ak CircuTech International Holdings Limited 訊 智 海 國 際 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock Code 殷份代號 : 8051) 2020 FIRST QUARTERLY REPORT 第一季度 業績報告 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Company Overview - CircuTech International Holdings Limited is listed on the GEM of the Hong Kong Stock Exchange, which is designed for small and mid-sized companies, indicating a higher investment risk compared to companies on the Main Board[2]. - The company has a registered office in the Cayman Islands and a principal place of business in Hong Kong, located at 31/F, Tower Two, Times Square, Causeway Bay[9]. - The principal bankers for CircuTech include Hang Seng Bank Limited, Citibank N.A., and United Overseas Bank Limited[9]. - The company’s stock code is 8051, and it is advised that prospective investors should consider the potential risks associated with investing in such companies[2]. Governance and Management - The board of directors includes Mr. Hong Sung-Tai as Chairman and Mr. Tsai Biing-Hann as Chief Executive Officer, among others[7]. - The company has established various committees, including an Audit Committee and a Remuneration Committee, to ensure proper governance[7]. - The independent auditor for the company is BDO Limited, which provides assurance on the financial statements[9]. - CircuTech is committed to compliance with the GEM Listing Rules, ensuring that the information provided is accurate and complete[2]. - The company emphasizes the importance of careful consideration before investing in GEM-listed companies due to their susceptibility to market volatility[2]. Financial Performance - CircuTech International Holdings Limited reported a net profit of approximately HK$2.5 million for the year ended December 31, 2019, a turnaround from a net loss of approximately HK$14.6 million for the previous year, representing a swing of HK$17.1 million[11]. - Revenue for the year ended December 31, 2019, increased by 11.3% to approximately HK$332.9 million compared to the previous year[11]. - The gross profit margin improved from 5.0% in 2018 to 7.1% in 2019, attributed to strategic adjustments and re-evaluation of the business model[11]. - Administrative expenses decreased by 22.8%, mainly due to better foreign currency exchange control and reduced professional fee expenses[11]. - The Group's total revenue for the year ended December 31, 2019, was approximately HK$332,884,000, representing an increase of approximately 11.3% compared to HK$299,109,000 for the year ended December 31, 2018[33]. Business Strategy and Market Position - The company anticipates facing intense competition in the IT product distribution business and may adjust its business portfolio as necessary[11]. - CircuTech plans to allocate more resources to enhance its repair and service support business to achieve better recurring returns for shareholders[11]. - The Group has diversified and expanded its customer base, successfully addressing the commoditization of video surveillance systems by distributing third-party IT products[17]. - The Group is developing smart device applications for remote control and monitoring of video surveillance products, enhancing service support capabilities[19]. - The Group plans to establish its own maintenance center in China after evaluating relevant costs and expected returns from providing repair services[19]. Customer and Supplier Relationships - The percentage of annual sales attributable to the Group's largest customer decreased from 50.9% to 27.0%, and from 82.9% to 70.7% for the five largest customers, indicating reduced customer concentration risk[17]. - The largest supplier accounted for 47.31% of the Group's purchases, while the five largest suppliers in aggregate accounted for 99.87%[80]. - Over 95% of the Group's purchases were from suppliers outside of Hong Kong, emphasizing the importance of supplier relationships[170]. Human Resources and Employment - The Group employed 24 full-time employees in Hong Kong as of December 31, 2019, down from 26 in 2018[37]. - The Group's staff costs amounted to approximately HK$13,384,000 for the year ended December 31, 2019, compared to HK$12,890,000 in 2018[37]. - The Group emphasizes compliance with relevant laws and regulations to protect employee rights and welfare[156]. - The Group provided training programs for professional development, with general staff receiving an average of 15.1 hours of training and senior management receiving 4.0 hours[166][168]. Environmental and Social Responsibility - The Group is committed to long-term sustainability and has adopted green initiatives including resource recycling and energy-saving practices[84]. - The Group has complied with all relevant environmental laws and regulations for the year ended December 31, 2019[84]. - The Group actively encourages employees to engage in community service, enhancing corporate values and contributing to local development[179]. - During the year, the Group sponsored the Homeless World Cup, promoting inclusivity and supporting marginalized groups[188]. Risk Management and Compliance - The Group recognizes the importance of compliance with legal and regulatory requirements and conducts ongoing reviews of relevant laws[84]. - The Board focuses on determining the nature and extent of significant risks it is willing to take in achieving the Group's business strategies[134]. - The Group has established ongoing processes for identifying, evaluating, and managing significant risks[134]. - The Group employs a top-down and bottom-up approach to risk management, integrating both strategies into daily operations[132]. Audit and Financial Reporting - The consolidated financial statements for the year ended December 31, 2019, have been audited by BDO[97]. - The auditors, BDO, were engaged for annual audit services and provided non-audit services, including interim review services, for the year ended December 31, 2019[144]. - The audit was conducted in accordance with Hong Kong Standards on Auditing, ensuring independence and ethical compliance[197]. - The financial statements were prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance[197].

