股票回购通常被视为公司积极信号的释放。当中国恒有源集团进行回购时，这可能暗示着公司管理层对 公司的未来发展充满信心。回购可以减少市场上的流通股数量，在公司业绩保持稳定或者增长的情况 下，能够提高每股收益，进而提升股票的价值。从市场信心角度来看，回购行为向投资者传达了公司股 价被低估的信号，有助于稳定股价，吸引更多投资者的关注。这一举措可能是在当前市场环境下，公司 为了优化资本结构、提升股东回报率而做出的战略决策。 7月8日，中国恒有源集团回购100.00万股股票，每股回购均价0.04港元，共耗资约4.00万港元，本年累 计回购629.60万股，占总股本0.13%。 中国恒有源集团是一家港股上市公司。该集团主要在能源相关领域开展业务，致力于提供多种能源解决 方案。其业务涵盖了能源的开发、利用以及相关技术的研发等方面。在能源市场不断发展变化的背景 下，恒有源集团一直在探索创新的能源模式，以适应市场需求和环保要求。公司在其所处的行业领域内 拥有一定的技术实力和市场份额，通过不断地投入研发和拓展业务，试图在能源市场竞争中占据有利地 位。 本文源自：金融界 作者：港股君 截至当日港股收盘，中国恒有源集团下跌9.3%，报 ...

7月7日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 100.20 | 50058.94 | 502.000 | 494.400 | 3854195.72 | | 01299 | 友邦保险 | 550.00 | 37676.01 | 69.150 | 68.050 | 1635193.90 | | 00418 | 方正控股 | 1038.60 | 1174.36 | 1.150 | 1.110 | 3540.93 | | 01681 | 康臣药业 | 40.60 | 448.53 | 11.080 | 10.960 | 3689.99 | | 01907 | 中国旭阳 集团 | 175.00 | 435.95 | 2.510 | 2.480 | 14713.68 | | 02039 | 中集集团 | 48.83 | 309.43 ...

Financial Performance - The company recorded revenue of approximately HKD 69,629,000 for the fiscal year ending December 31, 2024, an increase of about HKD 1,769,000 compared to the same period in 2023[12]. - The profit for the year was approximately HKD 11,293,000, showing a significant increase compared to the previous year[12]. - The increase in revenue and profit was primarily due to higher gross margins, reduced administrative expenses, and recoveries of contract assets and receivables[12]. - For the fiscal year ending December 31, 2024, the company reported total revenue of approximately HKD 69,629,000, an increase of about 2.61% compared to HKD 67,860,000 for the previous year[27]. - The net profit for the fiscal year 2024 was approximately HKD 11,293,000, significantly up from HKD 4,722,000 in 2023, driven by increased gross profit and reduced administrative expenses[26]. - The gross profit margin improved to 18.26% in 2024, compared to 13.64% in 2023, reflecting a year-on-year increase of 33.87%[28]. - Operating maintenance revenue accounted for 53.08% of total revenue in 2024, rising from 40.02% in 2023, indicating a shift towards more stable income sources[22]. - Administrative expenses were reduced by 25% to approximately HKD 39,566,000 in 2024, down from HKD 52,758,000 in 2023, due to ongoing cost control measures[30]. - The group reported a revaluation gain of approximately HKD 2,507,000 on land and buildings as of December 31, 2024, which has been directly credited to the asset revaluation reserve[89]. - The fair value of investment properties decreased by HKD 548,000 during the year, with most properties being developed into geothermal energy demonstration leasing projects[91]. Strategic Focus and Development - The company is focusing on the development of geothermal heat pump systems, which are expected to reduce energy consumption by 50% compared to traditional methods while maintaining the same heating area[13]. - The company aims to become a supplier of integrated system products for efficient and clean heating using geothermal energy, replacing fossil fuels[14]. - The company has established two market development strategies: project agents and regional development partners, providing proprietary complete products and technical services[14]. - The company emphasizes the importance of innovation-driven development strategies and internal management reforms to adapt to market changes[14]. - The company is committed to achieving zero emissions and no combustion in heating areas through its new energy solutions[15]. - The company continues to focus on promoting shallow geothermal energy as a clean heating alternative, integrating various service capabilities across its business segments[35]. - The market for geothermal heat pumps is expected to expand significantly, with the company committed to technological innovation and green development as key growth drivers[20]. - The company aims to achieve operational carbon neutrality by 2030, positioning itself as a benchmark enterprise in green heating solutions[21]. Financial Management and Risk - The group had cash and cash equivalents of approximately HKD 52,586,000 as of December 31, 2024, down from HKD 69,553,000 in 2023[41]. - The debt ratio as of December 31, 2024, was approximately 49.0%, a decrease from 55.7% in 2023[46]. - The group employed approximately 193 employees as of December 31, 2024, down from 218 in 2023[47]. - The group did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with 2023[49]. - The company faced liquidity challenges