[Financial Highlights](index=4&type=section&id=Financial%20Highlights) This section provides an overview of key financial data, including revenue, loss attributable to owners, and EPS, showing significant loss reduction Key Financial Data Overview | Indicator | Six Months Ended June 30, 2025 (HKD thousands) | Six Months Ended June 30, 2024 (HKD thousands) | Change (HKD thousands) | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,500 | 48,300 | 3,200 | 6.6% | | Loss for the period attributable to owners of the Company | (1,000) | (5,900) | 4,900 (narrowed) | -83.1% | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | 0.41 HK cents (improved) | -83.7% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the group's financial performance for the six months, showing revenue growth and a reduced loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 51,490 | 48,302 | 3,188 | 6.6% | | Cost of sales | (44,449) | (43,464) | (985) | 2.3% | | Gross profit | 7,041 | 4,838 | 2,203 | 45.5% | | Other income and gains | 400 | 178 | 222 | 124.7% | | Administrative expenses | (9,601) | (12,039) | 2,438 | -20.2% | | Loss before tax | (1,008) | (5,921) | 4,913 | -83.0% | | Loss for the period | (1,008) | (5,921) | 4,913 | -83.0% | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | 0.41 HK cents | -83.7% | [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement details the group's assets, liabilities, and equity as of June 30, 2025, indicating changes in financial position Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | | Property, plant and equipment | 7,561 | 8,560 | (999) | -11.7% | | Investment properties | 2,672 | 2,672 | 0 | 0.0% | | Investment in an associate | 713 | 697 | 16 | 2.3% | | **Total non-current assets** | **10,946** | **11,929** | **(983)** | **-8.2%** | | **Current assets** | | | | | | Trade receivables | 10,115 | 16,377 | (6,262) | -38.2% | | Deposits, prepayments and other receivables | 16,086 | 10,092 | 5,994 | 59.4% | | Cash and cash equivalents | 4,995 | 3,248 | 1,747 | 53.8% | | **Total current assets** | **33,774** | **32,943** | **831** | **2.5%** | | **Current liabilities** | | | | | | Trade and other payables | 15,653 | 13,226 | 2,427 | 18.3% | | Borrowings | 139 | 139 | 0 | 0.0% | | Lease liabilities | 218 | 658 | (440) | -66.9% | | **Total current liabilities** | **20,395** | **19,417** | **978** | **5.0%** | | **Net assets** | **22,934** | **23,990** | **(1,056)** | **-4.4%** | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines changes in the group's equity attributable to owners, primarily due to the period's loss and exchange reserve movements Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30, 2025) | Indicator | January 1, 2025 (HKD thousands) | June 30, 2025 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 23,990 | 22,934 | (1,056) | -4.4% | - The **loss for the period of HKD 1,008 thousand** and a **decrease in exchange reserve of HKD 48 thousand** were the primary reasons for the decrease in total equity[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash flows from operating, investing, and financing activities, showing a positive shift in operating cash flow Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 3,284 | (683) | 3,967 | | Net cash generated from/(used in) investing activities | 67 | (10) | 77 | | Net cash used in financing activities | (1,556) | (615) | (941) | | Net increase/(decrease) in cash and cash equivalents | 1,795 | (1,308) | 3,103 | | Cash and cash equivalents at end of period | 4,995 | 5,182 | (187) | - Operating cash flow shifted from a net outflow to a **net inflow of HKD 3,284 thousand**, indicating improved operational efficiency[25](index=25&type=chunk) - Cash outflow from financing activities increased, primarily due to repayment of borrowings and lease liabilities[25](index=25&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) This section introduces the company's incorporation, listing, and primary business segments in Macau, China, and Hong Kong - The Company was incorporated in the Cayman Islands on **December 18, 2018**, and listed on GEM of the Stock Exchange on **September 26, 2019**[27](index=27&type=chunk) - Principal business activities include **tourism business** (Macau hotel room sales and distribution, air ticket, hotel room, and travel package related product profit income), **automobile business** (Macau vehicle rental and limousine services), and **performance and event business** (ticket sales, organization, and related support services for performances and events in Asia, and event investments)[27](index=27&type=chunk) - Silver Esteem Limited is the direct and ultimate holding company, wholly owned by Mr. Choi Wai Chun, an executive Director[27](index=27&type=chunk) [2. Basis of Preparation and Accounting Policies](index=9&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This section explains the basis of preparing interim financial statements and the adoption of new accounting standards - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the GEM Listing Rules[29](index=29&type=chunk) - All new and revised Hong Kong Financial Reporting Standards effective for financial years beginning on or after **January 1, 2025**, including HKAS 21 (Amendment) "Lack of Exchangeability," have been applied[30](index=30&type=chunk)[31](index=31&type=chunk) - The application of new and revised standards has no significant impact on the amounts reported and disclosures made in these financial statements for the current period[31](index=31&type=chunk) [3. Financial Risk Management and Financial Instruments](index=10&type=section&id=3.%20Financial%20Risk%20Management%20and%20Financial%20Instruments) This section addresses the group's exposure to credit, interest rate, and liquidity risks, with unchanged risk management policies [3.1 Financial Risk Factors](index=10&type=section&id=3.1%20Financial%20Risk%20Factors) This section identifies the primary financial risks faced by the group and confirms consistent risk management policies - The Group's operations are exposed to various financial risks: **credit risk, cash flow and fair value interest rate risk, and liquidity risk**[32](index=32&type=chunk) - The risk management policies have remained unchanged since **December 31, 2024**[33](index=33&type=chunk) [3.2 Fair Value Estimation](index=10&type=section&id=3.2%20Fair%20Value%20Estimation) This section states that the carrying amounts of liquid financial instruments approximate their fair values - The carrying amounts of the Group's liquid financial assets and liabilities at the reporting date approximate their fair values[34](index=34&type=chunk) - The carrying amounts of non-current lease liabilities are assumed to approximate their fair values because these amounts are interest-bearing at commercial rates[34](index=34&type=chunk) [4. Critical Accounting Estimates and Judgements](index=11&type=section&id=4.%20Critical%20Accounting%20Estimates%20and%20Judgements) This section highlights the management's use of judgments and estimates in financial reporting, consistent with prior annual statements - The preparation of the unaudited condensed consolidated interim financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[36](index=36&type=chunk) - The significant judgments made by management and the key sources of estimation uncertainty are consistent with those followed in the Company's audited consolidated financial statements for the year ended **December 31, 2024**[36](index=36&type=chunk) [5. Revenue and Segment Information](index=11&type=section&id=5.%20Revenue%20and%20Segment%20Information) This section details the group's revenue sources and segment performance, with tourism and auto businesses being key contributors Revenue Composition (Six Months Ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hotel room sales and distribution | 39,791 | 33,444 | 6,347 | 19.0% | | Provision of limousine services | 7,987 | 7,374 | 613 | 8.3% | | Performance and event income | 2,168 | 5,202 | (3,034) | -58.3% | | Gain on financial assets at fair value through profit or loss | 190 | — | 190 | N/A | | Vehicle rental income | 1,209 | 2,057 | (848) | -41.2% | | **Total Revenue** | **51,490** | **48,302** | **3,188** | **6.6%** | - The Group has three reportable operating segments: **tourism business, automobile business, and performance and event business**[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Segment Revenue and Results](index=12&type=section&id=Segment%20Revenue%20and%20Results) Segment Revenue and Results (Six Months Ended June 30, 2025) | Segment | Revenue (HKD thousands) | Results (HKD thousands) | | :--- | :--- | :--- | | Tourism business | 39,936 | 1,680 | | Automobile business | 9,196 | 5,065 | | Performance and event business | 2,358 | 296 | | **Total** | **51,490** | **7,041** | Segment Revenue and Results (Six Months Ended June 30, 2024) | Segment | Revenue (HKD thousands) | Results (HKD thousands) | | :--- | :--- | :--- | | Tourism business | 34,302 | 1,686 | | Automobile business | 8,792 | 3,352 | | Performance and event business | 5,208 | (200) | | **Total** | **48,302** | **4,838** | - The **automobile business results increased by 51.1%** from HKD 3,352 thousand in the same period of 2024 to **HKD 5,065 thousand** in the same period of 2025[43](index=43&type=chunk)[45](index=45&type=chunk) - Revenue from the performance and event business decreased from HKD 5,208 thousand in the same period of 2024 to **HKD 2,358 thousand** in the same period of 2025, while results turned from a loss of HKD 200 thousand to a **profit of HKD 296 thousand**[43](index=43&type=chunk)[45](index=45&type=chunk) [6. Other Income and Gains](index=13&type=section&id=6.%20Other%20Income%20and%20Gains) This section explains the increase in other income and gains, primarily driven by exchange and miscellaneous income Other Income and Gains Composition (Six Months Ended June 30) | Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest income | 38 | 10 | 28 | 280.0% | | Exchange gains | 186 | 45 | 141 | 313.3% | | Miscellaneous income | 176 | 77 | 99 | 128.6% | | **Total** | **400** | **178** | **222** | **124.7%** | [7. Finance Costs](index=14&type=section&id=7.%20Finance%20Costs) This section reports a decrease in finance costs due to reduced interest on lease liabilities and bank borrowings Finance Costs Composition (Six Months Ended June 30) | Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Interest on lease liabilities | 12 | 40 | (28) | -70.0% | | Interest on bank borrowings | 21 | 29 | (8) | -27.6% | | **Total** | **33** | **69** | **(36)** | **-52.2%** | [8. Loss Before Tax](index=14&type=section&id=8.%20Loss%20Before%20Tax) This section shows a significant reduction in loss before tax, mainly attributed to lower administrative expenses Key Deductions for Loss Before Tax (Six Months Ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,093 | 887 | 206 | 23.2% | | Lease payments under operating leases for leased assets | 452 | 526 | (74) | -14.1% | | Employee benefits expense (including Directors' emoluments) | 8,633 | 10,093 | (1,460) | -14.5% | | Contributions to retirement benefit schemes | 185 | 185 | 0 | 0.0% | - **Employee benefits expense decreased by HKD 1,460 thousand**, which is a significant factor in the narrowed loss[50](index=50&type=chunk) [9. Income Tax Expense](index=14&type=section&id=9.