Financial Performance - The group's revenue increased by approximately 19.6% from about MOP 144.1 million in the previous fiscal year to about MOP 172.4 million for the year ended December 31, 2022[12]. - The group recorded a post-tax profit of approximately MOP 5.3 million, compared to a post-tax loss of about MOP 20.7 million in the previous fiscal year[12]. - In 2022, the company's total revenue increased by approximately MOP 28.3 million or 19.6% compared to 2021, driven primarily by a MOP 19.4 million or 14.8% increase in renovation project revenue and a MOP 8.9 million or 99.9% increase in construction project revenue[20]. - The gross profit for the company increased by approximately MOP 11.2 million or 45.6% to MOP 35.8 million in 2022, compared to MOP 24.6 million in 2021, primarily due to an increase in renovation projects[24]. - The gross profit margin improved from approximately 17.1% in 2021 to 20.8% in 2022, attributed to higher margins in renovation projects[26]. - Other income and losses for the year resulted in a net loss of approximately MOP 1.9 million, an improvement from a net loss of MOP 15.3 million in 2021[27]. - The group reported a profit attributable to the owners of approximately MOP 5.3 million for the year ended December 31, 2022, compared to a loss of approximately MOP 20.7 million for the year ended December 31, 2021[31]. - Basic earnings per share for the year ended December 31, 2022, was MOP 1.3 cents, an increase of MOP 6.5 cents from a loss of MOP 5.2 cents per share for the previous year[34]. Project and Operational Highlights - The group completed 24 projects and was awarded 23 projects during the fiscal year[12]. - The total value of newly awarded renovation projects in 2022 was approximately MOP 201.4 million, significantly up from MOP 77.4 million in 2021[19]. - The construction project backlog as of December 31, 2022, was valued at approximately MOP 72.7 million, up from MOP 36.9 million in 2021[19]. - The company expects significant increases in project volumes from the restaurant, hotel, and gaming sectors, which will drive revenue growth[15]. - The company anticipates a recovery to pre-pandemic performance levels as the economy stabilizes and customer traffic increases post-pandemic[15]. - The company plans to focus resources on renovation projects, leveraging local advantages and resources to capitalize on post-pandemic opportunities in the construction industry[15]. Financial Position and Capital Management - As of December 31, 2022, the group's current assets exceeded current liabilities by MOP 17.4 million, compared to MOP 5.3 million in the previous year[36]. - The group's cash and bank balances amounted to MOP 22.4 million as of December 31, 2022, up from MOP 11.5 million in the previous year[37]. - The group's total borrowings decreased to MOP 31.0 million as of December 31, 2022, from MOP 47.8 million in the previous year[37]. - The group's current ratio improved to 1.2 as of December 31, 2022, compared to 1.1 in the previous year, reflecting the profit situation for the year[40]. - The debt-to-equity ratio decreased to 0.25 as of December 31, 2022, from 0.41 in the previous year, primarily due to the repayment of bank borrowings[40]. - The group has sufficient working capital to meet its future operational needs as of December 31, 2022[35]. Governance and Risk Management - The board is responsible for leading and monitoring the company, ensuring effective internal control and risk management systems are in place[88]. - The audit committee, composed of three independent non-executive directors, held two meetings in the year ending December 31, 2022, to review financial performance and risk management systems[97]. - The company has established three committees: audit, remuneration, and nomination, to oversee specific aspects of governance[96]. - The board ensures that all directors receive timely access to company information and can seek independent professional advice when necessary[88]. - The company has adopted a board diversity policy, emphasizing the importance of diversity at the board level to maintain competitive advantage[109]. - The board is responsible for maintaining effective risk management and internal control systems, which are reviewed annually[119]. - An independent external consultant was appointed to review the effectiveness of the group's internal control system[121]. - The risk management procedures are designed to identify, assess, and manage significant risks, with senior management responsible for annual risk reporting[123]. Shareholder Communication and Policies - The company maintains effective communication with shareholders, particularly through annual general meetings and its website[141]. - The company has established a shareholder communication policy to ensure that shareholder concerns are properly addressed[142]. - The company has adopted a dividend policy without a preset distribution ratio, allowing the board to propose dividends based on financial conditions[142]. - The group did not recommend the payment of a final dividend for the year ended December 31, 2022[177]. Employee and Operational Costs - The group reported a total employee cost of MOP 39.5 million for the year ended December 31, 2022, down from MOP 44.2 million in 2021[58]. - Administrative expenses decreased by approximately MOP 2.4 million or 8.5% to MOP 26.3 million in 2022, due to cost control measures[28]. Market and Strategic Initiatives - The company is actively seeking suppliers to ensure a stable supply of quality food at competitive prices for its restaurant business in Macau[175]. - The group is exploring new business opportunities in the restaurant sector to generate new revenue streams[173]. - The company is investing in R&D, allocating F% of its budget to develop new technologies and improve existing products[148]. - Strategic partnerships are being formed to leverage complementary strengths and enhance market competitiveness[148]. Compliance and Regulatory Matters - The group has complied with all necessary registrations and certifications for its operations in Macau and Hong Kong as of December 31, 2022[169]. - The company has implemented an "Insider Information Disclosure Policy" to ensure accurate and timely information dissemination regarding its business and financial status[124].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Lai Si Enterprise Holding Limited 黎氏企業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2266） 截至2022年12月31日止年度全年業績公告 財務概要 （除另有說明外，以澳門幣（「澳門幣」）千元列示） 截至12月31日止年度 同比增加 2022年 2021年 ╱（減少） 澳門幣千元 澳門幣千元 持續經營業務 收益 172,373 144,117 19.6% 毛利 35,814 24,595 45.6% 毛利率 20.8% 17.1% 3.7% 持續經營業務之年內溢利╱（虧損） 5,316 (20,425) 126.0% ...

