Financial Performance - Revenue for the year ended December 31, 2023, was HK$114,570,000, a decrease of 37.7% from HK$184,020,000 in 2022[29]. - Gross profit for 2023 was HK$3,062, compared to HK$486 in 2022, indicating a significant improvement despite lower revenue[30]. - Operating loss increased to HK$38,456,000 in 2023 from HK$11,985,000 in 2022, reflecting ongoing challenges in the business[30]. - Loss for the year was HK$35,905,000, compared to a loss of HK$11,199,000 in the previous year, highlighting a worsening financial position[30]. - Administrative expenses rose to HK$18,364,000 in 2023, up from HK$17,903,000 in 2022, indicating increased operational costs[30]. - The company reported a provision for impairment losses on trade receivables and contract assets of HK$12,224,000 in 2023, compared to HK$220 in 2022, suggesting increased credit risk[30]. - Other income, net, was HK$277,000 in 2023, down from HK$5,652,000 in 2022, indicating a decline in ancillary revenue sources[30]. - The company is facing significant challenges in maintaining profitability, as evidenced by the substantial increase in losses year-over-year[30]. - The Group recorded a net loss of approximately HK$35.9 million for the year, compared to a net loss of approximately HK$11.2 million in 2022, primarily due to fewer revenue-generating projects and a lack of COVID-19 relief funds[84]. - The absence of non-recurring COVID-19 relief and subsidies of approximately HK$5.6 million contributed to the increased net loss[122]. Impairment and Credit Risk - Impairment loss on trade receivables increased from HK$2,203,000 in 2022 to HK$2,328,000 in 2023, reflecting a rise of approximately 5.7%[3]. - The impairment loss recognized for trade receivables included HK$126,000 in 2023, compared to HK$205,000 in 2022, indicating a decrease of about 38.5%[3]. - The total impairment loss recognized for trade receivables at the beginning of the year was HK$2,203,000, with an exchange difference adjustment of HK$1,000[3]. - The Group's ongoing business relationships with customers were evaluated to support the ECL assessment, highlighting the importance of customer creditworthiness[15]. - The impairment assessment of trade receivables and contract assets was identified as a key audit matter due to the significant amounts involved and the management's use of judgment in the ECL assessment[15]. - Impairment losses on trade receivables and contract assets totaled approximately HK$12.2 million, primarily due to expected credit losses on projects in Macau and Hong Kong[92][94]. Assets and Liabilities - Total assets decreased from approximately HK$186.2 million in 2022 to approximately HK$130.8 million in 2023[102]. - Total liabilities decreased from approximately HK$84.6 million in 2022 to approximately HK$65.1 million in 2023[102]. - Net assets decreased from approximately HK$101.6 million in 2022 to approximately HK$65.7 million in 2023[105]. - Total equity decreased from approximately HK$101.6 million in 2022 to approximately HK$65.7 million in 2023, with reserves dropping from approximately HK$95.1 million to approximately HK$59.2 million[105]. - The Group's cash and cash equivalents decreased from approximately HK$12.0 million in 2022 to approximately HK$6.0 million in 2023[102]. Operational Challenges - The Group's performance was affected by challenges such as labor shortages, high material and labor costs, and intense competition in the bidding process[83]. - The Group's revenue decrease was also attributed to a reduction of approximately HK$46.3 million from the completion of certain projects during the relevant period[89]. - The Group's revenue decline included a decrease of approximately HK$58.6 million due to reduced work under existing projects compared to 2022[89]. - The Group anticipates that the financial results for the year ending December 31, 2024, may be impacted by the prevailing macroeconomic landscape and challenges in the construction sector[85]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code except for code C.2.1 during the Relevant Period[49]. - The Company has a structured board with various committees including Audit, Remuneration, and Nomination Committees[43]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors as of December 31, 2023[197]. - The Company has mechanisms in place for independent non-executive Directors to express their views openly and confidentially when necessary[199]. - The independence of each independent non-executive Director is assessed upon appointment and annually, maintaining effective corporate governance[199]. Employee and Workforce Management - As of December 31, 2023, the Group had a total of 127 employees who received safety training, emphasizing the importance of construction management and safety[60]. - The Group aims to maintain an employee turnover rate of approximately 3% to promote skill and experience accumulation[55]. - The Group employed a total of 165 employees, a decrease from 230 employees as of December 31, 2022, primarily due to the completion of certain large projects[147]. - The staff costs, including Directors' emoluments, were approximately HK$22.7 million for the Relevant Period, down from approximately HK$27.2 million in 2022[147]. Future Strategies - Future strategies may need to focus on cost management and revenue diversification to improve financial stability[30]. - The Group remains committed to enhancing its financial performance by optimizing tendering strategies and seeking new investment opportunities[85]. Compliance and Reporting - The consolidated financial statements for the Relevant Period have been audited by Mazars, who will offer themselves for re-appointment at the forthcoming AGM[48]. - The Group's financial position as of December 31, 2023, was reported to be in accordance with Hong Kong Financial Reporting Standards[66]. - The Group's consolidated financial statements are presented in HK$, which is the functional and presentation currency[174]. Risk Management - The management identified principal risks including potential pandemics affecting operations, reliance on successful tenders, and cost overruns impacting profitability[135]. - The Group's reliance on major customers exposes it to credit and liquidity risks, which may impact cash flow and financial conditions[135].

Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 114,570,000, a decrease of 37.7% compared to HKD 184,020,000 in 2022[5] - The gross profit for the same period was HKD 3,062,000, significantly up from HKD 486,000 in the previous year, indicating a substantial improvement in gross margin[5] - The company incurred an operating loss of HKD 38,456,000, compared to a loss of HKD 11,985,000 in 2022, reflecting increased operational challenges[5] - The net loss for the year was HKD 35,905,000, worsening from a loss of HKD 11,199,000 in the prior year, highlighting ongoing financial difficulties[5] - The company reported a basic and diluted loss per share of HKD 22.13, compared to HKD 6.90 in the previous year, reflecting increased losses per share[5] - The company recorded a loss of approximately HKD 35.9 million for the period, compared to a loss of approximately HKD 11.2 million in the same period last year, marking a significant increase in net loss[66] - Revenue decreased by approximately 37.7%, from about HKD 184.0 million to approximately HKD 114.6 million, primarily due to a reduction in the number of revenue-generating projects[69] Assets and Liabilities - Total assets decreased to HKD 130,799,000 from HKD 186,244,000, representing a decline of 29.7% year-over-year[6] - Total liabilities also decreased to HKD 65,136,000 from HKD 84,618,000, a reduction of 23.1% compared to the previous year[6] - The company's equity fell to HKD 65,663,000 from HKD 101,626,000, indicating a decline of 35.4% in shareholder equity[6] - The company's contract assets decreased from HKD 123,288,000 in 2022 to HKD 81,963,000 in 2023, reflecting a decline of approximately 33.5%[39] - The total amount of contract assets expected to be recovered after 12 months increased from HKD 18,973,000 in 2022 to HKD 20,100,000 in 2023, an increase of approximately 5.9%[40] - The company’s total receivables, including other receivables and deposits, decreased from HKD 35,666,000 in 2022 to HKD 34,428,000 in 2023, a decline of about 3.5%[43] Expenses and Costs - Material costs for the year ended December 31, 2023, were HKD 46,601,000, a decrease of 37.6% from HKD 74,717,000 in 2022[31] - The total expenses for the year ended December 31, 2023, were HKD 153,303,000, down 24.0% from HKD 201,657,000 in 2022[31] - Administrative expenses increased by approximately HKD 0.5 million or about 2.8% to approximately HKD 18.4 million, primarily due to increased employee benefits[76] - The company experienced a decrease in sales costs from approximately HKD 183.5 million to about HKD 111.5 million, a reduction of approximately 39.2%[70] Tax and Credit - The income tax credit recognized in the consolidated statement of comprehensive income for the year ended December 31, 2023, was HKD (4,354,000), compared to HKD (2,616,000) in 2022[32] - The company recognized a tax credit of HKD 4,354,000 for the year ended December 31, 2023, compared to HKD 2,616,000 in 2022, reflecting an increase of approximately 66.3%[34] - The income tax credit rose by approximately HKD 1.8 million or about 69.2% to approximately HKD 4.4 million, mainly due to an increase in pre-tax losses[77] Operational Focus and Strategy - The company has been focusing on providing mechanical ventilation and air conditioning systems, which remains its core business area[8] - The company plans to enhance its bidding strategy and seek new investment opportunities to improve financial performance amid a challenging business environment[67] - The company has secured a new project with a preliminary contract amount exceeding HKD 182 million, marking the highest contract amount awarded in Hong Kong[66] Employee and Corporate Governance - The number of employees decreased to 165 from 230, primarily due to the completion of several large projects[92] - Employee costs, including director remuneration, were approximately HKD 22.7 million, down from approximately HKD 27.2 million in 2022[92] - The company has adopted and