Financial Performance - The company's revenue for the year ended March 31, 2024, was HKD 428,077,000, a decrease of 17.3% compared to HKD 517,599,000 for the previous year[4] - Gross profit for the same period was HKD 25,192,000, down 24.0% from HKD 33,165,000 in the prior year[4] - The company reported a net profit of HKD 719,000 for the year, a decline of 72.1% from HKD 2,581,000 in the previous year[4] - Revenue decreased by 17.3% to HKD 428.1 million for the year ended March 31, 2024, down from HKD 517.6 million in the previous year, primarily due to a reduction in renovation income[45][46] - Gross profit fell by 24.0% to HKD 25.2 million for the year ended March 31, 2024, compared to HKD 33.2 million in the previous year[45] - The company reported a loss attributable to owners of HKD 1,369,000 for the year ended March 31, 2024, compared to a profit of HKD 751,000 for the previous year, representing a significant decline[36] - Net profit for the year ended March 31, 2024, was HKD 0.7 million, down from HKD 2.6 million in the previous year[57] - The company reported a loss attributable to owners of HKD 1.4 million for the year, compared to a profit of HKD 0.8 million in the previous year[58] Assets and Liabilities - Total assets decreased to HKD 266,360,000 from HKD 334,481,000, reflecting a reduction of 20.3%[7] - The company’s total liabilities decreased to HKD 122,376,000, a reduction of 35.7% from HKD 190,328,000[8] - The company’s equity attributable to owners was HKD 136,925,000, slightly down from HKD 137,184,000[7] - Trade and warranty receivables dropped significantly to HKD 54,550,000, down 38.2% from HKD 88,250,000[7] - Trade receivables decreased to HKD 53.6 million in 2024 from HKD 86.8 million in 2023, reflecting a reduction in business activity[39] - The company’s trade payables decreased to HKD 110.6 million in 2024 from HKD 181.8 million in 2023, indicating improved cash flow management[42] Cash Flow and Financial Position - The company's cash and cash equivalents increased to HKD 139,638,000, up 27.3% from HKD 109,702,000 in the previous year[7] - The current ratio as of March 31, 2024, was 2.0, an increase from 1.6 in the previous year, indicating improved liquidity[61] - The total liabilities to equity ratio as of March 31, 2024, was 2.9%, up from 1.4% in the previous year, reflecting a change in the company's capital structure[61] Earnings and Share Performance - The basic and diluted earnings per share for the year were HKD (0.69), compared to HKD 0.38 in the previous year[5] - Basic earnings per share for the year ended March 31, 2024, was HKD 0.38, down 28.3% from HKD 0.53 in 2023[20] - The company reported no diluted earnings per share due to the absence of unexercised share options, with basic loss per share at HKD 0.69 for 2024 compared to earnings of HKD 0.38 for 2023[37] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended March 31, 2024, consistent with the previous year[38] - The company did not recommend any final dividend for the year ended March 31, 2024, consistent with the previous year[59] - As of March 31, 2024, Mr. Wang Shichun and Ms. Xu Manyi each hold 112,500,000 shares, representing 56.25% of the issued ordinary shares[88] - The major shareholder, Shiman Limited, holds 112,500,000 shares, accounting for 56.25% of the company's ordinary shares[93] Operational Focus and Strategy - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[4] - The revenue contribution from fit-out projects increased to 87.7% of total revenue in 2024, up from 66.8% in 2023, highlighting a shift in business focus[48] - The company secured 37 new fit-out projects totaling HKD 268.8 million from April 1, 2023, to March 31, 2024[49] Administrative and Other Expenses - Employee costs for the year were HKD 49,257 thousand, slightly decreased from HKD 49,425 thousand in 2023[32] - The group’s administrative expenses for 2024 were HKD 26,651 thousand, down from HKD 28,775 thousand in 2023[30] - Administrative expenses decreased by 7.3% to HKD 26.7 million from HKD 28.8 million in the previous year, mainly due to a reduction in personnel costs and depreciation[54] Compliance and Governance - The company has complied with the GEM Listing Rules and corporate governance code throughout the reporting period, except for the separation of roles between the chairman and CEO[82] - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules[102] - The company confirms that the information in the announcement is accurate and complete, with no misleading or fraudulent elements[105] Market Conditions - The overall demand for Grade A office space in Hong Kong remains weak due to economic uncertainties, with vacancy rates hovering at high levels[85] - Core business district rental levels continue to decline, leading to more flexible leasing options and incentives from landlords, which is expected to stabilize the leasing market gradually[85] - The Hong Kong government has introduced measures in the 2024-25 budget to promote sectors such as AI, health technology, and asset management, which is anticipated to attract more professional institutions to Grade A office spaces[85]

SANBASE CORPORATION LIMITED 莊皇集團公 司 SANBASE CORPORATION LIMITED 莊皇集團公 司 (Incorporated in the Cayman Islands with limited liability) (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock code 股份代號：8501 中期報告 INTERIM REPORT 2023 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed ...

