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1、CONTENTPage2Corporate Information4Chairmans Letter to Shareholders5Business Review,Management Discussion and Analysis14Financial Review19Environmental,Social and Governance Report42Corporate Governance Report57Biographies of Directors and Senior Management59Report of the Directors67Independent Audit
2、ors Report70Consolidated Statement of Profit or Loss and Other Comprehensive Income71Consolidated Statement of Financial Position73Consolidated Statement of Changes in Equity74Consolidated Statement of Cash Flows75Notes to the Consolidated Financial Statements138Five Year Financial SummaryCORPORATE
3、INFORMATIONAnchorstone Holdings Limited Annual Report 20242Remuneration CommitteeMr.Wong Yue Fai(Chairman)(since 31 December 2024)Mr.Ko Tsz KinMr.Lui Yue Yun GaryMr.Lam Lap Sing(resigned on 31 December 2024)Nomination CommitteeMr.Lui Yue Yun Gary(Chairman)Mr.Ko Tsz KinMr.Wong Yue Fai(since 31 Decemb
4、er 2024)Mr.Lam Lap Sing(resigned on 31 December 2024)COMPANY SECRETARYMs.Don Mun Min(appointed on 28 February 2025)AUTHORISED REPRESENTATIVESMr.Lui Yue Yun GaryMs.Lui Natalie Po WaiAUDITORCL Partners CPA Limited(appointed on 24 January 2022)Certified Public AccountantsRegistered Public Interest Enti
5、ty AuditorPRINCIPAL BANKSHang Seng BankChong Hing BankNanyang Commercial BankSHAREHOLDER INFORMATIONThe shares of the Company are listed on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)SHARE REGISTRARTricor Investor Services Limited17/F Far East Finance Centre,16 Harcourt Road,Hong Ko
6、ngINVESTOR RELATIONSHIPFor enquiries,please contact:Ms.Don Mun Min,our Company SecretaryEmail:sarahdonpacific-Telephone:(852)2511 6668Fax:(852)2511 6667REGISTERED OFFICECricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN HONG KONGUnits 150102,
7、15/F.,Delta HouseNo.3 On Yiu Street,ShatinNew TerritoriesCOMPANY WEBSITEhttp:/.hkCOMPANY EMAIL.hkBOARD OF DIRECTORSExecutive DirectorsMr.Lui Yue Yun Gary(Chairman)Ms.Lui Natalie Po Wai(appointed on 2 May 2024)Mr.Lui Edwin Wing Yiu(resigned on 2 May 2024)Mr.Fung Wai Hang(resigned on 28 February 2025)
8、Independent Non-Executive DirectorsMr.Ko Tsz KinMr.Wong Yue FaiMr.Nie Kin Kwok KevinMs.Ching Wan Wah Kitty(appointed on 14 October 2024)Mr.Lam Lap Sing(resigned on 31 December 2024)BOARD COMMITTEEAudit CommitteeMr.Ko Tsz Kin(Chairman)Mr.Wong Yue FaiMr.Nie Kin Kwok KevinMr.Lam Lap Sing(resigned on 31
9、 December 2024)CORPORATE INFORMATIONAnnual Report 2024 Anchorstone Holdings Limited3FINANCIAL CALENDARFor ascertaining shareholders entitlement to attend and vote at Annual General Meeting(“AGM”),the closure dates of register of members will be on Tuesday,24 June 2025 to Monday,30 June 2025(both day
10、s inclusive),during which period no transfer of shares in the Company will be effected.In order to qualify for attending and voting at the AGM,shareholders should ensure that all properly completed transfer forms accompanied by the relevant share certificates must be lodged for registration with the
11、 Companys Hong Kong branch share registrar,Tricor Investor Services Limited at 17/F,Far East Finance Centre,16 Harcourt Road,Hong Kong,no later than 4:30 p.m.on Monday,23 June 2025.The Annual General Meeting will be held on Monday,30 June 2025 at 3:00 p.m.at Units 150102,15/F,Delta House,No.3 On Yiu
12、 Street,Shatin,New Territories.CHAIRMANS LETTER TO SHAREHOLDERSAnchorstone Holdings Limited Annual Report 20244Dear Shareholders,On behalf of the board(the“Board”)of directors(the“Directors”)of Anchorstone Holdings Limited(the“Company”)and its subsidiaries(together,the“Group”),I am pleased to presen
13、t the annual results of the Group for the year ended 31 December 2024.Similar to year 2023,the Groups is performance was unsatisfied due to the economic downturn,the uncertainty of property market in the Mainland China and Hong Kong and the slow down of the Groups business.At the same time,the globa
14、l economy was gloomy and experiencing serval turbulent challenges.For example,the trade conflict between Mainland China and the US.In 2024,the geopolitics,international trade frictions,uncertainty over interest rate hike cycle and supply chain rebalancing were still affecting the property market and
15、 construction industry in Hong Kong.Nevertheless,I believe the HKSAR government is making effort in supporting the economy,such as the Northern Metropolis development plan.As for the Mainland China market,the Central Government continues to fine-tune and optimise policies to stimulate economic activ
16、ities.Our PRC segment should contribute more revenue and profit in the future.Although we are facing the most difficult time now,the Group actively sought for various financial sources and improved its operational receivables cycle to reduce its overdue bank borrowings and financial pressure.I would
17、 like to express my deepest appreciation to the full trust and dedicated support from our Shareholders,the Board,the management and all colleagues of our Group.Lui Yue Yun GaryChairmanHong Kong,16 May 2025Annual Report 2024 Anchorstone Holdings Limited5BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALY
18、SISOVERVIEWThe Group operates in Hong Kong Special Administrative Region(“Hong Kong”),Macau Special Administrative Region(“Macau”)and the People Republics of China(the“PRC”).Due to the economic downturn and the uncertainty of the property market in these areas,the construction industry is facing man
19、y uncertainties.Moreover,the geopolitical tensions also affected the development of the industry and our business.The Group experienced a decrease in revenue for the year ended 31 December 2024 which is mainly due to several large projects reaching the completion stage and the newly awarded large pr
20、ojects have not yet commenced during the current year.For the year ended 31 December 2024,the Group recorded a revenue of approximately HK$58.5 million(2023:approximately HK$77.2 million),representing a decrease of 24.2%compared with that in the year ended 31 December 2023.The Group also recorded a
21、decrease of gross profit for the year ended 31 December 2024(2024:approximately HK$15.4 million;2023:approximately HK$23.9 million),representing a decrease of 35.6%.The management had made provision for loss allowance of the contract assets,trade and retention receivables and other receivables in to
22、tal of approximately HK$78.3 million(2023:approximately HK$36.5 million)for certain projects based on the impairment assessment.The increase in impairment amount is mainly based on the reassessment result of the project status and the increasing risk of bad debts due to the current economic downturn
23、 and the industry factors.In the current year,the Groups administrative expenses was approximately HK$16.9 million(2023:approximately HK$20.8 million),representing a decrease of approximately HK$3.9 million or 18.7%.Due to the combination of the factors above,the Group recorded a loss before taxatio
24、n of approximately HK$85.5 million(2023:approximately HK$38.5 million)for the year ended 31 December 2024,representing an increase in loss of approximately HK$47 million or 122%.The Groups net liabilities was approximately HK$54.1 million(2023:net asset:approximately HK$35.2 million).The change was
25、mainly due to the provision for loss allowance of contract assets,trade and retention receivables.The key assets as at 31 December 2024 were contract assets,inventories,trade and retention receivables and bank balances and cash.Contract assets represented the Groups construction work in progress as
26、at the reporting date.As at 31 December 2024,the outstanding contract assets on hand was approximately HK$35.8 million,representing an edged down of 67.6%over the same period in 2023.This was mainly due to further impairment losses of HK$68 million recognised in contract assets for the year.Trade an
27、d retention receivables represented the Groups receivables from its construction projects.As at 31 December 2024,the trade and retention receivables was approximately HK$13.6 million,representing a decrease of 3.5%compared to last year.This was due to further impairment losses of HK$9.9 million reco
28、gnised in trade and retention receivables for the year.Anchorstone Holdings Limited Annual Report 20246BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISOVERVIEW(Continued)Inventories were final products for the Groups stone sales project.The decrease was due to the utilisation for sales during the
29、year.The key liabilities of the Group as at 31 December 2024 were the trade and retention payables,accruals and other payables,bank borrowings,contract liabilities and loans from Directors of the Company.Trade and retention payables represent the amounts due to subcontractors and suppliers of the Gr
30、oup.As at 31 December 2024,there was no significant change in the trade and retention payables position.Accruals and other payables represent mainly the accrued employee benefits,interest payables and payables for various administrative and operation expenses.The increase in accruals and other payab
31、les were mainly due to the increase in accrued salaries,interest and professional fees and a reclassification of loan from a former director.The Groups bank borrowings were mainly used for its operation purpose.All borrowings are due to the banks operated in Hong Kong.As at 31 December 2024,all bank
32、 borrowings with a total principal and accrued interest of approximately HK$33.5 million(2023:approximately HK$33.2 million)were overdue.The Group is continuing in making effort to reduce the liquidity risk of the Group.The Group also maintained communications and negotiations with the relevant bank
33、s.The loans from Directors of the Company were provided to support the Groups operating and financing activities.BUSINESS REVIEWIn 2024,the industry was recovering slowly.The management had tried the best to get the operations back on track as effectively and efficiently by closely working with its
34、consumers,suppliers and subcontractors.Nevertheless,the overall Hong Kong economy needs time to recover.The performance of the Hong Kong and Mainland Chinas property market still has a lot of uncertainties,which may affect the future tendering activities of our industry.The competition of the supply
35、 and installation of marble and granite market remains very keen.The increasing cost of building materials and construction labour costs Posed negative impact on the performance of the construction sector in Hong Kong,resulting in the thinner profit margin for the Group.In this competitive industry,
36、reputations are hard-won and determinedly maintained.For further growth and development in the industry,the Group also needs stronger financial resource to support its construction projects,and maintains good relationship with its consumers,subcontractors,suppliers and other stakeholders.Annual Repo
37、rt 2024 Anchorstone Holdings Limited7BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISENHANCE OUR KEY BUSINESS VALUEWe supply marble and granite and provide relevant installation services for construction projects in Hong Kong,Macau and the PRC.Marble and granite supplied by the Group are used in a
38、 variety of decorative settings for areas such as entrance lobbies,kitchens and bathrooms as well as external cladding of buildings and landscape.We believe that it has become popular in both residential and commercial properties to have marble and granite mouldings or columns with different polishe
39、d profiles or edges for use in both the interior and exterior of the buildings to improve their looks and that marble and granite counter-tops,which are designed for bathrooms and kitchens,marble and granite claddings for window sills and different marble and granite pattern dados or floor patterns
40、are widely used in residential and commercial properties.As a specialist contractor in marble and granite supply and installation in Hong Kong,we undertake marble and granite works for a wide range of building and property types in Hong Kong,including commercial buildings,residential buildings,hotel
41、s,and public infrastructures.We generally offer our services on project basis to our customers,and our works form part of the main construction and development contracts of our customers.In addition,we specialise in using marble and granite as principal raw materials in our services.We consider that
42、,due to the characteristics of different kinds of natural marble and granite,fabrication and installation of marble and granite demand special techniques and experience in handling marble and granite.We have established relationships and connections with a network of stone suppliers,installation sub
43、contractors and other suppliers.We continuously monitor,evaluate and update our databases of our suppliers and installation subcontractors in respect of their quality standards,pricing,capacities,capabilities,performance and service levels so that we have up-to-date market knowledge.RELATIONSHIPS WI