due to a declining business scale, with revenue decreasing while costs remain high, leading to severe liquidity shortages[199]. - The company plans to optimize operations through various measures, including adjusting asset structures and enhancing capital management to improve liquidity[199]. - A specialized collection team was established to address overdue payments, utilizing both conventional collection methods and legal actions for serious delinquencies[200]. - Strict measures were implemented for cash collection on new projects, including suspending non-critical construction activities if payments were delayed beyond agreed timelines[200]. - The company is actively optimizing project cash flow by enhancing operational service levels and targeting high-return projects with superior cash flow conditions[200]. - The management revised internal control procedures to strengthen financial reporting processes based on daily operational needs[200]. Governance and Compliance - The board of directors includes experienced professionals with backgrounds in finance, engineering, and strategic management, enhancing the company's strategic planning capabilities[64][65][66]. - The company has established an audit committee to oversee financial reporting, risk management, and internal controls[152]. - The company complied with the GEM Listing Rules Appendix C1 corporate governance code throughout the reporting period[160]. - The company faced a temporary non-compliance with the minimum number of independent non-executive directors required by GEM Listing Rules but rectified this after the annual general meeting on June 7, 2024[170]. - The company has mechanisms in place to ensure independent opinions are incorporated into board decisions, including annual reviews of the independent non-executive director's contributions[174]. - The company has confirmed the independence of its independent non-executive directors in accordance with GEM Listing Rules[177]. - The company has a diversity policy for its board, with a total of 8 directors, including 1 female (12.5%) and 7 males (87.5%); the total number of employees is 193, with 37 females (approximately 19%) and 156 males (approximately 81%)[182]. Shareholder Information - As of December 31, 2024, the total number of issued voting shares of the company is 4,505,573,163[1]. - Major shareholder China Energy Conservation (Hong Kong) Investment Co., Ltd. holds 1,190,000,000 shares, representing 26.41% of the voting shares[137]. - The 2024 Share Option Plan and 2024 Share Award Plan were approved on June 7, 2024, and received conditional listing approval on September 6, 2024[1]. - The purpose of the 2024 plans includes recognizing contributions of selected participants and encouraging retention to promote the group's ongoing development[1]. - The total number of shares that can be issued under the 2024 Share Option Plan and the 2024 Share Award Plan is 452,692,516 shares, representing approximately 10.05% of the issued shares as of December 31, 2024[130]. - The total fees paid or payable to the external auditor for statutory audit and non-audit services for the year ended December 31, 2024, amounted to HKD 1,644,000[188]. Employee and Community Engagement - The company emphasizes employee welfare, ensuring reasonable compensation and a safe working environment[106]. - No workplace accidents leading to strikes or fatalities were reported during the year[106]. - The company made charitable donations amounting to RMB 200,000 (approximately HKD 219,260) during the year[99]. - The company has provided training to all directors to enhance their knowledge and skills regarding their collective responsibilities and the group's business[177].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 69,629,000, representing an increase of 2.6% from HKD 67,860,000 in the previous year[4]. - Gross profit for the year was HKD 12,717,000, up 37.5% from HKD 9,259,000 in 2023[4]. - The net profit for the year was HKD 11,293,000, a significant increase of 138.5% compared to HKD 4,722,000 in the prior year[4]. - Basic and diluted earnings per share increased to HKD 0.24 from HKD 0.21, reflecting a growth of 14.3%[4]. - Other income and gains rose to HKD 26,626,000, compared to HKD 16,816,000 in the previous year, marking an increase of 58.5%[4]. - The total comprehensive income for the year was HKD 20,124,000, compared to a loss of HKD 6,102,000 in 2023[5]. - The company reported a pre-tax profit of HKD 