香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Vision International Holdings Limited 威 誠 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8107） 截至2022年12月31日止年度之年度業績公告 威誠國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司（「本集團」）截至2022年12月31日止年度之經審核綜合財務業績。本公 告載列本公司2022年年度報告（「2022年年度報告」）全文，並符合香港聯合交易所 有限公司GEM證券上市規則（「GEM上市規則」）有關年度業績初步公告附載資料 的相關規定。本公司2022年年度報告的印刷版本將於適當時候寄發予本公司的股 東，並可於GEM網站www.hkgem.com及本公司網站www.vision-holdings.com.hk閱 覽。 承董事會命 Vision International Holding ...

Financial Performance - For the nine months ended September 30, 2022, the company reported total revenue of HKD 111,386,000, an increase of 8.3% compared to HKD 103,008,000 for the same period in 2021[20] - The gross profit for the nine months was HKD 8,378,000, representing a 16.3% increase from HKD 7,204,000 in the previous year[20] - The net profit attributable to the owners of the company for the nine months was HKD 1,407,000, compared to a loss of HKD 898,000 in the same period of 2021[20] - The company achieved a basic earnings per share of HKD 1.41 for the nine months, compared to a loss per share of HKD 0.90 in the previous year[20] - The total comprehensive income for the period was HKD 1,407,000, a significant improvement from a total comprehensive loss of HKD 886,000 in the prior year[20] - The company reported a pre-tax profit of HKD 1,625,000 for the nine months ended September 30, 2022, compared to a pre-tax loss of HKD 780,000 in the same period of 2021[54] - The company reported a profit of HKD 1.4 million for the nine months ended September 30, 2022, compared to a loss of HKD 0.9 million for the same period in 2021, attributed to increased gross profit and reduced administrative expenses[87] Revenue Sources - For the nine months ended September 30, 2022, the company reported revenue of HKD 111,131,000 from apparel products, a 19% increase compared to HKD 93,677,000 for the same period in 2021[44] - The company generated a total revenue of HKD 111,386,000 for the nine months ended September 30, 2022, compared to HKD 94,658,000 for the same period in 2021, reflecting a growth of approximately 17.5%[54] - Revenue from external customers in Hong Kong, Macau, Germany, and Cambodia was significant, with HKD 55,499,000 from Hong Kong for the nine months ended September 30, 2022[60] - The company did not report any revenue from construction materials for the three months ended September 30, 2022, compared to HKD 8,000 in the same period of 2021[44] Cost Management - The company reported a decrease in administrative expenses to HKD 4,926,000 for the nine months, down from HKD 6,237,000 in the same period last year, reflecting a cost control strategy[20] - Sales and distribution expenses decreased to HKD 1,242,000 from HKD 1,348,000, indicating improved efficiency in operations[20] - Administrative expenses decreased from HKD 6.2 million for the nine months ended September 30, 2021, to HKD 4.9 million for the same period in 2022, mainly due to reduced employee costs and professional fees[84] - Total employee costs for the nine months ended September 30, 2022, were HKD 1.163 million, a slight decrease from HKD 1.182 million for the same period in 2021[67] Strategic Focus - The company is focused on expanding its supply chain management services and construction materials agency services, indicating a strategic direction towards market expansion[29] - The company's operational focus remains on apparel products and supply chain management services, with a strategic emphasis on expanding its market presence[44] - The group is exploring new business opportunities in the ASEAN construction and related materials agency services since 2020 to diversify revenue sources[97] - The company has extended its business into the supply of construction materials to diversify its revenue sources, primarily serving clients in Southeast Asia[74] Corporate Governance - The board confirmed that the financial information presented is accurate and complete, ensuring transparency and accountability in reporting[6] - The audit committee has reviewed the unaudited consolidated financial information for the nine months ending September 30, 2022, and confirmed compliance with applicable accounting standards and GEM listing rules[129] - The company has maintained high standards of corporate governance in accordance with GEM listing rules and has adhered to the corporate governance code during the reporting period[122] - The company emphasizes the importance of maintaining a high-quality board and effective accountability systems to protect shareholder interests and enhance business growth[122] Financial Position - The company’s non-current assets in Hong Kong as of September 30, 2022, were valued at HKD 25,861,000, a slight decrease from HKD 26,687,000 as of December 31, 2021[61] - As of September 30, 2022, the total equity of the group was HKD 50.3 million, an increase from HKD 48.9 million as of December 31, 2021[99] - The group's cash and cash equivalents amounted to HKD 4.0 million, up from HKD 1.7 million as of December 31, 2021[99] - The group has no significant contingent liabilities or guarantees as of September 30, 2022[92] Risk Management - The company anticipates that the adoption of new accounting standards will not have a significant impact on the financial statements[41] - The group believes that foreign exchange risk related to USD is not significant due to the peg between HKD and USD[94] - The group has taken measures to minimize the impact of COVID-19 on production and logistics[97] - Forward-looking statements made by the company are subject to risks and uncertainties that may cause actual results to differ significantly from those projected[132] Share Capital and Dividends - The company did not recommend any dividends for the nine months ended September 30, 2022, consistent with the previous year[70] - The group has not recommended any dividends for the