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，概不會就因本公 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。 Space Group Holdings Limited 恆宇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2448） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 摘要 • 於截至二零二三年六月三十日止六個月，本集團之收益約為181,144,000 澳門元，較二零二二年同期之收益（二零二二年六月三十日：233,219,000 澳 門 元）減 少 約22.3%，截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 溢 利 約 為 13,441,000澳門元，而二零二二年同期溢利約為28,610,000澳門元，減少約 53.0%。 • 於截至二零二三年六月三十日止六個月，本公司之每股基本盈利為1.7 澳 門 仙（二 零 二 二 年 六 月 三 十 日：3.5澳 門 仙），較 截 至 二 零 二 二 年 六 月 三十日止六個月減少1. ...

Financial Performance - The group's revenue for the year ended December 31, 2022, was approximately MOP 477.1 million, a decline of about 8.8% compared to MOP 523.3 million in the previous year[12]. - The gross profit for the same period was approximately MOP 118.3 million, down about 12.2% from MOP 134.7 million in 2021[12]. - The renovation engineering revenue decreased to approximately MOP 434.9 million, a reduction of about 10.1% year-on-year[5]. - Adjusted earnings for the group reached MOP 42.2 million, representing a growth of 7.3% from MOP 39.4 million in the previous year[6]. - The net profit for the year ended December 31, 2022, was approximately 20.5 million MOP, down about 60.4% from approximately 51.7 million MOP in 2021[25]. - Revenue from renovation projects decreased from approximately 483.9 million MOP in 2021 to approximately 434.9 million MOP in 2022, primarily due to a reduction in awarded contract amounts[18]. - The financial services segment generated revenue of approximately 42.2 million MOP in 2022, compared to approximately 39.4 million MOP in 2021, reflecting a growth of about 7.3%[18]. - The group's total comprehensive income for the year was approximately 21.1 million MOP, a decrease of about 59.1% from approximately 51.6 million MOP in 2021[26]. - As of December 31, 2022, the group's cash and bank balances were approximately 181.0 million MOP, a decrease of about 16.2% from approximately 216.0 million MOP in 2021[27]. - The group's gross profit margin for 2022 was approximately 24.8%, down from 25.7% in 2021[19]. Business Outlook and Strategy - The management anticipates a recovery in renovation business in Macau and Hong Kong, expecting stable income growth in the coming year[9]. - The group aims to become a leading financial institution in the Greater Bay Area, leveraging its various financial licenses for comprehensive services[9]. - The group plans to enhance its organizational structure and accelerate business expansion in 2023[9]. - The management expressed confidence in overcoming economic challenges and achieving new milestones in the upcoming year[9]. - In 2023, the company expects stable revenue growth in the renovation business, driven by increased projects in Macau and Hong Kong as the economy recovers[44]. - The company aims to become a leading financial institution in the Greater Bay Area, leveraging its full range of financial licenses to execute multiple business expansion plans[44]. Corporate Governance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[47]. - The board consists of seven directors, ensuring a balanced composition with rich experience in corporate and strategic planning[49]. - The board of directors held 6 meetings, with all executive directors attending all sessions[58]. - The company has established a board diversity policy to enhance representation across various dimensions, including gender and professional experience[67]. - The company has appointed new independent non-executive directors, enhancing governance and oversight[66]. - The board has three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined responsibilities[73]. - The company encourages continuous professional development for directors to ensure informed contributions to board discussions[65]. - The company has a policy for directors to seek independent professional advice at the company's expense when necessary[58]. - The board aims for gender equality in its composition, with ongoing efforts to maintain diversity[71]. - The company has reviewed its shareholder communication policy and believes it has been effectively implemented[101]. Employee Management - As of December 31, 2022, the group had 78 employees, with total employee costs approximately MOP 29.0 million, up from MOP 27.7 million in the previous year, primarily due to the expansion of financial services[38]. - The employee turnover rate for the reporting period is 112.8%, with a total of 88 employees leaving the company[169]. - The company employs 100% full-time staff, with 14.1% in senior management, 19.2% in middle management, and 66.7% in frontline and other positions[166]. - The company prioritizes compliance with environmental laws and regulations, aiming to minimize significant environmental impacts[149]. - The employee compensation policy includes basic salary, bonuses, and benefits, with annual reviews based on performance[38]. - The company provides training programs for new employees to familiarize them with the work environment and culture, as well as ongoing training to meet strategic goals[38]. - Employee compensation is determined based on