Financial Performance - Revenue for the six months ended June 30, 2021, amounted to approximately HK$52.0 million, a decrease of approximately 56.6% compared to HK$33.2 million for the same period in 2020[11] - Net loss for the period was approximately HK$4.7 million, a decrease of HK$4.6 million from a net loss of approximately HK$9.3 million for the corresponding period last year[11] - Basic and diluted loss per share was approximately HK$0.54 cents, compared to approximately HK$0.79 cents for the same period in 2020[11] - Gross profit for the six months ended June 30, 2021, was approximately HK$15.4 million, compared to HK$10.2 million for the same period in 2020[12] - Operating loss for the period was approximately HK$1.8 million, an improvement from an operating loss of approximately HK$6.9 million for the same period last year[12] - Profit before income tax for the period was approximately HK$0.8 million, compared to a loss of approximately HK$1.7 million for the same period in 2020[12] - The total comprehensive income for the six months ended June 30, 2021, was a loss of HK$4,552,000, an improvement from a loss of HK$9,633,000 in the same period of 2020, indicating a reduction of about 53%[14] - For the six months ended June 30, 2021, the loss attributable to the owners of the Company was HK$5,415,000, an improvement from a loss of HK$7,963,000 in the prior year[67] Revenue Breakdown - Revenue from concrete demolition services decreased to HK$29,052,000, down from HK$30,800,000 in the prior year, representing a decline of approximately 5.7%[38] - Revenue from the manufacturing and trading of prefabricated construction components significantly increased to HK$22,979,000, compared to HK$2,387,000 in the same period of 2020, marking a growth of approximately 862%[38] - Revenue from private sector projects was HK$23.8 million, down from HK$27.1 million, while revenue from public sector projects increased to HK$5.2 million from HK$3.7 million[97] - Revenue recognized at a point in time decreased to HK$29,052,000 from HK$30,800,000, while revenue recognized over time increased significantly to HK$22,979,000 from HK$2,387,000[44] - Revenue from Hong Kong was HK$29,052,000, down from HK$30,800,000, while revenue from the People's Republic of China surged to HK$22,979,000 from HK$2,387,000[47] Cash Flow and Assets - For the six months ended June 30, 2021, the net cash inflow from operating activities was HK$8,230,000, compared to a net cash outflow of HK$1,686,000 in the same period of 2020[21] - Cash and cash equivalents at June 30, 2021, amounted to HK$42,236,000, up from HK$31,056,000 at the end of June 2020, reflecting a year-over-year increase of approximately 36%[21] - The net increase in cash and cash equivalents for the period was HK$4,919,000, compared to an increase of HK$444,000 in the same period of 2020[21] - Current assets as of June 30, 2021, totaled HK$114,764,000, slightly up from HK$113,606,000 as of December 31, 2020, reflecting a marginal increase of 1%[15] - The company's net assets decreased to HK$35,300,000 as of June 30, 2021, down from HK$39,852,000 at the end of 2020, showing a decline of approximately 11%[17] Expenses and Liabilities - Administrative and other operating expenses decreased to approximately HK$17.8 million from HK$20.2 million in the previous year[12] - The company reported total liabilities of HK$97,793,000 as of June 30, 2021, compared to HK$94,501,000 at the end of 2020, reflecting an increase of about 3%[15] - The company's reserves decreased from HK$35,128,000 as of December 31, 2020, to HK$30,192,000 as of June 30, 2021, a reduction of approximately 14%[17] - Trade payables increased to HK$13,948,000 as of June 30, 2021, from HK$10,421,000 at December 31, 2020[80] Dividends and Shareholder Information - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021, consistent with the previous year[11] - The company did not recommend any interim dividend for the six months ended June 30, 2021, compared to nil in 2020[156] - Zhou Jin holds 284,500,000 shares, representing approximately 28.15% of the company's shareholding[136] - Huang Cheng is a beneficial owner of 188,620,000 shares, accounting for approximately 18.66% of the shareholding[143] - Zhu Zhou holds 129,000,000 shares, representing approximately 12.76% of the company's shareholding[143] Risk Management - The Group's financial activities are exposed to various risks, including foreign exchange risk, interest rate risk, credit risk, and liquidity risk[51] - There have been no changes in the risk management policies since the year-end[54] Corporate Governance - Throughout the reporting period, the company complied with the applicable corporate governance code provisions, with some deviations noted[150] - The Audit Committee consists of three members, including Mr. Li Kar Fai, Peter as the chairman[165] - The Audit Committee has reviewed the unaudited consolidated financial statements of the Group for the reporting period[166] - The Company was incorporated in the Cayman Islands with limited liability[170]

