Financial Performance - Total revenue for the year was approximately HKD 142.7 million, a decrease of about 12.1% compared to 2018[13] - The average revenue per project (excluding maintenance and after-sales services) decreased by approximately 16.2% to about HKD 2.22 million[13] - Gross profit for the year was approximately HKD 18.2 million, down about 7.4% from 2018, with a gross margin increase from approximately 12.1% in 2018 to about 12.7% in 2019[13] - The company recorded a loss attributable to owners of approximately HKD 56.4 million, an increase of about 60.5% compared to 2018[14] - The main reasons for the loss included a decrease in revenue, increased operating expenses, and impairment losses on interests in associates and goodwill[14] - The adjusted EBITDA for the year was a loss of HKD 14.8 million, worsening from a loss of HKD 13.6 million in the previous year[29] - The company incurred a loss attributable to shareholders of HKD 56.4 million, compared to a loss of HKD 35.2 million in 2018[29] - Total operating expenses for the year were approximately HKD 37.0 million, an increase of about 5.4% from HKD 35.1 million in 2018[33] - The adjusted EBITDA for the year was approximately -HKD 14.8 million, compared to -HKD 13.6 million in 2018, due to increased operating expenses and a decline in total revenue[33] - The group recorded a loss attributable to the company's owners of approximately HKD 56.4 million, an increase of about 60.5% from approximately HKD 35.2 million in 2018[34] Project and Revenue Outlook - The company has several projects valued at approximately HKD 72.6 million that are expected to contribute to total revenue in 2020 and beyond[14] - The company continues to secure projects from existing and new clients, leveraging its strong reputation and industry experience[14] - The company aims to explore new business lines and expand its core business into different markets to maintain growth and enhance its reputation[28] - The company remains optimistic about the future development of the interior design and renovation industry in Hong Kong, despite current economic and political challenges[22] - The company plans to continue developing existing projects and open new revenue opportunities as economic activities gradually return to normal[18] Financial Position and Cash Flow - As of December 31, 2019, the company had a net cash and cash equivalents of approximately HKD 22.1 million, an increase from HKD 20.7 million as of December 31, 2018[54] - The current ratio as of December 31, 2019, was approximately 1.4 times, down from 1.8 times as of December 31, 2018[54] - Total liabilities as of December 31, 2019, were approximately HKD 116.5 million, compared to HKD 105.3 million as of December 31, 2018[54] - The capital debt ratio as of December 31, 2019, was approximately 688.3%, an increase from 66.9% as of December 31, 2018, primarily due to losses incurred during the year[54] Corporate Governance and Compliance - The board of directors is committed to maintaining good corporate governance practices and believes it is essential for managing business risks and leading the company to success[161] - The company has complied with all corporate governance codes as per GEM listing rules Appendix 15 during the year[162] - The board consists of six directors, including three executive directors and three independent non-executive directors[167] - Independent non-executive directors confirmed their independence according to GEM listing rules[128] - The company has established procedures for directors to seek independent professional advice when necessary[170] Employee and Talent Management - The total employee cost for the year was approximately HKD 20.9 million, an increase from HKD 20.3 million in the previous year, primarily due to enhanced compensation packages to retain talent[71] - The group values employee talent as its most valuable asset and provides a harmonious work environment to foster creativity[107] - The company has a stock option plan effective from July 12, 2016, for a duration of 10 years, aimed at attracting and retaining competent personnel[143] Strategic Initiatives and Investments - The company raised approximately HKD 57.0 million from its IPO, with 100% of the net proceeds allocated to various strategic initiatives[53] - 27% of the net proceeds from the IPO, amounting to HKD 15.225 million, were allocated to recruiting high-quality talent and strengthening company capabilities[53] - The company is investing $HH million in research and development to advance its product line and improve operational efficiency[84] Market and Competitive Landscape - The company faced challenges due to intense competition and the impact of social unrest in Hong Kong, affecting revenue projections for Primo[37] - The group has faced risks related to the inability to secure new contracts, which could significantly impact financial performance[111] Social Responsibility and Community Engagement - The company received multiple awards for corporate social responsibility, including the "Caring Company" logo from the Hong Kong Council of Social Service[16] - The group made charitable and other donations amounting to zero HKD in the current year, compared to 40,000 HKD in 2018[121]