Financial Performance - The Group recorded a turnover of approximately HK$215.1 million for the nine months ended 30 September 2019, representing a decrease of approximately HK$40.5 million or approximately 15.8% compared to the same period last year [9]. - The gross profit margin of the Group increased to approximately 7.0% for the nine months ended 30 September 2019, compared to approximately 4.8% for the same period in 2018 [9]. - The Group recorded a net profit attributable to the owners of the Company of approximately HK$0.3 million for the nine months ended 30 September 2019, as compared to a net loss of approximately HK$7.7 million for the same period in 2018 [9]. - Revenue for the three months ended 30 September 2019 was approximately HK$102.1 million, compared to HK$65.5 million for the same period in 2018 [12]. - The Group's operating profit for the nine months ended 30 September 2019 was approximately HK$0.4 million, a significant improvement from an operating loss of approximately HK$8.7 million for the same period in 2018 [12]. - Total comprehensive income for the period attributable to the owners of the Company was approximately HK$0.1 million for the nine months ended 30 September 2019, compared to a loss of approximately HK$7.7 million for the same period in 2018 [15]. - The Group reported a profit attributable to owners of the Company of HK$259,000 for the period, compared to HK$5,000 in the previous period [69]. - Basic earnings per share for the nine months ended 30 September 2019, was HK$1.11, an improvement from a loss of HK$33.01 in the same period of 2018 [125]. - The Group experienced a net foreign exchange loss of HK$319 for the three months ended September 30, 2019, compared to a loss of HK$273 in the same period of 2018 [114]. Revenue Breakdown - Revenue from sales and distribution of IT products for the nine months ended September 30, 2019, was HK$214,857,000, a decrease of 16% compared to HK$255,353,000 for the same period in 2018 [80]. - Revenue from repairs and service support for the nine months ended September 30, 2019, was HK$267,000, consistent with the previous year [80]. - Total revenue for the nine months ended September 30, 2019, was HK$215,124,000, down from HK$255,620,000 in 2018, representing a decline of approximately 16% [84]. - Revenue from sales and distribution of IT products accounted for approximately 99.9% of the Group's total revenue, with a reported figure of HK$214.9 million for the nine months ended 30 September 2019, down from HK$255.4 million in 2018 [142][146]. - The Asia market contributed approximately 39.1% of the Group's revenue for the nine months ended 30 September 2019, significantly up from 12.6% in the same period of 2018, while North America dropped to 37.5% from 70.5% [150][152]. Cost and Expenses - The cost of sales decreased to approximately HK$200.1 million for the nine months ended 30 September 2019, down from approximately HK$243.4 million in the same period of 2018, reflecting a reduction in business volume [153]. - Administrative expenses decreased by approximately 27.4% to about HK$11.6 million for the nine months ended 30 September 2019, due to reduced professional fees and improved operational efficiency [157]. - Selling and distribution expenses slightly increased to approximately HK$4.0 million for the nine months ended 30 September 2019, primarily due to staff costs and commissions [160]. - A reversal of net provision for inventories amounted to approximately HK$0.6 million for the nine months ended 30 September 2019, compared to a net provision of approximately HK$6.0 million in the same period of 2018, indicating a decrease in slow-moving inventories [153]. Strategic Focus and Developments - The company is primarily engaged in the sales and distribution of IT products and the provision of repair and service support, indicating a focus on the IT sector [21]. - Management is focused on improving the performance of IT product sales and service support, indicating a strategic emphasis on enhancing operational efficiency and profitability [80]. - The Group is committed to developing new technologies to strengthen its market position and improve profitability [136]. - The Group has expanded its