nine months ending September 30, 2022, consistent with the previous year[100] - The company has a total issued share capital of 100,000,000 shares with a par value of HKD 0.1 per share as of September 30, 2022[90] - As of September 30, 2022, the total number of issued shares of the company was 100,000,000 shares[117] Other Information - Other income for the nine months was HKD 301,000, up from HKD 207,000 in the previous year, suggesting growth in ancillary revenue streams[20] - Other income for the nine months ended September 30, 2022, totaled HKD 301,000, compared to HKD 207,000 for the same period in 2021, representing a 45% increase[62] - The company experienced foreign exchange gains of HKD 158,000 for the three months ended September 30, 2022, compared to a loss of HKD 14,000 for the same period in 2021[63] - The company has adopted a share option scheme effective from April 16, 2018, aimed at incentivizing eligible participants, with no options granted, lapsed, exercised, or cancelled as of the report date[127] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the nine months ending September 30, 2022[126] - The company confirmed that there were no arrangements that would allow directors or senior executives to acquire shares or debt securities for personal gain during the nine months ending September 30, 2022[120] - The company has not disclosed any significant changes in shareholding or interests that require reporting under the Securities and Futures Ordinance as of September 30, 2022[119] - The company has no known competitive interests from directors or controlling shareholders that could conflict with the group's business as of September 30, 2022[121]

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 64,347,000, an increase of 4.5% compared to HKD 61,514,000 for the same period in 2021[16] - Gross profit for the same period was HKD 3,411,000, down 45.7% from HKD 6,288,000 in 2021[16] - The company reported a loss before tax of HKD 1,267,000 for the six months ended June 30, 2022, compared to a profit of HKD 942,000 in 2021[16] - For the six months ended June 30, 2022, the company reported total revenue of HKD 64,347,000, a decrease from HKD 66,288,000 in the same period of 2021, representing a decline of approximately 2.9%[48] - The gross profit for the six months ended June 30, 2022, was HKD 3,411,000, down from HKD 6,288,000 in the previous year, indicating a decrease of about 45.7%[48] - The company reported a basic loss per share of HKD (1.14), compared to earnings of HKD 0.67 in the same period of 2021[16] - The group reported a loss of HKD 1.1 million for the six months ended June 30, 2022, compared to a profit of HKD 0.7 million for the same period in 2021, primarily due to a decrease in gross profit[115] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 80,905,000, an increase from HKD 73,931,000 as of December 31, 2021[19] - Net assets amounted to HKD 47,714,000 as of June 30, 2022, compared to HKD 48,857,000 at the end of 2021[19] - The company’s total liabilities as of June 30, 2022, amounted to HKD 57,410,000[55] - The total liabilities as of June 30, 2022, were HKD 64,470,000, compared to HKD 64,470,000 as of December 31, 2021, indicating no change[58] - Trade receivables as of June 30, 2022, totaled HKD 70.935 million, an increase from HKD 62.525 million as of December 31, 2021[94] - Trade payables as of June 30, 2022, amounted to HKD 8.270 million, down from HKD 14.971 million as of December 31, 2021[97] - As of June 30, 2022, the group's total equity was HKD 47.7 million, down from HKD 48.9 million as of December 31, 2021, with cash and cash equivalents at HKD 1.3 million[129] Cash Flow - The company experienced a net cash outflow from operating activities of HKD 29,000 for the six months ended June 30, 2022, compared to a net outflow of HKD 5,624,000 in the same period of 2021[26] - As of June 30, 2022, cash and cash equivalents were HKD 1,347,000, a slight decrease from HKD 1,714,000 at the end of 2021[19] - The company’s financing activities resulted in a net cash outflow of HKD 338,000 for the six months ended June 30, 2022, compared to a net inflow of HKD 1,863,000 in the same period of 2021[26] Operational Focus and Strategy - The company plans to focus on market expansion and new product development in the upcoming quarters[16] - The company has extended its business into the supply of construction materials to diversify its revenue sources, primarily serving clients in Cambodia[102] - The group is exploring new business opportunities in the ASEAN construction and related materials agency services to diversify revenue sources[125] - The group has implemented cost control measures to reduce operating costs in response to ongoing business declines[125] Customer and Revenue Breakdown - Revenue from clothing products for the six months ended June 30, 2022, was HKD 64,092,000, while revenue from building materials was HKD 255,000[48] - Revenue from clothing products for the six months ended June 30, 2022, was HKD 64,092,000, up from HKD 60,541,000 for the same period in 2021, reflecting a growth of about 8.5%[65] - Revenue from Macau decreased to HKD 18,128,000 for the six months ended June 30, 2022, down from HKD 30,380,000 in the previous year, a decline of approximately 40.5%[65] - Major customers contributing over 10% of total revenue included Customer A with HKD 38,895,000 and Customer B with HKD 18,127,000 for the six months ended June 30, 2022[72] Employee Costs - The total employee costs for the six months ended June 30, 2022, were HKD 2,029,000, an increase from HKD 1,814,000 for the same period in 2021, representing a rise of about 11.8%[79] - Employee costs for the six months ended June 30, 2022, were approximately HKD 2.0 million, an increase from HKD 1.8 million for the same period in 2021[133] - Sales and distribution expenses increased from HKD 0.5 million to HKD 0.8 million, primarily