Financial Performance - Total revenue for the nine months ended September 30, 2019, was approximately HKD 90.4 million, a decrease of about 15.9% compared to HKD 107.5 million in the same period of 2018[12]. - Gross profit for the same period was approximately HKD 15.2 million, down about 31.3% from HKD 22.1 million in 2018, resulting in a gross margin decline from 20.6% to 16.8%[12]. - Adjusted EBITDA for the nine months was approximately (HKD 4.0 million), compared to (HKD 3.7 million) in 2018[12]. - The adjusted EBITDA for the nine months ended September 30, 2019, was a loss of approximately HKD 4.0 million, compared to a loss of HKD 3.7 million for the same period in 2018, primarily due to a decrease in revenue and overall gross margin[15]. - The group recorded a loss attributable to the owners of the company of approximately HKD 8.0 million for the nine months ended September 30, 2019, compared to HKD 5.2 million for the same period in 2018[15]. - Basic loss per share for the nine months ended September 30, 2019, was HKD (1.34), compared to HKD (1.00) for the same period in 2018[43]. - The group reported a net loss attributable to owners of the company of HKD 720,000 for the three months ended September 30, 2019, compared to a loss of HKD 5,508,000 in the same period of 2018[43]. Revenue Breakdown - The number of projects decreased by 3.4% to 57 projects, compared to 59 projects in 2018[9]. - Average revenue per project decreased by approximately 11.1% to HKD 1.6 million from HKD 1.8 million in 2018[9]. - The company secured contracts totaling over HKD 60.5 million, with some projects expected to commence in the last quarter of 2019[9]. - The number of office projects decreased by 23.3% to 33, while commercial projects increased by 111.1% to 19[6]. - Revenue from office projects fell by 53.4% to HKD 42.9 million, while revenue from commercial projects surged by 1,033.3% to HKD 44.2 million[8]. - The group's main service revenue for the three months ended September 30, 2019, was HKD 39,095,000, a decrease of 2.8% from HKD 40,219,000 in the same period of 2018[36]. - For the nine months ended September 30, 2019, the total revenue was HKD 90,449,000, down 16.0% from HKD 107,503,000 in the same period of 2018[36]. Expenses and Liabilities - For the nine months ended September 30, 2019, the group's total operating expenses were approximately HKD 22.1 million, compared to HKD 22.2 million for the same period in 2018[15]. - As of September 30, 2019, the group had cash and cash equivalents of approximately HKD 19.0 million, down from HKD 20.7 million as of December 31, 2018[16]. - The current ratio as of September 30, 2019, was approximately 0.9 times, compared to 1.8 times as of December 31, 2018[16]. - Total liabilities as of September 30, 2019, were approximately HKD 97.2 million, down from HKD 105.3 million as of December 31, 2018[16]. - The capital-to-debt ratio as of September 30, 2019, was approximately 2.5%, significantly improved from 66.9% as of December 31, 2018[16]. Corporate Governance - The company was incorporated in the Cayman Islands and primarily engaged in providing interior design and renovation solutions in Hong Kong[31]. - The company has a stock option plan approved on June 15, 2016, which is effective for 10 years starting from July 12, 2016[45]. - As of September 30, 2019, there were no unexercised, granted, canceled, exercised, or expired stock options[46]. - Major shareholders include Mr. Sun Fu Lin with 144,000,000 shares (24.2%), and Climb Up Limited with 115,000,000 shares (19.3%)[54]. - The company has not received any notifications regarding interests or short positions in its shares from any persons other than directors or senior management as of September 30, 2019[55]. - The company has established an audit committee as of June 15, 2016, consisting of three independent non-executive directors[64]. - The audit committee