昇柏控股有限公司于2003年在香港交易所上市。至今,公司的团队约300人、在香港及中国内地管理公共 及私人住宅、商用及工厦楼面。私人住宅的业主、业主立案法团、政府机构、教育机构、开发商及物业 投资者,都是公司的客户。 室内装饰及特殊项目部(ISP)于2006年12月在香港成立。随着ISP业务的急速发展,在加改建工程、翻新、 装饰工程和中小型建设项目创建的独立专业知识,ISP在2012年12月1日重组至昇柏控股有限公司 ISPHoldingsLimited(股份代号:02340.HK)。 截至5月9日收盘，昇柏控股股权（02977.HK）报0.060港元，较上个交易日下跌7.69%，当日盘中最高 价触及0.071港元，创近一年新高。 资金流向方面，当日主力流入1.638万港元，流出3.534万港元，净流出1.90万港元。 本文源自：金融界 作者：港股君 公司是注册一般建造承建商为客户提供涵盖策划、顾问,项目管理和建造的完整方案,这包括全包室内设 计及装饰、改建及加建、翻新工程。特殊楼宇建造项目也是公司的关键业务,有关项目一般包括了特定 的室内装饰工程。 公司承诺为客户提供专业和世界级水平的服务。因此,公司引用' ...

Financial Performance - The Group recorded consolidated revenue of approximately HK$105.5 million for the Reporting Year, representing a decrease of approximately 31.8% compared to approximately HK$154.7 million for the year ended 31 December 2023[41]. - The Group's gross profit decreased by approximately 29.0% to approximately HK$9.3 million for the Reporting Year[44]. - The loss attributable to equity holders of the Company was approximately HK$33.5 million, compared to a loss of approximately HK$15.2 million for the Corresponding Year[44]. - Gross profit decreased by 29.0% from HK$13.1 million in 2023 to approximately HK$9.3 million in 2024, while the gross profit margin slightly increased from 8.5% to 8.8% due to effective cost control[57]. - Operating expenses increased by 63.5% over last year, rising from HK$29.9 million in 2023 to approximately HK$48.9 million in 2024[57]. - Basic loss per share was 7.9 HK cents for the Reporting Year, an increase of 119.4% from 3.6 HK cents in 2023[58]. - The Group's total assets decreased from HK$348,600,000 in 2023 to HK$297,556,000 in 2024, representing a decline of approximately 14.6%[94]. - The net assets per share fell from HK$0.365 in 2023 to HK$0.298 in 2024, a decrease of about 18.5%[94]. - The current ratio slightly decreased from 2.1 in 2023 to 2.0 in 2024, indicating a minor reduction in liquidity[94]. - The Group's cash and cash equivalents decreased from HK$147,255,000 in 2023 to HK$103,681,000 in 2024, a reduction of approximately 29.6%[94]. Business Strategy and Operations - The anticipated completion of approximately 60,000 housing units over the next five years is expected to revitalize demand for building construction and fitting out works[45]. - The Group aims to focus on delivering high-quality work to complete existing projects while actively tendering for new projects to sustain workload[45]. - The Group recognizes that challenges will persist in the near term, particularly in Hong Kong's commercial and residential markets, which are expected to continue to see high vacancy rates and sluggish growth[45]. - The Group will leverage its solid foundation, expertise, and committed management team to navigate the dynamic landscape and drive business growth[45]. - The Group's indoor decoration and special projects business will focus on delivering quality engineering for existing projects while actively bidding for new projects to maintain workload[47]. - The Chief Executive's policy report anticipates over 60,000 residential units to be completed and ready for delivery in the next five years, which is expected to stimulate demand for building construction and renovation projects[47]. - The company plans to adopt a more proactive and cautious approach in tendering next year, leveraging the gradual recovery of the Hong Kong economy[73]. - The company aims to maintain a strategic focus on the luxury residential sector, with five existing projects in this market[76]. - The company plans to adopt a proactive approach to complete existing projects while cautiously tendering for new projects to maintain reasonable margins[76]. - The Group aims to provide comprehensive and innovative solutions in both interiors and special projects business in Hong Kong and property and facility management business in China, focusing on long-term profitability and asset growth[172]. Challenges and Risks - Key risk factors for the coming year include slow growth of China's economy, US and global trade protectionism, and continued inflation in material, labor, and energy costs[45]. - The construction and renovation sector faced numerous headwinds in 2024, including rising costs of raw materials, labor shortages, and stringent regulatory demands[41]. - Despite facing challenges such as strained US-China relations and sluggish consumer demand, the company remains optimistic about exploring new business development opportunities[82]. Corporate Governance - The Company has maintained high standards of corporate governance, ensuring independence, accountability, transparency, and fairness to protect shareholder value[171]. - The Company complies with the Corporate Governance Code and has adhered to all code provisions throughout the reporting year[173]. - The Independent Non-executive Directors represent more than one-third of the Board, contributing to objective decision-making in the interests of the Company and its shareholders[187]. - The roles of the Chairman and Chief Executive are separated, as stipulated by Code provision C.2.1 of the Corporate Governance Code[195]. - The Board consists of six Directors, including two Executive Directors, one Non-executive Director, and three Independent Non-executive Directors, ensuring a diverse skill set[179]. - The Board has delegated certain responsibilities to various committees, including the Audit Committee, Remuneration Committee, and Investment Committee, while senior management handles day-to-day operations[194]. Management and Personnel - The Group employed a total of 316 staff as of December 31, 2024, an increase from 312 staff in 2023[100]. - The management expects to meet future financial requirements through a combination of shareholders' equity and banking facilities[90]. - The management is committed to enhancing customer satisfaction and improving services to align with sustainable development goals[88]. - The company has appointed Mr. Gary Tse as Acting Managing Director for the interiors and special projects business, responsible for strategic planning and overall operations[159]. - Mr. Tse has 20 years of experience in design, construction, supervision, and project management across various regions including Hong Kong and the Middle East[160]. Future Outlook - The Group aims to leverage its strengths and core competencies to transform challenges into opportunities and provide long-term value to shareholders[47]. - The company is well-positioned to undertake more sizable projects in the coming year, leveraging its strong financial position and historical track record[83]. - The Group plans to utilize excess cash for purchasing surety bonds and covering upfront costs to increase tender success rates for larger projects[90]. - The Group's business is primarily conducted in Hong Kong, with minimal foreign currency exposure due to the majority of assets and liabilities being denominated in Hong Kong Dollars[96].