SANBASE CORPORATION LIMITED 莊 皇 集 團 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8501） 截至2023年9月30日止6個月之中期業績公告 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可作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本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之任何損失承擔任何責任。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 關莊皇集團公司（「本公司」）的資料，本公司的董事（「董事」）願就此共同及個別 地承擔全部責任。各董事在作出一切合理查詢後，確認就彼等所知及所信，本公告 所載資料在各重 ...

Financial Performance - The Group's revenue for the first quarter grew by 17% year-on-year to HK$108 million[22] - Profit after tax increased by more than double year-on-year to approximately HK$2.6 million[22] - For the three months ended June 30, 2023, the company's revenue increased by 17% year-on-year to HK$107.65 million, compared to HK$92.04 million in the same period last year[35] - The gross profit for the same period rose by 33.6% to HK$7.70 million, with a gross profit margin of 7.2%, up from 6.3%[35] - Profit before income tax surged by 183.5% to HK$3.05 million, compared to HK$1.07 million in the previous year[35] - Profit attributable to owners of the company increased by 221.4% to HK$2.01 million, up from HK$0.63 million[35] - Basic and diluted earnings per share rose by 218.8% to HK$1.02, compared to HK$0.32 in the prior year[35] - Total comprehensive income for the period was HK$2.33 million, compared to HK$0.53 million in the previous year[38] - Total comprehensive income for the period attributable to owners of the Company rose to HK$1,803,000 in Q1 2023 compared to HK$442,000 in Q1 2022, marking an increase of 308%[39] - Basic and diluted earnings per share attributable to owners of the Company increased to HK$1.02 in Q1 2023 from HK$0.32 in Q1 2022, reflecting a growth of 218.75%[39] - The mainland China business revenue increased by more than 7 times year-on-year, successfully turning losses into profits[27] - The Group recorded a profit of approximately HK$2.6 million for the Current Period, compared to a profit of approximately HK$0.8 million for the Previous Period[141] Market Conditions - The Asian Development Bank revised Hong Kong's economic growth forecast for 2023 from 3.6% to 4.7%[21] - The recovery of the tourism and transportation industries contributed to the positive economic outlook for Hong Kong[21] - The rental gap between districts in Hong Kong has narrowed considerably, incentivizing enterprises to upgrade their offices[21] - The Grade A commercial leasing market in Hong Kong is experiencing a recovery due to the completion of new commercial properties[21] - The macro environment continues to improve, supporting business expansion for enterprises in Hong Kong[21] - Total leasing transactions in the Grade A office market in Hong Kong increased by 13.8% in the first half of the year, indicating a more active market[114] - The gradual easing of pandemic impacts is expected to drive demand in the decoration market as companies accelerate expansion and upgrade office spaces[116] Business Operations - The number of projects increased from 37 in the same period last year to 58 during the Current Period[22] - The Group capitalized on market recovery by securing more and larger service contracts[22] - The company has secured 58 projects in the first quarter, up from 37 projects in the same period last year, reflecting a strong recovery in business volume[24] - The company remains optimistic about the commercial property leasing market in Hong Kong and mainland China, driven by talent acquisition measures and the development of key business districts[29] - The Group's operations are primarily focused in Hong Kong, with business expansion initiated