Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 11,731,000, compared to HKD 36,966,000 for the same period in 2023, representing a decrease of approximately 68.3%[4] - Gross profit for the six months ended September 30, 2024, was HKD 618,000, down from HKD 9,156,000 in 2023, indicating a significant decline[4] - The net loss attributable to equity shareholders for the period was HKD 9,722,000, compared to a loss of HKD 3,496,000 in the previous year, reflecting an increase in losses of approximately 177.5%[6] - Operating loss for the six months ended September 30, 2024, was HKD 2,285,000, compared to an operating profit of HKD 3,970,000 in 2023[4] - Other income for the six months ended September 30, 2024, increased to HKD 862,000 from HKD 476,000 in 2023, showing a growth of approximately 80.8%[4] - The group reported a loss of approximately HKD 9,722,000 for the six months ended September 30, 2024, compared to a loss of HKD 3,496,000 for the same period in 2023[38] - Revenue for the six months ended September 30, 2024, was HKD 9,788,000, a decrease of 21.7% from HKD 12,507,000 in 2023[29] - Custom wooden products revenue decreased significantly to HKD 1,943,000 from HKD 24,459,000 year-on-year[29] - The basic and diluted loss per share for the six months ended September 30, 2024, was HKD 3.70, compared to HKD 1.33 in 2023[38] - Gross profit for the same period decreased by approximately 93.5% to about HKD 0.6 million, down from HKD 9.2 million in the previous year[50] - The company reported a loss of approximately HKD 9.7 million for the six months ended September 30, 2024, an increase of about HKD 6.2 million compared to a loss of HKD 3.5 million in the prior year[50] Cash Flow and Assets - Cash used in operating activities for the six months was HKD 330,000, a significant improvement from HKD 2,526,000 used in the same period last year[14] - Total assets as of September 30, 2024, were HKD 184,004,000, down from HKD 202,257,000 as of March 31, 2024[8] - The company reported a cash and cash equivalents balance of HKD 547,000 as of September 30, 2024, down from HKD 735,000 at the end of the previous period[14] - The group’s cash and cash equivalents balance was approximately HKD 547,000 as of September 30, 2024[29] - The group has a net current liability of approximately HKD 133,194,000 and a net liability of HKD 42,358,000 as of September 30, 2024[29] - As of September 30, 2024, the company's total bank borrowings amounted to approximately HKD 165.0 million, an increase from HKD 161.5 million as of March 31, 2024[53] - The company's current liabilities net amount increased to approximately HKD 133.2 million as of September 30, 2024, compared to HKD 14.5 million as of March 31, 2024[53] - The asset-liability ratio as of September 30, 2024, was approximately 123.1%, up from 115.8% as of March 31, 2024[53] Liabilities and Financing - Current liabilities decreased to HKD 171,245,000 from HKD 71,198,000 as of March 31, 2024, indicating a reduction in short-term obligations[10] - The group secured a two-year bank financing of approximately HKD 27,676,000 in June 2024 to support operational and capital expenditures[29] - Shareholders have committed not to demand repayment of approximately HKD 41,001,000 until the group has sufficient liquidity[29] - The group’s bank loans of approximately HKD 110,705,000 and HKD 54,246,000 are due on June 28, 2025, and October 13, 2025, respectively[29] Business Operations - The company is primarily engaged in the procurement, manufacturing, and sales of wooden products[16] - The company plans to enhance productivity through improved production processes and internal automation to reduce costs[48] - The group is focused on maintaining its core business in the procurement, manufacturing, and sales of wood products while continuously seeking new business opportunities[60] - The group anticipates significant improvement in financial conditions following the sale of Yulin, allowing for increased investment in the development and procurement of various wood products[59] - The group is committed to expanding its product range and exploring strategic partnerships within the industry value chain to enhance its wood-related business[59] - The board believes that the group's business performance will continue to recover, leveraging advantages over smaller local enterprises in market and product expansion[60] Governance and Compliance - The company has complied with all relevant Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance in preparing its consolidated financial statements[25] - The company’s financial statements are prepared in accordance with the GEM Listing Rules, ensuring appropriate disclosures[25] - The company has adopted a strict code of conduct for securities trading by directors, in compliance with GEM Listing Rules, and all directors confirmed adherence for the six months ending September 30, 2024[70] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending September 30, 2024[80] - The company has complied with all applicable provisions of the corporate governance code during the reporting period[70] Shareholder Information - As of September 30, 2024, major shareholder Sun Xuesong holds 123,041,695 shares, representing approximately 46.88% of the issued share capital[67] - The board has not identified any competitive interests or conflicts of interest among directors or major shareholders during the reporting period[68] - The group has not engaged in the purchase, sale, or redemption of any listed securities during the six months ending September 30, 2024[68] Accounting Standards - The adoption of new or revised