升柏控股(02340)发布公告，公司建议按记录日期合资格股东每持有2股现有股份获发1股供股股份的基 准，以认购价每股供股股份港币0.051元(i)发行最多2.12亿股供股股份而筹集最多约1083万港元(假设供 股项下录得全数认购及于记录日期或之前已发行现有股份数目并无变动);或(ii)发行最多2.66亿股供股股 份而筹集最多约1355万港元(假设供股项下录得全数认购及除于记录日期或之前悉数转换可换股优先股 外，于记录日期或之前已发行现有股份数目并无变动)的所得款项总额。供股仅适用于合资格股东且将 不会向不合资格股东(如有)提呈。 假设供股项下录得全数认购及于记录日期或之前已发行现有股份数目并无变动，公司拟将供股所得款项 净额约49.36%(或约港币500万元)用于支付年内产生的其他讼费;及约50.64%(或约港币513万元)用作集团 一般营运资金。 假设供股项下录得全数认购及除于记录日期或之前悉数转换可换股优先股外，于记录日期或之前已发行 现有股份数目并无变动，公司拟将供股所得款项净额约38.91%(或约港币500万元)用于支付年内产生的 其他讼费;及约61.09%(或约港币785万元)用作集团一般营运资金。 ...

Financial Performance - ISP Holdings Limited reported total revenue of HKD 105,492,000 for the year ended December 31, 2024, a decrease of 31.8% compared to HKD 154,715,000 in 2023[3]. - The gross profit for the year was HKD 9,303,000, down 29.1% from HKD 13,095,000 in the previous year[3]. - The company recorded a net loss of HKD 33,539,000 for 2024, which is a significant increase of 120.2% compared to a net loss of HKD 15,244,000 in 2023[4]. - Operating loss for 2024 was HKD 39,604,000, compared to an operating loss of HKD 16,767,000 in 2023, indicating a significant increase in losses[23]. - The company reported a pre-tax loss of HKD 33,538,000 for 2024, compared to a pre-tax loss of HKD 15,447,000 in 2023[30]. - The company reported a loss attributable to ordinary shareholders of HKD 33,539,000 for 2024, compared to a loss of HKD 15,244,000 in 2023, representing a year-over-year increase of 120% in losses[38]. - The basic loss per share for the year was HKD 0.079, compared to HKD 0.036 in 2023, indicating a worsening of the loss per share by 119.4%[4]. - The diluted loss per share for 2024 was HKD 6.6, compared to HKD 3.0 in 2023, reflecting a 120% increase in diluted loss per share[38]. Assets and Liabilities - Total assets decreased to HKD 295,659,000 in 2024 from HKD 346,528,000 in 2023, reflecting a decline of 14.7%[6]. - The company's cash and cash equivalents dropped to HKD 21,590,000 in 2024, down 68.3% from HKD 68,241,000 in 2023[6]. - The total equity attributable to the company's shareholders decreased to HKD 150,306,000 in 2024, down 18.5% from HKD 184,428,000 in 2023[8]. - The company’s non-current assets totaled HKD 1,897,000 in 2024, down 8.4% from HKD 2,072,000 in 2023[6]. - Current liabilities decreased to HKD 146,813,000 from HKD 163,493,000, showing a decline of approximately 10.2%[70]. - The current ratio remained stable at 2.0, slightly down from 2.1 in the previous year, indicating a strong liquidity position[70]. Income and Expenses - The company incurred administrative expenses primarily related to corporate and administrative activities, totaling HKD 48,907,000 in 2024[23]. - Employee costs, including director remuneration, decreased to HKD 42,388,000 in 2024 from HKD 48,029,000 in 2023[30]. - Operating expenses increased by 63.5% to approximately HKD 48.9 million, leading to an operating loss of HKD 39.6 million, up 135.7% from HKD 16.8 million in 2023[51]. Business Segments - The interior decoration and special projects business generated revenue of HKD 98.7 million, down 34.3% from HKD 150.3 million in 2023, while the China property and facilities management business saw a revenue increase of 54.5% to HKD 6.8 million[54]. - The interior decoration and special projects business accounted for over 90% of the company's revenue, having completed over 261 projects since its inception[55]. - The company faced challenges in the interior decoration and special projects business due to high vacancy rates and decreased consumer spending, leading to a cautious bidding strategy[57]. - Operating expenses for the interior decoration and special projects business increased significantly due to arbitration and legal costs, contributing to a loss of approximately HKD 33.6 million for that segment[58]. - The property and facility management business in China recorded revenue of approximately HKD 6,800,000, an increase of 54.5% compared to HKD 4,400,000 last year[64]. - The gross profit for the property and facility management business was approximately HKD 4,500,000, up 12.5% from HKD 4,000,000 last year[64]. Future Outlook - The company anticipates challenges in the construction industry and global economic environment, affecting bidding numbers and client budgets[61]. - The Chief Executive's policy report indicates approximately 60,000 housing units are expected to be completed in the next five years, which may boost demand for construction and renovation projects[61]. - The company remains optimistic about market opportunities and growth potential in the interior decoration and special projects business for 2025[63]. - The company anticipates that recent market improvements and new contracts will provide a solid foundation for future growth, although most new contracts will only commence in the second half of 2024[57]. Shareholder Information - The company did not declare any dividends for the years ending December 31, 2024, and 2023[35]. - The company did not recommend a final dividend for the reporting year, consistent with the previous year[50]. - The group has no outstanding bank loans as of December 31, 2024, relying primarily on retained earnings from operating activities for funding[68]. - The company is undergoing a capital restructuring involving a reduction of the nominal value of shares from HKD 0.1 to HKD 0.01, aimed at providing greater flexibility for future share issuance[77].

