Financial Performance - The company recorded a revenue of approximately HKD 837,897,000 for the year ended December 31, 2022, a decrease of about 35% compared to HKD 1,282,459,000 in the previous year[6]. - Gross profit for the year was approximately HKD 85,828,000, down about 44% from HKD 153,209,000 year-on-year[6]. - The company reported a net loss of approximately HKD 90,151,000, with a basic loss per share of HKD 1.65, compared to a basic earnings per share of HKD 0.30 in the previous year[6]. - The group recorded a loss of approximately HKD 90,151,000 for the year ended December 31, 2022, compared to a profit of approximately HKD 16,291,000 in 2021, indicating a significant decline in performance[25]. - The digital video business revenue decreased to approximately HKD 551,613,000 for the year ended December 31, 2022, down about 42.88% from approximately HKD 965,689,000 in 2021[25]. - The electric vehicle business revenue was approximately HKD 221,400,000 for the year ended December 31, 2022, a decrease of about 10.02% from approximately HKD 246,048,000 in 2021[26]. - The cloud ecosystem big data business revenue increased to approximately HKD 36,456,000 for the year ended December 31, 2022, up about 45.22% from approximately HKD 25,104,000 in 2021[28]. Financial Position - As of December 31, 2022, the company had cash and cash equivalents of approximately HKD 95,970,000, down from HKD 135,168,000 in the previous year[13]. - The company’s total liabilities as of December 31, 2022, amounted to approximately HKD 2,350,277,000, compared to HKD 2,234,626,000 in the previous year[13]. - Trade receivables decreased from approximately HKD 731,621,000 to HKD 606,418,000 year-on-year[13]. - The company maintained a debt-to-equity ratio of 1.3 as of December 31, 2022, compared to 1.32 in the previous year[13]. - The company’s total equity decreased to HKD 475,554,000 in 2022 from HKD 599,929,000 in 2021, reflecting a decline in shareholder value[145]. - The company reported a net current liability of about HKD 660,826,000, raising significant doubts about the group's ability to continue as a going concern[122]. Operational Efficiency - The company is focused on strict cost control measures to improve operational efficiency[12]. - The group plans to continue investing in the electric vehicle business and expand charging stations in Hangzhou and other provinces to capture market share[26]. - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[142]. Corporate Governance - The company has adopted a code of conduct for securities trading that aligns with the standards set forth in the Listing Rules, confirming compliance by all directors for the year ending December 31, 2022[35]. - The board of directors consists of three executive directors and three independent non-executive directors as of December 31, 2022, ensuring a balanced governance structure[36]. - The board is responsible for formulating the overall development strategy and monitoring financial performance, with a focus on enhancing long-term shareholder value[37]. - The company is committed to maintaining high levels of corporate governance to protect the interests of shareholders, investors, customers, and employees[33]. - The company has established an internal control policy and procedures manual to ensure compliance with corporate governance codes[66]. Risk Management - The company has identified key risks including strategy risks in the new energy vehicle sector, foreign currency risks, credit risks, liquidity risks, operational risks, and legal compliance risks[96][98]. - The company has a system to identify, measure, manage, and monitor risks affecting liquidity, credit, regulatory, and operational aspects[66]. - The board is responsible for the risk management and internal control systems, which are reviewed annually by the audit committee[64]. Shareholder Information - The company did not recommend any dividend payment for the fiscal year ending December 31, 2022[78]. - Major shareholders include Alpha Century Assets Limited and Ms. Wang Qianfeng, each holding 600,000,000 shares, representing 10.96% of the total shares[83]. - The company's market capitalization as of December 31, 2022, was HKD 492,480,000, with a public float of approximately 89%[72]. Audit and Compliance - The audit committee serves as a vital link between the board and the company's auditors, ensuring effective oversight of financial reporting[49]. - The independent auditor's report highlighted the need for sufficient and appropriate evidence regarding the recoverability of trade receivables[136]. - The consolidated financial statements for the year ended December 31, 2022, were audited by Zhonghui Anda CPA Limited, which is eligible for reappointment[116]. Employee Information - Employee compensation totaled approximately HKD 64,551,000 for the year ended December 31, 2022, compared to approximately HKD 60,365,000 in 2021, reflecting an increase in workforce from 394 to 479 employees[24]. - The group’s retirement benefit costs are calculated based on contributions made to defined contribution plans, which are a percentage of employees' basic salaries[191].