44、TH KEY CUSTOMERS,SUBCONTRACTORS AND SUPPLIERSThe Group maintains a good relationship with our customers,subcontractors and suppliers.The Group aims to continue providing quality services to our customers and establishing cooperation strategy with our subcontractors and suppliers.Most of our customer
45、s are main contractors in Hong Kong.As a subcontractor,depending on the specific requirements of individual contracts,we provide one-stop comprehensive services principally covering the following scope:recommending and sourcing of marble and granite prescribed by our customers or otherwise in confor
46、mity with the requirements of our customers;arranging fabrications of marble and granite into customised sizes;arranging delivery and installation of marble and granite on external cladding of buildings,landscape and/or the interiors of the buildings such as entrance lobbies,kitchens and bathrooms;a
47、nd arranging post-installation services such as polishing and cleaning.Anchorstone Holdings Limited Annual Report 20248BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISRELATIONSHIPS WITH EMPLOYEESThe Group has positioned itself to attract and retain talented people and provided our employees with a
48、 fair and inclusive working environment.We continue to enhance our competitiveness by building on the capabilities of its employees.In 2024,there was shortage in human resources.This is due to the increasing competition from the labor market and our cost-cutting policy.PRINCIPAL RISKS AND UNCERTAINT
49、IESOur business risk is heavily associated with the property market and the construction industry.The worldwide business environment showed gradual improvement although international trade relations,geopolitical tensions,interest rate hikes in 2024 have created uncertainties and volatility in local
50、property market and construction industry.During the year,the Groups performance future declined due to the dropping of overall tendering numbers,the decrease in volumes of the work and the increase in impairment losses.For the year ended 31 December 2024,the Group recorded a loss for the year of ap
51、proximately HK$86.4 million(2023:HK$40.4 million).Our revenue relies on successful tenders of marble and granite work projects which are not recurrent in nature,and there is no guarantee that our customers will provide us with new business or that we will secure new customers.Marble and granite may
52、fail to gain market acceptance due to changes in our customers consumption pattern.Whether we are able to submit tender proposal at a competitive price with adequate profit margin and maintain our profitability depends on various factors.We generally prepare our tender and quotation based on our est
53、imated project costs(which mainly include subcontracting costs and material costs)plus a mark-up margin at the time when we submit our tender for projects or our initial proposals to our potential customers.When we determine the tender price,we also take into account factors including(i)the nature,s
54、cope and complexity of the projects;(ii)the estimated subcontracting cost;(iii)cost and origin of materials;(iv)completion time required by our customers;(v)availability of our Groups resources and expertise;(vi)market conditions;(vii)our working capital and financial condition;(viii)our relationshi
55、p with the customers;and(ix)capacity of our project management team.However,our profit may be substantially reduced if our subcontracting and material costs significantly increase after tender or if we encounter delays in completing our projects.In addition,our cash flows may deteriorate due to pote
56、ntial mismatches in time between receipt of progress payments from our customers,and payments to our subcontractors and suppliers.We generally incur significant costs including materials costs and service fees of our fabricators and installation subcontractors before we receive the progress payments
57、 from our customers for our projects.The mismatch in time between receipt of payments from our customers,and payments to our subcontractors and suppliers may materially and adversely affect our liquidity and financial condition.Annual Report 2024 Anchorstone Holdings Limited9BUSINESS REVIEW,MANAGEME
58、NT DISCUSSION AND ANALYSISGOING CONCERN AND MITIGATION MEASURESFor the year ended 31 December 2024,the Group reported a net loss attributable to the owners of the Company of approximately HK$86.4 million(2023:approximately HK$40.4 million).As at 31 December 2024,the Groups current bank borrowings wa
59、s approximately HK$33.5 million(2023:HK$33.2 million),while its total bank balances and cash was approximately HK$0.3 million(2023:HK$0.5 million).The Group also recorded a net liabilities of HK$54.1 million and a net current liabilities of HK$40.6 million as at 31 December 2024.The entire bank borr
60、owings balance of the Group were overdue.In addition,default interests have been charged to the unsettled overdue borrowings by the respective banks.The Group is unable to draw down new borrowings from its bank facilities since 20 November 2020 and any further draw down would be subject to the appro
61、vals by the relevant banks.All bank borrowings would be immediately repayable if requested by the banks formally in accordance with the underlying bank facilities letters.Accordingly,all the aforementioned bank borrowings have been classified as current liabilities in the consolidated statement of f
62、inancial position.In January 2025,a bank requested immediate repayment of the outstanding principal bank borrowing balance of approximately HK$3,425,000 and accrued interest thereon.Upon receipt of this demand letter,the management negotiated with the bank to uphold the demand.The Company is in prog
63、ress in arranging alternative fundraising for the repayment.No further demand of immediate repayment was received by the Company as at the report date.In accordance with the underlying bank facilities letters,performance bonds issued through a bank aforementioned might be cancelled by the bank,which
64、 might result in non-compliance with the relevant construction contracts if the Group is unable to replace them with other equivalent performance bonds.The aforementioned conditions indicate the existence of uncertainty which may cast doubt about the Groups ability to continue as a going concern.In
65、view of such circumstances,the Directors of the Company have given careful consideration to the future liquidity and performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources to continue as a going concern.Certain measures
66、 have been taken to mitigate the liquidity pressure and to improve its financial position,and in an effort to remediating the delayed payments to the relevant banks.The details were disclosed in Note 2.1(b)to the consolidated financial statements and in this analysis.As at the report date,the Direct
67、ors of the Company have reviewed the Groups cash flow projections prepared by management.The cash flow projections cover a period of not less than twelve months from 31 December 2024.They are of the opinion that,taking into account the abovementioned plans and measures,the Group will have sufficient
68、 working capital to finance its operations and to meet its financial obligations as and when they fall due within twelve months from 31 December 2024.Accordingly,the Directors of the Company are satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basi
69、s.Notwithstanding the above,uncertainty related to going concern exist as to whether the Group is able to achieve its plans and measures as described above.Further information could be found in Note 2.1(b)to the consolidated financial statements.The Audit Committee understands the uncertainties in r
70、elation to going concern and has discussions with the management in this regard.The Audit Committee concurs the view with the management and is of the view that the Group could address the issue of uncertainties relating to going concern if all measures could be implemented successfully and effectiv
71、ely.Anchorstone Holdings Limited Annual Report 202410BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISADDITIONAL INFORMATION REGARDING THE INDEPENDENT AUDITORS REPORTThe Group reported a net loss of approximately HK$86.4 million for the year ended 31 December 2024.Its current bank borrowings was ap
72、proximately HK$33.5 million while the total bank balances and cash was approximately HK$0.3 million.The entire bank borrowings were overdue as at 31 December 2024 and there was demand letter received by the Company.At the same time,the Group recorded a net liabilities of HK$54.1 million and a net cu
73、rrent liabilities of HK$40.6 million.These conditions indicate the existence of uncertainty which may cast significant doubt about the Groups ability to continue as a going concern.However,the management considered that the Groups future liquidity and performance may be improved.After reviewing the
74、Groups financial budget,giving careful consideration to its future liquidity,expected performance and possible available sources of financing,the Group shall have sufficient financial resources to continue as going concern.The management considered that the Groups future liquidity and performance ma
75、y be improved.After reviewing the Groups financial budget,giving careful consideration to its future liquidity,expected performance and possible available sources of financing,the Group shall have sufficient financial resources to continue as going concern.The following key factors had been consider
76、ed by the management in forming the basis on going concern:The Board of the Directors had prepared a cash flows projection as at the report date and considered that the Group should be able to maintain sufficient working capital to finance its operation,and when necessary,could rely on the sharehold
77、er/directors loan(s)to support the Company in meeting its financial obligations as and when they fall due within 12 months from the date of report.Despite the overdue bank borrowings,the Group continues to negotiate and communicate with the relevant banks extend the repayment date of the overdue ban
78、k borrowings and to waive their rights arising from the events of default.Although the Company received a demand letter in January 2025,the management was able to negotiate with the relevant banks to uphold the demand with conditions.Accordingly,it is deemed to have no immediate risk of being demand
79、ed by the bank for full settlement of outstanding borrowings.Besides,the major banks have long-term business relationship with the Group.The relationship manager of the relevant banks considered that the construction industry in Hong Kong has been recovered progressively after the pandemic.The Group
80、 needs some more times to resume its business in profit-making.The Group has implemented measures to accelerate the certification,billing and collection with customers for completed projects.The Group is also actively negotiating with its customers to request for deposits before commencement of proj
81、ects.At the same time,the Group negotiates with its suppliers and sub-contractors to extend the settlement terms.The effect was not significant in 2024 but it may help improve the financial liquidity of the Group in the future.The Group obtained financial supports from its substantial shareholder,Mr
82、.Lui Yue Yun Gary.Mr.Lui Yue Yun Gary,who is also the co-founder of the Group,the chairman and an executive director of the Company had loaned to the Company when there were financial needs.Should there be future need arisen,the executive directors(in particular,Mr.Lui Yue Yun Gary)will further exte
83、nd the facilities,subject to further negotiation with the Company for the terms and conditions.Annual Report 2024 Anchorstone Holdings Limited11BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISADDITIONAL INFORMATION REGARDING THE INDEPENDENT AUDITORS REPORT(Continued)Mr.Lui Yue Yun Gary provided a
84、personal guarantee to a bank in securing the outstanding bank borrowings.The market value(assessed by the Board of Directors)of the assets pledged by Mr.Lui was higher than the carrying value of the bank borrowings as at 31 December 2024.The Group is actively looking for other sources of financing,i
85、ncluding any possible form of debt or equity financing to enhance its capital structure and reduce the overall financial expenses.In the past,the Group was able to raise funds from the capital market by issuing bonds,convertible bonds and new shares.However,the auditors view is different from the ma
86、nagement.Even though the Groups cash flows projections cover a period of not less than 12 months from 31 December 2024 for is positive,the auditor still considers certain uncertainties could be arisen,mainly the risk of further delay on expected receipts from its customers.The auditor also considere