in the PRC since May 2018[62] - The Group's financial performance is assessed as a single operating segment, emphasizing the provision of interior fit-out solutions[62] Cost Management - The Company maintained stringent control of costs and expenses, contributing to improved profitability[22] - The company has actively strengthened its subcontractor portfolio during the pandemic to reduce costs while maintaining service quality[28] - Subcontracting charges for the period were HK$90,680,000, an increase of 15.5% from HK$78,489,000 in the previous year[75] - The Group's direct margin reflects overall project profitability before accounting for other fixed costs, indicating a focus on improving project efficiency[131] - Administrative expenses decreased by approximately 9.8% to approximately HK$5.5 million from approximately HK$6.1 million in the Previous Period[138] - Finance costs decreased by approximately 42.9% to approximately HK$20,000 from approximately HK$35,000 in the Previous Period[139] Shareholder Information - As of June 30, 2023, Mr. Wong Sai Chuen holds 112,500,000 shares, representing 56.25% of the issued share capital of the company[169] - Ms. Hui Man Yee, Maggie, as the spouse of Mr. Wong Sai Chuen, is also deemed to be interested in 112,500,000 shares, equating to 56.25% of the issued share capital[170] - Madison Square International Investment Limited, a company wholly owned by Mr. Wong, is the beneficial owner of 112,500,000 shares, which is 56.25% of the company's issued share capital[178] - J&J Partner Investment Group Limited holds 37,500,000 shares, representing 18.75% of the issued share capital[178] - Mr. Wong Kin Kei has an interest in a controlled corporation holding 37,500,000 shares, also 18.75% of the issued share capital[178] - As of June 30, 2023, no other directors or chief executives had interests or short positions in any shares or underlying shares of the company[173] - The company did not purchase, sell, or redeem any of its listed securities during the current period, except for trustee purchases under the Share Award Scheme[183] - All shares mentioned are held in long position, indicating a positive outlook on the company's performance[171] - The company has not been notified of any other persons with interests or short positions in the shares as recorded in the register[181] Financial Reporting - The company has not applied any new and revised HKFRSs that are not yet effective for the current period, ensuring consistency in financial reporting[55] - The unaudited financial information for the three months ended June 30, 2023, has been prepared in accordance with applicable Hong Kong Financial Reporting Standards[47] - No new accounting standards were applied during the reporting period that would have a significant impact on the financial statements[59] - The Group recorded revenue of approximately HK$107.7 million for the three months ended 30 June 2023, representing an increase of approximately 17.0% compared to HK$92.0 million for the same period in 2022[108] - Revenue from Hong Kong customers was HK$101,748,000, up 11.5% from HK$91,336,000 in 2022, while revenue from the PRC increased significantly to HK$5,903,000 from HK$707,000[66]

SANBASE CORPORATION LIMITED 莊 皇 集 團 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8501） 截至2023年6月30日止3個月之第一季度業績公告 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可作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本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之任何損失承擔任何責任。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 關莊皇集團公司（「本公司」）的資料，本公司的董事（「董事」）願就此共同及個別 地承擔全部責任。各董事在作出一切合理查詢後，確認就彼等所知及所信，本公告 所載資料 ...

