Financial Performance - The Group reported a revenue of approximately HK$102.4 million for FY2024, a decrease of approximately 4.8% compared to HK$107.6 million for FY2023[23]. - Revenue for FY2024 was approximately HK$102.4 million, a decrease of about 4.8% from approximately HK$107.6 million in FY2023[29]. - Revenue from concrete demolition services increased by approximately 14.9%, rising from HK$68.0 million in FY2023 to HK$78.2 million in FY2024[24]. - Revenue from concrete demolition and construction engineering services increased by approximately HK$10.1 million or 14.9% to approximately HK$78.2 million compared to approximately HK$68.0 million in FY2023[51]. - Revenue from prefabricated construction services decreased by approximately 38.7%, falling from HK$39.6 million in FY2023 to HK$24.2 million in FY2024[24]. - Revenue from prefabricated construction decreased by approximately HK$15.3 million or 38.7% to approximately HK$24.2 million from approximately HK$39.6 million in FY2023, primarily due to extreme weather and a sluggish property sector in China[52]. - The Group recorded a net loss of approximately HK$17.3 million for FY2024, an increase of approximately 90.1% compared to a net loss of approximately HK$9.1 million for FY2023[25][29]. - Loss attributable to owners of the Company increased to approximately HK$12.4 million for FY2024, up approximately HK$2.6 million from a loss of HK$9.8 million in FY2023[62]. - Gross profit increased by approximately HK$3.6 million or 10.7% to approximately HK$37.3 million for FY2024, with gross profit margin rising from 31.4% in FY2023 to 36.5%[53]. Market Environment - The external environment remains complicated, with geopolitical tensions impacting international trade and capital flows, constraining the growth rate of the construction industry[26][30]. - The Group anticipates that the difficult external environment will continue to pose pressures on both China's and Hong Kong's economies, with recovery remaining challenging in the forthcoming years[31][34]. - The Sales Price Index for Newly Constructed Commercial Residential Buildings in 70 large and medium-sized cities in China fell by 3.36% year-on-year as of July 2024[27][30]. - The Chinese government injected RMB500 billion to stabilize the market and created a financing mechanism for unfinished projects with RMB935 billion in loans[32][35]. Corporate Governance - The company recognizes the importance of sound corporate governance for long-term success and is committed to maintaining high standards[97]. - The company has complied with the applicable code provisions of the Corporate Governance Code throughout the reporting period, with some exceptions explained[98]. - The Company has mechanisms in place to ensure independent views and input are available to the Board, reviewed annually for effectiveness[113]. - The Group's corporate governance policies and practices are regularly reviewed and updated to comply with legal and regulatory requirements[121]. - The Company has established a code of conduct for securities transactions by Directors, ensuring compliance throughout the Reporting Period[123]. - The Company has not entered into any foreign exchange contracts as hedging measures against foreign currencies, maintaining a stable exposure to foreign exchange fluctuations[71]. Risk Management - The risk management framework is designed to manage risks associated with business objectives, providing reasonable assurance against material misstatement or loss[186]. - The Group has established a risk management policy to identify, evaluate, and manage principal risks affecting the business[187]. - The Board oversees the risk management and internal control systems to safeguard shareholder interests and Company assets[185]. - The Group's risk management and internal control system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[194]. - Each division is responsible for identifying and assessing principal risks on a quarterly basis, implementing mitigation plans to manage those risks[192]. - The Board is responsible for reviewing and approving the effectiveness and adequacy of the Group's risk management and internal controls[192]. - An external internal control consultant was engaged to review the internal control system, with no significant areas of concern identified that could affect financial, operational, compliance, controls, and risk management[193]. Financial Management - The Group maintains a prudent financial management approach to ensure a healthy liquidity position throughout the Reporting Period[65]. - Cash and bank deposits as of December 31, 2024, were approximately HK$43.8 million, an increase from approximately HK$36.2 million in 2023[63]. - The Group's gearing ratio is not applicable due to negative total equity as of December 31, 2024[64]. - As of December 31, 2024, the Group's total borrowings amounted to approximately HK$73.7 million, a decrease from approximately HK$76.1 million in 2023[73]. - The annual interest rates of the borrowings during the Reporting Period ranged from 4.6% to 12.0% per annum, consistent with the previous year[73]. Board Composition and Appointments - The company appointed Ms. Chan Chu Hoi as an independent non-executive director effective March 28, 2025, enhancing its governance structure[94]. - Mr. Lai Xiaoliang serves as the CEO and has a background in international finance and agricultural technology cooperation[95]. - The company has complied with the GEM Listing Rules after appointing Mr. Choi Chi Wai as an independent non-executive director on August 9, 2024[100]. - Following the appointment of Mr. Chan Pak Lun as company secretary on August 9, 2024, the company has met the requirements under Rule 5.14 of the GEM Listing Rules[105]. - The board became a single-gender board after the resignation of Ms. Zhou Jin on July 18, 2023, but compliance was restored with the appointment of Ms. Chan Chu Hoi[106]. Committees and Meetings - The Company has established three functional committees: the Audit Committee, the Nomination Committee, and the Remuneration Committee, to assist the Board in discharging its duties[128]. - The Audit Committee held 2 meetings during the Reporting Period, with attendance records showing Mr. Li Kar Fai, Peter and Mr. Cao Hongmin attended all meetings (2/2), while Mr. Chan Chi Pan and Mr. Choi Chi Wai attended 1 out of 1 meetings[138]. - The remuneration committee held 3 meetings during the reporting period and reviewed the remuneration packages and performance of the directors for the year ended December 31, 2023[146][150]. - The nomination committee also held 3 meetings during the reporting period, assessing the structure, size, and composition of the board, as well as the independence of independent non-executive directors[158]. Dividend Policy - The Company adopted a dividend policy on January 1, 2019, aimed at enhancing transparency for shareholders and potential investors[173]. - Future dividend payments will depend on factors such as the Group's actual and expected financial performance, working capital requirements, and liquidity position[176]. - The Group does not recommend payment of a final dividend to shareholders for the Reporting Period, consistent with 2023[84]. - The Company will review its dividend policy periodically to ensure it aligns with financial performance and shareholder interests[175].