87、d that there might be risk that the relevant banks may issue formal demand letters in the coming few months to demand the full repayment of bank borrowings,especially if the local economy is under the recession in the future.The auditor also considered the risk that the Group might not be able to se
88、ek for additional loans and financial sources.The Audit Committee agreed with the management that the Group should have sufficient working capital to meet its financial obligation within the next twelve months.However,the Audit Committee did not disagree with the auditors that there might be some un
89、certainties underlying the ongoing business operation in the next twelve months,in particular,considering the possible economy downturn in Hong Kong.Nevertheless,the Audit Committee considered that such uncertainties and risks are manageable as the Company is actively taking actions to alleviate the
90、 uncertainties raised by the auditor,including:The substantial shareholder,Mr.Lui Yue Yun Gary,had provided the financial supports,personal guarantee to the outstanding bank borrowings and is willing to provide further support to the Company.The Directors of the Company will continue to keep close c
91、ommunication with our major banks to make the repayment as agreed.The Company maintains frequently update and settlements with the relevant banks.Together with the financial support of the substantial shareholder,the uncertainties of immediate request of bank borrowings are manageable.The Group is a
92、ctively seeking for different financial sources to improve its liquidity.The past fund-raising records show the Group has the ability to raise additional funds in the capital market.The Group would continue to seek for the alternate source of financing in case of contingency in relation to working c
93、apital position.For the Groups completed construction projects,the management is actively discussing with the customers for the claims in relation to the variation orders,delaying and prolongation.For the Groups ongoing construction projects,the Group had taken various actions to speed up its cash c
94、ollection cycle with its customers.Anchorstone Holdings Limited Annual Report 202412BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISADDITIONAL INFORMATION REGARDING THE INDEPENDENT AUDITORS REPORT(Continued)For Groups new construction contracts,the Group requests certain portion of deposits prior
95、to the commencements.The Group had actively developed new market,such as the Mainland China market,which may help improve the profitability and liquidity of the Group.Besides the Northern Metropolis development of HKSAR government may bring new business opportunities to the Group in the future.The C
96、ompany had discussed with the relevant banks actively to avoid an immediate full demand of loan.At the same time,the Company continued to seek for alternative fundraising to repay the bank borrowings and other liabilities.The overdue bank borrowings were a brought forward issue since year 2020.The B
97、oard of Directors,based on the historical data and consolidated financial statements in years ended 2020,2021,2022 and 2023,considered that the above action plan by the Company is possible and effective.The Directors of the Company will continue to devote their efforts to improve the cashflow positi
98、on by taking the measures above.With the above plans successful executed,the uncertainties in relation to the going concern assumption would be addressed in the next financial year.ENVIRONMENTAL POLICY AND PERFORMANCEThe Environment,Social and Governance Report of the Company for the year ended 31 D
99、ecember 2024 contained the information required under Appendix 27 to the Listing Rules is set out in pages 19 to 41 of this report.EMPLOYEES AND REMUNERATION POLICYWe outsourced the stone processing to our fabricators who were responsible for fabricating the stones to meet the specifications as requ
100、ested by our customers and delivering the processed stones to the construction sites.We also rely on installation subcontractors in Hong Kong to install the cut-to-size panels.As at 31 December 2024,the Group had 11 full-time employees who were directly employed by the Group.Total staff costs includ
101、ing Directors emoluments for the year ended 31 December 2024 amounted to approximately HK$9.0 million(2023:approximately HK$11.3 million).The Group conducts annual review on salary increase,discretionary bonuses and promotions based on the performance of each employee.During the year ended 31 Decemb
102、er 2024,there has been labour shortage that slightly impact the Groups operating and finance functions.The Group is actively seeks for suitable personnel(s)to resolve the matter.TREASURY POLICYThe Group remains committed to a high degree of financial control,a prudent risk management and the best ut
103、ilisation of financial resources.Annual Report 2024 Anchorstone Holdings Limited13BUSINESS REVIEW,MANAGEMENT DISCUSSION AND ANALYSISCOMPLIANCE WITH THE RELEVANT LAWS AND REGULATIONSDuring the year ended 31 December 2024 and as at the report date,as far as the Board and management are aware,there was
104、 no material breach of or non-compliance with the applicable laws and regulations by the Group that has a significant impact on the businesses and operation of the Group.EVENTS OCCURRING AFTER THE REPORTING PERIODPlease refer to Note 34 to the consolidated financial statements.OUTLOOK AND PROSPECTST
105、he local and global economic environment and the construction industry had become active again after the pandemic.However,the Groups performance in 2024 did not demonstrate a sanguine outlook.Once the local economy recovered,there would be continuous strong demand in the luxury construction material
106、,such as marble.Besides,the Mainland Chinas business will help the Groups financial performance in the future.Besides,the Group will continue to seek for new fundraising and other sources of finance to improve its liquidity.FINANCIAL REVIEWAnchorstone Holdings Limited Annual Report 202414OPERATING R
107、ESULTSThe Group is a leading and well-established subcontractor in Hong Kong specialising primarily in the supply and installation of marble and granite for construction projects.Having accumulated over 25 years of experience in the industry,the Group has undertaken various sizeable stone supply pro
108、jects and stone supply and installation projects in Hong Kong and Macau.For the year ended 31 December 2024,the Group recorded a loss for the year of approximately HK$86.4 million(2023:HK$40.4 million).REVENUEThe Group generated revenue from the foundation projects we undertook.The Group recorded a
109、revenue of approximately HK$58.5 million for the year ended 31 December 2024(2023:HK$77.2 million),representing a decrease of 24.2%compared with that in the year ended 31 December 2023.Hong KongRevenue generated from the Hong Kong construction project decreased by approximately HK$16.1 million or 39
110、%in 2024.The decrease was mainly due to several large projects reaching the completion stage and the newly awarded large projects have not yet commenced during the year.MacauRevenue in Macau had increased by approximately HK$0.1 million or 27.2%in 2024.Mainland ChinaRevenue in Mainland China was mai
111、nly generated from stone sales.Its revenue had decreased from HK35.9 million in 2023 to HK$33.1 million in 2024.GROSS PROFIT AND MARGINThe Groups gross profit decreased from approximately HK$23.9 million to approximately HK$15.4 million,representing approximately HK$8.5 million or 35.6%decrease as c
112、ompared with the gross profit for the corresponding period in 2023.There was a decrease in gross profit margin from approximately 31.0%in 2023 to 26.2%in 2024.ADMINISTRATIVE EXPENSESThe administrative expenses of the Group in 2024 was approximately HK$16.9 million,representing a decrease of approxim
113、ately HK$3.9 million or 18.8%as compared to approximately HK$20.8 million in 2023.The decrease was mainly due to the decrease in professional fees and staff cost.FINANCIAL REVIEWAnnual Report 2024 Anchorstone Holdings Limited15FINANCE COSTSNet finance costs decreased from HK$5.2 million to HK$4.9 mi
114、llion for the year ended 31 December 2024.The decrease was mainly due to the settlement of the outstanding bank borrowings and loans from Executive Directors during the year.The increasing bank interest rate may pose additional financial burden to the Group.The volatility in the interest rate may ad
115、versely affect the financial cost of the Group.INCOME TAX EXPENSEThe income tax expense decreased from approximately HK$1.9 million to approximately HK$0.9 million for the year ended 2024,the decrease was in line with the decrease in the gross profit and the assessable profit of the Group.LOSS ATTRI
116、BUTABLE TO OWNERS OF THE COMPANYLoss attributable to owners of the Company was approximately HK$86.4 million for the year ended 31 December 2024(2023:HK$40.4 million).LOSS PER SHAREBasic loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average n
117、umber of ordinary shares outstanding adjusting with the impact arising from issuance of shares for the business combination of PMG China under common control during the financial year.Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account th
118、e after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares.The basic loss per share was approximately 3.90 HK cents(2023:basic loss per share 1.97 HK cents).The increase is due to increase in a loss for the year.As the impact of dilutive elemen
119、t was not significant,the diluted loss per share was also approximately 3.90 HK cents(2023:diluted loss per share 1.97 HK cents).Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares
120、.For the year ended 31 December 2024,the diluted loss per share is the same as the basic loss per share as there were no dilutive potential ordinary shares outstanding.DIVIDENDThe Directors of the Company do not recommend the payment of final dividend for the year ended 31 December 2024(2023:Nil).FI
121、NANCIAL REVIEWAnchorstone Holdings Limited Annual Report 202416LIQUIDITY,FINANCIAL RESOURCES AND CAPITAL STRUCTUREThe Group has funded the liquidity and capital requirements primarily through its loans,borrowings and cash inflows from operating activities.As at 31 December 2024,the capital structure
122、 of the Group consisted of deficit of approximately HK$54.1 million(31 December 2023:equity of HK$35.2 million)and debts of approximately HK$46.5 million(31 December 2023:HK$59.6 million).For details,please refer to the paragraph headed“Bank borrowings”below.Due to the difficult operation environmen
123、t in years 2023 and 2024,most of the construction projects of the Group were delayed and thus the receivables collection cycle had unexpectedly procrastinated.As a result,the Group failed to repay loans to the banks by the due date as at 31 December 2024.The Directors of the Company have been undert
124、aking a number of measures to improve the Groups liquidity and financial position,and to remediate certain delayed repayments to the banks,including speed up the project status and receivable collection cycle.Based on the cash flow projections cover a period of not less than twelve months from 31 De
125、cember 2024 and the measurements mentioned in Note 2.1(b)to the consolidated financial statements,the Group is expected to have sufficient working capital to finance its operations and to meet its financial obligations as and when they fall due within twelve months from 31 December 2024.The Group re
126、mains committed to a high degree of financial control,a prudent risk management and a full utilisation of financial resources.CASH POSITION AND FUND AVAILABLEThe Group maintained the liquidity position by managing its gearing ratio and its current ratio.As at 31 December 2024,the current ratio of th
127、e Group was approximately 0.72 times(31 December 2023:1.47 times).It was calculated as the current assets divided by the current liabilities as at the end of the respective years.As at 31 December 2024,the Groups gearing ratio was 479.6%(31 December 2023:62.7%).It was calculated as the net debts(loa
128、ns from Executive Directors and bank borrowings less the bank balances and cash)divided by the total deficit/total capital as at the end of the respective years and multiplied by 100%.As at 31 December 2024,the Groups bank balances and cash were approximately HK$0.3 million(31 December 2023:HK$0.5 m
129、illion).The decrease in cash and cash equivalents was mainly due to repayment of bank borrowings and loans from Directors.BANK BORROWINGSAs at 31 December 2024,the Group had total bank borrowings of approximately HK$33.5 million(31 December 2023:HK$33.1 million).The Group has not renewed its banking
130、 facilities since late 2020 due to the overdue repayment.The Group had negotiated with the relevant banks since then and had maintained the operations by its equity sources and other fundraising.FINANCIAL REVIEWAnnual Report 2024 Anchorstone Holdings Limited17GEARING RATIOThe gearing ratio was calcu
