香港聯合交易所有限公司（「聯交所」）GEM之特色 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 後方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資 者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的 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報告之內容概不負責，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報告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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司各董事（「董事」）願對本報告所載資料共同及個別承擔 全部責任。各董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料 在各重要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報 告或其所載任何陳述產生誤導。 1 二零二一年第三季 ...

香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報告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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司各董事（「董事」）願對本報告所載資料共同及個別承擔 全部責任。各董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料 在各重要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報 告或其所載任何陳述產生誤導。 1 二零二一年中期報告 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 方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的證 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。 ...

香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）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 方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他老練投資者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的 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報告之內容概不負責，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報告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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司各董事（「董事」）願對本報告所載資料共同及個別承擔 全部責任。各董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料 在各重要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報 告或其所載任何陳述產生誤導。 1 二零二一年 ...

香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）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資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的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報告之內容概不負責，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報告全 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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有限公司（「本公司」）之資料。本公司董事（「董 事」）願對本報告所載資料共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料在各重 要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報告所載任何陳述或本報告產生誤導。 1 二零二一年年報 ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 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 後方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資 者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的 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報告之內容概不負責，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報告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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司各董事（「董事」）願對本報告所載資料共同及個別承擔 全部責任。各董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料 在各重要方面均屬準確完備，並無誤導或欺詐成分，且並無遺漏其他事項，足以令本報 告或其所載任何陳述產生誤導。 1 二零二零年第三季 ...

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） 股份代號: 8277 2020 中期報告 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 方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣的證 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報告之內容概不負責，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報告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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定提供有關駿東（控股）有 限公司（「本公司」）之資料。本公司各董事（「董事」）願對本報告所載資料共同及個別承擔 全部責任 ...

Financial Performance - Revenue for the three months ended June 30, 2020, was HKD 44,853,000, an increase of 16.2% compared to HKD 38,491,000 for the same period in 2019[4] - Gross profit for the same period was HKD 10,045,000, representing a gross margin of 22.4%, up from HKD 4,611,000 in 2019[4] - Operating loss decreased to HKD 3,031,000 from HKD 6,555,000 year-on-year, indicating improved operational efficiency[4] - Loss attributable to equity shareholders for the period was HKD 5,589,000, a reduction of 42.5% compared to HKD 9,687,000 in the previous year[4] - Basic and diluted loss per share improved to HKD 2.56 from HKD 4.42 in the same quarter of 2019[4] - Total comprehensive loss for the period was HKD 5,471,000, significantly lower than HKD 11,636,000 in the prior year[4] - The company reported a net other comprehensive income of HKD 118,000, compared to a loss of HKD 1,949,000 in the previous year[4] - The company reported a loss of HKD 5,589,000 for the three months ended June 30, 2020, compared to a loss of HKD 9,687,000 for the same period in 2019[36] - Basic and diluted loss per share was HKD 2.56, an improvement from HKD 4.42 in the prior year[36] Revenue and Sales Growth - Revenue for the three months ended June 30, 2020, was HKD 44,853,000, an increase of 16.5% compared to HKD 38,491,000 for the same period in 2019[29] - Sales of structural panels increased significantly to HKD 17,206,000 from HKD 2,076,000 year-over-year, representing a growth of 728%[29] - Revenue from the People's Republic of China rose to HKD 17,960,000, up 122.8% from HKD 8,085,000 in the previous year[30] - Sales volume of plywood products increased by approximately 25.5%, from about 9,454 cubic meters for the three months ended June 30, 2019, to about 11,863 cubic meters for the same period in 2020[40] - The average gross profit margin increased by approximately 10.4% to about 22.4% for the three months ended June 30, 2020, compared to about 12.0% for the same period in 2019[41] Expenses and Liabilities - Administrative expenses increased to HKD 11,821,000 from HKD 9,194,000, reflecting