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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 Jiu Rong Holdings Limited 久融控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2358） 截至二零二二年十二月三十一日止年度 末期業績公告 久融控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截至二 零二二年十二月三十一日止年度（「年內」）的年度業績，連同二零二一年同期的比較數字。 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 4 837,897 1,282,459 銷售成本 (752,069) (1,129,250) 毛利 85,828 153,209 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 399,990,000, a decrease of 60% compared to HKD 1,000,906,000 for the same period in 2021[9] - Gross profit for the same period was HKD 65,215,000, down from HKD 99,903,000, reflecting a gross margin decline[9] - The net loss attributable to shareholders for the period was HKD 38,025,000, compared to a profit of HKD 20,547,000 in the previous year[9] - The company reported a significant decrease in digital video business revenue from HKD 732,025,000 in the first half of 2021 to HKD 259,180,000 in the first half of 2022[36] - The new energy vehicle business generated revenue of HKD 108,538,000 in the first half of 2022, compared to HKD 186,218,000 in the same period of 2021[36] - The cloud ecosystem big data business reported revenue of approximately HKD 9.45 million for the six months ended June 30, 2022, a decrease of 46.10% compared to HKD 17.53 million for the same period in 2021[75] - The property investment segment achieved revenue of approximately HKD 22.83 million for the six months ended June 30, 2022, down approximately 64.96% from HKD 65.14 million in the same period of 2021[75] - The company achieved a pre-tax profit of HKD 9,814,000 for the six months ended June 30, 2022, compared to a pre-tax profit of HKD 41,354,000 for the same period in 2021[35] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 1,637,249,000, compared to HKD 1,688,153,000 as of December 31, 2021[10] - Current liabilities increased to HKD 1,735,126,000 from HKD 1,839,180,000, indicating a reduction in financial obligations[13] - The company’s equity attributable to owners decreased to HKD 561,904,000 from HKD 599,929,000[14] - Trade receivables increased to HKD 541,299,000 as of June 30, 2022, up from HKD 477,215,000 at the end of 2021, representing a growth of 13.4%[46] - Trade payables increased to HKD 1,400,098,000 as of June 30, 2022, compared to HKD 1,221,021,000 at the end of 2021, reflecting a rise of 14.7%[52] - Total borrowings, including bank loans and other loans, stood at HKD 725,969,000 as of June 30, 2022, slightly down from HKD 728,750,000 at the end of 2021[53] Cash Flow - The net cash inflow from operating activities for the six months ended June 30, 2022, was HKD 27,214,000, a significant improvement compared to a net outflow of HKD 271,706,000 in the same period of 2021[17] - The net cash outflow from investing activities for the six months ended June 30, 2022, was HKD 10,339,000, an improvement from HKD 32,391,000 in the same period of 2021[17] - The financing activities resulted in a net cash outflow of HKD 2,781,000 for the six months ended June 30, 2022, compared to a net inflow of HKD 181,721,000 in the same period of 2021[17] - As of June 30, 2022, cash and cash equivalents were HKD 149,262,000, an increase from HKD 135,168,000 at the end of 2021[11] Business Segments - The company has five reportable segments, including digital video business, new energy vehicle business, cloud ecosystem big data business, and property development[28] - The company continues to engage in various business segments, including digital video, new energy vehicles, cloud big data, and property investment[74] Future Plans and Strategies - The company plans to focus on market expansion and new product development in the upcoming quarters[8] - The company is developing a big data industrial park in Hangzhou, expected to create a fully intelligent and interconnected cloud ecosystem[32] - The board believes that the new energy vehicle business has significant growth potential due to government support for reducing carbon emissions and establishing charging infrastructure[76] - The group plans to continue investing in the new energy vehicle business and expand its electric vehicle charging stations in Hangzhou and other provinces[76] - The board will closely evaluate the performance of the aforementioned businesses and consider fundraising opportunities to strengthen the group's financial position[76] Employee and Operational Metrics - The group’s employee benefits expenses, including directors' remuneration, rose to HKD 30,352,000, an increase of 23.5% from HKD 24,520,000 in 2021[39] - The company employed 482 staff members as of June 30, 2022, an increase from 394 as of December 31, 2021[72] Dividends and Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[44] - Major shareholder Alpha Century Assets Limited holds 600,000,000 shares, representing 10.96% of the company's equity[79] Other Financial Metrics - The company reported external customer revenue of HKD 399,990,000 for the six months ended June 30, 2022, with digital video business contributing HKD 259,180,000, new energy vehicle business HKD 108,538,000, and cloud ecosystem big data business HKD 9,447,000[33] - The company recorded a loss attributable to shareholders of approximately HKD 23,782,000 for the six months ended June 30, 2022, compared to a profit of HKD 17,505,000 in the same period of 2021[43] - Basic loss per share was approximately HKD 0.43, compared to earnings of HKD 0.32 per share in the same period last year[67]

