[Company Information](index=4&type=section&id=Company%20Information) This section provides essential corporate details including board composition, committee structures, registered office, principal business location, auditors, share registrars, and main bankers [Chairman's Statement and Management Discussion and Analysis](index=5&type=section&id=Chairman's%20Statement%20and%20Management%20Discussion%20and%20Analysis) This section presents the Chairman's overview and management's detailed analysis of the Group's business performance, financial results, future outlook, liquidity, and use of capital during the reporting period [Business Review](index=5&type=section&id=Business%20Review) The Group primarily engages in fitting-out and renovation projects for new and existing commercial buildings in Hong Kong, achieving **HK$199.9 million** in total revenue and securing 21 new projects worth **HK$184.4 million** during the reporting period - The Group's core business involves fitting-out and renovation projects in Hong Kong, serving new commercial and residential developments[15](index=15&type=chunk) - Total revenue for the reporting period was approximately **HK$199.9 million**, with approximately **HK$113.5 million** (about **56.8%**) from new clients, indicating enhanced market development capabilities[15](index=15&type=chunk) - During the reporting period, the company submitted tenders worth approximately **HK$1.901 billion** and successfully secured 21 projects with a total contract value of approximately **HK$184.4 million**, showing significant year-on-year growth[16](index=16&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) The Group's total revenue significantly increased by **124.9%** year-on-year to **HK$199.9 million**, driven by new project revenue recognition, while administrative expenses rose by **57.9%** due to resumption-related professional fees and share-based payments, leading to an expanded loss attributable to owners of the company of **HK$27.4 million** 2020 Fiscal Year Key Financial Indicators | Indicator | 2020 Fiscal Year (HK$ Million) | 2019 Fiscal Year (HK$ Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | 199.9 | 88.9 | +124.9% | | - Fitting-out Project Revenue | 156.9 | 52.9 | +196.6% | | - Renovation Project Revenue | 43.0 | 36.0 | +19.5% | | Gross Profit | 14.5 | 7.5 | +93.3% | | Administrative Expenses | 28.1 | 17.8 | +57.9% | | Loss Attributable to Owners of the Company | (27.4) | (12.4) | +121.0% | - The increase in administrative expenses was primarily due to higher professional fees incurred for the resumption of trading on July 31, 2019, and approximately **HK$4.2 million** in share-based payment expenses during the reporting period[23](index=23&type=chunk) [Prospects and Outlook](index=6&type=section&id=Prospects%20and%20Outlook) The Group maintains a positive outlook for future business development, considering capital raising activities like rights issues or share placements to expand operations, while focusing on renovation and fitting-out projects in Hong Kong's entertainment and private club sectors, and closely monitoring economic uncertainties from social events and the COVID-19 pandemic - The Group is actively considering capital raising activities (including rights issues, open offers, and share placements) to raise new capital for business expansion[25](index=25&type=chunk)[30](index=30&type=chunk) - Business will continue to focus on the Hong Kong market, particularly renovation projects in the entertainment industry (cinemas, museums) and leisure facilities (private clubs), and actively bidding for new fitting-out projects from mainland property developers in Hong Kong[28](index=28&type=chunk) - Management acknowledges recent social events in Hong Kong and the COVID-19 pandemic as major uncertainties for future economic development, and is monitoring their potential impact on the supply chain[28](index=28&type=chunk) [Liquidity and Financial Resources](index=7&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2020, the Group faced financial pressure with a net current liability of approximately **HK$24.6 million** and a net liability of approximately **HK$21.1 million**, addressed by financial support commitments from a major shareholder, active consideration of capital raising, cost reduction, and securing new profitable contracts, alongside available unutilized bank facilities Financial Position Summary (As of March 31, 2020) | Indicator | Amount (HK$ Million) | | :--- | :--- | | Net Current Liabilities | 24.6 | | Net Liabilities | 21.1 | | Bank Balances and Cash | 34.8 | | Pledged Bank Deposits | 1.8 | - To ensure continued operation, the company has adopted several measures, including: obtaining financial support commitments from a major shareholder, actively considering raising new capital, implementing cost control measures, and utilizing existing bank financing[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) [Use of Proceeds from Placing](index=9&type=section&id=Use%20of%20Proceeds%20from%20Placing) The company listed in January 2017, with net proceeds from placing of approximately **HK$40.6 million**, of which **HK$35.7 million** was utilized by March 31, 2020, primarily for developing contracting business, expanding and renovating offices, purchasing vehicles, strengthening internal teams, and general working capital, with only **HK$0.8 million** used for property acquisition out of the planned **HK$5.7 million** Summary of Use of Proceeds from Placing (As of March 31, 2020) | Purpose | Adjusted Net Proceeds (HK$ Million) | Actual Use (HK$ Million) | | :--- | :--- | :--- | | Further Development of Contracting Business | 22.8 | 22.8 | | Acquisition of Hong Kong Property | 5.7 | 0.8 | | Expansion of Hong Kong Office | 1.7 | 1.7 | | Renovation of Hong Kong Office | 1.9 | 1.9 | | Purchase of Motor Vehicles | 1.2 | 1.2 | | Further Strengthening of Internal Team | 3.2 | 3.2 | | General Working Capital | 4.1 | 4.1 | | **Total** | **40.6** | **35.7** | [Biographical Details of Directors and Senior Management](index=11&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section provides comprehensive biographical information for the company's executive and independent non-executive directors, as well as key senior management personnel and the company secretary [Profile of Directors and Senior Management](index=11&type=section&id=Profile%20of%20Directors%20and%20Senior%20Management) This section details the personal biographies, professional qualifications, and industry experience of the company's executive directors, independent non-executive directors, senior management, and company secretary, highlighting the core management team's extensive experience in construction, surveying, accounting, and business development - The executive director team is led by founder Mr. Chan Siu Chung, who has nearly **24 years** of experience in the construction and fitting-out sectors[50](index=50&type=chunk) - The independent non-executive director team members possess diverse backgrounds in accounting, multinational corporate management, and IT consulting[54](index=54&type=chunk) - Senior management includes Mr. Chiu Fu Keung, Financial Controller, and Ms. Cheng Nga Lai, Senior Sales Manager, both with over **20 years** of senior experience in their respective fields[55](index=55&type=chunk)[56](index=56&type=chunk) [Corporate Governance Report](index=13&type=section&id=Corporate%20Governance%20Report) This report details the company's adherence to corporate governance principles, outlining its practices, board and committee structures, and risk management and internal control frameworks [Corporate Governance Practices](index=13&type=section&id=Corporate%20Governance%20Practices) The company is committed to maintaining high standards of corporate governance, complying with the GEM Listing Rules' Corporate Governance Code during the reporting period, with disclosed deviations primarily concerning the non-separation of Chairman and CEO roles and flexible board meeting notice periods to ensure timely and effective decision-making - The company complied with most provisions of the Corporate Governance Code during the reporting period, but with some deviations[60](index=60&type=chunk) - Deviation from Code Provision A.2.1: Chairman Mr. Chan Siu Chung also performs the functions of Chief Executive Officer, and the company has not separately established a Chief Executive Officer position[60](index=60&type=chunk) - Deviations