Financial Performance - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 107.8 million, an increase of about 9.8% from approximately HKD 98.2 million in the previous fiscal year[10]. - The group reported a net loss of approximately HKD 0.6 million for the fiscal year 2024, compared to a net profit of approximately HKD 2.4 million in the fiscal year 2023, primarily due to an increase in employee costs of about HKD 3.1 million and a decrease in gross profit[10]. - Revenue for the fiscal year 2024 increased by approximately 9.8% to about HKD 107.8 million, up from approximately HKD 98.2 million in fiscal year 2023, primarily due to increased rental income from new tower cranes and related services[22]. - The cost of sales and services for fiscal year 2024 was approximately HKD 83.9 million, representing an increase of about 15.5% from approximately HKD 72.7 million in fiscal year 2023[23]. - Gross profit decreased by approximately 6.5% to about HKD 23.9 million in fiscal year 2024, with a gross profit margin of approximately 22.2%, down from 26.0% in fiscal year 2023[24]. - Administrative expenses rose to approximately HKD 24.6 million in fiscal year 2024, compared to HKD 21.8 million in fiscal year 2023, mainly due to increased employee costs and director remuneration[26]. - The company recorded a total loss of approximately HKD 0.6 million in fiscal year 2024, compared to a profit of approximately HKD 2.4 million in fiscal year 2023, primarily due to increased employee costs and reduced gross profit[28]. - Other income decreased to approximately HKD 441,000 in fiscal year 2024 from HKD 974,000 in fiscal year 2023, primarily due to the absence of government subsidies in fiscal year 2024[25]. Business Strategy and Market Position - The company aims to capture potential growth in the Hong Kong construction market despite a challenging business environment characterized by global supply chain disruptions, inflation, and currency fluctuations[11]. - The group plans to adopt proactive and prudent business strategies to enhance long-term profitability and shareholder value[11]. - The company will explore other potential investment opportunities to diversify its business and create new revenue sources[12]. - The company aims to strengthen its market position in the crane industry and diversify its revenue sources through strategic investments in equipment and personnel[44]. - The company acquired a tower crane to expand its tower crane leasing services, addressing the growing demand for construction projects in Hong Kong[83]. Capital Expenditures and Financial Position - Capital expenditures for fiscal year 2024 amounted to approximately HKD 32.8 million, with about 87.3% allocated for the purchase of additional tower cranes[29]. - As of March 31, 2024, the company had cash and cash equivalents of approximately HKD 13.3 million, down from approximately HKD 14.2 million as of March 31, 2023[30]. - The debt-to-equity ratio as of March 31, 2024, was approximately 23.3%, a decrease from 26.5% as of March 31, 2023, due to a reduction in interest-bearing liabilities[30]. - As of March 31, 2024, the company's distributable reserves amounted to approximately HKD 15.8 million, a decrease from HKD 31.1 million in the previous year[87]. Employee and Management Information - The group employed 35 full-time employees as of March 31, 2024, with total employee costs amounting to approximately HKD 29.2 million, including performance bonuses of about HKD 6.6 million[42]. - The management team has over 20 years of experience in the shipping industry, indicating strong leadership capabilities[56]. - The company’s senior management includes individuals with over 30 years of experience in the construction industry, ensuring expertise in operations[67]. - The executive director has a background in compliance, ensuring regulatory adherence and risk management[54]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors overseeing key committees, ensuring transparency and accountability[60]. - The independent non-executive director has over 20 years of experience in auditing, corporate finance, and investment banking, enhancing the company's financial oversight[63]. - The company has complied with all applicable laws and regulations in Hong Kong that have a significant impact on its operations during the fiscal year 2024[82]. - The company has established a risk management and internal control system to identify, assess, and manage significant risks, with regular evaluations conducted at least annually[196]. - The board consists of seven directors, with non-executive and independent non-executive directors making up over 70% of the board members[153]. Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year 2024, consistent with the previous fiscal year[37]. - The company did not declare or propose any dividends for the fiscal year 2024, consistent with the previous fiscal year[73]. - The company is owned approximately 31.9% by Xingji Limited, which is controlled by Mr. Deng Xingqiang and Ms. Qu Fengyi, holding 90.0% and 10.0% respectively[103]. - Mr. Li Ruliang holds a beneficial interest in 98,524,000 shares, representing 26.2% of the total issued shares[103]. - Ms. Liang Chumei has a beneficial interest in 26,836,000 shares, accounting for 7.13% of the total issued shares[103]. Related Party Transactions - Related party transactions during the fiscal year 2024 included agreements with Meixin Jewelry Manufacturing Co., Ltd. for registered office services and with Mr. Qu Zhuhua for inspection and testing services[117]. - The company has complied with the disclosure requirements under the GEM Listing Rules regarding related party transactions[119]. - No significant contracts were entered into with the controlling shareholder or their subsidiaries during the fiscal year 2024[121]. Board and Committee Activities - The board held a total of seven meetings during the fiscal year 2024, with attendance records showing full participation from executive and non-executive directors[160]. - The Audit Committee held three meetings during the fiscal year 2024, reviewing the group's annual consolidated financial statements and risk management[169]. - The Compensation Committee held three meetings in the fiscal year 2024 to determine the remuneration policy for executive directors and review related matters[174]. - The Nomination Committee held one meeting in the fiscal year 2024 to review the board's structure and recommend the reappointment of retiring directors[180]. Risk Management - The company has implemented strict internal controls to prevent unauthorized use of confidential or insider information[197]. - The board believes that the risk management and internal control systems are adequate and effective in managing risks associated with achieving business objectives[196].