complied with the corporate governance code during the relevant period, except for the separation of the roles of Chairman and CEO[98] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[35] - The company does not recommend the distribution of a final dividend for the years ended December 31, 2023, and December 31, 2022[104] - The annual general meeting for the fiscal year 2023 is scheduled to be held on June 6, 2024[108] - The company will suspend share transfer registration from May 31, 2024, to June 6, 2024, to determine shareholder eligibility for the annual general meeting[109] Market Conditions - The company noted that the overall market atmosphere remains weak due to geopolitical tensions, rising interest rates, and inflationary pressures[65] - The company anticipates that its financial performance for the year ending December 31, 2024, may be affected by the current macroeconomic situation[67]

Financial Performance - For the nine months ended September 30, 2023, the group's revenue was HKD 92,978,000, a decrease of 32.0% compared to HKD 136,777,000 for the same period in 2022[2] - The gross profit for the nine months ended September 30, 2023, was HKD 9,336,000, representing an increase of 208.5% from HKD 3,034,000 in the previous year[2] - The operating loss for the nine months ended September 30, 2023, was HKD 2,958,000, a slight improvement from a loss of HKD 3,577,000 in the same period of 2022[2] - The net loss for the nine months ended September 30, 2023, was HKD 4,393,000, compared to a net loss of HKD 3,612,000 for the same period in 2022[2] - The basic and diluted loss per share for the nine months ended September 30, 2023, was HKD 2.71, compared to HKD 2.23 for the same period in 2022[2] - The company reported a net loss of approximately HKD 4.4 million for the nine months ended September 30, 2023, compared to a loss of HKD 3.6 million for the same period in 2022, representing an increase in loss of about 22.2%[18] - Revenue decreased by approximately HKD 43.8 million, from about HKD 136.8 million for the nine months ended September 30, 2022, to about HKD 93.0 million for the same period in 2023, a decline of approximately 32.0%[20] - The loss for the period increased by approximately HKD 0.8 million to about HKD 4.4 million compared to a loss of approximately HKD 3.6 million for the nine months ended September 30, 2022[25] Cost Management - The company experienced a decrease in material costs from HKD 53.7 million in the nine months ended September 30, 2022, to HKD 33.5 million in 2023, a reduction of approximately 37.5%[4] - Subcontractor costs also decreased from HKD 66.6 million in the nine months ended September 30, 2022, to HKD 39.0 million in 2023, representing a decline of about 41.7%[4] - Administrative expenses remained relatively stable at approximately HKD 12.6 million for the nine months ended September 30, 2023, compared to HKD 12.2 million for the same period in 2022[23] Equity and Financial Position - As of September 30, 2023, the total equity of the group was HKD 97,176,000, down from HKD 109,461,000 as of September 30, 2022[3] - The group recorded an income tax expense of approximately HKD 8,000 for the relevant period, while a tax credit of about HKD 1.3 million was recorded for the nine months ended September 30, 2022[24] Business Operations - The group provides mechanical ventilation and air conditioning systems supply, installation, and renovation services primarily to external customers in Hong Kong and Macau[10] - The company was incorporated in the Cayman Islands and is primarily engaged in investment holding and providing mechanical ventilation and air conditioning services[4] - The company recorded an increase in revenue from new projects by approximately HKD 8.0 million, particularly from a new project in Kai Tak, contributing about HKD 7.8 million to revenue[20] Market Challenges - The company faced challenges due to geopolitical tensions, high inflation, and labor shortages, impacting