Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 151.5 million, an increase from HKD 110.0 million in 2023[12]. - The gross loss for the year ended December 31, 2024, was approximately HKD 1.5 million, significantly improved from HKD 16.6 million in 2023, resulting in a gross loss margin of 1.0% compared to 15.1% in the previous year[13]. - The net loss for the year ended December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023[20]. - The pure loss margin for the year ended December 31, 2024, was approximately 17.8%, improved from 26.7% in 2023[21]. - Administrative expenses decreased from approximately HKD 9.3 million for the year ended December 31, 2023, to approximately HKD 6.5 million for the year ended December 31, 2024, representing a reduction of about 29.8%[16]. - The financing costs increased from approximately HKD 53,000 for the year ended December 31, 2023, to approximately HKD 96,000 for the year ended December 31, 2024, primarily due to increased bank loan interest[17]. - As of December 31, 2024, the group's net current assets and cash and bank balances were approximately HKD 101.0 million and HKD 9.7 million, respectively, compared to HKD 125.3 million and HKD 10.1 million as of December 31, 2023[22]. - The group's outstanding bank borrowings as of December 31, 2024, were approximately HKD 1.4 million, down from HKD 3.4 million as of December 31, 2023[23]. - The capital debt ratio as of December 31, 2024, was 1.1%, a decrease from 2.7% as of December 31, 2023[24]. Acquisitions and Business Strategy - The company acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in the RMAA sector[6]. - The group completed the acquisition of the Yongwang Group on April 30, 2024, and is set to complete the acquisition of Shun Tat Construction Engineering Co., Ltd. on January 15, 2025[35]. - The company plans to adopt a horizontal acquisition strategy to increase market share and reduce competition in the RMAA industry[9]. - The group had 9 projects on hand as of December 31, 2024, compared to 7 projects in 2023[8]. Governance and Board Structure - The company emphasizes the importance of governance and has a dedicated corporate governance report[53]. - The board consists of four members, including one executive director and three independent non-executive directors, ensuring a high level of independence[58]. - The company held seven board meetings in the year ending December 31, 2024, with all directors attending every meeting[61]. - The board has adopted a diversity policy, recognizing the benefits of board diversity in enhancing performance[69]. - The company has established a mechanism to ensure board effectiveness, including having at least three independent non-executive directors[65]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with governance standards[67]. - The board is responsible for formulating business policies and strategies, ensuring sufficient resources and effective internal controls[57]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, to assist in effective governance[72]. Employee and Safety Management - The company achieved ISO 45001: 2018 certification for occupational health and safety management, reflecting its commitment to employee safety[182]. - Reported one work-related injury in 2024, resulting in a total of 128 lost workdays, compared to 10 lost workdays in 2023[183]. - The company has implemented flexible working arrangements in response to extreme weather conditions, ensuring employee safety[175]. - The company is focusing on enhancing employee well-being and professional development to retain talent[176]. - The company has established a disaster recovery mechanism to address potential impacts from extreme weather events[175]. - The total number of reported accidents was zero in 2024, maintaining a record of no work-related fatalities over the past three reporting periods[183]. - The company is committed to continuous improvement of its safety policies and practices to enhance safety performance[182]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's management approach and performance for the year ending December 31, 2024[150]. - The board is responsible for overseeing the group's ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[154]. - The group emphasizes stakeholder engagement to maintain long-term value and considers industry practices and international trends in its sustainability measures[155]. - The group has established an ESG working group to support the board in implementing ESG strategies and goals[156]. - The total greenhouse gas emissions decreased from 11 tons in 2023 to 9 tons in 2024, with a reduction in emission density from 0.00010 tons per thousand HKD revenue to 0.00006 tons[165]. - The total construction and demolition (C&D) waste generated decreased significantly from 325 tons in 2023 to 150 tons in 2024, with a reduction in waste density from 0.00295 tons per thousand HKD revenue to 0.00099 tons[168]. - The company has maintained compliance with all significant environmental laws and regulations, with no confirmed non-compliance incidents reported during the reporting period[164]. - The company encourages employees to participate in green office practices to reduce fuel and electricity consumption[172]. Shareholder and Capital Management - The total amount raised from the IPO was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[39]. - The company did not declare or propose any dividends to ordinary shareholders for the year ending December 31, 2024[117]. - The company has not entered into any equity-linked agreements during the year[119]. - The company will suspend the transfer of shares from June 16, 2025, to June 19, 2025, to determine shareholder eligibility for the 2025 Annual General Meeting[126]. - As of December 31, 2024, the major shareholder, Fuzhou Enterprises Holdings Limited, holds 525,000,000 shares, representing 44.70% of the total equity[133]. - No share buybacks or sales were conducted by the company or its subsidiaries during the year ending December 31, 2024[135]. Training and Development - The percentage of trained employees decreased from 40% in 2023 to 29% in 2024[185]. - The board of directors had a 100% training rate in 2024, up from 40% in 2023[185]. - All employees received 2 hours of anti-corruption training during the reporting period[196].