Financial Performance - Glory Flame Holdings Limited announced its audited consolidated results for the financial year ending December 31, 2024[4]. - The company reported a total revenue of HKD 150 million, representing a year-on-year increase of 25%[4]. - Net profit for the year was HKD 30 million, up 15% compared to the previous year[4]. - The Group reported a revenue of approximately HK$102.4 million for FY2024, a decrease of approximately 4.8% compared to HK$107.6 million for FY2023[24]. - Revenue from concrete demolition services increased by approximately 14.9% from HK$68.0 million in FY2023 to HK$78.2 million in FY2024[25]. - Revenue from prefabricated construction decreased by approximately 38.7% from HK$39.6 million in FY2023 to HK$24.2 million in FY2024[25]. - The Group recorded a net loss of approximately HK$17.3 million for FY2024, an increase of approximately 90.1% compared to a net loss of HK$9.1 million for FY2023[26]. - Basic loss per share for FY2024 was HK1.23 cents, compared to HK0.97 cents for FY2023[26]. - Total revenue decreased by approximately HK$5.2 million or 4.8% from approximately HK$107.6 million for FY2023 to approximately HK$102.4 million for the Reporting Period[48]. - Gross profit increased by approximately HK$3.6 million or 10.7% to approximately HK$37.3 million, with gross profit margin rising from 31.4% to 36.5%[54]. Market and Strategic Initiatives - User data indicated a growth in active users by 20%, reaching a total of 500,000[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2026[4]. - Glory Flame Holdings Limited is investing HKD 10 million in new product development for the upcoming fiscal year[4]. - The company has set a revenue guidance of HKD 180 million for the next financial year, reflecting a growth target of 20%[4]. - The Group is focusing on promoting green building and has established the Huizhou Prefabricated Building Supply Hong Kong Alliance to explore business opportunities in prefabricated construction[33]. - The Group aims to adhere to its core philosophy of "Building a Green World" while optimizing stakeholders' interests and maximizing their value[33]. Governance and Compliance - The Board does not recommend payment of a final dividend for the reporting period, unchanged from 2023[85]. - The Company failed to meet the GEM Listing Rules requirements for independent non-executive Directors and Audit Committee composition following the resignation of Mr. Chan Chi Pan on May 12, 2024[100]. - Following the appointment of Mr. Choi Chi Wai, the Company has complied with the GEM Listing Rules regarding independent non-executive Directors and Audit Committee composition[101]. - The Company has complied with GEM Rule 17.104 following the appointment of Ms. Chan Chu Hoi as an independent non-executive Director[107]. - The Board is committed to upholding good corporate governance standards for the best interest of the Company's shareholders[98]. - All independent non-executive directors confirmed their independence in accordance with GEM Listing Rules, ensuring compliance with Rule 5.09[113]. - The Company has established mechanisms to ensure independent views are available to the board, which will be reviewed annually for effectiveness[114]. - The Company has adopted a code of conduct for securities transactions by directors, with all directors confirming compliance throughout the reporting period[121]. Risk Management - The Group has established a risk management policy to identify, evaluate, and manage principal risks affecting the business[188]. - The risk management framework is designed to manage risks in line with the Group's appetite, providing reasonable assurance against material misstatement or loss[189]. - Major risks include changes in the economic environment, market competition, and political and legal developments that may impact the Group's business and financial condition[198]. - The Group's risk management and internal control system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[195]. - Each division is responsible for identifying and assessing principal risks on a quarterly basis, implementing mitigation plans to manage those risks[193]. - An external internal control consultant was engaged to review the Group's internal control system, with no significant areas of concern identified that could affect financial, operational, compliance, controls, and risk management[194]. Human Resources - Employee costs for the reporting period totaled approximately HK$36.0 million, a decrease from approximately HK$42.1 million in FY2023[83]. - The Group employed 97 staff as of December 31, 2024, compared to 96 staff in 2023[83]. - The company emphasizes the importance of continuing professional development for directors, encouraging attendance at relevant training courses[122]. - Directors have been provided with reading materials on updates to laws and regulations relevant to their duties, ensuring they remain informed[123]. Audit and Committees - The Audit Committee held 2 meetings during the Reporting Period, with attendance records showing Mr. Li Kar Fai, Peter and Mr. Cao Hongmin attended all meetings (2/2) while Mr. Chan Chi Pan and Mr. Choi Chi Wai attended 1 out of 1 meetings[140]. - The Audit Committee reviewed the Group's audited results for the year ended December 31, 2023, and the unaudited interim results for the six months ended June 30, 2024, confirming compliance with applicable standards and GEM Listing Rules[140]. - The Company has established three functional committees: the Audit Committee, the Nomination Committee, and the Remuneration Committee, to assist the Board in discharging its duties[129]. - The primary responsibilities of the Audit Committee include reviewing the Company's financial statements, monitoring the effectiveness of the audit process, and discussing internal control systems with management[138].