[Consolidated Financial Statements](index=3&type=section&id=Consolidated_Financial_Statements) [Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated_Statement_of_Profit_or_Loss) For the six months ended September 30, 2023, revenue increased 9.4% to HKD 53.47 million, but profit attributable to owners declined 36.3% to HKD 3.74 million due to higher administrative expenses and reduced other income Consolidated Statement of Profit or Loss Summary (For the six months ended September 30) | Metric | 2023 (HKD '000) | 2022 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 53,473 | 48,872 | +9.4% | | Gross Profit | 17,513 | 12,093 | +44.8% | | Administrative Expenses | (12,838) | (7,401) | +73.5% | | Profit Before Income Tax Expense | 4,830 | 6,554 | -26.3% | | Profit Attributable to Owners of the Company | 3,737 | 5,865 | -36.3% | | Basic Earnings Per Share | 0.99 HK cents | 1.47 HK cents | -32.7% | [Unaudited Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated_Statement_of_Financial_Position) As of September 30, 2023, total assets were HKD 170 million and net assets (total equity) were HKD 121 million, both slightly up from March 31, 2023, with net current assets significantly increasing to HKD 20.70 million due to reduced current liabilities Consolidated Statement of Financial Position Summary | Metric | As of September 30, 2023 (HKD '000) | As of March 31, 2023 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 125,989 | 133,482 | -5.6% | | Current Assets | 44,278 | 45,180 | -2.0% | | Current Liabilities | 23,574 | 32,599 | -27.7% | | Net Current Assets | 20,704 | 12,581 | +64.6% | | Non-current Liabilities | 25,495 | 28,603 | -10.9% | | Net Assets | 121,197 | 117,460 | +3.2% | | Total Equity | 121,197 | 117,460 | +3.2% | [Unaudited Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated_Statement_of_Changes_in_Equity) For the six months ended September 30, 2023, total equity increased from HKD 117 million to HKD 121 million, driven by a HKD 3.74 million profit for the period, while the prior year saw a slight decrease due to share repurchases - For the six months ended September 30, 2023, total equity increased to **HKD 121 million** due to a profit of **HKD 3.737 million** for the period[6](index=6&type=chunk) - In the prior corresponding period (ended September 30, 2022), the company conducted share repurchases totaling **HKD 1.191 million**[6](index=6&type=chunk) [Unaudited Consolidated Cash Flow Statement](index=7&type=section&id=Consolidated_Cash_Flow_Statement) For the six months ended September 30, 2023, net cash from operating activities decreased to HKD 8.35 million, while investing activities shifted to a net inflow, and financing cash outflow increased, resulting in an ending cash balance of HKD 17.35 million Consolidated Cash Flow Statement Summary (For the six months ended September 30) | Metric | 2023 (HKD '000) | 2022 (HKD '000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 8,348 | 12,712 | | Net Cash from / (Used in) Investing Activities | 3,721 | (15,366) | | Net Cash (Used in) / from Financing Activities | (8,926) | 702 | | Net Increase / (Decrease) in Cash and Cash Equivalents | 3,143 | (1,952) | | Cash and Cash Equivalents at End of Period | 17,350 | 28,470 | [Notes to Financial Statements](index=8&type=section&id=Notes_to_Financial_Statements) [General Information and Accounting Policies](index=8&type=section&id=General_Info_and_Accounting_Policies) The company, an investment holding company registered in the Cayman Islands, primarily engages in the trading, installation, and leasing of gondolas and other construction equipment, with interim financial statements prepared under HKFRS on a historical cost basis and reviewed by the audit committee - The Group primarily engages in the trading, installation, and leasing of gondolas and other construction equipment[12](index=12&type=chunk) - The interim financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and on a historical cost basis[14](index=14&type=chunk)[15](index=15&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue_and_Segment_Info) During the reporting period, total revenue was HKD 53.47 million, with 98% from leasing and related services, which grew 10.4% to HKD 52.42 million, and the company manages all operations as a single segment Revenue Composition (For the six months ended September 30) | Business Type | 2023 (HKD '000) | 2022 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Leasing and Related Services | 52,420 | 47,474 | +10.4% | | Trading of Equipment and Parts | 1,053 | 1,398 | -24.7% | | **Total** | **53,473** | **48,872** | **+9.4%** | - The executive directors consider leasing and related services and trading of equipment and parts as the Group's sole operating segment[18](index=18&type=chunk) [Profit, Taxation, and Dividends](index=10&type=section&id=Profit_Tax_and_Dividends) Profit before tax for the period was HKD 4.83 million, a 26.3% decrease year-on-year, with income tax expense of HKD 1.093 million entirely deferred, and the Board did not declare any dividends for the six months ended September 30, 2023 - Key items deducted from profit before tax include depreciation of property, plant and equipment of **HKD 8.629 