Financial Performance - The total revenue for the group in Q1 2023 was approximately HKD 2,850,000, a decrease of about 94.7% compared to HKD 53,600,000 in the same period of 2022[6] - The pre-tax loss for the period was approximately HKD 21,000,000, which is a reduction of about 7.5% from a pre-tax loss of HKD 22,700,000 in Q1 2022[6] - The loss attributable to equity holders of the company was approximately HKD 20,200,000, down 7.8% from HKD 21,900,000 in the same period last year[6] - The loss per share for the period was approximately HKD 1.57, compared to HKD 1.70 in Q1 2022[7] - The gross loss for the period was HKD 1,230,000, compared to a gross loss of HKD 3,465,000 in the same period of 2022[9] - The total comprehensive loss for the period was HKD 21,537,000, compared to HKD 20,947,000 in Q1 2022[10] - The group recorded a loss of approximately HKD 21,000,000 for the period (2022: HKD 22,700,000), with a loss attributable to equity holders of approximately HKD 20,200,000 (2022: HKD 21,900,000)[37] Revenue Breakdown - Revenue from trading business was HKD 136,000, a significant decrease from HKD 50,219,000 in the previous year, reflecting a decline of approximately 99.73%[21] - Revenue from the storage of petrochemical products was HKD 2,712,000, down from HKD 3,357,000 in the previous year, indicating a decrease of about 19.2%[21] - Total revenue for the period was HKD 2,848,000, a decline of approximately 94.7% compared to HKD 53,576,000 in the same period last year[21] - The group's revenue decreased by approximately 94.7% to about HKD 2,850,000 (2022: HKD 53,600,000) due to various factors including trade business decline[36] Cost and Expenses - Administrative expenses for the period were HKD 10,987,000, a decrease from HKD 12,479,000 in Q1 2022[9] - The group's cost of revenue decreased by approximately 92.8% to about HKD 4,080,000 (2022: HKD 57,000,000), primarily due to reduced trade business revenue[36] - Financing costs increased to HKD 6,824,000 from HKD 5,387,000 in the same period last year[9] - The company incurred financing costs of HKD 6,823,000, an increase from HKD 5,387,000 in the previous year, representing an increase of 26.6%[23] Dividends and Shareholder Information - The company did not recommend any interim dividend for the period, consistent with the previous year[26] - The group did not recommend any interim dividend for the period (2022: none)[39] - As of March 31, 2023, major shareholders include Da Feng Port Overseas with 740,040,000 shares, representing approximately 57.46% of the issued share capital[56] - Jiang Wen holds 75,470,000 shares, accounting for 5.86% of the issued share capital, alongside his spouse Li Qiuhua who also holds the same number of shares[56] Corporate Governance - The audit committee reviewed the first-quarter financial statements, which were not audited by the company's auditor but were deemed compliant with applicable accounting standards and regulations[66] - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[63] - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring transparency and compliance[66] - The board of directors consists of a mix of executive and independent non-executive members, ensuring a balanced governance structure[68] Market Conditions and Future Outlook - The company continues to face significant challenges in revenue generation and cost management, impacting overall financial performance[6] - The trading business has been significantly affected by ongoing trade tensions between China and the United States, as well as the impacts of the COVID-19 pandemic[33] - The company continues to monitor global economic conditions and aims to minimize impacts from geopolitical tensions and inflationary pressures[31] - The company is actively seeking new trading opportunities to mitigate the decline in revenue from its trading business[33] - The group anticipates that the Chinese economy will gradually recover from the pandemic and will focus resources on business opportunities in Yancheng, Jiangsu Province[49] Investments and Assets - The group has no significant future investment or capital asset plans as of March 31, 2023, but will continue to monitor the industry closely[48] - The group has not engaged in any major investments, acquisitions, or disposals of subsidiaries and associates during the period[47] - The group has no significant contingent liabilities as of March 31, 2023 (2022: none)[50] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[59] - No additional disclosures regarding shareholdings were made beyond those listed as of March 31, 2023[58] - The company has not identified any other individuals or entities with disclosable interests in its shares as of the reporting date[58]

Dafeng Port Heshun Technology Company Limited 大 豐 港 和 順 科 技 股 份 有 限 公 司 (於開曼群島註冊成立之有限公司) （股份代號：8310） 截至二零二三年三月三十一日止三個月 第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供 上市之市場。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之 考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於主板買賣之證券 承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本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。 本公告之資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關 大豐港和順科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）之資料，本公 司各董事（「董事」 ...

