Financial Performance - For the nine months ended December 31, 2019, the group's revenue was HKD 80,431,000, a decrease of 18.7% compared to HKD 98,988,000 for the same period in 2018[4] - The gross profit for the nine months was HKD 7,338,000, down 63.5% from HKD 20,106,000 in the previous year[4] - The group reported a loss before tax of HKD 8,428,000 for the nine months, compared to a profit of HKD 3,450,000 in the same period of 2018[4] - Total comprehensive loss for the period was HKD 8,428,000, compared to a total comprehensive income of HKD 3,000,000 for the same period in 2018[4] - Basic and diluted loss per share for the nine months was HKD 0.65, compared to earnings of HKD 0.23 per share in the previous year[4] - The company incurred a loss attributable to owners of HKD 8,428,000 for the nine months ended December 31, 2019, compared to a profit of HKD 3,000,000 for the same period in 2018[25] - The company recorded a net loss of approximately HKD 8.4 million for the nine months ended December 31, 2019, compared to a net profit of approximately HKD 3 million for the same period in 2018[38] Revenue Breakdown - The company reported a total revenue of approximately HKD 80,431,000 for the nine months ended December 31, 2019, a decrease of 18.1% compared to HKD 98,988,000 for the same period in 2018[19] - The construction management services generated revenue of HKD 7,377,000 for the three months ended December 31, 2019, down 79.1% from HKD 35,304,000 in the same period of 2018[19] - The company’s total revenue for the three months ended December 31, 2019, was HKD 7,377,000, with no revenue from consulting and maintenance services during this period[19] - Total revenue decreased by approximately HKD 18.6 million or 18.7% to approximately HKD 80.4 million for the nine months ended December 31, 2019, compared to HKD 99 million for the same period in 2018[29] - Construction management service revenue decreased by approximately HKD 15.9 million or 16.4% to approximately HKD 80.4 million, primarily due to the completion of a project in Tseung Kwan O, resulting in a revenue decrease of approximately HKD 18.1 million[30] Expenses and Costs - Administrative expenses for the nine months were HKD 13,717,000, a decrease of 8.1% from HKD 14,939,000 in 2018[4] - The total employee costs for the nine months ended December 31, 2019, were HKD 12,908,000, slightly down from HKD 13,088,000 in the same period of 2018[21] - Service costs decreased by approximately HKD 5.8 million or 7.3% to approximately HKD 73.1 million, mainly due to a reduction in consumables costs by approximately HKD 11.8 million[31] - Administrative expenses decreased by approximately HKD 1.2 million or 8.2% to approximately HKD 13.7 million, primarily due to reductions in legal and professional fees, rent expenses, and bank charges[35] - Financing costs increased by approximately HKD 400,000 or 19.6% to approximately HKD 2.3 million, mainly due to increased bank borrowings for early-stage project financing[36] Equity and Dividends - The group had total equity of HKD 89,912,000 as of December 31, 2019, down from HKD 98,358,000 at the end of 2018[6] - The company did not declare any dividends for the nine months ended December 31, 2019, consistent with the previous year[24] - The board did not declare or propose any dividends for the nine months ended December 31, 2019, and 2018[39] Business Strategy and Market Conditions - The company continues to focus on providing design, procurement, and installation services for water circulation systems[8] - The company plans to explore opportunities to expand its business into Hong Kong, Macau, and other construction-related contracting services in China to maintain sustainable growth[28] - The company faced challenges due to external macroeconomic slowdowns and increased competition in project acquisition amid the COVID-19 pandemic[27] - The company continues to monitor market conditions amid the challenges posed by the COVID-19 pandemic and will assess business objectives and the use of net proceeds accordingly[54] Compliance and Governance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[9] - The group has adopted the cumulative effect transition method for the new lease accounting standard, with minimal impact on financial performance[13] - The audit committee reviewed the unaudited condensed consolidated results for the nine months ending December 31, 2019, and found them to be prepared in accordance with applicable accounting