Financial Performance - The total revenue for the year ended December 31, 2022, was approximately MOP 54.6 million, a decrease of about MOP 205.8 million or 79.0% from approximately MOP 260.4 million for the year ended December 31, 2021[7][16]. - The gross loss for the year ended December 31, 2022, was approximately MOP 34.9 million, a decrease of about MOP 62.6 million from approximately MOP 97.5 million for the year ended December 31, 2021, resulting in a gross loss margin of approximately 64.0%[17]. - The company recorded a loss of approximately 70.6 million MOP for the year ended December 31, 2022, compared to a loss of approximately 231.4 million MOP for the year ended December 31, 2021, a reduction of about 160.8 million MOP[36]. - The company recorded income tax expenses of approximately MOP 0.1 million for the year ended December 31, 2022, with an effective tax rate of approximately -0.2%[20]. - The total employee cost for the year ended December 31, 2022, was approximately 41.7 million MOP, down from approximately 49.8 million MOP in 2021, primarily due to a reduction in average working days[48]. - Administrative expenses increased slightly from approximately 30.9 million MOP in 2021 to approximately 31.7 million MOP in 2022, accounting for about 58.0% of total revenue in 2022[33]. Assets and Liabilities - The asset-liability ratio as of December 31, 2022, was approximately 646.7%, compared to about 108.0% as of December 31, 2021[23]. - The company's total equity decreased from approximately 74.5 million MOP as of December 31, 2021, to approximately 12.6 million MOP as of December 31, 2022, impacting the debt-to-equity ratio[39]. - The company's bank borrowings and overdrafts totaled approximately 81.2 million MOP as of December 31, 2022, compared to approximately 80.5 million MOP in 2021[38]. - As of December 31, 2022, the company had total cash and bank deposits of approximately 34.2 million MOP, a decrease of about 13.4% from approximately 39.5 million MOP in 2021[37]. Business Strategy and Market Position - The company aims to strengthen its market position in the Macau renovation industry by enhancing financial stability, expanding its customer base, and improving human resources[11]. - The company has established business relationships with major licensed gaming operators and other renovation contractors in Macau, which is expected to contribute to future success[14]. - The easing of COVID-19 restrictions in Macau since December 2022 is anticipated to lead to an increase in hotel and gaming projects, thereby improving the company's financial performance[15]. - The company plans to undertake more large-scale renovation projects as the number of tender opportunities is expected to rise following the relaxation of pandemic measures[12]. - The group is seizing opportunities to bid on potential projects to increase revenue over the next few years[167]. Corporate Governance - The board consists of seven directors, including three independent non-executive directors, ensuring sufficient independent opinions to protect the interests of the company and its shareholders[61]. - The board is responsible for formulating business policies and strategies, ensuring adequate resources and effective internal controls[77]. - The audit committee held eleven meetings during the reporting period to review the audited financial statements and discuss accounting policies[88]. - The remuneration committee held one meeting during the reporting period to review and recommend remuneration for directors and senior management[90]. - The nomination committee consists of one executive director and two independent non-executive directors, with the chairman being an executive director[92]. - The board held a total of fifteen meetings during the reporting period to review compliance with corporate governance and legal regulations[93]. - Independent non-executive directors are actively involved in providing independent judgment on strategy and performance matters[78]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, each with defined terms of reference[86]. - The board believes that the participation of independent non-executive directors can safeguard the interests of all shareholders[80]. - The company has arranged appropriate insurance to protect directors and senior officers against legal actions arising from company affairs[78]. Risk Management and Compliance - The company has a comprehensive risk management and internal control system that is deemed sufficient and effective by the board[105]. - The board emphasizes that the risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[120]. - The group adheres strictly to the Securities and Futures Ordinance and ensures timely public disclosure of inside information, maintaining confidentiality until full disclosure[121]. - The company has engaged external auditors to provide assurance on its financial statements, ensuring transparency and accountability[106]. - The group maintains a zero-tolerance policy towards all forms of corruption, bribery, and extortion, emphasizing high ethical standards[152]. - There were no legal actions taken against the group or its employees regarding corruption during the fiscal year 2022[135]. - The group has implemented measures for customer due diligence and provides training related to anti-money laundering for employees[138]. Environmental and Social Responsibility - The company has implemented environmental and community engagement policies to minimize the social impact of its construction activities[112]. - The board and senior management have assessed sustainability issues and identified key ESG factors for monitoring[142]. - The group is committed to protecting employee health and safety, with comprehensive safety policies and measures in place[145]. - The group has not set specific targets for key performance indicators during the reporting period, but its environmental and social impacts are in line with industry standards[150]. Shareholder Information - The company does not recommend the payment of a final dividend for the year ended December 31, 2022[71]. - As of December 31, 2022, the number of issued shares was 504,650,000, with a par value of HKD 0.01 per share, an increase from 500,000,000 shares as of December 31, 2021[55]. - The net proceeds from the placement of shares amounted to approximately 7.9 million HKD, which was used to supplement working capital and general business operations[42]. - The net proceeds from the placement of 4,650,000 new shares amounted to approximately MOP 8,238,000, intended for loan repayment, working capital, and general business operations[55]. Financial Reporting and Accounting - The group's current tax liabilities are calculated based on taxable profits for the year, using tax rates enacted or substantively enacted before the end of the reporting period[186]. - Gains or losses from the sale or disposal of property and equipment are determined by the difference between the sale proceeds and the carrying amount of the asset, recognized in profit or loss[187]. - The group accounts for refundable rental deposits at fair value and includes any fair value adjustments as part of the cost of the right-of-use asset[191]. - Currency exchange differences arising from the settlement and remeasurement of monetary items are recognized in profit or loss during the period they occur[197]. - Government grants that compensate for incurred expenses or losses are recognized in profit or loss when receivable and presented under "other income"[198]. - The group transfers amounts previously recognized in other reserves to share premium when the granted shares vest[200].