Environmental Management - The company implemented a new oil vapor recovery online monitoring system, achieving 24-hour monitoring of VOCs emissions[5]. - The oil vapor recovery efficiency reached 95% through the deployment of recovery devices during the loading process[2]. - The average annual pollutant discharge concentration for Chemical Oxygen Demand (COD) was 230 ppm, well below the limit of 450 ppm[11]. - The company conducted comprehensive testing of approximately 1,700 sealing points to ensure effective control of VOCs leakage risks[1]. - The nitrogen storage facilities were put into use to minimize unorganised volatilisation of VOCs in pipelines[4]. - The company plans to operate a new biochemical wastewater treatment plant in 2023 to enhance wastewater management capabilities[10]. - Regular pressure tests on hoses were conducted to prevent leakage incidents[4]. - The company adhered to strict regulations regarding wastewater discharge, ensuring no direct discharge of pollutants into water bodies[9]. - The company strictly follows the Manifest System for Transfer of Hazardous Wastes, engaging qualified units for safe disposal and utilizing a Dynamic Management Information System for real-time tracking of hazardous waste treatment[29]. - The company promoted paper recycling in the office area to reduce non-hazardous waste, primarily consisting of office domestic waste and paper[23][30]. - The company implemented measures to comprehensively monitor water resource utilization by measuring water consumption and wastewater discharge during the storage process[43]. - Through reasonable planning of material classification and storage area, the company reduced the length of the pipe in the tank washing process, increasing the efficiency of water resource utilization[43]. - The company strengthened control over cooling water in canned pumps, aiming to reduce water consumption while ensuring cooling conditions are met[43]. - The company transfers non-hazardous wastes and domestic garbage to material recyclers for unified treatment or recycling[29]. Energy Management - The company has implemented energy management strategies, including setting annual production objectives and analyzing energy use per unit of capacity to improve energy efficiency[34]. - The company actively explores energy-saving technologies and uses low-carbon energy to continuously reduce greenhouse gas emissions during operations[33][39]. - The company advocates for energy conservation measures, such as using energy-efficient LED bulbs and promoting a paperless office environment[38][40]. Safety Management - A dual prevention system for hierarchical safety risk control and hidden hazard investigation was established to enhance risk identification[50]. - The company categorized risks into material, large, general, and low based on quantitative risk assessment criteria, developing corresponding control measures[61]. - The company updated its hierarchical risk control system for production safety, clarifying five lists of major safety risks[57]. - Regular training on safety risk control was conducted to ensure all employees understand risk points and preventive measures[59]. - The company established a continuous improvement mechanism to regularly evaluate the operation of the dual prevention mechanism[60]. - Emergency measures are taken for large risks, establishing operation control procedures for periodic inspection and assessment[63]. - The company conducted comprehensive inspections on all fire hoses and repaired leakage points to prevent water resource waste[43]. - The Company established a dual prevention mechanism for safety risk control and hidden hazard investigation, improving production safety levels[66]. - Regular comprehensive safety inspections were conducted to ensure safety targets and work plans were met across production units[67]. - Specific safety inspections were carried out in high-risk areas such as nitrogen rooms and fire-pump rooms to identify and rectify operational faults[67]. - A cross-check team was formed with three companies to enhance safety inspection and learning during the reporting period[69]. - The Company implemented a safety management system that includes regular meetings, inspections, and training to raise employee safety awareness[71]. - Continuous improvements were made to the safety management structure, including the establishment of a leading group for production safety[74]. - The Company updated its Safety Production Expenses Accrual and Investment Guarantee System to ensure proper allocation of safety funds[74]. - A safety management structure was established, involving various departments to share safety management responsibilities[78]. - The Company emphasized the principle of "Safety first, prioritize prevention and comprehensive control" in its operations[74]. - The Company has established a safety management system, including quarterly safety inspections and hidden hazard investigations[111]. - The Company aims to implement production safety approaches and policies, integrating safety into its development strategy[111]. - Dafeng Port identified and rectified hidden hazards during the reporting period, focusing on equipment aging and maintenance issues[116]. - The company plans to increase investment in manpower and material resources to reduce potential safety hazards[116]. - No safety accidents occurred during the reporting period, indicating effective safety management[118]. - The company completed a SIL3 assessment, considering risks of casualties, environmental damage, and economic impacts[117]. - The implementation of the production safety responsibility system needs improvement, as the incidence of potential safety hazards remains high[116]. - The company aims to establish and improve a production safety management system and strengthen safety responsibility assessments[116]. Occupational Health - All 32 front-line employees underwent occupational health examinations during the reporting period[159]. - The company organized an occupational health training session that covered occupational hazards and preventive measures[159]. - The company has implemented an Occupational Health Management System to enhance employee safety and health protection[148]. - The company has established a Labour Protection Supplies Management System to ensure appropriate protective supplies for employees[148]. - The company has a systematic approach to identifying occupational hazards and investing in health protection[149]. - The company ensures that each front-line employee receives at least one physical examination every year[151]. - The company has not reported any cases of occupational contraindications or suspected occupational diseases during the reporting period[149]. - The company has set standards for the distribution of labor protective supplies according to its