Shi Shi Services Limited 時時服務有限公司 Unit 903, 9 Floor, Haleson Building, 1 Jubilee Street, Central, Hong Kong 香港中環租庇利街1號喜訊大廈9樓903室 - (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2021/22 Interim Report 中期報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies liste ...

ielle cto 2 Shi Shi Services Limited 時時服務有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2021/22 First Quarterly Report 第 一 季度業績報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the p ...

Shi Shi Services Limited 時時服務有限公司 Shi Shi Services Limited 時時服務有限公司 Unit 903, 9 Floor, Haleson Building, 1 Jubilee Street, Central, Hong Kong 香港中環租庇利街1號喜訊大廈9樓903室 Tel 電話號碼：(852) 2155 4112 Fax 傳真號碼：(852) 2155 4114 Email 電郵 ： ir@shishiservices.com.hk www.shishiservices.com.hk (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2020/21 Annual Report 年度報告 T ■ ■ ■ ■ ■ ■ ■ ■ | 1 | --- | --- | --- | --- | --- | |--------------------------------------------------------- ...

Unit 903, 9 Floor, Haleson Building, 1 Jubilee Street, Central, Hong Kong 香港中環租庇利街1號喜訊大廈9樓903室 Shi Shi Services Limited 時時服務有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2020/21 Third Quarterly Report 第三季度業績報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other compa ...

Unit 903, 9 Floor, Haleson Building, 1 Jubilee Street, Central, Hong Kong 香港中環租庇利街1號喜訊大廈9樓903室 2020/21 Interim Report 中期報告 Shi Shi Services Limited 時時服務有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 E BESSEER CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other compani ...

shishı Shi Shi Services Limited 時 時 服 務 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2020/21 FIRST QUARTERLY REPORT 第 一 季 度 業 績 報 告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware o ...

Shi Shi Services Limited 時時服務有限公司 Shi Shi Services Limited 時時服務有限公司 Unit 903, 9 Floor, Haleson Building, 1 Jubilee Street, Central, Hong Kong 香港中環租庇利街1號喜訊大廈9樓903室 Tel 電話號碼：(852) 2155 4112 Fax 傳真號碼：(852) 2155 4114 Email 電郵 ： ir@shishiservices.com.hk www.shishiservices.com.hk (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 2019/20 Annual Report 年度報告 Stock Code 股份代號：8181 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned ...