product range by distributing third-party IT products since 2017, addressing the commoditization of video surveillance systems [137]. - The Group plans to expand its service support business by sourcing spare parts for electronic products targeted at renowned IT brands and their service centers [147]. - The Group anticipates strong demand for its IT products in the final quarter of the year despite ongoing competition in the IT product distribution business [166]. - Management is conducting a strategic review and may adjust its business portfolio to increase the customer base and generate more stable returns for shareholders [166]. - The Group plans to allocate more resources to enhance its repair and service support business portfolio to achieve better recurring returns [166]. Financial Reporting and Compliance - The financial information for the nine months ended 30 September 2019 was prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations [21]. - The financial information presented is unaudited, highlighting the preliminary nature of the data provided [21]. - The Group adopted HKFRS 16 from January 1, 2019, resulting in adjustments to the financial statements, with accumulated losses adjusted to HK$68,937,000 [64]. - The cumulative effect of the initial application of HKFRS 16 was recognized as an adjustment to the opening balance of accumulated losses as of January 1, 2019 [64]. - Comparative figures for the financial statements were not restated following the adoption of HKFRS 16 [64]. Shareholder Information - As of 30 September 2019, Foxconn (Far East) Limited held approximately 50.58% of the issued share capital of the Company [171]. - No arrangements were made for Directors to acquire benefits through the purchase of shares or debentures of the Company during the nine months ended 30 September 2019 [172]. - As of 30 September 2019, the Company had not been notified of any interests or short positions in its shares by any person other than Directors or the chief executive [180]. - During the nine months ended 30 September 2019, the Company did not purchase, sell, or redeem any of its listed securities [182]. - There were no business interests or conflicts of interest reported by Directors or controlling shareholders that compete with the Group's business during the nine months ended 30 September 2019 [181].

Financial Performance - The Group recorded a turnover of approximately HK$113.0 million for the six months ended 30 June 2019, representing a decrease of approximately HK$77.1 million or approximately 40.6% compared to the same period last year [11]. - The gross profit margin of the Group increased to approximately 8.4% for the six months ended 30 June 2019, compared to approximately 4.3% for the same period in 2018 [11]. - The Group recorded a net profit attributable to the owners of the Company of approximately HK$0.2 million for the six months ended 30 June 2019, as compared to a net loss of approximately HK$5.0 million for the same period in 2018 [12]. - Revenue for the three months ended June 30, 2019, was HK$62,566,000, a decrease of 37.4% compared to HK$99,853,000 for the same period in 2018 [19]. - Gross profit for the six months ended June 30, 2019, was HK$9,453,000, compared to HK$8,163,000 for the same period in 2018, reflecting a year-on-year increase of 15.8% [19]. - The company reported a profit of HK$177,000 for the three months ended June 30, 2019, compared to a loss of HK$5,366,000 for the same period in 2018 [21]. - Total comprehensive income for the three months ended June 30, 2019, was a loss of HK$223,000, compared to a loss of HK$7,572,000 for the same period in 2018 [21]. - The company’s operating profit for the six months ended June 30, 2019, was HK$15,000, compared to an operating loss of HK$5,678,000 for the same period in 2018 [19]. - The company reported a total comprehensive income of HK$167 for the period ended June 30, 2019, compared to a loss of HK$138 for the same period in 2018 [29]. Dividend Policy - The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2019, consistent with the previous year [12]. - The absence of an interim dividend may indicate a conservative approach to cash management in light of recent performance [12]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2019 [181]. Assets and Liabilities - Total assets as of June 30, 2019, amounted to HK$171,616,000, an increase from HK$147,912,000 as of December 31, 2018 [24]. - Cash and cash equivalents as of June 30, 2019, were HK$63,330,000, down from HK$72,369,000 as of December 31, 2018 [24]. - Inventories increased significantly to HK$57,310,000 as of June 30, 2019, compared to HK$12,327,000 as of December 31, 2018 [24]. - Total liabilities increased to HK$40,200 as of June 30, 2019, compared to HK$16,310 as of December 31, 2018 [26]. - Total equity as of June 30, 2019, was HK$131,416, a slight decrease from HK$131,602 as of December 31, 2018 [26]. - The accumulated losses attributable to owners of the company decreased to HK$68,770 as of June 30, 2019, from HK$68,889 as of December 31, 2018 [26]. - The company reported a decrease in trade and other payables to HK$29,217 as of June 30, 2019, from HK$14,003 as of December 31, 2018 [26]. - Trade payables as of June 30, 2019, were HK$26,660,000, significantly up from HK$10,290,000 as of December 31, 2018, representing a 159.5% increase [197]. - As of June 30, 2019, total trade and other receivables amounted to HK$10,524,000, an increase of 38.4% from HK$7,600,000 as of December 31, 2018 [188]. - The Group's financial assets at amortised cost were HK$5,112,000 as of June 30, 2019, down from HK$6,278,000 as of December 31, 2018 [188]. Financial Reporting and Compliance - The financial report complies with the GEM Listing Rules and Hong Kong Accounting Standard 34 [16]. - The Group's condensed consolidated interim financial statements for the six months ended 30 June 2019 were prepared in accordance with HKAS 34 "Interim Financial Reporting" and GEM Listing Rules [45]. - The principal accounting policies applied in the preparation of the interim financial information are consistent with those of the annual financial statements for the year ended 31 December 2018, except for the adoption of new and amended standards effective for the financial year ending 31 December 2019 [51]. Accounting Standards and Changes - The Group adopted HKFRS 16 "Leases" on 1 January 2019, which resulted in the recognition of lease liabilities measured at the present value of remaining lease payments [61]. - The cumulative effect of the initial application of HKFRS 16 was recognized as an adjustment to the opening balance of accumulated losses as at 1 January 2019 [68]. - The adoption of the new standard did not have a material impact on the Group's condensed consolidated interim financial information [55]. - The finance cost related to lease liabilities is charged to the statement of comprehensive income over the lease period, producing a constant periodic rate of interest on the remaining balance [67]. - The Group's accounting policies for leases have changed, with lease payments allocated between principal repayment and finance cost [66]. Revenue Breakdown - Revenue from sales and distribution of IT products for the six months ended June 30, 2019, was HK$112,829,000, compared to HK$189,918,000 for the same period in 2018, representing a decrease of approximately 40.6% [126]. - Revenue from repairs and service support for the six months ended June 30, 2019, was HK$170,000, compared to HK$182,000 for the same period in 2018, showing a decline of about 6.6% [126]. - The total revenue from contracts with customers for the six months ended June 30, 2019, was HK$112,999,000, down from HK$190,100,000 in 2018, indicating a decrease of approximately 40.5% [126]. - Revenue from North America for the six months ended June 30, 2019, was HK$163,152, a significant decrease from HK$24,439 in the same period of 2018 [171]. - Revenue from Europe increased to HK$32,626 for the six months ended June 30, 2019, compared to HK$19,397 in the previous year [171]. Financial Risks - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk [93]. - The financial risk management policies remained unchanged since the year-end [94]. - Management's significant judgments and estimates in applying accounting policies were consistent with those used in the consolidated financial statements for the year ended December 31, 2018 [92].