Hong Kong Financial Reporting Standards has not had a significant impact on the company's accounting policies[19] - The company anticipates that the new accounting standards will not materially affect its consolidated financial statements upon their effective date[22] - The company has not early adopted any new or revised standards that may affect its financial statements[22] - The company is monitoring the impact of the new accounting standards that have been issued but are not yet effective[22] - The company’s accounting policy disclosures have been enhanced to provide more comprehensive information[17] - The company has disclosed that the accounting treatment for the offsetting mechanism of mandatory provident fund contributions will become complex after the repeal of the offsetting mechanism[20] - The company has stated that the expected offsetting liabilities for long service payments are not significant for the fiscal years ending March 31, 2023, and March 31, 2024[20] Events After Reporting Period - There were no significant events occurring after September 30, 2024, up to the report date, other than those disclosed[80] Share Option Plan - As of September 30, 2024, there were no unexercised options under the share option scheme, and no options were granted during the six-month period[74][75] - The share option plan allows for a maximum of 20,000,000 shares to be granted, representing 7.62% of the issued shares as of April 1, 2024, and September 30, 2024[72] - The share options can be exercised within a period determined by the board, not exceeding 10 years from the grant date[72] - The share option plan is set to expire on February 23, 2025[73] Foreign Exchange and Market Conditions - The company recorded a foreign exchange loss of HKD 679,000 for the period, compared to a loss of HKD 437,000 in the previous year[6] - The group is closely monitoring exchange rate fluctuations to manage foreign exchange risks, with most transactions conducted in RMB[56] - The Chinese government introduced a comprehensive monetary policy package on September 24, 2024, aimed at supporting the stock and real estate markets, which is expected to increase customer orders and group revenue in the coming fiscal years[57]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 11,731,000, a decrease of 68.3% compared to HKD 36,966,000 in the same period of 2023[4] - The gross profit for the same period was HKD 618,000, down 93.3% from HKD 9,156,000 year-on-year[4] - The operating loss for the six months was HKD 2,285,000, compared to an operating profit of HKD 3,970,000 in the previous year[4] - The company recorded a loss before tax of HKD 9,752,000, which is a significant increase from a loss of HKD 3,496,000 in the prior year[4] - The total comprehensive loss attributable to equity shareholders for the period was HKD 10,401,000, compared to HKD 3,933,000 in the same period last year[9] - Basic and diluted loss per share for the period was HKD (3.70), compared to HKD (1.33) in the previous year[10] - The group reported a loss of approximately HKD 9,722,000 for the period ended September 30, 2024, highlighting ongoing financial difficulties[34] - The company recorded a pre-tax loss of HKD 9,722,000 for the six months ended September 30, 2024, compared to a loss of HKD 3,496,000 for the same period in 2023, indicating a worsening of 177.5%[54] - The company did not recommend any dividend payment for the six months ended September 30, 2024[52] Assets and Liabilities - As of September 30, 2024, total non-current assets amounted to HKD 146,953,000, slightly up from HKD 145,563,000 as of March 31, 2024[11] - Current assets decreased to HKD 38,051,000 from HKD 56,694,000, primarily due to a reduction in inventory and trade receivables[11] - The company's total liabilities increased significantly to HKD 171,245,000 from HKD 71,198,000, driven by an increase in bank borrowings[14] - The net asset value of the company was reported at HKD (42,358,000), a decline from HKD (31,957,000) in the previous period[14] - Current liabilities net and total liabilities as of September 30, 2024, were approximately HKD 133,194,000 and HKD 42,358,000, respectively, indicating a high level of indebtedness[34] - The company's total bank loans amount to approximately HKD 110,705,000 and HKD 54,246,000, which are due for repayment on June 28, 2025, and October 13, 2025, respectively[36] - The company's net current liabilities increased to approximately HKD 133.2 million as of September 30, 2024, up from HKD 14.5 million as of March 31, 2024, primarily due to bank borrowings due within one year[82] - The asset-liability ratio as of September 30, 2024, was approximately 123.1%, compared to 115.8% as of March 31, 2024[82] Cash Flow - For the six months ended September 30, 2024, the net cash used in operating activities was approximately HKD (330,000) compared to HKD (2,526,000) for the same period in 2023, indicating a significant improvement[21] - The net cash generated from investing activities was HKD 3,890,000, a substantial increase from HKD 164,000 in the previous year, reflecting positive investment performance[21] - The net cash used in financing activities was HKD (3,978,000), a decrease from HKD 2,481,000 in the prior year, suggesting a shift in financing strategy[21] - As of September 30, 2024, the cash and cash equivalents decreased to HKD 547,000 from HKD 735,000 a year earlier, indicating liquidity challenges[21] - The cash and cash equivalents balance at the beginning of the period was HKD 955,000, compared to HKD 644,000 in the previous year, showing a slight increase[21] - The impact of