10,941,000 for the year ended December 31, 2024, compared to HKD 7,091,000 in 2023, marking an increase of approximately 54%[21]. - Net profit for the year ended December 31, 2024, was approximately HKD 11,293,000, a significant increase from HKD 4,722,000 in the previous year, driven by higher gross profit and reduced administrative expenses[41]. Assets and Liabilities - Non-current assets decreased to HKD 398,981,000 from HKD 426,412,000, a decline of 6.4%[6]. - Current assets decreased significantly from HKD 778,487,000 to HKD 457,820,000, a drop of 41.2%[6]. - Total liabilities decreased from HKD 926,309,000 to HKD 569,701,000, a reduction of 38.6%[7]. - The total assets of the company as of December 31, 2024, amounted to HKD 856,801,000, compared to HKD 1,204,899,000 in 2023, reflecting a decrease of approximately 29%[21]. - The total liabilities for the year ended December 31, 2024, were HKD 572,701,000, down from HKD 926,309,000 in 2023, a reduction of about 38%[21]. - The company's net current liabilities improved to approximately HKD 10,168,000 from HKD 29,308,000 in the previous year[54]. - The debt ratio decreased to approximately 49.0% as of December 31, 2024, compared to 55.7% in the previous year[58]. Segment Performance - The group operates in four main segments: shallow geothermal energy systems, air energy/shallow geothermal heat pump products, property investment for potential rental income, and securities investment for strategic purposes[10][18]. - Revenue from contracts with customers was HKD 63,627,000 for 2024, up from HKD 62,212,000 in 2023, indicating a year-over-year increase of about 2.3%[25]. - The segment profit for the air energy division was HKD 3,283,000, while the geothermal energy segment reported a loss of HKD 3,412,000, resulting in a total segment performance of HKD 7,572,000[20]. - The air energy segment generated external sales of HKD 62,918,000, while the geothermal energy segment contributed HKD 709,000 to external sales[20]. Administrative and Operational Changes - Administrative expenses decreased by 25% to approximately HKD 39,566,000 from HKD 52,758,000 in the previous year, attributed to cost control measures[44]. - The company is undergoing a management transformation and organizational restructuring to enhance operational efficiency and budget execution capabilities[80]. - The group’s performance evaluation is based on adjusted profit before tax, excluding certain income and costs, to assess resource allocation and performance across its segments[16]. Shareholder and Governance Matters - The company did not declare any final dividends for the years ended December 31, 2024, and 2023[33]. - The board of directors consists of both executive and independent non-executive members, ensuring a diverse governance structure[91]. - The 2020 Share Incentive Plan was approved on January 15, 2020, allowing for a total of 98,000,000 shares to be granted, representing approximately 2.18% of the company's issued shares as of the announcement date[60]. - The 2024 Share Option Plan and 2024 Share Incentive Plan were approved on June 7, 2024, allowing for a total of 452,692,516 shares to be issued, which is up to 10% of the issued shares as of the adoption date[65]. Compliance and Regulatory Matters - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which include significant changes in lease liabilities and classification of liabilities[11][12]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12][15]. - The company has complied with the GEM Listing Rules, except for a temporary non-compliance regarding the minimum number of independent non-executive directors[82]. Cash Flow and Financing - The company had cash and cash equivalents of approximately HKD 52,586,000 as of December 31, 2024, down from HKD 69,553,000 in the previous year[54]. - Financing costs decreased to HKD 3,544,000 in 2024 from HKD 4,175,000 in 2023, primarily due to lower interest on borrowings[28]. - The company holds repurchased shares as treasury shares, allowing for flexibility in raising additional funds or for other permitted uses under GEM listing rules[89]. Research and Development - Research and development costs were reduced to HKD 822,000 in 2024 from HKD 1,931,000 in 2023, indicating a strategic shift in investment[29]. - The company is focusing on the commercialization of innovative shallow geothermal energy technologies for winter heating, aiming for a transition to a zero-emission heating solution[79].