Financial Performance - For the six months ended June 30, 2022, the group's revenue decreased by approximately MOP 4.6 million or 6.6% to MOP 65.5 million, attributed to the ongoing weak operating environment in the renovation industry due to the COVID-19 pandemic [10]. - The gross profit for the six months ended June 30, 2022, increased by approximately MOP 0.8 million or 7.3% to MOP 12.1 million, with the overall gross margin improving from 16.1% in 2021 to 18.5% in 2022 [13]. - For the six months ended June 30, 2022, the profit attributable to the owners of the company was approximately MOP 0.3 million, a significant improvement from a loss of MOP 16.6 million for the same period in 2021 [22]. - Earnings per share for the six months ended June 30, 2022, was MOP 0.1 cents, recovering from a loss of MOP 4.1 cents per share in the previous year, marking an increase of MOP 4.2 cents [23]. - The company reported a total comprehensive income of MOP 261,000 for the period, recovering from a loss of MOP 16,598,000 in the previous year [82]. - The company recorded a profit attributable to equity holders from continuing operations of MOP 278,000 for the six months ended June 30, 2022, compared to a loss of MOP 16,285,000 for the same period in 2021 [140]. Revenue Breakdown - The group's renovation engineering revenue accounted for 76.2% of total revenue for the six months ended June 30, 2022, while construction engineering and maintenance services contributed 20.7% and 3.1%, respectively [10]. - Revenue from renovation, alteration, and addition works was MOP 49,959,000, down 23.5% from MOP 65,282,000 in the previous year [117]. - The total revenue from customer contracts in the Macau market was MOP 62,316,000, while in Hong Kong it was MOP 3,229,000 [122]. Expenses and Costs - The administrative expenses decreased by approximately MOP 2.3 million or 15.3% to MOP 12.8 million for the six months ended June 30, 2022, due to cost-cutting measures implemented during the period [15]. - Employee costs for the six months ended June 30, 2022, totaled MOP 18.4 million, down from MOP 25.5 million for the same period in 2021 [45]. - The cost of services provided was MOP 53,418,000, a decrease from MOP 58,848,000 in the previous year, indicating improved cost management [124]. Assets and Liabilities - As of June 30, 2022, the group had net current assets of approximately MOP 6.7 million, an increase of about MOP 1.5 million from MOP 5.3 million as of December 31, 2021 [24]. - The group's cash and bank balances as of June 30, 2022, were MOP 2.3 million, down from MOP 11.5 million as of December 31, 2021 [25]. - The current ratio as of June 30, 2022, was 1.1, consistent with the ratio as of December 31, 2021, indicating stable liquidity [28]. - The debt-to-equity ratio as of June 30, 2022, was 0.48, an increase from 0.41 as of December 31, 2021, primarily due to increased bank borrowings [28]. - The total assets as of June 30, 2022, were MOP 121,245,000, slightly down from MOP 121,467,000 at the end of 2021 [84]. - Current liabilities rose to MOP 103,478,000, compared to MOP 95,061,000 at the end of 2021, reflecting increased operational costs [84]. Cash Flow - The cash flow from operating activities showed a net outflow of MOP 16,767,000 for the first half of 2022, worsening from a net outflow of MOP 7,426,000 in the same period of 2021 [93]. - The company reported a net decrease in cash and cash equivalents of MOP 9,418,000 for the first half of 2022, compared to a decrease of MOP 7,232,000 in the first half of 2021 [96]. - The financing activities generated a net cash inflow of MOP 3,745,000 in the first half of 2022, contrasting with a net cash outflow of MOP 3,104,000 in the same period of 2021 [93]. Legal Matters - The company is involved in a legal dispute claiming approximately HKD 172.5 million related to a verbal agreement for consulting services provided during its IPO in February 2017 [35]. - The group has a pending lawsuit involving a subcontractor with a total claim amount of MOP 1,926,000 as of June 30, 2022 [159]. - The group has not made any provisions for ongoing legal disputes as it is considered premature [159][161]. Market Outlook - The company anticipates an increase in engineering projects following the public bidding for gaming licenses initiated by the Macau government, which is expected to positively impact performance [55]. - The company expects the global economy to gradually recover from the pandemic, which will stabilize the construction market [55]. - The company is committed to leveraging its local advantages and reputation in the construction industry to navigate the ongoing challenges [55]. Corporate Governance - The company has complied with all applicable corporate governance codes during the six months ending June 30, 2022 [69]. - The company has not repurchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2022 [68].