reviewed the unaudited financial information and third-quarter report for the nine months ending September 30, 2019[64]. - The company has adopted a code of conduct for securities trading by directors, which is stricter than the GEM Listing Rules[61]. - The company has complied with all corporate governance codes as per GEM Listing Rules during the nine months ending September 30, 2019[60]. - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the nine months ending September 30, 2019[62]. - The company has no arrangements that would benefit directors or senior management in acquiring securities of the company or its affiliates as of September 30, 2019[57]. Market Outlook - The company anticipates continued market uncertainty and competition, focusing on enhancing market position and productivity[10]. - The company aims to leverage its reputation and experience to secure new projects and maintain competitive advantages in the market[13]. Other Information - The group did not declare any interim dividends for the nine months ended September 30, 2019, consistent with the previous year[20]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended September 30, 2019[22]. - The group had no major contingent liabilities or capital commitments as of September 30, 2019[19]. - The group recorded a total tax expense of HKD 175,000 for the nine months ended September 30, 2019, consistent with the previous year[42]. - Other income for the three months ended September 30, 2019, was HKD 110,000, an increase of 80.3% from HKD 61,000 in the same period of 2018[37]. - The group experienced a net unrealized loss on listed securities of HKD (1,564,000) for the three months ended September 30, 2019[39]. - The group reported a total comprehensive loss of HKD (111,000) due to fair value changes in financial assets[39]. - The group has no tax liabilities in the Cayman Islands or British Virgin Islands[41].

Financial Performance - Total revenue for the six months ended June 30, 2019, was approximately HKD 50.6 million, a decrease of about 24.0% compared to HKD 66.5 million in the same period of 2018[11] - Gross profit for the same period was approximately HKD 7.8 million, down about 51.8% from HKD 16.1 million in 2018, resulting in a gross margin of 15.4%, down from 24.2%[11] - The company reported a loss attributable to owners of approximately HKD 7.3 million for the six months ended June 30, 2019, compared to a profit of HKD 0.3 million in 2018[11] - The adjusted EBITDA for the period was approximately (HKD 5.2 million), compared to HKD 1.8 million in 2018[12] - For the three months ended June 30, 2019, the total comprehensive loss was HKD 5,947,000, compared to a loss of HKD 4,061,000 for the same period in 2018, representing an increase of 46.4%[31] - The basic loss per share for the six months ended June 30, 2019, was HKD 1.22, a decrease from HKD 0.80 in the same period of 2018[31] - For the six months ended June 30, 2019, the company recorded a total loss attributable to owners of HKD (7,268,000), significantly higher than a profit of HKD 285,000 in the same period of 2018[78] Project and Revenue Details - The number of projects completed and in progress decreased by 14.3% to 42 projects in 2019 from 49 projects in 2018[6] - The average revenue per project decreased by 7.7% to approximately HKD 1.2 million in 2019 from HKD 1.3 million in 2018[8] - The company secured contracts totaling over HKD 92.2 million, with some projects expected to commence in the third quarter of 2019[8] - The number of office projects decreased by 25.7% to 26 in 2019, while commercial projects increased by 71.4% to 12[6] - The company's revenue from design and decoration services for the six months ended June 30, 2019, was HKD 50,564,000, a decrease of 24% compared to HKD 66,499,000 for the same period in 2018[66] - The revenue from external customers in Hong Kong for the six months ended June 30, 2019, was HKD 50,564,000, down from HKD 66,499,000 in the same period of 2018, representing a 24% decline[67] - The top five customers accounted for approximately 68% of the total revenue for the six months ended June 30, 2019, compared to 56% in 2018[67] Expenses and Liabilities - For the six months ended June 30, 2019, the group's total operating expenses were approximately HKD 14.8 million, a decrease from HKD 15.3 million in the same period of 2018, primarily due to reduced advertising and marketing expenses[14] - The adjusted EBITDA for the six months ended June 30, 2019, was a loss of approximately HKD 5.2 million, compared to a profit of approximately HKD 1.8 million