%20Income%20Tax%20Expense) This section states no income tax expense incurred due to the absence of taxable profits, outlining applicable tax rates - The Group had no income tax expense for the six months ended June 30, 2025 and 2024, as it did not generate any taxable profits[51](index=51&type=chunk) - Macau Complementary Tax is calculated at a rate of **12%**, and Chinese subsidiaries are subject to China Enterprise Income Tax at a rate of **25%**[51](index=51&type=chunk) [10. Loss Per Share](index=15&type=section&id=10.%20Loss%20Per%20Share) This section reports a significant improvement in basic and diluted loss per share due to the reduced period loss Loss Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (0.08) HK cents | (0.49) HK cents | - The weighted average number of shares used to calculate basic and diluted loss per share is **1,200,000 thousand shares**[52](index=52&type=chunk) - Diluted loss per share is the same as basic loss per share because the Company had no potential dilutive ordinary shares during the reporting period[52](index=52&type=chunk) [11. Dividends](index=15&type=section&id=11.%20Dividends) This section confirms that the board does not recommend an interim dividend for the period - The Directors do not recommend or propose an interim dividend for the six months ended June 30, 2025[53](index=53&type=chunk) [12. Property, Plant and Equipment](index=15&type=section&id=12.%20Property,%20Plant%20and%20Equipment) This section notes a substantial decrease in property, plant, and equipment acquisitions compared to the prior year Property, Plant and Equipment Acquired (Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Property, plant and equipment acquired | 94 | 1,396 | (1,302) | -93.3% | [13. Trade Receivables](index=15&type=section&id=13.%20Trade%20Receivables) This section details a significant decrease in net trade receivables, with credit terms typically 30-45 days Trade Receivables (As at June 30, 2025) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade receivables, gross | 12,085 | 19,566 | (7,481) | -38.2% | | Less: Provision for expected credit losses | (1,970) | (3,189) | 1,219 | -38.2% | | **Net** | **10,115** | **16,377** | **(6,262)** | **-38.2%** | - The credit period granted to major customers generally ranges from **30 to 45 days**[56](index=56&type=chunk) - Trade receivables over 90 days significantly increased from **HKD 10 thousand** at the end of 2024 to **HKD 3,432 thousand** as of June 30, 2025[57](index=57&type=chunk) [14. Deposits, Prepayments and Other Receivables](index=16&type=section&id=14.%20Deposits,%20Prepayments%20and%20Other%20Receivables) This section reports a notable increase in deposits, prepayments, and other receivables, driven by prepayments and other receivables Deposits, Prepayments and Other Receivables (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Deposits paid | 4,518 | 4,752 | (234) | -4.9% | | Prepayments | 7,130 | 3,285 | 3,845 | 117.0% | | Other receivables | 4,438 | 2,055 | 2,383 | 115.9% | | **Total** | **16,086** | **10,092** | **5,994** | **59.4%** | [15. Trade and Other Payables](index=17&type=section&id=15.%20Trade%20and%20Other%20Payables) This section shows an increase in trade and other payables, primarily due to accrued expenses and contract liabilities Trade and Other Payables (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 7,239 | 8,933 | (1,694) | -19.0% | | Accrued expenses and other payables | 4,620 | 4,023 | 597 | 14.8% | | Deposits received | 70 | 256 | (186) | -72.7% | | Contract liabilities | 3,724 | 14 | 3,710 | 26500.0% | | **Total** | **15,653** | **13,226** | **2,427** | **18.3%** | - The average credit period granted by suppliers is **30 days**[62](index=62&type=chunk) - Contract liabilities significantly increased from **HKD 14 thousand** at the end of 2024 to **HKD 3,724 thousand** as of June 30, 2025[61](index=61&type=chunk) [16. Share Capital](index=18&type=section&id=16.%20Share%20Capital) This section states that the company's authorized and issued share capital remained unchanged during the period - Both authorized and issued and fully paid share capital remained unchanged during the reporting period, at **HKD 120,000 thousand** and **HKD 12,000 thousand**, respectively[65](index=65&type=chunk) - The number of issued and fully paid ordinary shares is **1,200,000 thousand shares**[65](index=65&type=chunk) [17. Significant Related Party Transactions](index=18&type=section&id=17.%20Significant%20Related%20Party%20Transactions) This section discloses software maintenance fees paid to an associated company beneficially owned by an executive director Significant Related Party Transactions (Six Months Ended June 30) | Transaction Type | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Software maintenance fees paid to an associated company (Kam Shun Information Technology Limited) | 117 | 117 | - Kam Shun Information Technology Limited is beneficially owned by Ms. Zou Shu Er, an executive Director of the Company[66](index=66&type=chunk) [18. Events After the Reporting Period](index=18&type=section&id=18.%20Events%20After%20the%20Reporting%20Period) This section confirms no significant disclosable events occurred after the reporting period - The Board is not aware of any significant disclosable events after the reporting period from June 30, 2025, up to the date of this report[67](index=67&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business performance, financial position, and future strategies [Business Review and Prospects](index=19&type=section&id=Business%20Review%20and%20Prospects) This section reviews the group's diversified business in tourism, auto, and events, outlining expansion plans in Hong Kong and China - The Group is primarily a tourism service and car rental service provider focusing on Macau, China, and Hong Kong, with businesses covering tourism, automobile, and performance and events[68](index=68&type=chunk) - On **March 22, 2023**, Ying Hoi Travel Agency Limited, a subsidiary of the Company, was granted a Hong Kong Travel Agent License by the Travel Industry Authority, expanding its business to Hong Kong[68](index=68&type=chunk) - The Group strategically plans to seek cooperation with more hotel operators, other travel agents, and corporate clients in Macau, and considers expanding its tourism business to China to consolidate its market position and diversify revenue streams[69](index=69&type=chunk) - For the six months ended June 30, 2025, the Group completed and participated in several activities and organized certain events, aiming to broaden revenue sources and create synergies with its existing tourism business[70](index=70&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section summarizes the group's financial performance, highlighting revenue growth, increased gross profit, and reduced loss - The Group's revenue increased by approximately **6.6%** from approximately **HKD 48.3 million** for the six months ended June 30, 2024, to approximately **HKD 51.5 million** for the six months ended June 30, 2025, primarily due to increased revenue from sales and distribution of hotel rooms[71](index=71&type=chunk) - Gross profit increased by approximately **45.8% to HKD 7.0 million**, mainly due to increased revenue from providing car rental services, which generates higher gross profit margins for the Group[73](index=73&type=chunk) - Administrative expenses decreased by approximately **20.0% to HKD 9.6 million**, primarily due to a reduction in employee benefits expense[75](index=75&type=chunk) - Loss for the period significantly narrowed to **HKD 1.0 million**, mainly due to increased revenue from hotel room sales and distribution and car rental services, increased other income and gains, and reduced employee benefits expense[79](index=79&type=chunk) [Use of Net Proceeds from Listing](index=21&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) This section details the utilization of listing proceeds, with a portion remaining for future strategic collaborations - The net proceeds from the listing were approximately **HKD 39.3 million**[80](index=80&type=chunk) Use of Net Proceeds from Listing (As at June 30, 2025) | Intended Use | Adjusted Net Proceeds (HKD thousands) | Actual Utilized as at Dec 31, 2024 (HKD thousands) | Utilized for Six Months Ended June 30, 2025 (HKD thousands) | Actual Utilized as at June 30, 2025 (HKD thousands) | Unutilized Amount as at June 30, 2025 (HKD thousands) | Expected Timeline for Intended Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expanding our fleet | 3,965 | 3,965 | — | 3,965 | — | — | | Collaborating with more hotel operators | 6,480 | 4,138 | — | 4,138 | 2,342 | December 2025 | | Increasing marketing and expanding sales channels | 2,319 | 2,319 | — | 2,319 | — | — | | Improving our operational efficiency | 1,485 | 1,485 | — | 1,485 | — | — | | Expanding our workforce | 824 | 824 | — | 824 | — | — | | General working capital | 1,080 | 1,080 | — | 1,080 | — | — | | Collaborating with performance and event organizers | 22,186 | 22,186 | — | 22,186 | — | — | | Expanding tourism business to China | 957 | 957 | — | 957 | — | — | | **Total** | **39,296** | **36,954** | **—** | **36,954** | **2,342** | | - In view of the adverse impact of the pandemic on the Group's business, the Board resolved on **May 3, 2021**, to revise the intended use of proceeds to diversify business operational risks[80](index=80&type=chunk) [Comparison of Business Strategies with Actual Business Progress](index=22&type=section&id=Comparison%20of%20Business%20Strategies%20with%20Actual%20Business%20Progress) This section compares planned business strategies with actual progress, noting achievements in fleet expansion and ongoing efforts in other areas - **Expanding our fleet**: As of the date of this report, the Group has purchased **19 new vehicles** to provide point-to-point cross-border transportation services and car rental services in Macau[82](index=82&type=chunk) - **Collaborating with more hotel operators**: The Group is identifying suitable hotel operators for cooperation[82](index=82&type=chunk) - **Collaborating with performance and event organizers**: The Group will collaborate with performance and event organizers to sponsor performances and events by renowned celebrities and artists in China, Macau, and Asia, subject to market demand[82](index=82&type=chunk) - **Expanding tourism business to China**: The Group plans to expand its tourism business to China and Hong Kong to diversify its business and is currently identifying business opportunities[82](index=82&type=chunk) [Key Risks and Uncertainties in Achieving Our Business Strategies](index=22&type=section&id=Key%20Risks%20and%20Uncertainties%20in%20Achieving%20Our%20Business%20Strategies) This section identifies key risks to strategy implementation, including pandemic impact, partnership challenges, market timing, and competition - A resurgence of the pandemic or other infectious diseases, and future travel restrictions and lockdown measures, may have a significant adverse impact on the tourism industry and the Group's business[84](index=84&type=chunk) - The Group may not be able to find suitable hotel operators to cooperate with and offer attractive terms to achieve its expansion plans[84](index=84&type=chunk) - Timing is crucial for implementing business plans, and the Group may not be able to grasp business trends to determine the best time to enter markets or expand