project volume and contract values[18] - The group faces significant risks including potential impacts from pandemics like COVID-19, which could disrupt operations and financial performance[42] - The group's revenue heavily relies on major clients, exposing it to credit and liquidity risks that may affect cash flow and financial condition[45] Governance and Compliance - The company has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[9] - The financial data for the third quarter has been reviewed by the company's audit committee but remains unaudited[6] - The company did not recommend any dividend payments for the relevant period, consistent with the previous year[15] - The board did not recommend any dividend payment for the relevant period, consistent with the previous nine months ended September 30, 2022, where no dividends were paid[27] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[35] - The board believes that the dual role of Mr. Zhong as both chairman and CEO is in the best interest of the group for effective management and business development[37] - The audit committee has been established in accordance with GEM listing rules, with responsibilities including reviewing financial statements and monitoring risk management procedures[40] - The audit committee is now composed of three independent non-executive directors, ensuring compliance with GEM listing rules[41] Shareholding Structure - Mr. Zhong holds 83,062,500 shares, representing 51.19% of the company, through Wing Fung Capital Limited, which he fully owns[29] - Wing Fung Capital Limited is identified as the beneficial owner of 83,062,500 shares, also representing 51.19% of the company[32] Future Outlook - The company aims to enhance financial performance by improving bidding strategies and seeking new investment opportunities despite ongoing market challenges[19] - As of September 30, 2023, the company had no significant events occurring after this date up to the report date[28]

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佈的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全 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。 Wing Fung Group Asia Limited 榮 豐 集 團 亞 洲 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8526） 截 至 二 零 二 三 年 九 月 三 十 日 止 九 個 月 第 三 季 度 業 績 公 佈 榮豐集團亞洲有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本集團截至二零二三年九月三十日止九個月之未經 審核季度業績。本公佈列載本公司二零二三年第三季度報告（「二零二三年第三 季度報告」）全文，並符合聯交所GEM證券上市規則（「GEM上市規則」）中有關季 度業績初步公告附載的資料的相關規定。列載GEM上市規則規定資料的二零 二三年第三季度報告印刷本將於適當時候寄發予本公司股東。 承董事會命 榮豐集團亞洲有限公司 主席、行政總裁兼執行董事 鍾志強 ...

Financial Performance - For the six months ended June 30, 2023, the group's revenue was HKD 70,069,000, a decrease of 30% compared to HKD 100,105,000 for the same period in 2022[4] - The gross profit for the six months ended June 30, 2023, was HKD 8,029,000, compared to HKD 2,230,000 in the same period of 2022, indicating a significant improvement[4] - The operating profit for the six months ended June 30, 2023, was a loss of HKD 200,000, an improvement from a loss of HKD 1,806,000 in the same period of 2022[4] - The net loss for the six months ended June 30, 2023, was HKD 1,311,000, compared to a loss of HKD 1,865,000 for the same period in 2022, showing a reduced loss[4] - The company reported a total comprehensive loss of HKD 1,367,000 for the six months ended June 30, 2023, compared to a loss of HKD 1,866,000 for the same period in 2022[7] - For the six months ended June 30, 2023, the loss attributable to owners was HKD 1,311,000, an improvement from a loss of HKD 1,865,000 in the prior year[23] - The company reported a profit attributable to owners of HKD 414,000 for the three months ended June 30, 2023, compared to a loss of HKD 434,000 in the same period of 2022, marking a significant turnaround[23] - The basic earnings per share for the three months ended June 30, 2023, was HKD 0.26, compared to a loss of HKD 0.27 in the same period of 2022[23] Revenue Breakdown - Revenue from Hong Kong for the six