20 24 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資 風險之公司提供一個上市之市場。有意投資之人士應了解投資於 該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決 定。GEM之較高風險及其他特色表示GEM較適合專業及其他資深 投資者。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會 較於聯交所主板買賣之證券承受較大之市場波動風險，同時無法 保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責， 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 報告全部或任何部分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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊 載，旨在提供有關鴻偉（亞洲）控股有限公司（「本公司」或「我們」， 連同其附屬公司統稱為「本集團」）之資料；本公司各董事（「董事」） 願就本報告共同及個別地承擔全部責任。董事在作出一切合理查 詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面 均屬準確及完整，並無誤導或欺詐 ...

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佈的內容概不 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 佈 全 部 或 任 何 部 分 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。 HONG WEI (ASIA) HOLDINGS COMPANY LIMITED 8191 截至二零二四年十二月三十一日止年度的 全年業績公佈 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之特色 GEM之 定 位，乃 為 相 比 起 其 他 在 聯 交 所 上 市 之 公 司 帶 有 較 高 投 資 風 險 之 公 司 提 供 一 個 上 市 之 市 場。有 意 投 資 之 人 士 應 了 解 投 資 於 該 等 公 司 之 潛 在 風 險，並 應 經 過 審 慎 周 詳 之 考 慮 後 方 作 出 投 資 決 定。GEM之較高風險及其他特色表示 GEM較 適 合 專 業 及 其 他 資 深 投 資 者。 由 於GEM上 市 公 司 普 遍 為 中 小 型 公 司 ...

l Hong Wei (Asia) Holdings Company Limited 鴻偉(亞洲)控股有限公司 (於香港註冊成立的有限公司) 股份代號 : 8191 目錄 公司資料 2 財務摘要 4 未經審核綜合損益及其他全面收益表 5 未經審核綜合財務狀況表 7 未經審核綜合權益變動表 9 未經審核綜合現金流量表 10 未經審核綜合財務報表附註 11 管理層討論及分析 29 1 公司資料 註冊辦事處 香港金鐘 夏愨道18號 海富中心1期 6樓603室 香港總辦事處 香港金鐘 夏愨道18號 海富中心1期 6樓603室 中華人民共和國（「中國」）主要營業地點 中國廣東省 韶關市仁化縣工業園 授權代表 黃長樂先生 鄺麟基先生 執行董事 黃長樂先生 劉加勇先生 黃建澄先生 獨立非執行董事 錢小瑜女士 張偉賢先生 郭恩生先生 合規主任 黃建澄先生 主要往來銀行 中國農業銀行股份有限公司 中國工商銀行股份有限公司 2 審核委員會 張偉賢先生（主席） 錢小瑜女士 郭恩生先生 薪酬委員會 郭恩生先生（主席） 黃長樂先生 張偉賢先生 提名委員會 黃長樂先生（主席） 張偉賢先生 郭恩生先生 公司秘書 鄺麟基先生（香港特別行政區 ...