new sales channels[84](index=84&type=chunk) - In an increasingly volatile and complex business environment, the Group may face changes in consumer behavior and intense competition when implementing its business plans[84](index=84&type=chunk) - To mitigate risks, the Group will ensure its business plans are as flexible as possible and will carefully monitor business trends[83](index=83&type=chunk) [Key Risks and Uncertainties](index=23&type=section&id=Key%20Risks%20and%20Uncertainties) This section outlines the primary risks, such as pandemic impact, reliance on Macau revenue, payment defaults, and supplier/customer bypass - The pandemic has severely impacted the Group's business and operations following travel restrictions imposed by the Macau and Chinese governments, with future uncertainties remaining[86](index=86&type=chunk) - The Group's revenue primarily originates from Macau, making its sales performance susceptible to changes in Macau and China's policies and economic environment[86](index=86&type=chunk) - Customers may delay or default on payments, while the Group may still be required to pay hotel room fees and incur costs[86](index=86&type=chunk) - The Group's major suppliers may choose to deal directly with the Group's customers, and the Group's travel agent customers may obtain hotel rooms from each other, thereby bypassing the Group[86](index=86&type=chunk) - If the Group fails to sell and distribute hotel rooms at prices higher than their respective predetermined room rates, or if hotel operators reduce the number of hotel rooms sold to the Group, the Group may suffer reduced profits or incur losses from the sales and distribution of guaranteed hotel rooms[86](index=86&type=chunk) [Employees and Remuneration Policies](index=23&type=section&id=Employees%20and%20Remuneration%20Policies) This section reports a decrease in employee numbers and staff costs, with remuneration based on performance and market levels - As of June 30, 2025, the Group had **62 employees** (June 30, 2024: 83 employees)[85](index=85&type=chunk) Staff Costs (Six Months Ended June 30) | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change (HKD millions) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Staff costs (including Directors' emoluments) | 8.8 | 10.3 | (1.5) | -14.6% | - The decrease in staff costs was mainly due to the introduction of a one-off staff bonus scheme for the six months ended June 30, 2024, and a reduction in the number of employees[85](index=85&type=chunk) - The Group's remuneration packages are determined with reference to individual performance, work experience, and prevailing market remuneration levels, and are reviewed regularly[85](index=85&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=24&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) This section confirms no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025, and up to the date of this report[87](index=87&type=chunk) [Material Investments Held](index=24&type=section&id=Material%20Investments%20Held) This section describes the group's material investments, including financial assets at fair value through profit or loss and investment properties - The Group's material investments include **financial assets at fair value through profit or loss** and **investment properties**[88](index=88&type=chunk) - Financial assets at fair value through profit or loss refer to investments in various activities, such as the "Kamen Rider 50th Anniversary Exhibition" in Malaysia and the "Chainsaw Man Anime Exhibition" in Hong Kong, where the Group is entitled to **20% of the profits** from these activities, which were completed during the reporting period[88](index=88&type=chunk) - Investment properties refer to the Group's investment in parking spaces in Macau, from which the Group earned approximately **HKD 28,000** in rental income for the six months ended June 30, 2025[90](index=90&type=chunk) [The Company's Investment Strategy for Investment Activities](index=26&type=section&id=The%20Company's%20Investment%20Strategy%20for%20Investment%20Activities) The group's strategy is to identify and participate in prominent events to diversify revenue streams - The Group's strategy is to identify opportunities to organize and participate in renowned performances and events, with the aim of utilizing the Group's resources to diversify its income streams[92](index=92&type=chunk) [The Company's Investment Strategy for Investment Properties](index=26&type=section&id=The%20Company's%20Investment%20Strategy%20for%20Investment%20Properties) The group aims to generate cash flow and capital appreciation from parking spaces, with no immediate plans for further expansion - The Group's strategy is to utilize parking spaces to generate cash inflow and capital appreciation[93](index=93&type=chunk) - Currently, the Group has no plans to strategically increase its investment property portfolio and will only invest in additional investment properties when suitable investment opportunities arise and the Group has surplus funds[93](index=93&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) This section discusses the group's capital structure, cash position, borrowings, and risk management, showing a stable financial position [Capital Structure](index=26&type=section&id=Capital%20Structure) This section states no significant changes in the company's capital structure or treasury shares during the period - There were no significant changes in the Company's capital structure for the six months ended June 30, 2025[94](index=94&type=chunk) - The Group did not hold or dispose of any treasury shares for the six months ended June 30, 2025[94](index=94&type=chunk) [Cash Position](index=26&type=section&id=Cash%20Position) This section reports an increase in total bank balances, primarily due to net cash inflow from operating activities - Cash and cash equivalents and bank deposits with maturity dates over three months (collectively, "total bank balances") increased from approximately **HKD 5.9 million** as of December 31, 2024, to approximately **HKD 7.6 million** as of June 30, 2025[95](index=95&type=chunk) - The increase in cash and cash equivalents and bank deposits was primarily due to net cash inflow from operating activities for the six months ended June 30, 2025[95](index=95&type=chunk) [Borrowings and Lease Liabilities](index=26&type=section&id=Borrowings%20and%20Lease%20Liabilities) This section details the group's borrowings and lease liabilities, including their interest rates Borrowings and Lease Liabilities (As at June 30, 2025) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total borrowings and lease liabilities | 1,700 | 2,300 | (600) | -26.1% | | Bank borrowings | 1,500 | 1,600 | (100) | -6.3% | | Lease liabilities | 200 | 700 | (500) | -71.4% | - Bank borrowings bear a fixed annual interest rate of **2.75%**, while lease liabilities bear annual interest rates ranging from **4.3% to 8.0%**[95](index=95&type=chunk) [Pledge of Assets](index=27&type=section&id=Pledge%20of%20Assets) This section describes the assets pledged as collateral for bank financing, trade deposits, and a travel agency license - As of June 30, 2025, the Group had pledged bank deposits amounting to approximately **HKD 2.6 million** with maturity dates over three months as collateral for general banking facilities granted to the Group, as general trade deposit guarantees issued to the Group's suppliers, and as a guarantee to the Macau government for obtaining a Macau travel agency license[96](index=96&type=chunk) - As of June 30, 2025, the Group had pledged properties (parking spaces in Macau) with a carrying value of approximately **HKD 1.8 million** to secure bank borrowings with a carrying value of approximately **HKD 1.5 million**[96](index=96&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) This section presents the gearing ratio, which decreased, calculated as borrowings and lease liabilities over equity Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing ratio | 7.6% | 9.4% | -1.8 percentage points | - The gearing ratio is calculated as borrowings and lease liabilities divided by equity attributable to owners of the Company at the end of each period or year[97](index=97&type=chunk) [Dividends](index=27&type=section&id=Dividends) This section confirms no interim dividend was declared or proposed for the period - The Company did not declare or propose an interim dividend for the six months ended June 30, 2025[98](index=98&type=chunk) [Commitments](index=27&type=section&id=Commitments) This section states that the group had no significant capital commitments at the reporting date - As of June 30, 2025, the Group had no significant capital commitments[99](index=99&type=chunk) [Contingent Liabilities](index=27&type=section&id=Contingent%20Liabilities) This section confirms the absence of significant contingent liabilities at the reporting date - As of June 30, 2025, the Group had no significant contingent liabilities[100](index=100&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) This section discusses the group's exposure to foreign exchange risk, primarily from transactions in various currencies, and its hedging policy - The Group operates in Macau, Hong Kong, and China, with most transactions settled in **Macanese Pataca, Hong Kong Dollars, US Dollars, Singapore Dollars, New Taiwan Dollars, and Renminbi**[101](index=101&type=chunk) - As long as the Hong Kong Dollar remains pegged to the Macanese Pataca and the US Dollar, the Group is not exposed to significant foreign exchange risk related to the Hong Kong Dollar against the Macanese Pataca and the US Dollar[102](index=102&type=chunk) - Transactions and monetary assets and liabilities denominated in Renminbi are minimal, thus the Group considers there is no significant foreign exchange risk related to Renminbi[103](index=103&type=chunk) - The Group currently has no foreign exchange hedging policy for assets and liabilities denominated in foreign currencies but will closely monitor and consider hedging significant foreign exchange risks[103](index=103&type=chunk) [Treasury and Risk Management](index=28&type=section&id=Treasury%20and%20Risk%20Management) This section outlines the board's prudent policy for cash and liquidity management and identifies key credit risk sources - The Directors will continue to follow a prudent policy to manage the Group's cash and maintain robust and adequate liquidity, ensuring the Group can seize opportunities for future growth[104](index=104&type=chunk) - As of June 30, 2025, the Group's credit risk primarily arose from trade receivables, deposits paid and other receivables, bank deposits with original maturity dates over three months, and cash and cash equivalents[104](index=104&type=chunk) [Future Plans for Material Investments and Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) This section states that the group has no other significant future plans for investments or capital assets beyond those disclosed - Except as disclosed in this report, as of June 30, 2025, the Group had no other significant future plans for material investments and capital assets[105](index=105&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) This section affirms the company's commitment to high corporate governance standards, generally complying with the GEM Listing Rules - The Company is committed to maintaining high standards of corporate