Financial Performance - The company reported a revenue of MOP 47,050 thousand for the six months ended June 30, 2022, a decrease of 73.8% compared to MOP 179,620 thousand for the same period in 2021[40]. - The gross loss for the period was MOP 19,937 thousand, compared to a gross profit of MOP 33,447 thousand in the previous year[40]. - The company incurred a loss before tax of MOP 35,340 thousand, compared to a profit before tax of MOP 15,153 thousand in the same period last year[40]. - The basic loss per share was MOP (7.0), a decline from earnings per share of MOP 2.6 in the prior year[40]. - Total revenue decreased by approximately 132.5 million MOP or 73.8% to about 47.1 million MOP for the six months ended June 30, 2022, compared to approximately 179.6 million MOP for the same period in 2021[104]. - The group recorded a loss of approximately 35.3 million MOP for the six months ended June 30, 2022, compared to a profit of approximately 13.1 million MOP for the same period in 2021, representing a decrease of about 48.4 million MOP or 370.5%[114]. - The pre-tax profit for the six months ended June 30, 2022, was 15,153 thousand MOP, a decrease from 33,264 thousand MOP in the same period of 2021[75]. Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ending June 30, 2022, considering the overall performance and financial condition[6]. - The board of directors did not recommend the payment of dividends for the six months ended June 30, 2022, considering the overall performance and financial condition of the group[37]. - No dividends were recommended for the six months ended June 30, 2022, similar to the previous year[142]. Capital and Financing - The net proceeds from the share offering amounted to approximately HKD 141.2 million, fully utilized by June 30, 2021[1]. - The company has entered into a subscription agreement for convertible bonds with a principal amount of HKD 52 million, potentially issuing up to 2.6 billion shares if fully converted[2]. - The net proceeds from the issuance of convertible bonds, after deducting all related costs and expenses, are expected to be approximately HKD 51.5 million[2]. - The company has utilized HKD 82.2 million for prior costs and HKD 31.1 million for performance guarantees from the share offering proceeds[1]. - The company is currently in discussions with banks regarding the renewal of its financing arrangements[5]. - As of the report date, the total outstanding principal of bank financing is approximately MOP 47.1 million, with discussions ongoing for renewal[5]. - The net cash generated from financing activities was 16,082 thousand MOP, a notable increase from (2,893) thousand MOP in the prior year, reflecting successful capital raising efforts[52]. Corporate Governance - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance corporate value[35]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules[35]. - The board consists of nine directors, including three independent non-executive directors, ensuring sufficient independent opinions to protect the interests of the company and its shareholders[35]. - The company has adopted the "Standard Code" for securities transactions by directors, ensuring compliance during the reporting period[36]. - The interim financial report for the six months ended June 30, 2022, was reviewed by the audit committee without any objections[143]. Operational Performance - The company’s primary business involves providing renovation and maintenance services in Macau, with contracts primarily based on fixed pricing[66]. - The group’s main customers are hotel and entertainment operators in Macau, highlighting a focused market strategy[66]. - The group operates in two main segments: renovation services and maintenance services, with performance evaluations conducted by the executive directors[69]. - The group completed 16 renovation projects and was awarded 30 renovation projects, all located in Macau, during the six months ended June 30, 2022[103]. - The group continues to strengthen and diversify its business by providing design assistance and procurement of renovation materials for major clients[139]. - The management team possesses extensive industry knowledge and experience, which aids in maintaining stable relationships with suppliers and subcontractors[136]. Assets and Liabilities - Total assets decreased to MOP 2,556 thousand as of June 30, 2022, down from MOP 3,148 thousand as of December 31, 2021[43]. - Current liabilities amounted to MOP 203,797 thousand, slightly up from MOP 179,344 thousand at the end of the previous year[43]. - The company's net asset value was MOP 47,332 thousand as of June 30, 2022, compared to MOP 74,508 thousand at the end of 2021[43]. - As of June 30, 2022, the group had bank borrowings and overdrafts of approximately 91.2 million MOP, an increase from about 80.5 million MOP as of December 31, 2021[117]. - The debt-to-equity ratio as of June 30, 2022, was approximately 192.6%, up from about 108.0% as of December 31, 2021, due to an increase in total debt from approximately 80.5 million MOP to about 91.2 million MOP[118]. Employee Information - As of June 30, 2022, the group had 87 employees, a decrease from 108 employees as of June 30, 2021, resulting in total employee costs of approximately MOP 22.3 million compared to MOP 24.0 million in the previous year[123]. Market Conditions - The construction industry in Macau faces challenges due to the economic difficulties caused by the COVID-19 pandemic, affecting project progress and increasing construction costs[137]. - The group aims to gradually return to normal operations despite the uncertain outlook and cautious spending by construction industry players[137]. - The group is focused on expanding its revenue sources by entering and diversifying related businesses[136].

