纵使如此,凯顺控股於塔吉克斯坦和中亚的经历亦非总是一帆风顺。但经过多番努力,试图跨越种种文化 差异以至经营上的难题之后,凯顺控股不觉间已摇身一变成为香港熟知中亚的极少数。凯顺控股作为本 港极少数熟知中亚的企业,再加上本集团所建立的物流网络、供应链管理以及位处新疆和山东的机械生 产作业,不可置疑的促使本公司成为了「一带一路」上的专家。 5月26日，截至港股收盘，恒生指数下跌1.35%，报23282.33点。凯顺控股（08203.HK）收报0.191港元/ 股，上涨8.52%，成交量15万股，成交额2.81万港元，振幅3.41%。 行业估值方面，煤炭行业市盈率（TTM）平均值为2.61倍，行业中值2.71倍。凯顺控股市盈率11.57倍， 行业排名第16位；其他绿领控股（00061.HK）为0.03倍、蒙古能源（00276.HK）为0.05倍、南戈壁 （01878.HK）为1.36倍、易大宗（01733.HK）为2.35倍、久泰邦达能源（02798.HK）为2.56倍。 资料显示，凯顺控股有限公司为一间以「一带一路」为重点发展的企业。本集团於「丝绸之路经济带」 和「21世纪海上丝绸之路」的战略地区中都拥有庞大的业务 ...

Financial Performance - Total revenue for 2024 reached HKD 1,112,283,000, a significant increase of 272% compared to HKD 298,941,000 in 2023[9] - The company reported a profit attributable to owners of HKD 8,878,000 for 2024, recovering from a loss of HKD 31,890,000 in 2023[9] - Revenue from coal production and sales rose from approximately HKD 79.2 million in 2023 to about HKD 1.0018 billion in 2024[64] - Gross profit increased by approximately 71.0% to about HKD 135.6 million, compared to HKD 79.3 million in 2023[64] - The group recorded a net profit of approximately HKD 11.4 million for the year, recovering from a loss of HKD 28 million in 2023[65] - Administrative and other operating expenses decreased to approximately HKD 80.7 million from HKD 90.8 million in 2023, reflecting cost control efforts[64] - The group faced intense competition, leading to a decline in gross margin despite increased revenue[64] - The group aims to continue controlling costs and exploring new market opportunities to enhance profitability in the future[67] Assets and Liabilities - Total assets increased to HKD 740,995,000 in 2024, up from HKD 526,147,000 in 2023, representing a growth of 41%[10] - Total liabilities rose to HKD 758,944,000 in 2024, compared to HKD 557,325,000 in 2023, indicating a 36% increase[10] - The company faced significant operational pressure due to total liabilities reaching HKD 759 million and was unable to repay HKD 46,800,000 in bonds on time[12] - The group’s net current liabilities were approximately HKD 249.5 million as of December 31, 2024, indicating ongoing concerns regarding the group's ability to continue as a going concern[70] Governance and Management - The company is actively seeking to replace resigned independent directors and is focusing on gender diversity in the board composition[12] - The management team has faced challenges due to regulatory scrutiny and the departure of independent directors, impacting governance and operational stability[11] - The company aims to enhance its governance structure by attracting qualified candidates for board positions amid current challenges[12] - The roles of the chairman and CEO have been separated to enhance governance and prepare the company for future growth[183] - The board is responsible for providing leadership and guidance to ensure proper management of the group through risk management and internal control systems[186] - The company currently has no independent non-executive directors following the resignations of Dr. Huang, Mr. Liu, and Mr. Wu, leading to a temporary gap in this critical governance function[191] Strategic Challenges - The company faces significant challenges in Xinjiang, impacting profitability and competitiveness due to the presence of unlicensed miners who do not comply with legal and environmental regulations[15] - The company is committed to compliance and responsible business practices despite the dual pressures of unregulated competition and local authorities enforcing taxes only on compliant companies[16] - The global economic environment in 2024 remains challenging, influenced by geopolitical factors, inflation pressures, and central bank interest rate hikes, with overall growth still weak[22] - The domestic economic situation in China is severe, with a slowdown in economic growth and significant downward pressure due to multiple internal and external factors[22] Operational Adjustments - The company is actively working to restructure and streamline operations by closing or selling unprofitable subsidiaries to focus resources on growth areas[20] - The company is negotiating with creditors to amend bond terms to facilitate repayment processes[12] - The company is negotiating with creditors to reduce its heavy debt burden to a more manageable level, which is critical for attracting qualified candidates for leadership positions[20] - The company plans to enhance its coal marketing system and develop a high-quality sales team to expand market resources and improve revenue and cash flow[57] Market Conditions - The coal market is anticipated to remain oversupplied, leading to a cautious outlook for 2025[26] - The coal industry is experiencing a general downturn, with operating costs decreasing by 1.8% year-on-year