due to higher employee costs related to sales and distribution[111] Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules during the reporting period[153] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2022, ensuring compliance with applicable accounting standards[160] - There are no known conflicts of interest among directors, controlling shareholders, and their close associates with any competing businesses as of June 30, 2022[151] Miscellaneous - The company did not recommend any dividend for the six months ended June 30, 2022, consistent with the previous year[80] - The group has no significant outstanding balances with related parties as of June 30, 2022[99] - The group has no significant investments or contingent liabilities as of June 30, 2022[120][121] - The company has not engaged in any arrangements that would allow directors or senior management to acquire shares or debt securities for profit during the six months ending June 30, 2022[150] - No share options have been granted, lapsed, exercised, or cancelled under the share option scheme since its adoption on April 16, 2018[159] - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ significantly from those projected[162]

Financial Performance - Revenue for the first quarter of 2022 was HKD 25,898,000, an increase of 5.9% compared to HKD 24,464,000 in the same period of 2021[16]. - Gross profit decreased to HKD 1,364,000, down 53.6% from HKD 2,937,000 year-on-year[16]. - The company reported a loss before tax of HKD 1,050,000, compared to a profit of HKD 73,000 in the first quarter of 2021[16]. - The net loss for the period was HKD 1,020,000, compared to a profit of HKD 0 in the same quarter of the previous year[16]. - Basic and diluted loss per share was HKD 1.02, compared to earnings of HKD 0.05 per share in the prior year[16]. - Revenue increased by 5.9% from HKD 24,500,000 in Q1 2021 to HKD 25,900,000 in Q1 2022, primarily due to higher sales from Hong Kong apparel and related products[78]. - The company reported a loss of HKD 1,020,000 in Q1 2022 compared to a profit of HKD 49,000 in Q1 2021, primarily due to reduced gross profit[89]. Cost and Expenses - Administrative expenses decreased to HKD 1,845,000 from HKD 2,360,000, reflecting a reduction of 21.8%[16]. - Financial costs increased to HKD 307,000, up from HKD 134,000, indicating a rise of 129.1%[16]. - Cost of sales rose by 14.0% from HKD 21,500,000 in Q1 2021 to HKD 24,500,000 in Q1 2022, consistent with the increase in sales[79]. - Administrative expenses decreased from HKD 2,400,000 in Q1 2021 to HKD 1,800,000 in Q1 2022, attributed to lower professional fees and employee salaries[86]. - Financial costs increased from approximately HKD 100,000 in Q1 2021 to HKD 300,000 in Q1 2022[87]. Income and Other Revenue - Other income increased to HKD 45,000 from HKD 33,000, showing a growth of 36.4%[16]. - The company reported other income of HKD 45 thousand for the quarter, compared to HKD 33 thousand in the same period of 2021[65]. - Other income increased from HKD 33,000 in Q1 2021 to HKD 45,000 in Q1 2022, mainly due to higher sample sales revenue[81]. Equity and Assets - The company’s total equity as of March 31, 2022, was HKD 47,837,000, down from HKD 57,546,000 at the beginning of the year[19]. - Non-current assets located in Hong Kong were valued at HKD 26,403 thousand, a decrease from HKD 27,565 thousand in 2021[64]. - As of March 31, 2022, the total equity of the group was HKD 47.8 million, down from HKD 57.6 million as of March 31, 2021[102]. - The group's cash and cash equivalents were HKD 400,000 as of March 31, 2022, compared to HKD 8.3 million as of March 31, 2021[102]. Business Operations and Strategy - The company continues to focus on providing construction and related materials agency services[25]. - The company is exploring new business opportunities in construction and related materials in ASEAN countries to diversify revenue sources[99]. - The company’s operations are primarily based in Hong Kong, with significant revenue contributions from customers in Macau, Germany, and Cambodia[57]. - The ongoing impact of COVID-19 has severely affected the group's profitability, with a decline in gross margins due to lower average order prices from customers[99]. - The group is closely monitoring the operational impact of COVID-19 and taking appropriate actions to mitigate its effects on production and logistics[100]. - The group anticipates a challenging business environment due to ongoing customer requests for longer credit terms and weak retail market conditions[99]. Governance and Compliance - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix 15 during the three months ended March 31, 2022[129]. - All directors confirmed compliance with the trading standards for securities transactions during the three months ended March 31, 2022[134]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2022, ensuring compliance with applicable accounting standards and GEM Listing Rules[139]. Dividends and Investments - The company did not recommend any dividend for the three months ended March 31, 2022, consistent with the previous year[71]. - The group does not recommend any dividend payment for the three months ended March 31, 2022, consistent with the previous year[103]. - The group has not engaged in any significant acquisitions or disposals for the three months ended March 31, 2022[104]. - The group has no plans for significant investments or capital assets as of March 31, 2022[105]. - The company has no significant investments or contingent liabilities as of March 31, 2022[93][94]. Risks and Uncertainties - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual performance to differ significantly from those anticipated[140]. - The company is focused on managing foreign exchange risks, particularly with transactions denominated in euros, while considering hedging strategies as necessary[96].