Financial Performance - The company's revenue for the year ended December 31, 2021, was approximately MOP 260.4 million, a decrease of about MOP 245.9 million or 48.6% from MOP 506.3 million in 2020[6]. - The company recorded a net loss of approximately MOP 231.4 million for the year ended December 31, 2021, compared to a profit of approximately MOP 45.7 million in 2020[12]. - Revenue decreased by approximately 245.9 million MOP or 48.6% to about 260.4 million MOP for the year ended December 31, 2021, compared to approximately 506.3 million MOP for the year ended December 31, 2020[13]. - Gross loss amounted to approximately 97.5 million MOP for the year ended December 31, 2021, down from a gross profit of approximately 80.4 million MOP for the year ended December 31, 2020, resulting in a gross margin of approximately -37.4%[16]. - The company recorded a net loss of approximately 231.4 million MOP for the year ended December 31, 2021, a decrease of about 277.1 million MOP compared to a profit of approximately 45.7 million MOP for the year ended December 31, 2020[24]. - Cash and cash equivalents decreased by approximately 55.0% to about 39.5 million MOP as of December 31, 2021, from approximately 87.8 million MOP as of December 31, 2020[25]. - The debt-to-equity ratio increased to approximately 108.0% as of December 31, 2021, from about 27.5% as of December 31, 2020, due to a decrease in total equity[27]. Renovation Projects - The company completed 33 renovation projects and was awarded 43 renovation projects during the year ended December 31, 2021[12]. - The company’s renovation services accounted for approximately 99.9% of total revenue for both 2020 and 2021[10]. - The company faced intense competition in the second half of 2021, leading to unsuccessful bids on several projects due to competitors significantly lowering their bid prices[6]. - The majority of the company's clients are licensed gaming operators in Macau, with most of their shares listed on the Hong Kong Stock Exchange[10]. Strategic Initiatives - The company aims to strengthen its market position in the Macau renovation industry by enhancing its financial status to undertake larger projects, expanding its customer base, and improving human resources[6]. - The company is seeking diversification by exploring lithium resources and lithium battery technology to expand its business scope and overall revenue sources[11]. Governance and Management - The board of directors consists of seven members, including three independent non-executive directors, ensuring a balanced composition and independent judgment on strategic matters[50]. - The company’s governance structure includes an audit committee, a remuneration committee, and a nomination committee to assist the board in fulfilling its responsibilities[51]. - The company has implemented a performance review system to assess employee performance, which forms the basis for salary adjustments and promotions[38]. - The company has established an internal control and risk management system, which the Board believes is adequate and effective[79]. - The company emphasizes the importance of board diversity as a key element for maintaining competitive advantage, considering various factors such as skills, knowledge, gender, and professional experience[66]. Employee and Workforce - As of December 31, 2021, the group had 90 employees, a decrease from 110 employees in 2020, with total employee costs approximately MOP 49.9 million, up from MOP 49.7 million in 2020[38]. - The employee turnover rate for males was 18% overall, with the highest rate of 86% in China for the age group 30-39[151]. - The group has established clear policies to attract and retain talent, emphasizing a fair and safe working environment[148]. - Female employees receiving training increased from 75% in 2020 to 76% in 2021, while male employees increased from 80% to 82%[158]. Environmental, Social, and Governance (ESG) Practices - The group has maintained consistent ESG management strategies and objectives, with comparative data from the previous year included in the report[101]. - The group actively promotes environmental and community engagement policies to minimize social impacts from construction activities[94]. - The group has established appropriate and effective management policies and internal control systems for environmental, social, and governance (ESG) issues as of December 31, 2021[119]. - The company has implemented measures to reduce energy consumption, including turning off air conditioning systems when not in use and using LED lighting[129]. - The total greenhouse gas emissions for the year ended December 31, 2021, were approximately 79.82 tons, with an average of 0.89 tons per employee, representing an increase of 0.21 tons per employee compared to the previous year[128]. Community Engagement - The company actively encourages employees to participate in community service to enhance social and environmental awareness, thereby increasing corporate value[170]. - The company focuses on community investment, particularly in areas such as education, health, and environmental issues, although specific resource allocation details are not mentioned[182]. - The group actively contributes to community development and maintains close communication with the community[169]. Compliance and Risk Management - The group has developed a corporate fraud policy to promote control measures that help detect and prevent fraud against the group[107]. - The group conducts regular reviews and improvements of its anti-money laundering policies and internal control measures based on their effectiveness[110]. - The company has policies in place to prevent child labor and forced labor, ensuring compliance with significant laws and regulations[179].