competitiveness, experience, skills, and qualifications, with annual performance evaluations conducted[173]. - The company emphasizes equal employment opportunities and strictly adheres to anti-discrimination laws[175]. - The company has established effective communication channels with employees to enhance mutual understanding and trust[174]. Environmental Sustainability - The company has established a climate risk assessment framework, identifying acute and chronic extreme weather risks as medium likelihood and medium impact over the long term[160]. - The company is committed to adapting to climate change and implementing strategies to mitigate potential risks associated with new regulations and standards[157]. - The company has established key performance indicators (KPIs) to measure and compare its performance effectively[107]. - The company has identified five key ESG issues: anti-corruption, labor standards, water management, environmental protection measures, and consumption of other raw materials[126]. - The group aims to reduce overall emissions density by 10% over the next 10 years through various measures[135]. - The group has implemented initiatives to encourage employees to use public transport and reduce business travel, aiming to lower energy consumption[137]. - The group has set annual goals to improve energy efficiency and reduce electricity and energy consumption in its operations[144]. - The group prioritizes the procurement of environmentally friendly materials to minimize carbon emissions and construction waste[140]. - The company has implemented internal policies to reduce resource consumption and minimize business travel[150]. - The company monitors its greenhouse gas emissions and solid waste generation to mitigate environmental impacts[150]. Risk Management - The company engaged an independent consultant to assess the effectiveness and adequacy of its risk management and internal control systems in 2022[90]. - The Board believes that the risk management and internal control systems were sufficient and effective for the year ended December 31, 2022[91]. - The company recognizes climate change as a significant threat, with potential risks including extreme weather events affecting project delivery and operational efficiency[152]. Customer Relations and Data Protection - The company has implemented a comprehensive customer complaint handling mechanism, ensuring timely resolution and communication with clients[198]. - No customer complaints were recorded during the reporting period for completed renovation construction sites[199]. - The company has adopted a full set of security measures to protect customer data, including encryption and strict access management policies[200]. - The company has not received any data protection or privacy-related complaints or lawsuits during the reporting period[200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公 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。 Space Group Holdings Limited 恆宇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2448） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 摘要 • 裝修工程收益減少至約434.9百萬澳門元，減幅約10.1% • 金融服務收益增加至約42.2百萬澳門元，增幅約7.3% • 本公司擁有人應佔溢利約21.5百萬澳門元 • 本年度每股基本盈利約為3澳門仙 ...

Financial Performance - The group's revenue for the first half of 2022 was approximately MOP 233.2 million, a decrease of about 23.3% compared to MOP 304.1 million in the same period of 2021[8]. - The net profit after tax for the first half of 2022 was approximately MOP 28.6 million, down from MOP 38.2 million in the same period of 2021[17]. - Total revenue for the six months ended June 30, 2022, was MOP 233,219,000, a decrease of 23.3% compared to MOP 304,119,000 for the same period in 2021[76]. - Gross profit for the same period was MOP 72,446,000, down 11.2% from MOP 81,471,000 in 2021[54]. - Operating profit decreased to MOP 43,634,000, representing a decline of 16.3% from MOP 52,125,000 in the previous year[54]. - Profit before tax was MOP 34,902,000, down 20.5% from MOP 43,925,000 in 2021[54]. - Net profit for the period was MOP 28,610,000, a decrease of 25.1% compared to MOP 38,156,000 in the same period last year[54]. - Basic and diluted earnings per share were MOP 0.04, down from MOP 0.05 in 2021[54]. - The segment profit for the renovation engineering division was MOP 41,978,000, down 23.0% from MOP 54,517,000 in the previous year[76]. - The segment profit for the financial services division was MOP 30,468,000, an increase of 13.9% from MOP 26,954,000 in the previous year[76]. Cost Management - The group's main operating costs decreased by approximately 27.8% to about MOP 160.8 million, down from MOP 222.6 million in the same period of 2021[10]. - Administrative expenses were reduced by approximately 17.4% to about MOP 28.9 million, down from MOP 34.9 million in the same period of 2021, due to effective cost control measures[14]. - The gross profit decreased to approximately MOP 72.4 million, with a gross margin increase to about 31.1%, up from 26.8% in the same period of 2021[11]. Cash Flow and Liquidity - The group's cash and cash equivalents balance decreased to approximately MOP 19.9 million as of June 30, 2022, down from MOP 96.7 