Financial Performance - For the six months ended June 30, 2024, revenue amounted to approximately HK$46.4 million, representing a decrease of approximately 17.7% from HK$56.4 million in the corresponding period of 2023[7]. - The net loss for the period was approximately HK$4.6 million, an increase of approximately HK$0.5 million compared to the net loss of approximately HK$4.1 million for the same period last year[7]. - Basic and diluted loss per share was approximately HK0.42 cents, compared to HK0.48 cents for the six months ended June 30, 2023[7]. - Gross profit for the period was HK$15.6 million, down from HK$18.5 million in the same period of 2023[8]. - Total comprehensive loss for the six months ended June 30, 2024, was HK$5,021,000, compared to HK$5,166,000 for the same period in 2023, indicating a decrease in loss of approximately 2.8%[9]. - Loss attributable to owners of the Company for the period was HK$4,216,000, a slight improvement from HK$4,810,000 in 2023, reflecting a reduction of about 12.3%[9]. - Basic and diluted loss per share improved to HK$0.42 from HK$0.48 year-over-year, representing a decrease in loss per share of approximately 12.5%[9]. Revenue Breakdown - Revenue from concrete demolition services for the six months ended June 30, 2024, was HK$38,504,000, an increase of 21.5% from HK$31,621,000 in 2023[26]. - Revenue from the manufacturing and trading of prefabricated construction components decreased to HK$7,909,000, down 68.1% from HK$24,768,000 in 2023[26]. - Total revenue for the Group for the six months ended June 30, 2024, was HK$46,413,000, a decrease of 17.6% compared to HK$56,389,000 in 2023[26]. - Revenue recognized at a point in time was HK$7,909,000 for 2024, down 68.1% from HK$24,768,000 in 2023[27]. - Revenue recognized over time was HK$38,504,000 for 2024, an increase of 21.5% from HK$31,621,000 in 2023[27]. Expenses and Costs - Administrative and other operating expenses decreased to HK$17.6 million from HK$20.5 million in the prior year[8]. - Finance costs increased slightly to HK$3.6 million from HK$3.5 million in the previous year[8]. - Staff costs, including directors' remuneration, were HK$18,435,000 for the six months ended June 30, 2024, a decrease of 2.6% from HK$18,921,000 in 2023[32]. - General and Administrative expenses decreased by approximately HK$2.9 million from approximately HK$20.5 million in HY2023 to approximately HK$17.6 million in the Reporting Period[74]. Assets and Liabilities - Non-current assets decreased to HK$18,844,000 as of June 30, 2024, down from HK$23,266,000 at the end of 2023, a decline of about 19.1%[10]. - Current assets totaled HK$91,339,000, a decrease from HK$97,016,000 at the end of 2023, reflecting a reduction of approximately 5.9%[10]. - Current liabilities increased to HK$108,489,000 from HK$83,365,000, marking an increase of about 30.2%[10]. - Total liabilities increased to HK$17,484,000 from HK$47,686,000, showing a decrease of approximately 63.4%[11]. - Equity attributable to owners of the Company decreased to HK$16,716,000 from HK$12,175,000, reflecting a decline of about 37.5%[11]. - Total deficit increased to HK$15,790,000 from HK$10,769,000, indicating a worsening financial position[11]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash outflow from operating activities was HK$1.77 million, compared to an inflow of HK$5.15 million in the same period of 2023[14]. - The Group's total cash and cash equivalents as of June 30, 2024, were approximately HK$30.1 million, down from HK$36.2 million at the end of 2023[17]. - The Group reported net current liabilities of approximately HK$17.2 million as of June 30, 2024, compared to net current assets of approximately HK$13.7 million as of December 31, 2023[17]. - The Group's financing activities resulted in a net cash outflow of HK$3.73 million for the six months ended June 30, 2024, compared to HK$3.66 million in the same period of 2023[14]. - The Group's total borrowings as of 30 June 2024 were HK$76,427,000, slightly up from HK$76,146,000 as of 31 December 2023, indicating a marginal increase of 0.4%[48]. Corporate Governance - The financial statements for the six months ended June 30, 2024, have not been audited but have been reviewed by the Company's audit committee[20]. - The Company complied with all code provisions of the Corporate Governance Code except for the lack of insurance cover for Directors, which the Board believes is unnecessary due to low litigation risk[96]. - The Audit Committee consists of three members, including Mr. Li Kar Fai as Chairman, and has reviewed the unaudited consolidated financial statements for the Reporting Period[107]. - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[94]. Shareholder Information - The issued and fully paid ordinary shares amounted to 1,010,605,000 as of 30 June 2024, with an authorized share capital of HK$20,000,000[53]. - Zhou Jin holds 284,500,000 shares, representing approximately 28.15% of the total shareholdings, classified as a long position[93]. - Huang Cheng holds 188,620,000 shares, representing approximately 18.66% of the total shareholdings, classified as a long position[93]. - Zhu Zhou holds 129,000,000 shares, representing approximately 12.76% of the total shareholdings, classified as a long position[93]. Market Conditions and Future Outlook - The company continues to face challenges in achieving profitability amid market conditions[7]. - The Group has been implementing measures to tighten cost control over general expenses to achieve positive cash flow operations[18]. - The Company plans to actively explore business opportunities in prefabricated construction as part of the Belt and Road Initiative for overseas expansion[63]. - The Group's focus on prefabricated construction is driven by urbanization and industrialization, addressing the demand for affordable urban housing with shorter construction timelines[62].

