted to approximately HK$16.8 million, compared to approximately HK$13.4 million for the six months ended November 30, 2021, reflecting a year-on-year increase of about 25.4%[65]. Cash and Liquidity - Cash and bank balances as of 30 November 2022 were approximately HK$87.8 million, up from approximately HK$85.2 million as of 31 May 2022[48]. - The cash and cash equivalents at the end of the period were HK$77,773,000, a decrease from HK$83,437,000 at the end of the same period in 2021[91]. - The company experienced a net increase in cash and cash equivalents of HK$2,552,000 during the period, compared to a net decrease of HK$41,808,000 in the previous year[91]. - Cash generated from operations was HK$9,437,000, a turnaround from cash used in operations of HK$2,920,000 in the previous year[91]. - The net cash generated from operating activities was HK$6,943,000, compared to a net cash used of HK$10,366,000 in the prior period[91]. Dividends and Shareholder Information - The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2022[15]. - The Board resolved not to declare any interim dividend for the Period, consistent with the prior period[52]. - The company did not declare any dividends for the current period, contrasting with HK$24,997,000 paid in dividends for the previous period[91]. - The total issued and fully paid ordinary shares remained at 2,224,000,000 shares, with a total amount of HK$22,240,000 as of both reporting dates[162]. Compliance and Governance - The Company has complied with the Corporate Governance Code during the reporting period and up to the date of the interim report[175]. - Following the retirement of Mr. Fung Hoi Fung on 12 October 2022, the number of independent non-executive Directors fell to two, which is below the required minimum under the Listing Rules[176]. - On 1 November 2022, Mr. Wan San Fai Vincent was appointed as an independent non-executive Director, restoring compliance with the Listing Rules regarding independent Directors[180]. - The Company confirmed that all Directors have fully complied with the Model Code for Securities Transactions during the reporting period[181]. Other Information - The Group continues to implement precautionary measures against COVID-19 to ensure a safe working environment for employees[17]. - The Group has not experienced significant employee issues or difficulties in recruitment and retention during the period[68]. - There were no material acquisitions or disposals during the Period[53]. - There were no material subsequent events undertaken by the Company or the Group after November 30, 2022[71].

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。 YUE KAN HOLDINGS LIMITED 裕 勤 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2110） 截至二零二二年十一月三十日止六個月之 中期業績公告 裕勤控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公 司（統稱「本集團」）截至二零二二年十一月三十日止六個月的未經審核簡明綜合中期業 績。本公告列載本集團中期報告全文，並符合香港聯合交易所有限公司（「聯交所」）證 券上市規則有關中期業績初步公告附載的資料的相關規定。本公司二零二二╱二零二 三中期報告的印刷版本將於適當時候寄發予本公司股東，屆時可於本公司網站www. yuekanholdings.com及聯交所網站www.hkexnews.hk瀏覽。 承董事會命 裕勤控股有限公司 主席兼執行董事 向志勤 ...

Financial Performance - The Group's revenue for the year amounted to approximately HK$212.3 million, representing a decrease of approximately 38.6% from the previous year[12]. - Profit attributable to owners of the Company for the year was approximately HK$16.7 million[12]. - Revenue from marine construction works decreased by approximately 16.8% to approximately HK$138.9 million compared to the previous year[31]. - Gross profit from marine construction works was approximately HK$25.9 million, representing a decrease of approximately 34.6% with a gross profit margin of approximately 18.6%[32]. - Revenue from other civil engineering works amounted to approximately HK$60.0 million, accounting for approximately 28.3% of total revenue, down from approximately 46.4% the previous year[33]. - Gross profit from other civil engineering works was approximately HK$2.3 million, a decrease of approximately 82.7% with a gross profit margin of approximately 3.8%[34]. - The Group recorded total revenue of approximately HK$212.3 million and profit attributable to its owners of approximately HK$16.7 million for the Year[25]. - Gross profit decreased by approximately 46.1% from HK$56.0 million for the year ended 31 May 2021 to approximately HK$30.2 million for the Year, with an overall gross profit margin decrease from approximately 16.2% to approximately 14.2%[48]. - The revenue from vessel chartering services amounted to approximately HK$13.4 million, a decrease of approximately 27.0% compared