from Code Provisions A.1.3 and A.7.1: Board meeting notice periods adopted a more flexible approach than prescribed to ensure timely and effective management decisions[61](index=61&type=chunk) [Board and Committees](index=14&type=section&id=Board%20and%20Committees) The Board of Directors comprises three executive and three independent non-executive directors, ensuring a balanced structure, with remuneration, nomination, and audit and risk management committees established, where independent non-executive directors play key roles to ensure independence and effective oversight, and all committees held meetings and fulfilled their responsibilities during the reporting period - The Board of Directors consists of six directors, including three executive directors and three independent non-executive directors, meeting independence requirements[63](index=63&type=chunk) Committee Meeting Attendance | Committee | Number of Meetings (During Reporting Period) | Member Attendance | | :--- | :--- | :--- | | Remuneration Committee | 1 | All members attended | | Nomination Committee | 1 | All members attended | | Audit and Risk Management Committee | 4 | All members attended | - The Audit and Risk Management Committee comprises three independent non-executive directors, responsible for reviewing financial statements, internal controls, and risk management systems[91](index=91&type=chunk) [Risk Management and Internal Control](index=23&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is ultimately responsible for the Group's risk management and internal control systems, having established an enterprise risk management framework and appointed external professional institutions to assist in identifying, assessing, and independently reviewing the effectiveness of internal control systems, identifying three main risk categories—strategic, operational, and compliance—and establishing corresponding control mechanisms - The company has appointed an external professional firm, Evergreen Corporate Services Limited, to assist with risk identification, assessment, and independent review of internal controls[116](index=116&type=chunk) Identified Key Risks | Risk Category | Key Risk Description | | :--- | :--- | | Strategic Risk | Increased competition in Hong Kong's fitting-out and renovation industry, with low entry barriers for new entrants, potentially leading to reduced profit margins | | Operational Risk | Reliance on subcontractors, posing risks related to project quality and worker safety, which may affect the Group's operations and financial position | | Compliance Risk | Need to ensure subcontractors comply with various engineering, safety, and environmental regulations; non-compliance may result in fines or remedial measures | - The company currently does not have an internal audit function, instead appointing external independent professionals to perform this role, which the Board considers more cost-effective, and will review its necessity annually[121](index=121&type=chunk) [Environmental, Social and Governance Report](index=25&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report outlines the company's commitment and performance across environmental, social, and governance aspects, detailing its policies and initiatives for sustainable operations [Environmental Aspect](index=28&type=section&id=Environmental%20Aspect) The company values the environmental impact of its business activities and has established an environmental policy, reporting total greenhouse gas emissions of **89.0 tonnes of CO2e**, a **12%** year-on-year increase, and total energy consumption of **196.5 MWh**, a **54%** year-on-year increase, primarily due to increased private car fuel consumption and office working hours, while implementing measures like dust control, waste segregation, and energy/water conservation to reduce its environmental footprint Key Environmental Performance Indicators (FY2020) | Indicator | 2020 Fiscal Year | 2019 Fiscal Year | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (tonnes CO2e) | 89.0 | 79.6 | +12% | | Total Energy Consumption (MWh) | 196.5 | 127.3 | +54% | | Total Water Consumption (cubic meters) | 44.0 | - | - | | Non-Hazardous Waste Generated (tonnes) | 0.5 | - | - | - The primary source of greenhouse gas emissions was electricity consumption (Scope 2), accounting for **66.3%** of total emissions[145](index=145&type=chunk) - During the reporting period, the company complied with all relevant environmental laws and regulations, with no significant violations[159](index=159&type=chunk) [Social Aspect](index=31&type=section&id=Social%20Aspect) The company is committed to fostering a harmonious work environment for employees with comprehensive human resources policies, ensuring employee safety through regular health and safety meetings, training, and inspections, managing supply chains by annually evaluating suppliers for service quality, implementing strict anti-corruption policies, and engaging in community investment during the reporting period - As of March 31, 2020, the Group had **32 employees**, with no work-related fatalities or injuries reported during the period[43](index=43&type=chunk)[187](index=187&type=chunk) - The company has established a supplier evaluation system, annually assessing the service quality and safety performance of all suppliers/subcontractors[179](index=179&type=chunk) - The company has formulated a strict anti-corruption policy, prohibiting any form of bribery, extortion, fraud, and money laundering, with no related violations or legal cases during the reporting period[180](index=180&type=chunk) - During the reporting period, the company participated in community investment activities, contributing **HK$30,000**[184](index=184&type=chunk)[189](index=189&type=chunk) [Directors' Report](index=44&type=section&id=Directors%27%20Report) This report provides an overview of the company's business and financial performance, key operational aspects, and compliance with statutory and regulatory requirements for the reporting period [Business and Financial Overview](index=44&type=section&id=Business%20and%20Financial%20Overview) This report outlines the company's primary business as fitting-out and renovation projects in Hong Kong, with the Board recommending no dividend distribution for the reporting period, emphasizing the importance of maintaining good relationships with employees, suppliers, and customers, and adhering to relevant environmental regulations - The company's principal business is providing interior fitting-out and renovation engineering services in Hong Kong[207](index=207&type=chunk) - The Board recommends no dividend be paid for the year ended March 31, 2020[209](index=209&type=chunk) [Major Customers and Suppliers](index=48&type=section&id=Major%20Customers%20and%20Suppliers) The Group exhibits high customer and supplier concentration, with the top five customers accounting for **87.7%** of total turnover and the largest customer for **35.0%**, while the top five suppliers accounted for **54.2%** of total purchases and the largest supplier for **27.9%** during the reporting period - High customer concentration: The top five customers accounted for **87.7%** of total turnover, with the largest customer accounting for **35.0%**[232](index=232&type=chunk) - Relatively high supplier concentration: The top five suppliers accounted for **54.2%** of total purchases, with the largest supplier accounting for **27.9%**[232](index=232&type=chunk) [Share Option Scheme](index=48&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on September 30, 2019, and granted **20,000,000** share options on November 15, 2019, at an exercise price of **HK$0.445** per share to executive directors and other employees during the reporting period Details of Share Options Granted (As of March 31, 2020) | Grantee | Grant Date | Number of Outstanding Share Options | Exercise Price Per Share (HK$) | | :--- | :--- | :--- | :--- | | Executive Director (Chan Siu Chung) | 2019/11/15 | 2,000,000 | 0.445 | | Executive Director (Cheung Hiu Tung) | 2019/11/15 | 2,000,000 | 0.445 | | Executive Director (Cheung Hoi Wai) | 2019/11/15 | 2,000,000 | 0.445 | | Other Employees | 2019/11/15 | 14,000,000 | 0.445 | | **Total** | | **20,000,000** | | [Independent Auditor's Report](index=51&type=section&id=Independent%20Auditor%27s%20Report) This report presents the independent auditor's opinion on the consolidated financial statements, highlighting key audit