Financial Performance - Gross revenue for the year ended December 31, 2021, was RMB 1,316.4 million, an increase from RMB 1,282.0 million in 2020, representing a growth of 2.7%[12] - Revenue for the same period was RMB 494.3 million, up from RMB 397.0 million in 2020, indicating a growth of 24.5%[12] - The loss attributable to equity shareholders of the Company was RMB 368.0 million, a decrease from RMB 635.1 million in 2020, showing an improvement of 42.0%[12] - Basic loss per share improved to (15.8) cents from (27.3) cents in the previous year[12] - EBITDA for the year was (33.0) million, an improvement from (487.0) million in 2020[12] - EBIT (Loss from operations) improved to (189.1) million from (603.0) million, indicating a significant reduction in operational losses[12] - The Group's loss for the year ended 31 December 2021 was RMB 381.4 million, a significant decrease from RMB 665.2 million for the nine months ended 31 December 2020[44] - The loss attributable to shareholders for the year ended 31 December 2021 was RMB 368.0 million, down from RMB 635.1 million for the nine months ended 31 December 2020[44] Assets and Liabilities - Net assets of the Group decreased to RMB 1,808.3 million from RMB 2,038.0 million, reflecting a decline of 11.3%[12] - NAV per ordinary share decreased to 1.57 yuan from 1.73 yuan, a reduction of 9.2%[12] - Non-current assets as of 31 December 2021 amounted to RMB 7,058,735,000, an increase from RMB 6,397,191,000 in the previous year[24] - Current assets as of 31 December 2021 were RMB 150,710,000, down from RMB 687,307,000 in the previous year[24] - Current liabilities as of 31 December 2021 were RMB 2,789,331,000, compared to RMB 2,733,966,000 in the previous year[24] - The Group's cash at bank and on hand decreased to RMB 36.5 million from RMB 393.6 million as of 31 December 2020[46] - The current ratio as of 31 December 2021 was 0.05, a decline from 0.25 as of 31 December 2020[46] - The gearing ratio increased to 2.13 as of 31 December 2021, compared to 1.38 as of 31 December 2020[46] Market and Operational Strategies - The Group emphasized a "customer-centered" approach to enhance service quality and optimize store operations[27] - The Group adopted measures to enhance core competitiveness amidst the impact of the pandemic and fierce industry competition[27] - The domestic consumer market in the PRC continued to recover, with online retail sales increasing significantly compared to offline sales[26] - The Group aims to expand its community fresh business and enhance its digital business processes to improve user experience and marketing models[34][36] - The Group plans to secure asset-light projects to ensure a strong market share and enhance brand influence in the future[35] - The Group opened a total of 5 new stores under the Xi'an Ginwa Fresh Supermarket during the year, focusing on community fresh business[32] - The delivery-to-home business achieved sales of nearly RMB 10 million after its official launch in the first half of the year[32] Governance and Management - The Company has a strong management team with qualifications including CPA and PhD in economic management[89][92] - The Company is actively involved in mergers and acquisitions to enhance its market position[94][100] - The Company aims to leverage its directors' diverse backgrounds to drive strategic growth initiatives[92][100] - The Company has established a robust governance structure with various committees including audit and remuneration[92] - The Board is responsible for overall management, strategic development, and risk management policies[167] - The Company has received annual confirmations of independence from all independent non-executive Directors[174] - The roles of the Chairman and Chief Executive Officer are separate, with Mr. Huang Shunxu serving as Chairman and Mr. Qin Chuan as CEO, ensuring better corporate governance[194] Compliance and Risk Management - The Group emphasizes compliance with laws and regulations impacting operations, including product safety and customer rights protection[108] - The Group operates under the jurisdictions of national and local regulators, ensuring compliance with applicable laws and regulations[118] - The Company has complied with all requirements of the Listing Rules regarding connected transactions, including disclosure requirements[134] - The Company has sufficient public float of more than 25% of its shares in the market as required under the Listing Rules[157] Employee and Stakeholder Relations - Employees are considered the most valuable assets, with comprehensive recruitment and performance appraisal policies in place to promote career development[116] - The Group aims to enhance customer service through a consistent labeling system and clear pricing, while also addressing customer complaints and feedback[116] - The Group has set up various channels for customer communication, including satisfaction surveys and feedback cards, to improve service quality and market