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately HKD 168.68 million, a decrease of about 18.8% compared to HKD 207.85 million for the same period in 2023 due to production equipment upgrades[6]. - Gross profit for the same period was approximately HKD 28.90 million, down about 27.6% from HKD 39.91 million in the previous year[6]. - Profit attributable to the owners of the company was approximately HKD 10.82 million, compared to HKD 11.51 million for the same period in 2023[6]. - The total comprehensive income for the period was HKD 9.37 million, significantly lower than HKD 18.32 million in the same period last year[11]. - Basic and diluted earnings per share were 20.54 HKD cents, down from 21.85 HKD cents in the previous year[12]. - The company experienced a foreign exchange loss of HKD 1.45 million during the period, compared to a gain of HKD 6.82 million in the previous year[11]. - The decrease in revenue and profit was primarily attributed to the suspension of production for technical upgrades[6]. - Future outlook remains cautious due to ongoing market challenges and the impact of production upgrades on short-term performance[6]. Dividend Policy - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[6]. - The company has not declared or proposed any interim dividends for the first half of 2024, consistent with the same period in 2023[34]. - The board of directors does not recommend the payment of any interim dividend for the mid-term period of 2024, consistent with the previous year where no dividend was paid as of June 30, 2023[96]. Assets and Liabilities - Non-current assets totaled HKD 396,193,000 as of June 30, 2024, slightly down from HKD 399,843,000 at the end of 2023, with property, plant, and equipment at HKD 335,895,000[15]. - Current assets increased to HKD 408,358,000 from HKD 374,475,000, driven by trade receivables rising to HKD 226,284,000 from HKD 193,573,000[15]. - Current liabilities rose to HKD 362,639,000 from HKD 321,511,000, with trade payables increasing significantly to HKD 36,436,000 from HKD 19,140,000[15]. - The net current asset position decreased to HKD 45,719,000 from HKD 52,964,000, indicating a tighter liquidity situation[19]. - Total equity increased to HKD 260,769,000 as of June 30, 2024, up from HKD 251,403,000 at the end of 2023, reflecting a positive performance in retained earnings[16]. - The total assets of the company are primarily located in China, with all revenue generated from the Chinese market[26]. - The company's total liabilities increased to HKD 322,985,000 as of June 30, 2024, compared to HKD 318,570,000 as of December 31, 2023, representing a rise of 1.3%[46]. Cash Flow and Financial Stability - The company reported a net cash inflow from operating activities of HKD 3,909,000 for the six months ended June 30, 2024, compared to a cash outflow of HKD 59,202,000 in the same period of 2023[18]. - Cash and cash equivalents decreased to HKD 6,349,000 from HKD 7,802,000, influenced by foreign exchange rate changes[18]. - The company’s long-term borrowings due after one year decreased to HKD 148,134,000 from HKD 170,301,000, indicating a reduction in long-term debt obligations[16]. - The company anticipates continued operational support from the Huang family, ensuring financial stability for the foreseeable future[19]. Segment Performance - Revenue for the six months ended June 30, 2024, was HKD 168,677,000, a decrease of 18.9% compared to HKD 207,853,000 for the same period in 2023[22]. - The particleboard segment generated revenue of HKD 168,677,000, while the forestry segment reported no revenue during the same period[24]. - The reported segment performance for the particleboard segment was HKD 24,482,000, down from HKD 28,177,000 in the previous year, indicating a decline of 13.0%[24]. - Major customer A contributed HKD 31,413,000 in revenue for the six months ended June 30, 2024, down 48.9% from HKD 61,576,000 in the same period of 2023[27]. Cost Management - The group's sales cost decreased from approximately HKD 167,947,000 to approximately HKD 139,775,000, a reduction of about 16.8% attributed to decreased sales volume[64]. - Selling and distribution expenses decreased by about 24.6% from approximately HKD 14,490,000 to approximately HKD 10,923,000, primarily due to reduced transportation and packaging costs from lower sales[67]. - Administrative expenses decreased from approximately HKD 17,571,000 to approximately HKD 13,576,000, a reduction of about 22.7%, mainly due to decreased R&D expenses[68]. - Financial costs decreased by approximately 18.1% from about HKD 12,350,000 to approximately HKD 10,118,000, primarily due to a reduction in notes payable[69]. Market Strategy - The company continues to focus on enhancing operational efficiency through technological improvements and market expansion strategies[6]. - The company is focusing on cost control measures to mitigate business risks and enhance sustainability and competitiveness in a challenging market environment[61]. - The company has prioritized the market introduction of all-bamboo particleboard, achieving good results in promotion efforts[61]. - The company has established a strategy of raw material differentiation, product differentiation, and market differentiation[61]. Compliance and Governance - The company has maintained compliance with the GEM listing rules regarding public float requirements[94]. - The company has adopted a code of conduct for directors' securities trading, confirming compliance during the interim period of 2024[92]. - There are no significant contracts in which any director has a substantial interest during the interim period of 2024[93]. - The company has confirmed full compliance with the non-competition agreement by the major shareholder as of June 30, 2024[84].