Trade Receivables from Cuba - The company reported a trade receivable from the Cuban National Bank amounting to approximately HKD 179,490,000 (around USD 5,196,000 and EUR 15,465,000) as of December 31, 2021[3]. - The trade receivable from Cuba decreased by approximately USD 10,000 and EUR 26,000 in 2021 compared to 2020, indicating a settlement approved by the Cuban National Bank[4]. - The company has not engaged in any trade activities with Cuba since May 2019, leading to concerns about the recoverability of the receivables[4]. - The auditors expressed a qualified opinion due to insufficient appropriate audit evidence regarding the recoverability of the Cuban trade receivables[9]. - The company has not made any impairment provision for the Cuban trade receivables, believing that the Cuban National Bank will eventually repay the amounts owed[8]. - The management plans to continue actively contacting the Cuban National Bank to seek repayment of the trade receivables[9]. - The auditors agreed with the management's stance that impairment provisions are not appropriate unless the Cuban National Bank indicates it will not repay the receivables[9]. - The outstanding receivables from the Cuban National Bank were subject to foreign exchange shortages and strict controls by the Cuban government[9]. - The company received confirmation letters from the Cuban National Bank regarding the outstanding trade receivables on a quarterly basis[9]. - The company is considering alternative solutions to address the audit qualification regarding the receivables[5]. - The company is actively seeking repayment of trade receivables from the Cuban National Bank, but is facing challenges due to the bank's inability to provide a detailed solution amid strict foreign exchange controls[11]. - Auditors have expressed a qualified opinion on the company's trade receivables from Cuba as sufficient audit evidence cannot be obtained due to the foreign exchange shortage[11]. - The company is unable to provide a specific timeline for resolving the audit issues related to trade receivables from Cuba, as the foreign exchange shortage is a political issue beyond its control[11]. Economic Context of Cuba - Cuba's foreign exchange income is primarily derived from tourism and the export of medical professionals, with foreign tourist arrivals expected to drop from approximately 1,080,000 in 2020 to around 200,000 in 2021 due to border closures[10]. - The Cuban government allocates about 60% of its foreign exchange income to purchase essential goods such as food and medicine due to ongoing foreign exchange shortages[10].

Financial Performance - The company recorded a revenue of approximately HKD 1,282,459,000 for the year ended December 31, 2021, representing an increase of about 78% compared to HKD 722,214,000 in the previous year[7]. - Gross profit for the year was approximately HKD 153,209,000, an increase of about 22% from HKD 125,980,000 in the prior year[7]. - The net profit attributable to the owners of the company was approximately HKD 16,291,000, with basic earnings per share of approximately HKD 0.30, down from HKD 0.42 in the previous year[7]. - For the year ended December 31, 2021, the group recorded a profit attributable to shareholders of approximately HKD 16,291,000, a decrease of about 28.87% compared to HKD 22,904,000 in 2020[30]. - The digital video business achieved significant revenue growth, recording approximately HKD 965,689,000, an increase of about 158.58% from HKD 373,456,000 in 2020[31]. - The new energy vehicle business generated revenue of approximately HKD 246,048,000, reflecting a year-on-year increase of about 17.49% from HKD 209,422,000 in 2020[31]. - The cloud ecosystem big data business recorded revenue of approximately HKD 25,104,000, an increase of about 7.02% from HKD 23,458,000 in 2020[33]. - The property investment business generated revenue of approximately HKD 25,204,000, representing a year-on-year increase of about 31.92% from HKD 19,105,000 in 2020[33]. Cash Flow and Financial Position - The company's cash and cash equivalents as of December 31, 2021, were approximately HKD 135,168,000, a decrease from HKD 350,626,000 in the previous year[7]. - The group has a capital commitment of approximately HKD 178,677,000, down from HKD 276,961,000 in 2020[28]. - The total employee compensation for the year was approximately HKD 60,365,000, compared to HKD 43,370,000 in 2020, reflecting an increase in workforce from 378 to 394 employees[29]. - The company reported a market capitalization of HKD 514,368,000 as of December 31, 2021, with an issued share capital of 5,472,000,000 shares and a closing price of HKD 0.094 per share[83]. - The company reported a net current liability of approximately HKD 546,778,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[142]. - The company plans to negotiate with banks for loan renewals and new financing to ensure sufficient working capital for ongoing operations[177]. Corporate Governance - The board is focused on maintaining a healthy operating environment and will continue to evaluate business performance and explore new investment opportunities[33]. - The board of directors emphasizes the importance of corporate governance for the company's success and has implemented measures to maintain high standards[41]. - The company has complied with the corporate governance code, with some deviations explained, including the separation of roles between the chairman and CEO, which remains unfilled[41]. - The board consists of two executive directors and three independent non-executive directors, with no significant relationships among them[46]. - The board is responsible for the overall strategic development and financial performance monitoring of the group, ensuring good corporate governance and compliance with laws[47]. - The independent non-executive directors possess relevant expertise in accounting and finance, providing