Financial Performance - The Group's total revenue increased to HK$125.7 million, representing a growth of approximately 35.4% compared to the previous year[32]. - The Group reported a loss of HK$8.7 million for the year ended 31 December 2021, a decline from a profit of HK$2.6 million in the previous year[32]. - The decrease in profitability was mainly due to an increase in expected credit losses and a decrease in gross profit margin in the apparel business[32]. - The gross profit margin decreased to 8.2% for the year ended December 31, 2021, down from 17.2% in the previous year, primarily due to pessimistic sentiment in the global retail markets[53][56]. - The Group's revenue increased by 35.4% from HK$92.8 million for the year ended 31 December 2020 to HK$125.7 million for the year ended 31 December 2021[66]. - The cost of sales increased by 50.2% from HK$76.8 million for the year ended 31 December 2020 to HK$115.4 million for the year ended 31 December 2021[66]. - The gross profit was HK$10.3 million for the year ended 31 December 2021, with a gross profit margin decrease to 8.2% from 17.2% in the previous year[66]. - Other income amounted to HK$0.2 million for the year ended 31 December 2021, down from HK$0.9 million in the previous year[69]. - Other losses amounted to HK$8.0 million for the year ended 31 December 2021, compared to other gains of HK$0.8 million for the year ended December 31, 2020[69]. - The loss attributable to owners of the Group for the year ended 31 December 2021 was HK$8.7 million, compared to a profit of HK$2.6 million for the year ended 31 December 2020[72]. Impact of COVID-19 - The ongoing COVID-19 pandemic, particularly the Omicron variant, continues to negatively impact business sentiment and market recovery[33]. - Travel restrictions due to COVID-19 have hindered customer interactions, affecting sales orders[34]. - Customers are seeking longer credit periods and placing orders at lower average selling prices, leading to a decline in gross profit margin[34]. - The Group's profitability has been severely affected by COVID-19, leading to a decline in gross profit margin in the apparel and related products business[79]. - The Company is closely monitoring existing business operations and the impacts of COVID-19, taking appropriate actions to mitigate risks[79]. Cost Control Measures - The management has implemented cost-control measures since 2020 to reduce operating costs[35]. - Management has implemented cost control measures since 2020 to reduce operational costs in response to ongoing business declines[38][45]. - Cost-control measures have been implemented since 2020 to reduce operating costs amid ongoing business downturn[79]. Business Strategy and Opportunities - The Group has started exploring new business opportunities in the construction and related materials sector targeting ASEAN countries since 2020, aiming for more stable revenue streams[44][47]. - The sales of construction materials are less affected by external factors such as the COVID-19 pandemic and the US-China trade war[79]. - The Group's strategic objective is to strengthen its market position in the Hong Kong apparel SCM industry, supported by proceeds from its listing on GEM[60][61]. Management and Governance - The Group's overall management and strategic planning are overseen by Mr. Ko, who founded the Group in 2010[152]. - The Group's financial reporting and planning are supervised by Mr. Cheng, who has a master's degree in financial management[155]. - The independent non-executive directors are responsible for providing independent judgment on strategy, performance, resources, and conduct standards of the Group[163]. - The Company has complied with all code provisions as set out in the Corporate Governance Code during the year ended 31 December 2021[183]. - The Board consists of at least three independent non-executive Directors, representing one-third of the Board, with one possessing appropriate professional qualifications or financial management expertise[190]. Employee and Operational Metrics - As of December 31, 2021, the Group employed a total of eight full-time employees, with staff costs approximately HK$3.9 million, a decrease from HK$4.4 million in 2020[144]. - The Group has established a competitive remuneration system linking a portion of employee compensation to business performance to incentivize better results[146]. - The Group's employee performance is reviewed regularly, influencing salary reviews and promotion appraisals[146]. Financial Position - As of December 31, 2021, the total equity of the Group was HK$48.9 million, down from HK$57.5 million as of December 31, 2020[134]. - The Group's cash and cash equivalents as of December 31, 2021, were HK$1.7 million, a decrease from HK$6.0 million as of December 31, 2020[134]. - Bank borrowings increased to HK$40.0 million as of December 31, 2021, compared to HK$32.3 million as of December 31, 2020[134]. - The current ratio decreased to 1.4 times as of December 31, 2021, from 1.6 times as of December 31, 2020[134]. - The gearing ratio rose to 82.0% as of December 31, 2021, from 56.2% as of December 31, 2020[138]. Board Composition and Independence - The independent non-executive directors collectively bring a wealth of experience from various industries, contributing to informed decision-making[168]. - The board's composition reflects a commitment to independent oversight and strategic guidance for the company's future direction[169]. - The Company has extended the Required Standard adoption to senior management likely to possess unpublished price-sensitive information[183].

Financial Performance - For the nine months ended September 30, 2021, the company reported total revenue of HKD 94,658 thousand, an increase of 8.0% compared to HKD 87,454 thousand for the same period in 2020[20]. - The gross profit for the nine months ended September 30, 2021, was HKD 7,204 thousand, down 36.5% from HKD 11,300 thousand in the previous year[20]. - The company incurred a loss before tax of HKD 780 thousand for the nine months ended September 30, 2021, compared to a profit of HKD 795 thousand for the same period in 2020[20]. - The total comprehensive loss for the period was HKD 886 thousand, compared to a total comprehensive income of HKD 566 thousand in the previous year[20]. - The basic loss per share for the nine months ended September 30, 2021, was HKD (0.90), compared to earnings of HKD 0.57 per share in the same period of 2020[20]. - The company reported a pre-tax loss of HKD 780,000 for the nine months ended September 30, 2021, compared to a profit of HKD 11,300,000 for the same period in 2020[50]. - The group reported a loss of HKD 0.9 million for the nine months ended September 30, 2021, compared to a profit of HKD 0.6 million for the same period in 2020, mainly due to reduced gross profit[89]. Revenue Breakdown - For the nine months ended September 30, 2021, the total revenue from external sales was HKD 94,658,000, compared to HKD 81,237,000 for the same period in 2020, representing a growth of approximately 16.5%[50]. - The revenue from clothing products for the nine months ended September 30, 2021, was HKD 93,677,000, an increase of 33.8% from HKD 70,077,000 in the previous year[50]. - The revenue from construction materials for the nine months ended September 30, 2021, was HKD 981,000, a decrease of 91.6% from HKD 11,160,000 in the previous year[50]. - The company's revenue increased by 16.5% from HKD 81.2 million for the nine months ended September 30, 2020, to HKD 94.7 million for the nine months ended September 30, 2021, primarily driven by increased sales of apparel and related products to customers in Hong Kong and Macau[79]. Expenses and Costs - The company reported sales and distribution expenses of HKD (1,348) thousand for the nine months ended September 30, 2021, a decrease of 67.6% from HKD (4,168) thousand in the previous year[20]. - Administrative expenses for the nine months ended September 30, 2021, were HKD (6,237) thousand, slightly down from HKD (6,630) thousand in the previous year[20]. - Sales cost increased by 25.0% from HKD 69.9 million for the nine months ended September 30, 