Financial Performance - For the year ended March 31, 2023, Sanbase Corporation reported a revenue increase of approximately 25% year-on-year to approximately HK$520 million[22]. - The Group's revenue increased by 25.3% from HKD 413.1 million for the year ended March 31, 2022, to HKD 517.6 million for the year ended March 31, 2023, primarily due to the increase in revenue from bare shell fit-out projects[40]. - Gross profit rose by 47.0% to HKD 33.4 million, with a gross profit margin of 6.5%, up from 5.5%[33]. - The Group's overall direct margin increased by 32.7% to HKD 66.9 million in 2023, with a direct margin ratio of 12.9%, up from 12.2% in the previous year[54]. - Profit for the year was HKD 2.9 million, compared to a loss of HKD 7.2 million last year[67]. - The Group successfully turned a profit of HKD 1.0 million, compared to a loss of HKD 5.7 million in the previous year[33]. - The Group's profit for the year was HKD 2.9 million, a significant recovery from a loss of HKD 7.2 million recorded in the previous year[60]. Project and Operational Highlights - The number of bare shell fit-out projects increased from 33 to 40, while the total number of projects rose from 131 to 140[22]. - The company is focusing on larger scale and higher profit margin bare shell fit-out projects in response to improved market conditions[22]. - The Group remains optimistic about the Grade A commercial property fit-out industry in Hong Kong, anticipating increased demand due to new commercial properties and the resumption of cross-border travel[27]. - The Group was awarded 30 new bare shell fit-out projects with a total project sum of HKD 406.2 million from April 1, 2022, to the date of the annual report[48]. - The Mainland segment's revenue decreased by nearly 40% year-on-year, but both gross profit and net profit reversed previous losses, positively contributing to the Group's performance[26]. Economic Context - Hong Kong's GDP in the first quarter of 2023 rose by 2.7% year-on-year, ending four consecutive quarters of decline[21]. - Economic growth in Hong Kong is expected to reach 4% or more during the year, according to forecasts from major banks[21]. - The overall office vacancy rate in Hong Kong remained around 12%, despite an increase in the supply of office buildings[21]. - The outlook for 2023 indicates a stable demand for commercial buildings, with an overall office vacancy rate remaining at 12%[85]. Cost and Expenses Management - Cost of sales rose by 24.0% to HKD 484.2 million in 2023, in line with the revenue increase[50]. - Administrative expenses decreased by 5.3% to HKD 28.7 million in 2023, mainly due to reductions in staff costs and entertainment expenses[57]. - Financial costs decreased from HKD 0.2 million last year to HKD 0.1 million for the year ended March 31, 2023[65]. Shareholder and Dividend Information - No final dividend was recommended for the year ended March 31, 2023, consistent with the previous year[62]. - The Company is committed to a proactive, stable, and sustainable dividend policy, balancing shareholder expectations with prudent fund management[142][146]. - The Board does not recommend the payment of a final dividend for the year ended March 31, 2023, consistent with the previous year where no dividend was declared[143][147]. Leadership and Governance - The Company has a strong leadership team with diverse backgrounds in various industries, enhancing its operational capabilities[98]. - The Company has appointed experienced directors to oversee compliance and corporate governance matters[99]. - The Company is focused on business development and strategic planning to drive growth and operational efficiency[96]. - The Company emphasizes the importance of human resources and administrative management in its operational strategy[94]. Compliance and Risk Management - The Group has complied with all relevant laws and regulations, including the Companies Act and GEM Listing Rules[136]. - The Group's liquidity and financial position may be adversely affected if progress payments or retention money are not received in full and on time[132]. - The Group's business operations may be impacted by external factors such as public health incidents, which could slow project progress[126]. Employee Relations - Competitive remuneration packages were provided to employees to recognize their contributions during the year[134]. - The Group is committed to minimizing its carbon footprint and promoting environmental awareness among employees[127]. Shareholding Structure - As of March 31, 2023, Mr. Wong Sai Chuen holds 112,500,000 shares, representing 56.25% of the issued share capital[190]. - Ms. Hui Man Yee, as the spouse of Mr. Wong Sai Chuen, is also deemed to be interested in 112,500,000 shares, which is 56.25% of the issued share capital[190]. - J&J Partner Investment Group Limited owns 37,500,000 shares, which is 18.75% of the company's issued shares[198]. - No other substantial shareholders or persons have been reported with interests or short positions in the shares of the company as of March 31, 2023[200].