Company Overview - The group reported audited annual results for the year ended December 31, 2021[34]. - The company is listed under stock code 2266 on the Hong Kong Stock Exchange[7]. - The company has a registered office in Grand Cayman, Cayman Islands[5]. - The major banks associated with the company include Bank of China Macau Branch and Macau International Bank[7]. - The company has established a headquarters in Macau and a primary business location in Hong Kong[5]. - The board of directors includes executive directors and independent non-executive directors, ensuring corporate governance[5]. - The company is involved in various subsidiaries, including Lai Si Construction and Lai Si Mechanical Engineering[32]. Financial Performance - The company's revenue decreased by approximately MOP 16.4 million or 10.2% to about MOP 144.1 million for the year ended December 31, 2021, compared to MOP 160.5 million in the previous year[36]. - The company recorded a post-tax loss of approximately MOP 20.7 million, a decrease of 74.3% compared to the previous fiscal year[36]. - The total value of newly awarded renovation projects was approximately MOP 77.4 million, down from MOP 168.1 million in the previous year[43]. - The company’s renovation engineering revenue was MOP 131.5 million, accounting for 91.3% of total revenue, a decrease of MOP 21.0 million or 13.8% from the previous year[46]. - The construction engineering revenue increased to MOP 8.9 million, a significant increase of MOP 7.8 million or 7.1 times compared to the previous year[46]. - The group's renovation engineering revenue for the year ended December 31, 2021, was MOP 131.5 million, a decrease of MOP 21.3 million or 25.4% compared to MOP 152.5 million in 2020[47]. - The gross profit for the group increased by MOP 6.3 million or 34.4% to MOP 24.6 million for the year ended December 31, 2021, compared to MOP 18.3 million in 2020[51]. - The gross profit margin improved from 11.4% in 2020 to 17.1% in 2021, primarily due to an increase in the gross profit margin of renovation engineering[52]. - The group reported a net loss attributable to shareholders of MOP 20.7 million for the year ended December 31, 2021, compared to a loss of MOP 80.6 million in 2020[59]. - Basic loss per share for the year ended December 31, 2021, was MOP 5.2 cents, a decrease of MOP 14.9 cents or 74.1% from MOP 20.1 cents in 2020[60]. - Administrative expenses decreased by MOP 7.9 million or 21.3% to MOP 28.7 million for the year ended December 31, 2021, due to cost control measures[56]. - Financing costs decreased by MOP 0.6 million or 31.6% to MOP 1.3 million for the year ended December 31, 2021, attributed to a decline in bank loan interest rates[57]. - Other income and losses resulted in a net loss of MOP 15.6 million for the year ended December 31, 2021, an improvement from a net loss of MOP 61.6 million in 2020[53]. Project and Business Focus - The company completed 25 projects and was awarded 23 projects during the fiscal year ending December 31, 2021[36]. - The company plans to focus on local government projects and aims to partner with large contractors for future opportunities[37]. - The company has terminated its restaurant business to consolidate resources and focus on its core renovation and construction services[36]. - The total value of unfinished renovation and construction projects as of December 31, 2021, was approximately MOP 36.9 million, down from MOP 82.5 million the previous year[43]. Governance and Compliance - The company emphasizes compliance with the Listing Rules and corporate governance codes[32]. - The company has a remuneration committee and an audit committee to oversee financial reporting and executive compensation[5]. - The company reported a commitment to high standards of corporate governance, adhering to all principles and code provisions of the corporate governance code for the year ended December 31, 2021[102]. - The board of directors consists of 8 members, including 3 independent non-executive directors, ensuring compliance with listing rules[116]. - The board held a total of 5 meetings during the year, with all directors attending 100% of the meetings[114]. - The company has established three committees: the audit committee, remuneration committee, and nomination committee to oversee specific aspects of governance[128]. - The audit committee held three meetings during the year ended December 31, 2021, to review interim and annual financial performance and reports[129]. - The remuneration committee reviewed and recommended salary adjustments for executive directors due to the impact of COVID-19[133]. - The company has appropriate insurance arrangements for directors and senior management against legal claims arising from company operations[120]. Risk Management - The company has implemented a robust internal control and risk management system to monitor operational and financial performance[119]. - The board is responsible for maintaining an effective risk management system and internal control system to protect the group's assets and shareholder interests[149]. - The company has established risk management procedures to identify, assess, and manage significant risks and address major internal control deficiencies[154]. - The audit committee is responsible for continuously monitoring the effectiveness of the group's risk management and internal control systems[150]. - The company has adopted an "Insider Information Disclosure Policy" to ensure accurate and timely information dissemination regarding its business and financial status[156]. Shareholder Communication - The company maintains effective communication with shareholders, particularly through annual general meetings and its website[173]. - The company has established a shareholder communication policy to ensure that shareholder concerns are properly addressed[174]. - The company has not set a predetermined dividend payout ratio, allowing the board to propose dividends based on financial conditions[174]. Future Outlook - The company expects gradual recovery in the global economy and construction market as the impact of the COVID-19 pandemic diminishes[39]. - The group plans to utilize the net proceeds from the share offering for various projects, including MOP 49.4 million for renovation projects in Macau and MOP 17.9 million for construction projects in Macau, both expected to be completed by the end of 2022[94]. - The group aims to expand its operations by developing hotel businesses and establishing partnerships with major contractors for upcoming public construction projects in Macau[99]. - The group plans to leverage the development policies of the Greater Bay Area to expand its market presence in mainland China[99]. Employee and Operational Metrics - The total employee cost for the year ended December 31, 2021, was MOP 44.2 million, a decrease from MOP 48.5 million in 2020[87]. - The total number of full-time employees as of December 31, 2021, was 146, down from 153 in 2020[87]. Environmental, Social, and Governance (ESG) - The ESG report for the year ending December 31, 2021, will be published separately and available on the company's website[175]. - The company has established safety, quality, and environmental management systems to meet customer requirements in these areas, enhancing its public image and customer confidence[200]. - The company has obtained ISO 9001 and ISO 14001 certifications to improve its reputation and compliance with safety, quality, and environmental standards[200].