Financial Performance - Revenue for the three months ended March 31, 2021, amounted to approximately HK$19.9 million, representing an increase of approximately 39.2% compared to HK$14.3 million for the same period in 2020[10] - Net loss for the period was approximately HK$5.5 million, a decrease of HK$2.1 million from a net loss of approximately HK$7.6 million for the corresponding period in 2020[10] - Basic and diluted loss per share was approximately HK0.56 cents, improved from approximately HK0.69 cents in 2020[10] - Total comprehensive loss for the period was approximately HK$5.7 million, compared to HK$8.0 million for the same period in 2020[12] - Operating loss for the period was approximately HK$4.1 million, a reduction from HK$6.5 million in the previous year[12] - Gross profit for the three months ended March 31, 2021, was approximately HK$4.5 million, up from HK$3.4 million in 2020[12] - Other income and net gains for the period were approximately HK$0.4 million, compared to HK$0.2 million in 2020[12] - Revenue increased by approximately HK$5.6 million or 39.2% from approximately HK$14.3 million for the period ended 31 March 2020 to approximately HK$19.9 million for the Reporting Period[54] - The loss attributable to owners of the Company for the Reporting Period was HK$5.7 million, compared to a loss of HK$7.0 million for the same period in 2020[40] - Net loss attributable to owners of the Company decreased by approximately HK$1.3 million from approximately HK$7.0 million in PE2020 to approximately HK$5.7 million in the Reporting Period[68] Revenue Breakdown - Revenue from concrete demolition services decreased to HK$10,791,000, down 22.8% from HK$13,907,000 in the previous year[25] - Revenue from manufacturing and trading of prefabricated construction components significantly increased to HK$9,114,000, compared to HK$380,000 in the same period last year[25] - Revenue from concrete demolition services decreased by HK$3.1 million from HK$13.9 million for the period ended 31 March 2020 to HK$10.8 million for the Reporting Period, primarily due to delays caused by the Covid-19 pandemic[58] - Revenue from prefabricated construction services increased significantly from HK$0.38 million in the previous period to HK$9.1 million in the Reporting Period[56] - Revenue from prefabricated construction increased by HK$8.7 million from HK$0.4 million in PE2020 to HK$9.1 million in the Reporting Period, largely due to a very low comparison base from last year's lockdown measures in China[61] Expenses and Costs - Administrative and other operating expenses decreased to approximately HK$8.9 million from HK$10.2 million in the previous year[12] - Staff costs, including directors' remuneration, rose to HK$8,406,000, an increase of 6.8% from HK$7,869,000 in the previous year[30] - Depreciation of property, plant, and equipment decreased to HK$1,097,000 from HK$1,699,000, reflecting a reduction of 35.5%[30] - Depreciation of right-of-use assets was HK$897,000, down from HK$1,534,000, a decrease of 41.5%[30] - General and administrative expenses decreased by approximately HK$1.3 million from approximately HK$10.2 million in PE2020 to approximately HK$8.9 million in the Reporting Period, mainly due to reduced operating expenses in Hong Kong and consultancy fees[67] Dividends and Shareholder Information - The Board does not recommend the payment of a dividend for the three months ended March 31, 2021[10] - The Group did not recommend the payment of a dividend for the three months ended 31 March 2021, consistent with the previous year[35] - Huang Cheng holds 188,620,000 shares, representing 18.66% of the total shareholding[77] - Zhu Zhou holds 129,000,000 shares, representing 12.76% of the total shareholding[77] - The Company did not purchase, sell, or redeem any of its listed securities during the Reporting Period[79] - No share options were granted, exercised, lapsed, or cancelled during the Reporting Period[89] Governance and Compliance - The Audit Committee has reviewed the unaudited consolidated financial statements for the Reporting Period[91] - The Company complied with the Corporate Governance Code, with one exception regarding insurance cover for Directors[83] - All Directors confirmed compliance with the required standards of conduct for securities transactions during the Reporting Period[84] - There were no competing interests reported by the Directors during the Reporting Period[78] - The Company will review the need for insurance cover for Directors periodically[83] Market Outlook and Risks - The Group is exploring opportunities in the overseas market for prefabricated construction, particularly in countries along the Belt and Road, despite delays due to the ongoing Covid-19 pandemic[51] - The Group believes that the prefabricated construction business has returned to pre-coronavirus levels, although there is a lack of strong supportive policy stances from Chinese authorities for further growth acceleration[62] - The foundation of China's economic recovery appears unstable due to rising domestic financial risks and external uncertainties, including growing tensions with Western countries[62] - The Group maintains a high degree of vigilance against unpredictable developments that could adversely affect its business[62] - The vaccination rate in Hong Kong remains low, leading to a cautious outlook on the return of construction operations to normal levels[60] - The Group's performance is influenced by the ongoing uncertainties related to the COVID-19 pandemic and its impact on the construction industry[62]