to 3.95 trillion RMB in 2024[26] - The price of thermal coal in China has dropped from over 900 RMB per ton at the beginning of 2024 to below 800 RMB per ton by the end of the year, continuing to decline into 2025[35] - The mining industry in Turpan, Xinjiang, faces pressure with low gross margins due to market competition, despite strong sales figures in 2024[23] Shareholder Relations - The company expresses apologies to shareholders for the current chaos and challenges, emphasizing efforts to stabilize the situation and find capable directors[19] - The board does not recommend the payment of dividends for the fiscal year ending December 31, 2024[113] - The company's dividend policy targets a payout ratio of 20% of the annual profit eligible for distribution, with the remaining profit retained for future capital[120] Employee and Human Resources - The total employee cost, including directors' remuneration, was approximately HKD 30.9 million for the year, compared to HKD 23.2 million in 2023[76] - The group will continue to monitor its human resources needs and emphasize the importance of employee quality[75] - The company has established a share-based compensation plan to attract, retain, and motivate key employees[127] Compliance and Risk Management - The company has complied with relevant laws and regulations that significantly impact its operations[115] - The company’s financial risk management objectives and policies are detailed in the consolidated financial statements[114] - The company has a clear governance structure in place, ensuring effective risk management and internal controls[177]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,112,283,000, a significant increase of 272% compared to HKD 298,941,000 in 2023[6] - Gross profit for the same period was HKD 135,570,000, up 71% from HKD 79,304,000 in the previous year[6] - Operating profit turned positive at HKD 35,870,000, compared to an operating loss of HKD 10,152,000 in 2023[6] - Net profit for the year was HKD 11,393,000, a recovery from a loss of HKD 27,981,000 in the prior year[6] - Basic earnings per share improved to HKD 1.53 from a loss of HKD 5.51 in 2023[6] - The company reported a total comprehensive income of HKD 13,229,000, recovering from a loss of HKD 31,837,000 in the previous year[7] - The company reported a net profit of HKD 8,878,000 for 2024, a recovery from a loss of HKD 31,890,000 in 2023[31] - The group recorded a net profit of approximately HKD 11.4 million for the year, compared to a loss of about HKD 28 million in 2023[93] Assets and Liabilities - Non-current assets increased to HKD 343,448,000 from HKD 323,015,000 year-on-year[8] - Current assets rose significantly to HKD 397,547,000, compared to HKD 203,132,000 in 2023[8] - Total liabilities increased to HKD 647,052,000 from HKD 423,750,000, indicating a rise in financial obligations[8] - The group has a net current liability of approximately HKD 249,505,000 and a net liability of HKD 17,949,000 as of December 31, 2024[13] - The company reported a total liability of HKD 758,944,000 in 2024, an increase from HKD 552,277,000 in 2023[39] - The company's net current liabilities and total liabilities were approximately HKD 249,505,000 and HKD 17,949,000, respectively, indicating significant uncertainty regarding the company's ability to continue as a going concern[122] Revenue Sources - Coal production and sales accounted for HKD 1,001,765,000 in 2024, compared to HKD 79,175,000 in 2023, marking an increase of about 1,266%[24] - Revenue from the coal mining segment reached HKD 1,104,180,000 in 2024, a substantial increase compared to HKD 291,983,000 in 2023[38] - The sales revenue of Tengzhou Kaiyuan reached 18.81 million HKD in 2024, driven by the push for intelligent upgrades in mining equipment[58] Operational Challenges - The company faced significant operational challenges due to external factors, impacting overall performance and governance[42] - The company is under significant operational pressure due to total liabilities of HKD 759 million and has failed to repay HKD 46.8 million in bonds[43] - The presence of unlicensed miners in Xinjiang is creating unfair competition, leading to lower market prices and impacting the company's profitability[45] - The company faces dual pressures from unregulated competitors distorting market competition and local authorities enforcing taxes and regulations only on compliant companies[46] Corporate Governance and Compliance - The company is actively seeking to recruit qualified female directors and other candidates to comply with new listing rules emphasizing board diversity[44] - The board has acknowledged violations of listing rules, including the inability to establish necessary committees and achieve gender diversity[47] - The