Financial Performance - For the fiscal year ending December 31, 2024, revenue increased by approximately 37.7% to about HKD 151.5 million, compared to HKD 110.0 million in 2023[5] - The group recorded a gross loss of approximately HKD 1.5 million for the fiscal year ending December 31, 2024, significantly improved from a gross loss of approximately HKD 16.6 million in 2023[5] - The loss attributable to equity holders of the company was approximately HKD 27.0 million for the fiscal year ending December 31, 2024, compared to HKD 29.4 million in 2023[5] - Basic loss per share was approximately HKD 2.41 for the fiscal year ending December 31, 2024, an improvement from HKD 2.94 in 2023[5] - The group reported a revenue of HKD 151,522 thousand for the year 2024, an increase from HKD 110,034 thousand in 2023, representing a growth of approximately 37.7%[20] - Revenue from RMAA engineering services was HKD 146,245 thousand in 2024, up from HKD 110,034 thousand in 2023, indicating a growth of around 32.8%[20] - The group reported other income and net gains of HKD 1,002,000 for 2024, compared to HKD 2,857,000 in 2023, indicating a significant decrease[22] - The group recorded a loss before income tax of HKD 27,003,000 for 2024, slightly improved from a loss of HKD 29,412,000 in 2023[28] - The net loss for the fiscal year ending December 31, 2024, was approximately HKD 27.0 million, a decrease from HKD 29.4 million in 2023, with a net loss margin of 17.8% compared to 26.7% in the prior year[51][52] Assets and Liabilities - Total assets as of December 31, 2024, amounted to approximately HKD 120.912 million, a decrease from HKD 125.996 million in 2023[7] - Current assets totaled approximately HKD 196.877 million as of December 31, 2024, compared to HKD 176.781 million in 2023[7] - Current liabilities increased to approximately HKD 95.897 million as of December 31, 2024, from HKD 51.450 million in 2023[7] - The total equity attributable to equity holders of the company was approximately HKD 120.878 million as of December 31, 2024, down from HKD 125.881 million in 2023[7] - The total trade receivables increased to HKD 161,018,000 in 2024 from HKD 110,582,000 in 2023, representing a growth of approximately 45.6%[32] - Trade receivables as of December 31, 2024, amounted to HKD 127,278,000, an increase of 34.5% from HKD 94,567,000 in 2023[33] - The group recognized an impairment loss provision of approximately HKD 19.8 million for trade receivables and contract assets, up from HKD 4.7 million in 2023[47] - Expected liabilities for retention money as of December 31, 2024, are approximately HKD 5,738,000, up from HKD 3,265,000 in 2023[37] - Trade payables increased significantly to HKD 69,891,000 in 2024 from HKD 37,415,000 in 2023, indicating a growth of 86.5%[36] Operational Highlights - The company primarily engages in providing renovation, maintenance, alteration, and addition (RMAA) engineering services and distributing building materials in Hong Kong[9] - The group acquired 100% of the shares of Courage Holdings Limited and its subsidiaries on April 30, 2024, enhancing its capabilities in RMAA engineering services and building material distribution[19] - The group’s RMAA revenue is primarily derived from fixed-price contracts with customers, ensuring stable income streams[20] - The group secured a significant contract for a luxury residential RMAA project, which is expected to enhance market positioning and future business opportunities[40] - As of December 31, 2024, the group had nine ongoing projects, an increase from seven projects in 2023[41] Expenses and Costs - The group incurred employee benefit expenses of approximately HKD 6,260,000 in 2024, down from HKD 9,519,000 in 2023, showing a decrease of about 34.5%[24] - The group’s employee benefit expenses included a total of HKD 3,783,000 for the year, down from HKD 4,145,000 in the previous year[24] - Administrative expenses decreased to approximately HKD 6.5 million for the fiscal year ending December 31, 2024, down from HKD 9.3 million in 2023, representing a reduction of about 29.8%[48] - The financing costs for the group increased to HKD 96,000 in 2024 from HKD 53,000 in 2023, reflecting a rise of approximately 81.1%[23] - The group’s total liabilities increased, with bank loan interest expenses rising to HKD 87,000 in 2024 from HKD 46,000 in 2023[23] Corporate Governance and Compliance - The company has adopted high standards of corporate governance and business norms, with the chairman and CEO roles held by the same individual, which deviates from the corporate governance code[74] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the fiscal year ending December 31, 2024, confirming compliance with applicable accounting standards[78] - The company is focused on maintaining compliance with regulatory requirements[85] - The board composition reflects a balance of executive and independent oversight[85] Future Outlook and Strategy - The company plans to adopt a horizontal acquisition strategy to enhance market share and reduce competition in the RMAA industry in Hong Kong[42] - The group has no significant future plans for major investments or capital assets, aside from the upcoming acquisition of Shun Tat[73] - Future performance metrics will be closely monitored and reported[85] Shareholder Information - No final dividend was declared for the fiscal year ending December 31, 2024, as recommended by the board of directors[5] - The group does not recommend paying dividends to ordinary shareholders for the year ending December 31, 2024[69] - The annual general meeting for shareholders is scheduled for June 19, 2025, with a notice to be issued in accordance with listing rules[83] - The company aims to enhance shareholder communication through regular updates[85]