million as of December 31, 2021, reflecting increased cash used in operating activities[18]. - The net cash used in operating activities was MOP 12,423,000 for the six months ended June 30, 2022, a significant improvement from MOP 122,248,000 in the same period of 2021[62]. - Cash and cash equivalents decreased to MOP 19,924,000 at the end of June 30, 2022, down from MOP 54,107,000 at the end of June 30, 2021[62]. - The company reported a net cash outflow from financing activities of MOP 40,607,000 for the six months ended June 30, 2022, compared to a net cash inflow of MOP 127,905,000 in the same period of 2021[62]. Debt and Financing - The group's debt included approximately MOP 481.9 million in bank loans and overdrafts as of June 30, 2022, compared to MOP 499.3 million as of December 31, 2021[18]. - As of June 30, 2022, the leverage ratio decreased to 0.75 from 0.82 as of December 31, 2021, primarily due to an increase in capital and reserves[20][21]. - The company raised MOP 464,729,000 from new bank loans and other borrowings, while repaying MOP 487,298,000 during the same period[62]. Business Development - The group plans to expand its business by acquiring a regulated financial institution for 38,625,000 Macanese Patacas to enhance its capabilities in institutional financing and advisory services[31]. - The group aims to strengthen its digital products by optimizing and upgrading existing securities and mobile platforms to provide a more comprehensive and flexible online service experience[31]. Employee and Shareholder Information - The group had 78 employees as of June 30, 2022, down from 83 employees a year earlier, with compensation determined based on market terms and individual performance[29]. - The major shareholders include Space Investment, holding approximately 67.18% of the company's shares as of June 30, 2022[39]. Compliance and Governance - The company maintained compliance with the Corporate Governance Code and has established an Audit Committee to oversee financial reporting and internal controls[52]. Other Financial Metrics - Total assets as of June 30, 2022, were MOP 1,093,370,000, slightly down from MOP 1,112,990,000 at the end of 2021[57]. - The company did not recommend any dividend payment for the period, considering overall operational performance and financial condition[51]. - The company did not declare any dividends for the six months ended June 30, 2022, nor for the same period in 2021[100].

Financial Performance - The group's revenue for the year ended December 31, 2021, increased by approximately 30.8% compared to the previous year, reaching about 523.3 million Macanese Patacas in the renovation engineering segment[6]. - The net profit for the year also rose by approximately 31.5% compared to the previous year, indicating a strong financial performance[12]. - The group's revenue for the year ended December 31, 2021, was approximately MOP 523.3 million, an increase of about 30.8% compared to MOP 400.0 million in 2020[17]. - The profit for the year ended December 31, 2021, was approximately MOP 51.7 million, up about 31.2% from MOP 39.4 million in 2020[25]. - The total comprehensive income for the year was approximately MOP 51.6 million, reflecting an increase of about 31.0% from MOP 39.4 million in 2020[26]. - Revenue from renovation projects increased from approximately MOP 398.4 million in 2020 to approximately MOP 483.9 million in 2021, attributed to several projects commencing in 2021[18]. - Revenue from financial services rose significantly to approximately MOP 39.4 million in 2021 from MOP 1.6 million in 2020, with client assets amounting to approximately MOP 2,680.7 million as of December 31, 2021[18]. - The gross profit increased from approximately MOP 76.3 million in 2020 to approximately MOP 134.7 million in 2021, with a gross profit margin of about 25.7% in 2021 compared to 19.1% in 2020[19]. Business Development and Strategy - The group aims to continue focusing on business development to deliver stable returns to shareholders[10]. - The management expects to maintain stable revenue sources in 2022 with more renovation projects in Macau and Hong Kong[50]. - The group aims to develop its financial services sector to become a leading financial institution in the Greater Bay Area[50]. - The group has established offices in multiple locations including Hong Kong, Macau, Zhuhai, Qingdao, Taiyuan, and Hefei to seize national business opportunities[50]. - The group remains optimistic about future growth despite uncertainties caused by the COVID-19 pandemic, supported by global vaccination efforts and strong fiscal and monetary policies[9]. Corporate Governance - The group has complied with all provisions of the Corporate Governance Code during the reporting period[52]. - The board consists of a balanced composition with independent non-executive directors contributing significantly to the company's business, ensuring independent judgment on strategy and performance[56]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to assist in fulfilling its responsibilities[57]. - All independent non-executive directors have confirmed their independence according to listing rules, with one