matters and material uncertainties related to the company's going concern assumption [Auditor's Opinion and Material Uncertainty Related to Going Concern](index=51&type=section&id=Auditor's%20Opinion%20and%20Material%20Uncertainty%20Related%20to%20Going%20Concern) Auditor Crowe (HK) CPA Limited issued an unmodified opinion on the consolidated financial statements, but highlighted a 'material uncertainty related to going concern' due to the Group's annual loss, net current liabilities, and net liabilities, which may cast significant doubt on its ability to continue as a going concern, noting this does not modify the opinion - The auditor issued a true and fair unmodified opinion on the financial statements[247](index=247&type=chunk) - The report highlighted a 'material uncertainty related to going concern,' primarily due to the Group recording a loss of approximately **HK$27.422 million** and having net current liabilities of approximately **HK$24.592 million** and net liabilities of **HK$21.135 million** at the end of the reporting period[249](index=249&type=chunk) [Key Audit Matters](index=52&type=section&id=Key%20Audit%20Matters) The auditor identified two key audit matters: the assessment of expected credit losses for trade receivables and contract assets, involving significant management judgment and estimation, and the revenue recognition and accounting treatment for construction contracts, which relies on estimates of completion progress and total costs, posing uncertainties - Key Audit Matter One: Assessment of expected credit losses for trade receivables and contract assets. The auditor, by evaluating credit risk controls, sampling and verifying aging and subsequent settlements, and inquiring about overdue amounts, concluded that management's judgments and estimates were supported by objective evidence[252](index=252&type=chunk)[253](index=253&type=chunk) - Key Audit Matter Two: Revenue recognition and accounting treatment for construction contracts. The auditor, by evaluating revenue recognition practices, sampling project contracts, reconciling costs, and recalculating completion progress, concluded that management's estimates for construction contract revenue were reasonable[256](index=256&type=chunk)[257](index=257&type=chunk)[259](index=259&type=chunk) [Consolidated Financial Statements](index=57&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's complete consolidated financial statements, including the statement of profit or loss, statement of financial position, and statement of cash flows, providing a comprehensive view of its financial performance and position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=57&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2020, the Group's revenue was **HK$199.9 million**, a **124.9%** increase from **HK$88.91 million** last year, but due to increased cost of services, administrative expenses, and expected credit loss provisions, the loss for the year expanded to **HK$27.42 million** from **HK$12.44 million** in the prior year, with basic loss per share of **HK$0.1371** Consolidated Statement of Profit or Loss Summary | Item (HK$ Thousand) | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 199,939 | 88,913 | | Gross Profit | 14,549 | 7,499 | | Loss Before Tax | (27,422) | (12,496) | | Loss for the Year and Total Comprehensive Loss | (27,422) | (12,439) | | Basic and Diluted Loss Per Share (HK Cents) | (13.71) | (6.22) | [Consolidated Statement of Financial Position](index=58&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2020, the Group's total assets were **HK$119.6 million** and total liabilities were **HK$140.8 million**, resulting in a total equity of negative **HK$21.14 million** (net liabilities), compared to net assets of **HK$2.11 million** in the prior year, with current assets of **HK$113.2 million** unable to cover current liabilities of **HK$137.8 million**, showing a net current liability of **HK$24.59 million** Consolidated Statement of Financial Position Summary | Item (HK$ Thousand) | March 31, 2020 | March 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Non-Current Assets | 6,458 | 1,370 | | Current Assets | 113,187 | 73,892 | | **Total Assets** | **119,645** | **75,262** | | **Liabilities and Equity** | | | | Current Liabilities | 137,779 | 73,056 | | Non-Current Liabilities | 3,001 | 101 | | **Total Liabilities** | **140,780** | **73,157** | | **(Net Liabilities) / Net Assets** | **(21,135)** | **2,105** | | **Total Equity** | **(21,135)** | **2,105** | [Consolidated Statement of Cash Flows](index=61&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, net cash generated from operating activities was **HK$0.608 million**, a significant decrease from **HK$8.356 million** last year, while net cash from investing activities was **HK$17.085 million**, primarily from withdrawal of pledged bank deposits, and net cash from financing activities was **HK$7.82 million**, with cash and cash equivalents at year-end significantly increasing to **HK$34.782 million** from **HK$9.269 million** at the beginning of the year Consolidated Statement of Cash Flows Summary | Item (HK$ Thousand) | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash From Operating Activities | 608 | 8,356 | | Net Cash From Investing Activities | 17,085 | 5,066 | | Net Cash From / (Used In) Financing Activities | 7,820 | (4,103) | | Net Increase in Cash and Cash Equivalents | 25,513 | 9,319 | | Cash and Cash Equivalents at Year-End | 34,782 | 9,269 | [Notes to the Financial Statements](index=64&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements, outlining significant accounting policies, estimates, and specific financial disclosures [Selected Notes](index=64&type=section&id=Selected%20Notes) The notes to the financial statements detail accounting policies, significant accounting estimates and judgments, and provide breakdowns and explanations for various financial statement items, including explanations on the going concern assumption, application of new accounting standards (especially HKFRS 16 Leases), revenue recognition methods, financial instrument risk management, impairment assessment of trade receivables and contract assets, and related party transactions - Note 3 (Going Concern Basis): Details management's measures to address going concern uncertainties, including obtaining financial support from a major shareholder, considering capital raising, controlling costs, and securing new contracts[308](index=308&type=chunk)[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk) - Note 4 (Significant Accounting Estimates and Judgments): Identifies revenue recognition for construction contracts and expected credit loss provisions for trade receivables as areas involving significant management estimates and judgments[407](index=407&type=chunk)[408](index=408&type=chunk) - Note 6 (Financial Instruments): Trade receivables exhibit high credit risk concentration, with the top five customers accounting for **92%** of total trade receivables; the company has made expected credit loss provisions based on aging and customer circumstances[425](index=425&type=chunk)[429](index=429&type=chunk) - Note 7 (Revenue and Segment Information): Revenue primarily derived from fitting-out projects (**HK$156.9 million**) and renovation projects (**HK$43.03 million**), with all revenue and non-current assets located in Hong Kong[445](index=445&type=chunk)[448](index=448&type=chunk)[451](index=451&type=chunk) [Financial Summary](index=125&type=section&id=Financial%20Summary) This section offers a concise overview of the Group's financial performance and position over the past five fiscal years, highlighting key trends and financial health indicators [Five-Year Financial Data Summary](index=125&type=section&id=Five-Year%20Financial%20Data%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years, showing a significant rebound in revenue in FY2020 but continuous pre-tax losses since FY2017, with net assets turning into net liabilities in FY2020, reflecting the company's financial challenges Five-Year Financial Summary (Years Ended March 31) | Item (HK$ Thousand) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 199,939 | 88,913 | 96,306 | 114,685 | 180,391 | | Profit / (Loss) Before Tax | (27,422) | (12,496) | (35,300) | (25,794) | 17,003 | | Profit / (Loss) for the Year | (27,422) | (12,439) | (35,245) | (26,739) | 13,722 | | (Net Liabilities) / Net Assets | (21,135) | 2,105 | 17,196 | 52,441 | 23,419 |