higher operational costs[4] - The net current liabilities of the group were approximately HKD 83,861,000 as of June 30, 2020[26] - The group’s total bank and other borrowings amounted to approximately HKD 80.1 million as of June 30, 2020, down from approximately HKD 133.6 million as of March 31, 2020[45] - The group’s debt-to-asset ratio was approximately 88.4% as of June 30, 2020, compared to approximately 86.6% as of March 31, 2020[46] Corporate Governance and Compliance - The financial statements were prepared in accordance with all applicable Hong Kong Financial Reporting Standards[25] - The company expects that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on its consolidated financial statements in the future[24] - The company has complied with all applicable corporate governance code provisions during the reporting period, except for the matters disclosed[60] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the three months ending June 30, 2020[72] - The company has adopted a strict code of conduct for securities trading in compliance with GEM Listing Rules[59] Shareholder Information - As of June 30, 2020, the company had a total of 218,733,333 issued shares, with Ms. Sun Xuesong holding 123,041,695 shares (56.25%) and Mr. Xue Zhaoqiang holding 27,978,425 shares (12.79%)[54] - No individuals, other than directors or key executives, held any recorded interests in the company's shares or related securities as of June 30, 2020[56] - The company has not identified any competitive interests or conflicts of interest involving its directors or major shareholders during the reporting period[57] Future Plans and Market Expansion - The company continues to focus on the procurement, production, and sales of plywood and other wooden products, with no new product launches or market expansions reported in this quarter[7] - The group aims to expand its business into the North China market through the acquisition of Hebei Youlin Technology Co., Ltd., enhancing its trade operations[50] - Several trade subsidiaries have obtained FSC certification, allowing the group to participate in the trade chain of FSC-certified products, which is crucial for entering environmentally conscious markets[38] - The group plans to enhance productivity through improved service quality monitoring and internal process automation to reduce costs and improve efficiency[38] Accounting Standards - The adoption of new and revised Hong Kong Financial Reporting Standards did not have a significant impact on the company's accounting policies[8] - The adoption of Hong Kong Financial Reporting Standard 16 (HKFRS 16) has resulted in significant changes in lease accounting, requiring almost all leases to be recognized as right-of-use assets and lease liabilities on the balance sheet[11] - The Group has chosen not to capitalize leases related to low-value assets and short-term leases (less than 12 months) under HKFRS 16, with lease payments recognized as expenses on a straight-line basis[12] - The Group has recognized lease liabilities at the present value of lease payments not paid at the lease commencement date, using the incremental borrowing rate for discounting[17] - As of April 1, 2019, the Group has retrospectively adopted HKFRS 16, confirming lease liabilities for previously classified operating leases under HKAS 17, measured at the present value of remaining lease payments[19] - The Group has applied practical expedients, including using a single discount rate for leases with similar characteristics and exempting leases that will end within 12 months from the initial application date from recognition as right-of-use assets and lease liabilities[20] - The accounting treatment for lessors under HKFRS 16 remains largely unchanged from HKAS 17, with rental income from operating leases recognized on a straight-line basis over the lease term[21] Dividends and Stock Options - The company did not recommend any dividend for the three months ended June 30, 2020, consistent with the previous year[34] - The company has not granted any stock options under the stock option plan during the three months ending June 30, 2020, and there are no unexercised stock options as of June 30, 2020[68][69] - The stock option plan allows for a maximum of 20,000,000 shares to be granted, representing approximately 9.14% of the company's issued shares as of the report date[62] Events After Reporting Period - There were no significant events occurring after June 30, 2020, up to the report date[70] - No significant purchases, sales, or redemptions of the company's listed securities occurred during the three months ending June 30, 2020[58]