share[116] - The Group's commitment to "Green management and balanced development" will guide its ongoing review and optimization of energy-saving measures[107] Shareholding Structure - Hony Capital, the company's second largest shareholder, holds 28.07% of the ordinary share capital and has contributed US$60 million (approximately HK$470 million) for business expansion and working capital, reducing the group's debt burden[65] - The shareholding structure reveals a complex network of interests among major shareholders, particularly involving Hony Capital and Glory Keen[152] - The Company has a significant concentration of shareholding, with major shareholders holding over 28% each[146] - The long position of 1,294,774,999 underlying shares represents the interest in the conversion shares which may be issued under the Hony Convertible preferred shares[154]

Financial Performance - Gross revenue for the six months ended June 30, 2021, was RMB 832.6 million, an increase from RMB 763.6 million in the same period of 2020, representing a growth of approximately 9.1%[10] - EBITDA improved to RMB 21.3 million compared to a loss of RMB 494.5 million in the prior year, indicating a significant recovery in operational performance[10] - Loss attributable to equity shareholders decreased to RMB 133.4 million from RMB 614.6 million year-over-year, reflecting a reduction of approximately 78%[10] - Basic loss per share improved to (5.7) cents from (26.4) cents, showing a notable decrease in losses per share[10] - Revenue for the six months ended June 30, 2021, was RMB 288,920,000, an increase of 9.4% compared to RMB 264,945,000 for the same period in 2020[17] - Loss for the period was RMB 138,201,000, a significant reduction from RMB 646,319,000 in the previous year, indicating improved financial performance[19] - Basic and diluted loss per share improved to RMB 0.06 from RMB 0.26 year-over-year[17] - Total comprehensive income for the period was a loss of RMB 43,397,000, compared to a loss of RMB 618,535,000 in the same period last year[21] - The company reported a total comprehensive loss for the period of RMB 584,657, compared to a loss of RMB 614,596 in the previous period[32] - The accumulated losses reached RMB 1,516,968, reflecting ongoing financial challenges[32] Revenue and Sales Metrics - Sales per ticket increased to RMB 1,157 from RMB 1,102, indicating a rise of about 5% in average transaction value[14] - Annualised area efficiency per square meter rose to RMB 20,100 from RMB 18,300, representing an increase of approximately 9.8%[14] - Sales of goods amounted to RMB 142,176,000, up 21.8% from RMB 116,644,000 in the previous year[74] - Gross revenue from concession sales reached RMB 627,841,000, a rise of 5.7% compared to RMB 594,361,000 for the same period in 2020[74] - Gross rental income was RMB 33,711,000, increasing from RMB 32,477,000, reflecting a growth of 3.8%[74] Asset and Liability Management - Net assets of the Group as of June 30, 2021, were RMB 1,994.6 million, slightly down from RMB 2,038.0 million at the end of 2020[10] - NAV per ordinary share decreased to RMB 1.69 from RMB 1.73, reflecting a minor decline in net asset value per share[10] - Non-current assets totaled RMB 6,479,765,000 as of June 30, 2021, slightly up from RMB 6,397,191,000 at the end of 2020[25] - Current liabilities decreased to RMB 2,479,991,000 from RMB 2,733,966,000 at the end of 2020, reflecting improved liquidity management[25] - Cash at bank and on hand rose to RMB 447,305,000 from RMB 393,556,000, enhancing the company's cash position[25] Operational Efficiency and Strategy - The company continues to focus on enhancing operational efficiency and exploring market expansion opportunities[12] - Future strategies include the development of new products and technologies to drive growth and improve market positioning[12] - The company reported an increase in other comprehensive income of RMB 86,825,000, contributing positively to the total comprehensive income[35] - The management's cash flow forecast indicates that the Group will have adequate funds to meet its liabilities for at least twelve months from the end of the reporting period[59] Borrowings and Financial Support - The Group has secured a financial support letter from Xi'an Qujiang Cultural Financial Holdings, agreeing to provide an indefinite loan facility of RMB 2.5 billion[59] - As of June 30, 2021, the Group had an unutilized facility of RMB 1.35 billion and short-term loans of RMB 1,151,009,000 extended by Qujiang Financial Holdings[59] - A new long-term loan of RMB 300,000,000 was obtained from a financial institution after the reporting period[59] - The total borrowing costs for the six months ended June 30, 2021, were RMB 113,539,000, down from RMB 117,282,000 in the same period of 2020[96] Taxation and Deferred Tax - The effective corporate income tax rate for the Group's subsidiaries in the PRC remained at 25% for the six months ended June 30, 2021[106] - The Group's subsidiaries