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。 WAI HUNG GROUP HOLDINGS LIMITED 偉 鴻 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：3321） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 年 度 業 績 公 告 摘要 • 於截至二零二二年十二月三十一日止年度，本集團之收益約為54.6百萬 澳門元，較去年同期之收益（二零二一年：260.4百萬澳門元）減少約79.0%， 截至二零二二年十二月三十一日止年度虧損約為70.6百萬澳門元，而截 至二零二一年十二月三十一日止年度虧損約為231.4百萬澳門元，減少約 69.5%。 • 於截至二零二二年十二月三十一日止年度，本公司之每股基本虧損約為 13.98澳門仙（二零二一年：46.3澳門仙）。有關減少與年內虧損較截至二 零二一年十二月三十一日止年度的減幅相符。 • 董事會並不建議派付截至二零二二年十二月三十一日止年度的末 ...

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。 WAI HUNG GROUP HOLDINGS LIMITED 偉 鴻 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：3321） 截 至 二 零 二 二 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 摘要 • 於截至二零二二年六月三十日止六個月，本集團之收益約為47.1百萬澳 門元，較二零二一年同期之收益（二零二一年六月三十日：179.6百萬澳門 元）減少約73.8%，截至二零二二年六月三十日止六個月虧損約為35.3百 萬澳門元，而二零二一年同期虧損約為13.1百萬澳門元，減少約370.5%。 • 於截至二零二二年六月三十日止六個月，本公司之每股基本虧損約為 7.0澳門仙（二零二一年六月三十日：每股基本虧損2.6澳門仙），乃基於 期 內 虧 損35.3百 萬 澳 門 元（二 零 二 一 年 六 月 三 十 日：期 內 溢 利13.1百 萬 澳門元）及 ...

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。 WAI HUNG GROUP HOLDINGS LIMITED 偉 鴻 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：3321） 截至二零二一年十二月三十一日止年度 年度業績公告 摘要 • 於截至二零二一年十二月三十一日止年度，本集團之收益約為260.4百萬 澳門元，較去年同期之收益（二零二零年：506.3百萬澳門元）減少約48.6%， 截至二零二一年十二月三十一日止年度虧損約為231.4百萬澳門元，而截 至二零二零年十二月三十一日止年度溢利約為45.7百萬澳門元，減少約 606.0%。 • 於截至二零二一年十二月三十一日止年度，本公司之每股基本虧損約為 46.3澳門 仙（二 零二零年：每股基本盈利9.1澳門仙）。有 關減少與年內溢 利較截至二零二零年十二月三十一日止年度的減少相符。 • 董事會並不建議派付截至二零二一年十二月三十一日止年度的末期股 息。 ...

Financial Performance - For the year ended December 31, 2021, the group's revenue was approximately MOP 292.3 million, a decrease of about 42.3% compared to MOP 506.3 million in the same period last year[1]. - The group reported a loss of approximately MOP 29.1 million for the year ended December 31, 2021, compared to a profit of approximately MOP 45.7 million for the year ended December 31, 2020[1]. - The basic loss per share for the year ended December 31, 2021, was approximately 5.8 Macanese cents, down from a basic earnings per share of 9.1 Macanese cents in 2020[1]. - The group's gross profit for the year was MOP 1.4 million, significantly lower than MOP 80.4 million in the previous year[5]. - The segment performance for renovation services showed a profit of MOP 19,119,000 in 2021, down from MOP 77,743,000 in 2020, indicating a decline of 75.5%[47]. - The company incurred a pre-tax loss of MOP 28,082,000 in 2021, compared to a profit of MOP 52,804,000 in 2020[47]. - The company reported a total administrative expense of MOP 42,225,000 in 2021, compared to MOP 25,211,000 in 2020[47]. - The income tax expense for 2021 was 1,010 thousand MOP, a significant decrease from 7,076 thousand MOP in 2020[59]. - The group recorded a net loss of approximately MOP 29.1 million for the year ended December 31, 2021, compared to a net profit of approximately MOP 45.7 million in 2020[80]. Revenue Breakdown - Revenue from renovation services was MOP 291,961,000, while maintenance and repair services generated MOP 325,000 in 2021[38]. - Geographically, revenue from Macau was MOP 277,393,000, down 35.5% from MOP 431,014,000 in 2020, and revenue from Hong Kong was MOP 14,893,000, down 80.2% from MOP 75,252,000 in 2020[38]. - Major clients contributed significantly, with Client A generating MOP 98,009,000 in 2021, down from MOP 156,973,000 in 2020[51]. Assets and Liabilities - Total assets decreased from MOP 495.0 million in 2020 to MOP 456.0 million in 2021[9]. - The net asset value of the group decreased from MOP 306.2 million in 2020 to MOP 276.8 million in 2021[14]. - Current liabilities decreased from MOP 192.6 million in 2020 to MOP 182.2 million in 2021[10]. - Trade payables decreased to MOP 10,548,000 in 2021 from MOP 12,168,000 in 2020[72]. - As of December 31, 2021, the group had contract liabilities amounting to MOP 23,097,000, a decrease from MOP 46,533,000 in 2020[71]. Accounting Standards - The group has adopted the revised Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2021, including HKFRS 16 related to COVID-19 rent concessions[20]. - The application of the revised HKFRS 16 has no significant impact on the group's current and past financial performance and disclosures[21]. - The board anticipates that the application of all new and revised HKFRS will not have a significant impact on the consolidated financial statements in the foreseeable future[27]. - The revised accounting standards clarify the definition of accounting estimates, which are monetary amounts in financial statements that involve uncertainty[34]. Dividends and Governance - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2021[1]. - The company does not recommend paying dividends to ordinary shareholders for the year ended December 31, 2021, and any future dividend payments will be at the discretion of the board[109]. - The board will consider various factors, including the group's actual and expected financial performance, before declaring dividends[109]. - The audit committee consists of three independent non-executive directors who reviewed the audited annual performance and discussed internal controls and financial reporting matters[117]. - The