3. 秘書 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國際商業結算控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） （以下稱「本公司」） 提名委員會職權範圍 1. 成員 2. 主席 1 1.1 提名委員會應由本公司董事會（「董事會」）成立。 1.2 提名委員會成員應由董事會委任，並包括不少於三名成員，而提名委員會大部分成 員須為獨立非執行董事，至少一名成員為不同性別。 1.3 董事會應有權委任及罷免提名委員會成員。董事會亦應有權額外新增成員加入提名 委員會。 2.1 董事會應為提名委員會委任主席（「主席」），而主席應為董事會主席或一名獨立非執 行董事。 2.2 在任何提名委員會會議上如沒有主席，其餘出席任何根據本職權範圍召開的會議的 提名委員會成員應於提名委員會其餘成員中推選一人出任主席。 2.3 主席可由董事會隨時罷免，且主席應為董事會主席或一名獨立非執行董事。 3.1 公司秘書或其代名人擔任提名委員會秘書。 3.2 如沒有提名委員會秘書，出席會議的提名委員會成員應推選另一人出任秘書。 4. 通告 5. 法定人數 2 4.1 ...

[Performance Overview](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E5%85%AC%E4%BD%88) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's loss widened significantly this year due to soaring costs and major asset impairment losses, resulting in a loss from continuing operations of HK$387 million Key Metrics from Consolidated Statement of Profit or Loss (Continuing Operations) | Indicator | FY2025 (HK$ '000) | FY2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 186,195 | 173,689 | +7.2% | | Gross (Loss)/Profit | (31,231) | 36,516 | Turned from profit to loss | | Impairment loss on property, plant and equipment | (70,600) | – | N/A | | Impairment loss on properties held for sale | (51,851) | (13,198) | +292.9% | | Impairment loss on trade and other receivables | (148,426) | (2,330) | +6270.2% | | Loss before tax | (371,411) | (51,961) | +614.8% | | Loss for the year from continuing operations | (387,351) | (61,327) | +531.6% | Loss Per Share | Loss Per Share (HK Cents) | 2025 | 2024 | | :--- | :--- | :--- | | From continuing operations | (1.13) | (0.25) | | From discontinued operations | – | (0.04) | | **Total** | **(1.13)** | **(0.29)** | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Group's financial position weakened considerably, with net assets declining sharply and a shift from net current assets to net current liabilities indicating immense short-term liquidity pressure Key Metrics from Consolidated Statement of Financial Position | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current assets | 378,059 | 562,018 | -32.7% | | Current assets | 1,167,711 | 1,404,147 | -16.8% | | **Total assets** | **1,545,770** | **1,966,165** | **-21.4%** | | Current liabilities | 1,375,889 | 1,367,768 | +0.6% | | Non-current liabilities | 486 | 21,841 | -97.8% | | **Total liabilities** | **1,376,375** | **1,389,609** | **-1.0%** | | **Net assets** | **169,395** | **576,556** | **-70.6%** | | Net current (liabilities)/assets | (208,178) | 36,379 | Shifted from net assets to net liabilities | [Notes to the Financial Statements](index=6&type=section&id=%E9%99%84%E8%A8%BB) [General Information and Basis of Preparation](index=6&type=section&id=1.%20%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The Group operates mainly in China across property development, hotel, and other businesses, and prepares its financial statements on a going concern basis despite having net current liabilities - The Group's principal businesses include property development, hotel, property management, computer equipment, and financing, with operations primarily in China[7](index=7&type=chunk) - Despite **net current liabilities of HK$208 million**, management prepares the financial statements on a going concern basis, citing confidence in future liquidity, including the renewal of **HK$378 million in borrowings**[8](index=8&type=chunk) [Revenue Analysis](index=8&type=section&id=3.%20%E6%94%B6%E5%85%A5) Total revenue grew to HK$186 million, driven by property sales which offset a decline in the computer equipment business, alongside a new contribution from property management services Revenue Composition | Revenue Stream | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Sale of properties | 78,233 | 42,259 | | Provision of property management services | 1,100 | – | | Computer equipment business income | 106,862 | 131,430 | | **Total** | **186,195** | **173,689** | - During the year, the Group acquired the property management segment, while in the prior year it abandoned the international business settlement segment and disposed of the contact lens business segment[15](index=15&type=chunk)[16](index=16&type=chunk) [Segment Reporting](index=10&type=section&id=4.