million** and staff costs of **HKD 13.214 million**[19](index=19&type=chunk) - Income tax expense amounted to **HKD 1.093 million**, entirely comprising deferred tax expense[20](index=20&type=chunk) - The Board did not declare any dividends for the six months ended September 30, 2023[24](index=24&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings_Per_Share) For the six months ended September 30, 2023, basic earnings per share decreased to 0.99 HK cents from 1.47 HK cents in the prior period, primarily due to lower profit and a reduction in the weighted average number of ordinary shares outstanding Basic Earnings Per Share Calculation | Metric | For the six months ended September 30, 2023 | For the six months ended September 30, 2022 | | :--- | :--- | :--- | | Profit Attributable to Owners (HKD '000) | 3,737 | 5,865 | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 376,000 | 400,000 | | **Basic Earnings Per Share** | **0.99 HK cents** | **1.47 HK cents** | [Trade Receivables and Payables](index=12&type=section&id=Trade_Receivables_and_Payables) As of September 30, 2023, net trade receivables were HKD 23.37 million, largely stable with most within three months, while trade payables decreased to HKD 7.26 million from HKD 10.1 million at the beginning of the period, with a typical credit period of 30 days - Net trade receivables amounted to **HKD 23.368 million**, with over **78%** aged within three months[28](index=28&type=chunk) - Trade payables were **HKD 7.257 million**, with approximately **69%** aged within three months[31](index=31&type=chunk)[33](index=33&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management_Discussion_and_Analysis) [Business Review and Prospects](index=14&type=section&id=Business_Review_and_Prospects) The company's core business involves leasing and trading temporary gondolas and tower cranes, with revenue growing 9.4% due to expanded tower crane leasing services, and it plans to continue a proactive yet cautious strategy to enhance core business and shareholder value - The Group primarily engages in (i) providing leasing services for temporary gondolas, tower cranes, and generators; and (ii) trading of equipment and parts[34](index=34&type=chunk) - Revenue for the reporting period increased by **9.4%** year-on-year to approximately **HKD 53.5 million**, primarily driven by the expansion of tower crane leasing services[36](index=36&type=chunk) - Looking ahead, the Group will continue to adopt a proactive yet cautious approach to its business strategy, aiming to significantly improve profitability and enhance shareholder value[37](index=37&type=chunk) [Financial Review](index=15&type=section&id=Financial_Review) During the period, revenue grew 9.4% and gross profit increased 44.8% with margin improving to 32.8%, but a 73.5% surge in administrative expenses due to asset disposal losses and higher staff costs, coupled with significantly reduced other income, led to a 36.3% decline in profit for the period [Revenue Analysis](index=15&type=section&id=Revenue_Analysis) For the six months ended September 30, 2023, revenue increased 9.4% to HKD 53.5 million, primarily driven by higher income from tower crane leasing and related services Revenue Changes | Period | Revenue (HKD Million) | YoY Growth | | :--- | :--- | :--- | | For the six months ended September 30, 2023 | 53.5 | +9.4% | | For the six months ended September 30, 2022 | 48.9 | - | [Gross Profit Analysis](index=15&type=section&id=Gross_Profit_Analysis) Gross profit significantly increased 44.8% year-on-year to HKD 17.5 million, with the gross profit margin improving from 24.7% to 32.8%, primarily due to revenue growth while cost of sales remained relatively stable Gross Profit and Gross Margin Changes | Period | Gross Profit (HKD Million) | Gross Margin | YoY Growth (Gross Profit) | | :--- | :--- | :--- | :--- | | For the six months ended September 30, 2023 | 17.5 | 32.8% | +44.8% | | For the six months ended September 30, 2022 | 12.1 | 24.7% | - | [Expenses and Profit Analysis](index=16&type=section&id=Expenses_and_Profit_Analysis) Administrative expenses surged 73.5% year-on-year to HKD 12.8 million due to asset disposal losses and higher staff and director remuneration, while other income fell from HKD 2.7 million to HKD 0.9 million, resulting in a 36.3% profit decline to HKD 3.7 million - Administrative expenses increased **73.5%** from **HKD 7.4 million** to **HKD 12.8 million**, primarily due to losses on disposal of property, plant and equipment, increased staff costs, and directors' remuneration[43](index=43&type=chunk) - Other income decreased from **HKD 2.7 million** to **HKD 0.9 million**, mainly due to government anti-epidemic fund subsidies and higher recovery of impairment losses on trade receivables in the prior period[42](index=42&type=chunk) - Profit and total comprehensive income for the period decreased **36.3%** from **HKD 5.9 million** to **HKD 3.7 million**[45](index=45&type=chunk) [Liquidity, Capital Structure, and Risk Management](index=17&type=section&id=Liquidity_Capital_Structure_and_Risk_Management) The company maintains a sound financial position with cash and cash equivalents of approximately HKD 17.4 million, and its gearing ratio