Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 1,391,960,000, representing an increase of 30.5% from HKD 1,066,247,000 in 2022[72]. - The gross profit for the same period was HKD 195,292,000, up from HKD 165,331,000, indicating a growth of 18.2%[72]. - The operating profit increased to HKD 123,386,000, compared to HKD 78,147,000 in the previous year, reflecting a rise of 57.8%[72]. - The net profit for the year was HKD 92,100,000, which is a significant increase of 67.1% from HKD 54,930,000 in 2022[72]. - The basic earnings per share for the year was HKD 10.59, up from HKD 6.15, marking an increase of 72.5%[75]. - Other income for the year was HKD 70,840,000, significantly higher than HKD 6,544,000 in 2022, indicating a growth of 982.5%[72]. - The company reported a total comprehensive income of HKD 68,958,000 for the year, compared to a loss of HKD 16,310,000 in 2022[72]. - Profit attributable to the company's owners increased by 81.1% from HKD 45.9 million in 2022 to HKD 83.1 million in 2023, mainly due to increased revenue and government subsidies[131]. Revenue Segments - Revenue from the energy storage business reached HKD 356.1 million in 2023, up from HKD 271.7 million in 2022, reflecting a growth of approximately 31.1%[158]. - The photovoltaic film segment's revenue surged to HKD 367.2 million in 2023, compared to HKD 84.3 million in 2022, marking a substantial increase[145]. - The gross profit from the energy storage business increased from HKD 19.4 million in 2022 to HKD 31.0 million in 2023, driven by higher sales of commercial energy storage products[172]. - The gross loss from the photovoltaic film segment decreased from HKD 7.3 million in 2022 to HKD 3.7 million in 2023, attributed to increased sales and reduced unit production costs[173]. Assets and Liabilities - The total accounts receivable, finance lease receivables, and contract assets as of December 31, 2023, amounted to HKD 919,619,000, with an impairment loss provision of HKD 4,031,000[24]. - Non-current assets increased to HKD 1,212,973 thousand in 2023 from HKD 966,263 thousand in 2022, representing a growth of approximately 25.5%[77]. - Current assets decreased to HKD 1,120,370 thousand in 2023 from HKD 1,337,733 thousand in 2022, a decline of about 16.3%[77]. - Total liabilities decreased to HKD 907,376 thousand in 2023 from HKD 996,210 thousand in 2022, a reduction of about 8.9%[80]. - Net assets increased to HKD 1,225,283 thousand in 2023 from HKD 1,150,490 thousand in 2022, reflecting an increase of approximately 6.5%[80]. - The company's bank borrowings increased to HKD 376,991 thousand in 2023 from HKD 208,423 thousand in 2022, representing an increase of about 80.9%[77]. - The company's total liabilities decreased to 75,850 thousand HKD from 47,792 thousand HKD, indicating improved financial stability[83]. Operational Highlights - The company operates primarily in Hong Kong, focusing on automotive glass repair and replacement, and in China, producing and selling energy storage products and photovoltaic films[37]. - The company has established a professional and efficient photovoltaic EPC team in China and Canada, capitalizing on the rapid development opportunities in the distributed photovoltaic sector[120]. - The company has completed the construction of a photovoltaic film factory in Wuhu, Anhui Province, with a production capacity of 45 GW, and has set up a 5 GW production line in Malacca, Malaysia[134]. - The company is actively developing integrated and series products in the "light-storage-charging" category, including home energy storage systems, charging piles, and mobile energy storage products[119]. - The company is focusing on the dual development of commercial energy storage and residential "solar-storage-charging" products, with significant growth in sales expected[118]. Governance and Compliance - The company has established appropriate insurance coverage for directors and senior management for liabilities incurred during their tenure[4]. - The company is committed to maintaining transparency and independence in its financial reporting and auditing processes[100]. - The board has reviewed the implementation and effectiveness of mechanisms, resulting in satisfactory outcomes[33]. - The company has a strong governance framework, with independent non-executive directors overseeing key decisions[32]. Future Outlook - The company plans to continue expanding its energy storage and photovoltaic film businesses, focusing on market share growth and profitability improvement[162]. - The company aims to leverage the growing demand for energy storage systems to secure more projects and increase shipments in the coming years[118]. - The company anticipates completing the development of several mobile energy storage products by the first half of 2024 and will begin sending samples to potential customers[119]. - The company is focusing on research and development in lithium battery products and energy storage technologies, continuously enhancing its R&D investment[132].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 1,391,960, representing a 30.5% increase from HKD 1,066,247 in 2022[4] - Profit attributable to owners of the company increased by 81.1% to HKD 83,142 from HKD 45,898 in the previous year[4] - Basic earnings per share rose by 72.2% to HKD 10.59 compared to HKD 6.15 in 2022[4] - Gross profit for the year was HKD 195,292, up from HKD 165,331 in 2022[7] - Operating profit increased to HKD 123,386 from HKD 78,147, reflecting strong operational performance[7] - Total comprehensive income for the year was HKD 68,958, compared to a loss of HKD 16,310 in the previous year[7] - The company reported a net profit before tax of HKD 109,624,000 for the year, up from HKD 76,807,000 in the previous year, reflecting an increase of approximately 42.6%[74] - Profit attributable to the company's owners rose by 81.1% from HKD 45.9 million in 2022 to HKD 83.1 million in 2023, mainly due to increased revenue and government subsidies offset by higher financial costs from expanded bank borrowings[115] Assets and Liabilities - Non-current assets increased to HKD 1,212,973 from HKD 966,263, indicating growth in long-term investments[8] - Current assets decreased to HKD 1,120,370 from HKD 1,337,733, primarily due to a reduction in inventory[8] - Total equity rose to HKD 1,225,283 from HKD 1,150,490, reflecting improved financial stability[8] - The total assets of the company as of December 31, 2023, amounted to HKD 2,332,891,000, an increase from HKD 1,800,000,000 in the previous year[77] - Total liabilities decreased to HKD (1,108,060,000) in 