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SANBASE CORPORATION LIMITED 莊 皇 集 團 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8501） 截至2023年3月31日止年度末期業績公告 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。 本公告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 關莊皇集團公司（「本公司」）的資料，本公司的董事（「董事」）願就此共同及個別 地承擔全部責任。各董事在作出一切合理查詢後，確認就彼等所知及所信，本公告 ...

Financial Performance - The Group's revenue increased by 15.3% to HK$401.8 million from HK$348.5 million in the same period last year[21]. - Net profit increased by 2.3 times year-on-year to HK$0.2 million[21]. - Revenue for the nine months ended December 31, 2022, increased by 15.3% to HK$401.8 million from HK$348.5 million in the same period last year[35]. - Gross profit rose by 14.3% to HK$38.2 million, with a gross profit margin improvement of 0.8 percentage points to 9.5%[35]. - Profit before income tax surged by 137.0% to HK$19.8 million compared to HK$8.4 million in the previous year[35]. - Profit attributable to owners of the Company increased significantly by 460.3% to HK$11.9 million, up from HK$2.1 million[35]. - Basic and diluted earnings per share rose to HK$6.03, reflecting an increase of 458.3% from HK$1.08[35]. - Profit for the period surged by approximately 223.5% to HK$16.6 million, up from HK$5.1 million in the Previous Period[141]. - Profit attributable to owners of the Company increased to HK$11.9 million, compared to HK$2.1 million in the Previous Period[142]. Project and Market Activity - The number of bare shell fit-out projects undertaken by the Group rose to 35 from 29 in the same period last year[21]. - The fit-out business of the Group has rebounded after a downturn in recent years, driven by an expanded client base and successful project bids[21]. - The Group's reputation and credibility have played a significant role in winning large projects[21]. - The Group plans to leverage its extensive network to secure larger fit-out projects and improve market share[25]. - The outlook for the fit-out industry in Hong Kong is positive, driven by the completion of new commercial buildings and the development of key business districts[27]. - Revenue from bare shell fit-out projects rose significantly by 83.7% to HK$264.4 million, contributing 65.8% of total revenue[126]. - The Group was awarded 27 new bare shell fit-out projects totaling HK$282.8 million since April 1, 2022[127]. Economic and Market Conditions - The overall rental level of Grade A commercial properties in the first 11 months of 2022 only fell by 3.3% year-on-year, indicating strong demand[20]. - The Hong Kong economy is gradually recovering post-COVID-19, which is expected to create new opportunities for the fit-out industry[20]. - The macro environment remains uncertain, but there are signs of market recovery in the second half of 2022[20]. - The demand for Grade A commercial properties remains strong, with expectations of a rebound in the office leasing market in 2023 due to market recovery and new supply[27]. - The gradual relaxation of epidemic prevention policies in Mainland China is expected to stimulate demand for Grade A offices and relevant fit-out services in Hong Kong[117]. - The Group expects increased demand for office leasing and fit-out services due to development plans in northern metropolitan areas and East Kowloon CBDs[119]. Cost and Expenses Management - The Group's efforts to strengthen bargaining power with subcontractors contributed to improved profitability[21]. - Continued focus on enhancing cost control and subcontractor portfolio to improve overall profitability[25]. - The Company reported an increase in administrative expenses for the nine months ended December 31, 2022, totaling HK$19,771,000, down from HK$20,993,000 in the previous year, indicating a reduction of 5.8%[38]. - Total administrative expenses for the three months ended December 31, 2022, were HK$160,663,000, up from HK$134,611,000 in 2021, indicating an increase of about 19.4%[77]. - Financial costs decreased by approximately 49.0% to about HK$79,000 from approximately HK$155,000 in the same period last year[145]. Shareholder Information and Corporate Governance - Mr. Wong Sai Chuen holds 112,500,000 shares in Madison Square International Investment Limited, representing