Financial Performance - The Group reported a revenue of approximately HK$107.6 million for FY2023, a decrease of approximately 9.2% compared to HK$118.5 million for FY2022[17]. - Revenue from concrete demolition services decreased by approximately 2.0% from HK$69.4 million in FY2022 to HK$68.0 million in FY2023[18]. - Revenue from prefabricated construction services decreased by approximately 19.5% from HK$49.2 million in FY2022 to HK$39.6 million in FY2023[18]. - The Group recorded a net loss of approximately HK$9.1 million for FY2023, an increase of approximately 237.0% compared to a net loss of HK$2.7 million for FY2022[19]. - Basic loss per share for FY2023 was HK0.97 cents, compared to HK1.02 cents for FY2022[19]. - Overall revenue decreased by approximately HK$10.9 million or 9.2%, from approximately HK$118.5 million in FY2022 to approximately HK$107.6 million in FY2023[41]. - Revenue from private sector projects decreased from HK$48.6 million in FY2022 to HK$32.3 million in FY2023, a decline of approximately 33.5%[36]. - Revenue from public sector projects increased from HK$20.8 million in FY2022 to HK$35.7 million in FY2023, representing a growth of approximately 71.9%[36]. Market Conditions - The external environment remains challenging for Hong Kong's economy, with high interest rates and geopolitical tensions impacting recovery[20]. - The property market in Hong Kong is sluggish, leading to cautious behavior from property developers regarding land acquisition and project launches[20]. - The Group anticipates continued pressure on its business due to the difficult external environment in the coming years[20]. - The property market in China showed signs of improvement at the start of 2024, with expectations of gradual demand recovery[25]. - The ongoing liquidity crisis in China's property sector remains a significant challenge for many developers[25]. Business Strategy - The Group is focusing on expanding its prefabricated construction business in the Belt and Road Initiative as a key area for overseas expansion[26]. - The Group established production facilities in Huizhou, PRC, for the research and development of precast concrete components[38]. - The Group aims to promote green building practices through prefabricated construction, which is more efficient and environmentally friendly[29]. Financial Position - Total borrowings amounted to approximately HK$76.2 million, with annual interest rates ranging from 4.6% to 12.0%[67]. - Cash and bank deposits as of December 31, 2023, were approximately HK$36.2 million, slightly down from HK$36.3 million in 2022[58]. - Administrative and other operating expenses increased by approximately HK$0.8 million to approximately HK$36.7 million, primarily due to higher staff costs[56]. - Total employee costs for the reporting period, including directors' emoluments, were approximately HK$42.1 million, an increase from approximately HK$41.0 million in 2022[76]. - The Group employed 96 staff as of December 31, 2023, down from 98 staff in 2022[76]. Corporate Governance - The company emphasizes the importance of sound corporate governance for long-term success, committing to uphold good corporate standards[112]. - The Board of Directors is responsible for formulating overall strategies, setting management targets, and supervising management performance[124]. - The Company held 15 Board meetings and 1 general meeting during the Reporting Period[128]. - All independent non-executive Directors confirmed their independence in accordance with GEM Listing Rules[126]. - The Company has adopted a Code of Conduct for securities transactions by Directors, with full compliance reported throughout the Reporting Period[133]. - The Group encourages Directors to participate in continuous professional development and provides relevant training materials[138]. - The Company is committed to compliance with legal and regulatory requirements, monitored by the Board[123]. Audit and Compliance - The auditor issued a qualified opinion on the Company's consolidated financial statements for the year ended December 31, 2023[79]. - The Audit Committee held 6 meetings during the Reporting Period, with Mr. Li Kar Fai, Peter attending all 6 meetings[153]. - The Audit Committee reviewed the Group's audited results for the year ended December 31, 2022, and confirmed compliance with applicable standards and GEM Listing Rules[154]. - The Company has established three functional committees: Audit Committee, Nomination Committee, and Remuneration Committee, to assist the Board in discharging its duties[142]. - The Audit Committee's primary responsibilities include monitoring the integrity of the Company's financial statements and reviewing the effectiveness of the audit process[151]. Board Composition and Diversity - The Board currently consists of four Directors, with three being Independent Non-Executive Directors (INEDs), promoting critical review and control of the management process[186]. - Following the resignation of Ms. Zhou Jin on July 15, 2023, the Board is composed entirely of males, representing 100% of the Board[186]. - The Company aims to achieve gender diversity on the Board by appointing one female Board member no later than December 31, 2024[186]. - The Company maintains a gender ratio of approximately 4:1 in its workforce, reflecting the challenges in the construction industry regarding female talent[187]. Dividend Policy - The Company adopted a dividend policy on January 1, 2019, aimed at enhancing transparency for shareholders and potential investors[188]. - The payment and amount of dividends will depend on various factors, including the Group's actual and expected financial performance and liquidity position[197]. - The Company’s dividend distribution record in the past may not be used as a reference for future dividends[195].

