Financial Performance - For the three months ended June 30, 2019, the group's revenue was approximately HKD 22.6 million, an increase from approximately HKD 21.4 million for the same period in 2018, primarily due to the commencement of a maintenance project[12] - The gross profit for the same period was approximately HKD 3.7 million, a decrease from approximately HKD 6.7 million in the prior year, mainly due to increased labor and material costs[12] - The net profit attributable to the owners of the company for the three months ended June 30, 2019, was approximately HKD 0.1 million, down from approximately HKD 3.3 million for the same period in 2018, attributed to rising labor, material costs, and administrative expenses[12] - The basic earnings per share for the three months ended June 30, 2019, was HKD 0.02, compared to HKD 0.93 for the same period in 2018[13] - The group recorded a pre-tax profit of HKD 0.127 million for the three months ended June 30, 2019, down from HKD 4.0 million in the same period of 2018[13] - Profit for the period decreased from approximately HKD 3.3 million for the three months ended June 30, 2018, to approximately HKD 0.1 million for the three months ended June 30, 2019, attributed to increases in wages, material costs, and administrative expenses[44] Expenses and Costs - Administrative expenses increased to HKD 3.4 million for the three months ended June 30, 2019, from HKD 2.6 million in the same period of the previous year[13] - The cost of sales increased from approximately HKD 14.7 million for the three months ended June 30, 2018, to approximately HKD 18.9 million for the same period in 2019, an increase of about HKD 4.2 million, mainly due to rising wages and material costs[37] - Administrative expenses increased by approximately 30.4% from HKD 2.6 million for the three months ended June 30, 2018, to HKD 3.4 million for the three months ended June 30, 2019, primarily due to increased legal and professional fees, depreciation, and director remuneration[41] - Financing costs rose by approximately 151.2% from HKD 84,000 for the three months ended June 30, 2018, to HKD 211,000 for the three months ended June 30, 2019, mainly due to increased bank borrowings[42] Equity and Shareholder Information - The total equity attributable to the owners of the company as of June 30, 2019, was approximately HKD 78.8 million, an increase from HKD 78.7 million as of March 31, 2019[16] - Directors hold a collective 69.75% interest in the company through controlled entities, with Mr. Ha and Mr. Yip each holding 334,800,000 shares[59] - Major shareholder Junsheng Holdings Limited holds 334,800,000 shares, representing 69.75% of the company's equity[65] - Other significant shareholders include Yu Wing Limited with 25,200,000 shares, accounting for 5.25% of the equity[65] Dividends and Tax - The board did not recommend the payment of dividends for the three months ended June 30, 2019, consistent with the same period in 2018[24] - No dividends were recommended for the three months ended June 30, 2019, consistent with the previous period[50] - The income tax expense for the three months ended June 30, 2019, was HKD 10, a significant decrease from HKD 660 for the same period in 2018[23] Future Outlook and Business Focus - The company has indicated a focus on expanding its maintenance project capabilities to drive future revenue growth[12] - The group focuses on civil engineering projects, primarily in road and highway maintenance, with a service expansion into civil engineering since 2013[30] - The board believes that becoming a listed company will enhance the group's visibility and provide a solid foundation for future expansion[31] Audit and Compliance - The audit committee, established on September 21, 2018, consists of three independent non-executive directors and has reviewed the financial performance in accordance with applicable accounting standards[71] - The financial performance for the three months ending June 30, 2019, has not been audited but reviewed by the audit committee members[71] - The compliance advisor, Pulse Capital Limited, has no relevant interests in the group that require disclosure under GEM listing rules[68] Other Information - The group has not identified any significant changes in the business or regulatory environment that would pose major risks as of June 30, 2019[32] - The company has not reported any new product developments or market expansions in the provided documents[70] - There are no directors or their close associates holding interests in any competing businesses[67] - The company has adopted a share option scheme, but no options were granted or exercised during the three months ended June 30, 2019[55] - The group does not face significant foreign exchange risks as its business activities are primarily conducted in Hong Kong and denominated in HKD[51] - No significant events occurred after June 30, 2019, up to the report date[45] - The report is dated August 13, 2019, indicating the financial performance is for the second quarter of 2019[73]