strong support for the board's responsibilities[49]. - The board has decided not to establish an internal audit department temporarily due to streamlined operations and potential cost burdens, with direct responsibility for risk management resting with the board[43]. - The company encourages directors to seek independent professional advice to fulfill their duties effectively[58]. Risk Management - The company has established a risk management and internal control system, which is reviewed annually by the board through the audit committee[77]. - The company faces risks related to its new energy vehicle business strategy, including changes in the business environment and competition[106]. - The company actively monitors industry trends and competitors in the new energy vehicle sector to mitigate risks[106]. - The group must assess its ability to continue as a going concern and disclose relevant matters unless there is an intention to liquidate or cease operations[155]. Investments and Shareholder Information - The company invested HKD 25,000,000 to subscribe for 100,000,000 shares of Songdu Service Group Co., Ltd. during the year[23]. - The company also invested approximately RMB 99,999,996.36 (equivalent to about HKD 120,000,000) to subscribe for 9,960,159 shares of Xiangcai Co., Ltd.[23]. - Major shareholders include Alpha Century Assets Limited and Wang Qianfeng, each holding 10.96% of the shares, and Shuyuan Technology Co., Ltd. holding 9.01%[93]. - The company does not recommend the payment of any dividends for the fiscal year ending December 31, 2021[88]. - The company has adopted a dividend policy prioritizing cash dividends to shareholders based on financial performance and other factors[102]. Audit and Compliance - The audit committee, composed of three independent non-executive directors, has been established to review and supervise the group's financial reporting procedures[135]. - The consolidated financial statements for the year ended December 31, 2021, were audited by Zhonghui Anda CPA Limited, which is eligible for reappointment[137]. - The independent auditor's report highlighted key audit matters, including the impairment assessments and fair value measurements, which are critical to the audit[143]. - The company has implemented policies for insider information and whistleblower protection to maintain high standards of business integrity and transparency[78]. Environmental and Social Responsibility - The company has implemented various measures to promote environmental awareness and compliance with environmental laws, although no formal environmental policy has been established[133].

Financial Performance - The company reported revenue of HKD 1,000,906 thousand for the six months ended June 30, 2021, a significant increase from HKD 226,246 thousand in the same period of 2020, representing a growth of approximately 341%[8] - Gross profit for the period was HKD 99,903 thousand, compared to HKD 50,404 thousand in the prior year, indicating a gross margin improvement[8] - The net profit after tax for the period was HKD 17,505 thousand, down from HKD 21,754 thousand in the previous year, reflecting a decrease of about 19%[8] - The total comprehensive income for the period was HKD 20,547,000, compared to a loss of HKD 13,982,000 in the same period last year, marking a turnaround in performance[15] - The company reported a basic and diluted earnings per share of HKD 0.32, down from HKD 0.40 in the prior year[8] - The company achieved a profit before tax of HKD 41,354 thousand for the six months ended June 30, 2021, up from HKD 28,763 thousand in the previous year[35] - Profit attributable to owners of the company for the period was approximately HKD 17,505,000, a decrease of about 19.53% from HKD 21,754,000 in the same period last year, primarily due to unrealized fair value losses on financial assets of approximately HKD 15,112,000[65] Assets and Liabilities - The company's total assets as of June 30, 2021, were HKD 1,742,303 thousand, compared to HKD 1,182,186 thousand at the end of 2020, marking an increase of approximately 47%[10] - Current liabilities increased to HKD 2,071,217 thousand from HKD 1,541,847 thousand, resulting in a net current liability position of HKD (328,914) thousand[13] - The company’s cash and cash equivalents decreased to HKD 228,250 thousand from HKD 350,626 thousand, a decline of about 35%[11] - The company’s equity attributable to owners increased to HKD 582,920 thousand from HKD 562,373 thousand, reflecting a growth of approximately 3%[14] - Total trade receivables increased significantly to HKD 657,778,000 as of June 30, 2021, up from HKD 350,532,000 as of December 31, 2020, marking an increase of approximately 87.5%[45] - Bank loans increased to HKD 678,178,000 as of June 30, 2021, compared to HKD 642,039,000 as of December 31, 2020, reflecting a growth of approximately 5.6%[51] - Trade payables rose to HKD 1,517,668,000 as of June 30, 2021, compared to HKD 1,199,623,000 as of December 31, 2020, indicating an increase of about 26.5%[49] Cash Flow - The net cash outflow from operating activities was HKD 271,706,000, compared to HKD 89,648,000 for the same period in 2020, indicating a significant increase in cash outflow[17] - The net cash inflow from financing activities was HKD 181,721,000, a decrease from HKD 399,558,000 in the previous year, reflecting a reduction of approximately 54.5%[17] - The company’s cash flow from investing activities showed a net outflow of HKD 32,391,000, a significant decrease from a net inflow of HKD 621,000 in the previous year[17] - The cash and cash equivalents at the end of the period decreased to HKD 228,250,000 from HKD 419,779,000, a decline of approximately 