131、lated as the net debts(loans from Directors and bank borrowings less the bank balances and cash divided by the total deficit/total capital as at the end of the respective years and multiplied by 100%.The gearing ratio of 2024 was 479.6%(2023:62.7%).NET CURRENT ASSETS/LIABILITIESAs at 31 December 202
132、4,the Group had net current liabilities of approximately HK$40.6 million(2023:Net current assets HK$60.9 million).The changes from net current assets to net current liabilities position was mainly attributable to the decrease in contract assets and increase in accruals and other payables during the
133、year.The Groups policy is to regularly monitor its liquidity requirements and its compliance with covenants in relation to banking facility agreements,to ensure that it maintains sufficient reserves of cash and cash equivalents and adequate committed lines of funding from the banks to meet its liqui
134、dity requirements.PLEDGE OF ASSETSAs at 31 December 2024,certain trade and retention receivables and contract assets set out in Note 22 to the consolidated financial statements,the Group has no other pledged assets.THE BANK BORROWINGS COVENANTSAs at 31 December 2024,the Group had total bank borrowin
135、gs of approximately HK$33.5 million(2023:HK$33.2 million).As at 31 December 2024,the Group has not renewed its banking facilities since late 2020.CASH FLOWSThe Groups cash flows has been presented in the consolidated statement of cash flows and Note 27 to the consolidated financial statements.CAPITA
136、L COMMITMENTSThe Group had no material capital commitments as at 31 December 2024.FOREIGN EXCHANGE RISKThe Group mainly operates in Hong Kong,Macau and the PRC.Its revenue,expenses,monetary assets and liabilities are denominated in Hong Kong dollars and Renminbi.As such,the Directors are of the view
137、 that the Groups risk in foreign exchange is insignificant and that we should have sufficient resources to meet foreign exchange requirements as and if they arise.Therefore,the Group has not engaged in any derivative contract to hedge its exposure to foreign exchange risk.FINANCIAL REVIEWAnchorstone
138、 Holdings Limited Annual Report 202418CONTINGENT LIABILITIESFair value estimationThe carrying values of the Groups financial assets,including trade and retention receivables,deposits and other receivables,bank balances and cash and financial liabilities,including trade and retention payables,loans f
139、rom directors,other payables,lease liability and bank borrowings,approximate their fair values due to their short maturities.Performance bondsAs at 31 December 2024,the Group obtained performance bonds guarantee issued by the banks in respect of construction contracts through to the customers amount
140、ing to approximately HK$3,705,000(2023:approximately HK$3,705,000).The directors of the Company consider the likelihood of the withdrawal of the banking guarantees by the banks as remote as there were sufficient assets have been pledged for obtaining such performance guarantees provided by the respe
141、ctive banks(see Note 12).Legal casesDuring the year ended 31 December 2024,the legal cases of the Group were as follows:(i)There were several legal cases concerning claims for personal injuries against certain subsidiaries of the Company.During the year ended 31 December 2024,the cases have been set
142、tled,and the respective expenses are settled and included in“administrative expenses”in the consolidated financial statements.No other litigation cases against the Group up to the date of this report.(ii)In previous years,a former subcontractor has filed a litigation claim for payment of service ren
143、dered against to the subsidiary of the Group of approximately HK$8,763,000.On 27 January 2025,the case has been finalised,the subsidiary of the Group has received the court order for settlement of the subcontractor fee of approximately HK$5,065,000 and other legal expenses associated with such cases
144、 to the subcontractor.Therefore,with the case has been finalised after the end of the reporting period,the Group has provided the provision of the litigation claim and legal expenses in an aggregate of approximately HK$868,000 in“accruals and other payables”and of approximately HK$5,065,000 in“trade
145、 payables”as at 31 December 2024.(iii)As of 31 December 2024,the Group had accrued unpaid salaries of approximately HK$14,744,000(2023:HK$9,339,000),due to temporary cash flow constraints.These amounts are recognised as current liabilities.Management is addressing liquidity issues,as disclosed in No
146、te 2,and remains committed to complying with labor regulations under the Hong Kong Employment Ordinance,including assessing potential risks or penalties.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited19ABOUT THE REPORTThis is the 5th Environmental,Social and
147、 Governance Report(the“Report”)presented by Anchorstone Holdings Limited(the“Company”)and its subsidiaries(collectively as the“Group”or“We”),which discloses the Groups policies,measures and performances in environmental,social and governance(“ESG”)aspects.This Report is prepared in Chinese and Engli
148、sh and has been uploaded to the website of the Stock Exchange of Hong Kong Limited(the“Stock Exchange”)(www.hkexnews.hk)and the Companys website(.hk).Reporting Scope and BoundaryIn line with previous ESG Report,unless otherwise stated,this Report only covers the business activities on sales,supply,a
149、nd installation of marble and granite for construction projects of the Group in Hong Kong,which are the main revenue sources of the Group.It covers the Groups ESG performance during the period of 1 January 2024 to 31 December 2024(the“Reporting Period”or“2024”).Reporting StandardThis Report is prepa
150、red in compliance with all applicable provisions of the Environmental,Social and Governance Reporting Guide(the“ESG Reporting Guide”)set out in the Appendix 27 of the Rules Governing the Listing of Securities by the Stock Exchange.The Group has adhered to the four reporting principles in the ESG Rep
151、orting Guide,including Materiality,Quantitative,Balance and Consistency,when disclosing our ESG performance in the Reporting Period.Reporting PrinciplesDefinitionThe Groups ResponseMaterialityThe ESG issues determined by the Group are sufficiently important to stakeholders that they should be report
152、ed.The Report encompasses principal issues that have been identified considering the groups distinct industry attributes,operations,and concerns of stakeholders.For the process and outcomes of how we arrived at these issues,kindly refer to the“Materiality Assessment”section.QuantitativeKey performan
153、ce indicators(“KPIs”)and their data should be measurable and comparable where appropriate,enabling evaluation of the effectiveness of ESG policies and management systems.Where possible,the Groups key environmental and social performance metrics are shared in a quantitative manner following the ESG R
154、eporting Guidelines.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202420Reporting PrinciplesDefinitionThe Groups ResponseConsistencyStatistical methodologies should be consistent and historical data should be provided where feasible to allow for meaningful comp
155、arisons of ESG performance over time.Unless specifically stated,the scope of reporting and the methodologies used in this Report are largely identical to those of 2022,and where possible,data from the previous year is disclosed for comparison.BalanceThe Report should provide an unbiased picture of E
156、SG performance,allowing stakeholders to objectively evaluate the Groups ESG performanceThe Groups ESG performance has been presented in a fair and unbiased way,enabling readers to assess the performance in a logical and objective manner.Disclosure of Data and InformationThe Group has established int
157、ernal data system and review processes to ensure that all data and information collected and presented in this Report is as accurate and reliable as possible.The Board of Directors(the“Board”)has reviewed and confirmed the contents of this Report on 16 May 2025.Contact and FeedbackThe Group welcomes
158、 any opinions or feedback from stakeholders.If you have any questions or feedback on the Groups ESG performance and reporting,please feel free to contact us through the following channels:Anchorstone Holdings LimitedUnits 15011502,15/F.,Delta House,No.2 On Yiu Street,Hong KongTelephone:(852)2511 666
159、8Email:.hkABOUT THE REPORT(Continued)Reporting Standard(Continued)ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited21OUR APPROACH TO ESGGovernanceThe Group has a robust and efficient ESG governance structure,with the Board of Directors holding the ultimate res
160、ponsibility for ESG matters,including strategy,goals,policies,performance,and reporting.The Task Force on Environmental,Social,and Governance(“Task Force”),comprising representatives from diverse business areas and sectors,operates under the Boards guidance.This Task Force regularly convenes to disc
161、uss ESG topics,make recommendations,review and monitor the Groups ESG objectives and performance,and aids in embedding sustainability across all operations.Acknowledging the crucial role of sustainable development in its success,the Group ensures a comprehensive governance structure,with the Board o
162、verseeing key ESG issues and the Task Force facilitating the implementation of sustainability throughout the Groups operations.The BoardThe Task Force on ESG(Representatives from various business functions and divisions)ResponsibilityUndertaketheoverallresponsibilityformanagingrelevant ESG mattersPr
163、eparationoftheESGReportAssisttheBoardinreviewingandimplementingthe Group overall ESG policies,measures,and performanceESGrisksassessmentThe Group has put in place a Sustainability Policy that describes its holistic dedication and strategy towards the environment,staff,value chain and the community.I
164、n the future,the Group intends to form a sustainability strategy and objectives that harmonize the Groups upcoming business growth and the anticipations of stakeholders via a layered approach:enhancing dialogue with its stakeholders,pinpointing and evaluating the substantial environmental and social
165、 repercussions according to our present business operation,concentrate on refining pertinent materiality issues and risks,evolve its business plans and put into action sustainability objectives.Risk ManagementThe Board is responsible for ensuring the effectiveness of the Groups risk management and i
166、nternal control systems,with the Audit Committee supervising their design,implementation,and monitoring.The systems undergo an annual review that covers all relevant factors,such as operational and compliance aspects.During the reporting period,the Board deemed these systems to be effective and adeq
167、uate.Additionally,the Group is developing a more focused ESG-related risk management framework to better identify,evaluate,and manage significant ESG-related risks stemming from its business,climate change,and the ever-evolving business environment.More details on these systems can be found in the C
168、orporate Governance Report.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202422OUR APPROACH TO ESG(Continued)Compliance ManagementThe Group operates its businesses according to the highest ethical standards and all applicable laws and regulations.Penalties,liti
169、gation,and other outcomes from any violations could potentially affect the Groups business operations and reputation.The management team,which includes the Companys Executive Directors,oversees the internal control measures,regularly reviews them for potential improvements,and enforces a set of inte
170、rnal control policies and systems for compliance management.These systems are reviewed and supervised by the Audit Committee and the Board.During the Reporting Period,there were no violations of relevant laws and regulations that have a material impact towards the Group,and no concluded legal cases
171、regarding anti-corruption against the Group or its employees.AspectsLaws and Regulations that Have a Material Impact Towards the GroupEnvironment“Cap.311AirPollutionControlOrdinance”“Cap.354WasteDisposalOrdinance”“Cap.603ProductEco-responsibilityOrdinance”Employment and Labour Standards“EmploymentOr
172、dinance,Chapter57”“Cap.608MinimumWageOrdinance”Health and Safety“Cap.509OccupationalSafetyandHealthOrdinance”Product Responsibility“Cap.486PersonalData(Privacy)Ordinance”“Cap.528CopyrightOrdinance”Anti-corruption“Cap.201PreventionofBriberyOrdinance”ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Re
173、port 2024 Anchorstone Holdings Limited23STAKEHOLDER ENGAGEMENTThe Group recognises how crucial it is to understand the expectations and interests of our stakeholders.Not only does it boost our business,but it also creates a win-win situation for everyone involved.We make it a point to consider stake