possessing relevant professional accounting qualifications[58]. - The company has arranged appropriate insurance to protect directors and senior management against legal actions related to company affairs[59]. - The board has adopted a diversity policy considering various factors such as gender, age, cultural background, and professional experience to enhance board diversity[67]. - The Nomination Committee evaluates potential nominees based on integrity, experience, and the ability to contribute to the board, considering diversity factors[69]. - The company has a policy allowing directors to seek independent professional advice at the company's expense[61]. - The board of directors is responsible for monitoring the independence of management and providing independent judgment on the company's strategy, performance, resources, and ethical standards[161]. Risk Management and Compliance - The company emphasizes that its risk management and internal control systems are designed to manage risks rather than eliminate them[85]. - The company engaged an independent professional consulting firm to audit the effectiveness and adequacy of its risk management and internal control systems for the year 2021[85]. - The group faces risks related to project bidding success, market conditions in Macau's renovation and construction industries, and reliance on subcontractors for project completion[176]. - The group emphasizes compliance with local laws and regulations, providing mandatory benefits such as public holidays and maternity leave for employees[177]. - The group has established and implemented a "Commercial Bribery Prevention Management System" to strengthen internal control mechanisms and anti-corruption efforts[145]. - No violations of anti-corruption laws and regulations were found for the year ending December 31, 2021[148]. Environmental Responsibility - The total greenhouse gas emissions for the year ended December 31, 2021, were approximately 134.56 tons, with a per-employee emission of about 1.68 tons[106]. - The total greenhouse gas emissions decreased from 120.26 tons in 2020 to 117.34 tons in 2021, indicating a reduction of approximately 1.6%[107]. - The company has established policies to control the consumption of gasoline, electricity, paper, and water, ensuring compliance with applicable environmental regulations[106]. - The company is committed to sustainable development by implementing various environmental measures to reduce greenhouse gas emissions[101]. - The company has implemented measures to reduce energy consumption, including turning off air conditioning at night and using LED lighting[110]. - The company prioritizes the use of environmentally friendly building materials to minimize carbon emissions and construction waste[114]. - The company has not encountered any legal or regulatory incidents related to environmental and natural resource compliance during the reporting period[121]. Employee and Labor Practices - Total number of employees as of December 31, 2021, is 80, with a turnover rate of 18% in Macau, 38% in Hong Kong, and 8% in China[127]. - Employee distribution: 50% male and 50% female, with 31% based in Macau, 49% in Hong Kong, and 20% in China[127]. - The company has not identified any significant non-compliance with employment and labor laws during the fiscal year ending December 31, 2021[127]. - The company has established a safety management system in Macau according to OHSAS 18001 standards, focusing on risk assessment and crisis management[129]. - There were zero work-related accidents or occupational diseases reported during the fiscal year ending December 31, 2021[130]. - The company has adhered to all relevant laws and regulations regarding labor standards, including the prohibition of child labor and forced labor[136]. Community Engagement and Social Responsibility - The group actively encourages employees to volunteer their time and skills for community service, enhancing corporate value and social awareness[149]. - The group considers donations to charitable organizations when recording post-tax profits and having sufficient funds[150]. - The company emphasizes stakeholder engagement and communication through various channels, including meetings and electronic platforms[103]. - The company’s annual general meeting serves as a crucial opportunity for constructive communication between the board and shareholders[96]. - The company’s governance policies ensure that shareholders can easily access information and communicate with the board[96]. Shareholder Information - The company does not recommend the payment of a final dividend for the year ended December 31, 2021, and will consider various factors in its dividend policy[48]. - The company does not recommend the distribution of a final dividend for the year ending December 31, 2021[173]. - The group’s directors hold significant shares, with Mr. Xie holding 543,100,000 shares (67.38%) and Ms. Li holding 541,500,000 shares (67.18%) of the company[198]. - Mr. Xie holds 9,474 shares in Space Investment, representing 94.74% of the issued shares[200]. - Ms. Li holds 526 shares in Space Investment, representing 5.26% of the issued shares[200].