2023 年 報 (Incorporated in Hong Kong with limited liability) Stock code: 8191 2023 ANNUAL REPORT 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資 風險之公司提供一個上市之市場。有意投資之人士應了解投資於 該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決 定。GEM之較高風險及其他特色表示GEM較適合專業及其他資 深投資者。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能 會較於聯交所主板買賣之證券承受較大之市場波動風險，同時無 法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責， 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 報告全部或任何部分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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而 刊載，旨在提供有關鴻偉（亞洲）控股有限公司（「本公司」或「我 們」，連同其附屬公司統稱為「本集團」） ...

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布的內容概不負責，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布全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HONG WEI (ASIA) HOLDINGS COMPANY LIMITED 鴻偉（亞洲）控股有限公司 （於香港註冊成立之有限公司） （股份代號：8191） 截至二零二三年十二月三十一日止年度的 全年業績公佈 鴻偉（亞洲）控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣布本公司及其 附屬公司截至二零二三年十二月三十一日止（「該時段」）之經審核全年業績。 本公佈列載本公司該時段之財務摘要及財務報告（「報告」）全文，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」）中有關該時段初步業績公佈附載之資料之要 求。 載有GEM上市規則規定資料之本公司報告之印刷本將寄發予本公司股東，並可於香港聯 合交易所有限公司網站www.hkexnews.hk及本公司網站www.hongweiasia.com內查閱。 承董事會命 鴻偉（亞洲）控股有限公司 主席兼執行董事 黃長樂 香港，二零二 ...

Hong Wei (Asia) Holdings Company Limited 鴻偉(亞洲)控股有限公司 (於香港註冊成立的有限公司) 股份代號 : 8191 第 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一 個上市之市場。有意投資的人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考 慮後方作出投資決定。GEM之較高風險及其他特色表示GEM較適合專業及其他資深投資者。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證 券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，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報告全部或任何部分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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關鴻偉 （亞洲）控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）的資料；本公司 各董事（「董事」）願就本報告共同及個別 ...

Financial Performance - For the nine months ended September 30, 2023, the company reported total revenue of HKD 335.281 million, an increase of 23.9% compared to HKD 270.607 million for the same period in 2022[7]. - Gross profit for the nine months ended September 30, 2023, was HKD 60.451 million, representing a 17.9% increase from HKD 51.192 million in the previous year[7]. - The company achieved a profit before tax of HKD 15.538 million for the nine months ended September 30, 2023, compared to a loss of HKD 3.916 million in the same period of 2022[7]. - The net profit attributable to owners for the three months ended September 30, 2023, was HKD 4.032 million, a significant recovery from a loss of HKD 10.596 million in the same quarter of 2022[8]. - The company reported total comprehensive income of HKD 4.796 million for the nine months ended September 30, 2023, compared to a total comprehensive loss of HKD 39.443 million in the same period of 2022[8]. - The basic and diluted earnings per share for the nine months ended September 30, 2023, were HKD 29.51, compared to a loss per share of HKD 75.79 in the previous year[8]. - The group reported a profit before tax of HKD 15,542,000 for the nine months ended September 30, 2023, compared to a loss before tax of HKD 3,916,000 for the same period in 2022[15]. - The profit attributable to the company's owners was approximately HKD 15.5 million, a significant increase of about 560.5% compared to a loss of approximately HKD 3.4 million in the previous period[37]. - The total comprehensive income attributable to the company's owners was approximately HKD 4.8 million, an increase of about 112.2% compared to a total comprehensive loss of approximately HKD 39.4 million in the previous period[38]. Revenue and Income Sources - The company recorded other income of HKD 20.791 million for the nine months ended September 30, 2023, compared to HKD 5.473 million in the same