%20%E5%88%86%E9%A1%9E%E5%A0%B1%E5%91%8A) The computer equipment segment became the primary source of loss, and a single customer from this segment accounted for over 10% of total group revenue Segment Performance (HK$ '000) | Segment | 2025 Segment Loss | 2024 Segment (Loss)/Profit | | :--- | :--- | :--- | | Property development | (130,114) | (62,110) | | Hotel business | – | – | | Property management | (194) | – | | Computer equipment business | (227,471) | 26,633 | | Financing business | (2) | 151 | | **Total** | **(357,781)** | **(35,326)** | - A major customer from the computer equipment business contributed approximately **HK$56.88 million in revenue**, representing **30.5% of the Group's total revenue**[29](index=29&type=chunk) Revenue and Assets by Geographical Area (HK$ '000) | Region | Revenue from external customers (2025) | Specified non-current assets (2025) | | :--- | :--- | :--- | | Hong Kong | 106,862 | 37,708 | | The PRC | 79,333 | 143,257 | | **Total** | **186,195** | **180,965** | [Major Asset Impairment Analysis](index=18&type=section&id=%E6%B8%9B%E5%80%BC%E8%99%A7%E6%90%8D) The Group recognized substantial impairment losses on multiple assets, with trade receivables being the most severely impacted due to customer defaults - **Loans receivable of HK$131 million** and **factoring receivables of HK$64.43 million** are both over 4 years past due and have been **fully provided for**, resulting in a carrying amount of zero[37](index=37&type=chunk)[40](index=40&type=chunk)[48](index=48&type=chunk) - An **impairment loss of HK$51.85 million** was recognized on completed properties held for sale due to a decline in market valuation[42](index=42&type=chunk) - The loss allowance for trade receivables surged from HK$0.32 million to **HK$146 million**, primarily related to customer defaults in the computer equipment leasing business[46](index=46&type=chunk) [Acquisition of a Subsidiary](index=28&type=section&id=19.%20%E6%94%B6%E8%B3%BC%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The Group acquired a property management company in Fuzhou for approximately HK$5.33 million, generating goodwill of around HK$2.23 million - The Group acquired 100% equity interest in a Fuzhou property management company for **HK$5.332 million**, generating **goodwill of HK$2.228 million**[58](index=58&type=chunk)[60](index=60&type=chunk) [Dividend](index=29&type=section&id=%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any dividend for the year ended 31 March 2025 - The Board does not recommend the payment of a dividend for the current year[61](index=61&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Overall Performance Review](index=29&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE) The Group's performance deteriorated sharply, with the annual loss expanding significantly due to four major impairment charges on various assets Key Performance Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue (HK$ '000) | 186,195 | 173,689 | | Gross (Loss) Margin (%) | (16.8%) | 21.0% | | Loss for the year (HK$ '000) | (387,351) | (61,327) | | Loss per share (HK Cents) | (1.13) | (0.25) | | Net assets per share (HK Cents) | 0.83 | 2.84 | - The substantial increase in loss was mainly attributable to significant impairments on receivables and assets in the computer equipment leasing business, as well as property asset impairments due to the sluggish PRC property market[64](index=64&type=chunk) [Business Review and Prospects](index=30&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) Business segments faced diverse challenges, with the computer equipment leasing business being the main driver of losses due to customer defaults [Property Development and Hotel Business](index=30&type=section&id=%E6%9F%B3%E5%B7%9E%E6%AD%A3%E5%92%8C%EF%BC%88%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E9%85%92%E5%BA%97%E6%A5%AD%E5%8B%99%E5%88%86%E9%A1%9E%EF%BC%89) The property development segment's loss widened due to significant impairments and finance costs, while the hotel business suffered from a lapsed franchise agreement - The property development segment's loss widened to **HK$130 million**, mainly due to combined impairments of over **HK$91 million** on work-in-progress and properties for sale, and the expensing of **HK$55.05 million** in finance costs[74](index=74&type=chunk) - The hotel business's agreement with an international hotel franchisor has lapsed due to failure to obtain the completion certificate on time, resulting in an **impairment loss of HK$39.33 million**[76](index=76&type=chunk) [Property Management Business](index=35&type=section&id=%E7%89%A9%E6%A5%AD%E7%AE%A1%E7%90%86%E6%A5%AD%E5%8B%99) The Group entered the property management