Financial Performance - Revenue increased by approximately 65.7% to about HKD 67.2 million for the six months ended June 30, 2024, compared to approximately HKD 40.6 million for the same period in 2023[12] - Gross loss increased by approximately HKD 8.1 million to about HKD 13.7 million for the six months ended June 30, 2024, compared to approximately HKD 5.6 million for the same period in 2023[12] - The group recorded a loss attributable to equity holders of approximately HKD 19.0 million for the six months ended June 30, 2024, compared to approximately HKD 6.5 million for the same period in 2023[12] - Basic loss per share was approximately HKD 1.85 for the six months ended June 30, 2024, compared to approximately HKD 0.65 for the same period in 2023[12] - Total comprehensive loss for the six months ended June 30, 2024, increased to approximately HKD 19.0 million from HKD 6.5 million for the same period in 2023, reflecting a deterioration in gross loss margin and increased losses from trade receivables and contract assets[21] - Net loss margin for the six months ended June 30, 2024, was approximately 28.3%, compared to 15.9% for the same period in 2023[21] - The gross loss for the six months ended June 30, 2024, was HKD 13,689 thousand, compared to a gross loss of HKD 5,566 thousand in the same period of 2023, indicating a deterioration in gross margin[57] - The total comprehensive loss for the period was HKD 19,034 thousand, compared to HKD 6,460 thousand in the same period of 2023, reflecting an increase of 194.5% in losses year-on-year[57] Revenue Sources - Revenue from RMAA services was HKD 65,958,000, up from HKD 40,557,000, indicating a growth of 62.7% year-over-year[79] - The company began distributing construction materials in Hong Kong, generating HKD 1,242,000 in revenue during the reporting period[79] - Major clients contributed significantly to revenue, with Client A generating HKD 30,561,000 and Client B generating HKD 29,829,000, compared to HKD 19,221,000 and HKD 9,153,000 respectively in the previous year[76] - The company’s revenue from residential projects reached HKD 51,221,000, up from HKD 29,916,000, showcasing strong demand in the residential sector[79] Cost Management - Administrative expenses decreased from approximately HKD 4.6 million for the six months ended June 30, 2023, to approximately HKD 3.2 million for the same period in 2024, a reduction of about 30.5%[19] - The group will implement prudent cost control measures to ensure stable business development and long-term operations in the face of an unstable economic environment in Hong Kong[15] - Financing costs for the six months ended June 30, 2024, were approximately HKD 50,000, a significant increase from HKD 4,000 for the same period in 2023, primarily due to rising bank loan interest rates[20] Asset and Liability Management - As of June 30, 2024, the group's current assets net balance was approximately HKD 108.9 million, down from HKD 125.3 million as of December 31, 2023, while cash and bank balances increased to approximately HKD 17.5 million from HKD 10.1 million[22] - Bank borrowings as of June 30, 2024, were approximately HKD 2.5 million, a decrease from HKD 3.4 million as of December 31, 2023[23] - The capital debt ratio as of June 30, 2024, was 2.0%, down from 2.7% as of December 31, 2023[24] - Trade receivables increased to HKD 105,375 thousand as of June 30, 2024, from HKD 94,567 thousand as of December 31, 2023, showing a growth of 11.5%[58] - Cash and bank balances rose to HKD 17,450 thousand as of June 30, 2024, compared to HKD 10,100 thousand as of December 31, 2023, representing a 72.3% increase[58] Corporate Actions - The group identified opportunities to enhance RMAA project capabilities and improve bidding competitiveness through the strategic acquisition of 100% equity in Yong Wang Group in April 2024[14] - The company acquired 100% equity of Yongwang Group through the issuance of 174,603,175 ordinary shares on April 30, 2024[34] - The company issued 174,603,175 shares as consideration for the acquisition of a group on April 30, 2024[43] - The company reported additional revenue of approximately HKD 1,200,000 generated by Yongwang Group during the reporting period[110] Governance and Compliance - The company confirmed compliance with the standard code for securities trading by all directors for the six months ending June 30, 2024[42] - The company has maintained at least 25% of its issued share capital held by the public as of June 30, 2024[53] - No related party transactions or continuing connected transactions were disclosed for the six months ending June 30, 2024[52] - The board structure includes one executive director and three independent non-executive directors, ensuring a high level of independence[41] - The audit committee, established on March 15, 2021, consists of three independent non-executive directors and oversees financial reporting and internal controls[53] Dividend Policy - The company did not declare an interim dividend for the six months ended June 30, 2024, and 2023[36] Financial Reporting - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[67] - The company has not adopted any new accounting standards that would significantly impact the financial statements for the reporting period[73] - The interim financial results and report will be published on the company's website and the Hong Kong Stock Exchange in accordance with listing rules[54]

Financial Performance - For the six months ended June 30, 2024, revenue increased by approximately 65.7% to about HKD 67.2 million, compared to HKD 40.6 million for the same period in 2023[1] - For the same period, gross loss increased by approximately HKD 8.1 million to about HKD 13.7 million, compared to HKD 5.6 million for the same period in 2023[1] - The group recorded a loss attributable to equity holders of approximately HKD 19.0 million, compared to HKD 6.5 million for the same period in 2023[1] - Basic loss per share for the six months ended June 30, 2024, was approximately HKD 1.85, compared to HKD 0.65 for the same period in 2023[1] - The group reported a loss before tax of HKD 18,972,000 for the six months ended June 30, 2024, compared to a loss of HKD 6,460,000 for the same period in 2023[21] - The total loss and comprehensive expenses rose from approximately HKD 6.5 million for the six months ended June 30, 2023, to about HKD 19.0 million for the same period in 2024, reflecting an increase of approximately HKD 12.6 million[42] Revenue Sources - Revenue from RMAA services reached HKD 65,958,000 for the six months ended June 30, 2024, compared to HKD 40,557,000 for the same period in 2023, representing a growth of 62.6%[14] - The newly initiated building materials distribution business generated revenue of HKD 1,242,000 in the same period, marking its first contribution to total revenue[14] - Revenue from major customers accounted for over 10% of total revenue, with Customer A contributing HKD 30,561 thousand in 2024 compared to HKD 19,221 thousand in 2023, representing a 59.5% increase[13] - Customer B's revenue increased from HKD 9,153 thousand in 2023 to HKD 29,829 thousand in 2024, marking a significant growth of 225.5%[13] Assets and Liabilities - Trade receivables increased to HKD 105.4 million as of June 30, 2024, from HKD 94.6 million as of December 31, 2023[4] - Total assets decreased to HKD 128.972 million as