to HK$18.3 million for the year ended 31 May 2021[40]. - Other income decreased from approximately HK$2.7 million for the year ended 31 May 2021 to approximately HK$1.7 million for the Year, primarily due to a significant decrease in government subsidies[42]. Business Operations - The Group was awarded a marine construction project as main contractor with a total contract sum of approximately HK$34.7 million[11]. - In July 2022, the Group was awarded two port work contracts as main contractor under the public sector, with an aggregated contract sum of approximately HK$261.4 million[22]. - The Group established a PRC subsidiary in June 2022 to explore and develop potential business opportunities in the e-commerce sector[11]. - The Group's patented reclamation approach increases cost effectiveness and efficiency while decreasing environmental impact compared to traditional methods[11]. - The Group aims to expand its customer base and adapt to changing customer demands in a timely manner[22]. - The Group will continue to dedicate resources to advance its market and engineering capacities in the e-commerce sector[23]. - The Group's business strategy focuses on creating a diversified and balanced portfolio, including construction and e-commerce businesses[24]. - The Group's principal activities include marine construction, civil engineering works, and vessel chartering services, with no significant changes in business nature during the year[141]. Market Conditions - The ongoing COVID-19 pandemic has temporarily affected market sentiment and the local economy, impacting the Group's operations[17]. - The ongoing uncertainty from COVID-19 is expected to continue impacting the economic recovery in Hong Kong[26]. - The Group expects the impact of the COVID-19 pandemic on operations to be manageable, based on past experiences[153]. - The Group anticipates a significant decrease in marine construction works during the forecast downturn from 2022 to 2026, impacting project mix and revenue contributions[154]. Financial Position - The Group's cash and bank balances as at 31 May 2022 were approximately HK$85.2 million, down from approximately HK$124.5 million as at 31 May 2021[50]. - The interest-bearing borrowings of the Group as at 31 May 2022 were approximately HK$1.0 million, a decrease from approximately HK$1.6 million as at 31 May 2021[50]. - The gearing ratio of the Group as at 31 May 2022 was approximately 0.5%, representing a decrease of approximately 37.5% from approximately 0.8% as at 31 May 2021[50]. - The Board resolved not to recommend any dividend for the Year, compared to approximately HK$25.0 million for the year ended 31 May 2021[51]. - As of May 31, 2022, the Company had no distributable reserves available for shareholders[186]. Human Resources - The total staff costs, including Directors' remuneration, for the year amounted to approximately HK$30.9 million, slightly down from approximately HK$31.2 million for the year ended May 31, 2021[59]. - As of May 31, 2022, the Group employed 62 employees, an increase from 46 employees as of May 31, 2021[59]. - The Group recognizes employees as valuable assets and provides competitive remuneration and development opportunities[164]. - There were no significant problems with employees due to labor disputes, nor any material difficulties in recruitment and retention of experienced staff[60]. Management and Governance - The strategic management team includes experienced directors with over 30 years in marine construction and civil engineering[84]. - The management team includes individuals with significant experience in technology and software development, enhancing the company's capabilities in e-commerce[98]. - The Group emphasizes independent judgement and strategic advice from its board members[119]. - The management is focused on seeking new opportunities and developing existing business to mitigate risks associated with contract acquisition[143]. Customer and Supplier Relationships - A significant portion of the Group's revenue is derived from a limited number of customers, and any decrease in contracts with major customers may adversely affect financial performance[144]. - The largest customer accounted for approximately 23.7% of total revenue, down from 33.0% in the previous year[188]. - The five largest customers contributed approximately 75.1% of total revenue, a decrease from 84.5% in the previous year[188]. - The Group maintains strong relationships with suppliers and subcontractors to ensure quality goods and services[166].