Hong Kong 香港 • Macau 澳門 Lai Si Construction 黎氏企業控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號 : 2266) ■ ■■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■■■ III III W 中期報告 2021 | --- | --- | |---------------------------------------------|------------------------------------| | | | | 董事會 | 授權代表 | | 執行董事 | 黎鳴山先生 盧漢傑先生，會計師 | | 黎英萬先生 （主席） 黎鳴山先生 （行政總裁） | 註冊辦事處 | | 黎盈惠女士 張穎思女士 | Windward 3, Regatta Office Park | | | PO Box 1350 | | 獨立非執行董事 | Grand Cayman KY1-1108 | | 陳振聲先生 陳玉泉先生 林美芳女士 | Cayman Islands 澳門總部 | | | 澳門 | | 審核委員會 | 沙梨頭海邊街 54 號 | | 陳振聲先生 （主席） ...

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the year ended December 31, 2020, representing a year-on-year increase of 15%[15]. - The group recorded a post-tax loss of approximately MOP 80.6 million, a decrease of over 13.6 times compared to the previous fiscal year[17]. - The group's revenue decreased by approximately MOP 102.3 million or 38.9% from MOP 262.9 million in 2019 to MOP 160.5 million in 2020[17]. - The revenue from renovation projects decreased by approximately MOP 72.5 million or 32.2%, while construction revenue decreased by approximately MOP 29.8 million or 96.5%[28]. - The gross profit decreased from approximately MOP 453.3 million for the year ended December 31, 2019, to approximately MOP 182.95 million for the year ended December 31, 2020, a decline of about 59.6%[34]. - The gross profit margin fell from approximately 17.2% for the year ended December 31, 2019, to approximately 11.4% for the year ended December 31, 2020, primarily due to the impact of the COVID-19 pandemic[35]. - The company incurred a loss attributable to owners of the company of approximately MOP 80.6 million for the year ended December 31, 2020, compared to a profit of approximately MOP 6.4 million for the year ended December 31, 2019[40]. - Basic loss per share for the year ended December 31, 2020, was MOP 20.1 cents, a decrease of MOP 21.7 cents or over 13.6 times compared to a profit of MOP 1.6 cents for the year ended December 31, 2019[41]. - The company does not recommend the payment of a final dividend for the year ending December 31, 2020, compared to 1.125 HKD cents in 2019[189]. Market Outlook and Strategy - The company provided a positive outlook for 2021, projecting a revenue growth of 10% to 15% based on current market trends[15]. - New product launches are expected to contribute an additional HKD 200 million in revenue in 2021[15]. - Market expansion plans include entering two new regions in Asia, projected to increase market share by 5%[15]. - The company aims to actively explore new markets in Hengqin, leveraging the Greater Bay Area development policies[20]. - The company plans to actively participate in the development of the Greater Bay Area in 2021, aligning with national planning policies[80]. - Despite the setbacks, the company aims to continue exploring new markets in Asia, particularly in the Greater Bay Area, and has already initiated qualification recognition in Hengqin[80]. Operational Challenges - The group experienced significant delays and cancellations in project tenders due to the impact of the COVID-19 pandemic[19]. - The company faced significant challenges in 2020 due to the COVID-19 pandemic, which severely impacted the tourism and gaming industries in Macau, leading to a decline in business and some bad debts[78]. - The company has incurred operational challenges due to the pandemic, affecting its overseas expansion plans, particularly in Southeast Asia[78]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[81]. - The board has established three committees: audit, remuneration, and nomination, with independent non-executive directors as key members[113]. - The audit committee's responsibilities include reviewing financial data and overseeing risk management and internal control systems[114]. - The company maintains compliance with listing rules by having at least three independent non-executive directors, constituting over one-third of the board[91]. - All independent non-executive