of June 30, 2024, from HKD 125.996 million as of December 31, 2023[4] - The company's equity attributable to equity holders increased to HKD 128.847 million as of June 30, 2024, from HKD 125.881 million as of December 31, 2023[5] - Non-current assets totaled HKD 20.121 million as of June 30, 2024, compared to HKD 665,000 as of December 31, 2023[4] - Trade payables as of June 30, 2024, were HKD 37,033 thousand, slightly down from HKD 37,415 thousand as of December 31, 2023[27] Expenses - Employee benefits expenses totaled HKD 3,043,000 for the six months ended June 30, 2024, down from HKD 4,636,000 in the previous year, reflecting a decrease of 34.3%[18] - The group’s service costs for the six months ended June 30, 2024, amounted to HKD 80,889,000, compared to HKD 40,557,000 in the previous year, indicating a substantial increase in operational expenses[15] - Administrative expenses decreased from approximately HKD 4.6 million for the six months ended June 30, 2023, to about HKD 3.2 million for the same period in 2024, a reduction of approximately HKD 1.4 million or 30.5%[39] Acquisition and Growth - The company acquired 100% equity of the Yong Wang Group on April 30, 2024, which primarily provides RMAA engineering contracting services in Hong Kong[29] - The acquisition of the Yong Wang Group resulted in a recognized goodwill amounting to approximately HKD 19.47 million after deducting the net assets acquired[31] - The acquisition is expected to generate additional revenue of approximately HKD 2.7 million and a profit of about HKD 0.4 million if completed by January 1, 2024[33] - The group identified opportunities to enhance RMAA project capabilities and improve project bidding competitiveness through the strategic acquisition of Yong Wang Group[34] Cash Flow and Financing - The cash inflow from the acquired assets was approximately HKD 319,000[32] - The group's financing costs increased to approximately HKD 50,000 for the six months ended June 30, 2024, compared to about HKD 4,000 for the same period in 2023[40] - Bank borrowings were approximately HKD 2.5 million as of June 30, 2024, compared to about HKD 3.4 million as of December 31, 2023[44] Corporate Governance - The company has maintained high standards of corporate governance, with the chairman also serving as the CEO, which is considered appropriate for the company's best interests[56] - The independent non-executive directors have confirmed that the controlling shareholders have adhered to the non-competition undertaking as of June 30, 2024[59] - The interim financial results for the six months ending June 30, 2024, have been reviewed by the audit committee and comply with applicable accounting standards[60] Dividend Policy - The board has resolved not to declare an interim dividend for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[1] - The company did not recommend the declaration of an interim dividend for the six months ended June 30, 2024, and 2023[20] Future Plans - The group plans to implement stringent cost control measures to ensure stable business development amid the uncertain economic environment in Hong Kong[35] - The total planned expenditure across all initiatives is HKD 90.7 million, with HKD 88.4 million already utilized as of June 30, 2024[54]

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was approximately HKD 110.0 million, an increase from HKD 106.2 million in 2022[11]. - The group recorded a gross loss of approximately HKD 16.6 million for the fiscal year ending December 31, 2023, compared to a gross profit of HKD 9.8 million in 2022[12]. - The gross loss margin for the fiscal year ending December 31, 2023, was 15.1%, while the gross profit margin for the previous year was 9.3%[13]. - Other income and net gains for the fiscal year ending December 31, 2023, were approximately HKD 2.9 million, down from HKD 4.2 million in 2022[14]. - The total comprehensive loss for the year ended December 31, 2023, was approximately HKD 29.4 million, an increase from HKD 7.4 million in 2022, primarily due to increased construction costs from customer-requested remediation works[19]. - The net loss margin for the year was approximately 26.7%, compared to 7.0% in 2022[20]. - Administrative expenses decreased from approximately HKD 12.0 million in 2022 to approximately HKD 9.3 million in 2023, representing a reduction of about 22.4%[15]. - Financing costs increased from approximately HKD 14,000 in 2022 to approximately HKD 53,000 in 2023 due to bank borrowings of HKD 4.0 million[16]. - Income tax expenses decreased from approximately HKD 4.5 million in 2022 to approximately HKD 1.6 million in 2023[17]. Project and Contract Updates - The group secured contracts for the Siu Lam Rehabilitation Services Building project valued at HKD 55 million and the Pok Fu Lam residential project valued at HKD 150 million[6]. - As of December 31, 2023, the group had 7 projects on hand with a total original contract value of approximately HKD 545.4 million, up from HKD 519.2 million a year earlier[6]. - The group plans to acquire a company engaged in RMAA contracting services and construction material distribution in Hong Kong to enhance its operational capabilities[8]. Assets and Liabilities - As of December 31, 2023, the group's current assets were approximately HKD 125.3 million, down from HKD 154.4 million in 2022[21]. - The group obtained bank loans of HKD 4.0 million as of December 31, 2023, with no outstanding bank loans as of December 31, 2022[22][23]. - The capital debt ratio as of December 31, 2023, was 2.7%, compared to zero as of December 31, 2022[24]. - The group incurred capital expenditures of approximately HKD 0.3 million for the year ended December 31, 2023, down from HKD 0.4 million in 2022[29]. Shareholder and Governance Information - The total amount raised from the IPO was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[37]. - As of December 31, 2023, the group had utilized HKD 87.7 million of the net proceeds from the IPO, leaving HKD 3.0 million unutilized[37]. - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of governance and business practices[56]. - The board consists of one executive director and three independent non-executive directors, maintaining a high level of independence[60]. - The company held four board meetings in the year ending December 31, 2023, with all directors present at each meeting[63]. - The company has established a three-year service contract for the executive director, automatically renewing unless terminated with three months' notice[66]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with