decreased from 26.5% to 18.7%, reflecting reduced financial leverage, while the capital structure was impacted by 2022 share repurchases, and foreign exchange risk remains minimal due to HKD-denominated transactions - As of September 30, 2023, the Group held cash and cash equivalents of approximately **HKD 17.4 million** (March 31, 2023: approximately HKD 14.2 million)[47](index=47&type=chunk) - The gearing ratio decreased from **26.5%** (March 31, 2023) to **18.7%** (September 30, 2023)[47](index=47&type=chunk) - Following the repurchase and cancellation of **24 million** shares in 2022, the number of ordinary shares in issue as of September 30, 2023, was **376 million**[50](index=50&type=chunk) [Employee and Remuneration Policy](index=19&type=section&id=Employee_and_Remuneration_Policy) As of September 30, 2023, the Group had 36 full-time employees, a decrease of one from the beginning of the period, with staff costs (including directors' remuneration) significantly increasing to approximately HKD 13.2 million from HKD 9 million in the prior period, mainly due to higher directors' remuneration and employee monthly salaries Employees and Costs | Metric | As of September 30, 2023 | As of March 31, 2023 | | :--- | :--- | :--- | | Number of Full-time Employees | 36 | 37 | | **Metric** | **For the six months ended September 30, 2023** | **For the six months ended September 30, 2022** | | Staff Costs (HKD Million) | 13.2 | 9.0 | [Corporate Governance and Other Disclosures](index=20&type=section&id=Corporate_Governance_and_Other_Disclosures) [Disclosure of Directors' and Major Shareholders' Interests](index=20&type=section&id=Disclosure_of_Interests) As of September 30, 2023, Chairman and CEO Mr. Tang Hing Keung and his spouse Ms. Au Fung Yee collectively held 120 million shares, or 31.9% of total issued shares, through Hing Kat Limited, while another major shareholder, Mr. Li Yu Leung, held 98.524 million shares, representing 26.2% Major Shareholders' Shareholding | Shareholder Name / Designation | Capacity / Nature of Interest | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Tang Hing Keung | Interest in Controlled Corporation | 120,000,000 | 31.9% | | Ms. Au Fung Yee | Spouse's Interest | 120,000,000 | 31.9% | | Hing Kat Limited | Beneficial Interest | 120,000,000 | 31.9% | | Mr. Li Yu Leung | Beneficial Interest | 98,524,000 | 26.2% | [Corporate Governance Practices](index=23&type=section&id=Corporate_Governance_Practices) The company largely complied with the Corporate Governance Code during the reporting period, with one deviation: the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Tang Hing Keung, an arrangement the Board believes provides strong and consistent leadership given his founder status and extensive experience - The company deviated from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are not separate and are both held by **Mr. Tang Hing Keung**[69](index=69&type=chunk) - The Board believes this arrangement benefits business operations and management, provides strong and consistent leadership for the Group, and the presence of three independent non-executive directors ensures a balance of power[69](index=69&type=chunk) [Other Disclosures](index=24&type=section&id=Other_Disclosures) During the reporting period, the company did not grant any share options, nor did it purchase, sell, or redeem any listed securities, with directors confirming compliance with securities dealing standards, and business progress aligning with prospectus objectives to strengthen its gondola industry position and develop tower crane leasing - No share options have been granted since the adoption of the share option scheme[72](index=72&type=chunk) - For the six months ended September 30, 2023, the Group did not purchase, sell, or redeem any of the company's listed securities[75](index=75&type=chunk) - The Group has acquired new motors, parts, and additional tower cranes to strengthen its market position and diversify revenue streams, consistent with the objectives outlined in the prospectus[78](index=78&type=chunk) [Audit Committee](index=27&type=section&id=Audit_Committee) The Audit Committee, chaired by Mr. Wu Kin Sang, comprises three independent non-executive directors and is responsible for overseeing financial reporting, risk management, and internal control systems, having reviewed the interim financial statements and report - The Audit Committee is composed of three independent non-executive directors, with **Mr. Wu Kin Sang** serving as Chairman[82](index=82&type=chunk) - The Audit Committee has reviewed the 2023 interim financial statements and this report, deeming their preparation compliant with applicable accounting standards and Listing Rules[82](index=82&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司(「聯 交 所」)對 本 公 告 的 內 容 概 不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HING MING HOLDINGS LIMITED 興銘控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8425) 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 興 銘 控 股 有 限 公 司(「本 公 司」)董 事(「董 事」)會(「董 事 會」)欣 然 公 佈 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 業 績。 本 公 告 載 列 本 公 司 二 零 二 三 年 中 期 報 告 全 文,符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證 券 上 市 規 ...