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之內容概不負責， 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之任何損失承擔任何責任。 有關二零二三年年報之補充公告 茲提述中國恒有源發展集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 截至二零二三年十二月三十一日止年度之年報（「二零二三年年報」）。除文義另有 所指外，本公告所用詞彙與二零二三年年報所界定者具有相同涵義。 除二零二三年報中提供的資料外，本公司董事局（「董事局」）謹此提供有關i) 綜合 財務報表附註18中所披露之重大投資（「重大投資」）及ii) 董事局報告及綜合財務 報表附註33中所披露之股份獎勵計劃（「股份獎勵計劃」）的補充資料。 (i) 重大投資 本公司自2017年度起透過其全資附屬公司恒有源投資持有北京人壽保險股份 有限公司142,990,000股股份，佔其股權比例約為4.99965%，持有對價為人民幣 142,990,000元。北京人壽保險股份有限公司主要從事普通型保險（包括人壽 保險及年金保險）、健康保險、意外傷害保險、分紅型保險、萬能型保險、上述 業務的再 ...

(於開曼群島註冊成立之有限公司) 股份代號: 8128 中期報告 2024 科技與資源結合 中國恒有源發展集團有限公司 二零二四年中期報告 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的 潛在風險，並應經過審慎周詳的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報告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就本報告全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM 之特色 本報告乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供 有關中國恒有源發展集團有限公司（「本公司」）之資料；本公司之董事願就本報 告共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及 所信，本報告所載資料在各重要方面均屬準確完備，沒有誤 ...

Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately HKD 31,472,000, a decrease of about HKD 2,905,000 compared to HKD 34,377,000 in the same period last year[2][4] - The group recorded a net profit of approximately HKD 159,000 for the review period, a significant improvement from a loss of HKD 16,022,000 in the previous year[2][5] - The company reported a revenue of HKD 31,472,000 for the six months ended June 30, 2024, a decrease from HKD 34,377,000 in the same period last year, representing a decline of approximately 8.8%[16] - Gross profit for the same period was HKD 8,699,000, slightly down from HKD 8,861,000, indicating a stable gross margin despite the revenue decline[16] - The company achieved a net profit of HKD 159,000 for the six months ended June 30, 2024, a significant recovery from a net loss of HKD 16,022,000 in the previous year[16] - The profit before tax for the group was a loss of HKD 2,803,000, compared to a loss of HKD 16,024,000 in the previous year, indicating an improvement in performance[26] - The company reported a total comprehensive loss of HKD 1,787,000 for the six months ended June 30, 2024, compared to a loss of HKD 20,465,000 in the same period last year[17] Revenue Breakdown - Revenue from shallow geothermal energy was HKD 30,617,000, up from HKD 28,977,000 year-on-year, while revenue from air energy/shallow geothermal heat pumps decreased to HKD 635,000 from HKD 1,000,000[4] - For the six months ended June 30, 2024, total revenue from external customers was HKD 31,472,000, a decrease of 8.8% compared to HKD 34,377,000 for the same period in 2023[26] - The shallow geothermal energy segment generated revenue of HKD 30,617,000, while the air source/geothermal heat pump segment contributed HKD 1,000,000[26] - The group’s total segment revenue for the six months ended June 30, 2024, was HKD 33,747,000, compared to HKD 34,876,000 in the same period of 2023[26] Expenses and Cost Management - Selling and distribution expenses decreased to approximately HKD 5,048,000 from HKD 6,237,000, attributed to further salary reforms and cost control measures[5] - Administrative expenses decreased by approximately HKD 6,932,000 or 29.9% compared to the previous year, mainly due to reduced salary and related costs[5] - The cost of goods sold for the six months ended June 30, 2024, was HKD 9,782,000, a decrease from HKD 10,335,000 in 2023, representing a decline of about 5.3%[35] - The cost of services provided for the six months ended June 30, 2024, was HKD 12,981,000, down from HKD 15,185,000 in 2023, indicating a reduction of approximately 14.5%[35] - Employee benefits expenses, including salaries for directors and key management personnel, were HKD 12,400,000 for the six months ended June 30, 2024, a decrease from HKD 17,710,000 in 2023, reflecting a decline of about 30%[35] Assets and Liabilities - As of June 30, 2024, total non-current assets amounted to HKD 414,799,000, a decrease from HKD 426,412,000 as of December 31, 2023[18] - Current assets totaled HKD 746,643,000 as of June 30, 2024, down from HKD 778,487,000 at the end of the previous year[18] - The total assets less current liabilities stood at HKD 394,134 thousand as of June 30, 2024, slightly down from HKD 397,104 thousand at the end of 2023[19] - The company's total liabilities decreased from HKD 926,309 thousand in December 2023 to HKD 884,957 thousand as of June 30, 2024, indicating a reduction of approximately 4.5%[19] - The total amount of trade payables and notes payable as of June 30, 2024, was HKD 145,654,000, down