174、holders views in our strategic and ESG planning.We do this by keeping open lines of communication,ensuring we stay connected with our key stakeholders.Key Stakeholders and Their Communication ChannelsStakeholdersCommunication ChannelsShareholders and investorsInvestor presentation,business developme
175、nt meetings,and announcements and circularsCustomers and business partnersCustomer satisfaction survey,customer complaint mechanism,and industry eventsEmployeesTraining,seminars,and briefingsSuppliers and subcontractorsSupply chain management meetings and eventsNGOs and the publicCommunity activitie
176、sMateriality AssessmentThe Group is consistently enhancing the ways we evaluate and prioritize ESG factors that are pertinent to our stakeholders and operations.In the reporting period,we adopted a more comprehensive approach and collaborated with an independent consulting firm to conduct a material
177、ity assessment.1.Identify relevant ESG issues19 relevant ESG issues,covering“Environment”,“Employment and Labour Practices”,“Operating Practices”and“Community”,were identified by reviewing the ESG Reporting Guide,past materiality results and market trends.2.Collect stakeholders responsesAn online su
178、rvey was distributed and collected from 21 internal and external stakeholders for analysis.3.Prioritise material ESG issues6 issues,including“Prevention of Child and Forced Labour”,“Occupational Health and Safety”,“Anti-corruption”,“Products and Service Responsibility”,“Protection of Intellectual Pr
179、operty Rights”,and“Protection of Customer Privacy”,are considered as most material issues.4.ValidationThe Board has reviewed and confirmed the results of materiality assessment and the most material issues identified for the Group,which will be disclosed and addressed and with priority in this Repor
180、t and in our strategic planning.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202424Greenhouse Gases and Air EmissionsWasteEnergyWaterMaterialImpacts to Environment and Natural ResourcesClimate ChangeEmployment SystemDiversity,Equal Opportunity and anti-discrim
181、inationOccupational Health and SafetyTraining and DevelopmentPrevention of Child and Forced LobourSupply Chain ManagementGreen ProcurementProducts and Service ResponsibilityProtection of Customer PrivacyProtection of Intellectual Property RightsAnti-corruptionCommunity InvestmentMost Material Less M
182、aterial Moderately MaterialMaterial IssuesSections1.Prevention of Child and Forced LabourValuing Our People2.Occupational Health and SafetyValuing Our People3.Anti-corruptionOperating with Integrity4.Products and Service ResponsibilityOperating with Integrity5.Protection of Intellectual Property Rig
183、htsOperating with Integrity6.Protection of Customer PrivacyOperating with IntegrityENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited25OPERATING WITH INTEGRITYAnti-corruptionThe Group adheres to the highest standards of business ethics and integrity,employing a
184、 zero-tolerance policy towards corruption in all its forms.Employees are expected to follow the Anti-corruption Policy,Code of Conduct,and Whistle-blowing Policy.These provide guidance on professional conduct and detail measures for preventing,identifying,and handling corruption.Any activities that
185、might unfairly affect a business relationship,such as soliciting,offering,or receiving gifts or advantages,are strictly forbidden.Employees are encouraged to disclose any interests or relationships that could lead to real or potential conflicts of interest.If any misconduct or violations of the Code
186、 of Conduct are suspected,employees and business partners are urged to report these through our Whistle-blowing System,with the assurance that the identity of the whistleblower will be protected.We commit to addressing and investigating all cases promptly,fairly,and confidentially,taking necessary r
187、emedial actions.To further the prevention of corruption and fraud,the Group offers anti-corruption training to Board Members and employees to increase their awareness and understanding of relevant laws.During the Reporting Period,our Board members and employees received a total of 18 and 6 hours of
188、anti-corruption training respectively.Product ResponsibilityThe Group upholds stringent quality standards for its products and services,with an equal focus on satisfying customer requirements,safeguarding data privacy,and protecting intellectual property rights.A Quality Control Management System is
189、 in place to supervise the procurement and production processes,ensuring that all products and services fulfill our high-quality criteria and meet customer or user expectations.Quality control managementEvery operational department is mandated to adhere to the Quality Control Management System and e
190、xecute necessary actions to mitigate risks associated with quality.Stone selectionOurqualityassuranceandcontrolmanager,togetherwiththefacadeordesign consultant representative,architect representative(if any)and representative of our customers will conduct a physical visit to target quarry to carry o
191、ut work including:choosing the desired stone colour range;establishing the bench,layer and locations where the particular colour range will be quarried;and determining if there are sufficient stones of the desired colour for the project.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings
192、Limited Annual Report 202426Blocks selectionOurqualitycontrolstaffwillexaminetheblocks.Blockswithdefectsincluding cracks,badly chipped edges,stress fractures,excessive microcracking,holes,pits,inclusions,surface weathering,staining or any feature which the architect considers unacceptable or detrime
193、ntal to the performance of the stone will be rejected.Testingofstonewillbecarriedouttoensurecompliancewiththestonespecification and the requirements of any relevant regulatory authorities.FabricationOncetheblockhasbeensawnandtheslabsexposed,eachcut-to-sizepanelwill be individually inspected,ensuring
194、 that the cut-to-size panel produced will correspond to the control samples previously selected.Aftertheslabshavebeencutintofinishedpieces,wewillcarryoutaprelaying check to inspect the size and colour range of the panels.Withrespecttomarblesandgranitesforexterioruse,furthertestingwillalsobe carried
195、out on a sampling basis to ensure that any deviation is within the manufacturing tolerances in accordance with the stone specifications and the panels fulfill the strength requirements.InstallationOursitemanagerorprojectcoordinatorwillmonitortheinstallationwork carried out by our subcontractors to e
196、nsure that the stone panels are handled and transported to the construction site in a safe manner to prevent any damage,and that the stone panels are installed in the correct alignment and in accordance with the approved drawing.Wewillalsocoordinatewithothercontractorson-sitetoensuretheproperinstall
197、ation of our marbles and granites.Customer satisfactionOur business development team actively seeks to improve the quality of our products and services by actively seeking customer feedback through various means,including customer satisfaction surveys.By following a standardised process for addressi
198、ng inquiries and complaints,the team ensures all issues are handled diligently and uses this feedback to devise plans and programmes for improvement.OPERATING WITH INTEGRITY(Continued)Product Responsibility(Continued)Quality control management(Continued)ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnu
199、al Report 2024 Anchorstone Holdings Limited27OPERATING WITH INTEGRITY(Continued)Product Responsibility(Continued)Protection of customer privacy and intellectual propertyThe Group is dedicated to safeguarding customer information,privacy,and intellectual property rights.Measures such as firewalls,ant
200、i-virus,and anti-spam software have been implemented in our IT system to defend against cyber threats and avoid data leaks.Were in the process of developing a policy for product and service responsibilities to further enhance our information security management.This policy aims to consistently monit
201、or,review,and supervise customer data protection measures and relevant Group operations.Additionally,we are committed to addressing any complaints about our products and services by conducting thorough investigations and establishing necessary improvements.During the Reporting Period,the Group was n
202、ot aware of any product and service-related complaints as well as any cases of product recall due to health and safety reasons.Supply Chain ManagementThe Group employs a comprehensive approach to supply chain management,aiming to foster enduring and trusting relationships with its suppliers and subc
203、ontractors,and enhance the sustainability of its supply chain.This involves managing environmental and social risks along the supply chain,with vendors required to comply with the standards and expectations outlined in the Vendor Code of Conduct.This approach promotes sustainability within the opera
204、tions of our suppliers and subcontractors.GovernanceLegalandregulatorycomplianceAnti-corruptionEnvironmentalMitigationofadverseenvironmentalimpactsMaterialandresourceefficiencySocialHealthandsafetyCompensationandworkinghoursDiscriminationChildandforcedlabourConfidentialityThe Group ensures a fair,op
205、en,and competitive process for procuring all goods and services.There is a strict prohibition on any form of discrimination or differential treatment against suppliers.We meticulously evaluate and select suppliers based on standardized criteria encompassing their development,procurement,production,a
206、nd service supply processes.Additionally,we prioritise environmentally friendly products and services.In situations where the Vendor Code of Conduct is breached,we reserve the right to reassess or terminate the suppliers contract.The Group also considers the Environmental,Social,and Governance(ESG)p
207、erformances of suppliers during procurement,emphasizing those with sustainable practices.During the Reporting Period,we engaged with numerous suppliers 76 in Hong Kong,9 in Mainland China,and 1 in Macau.We also implemented practices for engaging with major suppliers.Moving forward,we plan to enhance
208、 our supply chain risk management capabilities by continuing to collaborate with suppliers to meet relevant requirements and improve their ESG performance.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202428VALUING OUR PEOPLEEmployment SystemThe Group firmly be
209、lieves that our talent is the key driver for sustained growth.Were committed to safeguarding employee rights and interests,and have set up an employment and remuneration system,complemented by a Human Rights Policy.These steps ensure our workplace thrives on fairness,diversity,and inclusivity.For al
210、l employment-related policies and procedures,employees can refer to the Groups Employee Handbook.Recruitment and dismissalAllapplicantsarerecruitedbasedonobjectivecriteria,suchasworkingexperiences,academic qualifications,skills and abilities,through transparent,open,and fair recruitment processes.Em
211、ployeewhofailstoreachthelevelrequiredbytheGrouporhascommitted misconduct or unethical behaviours will be terminated legally to prohibit any form of unfair or illegal dismissal.Promotion and retentionAnnualperformanceevaluationisconductedforemployeesbasedonKPIs such as job skills,qualifications,and p
212、erformance,where outstanding employees will receive promotion opportunities to help them achieve their maximum potential.Remunerationrangesareadjustedtimelytoretaintalentsinresponsetoemployees performance and market changes.Compensation and benefitsEmployeeswillbeprovidedwithcompetitiveremunerationa
213、ndbenefits,including cash,discretionary bonuses and allowances,depending on the types of operations and the local labour markets.Restdays,statutoryholidaysandpaidannualleavearegivenaccordingtoemployees working locations and job titles,including marriage,maternity,paternity,bereavement leaves,etc.Div
214、ersity,equal opportunity and anti-discriminationAllformsofharassmentorbullyingarestrictlyprohibitedinourworkplace.Applicantsandemployeesareprovidedwithequalopportunityforrecruitment,promotion and compensation regardless of their age,gender,sexual orientation,marital status,family status,disability,r
215、ace,nationality,religion or other factors.Labour standardsAllformsofchildandforcedlabourarestrictlyprohibitedwithintheGroup.Allapplicantsandnewlyhiredemployeesmustprovidetheirpersonalinformation such as identification documents to our Human Resources and Administration Departments during the recruit
216、ment process,to verify the identity and eligibility of work of the applicants.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited29Labour standards(Continued)Employeescannotworkovertimeunlessapprovedbythedepartmentheadto avoid the violation of Labour Standards.A