2020, to HKD 87.5 million for the nine months ended September 30, 2021, consistent with revenue growth[80]. - Gross profit decreased from HKD 11.3 million for the nine months ended September 30, 2020, to HKD 7.2 million for the nine months ended September 30, 2021, with gross margin dropping from 13.9% to 7.6% due to lower average selling prices[81]. - Financial costs increased to HKD (594) thousand for the nine months ended September 30, 2021, from HKD (405) thousand in the previous year[20]. - Total other income for the nine months ended September 30, 2021, was HKD 207 thousand, down 74.7% from HKD 816 thousand for the same period in 2020[59]. Equity and Assets - The total equity of the company as of September 30, 2021, was HKD 117,631 thousand, down from HKD 124,565 thousand at the beginning of the year[23]. - Non-current assets as of September 30, 2021, totaled HKD 32,815 thousand, a decrease of 4.7% from HKD 34,443 thousand as of December 31, 2020[58]. - As of September 30, 2021, the total equity of the group was HKD 58.1 million, an increase from HKD 57.5 million as of December 31, 2020[108]. - Cash and cash equivalents decreased to HKD 1 million from HKD 6 million as of December 31, 2020[108]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per GEM listing rules during the nine months ending September 30, 2021[135]. - The audit committee has reviewed the unaudited consolidated financial information for the nine months ending September 30, 2021, and found it compliant with applicable accounting standards and GEM listing rules[142]. - The company has confirmed compliance with the trading standards for directors as per GEM listing rules during the nine months ending September 30, 2021[138]. - The company is committed to maintaining high standards of corporate governance, focusing on establishing a high-quality board and effective accountability systems[135]. Strategic Initiatives - The company has successfully expanded its business coverage to new apparel retail markets in Europe and Asia, establishing relationships with several new clients[76]. - The company has extended its business into the supply of construction materials, diversifying its revenue sources[72]. - The group plans to diversify its revenue sources by exploring new business opportunities in supplying construction and related materials to ASEAN countries, which are less affected by COVID-19 and the US-China trade war[99]. - The company aims to reallocate unutilized net proceeds to better respond to current economic conditions and challenges posed by COVID-19[104]. Other Information - The company did not recommend any dividend payment for the nine months ended September 30, 2021, consistent with the previous year[67]. - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures were made during the nine months ended September 30, 2021[111]. - The group has no plans for significant investments or capital assets as of September 30, 2021[112]. - The group has sufficient liquidity and financial resources to meet its operational funding needs[108]. - The group has no significant contingent liabilities or guarantees as of September 30, 2021[95]. - The group is closely monitoring foreign exchange risks, particularly with transactions denominated in euros, but considers the risk from US dollars to be minimal due to the peg between the Hong Kong dollar and the US dollar[96].

Financial Performance - The company reported revenue of HKD 61,514,000 for the six months ended June 30, 2021, representing a 50.0% increase compared to HKD 41,014,000 for the same period in 2020[16]. - Gross profit for the same period was HKD 6,288,000, up from HKD 6,208,000, indicating a slight increase in profitability[16]. - The company recorded a net profit of HKD 674,000 for the six months ended June 30, 2021, compared to a net loss of HKD 359,000 in the same period of 2020[16]. - Revenue increased by 50% from HKD 41.0 million for the six months ended June 30, 2020, to HKD 61.5 million for the same period in 2021, primarily due to increased sales from customers in Macau and Hong Kong[124]. - The profit from the clothing products segment was HKD 5,315,000, while the building materials segment contributed HKD 973,000, leading to a total profit of HKD 6,288,000 for the group[49]. - The group reported a profit of HKD 0.7 million for the six months ended June 30, 2021, compared to a loss of HKD 0.4 million for the same period in 2020, attributed to increased revenue and reduced selling and distribution expenses[135]. Assets and Liabilities - Total assets as of June 30, 2021, were HKD 76,581,000, an increase from HKD 63,215,000 as of December 31, 2020[19]. - Current liabilities increased to HKD 49,727,000 as of June 30, 2021, from HKD 39,617,000 as of December 31, 2020[19]. - The total assets of the company as of June 30, 2021, amounted to HKD 110,001,000, an increase from HKD 97,725,000 as of December 31, 2020[60]. - The total liabilities of the company as of June 30, 2021, were HKD 40,179,000, compared to HKD 50,311,000 as of December 31, 2020, indicating a reduction in liabilities[60]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (5,624,000), an improvement from HKD (28,210,000) in the same period of 2020[26]. - The net cash generated from investing activities was HKD 1,470,000 for the six months ended June 30, 2021[26]. - The total cash and cash equivalents decreased to HKD 3,755,000 as of June 30, 2021, down from HKD 13,894,000 at the end of the previous year[26]. - The total financing cash inflow for the six months ended June 30, 2021, was HKD 1,863,000, compared to HKD 11,579,000 in the same period of 2020[26]. Operational Efficiency - The company is focusing on enhancing its operational efficiency and exploring potential mergers and acquisitions to strengthen its market position[16]. - The company has implemented cost control measures to reduce operational costs in response to ongoing business declines due to COVID-19[145]. - Administrative expenses for the six months ended June 30, 2021, were HKD 4,594,000, compared to HKD 4,104,000 for the same period in 2020, reflecting increased operational costs[16]. - The group’s financial costs remained stable at approximately HKD 0.3 million and HKD 0.4 million for the six months ended June 30, 2020, and 2021, respectively[133]. Market Expansion - The company plans to continue expanding its market presence and developing new products to drive future growth[16]. - The company plans to continue focusing on expanding its market presence in Europe and Asia, particularly in the clothing and building materials sectors[66]. - The group has begun exploring new business opportunities in the construction and related materials sector in ASEAN countries since 2020 to diversify revenue sources and mitigate the impact of COVID-19 and the US-China trade war[147]. - The company has successfully established business relationships with several new customers in Europe and Asia[112]. Shareholder Information - The company has implemented a share consolidation, resulting in a total of 100,000,000 shares with a par value of HKD 0.1 each[38]. - The company did not recommend any dividend for the six months ended June 30, 2021, consistent with the previous period[92]. - The board did not recommend any dividend for the six months ended June 30, 2021, consistent with the previous year[157]. - As of June 30, 2021, the total number of issued shares of the company was 100,000,000 shares[176]. Corporate Governance - The company has maintained high corporate governance standards in accordance with the GEM listing rules and has adhered to the corporate governance code during the reporting period[181]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[187]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2021, and confirmed compliance with applicable accounting standards and GEM listing rules[189]. Risks and Uncertainties - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ significantly from those anticipated[190]. - The group anticipates that the global market and economic recovery will take time, with continued pessimism expected until more definitive signs of control over the pandemic emerge[145].