sector through an acquisition to diversify revenue streams, though its current contribution remains minimal - The Group entered the property management market through an acquisition to diversify its revenue streams, currently managing **492,000 sq.m. of residential** and **19,000 sq.m. of commercial GFA** in Fuzhou[77](index=77&type=chunk)[78](index=78&type=chunk) [Computer Equipment Leasing Business](index=36&type=section&id=%E7%A7%9F%E8%B3%83%E5%8F%8A%E8%B2%B7%E8%B3%A3%E8%A8%88%E7%AE%97%E6%A9%9F%E8%A8%AD%E5%82%99) This segment suffered a severe blow as falling Filecoin prices led to customer defaults, resulting in massive impairments on receivables and equipment - Due to the persistent decline in Filecoin prices, customers defaulted, leading the Group to make a **full impairment provision** on rental receivables; management used the ECL model, classifying these receivables as Stage 3 (credit-impaired) with a **100% probability of default (PD)**[80](index=80&type=chunk)[82](index=82&type=chunk)[85](index=85&type=chunk) - An **impairment loss of HK$31.27 million** was recognized on data storage equipment that had been idle for over six months after the lease term ended[87](index=87&type=chunk) [Other Businesses and New Project Updates](index=39&type=section&id=%E5%85%B6%E4%BB%96%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The contact lens business saw reduced losses, the financing business remained inactive, and planned new ventures in digital currency and logistics were either terminated or pending - After being reclassified as an associate, the Group's share of loss from the contact lens business **decreased from HK$6.51 million to HK$3.97 million**[89](index=89&type=chunk) - The financing business is stagnant, with all overdue loans having been fully impaired in previous years[90](index=90&type=chunk) - The proposed digital currency joint venture in Laos has been terminated, with no investment paid by the Group[91](index=91&type=chunk) [Financial Position Review](index=41&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's financial position deteriorated significantly, marked by a shift to net current liabilities and a sharply increased gearing ratio, indicating heightened financial risk - The Group shifted from **net current assets of HK$36.38 million** to **net current liabilities of HK$208 million**, mainly due to significant impairments on trade receivables and properties held for sale[96](index=96&type=chunk) Financial Ratio Changes | Ratio | As at 31 March 2025 | As at 31 March 2024 | | :--- | :--- | :--- | | Current ratio | 0.85 | 1.03 | | Gearing ratio | 3.45 | 1.03 | - As at 31 March 2025, the Group had pledged property, plant and equipment with a value of approximately **HK$65.57 million** as security for borrowings[101](index=101&type=chunk) [Corporate Governance and Other Information](index=43&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance](index=43&type=section&id=%E5%AE%88%E5%BE%AA%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The Company deviated from the Corporate Governance Code, most notably with the continued vacancy of the Chairman and CEO positions - The Company deviated from the Corporate Governance Code as the **positions of Chairman and CEO were both vacant**, with their duties handled collectively by the executive Directors[107](index=107&type=chunk) - The vacancy of the Chairman position led to other deviations, such as the failure to hold an annual meeting between the Chairman and independent non-executive Directors and the Chairman's absence from the AGM[111](index=111&type=chunk) [Audit Committee](index=44&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, has reviewed the annual audited results and discussed key matters with management - The Audit Committee, composed of three independent non-executive Directors, has reviewed the audited consolidated results for the year[110](index=110&type=chunk)

國際商業結算控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） 盈利警告 本公佈乃由國際商業結算控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港 聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章證券及期 貨條例第XIVA部之內幕消息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據對本集 團截至二零二五年三月三十一日止年度之未經審核綜合管理賬目作出之初步審閱，並考慮到 董事會現有的資料，與截至二零二四年三月三十日止年度之經審核綜合年內虧損約125百萬港 元相比，本集團預期截至二零二五年三月三十一日止年度錄得綜合虧損約400百萬港元，同比 大幅增加約220%。有關虧損增加主要由於(i)承租人應收本集團數據存儲設備之租賃費用減值 虧損撥備；(ii)出租數據存儲設備之價值減值虧損撥備；及(iii)由於中國房地產市場情況欠佳， 故在建物業及待售物業減值虧損撥備增加。 由於本公司仍在預備本集團截至二零二五年三月三十一日止年度之全年業績。本公佈內的資 料僅根據本集團管理層對 ...