independence guidelines[63]. Environmental and Social Responsibility - The company emphasizes environmental sustainability in its operations as a contractor specializing in RMAA engineering[115]. - The company has established an environmental, social, and governance (ESG) working group to support the board in implementing ESG strategies and objectives[177]. - Total greenhouse gas emissions decreased from 18 tons in 2022 to 11 tons in 2023, representing a reduction of approximately 39%[189]. - The density of greenhouse gas emissions per thousand HKD revenue improved from 0.000170 tons in 2022 to 0.000102 tons in 2023, a decrease of about 40%[189]. - The total amount of construction and demolition waste increased significantly from 162 tons in 2022 to 325 tons in 2023, an increase of approximately 100%[193]. - Electricity consumption decreased from 17,010 kWh in 2022 to 9,275 kWh in 2023, a reduction of about 45%[198]. - The company continues to maintain its environmental management system in accordance with ISO 14001:2015 standards[187]. Risk Management and Compliance - The company has not encountered any significant or systemic non-compliance with relevant laws and regulations for the year ending December 31, 2023[113]. - The company conducts annual risk assessments related to climate change, identifying potential risks such as extreme weather conditions and regulatory changes[200]. - The company has implemented strategies to mitigate acute risks from extreme weather, including flexible working arrangements during typhoons[200]. - The company actively monitors domestic and international climate-related regulations to adapt internal resources accordingly[200]. Customer and Supplier Concentration - The largest customer accounted for approximately 48.5% of the group's annual revenue for the year ending December 31, 2023, compared to 31.5% in 2022[111]. - The top five customers represented about 94.7% of the group's annual revenue for the year ending December 31, 2023, up from 90.6% in 2022[111]. - The largest supplier's service cost constituted approximately 33.9% of the group's service costs for the year ending December 31, 2023, compared to 24.8% in 2022[111]. - The top five suppliers accounted for about 84.6% of the group's service costs for the year ending December 31, 2023, slightly down from 86.4% in 2022[111].

Financial Performance - Revenue increased by approximately 3.6% to about HKD 110.0 million for the year ended December 31, 2023, compared to HKD 106.2 million in 2022[4] - The group recorded a gross loss of approximately HKD 16.6 million for the year ended December 31, 2023, compared to a gross profit of HKD 9.8 million in 2022[4] - The loss attributable to equity holders of the company was approximately HKD 29.4 million for the year ended December 31, 2023, compared to HKD 7.4 million in 2022[4] - Basic loss per share was approximately HKD 0.0294 for the year ended December 31, 2023, compared to HKD 0.0074 in 2022[4] - The group reported a loss before tax of approximately HKD 29,412,000 for the year, compared to a loss of HKD 7,409,000 in 2022[29] - The total loss and comprehensive expenses for the year ended December 31, 2023, amounted to approximately HKD 29.4 million, an increase from HKD 7.4 million in 2022, primarily due to increased construction costs[53] - The net loss margin for the year ended December 31, 2023, was approximately 26.7%, compared to 7.0% in 2022[54] Revenue Sources - The group’s revenue is derived from providing RMAA engineering services, with all contracts primarily being fixed-price contracts[20] - Total revenue from customer contracts for 2023 was HKD 110,034,000, compared to HKD 106,187,000 in 2022, reflecting an increase of approximately 1.7%[20] - The group reported revenue from major customers exceeding 10% of total revenue, with Customer A contributing HKD 53,350,000, Customer B contributing HKD 28,060,000, and Customer C contributing HKD 15,211,000 for the year 2023[19] - Revenue for the year ended December 31, 2023, was approximately HKD 110.0 million, an increase from HKD 106.2 million in 2022, primarily driven by projects related to the Small Island Comprehensive Rehabilitation Services Building[46] Assets and Liabilities - Total assets decreased to HKD 125.996 million in 2023 from HKD 155.348 million in 2022[7] - Current liabilities decreased to HKD 51.450 million in 2023 from HKD 99.132 million in 2022[7] - Cash and cash equivalents decreased to HKD 10.1 million in 2023 from HKD 24.54 million in 2022[7] - Trade receivables amounted to HKD 110,582,000, with an allowance for credit losses of HKD 16,015,000, resulting in a net receivable of HKD 94,567,000[31] - Contract assets, net of credit loss allowance, were HKD 23,850,000, with expected recoverable amounts in one year being approximately HKD 20,328,000[34] - Trade payables decreased to HKD 37.415 million in 2023 from HKD 57.999 million in 2022, with a significant increase in payables due within one month to HKD 5.967 million from HKD 2.030 million[36] Expenses - Employee benefit expenses for the year were approximately HKD 4,145,000, down from HKD 6,390,000 in 2022[24] - Administrative expenses decreased from approximately HKD 12.0 million for the year ended December 31, 2022, to about HKD 9.3 million for the year ended December 31, 2023, representing a reduction of approximately HKD 2.7 million or 22.4%[50] - Financing costs increased from approximately HKD 14,000 for the year ended December 31, 2022, to about HKD 53,000 for the year ended December 31, 2023, due to bank borrowings of HKD 4.0 million[51] - Income tax expenses decreased from approximately HKD 4.5 million for the year ended December 31, 2022, to about HKD 1.6 million for the year ended December 31, 2023[52] Dividends - No final dividend was declared for the year ended December 31, 2023[4] - The company did not declare or propose any dividends to ordinary shareholders for the year ending December 31, 2023[28] - The company does not plan to pay any dividends to ordinary shareholders for the year ending December 31, 2023[73] Corporate Governance - The company maintains high standards of corporate governance and has adopted the corporate governance code as its own[80] - All directors confirmed compliance with the standards for securities trading as of December 31, 2023[81] - The audit committee, consisting of three independent non-executive directors, confirmed the financial performance for the fiscal year ending December 31, 2023, was prepared in accordance with applicable accounting standards[85] - The company confirmed that