directors confirmed their independence in accordance with regulatory guidelines[91]. - The company encourages continuous professional development for directors, providing training and relevant reading materials[97]. - The company has appropriate insurance arrangements for directors and senior management against legal liabilities arising from company operations[96]. Risk Management - The company has established a risk management program to identify, assess, and manage significant risks, with senior management responsible for the annual risk reporting process[132]. - The company's risk management strategies include risk elimination, risk reduction, and maintaining acceptable risk levels[133]. - The risk management and internal control systems were deemed effective and sufficient, with external consultants engaged to review these systems[128]. - The audit committee is responsible for assisting the board in executing its risk management and internal control duties, with annual reviews of the effectiveness of these systems[129]. Employee and Operational Costs - The company reported a total employee cost of MOP 55.5 million for the year ended December 31, 2020, an increase from MOP 50.4 million in 2019[68]. - Administrative expenses decreased by approximately MOP 1.4 million or 3.7% to approximately MOP 36.6 million for the year ended December 31, 2020, due to cost control measures[37]. - Financing costs decreased by approximately MOP 0.2 million or 11.6% to approximately MOP 1.9 million for the year ended December 31, 2020, attributed to lower bank loan interest rates[38]. Legal Matters - The company faced a lawsuit from multiple owners of the San Fung Garden Building seeking approximately HKD 48.95 million in property damage compensation due to a collapse incident[52]. - The Macau government also filed a lawsuit against the company for about MOP 12.81 million related to safety measures and investigation costs following the collapse[55]. Shareholder Communication - The company has implemented an insider information disclosure policy to ensure timely and accurate information dissemination to shareholders and the public[135]. - The company conducts regular reviews of its shareholder communication policy to ensure effectiveness[153]. - The company maintains a communication platform through its website, providing financial and other relevant information for public access[152]. Capital and Funding - The net proceeds from the share offering amounted to approximately HKD 89.8 million (equivalent to about MOP 92.5 million) after deducting underwriting fees and commissions[72]. - As of December 31, 2020, a total of HKD 72.8 million of the net proceeds had been utilized, leaving HKD 13.0 million unutilized[73]. - The company plans to utilize the remaining unutilized proceeds by the end of 2022 for various projects, including HKD 49.4 million for Macau renovation projects and HKD 17.9 million for Macau construction projects[73]. - The company's capital reserves available for distribution as of December 31, 2020, amounted to 73,403,000 MOP[197]. Company Background - The company was founded in 2004 and has over 30 years of experience in the renovation and construction industry in Macau[155]. - The management team has a combined experience of over 70 years in the construction and renovation industry, ensuring expertise in operations[160][161]. - The company is involved in various subsidiaries, indicating a diversified business model across different sectors[155][160].

Hong Kong 香港 Macau 澳門 黎氏企業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號 : 2266） 中期報告 部准同 公司資料 董事會 執行董事 黎英萬先生（主席） 黎鳴山先生（行政總裁） 黎盈惠女士 張穎思女士 獨立非執行董事 陳振聲先生 陳玉泉先生 林美芳女士 審核委員會 陳振聲先生（主席） 陳玉泉先生 林美芳女士 薪酬委員會 林美芳女士（主席） 黎英萬先生 黎鳴山先生 陳振聲先生 陳玉泉先生 提名委員會 黎英萬先生（主席） 黎盈惠女士 陳振聲先生 陳玉泉先生 林美芳女士 公司秘書 盧漢傑先生，會計師 授權代表 黎鳴山先生 盧漢傑先生，會計師 註冊辦事處 P.O. Box 1350 Clifton House 75 Fort Street Grand Cayman KY1-1108 Cayman Islands 澳門總部 澳門 沙梨頭海邊街54號 黎氏企業中心 香港主要營業地點 香港 上環 皇后大道中 367-375號 The L.Plaza 4樓401室 核數師 安永會計師事務所 黎氏企業控股有限公司 1 2020年中報 公司資料（續） 主要往來銀行 香港股份過戶登記分處 | ...