will not be entitled to tax benefits under the new policies effective from January 1, 2021, impacting future profitability[107] - Deferred tax liabilities recognized in the consolidated statement of financial position increased to RMB (625,099,000) as of June 30, 2021, compared to RMB (610,889,000) as of December 31, 2020[200] Inventory and Receivables - The Group's total trade and other receivables amounted to RMB 336,637,000 as of June 30, 2021, compared to RMB 237,430,000 as of December 31, 2020, showing an overall increase in receivables[156] - Trade receivables from third parties decreased from RMB 23,167,000 as of December 31, 2020, to RMB 15,476,000 as of June 30, 2021, reflecting a reduction in outstanding receivables[156] - The Group's inventory decreased from RMB 34,516,000 as of December 31, 2020, to RMB 29,277,000 as of June 30, 2021, indicating improved inventory management[152] Employee and Operational Costs - Staff costs increased to RMB 60,446,000 for the six months ended June 30, 2021, compared to RMB 48,255,000 for the same period in 2020, indicating a rise in employee-related expenses[99] - Provisions for compensation related to the closure of two department stores and a shopping mall amounted to RMB 43,541,000, impacting other operating expenses significantly[105] Impairment and Goodwill - The impairment losses for goodwill totaled RMB 150,689,000 for the period, increasing the accumulated impairment losses to RMB 1,379,685,000[133] - The carrying amount of goodwill is RMB 72,129,000, unchanged from December 31, 2020[133] Miscellaneous - The Group's financial report is unaudited, indicating potential variability in the final figures[115] - The Group's operations are entirely based in the Shaanxi province, PRC, with no geographical revenue analysis presented[69] - The Group's customer base is diversified, with no significant reliance on any single customer[70]

Financial Performance - Gross revenue for the nine months ended December 31, 2020, was RMB 1,282.0 million, a decrease from RMB 1,812.7 million for the year ended March 31, 2020, representing a decline of approximately 29.3%[12]. - Revenue for the nine months ended December 31, 2020, was RMB 397.0 million, down from RMB 642.0 million for the year ended March 31, 2020, indicating a decrease of about 38.1%[12]. - The EBITDA for the nine months ended December 31, 2020, was a loss of RMB 487.0 million, compared to a loss of RMB 1,032.9 million for the year ended March 31, 2020[12]. - Loss attributable to equity shareholders of the Company for the nine months ended December 31, 2020, was RMB 635.1 million, compared to RMB 1,279.1 million for the year ended March 31, 2020[12]. - Basic loss per share for the nine months ended December 31, 2020, was (27.3) cents, compared to (55.0) cents for the year ended March 31, 2020[12]. - The Group's loss for the nine months ended 31 December 2020 was RMB 665.2 million, a decrease from RMB 1,312.6 million for the year ended 31 March 2020[68]. - The loss attributable to shareholders for the same period was RMB 635.1 million, down from RMB 1,279.1 million for the year ended 31 March 2020[68]. Assets and Liabilities - Net assets of the Group as of December 31, 2020, were RMB 2,038.0 million, down from RMB 2,708.7 million as of March 31, 2020[12]. - NAV per ordinary share as of December 31, 2020, was 1.73 yuan, compared to 2.28 yuan as of March 31, 2020[12]. - Non-current assets as of 31 December 2020 totaled RMB 6,397,191,000, down from RMB 6,669,619,000 in 2019, indicating a decrease of approximately 4.1%[24]. - Current liabilities as of 31 December 2020 were RMB 2,733,966,000, an increase from RMB 2,645,748,000 in 2019, reflecting a rise of about 3.3%[24]. - Cash at bank and on hand decreased to RMB 393.6 million from RMB 500.8 million as of 31 March 2020[68]. - The current ratio as of 31 December 2020 was 0.25, slightly down from 0.27 as of 31 March 2020[68]. - The gearing ratio increased to 1.38 as of 31 December 2020, compared to 0.85 as of 31 March 2020[68]. Market and Economic Environment - The service industry in China saw an increase in added-value of 2.1% in 2020, with the service sector contributing 54.5% to the GDP[31]. - Online retail sales of commodity goods increased by 14.8% in 2020, significantly outpacing the total retail sales growth rate by 18.7 percentage points, accounting for 24.9% of total retail sales[31]. - The business volume of express delivery reached 83.36 billion pieces in 2020, representing a growth rate of 31.2% compared to the previous year[31]. - The cumulative traffic of mobile Internet in China reached 149.50 billion GB from January to November 2020, reflecting a year-on-year growth rate of 35.1%[31]. - In 2020, total retail sales of consumer goods amounted to RMB 39,198.1 billion, representing a year-on-year decrease of 3.9%, which narrowed by 3.3 percentage points compared to the first three quarters of 2020[35]. - National online retail sales increased by 10.9% compared to the previous