（於百慕達註冊成立之有限公司） （股份代號：00147） 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部份內容或因倚 賴該等內容而引致之任何損失承擔任何責任。 執行董事 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國 際 商 業 結 算 控 股 有 限 公 司 袁亮 國際商業結算控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司 將於二零二五年六月二十七日(星期五)舉行董事會會議，藉以(其中包括)考慮及批准本公 司及其附屬公司截至二零二五年三月三十一日止年度之經審核全年業績及其發佈，以及 考慮派發末期股息(如有)。 承董事會命 國際商業結算控股有限公司 香港，二零二五年六月十七日 於本公佈日期，董事會由執行董事袁亮先生及陳少達先生；非執行董事劉雨先生及獨立 非執行董事葉勇先生、陳嵐冉女士及王建平先生組成。 ...

Company Overview - International Business Settlement Holdings Limited (IBS) aims to become a leading global fintech company, leveraging distributed networks and blockchain technology to establish a next-generation global clearing and settlement network [3] - The company focuses on providing a fast, efficient, and low-cost financial highway for cross-border transactions, connecting with real-time clearing systems of various central banks [3] Financial Performance - As of September 30, 2024, IBS reported total revenue of 96.37 million HKD, a year-on-year increase of 6.7% [1] - The company recorded a net profit attributable to shareholders of -43.06 million HKD, reflecting a year-on-year growth of 26.4% [1] - The gross profit margin stood at 12.89%, with a debt-to-asset ratio of 75.01% [1] Market Position - IBS's price-to-earnings (P/E) ratio is -23.41, ranking 104th in its industry, which has an average P/E ratio of 4.81 [2] - The company has underperformed the Hang Seng Index, with a cumulative decline of 44.32% year-to-date, compared to the index's increase of 17.51% [1] Industry Context - The fintech sector is experiencing significant transformation and development opportunities globally, with IBS positioning itself to capitalize on these trends [3] - The company aims to build a multi-currency, international, and distributed global clearing platform, targeting markets along the Belt and Road Initiative [3]

Core Insights - ST Xiangxue (300147.SZ) reported a total operating revenue of 1.859 billion yuan for 2024, ranking 39th among disclosed peers, which represents a decrease of 441 million yuan or 19.16% year-on-year [1] - The company recorded a net profit attributable to shareholders of -859 million yuan, ranking 68th among peers, a decline of 470 million yuan compared to the same period last year [1] - Operating cash flow showed a net inflow of 18.17 million yuan, ranking 53rd among peers, down 245 million yuan or 93.10% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 80.81%, ranking 66th among peers, an increase of 8.75 percentage points from the previous year [3] - The latest gross profit margin is 24.36%, ranking 64th among peers [3] - Return on equity (ROE) is reported at -81.39%, ranking 66th among peers, a decrease of 61.18 percentage points year-on-year [3] - The diluted earnings per share is -1.30 yuan, ranking 67th among peers, a reduction of 0.71 yuan compared to the same period last year [3] - The total asset turnover ratio is 0.24 times, ranking 60th among peers, a decline of 0.04 times or 13.29% year-on-year [3] - The inventory turnover ratio is reported at 3.74 times [3] Shareholder Structure - The number of shareholders is 63,500, with the top ten shareholders holding 196 million shares, accounting for 29.62% of the total share capital [3] - The largest shareholder is Guangzhou Kunlun Investment Co., Ltd., holding 22.5 million shares [3] - Other notable shareholders include Guangzhou Luogang Water Supply Co., Ltd. (4.06 million shares) and various institutional investors [3]