Financial Performance - The Group reported a revenue of HK$80.9 million for FY2020, a decrease of 13.3% compared to HK$93.3 million in FY2019[15]. - The net loss for FY2020 was HK$16.2 million, representing a 66.5% reduction from a net loss of HK$48.3 million in FY2019[16]. - Basic loss per share for FY2020 was HK1.51 cents, compared to HK4.39 cents for FY2019[16]. - Revenue decreased by approximately HK$12.4 million or 13.3% from approximately HK$93.3 million in FY2019 to approximately HK$80.9 million for the Reporting Period[55]. - Gross profit decreased by approximately HK$3.8 million or 14.0% from approximately HK$27.1 million in FY2019 to approximately HK$23.3 million for the Reporting Period[61]. - Gross profit margin decreased from 29.0% in FY2019 to 28.9% for the Reporting Period, primarily due to a decrease of 2.6 percentage points in gross profit margin from Construction Services[61]. - Administrative and other operating expenses decreased by approximately HK$8.9 million from approximately HK$47.8 million in FY2019 to approximately HK$38.9 million for the Reporting Period[62]. - The Group's loss attributable to owners decreased to approximately HK$15.3 million for the Reporting Period, a reduction of approximately HK$29.1 million compared to a loss of HK$44.4 million in FY2019[63]. - Revenue from Prefabricated Construction decreased by approximately HK$6.5 million, while revenue from Construction Services decreased by approximately HK$3.3 million[55]. Impact of Covid-19 - The construction industry faced significant challenges due to Covid-19, including site shutdowns, labor shortages, and supply chain disruptions[17]. - The Hong Kong Government's measures to contain Covid-19 have created uncertainties affecting business operations across various sectors[17]. - The overall economic impact of Covid-19 has adversely affected the construction business in Hong Kong[17]. - The Group is navigating business disruptions caused by the ongoing pandemic[17]. - The construction industry in Hong Kong faces challenges such as labor shortages and project delays due to the pandemic, impacting overall business operations[20]. - The Group's prefabricated construction business showed improvement in the second half of 2020, regaining positive momentum after a significant revenue drop in the first half due to Covid-19 disruptions[22]. - The Group plans to expand into overseas markets, particularly in countries along the Belt and Road, but many projects have been deferred or terminated due to ongoing Covid-19 challenges[23]. - The construction activities in China are gradually reviving and stabilizing as the country manages to contain the Covid-19 pandemic[22]. - The Group remains vigilant against uncertainties in the Chinese economy, including potential Covid-19 rebounds and US-China tensions[22]. Market and Competition - Competition for public sector construction projects has intensified, with construction expenditure in Hong Kong contracting due to stalled budget approvals[17]. - The Group's revenue from private sector projects decreased to HK$49,442,000 in 2020 from HK$51,139,000 in 2019, representing a decline of approximately 3.3%[38]. - Revenue from public sector projects also fell to HK$8,505,000 in 2020 from HK$10,150,000 in 2019, a decrease of about 16.2%[38]. - The Group's performance reflects the broader challenges faced by small and mid-sized companies listed on the GEM[3]. Corporate Governance - The Board of Directors is responsible for formulating the Group's overall strategies, setting management targets, and supervising management performance[114]. - The Company complied with the GEM Listing Rules throughout the year ended December 31, 2020, including the independence of all non-executive Directors[117][118]. - The Group encourages Directors to attend at least one training course on updates of the GEM Listing Rules concerning good corporate governance practices[129]. - 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[130]. - The Board's composition includes both Executive and Independent Non-executive Directors, ensuring compliance with GEM Listing Rules[120]. - The Audit Committee held 4 meetings during the Reporting Period, with all members attending all meetings[142]. - The Audit Committee reviewed the Group's audited results for the year ended 31 December 2019 and the unaudited quarterly results for the three months ended 31 March 2020, six months ended 30 June 2020, and nine months ended 30 September 2020[142]. - The Company has provided sufficient resources and support to all committees to fulfill their responsibilities[132]. - The Remuneration Committee held 1 meeting during the Reporting Period, with all members attending[149]. - The