Financial Performance - For the year ended March 31, 2019, the group's revenue was approximately HKD 108.3 million, an increase of about 18.0% from approximately HKD 91.8 million for the year ended March 31, 2018, primarily due to a new road management and maintenance project[15]. - The gross profit for the year ended March 31, 2019, was approximately HKD 28.9 million, up from approximately HKD 25.8 million for the year ended March 31, 2018, attributed to the increase in revenue[15]. - The profit attributable to owners of the company decreased to approximately HKD 1.9 million for the year ended March 31, 2019, down from approximately HKD 6.9 million for the year ended March 31, 2018, mainly due to increased impairment losses on contract assets and trade receivables[15]. - The group recorded a pre-tax profit of approximately HKD 4.6 million for the year ended March 31, 2019, a decrease from approximately HKD 10.1 million for the year ended March 31, 2018, primarily due to listing expenses of HKD 8.3 million incurred during the reporting period[18]. - Revenue increased by approximately 18.0% from HKD 91.8 million for the year ended March 31, 2018, to HKD 108.3 million for the year ended March 31, 2019, primarily due to a new maintenance project contributing HKD 39.7 million[55]. - Cost of sales rose by approximately 20.5% from HKD 65.9 million to HKD 79.4 million, mainly attributed to the commencement of a new maintenance project[56]. - Gross profit increased from HKD 25.8 million to HKD 28.9 million, while gross margin decreased from 28.2% to 26.7% due to a higher proportion of self-performed contracts[57]. - Administrative expenses surged by approximately 95.2% from HKD 6.2 million to HKD 12.1 million, driven by increased employee costs and higher director remuneration due to an increase in the number of directors[62]. - Financing costs increased by approximately 69.4% from HKD 333,000 to HKD 564,000, primarily due to increased bank borrowings[63]. - Profit for the year decreased from HKD 6.9 million to HKD 1.9 million, mainly due to increased impairment losses on contract assets and trade receivables[65]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance, ensuring transparency and accountability to stakeholders[89]. - The company has adopted the GEM Listing Rules regarding securities trading compliance and confirmed that all directors adhered to these rules during the relevant period[91]. - The board consists of three executive directors and three independent non-executive directors, ensuring a strong element of independent judgment[104]. - The company believes that good corporate governance practices are essential for maintaining shareholder trust and creating long-term value[89]. - The board of directors has a fixed initial term of three years from the listing date, with a minimum notice period of three months for termination, except for Mr. Han Shengjun, whose term is one year starting from April 29, 2019[106]. - The company has established a risk management and internal control system aimed at managing risks associated with achieving business objectives[123]. - The board of directors is responsible for formulating business strategies and monitoring the group's performance[108]. - The company has implemented a disclosure policy to guide the handling of confidential information and monitoring of information disclosure[126]. - The board confirmed that the consolidated financial statements for the year ending March 31, 2019, were prepared to reflect a true and fair view of the company's affairs[127]. - The company has received annual independence confirmations from its independent non-executive directors[182]. Management and Directors - The board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors[23]. - Mr. Xia, the Chairman and Executive Director, has over 16 years of experience in road and highway management and maintenance[27]. - Mr. Ye, the CEO and Executive Director, has over 23 years of experience in the civil engineering industry[28]. - Mr. Han, appointed as an Executive Director in April 2019, has over 20 years of experience in corporate management and marketing[29]. - Mr. Liu, the Non-Executive Director, has held various positions in banking and has been a director since December 2017[30]. - Ms. Tang, an Independent Non-Executive Director, is the chair of the audit committee and has extensive experience in accounting and auditing[32]. - Mr. Yu, also an Independent Non-Executive Director, has a background in finance and has held senior positions in various financial institutions[35]. - The management team is responsible for overall strategy management