2023 from HKD (812,824,000) in 2022[79] - As of December 31, 2023, the company had net current assets of HKD 213.0 million and cash and cash equivalents of HKD 206.5 million[158] Revenue Breakdown - The energy storage business generated external customer revenue of HKD 356,057,000, up from HKD 271,682,000 in the previous year, reflecting a growth of about 31.1%[70] - The EPC services segment reported external customer revenue of HKD 572,000,000, a decrease from HKD 626,096,000, indicating a decline of approximately 8.6%[70] - Revenue from customers in China reached HKD 962,301,000, up from HKD 749,296,000, indicating a growth of approximately 28.4%[76] - Revenue from the Canadian market increased by 38.2% to HKD 376.0 million, compared to HKD 272.1 million in the previous year[134] - Revenue from photovoltaic film surged to HKD 363.5 million, a 372.1% increase from HKD 77.0 million in 2022[135] Expenses and Costs - Research and development expenses rose to HKD 32,039,000 in 2023, compared to HKD 22,035,000 in 2022, indicating a focus on innovation[85] - Financial costs, including bank loan interest, surged to HKD 27,966,000 in 2023 from HKD 11,763,000 in 2022, indicating increased borrowing[85] - Administrative expenses rose from HKD 78.1 million for the year ended December 31, 2022, to HKD 120.7 million for the year ended December 31, 2023, mainly due to increased employee benefits and R&D expenses[146] - Sales and marketing costs increased from HKD 18.9 million for the year ended December 31, 2022, to HKD 35.6 million for the year ended December 31, 2023, primarily due to an increase in average employee numbers and related expenses[146] Corporate Governance and Compliance - The company has complied with the corporate governance code applicable to GEM listed companies throughout the year ended December 31, 2023[58] - The group has adopted new or revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which do not impact the consolidated financial statements[20] - The group has reviewed its accounting policy disclosures and found them consistent with the relevant revisions[24] Market Expansion and Future Plans - The company has plans for market expansion and new product development in the energy storage and photovoltaic sectors[70] - The company aims to expand its energy storage business and enhance R&D capabilities to capture growth opportunities in the energy storage sector[153] - The company plans to continue developing photovoltaic film products and improve quality and performance in response to market demand[155] - The company has identified multiple target markets for overseas expansion, including Indonesia, South Africa, and the Philippines, to develop related businesses[156] Employee and Workforce - As of December 31, 2023, the group had 597 full-time employees, an increase from 518 as of December 31, 2022, with total employee costs amounting to HKD 144.4 million, up from HKD 104.4 million in the previous year[49] Other Financial Information - The company did not recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[50] - The company received government grants totaling HKD 60,740,000 in 2023, a significant increase from zero in 2022, supporting operational costs[83] - The deferred tax expense for 2023 was HKD 12,959,000, slightly down from HKD 13,654,000 in 2022, reflecting stable tax management[87]

Financial Performance - For the three months ended September 30, 2023, the company reported a profit attributable to owners of the company of HKD 34,547,000, compared to HKD 28,612,000 for the same period in 2022, representing an increase of 20.5%[18]. - The diluted earnings per share for the nine months ended September 30, 2023, was HKD 6.09, a decrease of 11.4% from HKD 6.87 for the same period in 2022[18]. - The net profit attributable to the company's owners for the nine months ended September 30, 2023, was HKD 50.454 million, a decrease from HKD 59.010 million in the same period of 2022, reflecting a decline of approximately 14.8%[88]. - The company's net profit attributable to shareholders for the nine months ended September 30, 2023, was HKD 48.1 million, compared to HKD 50.5 million for the same period in 2022[100]. - Profit attributable to owners decreased by 4.7% from HKD 50.5 million to HKD 48.1 million during the same period, primarily due to a decline in overall gross margin[148]. Revenue Growth - Total revenue for the nine months ended September 30, 2023, was HKD 65,976,000, significantly up from HKD 5,290,000 in the same period of 2022, indicating a substantial growth[12]. - For the nine months ended September 30, 2023, the company's revenue increased from HKD 556.4 million to HKD 841.6 million, representing a growth of 51.2%[48]. - For the nine months ended September 30, 2023, the company's revenue from energy storage business increased to HKD 257.7 million, compared to HKD 141.0 million for the same period in 2022, representing an increase of approximately 82.9%[80]. - The revenue from other businesses increased to HKD 44.3 million for the nine months ended September 30, 2023, compared to HKD 24.0 million for the same period in 2022, primarily due to increased sales of electric forklifts[23]. - The revenue from photovoltaic film for the nine months ended September 30, 2023, was HKD 255.5 million, up from HKD 28.4 million for the same period in 2022, primarily due to increased sales volume following the launch of new business[106]. Government Grants and Subsidies - Government grants received amounted to HKD 62,987,000 for the nine months ended September 30, 2023, compared to HKD 3,203,000 in the same period of 2022, reflecting a significant increase[12]. - The company received government subsidies totaling approximately HKD 61.24 million for operating costs and HKD 337,000 for R&D, compared to zero and HKD 834,000 respectively in 2022[78]. - The company received approximately HKD 1.253 million in subsidies under the Employment Support Scheme during the nine months ended September 30, 2022[96]. Operational Developments - The company operates four service centers and a fleet providing automotive glass repair and replacement services in Hong Kong, contributing to its operational expansion[21]. - The company is actively engaged in the development of new technologies and products in the renewable energy sector, particularly in photovoltaic materials[45]. - The company is focused on maintaining its competitive edge in the EPC services for renewable energy projects[45]. - The company operates a subsidiary, Polaron Energy Corp., in Canada, providing EPC services to residential users in overseas