year, which was 1.2 percentage points higher than the growth rate in the first three quarters of 2020[35]. Business Strategy and Operations - The company aims to regain its position as the market leader in Shaanxi and has set new operational goals[54]. - The online business has been relaunched, aiming to surpass competitors in technology[54]. - The company plans to explore new business areas including self-operated, commerce, and supermarket businesses[54]. - The company will adjust strategies to improve operating capabilities and competitiveness in Xi'an and nationwide[57]. - The company intends to expand its coverage in Shaanxi through asset-heavy investments and mergers[58]. - The company will introduce well-known domestic and foreign brands to enhance consumer choices[59]. - The Group plans to expand its retail operations by opening new branches, funded primarily through bank and other borrowings[71]. Management and Governance - The Group has established an Environmental, Social and Governance (ESG) Committee to promote sustainable development and set key performance indicators[103]. - The Group emphasizes maintaining good relationships with stakeholders, including employees, customers, and suppliers, to ensure long-term success[113]. - The Company is committed to high standards of corporate governance practices to enhance investor confidence and maximize shareholder returns[183]. - The Board regularly reviews its corporate governance practices and risk management policies to meet stakeholder expectations and regulatory requirements[183]. - The Company received written confirmations of independence from all independent non-executive Directors for the nine months ended December 31, 2020[187]. Human Resources - The Group's staff count decreased to approximately 6,100 as of December 31, 2020, down from 6,500 on March 31, 2020[81]. - The directors do not recommend the payment of a dividend for the reporting period, consistent with the previous year where no dividend was paid[81]. Shareholder Information - Hony Capital has invested HK$1,330.5 million in convertible bonds and an additional US$60 million (approximately HK$470 million) for business expansion, reducing the group's debt burden and strengthening its financial position[75]. - The Company has a substantial shareholder structure with multiple entities holding significant stakes, including interests in controlled corporations[157]. - The Company did not report any new product developments or market expansions in the provided documents[158].

Financial Performance - Gross revenue for the six months ended September 30, 2020, was RMB 763.6 million, a decrease of 22% from RMB 977.5 million in the same period of 2019[10] - EBITDA for the same period reported a loss of RMB 494.5 million, compared to a loss of RMB 158.4 million in 2019[10] - The loss attributable to equity shareholders was RMB 614.6 million, resulting in a basic loss per share of 26.4 cents, compared to a loss of RMB 289.7 million and 12.5 cents per share in 2019[10] - Revenue for the six months ended September 30, 2020, was RMB 264,945,000, a decrease of 22.2% from RMB 340,486,000 in 2019[17] - Loss for the period was RMB 646,319,000, compared to a loss of RMB 292,259,000 in the same period of 2019, representing a 121.1% increase in losses[19] - Basic and diluted loss per share was RMB 0.264, compared to RMB 0.125 in 2019, indicating a significant increase in loss per share[17] - Total comprehensive income for the period was RMB (618,535,000), compared to RMB (325,459,000) in 2019, reflecting a worsening financial position[22] - Total comprehensive income for the six months ended September 30, 2020, was RMB (618,535,000), highlighting ongoing financial challenges[41] - Loss before taxation for the six months ended September 30, 2020, was RMB 648,317,000, compared to a loss of RMB 292,091,000 in 2019[104] Assets and Liabilities - Net assets of the Group decreased to RMB 2,090.6 million from RMB 2,708.7 million as of March 31, 2020[10] - NAV per ordinary share fell to RMB 1.78 from RMB 2.28 in the previous year[10] - Non-current assets decreased to RMB 6,314,289,000 from RMB 6,669,619,000, indicating a reduction in long-term asset value[26] - Current liabilities decreased to RMB 2,723,348,000 from RMB 2,645,748,000, showing a slight improvement in short-term financial obligations[26] - Net assets as of September 30, 2020, were RMB 2,090,575,000, down from RMB 2,708,718,000, indicating a decline in overall equity[28] - Total equity as of September 30, 2020, is RMB 2,090,575,000, a decrease from RMB 2,708,718,000 as of March 31, 2020, representing a decline of approximately 22.8%[29] - The company reported retained profits of RMB (1,516,968,000) as of September 30, 2020, indicating accumulated losses[42] - As of September 30, 2020, the Group reported net current liabilities of RMB 1,937,453,000 and a net loss of RMB 646,319,000 for the six months ended September 30, 2020[65] Cash Flow and Financing - For the six