company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[113]. Employee and Operational Metrics - As of December 31, 2021, the group had 90 employees, a decrease from 110 employees in 2020[106]. - Total employee costs, including director remuneration, were approximately 49.8 million Macanese Patacas for the year ended December 31, 2021, compared to 49.7 million Macanese Patacas for the year ended December 31, 2020[106]. - The increase in employee costs was primarily due to an increase in the average number of working days for daily-paid workers[106]. Other Financial Metrics - Financing costs increased significantly to MOP 4,903,000 in 2021 from MOP 2,071,000 in 2020, representing a rise of 136.5%[55]. - Cash and cash equivalents totaled approximately 39.4 million MOP as of December 31, 2021, a decrease of about 55.1% from 87.8 million MOP as of December 31, 2020[93]. - The debt-to-equity ratio as of December 31, 2021, was approximately 29.0%, up from 27.5% as of December 31, 2020, due to a decrease in total equity[95].

Financial Performance - Total revenue increased by approximately MOP 42.6 million or 31.1% to approximately MOP 179.6 million for the six months ended June 30, 2021, compared to MOP 137.0 million for the same period in 2020[15]. - The group recorded a profit of approximately MOP 13.1 million for the six months ended June 30, 2021, compared to MOP 14.5 million for the same period in 2020[14]. - Gross profit increased by approximately MOP 2.2 million to approximately MOP 33.4 million for the six months ended June 30, 2021, with a gross margin of approximately 18.6%, down from 22.8% for the same period in 2020[19]. - Profit for the six months ended June 30, 2021, was approximately 13.1 million MOP, a decrease of about 1.4 million MOP or 9.7% compared to approximately 14.5 million MOP for the same period in 2020[27]. - The company reported a profit attributable to owners of MOP 13,066,000, compared to MOP 14,502,000 in the previous year, indicating a decrease of 9.9%[84]. - The pre-tax profit for the six months ended June 30, 2021, was MOP 15,153,000, a decrease of 12.5% from MOP 17,327,000 in the same period of 2020[110]. Revenue and Costs - Direct costs increased by approximately MOP 40.5 million or 38.3% to approximately MOP 146.2 million for the six months ended June 30, 2021, from approximately MOP 105.7 million for the same period in 2020[18]. - Other income decreased from approximately 1.3 million MOP for the six months ended June 30, 2020, to about 0.2 million MOP for the same period in 2021, primarily due to government subsidies received in 2020 amounting to approximately 1.2 million MOP[20]. - Administrative expenses increased from approximately 14.4 million MOP for the six months ended June 30, 2020, to about 15.9 million MOP for the same period in 2021, representing approximately 10.5% and 8.9% of total revenue respectively[21]. - Financing costs rose from approximately 717,000 MOP for the six months ended June 30, 2020, to about 2.1 million MOP for the same period in 2021, an increase of approximately 1.4 million MOP due to higher average outstanding bank borrowings[25]. - Income tax expenses decreased from approximately 2.8 million MOP for the six months ended June 30, 2020, to about 2.1 million MOP for the same period in 2021, with effective tax rates of approximately 16.3% and 13.8% respectively[26]. Assets and Liabilities - Cash and cash equivalents totaled approximately 52.0 million MOP as of June 30, 2021, a decrease of about 40.8% from approximately 87.8 million MOP as of December 31, 2020[30]. - The debt-to-equity ratio as of June 30, 2021, was approximately 26.2%, down from 27.5% as of December 31, 2020, due to a slight decrease in total debt from approximately 84.1 million MOP to about 83.7 million MOP[32]. - Total assets as of June 30, 2021, were MOP 320,816,000, an increase from MOP 306,329,000 at the end of 2020[86]. - Current assets increased significantly to MOP 6,894,000 from MOP 3,936,000, indicating improved liquidity[86]. - Trade receivables as of June 30, 2021, amounted to MOP 121,638,000, a decrease from MOP 165,517,000 as of December 31, 2020[121]. - Trade and other payables totaled MOP 48,740,000 as of June 30, 2021, a decrease of 42.6% from MOP 84,985,000 as of December 31, 2020[125]. Business Operations - The group completed 16 renovation projects and was awarded 25 renovation projects, all located in Macau, for the six months ended June 30, 2021[14]. - The group aims to diversify its business by exploring lithium resources, lithium battery technology, and smart garage business[13]. - The group continues to strengthen business relationships with major licensed gaming operators in Macau, which are crucial for long-term success[10]. - The group plans to provide design assistance and procurement of renovation materials to maintain its competitive advantage[13]. - The company's clients primarily include hotel and entertainment operators in Macau, with contracts mainly being fixed-price agreements[104]. Shareholder Information - As of June 30, 2021, Mr. Li, the controlling shareholder, held 337,500,000 shares, representing