Financial Performance - The Group's revenue for the year amounted to approximately HK$212.3 million, representing a decrease of approximately 38.6% from the previous year[15]. - Profit attributable to owners of the Company for the year was approximately HK$16.7 million[15]. - Revenue for the year was approximately HK$212.3 million, representing a decrease of approximately 38.6% from HK$345.6 million for the year ended 31 May 2021[51]. - Gross profit decreased by approximately 46.1% to approximately HK$30.2 million, with the overall gross profit margin declining from approximately 16.2% to approximately 14.2%[51]. - Revenue from marine construction works was approximately HK$138.9 million, representing a decrease of approximately 16.8% compared to the previous year[34]. - Revenue from other civil engineering works amounted to approximately HK$60.0 million, accounting for approximately 28.3% of total revenue, down from approximately 46.4% the previous year[36]. - Gross profit from other civil engineering works decreased by approximately 82.7% to approximately HK$2.3 million, with a gross profit margin falling from approximately 8.1% to approximately 3.8%[37]. - Revenue from vessel chartering services was approximately HK$13.4 million, a decrease of approximately 27.0% from HK$18.3 million[43]. - The total comprehensive income attributable to equity shareholders decreased by approximately 55.6% to approximately HK$16.7 million from HK$37.6 million[51]. - Other income decreased from approximately HK$2.7 million to approximately HK$1.7 million, primarily due to a reduction in government subsidies[45]. Business Development and Strategy - The Group successfully tendered and was awarded a marine construction project as the main contractor with a total contract sum of approximately HK$34.7 million[14]. - The Group established a PRC subsidiary in June 2022 to explore potential business opportunities in the e-commerce sector[14]. - The Group's strategy focuses on building a diversified business portfolio, including construction and e-commerce, to achieve stable long-term returns for shareholders[27]. - The Group aims to identify and seize suitable growth opportunities in the coming years[21]. - The Group will continue to explore suitable business opportunities and expand its customer base to adapt to changing customer demands[25]. - The Group aims to continue seeking new opportunities to develop its existing business[146]. - The management emphasizes the importance of obtaining new projects from both existing and new potential customers[152]. Impact of COVID-19 - The COVID-19 pandemic has adversely affected market sentiment and the local economy, prompting the Group to explore suitable business opportunities beyond the Hong Kong market[20]. - The ongoing uncertainties from COVID-19 are expected to temporarily affect the economic recovery of Hong Kong[24]. - The Group will closely monitor the impact of the COVID-19 pandemic on its operations, although no prolonged material impact is expected[156]. Financial Management and Resources - The Group has funded its liquidity and capital requirements primarily through internal cash resources[52]. - As of May 31, 2022, the Group's cash and bank balances were approximately HK$85.2 million, a decrease of about 31.6% from HK$124.5 million as of May 31, 2021[53][56]. - The Group's interest-bearing borrowings were approximately HK$1.0 million, down from HK$1.6 million as of May 31, 2021[53][56]. - The gearing ratio as of May 31, 2022, was approximately 0.5%, a decrease of about 37.5% from 0.8% in the previous year[53][56]. - The Board resolved not to recommend any dividend for the year, compared to approximately HK$25.0 million in the previous year[54][57]. Management and Governance - The company has a strong management team with over 40 years of combined experience in the engineering and construction industry[110]. - The management team includes professionals with advanced degrees and certifications in their respective fields[108]. - The company has established a robust governance structure with independent directors overseeing key committees[107]. - Mr. Wong is responsible for financial management and day-to-day operations, with a background in accountancy and extensive experience in listed companies[102]. - Mr. Luo has extensive experience in internet software development and is focused on the e-commerce sector[101]. Customer and Supplier Relationships - The largest customer accounted for approximately 23.7% of total revenue, down from 33.0% in the previous year[191]. - The five largest customers contributed approximately 75.1% of total revenue, a decrease from 84.5% in the previous year[191]. - The largest subcontractor represented about 24.6% of total direct costs, down from 35.9% in the previous year[192]. - The five largest subcontractors accounted for approximately 54.3% of total direct costs, a decrease from 78.6% in the previous year[192]. - The largest supplier contributed approximately 2.9% of total direct costs, an increase from 1.9% in the previous year[192]. - The five largest suppliers accounted for about 8.4% of total direct costs, up from 5.3% in the previous year[192]. Environmental and Social Responsibility - The Group did not record any material non-compliance with environmental requirements during the Year, avoiding prosecution or penalties[164]. - The Group has not made any charitable donations during the Year, consistent with the previous year[180]. - The Group recognizes employees as valuable assets and provides competitive remuneration and development opportunities[167].