Financial Performance - The group's revenue for the first quarter of 2021 was approximately HKD 137.1 million, an increase of about 22.2% compared to HKD 112.2 million in the first quarter of 2020[10]. - The profit attributable to the company's owners for the first quarter of 2021 was approximately HKD 8.3 million, compared to HKD 2.3 million in the first quarter of 2020[10]. - Basic and diluted earnings per share for the first quarter of 2021 were approximately HKD 0.0285, up from HKD 0.0102 in the first quarter of 2020[10]. - The gross profit for the first quarter of 2021 was HKD 16.9 million, compared to HKD 11.3 million in the first quarter of 2020, reflecting a significant improvement in profitability[11]. - Total comprehensive income for the first quarter of 2021 was HKD 8.2 million, compared to HKD 1.8 million in the first quarter of 2020[11]. - The company recorded a net profit of HKD 8,253,000 for the period, after accounting for income tax expenses of HKD 1,709,000[23]. - The profit before tax increased by approximately HKD 6,900,000 or about 222.6% to approximately HKD 10,000,000 in Q1 2021, compared to approximately HKD 3,100,000 in Q1 2020[59]. - The profit after tax increased by approximately HKD 6,000,000 or about 260.9% to approximately HKD 8,300,000 in Q1 2021, compared to approximately HKD 2,300,000 in Q1 2020[59]. Revenue Breakdown - Air freight forwarding services generated revenue of HKD 131,703,000, up from HKD 102,198,000, reflecting a growth of 29.0% year-over-year[19]. - Sea freight forwarding services revenue decreased to HKD 5,377,000 from HKD 10,012,000, a decline of 46.3% compared to the previous year[19]. - Air freight forwarding services generated revenue of HKD 131,703,000, accounting for 96.1% of total revenue, while sea freight forwarding services contributed HKD 5,377,000, representing 3.9%[46]. - The revenue from the air cargo transshipment segment increased by approximately HKD 29,500,000 or about 28.9% to approximately HKD 131,700,000 in Q1 2021, compared to approximately HKD 102,200,000 in Q1 2020[47]. - The revenue from the sea cargo transshipment segment decreased by approximately HKD 4,600,000 or about 46.0% to approximately HKD 5,400,000 in Q1 2021, compared to approximately HKD 10,000,000 in Q1 2020[49]. Expenses and Costs - The group's administrative and other operating expenses for the first quarter of 2021 were HKD 7.3 million, slightly higher than HKD 7.0 million in the first quarter of 2020[11]. - The company’s administrative and other operating expenses amounted to HKD 7,290,000 during the reporting period[23]. - The service costs increased by approximately HKD 19,200,000 or about 19.0% to approximately HKD 120,100,000 in Q1 2021, compared to approximately HKD 100,900,000 in Q1 2020[50]. - The financing costs for the first quarter of 2021 decreased to HKD 468,000 from HKD 668,000 in the first quarter of 2020, indicating improved cost management[11]. - The financing costs decreased by approximately HKD 200,000 or about 28.6% to approximately HKD 500,000 in Q1 2021, compared to approximately HKD 700,000 in Q1 2020[56]. Corporate Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, as confirmed by the board of directors[2]. - The audit committee reviewed the unaudited consolidated financial statements for the first quarter of 2021, confirming adherence to applicable accounting standards and GEM listing rules[100]. - The company has adopted a code of conduct for securities transactions, ensuring compliance among all directors and employees[96]. - The company has complied with the corporate governance code, with no significant deviations reported[91]. - The board will regularly review the necessity of separating the roles of Chairman and CEO to maintain good corporate governance[94]. Future Plans and Market Strategy - The group plans to continue expanding its market presence and enhancing its service offerings in the logistics sector[10]. - The group plans to strengthen its market position in Hong Kong and China by purchasing more cargo space and establishing a new office in China to reach potential customers[72]. - The group aims to improve its cargo space acquisition capabilities through closer cooperation with airlines[72]. - The group will closely monitor the impact of COVID-19 on its financial performance and operations, taking necessary measures as required[73]. Shareholder Information - Major shareholders Profit and Peak each hold 112,500,000 shares, representing 37.5% ownership each[86]. - The company did not declare or pay any dividends during the reporting period[40]. - No dividends were recommended for Q1 2021, consistent with the previous year[76]. - The company has not engaged in any share buybacks or sales since its listing[75]. Employee Information - The group had 40 full-time employees as of March 31, 2021, down from 42 a year earlier, with total employee costs of approximately HKD 2.7 million in Q1 2021 compared to HKD 3.8 million in Q1 2020[69]. - The company has implemented a stock option plan to incentivize employees and directors for their contributions[69]. Miscellaneous - The company completed a capitalisation issue on January 13, 2021, issuing 224,990,000 shares at a par value of HKD 0.01, raising a total of HKD 55,500,000[14]. - The effective tax rate for the period was calculated at 16.5%, with tax expenses amounting to HKD 775,000[36]. - The company did not have any significant investments, acquisitions, or disposals of subsidiaries during Q1 2021[60]. - As of March 31, 2021, the company had no significant contingent liabilities or capital commitments[65][66]. - The company maintains compliance with the GEM listing rules regarding public float as of May 10, 2021[99]. - The roles of Chairman and CEO are currently held by Mr. Zhao, which the board believes provides strong leadership and effective strategic planning[93]. - The company has not identified any business or interests that may compete with its operations from directors or major shareholders[90].