Financial Performance - For the fiscal year ending March 31, 2020, the group recorded a loss of approximately HKD 31.5 million, compared to a profit of approximately HKD 3.3 million for the previous year[11]. - Revenue decreased by approximately 8.1% to about HKD 223.5 million, down from HKD 243.2 million in the previous year[11]. - Gross profit decreased by approximately 4.9% to about HKD 42.5 million, compared to HKD 44.7 million in the previous year[11]. - The group's revenue for the year ended March 31, 2020, was approximately HKD 223.5 million, a decrease of about 8.1% from HKD 243.2 million in 2019, primarily due to a 35.3% drop in plywood product sales[23]. - Plywood sales volume decreased by approximately 29.0% from about 66,500 cubic meters for the year ended March 31, 2019, to about 47,240 cubic meters for the year ended March 31, 2020[21]. - The average gross profit margin increased by approximately 0.6% to about 19.0% for the year ended March 31, 2020, compared to 18.4% in 2019, driven by higher-margin wood products[24]. - The company reported a loss attributable to equity shareholders of HKD 31,505,000, a significant decline from a profit of HKD 3,344,000 in the previous year[183]. - Total assets decreased to HKD 387,931,000 in 2020 from HKD 428,224,000 in 2019, reflecting a decline of 9.4%[186]. - Net asset value dropped to HKD 51,971,000 in 2020, down from HKD 88,342,000 in 2019, indicating a decline of 41.2%[186]. - The company incurred financing costs of HKD 11,116,000, which increased significantly from HKD 3,467,000 in 2019[183]. - The basic and diluted loss per share was HKD 14.40, compared to earnings of HKD 1.53 per share in the previous year[183]. - The company reported a loss before tax of HKD 31,858,000 for the year 2020, compared to a profit of HKD 6,357,000 in 2019[190]. Expenses and Costs - Sales expenses decreased by approximately 26.0% to about HKD 5.4 million, down from HKD 7.3 million in the previous year[11]. - Administrative expenses increased by approximately 23.9% to about HKD 40.4 million, compared to HKD 32.6 million in the previous year[11]. - Administrative expenses increased by approximately HKD 7.8 million to about HKD 40.4 million for the year ended March 31, 2020, due to the consolidation of Hebei Youlin's administrative expenses[28]. - Depreciation expenses increased significantly to HKD 10,297,000 for property, plant, and equipment in 2020, up from HKD 2,994,000 in 2019[190]. Corporate Governance - The company has adhered to the corporate governance code as stipulated in the GEM listing rules for the year ending March 31, 2020[54]. - The board is committed to maintaining high levels of corporate governance while striving to create value for shareholders and achieve maximum returns[53]. - The company has implemented a standard code for regulating securities transactions by directors, in compliance with GEM listing rules[55]. - The company aims to enhance its internal control systems and improve corporate governance practices continuously[53]. - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[57]. - The board held four meetings during the year ending March 31, 2020, with all directors attending all meetings[60]. - The audit committee, composed of three independent non-executive directors, held four meetings and reviewed the annual performance and financial statements for the year ending March 31, 2020[72]. - The company is committed to a board diversity policy, ensuring a balance of skills, experience, and perspectives among board members[66]. - The chairman and CEO roles are separated, with the chairman focusing on overall strategy and the CEO managing daily operations[65]. - The company will continue to ensure that all board appointments are based on merit while considering diversity factors[66]. - The Nomination Committee held one meeting during the year ending March 31, 2020, with all members present[74]. - The company has adopted a nomination policy to enhance the transparency and reliability of the selection of directors[75]. - The Remuneration Committee also held one meeting during the year ending March 31, 2020, with all members present[83]. - The company has established a dividend policy that allows for the declaration of dividends based on the company's profits and reserves[87]. - The company will regularly review and reassess the effectiveness of its dividend policy[91]. - The company has arranged suitable insurance coverage for directors and senior officers against legal liabilities arising from corporate activities[86]. - The board of directors is responsible for ensuring that the consolidated financial statements are prepared in accordance with applicable statutory requirements and accounting standards[93]. - The company has implemented a robust internal control system to ensure effective operation in operational, financial, and compliance areas[96]. - The company has adopted a whistleblowing policy to encourage reporting of misconduct and enhance corporate governance standards[106]. - The company maintains effective communication with the investment community to enhance transparency and understanding of its business and developments[109]. - The board and audit committee systematically review the internal control and risk management functions, identifying areas for improvement[101]. - The company has established a formal mechanism for risk assessment and management, overseen by the compliance officer[102]. - The independent non-executive directors confirmed their independence as per the GEM Listing Rules, and all were deemed independent as of the report date[144]. Market Expansion and Strategy - The group aims to diversify its product range and expand into the Chinese market, particularly in the North China region, driven by favorable government policies[14]. - The acquisition of Hebei Youlin Technology Co., Ltd. is expected to provide a new growth point for the group by expanding its business into North China[14]. - The group is seeking business opportunities in potential markets outside of China to expand its customer base[15]. - Several trade subsidiaries have obtained Forest Stewardship Council (FSC) certification to participate in the FSC product trade chain[15]. - The group has obtained FSC certification for several