exchange rate changes resulted in an increase of HKD 10,000 in cash and cash equivalents, compared to a decrease of HKD (28,000) in the prior year[21] Corporate Governance and Compliance - The company has adhered to the corporate governance code as stipulated in the GEM Listing Rules during the six months ending September 30, 2024[106] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[121] Shareholder Information - As of September 30, 2024, Mr. Xue Zhaoqiang holds 27,978,425 shares, representing approximately 10.66% of the issued share capital[96] - Ms. Sun Xuesong owns 123,041,695 shares, accounting for approximately 46.88% of the issued share capital as of September 30, 2024[100] Business Operations and Strategy - The company continues to focus on the procurement, manufacturing, and sales of wooden products, including structural panels and custom wooden products[116] - The group continues to operate in a challenging business environment due to a significant slowdown in China's real estate industry, impacting performance for the six months ending September 30, 2024[90] - On September 24, 2024, the Chinese government introduced a comprehensive monetary policy package aimed at supporting the stock and real estate markets, which is expected to lead to an increase in customer orders and group revenue in the coming fiscal years[92] - The emphasis on environmental sustainability in China may create new demand for the group's wooden products, as wood has a lower carbon footprint compared to materials like steel and concrete[92] - The group anticipates a significant improvement in financial conditions following the sale of Yulin, allowing for more resources to be allocated to the research and development of various wooden products[93] - The board is committed to maintaining the group's core business in the procurement, manufacturing, and sales of wooden products while continuously seeking new business opportunities to enhance and solidify the group's operations[93] Stock Options and Securities - The stock option plan was approved to incentivize eligible participants for their contributions to the group, with options granted at a price not lower than the closing price on the date of grant[107] - The company has a stock option plan that allows for a maximum of 20,000,000 shares to be granted, representing 7.62% of the total issued shares as of April 1, 2024, and September 30, 2024[108] - No stock options were granted under the plan for the six months ending September 30, 2024[113] - The stock option plan will expire on February 23, 2025[111] - As of September 30, 2024, there were no unexercised stock options[112] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the six months ending September 30, 2024[104] Future Outlook - The company has sufficient cash resources to meet operational funding and other financing needs for the next 12 months, although there are significant uncertainties regarding the continuation of operations[37] - The company has no significant investments as of September 30, 2024[87] - The company has no major contingent liabilities as of September 30, 2024[84] - The company plans to enhance productivity through improved production processes and internal automation to reduce costs[75] - There have been no significant events occurring after September 30, 2024, up to the date of this announcement[118] - The company has agreed to sell its wholly-owned subsidiary, Youlin Technology Co., Ltd., for a consideration of RMB 28.01 million (approximately HKD 30.56 million)[116] - Following the sale, the company will no longer hold any interest in Youlin, and its financial performance will not be consolidated into the group's financial statements[116]

Financial Performance - For the fiscal year ending March 31, 2024, the company reported a loss of approximately HKD 38.6 million, compared to a loss of approximately HKD 29.2 million for the previous year[9]. - Revenue from continuing operations increased by approximately 404.8% to about HKD 63.1 million, up from HKD 12.5 million in the previous year, primarily due to the lifting of COVID-19 control measures in China[9][17]. - Gross profit from continuing operations rose by approximately 635.0% to about HKD 14.7 million, compared to HKD 2.0 million in the previous year[9][18]. - For the fiscal year ending March 31, 2024, the group recorded a loss of approximately HKD 38.6 million, an increase of about HKD 9.6 million compared to the previous year (2023: loss of approximately HKD 29.0 million)[20]. - The company reported a net loss from continuing operations of HKD 38,615,000 for 2024, compared to a loss of HKD 28,968,000 in 2023, reflecting a deterioration in financial performance[195]. - The total comprehensive loss for the year ended March 31, 2024, was HKD 41,271,000, compared to a loss of HKD 27,184,000 for the previous year[199]. - The company reported a net loss of HKD 38,615,000 for the year, an increase from the previous year's loss of HKD 29,194,000[199]. - The loss per share from continuing operations was HKD 14.71 for 2024, compared to HKD 11.03 in 2023, showing an increase in loss per share[195]. - The company’s equity attributable to shareholders decreased to HKD (31,957,000) in 2024 from HKD 9,314,000 in 2023, indicating a negative shift in shareholder equity[196]. Cash Flow and Liabilities - The group's cash and cash equivalents as of March 31, 2024, were approximately HKD 1.0 million, up from approximately HKD 0.6 million as of March 31, 2023[22]. - The net current liabilities as of March 31, 2024, were approximately HKD 14.5 million, a significant decrease from approximately HKD 172.4 million