company has complied with the corporate governance code, although it faced challenges in maintaining the required number of independent non-executive directors[110] Future Outlook and Strategies - The group plans to adopt more flexible strategies to cope with the uncertainties in the external environment and seek business growth opportunities[52] - The company plans to implement multiple measures to improve future operating performance, cash flow, liquidity, and financial condition to meet upcoming debt obligations totaling HKD 46,800,000 in bonds and approximately HKD 11,750,000 in accrued interest[123] - Management believes that with the anticipated increase in revenue from business expansion, the company will generate sufficient cash flow from operations to sustain its operations[125] Financial Reporting Standards - The group has adopted new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2024, including IAS 1 and IFRS 16[15] - The board is currently assessing the impact of the new IFRS 18 on the presentation and disclosure of financial statements[21] - The amendments to IFRS 9 and IFRS 7 are not expected to have a significant impact on the group's financial position and performance[22] Employee and Operational Costs - Employee costs for the coal mining segment were HKD 19,641,000 in 2024, compared to HKD 11,876,000 in 2023[38] - Total employee costs, including director remuneration, were approximately HKD 30.8 million for the year, compared to approximately HKD 23.2 million in 2023, indicating a rise in personnel expenses[101] Debt and Financial Stability - The group is in ongoing discussions with creditors regarding the deferral of debt repayments, which is expected to yield positive results[15] - The company's auditors expressed that they could not obtain sufficient appropriate audit evidence regarding the effectiveness of the going concern basis due to uncertainties surrounding future operating performance and cash flow improvements[124] - The management's assessment of the company's ability to continue as a going concern is contingent upon future conditions and cannot be definitively determined at this time[126]

Share Incentive Plans - No shares were granted under the 2023 Share Incentive Plan and Stock Option Plan during the year ended December 31, 2023[1]. - The 2016 Share Incentive Plan has expired as of December 31, 2023, while the 2023 Share Incentive Plan and Stock Option Plan have a remaining term of 9.53 years[1]. - The Compensation Committee believes that establishing the 2023 Share Incentive Plan and Stock Option Plan is beneficial for the group to recognize contributions from eligible participants[1].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 501,609,000, a significant increase from HKD 161,565,000 in the same period of 2023, representing a growth of 209%[4] - Gross profit for the same period was HKD 73,480,000, compared to HKD 8,338,000 in 2023, indicating a substantial improvement[4] - Operating profit for the six months ended June 30, 2024, was HKD 14,739,000, a turnaround from an operating loss of HKD 15,110,000 in 2023[4] - The company reported a net profit of HKD 3,725,000 for the period, compared to a net loss of HKD 17,556,000 in the previous year[5] - The company reported a total comprehensive loss of HKD (53,881,000) for the six months ended June 30, 2024, compared to HKD (35,713,000) for the same period in 2023, indicating a worsening financial performance[8] - The group reported a revenue of approximately HKD 510 million for the six months ended June 30, 2024, representing an increase of about 210% compared to HKD 160 million for the same period in 2023[86] - Gross profit for the same period was approximately HKD 73.5 million, up about 786% from HKD 8.3 million in the previous year, primarily due to increased revenue from coal production and sales[86] - The group recorded an operating profit of approximately HKD 14.7 million for the six months ended June 30, 2024, compared to an operating loss of HKD 15.1 million in the same period last year[86] Assets and Liabilities - Non-current assets increased to HKD 343,729,000 as of June 30, 2024, up from HKD 323,015,000 at the end of 2023[6] - Current assets rose to HKD 274,028,000, compared to HKD 203,132,000 at the end of 2023, reflecting improved liquidity[6] - Total liabilities increased to HKD 501,350,000 as of June 30, 2024, from HKD 405,139,000 at the end of 2023[6] - The total assets of the company as of June 30, 2024, were HKD 617,757,000, with total liabilities amounting to HKD 649,318,000[22] - The net current liabilities stood at HKD (227,322,000) as of June 30, 2024, compared to HKD (202,007,000) at the end of 2023[7] - The company’s total equity as of June 30, 2024, was HKD 58,342,000, a decrease