markets[103]. - The company has production facilities for photovoltaic film in Wuhu, Anhui Province, China, and a production line in Malaysia[104]. Cost and Expenses - The cost of revenue rose by HKD 285.2 million, from HKD 556.4 million to HKD 841.6 million, aligning with the revenue increase[48]. - The gross profit for the nine months ended September 30, 2023, was HKD 121,059 thousand, down from HKD 140,639 thousand in the same period of 2022, indicating a decline of about 14%[110]. - Sales and marketing costs increased from HKD 12.6 million to HKD 25.4 million, mainly due to higher employee benefits and sales-related expenses[152]. - Administrative expenses increased from HKD 55.5 million for the nine months ended September 30, 2022, to HKD 91.1 million for the nine months ended September 30, 2023, representing a rise of 64.1%[169]. - The increase in administrative expenses was primarily due to a rise in employee benefits expenses resulting from an increase in average employee headcount and share-based compensation, as well as increased R&D expenditures and professional fees related to a potential transfer to the main board of the stock exchange[169]. Corporate Governance - The company has maintained consistent accounting policies in line with the Hong Kong Financial Reporting Standards for the financial year starting January 1, 2023[9]. - The company has complied with the corporate governance code as per GEM listing rules during the nine months ended September 30, 2023[64]. - The company has established an audit committee in compliance with GEM listing rules, which includes three independent non-executive directors[167]. - The company's management will continue to review its corporate governance standards to meet increasing regulatory requirements and stakeholder expectations[64]. Strategic Focus - The company anticipates continued growth in its electric storage business, aligning with market trends towards renewable energy solutions[19]. - The company has a strategic focus on enhancing its product offerings and expanding its market presence through potential acquisitions and new technology developments[19]. - The management discussed plans for market expansion and potential mergers and acquisitions to enhance growth opportunities[45]. - The company continues to emphasize vertical integration in its operations, enhancing its competitive advantage in the energy storage market[124]. Shareholder Information - The board did not recommend any dividend payment for the nine months ended September 30, 2023, consistent with the previous year[40]. - As of September 30, 2023, a total of 16,211,807 share options remain unexercised under the stock option plan adopted on May 31, 2017[63]. - The company granted 2,200,000 share options under the stock option plan during the nine months ended September 30, 2023[63]. - The weighted average number of ordinary shares issued for the nine months ended September 30, 2023, was 785,188 thousand shares, compared to 728,860 thousand shares for the same period in 2022[100]. - The company reported a significant ownership concentration, with Dr. Li Hsien-Yi holding approximately 63.97% of the issued share capital through various controlled entities[58].

Financial Performance - Revenue for the nine months ended September 30, 2023, was HKD 962,652,000, representing a 38.1% increase from HKD 697,073,000 in the same period of 2022[5] - Profit attributable to owners of the company for the nine months ended September 30, 2023, was HKD 48,081,000, a decrease of 4.7% compared to HKD 50,454,000 in 2022[5] - Basic earnings per share for the nine months ended September 30, 2023, was 6.12 HK cents, down 11.6% from 6.92 HK cents in the previous year[5] - Revenue for the three months ended September 30, 2023, was HKD 411,230,000, an increase from HKD 346,810,000 in the same period of 2022, representing a growth of 18.5%[20] - Profit for the three months ended September 30, 2023, was HKD 37,826,000, up from HKD 33,064,000 in the same period of 2022, representing an increase of 14.5%[20] - The total comprehensive income for the nine months ended September 30, 2023, was HKD 54,734,000, down from HKD 59,010,000 in the same period of 2022, reflecting a decrease of 7.7%[20] Revenue Breakdown - The energy storage business generated revenue of HKD 257,716,000 for the nine months ended September 30, 2023, compared to HKD 140,987,000 in 2022, reflecting an increase of 83%[13] - Revenue from photovoltaic film increased significantly to HKD 255,471,000 for the nine months ended September 30, 2023, from HKD 28,388,000 in the same period of 2022[13] - The EPC services revenue decreased by 21.8% from HKD 470.0 million to HKD 367.6 million year-on-year[48] - Revenue from energy storage business increased to HKD 257.7 million for the nine months ended September 30, 2023, compared to HKD 141.0 million for the same period in 2022[58] - Revenue from photovoltaic film increased to HKD 255.5 million for the nine months ended September 30, 2023, compared to HKD 28.4 million for the same period in 2022[65] Government Support - Government grants received for the nine months ended September 30, 2023, amounted to HKD 62,987,000, compared to HKD 3,203,000 in 2022[16] - The company has received significant support from the Chinese government for operational costs and R&D, totaling approximately HKD 61,240,000 for the nine months ended September 30, 2023[17] - Other income for the nine months ended September 30, 2023, primarily included government subsidies related to the production and sale of photovoltaic film in China[68] Expenses and Costs - Gross profit for the nine months ended September 30, 2023, was HKD 121,059,000, down from HKD 140,639,000 in the same period of 2022, reflecting a decrease of 14%[20] - The cost of revenue increased to HKD 841.6 million for the nine months ended September 30, 2023, from HKD 556.4 million for the same period in 2022, in line with revenue growth[66] - Administrative expenses increased to HKD 91.1 million for the nine months ended September 30, 2023, from HKD 55.5 million for the same period in 2022, mainly due to increased employee benefits and R&D expenses[76] Shareholder Information - The company has a total of 393,466,542 shares held by concert parties, representing approximately 50.10% of the issued share capital[78] - The total number of shares held by concert parties associated with Datuk Wira Dong Qingbo is 502,343,417, which is 63.97% of the issued share capital[88] - The company has a significant concentration of ownership, with major shareholders holding over 68% of the issued share capital