Financial Performance - The total revenue for the period was approximately MOP 304.1 million, representing an increase of about 42.7% compared to MOP 213.1 million in the previous period[7]. - The overall gross profit increased significantly by approximately 70.3% to MOP 81.5 million, with a gross profit margin rising to about 26.8% from 22.5% in the previous period[5][12]. - The net profit attributable to shareholders rose to approximately MOP 38.2 million, up from MOP 25.0 million in the previous period[6][17]. - The company reported revenue of MOP 304,119,000 for the six months ended June 30, 2021, representing a 42.7% increase from MOP 213,088,000 in the same period of 2020[51]. - Gross profit for the same period was MOP 81,471,000, up 70.5% from MOP 47,843,000 year-on-year[51]. - Operating profit increased to MOP 52,125,000, a 55.2% rise compared to MOP 33,570,000 in the previous year[51]. - The net profit for the period was MOP 38,156,000, which is a 53.1% increase from MOP 24,954,000 in the prior year[51]. - The profit before tax for the six months ended June 30, 2021, was MOP 38,156,000, compared to MOP 24,954,000 for the same period in 2020, reflecting an increase of approximately 53.1%[75]. Revenue Sources - Financial services revenue was approximately MOP 27.0 million, compared to none in the previous period[9]. - The revenue breakdown for the six months ended June 30, 2021, included MOP 277,165,000 from renovation works and MOP 26,954,000 from financial services[63]. - The geographical revenue distribution showed MOP 99,559,000 from Macau and MOP 204,560,000 from Hong Kong for the six months ended June 30, 2021[77]. - The expected revenue from existing customer contracts as of June 30, 2021, was MOP 661,448,000, up from MOP 439,812,000 in 2020, indicating a growth of about 50.4%[66]. Costs and Expenses - The main operating costs increased by about 34.7% to approximately MOP 222.6 million, primarily due to rising subcontracting and direct labor costs[11]. - Administrative expenses surged by approximately 132.5% to about MOP 34.9 million, mainly due to costs associated with acquiring new businesses[14]. - Financing costs for the same period were MOP 8,200,000, compared to MOP 5,117,000 in the previous year, indicating an increase of approximately 60.5%[75]. - The income tax expense for the six months ended June 30, 2021, was 5,769,000 MOP, compared to 3,765,000 MOP in 2020, reflecting an increase of approximately 53%[4]. Assets and Liabilities - Total assets increased to MOP 1,027,318 thousand in June 2021, up from MOP 862,511 thousand in December 2020, representing a growth of 19.1%[54]. - Net current assets rose to MOP 460,872 thousand, compared to MOP 330,239 thousand in December 2020, reflecting a 39.5% increase[54]. - Total liabilities increased to MOP 566,446 thousand in June 2021, up from MOP 532,272 thousand in December 2020, indicating a rise of 6.5%[54]. - The company's equity attributable to shareholders increased to MOP 591,093 thousand as of June 30, 2021, compared to MOP 443,271 thousand at the end of 2020, a growth of 33.3%[57]. - The company's trade receivables as of June 30, 2021, amounted to 451,414,000 MOP, up from 338,642,000 MOP at the end of 2020, indicating a growth of approximately 33%[87]. Share Capital and Financing - As of June 30, 2021, the issued share capital was 806,000,000 shares, an increase from 760,000,000 shares as of December 31, 2020, with net proceeds from the share placement amounting to approximately HKD 106.5 million[25]. - The company completed a placement of 46,000,000 shares at a price of HKD 2.35 per share, raising approximately HKD 108.1 million in total proceeds[41]. - The net proceeds from the placement were approximately HKD 106.5 million, which will be used for general working capital and future expansion[41]. - The company raised MOP 109,666 thousand from the issuance of ordinary shares during the period[58]. Operational Insights - The increase in revenue was primarily attributed to the gradual resumption of delayed construction projects as the COVID-19 pandemic was brought under control[8]. - The company has 12 ongoing renovation projects, contributing to the revenue growth[6]. - The expected completion of ongoing projects is projected within 1 to 19 months, compared to 5 to 35 months in the previous year[66]. - The company aims to enhance its digital financial services to provide comprehensive, fast, and reliable online experiences, thereby increasing customer engagement and expanding its customer base[31]. - The company plans to maintain cost control while expanding its business and improving financing methods to sustain balanced borrowing levels[31]. - The company is positioned to benefit from the economic recovery and increased financial connectivity in the Greater Bay Area, which is expected to drive long-term growth[31]. Corporate Governance and Compliance - The company maintained compliance with the corporate governance code and standards throughout the reporting period[46]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2021[44]. - The company had no major investments or capital asset plans as of June 30, 2021[43]. - The company has no capital commitments as of June 30, 2021, consistent with the previous year[26]. - There were no significant events occurring after June 30, 2021, that would impact the company's financial position[30].

| 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 5 | | 企業管治報告 | 12 | | 環境、社會及管治報告 | 22 | | 董事及高級管理層履歷詳情 | 33 | | 董事會報告 | 39 | | 獨立核數師報告 | 50 | | 綜合損益表 | 58 | | 綜合全面收益表 | 59 | | 綜合財務狀況表 | 60 | | 綜合權益變動表 | 62 | | 綜合現金流量表 | 63 | | 綜合財務報表附註 | 64 | | 財務概要 | 131 | | 本集團持有之物業詳情 | 132 | 李秉鴻先生 （主席） 梁逸鸞女士 溫宜生先生（於二零二零年七月二十九日辭任） 何光宇先生（於二零二零年七月二十九日獲委任） 提名委員會 公司資料 董事會 執行董事 謝鎮宇先生 （主席） 李瑞娟女士 溫宜生先生（於二零二零年七月二十九日辭任） 何光宇先生（於二零二零年七月二十九日獲委任） 獨立非執行董事 范駿華先生 李秉鴻先生 梁逸鸞女士 審核委員會 范駿華先生 （主席） 李秉鴻先生 梁逸鸞女士 薪酬委員會 謝鎮宇先生 （主席） 李瑞娟女士 李秉鴻先生 ...