governance to ensure the transparency of the Group and safeguard shareholders' interests[106](index=106&type=chunk) - The Company has adopted the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[106](index=106&type=chunk) - Except for the deviation from Code Provision C.2.1 of the Corporate Governance Code (combined roles of Chairman and Chief Executive Officer), the Company has complied with the Corporate Governance Code in all material aspects during the reporting period[106](index=106&type=chunk) [Chairman and Chief Executive Officer](index=28&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) This section addresses the combined roles of Chairman and CEO, noting the board's view on its benefit and balance of power - Mr. Choi Wai Chun currently serves as both the Chairman and Chief Executive Officer of the Company, which deviates from Code Provision C.2.1 of the Corporate Governance Code[107](index=107&type=chunk) - The Board believes that Mr. Choi's dual role is in the best interests of the Group, and with competent independent non-executive Directors, it does not impair the balance of power and authority between the Board and its management in the Group's business[107](index=107&type=chunk) [Directors' Interests in Competing Business](index=28&type=section&id=Directors'%20Interests%20in%20Competing%20Business) This section confirms no directors or controlling shareholders had interests in competing businesses during the period - For the six months ended June 30, 2025, and up to the date of this report, no Director or controlling shareholder or their close associates had any interests in businesses that compete or may compete, directly or indirectly, with the Group's business[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) This section states that neither the company nor its subsidiaries purchased, sold, or redeemed listed securities during the period - For the six months ended June 30, 2025, and up to the date of this report, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[109](index=109&type=chunk) - The Company did not hold any treasury shares for the six months ended June 30, 2025[109](index=109&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=29&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20the%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section discloses the interests of directors and chief executives in the company's shares and associated corporations [Long Positions in Shares](index=29&type=section&id=Long%20Positions%20in%20Shares) This section details the long position of Mr. Choi Wai Chun through his controlled corporation Directors' Long Positions in Shares (As at June 30, 2025) | Director's Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Interest in controlled corporation | 900,000,000 | 75.0% | - The **900,000,000 shares** are held by Silver Esteem Limited, a company wholly owned by Mr. Choi Wai Chun, who is deemed to have an interest in all these shares[112](index=112&type=chunk) [Long Positions in Shares of Associated Corporations](index=29&type=section&id=Long%20Positions%20in%20Shares%20of%20Associated%20Corporations) This section shows Mr. Choi Wai Chun's 100% beneficial ownership in Silver Esteem Limited Directors' Long Positions in Shares of Associated Corporations (As at June 30, 2025) | Director's Name | Name of Associated Corporation | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Choi Wai Chun | Silver Esteem Limited | Beneficial owner | 1 | 100.0% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=30&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20the%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) This section discloses the long positions of substantial shareholders and other persons in the company's shares [Long Positions in Shares](index=30&type=section&id=Long%20Positions%20in%20Shares) This section details the long positions of Silver Esteem Limited and Ms. Wong Pui King Substantial Shareholders' Long Positions in Shares (As at June 30, 2025) | Shareholder Name/Name | Capacity | Number of Ordinary Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Silver Esteem Limited | Beneficial owner | 900,000,000 | 75.0% | | Ms. Wong Pui King | Interest of spouse | 900,000,000 | 75.0% | - Silver Esteem Limited is wholly owned by Mr. Choi Wai Chun, and Ms. Wong Pui King, being the spouse of Mr. Choi Wai Chun, is deemed to have an interest in all shares held by Mr. Choi Wai Chun[117](index=117&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) This section mentions the adoption of a share option scheme but confirms no options were granted, exercised, or lapsed during the period - The Company adopted a share option scheme on **September 3, 2019**[115](index=115&type=chunk) - For the six months ended June 30, 2025, and up to the date of this report, no share options were granted, agreed to be granted, exercised, cancelled, forfeited, or lapsed under the scheme[115](index=115&type=chunk) [Standard of Dealings in Securities by Directors](index=30&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) This section states the company's adoption of the required standard for directors' securities dealings and confirms compliance - The Group has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for Directors' dealings in securities of the Company[116](index=116&type=chunk) - Following specific enquiries made to all Directors, all Directors confirmed that they have complied with the required standard of dealings and the code of conduct for Directors' dealings in securities for the six months ended June 30, 2025, and up to the date of this report[116](index=116&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) This section confirms no significant disclosable events occurred after the reporting period - No significant disclosable events occurred after June 30, 2025, and up to the date of this report[118](index=118&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) This section describes the composition and responsibilities of the Audit Committee, confirming its review of the interim financial statements - The Audit Committee comprises three independent non-executive Directors: Mr. Wu Chung Ming (Chairman), Mr. So Siu Kei, and Mr. Sze Lik Tao[119](index=119&type=chunk) - The primary responsibilities of the Audit Committee are to provide recommendations to the Board on the appointment, re-appointment, and removal of external auditors; review the Company's financial statements and judgments related to financial reporting; and oversee the effectiveness of the Group's internal control procedures[119](index=119&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards, the GEM Listing Rules, and contain sufficient disclosures[119](index=119&type=chunk) [By Order of the Board](index=31&type=section&id=By%20Order%20of%20the%20Board) This section states the report's issuance by the Chairman, CEO, and Executive Director on behalf of the Board - This report was issued by Mr. Choi Wai Chun, Chairman, Chief Executive Officer, and Executive Director of Ying Hai Group Holdings Company Limited, in Hong Kong, on **August 21, 2025**[120](index=120&type=chunk)

承董事會命 瀛海集團控股有限公司 （股份代號：8668） 董事會會議通告 瀛海集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會將 於二零二五年八月二十一日（星期四）舉行董事會會議，藉以（其中包括）(1)考慮及批 准本公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核綜合中期業 績（「中期業績」）及分別於聯交所網站及本公司網站上發佈其有關中期業績的公佈； (2)考慮中期股息建議（如有）；(3)考慮暫停辦理本公司股份過戶登記手續（如有需 要）。 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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依 賴該等內容而引致的任何損失承擔任何責任。 YING HAI GROUP HOLDINGS COMPANY LIMITED 瀛海集團控股有限公司 （於開曼群島註冊成立的有限公司） 主席、行政總裁兼執行董事 本公佈的資料乃遵照GEM上市規則而刊載，旨在提供有關本公司的資料；本公司董事願就本公佈的 資料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，確認就其 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 瀛海集團控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08668 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 12,000,000,000 | HKD | | 0.01 | HKD | | 120,000,000 | 第 1 頁 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue increased to HKD 104,991,000, up from HKD 94,709,000 in 2023, representing a growth of approximately 10.7%[14] - The company reported a pre-tax loss of HKD 9,514,000 for 2024, compared to a loss of HKD 2,546,000 in 2023, indicating a significant decline in profitability[14] - Total assets decreased to HKD 44,872,000 in 2024 from HKD 58,753,000 in 2023, reflecting a reduction of approximately 23.6%[15] - The total equity of the company fell to HKD 23,990,000 in 2024, down from HKD 33,672,000 in 2023, a decrease of about 28.8%[15] - The net current assets decreased to HKD 13,526,000 in 2024 from HKD 24,286,000 in 2023, a decline of approximately 44.3%[15] - The group's revenue increased from approximately HKD 94.7 million for the year ended December 31, 2023, to approximately HKD 105.0 million for the year ended December 31, 2024, representing an increase of about HKD 10.3 million[21] - The group's cost of sales rose from approximately HKD 81.4 million to approximately HKD 91.9 million, an increase of about HKD 10.5 million, primarily due to higher sales from hotel room distribution and car rental services[22] - The group's gross profit remained stable at approximately HKD 13.3 million for the year ended December 31, 2023, and approximately HKD 13.1 million for the year ended December 31, 2024, with a gross profit margin of about 12.5% for the latter year[23] - Administrative expenses increased from approximately HKD 14.5 million to approximately HKD 18.9 million, mainly due to rising salary expenses[25] - Other operating expenses rose from approximately HKD 0.9 million to approximately HKD 2.2 million, primarily due to increased sponsorship costs[26] - The annual loss increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024, attributed to higher salary expenses and impairment losses[33] Business Operations and Strategy - The company is optimistic about the tourism market in Macau and Asia, driven by a significant increase in visitors, particularly from China, following the easing of COVID-19 restrictions[9][17] - The company plans to strengthen its existing business operations to provide stable returns and growth prospects for shareholders[10] - The company has expanded its operations into Hong Kong, obtaining a travel agency license from the Travel Industry Authority in March 2023[18] - The company operates in three main segments: tourism services, car rental services, and event management, with a focus on Macau, China, and Hong Kong[9][18] - The group plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to expand its market share and service offerings[19] - The group is considering expanding its tourism business into mainland China and diversifying its revenue sources through event ticket sales and related services[19] - The group has completed four performances of the "Australian Thunder Show" in Macau, Taiwan, and South Korea, and organized various concerts and events in Macau[20] - The company has purchased 19 new vehicles for point-to-point cross-border transport services and car rental services in Macau[38] - The company is currently seeking suitable hotel operators for collaboration, which has been delayed due to the need for more time[38] - The company plans to expand its tourism business into mainland China and Hong Kong, actively looking for opportunities in these markets[38] Risk Management and Governance - The company emphasizes the