[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [FINANCIAL OVERVIEW](index=4&type=section&id=FINANCIAL%20OVERVIEW) During the reporting period, the Group's revenue decreased by 40.0% year-on-year to HKD 47.5 million. Despite the revenue decline, gross profit increased from HKD 4.9 million to HKD 7.9 million, and gross profit margin improved from 6.2% to 16.6%, benefiting from project cost savings. However, high legal fees led to a 34.7% year-on-year increase in operating expenses, resulting in expanded operating loss and a net loss of HKD 10.5 million for the period Key Financial Indicators for H1 2024 (Unit: Million HKD) | Indicator | As of June 30, 2024 | As of June 30, 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 47.5 | 79.2 | ↓ 40.0% | | Gross Profit | 7.9 | 4.9 | ↑ 61.2% | | Gross Profit Margin | 16.6% | 6.2% | ↑ 10.4pp | | Operating Expenses | (19.8) | (14.7) | ↑ 34.7% | | Operating Loss | (11.9) | (9.8) | ↑ 21.4% | | Loss for the Period | (10.5) | (7.9) | ↑ 32.9% | | Basic Loss Per Share (HK cents) | (2.5) | (1.9) | ↑ 31.6% | - Consolidated revenue for the reporting period was **HKD 47.5 million**, a **40.0% decrease** from HKD 79.2 million in the prior year period[7](index=7&type=chunk) - Benefiting from cost savings achieved through more realistic final payment agreements with subcontractors on completed projects, gross profit increased from **HKD 4.9 million** to **HKD 7.9 million**, with the gross profit margin improving by **10.4 percentage points**[7](index=7&type=chunk)[8](index=8&type=chunk) - Due to significant legal fees incurred from completed projects in the Interior Decoration and Special Projects business, the Group's operating expenses increased by **34.7%** year-on-year to **HKD 19.8 million**[7](index=7&type=chunk)[8](index=8&type=chunk) - As a combined effect, loss attributable to equity holders of the Company expanded to **HKD 10.5 million** for the reporting period, compared to HKD 7.9 million in the prior year period; basic loss per share was **2.5 HK cents**[9](index=9&type=chunk) [BUSINESS REVIEW AND PROSPECTS](index=5&type=section&id=BUSINESS%20REVIEW%20AND%20PROSPECTS) The Group primarily operates two businesses: Interior Decoration and Special Projects (ISP Business) and Property and Facilities Management China (PFM China Business), with ISP being the core revenue driver experiencing a decline in revenue but improved gross profit, while PFM China saw growth in revenue and profit due to economic recovery, leading the Group to maintain cautious optimism for future opportunities - The Group's two main business segments are Interior Decoration and Special Projects Business (ISP Business) and Property and Facilities Management China Business (PFM China Business)[10](index=10&type=chunk) [Interior Decoration and Special Projects Business (ISP Business)](index=6&type=section&id=ISP%20Business) As the Group's primary revenue source, ISP business revenue decreased by 42.9% to HKD 43.9 million due to market competition and project completion, yet gross profit increased to HKD 5.4 million due to cost control, despite legal fees causing a 93.4% surge in operating expenses and an expanded operating loss of HKD 9.3 million, with new contracts totaling over HKD 85 million and uncompleted contracts of approximately HKD 148 million supporting future operations ISP Business Segment Performance (Unit: Million HKD) | Indicator | As of June 30, 2024 | As of June 30, 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 43.9 | 77.0 | ↓ 42.9% | | Gross Profit | 5.4 | 2.9 | ↑ 86.2% | | Operating Expenses | (14.7) | (7.6) | ↑ 93.4% | | Operating Loss | (9.3) | (4.7) | ↑ 97.9% | | Loss for the Period | (9.0) | (4.3) | ↑ 109.3% | - Due to factors such as reduced market tenders, intense competition, project delays, and the completion of large-scale projects, ISP business revenue decreased by **42.9%** from HKD 77.0 million in the prior year period to **HKD 43.9 million**[13](index=13&type=chunk)[14](index=14&type=chunk) - Despite the revenue decline, gross profit increased from **HKD 2.9 million** to **HKD 5.4 million**, benefiting from cost savings on completed projects[16](index=16&type=chunk)[17](index=17&type=chunk) - During the reporting period, the ISP business secured new contracts totaling over **HKD 85 million**, with uncompleted contracts on hand amounting to approximately **HKD 148 million** as of June 30, 2024[18](index=18&type=chunk)[19](index=19&type=chunk) - As of August 22, 2024, the ISP business has submitted project tenders totaling approximately **HKD 721.2 million**, awaiting results[18](index=18&type=chunk)[19](index=19&type=chunk) [Property and Facilities Management China Business (PFM China Business)](index=8&type=section&id=PFM%20China%20Business) Benefiting from China's economic recovery, PFM China business secured new contracts in Qingdao and Shanghai, driving a 68.2% year-on-year revenue increase to HKD 3.7 million, a 25.0% gross profit growth to HKD 2.5 million, and a 50.0% profit for the period increase to HKD 0.3 million, while the Group plans a conservative strategy amidst complex external environments and intense competition, exploring new growth opportunities PFM China Business Segment Performance (Unit: Million HKD) | Indicator | As of June 30, 2024 | As of June 30, 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | 3.7 | 2.2 | ↑ 68.2% | | Gross Profit | 2.5 | 2.0 | ↑ 25.0% | | Profit for the Period | 0.3 | 0.2 | ↑ 50.0% | - Benefiting from China's economic recovery, this business secured a one-year property management contract in Qingdao and a consulting contract in Shanghai, driving performance growth[24](index=24&type=chunk)[25](index=25&type=chunk) - Looking ahead, despite the recovering business outlook in China, the complex and unstable external environment prompts the Group to adopt a conservative approach while exploring new business development opportunities to diversify revenue streams[27](index=27&type=chunk)[28](index=28&type=chunk) [Outlook of the Group](index=9&type=section&id=Outlook%20of%20the%20Group) The Group anticipates continued challenges in the local economic environment but remains confident in overcoming difficulties and achieving stable growth by leveraging its strong track record in luxury residential projects, diverse professional team, and enhanced financial position to secure larger projects, while maintaining transparency and responsibility to create long-term shareholder value - The local economy is expected to continue facing challenges due to a lack of potential client confidence, global inflation, and economic downturns, which will inevitably impact the ISP business[29](index=29&type=chunk)[31](index=31&type=chunk) - The Group will leverage its strong track record, industry experience, diverse team, and enhanced liquidity to focus on relatively stable luxury residential, commercial, and residential property development and renovation projects to secure more large-scale contracts[29](index=29&type=chunk)[31](index=31&type=chunk) - The