Financial Performance - For the nine months ended December 31, 2019, the company reported total revenue of HKD 149.9 million, a significant increase of 134% compared to HKD 64.0 million in the same period of 2018[5] - The gross profit for the nine months was HKD 16.6 million, up from HKD 5.8 million in the previous year, reflecting a gross margin improvement[5] - The company incurred a loss before tax of HKD 8.6 million for the nine months, slightly improved from a loss of HKD 8.9 million in the same period of 2018[5] - Basic and diluted loss per share for the nine months was HKD 4.30, compared to HKD 4.44 in the previous year[5] - The company reported a total comprehensive loss of HKD 8.6 million for the nine months, compared to HKD 8.9 million in the same period of 2018[5] - The company’s total equity decreased to HKD 2.3 million from HKD 17.2 million in the previous year, reflecting the impact of accumulated losses[6] - The company reported a pre-tax loss of HKD 3,094,000 for the three months ended December 31, 2019, compared to a loss of HKD 3,607,000 for the same period in 2018[27] - Loss attributable to owners of the company was approximately HKD 8.6 million for the nine months ended December 31, 2019, compared to approximately HKD 8.9 million for the same period in 2018, primarily due to share-based payment expenses of approximately HKD 4.2 million recognized in November 2019[35] Revenue Breakdown - Revenue from renovation projects for the nine months ended December 31, 2019, was approximately HKD 82.8 million, a significant increase of approximately 326.5% compared to approximately HKD 19.4 million for the same period in 2018[30] - Revenue from decoration projects for the nine months ended December 31, 2019, was approximately HKD 67.1 million, an increase of approximately 50.4% from approximately HKD 44.6 million for the same period in 2018[30] - The company's total revenue increased from approximately HKD 64.0 million for the nine months ended December 31, 2018, to approximately HKD 149.9 million for the nine months ended December 31, 2019, representing an increase of approximately 134.1%[30] Expenses and Liabilities - Administrative expenses for the nine months increased to HKD 17.9 million from HKD 11.7 million in the previous year, indicating a rise in operational costs[5] - The total employee costs for the nine months ended December 31, 2019, amounted to HKD 14,706,000, an increase from HKD 12,218,000 for the same period in 2018[23] - Direct costs increased from approximately HKD 58.2 million for the nine months ended December 31, 2018, to approximately HKD 133.3 million for the nine months ended December 31, 2019, representing an increase of about 129.0%[32] - Administrative expenses increased from approximately HKD 11.7 million for the nine months ended December 31, 2018, to approximately HKD 18.0 million for the nine months ended December 31, 2019, reflecting an increase of about 52.8%[34] - The company’s net current liabilities were approximately HKD 5.6 million as of December 31, 2019[11] Financing and Capital - The company has secured bank financing totaling HKD 17.0 million, of which HKD 5.1 million had been utilized as of December 31, 2019[11] - The company is actively considering fundraising activities to raise new capital, including rights issues and public offerings[12] - The company did not recommend the payment of dividends for the period, consistent with the previous year[26] - The company has not made any provisions for Hong Kong profits tax due to the absence of taxable profits for the nine months ended December 31, 2019[25] Business Outlook and Strategy - The company remains confident in the prospects for renovation and refurbishment services in Hong Kong, driven by increased land supply for private residential and commercial buildings[38] - The management is cautious about potential economic uncertainties due to recent protests and the outbreak of the coronavirus, which may affect contract completion timelines and project revenue recognition[38] - The company plans to continue focusing on renovation opportunities in Hong Kong, particularly in the entertainment and leisure sectors, including projects related to cinemas and museums[36] Corporate Governance - The company has adhered to the GEM Listing Rules Appendix 15 Corporate Governance Code, with some deviations noted[52] - The Audit and Risk Management Committee is chaired by an independent non-executive director, ensuring the integrity of financial reporting and risk management systems[55] - The company has not appointed a CEO to avoid overlapping responsibilities, with the chairman also fulfilling executive functions[52] - The company has implemented a flexible approach to board meetings, ensuring timely decision-making[53] - The financial statements for the nine months ending December 31, 2019, were reviewed by the Audit and Risk Management Committee[55] Shareholder Information - As of December 31, 2019, the beneficial owner Chen Shaozhong held 28,500,000 shares, representing approximately 14.25% of the issued share capital[39] - The company adopted a share option scheme on September 30, 2019, allowing for the granting of options to directors and employees[43] Events After Reporting Period - No significant events occurred after the reporting period up to the date of this report[51]

[Financial Highlights](index=3&type=section&id=Financial%20Highlights) [Performance Overview](index=3&type=section&id=Performance%20Overview) For the six months ended September 30, 2019, the Group's revenue grew by 90.7% to HKD 103 million, while loss attributable to owners slightly increased to HKD 5.5 million, with no interim dividend recommended 2019 Interim Results Summary | Metric | For the six months ended Sep 30, 2019 | For the six months ended Sep 30, 2018 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 103.0 | 54.0 | +90.7% | | Loss Attributable to Owners (HKD Million) | 5.5 | 5.3 | +3.8% | | Loss Per Share (HKD Cents) | 2.76 | 2.63 | +4.9% | | Proposed Dividend | Not Distributed | N/A | - | [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended September 30, 2019, revenue grew 90.7% to HKD 103 million and gross profit by 81.9%, but increased administrative expenses led to a period loss of HKD 5.514 million, similar to prior year Consolidated Statement of Profit or Loss Summary (For the six months ended September 30) | Item | 2019 (HKD Thousand) | 2018 (HKD Thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 102,973 | 53,975 | +90.7% | | Gross Profit | 9,214 | 5,066 | +81.9% | | Administrative Expenses | (12,710) | (8,359) | +52.1% | | Loss Before Tax | (5,514) | (5,263) | +4.8% | | Loss for the Period | (5,514) | (5,263) | +4.8% | | Basic Loss Per Share (HKD Cents) | (2.76) | (2.63) | +4.9% | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2019, the Group shifted from net current assets to net current liabilities of HKD 5.848 million, with total equity turning into net liabilities of HKD 3.409 million due to increased receivables and contract liabilities Consolidated Statement of Financial Position Summary | Item | As at Sep 30, 2019 (HKD Thousand) | As at Mar 31, 2019 (HKD Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 7,839 | 1,370 | | Current Assets | 87,776 | 73,892 | | **Liabilities and Equity** | | | | Current Liabilities | 93,624 | 73,056 | | Non-current Liabilities | 5,400 | 101 | | **Net Position** | | | | Net Current (Liabilities)/Assets | (5,848) | 836 | | Net (Liabilities)/Assets | (3,409) | 2,105 | | Total Equity | (3,409) | 2,105 | [Consolidated Statement of Changes in Equity](index=7&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended September 30, 2019, the Group's total equity decreased from HKD 2.105 million to negative HKD 3.409 million due to a HKD 5.514 million loss for the period - Loss for the period and total comprehensive expenses amounted to **HKD 5.514 million**, leading to a decrease in total equity from **HKD 2.105 million** to **negative HKD 3.409 million**[11](index=11&type=chunk) [Consolidated Statement of Cash Flows](index=8&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended September 30, 2019, cash from operating activities shifted from a HKD 10.108 million net inflow to a HKD 7.772 million net outflow, with period-end cash decreasing to HKD 7.658 million Consolidated Statement of Cash Flows Summary (For the six months ended September 30) | Item | 2019 (HKD Thousand) | 2018 (HKD Thousand) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (7,772) | 