from HKD 57,657,000 at the beginning of the year[8] - The group’s total liabilities increased, with trade payables reaching HKD 59,810,000 as of June 30, 2024, compared to HKD 11,255,000 at the end of December 2023[41] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 91,436,000, a significant increase from HKD 18,670,000 in the same period of 2023, representing a growth of approximately 388%[9] - The net cash used in investing activities was HKD (36,229,000) for the six months ended June 30, 2024, compared to HKD (15,781,000) in 2023, indicating an increase in investment outflows[9] - The net cash used in financing activities was HKD (12,879,000) for the six months ended June 30, 2024, up from HKD (4,193,000) in the previous year, reflecting increased financing costs[9] - The total cash and cash equivalents at the end of June 30, 2024, amounted to HKD 50,552,000, compared to HKD 6,398,000 at the end of June 30, 2023, showing a substantial increase[9] - The group’s cash and bank balances as of June 30, 2024, were approximately HKD 50.6 million, an increase from HKD 9.9 million as of December 31, 2023[92] Shareholder Information - The total number of issued shares as of June 30, 2024, was 583,415,844, with a share capital value of approximately HKD 58.34 million[93] - The largest shareholder, Mr. Chan, holds 167,263,298 shares, representing 28.67% of the company[111] - Major shareholders include Chen Libei and Yang Baoyi, each holding 167,263,298 shares, representing approximately 28.67% of the total issued shares[115] - Zhang Xiongfeng and Wu Mingqin each hold 81,950,000 shares, accounting for about 14.05% of the total issued shares[116] Operational Insights - The company continues to expect positive cash flow from its coal production and sales activities, which is critical for its operational funding[13] - Revenue from coal production and sales amounted to HKD 444,832,000, while supply chain management services for the mining industry generated HKD 40,327,000, down from HKD 141,783,000 in the previous year[18] - The company plans to continue focusing on its coal mining operations while exploring opportunities in consulting and media services[21] - The company plans to focus on cost control and internal restructuring to improve operational efficiency and reduce management costs in the second half of 2024[52] Governance and Compliance - The company has established an Audit Committee consisting of three independent non-executive directors, with the main responsibility of reviewing and supervising the financial reporting process, risk management, and internal control systems[147] - The company has complied with the GEM Listing Rules Corporate Governance Code, except for the requirement of board diversity, as the board currently consists of only one gender[148] - The board has conducted an annual review of the effectiveness of the group's risk management and internal control systems, deeming them effective and appropriate[151] - The company plans to appoint a suitable female candidate to the board by December 31, 2024, to comply with the GEM Listing Rules[148] Future Outlook - Management anticipates that revenue and gross profit from coal production and sales will remain stable in the future[106] - The group is actively negotiating with creditors to improve liquidity, although the timeline for resolving audit issues remains uncertain[106] - The group aims to expand its customer base and enhance product diversification and application areas to improve competitiveness and brand influence in Shandong's mining and metallurgical machinery production[74]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 501,609,000, a significant increase from HKD 161,565,000 in the same period of 2023, representing a growth of 209%[4] - The gross profit for the same period was HKD 73,480,000, compared to HKD 8,338,000 in 2023, indicating a substantial improvement in profitability[4] - The operating profit for the six months was HKD 14,739,000, a turnaround from an operating loss of HKD 15,110,000 in the previous year[4] - The company recorded a pre-tax profit of HKD 1,951,000, compared to a pre-tax loss of HKD 18,875,000 in the same period last year[4] - The net profit attributable to the owners of the company was HKD (83,000), a significant recovery from a loss of HKD 16,654,000 in 2023[4] - The company reported a total comprehensive loss of HKD 383,000 for the period, a notable improvement from a loss of HKD 20,666,000 in the previous year[5] - The group reported a loss of HKD 83,000 for the six months ended June 30, 2024, compared to a loss of HKD 16,654,000 for the same period in 2023[31] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 274,028,000, up from HKD 203,132,000 at the end of 2023, reflecting a growth of 