Financial Performance - The company's revenue for the six months ended June 30, 2020, was approximately MOP 213.1 million, a decrease of about 19.9% compared to MOP 266.2 million for the same period in 2019[7]. - The group recorded a profit of approximately MOP 25.0 million for the six months ended June 30, 2020, down from MOP 33.9 million in the same period of 2019[6]. - The gross profit decreased to approximately MOP 47.8 million, with a gross margin of about 22.5%, down from MOP 63.8 million and 24.0% respectively in the previous year[14]. - Operating profit decreased to MOP 33,570,000, representing a decline of 23.7% from MOP 44,024,000 in the previous year[56]. - Profit before tax was MOP 28,719,000, a decrease of 28.9% compared to MOP 40,362,000 in 2019[56]. - The net profit for the period was MOP 24,954,000, down 26.3% from MOP 33,857,000 in the same period last year[56]. - Basic and diluted earnings per share were MOP 0.03, compared to MOP 0.05 for the same period in 2019[56]. - The company did not recommend any dividend payment for the interim period, considering overall operational performance and financial condition[53]. Revenue Breakdown - Revenue from renovation projects in Macau decreased from approximately MOP 172.0 million to about MOP 80.6 million, primarily due to a reduction in the number of awarded projects[10]. - Revenue from renovation projects was MOP 179,060,000, an increase of 4% from MOP 171,989,000 in 2019, while revenue from building construction projects dropped significantly to MOP 34,028,000 from MOP 94,166,000[71]. - The total expected revenue from existing customer contracts as of June 30, 2020, was MOP 348,652,000, up from MOP 324,609,000 in 2019, indicating a growth of approximately 7.5%[72]. Costs and Expenses - The main operating costs for the six months ended June 30, 2020, were approximately MOP 165.2 million, down from MOP 202.3 million in the same period of 2019[12]. - Administrative expenses were reduced from approximately MOP 20.6 million to about MOP 15.0 million, a decrease of about 26.9% attributed to lower administrative staff costs[16][17]. - Financing costs increased from approximately MOP 3.7 million to about MOP 5.1 million due to an increase in average outstanding bank loans and overdrafts[18]. - Income tax expenses decreased from approximately MOP 6.5 million to about MOP 3.8 million, consistent with the reduction in profit before tax[19]. Assets and Liabilities - As of June 30, 2020, the group's cash and cash equivalents amounted to approximately MOP 55.9 million, an increase of about MOP 44.9 million compared to MOP 11.0 million as of December 31, 2019[21]. - The total debt as of June 30, 2020, was approximately MOP 296.4 million, up from MOP 220.3 million as of December 31, 2019, resulting in a leverage ratio of 0.9 compared to 0.8 at the end of 2019[22][23]. - The group's contingent liabilities decreased to approximately MOP 20.4 million as of June 30, 2020, from MOP 40.6 million as of December 31, 2019, primarily due to a reduction in bank guarantees for tender invitations[30]. - The company's current liabilities decreased from MOP 387,078 thousand in 2019 to MOP 325,385 thousand in 2020, a reduction of approximately 16.0%[59]. - The total amount of contingent liabilities as of June 30, 2020, was 20.44 million MOP, a decrease of 49.6% from 40.56 million MOP as of December 31, 2019[95]. Employee and Management Insights - The group had 76 employees as of June 30, 2020, down from 99 employees a year earlier, with compensation determined based on market terms and individual performance[32]. - The management noted a decline in revenue due to project delays caused by the COVID-19 pandemic, particularly in Macau's hotel and casino renovation projects and Hong Kong's building construction[34]. - Management anticipates a return to positive performance in the second half of the fiscal year 2020, supported by efforts to control costs on ongoing projects[34]. Compliance and Standards - The audit committee reviewed the interim results and confirmed compliance with applicable accounting standards and regulations[55]. - The company did not adopt any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on the reported performance and financial position for the current and prior periods[68]. - The company has not early adopted any new or revised accounting standards that are not yet effective for the current accounting period[68].