a 56.25% interest in the company[180]. - Ms. Hui Man Yee, Maggie, as the spouse of Mr. Wong Sai Chuen, is also deemed to be interested in 112,500,000 shares of the company[182]. - J&J Partner Investment Group Limited, controlled by Mr. Wong Kin Kei, holds 37,500,000 shares, accounting for an 18.75% interest in the company[180]. - As of December 31, 2022, no other substantial shareholders were reported with interests or short positions in the company's shares exceeding 5%[183]. - The company did not purchase, sell, or redeem any of its listed securities during the current period, except for trustee purchases under the Share Award Scheme[185]. - No directors or controlling shareholders are engaged in any competing business or have conflicts of interest with the company during the current period[186]. - The total number of Shares that may be issued under the Share Option Scheme is 20,000,000 Shares, representing approximately 10% of the total issued share capital of the Company as of the date of this quarterly report[196].

Financial Performance - The unaudited condensed consolidated results for the Group for the three months and six months ended 30 September 2022 were presented[21]. - The Group reported a significant increase in revenue compared to the previous period, reflecting strong market demand[21]. - Revenue for the six months ended September 30, 2022, was HK$227,270,000, representing a year-on-year growth of 7.9% compared to HK$210,692,000 in 2021[35]. - Revenue for the three months ended September 30, 2022, was HK$135,227,000, representing an increase of 10.5% compared to HK$122,209,000 for the same period in 2021[39]. - Profit for the period attributable to owners of the Company for the three months ended September 30, 2022, was HK$2,931,000, an increase of 48.4% from HK$1,977,000 in 2021[41]. - Net profit attributable to owners of the Company increased by 155.0% to HK$3,557,000, up from HK$1,395,000 in the previous year[35]. - Basic and diluted earnings per share rose to HK$1.80, a 155.0% increase from HK$0.70 in the same period last year[35]. - Total comprehensive income for the period was HK$3,670,000, slightly up from HK$3,553,000 in the same period last year[41]. - Profit for the period increased by approximately 42.9% to HK$4.7 million from HK$3.3 million in the previous period[180]. - Profit attributable to owners of the Company increased by approximately 155.0% to HK$3.6 million from HK$1.4 million in the previous period[181]. Market and Growth Strategies - The Company is optimistic about future growth, projecting a revenue increase of 15% for the next fiscal year[21]. - New product launches are planned, aimed at expanding the product line and enhancing market competitiveness[21]. - The Company is exploring market expansion opportunities in Southeast Asia to diversify its revenue streams[21]. - Ongoing research and development efforts are focused on innovative technologies to improve product offerings[21]. - The Group anticipates more favorable policies in the PRC to stimulate economic development and create new business opportunities as the epidemic subsides[24]. - The Group remains optimistic about the medium to long-term development of the Grade A commercial property fit-out market in Hong Kong and Mainland China[29]. - The Group plans to maintain its existing marketing strategy and pursue larger contracts at more competitive prices to capture a higher market share[151]. - The leasing market size for local Grade A offices is expected to further increase, driving demand for fit-out services in the medium to long term[152]. - The Group aims to strengthen relationships with subcontractors and landlords to enhance bargaining power and seize market opportunities during industry recovery[151]. Financial Position and Assets - Total assets as of September 30, 2022, amounted to HK$311,592,000, up from HK$287,042,000 as of March 31, 2022, reflecting a growth of 8.5%[43]. - Cash and cash equivalents as of September 30, 2022, were HK$113,790,000, a decrease from HK$119,776,000 as of March 31, 2022[43]. - Total liabilities as of September 30, 2022, increased to HK$165,142, up 13.9% from HK$144,893 as of March 31, 2022[45]. - Total equity as of September 30, 2022, was HK$146,450, a decrease