months ended June 30, 2023, was HKD 56,985,000, down 29.6% from HKD 81,147,000 in 2022[16] - Revenue from Macau for the six months ended June 30, 2023, was HKD 13,084,000, a decrease of 30.8% compared to HKD 18,958,000 in 2022[16] - Major customer A contributed HKD 54,445,000 for the six months ended June 30, 2023, an increase of 17.5% from HKD 46,354,000 in 2022[17] Cost Management - Material costs for the six months ended June 30, 2023, were HKD 24,649,000, down 31.1% from HKD 35,822,000 in 2022[18] - Subcontractor costs for the six months ended June 30, 2023, were HKD 29,664,000, a decrease of 44% compared to HKD 52,962,000 in 2022[18] - The employee costs for the group during the period amounted to approximately HKD 10.3 million, compared to HKD 12.6 million for the six months ended June 30, 2022[56] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 174,258,000, down from HKD 186,244,000 as of December 31, 2022[5] - The total liabilities decreased to HKD 73,999,000 as of June 30, 2023, from HKD 84,618,000 as of December 31, 2022[5] - Cash and cash equivalents decreased to HKD 8,177,000 as of June 30, 2023, from HKD 12,047,000 as of December 31, 2022[5] - Trade receivables decreased to HKD 24,525,000 as of June 30, 2023, from HKD 35,059,000 as of December 31, 2022, reflecting a reduction of approximately 30%[24] - Total trade payables were HKD 23,952,000 as of June 30, 2023, compared to HKD 26,048,000 as of December 31, 2022, showing a decline of approximately 8%[29] - The company’s bank borrowings stood at HKD 28,273,000 as of June 30, 2023, slightly down from HKD 28,798,000 at the end of 2022[32] - The company’s interest-bearing borrowings decreased from approximately HKD 38.4 million as of December 31, 2022, to approximately HKD 38.2 million as of June 30, 2023[46] Corporate Governance - The board did not recommend any dividend for the relevant period, consistent with the previous year[21] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[65] - The board emphasizes the importance of good corporate governance for long-term success and stakeholder value creation[66] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated results, confirming compliance with applicable accounting standards[71] - The company has maintained compliance with corporate governance codes throughout the relevant period[68] - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of effective management[67] Risks and Challenges - Major risks identified include potential impacts from pandemics, reliance on successful bidding, and credit risks from major clients[72][73] - The company faced challenges due to skilled labor shortages and rising material and labor costs, impacting its performance[38] Future Outlook - The company plans to explore collaborations with new clients and seek new revenue sources while optimizing resource utilization and efficiency[39] - The company has not applied new accounting standards that have been issued but are not yet effective[13] - There were no significant investments or capital asset plans disclosed as of June 30, 2023[50] - The group had no capital commitments that had been contracted but not provided for as of June 30, 2023[49] - There were no significant acquisitions or disposals of subsidiaries or associated companies during the relevant period[51] - There were no significant events occurring after June 30, 2023, up to the date of this report[58]

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佈的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全 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。 Wing Fung Group Asia Limited 榮 豐 集 團 亞 洲 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8526） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈 榮豐集團亞洲有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本集團截至二零二三年六月三十日止六個月之未經 審核中期業績。本公佈列載本公司二零二三年中期報告（「二零二三年中期報 告」）全文，並符合聯交所GEM證券上市規則（「GEM上市規則」）中有關中期業績 初步公告附載的資料的相關規定。列載GEM上市規則規定資料的二零二三年 中期報告印刷本將於適當時候寄發予本公司股東。 承董事會命 榮豐集團亞洲有限公司 主席、行政總裁兼執行董事 鍾志強 ...