approximately 67.5% of the issued share capital[53]. - Major shareholders include Chiu Yu Limited with 337,500,000 shares (67.5%) and Ng Shuk Fan with the same number of shares (67.5%) as spouse equity[69]. - The company has a share option plan in place to incentivize directors and eligible employees, which is subject to specific terms and conditions[58]. - The share option scheme approved on March 18, 2019, allows for the granting of options to eligible participants to subscribe for shares, with a maximum of 50,000,000 shares, equivalent to 10% of the issued shares as of the report date[62]. - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2021, considering the overall operating performance, financial condition, and capital requirements of the group[50]. Corporate Governance - The audit committee consists of three independent non-executive directors who reviewed the unaudited interim results for the six months ended June 30, 2021[81]. - The company is committed to maintaining high levels of corporate governance to protect shareholder interests[77]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange listing rules[77]. - The board believes that the current arrangement of having the same individual serve as both chairman and CEO does not impair the balance of power and authority[77]. Economic Outlook - The Macau economy is expected to remain unstable in 2021 due to the impact of the COVID-19 pandemic, with recovery anticipated to be slow[11]. - The group believes that the economic development opportunities in Macau will remain significant despite short-term challenges[13].

Financial Performance - The group's revenue increased by approximately MOP 146.5 million or 40.7% from MOP 359.8 million in 2019 to MOP 506.3 million in 2020[18]. - The group's revenue for the year ended December 31, 2020, was approximately MOP 506.3 million, an increase of about MOP 146.5 million or 40.7% from MOP 359.8 million in 2019[24]. - The net profit for the year ended December 31, 2020, was approximately MOP 45.7 million, up about MOP 7.8 million from MOP 37.9 million in 2019[35]. - Gross profit increased to approximately MOP 80.4 million for the year ended December 31, 2020, from MOP 76.0 million in 2019, with a gross profit margin of 15.9% compared to 21.1% in the previous year[27]. - Direct costs rose to approximately MOP 425.9 million, an increase of about MOP 142.2 million or 50.1% from MOP 283.7 million in 2019, reflecting the cost increase associated with revenue growth[26]. - Other income increased to approximately MOP 2.2 million, primarily due to government grants of about MOP 2.0 million, compared to MOP 0.7 million in 2019[28]. - The group's cash and bank deposits totaled approximately MOP 87.8 million as of December 31, 2020, a significant increase of about 110.6% from MOP 41.7 million in 2019[36]. - The debt-to-equity ratio as of December 31, 2020, was approximately 27.5%, up from 4.0% in 2019, attributed to an increase in total liabilities[38]. - Administrative expenses for the year ended December 31, 2020, were approximately MOP 25.2 million, compared to MOP 22.5 million in 2019, with employee benefits accounting for about 65.1% of total administrative expenses[30]. - The income tax expense decreased to approximately MOP 7.1 million for the year ended December 31, 2020, from MOP 7.9 million in 2019, with an effective tax rate of 13.4% compared to 17.3% in the previous year[33]. - The company had distributable reserves of approximately MOP 233.6 million as of December 31, 2020, compared to MOP 235.6 million in 2019[140]. Business Operations - Revenue from renovation services accounted for approximately 99.9% of total revenue in 2020[21]. - The group aims to diversify its business by exploring lithium resources, lithium battery technology, and smart garage businesses[19]. - The group has established business relationships with major licensed gaming operators in Macau, which are crucial for its success[18]. - The group plans to strengthen its financial position to undertake more large-scale renovation projects[18]. - The group is focused on expanding its customer base and enhancing its human resources[18]. - The group has a strategy to enhance its market position in the Macau renovation industry[18]. - The majority of the group's clients are listed companies on the Hong Kong Stock Exchange[21]. - The company focuses on renovation services primarily for commercial markets, especially facilities within integrated resorts in Macau[133]. - The company’s main clients include subsidiaries of casino operators and individual customers in Macau and Hong Kong[133]. Impact of COVID-19 - The group has been impacted by the COVID-19 pandemic but is preparing for a recovery in the tourism sector[19]. - The company’s operations were not significantly impacted by the COVID-19 pandemic, with all projects resuming work without major delays[129]. - The company will continue to strengthen cost control and cash flow monitoring to mitigate uncertainties related to the pandemic[129]. Corporate Governance - The group has adopted the Corporate Governance Code and complies with the relevant