in the same period of 2018, mainly due to decreased revenue and overall gross margin decline[14] - Total liabilities as of June 30, 2019, were approximately HKD 85.5 million, down from approximately HKD 105.3 million as of December 31, 2018[15] - Current liabilities decreased significantly to HKD 46,546,000 from HKD 83,843,000 in the previous period, indicating a reduction of 44.5%[35] - The company’s current liabilities exceeded current assets, with current liabilities at HKD 46,546,000 and current assets at HKD 7,772,000[44] Cash Flow and Assets - As of June 30, 2019, the group had cash and cash equivalents of approximately HKD 18.0 million, down from approximately HKD 20.7 million as of December 31, 2018[15] - Cash and bank balances at the end of June 30, 2019, were HKD 18,006,000, down from HKD 20,681,000 at the end of 2018, a decrease of 12.9%[33] - The net cash used in operating activities for the six months ended June 30, 2019, was HKD 16,088,000, slightly improved from HKD 17,941,000 in the same period of 2018[40] - The company reported a net cash inflow from investing activities of HKD 4,913,000 for the six months ended June 30, 2019, compared to HKD 27,800,000 in the previous year, indicating a significant decrease of 82.3%[40] - The total equity attributable to owners of the company decreased to HKD 63,676,000 as of June 30, 2019, from HKD 70,944,000 at the end of 2018, a decline of 10.3%[35] - The company’s total assets less current liabilities were HKD 60,711,000 as of June 30, 2019, down from HKD 113,254,000 in the previous period, a decrease of 46.3%[35] Employee and Operational Details - The group had 40 employees as of June 30, 2019, compared to 43 employees as of December 31, 2018[26] - Total employee costs for the six months ended June 30, 2019, were approximately HKD 9.8 million, compared to approximately HKD 9.6 million for the same period in 2018[26] - The company has been actively recruiting high-quality talent to strengthen its capabilities and has updated its IT infrastructure to support business growth[103] - The company has a stock option plan effective for 10 years, aimed at attracting and retaining competent personnel[125] Corporate Governance and Compliance - The company has adhered to all corporate governance codes as per GEM Listing Rules Appendix 15 for the six months ended June 30, 2019[140] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial information and interim report for the six months ended June 30, 2019[143] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ended June 30, 2019[142] Market and Strategic Initiatives - The company anticipates that the market conditions and economic environment for the remainder of 2019 remain uncertain, with a focus on enhancing customer value and optimizing productivity[9] - The company continues to invest in marketing efforts, including advertising in MTR stations and donations to charities to enhance its corporate image[105] - The company allocated a total of HKD 57,000,000 for various strategic initiatives, with 27% (HKD 15,225,000) dedicated to recruiting high-quality talent[121] - 24% (HKD 13,587,000) of the total budget is earmarked for developing new business categories and potential business collaborations or acquisitions[121] - Market expansion efforts received 19% (HKD 10,788,000) of the total allocation[121] - The company aims to enhance marketing effectiveness and brand awareness, with an investment of HKD 4,860,000, which is 8% of the total[121] - General working capital is set at HKD 5,700,000, accounting for 10% of the total budget[121] Risks and Challenges - The company faces significant risks, including the inability to secure new contracts, which could materially impact financial performance[123] - The reliance on management team performance and project management personnel is critical for operational success[123]

Financial Performance - Total revenue for the three months ended March 31, 2019, increased by approximately 4.5% to about HKD 34.5 million compared to HKD 33.0 million in the same period of 2018[10] - Revenue for the three months ended March 31, 2019, was HKD 34.671 million, an increase from HKD 33.579 million for the same period in 2018[22] - The average revenue per project decreased from approximately HKD 1.27 million in 2018 to about HKD 1.15 million in 2019[8] - Gross profit for the three months ended March 31, 2019, was approximately HKD 5.3 million, a decline of about 36.9% from HKD 8.4 million in 2018[13] - The gross profit margin dropped from approximately 25.2% in 2018 to about 15.3% in 2019 due to increased