as of March 31, 2023[22]. - The total bank borrowings as of March 31, 2024, were approximately HKD 161.5 million, down from approximately HKD 169.8 million as of March 31, 2023[23]. - Current liabilities significantly decreased to HKD 71,198,000 in 2024 from HKD 223,159,000 in 2023, a reduction of about 68%[196]. - The company’s non-current liabilities increased to HKD 163,016,000 in 2024 from HKD 3,190,000 in 2023, indicating a substantial rise in long-term debt obligations[196]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[53]. - The company has complied with the corporate governance code in all material aspects as of March 31, 2024[50]. - The board is committed to maintaining high standards of corporate governance and creating value for shareholders[49]. - The company has adopted a standard code for regulating securities transactions by directors, ensuring compliance with relevant regulations[51]. - The company’s independent non-executive directors have extensive backgrounds in finance and management, enhancing the board's expertise[44]. - The company is focused on improving internal control systems and corporate governance practices[49]. - The board is responsible for guiding and supervising the company’s affairs to ensure successful development[52]. - The company has taken sufficient measures to ensure effective communication among directors, including independent non-executive directors[56]. - The company has established measurable goals for board diversity, achieving a gender diversity ratio of approximately 16.7% with 1 female director out of 6 total directors[62]. Risk Management - The board confirmed its responsibility for maintaining a sound internal control and risk management system, which was reviewed during the year[94]. - The group adopted a three-tier risk management approach to identify, assess, mitigate, and respond to risks, ensuring effective monitoring and management[95]. - The company implemented a robust internal control system covering operational, financial, and compliance aspects to ensure effective operations[96]. - The company has established a formal mechanism for risk assessment and management, overseen by the compliance officer[101]. Shareholder Communication - The company’s annual general meeting serves as a communication platform for shareholders and the board, ensuring transparency and engagement[66]. - The company reviewed its shareholder communication policy for the year ending March 31, 2024, and deemed it effective[108]. - The company emphasizes effective communication with the investment community to enhance transparency and understanding of its business and developments[110]. Strategic Focus - The company will focus on the domestic market and continue to engage in the procurement, manufacturing, and sales of various wooden products[11]. - The company aims to enhance productivity through improved production processes, quality control, and customer support[16]. - The company is exploring strategic cooperation opportunities with downstream market participants in the industry value chain[11]. - The business environment remains challenging due to significant slowdowns in the Chinese real estate sector, impacting profit margins[16]. - The company is committed to finding potential business developments, including possible capacity expansions and enhancing trade distribution channels[11]. - The company believes it has advantages over smaller local enterprises in further developing and expanding its market and product offerings[11]. Audit and Compliance - The external auditor, Shinewing (HK) CPA Limited, was engaged for the annual audit services for the year ending March 31, 2024, at a fee of approximately HKD 1,000,000[102]. - The audit report indicates significant uncertainty regarding the group's ability to continue as a going concern due to the reported losses and liabilities[170]. - The company must ensure that the financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the Companies Ordinance[185]. Environmental Initiatives - The company has been actively seeking to replace equipment with environmentally friendly machines to minimize overall waste emissions[129].

Financial Performance - For the fiscal year ending March 31, 2024, the company recorded revenue of approximately HKD 63.1 million, an increase of about 404.8% compared to HKD 12.5 million in 2023[9]. - Gross profit for the year increased by approximately 635.0% to about HKD 14.7 million, up from HKD 2.0 million in 2023[10]. - The company reported a loss of approximately HKD 38.6 million for the year, an increase of about HKD 9.6 million compared to a loss of HKD 29.0 million in 2023[11]. - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 63,120,000, a significant increase from HKD 12,509,000 in 2023, representing a growth of approximately 404%[41]. - The gross profit for the same period was HKD 14,745,000, up from HKD 1,989,000 in 2023, indicating an increase of about 641%[41]. - The company experienced a net loss of HKD 38,615,000 for continuing operations, compared to a loss of HKD 28,968,000 in the previous year, reflecting an increase in loss of approximately 33%[41]. - The company reported a loss of approximately HKD 38,615,000 for the year ending March 31, 2024, compared to a loss of HKD 11,759,000 in cash used for operating activities[74]. - The company’s basic and diluted loss per share from continuing operations was HKD 14.71 in 2024, compared to HKD 11.03 in 2023, reflecting an increase of approximately 33.5%[124]. Assets and Liabilities - As of March 31, 2024, the company's current liabilities exceeded current assets by approximately HKD 