importance of understanding the risks associated with investing in GEM-listed companies, which typically have higher investment risks[4] - The company has no significant changes in its capital structure as of December 31, 2024[43] - The company has not proposed a final dividend for the year ended December 31, 2024, consistent with the previous year[50] - The company has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2024[52] - The company has pledged bank deposits of approximately HKD 2.7 million as collateral for general banking facilities as of December 31, 2024, unchanged from the previous year[45] - The company has a total of approximately HKD 1.6 million in bank borrowings as of December 31, 2024, with a fair value of approximately HKD 1.8 million for the pledged properties[48] - The board believes that the risk management and internal control systems are adequate and effective as of December 31, 2024[138] - The audit committee has reviewed the adequacy of resources and the qualifications of employees involved in accounting and financial reporting functions[138] - The board conducts annual reviews of the risk management and internal control systems to minimize risks faced by the group[137] - The company has engaged independent external consultants for an internal control review, which is expected to be completed by March 26, 2025[137] Corporate Governance - The company has adopted a corporate governance code in compliance with GEM listing rules, maintaining high levels of transparency and accountability[89] - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the company for effective management[90] - All directors confirmed compliance with the trading standards set forth in the company's code of conduct for securities transactions during the fiscal year ending December 31, 2024[91] - The company has established service agreements for executive directors with an initial term of three years, automatically renewing unless terminated with prior notice[98] - Independent non-executive directors have a fixed term of one year from the listing date, also subject to automatic renewal unless terminated with prior notice[98] - The board is responsible for overall management and strategic direction, ensuring decisions are made in the best interest of the company[94] - The company has received annual independence confirmations from all independent non-executive directors, affirming their compliance with independence guidelines[95] - The board regularly reviews its functions and responsibilities to maintain high standards of corporate governance[94] - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[93] - The company has established three committees: the audit committee, the remuneration committee, and the nomination committee, ensuring adequate resources for their responsibilities[101] Human Resources - The employee costs for the year ending December 31, 2024, amounted to approximately HKD 19.5 million, an increase from HKD 12.8 million in the previous year[70] - The group had a total of 84 employees as of December 31, 2024, down from 88 employees in the previous year[70] - The board believes that the quality of employees is crucial for maintaining business growth and improving profitability[70] - The company emphasizes continuous professional development for directors, ensuring they are aware of governance and regulatory updates[131] - The company has a gender composition of approximately 65.5% male and 34.5% female among its 84 employees[128] Environmental, Social, and Governance (ESG) - The company has presented its sixth Environmental, Social, and Governance (ESG) report covering the period from January 1, 2024, to December 31, 2024[161] - The ESG report is prepared in accordance with the GEM Listing Rules and follows principles of materiality, quantification, balance, and consistency[161] - The company emphasizes the importance of sustainable development as a key driver for creating long-term value for stakeholders[166] - The board is committed to enhancing corporate image and reducing ESG risks through focused resource management and compliance with relevant laws and regulations[164] - The company has adopted the Hong Kong Stock Exchange's ESG Reporting Guidelines to enhance its sustainability efforts in environmental protection and employee welfare[166] - The company aims to provide substantial returns to investors while ensuring a healthy and safe working environment for employees[167] - The company has implemented a "Green Environmental Policy and Procedures" to balance business returns with environmental protection[182] - The company has committed to using only high-quality fuel and environmentally friendly vehicles to minimize emissions[193] - The company has implemented energy-saving measures, including replacing traditional lighting with LED lights[193] - The company has not reported any non-compliance issues regarding waste disposal or emissions in the 2024 reporting period[190]

Financial Performance - Revenue increased from approximately HKD 94.7 million for the year ended December 31, 2023, to approximately HKD 105.0 million for the year ended December 31, 2024, representing an increase of about 10.3 million HKD[4]. - Gross profit for the year ended December 31, 2024, was approximately HKD 13.1 million, compared to approximately HKD 13.3 million for the year ended December 31, 2023[4]. - Loss for the year increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024[4]. - Basic loss per share attributable to owners of the company was approximately HKD 0.79 cents for the year ended December 31, 2024, compared to HKD 0.21 cents for the year ended December 31, 2023[4]. - The group reported a pre-tax loss of HKD 9,514,000 for the year, compared to a pre-tax loss of HKD 2,546,000 in the previous year, reflecting a significant increase in losses[25][26]. - The company’s annual loss increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024, attributed to increased salary expenses and impairment losses[67]. Revenue Sources - The company primarily engages in the sale and distribution of tickets and hotel rooms, travel-related products and services, and vehicle rental services in Macau[8]. - Revenue from hotel room sales and distribution amounted to HKD 79,078,000 in 2024, up from HKD 69,714,000 in 2023, indicating a growth of about 13.5%[19]. - The travel business segment generated revenue of HKD 79,581,000, while the automotive business and event business contributed HKD 19,474,000 and HKD 5,936,000 respectively, totaling HKD 104,991,000 for the group[25]. - The group’s total income from customer contracts was HKD 102,622,000, an increase from HKD 92,689,000 in the previous year, marking a growth of about 10.1%[19]. - Revenue from external customers in Macau increased to HKD 103,790,000 in 2024, up from HKD 93,571,000 in 2023, representing an increase of approximately 10.3%[33]. Assets and Liabilities - Total assets less current liabilities decreased from HKD 35.9 million as of December 31, 2023, to HKD 25.5 million as of December 31, 2024[7]. - Current assets decreased from HKD 47.1 million as of December 31, 2023, to HKD 32.9 million as of December 31, 2024[7]. - Current liabilities decreased from HKD 22.8 million as of December 31, 2023, to HKD 19.4 million as of December 31, 2024[7]. - Net assets attributable to owners of the company decreased from HKD 33.7 million as of December 31, 2023, to HKD 24.0 million as of December 31, 2024[7]. - Trade receivables totaled HKD 19,566,000 in 2024, down from HKD 25,911,000 in 2023, reflecting a decrease of approximately 24.6%[44]. - Trade payables decreased from HKD 15.9 million in 2023 to HKD 8.9 million in 2024, with significant reductions in amounts due within 30 days[48]. Expenses - Employee benefits expenses (excluding directors' remuneration) rose to HKD 14,979,000 in 2024 from HKD 10,593,000 in 2023, an increase of about 41.5%[37]. - Administrative expenses increased from approximately HKD 14.5 million in 2023 to approximately HKD 18.9 million in 2024, mainly due to higher salary expenses[60]. - The employee cost for the year ended December 31, 2024, was approximately HKD 19.5 million, an increase from HKD 12.8 million in 2023[103]. Strategic Initiatives - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and drive sustainable growth[53]. - The company is considering expanding its travel business into mainland China and diversifying its revenue sources through ticket sales and event organization[54]. - The company has purchased 19 new vehicles for point-to-point cross-border transport services and car rental services in Macau[71]. - The company aims to collaborate with more hotel operators, but has faced challenges in identifying suitable partners[69]. - The company plans to expand its tourism business into China, with ongoing efforts to identify opportunities in the mainland and Hong Kong[72]. Financial Position - As of December 31, 2024, the total cash and cash equivalents amounted to approximately HKD 5.9 million, a decrease from HKD 9.3 million as of December 31, 2023, primarily due to increased working capital needs for business expansion and net cash used for repaying bank borrowings[80]. - The total borrowings and lease liabilities as of December 31, 2024, were approximately HKD 2.3 million, down from HKD 3.4 million as of December 31, 2023, with outstanding bank financing commitments of approximately HKD 1.6 million[80]. - The debt-to-equity ratio as of December 31, 2024, was approximately 9.4%, compared to 10.0% as of December 31, 2023, calculated based on bank borrowings and lease liabilities divided by total equity attributable to the owners of the company[84]. - The company reported a capital commitment of approximately HKD 4.2 million as of December 31, 2024, significantly up from HKD 0.8 million as of December 31, 2023[86]. Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules, ensuring high levels of transparency and accountability to protect shareholder interests[109]. - The company confirms compliance with the minimum public float requirement of at least 25% as per GEM listing rules[113]. - The board believes that the dual role of the chairman and CEO held by Mr. Cai is in the best interest of the company, despite a deviation from the corporate governance code[110]. - The company has confirmed that all directors have adhered to the required standards of conduct regarding securities trading for the fiscal year ending December 31, 2024[111]. Market Risks - The financial performance has been adversely affected by the COVID-19 pandemic, prompting a strategic adjustment to mitigate operational risks[69]. - The company’s revenue is primarily derived from Macau, making it sensitive to changes in policies and economic conditions in Macau and China[76]. - The company faces risks related to potential travel restrictions and the ability to secure favorable terms with hotel operators, which could impact business performance[75]. Other Information - The annual general meeting for 2024 is scheduled for May 10, 2024, with further announcements to be made in accordance with GEM listing rules[116]. - The auditor has confirmed that the financial statements for the year ending December 31, 2024, are consistent with the group's consolidated financial statements[114]. - There are no significant events that require disclosure after December 31, 2024, up to the date of this announcement[115].