subcontracting costs from larger commercial projects[13] - Adjusted EBITDA for the three months ended March 31, 2019, was approximately -HKD 1.7 million, compared to HKD 1.1 million in the same period of 2018[14] - The company recorded a loss attributable to owners of approximately HKD 2.9 million for the three months ended March 31, 2019, compared to a profit of about HKD 4.3 million in 2018[14] - The group reported a loss of HKD 2.898 million for the three months ended March 31, 2019, compared to a profit of HKD 4.345 million for the same period in 2018[22] - Basic loss per share for the period was HKD (0.49), compared to earnings of HKD 0.89 for the same period in 2018[22] - For the three months ended March 31, 2019, the company reported a loss attributable to shareholders of HKD (2,905,000), compared to a profit of HKD 4,254,000 for the same period in 2018, representing a year-over-year decline of 168.3%[34] - Basic loss per share for the first quarter of 2019 was HKD (0.49), down from HKD 0.89 in the same quarter of 2018, indicating a decrease of 154.9%[34] Project and Client Activity - The number of projects increased by approximately 15.4% from 26 to 30 projects year-over-year[6] - The company has secured multiple projects totaling approximately HKD 85.9 million, which are expected to contribute to total revenue later in 2019[8] - The company continues to gain projects from existing and new clients, enhancing its reputation and competitive advantage in the market[13] - The group’s primary service revenue included design and renovation services totaling HKD 34.304 million for the three months ended March 31, 2019, compared to HKD 32.992 million in 2018[28] Operating Expenses and Financial Position - Operating expenses for the three months ended March 31, 2019, were approximately HKD 7.5 million, a decrease from HKD 7.8 million in the same period of 2018[13] - As of March 31, 2019, the group had cash and cash equivalents of approximately HKD 15.0 million, down from HKD 20.7 million as of December 31, 2018[16] - The current ratio as of March 31, 2019, was approximately 1.8 times, unchanged from December 31, 2018[16] - Total liabilities as of March 31, 2019, were approximately HKD 104.6 million, a slight decrease from HKD 105.3 million as of December 31, 2018[16] - The capital-to-debt ratio was approximately 70.8% as of March 31, 2019, compared to 66.9% as of December 31, 2018[16] Shareholder Information - Major shareholder Legend Investments International Limited holds 144,004,000 shares, representing 24.2% of the issued voting shares[59] - Climb Up Limited, another major shareholder, holds 115,000,000 shares, also representing 19.3% of the issued voting shares[59] - The weighted average number of ordinary shares increased from 480,000,000 in 2018 to 595,000,000 in 2019, reflecting a growth of 24%[34] Corporate Governance - The company has confirmed compliance with all corporate governance codes as per GEM Listing Rules Appendix 15 during the reporting period[63] - There were no arrangements made that would allow directors or major shareholders to acquire any securities of the company or its affiliates during the reporting period[60] - The company’s operations remain independent from Ace Architectural and Interior Design Limited, a non-wholly owned subsidiary, ensuring no direct competition[62] - The audit committee was established on June 15, 2016, and consists of three independent non-executive directors[67] - The audit committee reviewed the unaudited financial information and the first quarter report for the period ended March 31, 2019[67] Dividends and Acquisitions - The group did not declare any interim dividends for the three months ended March 31, 2019, consistent with the previous year[19] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the three months ended March 31, 2019[20] - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ended March 31, 2019[65] Stock Options - The company has a stock option plan effective from July 12, 2016, for a duration of 10 years, aimed at attracting and retaining competent personnel[36] - As of March 31, 2019, there were no unexercised, granted, cancelled, exercised, or lapsed stock options[36]