14.5 million, indicating significant uncertainty regarding the company's ability to continue as a going concern[6]. - The company's total bank borrowings amounted to approximately HKD 161.5 million as of March 31, 2024, down from HKD 169.8 million in 2023[15]. - The company's debt-to-asset ratio was approximately 115.8% as of March 31, 2024, compared to 96.0% in 2023[15]. - Total non-current assets decreased from HKD 184,903,000 in 2023 to HKD 145,563,000 in 2024, a decline of approximately 21.3%[68]. - Current assets increased from HKD 50,760,000 in 2023 to HKD 56,694,000 in 2024, representing an increase of about 11.5%[68]. - The company's total liabilities included current liabilities of HKD 14,504,000 and non-current liabilities of HKD 163,016,000 as of March 31, 2024[72]. - The company’s total equity showed a significant decline, with total equity at HKD (31,957,000) in 2024 compared to HKD 9,314,000 in 2023[72]. - Total liabilities from shareholders' advances rose to HKD 69,258,000 in 2024, up from HKD 47,276,000 in 2023, an increase of 46.6%[128]. Cash Flow and Financing - The company's cash and cash equivalents stood at approximately HKD 1.0 million as of March 31, 2024, compared to HKD 0.6 million in 2023[15]. - Cash and cash equivalents are primarily used for operating costs and capital expenditures, with current assets including bank cash, trade receivables, and inventory[47]. - The company has secured bank financing of HKD 27,097,000 for two years, expected to support future operational and capital expenditures[80]. - The company anticipates that shareholders will not demand repayment of approximately HKD 53,922,000 until sufficient liquidity is available[81]. Operational Highlights - The company plans to focus on domestic markets and continue exploring strategic partnerships within the industry value chain to expand its wood-related business[26]. - The board of directors will maintain the company's existing primary business in the procurement, manufacturing, and sales of wooden products while seeking new opportunities to enhance and solidify the business[27]. - The company aims to explore potential business developments, including capacity expansion and enhancing trade distribution channels, to recover business performance[31]. - The group has only one reportable operating segment, which is the wooden products business, focusing on procurement, manufacturing, and sales in mainland China[96]. Expenses and Losses - Administrative expenses rose by approximately HKD 2,800,000 to HKD 19,682,000, compared to HKD 16,937,000 in 2023, marking an increase of about 16.5%[46]. - Other losses increased by approximately HKD 2,253,000 to HKD 5,612,000, compared to HKD 3,359,000 in 2023, which is an increase of about 67%[46]. - The company reported a significant impairment loss of HKD 12,303,000 on non-current assets, which was not present in the previous year[46]. - Employee costs decreased to HKD 3,252 thousand in 2024 from HKD 3,945 thousand in 2023, reflecting a reduction of approximately 17.5%[115]. - The company recognized impairment losses of approximately HKD 11,363 thousand for property, plant, and equipment as of March 31, 2024[123]. Revenue Sources - The revenue from mainland China for the fiscal year ending March 31, 2024, was HKD 63,120,000, compared to HKD 12,509,000 in 2023, indicating a substantial increase in market presence[106]. - The group’s major customers contributed significantly to revenue, with Customer A generating HKD 27,446,000 in 2024, up from HKD 8,250,000 in 2023[99]. - The group’s rental income for the fiscal year 2024 was HKD 766,000, a decrease from HKD 2,661,000 in 2023, reflecting a decline in rental activities[110]. Accounting and Compliance - The group expects no significant impact on its consolidated financial statements from the newly issued or revised Hong Kong Financial Reporting Standards that are yet to take effect[90]. - The group applied the simplified approach under HKFRS 15 for sales contracts of wooden products with an original expected duration of one year or less[100]. - The group anticipates that the accounting treatment for the offsetting mechanism related to mandatory MPF contributions will not have a significant impact on its financial statements[88]. - The company has established an audit committee to oversee financial controls and risk management, ensuring compliance with GEM listing rules[52].

Financial Performance - For the six months ended September 30, 2023, the company reported revenue of HKD 36,966,000, a significant increase of 100.5% compared to HKD 18,433,000 in the same period of 2022[5] - The gross profit for the six months ended September 30, 2023, was HKD 9,156,000, representing an increase of 78.5% from HKD 5,126,000 in the previous year[5] - The operating profit for the six months ended September 30, 2023, was HKD 3,970,000, compared to an operating loss of HKD 9,547,000 in the same period of 2022[5] - The net loss attributable to equity shareholders for the six months ended September 30, 2023, was HKD 3,496,000, a reduction from a loss of HKD 17,268,000 in the previous year[7] - The company reported a net loss of approximately HKD 3.5 million for the six months ended September 30, 2023, compared to a net loss of HKD 5.2 million for the same period in 2022[22] - The total comprehensive loss for the six months ended September 30, 2023, was HKD 3.933 million[14] - The company reported a basic and diluted loss per share of HKD 1.09 for the three months ended September 30, 2023, compared to HKD 0.91 in the same period of 2022[9] - The company reported a basic and diluted loss per share of HKD 