10,108 | | Net Cash Generated from Investing Activities | 774 | 5,066 | | Net Cash Generated from/(Used in) Financing Activities | 5,387 | (2,057) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,611) | 13,117 | | Cash and Cash Equivalents at End of Period | 7,658 | 13,067 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Company Information and Basis of Preparation](index=9&type=section&id=Company%20Information%20and%20Basis%20of%20Preparation) The Company, an investment holding firm providing housing improvement services in Hong Kong, prepares financial statements on a going concern basis despite losses and net current liabilities, supported by liquidity improvement measures and the adoption of HKFRS 16 - The Company is an investment holding company, with its subsidiaries primarily engaged in interior fitting-out, renovation, and alteration and addition works in Hong Kong[15](index=15&type=chunk) - Despite recording a net loss and net current liabilities, the directors deem it appropriate to prepare financial statements on a going concern basis, supported by **bank financing**, **potential fundraising activities**, and **cost control plans**[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The Group adopted **Hong Kong Financial Reporting Standard 16 "Leases"** effective April 1, 2019, recognizing right-of-use assets and corresponding lease liabilities, without restating comparative information[24](index=24&type=chunk)[26](index=26&type=chunk) [Revenue and Segment Information](index=12&type=section&id=Revenue%20and%20Segment%20Information) All Group revenue originates from Hong Kong, primarily from renovation projects which surged, while fitting-out projects declined; customer concentration is high, with Client 2 contributing approximately 65% of total revenue Segment Revenue (For the six months ended September 30, 2019) | Segment | 2019 (HKD Thousand) | 2018 (HKD Thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Fitting-out Projects | 25,612 | 37,184 | -31.1% | | Renovation Projects | 77,361 | 16,791 | +360.7% | | **Total** | **102,973** | **53,975** | **+90.7%** | - All of the Group's revenue is derived from **Hong Kong operations**, and all non-current assets are located in Hong Kong[31](index=31&type=chunk)[35](index=35&type=chunk) - During the period, reliance on major clients was high, with revenue from **Client 2** accounting for **over 60% of total revenue**[36](index=36&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=21&type=section&id=Business%20and%20Financial%20Review) During the period, revenue grew 90.7% to HKD 103 million, driven by renovation projects, but increased administrative expenses from shareholder disputes offset gross profit growth, keeping loss attributable to owners at HKD 5.5 million - During the period, the Group was awarded **9 projects** with a total contract value of approximately **HKD 143.8 million**, and successfully acquired new clients including renowned developers[51](index=51&type=chunk) - Revenue growth was primarily driven by renovation projects, with their income increasing by **360.7%** year-on-year, while fitting-out project income decreased by **31.2%**[52](index=52&type=chunk)[54](index=54&type=chunk) - Administrative expenses increased by **51.2%** year-on-year, primarily due to increased professional fees incurred from shareholder disputes[57](index=57&type=chunk) - Due to increased administrative expenses offsetting gross profit growth, loss attributable to owners of the Company remained largely flat compared to the prior year, at approximately **HKD 5.5 million**[59](index=59&type=chunk) [Prospects and Outlook](index=23&type=section&id=Prospects%20and%20Outlook) The Group will continue focusing on Hong Kong renovation and fitting-out projects, especially in entertainment and leisure, and seek mainland collaborations, while monitoring economic uncertainties from recent social protests - The Group's competitive advantages include **stable relationships with key clients and suppliers**, **integrated project execution capabilities**, and an **experienced management team**[60](index=60&type=chunk) - Future focus will remain on the **Hong Kong market**, particularly **renovation projects for entertainment and leisure facilities**, while seeking collaboration opportunities with mainland developers[60](index=60&type=chunk) - Management views recent protest activities in Hong Kong as a major uncertainty factor for future economic development and will closely monitor them[60](index=60&type=chunk) [Liquidity, Financial Resources and Capital Management](index=24&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Management) As of September 30, 2019, the Group faced liquidity pressure with net current liabilities of HKD 5.8 million and a gearing ratio of 13.6 times, relying on operations, bank borrowings, and shareholder contributions for working capital Liquidity Position | Metric | As at Sep 30, 2019 | As at Mar 31, 2019 | | :--- | :--- | :--- | | Net Current (Liabilities)/Assets (HKD Million) | (5.8) | 0.1 | | Bank Balances and Cash (HKD Million) | 7.7 | 9.3 | | Gearing Ratio (Times) | 13.6 | 17.7 | - The Group has adopted a **prudent financial management approach**, managing risks through **continuous credit assessment** and **close monitoring of liquidity position**[63](index=63&type=chunk) [Business Objectives and Use of Proceeds](index=26&type=section&id=Business%20Objectives%20and%20Use%20of%20Proceeds) Of the HKD 40.6 million net listing proceeds, HKD 35.7 million was utilized for business development and office expansion; however, property acquisition was delayed due to shareholder disputes, resulting in a HKD 0.8 million deposit forfeiture - The original plan to acquire Hong Kong property was delayed due to shareholder disputes, and approximately **HKD 0.8 million** in deposit paid has been forfeited[73](index=73&type=chunk) Use of Placing Proceeds (HKD Million) | Purpose | Adjusted Net Proceeds Utilized | Actual Utilization | | :--- | :--- | :--- | | Further Development of the Group's Contracting Business | 22.8 | 22.8 | | Acquisition of Hong Kong Property | 5.7 | 0.8 | | Expansion of Hong Kong Office | 1.7 | 1.7 | | Renovation of Hong Kong Office | 1.9 | 1.9 | | Purchase of Motor Vehicles | 1.2 | 1.2 | | Further Strengthening of the Group's Internal Team | 3.2 | 3.2 | | General Working Capital | 4.1 | 4.1 | | **Total** | **40.6** | **35.7** | [Other Disclosures](index=28&type=section&id=Other%20Disclosures) [Directors' and Shareholders' Interests](index=28&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) As of September 30, 2019, Executive Director Mr. Chan Siu Chung beneficially owned 13.25% of shares, while major shareholder W & Q Investment Limited (controlled by Mr. Liu Cheung Kin) held 26.25% - Director Mr. Chan Siu Chung holds **13.25%** of the Company's shares[76](index=76&type=chunk) - Major shareholder Mr. Liu Cheung Kin (through W & Q Investment Limited) holds **26.25%** of the Company's shares[78](index=78&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Company adopted a share option scheme but granted no options, largely complying with corporate governance, though deviations exist in Chairman/CEO roles and board meeting notices; the Audit and Risk Management Committee reviewed the interim financial statements - The Company has adopted a **share option scheme**, but no share options have been granted since its adoption[80](index=80&type=chunk) - The Company has deviations in corporate governance, including the **non-separation of Chairman and Chief Executive Officer roles**, and board meeting notice periods not strictly adhering to the Code's recommended **14 days**[89](index=89&type=chunk)[90](index=90&type=chunk) - The Audit and Risk Management Committee has reviewed the Group's accounting principles, practices, and the **unaudited condensed consolidated financial statements** for the six months ended September 30, 2019[93](index=93&type=chunk)

AESO HOLDING LIMITED 第一季度報告 2019 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的 潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM 買賣的證券會有高流通 量的市場。 香港交易及結算所有限公司以及香港聯合交易所有限公司對本報告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部 或任何部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。 本報告的資料乃遵照GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有 關艾碩控股有限公司（「本公司」）的資料。本公司董事（「董事」）願就本報告共同 及個別地承擔全部責任，並在作出一切合理查詢後確認，就彼等所深知及確信， 本報告所載資料在各重要方面均屬準確完備，並無誤導或欺詐成分，亦無遺漏其 他事項，足以令致本報告所載任何陳 ...