management system[148]. - The company has a dedicated safety and environmental protection department responsible for overseeing occupational health management[148]. - A total of 32 frontline employees underwent occupational health examinations during the reporting period[161]. - The company organized one occupational health training session, detailing occupational hazards and preventive measures[161]. - 100% of new employees participated in three-level safety training, and the annual safety retraining participation rate for employees was also 100%[165]. - A total of 14 production safety training sessions were conducted, with 412 total attendances, and assessment results were included in year-end performance appraisals[169]. - The company provided year-end incentives for units and individuals with zero accidents throughout the year[169]. - Regular safety meetings were held monthly, totaling 12 throughout the year, to discuss safety work and address hidden hazards[175]. - Safety drills were conducted regularly to enhance safety awareness and ensure effective emergency response capabilities among employees[177]. - Jiangsu Yancheng Port Storage Petrochemical Co., Ltd. conducted fire emergency drills to enhance employee self-rescue capabilities and safety awareness, aiming to minimize losses from accidents[178]. - The drills included real case simulations and involved multiple steps such as initiating emergency plans, rescuing the injured, and pollution treatment, ensuring effective emergency response[178]. Financial Performance - The trading business recorded revenue of approximately HK$787.2 million in 2022, a decrease of 10.8% from approximately HK$882.5 million in 2021[194]. - The petrochemical products storage business revenue decreased by approximately 66.0% to approximately HK$8.8 million in 2022, down from approximately HK$25.9 million in 2021[195]. - The decline in trading revenue was primarily due to the fifth wave of COVID-19 outbreaks in Hong Kong, which significantly impacted cross-border transport and logistics[194]. - The decrease in petrochemical storage revenue was mainly attributed to the surge in COVID-19 cases in the Yangtze River Delta region and strict transportation controls[195]. - The global economic slowdown and the COVID-19 pandemic have negatively impacted the Group's trading business[190]. - The Group implemented risk management measures, terminating trading of loss-making or high-risk products[194]. - The Group faced increased annual operating costs in the petrochemical storage industry due to rising global commodity prices[190]. - The overall demand for petrochemical storage shrank, leading to a reduction in occupancy rates[190]. - The Group's business activities are primarily focused on trading and providing petrochemical product storage services[193]. - The macroeconomic environment remains complex, affecting the Group's business development[188]. - The PRC economy is expected to gradually recover from COVID-19, impacting the company's operations positively[199]. - The company will adopt a prudent approach to manage its existing business while seizing opportunities in Jiangsu Yancheng's integrated development[199]. - The company plans to rationally reorganize and optimize its resources to enhance operational efficiency[199]. - There will be a focus on simplifying and restructuring to conserve resources[199]. - The company aims to prudently identify investment opportunities for future growth[199]. Governance and Reporting - The Company has a policy in place to ensure shareholder communication and feedback is handled appropriately[82]. - The Company reported a comprehensive overview of its management policy and performance in environmental, social, and corporate governance for the year 2022[87]. - The report indicates that the Company will continuously strengthen the collection of information to enhance performance and disclosure of sustainable development issues[88]. - The Company has prepared the report in accordance with the Environmental, Social and Governance Reporting Guide, focusing on material aspects relevant to its businesses[90]. - The Company emphasizes effective communication with shareholders to ensure timely access to important information regarding financial performance and strategic goals[102]. - The Company maintains a shareholder communication policy to ensure that shareholders' views and concerns are appropriately addressed[109]. - The Company encourages shareholders to participate in general meetings or appoint proxies to vote on their behalf[105]. - The report emphasizes the authenticity, accuracy, and completeness of the disclosed information, ensuring no misleading statements are present[124]. - The Board of Directors approved the report on March 23, 2023, confirming its accuracy and completeness[125]. - The company adheres to the GEM Listing Rules for its disclosures, ensuring compliance with relevant regulations[132]. - The financial summary and consolidated financial statements are included in the annual report, providing a comprehensive overview of the company's performance[134]. - The company reported no work-related injuries or deaths during the reporting period[143].

截至二零二二年十二月三十一日止年度 全年業績公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司 提供上市之市場。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎 周詳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買賣之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之市場。 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分內容而產生或因 依賴該等內容而引致之任何損失承擔任何責任。 本公告之資料乃遵照聯交所GEM證券上市規則之規定而刊載，旨在提供有關本公司 之資料，本公司各董事願就本公告共同及個別地承擔全部責任。各董事在作出一切合 理查詢後確認，就其所深知及確信，本公告所載資料在各重要方面均屬準確及完備， 沒有誤導或欺詐成分，且無遺漏任何其他事項，足以令致本公告或其所載任何陳述產 生誤導。 ...

Financial Performance - Total revenue for the nine months ended September 30, 2022, was approximately HKD 307.7 million, a decrease of about 56.9% compared to HKD 714.4 million in the same period of 2021[4] - The loss before tax for the period was approximately HKD 59.2 million, an increase of about 31.6% from a loss of HKD 45.0 million in the same period of 2021[4] - The loss attributable to equity holders of the company was approximately HKD 58.1 million, which is an increase of about 25.2% compared to HKD 46.4 million in the same period of 2021[4] - The basic and diluted loss per share for the period was approximately HKD 4.51, compared to HKD 3.60 in the same period of 2021[5] - The gross profit for the nine months ended September 30, 2022, was approximately HKD 1.85 million, compared to HKD 3.91 million in the same period of 2021[8] - The total comprehensive loss for the nine months ended September 30, 2022, was approximately HKD 59.2 million, compared to HKD 38.5 million in the same period of 2021[8] - The company reported a foreign exchange gain of approximately HKD 6.2 million for the nine months ended September 30, 2022[14] Revenue Breakdown - Trade business