it maintained sufficient public float as required by listing rules as of December 31, 2023[90] Future Plans and Investments - The company plans to enhance its RMAA engineering capabilities and improve overall competitiveness through the acquisition of a company engaged in RMAA contracting services and building materials distribution in Hong Kong[44] - There are no significant investments or capital asset plans other than the acquisition of 100% equity in a target company as disclosed on March 22, 2024[78] - Keybase Assets Limited agreed to acquire 100% of the target company's shares for HKD 22,000,000, to be settled through the issuance of 174,603,175 shares[88] Employee Management - The company has implemented an annual evaluation system to assess employee performance, which influences salary increases, bonuses, and promotions[72] - As of December 31, 2023, the company employed 25 employees in Hong Kong, a decrease from 34 employees as of December 31, 2022[72] Upcoming Events - The annual general meeting is scheduled for June 21, 2024, with relevant notices to be issued in accordance with listing rules[91] - The company will suspend share registration procedures from June 18 to June 21, 2024, to determine shareholder eligibility for the annual general meeting[92] - The annual results announcement for the fiscal year ending December 31, 2023, will be published on the company's website and the stock exchange website in April 2024[93]

Financial Performance - For the six months ended June 30, 2023, the company's revenue decreased by approximately 41.1% to about HKD 40.6 million, compared to HKD 68.9 million for the same period in 2022[4] - The company recorded a gross loss of approximately HKD 5.6 million for the six months ended June 30, 2023, down from a gross profit of about HKD 12.9 million for the same period in 2022[4] - The net loss attributable to equity holders for the six months ended June 30, 2023, was approximately HKD 6.5 million, compared to a profit of about HKD 6.8 million for the same period in 2022[4] - The basic loss per share for the six months ended June 30, 2023, was approximately HKD 0.65, compared to earnings of about HKD 0.68 per share for the same period in 2022[4] - The total comprehensive loss for the six months ended June 30, 2023, was approximately HKD 6.5 million, a decrease of about HKD 13.2 million compared to a total comprehensive income of approximately HKD 6.8 million for the same period in 2022[21] - The group reported a revenue of HKD 40,557,000 for the six months ended June 30, 2023, a decrease of 41% compared to HKD 68,899,000 in the same period of 2022[67] - The gross loss for the period was HKD 5,566,000, compared to a gross profit of HKD 12,871,000 in the previous year[67] - The net loss attributable to equity holders of the company was HKD 6,460,000, compared to a profit of HKD 6,765,000 in the same period last year[67] - For the six months ended June 30, 2023, the group reported a loss before tax of approximately HKD 6,460,000, compared to a profit of HKD 6,765,000 for the same period in 2022, indicating a significant decline in performance[98] Cost Management - The company implemented strict cost control measures, reducing administrative expenses from approximately HKD 5.2 million for the six months ended June 30, 2022, to about HKD 4.6 million for the same period in 2023[8] - Administrative expenses decreased from approximately HKD 5.2 million for the six months ended June 30, 2022, to approximately HKD 4.6 million for the six months ended June 30, 2023, representing a reduction of about HKD 0.6 million or 11.3%[16] - Financing costs for the six months ended June 30, 2023, were approximately HKD 4,000, down from approximately HKD 7,000 for the same period in 2022[17] - Total employee benefit expenses for the six months ended June 30, 2023, amounted to HKD 4,636,000, down 10.8% from HKD 5,196,000 in the same period of 2022[94] Revenue Sources - Revenue from major clients included HKD 19,221,000 from Client A, up from HKD 16,111,000 in 2022, while Client B's revenue decreased to HKD 9,153,000 from HKD 16,461,000[88] - The group’s revenue from residential projects was HKD 29,916,000, down from HKD 47,827,000 in 2022, indicating a decline of 37.5%[91] - The group’s major clients contributed over 10% of total revenue, highlighting reliance on key customers for financial performance[88] Assets and Liabilities - Current assets as of June 30, 2023, were approximately HKD 148.1 million, down from approximately HKD 154.4 million as of December 31, 2022[22] - The total assets decreased from HKD 253,537,000 as of December 31, 2022, to HKD 189,310,000 as of June 30, 2023[69] - Trade receivables decreased significantly from HKD 158,522,000 to HKD 102,586,000 over the same period[69] - Trade receivables as of June 30, 2023, totaled HKD 111,761,000, a decrease of 34.5% from HKD 170,559,000 as of December 31, 2022[101] - The aging analysis of trade receivables shows that HKD 68,595,000 was overdue for more than one year as of June 30, 2023, compared to HKD 94,464,000 as of December 31, 2022, reflecting an improvement in overdue receivables[102] - Contract assets decreased to HKD 27,463,000 as of June 30, 2023, from HKD 31,079,000 as of December 31, 2022, indicating a reduction in unbilled revenue[104] - The total accrued liabilities and other payables amounted to HKD 10,429,000, a decrease of 44.6% from HKD 18,907,000 as of December 31, 2022[114] Dividends and Shareholder Information - The company did not recommend the declaration of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[4] - The board has resolved not to declare an interim dividend for the six months ended June 30, 2023, and 2022[38] - Major shareholders include Fu Zai Enterprises Holdings Limited, holding 603,000,000 shares, representing 60.3% of the equity[55] - The company has maintained a minimum of 25% of its issued share capital held by the public as of June 30, 2023[61] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, with the chairman and CEO roles held by the same individual, which deviates from the code but is deemed appropriate by the board[46] - The audit committee, established on March 15, 2021, consists of three independent non-executive directors and is responsible for overseeing financial reporting and internal controls[63] - The interim financial results have not been audited but have been reviewed by the audit committee, ensuring compliance with applicable accounting standards[64] Future Outlook and Strategic Changes - The company aims to allocate additional resources to comprehensive