35%[6] - Non-current assets increased to HKD 343,729,000 from HKD 323,015,000, showing a growth of 6%[6] - As of June 30, 2024, the net current liabilities amounted to HKD 227,322,000, an increase from HKD 202,007,000 as of December 31, 2023[7] - The total assets less current liabilities were HKD 116,407,000 as of June 30, 2024, a decrease from HKD 121,008,000 as of December 31, 2023[7] - The company’s accumulated losses reached HKD 1,456,860,000 as of June 30, 2024, compared to HKD 1,441,725,000 as of June 30, 2023[8] - The company’s total liabilities included other financial liabilities of HKD 30,337,000 as of June 30, 2024, unchanged from December 31, 2023[7] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 91,436,000, significantly higher than HKD 18,670,000 for the same period in 2023[9] - The total cash and cash equivalents at the end of June 30, 2024, reached HKD 50,552,000, compared to HKD 6,398,000 at the end of June 30, 2023[9] - The cash used in investing activities for the six months ended June 30, 2024, was HKD 36,229,000, compared to HKD 15,781,000 for the same period in 2023[9] Revenue Breakdown - Revenue from coal production and sales amounted to HKD 444,832,000, while supply chain management services for the mining industry generated HKD 40,327,000, down from HKD 141,783,000 in the previous year[18] - The mining logistics services generated HKD 2,157,000, a decrease from HKD 6,740,000 in the prior year, indicating a decline in this service line[18] - Total external customer revenue from the coal mining segment was HKD 497,625,000, while the consulting and media services segment contributed HKD 3,984,000[22] Operational Challenges - The coal market remains under pressure due to oversupply and declining prices, with the company facing challenges in its coal mining operations in Xinjiang[51] - The company will continue to monitor policy changes related to coal resource taxes, which increased from 6% to 9% on July 1, 2024, impacting profitability in coal mining[51] - The group is actively negotiating with creditors to improve liquidity, although the timeline for resolving audit issues remains uncertain[106] Employee and Administrative Costs - Employee costs for the group totaled HKD 12,920,000, reflecting the operational expenses associated with the workforce[22] - Administrative and other operating expenses totaled approximately HKD 51.4 million, an increase of about 91.8% compared to HKD 26.8 million in the same period of 2023, reflecting increased operational activities[86] Shareholder Information - As of June 30, 2024, the largest shareholder, Mr. Chan, holds 167,263,298 shares, representing 28.67% of the company[111] - Major shareholders include Chen Libei and Yang Baoyi, each holding 167,263,298 shares, representing 28.67% of the total issued shares[115] - Zhang Xiongfeng and Wu Mingqin each hold 81,950,000 shares, accounting for 14.05% of the total issued shares[116] Corporate Governance - The company has established an Audit Committee consisting of three independent non-executive directors, with the main responsibility of reviewing and supervising the financial reporting process, risk management, and internal control systems[147] - The company has complied with the GEM Listing Rules Corporate Governance Code, except for the requirement of board diversity, as the board currently consists of only one gender[148] - The board has conducted an annual review of the effectiveness of the group's risk management and internal control systems, deeming them effective and appropriate[151]

Financial Performance - The group's revenue for 2023 reached HKD 298.941 million, an increase of HKD 33 million compared to HKD 266.685 million in 2022, representing a growth of approximately 12.4%[7] - Gross profit rose from HKD 11 million in 2022 to HKD 79 million in 2023, marking an increase of HKD 68 million[10] - The group reported a loss before tax of HKD 31.731 million for 2023, compared to a loss of HKD 23.410 million in 2022[7] - The company’s revenue for the year ended December 31, 2023, was approximately HKD 298.9 million, an increase of 12.1% compared to HKD 266.7 million in the same period last year[62] - Gross profit increased by approximately 614.4% to about HKD 79.3 million, with a gross margin rising from approximately 4% to about 27% due to higher margins from coal production and sales[62] - Administrative and other operating expenses were approximately HKD 90.8 million, up from HKD 62.7 million in the previous year, reflecting increased operational activities related to new coal production and sales[62] - The group recorded a loss of approximately HKD 28 million for the year, compared to a loss of approximately HKD 19.9 million in the previous year[63] Assets and Liabilities - Total assets