Financial Performance - The company's revenue for the three months ended June 30, 2023, was HKD 32,208,000, representing a 26.8% increase from HKD 25,437,000 in the same period of 2022[3] - Gross profit for the same period was HKD 12,772,000, up 77.5% from HKD 7,188,000 year-on-year[3] - Profit before tax for the three months was HKD 4,533,000, slightly up from HKD 4,521,000 in the previous year, indicating a marginal increase of 0.3%[3] - The net profit attributable to the owners of the company for the period was HKD 3,626,000, down 12.8% from HKD 4,159,000 in the same quarter of 2022[3] - Basic and diluted earnings per share for the period were HKD 0.96, compared to HKD 1.04 in the previous year, reflecting a decrease of 7.7%[3] - The total profit and comprehensive income for the three months ended June 30, 2023, decreased by approximately 12.8% to about HKD 3.6 million, compared to approximately HKD 4.2 million for the same period in 2022[34] Revenue Breakdown - Revenue from leasing and related services was HKD 31,923,000, a 32.8% increase from HKD 24,039,000 in the prior year[13] - Revenue from equipment and parts trading decreased to HKD 285,000 from HKD 1,398,000, a decline of 79.6%[13] - The company's revenue for the three months ended June 30, 2023, increased by approximately 26.6% to about HKD 32.2 million, compared to approximately HKD 25.4 million for the same period in 2022[27] Expenses and Costs - The company's administrative expenses increased significantly to HKD 8,753,000 from HKD 2,740,000, reflecting a rise of 219.5%[3] - The cost of sales and services for the three months ended June 30, 2023, was approximately HKD 19.4 million, an increase of about 6.5% from HKD 18.2 million in the same period in 2022[28] - Administrative expenses surged by approximately 219.5% to about HKD 8.8 million, primarily due to increased salaries and performance bonuses for directors[32] Shareholder Information - The company is approximately 31.9% owned by Xingji Limited, which is controlled by Mr. Deng Xingqiang (90% ownership) and Ms. Qu Fengyi (10% ownership) [38] - As of June 30, 2023, Xingji Limited holds 120,000,000 shares, representing 31.9% of the total issued shares, while Mr. Li Ruliang holds 98,524,000 shares, accounting for 26.2% [42] - The company did not declare any dividends for the three months ended June 30, 2023, consistent with the previous year[20] Compliance and Governance - The company has maintained compliance with all corporate governance code provisions as of June 30, 2023, except for the separation of the roles of chairman and CEO [43] - The audit committee was established on February 23, 2017, in compliance with corporate governance codes and GEM listing rules, consisting of three independent non-executive directors[52] - The audit committee reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[52] - The board of directors confirmed compliance with the trading regulations for securities during the three months ended June 30, 2023 [48] Future Outlook - The company is focused on expanding its equipment leasing services and exploring new business opportunities in the Hong Kong construction industry to create sustainable returns for shareholders[25] - The financial condition and operational performance of the company are subject to various risks and uncertainties [49] - The board is not aware of any significant events that occurred after June 30, 2023, that require disclosure [50] Other Information - The company has not granted any stock options since the adoption of its stock option plan in February 2017, and there are no unexercised stock options as of June 30, 2023 [44] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ended June 30, 2023 [47] - The company has not identified any business or interests that may compete with its operations as of June 30, 2023 [46] - The company has a strong leadership structure with Mr. Deng Xingqiang serving as both chairman and CEO, which the board believes benefits the group's operations [43] - Other income for the three months ended June 30, 2023, was approximately HKD 891,000, compared to HKD 441,000 for the same period in 2022, mainly due to recovery of impairment losses[30] - Deferred tax expenses for the three months ended June 30, 2023, were HKD 907,000, compared to HKD 362,000 for the same period in 2022[5]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司(「聯 交 所」)對 本 公 告 的 內 容 概 不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HING MING HOLDINGS LIMITED 興銘控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8425) 截 至 二 零 二 三 年 六 月 三 十 日 止 三 個 月 之 第 一 季 度 業 績 公 告 興 銘 控 股 有 限 公 司(「本 公 司」)董 事(「董 事」)會(「董 事 會」)欣 然 公 佈 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 三 年 六 月 三 十 日 止 三 個 月 之 未 經 審 核 綜 合 業 績。 本 公 告 載 列 本 公 司 二 零 二 三 年 第 一 季 度 報 告 全 文,符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證 ...