from HK$149,205 as of March 31, 2022[48]. - Net current assets as of September 30, 2022, were approximately HK$115.7 million, up from HK$109.9 million as of March 31, 2022[183]. - The current ratio was approximately 1.7 times as of September 30, 2022, compared to 1.8 times as of March 31, 2022[187]. - The equity attributable to owners of the Company amounted to approximately HK$140.2 million as of September 30, 2022, compared to HK$136.9 million as of March 31, 2022[187]. Operational Performance - The Group maintained business scale and cash flow through flexible marketing strategies, achieving revenue growth despite adverse market conditions[23]. - The Group's profit before income tax increased by 11.7% to HK$5,884,000 from HK$5,266,000 in the previous year[35]. - The gross profit margin decreased to 7.8% from 9.4%, reflecting a decline of 1.6 percentage points[35]. - Gross profit for the six months ended September 30, 2022, was HK$17,659,000, down 10.9% from HK$19,818,000 in the previous year[39]. - The overall direct margin for the Current Period was approximately HK$30.6 million, a decrease of approximately 6.0% compared to HK$32.5 million in the Previous Period[168]. - The direct margin ratio for the Current Period was approximately 13.5%, down 1.9 percentage points from 15.4% in the Previous Period[169]. - Total cost of sales and administrative expenses rose to HK$130,297, compared to HK$116,839, marking an increase of 11.5% year-over-year for the same period[85]. Regulatory Compliance and Governance - The document discusses the interests and positions of directors and senior management in the company's shares and related securities as of September 30, 2022[200]. - It outlines the requirements under the Securities and Futures Ordinance for disclosure of interests and positions held by directors and senior management[200]. - The document specifies the need for registration of interests in the company's register as per the relevant regulations[200]. - It mentions the obligations for notifying the company and the stock exchange regarding any changes in interests and positions[200]. - The document refers to the specific sections of the Securities and Futures Ordinance that govern the disclosure of interests[200]. - It highlights the importance of compliance with the GEM Listing Rules regarding securities transactions by directors[200]. - The document indicates that the interests and positions include both direct and deemed interests as defined by the law[200]. - It emphasizes the significance of transparency in the ownership of shares and related securities by company officials[200].

Financial Performance - The Group achieved a year-on-year revenue growth of 4% in the first financial quarter despite a declining Grade A commercial property leasing market[24]. - Revenue for the three months ended June 30, 2022, was HK$92,043,000, representing a 4.0% increase compared to HK$88,483,000 in the same period of 2021[38]. - Gross profit decreased to HK$5,766,000, down 19.7% from HK$7,185,000 year-on-year[38]. - Profit before income tax increased significantly to HK$1,074,000, compared to HK$184,000 in the same period last year, marking a 485.0% increase[38]. - The profit attributable to owners of the Company was HK$626,000, a turnaround from a loss of HK$582,000 in the previous year[38]. - Basic and diluted earnings per share were HK$0.32, compared to a loss of HK$0.29 per share in the same period of 2021[38]. - Total comprehensive income for the period attributable to owners of the Company was HK$442,000, compared to a loss of HK$520,000 in the prior year, indicating a significant improvement[44]. - The total comprehensive income for the period was HK$781,000, compared to a loss of HK$272,000 in the prior year, showing a substantial recovery[44]. - The Group recorded a profit of approximately HK$0.8 million for the current period, compared to a loss of approximately HK$0.3 million in the previous period[135]. - Profit attributable to owners of the Company was approximately HK$0.6 million for the current period, compared to a loss of approximately HK$0.6 million in the previous period[135]. Market Conditions - The overall market vacancy rate for Hong Kong's Grade A office market increased to 9.4% by the end