Group maintains a positive outlook on achieving stable growth in overall financial performance and creating long-term value for shareholders, by implementing appropriate measures to mitigate operational and financial risks[30](index=30&type=chunk) [Financial Position and Financial Risk Management](index=10&type=section&id=Financial%20Position%20and%20Financial%20Risk%20Management) As of June 30, 2024, the Group had no outstanding bank loans, with funding primarily from retained earnings from operations, total assets of HKD 313 million, and net assets of HKD 174 million, while adopting a conservative financial risk management strategy with minimal foreign exchange risk due to HKD-denominated operations in Hong Kong, and plans to utilize existing cash to strengthen its competitive advantage for larger project bids Financial Position Summary (Unit: Thousand HKD) | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | 313,416 | 348,600 | | Current Assets | 310,669 | 346,528 | | Current Liabilities | 139,124 | 163,493 | | Net Assets | 173,737 | 184,428 | - As of June 30, 2024, the Group had no outstanding bank loans, with funding primarily derived from retained earnings from business operations[33](index=33&type=chunk) - The Group's operations are primarily conducted in Hong Kong, with most assets and liabilities denominated in HKD, resulting in minimal foreign exchange risk and no perceived need for foreign exchange hedging[38](index=38&type=chunk)[39](index=39&type=chunk) - Excluding disclosed litigations, as of August 22, 2024, the Group had no significant investments, capital commitments, or contingent liabilities[39](index=39&type=chunk)[40](index=40&type=chunk) [Human Resources](index=11&type=section&id=Human%20Resources) As of June 30, 2024, the Group employed 311 staff in Hong Kong and China, committed to retaining talent through competitive compensation and benefits, promoting workplace wellness, and investing in employee development to maintain service quality and support sustainable growth - As of June 30, 2024, the Group employed a total of **311 staff** (including directors) in Hong Kong and China, largely consistent with **312 staff** at the end of 2023[40](index=40&type=chunk)[42](index=42&type=chunk) - The Group is committed to ensuring competitive compensation and benefits for its employees through market research and benchmarking, aiming to retain and attract top talent[41](index=41&type=chunk)[42](index=42&type=chunk) [INTERIM DIVIDEND](index=11&type=section&id=INTERIM%20DIVIDEND) The Board of Directors resolved not to declare an interim dividend for the reporting period - The Board of Directors resolved not to declare an interim dividend for the six-month reporting period ended June 30, 2024, consistent with the decision for the corresponding period in 2023[41](index=41&type=chunk)[42](index=42&type=chunk) [Report on Review of Interim Condensed Consolidated Financial Statements](index=10&type=section&id=Report%20on%20Review%20of%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Independent auditor BDO Limited, Hong Kong, reviewed the company's interim condensed consolidated financial statements for the six months ended June 30, 2024, in accordance with Hong Kong Standard on Review Engagements 2410, noting that the review scope is substantially less than an audit and thus no audit opinion is expressed, but based on the review, no matters were identified suggesting the financial statements were not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' [CONCLUSION](index=13&type=section&id=CONCLUSION) Independent auditor BDO Limited, Hong Kong, stated that based on their review, they found no matters that caused them to believe the company's interim condensed consolidated financial statements were not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - Based on the review, the auditor found no matters that caused them to believe the interim condensed consolidated financial statements were not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[46](index=46&type=chunk) [Condensed Consolidated Financial Statements](index=12&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2024, the Group recorded revenue of HKD 47.55 million, a 40.0% year-on-year decrease, and gross profit of HKD 7.89 million, a 60.8% year-on-year increase, but due to increased operating expenses, the loss for the period expanded to HKD 10.49 million, compared to a loss of HKD 7.92 million in the prior year period, with basic loss per share at 2.5 HK cents Profit or Loss Statement Summary (Unit: Thousand HKD) | Item | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 47,547 | 79,205 | | Gross Profit | 7,889 | 4,905 | | Loss Before Tax | (10,492) | (7,935) | | Loss for the Period | (10,489) | (7,916) | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (10,691) | (8,815) | | Basic Loss Per Share (HK cents) | (2.5) | (1.9) | [Condensed Consolidated Statement of Financial Position](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets decreased to HKD 313 million from HKD 349 million at the end of 2023, total liabilities reduced to HKD 140 million, and net assets (total equity) stood at HKD 174 million, down from HKD 184 million at the end of 2023, with net current assets at HKD 172 million Balance Sheet Summary (Unit: Thousand HKD) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 2,747 | 2,072 | | Total Current Assets | 310,669 | 346,528 | | **Total Assets** | **313,416** | **348,600** | | Total Current Liabilities | 139,124 | 163,493 | | Total Non-current Liabilities | 555 | 679 | | **Total Liabilities** | **139,679** | **164,172** | | **Net Assets (Total Equity)** | **173,737** | **184,428** | [Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, the Group's total equity decreased from HKD 184 million at the beginning of the year to HKD 174 million, primarily due to a loss for the period of HKD 10.49 million and an exchange difference loss of HKD 0.202 million - As of January 1, 2024, total equity was **HKD 184.4 million**[54](index=54&type=chunk) - During the reporting period, a loss for the period of **HKD 10.49 million** and other comprehensive loss of **HKD 0.202 million** resulted in a total comprehensive loss of **HKD 10.69 million**[54](index=54&type=chunk) - As of June 30, 2024, total equity decreased to **HKD 173.7 million**[54](index=54&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, the Group experienced a net cash outflow of HKD 21.95 million from operating activities, HKD 3.41 million from investing activities, and HKD 0.94 million from financing activities, resulting in a net decrease in cash and cash equivalents of HKD 26.29 million, with an ending balance of HKD 41.49 million Cash Flow Statement Summary (Unit: Thousand HKD) | Item | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (21,947) | (11,221) | | Net Cash Used in Investing Activities | (3,407) | (62,320) | | Net Cash Used in Financing Activities | (936) | (1,135) | | Net Decrease in Cash and Cash Equivalents | (26,290) | (74,676) | | Cash and Cash Equivalents at Beginning of Period | 68,241 | 153,427 | | Cash and Cash Equivalents at End of Period | 41,488 | 77,887 | [Notes to the Interim Condensed Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [4 SEGMENT INFORMATION](index=20&type=section&id=4%20SEGMENT%20INFORMATION) The Group is divided into two reportable segments: Interior Decoration and Special Projects Business (ISP Business) and Property and Facilities Management China Business (PFM China Business), with ISP being the primary revenue source but recording a loss of HKD 9.02 million for the period, while PFM China achieved a profit of HKD 0.29 million, and company administrative expenses totaled HKD 2.73 million H1 2024 Segment Performance (Unit: Thousand HKD) | Item | ISP Business | PFM China Business | Subtotal | Administrative Expenses | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,887 | 3,660 | 47,547 | - | 47,547 | | Gross Profit | 5,381 | 2,508 | 7,889 | - | 7,889 | | Operating (Loss)/Profit | (9,320) | 208 | (9,112) | (2,726) | (11,838) | | (Loss)/Profit for the Period | (9,024) | 288 | (8,736) | (1,753) | (10,489) | [9 LOSS PER SHARE](index=24&type=section&id=9%20LOSS%20PER%20SHARE) For the reporting period, the loss attributable to ordinary equity holders was HKD 10.49 million, resulting in a basic loss per share of 2.5 HK cents based on 424.85 million weighted average ordinary shares outstanding, and a diluted loss per share of 2.1 HK cents after considering potential convertible preference shares Loss Per Share Calculation | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Loss Attributable to Equity Holders (Thousand HKD) | (10,489) | (7,916) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 424,850 | 424,850 | | **Basic Loss Per Share (HK cents)** | **(2.5)** | **(1.9)** | | Weighted Average Number of Ordinary Shares for Diluted Loss Calculation (Thousand Shares) | 504,850 | 504,850 | | **Diluted Loss Per Share (HK cents)** | **(2.1)** | **(1.6)** | [12 RESTRICTED CASH DEPOSITS](index=26&type=section&id=12%20RESTRICTED%20CASH%20DEPOSITS) As of June 30, 2024, the Group held HKD 62.62 million in restricted cash deposits, placed in designated interest-bearing bank accounts per court judgment to settle potential claims related to specific legal cases, releasable upon case resolution or further court order - As of June 30, 2024, the Group's restricted cash deposits amounted to **HKD 62,620 thousand**, consistent with the amount at the end of 2023[90](index=90&type=chunk) - These deposits were established pursuant to a court judgment dated April 21, 2023, and subsequent arrangements, serving as security for potential claims related to specific litigation[90](index=90&type=chunk)[92](index=92&type=chunk) [13 ACCOUNT AND OTHER RECEIVABLES AND RETENTION RECEIVABLES](index=27&type=section&id=13%20ACCOUNT%20AND%20OTHER%20RECEIVABLES%20AND%20RETENTION%20RECEIVABLES) As of June 30, 2024, total trade receivables were HKD 36.87 million, with HKD 28.11 million overdue by more than 90 days, and retention receivables amounted to HKD 44.32 million, while the Group's credit period typically ranges from 30 to 60 days, with an estimated HKD 8.64 million in retention receivables expected to be recovered after 12 months Trade Receivables Aging Analysis (Unit: Thousand HKD) | Aging | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | 0 to 30 days | 6,452 | 1,026 | | 31 to 60 days | 1,918 | 1,984 | | 61 to 90 days | 388 | 2,997 | | Over 90 days | 28,111 | 28,310 | | **Total** | **36,869** | **34,317** | - As of June 30, 2024, net retention receivables amounted to **HKD 44,047 thousand**, with approximately **HKD 8,640 thousand** expected to be recovered more than 12 months after the reporting period end[94](index=94&type=chunk)[95](index=95&type=chunk) [17 LITIGATION](index=32&type=section&id=17%20LITIGATION) The Group is involved in two major litigations: one as a defendant facing a claim of approximately HKD 54.4 million from the employer of a Yuen Long factory project, which has been permanently stayed for arbitration, and another as a plaintiff claiming approximately HKD 98.5 million from ATAL Engineering Limited for a Hong Kong International Airport subcontract, with directors deeming it premature to predict outcomes and thus no provisions made - ISPCE, an indirect wholly-owned subsidiary of the Group, is one of the defendants in a claim of approximately **HKD 54.4 million** by the employer of a factory project in Yuen Long, with the legal proceedings permanently stayed by the court for arbitration[113](index=113&type=chunk) - ISPCE, as plaintiff, is claiming approximately **HKD 98.5 million** in unpaid amounts from ATAL Engineering Limited, the main contractor, for subcontracting works related to the automated baggage handling system at Hong Kong International Airport[113](index=113&type=chunk) - The Directors consider it premature to predict the final outcome of these legal proceedings and believe the probability of an outflow of resources is remote, thus no provision or contingent liability has been recognized as of June 30, 2024[113](index=113&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [SUBSTANTIAL SHAREHOLDERS' INTERESTS](index=35&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%27%20INTERESTS) As of June 30, 2024, the substantial shareholder, Mrs. Chu (Li Yuehua), held 225,518,633 ordinary shares (53.08% of issued ordinary shares) and all 80,000,000 issued convertible preference shares (100%) through her wholly-owned company, Champ Key Holdings Limited Substantial Shareholders' Interests | Shareholder Name | Capacity | Number of Ordinary Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Li Yuehua (Mrs. Chu) | Interest in controlled corporation | 225,518,633 | 53.08% | | Champ Key Holdings Limited | Beneficial owner | 225,518,633 | 53.08% | - Mrs. Li Yuehua also holds all **80,000,000** issued convertible preference shares, representing **100%** of that class of shares, through Champ Key[128](index=128&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=36&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[135](index=135&type=chunk)[136](index=136&type=chunk) [Corporate Information](index=38&type=section&id=Corporate%20Information) This section provides essential company information, including Board of Directors members, committee compositions, company secretary, auditor (BDO Limited, Hong Kong), principal bankers, registered office and principal place of business in Hong Kong, share registrar, stock code (02340), and company website, detailing key corporate governance and contact information

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 ISP HOLDINGS LIMITED 昇柏控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：02340） 截 至 2024 年 6 月 30 日 止 六 個 月 之 未 經 審 核 中 期 業 績 公 告 昇 柏 控 股 有 限 公 司 （「 本 公 司 」） 之 董 事 （「 董 事 」） 會 （「 董 事 會 」） 公 佈 本 公 司 及 其 附 屬 公 司（ 統 稱「 本 集 團 」）截 至 2 0 24 年 6 月 3 0 日 止 六 個 月（「 報 告 期 間 」） 之 未 經 審 核 中 期 業 績 。 財務概覽 | --- | --- | --- | --- | --- | |--- ...