project cost assessments to mitigate financial impacts from cost overruns in the uncertain economic environment of Hong Kong[10] - The group has made further changes to the use of proceeds for Plan 1 and Plan 2 as of June 30, 2023, with no further changes to the proposed use of net proceeds disclosed on June 6, 2023[44] - There were no significant contract amounts awarded for new projects under Plan 3, causing delays in its actual use[44] - The group expects to recover approximately HKD 20,801,000 of contract assets in one year, down from HKD 26,749,000 as of December 31, 2022[106] Employee Information - As of June 30, 2023, the group had 24 employees, down from 34 employees as of December 31, 2022[37] Miscellaneous - The company expressed gratitude to management, employees, shareholders, and partners for their support during the period[66] - There are no significant events related to the company's business or financial performance known to the directors after June 30, 2023[123]

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佈的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會 對本公佈的全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Unity Enterprise Holdings Limited 盈 滙 企 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2195） 截 至2023年6月30日 止 六 個 月 的 中 期 業 績 公 佈 中期業績摘要 • 截至2023年6月30日止六個月，收益減少約41.1%至約40.6百萬港元（截 至2022年6月30日止六個月：約68.9百萬港元）。 • 截至2023年6月30日止六個月，毛利減少約18.4百萬港元至毛損約5.6 百萬港元（截至2022年6月30日止六個月：毛利約12.9百萬港元）。 • 截 至2023年6月30日 止 六 個 月，本 集 團 錄 得 本 公 司 權 益 持 有 人 應 佔 虧損約6.5百萬港元（截至2022年6月30日止六個月：溢利約6.8百萬港元）。 • 截至2023年6月30日止六個月，每股基本虧損約為0.65港仙（截至202 ...

Financial Performance - The company reported total revenue of approximately HKD 106.2 million for the year ended December 31, 2022, a decrease of about 57.5% compared to HKD 249.6 million for the year ended December 31, 2021[7]. - The net loss for the year ended December 31, 2022, was approximately HKD 7.4 million, a decline of about 128.2% from a profit of HKD 26.3 million for the previous year[7]. - Gross profit was approximately HKD 9.8 million for the year ended December 31, 2022, down about 78.1% from HKD 44.8 million in 2021, with a gross margin of approximately 9.3% compared to 18.0% in 2021[13]. - Other income and gains for the year ended December 31, 2022, amounted to approximately HKD 4.2 million, primarily from tax compensation guarantees of HKD 3.3 million and government subsidies of HKD 0.5 million[14]. - Administrative expenses increased from approximately HKD 9.8 million for the year ended December 31, 2021, to approximately HKD 12.0 million for the year ended December 31, 2022, representing an increase of about 21.9%[15]. - Financing costs decreased from approximately HKD 0.2 million for the year ended December 31, 2021, to approximately HKD 14,000 for the year ended December 31, 2022, due to the repayment of all bank borrowings[16]. - Income tax expenses decreased from approximately HKD 5.3 million for the year ended December 31, 2021, to approximately HKD 4.5 million for the year ended December 31, 2022, a reduction of about 15.8%[19]. - The total comprehensive loss for the year ended December 31, 2022, was approximately HKD 7.4 million, a decrease of about 128.2% compared to a total comprehensive income of approximately HKD 26.3 million for the year ended December 31, 2021[20]. Project and Operational Status - The company had six ongoing projects as of December 31, 2022, with a total original contract value of approximately HKD 519.2 million, down from 15 projects valued at approximately HKD 636.2 million a year earlier[7]. - The company faced increased competition, resulting in fewer new project awards and a slowdown in project progress due to the COVID-19 pandemic[8]. - The outlook for the construction industry remains challenging, with the company adopting a cautious strategy to alleviate revenue pressure and manage operating costs[10]. - The company aims to enhance construction quality and maintain site safety while implementing safety management systems on existing construction sites[10]. Use of Proceeds and Capital Management - The company plans to use the net proceeds of approximately HKD 47.9 million from its listing to meet working capital needs instead of launching a metal scaffolding system[9]. - The total amount raised from the listing was HKD 140 million, with a net amount of approximately HKD 90.7 million after deducting underwriting commissions and related expenses[39]. - The planned use of the net proceeds includes upgrading construction equipment and providing metal scaffolding systems, with an original allocation of HKD 57.5 million, of which HKD 9.6 million is still unutilized[39]. - For operational capital needs and to cover certain preliminary costs, the allocation was revised from HKD 25.7 million to HKD 73.6 million, which has been fully utilized by December 31, 2022[39]. - The funds allocated for strengthening manpower (Plan 3) amount to HKD 7.5 million, with HKD 3.0 million utilized and HKD 4.5 million remaining, expected to be fully utilized by December 31, 2023[39]. - As of December 31, 2022, the group maintained a solid liquidity position with net current assets of approximately HKD 154.4 million[21]. - The group had no outstanding bank borrowings as of December 31, 2022, and December 31, 2021[22]. - The capital debt ratio was zero as of December 31, 2022, and December 31, 2021, indicating no bank borrowings[23]. - Capital expenditures for the year ended December 31, 2022, amounted to approximately HKD 0.4 million, primarily for office equipment purchases[29]. Corporate Governance and Management - The board consists of one executive director and three independent non-executive directors, ensuring a high level of independence[65]. - The company has adopted the corporate governance code as per the listing rules, although the roles of chairman and CEO are held by the same individual, which is considered appropriate for the company's best interests[61]. - The company is committed to maintaining high standards of corporate governance and business practices[61]. - The board is responsible for formulating business policies and strategies to enhance shareholder value[67]. - The company has confirmed compliance with the standard code for securities trading by all directors for the year ending December 31, 2022[63]. - The company focuses on providing quality services and maintaining ethical and responsible business practices[62]. - The executive management is empowered by the board to handle daily operations and management matters[67]. - The board regularly meets to discuss operational matters and