from HKD 157,241,000 as of December 31, 2023[44] Staffing and Organizational Changes - The group employed approximately 198 staff members as of June 30, 2024, a decrease from about 218 employees at the end of 2023[12] - The company established a special collection team to recover overdue payments, which has shown noticeable results, particularly in recovering significant overdue project payments[15] - The company is focusing on internal control management and has adjusted employee performance evaluation systems, resulting in a significant reduction in expenses compared to the previous year[15] - The company is actively adapting to the new normal driven by innovation and dual carbon goals, restructuring its internal organization to enhance management efficiency[15] Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 4,526,925,163[50] - Mr. Xu Shengheng holds 722,170,600 shares, representing approximately 15.97% of the total issued shares[50] - China Energy Conservation and Environmental Protection (Hong Kong) Investment Co., Ltd. owns 1,190,000,000 shares, accounting for 26.29% of the total issued shares[53] - Mr. Wang Zhiyu's spouse holds 253,000,000 shares, which is 5.59% of the total issued shares[53] Corporate Governance - The audit committee has been established to review and supervise the group's financial reporting procedures, risk management, and internal control systems[60] - The company has complied with all provisions of the GEM Corporate Governance Code, except for the absence of a non-executive director at the annual general meeting[62] - No securities trading code of conduct has been adopted for directors, and no non-compliance with GEM Listing Rules was reported during the review period[61]

Financial Performance - The company recorded revenue of approximately HKD 67,860,000 for the fiscal year ending December 31, 2023, representing a decrease of about 43.18% compared to the same period in 2022[12]. - The company achieved a profit of approximately HKD 4,722,000 for the fiscal year, marking a significant turnaround from a loss in the previous year[12]. - The improvement in financial performance is attributed to the recovery of previously impaired contract assets and enhanced management of project-based accounting[12]. - The company's revenue for the year ended December 31, 2023, was approximately HKD 67,860,000, a decrease of about 43.18% compared to HKD 119,428,000 in 2022[20]. - The net profit for the year ended December 31, 2023, was approximately HKD 4,722,000, recovering from a net loss of HKD 135,463,000 in 2022[19]. - The gross profit for the year was approximately HKD 9,259,000, with a gross margin of 13.64%, an increase of 0.98% from the previous year's gross margin of 12.66%[21]. - The company recorded a profit attributable to owners of approximately HKD 9,475,000 for the year ended December 31, 2023, an increase of approximately HKD 143,807,000 compared to a loss of approximately HKD 134,332,000 for the year ended December 31, 2022[34]. - The group reported a revaluation gain of approximately HKD 9,630,000 on land and buildings as of December 31, 2023, which has been directly credited to the asset revaluation reserve[96]. Operational Developments - The company has established a winter geothermal heat pump operation center in Beijing to support the development of a new integrated heating and cooling industry[13]. - The company aims to transition from traditional combustion heating to geothermal heat pump heating, aligning with national standards for winter heating temperatures[13]. - The geothermal heat source utilized is derived from solar and geothermal energy, ensuring sustainable heating solutions[13]. - The company plans to collaborate with regional backbone enterprises to implement mid- to long-term regional planning for winter heating solutions[13]. - The company is focused on reducing fossil energy consumption by half compared to traditional heating methods, contributing to carbon neutrality goals[13]. - The company emphasizes the importance of maintaining a comfortable indoor temperature of around 20 degrees Celsius during harsh winter conditions[13]. - The company aims to strengthen its core business by focusing on shallow geothermal energy as a heating alternative and improving capital efficiency[32]. - The company continues to develop air-source and shallow geothermal heat pump products, with plans to enhance product quality and reduce costs in response to market demand[31]. - The company has implemented a low-temperature heat energy collection technology, which is a key part of its emerging geothermal energy