Financial Performance - The Group recorded consolidated revenue of approximately HK$154.7 million for the year ended 31 December 2023, representing a decrease of 31.2% compared to approximately HK$224.9 million for the year ended 31 December 2022[21]. - Gross profit decreased by 42.2% to approximately HK$13.1 million for the Reporting Year compared to the Corresponding Year[21]. - The loss attributable to equity holders of the Company was approximately HK$15.2 million, compared to a loss of approximately HK$1.7 million for the Corresponding Year[23]. - Basic loss per share for the Group was 3.6 HK cents, compared to basic earnings per share of 87.9 HK cents in 2022, reflecting a decline of 104.1%[46]. - The Group recorded a net loss of approximately HK$15.2 million for the Reporting Year, compared to a loss of HK$1.7 million in the previous year, reflecting a significant decline in performance[48]. - ISP Business generated revenue of approximately HK$150.3 million, a decrease of 31.0% from HK$217.7 million in the previous year[52]. - Gross profit for ISP Business was approximately HK$9.1 million, down 49.7% from HK$18.1 million in the previous year[52]. - Operating expenses increased by 16.3% to approximately HK$29.9 million due to higher administrative costs related to litigation and arbitration cases[40]. - Operating expenses increased by 19.5% to approximately HK$17.8 million, compared to HK$14.9 million in the previous year[60]. - The operating loss for PFM China Business was approximately HK$0.2 million for the Reporting Year, compared to a loss of HK$0.1 million in 2022[68][70]. Market Outlook - The Group anticipates continued uncertainty in the regional economy, which will directly affect the construction industry in 2024[24]. - Persistent inflationary pressure on construction costs and high global interest rates are expected to burden the industry[24]. - The outlook for the core business remains cautiously optimistic amidst ongoing challenges and uncertainties in 2024[25]. - The ongoing geopolitical uncertainties and high interest rates have negatively impacted the construction market, leading to a decrease in new contracts awarded[56]. - The Group anticipates a challenging local economy with low confidence among potential business operators and property owners, alongside elevated global inflation and economic uncertainty[73]. Strategic Focus - The Group aims to focus on delivering high-quality work to complete existing projects while actively tendering for new projects to replenish workload[24]. - The Group is committed to enhancing customer satisfaction through Total Quality Management and innovative solutions[25]. - The Group aims to continue providing comprehensive one-stop solutions for customers to create value for stakeholders[29]. - The Group's strategy focuses on customer-centricity, integrity, and sustainable development as core long-term values[29]. - ISP Business plans to adopt a cautious approach in tendering for new projects while focusing on the luxury residential sector, where it currently has four existing projects[66][69]. - The Group is well-positioned to capture business opportunities for market growth in the near future, leveraging enhanced financial resources and a strong reputation in the industry[67]. Corporate Governance - The Company complied with all code provisions set out in the Corporate Governance Code throughout the Reporting Year[142]. - The Board consists of five members, including one Executive Director, one Non-executive Director, and three Independent Non-executive Directors, ensuring a diverse skill set[150][156]. - The Board has delegated responsibilities to various committees, including the Audit Committee and Remuneration Committee, to enhance operational efficiency[164]. - Independent Non-executive Directors represent more than one-third of the Board, contributing to objective decision-making[156]. - The Board reviews the effectiveness of governance mechanisms annually, ensuring compliance and operational integrity[159]. Financial Position - As of December 31, 2023, the Group's total assets decreased to HK$348,600,000 from HK$424,314,000 in 2022, representing a decline of approximately 17.9%[82]. - The Group's net assets per share decreased to 36.5 HK cents in 2023 from 39.7 HK cents in 2022, reflecting a reduction of about 8.1%[82]. - Current liabilities decreased to HK$163,493,000 in 2023 from HK$223,871,000 in 2022, indicating a reduction of approximately 26.9%[82]. - The Group maintained a current ratio of 2.1 in 2023, up from 1.9 in 2022, suggesting improved liquidity management[82]. - The Group has no outstanding bank loans as of December 31, 2023, and its financial position is supported by retained earnings from business operations[79]. Workforce and Management - The Group employed a total of 312 staff as of December 31, 2023, down from 317 in 2022, indicating a reduction in workforce[88]. - Management expects to meet future financial requirements through a combination of shareholders' equity and banking facilities, enhancing competitive advantage in ongoing operations[80]. - The Group aims to seize more business opportunities in the market to boost profitability, leveraging its strong financial foundation and experienced management team[80]. Board Activities - The Board held a total of four meetings during the Reporting Year, with all Independent Non-executive Directors attending the AGM held on May 25, 2023, by electronic means[195]. - Directors participated in various continuous professional development programs, including external courses and training webcasts, to stay updated on corporate governance practices[198]. - The company provided reading materials for self-study to Directors to enhance their understanding of responsibilities and business activities[200].

Financial Performance - Total revenue for ISP Holdings Limited for the year ended December 31, 2023, was HKD 154.715 million, a decrease of 31.1% from HKD 224.923 million in 2022[3] - Gross profit for the same period was HKD 13.095 million, down 42.1% from HKD 22.660 million in 2022[3] - The loss from continuing operations for the year was HKD 15.244 million, compared to a loss of HKD 1.700 million in 2022, representing an increase in loss of 794.4%[4] - The total comprehensive loss attributable to equity holders for the year was HKD 15.770 million, compared to a comprehensive income of HKD 434.053 million in 2022[4] - Basic loss per share from continuing operations was HKD 3.6, compared to a loss of HKD 0.4 in 2022[4] - The company reported a net loss of HKD 1,700,000 for the year, compared to a net profit of HKD 6,429,000 in 2022[30] - The company reported a loss attributable to equity holders of HKD 15,244,000 for 2023, compared to a profit of HKD 436,740,000 in 2022[46] - Basic loss per share for continuing and discontinued operations was HKD (3.6) in 2023, down from HKD 87.9 in 2022[46] - Diluted loss per share for continuing and discontinued operations was HKD (3.0) in 2023, compared to HKD 86.5 in 2022[48] Revenue Breakdown - Total revenue for the indoor decoration and special projects business was HKD 150,348,000, while the property and facility management business in China generated HKD 4,367,000, leading to a combined total revenue of HKD 154,715,000[27] - Revenue for the year ended December 31, 2023, was approximately HKD 154.7 million, a decrease of 31.2% compared to HKD 224.9 million in 2022[63] - The indoor decoration and special projects business generated revenue of HKD 150.3 million, a decrease of 31.0% from HKD 217.7 million in 2022[70] - The China property and facility management business reported revenue of HKD 4.4 million, down 38.9% from HKD 7.2 million in the previous year[70] - Revenue for the property and facility management business in China was approximately HKD 4.4 million, a decrease of 38.9% from HKD 7.2 million in 2022[79] Expenses and Liabilities - Total current assets decreased to HKD 346.528 million in 2023 from HKD 422.138 