trading subsidiaries to participate in the trade of FSC-certified plywood products, which is crucial for entering environmentally conscious markets[21]. - The company’s factories in China temporarily shut down for about one month due to COVID-19, resuming normal operations by the end of March 2020[192]. - The company has not identified any significant adverse effects on its financial statements due to COVID-19, aside from the temporary factory shutdown[192]. Financial Position and Assets - Cash and cash equivalents were approximately HKD 11.2 million as of March 31, 2020, down from HKD 14.0 million as of March 31, 2019[29]. - The group's total bank and other borrowings amounted to approximately HKD 133.6 million as of March 31, 2020, compared to HKD 175.6 million as of March 31, 2019[29]. - The debt-to-asset ratio increased to approximately 86.6% as of March 31, 2020, from 79.4% as of March 31, 2019, primarily due to impairments on property, plant, and equipment[30]. - The carrying amounts of property, plant, and equipment were HKD 219,222,000, with accumulated impairment losses of HKD 14,613,000[172]. - The carrying amount of right-of-use assets was HKD 60,481,000, with accumulated impairment losses of HKD 3,590,000[172]. - Impairment losses recognized during the fiscal year for property, plant, and equipment and right-of-use assets amounted to HKD 11,663,000 and HKD 3,590,000, respectively[172]. - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and reflect the group's financial position as of March 31, 2020[168]. - The audit was conducted under the Hong Kong Auditing Standards, ensuring the independence of the auditors from the group[169]. - The group reported signs of impairment for operations in China and Hong Kong, which recorded minimal profits or losses during the fiscal year[172]. - The management's assessment of impairment involved significant assumptions and judgments regarding recoverable amounts[172]. Shareholder Information - As of May 21, 2020, approximately 1.27% of the company's issued share capital, totaling 2,782,000 shares, was sold by Guotai Junan Securities due to a margin call failure[55]. - As of March 31, 2020, the company had a total of 218,733,333 issued shares, with Ms. Sun Xuesong holding 123,041,695 shares (56.25%) and Mr. Xue Zhaoqiang holding 30,760,425 shares (14.06%)[146]. - The company did not engage in any purchases, sales, or redemptions of its listed securities during the fiscal year ending March 31, 2020[148]. - There were no outstanding stock options granted under the stock option plan as of March 31, 2020, and no stock options were granted during the fiscal year[160]. - The stock option plan allows for a maximum of 20,000,000 shares to be issued, representing approximately 9.14% of the issued shares as of the report date[154]. - The company confirmed compliance with the disclosure requirements under the GEM Listing Rules regarding related party transactions[142]. - There were no related party transactions that required disclosure beyond what was already reported[142]. - The company has not entered into any management contracts for the fiscal year ending March 31, 2020, except for employment contracts[145]. - The company appointed Mr. Chen Yuxiao as the company secretary on September 5, 2016, who is responsible for ensuring effective communication among board members and compliance with board policies[92].

Financial Performance - Revenue for the three months ended December 31, 2019, was HKD 80,061,000, representing a 38.5% increase from HKD 57,743,000 in the same period of 2018[4] - Gross profit for the nine months ended December 31, 2019, was HKD 31,374,000, a decrease of 4.5% compared to HKD 32,874,000 in the same period of 2018[4] - The operating profit for the three months ended December 31, 2019, was HKD 7,024,000, compared to HKD 1,805,000 in the same period of 2018, indicating a significant improvement[4] - The company reported a net loss attributable to equity shareholders of HKD 11,901,000 for the nine months ended December 31, 2019, compared to a profit of HKD 4,106,000 in the same period of 2018[4] - Basic and diluted earnings per share for the three months ended December 31, 2019, were HKD 1.81, up from HKD 0.40 in the same period of 2018[6] - The total comprehensive income for the three months ended December 31, 2019, was HKD 5,004,000, compared to HKD 982,000 in the same period of 2018[6] - The group recorded revenue of approximately HKD 178.5 million for the nine months ended December 31, 2019, a decrease of about 7.9% compared to HKD 193.8 million in the previous period[41] - The group recorded a loss of approximately HKD 11.9 million for the nine months ended December 31, 2019, compared to a profit of approximately HKD 4.1 million for the same period in 2018[44] Revenue Breakdown - Sales of structural panels increased significantly to HKD 29,639,000 for the three months ended December 31, 2019, compared to HKD 4,597,000 in the same period of 2018, representing a growth of 543.5%[30] - Revenue from sales in mainland China surged to HKD 33,380,000 for the three months ended December 31, 2019, compared to HKD 6,643,000 in the same period of 2018, marking a growth of 402.5%[31] - The company’s revenue from sales of ordinary plywood decreased to HKD 33,709,000 for the three months ended December 31, 2019, down 21.4% from HKD 42,846,000 in the same period of 2018[30] - The company’s revenue from packaging plywood also saw a