217、ny violations will be handled by the Group on a case-by-case basis.Employeeswhoarerequiredtoworkovertimeduetoactualbusinessneedswill receive overtime allowances and compensatory leaves in accordance with relevant labours laws and regulations.Communication and grievance mechanismEmployeesareencourage
218、dtomakesuggestionsondailyworkingenvironment through mailboxes,appraisal meetings and employee satisfaction surveys.Employeeswhofeeltheirrightsandinterestsmayhavebeenviolatedcanfile a complaint and report to their management.Our management will evaluate,handle,and record the complaints,and take neces
219、sary disciplinary measures to substantiate cases.The Group had 11 employees as of 31 December 2024,with 5 males and 6 females,with a total turnover rate of 35%.For more details,please refer to Appendix II:Social Performance Data for the workforce profile.Occupational Health and SafetyThe Group adopt
220、s a thorough approach to managing health and safety at work,incorporating a solid safety system with clear policies,management,and control measures.Our aim is to shield all employees and subcontractors from possible health and safety hazards.The Groups Corporate Health and Safety Policy,along with t
221、he Vendor Code of Conduct,provide clear directives on safety and health standards for both the workplace and construction activities.To top it off,the Health and Safety Management Committee and Safety Supervisor of the Group are instrumental in identifying,managing,and reviewing occupational health
222、and safety risks and measures.General ManagementConstruction ActivitiesMitigateEnsurecompliancewithallapplicablelawsand regulationsRequiresub-contractorstoconductriskassessments regularlyEmbedhealthandsafetyconsiderationsinbusiness activitiesProviderole-basedhealthandsafetybriefing,training and prot
223、ective equipment for employees and sub-contractorsVALUING OUR PEOPLE(Continued)Employment System(Continued)ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202430VALUING OUR PEOPLE(Continued)Occupational Health and Safety(Continued)General ManagementConstruction A
224、ctivitiesManageProvidetrainingandpromotionalmaterialsto enhance employees safety awarenessEstablishanaccidentreportingmechanism,and conduct investigation and appropriate follow-up actionsEstablishanaccidentreportingmechanism,and conduct investigation and appropriate follow-up actionsRequiresub-contr
225、actorstosubmitregularsafety monitoring reportsReviewSetandmonitorrelevantindicatorsandconduct regularly monitoring and reportingMonitorthesafetyperformanceofsubcontractors through the project development cycleThe Group is committed to continually improving its occupational health and safety system t
226、o increase employee safety and promote understanding of the significance of health and safety in the workplace.During the reported period,there were no incidents that led to work-related injuries or fatalities.Development and TrainingThe Group is committed to investing resources into enhancing the s
227、kills of our employees,fostering both personal and professional growth.We ensure equal access to training resources for all employees and encourage further development through a variety of training programmes and activities.These are designed to meet individual needs and bridge any skill gaps within
228、 our operations.Annual performance evaluations are conducted,with exceptional employees being presented with opportunities for advancement in their career paths.Our training content is regularly assessed and updated to remain relevant to market trends and the evolving needs of our stakeholders.This
229、includes updates in laws and regulations,technological advancements,product trends,and shifts in customer behaviour.During the reporting period,the Group has organized a series of training programmes.TrainingTarget AudienceObjectiveInduction trainingNew hiresEnlighten new hires understanding of the
230、Groups business model and business-related knowledgeVocational trainingGeneral employeesEquip employees with the essential skills and knowledge of workHealth and safety trainingAll employeesEnhance employees safety awareness with the aim to reducing the incidence rate of occupational disastersThe Gr
231、oup actively promotes external training and certification courses among employees to boost their competitiveness and expand the companys talent pool.During the reporting period,54%of the staff underwent training,averaging approximately 10 hours per employee(see Appendix II:Social Performance Data fo
232、r more details).The Group is committed to continuously refining its internal policies and reviewing developmental initiatives to further enhance the collective growth and competitiveness of the Company and its workforce.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holding
233、s Limited31MANAGING ENVIRONMENTAL FOOTPRINTThe Group takes a systematic and proactive approach to managing its environmental footprint.This involves regularly assessing the potential environmental risks associated with its business operations and implementing a range of measures to reduce emissions
234、and optimize the use of energy,water,and other natural resources.The Group also prioritises educating and communicating with employees,subcontractors,and other stakeholders about the importance of environmental awareness and conservation.This holistic approach ensures that the Groups commitment to r
235、educing its environmental impact is integrated into all aspects of its operations.Focus AreasMeasuresAir and GHG emissionsImplementstringentqualitycontrolmeasuresonstonefabricationtocutdowndustSelecttheshortestroutetoandfromthesiteoftheGroupandthetargetedvenueSwitchofftheenginewheneverthevehicleisle
236、ftinanidlepositionProvidemaintenanceservicetothevehiclesonaregularbasistoensureengineperformance and efficient use of fuelEnergySelectenergy-efficientequipmentandelectricalappliances,suchasLEDlightsintheofficeand the production processesForbidtheuseoflarge-powerelectricalappliancessuchasheaters,kett
237、les,refrigerators,etc.,to avoid electricity overloadedTurnoffallunnecessarycomputers,lights,airconditioners,andotherofficeequipmentinoffice areas when they are not in use to avoid waste of electricityEnhancethemaintenanceandoverhaulofequipment,maintainthebestconditionofallelectronic equipment for ef
238、fective use of electricityConductregularenergyauditsandsetupanalyticssystemstoreviewanddisciplineourenergy useWaterPostwater-savingremindersandguidelinesPaperUsesustainablematerialssuchaspapermadefromrecycledcontentEncouragemanagingdocumentsdigitallyanddouble-sidedprintingIn our pursuit of more envi
239、ronmentally conscious production,we utilize eco-friendly technologies and materials,and strive to boost resource efficiency in our operations and construction projects where possible.We also motivate our subcontractors to improve their environmental management by adopting environmental policies and
240、practices.The Group is actively exploring strategies to enhance environmental practices and establish achievable goals for ongoing environmental improvements.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202432MANAGING ENVIRONMENTAL FOOTPRINT(Continued)Emission
241、s ReductionWaste and wastewaterThe Group adopts a proactive strategy for waste and wastewater management,recognising its environmental responsibility.We are committed to minimizing the generation of both hazardous and non-hazardous waste through efficient operations and responsible practices.We have
242、 implemented guidelines for proper waste segregation,disposal,and recycling.Additionally,wastewater generated from our operations is treated and monitored in compliance with relevant environmental regulations to prevent any potential contamination.We aim to continuously improve our waste and wastewa
243、ter management techniques to further reduce our environmental impact.We have initiated a series of waste management measures:Focus AreasMeasuresManaging the environmental impacts of wasteUsedouble-sidedprintingorphotocopyingwhereverpossibleUtiliseelectronicmediaforcommunicationAvoidsingle-usedisposa
244、bleitemsEmployqualifiedchemicalwastecollectorstohandlehazardouswastesuchastoner and ink cartridges in compliance with the relevant environmental regulationsPromoting environmental awareness at workPlace“GreenMessage”remindersandrecyclingbinsatofficesandconstructionsites to boost recycling rateRequir
245、eallemployeesandsubcontractorstofollowguidelinesonmanagingthedisposal of wasteMonitoring waste management performanceEnhancegarbageclassificationtoallowmorecomprehensivetrackingofwasteProjectcoordinatorsorsitemanagersstationedattheconstructionsitewillreviewand monitor the waste management performanc
246、e of our subcontractorsDuring the Reporting Period,the Group generated 795.41 tonnes of non-hazardous waste at an intensity of 46.79 tonnes per employee,a decrease of 6%and an increase of 384%,respectively.The significant increase in intensity primarily stemmed from a decrease in workforce during th
247、e Reporting Period due to the reconstruction of the workforce.Hazardous waste was not generated during the Reporting Period.The wastewater produced by the Groups operations is discharged to local sewage treatment plants for further processing by adhering to all relevant regulations.ENVIRONMENTAL,SOC
248、IAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited33MANAGING ENVIRONMENTAL FOOTPRINT(Continued)Emissions Reduction(Continued)Carbon and air emissionsDue to its business nature,the carbon(or greenhouse gases,“GHG”)and air emissions of the Group mainly come from the fuel consumpt
249、ion of vehicles and purchased electricity.During the Reporting Period,the Group emitted 5.47 kg of nitrogen oxides,0.10kg of sulphur oxides and 0.40kg of respirable suspended particulates,in addition to 24.86 tonnes of CO2-equivalent(“tCO2e”)GHG emissions,which decreased by approximately 37%.As the
250、Group restructured to simplify the workforce during the Reporting Period,its total GHG emissions decreased while its intensity significantly increased by around 224%.Unit20242023%ChangeAir emissions1Nitrogen oxideskg3.185.4741.86Sulphur oxideskg0.090.1030.00Respirable suspended particulateskg0.380.4
251、032.50Greenhouse gas emissions2Scope 1 Direct GHG emissionstCO2e12.0918.8435.83Scope 1 intensitytCO2e/employee1.101.110.98Scope 2 Indirect GHG emissions3tCO2e3.906.0235.22Scope 2 intensitytCO2e/employee0.350.350.09Total GHG emissionstCO2e15.9924.8635.68GHG intensitytCO2e/employee1.451.460.44Resource
252、s conservationEnergyThe Groups main energy usage comes from electricity in office buildings and gasoline for transport.Due to a restructure of the Groups operation to improve the effectiveness,there was 73%and 29%drop in electricity and overall consumption compared to the previous year.However,the r
253、elevant intensities resulted in significant increases of 40%and 266%due to the reconstruction of the workforce with only 17 staff in the team.Unit20242023%ChangeEnergy consumptionDirect energyGasolinekWh39,043.0868,404.7641.67IntensitykWh/employee3,549.374,023.819.85Indirect energyElectricitykWh13,8
254、01.0015,433.0010.57IntensitykWh/employee1,254.64907.8238.20Total energy consumptionkWh52,844.0883,837.7635.84IntensitykWh/employee4,804.014,931.630.841 Air emissions were mainly contributed by combustion of gasoline from vehicles.2 The calculation is based on the“How to prepare an ESG Report?Appendi
255、x II:Reporting Guidance on Environmental KPIs”published by HKEX,and emission factor of 0.39kg CO/kWh released by CLP Hong Kong in its Sustainability Report 2023.3 Scope 2 includes energy indirect emissions from electricity purchased from power companies.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnch
256、orstone Holdings Limited Annual Report 202434MANAGING ENVIRONMENTAL FOOTPRINT(Continued)Resources conservation(Continued)WaterWater consumption of the Group is mainly for basic business operations,cleaning and sanitation.As a result of reconstruction of manpower and a decrease in employees,we consum
257、ed 132.33m3 of water with an intensity of 12.03m3 per employee during the Reporting Period,which decreased 0.08%compared to last year.The Group commits to introducing additional policies and actions to encourage water conservation in the office environment as much as possible,such as displaying remi
258、nders and instructions to prevent water wastage.Unit20242023%ChangeWater consumptionTotal water consumptionm3132.33204.6735.34Intensitym3/employee12.0312.040.08PaperThe Group pursues and adopts green office management that enhances the use of resources.A 37.62%decrease in paper consumption and a dec
259、rease of 3.6%in paper intensity per employee were recorded by the Group during the Reporting Period.The significant increase of intensity was due to the reduction of manpower in the Year.Unit20242023%ChangePaper consumptionTotal paper consumptionpiece60,82097,500.0037.62Intensitypiece/employee5,529.