standards[65] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[56] - The company maintains a commitment to good corporate governance, believing it is essential for long-term success and sustainable development[59] Use of Proceeds - As of December 31, 2019, the net proceeds from the IPO amounted to approximately HKD 38 million, with HKD 15.3 million utilized and HKD 22.7 million remaining[51] - The company allocated HKD 19.4 million for consolidating its industry position and expanding its business, with only HKD 0.8 million utilized[52] - HKD 7.6 million was fully used to repay bank loans, while HKD 3.6 million was utilized to strengthen the company's technology and project management capabilities[52] Other Financial Information - The average borrowing rate applied to lease liabilities as of April 1, 2019, was 5.875%[17] - The company recognized lease liabilities interest expense of approximately HKD 84,000 and depreciation of right-of-use assets of approximately HKD 1,474,000 for the nine months ended December 31, 2019[18] - The company’s contract costs for the nine months ended December 31, 2019, included approximately HKD 73,093,000, a decrease from HKD 77,496,000 in the same period of 2018[21] - Other income increased from approximately HKD 192,000 to approximately HKD 235,000, mainly due to an increase in interest income from fixed deposits[34] - The company has not engaged in any arrangements that would allow directors to benefit from purchasing shares or debt securities during the nine months ending December 31, 2019[50] - No share options were granted, exercised, expired, or lapsed under the share option scheme during the nine months ending December 31, 2019[49] - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ending December 31, 2019[55]

Financial Performance - The group's revenue for the six months ended September 30, 2019, was HKD 73,054,000, an increase of 14.7% compared to HKD 63,684,000 for the same period in 2018[4] - The gross profit for the six months ended September 30, 2019, was HKD 6,891,000, down 50.1% from HKD 13,823,000 in the previous year[4] - The group reported a loss before tax of HKD 3,602,000 for the six months ended September 30, 2019, compared to a profit of HKD 2,805,000 for the same period in 2018[4] - For the six months ended September 30, 2019, the company reported a loss attributable to owners of the company of HKD 3,602,000, compared to a profit of HKD 2,455,000 for the same period in 2018, representing a significant decline[35] - The company recorded a net loss of approximately HKD 3,600,000 for the six months ended September 30, 2019, compared to a net profit of approximately HKD 2,500,000 for the same period in 2018[68] Revenue Sources - Construction management services generated revenue of HKD 73,054,000 for the six months ended September 30, 2019, compared to HKD 60,948,000 in 2018, reflecting a growth of 19.9%[24] - Revenue from Hong Kong for the six months ended September 30, 2019, was HKD 68,291,000, up 25.7% from HKD 54,368,000 in 2018[28] - Revenue from major client A and its affiliates for the six months ended September 30, 2019, was HKD 66,272,000, an increase of 15.7% from HKD 57,291,000 in 2018[29] Expenses and Costs - The group incurred administrative expenses of HKD 9,112,000 for the six months ended September 30, 2019, compared to HKD 9,866,000 in the same period of 2018, showing a decrease of 7.6%[26] - Total employee costs for the six months ended September 30, 2019, amounted to HKD 9,108,000, an increase of 7.4% from HKD 8,480,000 in the same period of 2018[31] - The company's contract costs for the six months ended September 30, 2019, were HKD 66,163,000, a substantial increase of 36.5% compared to HKD 48,475,000 in the previous year[31] - Financing costs for the six months ended September 30, 2019, were HKD 1,537,000, an increase from HKD 1,235,000 in 2018, representing a rise of 24.5%[26] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 166,392,000, a decrease from HKD 184,602,000 as of March 31, 2019[6] - The group's current liabilities decreased to HKD 72,941,000 as of September 30, 2019, from HKD 87,677,000 as of March 31, 2019[6] - The group’s total equity decreased to HKD 94,738,000 as of September 30, 2019, from HKD 98,340,000 as of March 31, 2019[7] - Trade receivables decreased to HKD 16,650,000 as of September 30, 2019, down 48.7% from HKD 32,476,000 as of March 31, 2019[38] - Trade payables decreased to HKD 16,625,000 as of September 30, 2019, down from HKD 29,702,000 as of March 31, 2019[40] Shareholder Information - The