industry[70]. - The company is focusing on the integration of geothermal heating and cooling systems as a sustainable energy solution for northern regions[70]. Strategic Initiatives - The company plans to officially launch a three-year plan to transition to the main board, enhancing management efficiency through a three-tier flat management structure[18]. - The company has entered into an agreement to acquire 80% of Hydrogen Energy Technology Limited for a maximum consideration of HKD 70,200,000, which will enhance its capabilities in the renewable energy sector[56]. - The acquisition of Hydrogen Energy Technology Limited is expected to support the company's vision of developing green alternative energy solutions comparable in cost to traditional energy sources[67]. - The company aims to promote its proprietary "single well circulation heat exchange" technology for geothermal energy systems, targeting zero emissions and combustion-free heating solutions[67]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[74]. Financial Management - The company is committed to enhancing its management and collection efforts to improve financial stability and operational efficiency[12]. - The group has implemented measures to improve liquidity and cash flow to ensure ongoing operations[37]. - The management has strengthened its operational management system and collection efforts, which contributed to profitability despite the decline in revenue[64][65]. - The company is focused on enhancing its market expansion and project settlement efforts to overcome current challenges[65]. - The group had cash and cash equivalents of approximately HKD 69,553,000 as of December 31, 2023, compared to approximately HKD 47,043,000 in 2022[35]. - The debt ratio of the group was approximately 55.7% as of December 31, 2023, down from 60.0% in 2022[41]. - The group has no available reserves for distribution to shareholders as of December 31, 2023, after accounting for accumulated losses[109]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[163]. - The board consists of nine directors, including three executive directors and three independent non-executive directors, ensuring a balance of expertise and independence[165]. - The independent non-executive directors confirmed their independence in accordance with GEM listing rules[178]. - The company has mechanisms in place to ensure independent opinions are brought to the board, including annual reviews of independent non-executive directors' contributions[176]. - The company provides training to all directors to enhance their knowledge and skills regarding corporate governance and regulatory compliance[180]. - The company has implemented a director and officer liability insurance policy to protect its board members and executives[124]. - The audit committee is responsible for overseeing the financial reporting process, risk management, and internal controls[153]. Risk Management - The company has identified key risks related to market, operational, and funding aspects, and has implemented measures to mitigate these risks[196]. - Market risks include the impact of macroeconomic conditions on the mainland property market, potentially leading to a decrease in new property completions[197]. - The company employs a three-line risk management approach to identify, assess, and mitigate risks effectively[195]. - The board is responsible for establishing effective risk management and internal control systems to protect shareholder interests[194]. - Operational risks have increased due to a decline in business scale, leading to liquidity issues and a lack of market development personnel[200]. - Funding risks have arisen from a decrease in new projects, resulting in reduced cash flow and difficulties in collecting payments from past projects[200]. - Measures such as normal collection efforts and legal actions are being implemented to enhance receivables collection[200]. Shareholder Information - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with no dividends in 2022[51]. - The company's total issued share capital was 4,526,925,163 shares with a par value of USD 0.01 each as of December 31, 2023[52]. - Major shareholder China Energy Conservation and Environmental Protection (Hong Kong) Investment Co., Ltd. owns 1,190,000,000 shares, representing 26.29% of the total issued share capital[138]. - The company has seen a change in its board composition with the resignation of independent non-executive directors on November 4, 2023[127]. - The company has disclosed details regarding its share incentive plan in the financial statements[134].