Financial Performance - For the nine months ended December 31, 2018, the company reported total revenue of HKD 64,029,000, a decrease of 23% compared to HKD 83,269,000 for the same period in 2017[5]. - The gross profit for the nine months was HKD 5,834,000, compared to a gross loss of HKD 6,012,000 in the previous year, indicating a significant improvement[5]. - The company incurred a loss before tax of HKD 8,870,000 for the nine months, a reduction from a loss of HKD 25,890,000 in the same period of 2017, reflecting a 66% improvement[5]. - The basic and diluted loss per share for the nine months was HKD 4.44, compared to HKD 12.95 in the previous year, showing a 66% decrease in loss per share[5]. - The total comprehensive loss for the nine months was HKD 8,870,000, compared to HKD 25,890,000 in the previous year, indicating a significant reduction in overall losses[7]. - The company reported a loss attributable to owners of approximately HKD 8.9 million for the nine months ended December 31, 2018, compared to a loss of approximately HKD 25.9 million for the same period in 2017[39]. Revenue Breakdown - Revenue from renovation projects for the nine months was HKD 19,416,000, an increase of 18% from HKD 16,426,000 in the same period of 2017[15]. - Revenue from new project renovation for the nine months was HKD 44,613,000, a decrease of 33% from HKD 66,843,000 in the previous year[15]. - The company's overall revenue decreased from approximately HKD 83.3 million for the nine months ended December 31, 2017, to approximately HKD 64.0 million for the same period in 2018, a decline of about 23.1%[32]. - Revenue from renovation projects increased to approximately HKD 19.4 million for the nine months ended December 31, 2018, up about 18.2% from approximately HKD 16.4 million in the same period of 2017[34]. Cost Management - Direct costs decreased from approximately HKD 89.3 million for the nine months ended December 31, 2017, to approximately HKD 58.2 million for the same period in 2018, a reduction of about 34.8%[35]. - Administrative expenses decreased from approximately HKD 19.7 million for the nine months ended December 31, 2017, to approximately HKD 11.7 million for the same period in 2018, a reduction of about 40.5%[37]. - The total employee costs for the nine months ended December 31, 2018, were approximately HKD 12.2 million, down from HKD 15.7 million in the same period of 2017[20]. Shareholder Information - As of December 31, 2018, the company’s major shareholder, Chen Shaozhong, holds approximately 38% of the issued share capital, with 76,500,000 shares[42]. - W & Q Investment Limited, another major shareholder, also holds approximately 37% of the issued share capital, with 73,500,000 shares[44]. Corporate Governance - The company has complied with the corporate governance code, with some deviations noted regarding the roles of the chairman and CEO[53][54]. - The Audit and Risk Management Committee is chaired by an independent non-executive director, ensuring the integrity of financial reporting and risk management systems[59]. - The company has provided sufficient resources to the Audit and Risk Management Committee to fulfill its responsibilities[59]. - The company is focused on ensuring effective management decisions through flexible board meeting arrangements[57]. Future Outlook - The company maintains a positive outlook for business growth, focusing on renovation opportunities in Hong Kong, particularly in the entertainment and leisure sectors[40]. - The board is optimistic about the prospects for renovation and refurbishment services in Hong Kong, driven by increased land supply for private residential and commercial buildings[40]. Trading and Compliance - The company has been suspended from trading since June 12, 2017, as per the instructions of the Stock Exchange[61]. - The company is working to meet the remaining conditions for resuming trading, including establishing a valid board of directors and resolving the liquidation petition[61]. - The company aims to resolve issues related to the absence of public market requirements as per GEM Listing Rules[63]. - The company will inform shareholders and potential investors about progress towards meeting the resumption conditions[61]. Miscellaneous - The company has not reported any new products or technologies in the current quarter, focusing instead on existing service offerings[12]. - There are no indications of market expansion or acquisitions mentioned in the report, suggesting a focus on stabilizing current operations[12]. - The company did not recommend any dividend payment for the period, consistent with the previous year[23]. - The company has not entered into any management or administrative contracts involving a significant portion of its business during the nine months ended December 31, 2018[49]. - There were no purchases, sales, or redemptions of the company's listed securities during the nine months ended December 31, 2018[51]. - The company has not held an annual general meeting as of December 31, 2018, and plans to arrange one in due course[58]. - The company is committed to timely communication with shareholders regarding significant developments[61]. - The company has reviewed its accounting principles and compliance matters for the nine months ending December 31, 2018[59]. - The company resolved a shareholder dispute on March 27, 2019, which involved its major shareholders and was settled amicably[46].