Group 1 - The stock price of ST Xiangxue (300147) closed at 4.95 yuan, down 17.77% as of April 7, 2025, with a turnover rate of 6.27% and a trading volume of 412,200 hands, amounting to 224 million yuan [1] - The latest financial results for ST Xiangxue show total operating revenue of 1.534 billion yuan, a year-on-year decrease of 11.26%, and a net profit attributable to shareholders of 217.8 million yuan, down 49.10% year-on-year [1] - The company has a current ratio of 0.360, a quick ratio of 0.279, and a debt-to-asset ratio of 73.72% [1] Group 2 - ST Xiangxue has made investments in 39 companies and participated in 2,125 bidding projects, indicating active engagement in business expansion [2] - The company holds 242 trademark registrations and 166 patents, showcasing its focus on intellectual property [2] - Additionally, ST Xiangxue possesses 239 administrative licenses, reflecting its compliance and operational capabilities [2]

Core Viewpoint - Xiangxue Pharmaceutical has been penalized for information disclosure violations, leading to a warning and fines for its actual controller, Wang Yonghui, and other executives, while the company's stock has been marked with risk warnings due to false financial reporting [2][6]. Summary by Sections Company Penalties and Stock Status - On March 23, Xiangxue Pharmaceutical announced that Wang Yonghui received a warning and a fine of 10 million yuan, with several others also penalized. The company's stock will be marked with risk warnings, changing its name to "ST Xiangxue" while retaining the stock code "300147" [2]. - The stock will be suspended for one day starting March 24, 2025, and will resume trading on March 25, 2025 [2]. Violations and Financial Misreporting - The company was found to have false records in its 2019 annual report, which inflated profits by 53.83 million yuan, accounting for 45.98% of the total reported profit for that year [3]. - From 2016 to 2020, Xiangxue Pharmaceutical failed to disclose significant non-operating fund occupations involving related parties, with amounts of 585 million yuan, 845 million yuan, 1.408 billion yuan, 657 million yuan, and 1.357 billion yuan respectively [4]. Related Party Transactions - The company engaged in transactions that resulted in non-operating fund occupations, with undisclosed amounts in annual reports from 2016 to 2019, only revealing 1.262 billion yuan in the 2020 report [4][5]. - The undisclosed fund occupations represented significant percentages of the company's net assets, ranging from 2.22% to 38.79% across the years [4][5]. Management Accountability - Wang Yonghui was identified as the organizer of the fund occupation activities, leading to penalties for him and other executives, with fines ranging from 150,000 to 2 million yuan [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確 性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部份內容或因倚賴該等內 容而引致之任何損失承擔任何責任。 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國際商業結算控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） 須予披露交易－有關 收購目標公司100%股權 買賣協議 董事會欣然宣佈，於二零二五年二月二十四日（交易時段後），賣方與買方訂立買賣協議，據 此，買方同意購買而賣方同意出售總代價為人民幣5百萬元之銷售股權。 上市規則之涵義 由於有關收購事項之最高適用百分比率（定義見上市規則）超過5%但低於25%，根據上市規 則第十四章，收購事項構成本公司的一項須予披露交易。因此，收購事項須遵守上市規則項 下的通告及公佈規定。 1 買賣協議 董事會欣然宣佈，於二零二五年二月二十四日（交易時段後），賣方與買方訂立買賣協議，據 此，買方同意購買而賣方同意出售總代價為人民幣5百萬元之銷售股權。 買賣協議之主要條款載列如下： 日期： 二零二五年二月二十四日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部份內容或因倚 賴該等內容而引致之任何損失承擔任何責任。 更改香港股份過戶登記分處 國際商業結算控股有限公司 (「本公司」) 董事會宣佈自二零二五年二月十七日起, 本公 司之香港股份過戶登記分處將更改為: - 卓佳證券登記有限公司 香港夏慤道 16 號 遠東金融中心 17 樓 電話 : (852) 2980 1333 傳真 : (852) 2810 8185 由二零二五年二月十七日起, 有關本公司之股份過戶及登記手續將由卓佳證券登記有限 公司辦理。 於二零二五年二月十四日下午四時三十分後仍未領取之股票, 可於二零二五 年二月十七日起從卓佳證券登記有限公司領取。 承董事會命 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國 際 商 業 結 算 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） 於本公佈日期，董事會由執行董事袁亮先生及陳少達先生；非執行董事劉雨先生；及獨 立非執行董事葉勇先 ...