Financial Performance - The group reported a full-year audited performance for the year ended December 31, 2019[15]. - The group's revenue increased by approximately MOP 89.1 million or 51.3% to about MOP 262.9 million for the year ended December 31, 2019, compared to MOP 173.7 million for the previous year[17]. - The group recorded a post-tax profit of approximately MOP 6.4 million, an increase of over 1.8 times compared to the previous fiscal year[17]. - The total value of newly awarded renovation projects was approximately MOP 264.3 million, up from MOP 153.7 million in the previous year, representing an increase of about 72.1%[25]. - The group's renovation project and construction project backlog totaled approximately MOP 52.6 million as of December 31, 2019, compared to MOP 33.4 million a year earlier[25]. - Revenue from renovation engineering increased by approximately MOP 58.0 million or 34.7%, while construction engineering revenue increased by approximately MOP 27.0 million or over 6.9 times[30]. - The gross profit for the year ended December 31, 2019, was approximately MOP 45.3 million, an increase of about MOP 6.5 million or 16.8% from MOP 38.8 million in the previous year[34]. - The group's gross profit margin decreased from approximately 22.3% for the year ended December 31, 2018, to approximately 17.2% for the year ended December 31, 2019[35]. - Other income and gains increased by approximately MOP 1.3 million or 67.8% from approximately MOP 2.0 million for the year ended December 31, 2018, to approximately MOP 3.3 million for the year ended December 31, 2019, due to the increase in fair value of investment properties[36]. - Administrative expenses rose by approximately MOP 3.6 million or 10.5% from approximately MOP 34.4 million for the year ended December 31, 2018, to approximately MOP 38.0 million for the year ended December 31, 2019, mainly due to the establishment of a new restaurant business[37]. - Financing costs decreased by approximately MOP 0.3 million or 13.6% from approximately MOP 2.5 million for the year ended December 31, 2018, to approximately MOP 2.1 million for the year ended December 31, 2019, due to the absence of bank overdrafts during the period[39]. - The group's profit attributable to owners increased by approximately MOP 4.1 million or over 1.8 times from approximately MOP 2.3 million for the year ended December 31, 2018, to approximately MOP 6.4 million for the year ended December 31, 2019[41]. - Basic earnings per share for the year ended December 31, 2019, was MOP 1.6 cents, an increase of MOP 1.0 cents or over 1.7 times compared to MOP 0.6 cents for the year ended December 31, 2018[42]. - As of December 31, 2019, the group's current assets exceeded current liabilities by MOP 113.8 million (2018: MOP 110.4 million)[45]. - The group's current ratio increased to 2.1 as of December 31, 2019, compared to 2.0 in 2018, indicating a stable liquidity position[49]. - The debt-to-equity ratio as of December 31, 2019, was 0.30 (2018: 0.28), primarily due to an increase in lease liabilities[49]. - As of December 31, 2019, the company had no capital commitments, consistent with the previous year[55]. - The company reported a total employee cost of MOP 50.4 million for the year ended December 31, 2019, an increase from MOP 42.1 million in 2018[65]. - The group’s distributable reserves amounted to MOP 81,267,000 as of December 31, 2019[185]. Business Operations - The group has nearly 30 years of experience in the renovation and construction industry in Macau, providing services such as renovation, construction, and maintenance[16]. - In October 2019, the group established a new restaurant business to explore new revenue streams, operating a Japanese restaurant in Taipa, Macau[16]. - The renovation projects undertaken can be categorized into three types: hotels and casinos, retail shops and restaurants, and others[16]. - The construction projects are mainly divided into general construction and heritage preservation[16]. - The group provides regular maintenance services for properties in Macau, both temporary and fixed-term[16]. - The group aims to continue enhancing growth and profitability through its competitive strengths[16]. - The group plans to expand its business in Southeast Asia and aims to establish subsidiaries and undertake new projects in the region in 2020[18]. - The introduction of new regulations in the Greater Bay Area is expected to create significant opportunities for the group, allowing licensed construction companies from Hong Kong and Macau to participate in projects in Hengqin[20]. - The group aims to enhance its competitiveness by developing upstream and downstream businesses and seeking more partnerships and opportunities[20]. - The restaurant business began generating revenue at the end of October 2019, marking a new business segment for the group[25]. - The company is developing upstream and downstream business opportunities, including the establishment of an electromechanical engineering company for diversification[72]. - The group is exploring new business opportunities in Macau's restaurant sector to generate new revenue streams[174]. - The group emphasizes the importance of subcontractors and suppliers in cost control and procurement negotiations, maintaining a competitive position in bidding[175]. - The group is actively seeking suppliers to secure a stable supply of quality food at competitive prices for its restaurant business in Macau[176]. Management and Governance - The management team possesses extensive industry knowledge, contributing to the group's ability to stand out among competitors[16]. - The group has established a solid network of suppliers and subcontractors, further supporting its operational capabilities[16]. - The board proposed a final dividend of HKD 0.01125 per share (equivalent to MOP 0.0116) for the year ended December 31, 2019, subject to shareholder approval[43]. - The board is collectively responsible for guiding and supervising the company's affairs, ensuring effective internal control and risk management systems are in