Financial Performance - For the six months ended June 30, 2024, the group recorded unaudited revenue of approximately HKD 48.3 million, a significant increase of HKD 12.1 million or 33.4% compared to HKD 36.2 million for the same period in 2023[5]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 5.9 million for the six months ended June 30, 2024, compared to an unaudited profit of HKD 3.0 million for the same period in 2023[5]. - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD 0.49, compared to a profit of HKD 0.25 per share for the same period in 2023[5]. - For the six months ended June 30, 2024, the company reported a total comprehensive loss of HKD 6,013,000, compared to a total comprehensive income of HKD 3,056,000 for the same period in 2023[9]. - The company incurred a loss of HKD 5,921,000 during the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 for the same period in 2023[9]. - The group recorded a pre-tax loss of HKD 5,921,000 for the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 for the same period in 2023[31][33]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 11.9 million, compared to HKD 11.6 million as of December 31, 2023[8]. - Current assets decreased to HKD 41.0 million as of June 30, 2024, from HKD 47.1 million as of December 31, 2023[8]. - The net current asset value was HKD 17.5 million as of June 30, 2024, down from HKD 24.3 million as of December 31, 2023[8]. - Total assets less current liabilities were HKD 29.4 million as of June 30, 2024, compared to HKD 35.9 million as of December 31, 2023[8]. - The group's total equity attributable to owners decreased to HKD 27.7 million as of June 30, 2024, from HKD 33.7 million as of December 31, 2023[8]. - Total borrowings and lease liabilities amounted to approximately HKD 2.8 million as of June 30, 2024, down from HKD 3.4 million as of December 31, 2023[116]. - As of June 30, 2024, the group's asset-liability ratio was approximately 37.3%, a significant increase from about 10.0% as of December 31, 2023[121]. Cash Flow - Cash and cash equivalents decreased by HKD 1,308,000 during the six months ended June 30, 2024, resulting in a closing balance of HKD 5,182,000[14]. - Operating activities generated a net cash outflow of HKD 683,000 for the six months ended June 30, 2024, compared to a net cash inflow of HKD 3,064,000 for the same period in 2023[14]. - The company's cash flow from investing activities resulted in a net cash outflow of HKD 10,000 for the six months ended June 30, 2024, compared to a net inflow of HKD 470,000 in the same period of 2023[14]. - The company’s financing activities resulted in a net cash outflow of HKD 615,000 for the six months ended June 30, 2024, compared to HKD 1,987,000 in the same period of 2023[14]. - The group's cash and cash equivalents decreased from approximately HKD 9.3 million as of December 31, 2023, to approximately HKD 7.9 million as of June 30, 2024, primarily due to net cash outflows from operating and financing activities[115]. Revenue Segments - Revenue from customer contracts amounted to HKD 46,245,000, up 33.4% from HKD 34,699,000 year-on-year[26]. - The travel business segment generated revenue of HKD 34,302,000, representing a 15.5% increase from HKD 29,825,000 in the previous year[31]. - The automotive business segment reported revenue of HKD 8,792,000, a 67.5% increase from HKD 5,260,000 in the same period last year[31]. - The performance of the event business segment showed a revenue of HKD 5,208,000, compared to HKD 1,114,000 in the previous year[31]. - The group has three reportable segments: travel, automotive, and events, with each segment's performance being evaluated for resource allocation[28][29][30]. Expenses and Losses - The cost of sales rose sharply by approximately 62.3%, from about HKD 26.8 million to about HKD 43.5 million during the same periods, driven by increased sales of hotel rooms, event tickets, and car rental services[64]. - Gross profit decreased by approximately 48.9%, from about HKD 9.4 million to about HKD 4.8 million, primarily due to reduced margins from hotel room sales amid intense competition in the industry[64]. - Administrative expenses increased from approximately HKD 6.6 million to about HKD 12.0 million, representing an increase of approximately 81.8% due to higher employee benefits and sponsorship expenses[66]. - Employee benefits expenses surged to HKD 10,093,000 from HKD 4,940,000, an increase of 104.6%[37]. Dividends and Equity - The board of directors decided not to recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[5]. - No interim dividend was recommended for the six months ended June 30, 2024, remaining at zero, similar to the previous period[122]. - The company’s total equity increased to HKD 27,659,000 as of June 30, 2024, from HKD 39,177,000 at the end of the previous reporting period[9]. Strategic Initiatives - The company has expanded its business into Hong Kong, obtaining a travel agency license on March 22, 2023[59]. - The strategic goal is to consolidate its market position in the Macau tourism industry and seek partnerships with more hotel operators and travel agencies[59]. - The company plans to expand its tourism business into China, aiming to increase revenue sources related to the Macau tourism industry[59]. - The group aims to collaborate with more hotel operators and is actively seeking partnerships with popular and quality hotels[103]. - The group has allocated approximately HKD 22.2 million for collaboration with event organizers, sponsoring well-known stars and artists for performances and events in China, Macau, and Asia[101]. Risks and Challenges - The group faces risks related to potential travel restrictions and consumer sentiment due to the pandemic, which may impact the tourism industry in Macau and China[104]. - The group will ensure its business plans are flexible to respond to market conditions and will closely monitor business trends to identify favorable entrepreneurial environments[104]. - The group faced significant adverse impacts on its business and operations due to pandemic-related lockdowns and travel restrictions in Macau, China, and Hong Kong, leading to a substantial decrease in visitor numbers[107]. - The group's ability to generate revenue is heavily reliant on the performance of hotel operators in Macau, which may be adversely affected by changes in policies and economic conditions in the region[107]. Governance and Management - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the group[129]. - As of June 30, 2024, the chairman held 900 million shares, representing 75.0% of the company's equity[134]. - As of June 30, 2024, Silver Esteem Limited and Ms. Wang Peiqiong each hold 900,000,000 shares, representing 75.0% ownership in the company[137]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and found them to be prepared in accordance with applicable accounting standards[142].