months ended September 30, 2020, the net cash used in operating activities was RMB (424,840,000), compared to RMB 35,797,000 in the same period of 2019[46] - The company generated net cash from investing activities of RMB 3,369,000 in the first half of 2020, while it had a net cash used of RMB (67,542,000) in the same period of 2019[49] - Proceeds from new bank loans amounted to RMB 1,416,253,000 in the first half of 2020, significantly higher than RMB 336,000,000 in 2019[49] - The company reported a net increase in cash and cash equivalents of RMB 3,202,000 for the period, compared to a net decrease of RMB (219,212,000) in the previous year[49] - The total cash and cash equivalents at the end of the period were RMB 28,823,000, down from RMB 34,395,000 at the end of the same period in 2019[49] - The repayment of bank loans in the first half of 2020 was RMB (1,423,862,000), compared to RMB (260,966,000) in the same period of 2019[49] - The company incurred other finance costs paid amounting to RMB (177,167,000) in the first half of 2020, compared to RMB (101,808,000) in 2019[49] - The net cash generated from financing activities was RMB 424,673,000 in the first half of 2020, contrasting with a net cash used of RMB (187,467,000) in the same period of 2019[49] Operational Performance - Sales per ticket decreased to RMB 1,102, down from RMB 1,152 in 2019[15] - Annualised area efficiency dropped to RMB 18,300 per m² from RMB 23,200 per m² in the previous year[15] - Sales of goods amounted to RMB 116,644,000, down 26% from RMB 157,733,000 year-on-year[82] - Net income from concession sales and management service fees was RMB 95,686,000, a decline of 20% compared to RMB 120,315,000 in 2019[82] - Gross rental income decreased to RMB 32,477,000 from RMB 36,490,000, representing an 11% drop[82] - Revenue recognized at a point in time was RMB 212,330,000, down 24% from RMB 278,048,000 in the previous year[93] - Revenue recognized over time was RMB 52,615,000, a decrease of 16% from RMB 62,438,000 in 2019[93] - The Group operates 5 department stores and 7 supermarkets, with no single customer accounting for more than 10% of total revenue[77] Impairment and Depreciation - The company reported an impairment loss on goodwill and intangible assets of RMB 365,855,000, significantly higher than RMB 197,426,000 in 2019, indicating potential challenges in asset valuation[17] - Impairment losses on goodwill and intangible assets increased significantly to RMB 365,855,000 in 2020 from RMB 197,426,000 in 2019[104] - The accumulated impairment losses for intangible assets as of September 30, 2020, were RMB 215,166,000, reflecting a significant impairment charge during the period[153] - The company reported a charge for the year in depreciation of RMB 165,095,000[127] Taxation - The company did not make any provision for Hong Kong Profits Tax for the six months ended September 30, 2020, as there were no assessable profits[115] - The PRC Corporate Income Tax rate applicable to the company's subsidiaries in the PRC remained at 25% for the six months ended September 30, 2020[119] - The company is subject to a corporate income tax rate of 25% in China, with certain subsidiaries eligible for a reduced rate of 15% under specific tax incentives from 2011 to 2020[121] Other Financial Information - The financial report is unaudited, indicating that the figures may be subject to change upon final audit[130] - The interim financial report is unaudited but has been reviewed by KPMG, ensuring compliance with relevant standards[60] - The financial information for the year ended March 31, 2020, included in the report is derived from statutory financial statements, which received an unqualified opinion from auditors[64] - The company has terminated its share award scheme, which may impact future equity compensation strategies[42] - The company has begun cooperation with the prepaid card management company since 2009, but terminated the original cooperation agreement on October 31, 2019[196]

Financial Performance - Gross revenue for 2020 decreased to RMB 1,812.7 million, down 33.6% from RMB 2,729.1 million in 2019[10] - Revenue for 2020 was RMB 642.0 million, a decline of 39.1% compared to RMB 1,054.1 million in 2019[10] - EBITDA for 2020 reported a loss of RMB 1,032.9 million, significantly worse than the loss of RMB 16.4 million in 2019[10] - Loss attributable to equity shareholders for 2020 was RMB 1,279.1 million, compared to a loss of RMB 261.6 million in 2019[10] - Basic loss per share for 2020 was 55.0 cents, compared to 11.3 cents in 2019[10] - The Group's operating loss for the year ended 31 March 2020 was RMB 1,169.3 million, significantly higher than the operating loss of RMB 159.7 million for the year ended 31 March 2019, with the operating profit margin decreasing from 1.3% to -6.2%[51] - The Group's loss attributable to shareholders for the year ended 31 March 2020 was RMB 1,279.1 million, compared to RMB 261.6 million in 2019[54] Asset and Liability