Nomination Committee also held 1 meeting during the Reporting Period, with full attendance by its members[158]. Risk Management - The Board is responsible for establishing and maintaining effective internal control and risk management systems to safeguard shareholder interests[189]. - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[190]. - The Group has established a risk management policy to identify, evaluate, and manage principal risks affecting the business[191]. - The Group's risk management and internal control system aims to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[200]. - An external consultant conducted a review of the internal control system, identifying no significant areas of concern affecting financial and operational controls[199]. Financial Position - As of December 31, 2020, the group had cash and bank deposits of approximately HK$37.3 million, an increase from approximately HK$30.5 million in 2019[72][76]. - The total borrowings of the group amounted to approximately HK$64.3 million as of December 31, 2020, compared to approximately HK$45.8 million in 2019, with annual interest rates ranging from 6.75% to 12%[81][88]. - The gearing ratio of the group as of December 31, 2020, was approximately 1.61, up from approximately 0.84 in 2019[72][76]. - The group has maintained a healthy liquidity position and closely monitors its liquidity structure to meet funding requirements[73]. - The company does not recommend the payment of a final dividend for the reporting period, consistent with 2019[87]. - The company has reallocated unutilized proceeds from the listing to meet general working capital needs due to the non-pressing demand for enhancing machinery and equipment[70][69]. Strategic Initiatives - The Group is exploring opportunities in the agriculture-related business due to increasing demand for green food, and is negotiating with agribusinesses for potential cooperation[43]. - The Group has suspended its clean coal trading business due to operating losses and has no concrete plans to restart it[49]. - The negotiation and due diligence for the Proposed Investment in Hubei Bio-great Agricultural Technology Co., Ltd is ongoing, with no concrete timeline established[48]. - The Group's market diversification plan may take additional time to implement due to the ongoing impact of the pandemic on international projects[23].

Stock Code 股份代號：8059 （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) 2020 Third Quarterly Report 二零二零年第三季度報告 CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make th ...

Stock Code 股份代號：8059 （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) 2020 First Quarterly Report 二零二零年第一季度報告 （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) C M Y CM MY CY CMY K ai158892936971_Glory Flame 1Q2020 cover high res output.pdf 1 8/5/2020 下午5:16 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may b ...

Financial Performance - The Group reported a revenue of HK$93.3 million for FY2019, a decrease of 30.2% compared to HK$133.6 million in FY2018[9]. - The net loss for FY2019 was HK$48.3 million, an improvement from a net loss of HK$199.6 million in FY2018[9]. - Basic loss per share for FY2019 was HK4.39 cents, compared to HK19.93 cents for FY2018[9]. - Revenue decreased by approximately HK$40.3 million or 30.2% from approximately HK$133.6 million for FY2018 to approximately HK$93.3 million for the Reporting Period[55]. - Revenue from Construction Business was approximately HK$90.7 million, representing an increase of approximately HK$2.4 million or 2.7% compared to approximately HK$88.3 million for FY2018[59]. - Revenue from Prefabricated Precast Construction increased by HK$24.9 million, while revenue from Construction Services decreased by HK$22.5 million due to the termination of a project[59]. - Revenue attributable to Trading Business decreased by approximately HK$42.8 million from HK$43.9 million for FY2018 to HK$1.1 million for the Reporting Period[62]. - Financial Services revenue was approximately HK$1.6 million for the Reporting Period, an increase of HK$1.0 million compared to HK$0.6 million for FY2018[67]. - The Group recorded no revenue from Agriculture Business during the Reporting Period, compared to approximately HK$0.9 million in FY2018[61]. - Gross profit decreased by approximately HK$1.4 million or 4.9% from approximately HK$28.5 million for FY2018 to approximately HK$27.1 million for the Reporting Period[68]. - Gross profit margin increased from 21.4% for FY2018 to 29.0% for the Reporting Period, primarily due to a 4.7 percentage point increase in gross profit margin from Construction Business[68]. - The Group's loss attributable to owners of the Company was approximately HK$44.4 million for the Reporting Period, a decrease of HK$150.4 million from a loss of HK$194.8 million for FY2018[80]. - Administrative and other operating expenses decreased by approximately HK$17.0 million from approximately HK$64.8 million for FY2018 to approximately HK$47.8 million for the Reporting Period[76]. Business Strategy and Opportunities - The Group aims to drive growth in its construction