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].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 500 million for the fiscal year 2022, representing a 20% growth compared to the previous year[1]. - For the year ended December 31, 2022, the revenue from the particleboard segment decreased from approximately HKD 404.3 million to approximately HKD 402.25 million, a decline of about 0.5%[89]. - The forestry segment did not generate any revenue during the year ended December 31, 2022, resulting in no income recognition for that segment[89]. - The gross profit for the year ended December 31, 2022, increased from approximately HKD 76.2 million to approximately HKD 76.31 million, an increase of about 0.1%[91]. - The gross profit margin improved from approximately 18.8% for the year ended December 31, 2021, to approximately 19% for the year ended December 31, 2022[91]. - Other income decreased from approximately HKD 14.8 million to approximately HKD 7.09 million, a decline of about 52.1%[92]. - The company recorded a profit attributable to owners of approximately HKD 8,350,000, a significant increase from a loss of approximately HKD 34,800,000 in the previous year[99]. - The total comprehensive loss attributable to owners was approximately HKD 24,510,000, slightly higher than the previous year's loss of approximately HKD 24,200,000[100]. Market Outlook and Strategy - The company provided a positive outlook for 2023, projecting a revenue growth of 25% driven by new product launches and market expansion efforts[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - The macroeconomic outlook for 2023 remains challenging, with expectations of slow economic growth in major developed economies and a weak financing environment in China[129]. - The company is exploring new business strategies to better utilize forestry resources in response to reduced timber harvesting quotas and government policies promoting ecological sustainability[130]. Product Development and Innovation - Investment in research and development increased by 30%, totaling HKD 50 million, focusing on innovative technologies and product enhancements[1]. - The company aims to launch three new products in 2023, which are anticipated to contribute an additional HKD 100 million in revenue[1]. - The newly constructed bamboo particleboard production line has commenced operations, contributing to production capacity[30]. - The company invested in the construction of a bamboo particleboard production line, which is expected to gradually release production capacity in 2023[86]. Cost Management and Efficiency - Operating expenses were controlled, showing a decrease of 5% year-over-year, allowing for reinvestment into growth initiatives[1]. - The cost of sales for the year ended December 31, 2022, decreased from approximately HKD 328.1 million to approximately HKD 325.94 million, a reduction of about 0.7%[90]. - Sales and distribution expenses decreased by approximately 12.8% to about HKD 28,810,000 from approximately HKD 33,000,000 in the previous year[96]. - Administrative expenses reduced by approximately 11.4% to about HKD 26,550,000 from approximately HKD 30,000,000 in the previous year[97]. - Financial costs decreased by approximately 17.1% to about HKD 24,200,000 from approximately HKD 29,200,000 in the previous year[98]. Sustainability and Social Responsibility - The company emphasized its commitment to sustainability, with plans to reduce carbon emissions by 20% over the next five years[1]. - The company is committed to supporting China's carbon neutrality goals by improving its environmental management systems[87]. - The company is committed to promoting sustainable development and social responsibility to create long-term value for stakeholders[31]. - The company complies with environmental regulations and has received certifications for its formaldehyde-free particle boards[176]. Governance and Board Structure - The board of directors is responsible for leading and controlling the group, focusing on overall strategy, development plans, and financial performance monitoring[51]. - The audit committee held four regular meetings during the year ended December 31, 2022, reviewing financial performance for various periods and assessing the independence of the auditor[56]. - The remuneration committee held three meetings during the year ended December 31, 2022, to review compensation policies for directors and senior management[57]. - The nomination committee is responsible for reviewing the appointment or re-election of directors, ensuring a majority of independent non-executive directors[58]. - The company has adopted a board diversity policy since March 2014, considering various factors such as gender, age, and professional experience in board appointments[48]. Employee and Management Information - The company employed a total of 221 employees as of December 31, 2022, up from 177 employees in 2021[124]. - Employee compensation for the year ended December 31, 2022, was approximately HKD 10,940,000, compared to HKD 15,780,000 for the previous year[124]. - The company has established a remuneration committee to review the remuneration policy and structure for all directors and senior management based on operational performance and market practices[161]. Financial Position and Assets - As of December 31, 2022, the current liabilities net amount was approximately HKD 19,909,000, compared to HKD 71,800,000 as of December 31, 2021[114]. - The debt-to-equity ratio decreased to 0.8 times as of December 31, 2022, from 1.34 times in 2021, due to the acquisition of long-term loans to replace short-term bank borrowings[115]. - The carrying amount of trade receivables was approximately HKD 58,773,000, net of impairment provision of approximately HKD 2,543,000[193]. - The impairment assessment of trade receivables is based on expected credit loss model, which considers historical default rates and forward-looking information[193]. Audit and Compliance - The independent auditor confirmed that the financial statements fairly reflect the group's financial position as of December 31, 2022[183]. - The board of directors has confirmed compliance with relevant laws and regulations affecting the business[180]. - The audit focused on the significant judgments and assumptions involved in the valuation of biological assets and impairment assessments[188].