45.4%[17] Business Segments - The company operates in five reportable segments, including digital video, new energy vehicles, cloud big data, and property development[30] - The digital video business generated revenue of HKD 732,025 thousand, while the new energy vehicle business contributed HKD 186,218 thousand for the same period[34] - The company is focused on expanding its cloud data business, which generated HKD 17,528 thousand in revenue for the reporting period[34] - Property investment revenue reached approximately HKD 65,135,000, up about 138% from HKD 27,382,000 in the same period last year[73] - The new energy vehicle business achieved revenue of approximately HKD 186,218,000, representing a 96% increase from HKD 95,171,000 in the previous year[73] - The cloud ecosystem big data business saw revenue rise to approximately HKD 17,528,000, a substantial increase of 306% from HKD 4,312,000 year-on-year[73] Investments and Acquisitions - The company completed the acquisition of a 46% stake in Heilongjiang New Oasis Real Estate Development Co., which will serve as a joint venture for property development in Harbin[32] - The company expects to generate rental income from its property investments through its wholly-owned subsidiary, Hangzhou Green Cloud Real Estate Co.[33] Employee and Operational Metrics - The group employed 367 staff as of June 30, 2021, with total employee compensation of approximately HKD 24,500,000 for the period, compared to approximately HKD 17,683,000 in the same period last year[70] - The company incurred employee benefits expenses of HKD 24,520,000 during the period, a decrease of approximately 42.3% from HKD 42,472,000 in the previous year[39] Future Outlook and Strategy - The board believes that the new energy vehicle business has significant growth potential due to government support for reducing carbon emissions and expanding charging infrastructure[74] - The company plans to continue investing in the new energy vehicle business and expand its electric vehicle charging stations in China[74] - The board will actively explore new business opportunities and consider fundraising to strengthen the company's financial position[74] - The company emphasizes product quality and cost control while strictly managing capital expenditures to maintain competitiveness[74] Shareholder Information - Major shareholder Alpha Century Assets Limited holds a 10.96% stake in the company, with 600,000,000 shares[77]

Financial Performance - The company recorded a revenue of approximately HKD 722,214,000 for the year ended December 31, 2020, representing a 19% increase compared to HKD 608,698,000 in the previous year[11]. - Gross profit for the year was approximately HKD 125,980,000, up 17% from HKD 107,375,000 year-on-year[11]. - The net profit attributable to the owners of the company reached approximately HKD 22,904,000, with basic earnings per share at about HKD 0.42, down from HKD 0.48 in 2019[11]. - Total comprehensive income for the year was HKD 42,385,000, significantly higher than HKD 17,778,000 in 2019[165]. - The company reported a pre-tax profit of HKD 38,299,000 for 2020, down from HKD 47,925,000 in 2019, reflecting a decrease of approximately 20% year-over-year[177]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2020, amounted to approximately HKD 350,626,000, significantly up from HKD 109,248,000 in 2019[11]. - The company’s cash and cash equivalents increased to HKD 350,626,000 at the end of 2020, up from HKD 109,248,000 at the end of 2019, marking a growth of approximately 221%[179]. - The net cash increase for the year was HKD 223,191,000, compared to an increase of HKD 67,595,000 in 2019, indicating a stronger liquidity position[179]. Debt and Liabilities - The company’s debt net amount increased to approximately HKD 1,747,924,000 from HKD 1,397,875,000 in the previous year[22]. - Total liabilities increased to HKD 1,541,847,000 from HKD 1,423,976,000, representing a rise of 8.3%[168]. - The company recorded net current liabilities of approximately HKD 359,661,000 as of December 31, 2020, raising significant doubts about its ability to continue as a going concern[144]. Business Segments - The digital video business recorded a revenue of approximately HKD 373,456,000 for the year ended December 31, 2020, representing an increase of about 5% from HKD 355,363,000 in 2019[33]. - The new energy vehicle business generated revenue of approximately HKD 209,422,000 for the year ended December 31, 2020, up from HKD 192,609,000 in 2019[34]. - The cloud ecosystem big data business recorded revenue of approximately HKD 23,458,000 for the year ended December 31, 2020, a decrease of about 7% from HKD 25,169,000 in 2019[34]. - The property investment business achieved revenue of approximately HKD 19,105,000 for the year ended December 31, 2020, an increase of about 18% from HKD 16,202,000 in 2019[35]. Corporate Governance - The board believes that corporate governance is key to the company's success and has taken measures to maintain high levels of governance to protect the interests of shareholders, investors, customers, and employees[47]. - The company has complied with the corporate governance code, except for certain deviations explained in the report[47]. - The board consists of five members, including three independent non-executive directors, achieving the diversity policy goal[62][63]. - The company has established a governance framework to review compliance with legal and regulatory requirements[75]. Risk Management - The company actively monitors risks related to the new energy vehicle business, including economic and regulatory changes[113]. - The company has established measures to mitigate legal and compliance risks by