collectively[84] - The company has granted a total of 2,200,000 share options under the share option scheme as of September 30, 2023[116] Corporate Governance - The company has established an audit committee to review and supervise the financial reporting process and risk management[110] - The company has complied with the corporate governance code as per GEM listing rules during the nine months ended September 30, 2023[108] - There are no reported interests or positions held by directors or controlling shareholders in any competing businesses as of September 30, 2023[101] - The company has ensured that there is no competitive business overlap with Xinyi Solar Holdings Limited, which is controlled by certain directors and shareholders[107] Dividends - The company did not recommend any dividend for the nine months ended September 30, 2023, compared to no dividend in the same period of 2022[40] - The board does not recommend the payment of dividends for the nine months ended September 30, 2023, consistent with the previous year[102]

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 551,422,000, a 57.5% increase compared to HKD 350,263,000 for the same period in 2022[7] - The gross profit for the same period was HKD 59,324,000, down 27.2% from HKD 81,496,000 in the previous year[7] - Operating profit decreased to HKD 28,721,000, a decline of 27.0% compared to HKD 39,310,000 for the six months ended June 30, 2022[7] - The net profit for the period was HKD 16,908,000, representing a 34.9% decrease from HKD 25,946,000 in the prior year[7] - The company reported a total comprehensive income of HKD (47,535) thousand for the six months ended June 30, 2023, compared to HKD (16,592) thousand for the same period in 2022, indicating a significant decline[35] - Basic earnings per share for the six months ended June 30, 2023, was HKD 1.72, down from HKD 3.01 in the same period of 2022, reflecting a decrease of approximately 42.8%[35] - The company reported a net profit attributable to owners of HKD 9,864 thousand for the six months ended June 30, 2023, down from HKD 21,717 thousand in the same period of 2022, a decrease of approximately 54.5%[35] Assets and Liabilities - As of June 30, 2023, the company's total equity was HKD 1,136,658,000, a slight decrease from HKD 1,150,490,000 as of December 31, 2022[18] - The company’s total assets decreased to HKD 1,177,165 thousand as of June 30, 2023, from HKD 1,337,733 thousand as of December 31, 2022, reflecting a decline of about 12%[36] - Total liabilities increased to HKD 1,021,979 thousand as of June 30, 2023, compared to HKD 996,210 thousand as of December 31, 2022, indicating a rise of about 2.6%[36] - The company’s cash and cash equivalents decreased to HKD 111,786 thousand as of June 30, 2023, from HKD 162,055 thousand as of December 31, 2022, a decline of approximately 31%[36] - The total liabilities decreased to HKD 546,469,000 as of June 30, 2023, from HKD 774,173,000 at the end of 2022, a reduction of 30%[113] Revenue Breakdown - Revenue from China accounted for HKD 375,121,000, representing a significant increase of 81.5% from HKD 206,854,000 in the previous year[49] - The revenue from EPC services for the six months ended June 30, 2023, was HKD 215,494, a decrease from HKD 242,698 in the same period of 2022, reflecting a decline of 11.2%[64] - The revenue from photovoltaic film increased significantly to HKD 125.8 million, compared to HKD 9.0 million in the same period of 2022, marking a growth of 1,220.4%[200] - The energy storage business generated revenue of HKD 158.9 million in the first half of 2023, up from HKD 66.3 million in the first half of 2022, due to increased sales of commercial energy storage products[160] Expenses and Costs - The company’s administrative expenses increased to HKD 60,460,000, up from HKD 38,725,000 in the previous year, indicating a rise in operational costs[7] - The cost of inventory for the six months ended June 30, 2023, was HKD 383,331,000, compared to HKD 181,152,000 in the same period of 2022, showing a significant increase in inventory costs[76] - Employee benefits expenses, including director remuneration, rose to HKD 47,662,000 for the six months ended June 30, 2023, from HKD 29,390,000 in the same period of 2022, highlighting increased labor costs[76] - The gross profit for the energy storage business for the six months ended June 30, 2023, was HKD 4,466, compared to HKD 7,501 for the same period in 2022, indicating a decline of 40.5%[66] Cash Flow and Financing - Cash flow used in operating activities was HKD (153,524,000), compared to HKD (236,261,000) in the previous year, indicating an improvement[40] - The company reported a net cash outflow of HKD (48,126,000) for the period, with cash and cash equivalents at the end of the period totaling HKD 111,786,000[40] - Financing activities generated a net cash inflow of HKD 196,276,000, compared to HKD 125,441,000 in the same period last year[40] - Financial costs from bank borrowings increased significantly to HKD 12,440,000 for the six months ended June 30, 2023, compared to HKD 1,976,000 for the same period in 2022, representing an increase of approximately 529.5%[95] Strategic Focus and Future Plans - The company plans to focus on expanding its market presence and developing new technologies to enhance its product offerings[7] - The company is committed to improving its financial performance and exploring potential mergers and acquisitions to drive growth[7] - The company plans to expand its operations in the photovoltaic film market, leveraging its production capabilities in China[41] - The company aims to complete the construction of its factory and production lines in China by the end of 2023, achieving a capacity of 45 GW[158] - The company is actively exploring opportunities to expand its energy storage products into overseas markets, particularly in North America[171] Research and Development - The company is actively investing in R&D for lithium battery products and energy storage technologies, emphasizing the importance of innovation for long-term development[152] - Research and development expenses increased to HKD 17,018,000 for the six months ended June 30, 2023, from HKD 10,904,000 in the same period of 2022, reflecting a focus on innovation[76] - The company plans to enhance its research and development efforts for photovoltaic films, focusing on improving quality and performance to establish long-term partnerships with customers[158]