Financial Performance - Revenue for the first quarter of 2021 was HKD 24,464,000, an increase of 13.5% compared to HKD 21,527,000 in the same period of 2020[23] - Gross profit for the first quarter of 2021 was HKD 2,937,000, up from HKD 2,638,000 in the first quarter of 2020, representing an increase of 11.4%[23] - The company reported a profit before tax of HKD 73,000, a significant improvement from a loss of HKD 684,000 in the same period last year[23] - The net profit for the first quarter of 2021 was HKD 49,000, compared to a loss of HKD 694,000 in the first quarter of 2020[23] - Basic and diluted earnings per share for the first quarter of 2021 were HKD 0.05, compared to a loss of HKD 0.69 per share in the same period of 2020[23] - For the three months ended March 31, 2021, the total revenue was HKD 24,464,000, a significant increase from HKD 10,935,000 in the same period of 2020, representing a growth of approximately 124%[44] - Revenue from clothing products and supply chain management services was HKD 24,007,000, compared to HKD 10,935,000 in the previous year, indicating a growth of about 119%[44] - The profit from the clothing products segment was HKD 2,505,000, while the profit from the building materials segment was HKD 457,000, leading to a total segment profit of HKD 2,962,000[54] - The company’s pre-tax profit for the period was HKD 73,000 after accounting for various expenses[54] - The group reported a profit of HKD 49,000 for the three months ended March 31, 2021, compared to a loss of HKD 700,000 for the same period in 2020, attributed to increased revenue and reduced sales and distribution expenses[93] Expenses and Costs - Other income decreased to HKD 33,000 from HKD 199,000 year-on-year, reflecting a decline of 83.4%[23] - Administrative expenses increased to HKD 2,360,000 from HKD 2,140,000, marking an increase of 10.3%[23] - Financial costs rose to HKD 134,000 from HKD 101,000, an increase of 32.7%[23] - Cost of sales rose by 159.5% from HKD 8,300,000 for the three months ended March 31, 2020, to HKD 21,500,000 for the same period in 2021, consistent with the increase in sales[84] - Gross profit for the three months ended March 31, 2021, was HKD 2,900,000, compared to HKD 2,600,000 for the same period in 2020, with a gross margin decrease from 24.1% to 12.0% due to lower average selling prices driven by pessimism in the global retail market[85] - Sales and distribution expenses for the three months ended March 31, 2021, were HKD 300,000, a decrease from HKD 1,100,000 for the same period in 2020, primarily due to reduced sales commissions and travel expenses caused by COVID-19 restrictions[89] - Administrative expenses increased slightly to HKD 2,400,000 for the three months ended March 31, 2021, compared to HKD 2,100,000 for the same period in 2020, mainly due to increased bank fees[90] Business Operations and Strategy - The company continues to focus on expanding its services and providing construction and related materials agency services[32] - The company has successfully expanded its business into the construction materials sector, diversifying its revenue sources[76] - The group is exploring new business opportunities in the construction and related materials sector in ASEAN countries to diversify revenue sources, as this sector is less affected by COVID-19 and the US-China trade war[103] - The company aims to strengthen its market position in the Hong Kong apparel supply chain management industry through various strategic initiatives[80] Compliance and Governance - The company is committed to maintaining compliance with the GEM listing rules and ensuring accurate financial reporting[34] - The company has not yet applied new accounting standards that are expected to have a significant impact on the financial statements[41] - The company has adopted trading standards for directors in compliance with GEM Listing Rules[144] - The audit committee was established on April 16, 2018, in accordance with GEM Listing Rules and consists of three independent non-executive directors[149] - The audit committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[149] - The company has complied with the corporate governance code during the three months ended March 31, 2021[139] Shareholder Information - As of March 31, 2021, the company had a total of 100,000,000 shares issued[120] - Mr. Gao holds 100 shares of ordinary stock, representing 100% ownership through Metro Vanguard[124] - Ms. Chen holds 75,000,000 shares, which is 75% of the issued share capital[130] - No other directors or senior management held any interests or short positions in the company's shares as of March 31, 2021[125] - The company has not engaged in any arrangements that would allow directors or senior management to acquire shares or debt securities during the three months ended March 31, 2021[136] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the three months ended March 31, 2021[145] - The company has not granted, lapsed, exercised, or cancelled any share options since the adoption of the share option scheme on April 16, 2018[147] - The share option scheme is valid for 10 years from the date of listing unless revoked or amended[146] Financial Position - Non-current assets located in Hong Kong amounted to HKD 27,565,000, a slight decrease from HKD 28,743,000 in the previous year[63] - As of March 31, 2021, the group's total equity was HKD 57,600,000, down from HKD 61,800,000 as of March 31, 2020, and cash and cash equivalents were HKD 8,300,000, down from HKD 18,000,000[109] - The net proceeds from the listing amounted to approximately HKD 32,200,000, with HKD 17,500,000 utilized for establishing new showrooms and HKD 5,200,000 for repaying bank loans by March 31, 2021[107] - The group has not made any significant acquisitions or disposals as of March 31, 2021, consistent with the same period in 2020[112] - The group has no significant contingent liabilities or guarantees as of March 31, 2021[99] Other Financial Information - The company reported other income totaling HKD 33,000, down from HKD 199,000 in the same period last year, primarily due to a decrease in sample sales revenue[64] - The company reported a net exchange loss of HKD 127,000 for the three months ended March 31, 2021, compared to a loss of HKD 173,000 for the same period in 2020[65] - The total tax expense for the three months ended March 31, 2021, was HKD 24,000, compared to HKD 10,000 for the same period in 2020[68] - The company did not recommend any dividend for the three months ended March 31, 2021, consistent with the previous year[71] - No dividends were recommended for the three months ended March 31, 2021, consistent with the same period in 2020[110] - The report contains forward-looking statements regarding the company's industry and market expectations, which are subject to risks and uncertainties[150]