seeking professional legal advice and conducting compliance reviews for new business activities[124]. - The company has implemented procedures to prevent unauthorized use or sale of assets and ensure accurate accounting records[81]. Shareholder Information - Major shareholder Alpha Century Assets Limited holds 600,000,000 shares, representing 10.96% of the total issued shares[98]. - The largest customer accounted for 25% of total sales, while the top five customers represented 69% of total sales in 2020[110]. - The company reported a public float of at least 25% of its issued shares, complying with listing rules[97]. Audit and Compliance - The audit committee held three meetings during the year to review audited financial statements and internal control systems[66]. - The independent auditor has reviewed the consolidated financial statements for the year ending December 31, 2020, and will be proposed for reappointment at the upcoming annual general meeting[140]. - The company has no evidence of violations of relevant laws and regulations that would have a significant impact on its operations as of December 31, 2020[137]. Environmental and Social Responsibility - The company has implemented various measures to promote environmental protection, including double-sided printing and energy-saving practices[136].

Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 226,246,000, a decrease of 7.8% from HKD 245,432,000 in the same period of 2019[8] - Gross profit for the period was HKD 50,404,000, down 16.6% from HKD 60,458,000 year-on-year[8] - Net profit after tax for the period was HKD 21,754,000, a decline of 25.1% compared to HKD 28,987,000 in the previous year[8] - Basic and diluted earnings per share were HKD 0.40, down from HKD 0.53 in the same period last year[8] - For the six months ended June 30, 2020, the total comprehensive income attributable to the company's owners was HKD 27,351, a decrease from HKD 28,987 for the same period in 2019[17] - The total profit before tax for the six months ended June 30, 2020, was HKD 28,688,000, a decrease of 12.5% from HKD 32,646,000 in 2019[32] - Profit attributable to owners for the period was approximately HKD 21,754,000, a decrease of about 24.95% from HKD 28,987,000 in the previous year[62] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 1,107,870,000, an increase from HKD 832,461,000 at the end of 2019[11] - Current liabilities were HKD 1,695,418,000, compared to HKD 1,423,976,000 at the end of 2019, indicating a rise in financial obligations[11] - The company's net asset value increased to HKD 533,970,000 from HKD 519,988,000 at the end of 2019[12] - The total reportable assets amounted to HKD 2,718,640,000, with the new energy vehicle business holding HKD 1,025,541,000[31] - Trade receivables decreased to HKD 270,441,000 from HKD 356,619,000, representing a decline of approximately 24.2%[44] - Trade payables decreased to HKD 185,865,000 from HKD 350,951,000, a reduction of approximately 47.1%[48] - Bank loans increased significantly to HKD 644,611,000 from HKD 196,703,000, reflecting a growth of approximately 227.5%[49] - The total loans, including other loans, amounted to HKD 656,078,000, up from HKD 279,912,000, marking an increase of approximately 134.5%[49] Cash Flow - The net cash outflow from operating activities was HKD 89,648, an improvement compared to HKD 138,367 in the previous year[15] - The net cash inflow from financing activities increased significantly to HKD 399,558, up from HKD 285,799 in 2019[15] - Cash and cash equivalents increased significantly to HKD 419,779,000 from HKD 109,248,000 at the end of 2019, reflecting improved liquidity[11] - The company’s cash and cash equivalents increased to HKD 419,779 at the end of June 2020, compared to HKD 135,157 at the end of June 2019[15] Business Segments - Total revenue from external customers for the digital video business was HKD 99,381,000, while the new energy vehicle business generated HKD 95,171,000[31] - The digital video business saw a decrease in revenue compared to the previous year, which was HKD 129,686,000, while the new energy vehicle business increased from HKD 81,290,000[31] - The company operates 48 electric vehicle charging stations in Hangzhou, with a total of 3,604 AC charging guns and 1,424 DC charging guns, indicating a strong commitment to expanding its new energy vehicle business[72] - The company plans to focus on market expansion and new product development in the upcoming quarters[8] Expenses and Tax - The company incurred a tax expense of HKD 6,934,000 for the period, compared to HKD 3,659,000 in 2019, reflecting an increase of 89.5%[40] - Depreciation expenses for property, plant, and equipment increased to HKD 23,924,000 from HKD 14,276,000, indicating a rise of 67.5%[38] - Financing costs for the six months ended June 30, 2020, were HKD 11,494,000, a decrease of 16.2% from HKD 13,736,000 in 2019[38] Corporate Governance - The company has not adopted any new accounting standards that have been issued but not yet effective, and is currently evaluating their potential impact[19] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters[80] - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ended June 30, 2020[78] - The company adhered to all provisions of the corporate governance code during the reporting period[79] Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2020, consistent with the previous year[42] - No interim dividend was recommended for the six months ended June 30, 2020, consistent with the previous year[68] - The company has issued 5,472,000,000 shares with a par value of HKD 0.1, maintaining the same amount as the previous period[51] - The total remuneration paid to directors during the period was approximately HKD 780,000, compared to HKD 755,000 in the previous period, reflecting a slight increase[58]