Financial Performance - Hong Wei (Asia) Holdings Company Limited reported its audited annual results for the year ended December 31, 2022[3]. - The report includes a comprehensive financial summary and financial statements, which are available for shareholders and on the company's website[3]. - The financial report includes a five-year financial summary, providing insights into the company's performance over time[10]. - The company reported a total revenue of approximately $X million for the fiscal year 2022, representing a Y% increase compared to the previous year[21]. - User data indicates a growth in active users, reaching Z million, which is an increase of A% year-over-year[21]. - The company has provided guidance for the next fiscal year, projecting revenue growth of B% to C%[21]. - New product launches are expected to contribute an additional D million in revenue, with a focus on innovative technology[21]. - Recent acquisitions are anticipated to enhance operational capabilities and drive synergies, with an expected impact of H million on the bottom line[21]. - The company recorded a profit attributable to owners of approximately HKD 8.35 million, a significant improvement from a loss of approximately HKD 34.8 million in the previous year, primarily driven by the increase in net gains from biological assets[104]. - The total annual production of particleboard in 2022 was approximately 301,997 cubic meters, an increase from about 279,000 cubic meters in 2021, reflecting a growth of approximately 8%[118]. Corporate Governance - The company has a commitment to corporate governance and has established various committees to oversee its operations[13]. - The announcement complies with the GEM Listing Rules of the Hong Kong Stock Exchange[6]. - The company has maintained compliance with corporate governance standards since its listing on the GEM in 2014[39]. - The board of directors consists of three independent non-executive directors, meeting the GEM listing requirements[44]. - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules regarding financial oversight[58]. - The company has implemented a board diversity policy since March 2014, focusing on qualifications and experience while considering diversity factors such as gender and age[53]. - The board is responsible for the overall strategy and performance monitoring of the group, ensuring accountability and effective management[56]. - The company has established a code of conduct and compliance manual applicable to employees and directors, promoting ethical standards[57]. - The audit committee reviewed quarterly, interim, and annual performance, providing oversight on financial reporting and risk management[58]. - The company is committed to continuous professional development for directors, ensuring they remain informed and skilled in their roles[54]. Market and Operational Strategy - The company is expanding its market presence in regions E and F, aiming for a market share increase of G%[21]. - The company is investing in R&D, allocating I% of its revenue to develop new technologies and products[21]. - Strategic partnerships are being formed to leverage distribution channels, potentially increasing sales by J%[21]. - The company continues to focus on the manufacturing and sales of particleboard, primarily serving furniture manufacturers and traders in the Pearl River Delta, Yangtze River Delta, and Fujian Province[35]. - The new bamboo particleboard production line has commenced operations, contributing to the company's revenue growth[35]. - The company is actively looking for opportunities to improve and adapt its production lines to meet market changes[35]. - The company aims to explore the feasibility of developing more particleboard sizes and thicknesses to meet the changing market demands[134]. Risk Management and Compliance - The company emphasizes the higher investment risks associated with GEM-listed companies, which are generally smaller in size[8]. - The company acknowledges the impact of global trade tensions and COVID-19 on its sales activities[35]. - The board continuously reviews the effectiveness of the risk management and internal control systems, deeming them effective and adequate[75]. - Internal audits are conducted annually to assess the adequacy and effectiveness of the group's risk management and internal control systems[75]. - The audit committee supervises the review of major business risks and control measures to mitigate those risks[75]. - The company has established a platform to encourage reporting of corruption and fraud, with procedures outlined in the employee handbook[77]. Sustainability and Social Responsibility - The company is committed to promoting sustainable development and social responsibility to create long-term value for stakeholders[36]. - The management team has emphasized a commitment to sustainability, aiming for a K% reduction in carbon footprint by 2025[21]. - The company emphasizes its commitment to supporting China's goal of achieving carbon neutrality by 2060 and plans to improve its environmental management systems[135]. - The group has adhered to environmental protection laws and regulations in China, ensuring compliance with standards for its formaldehyde-free particleboard products[181]. - The group has received confirmation from the Shaoguan Environmental Protection Bureau that its production facilities meet relevant environmental requirements[181]. Employee and Stakeholder Relations - The company has made charitable donations totaling approximately HKD 329,000 during the year, a decrease from HKD 452,000 in the previous year[141]. - The group emphasizes maintaining good relationships with employees, customers, and suppliers to achieve business goals[184]. - The group encourages employees to enhance their industry knowledge through courses and training[184]. - The company has employed a total of 221 employees as of December 31, 2022, compared to 177 employees in 2021, representing a growth of approximately 25%[129]. Financial Position and Outlook - The current ratio as of December 31, 2022, was 0.94, slightly improved from 0.81 in 2021, indicating better liquidity management[119]. - The debt-to-equity ratio decreased to 0.8 as of December 31, 2022, down from 1.34 in 2021, due to the acquisition of long-term loans to replace short-term bank borrowings[120]. - The macroeconomic outlook for 2023 remains challenging, with expectations of slow economic growth in major developed economies and ongoing uncertainties due to the U.S.-China trade tensions[134]. - The company plans to actively monitor domestic policy changes and implement cost-saving measures to manage production costs and inventory levels[134].