Financial Performance - For the six months ended June 30, 2024, the company recorded unaudited revenue of approximately HKD 48.3 million, a significant increase of HKD 12.1 million or 33.4% compared to HKD 36.2 million for the same period in 2023[7] - The company reported an unaudited loss attributable to owners of approximately HKD 5.9 million for the six months ended June 30, 2024, compared to an unaudited profit of HKD 3.0 million for the same period in 2023[7] - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD 0.49, compared to earnings of HKD 0.25 per share for the same period in 2023[7] - The company reported a total comprehensive loss attributable to owners of approximately HKD 6.0 million for the six months ended June 30, 2024, compared to a total comprehensive income of HKD 3.1 million for the same period in 2023[9] - The company reported a net loss of HKD 5,921,000 for the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 in the same period of 2023[11] - The group reported a pre-tax loss of HKD 5,921,000 for the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 for the same period in 2023[39][42] Revenue Breakdown - Revenue from hotel room sales and distribution was HKD 33,444,000, up from HKD 29,126,000, reflecting a growth of 11.9%[28] - The total revenue from customer contracts amounted to HKD 46,245,000, compared to HKD 34,699,000 in the previous year, indicating a significant increase of 33.4%[28] - Car rental service revenue increased to HKD 7,374,000, a 96.5% rise from HKD 3,760,000 in the prior period[28] - The performance of the event and activity segment showed a decline, with a revenue of HKD 5,208,000 for 2024 compared to HKD 1,114,000 in 2023, which is a decrease of about 367.5%[33][35] Expenses and Costs - Gross profit for the six months ended June 30, 2024, was HKD 4.8 million, down from HKD 9.4 million in the same period in 2023[9] - Administrative expenses increased to HKD 12.0 million for the six months ended June 30, 2024, compared to HKD 6.6 million for the same period in 2023[9] - The cost of sales rose sharply by approximately 62.3%, from about HKD 26.8 million to about HKD 43.5 million during the same periods, driven by increased sales and distribution of hotel rooms and event ticket sales[66] - Gross profit decreased by approximately 48.9%, from about HKD 9.4 million to about HKD 4.8 million, primarily due to reduced margins from hotel room sales amid intense competition in the hotel industry[66] - The group incurred total employee benefits expenses of HKD 10,093,000 for the six months ended June 30, 2024, compared to HKD 4,940,000 in 2023, marking an increase of approximately 104.6%[39] Assets and Liabilities - As of June 30, 2024, the total assets decreased to HKD 29,395,000 from HKD 35,926,000 as of December 31, 2023, representing a decline of approximately 18.1%[10] - The net current assets decreased to HKD 17,526,000 from HKD 24,286,000, indicating a reduction of about 27.8%[10] - The company's total equity decreased to HKD 27,659,000 from HKD 33,672,000, reflecting a decrease of about 17.8%[11] - The company’s total liabilities decreased to HKD 41,012,000 from HKD 47,113,000, a reduction of about 12.9%[10] - The company's asset-liability ratio increased to approximately 37.3% as of June 30, 2024, compared to approximately 10.0% as of December 31, 2023[123] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 5,182,000 from HKD 6,582,000, a decline of approximately 21.2%[16] - Operating cash flow for the six months ended June 30, 2024, was a net outflow of HKD 683,000, compared to a net inflow of HKD 3,064,000 in the prior year[16] - The company’s cash flow from operating and financing activities resulted in a net cash outflow for the six months ended June 30, 2024[117] Strategic Plans and Market Position - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and increase revenue streams[61] - The company aims to diversify its income sources by engaging in ticket sales and organizing events in Asia, which is expected to create synergies with existing tourism services[61] - The company has expanded its operations into Hong Kong, obtaining a travel agency license on March 22, 2023[61] - The company aims to expand its tourism business into China, identifying opportunities in the Chinese and Hong Kong tourism markets[105] Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1 and has complied with it in all significant aspects, except for a deviation regarding the separation of roles of the Chairman and CEO[130] - The Audit Committee was established in accordance with GEM Listing Rules and consists of three independent non-executive directors[144] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and believes they are prepared in accordance with applicable accounting standards[144] Other Relevant Information - The company has no significant capital commitments as of June 30, 2024, compared to approximately HKD 0.8 million as of December 31, 2023[124] - The company has no significant contingent liabilities as of June 30, 2024, consistent with the previous year[125] - There have been no significant acquisitions or disposals of subsidiaries or joint ventures as of June 30, 2024[112] - No significant events requiring disclosure have occurred after June 30, 2024, up to the date of this report[143]

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 94,709,000, a significant increase from HKD 9,253,000 in 2022, representing a growth of approximately 927%[12] - The company reported a pre-tax loss of HKD 2,546,000 for 2023, improved from a loss of HKD 12,080,000 in 2022, indicating a reduction in losses by about 78%[12] - The company's revenue increased significantly from approximately HKD 9.3 million for the year ended December 31, 2022, to approximately HKD 94.7 million for the year ended December 31, 2023, representing a growth of about 918.3%[23] - The annual loss decreased significantly from approximately HKD 12.1 million for the year ended December 31, 2022, to approximately HKD 2.5 million for the year ended December 31, 2023, a reduction of about 79.3%[32] - The cost of sales rose from approximately HKD 10.2 million to approximately HKD 81.4 million, an increase of about 698.0%, primarily due to higher sales of hotel rooms and car rental services[24] - The company recorded a gross profit of approximately HKD 13.3 million for the year ended December 31, 2023, compared to a gross loss of approximately HKD 1.0 million for the previous year, resulting in a gross margin of about 14.0%[25] Assets and Liabilities - Total assets increased to HKD 58,753,000 in 2023 from HKD 49,205,000 in 2022, reflecting a growth of approximately 19%[14] - Current assets rose to HKD 47,113,000 in 2023, up from HKD 39,237,000 in 2022, marking an increase of about 20%[14] - The total equity decreased to HKD 33,672,000 in 2023 from HKD 36,121,000 in 2022, a decline of approximately 7%[14] - As of December 31, 2023, the total cash and cash equivalents amounted to approximately HKD 9.3 million, an increase from HKD 7.9 million as of December 31, 2022, primarily due to increased revenue from hotel room sales and car rental services[46] - The total borrowings and lease liabilities as of December 31, 2023, were approximately HKD 3.4 million, down from HKD 7.1 million as of December 31, 2022[46] - The debt-to-equity ratio as of December 31, 2023, was approximately 10.0%, a decrease from 19.6% as of December 31, 2022[48] Business Strategy and Market Outlook - The company anticipates a gradual recovery in the Macau tourism industry, which is expected to positively impact its business performance[8] - The company is focused on consolidating its existing business and aims to provide stable returns and growth prospects for shareholders[9] - The number of tourists visiting Macau is gradually increasing following the relaxation of travel restrictions, contributing to the recovery of the tourism sector[17] - The company is well-prepared to seize upcoming business opportunities as the tourism industry recovers[8] - The company operates in various segments, including ticket sales for performances and events, which are expected to benefit from the tourism rebound[8] - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and increase revenue sources[19] - The company aims to expand its tourism business into mainland China to diversify its revenue streams[19] Corporate Governance - The company has adopted the corporate governance code as outlined in the GEM listing rules, ensuring transparency and accountability to protect shareholder interests[89] - The board believes that the dual role of the chairman and CEO held by Mr. Cai is in the best interest of the company, given his extensive experience in the tourism industry[90] - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[95] - The board held a total of 7 meetings and the annual general meeting on May 10, 2023, with full attendance from all directors[102] - The company maintains high corporate governance standards, including regular reviews of governance policies and compliance with legal regulations[96] - The audit committee is responsible for overseeing financial reporting and internal controls, composed entirely of independent non-executive directors[105] - The board's remuneration policy aims to provide competitive compensation to attract and retain talent while promoting performance culture[114] Environmental, Social, and Governance (ESG) Initiatives - The group has adopted the Hong Kong Stock Exchange's Environmental, Social and Governance Reporting Guidelines to enhance its sustainability efforts[180] - The group is committed to monitoring environmental, social, and governance matters and has allocated significant resources to ensure compliance with relevant laws and regulations[181] - The group has established annual environmental goals that are regularly reviewed and discussed by the board[180] - The company emphasizes the importance of stakeholder communication and regularly collects feedback to improve operations[184] - The company monitors key performance indicators related to environmental, social, and governance (ESG) strategies and policies[182] - The company aims to reduce energy, water, and other natural resource usage to lower operational costs[193] Employee and Workforce Management - As of December 31, 2023, the group had 88 employees, an increase from 48 employees in 2022, with total employee costs approximately HKD 12.8 million compared to HKD 8.7 million in 2022[66] - The group has maintained good relationships with employees, customers, and suppliers, with no significant disputes reported[69] - The board's compensation scheme is based on individual performance, work experience, and current market salary levels[66] - The company aims to maintain gender diversity in its workforce and has established policies to ensure equal employment opportunities[136] Risk Management - The company acknowledges potential risks including travel restrictions and changes in consumer behavior that may affect its operations[42] - The group has no significant credit concentration risk and will continue to monitor such credit risks[64] - The company has not identified any significant deficiencies in risk management and internal control systems during the review period[150] - The board believes that the group's risk management and internal control systems are sufficient and effective as of December 31, 2023[147]