company’s weighted average number of ordinary shares for the calculation of basic and diluted loss per share remained constant at 1,300,000 shares for both periods[35] - The total issued and fully paid shares remained at 1,300,000,000 as of September 30, 2019, consistent with previous periods[47] - As of September 30, 2019, Mr. Lan Haojun holds 731,250,000 shares, representing a 56.25% ownership stake in the company[83] Corporate Governance and Strategy - The company emphasizes the importance of sound corporate governance for long-term success and has adhered to the corporate governance code, with the exception of the separation of roles between the chairman and CEO[104] - The company aims to expand its services into construction-related contracting opportunities in Hong Kong, Macau, and other parts of China to sustain growth[57] - The company’s management team is focused on closely monitoring the economic environment and adapting business strategies to maintain sustainable development[57] Market Challenges - Management noted ongoing challenges due to external macroeconomic slowdowns and intense market competition, impacting profit margins[56] - The company primarily generates revenue from non-recurring projects, with profit margins influenced by contract terms and project efficiency, indicating a reliance on project feasibility and external factors[99] - The company faces risks related to project size and resource allocation, as large projects consume significant resources, potentially impacting the ability to take on additional projects[99] Miscellaneous - The company did not recommend any dividend for the six months ended September 30, 2019, consistent with the previous year[34] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2019[100] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2019, confirming compliance with applicable accounting standards and GEM listing rules[112]

Financial Performance - Revenue for the three months ended June 30, 2019, was HKD 49,991,000, an increase of 58.5% compared to HKD 31,549,000 for the same period in 2018[6] - Gross profit for the same period was HKD 6,403,000, a decrease of 8.2% from HKD 6,973,000 in 2018[6] - Profit before tax was HKD 1,289,000, down 23.1% from HKD 1,674,000 in the previous year[6] - Net profit for the period was HKD 1,209,000, a decrease of 16.3% compared to HKD 1,444,000 in 2018[6] - Basic and diluted earnings per share were HKD 0.09, down from HKD 0.11 in the same period last year[6] - Total revenue increased by approximately HKD 18,500,000 or 58.5% to about HKD 50,000,000 for the three months ended June 30, 2019, compared to approximately HKD 31,500,000 for the same period in 2018[32] - Gross profit decreased by approximately HKD 600,000 or 8.2% to about HKD 6,400,000 for the three months ended June 30, 2019, compared to approximately HKD 7,000,000 for the same period in 2018[33] - Net profit decreased by approximately HKD 200,000 or 16.3% to approximately HKD 1,200,000 for the three months ended June 30, 2019[39] Expenses and Costs - Administrative expenses decreased to HKD 4,394,000 from HKD 4,799,000, reflecting a reduction of 8.4%[6] - Service costs rose by approximately HKD 19,000,000 or 77.4% to about HKD 43,600,000 for the three months ended June 30, 2019, driven mainly by increases in subcontracting and consumable costs[32] - Administrative expenses decreased by approximately HKD 400,000 or 8.4% to approximately HKD 4,400,000, mainly due to reductions in legal and professional fees[36] - Financing costs increased to HKD 796,000 from HKD 538,000, representing a rise of 47.9%[6] - Financing costs increased by approximately HKD 300,000 or 48.0% to approximately HKD 800,000, attributed to increased bank borrowing levels for early-stage project financing[37] - Income tax expenses decreased by approximately HKD 150,000 or 65.2% to approximately HKD 80,000, driven by a reduction in taxable profits in Hong Kong and Macau[38] Business Operations - The company’s main business involves the design, procurement, and installation services of water circulation systems[10] - The company plans to explore opportunities to expand its business into construction-related contracting services in Hong Kong, Macau, and other parts of China[30] - The management noted ongoing challenges due to external macroeconomic slowdowns and intense market competition affecting profit margins[29] - The company aims to manage project progress and costs to enhance competitiveness in securing new projects[29] - Construction management