Financial Performance - The group's revenue for the first quarter of 2023 was HKD 34,111,000, a decrease of 30.8% compared to HKD 49,390,000 in the same period of 2022[3] - The cost of sales for the first quarter of 2023 was HKD 31,803,000, down from HKD 46,620,000 in the previous year, resulting in a gross profit of HKD 2,308,000[3] - The operating loss for the first quarter of 2023 was HKD 1,511,000, compared to an operating loss of HKD 997,000 in the same period of 2022[3] - The loss before tax for the first quarter of 2023 was HKD 2,007,000, an increase from HKD 1,468,000 in the first quarter of 2022[3] - The net loss for the first quarter of 2023 was HKD 1,725,000, compared to a net loss of HKD 1,431,000 in the same period of 2022[3] - The basic and diluted loss per share for the first quarter of 2023 was HKD 1.06, compared to HKD 0.88 in the first quarter of 2022[3] - The total comprehensive loss for the first quarter of 2023 was HKD 1,782,000, compared to a total comprehensive loss of HKD 1,430,000 in the same period of 2022[3] - The company's revenue decreased from approximately HKD 49.4 million in the three months ended March 31, 2022, to about HKD 34.1 million in the same period of 2023, representing a decline of approximately 31.0%[20] - The gross profit fell from about HKD 2.8 million in the three months ended March 31, 2022, to approximately HKD 2.3 million in the same period of 2023, a decrease of about 17.9%[22] - The overall gross profit margin increased from approximately 5.6% to about 6.8% due to a higher contribution from Macau projects, which typically have a higher gross margin[22] - The company recorded a loss attributable to owners of approximately HKD 1.7 million for the three months ended March 31, 2023, compared to a loss of about HKD 1.4 million in the same period of 2022[17] - Administrative expenses remained relatively stable at approximately HKD 3.9 million for the three months ended March 31, 2023, compared to about HKD 3.8 million in the same period of 2022[23] - The income tax credit increased from approximately HKD 37,000 in the three months ended March 31, 2022, to about HKD 282,000 in the same period of 2023, primarily due to an increase in pre-tax losses[24] Corporate Governance - The company did not recommend any dividend payment for the relevant period, consistent with the previous year[15] - The company has adopted a code of conduct for securities trading that meets or exceeds the standards set by GEM Listing Rules[34] - The board believes that Mr. Zhong's dual role as Chairman and CEO is in the best interest of the company for effective management and business development[36] - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited condensed consolidated results and found them compliant with applicable accounting standards[40] - The company has established an audit committee in accordance with GEM Listing Rules to oversee financial reporting and risk management[39] - The company has adhered to corporate governance standards to enhance accountability and transparency during the relevant period[35] Operational Challenges - The company faced challenges such as high material costs, labor supply shortages, and rising labor costs, impacting its performance[18] - The company aims to enhance operational efficiency and financial performance despite the ongoing challenges and uncertainties[19] - The group's financial condition and operational performance may be adversely affected by risks such as pandemics like COVID-19, which could lead to project suspensions and increased costs[41] - The group's revenue heavily relies on major clients, exposing it to credit and liquidity risks that could impact cash flow and financial status[45] - Failure to secure bidding contracts could affect the sustainability of revenue sources and negatively impact operational and financial performance[41] - Inaccurate estimates of project duration and costs during bidding could adversely affect profitability and financial performance[41] - Cost overruns and delays or defects from suppliers and subcontractors could negatively impact operational and financial performance[41] - The departure of key management team members without timely and appropriate replacements could significantly harm business operations and profitability[45] Business Operations - The company continues to provide mechanical ventilation and air conditioning system services in Hong Kong and Macau[10] - The company plans to continue seeking collaborations with new clients and exploring new revenue streams while optimizing resource utilization and efficiency[19] - There were no significant impacts from the new and revised Hong Kong Financial Reporting Standards applied during the period[8] Shareholding Structure - As of March 31, 2023, Mr. Zhong Zhiqiang holds 83,062,500 shares, representing 51.19% of the company's equity[28] - Wing Fung Capital Limited, a related entity fully owned by Mr. Zhong, also holds 83,062,500 shares, equating to 51.19% ownership[31] - No other directors or senior management have reported any interests or short positions in the company's shares or related securities as of March 31, 2023[29] - The company has not entered into any arrangements that would allow directors to benefit from the purchase of shares or securities during the relevant period[32] - The company did not purchase, sell, or redeem any of its listed securities during the relevant period[33]

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佈的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全 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。 Wing Fung Group Asia Limited 榮 豐 集 團 亞 洲 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8526） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 三 個 月 第 一 季 度 業 績 公 佈 榮豐集團亞洲有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本集團截至二零二三年三月三十一日止三個月之未 經審核季度業績。本公佈列載本公司二零二三年第一季度報告（「二零二三年第 一季度報告」）全文，並符合聯交所GEM證券上市規則（「GEM上市規則」）中有關 季度業績初步公告附載的資料的相關規定。列載GEM上市規則規定資料的二 零二三年第一季度報告印刷本將於適當時候寄發予本公司股東。 承董事會命 榮豐集團亞洲有限公司 主席、行政總裁兼執行董事 鍾志強 ...