revenue was approximately HKD 295,800,000 for the nine months ended September 30, 2022, down from HKD 693,200,000 in the same period of 2021, reflecting a significant decline due to the impact of the Omicron variant and increased COVID-19 cases in Hong Kong[40] - Revenue from the petrochemical storage business decreased by approximately 43.6% to about HKD 11,900,000 for the nine months ended September 30, 2022, compared to HKD 21,100,000 in the same period of 2021[41] - The group's revenue decreased by approximately 56.9% to about HKD 305,900,000, compared to HKD 710,500,000 in the same period last year[47] Expenses and Costs - The company’s administrative expenses for the nine months ended September 30, 2022, were approximately HKD 35.7 million, compared to HKD 29.9 million in the same period of 2021[8] - The company incurred finance costs of HKD 15,452,000 for the nine months ended September 30, 2022, down from HKD 17,532,000 in the same period of 2021[27] - The financing cost for the period was approximately HKD 15,500,000, down from HKD 17,500,000 in the previous year, primarily due to the repayment of a USD 50,000,000 bond[47] Dividends and Shareholder Information - The company did not recommend any interim dividend for the period, consistent with the previous year[30] - The group did not declare any interim dividends for the period, consistent with the previous year[48] - Major shareholder Da Feng Port Overseas Investment Holdings holds 740,040,000 shares, representing approximately 57.46% of the company's issued share capital[67] - Jiang Wen and Li Qiu Hua each hold 75,470,000 shares, accounting for 5.86% of the company's issued share capital[67] Corporate Governance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no misleading or fraudulent elements were present[2] - The audit committee reviewed the third-quarter financial statements, which comply with applicable accounting standards and GEM listing rules[81] - The company is committed to maintaining high standards of corporate governance and has adhered to all relevant codes during the reporting period[80] - The company has established a securities trading code of conduct for its directors, with no known violations during the reporting period[79] Future Outlook and Challenges - The company will continue to monitor global economic conditions closely and aims to minimize the impact on its operations during this downturn[38] - The group anticipates that global inflation, interest rate risks, and geopolitical uncertainties will continue to adversely affect its business activities[60] Investments and Assets - The group has no major investments or capital asset plans for the future as of September 30, 2022[59] - The group has no significant contingent liabilities as of September 30, 2022[61] - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position[26] Acknowledgments - The company expresses gratitude to management, staff, business partners, customers, and shareholders for their ongoing support[84]

Financial Performance - Total revenue for the six months ended June 30, 2022, was approximately HKD 274.9 million, a decrease of about 45.2% compared to HKD 501.8 million in the same period of 2021[4] - The pre-tax loss for the period was approximately HKD 38.1 million, an increase of about 40.1% from a pre-tax loss of HKD 27.2 million in the same period of 2021[4] - Loss attributable to equity holders of the company was approximately HKD 39.0 million, up about 36.4% from HKD 28.6 million in the same period of 2021[4] - Basic and diluted loss per share for the period was approximately HKD 3.03, compared to HKD 2.22 in the same period of 2021[5] - Total comprehensive loss for the period amounted to approximately HKD 38.7 million, compared to HKD 22.4 million in the same period of 2021[11] - The company reported a total comprehensive loss of HKD 38,220,000 for the six months ended June 30, 2022, compared to a loss of HKD 27,226,000 in the previous period[18] - The company recorded a loss of approximately HKD 38.2 million for the period, compared to a loss of HKD 27.2 million in the same period last year, with a loss attributable to equity holders of HKD 39 million[96] Revenue Breakdown - Revenue from the trading business was HKD 269,571,000, while revenue from the petrochemical storage business was HKD 5,289,000, totaling HKD 274,860,000[33] - Trade business revenue was HKD 269,571,000 for the six months ended June 30, 2022, compared to HKD 486,943,000 in the same period of 2021, reflecting a decline[46] - The petrochemical storage business reported a revenue decline of about 64.4% to approximately HKD 5.3 million, down from HKD 14.9 million in the previous year, with liquid bulk throughput decreasing by approximately 55.8%[90] - Revenue from external customers in Hong Kong for the six months ended June 30, 2022, was HKD 63,753,000, down from HKD 353,030,000 in the same period of 2021[43] - Revenue from external customers in China for the six months ended June 30, 2022, increased to HKD 173,355,000 from HKD 139,920,000 in the same period of 2021[43] Assets and Liabilities - Non-current assets as of June 30, 2022, were approximately HKD 160.5 million, down from HKD 179.3 million as of December 31, 2021[13] - Current assets increased to approximately HKD 247.4 million as of June 30, 2022, compared to HKD 245.9 million as of December 31, 2021[13] - Current liabilities were approximately HKD 277.2 million as of June 30, 2022, compared to HKD 402.4 million as of December 31, 2021[17] - The company reported a net current liability of approximately HKD 29.8 million as of June 30, 2022, improving from HKD 156.5 million as of December 31, 2021[17] - Total assets as of June 30, 2022, amounted to HKD 407,857,000, a decrease from HKD 425,214,000 as of December 31, 2021[41] - Total liabilities as of June 30, 2022, were HKD 886,903,000, compared to HKD 865,561,000 as of December 31, 2021[41] - The company's total equity attributable to equity holders was approximately HKD (505.4) million as of June 30, 2022, compared to HKD (466.9) million as of December 31, 2021[17] Cash Flow and Financing - The net cash generated from operating activities was HKD 17,597,000, a significant improvement from a net cash outflow of HKD 190,705,000 in the previous year[20] - The company had cash and cash equivalents of HKD 44,426,000 at the end of the reporting period, up from HKD 31,051,000 a year earlier[20] - The company's total bank and other borrowings amounted to HKD 500.9 million as of June 30, 2022, compared to HKD 447.6 million at the end of 2021[76] - The company's financing costs were approximately HKD 10.8 million, down from HKD 12.5 million in the previous year, mainly due to the repayment of a USD 50 million bond and the issuance of a USD 55 million bond at a lower interest rate[95] Shareholder Information - Major shareholder Jiangsu Dafeng