service revenue increased by approximately HKD 20,000,000 or 66.5% to approximately HKD 50,000,000 for the three months ended June 30, 2019, compared to approximately HKD 30,000,000 for the same period in 2018[34] Corporate Governance - The company has maintained good corporate governance standards and procedures to enhance accountability and transparency for shareholders[58] - The company has complied with all applicable provisions of the corporate governance code, except for the separation of roles between the chairman and CEO[60] - The board believes that the dual role of the chairman and CEO is in the best interest of the company for effective management and business development[60] - The audit committee reviewed the unaudited condensed consolidated results for the three months ended June 30, 2019, and confirmed compliance with applicable accounting standards and GEM listing rules[66] - The audit committee consists of three members, with the chairman holding appropriate professional qualifications as per GEM listing rules[64] Shareholder Information - Major shareholder Mr. Lan holds 731,250,000 shares, representing 56.25% of the company[43] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended June 30, 2019[55] - The company did not recommend any dividend payment for the three months ended June 30, 2019, consistent with the previous year[26] - No dividends were declared or recommended for the three months ended June 30, 2019, and 2018[40] Compliance and Advisory - The company has established a compliance advisory agreement with Chuangqiao International Limited, effective from January 26, 2017[57] - The board of directors will closely monitor the economic environment and continuously assess business strategies to adapt to challenging market conditions[30] - The company has appointed a new executive director, Wang Rui, effective July 2, 2019[62] - There were no known business or competitive interests that could conflict with the company's operations during the reporting period[63] - The company adopted a code of conduct for securities trading by directors, with no violations reported during the reporting period[56] - The company did not fully utilize the net proceeds as planned due to increased external business environment challenges[54] - As of June 30, 2019, the company had a total of approximately HKD 38,000,000 in net proceeds from its IPO, with HKD 15,300,000 utilized[52]

Financial Performance - Total revenue for the year ended March 31, 2019, increased by approximately HKD 4.6 million or 3.5% to approximately HKD 135.5 million compared to HKD 130.9 million for the year ended March 31, 2018[10]. - Shareholders' profit for the year remained stable at approximately HKD 3 million, unchanged from the previous year[10]. - Adjusted net profit decreased by approximately HKD 4.4 million or 59.5% to approximately HKD 3 million, down from approximately HKD 7.4 million in the previous year, primarily due to increased administrative expenses and higher financing costs[10]. - Total revenue increased by approximately HKD 4.6 million or 3.5% to approximately HKD 135.5 million for the year ended March 31, 2019, compared to approximately HKD 130.9 million for the previous year[17]. - Gross profit increased by approximately HKD 900,000 or 3.7% to approximately HKD 26.1 million, with a stable gross margin of approximately 19.3%[18][19]. - Net profit remained stable at approximately HKD 3 million, with adjusted net profit decreasing by approximately HKD 4.4 million or 59.5% to approximately HKD 3 million[26]. - Total assets increased to approximately HKD 188 million from approximately HKD 146.3 million, with total liabilities and equity at approximately HKD 89.7 million and HKD 98.3 million respectively[28]. - The debt-to-equity ratio increased from approximately 36.6% to approximately 54.7%, primarily due to a rise in bank borrowings exceeding the increase in total equity[31]. Business Operations - The group had 24 construction management projects and 4 consultancy projects contributing to revenue, compared to 26 construction management projects and 1 consultancy project in the previous year[14]. - The company aims to explore opportunities to expand its business into construction-related contracting services in Hong Kong, Macau, and other parts of China[11]. - The company faces challenges from high labor costs and material costs, as well as external macroeconomic slowdowns impacting future opportunities[11]. - The management team emphasizes the importance of managing