million in 2022, a decline of 17.9%[5] - Total current liabilities decreased to HKD 163.493 million in 2023 from HKD 223.871 million in 2022, a decline of 26.9%[5] - Operating loss amounted to HKD 16,767,000, reflecting an operating loss margin of -10.8%[27] - The group reported a pre-tax loss of HKD 15,447,000 for the period[27] - Operating expenses increased by 16.3% to approximately HKD 29.9 million, primarily due to higher administrative costs related to litigation[66] - Employee costs decreased to HKD 48,029,000 from HKD 52,371,000, reflecting a reduction of approximately 8.8%[33] - The company incurred a tax expense of HKD 164,000 for the year, compared to no tax expense in the previous year[41] Assets and Cash Flow - The net asset value for the company as of December 31, 2023, was HKD 184.428 million, down from HKD 200.198 million in 2022, a decrease of 7.9%[7] - The company reported a significant reduction in cash and cash equivalents, which fell to HKD 68.241 million from HKD 153.427 million in 2022, a decrease of 55.6%[5] - As of December 31, 2023, total assets amounted to HKD 348.6 million, a decrease from HKD 424.3 million in 2022[84] - Cash and cash equivalents were HKD 147.3 million as of December 31, 2023, down from HKD 173.0 million in 2022[84] - The group maintains a current ratio of 2.1, an improvement from 1.9 in the previous year, indicating strong liquidity[84] Business Operations and Strategy - The company has not reported any new products or technologies, nor any market expansion or acquisitions during the reporting period[9] - The company completed the sale of a subsidiary for HKD 539,000,000, which primarily engaged in property and facility management services[35] - The company completed the sale of its property and facility management business for HKD 539 million, but did not recognize any significant sale gains in the reporting year[67] - The company aims to focus on expanding and developing its indoor decoration and special projects business following the sale of its previous group[70] - The interior decoration and special projects business has become the main pillar of the group, contributing over 95% of total revenue[72] - The group plans to adopt a cautious approach while exploring new business development opportunities in the property and facility management sector in China[79] - The group expects local economic challenges to continue due to global inflation and uncertainty, impacting the interior decoration and special projects business significantly[81] Accounting and Compliance - The group has adopted new accounting policies regarding long service payments, which did not have a significant impact on the financial performance or position[15] - The group plans to apply the revised Hong Kong Financial Reporting Standards upon their effective date, which are not expected to have a significant impact on future transactions[17] - The group has considered the implications of the new guidelines regarding the mandatory provident fund offset mechanism, effective from May 1, 2025[14] - The group’s financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards and the Companies Ordinance[21] - The group’s financial statements are presented in Hong Kong dollars (HKD), with values rounded to the nearest thousand[24] Future Outlook - The total value of potential bids on hand exceeds HKD 1.158 billion, with 11 potential bids submitted[75] - The total value of unfinished contracts as of December 31, 2023, is approximately HKD 141.2 million, expected to be recognized in 2024[75] - The government plans to provide approximately 32,800 units through the Hong Kong Housing Authority's redevelopment plan, which is expected to boost demand for building and renovation projects[77] - The management team will continue to monitor financial conditions and capital structure to maintain sufficient working capital and liquidity[82] - The group aims to enhance customer satisfaction through improved communication and service quality[81] - The group is committed to sustainable development and maintaining transparency and responsibility in its operations[81]

Financial Performance - The Group reported revenue of approximately HK$79.2 million for the six months ended June 30, 2023, a decrease of 21.1% from HK$100.4 million in the same period last year[9]. - Gross profit fell by 65.5% to approximately HK$4.9 million, with a gross profit margin decreasing from 14.2% to 6.2%[9]. - Operating expenses increased by 17.6% to approximately HK$14.7 million, up from HK$12.5 million in the previous year[10]. - The Group recorded a loss of approximately HK$7.9 million from continuing operations, compared to a profit of approximately HK$1.4 million in the corresponding period[11]. - Basic loss per share was 1.9 HK cents for the Reporting Period, a decline from earnings per share of 92.4 HK cents in the previous year[15]. - The overall loss attributable to equity holders of the Company was approximately HK$7.9 million, compared to a profit of approximately HK$439.8 million in the same period last year[15]. - The company recorded a loss attributable to equity holders of approximately HK$7,900,000 during the reporting period, compared to a profit of approximately HK$439,800,000 in the same period last year[18]. - The basic loss per share for the reporting period was HK$0.019, a significant decrease from the basic earnings per share of HK$0.924 in 2022[18]. - Revenue for the first half of 2023 decreased to approximately HK$77.0 million, down 20.5% from HK$96.8 million in the corresponding period[32]. - Gross profit fell by 75.8% to approximately HK$2.9 million compared to HK$12.0 million in the previous year[32]. - Operating loss for the first half of 2023 was approximately HK$4.7 million, a significant decline from an operating profit of approximately HK$5.2 million in the same period last year[32]. - The report does not present segment assets and liabilities as they are not regularly reported to the Group's chief operating decision-makers[111]. - For the six months ended June 30, 2023, total revenue was HK$79,205,000, a decrease of 21.1% from HK$100,379,000 for the same period in 2022[115]. - Gross profit for the same period was HK$4,905,000, with a gross profit margin of 6.2%, compared to HK$14,255,000 and a margin of 14.2% in 2022[115]. - Operating loss for the six months ended June 30, 2023, was HK$9,760,000, resulting in an operating loss margin of 12.3%[115]. - Other income decreased to HK$1,855,000 in 2023 from HK$4,206,000 in 2022, primarily due to the absence of government subsidies[123]. - The company reported a loss before taxation of HK$7,935,000 for the six months ended June 30, 2023, compared to a profit of HK$1,322,000 in 2022[115][128]. - The effective tax rate remained at 16.5% for Hong Kong profits tax for both periods[129]. - For the six months ended June 30, 2023, the Group reported a loss attributable to equity holders of HK$7,916,000, compared to a profit of HK$439,776,000 for the same period in 2022[135]. - Basic loss per share for continuing operations was HK(1.9) cents, a decrease from HK(0.3) cents in 2022[135]. - The diluted loss per share for continuing operations was HK(1.6) cents, down from HK(0.3) cents in 2022[138]. Discontinued Operations - The discontinued operations, which included the disposal of the property and facility management business in Hong Kong, did not generate any transactions during the Reporting Period[14]. - The Group recognized a significant disposal gain of approximately HK$438.4 million in the corresponding period from the sale of the PFM HK Business[14]. - The loss for the period from discontinued operations was HK$7,916,000, compared to a profit of HK$392,576,000 in 2022[135]. - The profit from discontinued operations for the period from January 1, 2022, to January 10, 2022, was HK$438,440,000[192]. - Net cash inflows from investing activities for discontinued operations amounted to HK$529,197,000 during the same period[192]. Legal Matters - The