Financial Performance - The company's revenue for the year ended December 31, 2019, was approximately MOP 451.9 million, an increase of about 11.4% compared to MOP 405.7 million in 2018[13]. - The net profit for the year was approximately MOP 62.0 million, reflecting a slight increase of about MOP 0.4 million or 0.6% from MOP 61.6 million in 2018[12]. - The basic earnings per share remained stable at MOP 0.08, unchanged from the previous year[12]. - The gross profit for the year was approximately MOP 107.5 million, a slight increase of about 0.8% from MOP 106.6 million in 2018[17]. - Profit for the year increased by approximately 0.6%, from about MOP 61.6 million in 2018 to approximately MOP 62.0 million in 2019, attributed to the combined effects of the aforementioned items[22]. - Total comprehensive income for 2019 was approximately MOP 81.9 million, representing an increase of about 33.0% from MOP 61.6 million in 2018, mainly due to revaluation gains from land changing use to investment properties[23]. Revenue Sources and Projects - The total contract amount for new renovation and construction projects awarded during the year was approximately MOP 511.9 million, down from MOP 634.1 million in 2018[11]. - Revenue from renovation projects increased from approximately MOP 288.9 million in 2018 to approximately MOP 346.4 million in 2019[14]. - The company completed 15 projects during the year, including 14 renovation projects and 1 construction project[12]. - The company plans to continue capturing opportunities in Hong Kong and Zhuhai, which will diversify its revenue sources[11]. - The company plans to develop reconstruction and expansion projects for schools in Hong Kong to maintain revenue stability in the fiscal year 2020[47]. Expenses and Costs - Other income and gains decreased significantly from approximately MOP 4.9 million in 2018 to about MOP 0.2 million in 2019, primarily due to a non-recurring insurance agency income of approximately MOP 2.5 million in 2018 that did not recur in 2019[18]. - Administrative expenses reduced by approximately 19.4%, from about MOP 32.4 million in 2018 to approximately MOP 26.1 million in 2019, mainly due to one-time listing expenses of about MOP 8.2 million incurred in 2018[19]. - Financing costs increased by approximately 37.7%, from about MOP 6.1 million in 2018 to approximately MOP 8.4 million in 2019, primarily due to an increase in bank loans and overdrafts[20]. Cash Flow and Borrowings - Cash and cash equivalents increased by approximately 46.0%, from about MOP 36.1 million in 2018 to approximately MOP 52.7 million in 2019[25]. - Borrowings increased from approximately MOP 145.5 million in 2018 to about MOP 220.3 million in 2019, with all borrowings due within one year or on demand[26]. Employee and Workforce Management - The total employee cost decreased from approximately MOP 31.5 million in 2018 to about MOP 23.5 million in 2019, primarily due to an increase in subcontracting and a reduction in workforce[41]. - The total number of employees as of December 31, 2019, was 72, with a turnover rate of 11% in Macau and 2% in Hong Kong[121]. - The company maintained zero work-related accidents or occupational diseases, resulting in zero lost workdays for the year ending December 31, 2019[125]. Corporate Governance - The board of directors held regular meetings to discuss overall strategy and financial performance, with all major agenda items accompanied by comprehensive briefing documents[58]. - Independent non-executive directors attended training sessions to enhance their knowledge and skills, ensuring informed contributions to the board[63]. - The audit committee reviewed the audited financial statements for the year ended December 31, 2019, and recommended approval to the board[68]. - The remuneration committee assessed the performance of directors and senior management, reviewing compensation policies and structures[72]. - The company adopted a board diversity policy to enhance diversity in terms of gender, age, cultural background, and professional experience[64]. Environmental Impact - The total greenhouse gas emissions for the year ended December 31, 2019, were approximately 180.48 tons, with a per-employee emission of about 2.51 tons[102]. - Compared to the previous year, total greenhouse gas emissions decreased by 59.21 tons[105]. - The company generated 22 kg of paper waste and 14 toner cartridges in 2019, with a per-employee waste generation density of 0.5 units[106]. - The company has implemented measures to reduce energy consumption, including turning off air conditioning at night and using LED lighting[105]. - The company prioritizes the use of environmentally friendly building materials to minimize carbon emissions and construction waste[110]. Compliance and Risk Management - The company emphasizes the importance of maintaining effective internal controls and risk management systems[79]. - The company has engaged an independent consultant to review the effectiveness of its risk management and internal control systems[82]. - The company is committed to compliance with legal and regulatory requirements, ensuring proper corporate governance and information disclosure[171]. Community Engagement and Social Responsibility - The company encourages community investment and volunteer work among employees to contribute positively to local communities[141]. - The company has a reporting mechanism for unethical behavior, promoting transparency and accountability within its operations[138]. Strategic Development - The company has a strong focus on strategic planning and business development to drive future growth[145]. - The leadership team is well-versed in the regulatory environment, ensuring compliance and effective risk management[153].