decline, totaling HKD 1,189,000 for the three months ended December 31, 2019, compared to HKD 2,056,000 in the same period of 2018, a decrease of 42.2%[30] Financial Position - Total equity attributable to equity shareholders as of December 31, 2019, was HKD 73,772,000, down from HKD 90,603,000 as of December 31, 2018[8] - As of December 31, 2019, the group's net current liabilities were approximately HKD 59.5 million, with sufficient financial support from major shareholders for at least the next 12 months[13] - As of December 31, 2019, the group had cash and cash equivalents of approximately HKD 13.1 million, down from approximately HKD 14.0 million as of March 31, 2019[47] - The group's total bank and other borrowings amounted to approximately HKD 144.5 million as of December 31, 2019, compared to approximately HKD 175.6 million as of March 31, 2019[47] - The asset-liability ratio was approximately 81.3% as of December 31, 2019, compared to approximately 79.4% as of March 31, 2019[48] Cost and Expenses - The company’s income tax expense for the nine months ended December 31, 2019, was HKD 293,000, a decrease from HKD 2,943,000 in the same period of 2018[33] - Selling expenses decreased by approximately 19.6% from about HKD 5.6 million for the nine months ended December 31, 2018, to about HKD 4.5 million for the same period in 2019[43] Corporate Governance and Compliance - The financial statements have been prepared in accordance with applicable Hong Kong Financial Reporting Standards[11] - The group has complied with all applicable corporate governance codes as per GEM listing rules during the reporting period[66] - The audit committee was established on February 9, 2015, and consists of three independent non-executive directors[78] Strategic Plans and Market Expansion - The group plans to enhance productivity through various methods, including reducing employee costs and improving internal processes[39] - The group plans to expand into the North China market, driven by favorable government policies such as the Beijing-Tianjin-Hebei coordinated development plan[54] - The product portfolio primarily includes various plywood products sold to overseas customers, mainly in Japan, and aims to expand sales of plywood and other wooden products in North China[56] - The group is seeking business opportunities in other potential markets to expand its customer base and is pursuing FSC certification to participate in the FSC product trade chain[56] - The board will maintain the existing core business while exploring new opportunities to enhance and solidify the group's operations[57] - The group believes it has advantages over smaller local enterprises in expanding its market and product offerings[56] Shareholder Information - The total number of shares issued as of December 31, 2019, was 218,733,333, with major shareholders holding significant stakes, including 56.25% by Ms. Sun Xuesong[60] - The stock option plan allows for the issuance of up to 20 million shares, representing approximately 9.14% of the total shares issued as of the report date[69] - No stock options were granted under the stock option plan for the nine months ended December 31, 2019[75] - As of December 31, 2019, there were no stock options held by directors or employees under the stock option plan[76] Events After Reporting Period - No significant events occurred after December 31, 2019, up to the report date[77]

Financial Performance - Revenue for the three months ended September 30, 2019, was HKD 59,928,000, a decrease of 15.9% compared to HKD 71,292,000 in the same period of 2018[4] - Gross profit for the six months ended September 30, 2019, was HKD 13,196,000, down 42.5% from HKD 22,889,000 in the same period of 2018[4] - The company reported a net loss attributable to equity shareholders of HKD 15,857,000 for the six months ended September 30, 2019, compared to a profit of HKD 3,237,000 in the same period of 2018[4] - The company reported a total comprehensive loss of HKD 20,160,000 for the six months ended September 30, 2019, compared to a total comprehensive loss of HKD 4,761,000 in the same period of 2018[6] - The company reported a pre-tax loss of HKD 6,170,000 for the three months ended September 30, 2019, compared to a profit of HKD 8,815,000 in the same period of 2018[43] - The company incurred a loss of approximately HKD 15.9 million for the six months ended September 30, 2019, compared to a profit of approximately HKD 3.2 million for the same period in 2018[61] - The basic and diluted loss per share for the six months ended September 30, 2019, was HKD 7.24, compared to a profit of HKD 1.48 in the same period of 2018[6] - The company reported a basic loss per share of HKD 28.23 for the six months ended September 30, 2019, compared to a profit of HKD 14.80 in 2018[43] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 277,595,000, a decrease from HKD 296,051,000 as of March 31, 2019[8] - Current liabilities decreased to HKD 154,785,000 as of September 30, 2019, from HKD 206,441,000 as of March 31, 2019[8] - The company’s total equity as of September 30, 2019, was HKD 68,182,000, down from HKD 88,342,000 at the beginning of the period[11] - The company’s current liabilities net amount was approximately HKD 57.6 million as of September 30, 2019, indicating potential liquidity concerns[18] - Trade receivables decreased to HKD 7,178,000 as of September 30, 2019, down from HKD 11,537,000 as of March 31, 2019[47] - The