place[89]. - The audit committee, composed of three independent non-executive directors, held two meetings in the year ending December 31, 2019, to review financial performance and risk management systems[100]. - The remuneration committee reviewed the remuneration policies for executive directors and senior management, holding one meeting during the year[103]. - The nomination committee is responsible for reviewing the composition of the board and making recommendations for the appointment or reappointment of directors[108]. - Independent non-executive directors ensure high standards of regulatory reporting and provide checks and balances within the board[91]. - All directors have access to company information and can seek independent professional advice at the company's expense[92]. - The company encourages continuous professional development for directors, providing training and reading materials[96]. - The company has established three committees: audit, remuneration, and nomination, to oversee specific aspects of its operations[99]. - The company has adopted a board diversity policy, emphasizing the importance of diversity at the board level to maintain competitive advantage[111]. - The nomination committee believes that the board is sufficiently diverse and has not set any measurable targets for board diversity[112]. - The board is responsible for maintaining effective risk management and internal control systems to protect the group's assets and shareholder interests[115]. - An independent external consultant was appointed to review the effectiveness and adequacy of the group's risk management and internal control systems[119]. - The company has established risk management procedures to identify, assess, and manage significant risks, with senior management responsible for annual risk reporting[120]. - The company aims to eliminate risks, reduce risk levels, or maintain acceptable risk levels based on risk assessments conducted by senior management[121]. - The board confirms that there are no significant uncertainties regarding the company's ability to continue as a going concern[125]. - The company has implemented an insider information disclosure policy to ensure accurate and timely information is provided to shareholders and the public[123]. - The board is responsible for the preparation of the financial statements for the year ending December 31, 2019[124]. - The audit report from the independent auditor is included in the annual report, detailing their responsibilities[126]. - The company paid a total of MOP 1,707,000 for audit and non-audit services for the year ended December 31, 2019, with MOP 1,280,000 for audit services and MOP 426,700 for non-audit services[128]. - The company’s secretary, Mr. Lu Hanjie, has completed no less than 15 hours of relevant professional training in accordance with the listing rules[131]. - The company maintains a communication platform through its website, where financial and other relevant information is available for public viewing[139]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[140]. - The company allows shareholders holding at least 10% of the voting rights to request a special general meeting[134]. - The board of directors is committed to maintaining effective communication with shareholders, particularly through annual general meetings[139]. - The company does not have a preset dividend payout ratio, and dividends are subject to the board's discretion based on financial conditions[140]. Legal and Compliance - The company is facing a lawsuit from the Macau government seeking approximately MOP 12.8 million in compensation related to safety measures and investigation costs for the collapse of a building[53]. - The company has committed to compensating for any losses and liabilities arising from the legal proceedings mentioned[53]. - The company has not made any provisions for the lawsuits mentioned, as the board believes the likelihood of resource outflow is low[54]. - The group has obtained all necessary registrations and certifications for its operations in Macau and Hong Kong, ensuring compliance with applicable laws and regulations[170]. Market Outlook - The company remains cautiously optimistic about its prospects despite instability in the Hong Kong and Macau renovation and construction markets[73]. - The Greater Bay Area development policy is viewed as a significant opportunity for the company to expand its business market[72]. - The company aims to sustain revenue growth by targeting renovation markets in other Southeast Asian countries[73]. - The company acknowledges the impact of global economic slowdown and local socio-political issues on its market outlook[70]. Ownership and Structure - The company was established on June 1, 2016, in the Cayman Islands and listed on the Hong Kong Stock Exchange on February 10, 2017[164][166]. - The main business includes investment holding and providing corporate management services, with subsidiaries offering renovation, construction, maintenance services, and dining services[167]. - The company has undergone restructuring to prepare for its listing, with details provided in the 2017 annual report[165]. - The group’s financial risk management objectives and policies are outlined in the financial statements, indicating a structured approach to managing financial risks[168]. - The company’s executive directors have extensive experience in the construction and renovation industry, contributing to its operational management[149][156]. - Revenue from the group's top five customers accounted for 55% of total revenue, with the largest customer contributing 13.7%[187]. - Mr. Li Yingman holds a controlling interest in the company with 300,000,000 shares, representing 75% ownership[199]. - In the associated company SHKMCL, Mr. Li Yingman has a beneficial interest of 50 shares, equating to 50% ownership[200]. - Mr. Li Ming Shan holds a beneficial interest of 30 shares in SHKMCL, representing 30% ownership[200]. - Ms. Li Yinghui has a beneficial interest of 20 shares in SHKMCL, which corresponds to 20% ownership[200].