Financial Performance - The company recorded a revenue of approximately HKD 50,400,000 for the three months ended March 31, 2019, a decrease of about HKD 39,800,000 or approximately 44.1% compared to HKD 90,200,000 for the same period in 2018[6]. - The total comprehensive income for the period was HKD 85,000, compared to HKD 484,000 for the same period in 2018[8]. - Basic and diluted loss per share was HKD (0.04) for the three months ended March 31, 2019, compared to earnings of HKD 1.77 for the same period in 2018[11]. - Total revenue for the group for the three months ended March 31, 2019, was HKD 50,433 thousand, down 44.1% from HKD 90,247 thousand in the same period of 2018[33]. - The company reported a net loss attributable to owners of approximately HKD 10,000 for the three months ended March 31, 2019, compared to a profit of approximately HKD 400,000 for the same period in 2018, representing a turnaround of approximately HKD 410,000[6]. - The company reported a net profit of HKD 120,000 for the three months ended March 31, 2019, compared to a profit of HKD 414,000 for the same period in 2018[48]. - The company recorded a net loss of approximately HKD 10,000 for the three months ended March 31, 2019, compared to a net profit of HKD 414,000 for the same period in 2018[59]. - For the fiscal year ended December 31, 2018, the company reported a net loss of approximately HKD 14,600,000, primarily due to a decrease in business volume[59]. Revenue Breakdown - The group reported revenue from IT product sales and distribution of HKD 50,346 thousand for the three months ended March 31, 2019, a decrease of 44.1% compared to HKD 90,156 thousand in the same period of 2018[33]. - Revenue from maintenance and service support was HKD 87 thousand for the three months ended March 31, 2019, slightly down from HKD 91 thousand in the same period of 2018[33]. - The company experienced a decrease in sales and distribution of IT products, with revenue from this segment dropping to HKD 50,346,000 for the three months ended March 31, 2019[38]. Profitability and Margins - The gross profit margin increased to approximately 9.6% for the three months ended March 31, 2019, compared to 7.8% for the same period in 2018[6]. - Gross profit for the three months ended March 31, 2019, decreased by approximately HKD 2,300,000, while the overall gross margin increased from approximately 7.8% in 2018 to about 9.6% in 2019[56]. - Administrative expenses for the three months ended March 31, 2019, decreased by approximately 16.1% to about HKD 3,900,000, attributed to improved business control and streamlined operations[57]. - The company recorded a decrease in sales costs from approximately HKD 83,200,000 in 2018 to about HKD 45,600,000 in 2019, consistent with reduced business volume[55]. Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2019, consistent with the same period in 2018[6]. - The company did not recommend the payment of dividends for the three months ended March 31, 2019[51]. - Foxconn (Far East) Limited holds 11,853,524 shares, representing approximately 50.58% of the company's issued share capital as of March 31, 2019[66]. Accounting and Financial Reporting - The financial data presented is unaudited and prepared in accordance with Hong Kong Financial Reporting Standards[18]. - There were no significant impacts from the adoption of new accounting standards on the financial data for the three months ended March 31, 2019[20]. - The group adopted Hong Kong Financial Reporting Standard 16 on January 1, 2019, resulting in adjustments to the financial statements without restating comparative figures[29]. - The initial application of HKFRS 16 led to a decrease in operating lease expenses by HKD 370 thousand and an increase in depreciation by HKD 590 thousand for the three months ended March 31, 2019[29]. - The group recognized a right-of-use asset of HKD 2,013 thousand as of January 1, 2019, with corresponding lease liabilities of HKD 1,348 thousand for current liabilities and HKD 713 thousand for non-current liabilities[27]. - Cumulative losses as of January 1, 2019, were adjusted to HKD (68,937) thousand due to the adoption of HKFRS 16[27]. - The group has chosen to apply practical expedients for short-term leases and low-value asset leases, not applying the new accounting model to these categories[29]. - The financial cost related to lease liabilities was HKD 25 thousand for the three months ended March 31, 2019[29]. Business Operations and Strategy - The company engaged in the sale and distribution of IT products and provided maintenance and support services for IT products[15]. - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - The company aims to optimize operations and achieve higher profit margins through a review and reassessment of its business model, customer base, and product mix[52]. - The company plans to allocate more resources to enhance its repair and service support business, which may involve strategic adjustments to its business portfolio[60]. - The management anticipates the need for additional fundraising activities to support operational capital expenditures for business development[60]. - The management is reviewing business operations and may implement a series of strategic plans in the coming quarters to create new opportunities[60]. Other Financial Information - As of March 31, 2019, the company's current assets were approximately HKD 106,000,000, down from HKD 137,000,000 as of March 31, 2018[61]. - The company's cash and cash equivalents amounted to approximately HKD 84,000,000 as of March 31, 2019, compared to HKD 35,000,000 as of March 31, 2018[61]. - The group has not reported inter-segment sales between its two reportable segments: IT product sales and distribution, and maintenance and service support[35]. - There were no share buybacks or redemptions during the three months ended March 31, 2019[70].