rules, except for the separation of the roles of Chairman and CEO[56]. - The board consists of six directors, including three independent non-executive directors, ensuring a balance of power and independent judgment[59]. - The company has appointed three independent non-executive directors, one of whom possesses relevant professional accounting qualifications and financial management expertise[62]. - All independent non-executive directors have confirmed their independence according to the listing rules, and the board believes they are independent of the group[62]. - The company has arranged appropriate insurance to protect directors and senior management against legal actions arising from company affairs[63]. - The board holds regular meetings to discuss overall strategy and operational and financial performance, with at least 14 days' notice for regular meetings[66]. - The company has established policies allowing directors to seek independent professional advice at the company's expense[67]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, defining their respective powers and responsibilities[78]. - The Audit Committee reviewed the audited financial statements for the reporting period before submission to the board for approval[80]. - The Remuneration Committee held seven meetings during the reporting period to review and recommend remuneration policies for directors and senior management[81]. - The Nomination Committee conducted seven meetings to assess the board's structure, size, composition, and diversity, ensuring alignment with the company's diversity policy[83]. - The company emphasizes the importance of board diversity in maintaining competitive advantage, considering various factors such as skills, knowledge, gender, and experience[76]. - The board is responsible for maintaining effective internal controls and risk management systems to protect shareholder investments and company assets[85]. - The company has not established an internal audit department, with the board directly overseeing internal controls and risk management systems[87]. - The board believes that the risk management and internal control systems are adequate and effective during the reporting period[87]. - The company adheres to the Securities and Futures Ordinance and listing rules for the handling and disclosure of inside information[88]. - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2020[200]. Shareholder Relations - The company has established a shareholder communication policy to ensure timely access to information for shareholders and potential investors[96]. - The annual general meeting provided a platform for constructive communication between the board and shareholders, with attendance from the chairman and external auditors[96]. - The company has a structured process for shareholders to propose resolutions at general meetings[94]. - The company’s website serves as a key resource for shareholders to access the latest financial information and business developments[96]. - The board will consider factors such as actual and expected financial performance, business conditions, and capital expenditure requirements when deciding on future dividends[123]. Strategic Initiatives - The group entered into a framework cooperation agreement with Guangdong Huihui Long Investment Co., Ltd. on October 23, 2020, regarding potential acquisition, agreeing to pay a refundable deposit of RMB 16,750,000[52]. - The company is actively involved in the development of new technologies and products in the lithium battery sector, indicating a strategic focus on innovation[107]. - The management team is committed to expanding the company's market presence and exploring potential mergers and acquisitions to drive growth[116]. Share Options and Capital Management - The stock option plan was approved by shareholders on March 18, 2019, allowing the issuance of options to eligible participants to subscribe for shares[158]. - The total number of shares that may be issued upon the exercise of options granted under the stock option plan shall not exceed 10% of the issued shares as of the date of the report, equating to 50,000,000 shares[161]. - The stock option plan is valid for ten years from April 23, 2019, until April 22, 2029, with no additional options to be granted after this period[163]. - The company must seek shareholder approval to exceed the plan authorization limit for stock options[162]. - The company is prohibited from granting options during the period surrounding the announcement of financial results[159]. - The total number of shares that may be issued upon the exercise of all options granted under the plan must not exceed 30% of the issued shares at any time[162]. - The company must issue a circular to shareholders containing relevant information before seeking approval for any options exceeding the plan authorization limit[162]. Major Shareholders - The company’s major shareholder, Mr. Li, holds 67.5% of the company’s shares through a controlled corporation[152]. - Major shareholders include Chiu Yu Limited, holding 337,500,000 shares, representing 67.5% of the issued shares[165].