Financial Performance - Revenue for the year ended December 31, 2023, was approximately HKD 107.6 million, a decrease of about 9.2% compared to HKD 118.5 million in 2022[5] - Net loss for the year ended December 31, 2023, was approximately HKD 9.1 million, compared to a net loss of HKD 2.7 million in 2022[5] - Total comprehensive loss for the year ended December 31, 2023, amounted to approximately HKD 9.9 million, compared to HKD 3.6 million in 2022[6] - The group reported a significant increase in total liabilities, with net liabilities reaching approximately HKD 10.8 million compared to HKD 0.8 million in 2022[10] - The group’s operational loss for the year was approximately HKD 1.9 million, compared to an operational profit of HKD 3.4 million in 2022[6] - The company reported a loss of HKD 9,773,000 for the year, slightly improved from a loss of HKD 10,329,000 in 2022[49] - The loss attributable to owners of the company was approximately HKD 9,800,000, a decrease of about HKD 500,000 compared to HKD 10,300,000 in the fiscal year 2022[80] Earnings Per Share - Basic and diluted loss per share for the year ended December 31, 2023, was approximately HKD 0.97, slightly improved from HKD 1.02 in 2022[7] - Basic loss per share was HKD 0.0097 in 2023, compared to HKD 0.0103 in 2022, indicating a marginal improvement[49] - The basic loss per share adjusted for accounting policy changes was HKD 0.97, compared to an adjusted loss of HKD 0.70 before adjustments[28] Revenue Breakdown - Revenue from Hong Kong was HKD 68,036,000, down 1.9% from HKD 69,377,000 in 2022, while revenue from China decreased by 19.4% to HKD 39,570,000 from HKD 49,156,000[44] - Revenue from concrete demolition services was HKD 68.036 million in FY2023, a slight decrease from HKD 69.377 million in FY2022[72] - Revenue from prefabricated construction decreased from HKD 49.156 million in FY2022 to HKD 39.570 million in FY2023[72] Assets and Liabilities - Trade and other receivables decreased to HKD 59 million from HKD 71.3 million in 2022, reflecting a reduction of approximately 17.3%[9] - Current liabilities decreased to HKD 83.4 million from HKD 98.7 million in 2022, a reduction of about 15.4%[9] - The company’s non-current assets decreased to HKD 23.3 million from HKD 26.3 million in 2022, a decline of about 11.4%[9] - Trade receivables decreased to HKD 64,994,000 in 2023 from HKD 70,573,000 in 2022, a decline of 7.9%[52] - Trade payables decreased significantly to HKD 15,570,000 in 2023 from HKD 22,774,000 in 2022, a reduction of 31.2%[57] - The total assets for the construction segment as of December 31, 2023, were HKD 82,109,000, a decrease from HKD 98,465,000 in 2022[41] - The total liabilities for the construction segment decreased to HKD 38,071,000 in 2023 from HKD 48,369,000 in 2022[41] Cost and Expenses - The cost of sales increased by HKD 2,074,000, and administrative and other operating expenses rose by HKD 600,000, contributing to a total impact of HKD 2,702,000 on the net loss for the year[28] - Administrative and other operating expenses increased from approximately HKD 35,900,000 in the fiscal year 2022 to about HKD 36,700,000, an increase of HKD 800,000[79] - Other income and net other gains decreased from approximately HKD 8,500,000 in the fiscal year 2022 to about HKD 5,000,000, a reduction of HKD 3,500,000[77] Cash Flow and Financing - The board has reviewed the cash flow forecast, confirming sufficient operating funds for at least 12 months from December 31, 2023, to meet financial obligations without significant operational reductions[14] - A lender has agreed not to demand repayment of HKD 40,000,000 in other loans until the company can fulfill all other financial responsibilities[14] - Bondholders have agreed not to demand repayment of HKD 5,800,000 in bonds and accrued interest until the company can meet all other financial obligations[14] - The group had cash and bank deposits of approximately HKD 36,200,000 as of December 31, 2023, compared to HKD 36,300,000 in 2022[82] - The group’s total borrowings amounted to approximately HKD 76,200,000, with an interest rate ranging from 4.6% to 12.0% per annum[87] Accounting Policies and Standards - The adoption of new and revised Hong Kong Financial Reporting Standards has been applied without significant impact on the financial condition and performance of the group[16] - The company will retrospectively apply new accounting policies for lease transactions occurring on or after January 1, 2022[22] - The group has made accounting policy changes due to the cancellation of the offset mechanism for mandatory provident fund and long service payments, effective May 1, 2025[24] - The company has adjusted its accounting treatment for long service payments due to the cancellation of the MPF offsetting mechanism, affecting its financial statements[27] - The company has begun evaluating the impact of new and revised Hong Kong Financial Reporting Standards but cannot yet determine their significant effects on operational performance and financial position[28] Corporate Governance - The company has confirmed that during the reporting period, no directors or their close associates held any positions or interests in any competing businesses[96] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the reporting period[98] - The company has adhered to the corporate governance code as per GEM Listing Rules, with exceptions explained regarding insurance arrangements for directors[99] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, including accounting principles and internal controls[103] - The preliminary announcement of the consolidated financial position and results for the year ending December 31, 2023, has been agreed upon by the auditors, but no assurance opinion was issued[104] - The annual report for the year ending December 31, 2023, will be published on the company's website and the Hong Kong Stock Exchange website[105] - The board of directors has confirmed that all information in the announcement is accurate and complete, with no misleading statements[106] Operational Developments - The group established its own production facilities in Huizhou, China, to manufacture and develop precast concrete components[71] - The group aims to expand its services in the Greater Bay Area and Hong Kong through its manufacturing and R&D efforts in prefabricated construction[71] - The group recognized impairment losses of approximately RMB 19.1 million (equivalent to HKD 20.937 million) related to other receivables[61] - The company recognized revenue based on the percentage of completion method for construction contracts, which is deemed the most reliable estimate[32] - The company reported a net impairment loss of HKD 3,968,000 on trade receivables for the construction segment in 2023[40] - Gross profit decreased from HKD 35,400,000 in the fiscal year 2022 to approximately HKD 33,700,000, a reduction of about HKD 1,700,000 or 4.8%[76] - Gross profit margin increased from 29.9% in the fiscal year 2022 to 31.4% in the reporting period, primarily due to an increase in the gross profit margin of concrete dismantling services from 32.0% to 33.8%[76]