Revenue and Profitability - The group's revenue for the six months ended June 30, 2019, increased by approximately MOP 29.7 million or 41.7% compared to the same period in 2018, driven by a MOP 24.7 million or 36.6% increase in renovation services revenue and a MOP 3.1 million or 120.7% increase in construction services revenue[13]. - The total value of newly awarded renovation projects for the six months ended June 30, 2019, was approximately MOP 174.2 million, compared to MOP 59.1 million for the same period in 2018[12]. - The group's gross profit increased by approximately MOP 10.9 million or 101.5% to about MOP 21.7 million for the six months ended June 30, 2019, from approximately MOP 10.8 million for the same period in 2018[17]. - The gross profit margin improved from approximately 15.1% for the six months ended June 30, 2018, to about 21.5% for the same period in 2019, primarily due to an increase in the gross profit margin of renovation services[18]. - The group reported a profit attributable to owners of the company of approximately MOP 1.1 million for the six months ended June 30, 2019, compared to a loss of approximately MOP 9.9 million for the same period in 2018[25]. - Earnings per share for the six months ended June 30, 2019, was MOP 0.3 cents, an increase of MOP 2.8 cents from a loss of MOP 2.5 cents per share for the same period in 2018[26]. - The company reported a pre-tax profit of MOP 1,652,000 for the first half of 2019, a significant recovery from a loss of MOP 9,907,000 in the same period of 2018[96]. Expenses and Costs - The group's administrative expenses increased by approximately MOP 0.4 million or 2.2% to about MOP 19.7 million for the six months ended June 30, 2019, compared to approximately MOP 19.3 million for the same period in 2018[22]. - Financing costs decreased to approximately MOP 1.0 million for the six months ended June 30, 2019, from about MOP 1.4 million for the same period in 2018, due to a reduction in bank overdrafts[23]. - The total employee cost for the six months ended June 30, 2019, was MOP 25.3 million, an increase from MOP 21.8 million for the same period in 2018[51]. - The company incurred a total service cost of MOP 79,187,000 for the six months ended June 30, 2019, up from MOP 60,422,000 in the same period of 2018[152]. Assets and Liabilities - The total value of unfinished renovation and construction projects as of June 30, 2019, was approximately MOP 115.9 million, compared to MOP 46.2 million as of June 30, 2018[12]. - As of June 30, 2019, the group reported net current assets of approximately MOP 111.0 million, an increase of about MOP 0.6 million from MOP 110.4 million as of December 31, 2018[30]. - The group's cash and bank balances stood at MOP 46.6 million as of June 30, 2019, down from MOP 51.9 million as of December 31, 2018[31]. - Interest-bearing bank borrowings amounted to MOP 56.7 million as of June 30, 2019, compared to MOP 61.7 million as of December 31, 2018[31]. - The total liabilities increased to MOP 122,726,000 from MOP 112,637,000, reflecting a rise of about 8.9%[89]. - The total current liabilities stood at MOP 107,102,000, slightly higher than MOP 106,269,000 in the previous period, indicating a 0.78% increase[86]. Financial Ratios and Position - The current ratio remained stable at 2.0 as of June 30, 2019, consistent with the ratio as of December 31, 2018[32]. - The debt-to-equity ratio decreased to 0.26 as of June 30, 2019, from 0.28 as of December 31, 2018, primarily due to the repayment of bank loans[32]. - The group maintained a solid liquidity position with current assets of MOP 218.1 million and current liabilities of MOP 107.1 million as of June 30, 2019[32]. Business Strategy and Expansion - The group plans to expand its business into Southeast Asia, capitalizing on the significant demand in the renovation engineering market in that region[56]. - The group is pursuing diversification beyond its core renovation engineering business, exploring opportunities in the restaurant and retail sectors[57]. - The group believes that the development of the Guangdong-Hong Kong-Macao Greater Bay Area will promote economic integration and boost the renovation and construction industries[57]. Legal and Risk Management - The group faces currency risk primarily from procurement of raw materials and sales in currencies other than its functional currency, mainly HKD and RMB[42]. - The group has ongoing litigation related to a construction project, with potential claims amounting to approximately MOP 49.0 million and MOP 12.8 million from the Macau government[36]. - The group has implemented a credit risk management strategy, including the hiring of professional valuers to assess the recoverability of trade receivables[48]. Shareholder Information - The company had total equity interests of 300,000,000 shares, representing a 75% ownership stake in SHKMCL[67]. - Major shareholders include Mr. Lei Ying Man with 50%, Mr. Lei Ming Shan with 30%, and Ms. Lei Ying Wai with 20% ownership in SHKMCL[68]. - The company has not granted any share options under its share option scheme since its adoption on January 18, 2017[69]. Compliance and Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period[74]. - The audit committee reviewed the accounting principles and policies adopted by the group for the six months ended June 30, 2019[76]. Accounting Standards and Financial Reporting - The financial statements for the six months ended June 30, 2019, were prepared in accordance with Hong Kong Accounting Standard 34, indicating compliance with local regulations[112]. - The adoption of Hong Kong Financial Reporting Standard 16 on leases took effect on January 1, 2019, impacting the accounting treatment of leases[114]. - The company will continue to classify investment properties at fair value, including leased land and buildings held for rental income[132].

Hong Kong 香港 • Macau 澳門 年 報 黎氏企業控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號 : 2266) 2018 T 17, 10, 目錄 2 公司資料 4 釋義 6 主席報告書 8 管理層討論及分析 18 企業管治報告 33 董事及高級管理層履歷 39 董事會報告 50 獨立核數師報告 56 綜合損益及其他全面收益表 57 綜合財務狀況表 59 綜合權益變動表 60 綜合現金流量表 62 綜合財務報表附註 135 物業詳情 136 五年財務概要 公司資料 | --- | --- | |------------------------------------------------------|--------------------------------------------------| | | | | 董事會 | 授權代表 | | 執行董事 | 黎鳴山先生 盧漢傑先生，註冊會計師 | | 黎英萬先生 （主席） 黎鳴山先生 （行政總裁） | 註冊辦事處 | | 黎盈惠女士 張穎思女士 | P.O. Box 1350 | | | Clifton House | | 獨 ...