period of 2022, indicating a significant increase in other income sources[7]. - The group's revenue from sales of particleboard for the nine months ended September 30, 2023, was HKD 335,281,000, an increase of 24% compared to HKD 270,607,000 for the same period in 2022[13]. - Other income surged from approximately HKD 5.5 million to approximately HKD 20.8 million, marking an increase of about 279.9% primarily due to increased VAT refunds and government subsidies[33]. - The group recognized government subsidies of HKD 11,652,000 for the nine months ended September 30, 2023, compared to HKD 4,809,000 for the same period in 2022[18]. Expenses and Costs - Sales and distribution expenses for the nine months ended September 30, 2023, were HKD 20.891 million, slightly higher than HKD 19.462 million in the previous year, reflecting increased marketing efforts[7]. - Administrative expenses increased to HKD 27.404 million for the nine months ended September 30, 2023, compared to HKD 21.395 million in the same period of 2022, indicating higher operational costs[7]. - Selling and distribution expenses rose by approximately 7.3% from about HKD 19.5 million to approximately HKD 20.9 million, driven by increased transportation and packaging costs related to higher sales[34]. - Administrative expenses increased from approximately HKD 21.4 million to approximately HKD 27.4 million, a rise of about 28.1%, mainly due to higher R&D costs[35]. - The group incurred financial costs of HKD 17,501,000 for the nine months ended September 30, 2023, a decrease from HKD 19,772,000 for the same period in 2022[19]. - Financial costs decreased by approximately 11.5% from about HKD 19.8 million to approximately HKD 17.5 million, attributed to lower interest expenses on bank and unsecured loans[36]. - The cost of sales rose from approximately HKD 219.4 million to approximately HKD 274.8 million, an increase of about 25.3% due to higher sales volume[31]. - Depreciation expenses for the particleboard segment amounted to HKD 31,645,000 for the nine months ended September 30, 2023[15]. Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[6]. - The group has implemented various cost control measures to tighten operating costs and improve revenue[10]. - The group plans to negotiate with noteholders to extend the repayment period of HKD 55,524,000 in secured notes[10]. Financial Position and Liabilities - The net current liabilities of the group as of September 30, 2023, were approximately HKD 91,932,000, raising significant doubts about the group's ability to continue as a going concern[10]. - The company has issued secured and guaranteed notes amounting to HKD 100,000,000, with an interest rate of Hong Kong's best lending rate plus 3% per annum[46]. - As of the report date, the company has an outstanding amount of approximately HKD 55,524,000 on the notes and is negotiating with the note purchaser to extend the repayment date[47]. Shareholding and Dividends - As of September 30, 2023, Mr. Huang Chang-le holds a beneficial interest of 21,500,000 shares, representing approximately 40.83% of the company's shares[43]. - Ms. Zhang Ya-jun, as the spouse of Mr. Huang, also holds a beneficial interest of 21,500,000 shares, equivalent to approximately 40.83%[43]. - Dr. Jin Zi-bo has a controlled corporation interest of 7,326,131 shares, which accounts for approximately 13.91% of the company's shares[45]. - The board of directors does not recommend the payment of any dividends for the nine months ended September 30, 2023, consistent with the previous year[49]. Audit and Compliance - The audit committee has reviewed and discussed the unaudited consolidated results for the nine months ended September 30, 2023[48]. - The group expects that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements[11].