Financial Performance - The Group's total revenue increased to HK$92.8 million, representing a growth of approximately 9.6% compared to the year ended December 31, 2019[32]. - The net profit for the year decreased to HK$2.6 million, reflecting a decline of approximately 18.8% compared to the previous year[32]. - The decrease in profitability was attributed to a reduction in gross profit margin in the apparel products business due to pessimistic sentiment in global retail markets[32]. - The Group's revenue for the year ended December 31, 2020, was approximately HK$92.8 million, representing an increase of about 9.6% compared to HK$84.7 million for the same period in 2019[53]. - The Group's net profit decreased to HK$2.6 million for the year ended December 31, 2020, down approximately 18.8% from HK$3.1 million in the previous year[38]. - The gross profit margin for the Group fell to 17.2% in 2020, down from 25.5% in 2019, primarily due to lower average selling prices in the apparel business[53]. - Gross profit decreased from HK$21.6 million for the year ended December 31, 2019, to HK$16.0 million for the year ended December 31, 2020, with a gross profit margin decline from 25.5% to 17.2%[66]. - The cost of sales increased by 21.7% from HK$63.1 million for the year ended December 31, 2019, to HK$76.8 million for the year ended December 31, 2020[66]. - Other income amounted to HK$0.6 million and HK$0.9 million for the years ended December 31, 2019, and 2020, respectively, mainly from government grants related to COVID-19[69]. - Selling and distribution expenses decreased from HK$8.3 million for the year ended December 31, 2019, to HK$5.3 million for the year ended December 31, 2020, due to global travel restrictions[69]. - Administrative expenses remained stable at approximately HK$8.5 million and HK$8.6 million for the years ended December 31, 2019, and 2020, respectively[69]. Impact of COVID-19 - The ongoing COVID-19 pandemic continues to impact the macroeconomic environment and the worldwide retail sector[33]. - The company anticipates that the business environment will remain challenging in the first half of 2021, with many established apparel retailers facing financial difficulties[34]. - The COVID-19 pandemic continues to severely impact the macro economy and global retail environment[79]. - The Group's gross profit margin in the apparel business has significantly declined due to customers placing orders at lower average selling prices amid weakening retail markets[80]. - The Group has initiated cost-control measures since 2019 to reduce operating costs and will continue to monitor their application[80]. - The Group's management is closely monitoring existing business operations and potential impacts from the COVID-19 pandemic[80]. Business Strategy and Opportunities - The Group is exploring new business opportunities in the construction materials sector in ASEAN countries, which is expected to provide more stable revenue streams[43]. - The Group has started exploring new business opportunities in the construction and related materials sector in ASEAN countries since Q2 2020, aiming for more stable revenue[80]. - The Group's business model includes providing supply chain management services, allowing customers to focus on their retail operations[50]. - The Group's expansion into the construction materials business is seen as less affected by external factors such as the COVID-19 pandemic and the US-China trade war[46]. - The Group aims to diversify its income streams to mitigate risks associated with external uncertainties[80]. Management and Governance - The Group's overall management and strategic planning are overseen by Mr. Ko Sin Yun, who has over 20 years of experience in managerial and entrepreneurial roles[137]. - Mr. Ko Man Ho has been the chief executive officer since January 2017, responsible for the overall management and administration of the Group's business operations[137]. - The Group's financial performance is supported by a strong management team with diverse backgrounds in finance and business operations[140]. - The Group aims to provide independent judgment on strategy, performance, and resource management through its independent non-executive directors[143]. - The Group's compliance and internal control measures are supervised by Mr. Cheng, ensuring adherence to financial regulations and standards[140]. - The Group's directors have extensive experience in various sectors, contributing to its strategic growth and operational efficiency[143]. - The Group is committed to maintaining high standards of conduct and performance through independent oversight and management practices[143]. - The Company has complied with all code provisions as set out in the Corporate Governance Code during the year ended December 31, 2020[166]. Financial Position - The total equity of the Group as of December 31, 2020, was HK$57.5 million, down from HK$62.5 million as of December 31, 2019[122]. - The Group's cash and cash equivalents as of December 31, 2020, were HK$6.0 million, a decrease from HK$30.5 million as of December 31, 2019[122]. - The Group's bank borrowings as of December 31, 2020, increased to HK$32.3 million from HK$10.3 million as of December 31, 2019[122]. - The current ratio as of December 31, 2020, was 1.6 times, down from 2.8 times as of December 31, 2019[122]. - The gearing ratio as of December 31, 2020, was 56.2%, significantly up from 16.5% as of December 31, 2019, due to increased bank borrowings for trade finance[126]. Corporate Governance - The board believes that high corporate governance is essential for formulating business strategies and enhancing transparency and accountability[164]. - The Board consists of at least three independent non-executive Directors, representing one-third of the Board, with one possessing appropriate professional qualifications or financial management expertise[175]. - All independent non-executive Directors have confirmed their independence in accordance with the guidelines set out in Rule 5.09 of the GEM Listing Rules[177]. - The Chairman and Chief Executive Officer positions are held by Mr. Ko and Mr. Morris Ko respectively, with the Chairman responsible for Board leadership and the CEO focusing on business development and daily operations[173]. - The Board is collectively responsible for directing and supervising the Company's affairs, ensuring sound internal control and risk management systems are in place[184].