Financial Performance - The company recorded revenue of approximately HKD 98.2 million for the fiscal year 2023, representing a 30.2% increase from approximately HKD 75.4 million in fiscal year 2022[7]. - The company achieved a net profit of approximately HKD 2.4 million in fiscal year 2023, a turnaround from a net loss of approximately HKD 3.0 million in fiscal year 2022, primarily due to a recovery of trade receivables impairment loss of approximately HKD 1.2 million[7]. - The increase in revenue was mainly driven by higher rental income from new tower cranes and an increase in the utilization rate of existing tower cranes[7]. - The company's revenue for the fiscal year 2023 increased by approximately 30.2% to about HKD 98.2 million, up from approximately HKD 75.4 million in fiscal year 2022, primarily due to rental income from new tower cranes and an increase in the rental rate of existing tower cranes[19]. - Gross profit rose by approximately 35.7% to about HKD 25.6 million in fiscal year 2023, with a stable gross margin of approximately 26.0% compared to 25.0% in fiscal year 2022[21]. - The cost of sales and services for fiscal year 2023 was approximately HKD 72.7 million, representing an increase of about 28.4% from approximately HKD 56.6 million in fiscal year 2022, consistent with the revenue growth[20]. - Other income increased significantly to approximately HKD 974,000 in fiscal year 2023 from HKD 72,000 in fiscal year 2022, mainly due to income from the anti-epidemic fund and foreign exchange gains[22]. - Administrative expenses increased to approximately HKD 21.8 million in fiscal year 2023 from HKD 16.6 million in fiscal year 2022, primarily due to performance bonuses paid to directors and employees[23]. - Financing costs rose by approximately 65.5% to about HKD 1.7 million in fiscal year 2023, up from HKD 1.0 million in fiscal year 2022, driven by increased interest on bank loans and lease liabilities[24]. - The company recorded a profit of approximately HKD 2.4 million in fiscal year 2023, a turnaround from a loss of approximately HKD 3.0 million in fiscal year 2022, attributed to reduced impairment losses and increased rental income[25]. Business Strategy and Growth - The company plans to explore other potential investment opportunities to diversify its business and create new revenue streams[9]. - The company is confident that the demand for tower cranes will remain strong in the coming years, driven by the increasing applications for public housing in Hong Kong[13]. - The company is actively seeking other business opportunities in the Hong Kong construction industry to create sustainable returns for shareholders[16]. - The company has expanded its business by purchasing more tower cranes to meet the growing demand in the housing construction sector[13]. - The company has purchased six tower cranes to diversify its revenue sources and capture market demand in the tower crane rental service[42]. - The company has allocated HKD 42.4 million from the net proceeds to diversify its revenue sources and capture market demand in the tower crane rental service[44]. Shareholder Value and Capital Management - The company repurchased a total of 24,000,000 shares during the fiscal year 2023, with a total cost of HKD 6.26 million, enhancing shareholder value[40]. - The net proceeds from the share issuance amounted to approximately HKD 53.3 million, with all funds allocated as planned by March 31, 2023[44]. - As of March 31, 2023, the company's cash and cash equivalents were approximately HKD 14.2 million, down from HKD 30.4 million in fiscal year 2022, indicating a decrease in liquidity[27]. - The company's debt-to-equity ratio increased to approximately 26.5% as of March 31, 2023, compared to 25.2% in fiscal year 2022, primarily due to an increase in interest-bearing liabilities[28]. Corporate Governance - The company has a board of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors, responsible for overall management and business operations[46]. - The board confirmed compliance with all applicable laws and regulations in Hong Kong that have a significant impact on the company as of the report date[80]. - The company has established long-term business relationships with several clients, some exceeding 10 years[77]. - The company has maintained sufficient public float as required under GEM listing rules throughout the fiscal year 2023[130]. - The company has complied with all applicable corporate governance code provisions as outlined in the GEM listing rules for the fiscal year 2023[133]. - The company emphasizes the importance of good corporate governance elements in its management structure, internal controls, and risk management processes[144]. - The board consists of seven directors, with non-executive and independent non-executive directors making up over 70% of the board members[150]. - The company has at least three independent non-executive directors, meeting GEM listing rules requirements[153]. - The independent auditor for the fiscal year ending March 31, 2023, was Tianzhi Hong Kong CPA, who will be proposed for reappointment at the upcoming annual general meeting[140]. Employee Management and Development - The company has retained two general technicians and one sales manager to support the operations of the tower crane rental business[42]. - The company’s management emphasizes the importance of employee development through competitive compensation and training opportunities[76]. - The company conducted regular employee evaluations to assess performance and ensure competitive compensation[38]. - As of March 31, 2023, the company employed 37 full-time employees, with employee costs amounting to approximately HKD 26.1 million, an increase from HKD 17.7 million in the previous fiscal year[38]. Risk Management - The board is responsible for the risk management and internal control systems, ensuring they are effective in identifying and mitigating potential risks[195]. - The company has established and implemented risk management procedures to identify, assess, and manage significant risks, with regular internal control assessments conducted[196]. - The board believes that the group's risk management and internal control systems are adequate and effective, covering financial, operational, compliance, and risk management controls[196]. Compliance and Regulatory Matters - The company has received annual confirmations from its controlling shareholders regarding compliance with the non-competition agreement[122]. - The company has implemented appropriate insurance for directors' liability as part of its governance practices[125]. - All independent non-executive directors have confirmed their independence in accordance with GEM Listing Rules[90]. - The company has no knowledge of any other individuals or entities holding interests that require disclosure under the Securities and Futures Ordinance as of March 31, 2023[101].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 HING MING HOLDINGS LIMITED 興 銘 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8425） 截至二零二三年三月三十一日止年度之年度業績公告 興銘控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司截至二零二三年三月三十一日止年度之經審核綜合業績。本公告 載列本公司二零二三年年報全文，並遵守香港聯合交易所有限公司GEM證券 上市規則（「GEM上市規則」）中有關年度業績初步公告隨附資料的相關規定。 承董事會命 興銘控股有限公司 主席、執行董事兼行政總裁 鄧興強 香港，二零二三年六月二十日 於本公告日期，執行董事為鄧興強先生（主席兼行政總裁）及鄧銘禧先生；非執行董事為區鳳 怡女士及區立華先生；及獨立非執行董事為關煥民先生、趙志榮先生及楊志輝先生。 本公告的資料乃遵照GEM上市規則而刊載，旨在提供有關本公司的資料；各董事願就本公 ...