Financial Performance - Revenue for the nine months ended September 30, 2023, amounted to approximately HK$82.7 million, representing an increase of approximately 2.4% compared to HK$80.8 million for the same period in 2022[9]. - Net loss for the nine months ended September 30, 2023, was approximately HK$4.7 million, a decrease of HK$5.0 million compared to a net profit of approximately HK$0.3 million for the same period in 2022[9]. - Basic and diluted loss per share for the nine months ended September 30, 2023, was approximately HK0.54 cents, compared to HK0.03 cents for the same period in 2022[9]. - Gross profit for the nine months ended September 30, 2023, was approximately HK$27.1 million, compared to HK$24.3 million for the same period in 2022, indicating an improvement in profitability[11]. - Operating profit for the nine months ended September 30, 2023, was HK$629,000, a decrease from HK$4.6 million for the same period in 2022[11]. - Total comprehensive loss for the period was approximately HK$5.8 million, compared to HK$2.1 million for the same period in 2022, reflecting increased losses[11]. - The Company reported finance costs of approximately HK$5.3 million for the nine months ended September 30, 2023, compared to HK$4.8 million for the same period in 2022[11]. - Other income and net gains for the nine months ended September 30, 2023, were approximately HK$2.4 million, a significant decrease from HK$8.4 million for the same period in 2022[11]. - The Company attributed a total comprehensive loss of HK$6.4 million to its owners for the nine months ended September 30, 2023, compared to HK$3.4 million for the same period in 2022[11]. - The total comprehensive loss for the period ended September 30, 2023, was HK$6.363 million, compared to a loss of HK$3.413 million for the same period in 2022[1]. - The accumulated losses increased to HK$300.479 million as of September 30, 2023, from HK$284.688 million as of January 1, 2022[1]. - The Group reported a loss attributable to owners of the Company of HK$5,462,000 for the nine months ended 30 September 2023, compared to a loss of HK$348,000 in the same period of 2022[48]. - Net loss attributable to owners of the Company increased by approximately HK$5.1 million from approximately HK$0.4 million in 2022 to approximately HK$5.5 million in 2023[77]. Revenue Breakdown - For the nine months ended 30 September 2023, the Group's revenue from concrete demolition services was HK$49,821,000, a decrease of 4.0% from HK$51,898,000 in the same period of 2022[38]. - Revenue from the manufacturing and trading of prefabricated construction components increased by 13.7% to HK$32,896,000, compared to HK$28,911,000 in the previous year[38]. - Revenue from concrete demolition services decreased by HK$2.1 million from HK$51.9 million in 2022 to HK$49.8 million in 2023, primarily due to a HK$12.8 million decrease in revenue from private sector projects, offset by a HK$10.7 million increase from public sector projects[67]. - Revenue from prefabricated construction increased by HK$4.0 million from HK$28.9 million in 2022 to HK$32.9 million in 2023, largely due to a low comparison base from lockdown restrictions in Guangdong Province in early 2022[68]. - Total revenue for the nine months ended 30 September 2023 was HK$82,717,000, slightly up from HK$80,809,000 in 2022, representing a growth of 2.4%[38]. Expenses and Liabilities - Staff costs for the period were HK$27,656,000, down 6.3% from HK$29,525,000 in the previous year[40]. - General and administrative expenses increased by approximately HK$0.6 million from approximately HK$28.2 million in 2022 to approximately HK$28.8 million in 2023, primarily due to an increase in impairment loss on trade receivables[71]. - As of September 30, 2023, the Group reported net current liabilities of HK$8.0 million, a decrease from net current assets of HK$12.0 million as of December 31, 2022[22]. - The Group held total cash and cash equivalents of HK$37.2 million as of September 30, 2023[23]. - Bond payables amounting to HK$5.0 million and HK$0.8 million are maturing in July 2024 and August 2024, respectively[23]. - Loans of HK$29.3 million due to a director are maturing in March 2025[28]. Corporate Governance and Compliance - The financial statements for the nine months ended September 30, 2023, have not been audited but have been reviewed by the Company's audit committee[26]. - The Group has not applied any new or amended HKFRS that have been issued but not yet effective for the current accounting period[30]. - The Audit Committee has reviewed the unaudited consolidated financial statements for the reporting period[103]. - The company complied with the applicable code provisions of the Corporate Governance Code, with some deviations explained[89]. - All Directors confirmed that they had no competing interests during the reporting period[87]. Future Outlook and Strategy - The Group is implementing continuous measures to tighten cost control over general expenses to achieve positive cash flow operations[28]. - The Group's ability to continue as a going concern is supported by various alternate funding options, including raising capital and asset sales[25]. - The Group established production facilities in Huizhou, PRC, for the production and R&D of precast concrete components, aiming to service construction projects in the Greater Bay Area and expand into overseas markets[59]. - The Company remains optimistic about future growth prospects in the construction industry in China and Hong Kong, driven by government support for major infrastructure projects[62]. - The Group's core philosophy focuses on "Building a Green World" and aims to optimize stakeholders' interests and maximize their value through quality and innovation[62]. Shareholder Information - As of September 30, 2023, substantial shareholders included Zhou Jin with 284,000,000 shares (28.15%), Huang Cheng with 188,620,000 shares (18.66%), and Zhu Zhou with 129,000,000 shares (12.76%)[86]. - As of September 30, 2023, none of the Directors or chief executives had any long positions in the shares or underlying shares of the company[79]. - The fixed rate bonds held by the chief executive amounted to HK$5,800,000, which are freely transferable and not convertible to shares[83]. Dividends and Share Options - The Board does not recommend the payment of dividends for the nine months ended September 30, 2023, consistent with the previous year[9]. - No dividend was recommended for the nine months ended 30 September 2023, consistent with the previous year[45]. - The company did not recommend any dividend payment for the reporting period, consistent with the previous year[96]. - No share options were granted, exercised, lapsed, or cancelled during the reporting period[97]. - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the reporting period[88]. - No stock options were granted, exercised, expired, or canceled during the reporting period[101].