and development, overseeing operations, business development, human resources, finance, and administration[24][28]. - The company aims to leverage the extensive industry knowledge and relationships of its directors to enhance business growth and operational efficiency[27][29]. - The company emphasizes the importance of independent judgment in strategy, performance, resources, and code of conduct matters[32][35]. Future Prospects and Strategies - The company remains cautiously optimistic about its prospects for 2020, acknowledging challenges in effectively monitoring subcontractor performance[19]. - The company plans to implement strategies such as purchasing additional machinery and equipment, enhancing manpower, and applying for inclusion in specialized contractor lists to achieve its goals[19]. - The company is focused on achieving the milestones outlined in its prospectus since its listing on October 15, 2018[82]. Shareholder Information - The company did not recommend a final dividend for the year ending March 31, 2019, and confirmed an interim dividend of HKD 7 million for the year ending September 30, 2017[84]. - The company has not granted any stock options under the stock option plan as of March 31, 2019[153]. - The maximum number of shares that may be issued upon the exercise of all unexercised stock options granted under the stock option plan shall not exceed 30% of the total issued shares[156]. - The total number of shares that may be issued upon the exercise of stock options granted under the stock option plan shall not exceed 10% of the total issued shares, equivalent to 480,000,000 shares[156]. - Directors and senior executives hold a total of 334,800,000 shares, representing 69.75% of the company's equity[169]. - Major shareholder Junsheng Holdings Limited owns 334,800,000 shares, representing 69.75% of the company's equity[176]. - The largest customer accounted for approximately 36.6% of the total revenue for the year ended March 31, 2019[195]. - The top five customers contributed about 88.3% of the total revenue for the same period[195]. - The largest supplier represented approximately 7.5% of the cost of sales[196]. - The top five suppliers accounted for around 19.6% of the cost of sales[196]. Risk Management - The company has established multiple risk management procedures and guidelines, ensuring compliance across key business processes and functions[124]. - As of March 31, 2019, the board reviewed the effectiveness of the risk management and internal control systems and deemed them adequate and effective[124]. - The company does not currently have an internal audit unit, as the board believes it is not cost-effective given the current operational scale[124]. Related Party Transactions - The company reported related party transactions with Jia Cheng (China) Limited, totaling approximately HKD 482,000 and HKD 243,000 for the years ending March 31, 2018, and 2019, respectively[151].

Financial Performance - For the nine months ended December 31, 2018, the group's revenue was approximately HKD 71.9 million, an increase from approximately HKD 58.8 million for the same period in 2017, primarily due to the launch of a new road management and maintenance project[11] - The gross profit for the nine months ended December 31, 2018, was approximately HKD 21.2 million, compared to approximately HKD 11.9 million for the same period in 2017, attributed to the increase in revenue[11] - The company recorded a net profit attributable to owners of approximately HKD 3.8 million for the nine months ended December 31, 2018, compared to a net loss of approximately HKD 1.1 million for the same period in 2017, mainly due to the increase in revenue[11] - For the three months ended December 31, 2018, the revenue was HKD 22.4 million, down from HKD 25.4 million for the same period in 2017[12] - The gross profit for the three months ended December 31, 2018, was HKD 6.95 million, compared to HKD 2.91 million for the same period in 2017[12] - The company reported an operating profit before tax of HKD 3.61 million for the three months ended December 31, 2018, compared to a loss of HKD 4.57 million for the same period in 2017[12] - Basic earnings per share for the nine months ended December 31, 2018, was HKD 0.96, compared to a loss per share of HKD 0.31 for the same period in 2017[12] - Total revenue for the nine months ended December 31, 2018, was HKD 71,875,000, an increase of 22.2% compared to HKD 58,788,000 for the same period in 2017[29] - The performance of the civil engineering segment generated revenue of HKD 57,200,000, up 19.7% from HKD 47,707,000 in the previous year[32] - The maintenance engineering segment reported revenue of HKD 14,675,000, an increase of 32.5% compared to HKD 11,081,000 for the same period in 2017[32] - The group achieved a profit before tax of HKD 5,942,000 