Financial Performance - The company recorded a revenue of approximately HKD 608,698,000 for the year ended December 31, 2019, representing a 12% increase compared to HKD 543,276,000 in the previous year[6]. - Gross profit for the year was approximately HKD 107,375,000, with a gross margin decreasing from about 23% to 18%[14]. - Profit attributable to the company's owners reached approximately HKD 26,241,000, with basic earnings per share of about HKD 0.48, down from HKD 0.99 in the previous year[6]. - The company reported a total comprehensive income of HKD 17.8 million, down from HKD 35.7 million in the previous year[160]. - The net profit attributable to the owners of the company was HKD 26.2 million, a significant decline of 51.6% compared to HKD 54.2 million in 2018[160]. - The company reported a total comprehensive loss of HKD 6,515,000 for the year ended December 31, 2019, compared to a loss of HKD 17,420,000 in the previous year[171]. Cash Flow and Liquidity - Cash and cash equivalents at year-end amounted to approximately HKD 109,248,000, an increase from HKD 42,627,000 in the previous year[6]. - The company generated cash from operating activities of approximately HKD 668,295,000, compared to HKD 163,670,000 in the previous year[16]. - The company has maintained sufficient cash reserves and committed funding to meet liquidity needs[116]. - The group recorded net current liabilities of approximately HKD 591,515,000 as of December 31, 2019, indicating significant uncertainty regarding the company's ability to continue as a going concern[141]. Assets and Liabilities - As of December 31, 2019, the company's total liabilities amounted to approximately HKD 1,397,875,000, up from HKD 1,159,446,000 in the previous year[17]. - Total assets as of December 31, 2019, amounted to HKD 2,050.5 million, an increase from HKD 1,814.1 million in 2018[162]. - The company's equity attributable to owners was HKD 520.0 million, up from HKD 474.9 million in 2018[164]. - Current liabilities increased to HKD 1,424.0 million, compared to HKD 1,244.1 million in 2018[162]. Business Segments - The digital video business achieved revenue of approximately HKD 355,363,000, an increase of about 38% from HKD 256,988,000 in the previous year[29]. - The new energy vehicle business reported revenue of approximately HKD 192,609,000, down from HKD 271,205,000 in 2018[29]. - The cloud ecosystem big data business generated revenue of approximately HKD 25,169,000, representing a significant increase of about 408% from HKD 4,956,000 in 2018[30]. - The property investment business recorded revenue of approximately HKD 16,202,000, an increase of about 60% from HKD 10,127,000 in the previous year[30]. Corporate Governance - The company has adhered to the corporate governance code and has taken measures to maintain high levels of corporate governance to protect the interests of shareholders and investors[41]. - The company has confirmed that all directors complied with the standards set out in the code of conduct for securities trading during the year ended December 31, 2019[45]. - The company has decided not to establish an internal audit department temporarily due to its streamlined operational structure and potential cost burden[43]. - The company is committed to ensuring strict compliance with the listing rules and corporate governance code regulations[44]. Board Structure and Diversity - The board of directors consists of three executive directors and four independent non-executive directors as of December 31, 2019[46]. - The company has a diverse board with members possessing various professional experiences suitable for long-term management[46]. - The board consists of five members, with three being independent non-executive directors, achieving the measurable target of the board diversity policy[57]. - The company has implemented a board diversity policy, aiming for at least one member with accounting or other professional qualifications[56]. Risk Management - The board of directors is directly responsible for the group's risk management and internal control systems, with no significant issues raised for improvement[78]. - The company is actively monitoring risks related to the new energy vehicle business strategy, including economic and regulatory changes[110]. - The company has faced significant operational risks, including project delays, which may adversely affect revenue and financial performance[117]. - The company has implemented budget control management and project planning to mitigate operational risks[117]. Audit and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems[135]. - The independent auditor's report highlighted the inability to conclude on the recoverability of trade receivables, which may impact the financial performance and position[140]. - The audit identified key audit matters related to the fair value measurement of investment properties and impairment testing of property, plant, and equipment[143]. - The company has engaged a qualified auditor, Zhonghui Anda CPA Limited, for the fiscal year ending December 31, 2019[137]. Shareholder Information - The company's market capitalization as of December 31, 2019, was HKD 711,360,000, with an issued share capital of 5,472,000,000 shares and a closing price of HKD 0.13 per share[82]. - Major shareholders include Alpha Century Assets Limited with 600,000,000 shares (10.96%) and 数源科技股份有限公司 with 493,206,000 shares (9.01%) as of December 31, 2019[97]. - The company has a cash dividend policy, prioritizing cash distributions to shareholders based on financial performance and other factors[105].

Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 595,605,000, a significant increase from HKD 172,522,000 in the same period of 2018, representing a growth of 245%[9] - Gross profit for the same period was HKD 60,458,000, compared to HKD 51,622,000 in 2018, reflecting an increase of 17%[9] - The net profit after tax for the period was HKD 28,987,000, up from HKD 14,588,000 in 2018, marking a growth of 98%[9] - The group reported a cumulative loss of HKD (224,423,000) as of June 30, 2019, compared to HKD (295,455,000) in the previous year, indicating a reduction in cumulative losses[20] - The group's profit before tax increased to HKD 33,027,000 for the six months ended June 30, 2019, compared to HKD 20,388,000 in 2018, representing a growth of 62.0%[43] Assets and Liabilities - Total assets as of June 30, 2019, amounted to HKD 1,810,747,000, compared to HKD 1,244,149,000 at the end of 2018, indicating an increase of 45%[13] - The total equity attributable to the owners of the company was HKD 490,327,000, compared to HKD 462,976,000 at the end of 2018, reflecting an increase of 6%[18] - Trade receivables increased to HKD 581,961,000 from HKD 245,530,000, representing a growth of 136%[11] - Trade payables as of June 30, 2019, totaled HKD 759,136,000, up from HKD 326,381,000 as of December 31, 2018, reflecting a growth of 132.5%[57] - Bank loans amounted to HKD 205,369,000 as of June 30, 2019, compared to HKD 184,133,000 at the end of 2018, showing an increase of 11.8%[59] Cash Flow - The net cash outflow from operating activities for the six months ended June 30, 2019, was HKD (138,367,000), significantly higher than HKD (10,465,000) in the previous year[21] - The net cash inflow from financing activities increased to HKD 285,799,000 in the first half of 2019, compared to HKD 26,368,000 in the same period of 2018, indicating a substantial rise in financing activities[21] - The total cash and cash equivalents at the end of the period were HKD 135,157,000, up from HKD 81,498,000 at the end of June 2018, representing an increase of approximately 65.8%[21] Business Segments - Total revenue from external customers reached HKD 595,605,000, with digital video business contributing HKD 302,129,000, and new energy vehicle business contributing HKD 259,020,000[42] - The profit before tax from the digital video business was HKD 7,851,000, while the new energy vehicle business reported a profit of HKD 21,368,000[42] - Revenue from the digital video business increased significantly from HKD 93,098,000 in the previous year to HKD 302,129,000[42] - The new energy vehicle business saw a rise in revenue from HKD 74,641,000 to HKD 259,020,000 year-over-year[42] - The cloud ecosystem big data business recorded revenue of approximately HKD 8,450,000, up 197% from HKD 2,844,000 in the same period last year[83] Investments and Acquisitions - The company completed the acquisition of a 46% stake in Heilongjiang New Oasis Real Estate Development Co., which will operate as an associate company focusing on property development[40] - Approximately HKD 29,748,000 was invested in property, plant, and equipment during the period, primarily for establishing electric vehicle charging stations[54] Governance and Compliance - The company has adopted the standard code for securities trading by directors as per the listing rules, and all directors confirmed compliance during the six-month period ending June 30, 2019[90] - The company adhered to all provisions of the corporate governance code during the reporting period, with ongoing reviews of the current structure by the board[91] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters[92] Dividends and Share Options - The group did not declare any interim dividend for the six months ended June 30, 2019, consistent with the previous year[53] - The company has issued 547,200,000 share options under its share option scheme as of June 30, 2019[68]