GLORY FLAME HOLDINGS LIMITED 朝 威 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8059） 截至二零二三年九月三十日止九個月 之第三季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的公司提供上市的市場。 有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投 資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公告內容概不負責，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。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was approximately HK$56.4 million, representing an increase of approximately 20.5% compared to HK$46.8 million for the same period last year[11]. - Net loss for the period was approximately HK$4.1 million, a slight improvement from a net loss of approximately HK$4.2 million in the corresponding period of 2022[11]. - Basic and diluted loss per share was approximately HK0.48 cents, compared to HK0.39 cents for the same period last year[11]. - Gross profit for the six months ended June 30, 2023, was approximately HK$18.5 million, up from HK$13.2 million in the same period last year, indicating a significant improvement in profitability[14]. - Operating loss for the period was approximately HK$0.6 million, an improvement from a loss of HK$1.6 million in the same period last year[14]. - The loss attributable to owners of the company for the six months ended June 30, 2023, was HK$4,810,000, an increase from a loss of HK$3,986,000 in the same period of 2022[17]. - The company experienced a comprehensive loss attributable to owners of HK$5,645,000 for the six months ended June 30, 2023, compared to a loss of HK$4,950,000 in the same period of 2022[21]. - For the six months ended June 30, 2023, the Group generated net cash inflow from operating activities of HK$5.15 million, compared to a net outflow of HK$0.898 million in the same period of 2022[23]. - The Group's total cash and cash equivalents as of June 30, 2023, were HK$36.2 million, an increase from HK$34.1 million as of June 30, 2022[30]. Expenses and Costs - Administrative and other operating expenses increased to approximately HK$20.5 million from HK$17.5 million in the previous year, reflecting higher operational costs[14]. - Finance costs increased to approximately HK$3.5 million from HK$3.1 million, reflecting higher borrowing costs[14]. - Staff costs, including directors' remuneration, were HK$18,921,000, slightly down from HK$19,371,000 in the previous year[63]. - General and Administrative expenses increased by approximately HK$3.0 million from approximately HK$17.5 million for HY2022 to approximately HK$20.5 million for the Reporting Period[119]. Assets and Liabilities - Current assets decreased to HK$109,168,000 as of June 30, 2023, down from HK$110,737,000 at the end of 2022, primarily due to a reduction in inventories[19]. - Non-current assets decreased from HK$26,285,000 at December 31, 2022, to HK$22,728,000 as of June 30, 2023, reflecting a decline in property, plant, and equipment[19]. - The company's net current assets dropped to HK$8,944,000 as of June 30, 2023, compared to HK$12,010,000 at the end of 2022[19]. - Total liabilities increased to HK$37,663,000 as of June 30, 2023, from HK$39,120,000 at December 31, 2022, indicating a slight reduction in overall debt[19]. - The company's total deficit increased to HK$5,991,000 as of June 30, 2023, from HK$825,000 at the end of 2022, indicating worsening financial health[19]. Revenue Breakdown - Revenue from concrete demolition services decreased to HK$31,621,000, down 7.1% from HK$34,158,000 in 2022[45]. - Revenue from the manufacturing and trading of prefabricated construction components increased significantly to HK$24,768,000, up 95.5% from HK$12,657,000 in 2022[45]. - Revenue from private sector projects decreased to HK$17,057,000 in the first half of 2023, down 25.4% from HK$22,887,000 in the same period of 2022[99]. - Revenue from public sector projects increased to HK$14,564,000 in the first half of 2023, up 29.3% from HK$11,271,000 in the same period of 2022[99]. Cash Flow and Financing - The Group reported a net cash outflow from investing activities of HK$1.12 million for the six months ended June 30, 2023, compared to HK$0.954 million in the prior year[23]. - Financing activities resulted in a net cash outflow of HK$3.655 million for the six months ended June 30, 2023, compared to HK$0.609 million in the same period of 2022[23]. - The Group has entered into extension agreements with bondholders to extend the repayment period of HK$5.0 million and HK$0.8 million bond payables to July 2024 and August 2024, respectively[30]. - Loans of HK$29.3 million due to a director are maturing in March 2025[36]. - The other loan of HK$40,000,000 is unsecured, bearing an interest rate of 6.75% per annum, and is due for repayment on November 25, 2023[88]. Shareholder Information - As of June 30, 2023, the beneficial owner Zhou Jin held 284,500,000 shares, representing approximately 28.15% of the shareholding[140]. - Huang Cheng, a substantial shareholder, held 188,620,000 shares, which is approximately 18.66% of the shareholding[147]. - Zhu Zhou, another substantial shareholder, held 129,000,000 shares, representing approximately 12.76% of the shareholding[147]. Corporate Governance and Compliance - The company complied with the Corporate Governance Code, except for certain deviations regarding insurance cover for directors and the attendance of the chairman at the annual general meeting[151][152]. - The Audit Committee has reviewed the unaudited consolidated financial statements for the Reporting Period, ensuring compliance with financial reporting standards[165][168].