decreased to HKD 526.147 million in 2023 from HKD 531.731 million in 2022, a decline of approximately 1%[8] - Total liabilities increased to HKD 557.325 million in 2023 from HKD 532.572 million in 2022, an increase of approximately 4.6%[8] - The company's equity attributable to owners showed a significant decline, with a loss of HKD 50.616 million in 2023 compared to a loss of HKD 16.968 million in 2022[8] - The net current liabilities of the group were approximately HKD 202 million, indicating ongoing concerns regarding the group's ability to continue as a going concern[69] Economic Environment - Xinjiang's economy, where the group operates, grew by 6.8% in 2023, with exports to Central Asia increasing by 23.2%[11] - The outlook for 2024 remains cautious, with expectations for stable growth amid ongoing economic challenges in China[10] - In 2023, Hong Kong's economic growth was 3.2%, below expectations, impacting the company's revenue and profit negatively[16] - The International Monetary Fund forecasts China's GDP growth to slow from approximately 5% in 2023 to 4.6% in 2024, prompting the company to enhance operational efficiency[21] Operational Challenges - The group faced challenges due to overdue payments from the Xinjiang government to private enterprises, impacting operational efficiency[12] - The company emphasized the need for improved business conditions and trust from the government to enhance operational efficiency and tax revenue[12] - The company has experienced significant challenges in its operations in Xinjiang and Shandong over the past few years but remains committed to leveraging its experience in the market[19] Strategic Initiatives - The company anticipates a tightening financial environment in 2024, with a focus on reducing financing costs and achieving profitability[17] - The company has implemented cost control measures and improved gross margins to lay a solid foundation for future growth[20] - The company plans to enhance its coal sales business and expand its customer base to improve operating income and cash flow[50] Investments and Acquisitions - The company acquired 9,800,000 shares of Yijia Yipin (Hong Kong) Holdings Limited for approximately HKD 14 million, representing 2.82% of the total issued shares[84] - The company purchased 13,215,000 shares of Tianchen Holdings Limited for approximately HKD 6.2 million, representing 1.07% of the total issued shares[92] - The acquisition of Tianchen shares is viewed as a strategic investment opportunity, with the company optimistic about Tianchen's future development[96] Shareholder and Governance - As of December 31, 2023, the largest shareholder, Mr. Chen Libo, holds 167,263,298 shares, representing 28.67% of the total issued shares[181] - The board consists of three executive directors and three independent non-executive directors, with specific terms for re-election at the annual general meeting[173] - Independent non-executive directors have confirmed their independence according to GEM Listing Rules, ensuring compliance with governance standards[175] Market and Industry Trends - The coal trade project with Xingliang Mining generated sales revenue of approximately HKD 126.94 million in 2023, expanding the company's trading reach[31] - Xinjiang's coal production reached a historical high of 49.24 million tons in December 2023, reflecting a year-on-year increase of 19%[33] - The price of thermal coal in the Bohai Rim region increased from CNY 908 per ton at the beginning of February 2024 to CNY 939 per ton by February 22, 2024, driven by tight supply and rising demand[24] Human Resources - The company is facing a talent shortage in Hong Kong, with 74% of surveyed businesses reporting difficulties in finding skilled labor[20] - The total employee cost for the year is approximately HKD 23.2 million, a decrease from HKD 24.6 million in 2022[74] - The company employed 115 staff members as of December 31, 2023, compared to 108 in 2022[73] Corporate Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its operations[128] - The company has not made any charitable or other donations during the fiscal year, remaining at zero HKD, consistent with the previous year[131] - The company has not repurchased any of its listed securities during the fiscal year ending December 31, 2023[142]

KAISUN HOLDINGS LIMITED 凱順控股有限公司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二三年十二月三十一日止年度之 經審核全年業績之公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 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，概不就因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 本公告的資料乃遵照《聯交所的GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提 供有關凱順控股有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本公告的資料 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， ...