1.33 for the six months ended September 30, 2023, compared to HKD 6.58 in the previous year, reflecting a significant reduction in losses[29] Assets and Liabilities - The company's total assets as of September 30, 2023, amounted to HKD 239,802,000, a decrease from HKD 235,663,000 as of March 31, 2023[10] - Current liabilities increased to HKD 123,746,000 as of September 30, 2023, from HKD 223,159,000 as of March 31, 2023, indicating improved liquidity[11] - The company's total equity attributable to shareholders decreased to HKD 5.381 million from HKD 30.262 million as of September 30, 2022, reflecting a decline of approximately 82.2%[14] - The company's net current liability was approximately HKD 57.4 million as of September 30, 2023, raising concerns about its ability to continue as a going concern[22] - The company's net current liabilities as of September 30, 2023, were approximately HKD 57.4 million, a decrease from HKD 172.4 million as of March 31, 2023, primarily due to the early renewal of bank borrowings[44] - The asset-liability ratio as of September 30, 2023, was approximately 97.7%, compared to 96.0% as of March 31, 2023[45] - The company's cash and cash equivalents stood at HKD 735,000 as of September 30, 2023, compared to HKD 644,000 as of March 31, 2023[10] - The company's cash and cash equivalents as of September 30, 2023, were HKD 735,000, a decrease from HKD 864,000 as of September 30, 2022, indicating a decline of about 14.9%[16] - The company has secured a two-year extension on bank loans totaling approximately HKD 107.7 million and HKD 52.7 million, which were due in July and October 2023, respectively[22] - As of September 30, 2023, the total bank borrowings amounted to approximately HKD 160.4 million, down from HKD 169.8 million as of March 31, 2023[44] Inventory and Receivables - The inventory level increased significantly to HKD 38,801,000 as of September 30, 2023, from HKD 19,372,000 as of March 31, 2023, indicating potential growth in sales[10] - Trade receivables increased to HKD 10,690,000 as of September 30, 2023, compared to HKD 7,954,000 as of March 31, 2023, showing a growth of 34.5%[32] - The total cost of inventory for the six months ended September 30, 2023, was HKD 27,810,000, compared to HKD 13,307,000 in 2022, representing an increase of 109%[27] Operational Insights - The company has not provided specific guidance for future performance but indicated ongoing efforts in market expansion and product development[5] - The company is actively seeking new customers to increase sales revenue despite challenges in the real estate market and recent natural disasters[22] - The company plans to enhance productivity through improved production processes and service quality monitoring[38] - The company aims to identify new customers to increase sales revenue in the second half of the year[38] - The group aims to enhance its product variety and expand into the Chinese market through collaborations with other panel processing companies[55] - The board believes the group has a competitive advantage over smaller local enterprises in expanding its market and product offerings[55] Governance and Compliance - The company has complied with all applicable corporate governance code provisions during the reporting period[64] - The audit committee, established on February 9, 2015, consists of three independent non-executive directors and is responsible for reviewing financial controls and risk management systems[74] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2023, and provided recommendations to the board for approval[74] Employee and Shareholder Information - As of September 30, 2023, the group had a total of 26 employees, with compensation determined based on performance and industry standards[53] - As of September 30, 2023, major shareholders included Ms. Sun Xuecong with 46.88% and Mr. Xue Zhaoqiang with 10.66% of the issued shares[58] - The group has established a stock option plan approved on February 9, 2015, allowing eligible participants to purchase up to 20 million shares, representing approximately 7.62% of the issued shares as of the report date[66] - No stock options have been granted under the stock option plan as of September 30, 2023[70] - No stock options were held by any directors or employees under the share option scheme as of September 30, 2023[72] Future Outlook - The company has sufficient cash resources to meet its operational funding needs for the next 12 months, although there are significant uncertainties regarding its ability to continue as a going concern[23] - The board may consider necessary changes to the group's business and operations to enhance its value[55] - The board will continue to review the group's operations and seek new business opportunities to enhance and solidify its value[55] Events and Changes - There were no major investments or acquisitions made by the company during the six months ended September 30, 2023[50][51] - No significant events occurred after September 30, 2023, up to the date of this report[73]

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份內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 STEED ORIENTAL (HOLDINGS) COMPANY LIMITED 駿 東（ 控 股）有 限 公司 （於開曼群島註冊成立之成員有限公司） 8277 （股份代號： ） 2023 9 30 截至 年 月 日止六個月之中期業績公佈 GEM 香港聯合交易所有限公司（「聯交所」） 的特色 GEM 的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個上市的 市場。有意投資者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 GEM GEM 資決定。 的較高風險及其他特色表示 較適合專業及其他資深投資者。 GEM GEM 由於 上市公司新興的性質使然，在 買賣的證券可能會較於聯交所主板買賣的證券 GEM 承受較大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的市場。 GEM GEM 本公佈乃遵照聯交所 證券上市規則（「 上市規則」）之規定提供有關駿東（控股）有限公 ...