project progress and costs amid intense competition in the construction industry[11]. - The company plans to adapt its business strategies to maintain sustainable development and seize long-term growth opportunities[11]. - The group’s experience in water circulation system design, procurement, and installation services positions it favorably against competitors[11]. Corporate Governance - The board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse skill set and experience[45]. - The company has adopted a board diversity policy, considering factors such as skills, gender, age, and industry experience to ensure effective governance and strategy execution[50]. - The board held four meetings during the fiscal year ending March 31, 2019, to approve financial performance and review governance compliance[52]. - The company emphasizes competitive compensation packages to attract and retain high-quality employees, including performance-based bonuses and stock options[41]. - The board is committed to maintaining high corporate governance standards to enhance accountability and transparency for shareholders[43]. - The independent non-executive directors confirm their independence annually, ensuring compliance with GEM listing rules[45]. - The company has implemented a governance framework based on the GEM listing rules to regulate its business activities and decision-making processes[43]. - The company has established three committees: Audit, Remuneration, and Nomination, to oversee specific matters[61]. Environmental Impact - The total greenhouse gas emissions increased by 22.7% from 29.11 tons in 2017/18 to 35.74 tons in 2018/19[98]. - Indirect emissions from electricity usage rose by 22.7%, from 29.09 tons in 2017/18 to 35.71 tons in 2018/19[98]. - The company aims to reduce environmental impact and ensure compliance with relevant environmental laws and regulations[96]. - The company has implemented measures to minimize greenhouse gas emissions during construction projects[99]. - The company has established measures to minimize wastewater generation and has complied with relevant water pollution control regulations[105]. Employee Management - As of March 31, 2019, the group employed 37 staff members, with employee costs amounting to approximately HKD 17.3 million, an increase from HKD 14 million in 2018[41]. - The company emphasizes continuous learning and development, funding training programs for employees[124]. - Safety audits are conducted regularly, with no significant health and safety incidents reported during the period[121][122]. - The company has established a safe and pleasant working environment, strictly adhering to local labor laws and regulations[125]. - The company provides various employee benefits, including retirement and medical benefits, as well as training course funding[41]. Shareholder Relations - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which was adopted for the fiscal year ending March 31, 2019[78]. - The board of directors values communication with shareholders and presents independent resolutions for significant matters at the annual general meeting[82]. - The major shareholder, Harmony Asia International, holds 731,250,000 shares, representing 56.25% of the total shares[175]. - Another significant shareholder, Zhang Wei, holds 243,750,000 shares, which is 18.75% of the total shares[175]. Risk Management - The company has established a series of risk management policies and measures to identify key risks related to its business, industry, and market[75]. - An independent internal control consultant was appointed to review the internal control system, and recommendations for improvements were implemented based on the consultant's findings[76]. - The company emphasizes the importance of good internal control procedures to protect shareholder interests and has strict policies against unauthorized use of confidential information[75]. Market Position - Revenue from the top five customers accounted for approximately 96.9% of total revenue for the year ended March 31, 2019, compared to 95.8% in 2018[177]. - The largest customer contributed about 86.5% of total revenue for the year ended March 31, 2019, down from 87.8% in 2018[177]. - Procurement from the top five suppliers represented approximately 21.0% of total service costs for the year ended March 31, 2019, significantly down from 42.4% in 2018[177]. - The largest supplier accounted for about 11.0% of total service costs for the year ended March 31, 2019, compared to 38.9% in 2018[177].