holds 740,040,000 shares, representing approximately 57.46% of the company's issued share capital[125] - Mr. Jiang Wen directly beneficially owns 75,470,000 shares, accounting for 5.86% of the company's issued share capital[125] - The company has issued 1,288,000,000 shares with a par value of HKD 0.01 per share, unchanged from the previous year[78] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with all relevant codes[139] - The audit committee, consisting of independent non-executive directors, reviewed the interim financial statements, which comply with applicable accounting standards and regulations[145] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[138] Management and Future Outlook - The group anticipates global economic recovery in the second half of 2022 as more countries lift pandemic restrictions, aiming to seize opportunities arising from this recovery[110] - The company acknowledges the contributions of management and staff, as well as the support from business partners and shareholders[146] - Mr. Zhao Liang has been appointed as the chairman and executive director following the resignation of Mr. Yuan Qingfeng[140] - The board of directors consists of executive, non-executive, and independent non-executive members, including Chairman Zhao Liang[148] - The company is focused on technological advancements and market expansion strategies[149]

Financial Performance - Total revenue for the three months ended March 31, 2022, was approximately HKD 53.6 million, a decrease of about 79.2% compared to HKD 257.2 million in the same period of 2021[4] - The loss before tax for the period was approximately HKD 22.7 million, an increase of about 78.7% from a loss of HKD 12.7 million in the same period of 2021[4] - Loss attributable to equity holders of the company was approximately HKD 21.9 million, which is an increase of about 52.1% compared to a loss of HKD 14.4 million in the same period of 2021[4] - Basic and diluted loss per share for the period was approximately HKD 1.70, compared to HKD 1.12 in the same period of 2021[5] - The gross loss for the period was approximately HKD 3.5 million, compared to a gross profit of HKD 2.9 million in the same period of 2021[7] - The total comprehensive loss for the period was approximately HKD 20.9 million, compared to HKD 10.4 million in the same period of 2021[7] - The company's revenue for the first quarter of 2022 decreased by approximately 79.2% to about HKD 53.6 million, compared to HKD 257.2 million in the same period of 2021[38] - Revenue from trading business was HKD 50.2 million, down from HKD 250.3 million in 2021, primarily due to the impact of the Omicron variant and increased COVID-19 cases in Hong Kong[36] - Revenue from petrochemical product storage business decreased by approximately 50.7% to about HKD 3.4 million, compared to HKD 6.9 million in 2021, affected by strict transportation controls in the Yangtze River Delta region[37] - The company's pre-tax loss for the first quarter was HKD 21.9 million, compared to a loss of HKD 14.4 million in the same period of 2021[30] - Basic loss per share for the first quarter was HKD 1.70, compared to HKD 1.12 in 2021[30] - The cost of revenue decreased by approximately 77.6% to about HKD 57 million, down from HKD 254.4 million in 2021, mainly due to the decline in trading revenue[38] - The group recorded a gross loss margin of approximately 6.5% for the period, compared to a gross profit margin of about 1.1% in 2021[43] - The group reported a loss of approximately HKD 22,700,000 for the period, compared to a loss of HKD 12,700,000 in 2021, with a loss attributable to equity holders of approximately HKD 21,900,000[43] - As of March 31, 2022, the total loss attributable to equity holders was approximately HKD 487,900,000, an increase from HKD 467,000,000 as of December 31, 2021[44] Expenses and Costs - Administrative expenses and finance costs for the period totaled approximately HKD 12.5 million and HKD 5.4 million, respectively, compared to HKD 8.4 million and HKD 7.4 million in the same period of 2021[7] - Financing costs for the period were approximately HKD 5,400,000, a decrease from HKD 7,400,000 in 2021, primarily due to the repayment of a USD 50,000,000 bond with a coupon rate of 7.5%[43] Equity and Losses - The company’s accumulated losses reached approximately HKD 590.4 million as of March 31, 2022[11] - The total equity attributable to equity holders of the company was approximately HKD 12.9 million as of March 31, 2022[11] - The group had no secured borrowings as of March 31, 2022, the same as December 31, 2021[46] Dividends and Recommendations - The company did not recommend any interim dividend for the period, consistent with the previous year[28] - The board did not recommend any interim dividend for the period, consistent with 2021[45] Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards and regulations[76] - The company is committed to maintaining high corporate governance standards and has adhered to all relevant GEM listing rules during the reporting period[75] - The financial statements for the first quarter were reviewed by the audit committee and deemed compliant with applicable standards[76] - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[74] - The board of directors is composed of 7 members, including the chairman Yuan Qingfeng[80] Shareholding Structure - Major shareholder Da Feng Port Overseas Investment Holdings Limited holds 740,040,000 shares, representing approximately 57.46% of the company's issued share capital[63] - Jiang Wen and Li Qiuhua each hold 75,470,000 shares, accounting for 5.86% of the company's issued share capital[63] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[70] - The company has no knowledge of any other individuals or entities holding interests in its shares that require disclosure under the Securities and Futures Ordinance[66] Future Outlook - The company continues to monitor global economic conditions closely to minimize impacts during the downturn[34] - The group anticipates challenges from the COVID-19 pandemic affecting business activities and plans to manage short-term impacts while seeking investment opportunities[54] - The group aims to optimize resources and simplify operations to save costs while exploring integration opportunities with Jiangsu Yancheng Port Group[54] Other Information - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance[18] - The net proceeds from the issuance of USD 55,000,000 bonds were approximately USD 52,700,000, intended for refinancing and operational funding[47] - Jiangsu Dafeng, the controlling shareholder, has a wholly-owned subsidiary engaged in various trading businesses, which may be considered competitive to the company[71] - The company acknowledges the contributions of management, staff, business partners, customers, and shareholders for their ongoing support[79] - The company is named "Dafeng Port and Shun Technology Co., Ltd."[81]