of June 2022, with a negative absorption of 96,800 square feet reported in June[23]. - The vacancy rate in Central Hong Kong rose from 7.6% to 7.9%, indicating weak market demand[23]. - The overall vacancy rate for Grade A office space in Hong Kong increased to 9.4% as of June 2022, reflecting weakened market demand[25]. - The Group expects the domestic Grade A office fit-out market to face sustained pressure due to the COVID-19 pandemic, but anticipates opportunities from the development of the Northern Metropolis and Greater Bay Area[155]. - Hong Kong remains a vital international financial center, expected to attract more financial and tech companies as economic activities normalize post-pandemic[159]. Strategic Initiatives - The Group adopted an agile marketing and pricing strategy, resulting in a slight drop in gross profit margin but aimed at boosting market share and business scale[24]. - The aggressive marketing strategy is expected to enhance bargaining power with landlords and sub-contractors in the medium term[24]. - The Group aims to secure more orders from larger companies, positioning itself for profit growth when the industry recovers[24]. - The Group adopted flexible marketing and pricing strategies to maintain business scale and increase market share despite a declining fit-out project volume[26]. - The Group remains optimistic about the market for Grade A commercial fit-out services in Hong Kong and the PRC, aiming for growth through agile strategies and quality services[32]. - The group anticipates gaining a larger market share and solidifying its market position as industry activities recover[159]. Revenue Breakdown - Revenue from Hong Kong was HK$91,336,000, up 10.3% from HK$82,943,000 in 2021, while revenue from the PRC decreased significantly to HK$707,000 from HK$5,540,000[64]. - Revenue from bare shell fit-out projects was approximately HK$54.7 million, contributing to approximately 59.4% of total revenue, and increased by approximately 14.6% from HK$47.7 million in the previous period[120]. - Revenue from restacking projects was approximately HK$31.1 million, contributing to approximately 33.7% of total revenue, compared to HK$25.1 million in the previous period[119]. - The Group's revenue from maintenance and other services was approximately HK$0.3 million, accounting for 0.3% of total revenue, compared to HK$0.015 million in the previous period[119]. Cost and Expenses - Gross profit margin fell to 6.3%, a decrease of 1.8 percentage points from 8.1% in the previous year[38]. - Total cost of sales and administrative expenses amounted to HK$92,366,000, an increase of 5.9% from HK$87,732,000 in the previous year[72]. - Subcontracting charges for the period were HK$78,489,000, representing an increase of 6.8% from HK$73,966,000 in 2021[72]. - Administrative expenses decreased by approximately 5.4% to HK$6.1 million from HK$6.4 million in the previous period, primarily due to a reduction in administrative staff costs[132]. - Finance costs decreased by approximately 37.5% to HK$35,000 from HK$56,000 in the previous period, mainly consisting of interest on lease liabilities[133]. Shareholding Structure - As of June 30, 2022, Mr. Wong Sai Chuen holds 112,500,000 shares, representing 56.25% of the issued share capital[165]. - Ms. Hui Man Yee, Maggie, also holds 112,500,000 shares through her spouse, Mr. Wong Sai Chuen, equating to 56.25% of the issued share capital[165]. - Mr. Wong Kin Kei has an interest in 37,500,000 shares, which is 18.75% of the issued share capital[165]. - Madison Square International Investment Limited, a company controlled by Mr. Wong Sai Chuen, holds 56.25% of the group's issued share capital[168]. - J&J Partner Investment Group Limited, controlled by Mr. Wong Kin Kei, holds 18.75% of the group's issued share capital[168]. - As of June 30, 2022, no other directors or their close associates had interests or short positions in any shares of the company[172]. Corporate Governance - The Company has adopted a code of conduct for securities transactions by Directors that meets the required standards set out in the GEM Listing Rules[200]. - All Directors have confirmed full compliance with the required standards throughout the three months ended 30 June 2022[200].