Financial Performance - For the six months ended June 30, 2019, the company's revenue was approximately MOP 266.2 million, an increase of about 12.0% compared to MOP 236.9 million for the same period in 2018[10][11]. - The company recorded a profit of approximately MOP 33.9 million for the six months ended June 30, 2019, up from MOP 29.7 million for the same period in 2018[21]. - Revenue from renovation projects increased from approximately MOP 138.5 million in the first half of 2018 to approximately MOP 172.0 million in the first half of 2019[12]. - The company's gross profit rose from approximately MOP 56 million to approximately MOP 63.8 million, maintaining a gross margin of 24.0%[15]. - Operating profit increased to MOP 44,024,000, up 14.3% from MOP 38,650,000 in the previous year[53]. - The profit before tax was MOP 40,362,000, a rise of 11.8% compared to MOP 36,102,000 in 2018[53]. - The net profit for the period was MOP 33,857,000, reflecting a 14.7% increase from MOP 29,677,000 in the prior year[53]. - Total comprehensive income for the period was MOP 60,125,000, compared to MOP 29,648,000 in 2018, marking a significant increase[55]. Revenue and Projects - The total contract amount for newly acquired renovation and construction projects was approximately MOP 337.5 million for the first half of 2019[8]. - The group expects to maintain revenue growth in the second half of 2019, driven by the reconstruction and expansion of schools in Hong Kong[33]. - The group reported an increase in revenue from renovation projects in Macau, particularly from hotels and casinos, contributing significantly to overall income[33]. Expenses and Costs - General and administrative expenses increased from approximately MOP 18.7 million in the first half of 2018 to approximately MOP 20.6 million in the first half of 2019, representing an increase of about 10.2%[17][18]. - Financing costs rose from approximately MOP 2.5 million in the first half of 2018 to approximately MOP 3.7 million in the first half of 2019, an increase of about MOP 1.2 million[19]. - Financing costs increased to MOP 3,516,000 from MOP 2,548,000, reflecting a rise of 38%[88]. Assets and Liabilities - As of June 30, 2019, the group's cash and cash equivalents totaled approximately MOP 15.2 million, an increase of about MOP 1.3 million compared to MOP 13.9 million on December 31, 2018[26]. - The group's total debt as of June 30, 2019, included approximately MOP 222.1 million in bank loans and overdrafts, up from MOP 145.5 million on December 31, 2018[26]. - The leverage ratio as of June 30, 2019, was 0.6, down from 0.8 on December 31, 2018[26]. - The group's total assets amounted to MOP 543,772,000, an increase from MOP 506,635,000 at the end of 2018[58]. - The company's total liabilities decreased from MOP 290,031,000 as of December 31, 2018, to MOP 290,049,000 as of June 30, 2019, reflecting a slight increase in financial stability[62]. Equity and Shareholder Information - The group's equity attributable to shareholders increased from approximately MOP 322 million on December 31, 2018, to approximately MOP 382.1 million as of June 30, 2019[27]. - The company’s retained earnings increased to MOP 130,365,000 as of June 30, 2019, from MOP 96,508,000 as of December 31, 2018, indicating a growth of approximately 35.0%[62]. - The company issued 760,000,000 ordinary shares, maintaining the same number since December 31, 2018, with a total share capital of MOP 7,828 thousand[99]. Employment and Operations - The group had 99 employees as of June 30, 2019, a decrease from 348 employees on June 30, 2018[31]. - The company has five ongoing projects (four renovation projects and one construction project) and has been awarded three renovation projects as of June 30, 2019[10]. Accounting Standards and Policies - The company applied HKFRS 16 for the first time on January 1, 2019, which may impact future financial reporting[67]. - The company did not report any significant impact from the new accounting standards other than HKFRS 16 on its financial performance and position[67]. - The company adopted the revised retrospective method for the first application of HKFRS 16 starting January 1, 2019, without restating comparative figures[101]. Tax and Other Financial Information - The group reported a total tax expense of MOP 6,505,000 for the six months ended June 30, 2019, slightly up from MOP 6,425,000 in 2018[89]. - The group confirmed an increase in right-of-use assets amounting to MOP 6,895,000 during the six months ended June 30, 2019[94]. - The group recognized a revaluation surplus of MOP 26,265,000 in other comprehensive income due to the change in use of certain properties[93]. Dividends and Events - The group did not recommend any interim dividend for the six months ended June 30, 2019[49]. - There were no significant events occurring after June 30, 2019[32].