Economic Environment - The Group faced a complex macro situation during the year ended December 31, 2021, impacting business development [16]. - The COVID-19 pandemic escalated the risk of global economic slowdown, adversely affecting the Group's trading business [17]. - The overall economic environment remained challenging, with ongoing uncertainties affecting various industries globally [17]. Petrochemical Storage Industry - Despite fluctuations, international oil prices gradually recovered in 2021, maintaining stable demand for refined oil products and driving growth in the petrochemical storage industry [18]. - The petrochemical storage industry maintained a high occupancy rate due to a nationwide shortage of tank capacity and good growth in chemical product demand [18]. - The demand for chemical products continued to grow, further supporting the rapid development of the petrochemical storage sector [18]. - The Group's performance was significantly influenced by the backlog of chemical products and the recovery of the international petroleum market [18]. - The Group's strategic focus includes enhancing storage capacity to meet the stable demand in the petrochemical sector [18]. - The management remains optimistic about future growth opportunities in the petrochemical storage industry despite current challenges [18]. Financial Performance - The Group's trading business revenue decreased by approximately 56.3% to approximately HK$882.5 million for the Year (2020: approximately HK$2,018.8 million) due to risk management measures and cessation of certain product trades [23][30]. - The petrochemical products storage business recorded an increase in revenue of approximately 7.0% to approximately HK$25.9 million (2020: approximately HK$24.2 million) attributed to increased storage tank capacity [24][27]. - The Group's total revenue decreased by approximately 55.5% to approximately HK$908.4 million for the Year (2020: approximately HK$2,043.0 million) from continuing operations [30][34]. - The cost of revenue decreased by approximately 55.2% to approximately HK$901.2 million for the Year (2020: approximately HK$2,010.7 million) primarily due to the decline in trading business revenue [31][34]. - The gross profit margin for the Year was approximately 0.8% (2020: approximately 1.6%), reflecting increased competition and rising international oil prices impacting the petrochemical storage business [32][34]. - The Group recorded a loss of approximately HK$70.7 million for the Year (2020: approximately HK$56.0 million), with a loss attributable to equity holders of approximately HK$73.5 million (2020: loss of approximately HK$60.3 million) [38][40]. Current Financial Position - As of December 31, 2021, the Group had net current liabilities of approximately HK$156.5 million (2020: approximately HK$320.0 million), including net amounts due to connected companies of approximately HK$224.4 million (2020: approximately HK$15.9 million) [42][44]. - The Group's current ratio as of December 31, 2021, was approximately 0.61 (2020: approximately 0.60), indicating a slight improvement in liquidity [43][44]. - The Group's gearing ratio was approximately negative 101.6% as of December 31, 2021 (2020: approximately negative 120.3%), reflecting a significant reliance on debt financing [43]. - As of December 31, 2021, the Group's total deficits attributable to equity holders amounted to approximately HK$467.0 million, compared to HK$405.5 million in 2020 [46][51]. - The Group's debt-to-equity ratio was approximately negative 101.6% as of December 31, 2021, improving from negative 120.3% in 2020 [45]. Operational Strategy - The Group plans to streamline operations and focus on core business development while seeking investment opportunities amid ongoing uncertainties from the COVID-19 pandemic [29][33]. - The Company secured RMB1 billion (equivalent to HK$1,224 million) in financial support from Jiangsu Dafeng, a connected company [45]. - The Group issued US$55 million credit-enhanced guaranteed bonds at a coupon rate of 2.4% per annum for a term of 3 years, completed on March 24, 2021 [47][48]. - The net proceeds from the bond issuance were approximately US$52.7 million, used primarily for repaying US$50 million in principal and approximately US$1.9 million in interest on secured bonds [49][53]. Employee and Governance - Total staff costs for the year amounted to approximately HK$21.8 million, an increase from HK$17.0 million in 2020 [68]. - The Group employed a total of 122 employees as of December 31, 2021, down from 123 employees in 2020 [68]. - The Group did not recommend the payment of any dividend for the year, consistent with 2020 [56][62]. - The Group's contributions to the Mandatory Provident Fund (MPF) Scheme and the Central Pension Schemes are fully vested with employees, with no forfeited contributions available for future reductions in contributions as of December 31, 2021 [77]. - The Group has implemented a defined contribution retirement benefit plan for eligible employees under the MPF Scheme, with contributions set at 5% of employees' relevant income [76]. - The Group has established an ESG working group that reports to the Board to implement ESG management effectively [86]. - The Company actively communicates with stakeholders to understand their expectations and interests regarding ESG information, utilizing various feedback channels [81]. Board Composition and Governance - The company has a diverse board with members having expertise in finance, law, and healthcare [100]. - The company is focused on enhancing its governance structure through the appointment of experienced independent directors [99]. - The board composition reflects a commitment to strong oversight and strategic direction for the company [98]. - The independent directors bring valuable insights from various industries, enhancing the company's strategic decision-making [104]. - The company is positioned to benefit from the diverse backgrounds of its directors in navigating market challenges [103]. Shareholder Information - The Group's largest customer accounted for approximately 16.9% of total revenue, while the five largest customers accounted for 43.3% [114]. - The Group's largest supplier accounted for approximately 15.7% of total purchases, and the five largest suppliers accounted for 54.6% [114]. - As of December 31, 2021, the Company's reserves available for distribution included approximately HK$201.4 million in share premium and accumulated losses of approximately HK$624.0 million [129]. - The Group is primarily engaged in trading and petrochemical products storage business [109]. - The Group's financial results and state of affairs are detailed in the consolidated financial statements on pages 111 to 227 of the report [112].