260、095,735.293.60Climate ChangeIn response to the growing concerns and challenges posed by climate change,the Group is taking immediate action.We recognise that integrating climate-related risks and opportunities into their business decisions is crucial for long-term growth and resilience against clima
261、te-related issues.The Group is committed to supporting the HKSAR Governments objective of achieving carbon neutrality by 2050.Our approach includes a commitment to progressively enhance the management of climate-related risks and opportunities by thoroughly considering their impact on their business
262、 operations.The Groups strategic framework,outlined in our Climate Change Policy,guides us in developing strategies for climate change mitigation and adaptation to enhance our climate resilience.They are dedicated to reducing the carbon footprint of our construction projects and business operations.
263、Moreover,they are actively exploring strategies to mitigate the impact of climate change on our properties and operations.Community InvestmentThe Group aligns societal needs with our objectives in community investment management.We support community projects with resources and sponsorships,enhancing
264、 our public image and fostering community relations.Employee participation is encouraged to foster social responsibility and company belonging.We will continue supporting community investments that meet societal needs and our objectives.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 An
265、chorstone Holdings Limited35APPENDIXAppendix I:Environmental Performance DataUnit20242023Greenhouse gas emissions4Scope 1 Direct GHG emissionstCO2e12.0918.84Scope 1 intensitytCO2e/employee1.101.11Scope 2 Indirect GHG emissions5tCO2e3.906.02Scope 2 intensitytCO2e/employee0.350.35Total GHG emissionstC
266、O2e15.9924.86GHG intensitytCO2e/employee1.451.46Air emissions6Nitrogen oxideskg3.185.47Sulphur oxideskg0.090.10Particleskg0.380.40WasteTotal non-hazardous wastetonne456.40795.41Intensitytonne/employee41.4946.79Total hazardous wastetonne00Intensitytonne/employeeEnergy consumptionDirect energyGasoline
267、kWh39,043.0868,404.76IntensitykWh/employee3,549.374,023.81Indirect energyElectricitykWh13,801.0015,433.00IntensitykWh/employee1,254.64907.82Total energy consumptionkWh52,844.0883,837.76IntensitykWh/employee4,804.014,931.63Water consumptionTotal water consumptionm3132.33204.67Intensitym3/employee12.0
268、312.04Paper consumptionTotal paper consumptionpiece60,820.0097.500.00Intensitypiece/employee5,529.095,735.294 The calculation is based on the“How to prepare an ESG Report?Appendix II:Reporting Guidance on Environmental KPIs”published by HKEX,and emission factor of 0.39kg CO/kWh released by CLP Hong
269、Kong in its Sustainability Report 2022.5 Scope 2 includes energy indirect emissions from electricity purchased from power companies.6 Air emissions were mainly contributed by combustion of gasoline from vehicles.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202
270、436APPENDIX(Continued)Appendix I:Environmental Performance Data(Continued)Number of employees20242023GenderMale58Female69Age groupBelow 3112314047415014Above 5054RankSenior management24Middle management45General employees58Employee typeFull-time1117Total1117Employee turnover rate720242023GenderMale1
271、7.65%787.50%Female17.65%88.89%Age groupBelow 315.88%0.00%314017.65%985.71%41505.88%775.00%Above 505.88%150.00%Total35.29%417.65%New hire rate820242023GenderMale0%0.00%Female0%0.00%Age groupBelow 310%0.00%31400%0.00%41500%0.00%Above 505.88%0.00%Total5.88%0.00%7 Employee turnover rate=number of employ
272、ees resigned/total workforce x 100.8 New hire rate=number of new employees/total workforce x 100.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited37APPENDIX(Continued)Appendix I:Environmental Performance Data(Continued)Percentage of employees trained920242023G
273、enderMale20.00%25.00%Female66.67%11.11%RankSenior management50.00%25.00%Middle management75.00%40.00%General employees20.00%0.00%Total45.45%17.65%Average training hours1020242023GenderMale0.622.25Female22.339.11RankSenior management30.0042.00Middle management18.7518.40General employees0.400.00Total1
274、2.4515.29Health and safety20242023Number of work-related fatalities1100Number of employees injured at work00Injury rate(per thousand employees)00Lost days due to work injury00Anti-corruption training20242023Total training hours for the Board1218Total training hours for employees369 Percentage of emp
275、loyees trained=number of employees trained of the category/total workforce of the category x 10010 Average training hours=total hours of training received by employees of the category/total workforce of the category.11 There were no work-related fatalities occurred in each of the past three years in
276、cluding the reporting year.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202438APPENDIX(Continued)Appendix II:HKEx ESG Reporting Guide IndexAspectContentPage IndexA1 EmissionsGeneral DisclosureInformation on(a)the policies;and(b)compliance with relevant laws an
277、d regulations that have a significant impact on the issuer relating to air and GHG emissions,discharges into water and land,and generation of hazardous and non-hazardous waste.24,3436A1.1The types of emissions and respective emissions data.36,38A1.2Direct(Scope 1)and energy indirect(Scope 2)greenhou
278、se gas emissions(in tonnes)and,where appropriate,intensity(e.g.per unit of production volume,per facility).36,38A1.3Total hazardous waste produced(in tonnes)and,where appropriate,intensity(e.g.per unit of production volume,per facility).35,38A1.4Total non-hazardous waste produced(in tonnes)and,where
279、 appropriate,intensity(e.g.per unit of production volume,per facility).35,38A1.5Description of emission target(s)set and steps taken to achieve them.34,36A1.6Description of how hazardous and non-hazardous wastes are handled,and a description of reduction target(s)set and steps taken to achieve them.