Financial Performance - For the fiscal year ended December 31, 2023, the total revenue was HKD 67,860,000, a decrease of 43.3% compared to HKD 119,428,000 in 2022[5] - Gross profit for the year was HKD 9,259,000, down 38.5% from HKD 15,121,000 in the previous year[5] - The net profit for the year was HKD 4,722,000, a significant recovery from a loss of HKD 135,463,000 in 2022[5] - Basic and diluted earnings per share were HKD 0.21, compared to a loss per share of HKD 2.97 in the prior year[5] - Total revenue for the year ended December 31, 2023, was HKD 67,860,000, a decrease from HKD 119,428,000 in 2022, representing a decline of approximately 43.2%[30] - Revenue from contracts with customers was HKD 62,212,000 in 2023, down from HKD 119,337,000 in 2022, indicating a significant reduction in business activity[31] - The company reported a segment loss of HKD 144,056,000 for the year ended December 31, 2022, compared to a profit of HKD 7,091,000 in 2023, highlighting a recovery in performance[26] - The company reported a pre-tax profit of HKD 9,475,000 for 2023, a significant recovery from a loss of HKD 134,332,000 in 2022[49] - The company recorded a profit attributable to owners of approximately HKD 9,475,000 for the year ended December 31, 2023, an increase of approximately HKD 143,807,000 compared to a loss of approximately HKD 134,332,000 for the year ended December 31, 2022[74] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 778,487,000, slightly down from HKD 778,554,000 in 2022[7] - The company’s total assets as of December 31, 2023, were HKD 1,204,899,000, a slight decrease from HKD 1,247,849,000 in 2022[26] - Current liabilities decreased to HKD 807,795,000 from HKD 835,961,000 in the previous year[8] - Total liabilities decreased to HKD 926,309,000 in 2023 from HKD 963,157,000 in 2022, indicating improved financial stability[26] - The total equity attributable to the owners of the company was HKD 249,924,000, a slight decrease from HKD 250,815,000 in the previous year[8] - As of December 31, 2023, the group's net current liabilities were approximately HKD 29,308,000, a decrease from approximately HKD 57,407,000 in 2022[75] - The debt ratio of the group was approximately 55.7% as of December 31, 2023, down from 60.0% in 2022[79] Revenue and Income Sources - Revenue from construction services was HKD 61,198,000, while sales of industrial products generated HKD 1,014,000 in 2023[35] - Other income for 2023 totaled HKD 16,816,000, compared to HKD 14,328,000 in 2022, reflecting a growth of 17.4%[40] - The company’s investment property rental income increased to HKD 5,648,000 in 2023 from HKD 91,000 in 2022, indicating a positive trend in property management[31] - Expected revenue to be recognized within one year is HKD 75,321,000, up from HKD 65,540,000 in 2022, indicating a 10.8% increase[38] Operational Efficiency - The company reported a significant improvement in the impairment loss on trade receivables, with a reversal of HKD 2,378,000 compared to a loss of HKD 38,289,000 in 2022[5] - The net value of trade receivables decreased to HKD 3,134,000 in 2023 from HKD 17,420,000 in 2022, a decline of 82.0%[50] - Accounts receivable aged analysis showed a total of HKD 3,134,000 for 2023, down from HKD 17,420,000 in 2022, indicating improved collection efficiency[52] - The company reduced its sales and distribution expenses by approximately HKD 124,000 or 4.4% compared to the previous year, due to cost control measures[63] - Other expenses decreased by 55.5% to approximately HKD 3,612,000 in 2023, attributed to reduced impairment losses on available-for-sale properties[65] Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[5] - The company aims to develop the alternative energy sector, focusing on the application of its proprietary "single well circulation heat exchange" technology to provide heating without combustion and zero emissions[101] - The acquisition of Zhongqiang New Energy is expected to enhance the company's capabilities in developing and utilizing green alternative energy technologies comparable to traditional energy costs[101] - The company emphasizes the importance of improving management systems and enhancing collection efforts to address the decline in revenue[101] Corporate Governance and Compliance - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the current and prior years[13][15] - The group has not early adopted any revised Hong Kong Financial Reporting Standards that are not yet effective, expecting no significant impact on future financial statements[17][18] - The company has adopted the corporate governance code as per GEM listing rules and has complied with it throughout the year, with some exceptions noted[102] - The audit committee has reviewed the financial statements for the year ending December 31, 2023, and has held eight meetings during the year[106] Employee and Shareholder Information - The group employed approximately 218 employees as of December 31, 2023, a decrease from approximately 306 employees in 2022[80] - The company did not declare any final dividends for the years ended December 31, 2023, and 2022[47] - The company has not purchased any shares under the share incentive plan for the years ended December 31, 2023, and 2022[81] - A total of 44,500,000 incentive shares were granted to certain directors and employees, with 7,500,000 shares being forfeited[83] - The company's authorized share capital was USD 160,000,000, divided into 16,000,000,000 shares with a par value of USD 0.01 each, and issued share capital was 4,526,925,163 shares[87]

