v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
HKD ($)
Dec. 31, 2023
HKD ($)
Cash flows from operating activities        
Net loss $ (19,815,422) $ (2,545,890) $ (2,660,408) $ (3,386,868)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities        
Depreciation of plant and equipment 2,965,889 381,058 2,811,095 3,095,572
Amortization of intangible assets 148,099 19,028 124,202 82,181
Allowance for (reversal of allowance for) expected credit losses, net 105,834 13,598 (321,976) 4,917,798
Loss (gain) on disposal of plant and equipment (1,858,934) (238,836) 189,087 67,423
Impairment of obsolete inventories 20,716 267,847
Deferred tax assets 374,983 48,178 769,568 (908,713)
Deferred tax liabilities (150,400) (19,323) 156,926
Changes in operating assets and liabilities        
Accounts receivable (5,625,541) (722,771) 8,255,499 (16,962,546)
Prepayments 12,144,092 1,560,275 (30,621,692) (1,028,294)
Inventories (1,092,012) (140,302) (3,484,566) (2,855,446)
Prepaid income tax (277,570) (35,662) 8,003 (8,003)
Accounts and bills payables (1,669,481) (214,495) 7,275,998 6,346,612
Accruals and other payables (6,313,573) (811,169) 5,555,074 3,406,899
Income tax payable (10,095) 10,095
Net cash used in operating activities (21,064,036) (2,706,311) (11,932,569) (6,955,443)
Cash flows from investing activities        
Purchase of plant and equipment and intangible assets (7,185,164) (923,151) (10,629,556) (1,738,252)
Prepayment for acquisition of plant and equipment (4,032,965) (518,156) (23,599) (1,357,434)
Investment in life insurance contract (1,564,333)
Proceeds from disposal of plant and equipment 2,499,476 321,133 208,862 1,310,901
Net cash used in investing activities (8,718,653) (1,120,174) (10,444,293) (3,349,118)
Cash flows from financing activities        
Net proceeds from issue of ordinary shares 63,945,093
Proceeds from banks and other borrowings 36,267,853 4,659,701 16,087,571 8,989,445
Repayment of banks and other borrowings (19,325,453) (2,482,937) (18,981,993) (11,872,983)
Repayment of finance lease liabilities (145,240) (652,762)
Repayment to related party (146,185) (18,782) (1,786,008)
Repayment from related party 2,086,415 848,687
Advances to related party (60,561)
Advances from related parties 1,992,720
Deferred offering costs (3,343,192) (1,739,608)
Net cash (used in) generated from financing activities 16,796,215 2,157,980 57,862,646 (2,495,062)
Net (decrease) increase in cash and cash equivalents (12,986,474) (1,668,505) 35,485,784 (12,799,623)
Cash and cash equivalents at the beginning of the year 44,637,131 5,734,988 17,349,390 25,439,867
Restricted cash at the beginning of the year 14,545,723 1,868,838 6,347,680 11,056,826
Cash and cash equivalents and restricted cash at the beginning of the year 59,182,854 7,603,826 23,697,070 36,496,693
Cash and cash equivalents at the end of the year 31,172,798 4,005,088 44,637,131 17,349,390
Restricted cash at the end of the year 15,023,582 1,930,233 14,545,723 6,347,680
Cash and cash equivalents and restricted cash at the end of the year 49,196,380 5,935,321 59,182,854 23,697,070
Supplementary cash flow information        
Interest received 83,512 10,730 135,474 123,894
Interest paid (1,299,945) (167,017) (1,253,563) (1,470,798)
Income tax paid (277,570) (35,662) (2,101) (8,003)
Initial recognition of lease obligations related to right-of-us assets 22,448,283 2,884,160 7,985,300
Prepaid offering costs net off with additional paid-in capital 7,444,232
Early termination of operating lease right-of-use assets $ 1,404,919