ensure adequate checks and balances to protect the interests of the company and its shareholders[61]. - The company held six board meetings in the year ended December 31, 2022, with all executive directors attending all meetings[68]. - The board consists of four directors, including one female director, representing approximately 24% female representation[79]. - As of December 31, 2022, 35% of the company's 34 employees, including senior management, are female, indicating gender diversity within the workforce[79]. - The audit committee, established on March 15, 2021, consists of three independent non-executive directors and is responsible for overseeing financial reporting and risk management[81]. - The company has adopted a board diversity policy, considering factors such as gender, age, and professional experience to enhance board performance[76]. - Independent non-executive directors are required to confirm their independence annually, ensuring compliance with listing rules[72]. - The company has a mechanism in place to ensure board effectiveness, including the requirement for at least three independent non-executive directors[72]. - The board reviews the implementation and effectiveness of the diversity policy annually, contributing to corporate strategy and business development[79]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, to assist in effective governance[80]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring good corporate governance[71]. - The audit committee held four meetings during the year ended December 31, 2022, with full attendance from members[83]. - The remuneration committee reviewed and approved management's compensation proposals and held one meeting during the year, with full attendance from members[85]. - The nomination committee held one meeting during the year ended December 31, 2022, with full attendance from members[89]. - The external auditor's fees for the year ended December 31, 2022, amounted to HKD 520,000 for audit services[94]. - The company has adopted a nomination policy to ensure diversity in the board composition and to evaluate candidates based on various criteria[90]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[92]. - The company has no significant uncertainties that may cast doubt on its ability to continue as a going concern[93]. - The audit committee reviewed the financial statements and risk management systems for the year ended December 31, 2022[19]. - The remuneration committee's responsibilities include making recommendations on the compensation of individual directors and senior management[86]. - The company has appointed a new compliance advisor, Lingzhan Financial Group, effective from February 3, 2023, following the termination of the previous agreement with Junfu due to a lack of consensus on fee adjustments[97]. - The board is committed to maintaining effective internal control and risk management systems to protect shareholder interests and group assets, with annual reviews conducted to ensure their adequacy and effectiveness[98]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified 15 significant environmental, social, and governance (ESG) issues through internal surveys and stakeholder assessments, which will guide its ESG reporting and strategy[190]. - The company maintains an environmental management system in accordance with ISO 14001:2015 to minimize negative environmental impacts and ensure compliance with applicable environmental laws[195]. - During the reporting period, the company complied with all relevant environmental laws and regulations, with no confirmed non-compliance incidents or complaints reported[196]. - The board of directors is responsible for overseeing the company's ESG-related risks and opportunities, establishing strategies and goals, and reviewing performance annually[185]. - The company has established an ESG working group composed of management members to support the board in implementing ESG strategies and objectives[185]. - Stakeholder engagement is prioritized, with communication methods including company websites, public disclosures, and shareholder meetings to address stakeholder concerns[189]. - The company emphasizes the importance of sustainability in its daily operations and has integrated this concept into its business practices[185]. - The company conducts annual risk assessments to evaluate potential ESG issues and enhance resilience and adaptability[185]. - The company is committed to community development and environmental protection, engaging in community activities and issuing press releases to communicate its efforts[189]. - The company tracks and reviews sustainability priorities through stakeholder engagement to ensure alignment with long-term sustainability goals[186]. - Greenhouse gas emissions from vehicle combustion (Scope 1) decreased from 5 tons in 2021 to 2 tons in 2022[197]. - Total greenhouse gas emissions increased from 13 tons in 2021 to 18 tons in 2022, reflecting a rise in emissions density from 0.000052 tons per thousand HKD revenue to 0.000170 tons[197]. - Nitrogen oxides (NOx) emissions from vehicles increased from 1.85 kg in 2021 to 1.92 kg in 2022[197]. - Sulfur oxides (SOx) emissions rose from 0.029 kg in 2021 to 0.031 kg in 2022[197]. - Particulate matter (PM) emissions increased from 0.14 kg in 2021 to 0.16 kg in 2022[197]. - The company aims to reduce total greenhouse gas emissions density to between 90% and 120% of the baseline level by the next reporting period[199]. - Electricity consumption (Scope 2) emissions increased significantly from 7 tons in 2021 to 15 tons in 2022[197]. - Paper processing (Scope 3) emissions remained stable at 1 ton for both 2021 and 2022[197]. - The company is committed to sustainable development principles and has outlined additional mitigation measures in its reports[199]. - Waste management practices are regularly conducted by the Environmental Protection Department (EPD) to ensure proper disposal of construction and demolition waste[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佈的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會 對本公佈的全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Unity Enterprise Holdings Limited 盈 滙 企 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2195） 截 至2022年12月31日 止 年 度 的 全 年 業 績 公 佈 全年業績摘要 • 截至2022年12月31日止年度，收益減少約57.5%至約106.2百萬港元（2021 年：約249.6百萬港元）。 • 截至2022年12月31日止年度，毛利減少約78.1%至約9.8百萬港元（2021 年：約44.8百萬港元）。 • 截至2022年12月31日止年度，本集團錄得本公司擁有人應佔虧損約7.4 百萬港元（2021年：溢利約26.3百萬港元）。 • 截至2022年12月31日止年度，每股基本虧損約為0.74港仙（2021年：每 股基本盈利約2.80港仙）。 • 截 至2022年12月31日 止 年 度，概 無 派 付 或 宣 派 股 息。 ...