280、3435A2 Use of ResourcesGeneral DisclosurePolicies on the efficient use of resources,including energy,water and other raw materials.24,3637A2.1Direct and/or indirect energy consumption by type(e.g.electricity,gas or oil)in total(kWh in 000s)and intensity(e.g.per unit of production volume,per facility
281、).36,38A2.2Water consumption in total and intensity(e.g.per unit of production volume,per facility).37,38A2.3Description of energy use efficiency target(s)set and steps taken to achieve them.34,36A2.4Description of whether there is any issue in sourcing water that is fit for purpose,water efficiency
282、 target(s)set and steps taken to achieve them.34,37A2.5Total packaging material used for finished products(in tonnes)and,if applicable,with reference to per unit produced.Given our business nature,this topic is immaterial to the Group.ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual Report 2024 Anch
283、orstone Holdings Limited39AspectContentPage IndexA3 The Environment and Natural ResourcesGeneral DisclosurePolicies on minimising the issuers significant impact on the environment and natural resources.34A3.1Description of the significant impacts of activities on the environment and natural resource
284、s and the actions taken to manage them.3437A4 Climate ChangeGeneral DisclosurePolicies on identification and mitigation of significant climate-related issues which have impacted,and those which may impact,the issuer.37A4.1Description of the significant climate-related issues which have impacted,and
285、those which may impact,the issuer,and the actions taken to manage them.37B1 EmploymentGeneral DisclosureInformation on:(a)the policies;and(b)compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal,recruitment and promotion,wor
286、king hours,rest periods,equal opportunity,diversity,anti-discrimination,and other benefits and welfare24,3031B1.1Total workforce by gender,employment type,age group and geographical region.31,39B1.2Employee turnover rate by gender,age group and geographical region.31,39B2 Health and SafetyGeneral Di
287、sclosureInformation on:(a)the policies;and(b)compliance with relevant laws and regulations that have a significant impact on the issuer relating to providing a safe working environment and protecting employees from occupational hazards.24,32B2.1Number and rate of work-related fatalities.32,40B2.2Los
288、t days due to work injury.32,40B2.3Description of occupational health and safety measures adopted,how they are implemented and monitored.32APPENDIX(Continued)Appendix II:HKEx ESG Reporting Guide Index(Continued)ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 2024
289、40AspectContentPage IndexB3 Development and TrainingGeneral DisclosurePolicies on improving employees knowledge and skills for discharging duties at work.Description of training activities.33B3.1The percentage of employees trained by gender and employee category.33B3.2The average training hours comp
290、leted per employee by gender and employee category.33B4 Labour StandardsGeneral DisclosureInformation on:(a)the policies;and(b)compliance with relevant laws and regulations that have a significant impact on the issuer relating to preventing child and forced labour24,31B4.1Description of measures to
291、review employment practices to avoid child and forced labour.31B4.2Description of steps taken to eliminate such practices when discovered.31B5 Supply Chain ManagementGeneral DisclosurePolicies on managing environmental and social risks of the supply chain29B5.1Number of suppliers by geographical reg
292、ion.29B5.2Description of practices relating to engaging suppliers,number of suppliers where the practices are being implemented,how they are implemented and monitored.29B5.3Description of practices used to identify environmental and social risks along the supply chain,and how they are implemented an
293、d monitored.29B5.4Description of practices used to promote environmentally preferable products and services when selecting suppliers,and how they are implemented and monitored.29APPENDIX(Continued)Appendix II:HKEx ESG Reporting Guide Index(Continued)ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTAnnual R
294、eport 2024 Anchorstone Holdings Limited41AspectContentPage IndexB6 Product ResponsibilityGeneral DisclosureInformation on:(a)the policies;and(b)compliance with relevant laws and regulations that have a significant impact on the issuer relating to health and safety,advertising,labelling and privacy m
295、atters relating to products and services provided and methods of redress.24,2729B6.1Percentage of total products sold or shipped subject to recalls for safety and health reasons.29B6.2Number of products and service-related complaints received and how they are dealt with.29B6.3Description of practice
296、s relating to observing and protecting intellectual property rights.29B6.4Description of quality assurance process and recall procedures.2728B6.5Description of consumer data protection and privacy policies,how they are implemented and monitored.2829B7 Anti-corruptionGeneral DisclosureInformation on:
297、(a)the policies;and(b)compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery,extortion,fraud and money laundering.24,27B7.1Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the report
298、ing period and the outcomes of the cases.27B7.2Description of preventive measures and whistle-blowing procedures,how they are implemented and monitored.27B7.3Description of anti-corruption training provided to directors and staff.27,40B8 Community InvestmentGeneral DisclosurePolicies on community en
299、gagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities interests.37B8.1Focus areas of contribution(e.g.education,environmental concerns,labour needs,health,culture,sport).37B8.2Resources contributed(e.g.money
300、 or time)to the focus area.37APPENDIX(Continued)Appendix II:HKEx ESG Reporting Guide Index(Continued)CORPORATE GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202442CORPORATE GOVERNANCE PRACTICESThe Group committed to maintain high standards of corporate governance.The Directors of the C
301、ompany believes that good corporate governance practices are important to promote investor confidence and protect the interest of our shareholders.We attach importance to our staff,our code of conduct,and our corporate policies and standards,which together form the basis of our governance practices.
302、We respect and are committed to comply with the laws,rules and regulations of each country and area in which we operate,and we strive to ensure a healthy and safe working environment for our staff,which is our paramount concern.Throughout the year ended 31 December 2024,the Group has applied the pri
303、nciples and complied with all code provisions of the Corporate Governance Code(“CG Code”)as set out in Appendix 14 to the Rules Governing the Listing of Securities(the“Listing Rules”)on the HKEX,except for the deviations as mentioned below.1.Code Provision A.2.1 stipulates that the roles of chairman
304、 and chief executive officer should be separate and should not be performed by the same individual.Currently,the roles of the chairman and chief executive of the Company have not been segregated as required by the code provision A.2.1 of the CG Code.Mr.Lui Yue Yun Gary is the Chairman of the Company
305、 and the founder of the Group.The Board considers that vesting the roles of both chairman and chief executive officer in the same person is beneficial to the business prospects and management of the Group.The balance of power and authority is adequately ensured by the Board which comprise experience
306、d and high caliber individuals with a sufficient number of them being Independent Non-Executive Directors of the Company(“INEDs”).Therefore the Board has a strong independent element in its composition.In addition,the Board believes that the balance of power and authority is adequately ensured by th
307、e Board comprising experienced and high caliber individuals with a sufficient number thereof being INEDs.Besides,all Directors(including INEDs)are subject to retirement by rotation in accordance with the Companys Articles of Association.2.Pursuant to paragraph A.3 of Appendix 10 to the Listing Rules
308、,the Directors are prohibited from dealing in any securities of the Company on any day on which its financial results are published and during the period of 60 days immediately proceeding the publication date of annual results(“the Black-out Period”).On 28 March 2025,PMG Investments Limited,a substa
309、ntial shareholder of the Company who controlled by Mr.Lui Yue Yun Gary disposed of 20,000,000 shares of the Company,representing approximately 0.83%of the total the issued shares.This was a dealing within the Black-out Period.The Directors(except Mr.Lui Yue Yun Gary),after considering the disposals,
310、were satisfied that the disposal was a forced sales by a stockbroker,which should be under the exceptional circumstance within the meaning of paragraph C.14 of Appendix 10 to the Listing Rules.3.As changes in certain key personnels in financial department of the Company and the shortage of accountin
311、g staff,there was a delay in publication of the annual results announcement of the Company for the year ended 31 December 2024,which was not complied with Rule 13.49(1)of the Listing Rules.Accordingly,the trading of the Companys securities were suspension from 1 April 2025 up to the date of this rep
312、ort.Pursuant to Rule 13.46(2)of the Listing Rules,the Company is required to despatch its annual report for the year ended 31 December 2024 to the Shareholders no later than four months after the end of the financial year of the Company.Owing to the delay in the publication of the Annual Results Ann
313、ouncement,there was delay in the despatch.This constituted non-compliance with Rule 13.46(2)of the Listing Rules.Looking ahead,we will keep our governance practices under continuous review to ensure their consistent application and will continue to improve our practices having regard to the latest d
314、evelopments.CORPORATE GOVERNANCE REPORTAnnual Report 2024 Anchorstone Holdings Limited43MATERIAL UNCERTAINTY RELATION TO GOING CONCERNPursuant to code provision D.1.3 of Appendix C1 to the Listing Rules,where there is material uncertainty relating to events or conditions that may cast significant do
315、ubt on the issuers ability to continue as a going concern,such matters should be clearly and prominently disclosed and discussed at length in the Corporate Governance Report.For the year ended 31 December 2024,the auditors of the Company issued a disclaimer of opinion over the Groups ability to cont
316、inue as a going concern due to multiple uncertainties relating to going concern that may cast doubt on the Groups ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.The details regarding the uncer
317、tainties relating to going concern are disclosed in the section“Management Discussion and Analysis”and Note 2.1(b)to the consolidated financial statements.The key risks are further disclosed as below.The Group had received a demand letter in January 2025.All the aforementioned bank borrowings have b
318、een classified as current liabilities as at 31 December 2024.Besides,the performance bonds related to the bank facilities might be cancelled by a bank,which might result in non-compliance with the relevant construction contracts if the Group is not able to replace them with other equivalent performa
319、nce bonds.There is also a risk that the Group might not be able to achieve the plans and measures as disclosed in the section“Management Discussion and Analysis”and Note 2.1(b)to the consolidated financial statements.The Board has adopted and considered different measures with different dimensions t
320、o further improve its cash flows,which has been stated in the Note 2.1(b)to the consolidated financial statements and in the“Business Review,Management Discussion and Analysis”section.The Board has planned to address the Disclaimer of Opinion of the Auditor in the next financial year as stated in it
321、s“Business Review,Management Discussion and Analysis”section of this report.In view of the aforesaid,the Board,including the Audit Committee,believes that the above measures,if materialised,will bring to the Group an improvement on its future financial performance and its cash flows.Accordingly,the
322、Board is of the view that the Group could continue as a going concern.BOARD OF DIRECTORSOverall AccountabilityThe Board is responsible for the leadership and control of the Company.The members of the Board are individually and collectively accountable to the shareholders for the success and sustaina
323、ble development of the Group.The Board provides direction and approval in relation to matters concerning the Groups business strategies,policies and plans whilst the day-today business operations are delegated to the executive management.As the Board is accountable to the shareholders and in dischar
324、ging its corporate accountability,Directors of the Company are required to pursue excellence in the interests of the shareholders and fulfill their fiduciary duties by applying the required levels of skill,care and diligence to a standard in accordance with the statutory requirements and laws.During
325、 the year,the Board has performed a self-evaluation of its performance and reviewed the contribution required from a director to perform his or her responsibilities.The Board is of the view that all Directors have given sufficient time and attention to the affairs of the Group and the Board operates
326、 effectively as a whole.Board CompositionAs at the date of this report,the Board comprises 2 Executive Directors(“Executive Directors”or“EDs”)and 4 INEDs.They are:Mr.Lui Yue Yun Gary(Chairman)Ms.Lui Natalie Po WaiMr.Ko Tsz KinMr.Wong Yue FaiMr.Nie Kin Kwok KevinMs.Ching Wan Wah Kitty(since 14 Octobe
327、r 2024)The Company believes that the Board has a balance of skills,experience and diversity of perspectives appropriate to the requirement of the Groups business.CORPORATE GOVERNANCE REPORTAnchorstone Holdings Limited Annual Report 202444BOARD OF DIRECTORS(Continued)Board Composition(Continued)INEDs
328、 comprise 66.7%(4 out of 6)of the Board,which satisfy the requirement of representing at least one-third of the Board.As required under Rule 3.10 of the Listing Rules,at least one of the INEDs has appropriate professional qualifications or accounting or related financial management expertise.Mr.Ko T
329、sz Kin is a certified public accountant with the appropriate professional qualifications while Ms.Ching Wan Wah are members of certain professional accountancy bodies.The Company has received from each INED a confirmation of his or her independence pursuant to the independence guidelines set out in
330、Rule 3.13 of the Listing Rules and considers that all INEDs are independent.The four INEDs are persons of high caliber,with academic and/or professional qualifications in the field of business,management,accounting and finance.With their experience gained from various sectors,they provided strong su
331、pport towards the effective discharge of the duties and responsibilities of the Board.Each INED has confirmed his independence to the Company,and the Company considered each and every of them independent under Rule 3.13 of the Listing Rules.Brief biographical particulars of the Directors are set out
332、 in the section headed“Biographies of Directors and Senior Management”of this annual report.All Directors,including the INEDs,have a specific term of appointment which is not more than three years since his/her re-election by shareholders at the general meeting.Each Director has entered into an appo
333、intment letter with the Company and pursuant to Article 104(A)of the Companys Articles of Association,every Director,including the INEDs,shall be subject to retirement by rotation at least once every three years.Retiring Directors are eligible for re-election at the Annual General Meeting at which they retire.Separate resolutions are proposed for the election of each Director.One-third of the Dire
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