Financial Performance - For the nine months ended September 30, 2020, the company reported revenue of HKD 81,237,000, an increase of 21.3% compared to HKD 67,055,000 for the same period in 2019[22]. - Gross profit for the nine months ended September 30, 2020, was HKD 11,300,000, down 28.8% from HKD 15,809,000 in the previous year[22]. - The company recorded a net profit of HKD 566,000 for the nine months ended September 30, 2020, compared to HKD 2,468,000 for the same period in 2019, representing a decline of 77.0%[22]. - Basic and diluted earnings per share for the nine months ended September 30, 2020, were HKD 0.57, down from HKD 2.47 in the same period of 2019[22]. - The company reported other income of HKD 816,000 for the nine months ended September 30, 2020, compared to HKD 439,000 in 2019, an increase of 86.0%[22]. - Revenue increased by 21.0% from HKD 67.1 million for the nine months ended September 30, 2019, to HKD 81.2 million for the nine months ended September 30, 2020, primarily driven by increased sales of construction materials in Cambodia[90]. - Gross profit decreased from HKD 15.8 million for the nine months ended September 30, 2019, to HKD 11.3 million for the nine months ended September 30, 2020, with gross margin dropping from 23.6% to 13.9%[93]. - Profit for the nine months ended September 30, 2020, was HKD 0.6 million, a decrease from HKD 2.5 million for the same period in 2019, mainly due to a decline in gross margin[103]. Expenses - The company’s sales and distribution expenses decreased to HKD 4,168,000 for the nine months ended September 30, 2020, from HKD 5,647,000 in 2019, a reduction of 26.1%[22]. - Administrative expenses increased to HKD 6,630,000 for the nine months ended September 30, 2020, compared to HKD 6,589,000 in the previous year, reflecting a slight increase of 0.6%[22]. - The cost of sales for the nine months ended September 30, 2020, was HKD 69.9 million, significantly impacted by higher costs associated with construction materials sales[91]. - Total employee costs amounted to HKD 1,105,000 for the three months ended September 30, 2020, compared to HKD 1,084,000 for the same period in 2019[76]. Revenue Breakdown - Revenue from clothing products for the nine months ended September 30, 2020, was HKD 70,077,000, up from HKD 67,055,000 in 2019, representing a growth of 4.5%[47]. - Revenue from construction materials for the nine months ended September 30, 2020, was HKD 11,160,000, compared to HKD 1,000 in 2019, indicating significant growth[47]. - Revenue from Germany for the nine months ended September 30, 2020, was HKD 49,088,000, slightly down from HKD 49,535,000 in 2019, a decrease of 0.9%[51]. - Revenue from Hong Kong for the nine months ended September 30, 2020, was HKD 11,183,000, a significant increase from HKD 326 in 2019[51]. Strategic Initiatives - The company aims to expand its market presence and enhance its supply chain management services as part of its future strategy[35]. - The company is focused on the development of new products and technologies to improve its competitive edge in the market[35]. - The company continues to assess potential mergers and acquisitions to drive growth and market expansion[35]. - The company plans to explore new business opportunities in ASEAN countries starting from the second quarter of 2020 to diversify revenue sources[111]. - The company has successfully expanded its business coverage to new apparel retail markets in Europe and Asia[76]. Financial Position - Total equity as of September 30, 2020, was HKD 55.6 million, down from HKD 62.5 million as of December 31, 2019[117]. - Cash and cash equivalents as of September 30, 2020, were HKD 12.5 million, a decrease from HKD 30.5 million as of December 31, 2019[117]. - The company has utilized approximately HKD 17.5 million of the net proceeds from its listing for various operational needs, including establishing a new showroom and repaying bank loans[115]. - The company repaid bank loans amounting to HKD 5.2 million as part of its financial strategy[89]. Corporate Governance - The company has complied with the GEM Listing Rules regarding securities trading standards during the nine months ending September 30, 2020[145]. - The company maintains high corporate governance standards in accordance with GEM Listing Rules[142]. - The company has appointed a compliance advisor to provide guidance on compliance with GEM Listing Rules[141]. - The audit committee was established on April 16, 2018, in accordance with GEM Listing Rules and consists of three independent non-executive directors[149]. - The audit committee reviewed the unaudited consolidated financial information for the nine months ended September 30, 2020, and confirmed compliance with applicable accounting standards and regulations[149]. Shareholder Information - As of September 30, 2020, the company had a total of 100,000,000 issued shares[129]. - Metro Vanguard holds 75,000,000 shares, representing 75% of the issued share capital[134]. - The company did not engage in any arrangements allowing directors or senior executives to acquire shares or securities during the nine months ending September 30, 2020[139]. - The company confirmed that there were no business or interest conflicts with directors and controlling shareholders as of September 30, 2020[140]. - The company has adopted a share option scheme effective from April 16, 2018, with no options granted, lapsed, exercised, or cancelled as of the report date[147]. - There were no purchases, sales, or redemptions of the company's listed securities during the nine months ending September 30, 2020[146]. - The company has no undisclosed interests in shares or securities by any person other than directors or senior executives as of September 30, 2020[136]. Other Information - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[39]. - The company expects that the application of new standards will not have a significant impact on the unaudited condensed consolidated financial statements[40]. - The company has established a new showroom to showcase its product range, enhancing its design and development capabilities[81]. - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual performance to differ significantly from those anticipated[150].