Financial Performance - Revenue for the three months ended June 30, 2023, was HKD 24,510,000, a significant increase from HKD 8,977,000 in the same period of 2022, representing a growth of 172%[5] - Gross profit for the same period was HKD 5,616,000, compared to HKD 1,370,000 in 2022, indicating a gross margin improvement[5] - Operating profit for the three months ended June 30, 2023, was HKD 3,331,000, a turnaround from an operating loss of HKD 10,938,000 in the previous year[5] - The company reported a loss from continuing operations of HKD 640,000 for the period, significantly reduced from a loss of HKD 14,869,000 in 2022[5] - Total comprehensive loss attributable to equity shareholders for the period was HKD 1,082,000, compared to a loss of HKD 2,184,000 in the same period last year[6] - The basic and diluted loss per share from continuing operations was HKD 0.24, an improvement from HKD 5.67 in the previous year[6] - The group reported a post-tax loss of approximately HKD 0.6 million for the three months ended June 30, 2023, compared to a loss of HKD 14.87 million in the same period of 2022[15] - Basic and diluted loss per share from continuing operations was HKD 0.24 for the three months ended June 30, 2023, compared to HKD 5.67 in the same period of 2022[24] Equity and Liabilities - The company’s total equity attributable to shareholders decreased to HKD 8,232,000 as of June 30, 2023, down from HKD 34,314,000 a year earlier[8] - The net current liabilities of the group were approximately HKD 56.8 million as of June 30, 2023, with cash and cash equivalents of only about HKD 0.9 million, raising concerns about the group's ability to continue as a going concern[15] - Shareholders have committed not to demand repayment of approximately HKD 39.2 million in payables until the group has sufficient liquidity[17] - Bank borrowings amounting to approximately HKD 52.9 million are due for repayment on October 22, 2023, with expectations for extension based on improved financial performance post-COVID-19[17] - The company's net current liabilities as of June 30, 2023, were approximately HKD 56.8 million, a significant decrease from HKD 172.4 million as of March 31, 2023[32] - The total bank borrowings as of June 30, 2023, amounted to approximately HKD 160.9 million, down from HKD 169.8 million as of March 31, 2023[33] - The company's debt-to-asset ratio was approximately 96.7% as of June 30, 2023, compared to 96.0% as of March 31, 2023[33] Business Operations - The company continues to focus on the procurement, production, and sales of wooden products, with no significant new product launches or technological advancements reported in this quarter[10] - There were no significant market expansions or mergers and acquisitions mentioned during the earnings call[10] - The group has secured sales framework agreements with major customers for wooden products and supplementary materials, totaling approximately HKD 124.4 million[17] - The company aims to enhance productivity through improved production processes and automation to reduce costs and improve performance[26] - Future strategies include focusing on the domestic market and expanding product offerings through collaborations with other processing companies[39] - The management team is committed to creating a diverse range of customized products and maintaining high-quality standards in wood products[39] Corporate Governance - The company has fully complied with the corporate governance code as per GEM Listing Rules during the reporting period[48] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the three months ending June 30, 2023[57] - The company has adopted a strict code of conduct for securities trading in compliance with GEM Listing Rules[47] Stock Options and Shares - There were no stock options granted under the stock option plan during the three months ending June 30, 2023, and no outstanding options held by directors or employees[55] - The stock option plan allows for a maximum of 20,000,000 shares to be issued, representing approximately 7.62% of the total issued shares as of the report date[51] - The stock option plan is set to expire on February 23, 2025[53] - As of June 30, 2023, the company had a total of 262,473,333 shares issued, with significant shareholders holding 46.88% and 10.66% respectively[42] Events After Reporting Period - No significant events occurred after June 30, 2023, up to the report date[56] - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ending June 30, 2023[46]

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之內容概不負責，對其準確 性或完整性亦無發表聲明，並明確表示概不會就本公佈全部或任何部份內容而產生或因依賴 該等內容而引致任何損失承擔任何責任。 STEED ORIENTAL (HOLDINGS) COMPANY LIMITED 駿 東（ 控 股）有 限 公司 （於開曼群島註冊成立之成員有限公司） 8277 （股份代號： ） 2023 6 30 截至 年 月 日止三個月之第一季度業績公佈 GEM GEM 香港聯合交易所有限公司（「聯交所」） （「 」）的特色 GEM 的定位，乃為相比其他在聯交所上市的公司帶有較高投資風險的公司提供的一個上市市 場。有意投資者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 GEM GEM 決定。 的較高風險及其他特色表示 較適合專業及其他老練投資者。 GEM GEM 由於 上市公司新興的性質使然，在 買賣的證券可能會較於聯交所主板買賣的證券 GEM 承受較大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的市場。 GEM GEM 本公佈乃遵照聯交所 證券上市規則（「 上市規則」）之規定提供有關駿東 ...