Financial Performance - For the nine months ended September 30, 2023, the company reported total revenue of HKD 185,911,000, a decrease of 14.1% compared to HKD 216,483,000 for the same period in 2022[6]. - The gross profit for the nine months ended September 30, 2023, was HKD 13,780,000, representing an increase of 11.7% from HKD 12,333,000 in the previous year[6]. - The company incurred a loss attributable to owners of the company of HKD 27,349,000 for the nine months ended September 30, 2023, compared to a profit of HKD 4,754,000 for the same period in 2022[6]. - The operating loss for the nine months ended September 30, 2023, was HKD 25,347,000, compared to an operating profit of HKD 10,268,000 in the previous year[6]. - The company reported total comprehensive expenses of HKD 32,444,000 for the nine months ended September 30, 2023, compared to HKD 6,142,000 for the same period in 2022[7]. - The basic loss per share for the nine months ended September 30, 2023, was HKD 4.74, compared to earnings of HKD 0.82 per share in the same period of 2022[6]. - The total segment loss for the nine months ended September 30, 2023, was HKD 28,711, compared to a profit of HKD 5,633 in the same period of 2022, indicating a significant decline in performance[27]. - The group reported HKD 1,941,000 in revenue from operating railway platforms for the nine months ended September 30, 2023, compared to no revenue in the same period of 2022[18]. Revenue Breakdown - Revenue from supply chain management services in the mining industry for the nine months ended September 30, 2023, was HKD 153,210,000, down 16.8% from HKD 183,885,000 in 2022[18]. - The group generated HKD 11,427,000 in revenue from management services for the three months ended September 30, 2023, compared to HKD 77,062,000 for the same period in 2022, reflecting a significant decline[18]. - Revenue from mining logistics services for the nine months ended September 30, 2023, was HKD 8,706,000, an increase of 12.8% from HKD 7,718,000 in 2022[18]. - The trust business achieved a 10% revenue growth in Q3 2023 compared to the same period last year[75]. Expenses and Liabilities - The company experienced a significant increase in administrative and other operating expenses, totaling HKD 41,755,000 for the nine months ended September 30, 2023, down from HKD 43,457,000 in the previous year[6]. - The company reported investment and other income of HKD 10,042,000 for the nine months ended September 30, 2023, a decrease of 54.3% from HKD 21,954,000 in the same period of 2022[6]. - The company recorded a foreign exchange loss of HKD 3,733,000 for the nine months ended September 30, 2023, compared to a loss of HKD 11,775,000 in the previous year[7]. - The company reported a significant impairment loss of HKD 2,495 for trade and other receivables for the nine months ended September 30, 2023, compared to a reversal of HKD 27,800 in the same period of 2022[30][25]. - The group’s total liabilities increased, leading to a decrease in equity attributable to owners of the company, which stood at HKD 1,452,420,000 as of September 30, 2023[9]. Current Financial Position - As of June 30, 2023, the group had a net current liability of approximately HKD 217,418,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[11]. - The group is considering future financing actions to address its ongoing concerns regarding liquidity and debt repayment schedules[89]. - The group is actively negotiating with creditors to further enhance liquidity despite ongoing challenges related to the audit opinion[96]. - The group aims to generate positive cash flow from operations as business activities normalize post-COVID-19[96]. Share Capital and Ownership - As of September 30, 2023, the issued and paid-up share capital increased to 583,415,844 shares from 576,566,055 shares as of December 31, 2022, representing a growth of approximately 1.5%[38]. - The group's capital structure included 583,415,844 shares with a par value of HKD 0.1 per share, resulting in a total share capital value of approximately HKD 58.34 million as of September 30, 2023[90]. - The beneficial ownership of shares by key executives includes 167,263,298 shares held by Chen Libei, representing 28.67% of issued shares[102]. Strategic Outlook - The group aims to explore new business opportunities and clients while maintaining a balance between caution and expansion in the future[43]. - The group has successfully obtained European certification for its mining machinery products in the first quarter of 2023, enhancing its market competitiveness[44]. - The group is optimistic about recovering receivables from the liquidation process of Youpai Energy, which is expected to improve liquidity once completed[96]. - The group is exploring new strategies to improve overall financial health and operational efficiency[96]. Compliance and Governance - The Audit Committee reviewed the unaudited third-quarter results for the nine months ended September 30, 2023, confirming compliance with applicable accounting standards and legal requirements[116]. - The company has maintained effective risk management and internal control systems, as reviewed by the board for the nine months ended September 30, 2023[120].

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 二零二三年第三季度業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年九月三十日止九個月之未經審核簡明綜合財務業績。本公告 列載本公司二零二三年第三季度報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關第三季度業績初步公告附載的資料之 相關要求。 承董事會命 凱順控股有限公司 主席 陳立基 香港，二零二三年十一月十四日 ...