Financial Performance - The company's revenue for the three months ended June 30, 2018, was HKD 22,076,000, a decrease of 22.8% compared to HKD 28,607,000 for the same period in 2017[5] - The gross profit for the same period was HKD 1,626,000, representing a gross margin of 7.4%[5] - The loss before tax for the period was HKD 3,001,000, an improvement compared to a loss of HKD 9,055,000 in the previous year, reflecting a 66.9% reduction[5] - The basic and diluted loss per share was HKD 1.50, compared to HKD 4.53 for the same period in 2017[5] - The total comprehensive loss for the period was HKD 3,001,000, down from HKD 9,055,000 in the same period last year[5] - The company's overall revenue decreased from approximately HKD 28.6 million in the three months ended June 30, 2017, to approximately HKD 22.1 million in the same period of 2018, a decline of about 22.8%[37] - The company's gross profit increased from approximately HKD 1.0 million in the three months ended June 30, 2017, to approximately HKD 1.6 million in 2018, representing an increase of about 58.2%[41] - The loss attributable to owners of the company was approximately HKD 3.0 million for the three months ended June 30, 2018, compared to approximately HKD 9.0 million in the same period of 2017[43] Expenses and Costs - The administrative expenses decreased significantly to HKD 3,647,000 from HKD 10,018,000, a reduction of 63.6% year-on-year[5] - The financing costs increased to HKD 980,000 from HKD 78,000, marking a substantial rise of 1,256.4%[5] - The direct costs decreased from approximately HKD 27.6 million in the three months ended June 30, 2017, to approximately HKD 20.4 million in 2018, a decline of about 25.8%[40] Revenue Breakdown - Revenue from renovation projects was HKD 181,000, a significant decline from HKD 8,938,000 in the previous year, indicating a drop of 98%[16] - Revenue from decoration projects increased to HKD 21,895,000 from HKD 19,669,000, showing a growth of 11.3%[16] - Revenue from renovation projects was approximately HKD 0.2 million, a significant decrease of about 98.0% compared to approximately HKD 8.9 million in the same period of 2017[39] Shareholder Information - As of June 30, 2018, the company’s major shareholder, Chen Shaozhong, holds 76,500,000 shares, representing approximately 38% of the issued share capital[47] - W & Q Investment Limited, controlled by Liao Zhangqian, also holds 73,500,000 shares, accounting for about 37% of the issued share capital[49] Corporate Governance - The company has complied with the GEM Listing Rules regarding corporate governance, with some deviations noted in the roles of the chairman and CEO[59] - There were no interests held by directors or major shareholders in any competing businesses during the three months ending June 30, 2018[55] - The company’s board of directors did not hold a meeting with independent non-executive directors without the presence of executive directors during the reporting period[60] - The company has adopted strict procedures for regulating securities transactions by directors, in line with GEM Listing Rules[52] Future Outlook - The company plans to focus on renovation and decoration opportunities in Hong Kong, particularly in the entertainment and leisure sectors, and remains optimistic about business growth[45] Other Information - The company has no tax provisions for Hong Kong profits tax due to no taxable profits for the periods ended June 30, 2018, and June 30, 2017[26] - The board did not recommend any dividend payment for the period, consistent with the previous year[27] - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ending June 30, 2018[56] - The company has not entered into any management or administrative contracts involving a significant portion of its business during the three months ending June 30, 2018[54] - The company reached a settlement regarding a shareholder dispute on March 27, 2019, resolving the litigation involving major shareholders[51] - No significant post-reporting period events were disclosed beyond the shareholder dispute[57] - The Audit and Risk Management Committee is responsible for ensuring the accuracy and fairness of the company's financial statements and reports, including the review of financial controls and risk management systems[66] - The company's shares have been suspended from trading since June 12, 2017, as per the Stock Exchange's directive[67] - The company has established a valid board of directors and has resolved the liquidation petition, meeting two of the conditions for resuming trading[68]

Financial Performance - For the three months ended December 31, 2017, the company reported revenue of HKD 30,106,000, a decrease of 22.9% compared to HKD 39,029,000 for the same period in 2016[5] - For the nine months ended December 31, 2017, total revenue was HKD 83,269,000, representing a slight increase of 2.6% from HKD 81,157,000 in the previous year[5] - The gross loss for the three months ended December 31, 2017, was HKD 7,053,000, compared to a gross profit of HKD 6,923,000 in the same period of 2016[5] - The company incurred a loss before tax of HKD 11,635,000 for the three months ended December 31, 2017, compared to a profit of HKD 2,533,000 in the same period of 2016[5] - The total comprehensive loss for the nine months ended December 31, 2017, was HKD 25,890,000, compared to a loss of HKD 8,307,000 for the same period in 2016[5] - The company reported a basic and diluted loss per share of HKD 5.82 for the three months ended December 31, 2017, compared to earnings of HKD 1.7 in the same period of 2016[5] - The company incurred total employee costs of HKD 15.7 million for the nine months ended December 31, 2017, compared to HKD 12.2 million for the same period in 2016, reflecting an increase of approximately 28.5%[20] - The company reported a pre-tax loss of HKD 25.9 million for the nine months ended December 31, 2017, compared to a loss of HKD 8.3 million for the same period in 2016[24] - The attributable loss to owners of the company was approximately HKD 25.9 million for the nine months ended December 31, 2017, compared to approximately HKD 8.5 million for the same period in 2016[38] Revenue Breakdown - Revenue from renovation projects for the nine months ended December 31, 2017, was HKD 16,426,000, a decrease of 70% from HKD 54,783,000 in the previous year[15] - Revenue from new project renovation for the nine months ended December 31, 2017, was HKD 66,843,000, an increase of 153.5% from HKD 26,374,000 in the previous year[15] - Revenue from renovation projects decreased by approximately 70.0% to about HKD 16.4 million for the nine months ended December 31, 2017, compared to approximately HKD 54.8 million for the same period in 2016[33] - Revenue from decoration projects increased significantly by approximately 153.4% to about HKD 66.8 million for the nine months ended December 31, 2017, compared to approximately HKD 26.4 million for the same period in 2016[31] Costs and Expenses - Direct costs rose by approximately 31.6% to about HKD 89.3 million for the nine months ended December 31, 2017, from approximately HKD 67.8 million for the same period in 2016[34] - Administrative expenses increased by approximately 52.2%, from about HKD 13.0 million for the nine months ended December 31, 2016, to approximately HKD 19.7 million for the same period in 2017, primarily due to professional fees related to shareholder disputes amounting to about HKD 2.9 million[36] Corporate Governance and Shareholder Matters - The company did not recommend any dividend payment for the period, consistent with the previous year[23] - The company has adhered to the corporate governance code as per GEM Listing Rules, with some deviations noted[52] - The company has not held any annual general meetings with shareholders in the nine months ending December 31, 2017, as required by corporate governance code E.1.2 and E.1.3[57] - The company’s shares have been suspended from trading since June 12, 2017, as per the instructions of the Stock Exchange[60] - The company is working to meet the remaining conditions for the resumption of trading, including establishing an effective board and resolving the liquidation petition[60] - The company confirmed that it will hold meetings with independent non-executive directors without the presence of executive directors annually[54] - The company has provided sufficient resources to the Audit and Risk Management Committee to fulfill its responsibilities[58] - The company has not published all outstanding financial results as required by GEM Listing Rules, which is one of the conditions for resumption of trading[62] - The company plans to arrange the 2019 annual general meeting in accordance with corporate governance code E.1.2 and E.1.3[57] Market Outlook and Strategy - The company maintains confidence in the prospects for renovation and refurbishment services in Hong Kong, particularly due to the government's measures to increase land supply for private residential and commercial buildings[39] - The company has established long-term stable relationships with major clients, including listed property developers, and has a strong management team contributing to its success[39] - The company will continue to focus on renovation and refurbishment opportunities in Hong Kong, especially projects from mainland property developers[39] Shareholder Information - As of December 31, 2017, the major shareholder W & Q Investment Limited held approximately 37% of the company's issued share capital, with 73.5 million shares[43] - The company did not engage in any share buybacks, sales, or redemptions of its listed securities during the nine months ended December 31, 2017[50] - The shareholder dispute was resolved on March 27, 2019, with a settlement agreement reached among the parties involved[45]