Financial Performance - The financial performance for the six months ended June 30, 2020, experienced a decline due to project delays caused by the COVID-19 pandemic[10]. - Total revenue decreased by approximately 101.5 million Macau Patacas or 42.6% from about 238.5 million Macau Patacas in the six months ended June 30, 2019, to about 137.0 million Macau Patacas in the six months ended June 30, 2020, primarily due to delays in renovation projects caused by the COVID-19 pandemic[16]. - Profit for the period was approximately 14.5 million Macau Patacas, a decrease of about 3.7 million Macau Patacas or 20.3% compared to 18.2 million Macau Patacas in the same period in 2019[27]. - Revenue for the six months ended June 30, 2020, was MOP 136,972,000, a decrease of 42.5% compared to MOP 238,525,000 for the same period in 2019[83]. - Gross profit for the same period was MOP 31,224,000, down from MOP 43,378,000 in 2019, reflecting a gross margin decline[83]. - Profit before tax was MOP 17,327,000, a decrease of 23.4% from MOP 22,563,000 in the previous year[83]. - The net profit attributable to the owners of the company was MOP 14,330,000, compared to MOP 18,247,000 in 2019, representing a decline of 21.5%[83]. - Basic earnings per share for the period was MOP 0.03, down from MOP 0.10 in the same period last year[83]. - The total comprehensive income for the six months ended June 30, 2020, was 14,330 thousand MOP, down from 19,660 thousand MOP in the previous year, indicating a decrease of about 27%[119]. - For the six months ended June 30, 2020, the company reported a profit of 14,502 thousand MOP, a decrease from 19,729 thousand MOP for the same period in 2019, representing a decline of approximately 26%[115]. Revenue Sources - The company aims to expand its business scope and diversify revenue sources through strategic partnerships, including a framework cooperation agreement with Qianhai Baifu for resource exploration and development[12]. - The company is focused on renovation services primarily for commercial markets, especially within integrated resorts in Macau[8]. - The company’s revenue primarily comes from providing renovation and maintenance services in Macau, reflecting its core business focus[130]. - The revenue from renovation services was MOP 136,511, while maintenance and repair services contributed MOP 461 for the six months ended June 30, 2020[135]. Financial Position - Cash and cash equivalents decreased by approximately 5.8% from about 41.7 million Macau Patacas at December 31, 2019, to about 39.3 million Macau Patacas at June 30, 2020[28]. - Total bank borrowings and overdrafts increased from approximately 10.5 million Macau Patacas to about 26.7 million Macau Patacas[29]. - The debt-to-equity ratio increased to approximately 9.7% as of June 30, 2020, compared to about 4.0% at December 31, 2019[30]. - The company’s total equity as of June 30, 2020, was 274,781 thousand MOP, an increase from 260,451 thousand MOP as of December 31, 2019, indicating a growth of about 5%[119]. - Current liabilities increased to MOP 95,733,000 from MOP 67,088,000, indicating a rise in financial obligations[86]. - The total liabilities, including trade payables and accrued expenses, amounted to MOP 48,375 as of June 30, 2020, compared to MOP 39,377 as of December 31, 2019[165]. Management and Governance - The management remains confident in the long-term economic development of Macau despite the short-term impacts of the pandemic[10]. - The company has a strong management team with extensive industry knowledge, which is crucial for maintaining long-term business relationships with clients and suppliers[8]. - The company appointed new directors to enhance its technical and corporate financing capabilities, including the appointment of Zhu Jun as a non-executive director and chief scientist[13]. - The company maintained a high level of corporate governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange[76]. - The audit committee reviewed the unaudited interim results and internal controls for the six months ended June 30, 2020[80]. Shareholder Information - The net proceeds from the share offering amounted to approximately 141.2 million Hong Kong Dollars, with 119.8 million Hong Kong Dollars utilized by June 30, 2020[50][54]. - The remaining net proceeds of approximately 21.4 million Hong Kong Dollars were deposited in licensed banks in Hong Kong and Macau[54]. - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2020, considering the overall operating performance and financial condition of the group[56]. - The company has adopted a share option scheme to incentivize directors and eligible employees, allowing them to purchase shares at a nominal price[62]. - The total number of shares that may be issued upon the exercise of options under the share option plan shall not exceed 50,000,000 shares, representing 10% of the issued shares as of the report date[65]. - The maximum number of shares that can be issued under the share option plan is capped at 1% of the issued shares during any 12-month period[64]. - The company has not granted any share options under the share option plan from the adoption date until June 30, 2020[70]. - The share option plan is valid for ten years from April 23, 2019, until April 22, 2029[68]. - The company must issue a circular to shareholders containing relevant information before granting options exceeding the plan authorization limit[67]. - The board's decisions regarding the share option plan are final and binding on all parties involved[70]. Impact of COVID-19 - The impact of the pandemic has led to a significant challenge for the company, but it is expected that performance will gradually recover as the situation stabilizes[10]. - Other income increased from approximately 1.0 million Macau Patacas to about 1.3 million Macau Patacas, mainly due to government subsidies related to COVID-19[19]. - The company incurred transaction costs of (14,259) thousand MOP related to share issuance during the reporting period[98]. - The net cash used in operating activities for the six months ended June 30, 2020, was (16,021) thousand MOP, an improvement compared to (28,081) thousand MOP in the same period of 2019, reflecting a reduction of approximately 43%[121]. - The company reported a net cash inflow from financing activities of 15,736 thousand MOP for the six months ended June 30, 2020, compared to 165,550 thousand MOP in the same period of 2019, showing a significant decrease of about 91%[121].