group's net current liabilities were approximately HKD 57.6 million as of September 30, 2019, compared to HKD 74.3 million as of March 31, 2019[66] - The total amount of bank and other borrowings was approximately HKD 136.3 million as of September 30, 2019, a decrease from HKD 175.6 million as of March 31, 2019[66] - The group's debt-to-asset ratio was approximately 81.8% as of September 30, 2019, compared to 79.4% as of March 31, 2019[66] Cash Flow - The company’s cash and cash equivalents were HKD 10,979,000 as of September 30, 2019, down from HKD 14,005,000 as of March 31, 2019[8] - Cash and cash equivalents decreased by HKD 2,632,000, ending at HKD 10,979,000 as of September 30, 2019, down from HKD 45,290,000 in the previous year[13] - The net cash used in operating activities was HKD 4,519,000 for the six months ended September 30, 2019, a significant decrease from HKD 24,086,000 generated in the same period of 2018[13] - Financing activities generated a net cash inflow of HKD 8,370,000 during the reporting period, compared to HKD 41,689,000 in the previous year[13] Financing Costs - The company experienced a significant increase in financing costs, which rose to HKD 5,974,000 for the six months ended September 30, 2019, compared to HKD 583,000 in the same period of 2018[4] - Financing costs increased significantly, with bank loan interest rising to HKD 2,808,000 for the three months ended September 30, 2019, compared to HKD 265,000 in 2018[39] - The company’s total financing costs for the six months ended September 30, 2019, were HKD 5,974,000, significantly higher than HKD 583,000 in the same period of 2018[39] Market Performance - Sales of ordinary plywood decreased to HKD 23,383,000 for the three months ended September 30, 2019, down 53.5% from HKD 50,214,000 in 2018[37] - Revenue from Japan for the three months ended September 30, 2019, was HKD 29,519,000, a decrease of 47.4% from HKD 56,048,000 in 2018[37] - Revenue from mainland China increased to HKD 27,528,000 for the three months ended September 30, 2019, compared to HKD 13,085,000 in the same period of 2018, representing a growth of 110.5%[37] - Sales volume of plywood products decreased by approximately 28.4% from about 31,965 cubic meters for the six months ended September 30, 2018, to about 22,886 cubic meters for the same period in 2019[55] Corporate Governance - The company has complied with all applicable corporate governance codes as per GEM Listing Rules during the reporting period[90] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending September 30, 2019[100] - The company has adopted strict trading guidelines for directors in compliance with GEM Listing Rules[89] - There were no known interests or potential conflicts of interest involving directors or major shareholders during the reporting period[87] Compliance and Standards - The financial statements have been prepared in accordance with applicable Hong Kong Financial Reporting Standards, ensuring compliance with regulatory requirements[16] - The company adopted HKFRS 9, which classifies financial assets into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[22] - The expected credit loss model under HKFRS 9 replaces the incurred loss model, requiring earlier recognition of credit losses compared to the previous standard[25] - The company has chosen to apply the cumulative effect transition method for HKFRS 15, which did not affect the equity balance as of April 1, 2018[28] - Revenue recognition under HKFRS 15 occurs when control of the promised goods or services is transferred to the customer, which may happen at a point in time or over time[33] - The adoption of HKFRS 15 did not result in significant adjustments to the presentation of assets and liabilities as of April 1, 2018[34] Strategic Initiatives - The company plans to enhance productivity through various methods, including reducing employee costs and improving service quality monitoring[56] - The company is seeking business opportunities in other potential markets to expand its customer base amid intense competition in the plywood market[55] - The group plans to expand its market presence in North China, driven by favorable government policies and significant opportunities in the Xiong'an New Area[78] - The group aims to enhance its product range to include wooden building components and other wooden products to capture market opportunities in North China[78] - The group is actively seeking business opportunities in potential markets outside of China to expand its customer base and enhance growth[81] Shareholder Information - As of September 30, 2019, the company had a total of 218,733,333 shares issued, with significant ownership by key executives: Ms. Sun Xuesong held 123,041,695 shares (56.25%) and Mr. Xue Zhaoqiang held 30,760,425 shares (14.06%) [84] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2019 [88] - There were no stock options granted under the stock option plan during the six months ending September 30, 2019, and no outstanding options were held by directors or employees as of that date [96][98] - The stock option plan allows for a maximum of 20,000,000 shares to be granted, representing approximately 9.14% of the issued shares as of the report date [92] Events and Developments - No significant events occurred after September 30, 2019, up to the report date [99] - The company has not disclosed any new product developments or market expansion strategies in the report [85]