Financial Performance - The group's revenue for the three months ended March 31, 2023, was HKD 76,428,000, representing an increase of 12.3% compared to HKD 67,956,000 for the same period in 2022[5]. - Gross profit for the same period was HKD 16,140,000, down 15.0% from HKD 18,953,000 in the previous year[5]. - The group reported a profit attributable to owners of the company of HKD 1,855,000 for Q1 2023, compared to a loss of HKD 1,206,000 in Q1 2022[5]. - The total comprehensive income for the period was HKD 9,324,000, significantly higher than HKD 1,777,000 in the same period last year[5]. - The company recorded a foreign exchange gain of HKD 7,469,000 during the period, compared to a gain of HKD 2,983,000 in the previous year[5]. - The company reported a comprehensive loss before tax of HKD 1.2 million for the three months ended March 31, 2023[17]. - The basic and diluted loss per share attributable to the owners of the company was HKD 0.035 for the three months ended March 31, 2023, compared to a loss of HKD 0.024 in the same period last year[19]. - Total comprehensive income attributable to the owners of the company was approximately HKD 9,324,000 for the three months ended March 31, 2023, compared to approximately HKD 1,800,000 for the same period in 2022, primarily due to increased profits and foreign exchange gains[32]. Expenses and Costs - The company incurred finance costs of HKD 3,868,000, down from HKD 5,688,000 in the previous year[5]. - The sales cost rose by approximately 23% from about HKD 49 million to approximately HKD 60.3 million, primarily due to increased average material costs and higher sales volume[25]. - The gross profit decreased from approximately HKD 19 million to about HKD 16.1 million, a decline of approximately 14.84%, with the gross margin dropping from about 27.9% to approximately 21.1%[26]. - Other income increased from approximately HKD 1.8 million to about HKD 2.2 million, reflecting a growth of approximately 26% mainly due to increased VAT refunds[27]. - The total depreciation and amortization expenses for the three months ended March 31, 2023, amounted to HKD 12.3 million, compared to HKD 9.8 million in the same period last year[17]. - The interest expenses decreased from HKD 5.7 million to HKD 3.9 million, with bank and other borrowings interest falling from HKD 3.6 million to HKD 3 million[15]. - Sales and distribution expenses increased by approximately 12% to about HKD 5,511,000 for the three months ended March 31, 2023, compared to approximately HKD 4,900,000 for the same period in 2022[28]. - Administrative expenses decreased by approximately 1.1% to about HKD 7,126,000 for the three months ended March 31, 2023, down from approximately HKD 7,200,000 for the same period in 2022[29]. - Financial costs decreased by approximately 32.0% to about HKD 3,868,000 for the three months ended March 31, 2023, compared to approximately HKD 5,700,000 for the same period in 2022[30]. Revenue Segments - The segment revenue from particleboard sales was HKD 76,428,000, with a reported segment performance of HKD 7,042,000[12]. - The revenue from the particleboard segment increased from approximately HKD 67.9 million to approximately HKD 76.4 million, representing a growth of about 12.5% compared to the previous period[24]. - The group did not generate any revenue from timber sales during the reporting period[11]. Capital Expenditure - Capital expenditure allocated for the period was HKD 12,126,000, including depreciation of HKD 12,075,000[12]. - The capital expenditure allocated for the particleboard segment primarily involved the acquisition of property, plant, and equipment[13]. Corporate Actions - No purchase, sale, or redemption of the company's listed securities occurred during the three months ended March 31, 2023[33]. - No share placements were conducted by the company or its subsidiaries during the three months ended March 31, 2023[34]. - The board of directors did not recommend any dividend payment for the three months ended March 31, 2023, consistent with the same period in 2022[42]. Future Outlook - The board has assessed the group's financial performance and believes it can meet its financial obligations in the foreseeable future[7]. - The company plans to expand its supply chain operations to mitigate business risks and enhance sustainability and competitiveness in a challenging market environment[22].