Financial Performance - The group's revenue for the year ended December 31, 2018, was approximately HKD 299.1 million, representing a growth of about 200% compared to the previous year[27]. - Total revenue for the year ended December 31, 2018, was approximately HKD 299,109,000, an increase of about 200% compared to HKD 98,966,000 for the year ended December 31, 2017[47]. - Revenue from the sale and distribution of IT products accounted for approximately 99.9% of total revenue, with a strong growth of about 200% year-over-year[34]. - Sales in the North American market reached HKD 189,990,000, contributing approximately 63.5% to total revenue, up from 51.2% in 2017[38]. - The company recorded a net loss of approximately HKD 14,606,000 for the year ended December 31, 2018, compared to a loss of approximately HKD 13,214,000 in 2017, mainly attributed to increased administrative expenses[53]. Profitability and Margins - The gross profit margin decreased from 8.2% in 2017 to 5.0% in 2018, primarily due to the inclusion of third-party IT products and discounts offered to expand the customer base[27]. - The gross profit margin decline is attributed to the introduction of third-party IT products and the need for discounts to attract customers[27]. - Gross profit increased by approximately HKD 6,675,000 to about HKD 14,838,000 for the year ended December 31, 2018, consistent with business volume growth, but overall gross margin decreased from 8.2% in 2017 to 5.0% in 2018 due to lower profit margins from third-party IT products compared to proprietary brand products[49]. Expenses and Costs - Administrative expenses increased by 33.2%, mainly due to foreign exchange losses from the depreciation of the Euro and one-time professional fees related to strategic investments[27]. - Sales cost increased by approximately 213% to about HKD 284,271,000 for the year ended December 31, 2018, compared to HKD 90,803,000 for the previous year[48]. - Administrative expenses rose by approximately 33.2% to about HKD 22,081,000 for the year ended December 31, 2018, primarily due to foreign exchange losses from euro depreciation and one-time professional fees related to strategic investments[52]. Strategic Plans and Investments - The company plans to allocate resources to distribution business and key IT product maintenance and support services in the coming quarters[28]. - Capital expenditure plans will be implemented to enhance the company's "green technology" capabilities, focusing on repair, recycling, remanufacturing, and circular economy[28]. - The company aims to strengthen its management team, expand international coverage, and broaden its customer base in the future[28]. - Additional fundraising activities may be necessary to provide working capital for business development[28]. - The company is committed to developing new technologies for target market segments to deepen relationships with customers and partners, thereby improving profitability[28]. Market and Competition - The company acknowledges the ongoing intense competition in its operations[28]. - The company has identified potential business opportunities by procuring electronic product components for target customers, including well-known IT brands[37]. - The company continues to invest in R&D to develop and upgrade new products to maintain its competitive advantage in the market[42]. Financial Position and Assets - As of December 31, 2018, the company's current assets net value was approximately HKD 107,206,000, and cash and cash equivalents were about HKD 72,369,000[64]. - The company had no outstanding borrowings as of December 31, 2018, and the capital debt ratio was 0%[65][67]. - Inventory levels decreased by approximately 88.0% to about HKD 12,327,000 as of December 31, 2018, due to improved inventory management controls[54]. - Accounts receivable increased by approximately 487% to about HKD 5,801,000 as of December 31, 2018, due to new credit limits granted to customers[54]. Shareholder and Governance - The company did not declare any dividends for the year ended December 31, 2018, consistent with the previous year[56]. - The company has adopted a share option scheme to attract and retain talent, which allows for the issuance of options not exceeding 1% of the issued shares within any 12-month period[110]. - The company has not issued any new shares during the year ended December 31, 2018[102]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[148]. - The company confirms it has sufficient public float, with at least 25% of its issued shares held by the public[132]. Risk Management and Compliance - The company has complied with all relevant environmental laws and regulations during the fiscal year[135]. - The company’s internal control system aims to maintain asset integrity and ensure accurate financial reporting, with a commitment to continuous improvement in risk management measures[179]. - The group has established a continuous process to identify, assess, and manage major risks faced by the organization[186]. - The audit committee, with assistance from management and external auditors, reviews the effectiveness of the group's risk management and internal control systems[186]. Communication and Transparency - The company maintains a high level of transparency to enhance investor relations, providing timely updates on business developments and financial performance through various reports[199]. - The company has established a shareholder communication policy to ensure effective communication between the board and shareholders[197].