Financial Performance - Total revenue for the nine months ended September 30, 2021, was approximately HKD 714,400,000, a decrease of about 57.8% compared to HKD 1,694,500,000 for the same period in 2020[4] - The company reported a pre-tax loss of approximately HKD 45,000,000 for the nine months, a decline of about 107.0% from a pre-tax profit of HKD 641,000,000 in the same period of 2020[4] - Loss attributable to equity holders of the company was approximately HKD 46,400,000, a decrease of about 107.3% compared to a profit of HKD 638,000,000 in the same period of 2020[4] - Earnings per share for the period was approximately HKD 3.60 loss, compared to earnings of HKD 49.54 for the same period in 2020[4] - Revenue for the three months ended September 30, 2021, was HKD 212,557,000, down from HKD 432,490,000 in the same quarter of 2020[7] - Gross profit for the nine months was HKD 3,911,000, compared to HKD 11,609,000 in the same period of 2020[7] - The company experienced a significant decline in overall comprehensive income, reporting a total comprehensive loss of HKD 38,478,000 for the nine months ended September 30, 2021, compared to a comprehensive income of HKD 616,619,000 in the same period of 2020[9] - The company reported a loss attributable to equity holders of HKD 17,862,000 for the three months ended September 30, 2021, compared to a profit of HKD 664,460,000 in the same period of 2020[29] - The basic loss per share for the three months ended September 30, 2021, was HKD (1.38), compared to earnings of HKD 51.59 per share in the same period of 2020[29] Revenue Breakdown - For the three months ended September 30, 2021, the company's revenue from trading and petrochemical storage business was approximately HKD 212,557,000, a decrease of 50.8% compared to HKD 432,490,000 in the same period of 2020[17] - The revenue from trading business alone was HKD 206,303,000 for the three months ended September 30, 2021, down 51.7% from HKD 427,111,000 in the same period of 2020[17] - For the nine months ended September 30, 2021, total revenue was HKD 714,365,000, a decrease of 57.9% compared to HKD 1,694,533,000 in the same period of 2020[17] - The petrochemical storage business recorded a revenue increase of approximately 93.6% to about HKD 21,100,000, compared to HKD 10,900,000 in the same period last year, driven by increased storage capacity and business volume[36] Expenses and Losses - The company’s administrative expenses for the nine months were HKD 29,852,000, compared to HKD 16,667,000 in the same period of 2020[7] - The company reported a foreign exchange loss of HKD 4,982,000 during the period, impacting overall financial performance[10] - Financing costs were approximately HKD 17,500,000, down from HKD 33,200,000 in the same period last year, mainly due to the sale of a 60% stake in Jiangsu Hairong[42] - The cost of revenue also decreased by approximately 57.8% to about HKD 710,500,000, compared to HKD 1,682,900,000 in the same period last year[41] Corporate Governance and Compliance - The company maintains high corporate governance standards and has complied with all provisions of the GEM Listing Rules during the reporting period[73] - The company has adopted a code of conduct for securities trading by directors, with no known violations during the reporting period[72] - The audit committee reviewed the third-quarter financial statements, which were not audited by external auditors but deemed compliant with applicable accounting standards[74] - The company is committed to continuous improvement of its corporate governance practices to meet regulatory requirements and shareholder expectations[73] Strategic Initiatives and Future Outlook - The company will focus on streamlining operations and developing core businesses while identifying investment opportunities amid ongoing economic uncertainty due to COVID-19[53] - The company is considering strategic acquisitions to bolster its market position, with a budget of $10 million allocated for potential deals[79] - The company is investing $5 million in R&D for new technologies aimed at enhancing user experience[79] - Market expansion plans include entering two new regions, which are projected to increase user base by 15%[79] - The company provided a forward guidance of 10% revenue growth for Q4 2021, projecting revenues to reach approximately $165 million[79] Shareholder Information - Major shareholder Da Feng Port Overseas Investment Holdings owns 740,040,000 shares, representing approximately 57.46% of the company's issued share capital[61] - Jiang Wen and Li Qiuhua each hold 75,350,000 shares, accounting for 5.85% of the company's issued share capital[61] Dividends - The company did not recommend any interim dividend for the period, consistent with the previous year[25] - The company did not recommend any interim dividend for the period, consistent with the previous year[45] Market Conditions - The ongoing impact of COVID-19 continues to pose challenges to the global economy, affecting the company's operations[33] - The company has not generated taxable profits, thus no income tax has been incurred during the reporting period[23] - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance or position[15] Contingent Liabilities - The group had no major contingent liabilities as of September 30, 2021, consistent with the previous year[54]

Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately HKD 501.8 million, a decrease of about 60.2% compared to HKD 1,262 million for the same period in 2020[4] - The pre-tax loss for the period was approximately HKD 27.2 million, an increase of about 11.9% from a pre-tax loss of HKD 24.3 million in the same period of 2020[4] - Loss attributable to equity holders of the company was approximately HKD 28.6 million, up about 8.3% from HKD 26.4 million in the same period of 2020[4] - Basic and diluted loss per share was approximately HKD 2.22, compared to HKD 2.05 for the same period in 2020[5] - The company reported a total comprehensive loss of HKD 22.4 million for the six months ended June 30, 2021, compared to HKD 46.0 million for the same period in 2020[10] - The company reported a net loss of HKD 42,396,000 for the six months ended June 30, 2021, compared to a loss of HKD 40,526,000 for the same period in 2020[16] - The company recorded a loss before tax of HKD 27,180,000 for the six months ended June 30, 2021, compared to a loss of HKD 40,285,000 for the same period in 2020, showing an improvement of about 32.5%[32] - The company reported a total loss for the period of HKD 27,226,000, compared to a loss of HKD 40,526,000 in the same period last year, indicating a reduction in losses of approximately 32.8%[32] Assets and Liabilities - Non-current assets as of June 30, 2021, totaled HKD 192.8 million, an increase from HKD 167.8 million as of December 31, 2020[11] - Current assets as of June 30, 2021, were HKD 232.0 million, down from HKD 475.4 million as of December 31, 2020[11] - Total assets decreased to HKD 206,567,000 from a negative net current asset position of HKD 320,008,000 in the previous year[15] - Total assets as of June 30, 2021, amounted to HKD 424,735,000, compared to HKD 643,128,000 as of December 31, 2020, indicating a decrease of approximately 33.9%[37] - Total liabilities as of June 30, 2021, were HKD 829,633,000, a reduction from HKD 1,025,672,000 at the end of 2020, representing a decline of about 19.1%[40] - The company’s net debt position worsened to HKD (404,898,000) from HKD (382,544,000) year-over-year[15] - The company’s total liabilities increased significantly, with current liabilities at HKD 393,025,000 compared to HKD 402,334,000 in the previous year[15] - The company’s total current liabilities were HKD 89,448,000 as of June 30, 2021, down from HKD 129,196,000 as of December 31, 2020[77] Revenue Breakdown - The trading business generated revenue of HKD 486,943,000, down from HKD 1,256,548,000 in the previous year, indicating a decrease of about 61.3%[46] - The petrochemical storage business reported revenue of HKD 14,865,000, an increase from HKD 5,495,000 in the prior year, reflecting a growth of approximately 170.5%[46] - Revenue from external customers in Hong Kong was HKD 353,030,000, significantly down from HKD 1,207,432,000 in the previous year, a decrease of approximately 70.8%[43] - Revenue from external customers in China increased to HKD 139,920,000 from HKD 54,053,000, marking a growth of about 158.5%[43] Cash Flow and Expenditures - Operating cash flow for the period was negative HKD 190,705,000, a significant decline from positive cash flow of HKD 207,995,000 in the previous year[19] - Cash and cash equivalents increased to HKD 31.1 million from HKD 16.1 million as of December 31, 2020[11] - The company’s cash and cash equivalents at the end of the period were HKD 31,051,000, down from HKD 33,247,000 at the end of 2020[19] - The company acquired property, plant, and equipment at a cost of approximately HKD 600,000 during the period, a significant decrease from HKD 8,700,000 in the same period last year[58] - The company has capital expenditure commitments of approximately HKD 242,400,000 as of June 30, 2021, compared to HKD 209,500,000 at the end of 2020[129] Shareholder and Corporate Governance - The company did not recommend any interim dividend for the period, consistent with the previous year[55] - Major shareholders include Dafeng Port Overseas, Jiangsu Dafeng, and Jiangsu Yancheng, each holding approximately 57.46% of the issued share capital[136] - The company has not issued or granted any convertible securities, warrants, or similar rights as of June 30, 2021[132] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules, with no known violations during the reporting period[148] - The audit committee, established on August 3, 2013, includes independent non-executive directors and is responsible for reviewing financial statements and overseeing internal control procedures[150] Operational Insights - The company operates in two main segments: trading business and petrochemical product storage services, focusing on electronic products and supply chain management[26] - The company plans to streamline operations and focus on core business development amid ongoing COVID-19 uncertainties[126] - The company aims to identify investment opportunities through the integration and optimization of resources with Jiangsu Yancheng Port Holding Group[126] - The management team regularly reviews foreign currency risks and does not anticipate significant exposure[127] - Jiangsu Dafeng's subsidiary companies are engaged in various trading businesses, including coal, metal ores, and chemical products, which may pose potential competition to the company[145] - The board believes that the product types offered by Jiangsu Dafeng Group differ significantly from those of the company, targeting different customers, thus not posing a significant competitive threat[145] Employee and Operational Costs - As of June 30, 2021, the total employee cost, including director remuneration, was approximately HKD 9,500,000, up from HKD 8,200,000 in the same period last year[128] - The company employs a total of 122 employees as of June 30, 2021, down from 123 employees at the end of 2020[128] Other Financial Information - The total income tax expense for the six months ended June 30, 2021, was HKD 46, unchanged from the same period in 2020[53] - The company has not recognized any impairment for overdue receivables, as the credit quality has not significantly changed[67] - There were no significant contingent liabilities reported as of June 30, 2021[130] - The interim financial statements have not been audited but have been reviewed by the audit committee, which believes they comply with applicable accounting standards and legal requirements[150] - The company expresses gratitude to management, employees, business partners, customers, and shareholders for their ongoing support[153]