Financial Performance - For the fiscal year ending March 31, 2023, the company reported a loss of approximately HKD 29.2 million, compared to a loss of HKD 5.0 million for the fiscal year ending March 31, 2022[10]. - Revenue from continuing operations decreased by approximately 86.7% to about HKD 12.5 million, down from HKD 93.8 million in the previous year, primarily due to the adverse impact of strict COVID-19 control measures in China[10]. - Gross profit from continuing operations fell by approximately 91.9% to about HKD 2.0 million, compared to HKD 24.6 million in the previous year[10]. - For the year ended March 31, 2023, the group recorded revenue of approximately HKD 12.5 million, a significant decrease of about 86.7% compared to HKD 93.8 million in 2022[19]. - Gross profit decreased by approximately 91.9% to about HKD 2.0 million, down from HKD 24.6 million in 2022[20]. - The group reported a loss of approximately HKD 29.0 million for the year, an increase of about HKD 23.4 million compared to a loss of HKD 5.6 million in 2022[22]. - The group incurred a loss of approximately HKD 0.2 million from discontinued operations, compared to a profit of approximately HKD 0.5 million in the previous year[23]. - The company reported a total comprehensive loss of HKD 27,184,000 for the year, compared to a loss of HKD 3,238,000 in 2022[195]. - The company reported a pre-tax loss from continuing operations of HKD 30,113,000 for the year ended March 31, 2023, compared to a loss of HKD 6,802,000 in the previous year, indicating a significant decline in performance[197]. Cash Flow and Liquidity - As of March 31, 2023, the group's cash and cash equivalents were approximately HKD 0.6 million, down from HKD 8.1 million as of March 31, 2022[24]. - The company's cash and cash equivalents dropped significantly to HKD 644,000 from HKD 8,069,000, a decrease of 91.6%[192]. - The total cash and cash equivalents at the end of the year were HKD 644,000, a decrease from HKD 8,069,000 at the beginning of the year, indicating a cash reduction of approximately 92%[197]. - The net cash generated from operating activities decreased to HKD 5,333,000, down from HKD 9,143,000 in the previous year, reflecting a drop of approximately 41%[197]. - Cash inflow from investing activities increased significantly to HKD 50,197,000, compared to HKD 3,398,000 in the previous year, showing a substantial improvement in investment cash flow[197]. - The cash outflow from financing activities was HKD 64,045,000, a significant increase compared to HKD 14,805,000 in the previous year, indicating a worsening financing position[197]. Debt and Liabilities - The group's total bank borrowings amounted to approximately HKD 169.8 million as of March 31, 2023, compared to HKD 184.0 million as of March 31, 2022[24]. - The group's debt-to-asset ratio was approximately 96.0% as of March 31, 2023, compared to 91.5% as of March 31, 2022[25]. - The group's net current liabilities amounted to approximately HKD 172,399,000 as of March 31, 2023[166]. - Current liabilities increased to HKD 223,159,000 in 2023 from HKD 199,706,000 in 2022, an increase of 11.8%[192]. - The company’s equity totalled HKD 9,314,000 as of March 31, 2023, down from HKD 36,498,000 in 2022, a decrease of 74.5%[192]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[53]. - The company has complied with the corporate governance code provisions as of March 31, 2023[50]. - All directors confirmed full compliance with the standard code of conduct for securities transactions during the fiscal year ending March 31, 2023[51]. - The company is committed to enhancing its internal control systems and corporate governance practices to create shareholder value[49]. - The company has a diverse board with members having extensive experience in finance, management, and law[53]. - The independent non-executive directors play a crucial role in the nomination and audit committees[40][45]. - The company has adopted measures to improve the quality of corporate governance practices in line with local and international standards[49]. - The board is responsible for maintaining an effective internal control and risk management system, which was reviewed during the year[91]. - The company has established a dividend policy that allows for the declaration of dividends based on the company's profits, subject to board recommendations[84]. Business Strategy and Market Focus - The company plans to focus on the domestic market and continue the procurement, manufacturing, and sales of various wooden products, including wooden construction components and other wooden products[12]. - The company aims to enrich its product variety and expand its market in China through collaboration with other panel processing enterprises[12]. - The board believes that business performance will gradually recover as the COVID-19 pandemic eases, providing a competitive advantage over smaller local enterprises[12]. - The company has terminated all export-related businesses due to global political and economic uncertainties and intense competition in the plywood market[17]. Risk Management - The company adopts a three-tier risk management approach to identify, assess, mitigate, and respond to risks[92]. - The company maintains a formal mechanism for risk assessment and management, overseen by the compliance officer[99]. - The board is responsible for ensuring that the financial statements fairly reflect the group's affairs, with no significant uncertainties affecting the company's ability to continue as a going concern[108]. Audit and Compliance - The audit committee reviewed the group's annual performance and financial statements for the year ending March 31, 2023, and made recommendations to the board for approval[68]. - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of March 31, 2023[164]. - The auditor's responsibility includes obtaining reasonable assurance that the financial statements are free from material misstatement and evaluating the appropriateness of accounting policies used by management[185].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 STEED ORIENTAL (HOLDINGS) COMPANY LIMITED 駿 東（ 控 股）有 限 公司 （於開曼群島註冊成立之成員有限公司） 8277 （股份代號： ） 2023 3 31 截至 年 月 日止年度之經審核年度業績公佈 GEM GEM 聯交所 （「 」）的特色 GEM 的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個上市的 市場。有意投資者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 GEM GEM 資決定。 的較高風險及其他特色表示 較適合專業及其他資深投資者。 GEM GEM 由於 上市公司新興的性質使然，在 買賣的證券可能會較於聯交所主板買賣的證券 GEM 承受較大的市場波動風險，同時無法保證在 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佈之內容概不負責，對其準確性或完整性亦無發 表聲明，並 ...