Financial Performance - For the nine months ended September 30, 2023, the revenue was approximately HKD 61,195,000, a decrease of about HKD 8,896,000 compared to the same period last year[5]. - The group recorded a net loss of approximately HKD 131,000 for the nine months ended September 30, 2023, significantly reduced from a loss of HKD 44,911,000 in the same period last year[6][11]. - For the three months ended September 30, 2023, the company reported revenue of HKD 26,818,000, a 35.8% increase from HKD 19,742,000 in the same period of 2022[17]. - The gross profit for the nine months ended September 30, 2023, was HKD 14,982,000, representing an increase of 9.2% compared to HKD 13,720,000 for the same period in 2022[17]. - The company recorded a net profit of HKD 15,891,000 for the three months ended September 30, 2023, compared to a net loss of HKD 7,748,000 in the same period of 2022[18]. - Total income from contracts with customers for the nine months ended September 30, 2023, was HKD 56,435,000, down 11.4% from HKD 63,681,000 in the same period of 2022[27]. - The total comprehensive income for the three months ended September 30, 2023, was HKD 16,478,000, compared to a loss of HKD 14,938,000 in the same period of 2022[20]. - The company reported a loss attributable to equity holders of the parent of HKD 19,085,000 for the three months ended September 30, 2023, compared to a loss of HKD 7,207,000 in 2022[41]. Cost Management - The gross profit margin increased by 4.91 percentage points to 24.48% for the nine months ended September 30, 2023, compared to 19.57% in the previous year[10][13]. - Sales and distribution expenses decreased to approximately HKD 10,514,000 from HKD 13,555,000 year-on-year, attributed to cost-cutting measures[10]. - Administrative expenses were reduced by approximately HKD 2,430,000 or 6.72% compared to the previous year, mainly due to salary reforms[10]. - Financing costs for the nine months ended September 30, 2023, were approximately HKD 2,775,000, down from HKD 4,348,000 in the same period last year[11]. - The company reported a significant reduction in financing costs, which decreased from HKD 4,338,000 in the nine months ended September 30, 2022, to HKD 2,775,000 in the same period of 2023, a decline of 36.1%[17]. - Financing costs for the three months ended September 30, 2023, totaled HKD 723,000, a decrease of 60% from HKD 1,811,000 in 2022[33]. Market Strategy and Opportunities - The group plans to expand its market presence by providing diversified services tailored to various project needs, enhancing customer trust and satisfaction[13]. - The company is exploring new energy business opportunities, particularly in hydrogen fuel cells, which offer significant advantages in high-power and long-endurance applications[15]. - The group anticipates substantial market opportunities in the renovation of old buildings, as outlined in a recent government policy promoting renewable energy utilization[15]. Shareholder Information - As of September 30, 2023, the company had issued a total of 4,526,925,163 shares, with major shareholders holding significant stakes, including Mr. Xu Shengheng with 15.85%[45]. - The company’s capital reserve stood at HKD 85,428,000, while the accumulated losses increased to HKD 1,276,203,000[43]. - The company’s share premium was reported at HKD 906,013,000, remaining stable compared to previous periods[43]. - The weighted average number of ordinary shares issued for the calculation of basic and diluted loss per share was 4,526,925,000 for the three months ended September 30, 2023[41]. - The company has granted a total of 44,500,000 shares under the share incentive plan, with 37,000,000 shares vested as of the report date[53]. Legal and Compliance Matters - The company is involved in a legal dispute regarding a share transfer agreement, with claims amounting to RMB 245,217,995.83[66]. - The court has frozen assets of 恒有源投资 totaling RMB 245,217,995.83 and RMB 8,217,995.83 for 恒有源投资 and 北京润古 respectively[67]. - The company has complied with the GEM Listing Rules, except for certain deviations regarding attendance at shareholder meetings by non-executive directors[58]. - The company has not adopted a code of conduct for securities trading by directors but is not aware of any non-compliance during the review period[59]. - The audit committee, consisting of four independent non-executive directors, has been established to ensure compliance with GEM listing rules[72]. - The audit committee has reviewed the financial results, ensuring compliance with applicable accounting standards and GEM listing rules[72]. Future Outlook - The management has indicated a cautious outlook for the upcoming quarters, focusing on cost management and operational efficiency[46]. - The company continues to monitor its financial position and may consider strategic adjustments in response to market conditions[46]. - The company will actively respond to legal challenges and provide updates to shareholders and investors as necessary[69].