Financial Performance - Revenue increased significantly from approximately HKD 9.3 million for the year ended December 31, 2022, to approximately HKD 94.7 million for the year ended December 31, 2023, representing a growth of 918.3%[6] - Gross profit for the year ended December 31, 2023, was approximately HKD 13.3 million, compared to a gross loss of approximately HKD 1.0 million for the year ended December 31, 2022[6] - Loss for the year decreased by 79.3% from approximately HKD 12.1 million for the year ended December 31, 2022, to approximately HKD 2.5 million for the year ended December 31, 2023[6] - Basic loss per share attributable to owners of the company was approximately HKD 0.21 for the year ended December 31, 2023, compared to HKD 1.01 for the year ended December 31, 2022[6] - The company reported a net loss of approximately HKD 2.5 million for the year ended December 31, 2023, compared to a net loss of approximately HKD 12.1 million for the previous year[8] - The total reported segment loss before tax for 2023 was HKD 2,546,000, a significant improvement from a loss of HKD 12,080,000 in 2022[35][36] - The annual loss decreased significantly by 79.3% from approximately HKD 12.1 million for the year ended December 31, 2022, to approximately HKD 2.5 million for the year ended December 31, 2023[79] Revenue Breakdown - Total revenue for the year 2023 reached HKD 94,709,000, a significant increase from HKD 9,253,000 in 2022, representing a growth of approximately 927%[28] - Revenue from hotel room sales and distribution amounted to HKD 69,714,000, compared to HKD 6,612,000 in the previous year, indicating a growth of about 950%[28] - Total revenue from customer contracts was HKD 92,689,000, up from HKD 7,525,000 in 2022, reflecting an increase of approximately 1,233%[28] - The travel segment generated revenue of HKD 71,584,000 in 2023, compared to HKD 7,092,000 in 2022, marking an increase of about 911%[35][36] - The automotive segment reported revenue of HKD 13,304,000 in 2023, up from HKD 3,401,000 in 2022, reflecting a growth of approximately 290%[35][36] - The performance of the events segment showed a revenue of HKD 9,821,000 in 2023, recovering from a loss of HKD 1,240,000 in 2022[35][36] Assets and Liabilities - Total assets less current liabilities amounted to approximately HKD 35.9 million as of December 31, 2023, compared to HKD 39.6 million as of December 31, 2022[9] - Current assets increased to approximately HKD 47.1 million as of December 31, 2023, from HKD 39.2 million as of December 31, 2022[9] - Total assets as of December 31, 2023, amounted to HKD 58,753,000, an increase from HKD 49,205,000 in 2022, indicating a growth of approximately 19%[39][42] - Total liabilities increased to HKD 25,081,000 in 2023 from HKD 13,084,000 in 2022, representing a rise of about 92%[39][42] - The company’s total equity attributable to owners was approximately HKD 33.7 million as of December 31, 2023, down from HKD 36.1 million as of December 31, 2022[9] Cash Flow and Financing - As of December 31, 2023, the total cash and cash equivalents amounted to approximately HKD 9.3 million, an increase from HKD 7.9 million as of December 31, 2022, primarily due to increased revenue from hotel room sales and car rental services[94] - The total borrowings and lease liabilities as of December 31, 2023, were approximately HKD 3.4 million, down from HKD 7.1 million as of December 31, 2022[95] - The debt-to-equity ratio as of December 31, 2023, was approximately 10.0%, a decrease from 19.6% as of December 31, 2022[97] - Interest income for the year ended December 31, 2023, was reported at HKD 37,000, compared to HKD 23,000 in 2022[41][43] Operational Costs - Sales costs rose from approximately HKD 10.2 million to approximately HKD 81.4 million, an increase of 698.0%, primarily due to higher sales and distribution of hotel rooms and car rental services[73] - Employee benefit expenses (excluding directors' remuneration) rose to HKD 10,593,000 in 2023, up from HKD 7,004,000 in 2022, highlighting increased operational costs[58] - Administrative expenses remained relatively stable at approximately HKD 13.9 million and HKD 15.4 million for the years ended December 31, 2022, and 2023, respectively[76] - Financing costs were stable at approximately HKD 353,000 and HKD 240,000 for the years ended December 31, 2022, and 2023[78] Strategic Plans and Market Position - The group plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance market share and revenue streams[69] - The group aims to expand its tourism business into mainland China, diversifying its revenue sources beyond Macau[69] - The group’s strategic goal is to consolidate its market position in the Macau tourism industry and generate returns for shareholders[69] - The company is strategically seeking transactions and other business opportunities to stabilize the impact of the pandemic on its operations[89] Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules, ensuring transparency and accountability to protect shareholder interests[126] - The company confirms compliance with the minimum public float requirement of at least 25% as per GEM listing rules[131] - The audit committee reviewed the financial statements and confirmed compliance with applicable financial reporting standards and GEM listing rules[123] - The company has complied with all relevant laws and regulations in Macau, mainland China, and Hong Kong as of December 31, 2023[119] Risks and Challenges - The company faces significant risks due to the ongoing impact of the pandemic on tourism in Macau, with visitor numbers remaining uncertain despite policy relaxations[90] - The company’s revenue is heavily reliant on the Macau market, making it vulnerable to changes in local policies and economic conditions[90] Employee Relations - The company employed 88 staff members as of December 31, 2023, with total employee costs amounting to approximately HKD 12.8 million, an increase from HKD 8.7 million in 2022[117] - The company has established good relationships with employees, customers, and suppliers, with no major disputes reported during the fiscal year[121] Events and Future Outlook - The company successfully held eight concerts in China by December 31, 2023, which were initially scheduled for 2021 but postponed due to the pandemic[70] - The company plans to utilize the unspent net proceeds from the listing by December 31, 2024, to address future economic uncertainties[83] - The annual general meeting for 2024 is scheduled for May 10, 2024, with a suspension of share transfer registration from May 7 to May 10, 2024[134][135]

Financial Performance - The group recorded unaudited revenue of approximately HKD 63.2 million for the nine months ended September 30, 2023, a significant increase of HKD 55.0 million or 670.7% compared to HKD 8.2 million for the same period in 2022[6] - The group reported an unaudited profit attributable to owners of the company of approximately HKD 2.3 million for the nine months ended September 30, 2023, compared to an unaudited loss of HKD 7.8 million for the same period in 2022[6] - Basic and diluted earnings per share for the nine months ended September 30, 2023, were HKD 0.19 cents, compared to a loss of HKD 0.65 cents per share for the same period in 2022[6] - Gross profit for the nine months ended September 30, 2023, was HKD 12.9 million, compared to HKD 0.238 million for the same period in 2022, reflecting a substantial improvement[8] - The total comprehensive income for the nine months ended September 30, 2023, was HKD 2.44 million, compared to a total comprehensive loss of HKD 7.85 million for the same period in 2022[8] - The reported segment performance for the nine months ended September 30, 2023, showed a profit of HKD 4,545,000, compared to a loss of HKD 7,573,000 in the same period of 2022, indicating a turnaround in performance[36] - The company recorded a profit of approximately HKD 2.3 million for the nine months ended September 30, 2023, compared to a loss of approximately HKD 7.8 million for the same period in 2022, marking a turnaround due to the recovery of the Macau tourism industry[62] Revenue Breakdown - For the nine months ended September 30, 2023, total revenue reached HKD 63,198,000, compared to HKD 8,246,000 in the prior year, indicating an increase of about 667%[30] - Revenue from hotel room sales, air tickets, and other travel-related products and services for the nine months was HKD 50,947,000, up from HKD 5,676,000, marking a growth of approximately 798%[30] - The automotive rental services segment generated revenue of HKD 8,665,000 for the nine months, compared to HKD 2,570,000 in the previous year, reflecting an increase of around 237%[30] - The concert ticket sales and investment segment reported revenue of HKD 3,586,000 for the nine months, with no revenue recorded in the same period of 2022[30] Expenses and Costs - Administrative expenses for the nine months ended September 30, 2023, were HKD 10.7 million, slightly higher than HKD 10.6 million for the same period in 2022[8] - The cost of sales rose from approximately HKD 8.0 million to approximately HKD 50.3 million, an increase of 528.8% due to higher procurement costs for hotel rooms[55] - Employee costs for the nine months ended September 30, 2023, amounted to approximately HKD 8.6 million, representing a 21.1% increase compared to HKD 7.1 million for the same period in 2022[73] Dividends and Shareholder Returns - The board of directors decided not to declare an interim dividend for the nine months ended September 30, 2023, consistent with the previous year[6] - No interim dividend was recommended for the nine months ended September 30, 2023, consistent with the previous year[48] - There were no share buybacks, sales, or redemptions by the company or its subsidiaries during the nine months ending September 30, 2023[94] Financial Position - The group’s total equity as of September 30, 2023, was HKD 38.56 million, down from HKD 40.41 million as of September 30, 2022[11] - The total borrowings and lease liabilities amounted to approximately HKD 4.3 million as of September 30, 2023, down from HKD 5.2 million as of June 30, 2023[80] - The group's debt-to-equity ratio was approximately 11.2% as of September 30, 2023, compared to 13.3% as of June 30, 2023[83] - The group's cash and cash equivalents, along with bank deposits maturing in over three months, remained stable at approximately HKD 8.0 million as of September 30, 2023[80] Risk Management - The financial risk management policy has remained unchanged since December 31, 2022, indicating stability in the company's approach to managing financial risks[26] - The group is exposed to foreign exchange risks primarily due to transactions in Macanese Patacas, Hong Kong Dollars, US Dollars, and Renminbi[87] - The group does not have a foreign exchange hedging policy for assets and liabilities denominated in foreign currencies but will monitor foreign exchange risks closely[89] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15 and has complied with it in all significant aspects for the nine months ending September 30, 2023, except for a deviation regarding the roles of the Chairman and CEO[90] - The audit committee was established in accordance with GEM Listing Rule 5.28, consisting of three independent non-executive directors[105] - The audit committee reviewed the unaudited condensed consolidated financial statements for the nine months ended September 30, 2023, and found them compliant with applicable accounting standards and GEM Listing Rules[105] Future Plans and Developments - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and increase revenue streams[51] - The company plans to expand its tourism business into China and Hong Kong, identifying opportunities in the tourism sector[67] - The company will continue to monitor the risks and opportunities arising from the easing of travel restrictions in Macau[50] - The company has expanded its operations to Hong Kong, obtaining a travel agency license on March 22, 2023[50] Other Information - The financial statements for the nine months ended September 30, 2023, have not been audited but have been reviewed by the company's audit committee[23] - There were no significant events that require disclosure after September 30, 2023, up to the date of this report[104]