company and its subsidiary received a writ of summons requiring a deposit of HK$58,880,000 related to a surety bond, which must be deposited within 7 days into a designated account[21]. - The court granted summary judgment in favor of the plaintiff, requiring the company to deposit the aforementioned amount, which will not materially impact the group's liquidity position[21]. - Another writ of summons was issued requiring a deposit of HK$3,740,000, which also must be deposited within 7 days into a designated account[24]. - The company is involved in ongoing legal proceedings related to claims for additional works performed, amounting to approximately HK$98.5 million[25]. - The company considers the recent legal judgments to be in the best interest of its shareholders and does not anticipate incurring additional liabilities beyond those already disclosed[21]. - The company is involved in litigation regarding a surety bond, with claims amounting to approximately HK$54.4 million against the company and its subsidiary ISP Construction (Engineering) Limited[168]. - A writ of summons was issued for a deposit of HK$58,880,000 to be held until the company's liability under the surety bond is released, with a court judgment favoring the company on April 21, 2023[170]. - The company and ISP Curtain Wall and Aluminum Products Limited are required to deposit HK$3,740,000 related to another surety bond case, which will not materially impact the group's liquidity[173]. - A separate writ of summons was filed against ATAL Engineering Limited for an outstanding amount of approximately HK$98.5 million for additional works performed by ISP Construction (Engineering) Limited[174]. - The company is required to deposit HK$3,740,000 as a performance bond until the obligations under the bond are released[175]. - The company is pursuing a claim against Anle Engineering for approximately HK$98,500,000 related to additional works and expenses incurred[176]. - No provisions or contingent liabilities were recognized as of June 30, 2023, as the directors believe the possibility of an outflow of resources is remote[178]. Cash Flow and Liquidity - The company reported a net cash used in operating activities of HK$11,221,000 for the six months ended June 30, 2023, an improvement from HK$12,843,000 in the same period of 2022[90]. - Cash flow from investing activities showed a net cash used of HK$62,320,000, a significant decrease from a net cash generated of HK$462,479,000 in the prior year[90]. - The company had cash and cash equivalents of HK$77,887,000 at the end of the period, down from HK$242,522,000 at the end of the previous period[90]. - The company maintained a prudent liquidity risk management strategy, ensuring sufficient bank balances and cash to meet its liabilities[104]. - The company reported a cash outflow of HK$1,135,000 in financing activities, a decrease from HK$299,108,000 in the previous year, primarily due to lower dividend payments[90]. - The company incurred a cash loss of HK$74,676,000 during the period, contrasting with a cash increase of HK$150,528,000 in the same period of the previous year[90]. - The company’s total cash flow forecast is monitored by the corporate finance team to ensure adequate liquidity for operations[104]. - The company has ongoing claims over its contract assets and receivables due to disputes with main contractors, with management confident in the recoverability of these balances[107]. Business Outlook and Strategy - The decrease in revenue was attributed to a lack of new orders and disruptions in existing project progress[9]. - The economic outlook for the second half of 2023 remains unstable, with fewer tenders expected for new development projects[41]. - ISP Business plans to focus on the luxury residential sector and rehabilitation of sizable estates, which are less affected by economic downturns[41]. - Directors are confident in considerable business opportunities and growth potential for ISP Business due to enhanced financial resources and a strong industry reputation[42]. - The Group plans to adopt a conservative approach while exploring new business development opportunities to enhance income streams amid economic volatility[47]. - The management expects to undertake more sizable projects in the near future, leveraging its strong financial position and historical track record[48]. - The Group aims to retain top talent by ensuring competitive remuneration and benefits through regular market benchmarking[64]. - The management emphasizes the importance of workplace wellness programs to support employee well-being and work-life balance[64]. - The Group is committed to investing in staff development and resource sharing to foster mutual growth[64]. Assets and Liabilities - The Group's total assets decreased from HK$424.3 million as of December 31, 2022, to HK$389.7 million as of June 30, 2023[57]. - The Group's net assets per share decreased from HK$0.397 to HK$0.379 during the same period[57]. - The current ratio improved from 1.9 to 2.0, indicating better short-term financial stability[57]. - Current assets decreased to HK$386,900,000 from HK$422,138,000 as of December 31, 2022, reflecting a decline of 8.3%[85]. - Total non-current assets increased to HK$2,755,000 from HK$2,176,000, representing a growth of 26.5%[85]. - Total liabilities decreased from HK$223,871,000 to HK$197,772,000, a reduction of 11.7%[85]. - The Company reported a net asset value of HK$191,383,000 as of June 30, 2023, down from HK$200,198,000 at the end of 2022[85]. - The Group's accounts receivable totaled HK$103,198,000 as of June 30, 2023, down from HK$108,462,000 on December 31, 2022, representing a decrease of approximately 4%[152]. - The ageing analysis of accounts receivable shows that HK$3,495,000 is due within 30 days, while HK$27,476,000 is overdue by more than 90 days[152]. - Retention receivables from customers for contract works increased to approximately HK$8,498,000 as of June 30, 2023, up from HK$4,954,000 on December 31, 2022[153]. - Total accounts payable decreased to HK$196,065,000 as of June 30, 2023, from HK$222,699,000 on December 31, 2022, indicating a reduction of about 12%[163]. - Retention payables related to contracting business were approximately HK$65,347,000 as of June 30, 2023, slightly down from HK$65,601,000 on December 31, 2022[164]. - The maximum exposure to credit risk at the reporting date is the carrying value of the receivables, with no collateral held as security[155]. - The credit period for accounts receivable remains consistent at 30 to 60 days as of both June 30, 2023, and December 31, 2022[151]. - The Group expects to recover or settle all retention receivables within one year, with a portion expected to be settled in more than 12 months[153]. Staff and Human Resources - As of June 30, 2023, the Group employed a total of 314 staff, a slight decrease from 317 staff as of December 31, 2022[63]. - The Hong Kong economy and job market have shown a slight recovery since the second half of 2022, impacting the Group's human resources strategy positively[64]. - Key management personnel compensation for the six months ended June 30, 2023, was HK$2,081,000, a decrease from HK$2,231,000 in 2022[180]. - Staff costs, including directors' emoluments, amounted to HK$25,188,000, a decrease from HK$30,453,000 in the previous year[128]. - Service charges paid to a company controlled by a director amounted to HK$230,000, compared to HK$15,000 in the previous year[184]. - Contracting work's income from a company with a common controlling shareholder was HK$1,780,000, up from HK$972,000 in 2022[184].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 ISP HOLDINGS LIMITED 昇柏控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：02340） 截至 2023 年 6 月 30 日止六個月 之未經審核中期業績公告 昇 柏 控 股 有 限 公 司（「 本 公 司 」）之 董事（「 董 事 」）會（「 董 事 會 」）公 佈 本 公 司 及 其 附 屬 公 司（ 統 稱「 本 集 團 」）截 至 2023 年 6 月 30 日 止 六 個 月（「 報 告 期 間 」） 之 未 經 審 核 中 期 業 績 。 財務概覽 截至 6 月 30 日 止六個月 變動 港幣百萬元 2023 年 2022 年 金額 % ...