Revenue Performance - Revenue for the six months ended June 30, 2023, was HKD 551,422 thousand, representing a 57.4% increase compared to HKD 350,263 thousand in the same period of 2022[2]. - Revenue for the three months ended June 30, 2023, was HKD 273,080 thousand, an increase from HKD 240,892 thousand in the same period of 2022, representing a growth of approximately 13.4%[21]. - The company's revenue for the six months ended June 30, 2023, was reported at 264,197 thousand HKD, compared to 210,091 thousand HKD for the same period in 2022, reflecting a growth of approximately 25.7%[28]. - Revenue from China significantly increased to HKD 375,121,000 in 2023, up from HKD 206,854,000 in 2022, reflecting a growth of approximately 81.5%[52]. - Revenue from energy storage business increased by 139.6% in the first half of 2023 compared to the same period in 2022[143]. - The revenue from photovoltaic film increased significantly to HKD 125.8 million in the first half of 2023, compared to HKD 9.0 million in the first half of 2022[168]. - Total revenue for the company reached HKD 551.4 million in H1 2023, representing a 57.4% increase from HKD 350.3 million in H1 2022[181]. Profitability - Profit attributable to owners of the company decreased by 38.0% to HKD 13,534 thousand from HKD 21,842 thousand year-on-year[2]. - Net profit for the six months ended June 30, 2023, was HKD 16,908 thousand, down from HKD 25,946 thousand in the same period of 2022, indicating a decrease of approximately 34.8%[22]. - The total comprehensive income for the period was HKD (47,535) thousand, compared to HKD (13,008) thousand in the same period of 2022[20]. - The company's profit attributable to owners for the three months ended June 30, 2023, was HKD 7,007,000, compared to HKD 18,091,000 for the same period in 2022, representing a decrease of 61.3%[97]. - Basic earnings per share for the first half of 2023 was HKD 1.72, down 42.9% from HKD 3.01 in the same period of 2022[2]. - Basic earnings per share for the three months ended June 30, 2023, was HKD 0.89, compared to HKD 2.50 in the same period of 2022, reflecting a decline of about 64.4%[22]. - The diluted earnings per share decreased to HKD 1.71 in the first half of 2023 from HKD 2.99 in the same period of 2022[197]. Assets and Liabilities - Non-current assets increased to HKD 1,091,106 thousand as of June 30, 2023, compared to HKD 966,263 thousand at the end of December 2022[8]. - Total assets less current liabilities amounted to HKD 1,246,292 thousand as of June 30, 2023, compared to HKD 1,307,786 thousand at the end of December 2022[8]. - Total assets as of June 30, 2023, amounted to HKD 2,266,592,000, a decrease from HKD 2,302,431,000 at the end of 2022[40]. - The company reported total liabilities of HKD 591,689,000 as of June 30, 2023, down from HKD 812,824,000 at the end of 2022[40]. - As of June 30, 2023, the company's trade payables aged analysis showed HKD 98,925,000 due within 30 days, an increase of 20.3% from HKD 82,368,000 as of December 31, 2022[104]. - The total bank borrowings as of June 30, 2023, amounted to HKD 538,863,000, up from HKD 339,024,000 as of December 31, 2022, indicating a rise of 58.8%[105]. - The company's liabilities as of June 30, 2023, were HKD (1,131,613,000), down from HKD (1,153,506,000) at the end of 2022[54]. Cash Flow and Financial Management - Cash and cash equivalents decreased to HKD 111,786 thousand from HKD 162,055 thousand year-on-year[11]. - Net cash used in operating activities was HKD (153,524) thousand for the first half of 2023, an improvement from HKD (236,261) thousand in the same period of 2022[11]. - The company reported a cash reserve of (86,214) thousand HKD as of June 30, 2023, compared to 26,149 thousand HKD in the previous year, indicating a significant change in cash flow management[28]. - Cash and cash equivalents amounted to HKD 111.8 million as of June 30, 2023, compared to HKD 162.1 million at the end of 2022[190]. - Interest expenses rose to HKD 8.3 million in the first half of 2023, compared to HKD 1.0 million in the same period of 2022[189]. Operational Performance - The company reported a significant decrease in inventory, which fell to HKD 399,534 thousand from HKD 519,419 thousand year-on-year[8]. - The company has identified five operating segments, including energy storage, EPC services, photovoltaic film, automotive glass repair and replacement services, and other segments[35]. - The energy storage business generated external customer revenue of HKD 158,932,000, while the EPC services segment contributed HKD 215,494,000[36]. - The company is focusing on a diversified layout in the new energy sector, particularly in energy storage, photovoltaic EPC services, and EVA film[145]. - The company has ongoing capital commitments of HKD 16,310,000 for the construction of production facilities and purchase of equipment as of June 30, 2023[139]. Strategic Initiatives - The company plans to adopt new or revised Hong Kong Financial Reporting Standards effective from January 1, 2024[15]. - Future outlook includes a focus on improving gross profit margins and exploring potential market expansion opportunities to enhance overall financial performance[21]. - The company plans to expand its market presence through new product development and technological advancements in the energy storage sector[35]. - The company is committed to reducing procurement costs and optimizing processes to improve profitability in the photovoltaic film business[164]. - The company is actively exploring overseas EPC service market opportunities, leveraging experience gained in Canada[179]. Government Support and Subsidies - Government grants for the six months ended June 30, 2023, were HKD 40,727,000, significantly up from HKD 2,765,000 in the same period last year[56]. - The group received subsidies from the Chinese government amounting to approximately HKD 40,392,000 for operating costs and R&D, compared to zero in the previous year[66]. - The group also received a tax subsidy from the Chinese government of approximately HKD 1,066,000, while the previous year recorded HKD 605,000[66]. - The group reported a total of HKD 920,000 in subsidies under the Hong Kong government's Employment Support Scheme in the previous year, aimed at providing financial support to employers during the COVID-19 pandemic[66]. Research and Development - Research and development expenses for the six months ended June 30, 2023, amounted to HKD 17,018 thousand, up from HKD 10,904 thousand in 2022, indicating a growth of about 56%[91]. - The company has committed to investing in R&D for lithium battery products and energy storage technologies, emphasizing the importance of innovation for long-term development[141].