Financial Performance - The total revenue for the fiscal year 2020 was approximately HKD 871,900,000, a significant increase from HKD 353,300,000 in the fiscal year 2019, representing a growth of 146.3%[12] - Air freight forwarding services generated revenue of HKD 843,929,000, accounting for 96.8% of total revenue, compared to HKD 319,217,000 or 90.3% in the previous year[13] - Sea freight forwarding services contributed HKD 27,954,000, which is 3.2% of total revenue, down from HKD 34,124,000 or 9.7% in the previous year[13] - The group recorded a profit of approximately HKD 33.3 million (before listing expenses) in FY2020, compared to a loss of approximately HKD 400,000 in FY2019[25] - Gross profit increased from approximately HKD 33.9 million in FY2019 to approximately HKD 94.4 million in FY2020, a growth of about 178.5%[19] - Other income rose from approximately HKD 800,000 in FY2019 to approximately HKD 2.7 million in FY2020, an increase of about 237.5%[20] - The group's service costs rose from approximately HKD 319.4 million in FY2019 to approximately HKD 777.5 million in FY2020, an increase of about 143.4%[17] - Administrative and other operating expenses increased from approximately HKD 23.1 million in FY2019 to approximately HKD 51.7 million in FY2020, a rise of about 123.8%[21] - Financing costs decreased from approximately HKD 3.1 million in FY2019 to approximately HKD 2.5 million in FY2020, a reduction of about 19.4%[23] - Income tax expense increased from approximately HKD 300,000 in FY2019 to approximately HKD 7.9 million in FY2020, a rise of about 2,533.3%[24] Market Position and Strategy - The successful listing on the GEM marked a significant milestone for the company, providing necessary financial resources for cash flow management and expansion plans[8] - The company has established a broad customer base, including other freight forwarders and direct clients, which has helped identify customer needs and capitalize on the growing trend of cross-border e-commerce[8] - The company entered into charter agreements with airlines to secure full charter flights to the United States and Europe, demonstrating its competitive capabilities[8] - The group plans to purchase more cargo space to meet customer demand and strengthen its market position in Hong Kong and China[49] - The group aims to establish new offices in China to reach more potential customers[49] - The group will continue to improve its cargo space acquisition capabilities through closer cooperation with airlines[49] Employee and Management - The group had 40 full-time employees as of December 31, 2020, with total employee costs of approximately HKD 24.6 million for the fiscal year 2020[44] - The group contributed 5% of employee salaries to the Mandatory Provident Fund in Hong Kong, with a maximum monthly contribution of HKD 1,500 per employee[45] - The total employee costs for the fiscal year 2019 were approximately HKD 11.1 million, indicating a significant increase in costs in 2020[44] - The group has implemented a stock option plan to incentivize employees and directors for their contributions[44] Risk Management and Compliance - The group maintains a prudent financial management policy to mitigate credit and liquidity risks, ensuring sufficient cash reserves for operational needs[40] - The group has implemented risk management and internal control systems to identify and mitigate existing risks[114] - The company has engaged external legal advisors to provide guidance on compliance with GEM listing rules and applicable laws[174] - The group maintains compliance with applicable laws and regulations in all significant aspects of its operations[110] Shareholder Engagement and Governance - The company aims to ensure timely and transparent communication with shareholders through various financial reports and meetings, enhancing shareholder engagement[180] - The company has adopted a shareholder communication policy to facilitate active communication and informed decision-making by shareholders[178] - The organization’s articles of association have been updated and are accessible on the company's website, ensuring transparency in governance[184] - The board of directors emphasizes the importance of good corporate governance to protect shareholder interests and enhance corporate value[135] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends and user acquisition strategies[71] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing logistics technology[71] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share in the region within the next two years[71] - A strategic acquisition of a local logistics firm is anticipated to enhance operational efficiency and expand service offerings, expected to be completed by Q3 2021[71] - The company is investing HKD 50 million in research and development for new technologies aimed at improving supply chain management[71] Financial Position - As of December 31, 2020, the group's debt-to-equity ratio was approximately 47.4%, down from 75.1% as of December 31, 2019[26] - As of December 31, 2020, the group's bank balances and cash amounted to approximately HKD 27,600,000, an increase from approximately HKD 26,100,000 as of December 31, 2019[28] - The group's net cash generated from operating activities for the fiscal year 2020 was approximately HKD 8,100,000, compared to HKD 11,000,000 in the fiscal year 2019, indicating a decrease of about 26.4%[28] - Trade receivables increased from approximately HKD 89,500,000 as of December 31, 2019, to approximately HKD 185,200,000 as of December 31, 2020, representing an increase of about 106.9%[29] - Trade and other payables rose from approximately HKD 50,500,000 as of December 31, 2019, to approximately HKD 122,200,000 as of December 31, 2020, marking an increase of about 142.0%[30] - Interest-bearing borrowings decreased to approximately HKD 48,000,000 as of December 31, 2020, down from approximately HKD 58,600,000 as of December 31, 2019[31] Legal and Regulatory Matters - The group is involved in a civil claim to recover approximately HKD 8,100,000 in unpaid debts, which includes overdue interest, against a customer who has been ordered into liquidation[108] - There are no known existing, pending, or threatened legal proceedings that would have a significant adverse effect on the group's financial position or operating performance[110] - The group has not entered into any significant contracts with its controlling shareholders during the fiscal year 2020[103] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly present the group's financial position as of December 31, 2020[186] - The audit committee has reviewed the audited consolidated financial statements for the fiscal year 2020, confirming compliance with applicable accounting standards and GEM listing rules[132] - The company is responsible for preparing true and fair consolidated financial statements according to the Hong Kong Financial Reporting Standards and the Companies Ordinance[196] - The independent auditor does not provide assurance on other information included in the annual report[195]