Financial Performance - The total revenue for the year was approximately HKD 162.4 million, representing an increase of about 36.9% compared to 2017[13]. - The gross profit for the year was approximately HKD 19.6 million, a decrease of about 37.0% compared to 2017, with a gross profit margin dropping from approximately 26.2% to about 12.1%[13]. - The company recorded a loss attributable to owners of approximately HKD 35.2 million, compared to a profit of about HKD 2.5 million in 2017[13]. - Revenue for the year ended December 31, 2018, was approximately HKD 162.4 million, representing a 36.9% increase compared to HKD 118.7 million in 2017[30]. - Gross profit for the same period was approximately HKD 19.6 million, a decrease of about 37.0% from HKD 31.2 million in 2017, resulting in a gross margin decline from 26.2% to 12.1%[30]. - Adjusted EBITDA for the year was approximately (HKD 13.6 million), compared to HKD 4.6 million in 2017, indicating operational challenges[30]. - The adjusted EBITDA for the year was approximately HKD -13.6 million, down from HKD 4.6 million in 2017, attributed to increased operating expenses and a decline in overall gross margin[36]. Project and Market Development - The number of projects increased by 27.1% compared to 2017, excluding maintenance and after-sales service projects[13]. - The average revenue per project (excluding maintenance and after-sales service) increased by approximately 8.6% to about HKD 2.65 million[13]. - The company has secured projects valued at approximately HKD 90.5 million, which are expected to contribute to total revenue in 2019 and beyond[14]. - The commercial project segment saw a significant revenue increase of 920.0%, from HKD 5.0 million in 2017 to HKD 51.0 million in 2018[27]. - The company aims to explore new business lines and expand its core business into different markets to strengthen its market position[10]. - The management remains optimistic about the future development of the interior design and renovation industry in Hong Kong due to the revitalization of industrial buildings[22]. Acquisitions and Investments - In June 2018, the company completed the acquisition of a 49% stake in Primo Group (BVI) Limited, which provides interior design and renovation solutions for luxury residences and offices in Hong Kong[14]. - The company acquired a 60% stake in Ace Architectural and Interior Design Limited and a 49% stake in Primo, enhancing its service offerings in interior design and renovation solutions[23]. - The group reported a significant acquisition of 49% of Primo's shares for HKD 75 million, completed on June 20, 2018[111]. Financial Position and Liabilities - As of December 31, 2018, the company had cash and cash equivalents of approximately HKD 20.7 million, down from HKD 57.9 million at the end of 2017[50]. - The current ratio as of December 31, 2018, was approximately 1.8 times, compared to 2.9 times at the end of 2017[50]. - Total liabilities as of December 31, 2018, were approximately HKD 105.3 million, up from HKD 40.6 million in 2017, primarily due to trade and other payables and borrowings[50]. - The capital-to-debt ratio was approximately 66.9% as of December 31, 2018, reflecting the issuance of promissory notes related to the acquisition of Primo[50]. Corporate Governance and Management - The company has maintained a strong commitment to corporate governance principles and practices[155]. - The board consists of six directors, including three executive directors and three independent non-executive directors[157]. - The company has established an Audit Committee to oversee financial reporting, risk management, and internal control procedures, with four meetings held during the year[180]. - The Remuneration Committee reviewed the remuneration of executive directors and senior management, providing recommendations to the board[186]. - All independent non-executive directors confirmed their independence according to GEM Listing Rules, ensuring compliance with governance standards[174]. Employee and Operational Insights - The total number of employees decreased to 43 as of December 31, 2018, from 49 the previous year[67]. - The company reported a total employee cost of approximately HKD 20.3 million for the year, up from HKD 17.6 million in the previous year, primarily due to enhanced compensation packages[67]. - The company has a diverse board of directors with expertise in finance, engineering, and design, contributing to strategic decision-making[80]. Social Responsibility and Community Engagement - The company continues to receive recognition for its corporate social responsibility efforts, including awards for being a caring company and a happy enterprise[17]. - The company has a strong commitment to community service and environmental sustainability, utilizing eco-friendly materials and practices[73]. - Charitable donations made by the group during the year totaled HKD 40,000, down from HKD 125,700 in 2017[115].