2022 第三季度 報告 2022 THIRD QUARTERLY REPORT CMY CM MY CY CMY K ai167567281532_Hing Ming 3Q2022 cover op.pdf 1 6/2/2023 下午4:40 香港聯合交易所有限公司（「聯交所」）GEM的特色 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 交所主板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聯交所主 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及聯交所對本報告的內容概不負責，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的任何損失承擔任何責任。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關本公司的資料；興銘控股有限公司各董事（分別為「本公司」及「董事」） 願就本報告的資料共同 ...

Financial Performance - The company's revenue for the six months ended September 30, 2022, was HKD 48,872,000, representing a 114.5% increase compared to HKD 22,726,000 for the same period in 2021[3] - Gross profit for the same period was HKD 12,093,000, up 55.5% from HKD 7,777,000 year-on-year[3] - The net profit attributable to the owners of the company for the six months was HKD 5,865,000, compared to HKD 2,150,000 in the previous year, marking a 172.3% increase[3] - Basic and diluted earnings per share increased to HKD 1.47 cents from HKD 0.54 cents, reflecting a growth of 172.2%[3] - The company reported a total comprehensive income of HKD 5,865,000 for the six months, compared to HKD 2,150,000 in the previous year, reflecting a 172.3% increase[8] - Revenue for the six months ended September 30, 2022, was HKD 48,872,000, a 114.5% increase from HKD 22,726,000 in the same period of 2021[21] - Rental and related services revenue for the six months ended September 30, 2022, was HKD 47,474,000, up 122.1% from HKD 21,357,000 in the previous year[22] - The total profit and comprehensive income rose by approximately 172.8%, from about HKD 2.2 million to approximately HKD 5.9 million for the six months ended September 30, 2022[50] Cash Flow and Assets - Cash generated from operating activities for the six months was HKD 12,712,000, a significant improvement from a cash outflow of HKD 1,480,000 in the same period last year[11] - Total assets as of September 30, 2022, were HKD 154,129,000, compared to HKD 146,683,000 as of March 31, 2022, indicating a growth of 5.5%[6] - The company's cash and cash equivalents at the end of the period were HKD 28,470,000, down from HKD 30,422,000 at the beginning of the period[11] - Non-current assets increased to HKD 129,981,000 from HKD 125,631,000, showing a growth of 2.0%[4] Liabilities and Equity - The company’s total liabilities decreased from HKD 32,213,000 to HKD 24,153,000, a reduction of 25.0%[4] - As of September 30, 2022, the company's issued share capital was HKD 3,760,000, with a total of 376,000,000 shares outstanding after the cancellation of 24,000,000 shares[53] - The major shareholder, Xingji, holds a beneficial interest of 120,000,000 shares, representing 30.0% of the issued shares[1] - Mr. Li Ruliang holds a beneficial interest of 98,524,000 shares, representing 24.6% of the issued shares[1] - After the share cancellation, Xingji's ownership percentage increased to approximately 31.9%[1] - Following the share cancellation, Mr. Li Ruliang's ownership percentage decreased to approximately 26.2%[1] Expenses and Costs - The cost of sales for the six months ended September 30, 2022, was HKD 2,906,000, significantly higher than HKD 591,000 in the same period of 2021[24] - Administrative expenses increased by approximately 45.2%, from about HKD 5.1 million to approximately HKD 7.4 million, primarily due to increased employee costs and director remuneration[48] - Financing costs increased by approximately 298.5%, from about HKD 198,000 to approximately HKD 789,000, mainly due to increased financial liabilities and borrowings related to tower crane financing leases[49] - Employee costs for the six months ended September 30, 2022, were approximately HKD 9.0 million, an increase from HKD 5.3 million in the previous year, primarily due to increased director remuneration and employee salaries[61] Strategic Initiatives - The company entered into a non-binding strategic cooperation framework agreement with Xuzhou Engineering Machinery Group Import and Export Co., Ltd. to explore potential collaboration in the tower crane business in Hong Kong[42] - The company has purchased new motors and other necessary components to replace old temporary cranes, aiming to consolidate its market position in the crane industry[1] - The company has acquired additional tower cranes to capture market demand for tower crane rental services[1] - The company aims to adopt a proactive and prudent approach to its business strategy to enhance profitability and shareholder value[42] Compliance and Governance - The audit committee has reviewed the interim financial statements for the period ending September 30, 2022, and confirmed compliance with applicable accounting standards and regulations[2] - The company applied new accounting standards without significant impact on the financial statements for the six months ended September 30, 2022[17] - The board believes that having the same person serve as both Chairman and CEO is beneficial for the company's operations and management[2] Share Options and Investments - The company has not granted any stock options since the adoption of the stock option plan on February 23, 2017, and there are no unexercised stock options as of September 30, 2022[1] - The company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2022[58] - There were no major investments held by the group as of September 30, 2022[59] - The group had no pledged assets as of September 30, 2022[60] Trade Receivables - Trade receivables as of September 30, 2022, were HKD 19,001,000, down from HKD 21,214,000 as of March 31, 2022[33] - Trade receivables as of September 30, 2022, totaled approximately HKD 17.1 million, with no significant changes in credit quality noted by the board[35]