[Financial Performance](index=3&type=section&id=Financial%20Performance) [UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=3&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) The Group's revenue increased by 14.2% to HKD 361.8 million, but profit for the period significantly declined by 72.5% to HKD 6.25 million, with basic EPS also decreasing Key Financial Data for Q3 2019/20 (Nine Months Ended December 31, 2019) | Metric | 2019 (HKD '000) | 2018 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | 361,804 | 316,748 | +14.2% | | **Gross Profit** | 81,690 | 74,302 | +9.9% | | **Profit before tax** | 12,611 | 28,184 | -55.3% | | **Profit for the period** | 6,251 | 22,713 | -72.5% | | **Profit attributable to owners of the Company** | 6,236 | 19,485 | -68.0% | | **Basic EPS** | 0.61 HK Cents | 2.21 HK Cents | -72.4% | | **Total Equity at Period-End** | 292,111 | 259,698 | +12.5% | [Notes to Financial Statements](index=6&type=section&id=Notes%20to%20Financial%20Statements) [3. REVENUE ANALYSIS](index=7&type=section&id=3.%20REVENUE%20ANALYSIS) Group revenue is primarily from property management and related services, with Hong Kong contributing 90% and mainland China revenue doubling, while consulting services declined Revenue by Business Type and Region (Nine Months Ended December 31) | Revenue Source | 2019 (HKD '000) | 2018 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **By Business Type** | | | | | Property Management Services | 324,964 | 279,823 | +16.1% | | Standalone Security Services | 24,776 | 22,781 | +8.8% | | Property Management Consultancy Services | 10,199 | 12,915 | -21.0% | | Investment Property Rental Income | 1,187 | 1,081 | +9.8% | | Money Lending Business Loan Interest Income | 678 | 148 | +358.1% | | **Total Revenue** | **361,804** | **316,748** | **+14.2%** | | **By Region (Property Management and Related Services)** | | | | | Hong Kong | 323,783 | 298,914 | +8.3% | | China | 36,156 | 16,605 | +117.7% | [6. SEGMENT INFORMATION](index=9&type=section&id=6.%20SEGMENT%20INFORMATION) The Group operates in property management, property investment, and money lending segments, with property management as the core, while total assets and liabilities slightly increased Performance by Business Segment (Nine Months Ended December 31, 2019) | Business Segment | Revenue (HKD '000) | Segment Profit/(Loss) (HKD '000) | | :--- | :--- | :--- | | Property Management and Related Services | 359,939 | 30,041 | | Property Investment | 1,187 | (1,124) | | Money Lending Business | 678 | 511 | | **Total** | **361,804** | **29,428** | Segment Assets and Liabilities | Item | December 31, 2019 (HKD '000) | March 31, 2019 (HKD '000) | | :--- | :--- | :--- | | **Reportable Segment Assets** | 294,432 | 269,490 | | **Total Consolidated Assets** | 385,130 | 378,715 | | **Reportable Segment Liabilities** | 87,747 | 84,244 | | **Total Consolidated Liabilities** | 93,019 | 89,588 | [Profitability Analysis (Notes 8, 9, 10, 11)](index=13&type=section&id=Profitability%20Analysis%20%28Notes%208%2C%209%2C%2010%2C%2011%29) Profit for the period declined due to increased staff costs, fair value loss on investment properties, and new listing expenses, leading to a significant decrease in basic EPS - Staff costs (including salaries and benefits) increased by **10.2%** from HKD 260.7 million to **HKD 287.3 million**, representing the largest expense item[53](index=53&type=chunk) - A fair value loss on investment properties of **HKD 2.1 million** was recorded during the period, compared to no such loss in the prior period[53](index=53&type=chunk) - Basic EPS was **0.61 HK cents**, calculated based on profit attributable to owners of the Company of approximately **HKD 6.2 million** and a weighted average of 1,026,351,515 shares[59](index=59&type=chunk)[61](index=61&type=chunk) - The Directors do not recommend the payment of any dividend for the three and nine months ended December 31, 2019[60](index=60&type=chunk)[62](index=62&type=chunk) [Accounting Policies and Other Notes (Notes 1, 2, 4, 5, 7)](index=6&type=section&id=Accounting%20Policies%20and%20Other%20Notes%20%28Notes%201%2C%202%2C%204%2C%205%2C%207%29) The Group primarily engages in property management, property investment, and money lending, adopting new HKFRS standards, with interest income and other income declining due to fair value adjustments and rising finance costs - The Group's principal activities are property management services, property investment, and money lending business[19](index=19&type=chunk) - Interest income significantly decreased from **HKD 2.865 million** to **HKD 0.388 million**, primarily due to reduced interest income from investments at fair value through profit or loss[30](index=30&type=chunk) - Other income recorded a loss of **HKD 1.267 million** (compared to income of HKD 0.219 million in the prior period), mainly due to a **HKD 2.1 million** fair value loss on investment properties[32](index=32&type=chunk) - Finance costs increased from **HKD 0.426 million** to **HKD 0.774 million**, primarily due to new interest on lease liabilities of **HKD 0.333 million**[51](index=51&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=15&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) The Group operates property management, investment, and money lending businesses under the 'Gang Shen' brand, with property management as its core, and management remains optimistic about market expansion while seeking other investment opportunities - The Group primarily engages in property management services (mainly residential), property investment, and money lending business, operating under the 'Gang Shen' brand in Hong Kong[64](index=64&type=chunk)[66](index=66&type=chunk) - Management believes the Hong Kong property market is expanding, with increased future housing supply presenting growth opportunities for property management business[78](index=78&type=chunk)[81](index=81&type=chunk) - Going forward, property management services in Hong Kong and China will remain the Group's core business, while management will continue to seek other investment opportunities to increase