Financial Performance - For the first quarter of 2023, the company reported revenue of HKD 278,342,000, a significant increase from HKD 105,984,000 in the same period last year, representing a growth of 162.5%[17] - The gross profit for the first quarter was HKD 27,136,000, slightly down from HKD 28,614,000 year-over-year, indicating a decrease of 5.2%[17] - Operating profit increased to HKD 11,545,000, up from HKD 8,028,000 in the previous year, reflecting a growth of 43.1%[17] - The net profit for the period was HKD 7,044,000, compared to HKD 4,229,000 in the same quarter last year, marking an increase of 66.5%[19] - The total comprehensive income for the quarter was HKD 30,943,000, significantly higher than HKD 8,430,000 in the previous year, representing a growth of 267.5%[19] - Basic earnings per share for the quarter were HKD 0.83, up from HKD 0.52 year-over-year, indicating an increase of 59.6%[19] - Profit attributable to the company's owners rose by 74.0%, from HKD 3.8 million in Q1 2022 to HKD 6.5 million in Q1 2023[44] Revenue Sources - The revenue from the solar power business, including EPC services, amounted to HKD 114,251,000, compared to HKD 20,383,000 in the previous year, indicating a growth of about 460.5%[28] - The automotive glass repair and replacement services generated revenue of HKD 45,692,000, compared to no revenue reported in the previous year[28] - The energy storage business generated revenue of HKD 114.2 million in Q1 2023, a 459.8% increase from HKD 20.4 million in Q1 2022[48] - The EPC services segment contributed HKD 95.8 million in revenue, up 34.9% from HKD 71.0 million in the previous year[48] - The photovoltaic film segment generated HKD 45.7 million in revenue, marking a new revenue stream as it was not present in Q1 2022[48] Other Income and Expenses - The company reported other income of HKD 14,686,000, a substantial increase from HKD 976,000 in the previous year, reflecting a growth of 1401.2%[17] - The company reported a total tax expense of HKD 2,778,000 for the current quarter, down from HKD 4,101,000 in the previous year, representing a decrease of approximately 32.3%[31] - Selling and marketing expenses increased to HKD 6.1 million for the three months ended March 31, 2023, from HKD 3.2 million for the same period in 2022, due to higher employee benefits and sales-related costs[61] - Administrative expenses rose to HKD 26.8 million for the three months ended March 31, 2023, from HKD 19.1 million for the same period in 2022, driven by increased employee benefits and professional fees related to a potential listing on the main board[61] Corporate Governance and Shareholder Information - The company has adhered to the corporate governance code as per GEM listing rules during the three months ending March 31, 2023[73] - Major shareholders hold significant stakes, with Dr. Li Hsien Yi owning approximately 16.93% of the issued shares[87] - The company has a substantial concentration of ownership, with 49.04% of shares held by concert parties associated with Dr. Li Hsien Yi[87] - The company has established a strict code of conduct for securities trading by directors, in compliance with GEM listing rules[85] - The company has no reported interests or potential conflicts of interest among directors or major shareholders in competing businesses as of March 31, 2023[72] Future Plans and Developments - The company has plans for market expansion and new product development in the renewable energy sector, focusing on solar and wind energy solutions[29] - The company is evaluating the impact of new accounting standards issued by the Hong Kong Institute of Certified Public Accountants, which are not yet effective[27] - The company is in the early stages of launching new businesses, including photovoltaic films, which currently have lower gross margins[55] - The company has established production facilities for lithium batteries and energy storage products in Jiangsu Province, China, focusing on integrated R&D and production[44] - The company has expanded its photovoltaic film production capabilities with facilities in Anhui Province, China, and multiple production lines in Malaysia[50] Share Options and Dividends - The company did not issue any share options during the quarter, with a total of 14,429,864 options remaining unexercised as of March 31, 2023[11] - The company did not declare any dividends for the three months ending March 31, 2023[35] - No dividends were recommended for the three months ending March 31, 2023, consistent with the previous year[74]

Financial Performance - For the three months ended March 31, 2023, the company reported revenue of HKD 278,342,000, representing a 162.6% increase compared to HKD 105,984,000 in the same period of 2022[7] - The profit attributable to the company's owners for the same period was HKD 6,527,000, a 74.0% increase from HKD 3,751,000 in the previous year[7] - Basic earnings per share for the three months ended March 31, 2023, was HKD 0.83, up 59.6% from HKD 0.52 in the same period of 2022[7] - The total comprehensive income for the period was HKD 30,943,000, compared to HKD 8,430,000 in the same period of 2022[23] - The company reported a gross profit of HKD 27,136,000 for the three months ended March 31, 2023, compared to HKD 28,614,000 in the previous year[23] - The operating profit for the period was HKD 11,545,000, an increase from HKD 8,028,000 in the same period last year[23] - The company experienced a foreign exchange gain of HKD 23,899,000, compared to HKD 4,201,000 in the previous year[23] - The company’s total comprehensive income for the three months ended March 31, 2023, was HKD 29.9 million, compared to HKD 7.7 million for the same period in 2022[33] - Net profit attributable to owners of the company was HKD 6.5 million for the three months ended March 31, 2023, compared to HKD 3.8 million in the same period of 2022[42] Revenue Breakdown - The energy storage business generated revenue of HKD 114,251,000, significantly up from HKD 20,383,000 in the previous year[12] - The EPC services for photovoltaic power stations contributed HKD 95,757,000 in revenue, compared to HKD 70,962,000 in the same period last year[12] - Revenue from energy storage business increased to HKD 114.2 million for the three months ended March 31, 2023, compared to HKD 20.4 million for the same period in 2022, primarily due to increased sales of commercial energy storage products[37] - Revenue from EPC services rose to HKD 95.8 million for the three months ended March 31, 2023, up from HKD 71.0 million in the same period of 2022, driven by an increase in the number of EPC service contracts in China and Canada[37] - Revenue from photovoltaic film reached HKD 45.7 million for the three months ended March 31, 2023, contributing to overall revenue growth[62] - Total revenue for the three months ended March 31, 2023, was HKD 278.3 million, a significant increase from HKD 106.0 million in the same period of 2022, representing a growth of 162.6%[62] Expenses and Costs - Cost of revenue increased from HKD 77.4 million for the three months ended March 31, 2022, to HKD 251.2 million for the same period in 2023, consistent with revenue growth[38] - Gross profit decreased to HKD 27.1 million for the three months ended March 31, 2023, down from HKD 28.6 million in the same period of 2022, with gross margin dropping from 27.0% to 9.7%[38] - Administrative expenses increased from HKD 19.1 million to HKD 26.8 million for the three months ended March 31, 2023, representing a 40.4% increase, primarily due to higher employee benefits and professional fees related to potential transfer to the main board of the stock exchange[93] - Sales and marketing costs increased to HKD 6.1 million for the three months ended March 31, 2023, from HKD 3.2 million in the same period of 2022, primarily due to increased employee benefits and sales-related expenses[41] Dividends and Shareholder Information - The company did not recommend the payment of dividends for the three months ended March 31, 2023, consistent with the previous year[15] - The company did not declare any dividends for the three months ended March 31, 2023, consistent with the previous year[114] - As of March 31, 2023, Dr. Li