Financial Performance - The company's revenue for the first quarter of 2022 reached HKD 25,437,000, a significant increase of 128% compared to HKD 11,187,000 in the same period of 2021[5] - Gross profit for the first quarter was HKD 7,188,000, up 107% from HKD 3,468,000 year-over-year[5] - The profit before tax for the quarter was HKD 4,521,000, compared to HKD 854,000 in the previous year, marking a growth of 429%[5] - The net profit attributable to the owners of the company for the quarter was HKD 4,159,000, compared to HKD 1,095,000 in the same quarter of 2021, representing an increase of 279%[5] - Earnings per share for the first quarter were HKD 1.04, compared to HKD 0.27 in the previous year, reflecting a growth of 285%[5] - The company's revenue for the three months ended June 30, 2022, increased by approximately 127.4% to about HKD 25.4 million, compared to approximately HKD 11.2 million for the same period in 2021[30] - Gross profit rose by approximately 107.3% to about HKD 7.2 million, compared to approximately HKD 3.5 million in the previous year, with a gross margin decrease from about 31.0% to approximately 28.3%[32] - The net profit attributable to the company's owners for the three months ended June 30, 2022, was approximately HKD 4.2 million, a significant increase of about 279.8% from approximately HKD 1.1 million in 2021[37] - The basic earnings per share for the period was HKD 1.04, compared to HKD 0.27 for the same period last year[25] Revenue Sources - Revenue from leasing and related services was HKD 24,039,000, a 121% increase from HKD 10,863,000 in the prior year[16] - Revenue from equipment and parts trading was HKD 1,398,000, up from HKD 324,000, indicating a growth of 332%[16] Expenses and Costs - Administrative expenses for the quarter were HKD 2,740,000, slightly higher than HKD 2,587,000 in the previous year[5] - Financing costs increased to HKD 368,000 from HKD 37,000, reflecting a rise of 894%[5] - The cost of sales and services for the same period was approximately HKD 18.2 million, an increase of about 136.4% from approximately HKD 7.7 million in 2021[31] - Administrative expenses increased by approximately 5.9% to about HKD 2.7 million, primarily due to the depreciation of right-of-use assets[35] - Financing costs surged by approximately 894.6% to about HKD 368,000, attributed to increased financing liabilities and bank borrowings related to tower crane leasing[36] Equity and Shareholding - The total equity of the company as of June 30, 2022, was HKD 125,513,000, an increase from HKD 124,389,000 a year earlier[7] - The company is owned 30.0% by the investment holding company Xingji Limited, with Mr. Tang Xingqiang and Ms. Qu Fengyi holding 90% and 10% of Xingji, respectively[39] - Mr. Tang Xingqiang holds 120,000,000 shares, representing 30.0% of the issued shares, while Ms. Qu Fengyi also holds 120,000,000 shares, representing 30.0%[39] - Major shareholder Xingji Limited holds 120,000,000 shares, accounting for 30.0% of the total issued shares[44] - Mr. Li Ruliang holds 109,024,000 shares, representing 27.3% of the total issued shares[44] - The company has not issued any stock options since the adoption of the stock option plan on February 23, 2017, and there are no unexercised options as of June 30, 2022[47] Corporate Governance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO[46] - The company has three independent non-executive directors providing independent opinions to ensure proper balance of power within the board[46] - The company has adopted the GEM Listing Rules regarding the trading of securities by directors[51] - The audit committee was established on February 23, 2017, in compliance with corporate governance codes and GEM listing rules[52] - The audit committee consists of three independent non-executive directors, with Mr. Zhao Zhirong serving as the chairman[52] - The audit committee reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[52] Other Information - Other income for the three months ended June 30, 2022, was approximately HKD 441,000, up from about HKD 10,000 in the previous year, mainly due to pandemic relief fund subsidies and foreign exchange gains[33] - The company did not declare any dividends for the three months ended June 30, 2022, consistent with the previous year[23] - The company aims to lead the temporary crane industry by providing high-quality equipment and services while seeking new business opportunities in Hong Kong's construction sector[28] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ended June 30, 2022[50] - There are no known business interests or conflicts of interest that may compete with the company's operations as of June 30, 2022[49]