[Financial Performance](index=3&type=section&id=First%20Quarter%20Results) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue grew significantly, but increased costs led to a wider net loss for the period Summary of Q1 Consolidated Statement of Profit or Loss | Indicator | For the three months ended June 30, 2017 (HK$ '000) | For the three months ended June 30, 2016 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 28,607 | 18,918 | +51.2% | | Gross Profit | 1,028 | 2,911 | -64.7% | | Administrative Expenses | (10,018) | (5,411) | +85.1% | | Loss Before Tax | (9,055) | (8,592) | +5.4% | | Loss for the Period | (9,055) | (8,315) | +8.9% | | Basic Loss Per Share (HK cents) | (4.53) | (5.76) | -21.4% | [Consolidated Statement of Changes in Equity](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The Group's total equity decreased during the period primarily due to the recorded loss Summary of Changes in Equity | Item | As at April 1, 2017 (HK$ '000) | Loss for the period (HK$ '000) | As at June 30, 2017 (HK$ '000) | | :--- | :--- | :--- | :--- | | Total | 52,441 | (9,055) | 43,386 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the company's business, revenue composition, and a significant post-period litigation - The company is an investment holding company whose subsidiaries are principally engaged in providing house improvement solution services in Hong Kong, including interior fitting-out for new buildings and renovation for existing buildings[9](index=9&type=chunk) Segment Revenue Breakdown (For the three months ended June 30) | Business Segment | 2017 (HK$ '000) | 2016 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Fitting-out projects | 19,669 | 3,446 | +470.8% | | Renovation projects | 8,938 | 15,472 | -42.2% | | **Total** | **28,607** | **18,918** | **+51.2%** | - The Board of Directors does not recommend the payment of any dividend for the period[27](index=27&type=chunk) - A controlling shareholder filed a winding-up petition against the company in July 2017, leading to the appointment of provisional liquidators; **the action was subsequently withdrawn by consent in April 2019**[32](index=32&type=chunk)[34](index=34&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=12&type=section&id=Business%20Review) The company secured four new projects during the quarter, demonstrating its market competitiveness - During the quarter, the company submitted tenders with a total value of approximately HK$214.6 million and was **successfully awarded 4 projects with a total contract sum of approximately HK$59.4 million**[36](index=36&type=chunk) - The awarded projects include a fitting-out project for a large-scale residential development in Shatin with a **contract sum of approximately HK$58.0 million**[36](index=36&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Revenue growth was offset by higher costs and expenses stemming from a shareholder dispute, resulting in a wider loss - **Overall revenue increased by 51.3% YoY**, primarily driven by a significant 470.8% increase in revenue from fitting-out projects[37](index=37&type=chunk) - **Cost of services increased by 72.3% YoY**, outpacing revenue growth due to additional project rectification costs arising from the freezing of bank accounts amid a shareholder dispute[40](index=40&type=chunk) - **Administrative expenses rose by 85.1% YoY**, mainly due to approximately HK$2.9 million in professional fees incurred in relation to the shareholder dispute[42](index=42&type=chunk) - Impacted by rising costs, **gross profit decreased by 64.7%**, and loss attributable to owners widened from HK$8.3 million to HK$9.0 million[41](index=41&type=chunk)[43](index=43&type=chunk) [Prospects and Outlook](index=14&type=section&id=Prospects%20and%20Outlook) Management remains confident in the market and will leverage its competitive strengths to pursue new opportunities - The company's competitive advantages include long-term relationships with major customers, a robust supplier network, integrated project execution capabilities, and an experienced management team[45](index=45&type=chunk) - The Group will continue to focus on renovation and fitting-out works in Hong Kong, particularly opportunities from Mainland property developers[45](index=45&type=chunk) [Other Disclosures](index=14&type=section&id=Other%20Disclosures) [Directors' and Shareholders' Interests](index=14&type=section&id=Directors'%20and%20Shareholders'%20Interests) The company was controlled by two major shareholders holding a combined 75% interest Major Shareholders' Interests (as of June 30, 2017) | Shareholder Name | Holding Entity | Number of Shares | Approximate Shareholding Percentage | | :--- | :--- | :--- | :--- | | Chan Siu Chung | Acropolis Limited | 76,500,000 | 38% | | Liu Zhangqian | W & Q Investment Limited | 73,500,000 | 37% | [Shareholder Dispute and Suspension of Trading](index=16&type=section&id=Shareholder%20Dispute%20and%20Suspension%20of%20Trading) A shareholder dispute led to a prolonged trading suspension, with resumption subject to fulfilling several conditions - Controlling shareholder Acropolis Limited initiated legal action and filed a winding-up petition against the company and other shareholders in July 2017[51](index=51&type=chunk) - The shareholder dispute was **settled in March 2019**, the winding-up petition was withdrawn in April 2019, and the provisional liquidators were discharged[51](index=51&type=chunk) - Trading in the company's shares has been **suspended since June 12, 2017**; the Stock Exchange has set five resumption conditions, two of which (a validly appointed board, withdrawal of the petition) have been met[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Corporate Governance](index=18&type=section&id=Corporate%20Governance%20Practices) The company deviated from several Corporate Governance Code provisions during the reporting period - The company had deviations from the Corporate Governance Code, including: - The roles of chairman and chief executive officer were not separate (Code A.2.1) - The chairman did not hold meetings with the independent non-executive directors without the presence of other executive directors (Code A.2.7) - A 14-day notice for regular board meetings was not guaranteed (Code A.1.3) - No annual general meeting was held during the period (Code E.1.2)[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)

AESO HOLDING LIMITED 2019 年報 ANNUAL REPORT 2019 年報 AESO HOLDING LIMITED 艾碩控股有限公司 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資 風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣之證券承受較大的市場波動 風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司以及香港聯合交易所有限公司對本年報之內容概不負責，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年報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。 本年報的資料乃遵照GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有關艾碩控股有限公司（「本公 司」）的資料。本公司董事（「董事」）願就本年報共同及個別地承擔全部責任，並在作出一切合理查詢後確認， 就彼等所深知及確信，本年報所載資料 ...

AESO HOLDING LIMITED 2018 年報 ANNUAL REPORT 2018 年報 AESO HOLDING LIMITED 艾碩控股有限公司 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資 風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣之證券承受較大的市場波動 風險，同時無法保證在GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司以及香港聯合交易所有限公司對本年報之內容概不負責，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年報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。 本年報的資料乃遵照GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有關艾碩控股有限公司（「本公 司」）的資料。本公司董事（「董事」）願就本年報共同及個別地承擔全部責任，並在作出一切合理查詢後確認， 就彼等所深知及確信，本年報所載資料 ...