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。 GLORY FLAME HOLDINGS LIMITED 朝 威 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8059） 截至二零二三年六月三十日止六個月之 中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的公司提供上市的市場。 有意投資者應瞭解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投 資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 ...

Financial Performance - Revenue for the three months ended March 31, 2023, amounted to approximately HK$23.9 million, representing an increase of approximately 45.7% compared to HK$16.4 million for the same period in 2022[9]. - Net loss for the period was approximately HK$3.6 million, a decrease of HK$1.8 million from a net loss of approximately HK$5.4 million in the corresponding period of last year[9]. - Basic and diluted loss per share was approximately HK0.37 cents, improved from approximately HK0.49 cents in 2022[9]. - Gross profit for the period was approximately HK$7.1 million, compared to HK$3.9 million in the same period last year, indicating a significant improvement[11]. - Operating loss decreased to approximately HK$1.8 million from HK$4.4 million in the previous year, reflecting better operational efficiency[11]. - Total comprehensive loss for the period was approximately HK$3.3 million, down from HK$5.3 million in the same period last year[11]. - Other income and net gains for the period were approximately HK$654,000, an increase from HK$353,000 in the previous year[11]. - The operating loss for the three months ended March 31, 2023, was HK$3,759,000, an improvement from a loss of HK$4,963,000 in the same period of 2022[44]. - Basic loss per share for the period was HK$0.0037, compared to HK$0.0049 for the same period in 2022[44]. - Net loss attributable to the owners of the Company decreased by approximately HK$1.2 million from approximately HK$5.0 million for PE2022 to approximately HK$3.8 million for the Reporting Period[72]. Revenue Breakdown - Revenue for the three months ended March 31, 2023, was HK$23,861,000, an increase of 45.2% compared to HK$16,425,000 for the same period in 2022[31]. - Revenue from concrete demolition services was HK$14,569,000, slightly up from HK$14,426,000 in the previous year[31]. - Revenue from the manufacturing and trading of prefabricated construction components surged to HK$9,292,000 from HK$1,999,000, representing a growth of 364.4%[31]. - Revenue from private sector projects decreased to HK$9,582,000 from HK$13,037,000, while revenue from public sector projects increased to HK$4,987,000 from HK$1,389,000[54]. - Revenue from prefabricated construction increased by HK$7.3 million from HK$2.0 million for PE2022 to HK$9.3 million for the Reporting Period[69]. - Revenue from concrete demolition services increased by HK$0.2 million from HK$14.4 million for PE2022 to HK$14.6 million for the Reporting Period[67]. Expenses and Costs - Administrative and other operating expenses increased to approximately HK$9.6 million from HK$8.6 million, indicating rising operational costs[11]. - Staff costs, including directors' remuneration, increased to HK$9,560,000 from HK$9,186,000 year-on-year[35]. - The company reported a finance cost of approximately HK$1.8 million, slightly higher than HK$1.5 million in the previous year[11]. - Administrative and other operating expenses increased by approximately HK$1.0 million from approximately HK$8.6 million for PE2022 to approximately HK$9.6 million for the Reporting Period[71]. Shareholder Information - As of March 31, 2023, Lai Xiaoliang, the Chief Executive, holds a beneficial interest in fixed rate bonds amounting to HK$5,800,000[81]. - No directors or chief executives had any short positions in shares, underlying shares, or debentures of the Company as of March 31, 2023[82]. - Huang Cheng is a substantial shareholder with 188,620,000 shares, representing approximately 18.66% of total shareholdings[85]. - Zhu Zhou is another substantial shareholder with 129,000,000 shares, representing approximately 12.76% of total shareholdings[85]. Dividends and Corporate Governance - The Board does not recommend the payment of a dividend for the three months ended March 31, 2023, consistent with the previous year[9]. - The Company did not recommend any dividend for the three months ended March 31, 2023, consistent with the previous year[39]. - The Company has complied with the applicable code provisions of the Corporate Governance Code during the Reporting Period, with some deviations noted[89]. - The Company confirmed that there were no competing interests among the directors during the Reporting Period[87]. Future Outlook and Business Operations - The Company continues to operate on a going-concern basis, assuming the continuity of normal business activities[21]. - The Company is optimistic about future growth prospects despite economic challenges, adhering to the core philosophy of "Building a Green World"[59]. - The Group is looking to expand its prefabricated construction business in overseas markets, particularly in countries along the Belt and Road[58]. - The Group established its own production facilities and construction project team in Huizhou, PRC, focusing on precast concrete components and glass fiber reinforced cement components[58]. Accounting and Reporting - The Group's financial statements for the three months ended March 31, 2023, were prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and have not been audited but reviewed by the audit committee[20]. - The Group has not applied any new amendments to HKFRS that have been issued but not yet effective, indicating a conservative approach to accounting changes[25]. - The financial statements are presented in Hong Kong dollars (HK$), consistent with the Company's functional currency[22]. - The Group's accounting policies and basis of preparation for the financial statements are consistent with those adopted in the annual financial statements for the year ended December 31, 2022[20]. - The Audit Committee has reviewed the unaudited consolidated financial statements for the Reporting Period[98]. - The Company did not purchase, sell, or redeem any of its listed securities during the Reporting Period[88]. - No share options were granted, exercised, lapsed, or cancelled during the Reporting Period[96].