Financial Performance - Revenue for the nine months ended December 31, 2018, was HKD 98,988,000, an increase of 11% compared to HKD 89,224,000 for the same period in 2017[6] - Gross profit for the nine months ended December 31, 2018, was HKD 20,106,000, representing a 13.1% increase from HKD 17,768,000 in the previous year[6] - Profit before tax for the nine months ended December 31, 2018, was HKD 3,450,000, compared to HKD 1,154,000 for the same period in 2017, marking a significant increase[6] - The total comprehensive income for the nine months ended December 31, 2018, was HKD 3,000,000, up from HKD 654,000 in the previous year[6] - Basic earnings per share for the nine months ended December 31, 2018, was HKD 0.23, compared to HKD 0.05 for the same period in 2017, reflecting a substantial growth[6] - The net profit for the three months ended December 31, 2018, was HKD 545,000, a decrease of 68.6% from HKD 1,737,000 in the same period of 2017[29] Expenses and Costs - Administrative expenses increased to HKD 14,939,000 for the nine months ended December 31, 2018, from HKD 11,367,000 in the previous year, indicating a rise of 31%[6] - The company reported a financing cost of HKD 1,909,000 for the nine months ended December 31, 2018, compared to HKD 910,000 in the previous year, which is an increase of 109%[6] - The total employee costs for the nine months ended December 31, 2018, amounted to HKD 13,088,000, representing a 28.0% increase from HKD 10,227,000 in the previous year[24] - Service costs rose by approximately HKD 7,400,000 or 10.4% to HKD 78,900,000, primarily due to an increase in subcontracting costs[33] - Administrative expenses increased by approximately HKD 3,500,000 or 31.4% to HKD 14,900,000, mainly due to post-listing expenses and recruitment of additional staff[36] - Financing costs surged by approximately HKD 1,000,000 or 109.8% to HKD 1,900,000, attributed to increased bank borrowing levels[39] Revenue Sources - Revenue from construction management services for the three months ended December 31, 2018, was HKD 35,304,000, an increase of 10.5% compared to HKD 31,900,000 in the same period of 2017[23] - The company reported a total of HKD 2,700,000 in consulting service revenue for the nine months ended December 31, 2018, compared to no revenue in the same period of 2017[23] - Total revenue increased by approximately HKD 9,800,000 or 10.9% from HKD 89,200,000 for the nine months ended December 31, 2017, to HKD 99,000,000 for the nine months ended December 31, 2018[32] - Construction management service revenue rose by approximately HKD 7,100,000 or 7.9% to HKD 96,300,000, driven by increased income from projects in Tai Po and Southern District[32] Equity and Dividends - The company’s total equity as of December 31, 2018, was HKD 98,358,000, up from HKD 93,029,000 as of December 31, 2017[8] - The company did not recommend any dividend for the nine months ended December 31, 2018, consistent with the previous year[26] - No dividends were declared or proposed for the nine months ended December 31, 2018, and December 31, 2017[42] Business Environment and Strategy - The company anticipates a challenging business environment in 2019 due to the overall adjustment in the Hong Kong property market and stagnation in the recovery of the Macau gaming industry[31] - The company continues to focus on its core services: construction management, consulting, and maintenance services related to water circulation systems[31] - The company’s management team is committed to adapting its business strategies to navigate the challenging market conditions[31] Compliance and Governance - The company has established an audit committee in accordance with GEM Listing Rules, which reviewed the unaudited condensed consolidated results for the nine months ended December 31, 2018[64] - The company has maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[60] - The company has not identified any business or interests of its directors or controlling shareholders that may compete with the group's business as of December 31, 2018[62] Utilization of IPO Proceeds - The net proceeds from the IPO amounted to approximately HKD 38 million, with HKD 15.3 million utilized by December 31, 2018, leaving a balance of HKD 22.7 million[53] - As of December 31, 2018, HKD 19.4 million was allocated to strengthen the group's industry position and expand business, with only HKD 0.8 million utilized[54] - The company has allocated HKD 3.6 million to enhance its technology and project management capabilities, fully utilized by December 31, 2018[54] - The company has set up a Macau office/warehouse with an allocation of HKD 2.5 million, which remains unutilized[54] Other Information - The company has not engaged in any share options granted, exercised, expired, or lapsed under the share option scheme during the nine months ended December 31, 2018[51] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the nine months ended December 31, 2018[56] - No significant events occurred after December 31, 2018, that would impact the group's operations and financial performance[43]