revenue[83](index=83&type=chunk)[84](index=84&type=chunk) [Financial Performance Analysis](index=16&type=section&id=Financial%20Performance%20Analysis) The Group's revenue grew by 14.2% to HKD 361.8 million, but gross profit margin slightly decreased, and profit attributable to owners of the Company significantly declined by 68.2% due to various expenses Revenue by Contract Type (Nine Months Ended December 31) | Contract Type | 2019 (HKD Million) | Proportion | 2018 (HKD Million) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Property Management Service Contracts | 324.9 | 89.8% | 279.8 | 88.3% | | Standalone Security Service Contracts | 24.8 | 6.9% | 22.8 | 7.2% | | Property Management Consultancy Service Contracts | 10.2 | 2.8% | 12.9 | 4.1% | | Leasing Service Contracts | 1.2 | 0.3% | 1.1 | 0.3% | | Money Lending Services | 0.7 | 0.2% | 0.1 | 0.1% | | **Total** | **361.8** | **100%** | **316.7** | **100%** | - Gross profit increased by **9.9%**, but gross profit margin decreased from **23.5%** to **22.6%**[75](index=75&type=chunk)[79](index=79&type=chunk) - Profit attributable to owners of the Company significantly decreased by **68.2%**, primarily due to (i) proposed transfer of listing expenses, (ii) reduced profit from an associate, and (iii) fair value loss on investment properties[76](index=76&type=chunk)[77](index=77&type=chunk)[80](index=80&type=chunk) [Operational Details and Significant Events](index=18&type=section&id=Operational%20Details%20and%20Significant%20Events) As of December 31, 2019, the Group's employees decreased, service contracts in Hong Kong increased, and the company formally applied to transfer its listing from GEM to the Main Board - As of December 31, 2019, the Group had **1,409 employees**, with staff costs approximately **HKD 287.3 million**[85](index=85&type=chunk) - As of December 31, 2019, the Group had **444 service contracts** in Hong Kong, including 416 property management, 13 standalone security, and 15 facility management contracts[85](index=85&type=chunk) - The Company formally applied to the Stock Exchange on October 28, 2019, to transfer its listing from GEM to the Main Board, which does not involve issuing new shares[87](index=87&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) [Corporate Governance Practices and Compliance](index=20&type=section&id=Corporate%20Governance%20Practices%20and%20Compliance) The company largely complied with the Corporate Governance Code, with deviations including no CEO position and an independent non-executive director's AGM absence, while an audit committee reviewed quarterly results - The Company complied with the Corporate Governance Code, with deviations including the absence of a Chief Executive Officer role and the non-segregation of Chairman and Chief Executive Officer roles[93](index=93&type=chunk)[94](index=94&type=chunk) - Another deviation was the absence of Independent Non-executive Director Mr. Lo Chi Ho from the Annual General Meeting on July 31, 2019, due to other commitments[99](index=99&type=chunk)[101](index=101&type=chunk) - The Company has an Audit Committee, comprising all independent non-executive Directors, which has reviewed the quarterly results report[117](index=117&type=chunk) [Directors' and Substantial Shareholders' Interests](index=21&type=section&id=Directors%27%20and%20Substantial%20Shareholders%27%20Interests) Chairman Mr. Wong Lai Ming is the controlling shareholder, holding 61.00% of issued share capital through Heng Sheng Capital Limited, with his spouse deemed to have the same interest Substantial Shareholders' Shareholdings | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held (Long Position) | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Heng Sheng Capital Limited | Beneficial Owner | 626,071,950 | 61.00% | | Wong Lai Ming (Chairman) | Interest in Controlled Corporation | 626,071,950 | 61.00% | | Li Mengya (Spouse of Mr. Wong) | Interest of Spouse | 626,071,950 | 61.00% | [Share Scheme and Other Disclosures](index=24&type=section&id=Share%20Scheme%20and%20Other%20Disclosures) The company adopted a share option scheme in 2013, with no options granted or exercised during the period, and confirmed maintaining at least 25% public float - The Company has a share option scheme, but no options were granted, exercised, or remained outstanding during the reporting period[115](index=115&type=chunk) - Neither the controlling shareholder nor any Directors engaged in businesses competing with the Group's operations[115](index=115&type=chunk) - The Company confirmed that, as of the latest practicable date prior to this report, the public float was not less than **25%**, in compliance with regulations[129](index=129&type=chunk)[131](index=131&type=chunk) [Corporate Information](index=28&type=section&id=Corporate%20Information) [Company Overview](index=28&type=section&id=Company%20Overview) Time Watch Service Company Limited is a Cayman Islands-registered company listed on GEM (stock code 8181), with this report detailing its board members, committee structures, and key corporate information - The Company's Board of Directors comprises **3 Executive Directors**, **1 Non-executive Director (Chairman)**, and **3 Independent Non-executive Directors**[132](index=132&type=chunk)[137](index=137&type=chunk) - The Company has an Audit Committee, Remuneration Committee, and Nomination Committee, chaired by Independent Non-executive Directors Mr. Lam Kai Yeung, Mr. Lam Kai Yeung, and Mr. Cho Siu Lun, respectively[137](index=137&type=chunk) - The Company changed its principal place of business in Hong Kong to Unit 903, 9/F, Jubilee Centre, 1 Jubilee Street, Central, Hong Kong, effective November 1, 2019[90](index=90&type=chunk)[94](index=94&type=chunk)

Shi Shi Services Limited 時時服務有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2019/20 INTERIM REPORT 中期報告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investin ...

shishı Shi Shi Services Limited 時 時 服 務 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：8181 2019/20 FIRST QUARTERLY REPORT 第 一 季 度 業 績 報 告 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware o ...