business by entering emerging markets, particularly in China, and focusing on prefabrication precast construction[15]. - The Group is exploring new business opportunities in agriculture, supply chain, and new energy, despite acknowledging the challenges of starting these ventures[16]. - The Group is negotiating with potential partners for opportunities in industrial parks, supply chain services, and new retail models[16]. - The Group is formulating a business strategy for its Agriculture Business, anticipating a rise in demand for green food due to global health and food security concerns[39]. - The Group aims to seize business opportunities in agricultural transformation in China by introducing superior products and technologies[44]. Construction Business Performance - The Group's construction contracts from public sector projects dropped sharply during FY2019, indicating a significant decline in the construction business[10]. - The construction industry in Hong Kong is expected to continue facing challenges due to economic volatility and political unrest[10]. - The Group is working closely with a high-tech construction company to expand its market presence and leverage overseas market experience[15]. - For the year ended December 31, 2019, the Group's revenue from private sector projects was HK$51.1 million, an increase of 18.5% from HK$43.1 million in 2018, while revenue from public sector projects decreased by 75.1% to HK$10.2 million from HK$40.7 million in 2018, resulting in total revenue of HK$61.3 million, down 26.9% from HK$83.8 million in 2018[32]. Corporate Governance - The company appointed Mr. Liu Yingjie as chairman of the Board on June 28, 2019, and Mr. Lai Xiaoliang as chief executive officer on July 19, 2019, ensuring compliance with code provision A.2.1[132]. - The Board is committed to maintaining high corporate governance standards for the best interests of the shareholders[126]. - The company recognizes the importance of sound corporate governance for long-term success and has complied with applicable code provisions throughout the reporting period[127]. - The company has a strong management team with extensive experience in their respective industries, ensuring a balance of power and authority[128]. - The company’s independent non-executive directors bring diverse expertise, enhancing governance and oversight[120]. - The company has been proactive in its corporate governance practices, adapting to changes in leadership roles as necessary[132]. - The management is responsible for the administration of the Group, with the Board overseeing overall strategies and performance[133]. - The Company complied with GEM Listing Rules throughout the year, except for a period with less than three independent non-executive Directors[137]. - All independent non-executive Directors confirmed their independence under GEM Listing Rules[138]. - The Company adopted a code of conduct for securities transactions by Directors, which was fully complied with throughout the reporting period[148]. Financial Position and Outlook - Cash and bank deposits as of 31 December 2019 were approximately HK$30.5 million, down from approximately HK$39.2 million in 2018[85]. - The gearing ratio as of 31 December 2019 was approximately 0.84, compared to approximately 0.38 in 2018[85]. - Total borrowings amounted to approximately HK$45.8 million as of December 31, 2019, an increase from approximately HK$40.0 million in 2018[100]. - The annual interest rates on borrowings ranged from 7.5% to 9.0% during the reporting period[100]. - The Group anticipates potential impacts on business performance due to the COVID-19 outbreak, particularly in the first half of 2020[95]. Employee and Operational Changes - The Group employed 123 staff as of December 31, 2019, down from 153 staff in 2018, with total employee costs of approximately HK$33.5 million compared to HK$53.8 million in FY2018[102]. - The Group decided to discontinue its financial services business during the reporting period[27]. - The Group suspended the clean coal trading business due to operating losses and maintained only coal washing services during the Reporting Period[47][62]. - The Group completed the disposal of its entire shareholding in Mansion Point International Limited for HK$30,755,000 on April 10, 2019[92]. - The Group also disposed of 60% of the share capital of Hong Kong Yuanfeng Insurance Brokers Limited for approximately HK$122,000 on November 28, 2019[94].

（於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) Stock Code 股份代號：8059 2019 Third Quarterly Report 第三季度報告 （於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) C M Y CM MY CY CMY K Glory Flame 3Q2019-cover_output.pdf 1 11/11/2019 下午2:23 CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other c ...

（於開曼群島註冊成立的有限公司） (Incorporated in the Cayman Islands with limited liability) Stock Code 股份代號：8059 2019 Interim Report 中期報告 CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to i ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號：8059 2019 First Quarterly Report 第一季度報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decisio ...