for the nine months ended December 31, 2018, compared to a profit of HKD 85,000 for the same period in 2017[32] - Basic earnings per share for the nine months ended December 31, 2018, were HKD 3,785,000, compared to a loss of HKD 1,109,000 in the same period of 2017[39] Expenses and Costs - Administrative expenses increased to HKD 7.26 million for the nine months ended December 31, 2018, from HKD 4.65 million for the same period in 2017[12] - The company incurred financing costs of HKD 449,000 for the nine months ended December 31, 2018, compared to HKD 203,000 for the same period in 2017[12] - The group incurred administrative expenses of HKD 7,257,000 and listing expenses of HKD 7,311,000 during the reporting period[32] - Administrative expenses increased by approximately 56.1% from HKD 4.6 million to HKD 7.3 million, primarily due to higher employee costs and increased director remuneration[55] - Financing costs rose by approximately 121% from HKD 203,000 to HKD 449,000, mainly due to increased bank borrowings[57] Corporate Actions and Structure - The company completed a restructuring process prior to its listing, which included the issuance of shares and capital contributions from shareholders[24] - The company completed the acquisition of all shares of Guangjun Group on September 21, 2018, making it a wholly-owned subsidiary[27] - The restructuring process resulted in the company becoming the holding company of the group, which is now viewed as a continuing entity[27] - The company successfully listed on the GEM on October 15, 2018, marking a significant milestone in its history[45] - The company raised HKD 7,000,000 from an independent third party, Yu Wing Limited, for the issuance of 700 new ordinary shares[18] Shareholder Information - Mr. Xia and Mr. Ye each hold 334,800,000 shares, representing 69.75% of the company[75] - Mr. Liu holds 25,200,000 shares, representing 5.25% of the company[75] - The major shareholder, Junsheng Holdings Limited, holds 334,800,000 shares, representing 69.75% of the company[81] - The company has no other individuals with 5% or more equity interests as of the report date[82] Compliance and Governance - The company has complied with the corporate governance code principles and applicable provisions for the nine months ended December 31, 2018[69] - All directors confirmed full compliance with the securities trading code of conduct for the nine months ended December 31, 2018[70] - The Audit Committee was established on September 21, 2018, consisting of three independent non-executive directors[87] - The unaudited third-quarter results for the nine months ending December 31, 2018, have not been reviewed by the independent auditor but were reviewed by the Audit Committee members[87] - The Audit Committee believes that the financial performance complies with applicable accounting standards and GEM listing rules, with adequate disclosures made[87] Future Plans and Strategy - The company plans to continue expanding its project portfolio and exploring new business opportunities in the road management sector[11] - The company's market expansion strategy includes providing civil engineering and road maintenance services[19] - The net proceeds from the share offering were approximately HKD 23.5 million, intended for future plans as outlined in the prospectus[64] - The company submitted one new tender for civil engineering projects and two for maintenance projects, with one maintenance project bid accepted[44] Dividends - The company did not recommend any dividend payment for the nine months ended December 31, 2018[36] - The company did not declare any dividends for the nine months ended December 31, 2018[67] Financial Statements - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards[19] - The company’s total equity of HKD 49,856,000 as of December 31, 2018, reflecting an increase from HKD 36,820,000 as of March 31, 2018[15] - The company’s total reserves included HKD 21,363,000 in retained earnings as of March 31, 2018[15] - The company’s share capital was reported at HKD 4,800,000 as of December 31, 2018[19] - The effective tax rate for the nine months ended December 31, 2018, was calculated at 16.5%[34] Other Information - The company has not identified any significant changes in its business or regulatory environment as of the report date[47] - There are no directors or their close associates with interests in any business that competes or may compete with the group[83] - The compliance advisor, Pulse Capital Limited, has no interests related to the group that need to be disclosed[86] - No share options were granted or exercised under the share option plan during the nine months ended December 31, 2018[71] - There were no purchases, sales, or redemptions of shares by the company or its subsidiaries during the nine months ended December 31, 2018[72]