Financial Performance - The company reported revenue of HKD 76,428,000 for the three months ended March 31, 2023, representing a 12.2% increase from HKD 67,956,000 in the same period of 2022[7]. - Gross profit for the same period was HKD 16,140,000, down 15.0% from HKD 18,953,000 year-over-year[7]. - The company achieved a profit before tax of HKD 1,855,000, compared to a loss of HKD 1,206,000 in the previous year[7]. - Total comprehensive income for the period was HKD 9,324,000, significantly up from HKD 1,777,000 in the prior year[7]. - Basic earnings per share for the period was HKD 3.52, compared to a loss of HKD 2.37 per share in the same quarter of 2022[7]. - The company recorded other comprehensive income of HKD 7,469,000, compared to HKD 2,983,000 in the previous year[7]. - Total comprehensive loss for the three months ended March 31, 2023, was HKD 1,855,000, compared to a loss of HKD 1,206,000 for the same period in 2022[19][21]. - The profit attributable to the owners of the company was approximately HKD 1.9 million, a significant increase of about 253.8% compared to a loss of approximately HKD 1.2 million in the previous period[33]. - The total comprehensive income attributable to the owners of the company increased to approximately HKD 9.3 million from about HKD 1.8 million, mainly due to the increase in profit and foreign exchange gains from the depreciation of the Renminbi[34]. Operational Insights - The company plans to continue monitoring its operational and financial stability in light of market conditions[9]. - The company plans to expand its supply chain operations to mitigate business risks and enhance sustainability and competitiveness in response to market challenges[24]. - The company is facing uncertainties in the Chinese economy due to ongoing geopolitical tensions and global market volatility, which have negatively impacted demand for particle board[24]. - There are no new product launches or significant market expansion strategies mentioned in the report[9]. Segment Performance - Revenue from particle board sales for the three months ended March 31, 2023, was HKD 76,428,000, an increase of 12.1% compared to HKD 67,956,000 for the same period in 2022[12][15]. - The reported segment performance for the particle board division showed a profit of HKD 7,959,000 for the three months ended March 31, 2023, compared to a profit of HKD 8,526,000 in the same period of 2022, reflecting a decrease of 6.7%[14][15]. - The revenue of the particleboard segment increased from approximately HKD 67.9 million to approximately HKD 76.4 million, representing a growth of about 12.5% compared to the previous period[26]. Expenses and Costs - The company incurred total depreciation and amortization expenses of HKD 12,256,000 for the three months ended March 31, 2023, up from HKD 9,762,000 in the same period of 2022, representing a 25.6% increase[19]. - Financial costs for the three months ended March 31, 2023, were HKD 3,868,000, down 32.0% from HKD 5,688,000 in the same period of 2022[17]. - The sales cost rose by approximately 23% from about HKD 49 million to approximately HKD 60.3 million, primarily due to increased average material costs and higher sales volume[27]. - Gross profit decreased by approximately 14.84% from about HKD 19 million to approximately HKD 16.1 million, with the gross margin declining from approximately 27.9% to about 21.1%[28]. - Other income increased by approximately 26% from about HKD 1.8 million to approximately HKD 2.2 million, mainly due to an increase in VAT refunds[29]. - Selling and distribution expenses rose by about 12% from approximately HKD 4.9 million to about HKD 5.5 million, driven by increased transportation and packaging costs due to higher sales volume[30]. - Administrative expenses decreased by approximately 1.1% from about HKD 7.2 million to approximately HKD 7.1 million, mainly due to reductions in social insurance, hospitality, and employee benefits[31]. - Financial costs decreased by approximately 32% from about HKD 5.7 million to approximately HKD 3.9 million, primarily due to the repayment of long-term bank loans and other borrowings[32]. Governance and Compliance - The board has assessed the company's financial performance and believes it can meet its financial obligations in the foreseeable future[9]. - The company has not undergone an audit for the reported financial results, but they have been reviewed by the audit committee[9]. - The audit committee reviewed the unaudited consolidated financial performance for the three months ending March 31, 2023[43]. - The company’s management discussed the financial results with the audit committee, reflecting ongoing oversight and governance[43]. Shareholder and Debt Information - The company issued secured and guaranteed notes amounting to HKD 100,000,000, with an interest rate of Hong Kong's best lending rate plus 3%[40]. - The maturity date of the notes was extended from August 12, 2020, to August 21, 2021, following an agreement on July 13, 2020[40]. - The guarantors are required to remain as the company's largest single shareholder and chairman, with restrictions on additional encumbrances on properties owned in Hong Kong[41]. - Any declaration of bankruptcy or inability to repay debts by the guarantors will constitute an event of default[41]. - In the event of a continuing default, noteholders have the right to redeem the notes at a higher interest rate and receive a 20% internal rate of return[41]. Dividend Policy - The company’s board of directors did not recommend any dividend payment for the three months ending March 31, 2023, consistent with the previous year[44]. - The company has not declared any dividends for the same period in the previous year, indicating a consistent policy[44].