Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 471,779,000, a decrease of 43.7% compared to HKD 837,897,000 in 2022[3]. - The gross profit for the year was HKD 61,739,000, down 28.1% from HKD 85,828,000 in the previous year[3]. - The net loss for the year was HKD 383,293,000, compared to a net loss of HKD 90,151,000 in 2022, representing a significant increase in losses[4]. - The company reported a basic and diluted loss per share of HKD 7.00, compared to HKD 1.65 in 2022, marking a substantial increase in loss per share[4]. - The company reported a total loss of HKD 390,185,000 for 2023, compared to a loss of HKD 73,079,000 in 2022[20]. - The group reported a loss of approximately HKD 383,293,000 for the year ended December 31, 2023, compared to a loss of approximately HKD 90,151,000 in 2022, indicating a significant increase in losses[77]. Revenue Breakdown - Revenue from digital video products was HKD 229,223,000, down 58.5% from HKD 551,613,000 in the previous year[14]. - Revenue from new energy vehicle charging services was HKD 176,921,000, a decline of 17.4% from HKD 214,290,000 in 2022[14]. - The digital video business in China generated HKD 229,223,000 in 2023, while the new energy vehicle business generated HKD 211,277,000, indicating a focus on these sectors[26]. - Revenue from the sale of digital video products was HKD 229,223,000 in 2023, highlighting the company's strong position in this segment[26]. - Revenue from major customers showed a significant drop, with Customer A in the new energy vehicle business generating HKD 129,717,000 in 2023, down from HKD 170,142,000 in 2022, a decrease of about 23.7%[23]. Asset and Liability Changes - The total assets decreased to HKD 2,235,658,000 from HKD 2,956,226,000 in 2022, reflecting a decline of 24.4%[6]. - Current liabilities amounted to HKD 1,677,926,000, down from HKD 1,865,627,000 in the previous year, indicating a reduction of 10.1%[6]. - Non-current assets decreased to HKD 1,381,775,000 from HKD 1,751,425,000, a decline of 21.2%[6]. - The total liabilities for the company were HKD 2,152,722,000 in 2023, down from HKD 2,480,672,000 in 2022, a reduction of 13.2%[20]. - The company has a negative net current liabilities of HKD 824,043,000, indicating potential liquidity issues[6]. Operational Challenges and Strategies - The company plans to negotiate with banks for loan extensions and new financing to address its financial challenges[9]. - The board believes that the company will have sufficient working capital to meet its current needs based on expected asset sales and financing arrangements[9]. - The company has implemented strict cost control measures to manage operational expenses effectively[64]. - The group anticipates a challenging operating environment in the short term due to geopolitical uncertainties and rising costs, and will adopt prudent cash flow management measures[80]. - The group will continue to focus on product quality and cost control while exploring new business opportunities and fundraising options to enhance financial stability[80]. Governance and Compliance - The company has not appointed a chairman and CEO, with the positions remaining vacant during the year and until the report date[1]. - The audit committee consists of three independent non-executive directors, established to review and supervise the group's financial reporting procedures and internal control systems[3]. - The independent auditor confirmed that the financial statements reflect a true and fair view of the group's financial position as of December 31, 2023[8]. - The company has taken remedial actions to ensure compliance with listing rules and corporate governance codes[9]. Legal and Audit Issues - The company has a pending lawsuit regarding prepayments of HKD 8,304,000 to a former executive director, with the recoverability dependent on the court's decision[6]. - The independent auditor's report highlighted issues with trade receivables amounting to approximately $5,196,000 and €15,389,000, which could not be verified due to external currency shortages in Cuba[5]. - The group is unable to provide a specific timeline for resolving audit issues related to trade receivables due to the political nature of foreign currency shortages in Cuba[101]. - The group is closely monitoring the progress of ongoing litigation in the High Court, which may impact the recoverability of other receivables[101]. Future Outlook - The company plans to continue focusing on the new energy vehicle sector, which generated significant revenue and is expected to grow further in the future[31]. - The group plans to apply for the resumption of trading of its shares on June 17, 2024, following the publication of its audited financial results[103].