Xianyi holds 132,990,198 shares, representing approximately 16.93% of the company's issued share capital[77] - Mr. Wu Yinha holds 25,195,745 shares, accounting for approximately 3.20% of the company's issued share capital[71] - As of March 31, 2023, Mr. Li Shengdian holds 46,048,013 shares, representing approximately 5.86% of the company's issued share capital[77] - The company has a total of 14,429,864 stock options that remain unexercised as of March 31, 2023[86] - The company has not granted any stock options under the plan during the three months ended March 31, 2023[86] - Dr. Li Xianyi's controlled corporation holds 9,441,143 shares, which is approximately 1.20% of the issued share capital[77] Corporate Governance - The company has established an Audit Committee to review and supervise financial reporting procedures and risk management[90] - The Audit Committee consists of three independent non-executive directors, with Mr. Wang Guisheng serving as the chairman[90] - The company has no known conflicts of interest with directors or controlling shareholders in competing businesses as of March 31, 2023[88] - The company has no overlapping customers with Xinyi Solar Holdings Limited, ensuring no competitive business exists between the two entities[112] Business Operations - The company has established production facilities for lithium batteries and energy storage products in Zhangjiagang, Jiangsu Province, focusing on integrated R&D, design, production, and system integration[33] - The company’s energy storage business primarily targets commercial and residential energy storage products, including integrated systems for lithium batteries and energy management systems[33] - The company provides EPC services for the installation of photovoltaic power stations in China[34] - The company has not yet applied new accounting standards issued by the Hong Kong Institute of Certified Public Accountants, which may impact its financial performance[25] - The company’s financial costs increased due to expanded bank borrowings related to business growth[33] - Government subsidies contributed HKD 13.9 million to other income for the three months ended March 31, 2023, compared to HKD 0.6 million in the same period last year[27]

Financial Performance - Revenue for the year ended December 31, 2022, was HKD 1,066,247,000, representing an increase of 110.9% compared to HKD 506,187,000 in 2021[45]. - Gross profit for the same period was HKD 165,331,000, up 31.0% from HKD 126,139,000 in the previous year[45]. - Operating profit decreased to HKD 78,147,000, a decline of 8.8% from HKD 85,160,000 in 2021[45]. - Net profit for the year was HKD 54,930,000, down 17.2% from HKD 66,321,000 in 2021[45]. - Basic earnings per share for the year was HKD 6.15, compared to HKD 9.34 in the previous year, reflecting a decrease of 34.5%[47]. - The company reported a total comprehensive income of HKD (16,310,000) for the year, a significant decline from HKD 84,054,000 in 2021[45]. - Profit attributable to owners decreased by 26.7% from HKD 62.6 million in 2021 to HKD 45.9 million in 2022, primarily due to the absence of a government subsidy of HKD 21.7 million received in 2021[63]. - Total revenue for the year ended December 31, 2022, was HKD 1,066.2 million, an increase of HKD 560.0 million or 110.6% compared to HKD 506.2 million in 2021[146]. Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 1,337,733,000, an increase from HKD 972,731,000 in 2021[50]. - Non-current assets increased to HKD 966,263,000 from HKD 475,340,000 in the previous year, showing a growth of 103.3%[50]. - Current liabilities rose to HKD 996,210,000, compared to HKD 543,982,000 in 2021, indicating an increase of 83.2%[50]. - Non-current liabilities increased to HKD 157.3 million in 2022 from HKD 134.8 million in 2021, with bank borrowings rising to HKD 130.6 million[64]. - The net debt-to-equity ratio as of December 31, 2022, was 15.4%, a shift from a net cash position reported a year prior[161]. - The group had bank borrowings of HKD 339.0 million as of December 31, 2022, compared to HKD 227.3 million a year earlier, indicating an increase in leverage[161]. Revenue Segments - Revenue from the energy storage business increased by approximately 168.8% compared to the previous year[97]. - Revenue and gross profit from EPC services grew by approximately 102.2% and 47.3% respectively compared to the same period last year[100]. - The energy storage services segment contributed HKD 271.7 million, representing 25.5% of total revenue, an increase of 168.7% from HKD 101.1 million in 2021[114]. - The EPC services segment generated HKD 626.1 million, accounting for 58.7% of total revenue, up 102.2% from HKD 309.7 million in 2021[114]. - The photovoltaic film business, which started production in Q4 2021, generated HKD 77.0 million in revenue for the year 2022[116]. Employee and Management - As of December 31, 2022, the group had approximately 518 full-time employees, primarily located in China, Hong Kong, Canada, and Malaysia[29]. - The total employee cost for the year ended December 31, 2022, was HKD 104.4 million, up from HKD 78.7 million in 2021, reflecting an increase in workforce to 518 employees[165]. - The group provides employee benefits in line with current market conditions and may grant discretionary bonuses based on performance[29]. - The group has maintained good working relationships with employees and provides training to keep them informed about product and service developments[29]. Cash Flow and Investments - The company reported a net cash outflow from operating activities of HKD (296,455,000), compared to a positive inflow of HKD 238,000 in the previous year[71]. - Cash used in investing activities increased significantly to HKD (469,212,000) from HKD (167,380,000), indicating a rise in capital expenditures[71]. - Financing activities generated a net cash inflow of HKD 498,460,000, up from HKD 443,542,000, reflecting increased bank borrowings[71]. - The group generated capital expenditures of HKD 447.9 million for the year ended December 31, 2022, significantly higher than HKD 172.7 million in 2021, primarily related to the development of photovoltaic film production facilities in China[163]. Financial Reporting and Compliance - The group is responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards[23]. - The independent auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[25]. - The company is committed to maintaining transparency and accuracy in its financial reporting, as confirmed by the board of directors[59]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[83]. Future Outlook and Strategy - The company plans to enhance its market presence through strategic acquisitions and new product developments in the upcoming fiscal year[57]. - The company plans to focus on expanding its market presence and developing new technologies to drive future growth[63]. - The company is committed to increasing its market share in the energy storage and photovoltaic sectors, driven by the global energy transition and green development initiatives[105]. - The company will continue to invest resources in R&D to improve product performance and reduce production costs, enhancing its competitiveness in the market[102]. Inventory and Impairment - As of December 31, 2022, the group's inventory net value was HKD 519,419,000 after deducting impairment provisions of approximately HKD 1,914,000, primarily consisting of solar components, lithium battery products, battery packs, energy storage systems, photovoltaic film raw materials, and various types of automotive glass[6]. - The total amount of trade receivables, finance lease receivables, and contract assets as of December 31, 2022, was HKD 703,099,000, with an impairment loss provision of HKD 3,001,000[13]. - Inventory write-downs and impairment provisions rose to HKD 2,360,000 from HKD 305,000, indicating increased inventory challenges[71]. Shareholder Information - The company did not recommend any final dividend for the year ended December 31, 2022, consistent with the previous year[167]. - The company raised net proceeds of HKD 393.2 million from a rights issue in September 2022, with specific plans for its use not detailed[170].