Financial Performance - The total revenue of Wing Fung Group Asia Limited increased by approximately HK$9.2 million or 5.3%, from approximately HK$174.8 million in 2021 to approximately HK$184.0 million for the year ended December 31, 2022[19]. - The gross profit for the Relevant Period was approximately HK$0.5 million, a significant improvement from a gross loss of approximately HK$7.2 million in the previous year[19]. - The Group recorded a loss of approximately HK$11.2 million for the year ending 2022, a reduction from a loss of approximately HK$21.8 million in 2021, primarily due to improved profit margins from projects in Macau and one-off COVID-19 relief of approximately HK$5.6 million[31]. - Revenue increased by approximately HK$9.2 million, from approximately HK$174.8 million in 2021 to approximately HK$184.0 million in 2022, representing an increase of approximately 5.3%[37]. - The overall gross profit margin improved to approximately 0.3% for the Relevant Period, compared to a gross loss margin of approximately 4.1% in 2021, driven by increased revenue from higher-margin projects in Macau[43]. - Loss for the year decreased by approximately HK$10.6 million from approximately HK$21.8 million in 2021 to approximately HK$11.2 million for the Relevant Period[51]. Economic Environment - The company faced challenges in 2022, including surging interest rates, inflation, and rising raw material and energy costs, but remained resilient[18]. - The Group anticipates that economic uncertainties, inflation, and interest rate hikes will continue to impact business sentiment and the construction industry in 2023[36]. - The relaxation of anti-pandemic measures and the reopening of borders in early 2023 are expected to support a gradual resumption of economic activities in Hong Kong and Macau[18]. Operational Strategy - The company is exploring cooperation with new customers and optimizing resource utilization to maximize returns to shareholders[18]. - Competition within the industry sector remains fierce, impacting operational strategies[18]. - The Group aims to maintain vigilance in reviewing its business and tendering strategies to drive sustainable growth[36]. - The Group plans to enhance operational efficiency and financial performance while actively pursuing new opportunities to create additional revenue streams[36]. Financial Position - Total assets as of December 31, 2022, were approximately HK$186.2 million, down from approximately HK$188.1 million in 2021[52]. - Total interest-bearing borrowings increased from approximately HK$26.8 million as of December 31, 2021, to approximately HK$38.4 million as of December 31, 2022[53]. - Gearing ratio increased from approximately 24.5% as of December 31, 2021, to approximately 37.9% as of December 31, 2022, due to increased borrowings and decreased total equity[60]. - The current ratio decreased from 2.5 times as of December 31, 2021, to approximately 2.1 times as of December 31, 2022[53]. Employee and Administrative Expenses - Administrative expenses increased by approximately HK$1.1 million, or approximately 6.5%, from approximately HK$16.8 million in 2021 to approximately HK$17.9 million in 2022, mainly due to higher employee benefit expenses[41]. - The total staff costs, including Directors' emoluments, were approximately HK$27.2 million for the relevant period, compared to approximately HK$26.8 million in 2021[93]. - The group employed a total of 230 employees as of December 31, 2022, a decrease from 339 employees in 2021, primarily due to the completion of sizable projects[93]. Corporate Governance - The financial statements presented are audited and comply with the GEM Listing Rules[5]. - The company is committed to ensuring the accuracy and completeness of the information provided in its reports[5]. - The Group's corporate governance practices are based on the principles and code provisions set out in the Corporate Governance Code, ensuring proper regulation of business activities[101]. - The Board is responsible for the overall management of the Group's business and strategic direction, with regular updates from management on performance and prospects[113][114]. - The Group is committed to high standards of business ethics and corporate governance, with explicit standards set out in training materials for all new staff[106]. Risk Management - The Group has established a set of risk management policies and measures to identify major risks associated with its business and industry[192]. - The Audit Committee conducted a review of the effectiveness of the risk management and internal control system during the Relevant Period[194]. - The Group considers its risk management and internal control systems effective and adequate[196]. - The Group adopted an Anti-Corruption Policy in August 2022 to ensure integrity in business operations and reduce corruption risks[200]. - Periodic and systematic fraud risk assessments are conducted to mitigate identified fraud risks both internally and externally[200].