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 353,372,000, a decrease of 11.6% compared to HKD 399,990,000 in the same period of 2022[8]. - Gross profit for the same period was HKD 34,113,000, down 47.7% from HKD 65,215,000 year-on-year[8]. - The company recorded a net loss of HKD 6,988,000 for the period, compared to a loss of HKD 23,782,000 in the previous year, indicating an improvement[8]. - The company reported a basic and diluted loss per share of HKD 0.13, an improvement from HKD 0.43 in the previous year[8]. - For the six months ended June 30, 2023, the company reported a total comprehensive loss of approximately HKD 33,506,000, compared to a loss of HKD 38,025,000 for the same period in 2022, representing a decrease in loss of about 11.9%[13]. - The group reported a loss before tax of HKD 5,687,000 for the six months ended June 30, 2023, compared to a profit of HKD 9,814,000 in the same period of 2022[28]. - The company reported a loss before tax of approximately HKD 6,988,000 for the six months ended June 30, 2023, compared to a loss of HKD 23,782,000 in the same period of 2022[35]. Assets and Liabilities - Total assets as of June 30, 2023, were HKD 1,107,858,000, slightly up from HKD 1,090,599,000 at the end of 2022[11]. - The company's total liabilities decreased to HKD 1,449,792,000 from HKD 1,865,627,000, showing a reduction in financial obligations[10]. - The company's equity attributable to owners decreased to HKD 442,048,000 from HKD 475,554,000, reflecting a decline in net assets[11]. - The company's current liabilities net amount was approximately HKD 555,770,000 as of June 30, 2023, raising concerns about its ability to continue as a going concern[17]. - The fair value of investments classified as financial assets at fair value through profit or loss was HKD 35,592,000 as of June 30, 2023, down from HKD 122,924,000 at the end of 2022, indicating a significant reduction in asset value[22][23]. - The asset-liability ratio as of June 30, 2023, was 1.4, compared to 1.3 as of December 31, 2022[55]. Cash Flow - The company’s cash and cash equivalents decreased to HKD 9,828,000 from HKD 95,970,000 at the end of 2022, reflecting a significant reduction in liquidity[10]. - The net cash outflow from operating activities for the six months ended June 30, 2023, was HKD 35,790,000, compared to a net inflow of HKD 33,851,000 in 2022, indicating a significant decline in operational cash flow[14]. - The group experienced a net cash outflow from operating activities of approximately HKD 35,790,000 during the review period, contrasting with a net inflow of approximately HKD 80,565,000 in the previous year[55]. - The company experienced a net cash inflow from investing activities of HKD 38,756,000 for the six months ended June 30, 2023, contrasting with a cash outflow of HKD 10,339,000 in the previous year[14]. Revenue Breakdown - The digital video business generated revenue of HKD 221,159,000, accounting for 62.6% of total revenue, while the new energy vehicle business contributed HKD 118,186,000, representing 33.4% of total revenue[27]. - Digital video sales contributed HKD 258,970,000, while new energy vehicle charging services generated HKD 108,527,000, and big data services accounted for HKD 9,447,000[29]. - The property development segment generated revenue of HKD 1,317,000, while property investment contributed HKD 11,359,000 in rental income[27]. - The cloud ecosystem big data business reported revenue of approximately HKD 932,000, a significant decrease of about 90.13% compared to HKD 9,447,000 in the previous year[61]. - General trading revenue increased to approximately HKD 419,000, representing a growth of about 89.59% from HKD 221,000 in the previous year[61]. Future Plans and Strategies - The company plans to focus on market expansion and new product development to drive future growth[7]. - The company plans to negotiate with banks for loan renewals and new financing to ensure sufficient working capital for ongoing operations[17]. - The company plans to continue investing in the new energy vehicle business and expand its charging station network in China[62]. - 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[62]. Shareholder Information - Major shareholders include Alpha Century Assets Limited and Wang Qianfeng, each holding 10.96% of the company's shares[64].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 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） 截至二零二三年六月三十日止六個月之 中期業績公告 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 零二三年六月三十日止六個月（「期內」）的未經審核業績，連同二零二二年同期的比較數字。 簡明綜合全面收益表 截至二零二三年六月三十日止六個月 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 收益 4 353,372 399,990 銷售成本 (319,259) (334,775) ...

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].