Financial Performance - Revenue for the year ended December 31, 2022, was HKD 1,066.2 million, up from HKD 506.2 million in 2021, indicating a growth of 110.9%[19] - The gross profit for the same period was HKD 165.3 million, compared to HKD 126.1 million in 2021, reflecting an increase of 31.1%[19] - The company reported a net profit of HKD 54.9 million for the year, down from HKD 66.3 million in the previous year, a decrease of 17.2%[19] - The company’s basic earnings per share for the year were HKD 6.15, down from HKD 9.34 in 2021, a decline of 34.5%[19] - Profit attributable to owners of the company decreased by 26.7% to HKD 45,898 from HKD 62,629 in the previous year[40] - The diluted earnings per share fell to HKD 6.11 in 2022 compared to HKD 9.25 in 2021, reflecting a decrease of about 34%[74] - The overall gross profit margin decreased from 24.9% in 2021 to 15.5% in 2022, mainly due to lower margins in energy storage and EPC services[148] Assets and Liabilities - As of December 31, 2022, total assets amounted to HKD 1,337.7 million, an increase from HKD 972.7 million in the previous year, representing a growth of approximately 37.4%[13] - The company’s net assets increased to HKD 1,150.5 million as of December 31, 2022, from HKD 769.3 million in the previous year, a growth of 49.4%[13] - The total liabilities as of December 31, 2022, were HKD 812,824,000, indicating a significant leverage position[35] - The company reported total liabilities of HKD 1,153,506,000 in 2022, up from HKD 678,737,000 in 2021, which is an increase of about 70%[84] - The group had net current assets of HKD 341.5 million as of December 31, 2022, down from HKD 428.7 million in 2021[158] Revenue Segmentation - The total revenue for the year ended December 31, 2022, was HKD 1,066,247,000, with external customer revenue contributions from various segments: Energy Storage Business (HKD 271,682,000), EPC Services (HKD 626,096,000), Photovoltaic Film (HKD 76,977,000), Automotive Glass Repair and Replacement Services (HKD 44,708,000), and Others (HKD 46,784,000)[31] - The energy storage business generated revenue of HKD 271.7 million in 2022, up approximately 168.8% compared to HKD 101.1 million in 2021, driven by increased sales of commercial energy storage products[121][114] - The revenue from the EPC services segment was HKD 626.1 million, up 102.2% from HKD 309.7 million in the previous year, primarily due to an increase in EPC service contracts in China and Canada[145] - Revenue from the photovoltaic film business reached HKD 77.0 million for the year ended December 31, 2022[176] Investments and Future Plans - The company plans to establish new photovoltaic film production lines in Wuhu, Anhui Province, China, and Malaysia[3] - The company is focusing on the development and sales of energy storage products, including integrated systems that consist of lithium batteries and energy management systems[109] - The company plans to focus on the photovoltaic film business, aiming to accelerate certification and product introduction with photovoltaic module manufacturers in 2023[156] - The company has allocated HKD 393.2 million for additional working capital in the photovoltaic film business, with HKD 49.0 million already utilized as of December 31, 2022[168] Costs and Expenses - Cost of goods sold increased significantly to HKD 688,498,000 in 2022 from HKD 259,927,000 in 2021, representing a growth of approximately 164%[66] - Research and development expenses rose to HKD 22,035,000 in 2022, up from HKD 17,475,000 in 2021, indicating an increase of about 26%[66] - Administrative expenses increased to HKD 78.1 million from HKD 62.0 million in the previous year, primarily due to higher employee benefits and increased R&D expenditures[151] - Financial costs increased to HKD 4,781, compared to no financial costs reported in the previous year[53] Employee and Operational Insights - As of December 31, 2022, the group had 518 full-time employees, an increase from 364 employees as of December 31, 2021[193] - Total employee costs for the year ended December 31, 2022, amounted to HKD 104.4 million, up from HKD 78.7 million in 2021, reflecting a significant increase in workforce and compensation[193] - The group maintained good relationships with all employees and provided adequate business and professional training, ensuring competitive compensation and regular reviews[193] Market and Risk Factors - The company is subject to market volatility risks associated with being listed on the GEM, which may affect the liquidity of its securities[39] - The group reported no significant difficulties or liquidity issues due to exchange rate fluctuations, and did not use any financial instruments for hedging during the year[197]