Management - Net assets of the Group as of March 31, 2020, were RMB 2,708.7 million, down from RMB 4,088.2 million in 2019[10] - NAV per ordinary share decreased to RMB 2.28 in 2020 from RMB 3.44 in 2019[10] - As of 31 March 2020, non-current assets totaled RMB 6,669,619,000, down from RMB 7,199,981,000 in 2019[20] - Current liabilities increased to RMB 2,645,748,000 in 2020 from RMB 2,040,450,000 in 2019, reflecting a rise of approximately 29.6%[20] - The net assets decreased to RMB 2,708,718,000 in 2020 from RMB 4,088,225,000 in 2019, a decline of about 33.7%[20] - The current ratio of the Group as of 31 March 2020 was 0.27, compared to 0.52 in 2019, indicating a decline in liquidity[55] Market and Operational Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to recover from the financial downturn[10] - The Group has implemented a "One Store, One Positioning" strategy to better define store roles and reduce internal competition[29] - The Group is focusing on cost reduction and organizational streamlining to improve operational efficiency amid challenging market conditions[31] - The Company plans to diversify its business and develop its brand agency business to increase profits and provide more quality choices to consumers[62] - The Company aims to expand its existing business in second- and third-tier cities based on successful practices in trendy department stores and supermarkets[64] - The introduction of well-known domestic and international brands into the Northwest market is part of the strategy to diversify business and increase profit sources[67] - The company plans to optimize its cost structure and improve management efficiency to navigate challenges in the PRC retail industry, including macroeconomic fluctuations and rising operational costs[70] Employee and Governance - The Company has implemented effective measures to protect employee health and ensure consumer safety during the COVID-19 pandemic, including increased sterilization of shopping malls[37] - Employee training will be strengthened to enhance professional quality and corporate cohesion, supporting sustainable development[44] - The Company has a diverse board with members experienced in various sectors, including finance, investment, and retail[92] - The Company is focused on expanding its market presence and enhancing its financial strategies through experienced leadership[88] - The Company is committed to leveraging its board's expertise to drive growth and strategic initiatives in the retail sector[102] Environmental and Social Responsibility - The Group has established an Environmental, Social and Governance (ESG) Committee to promote sustainable development and set targets for ESG-related matters[108] - An energy conservation project team has been set up to implement energy-saving measures, aiming to reduce electricity consumption and pollutant discharge[109] - The Group emphasizes compliance with laws and regulations impacting operations, including product safety and customer rights protection[110] - The Group aims to enhance customer service through a consistent labeling system and clear pricing, while addressing customer complaints[118] Shareholder and Financial Structure - The Company does not recommend the payment of a dividend for the reporting year, maintaining a focus on capital protection and revenue enhancement[77] - As of March 31, 2020, the Company's reserves amounted to RMB 995,255,000, unchanged from 2019, available for distribution to shareholders[129] - The Company has a share premium of approximately RMB 1,136,595,000, which may be distributed in the form of fully paid bonus shares[129] - The Group's contributions to the mandatory provident fund plan are based on 5% of employee salaries, with a cap of HKD 30,000 per month[133] - The Group has no further obligations for retirement benefits beyond contributions to the state-sponsored retirement plan for its employees in China[133] Related Party Transactions - The Company entered into tenancy agreements with Xi'an Epin for annual rentals of RMB5.6 million, RMB0.8 million, and RMB0.3 million for three stores[145] - Xi'an Epin was wholly-owned by Ginwa Investments, which was 96% beneficially owned by Mr. Wu Yijian, making it a connected person of the Company[145] - Following the transfer of equity interests in Xi'an Epin to an independent third party, the tenancy agreements ceased to constitute continuing connected transactions[145] - No other related party transactions were disclosed that required reporting under the Listing Rules, except for those mentioned in the continuing connected transactions section[145]

Financial Performance - Gross revenue for the six months ended September 30, 2019, was RMB 977.5 million, a decrease of 26.4% from RMB 1,328.1 million in the same period of 2018[10]. - Revenue for the same period was RMB 340.5 million, down 34.6% from RMB 520.3 million in 2018[10]. - EBITDA for the six months ended September 30, 2019, was a loss of RMB 158.4 million, compared to a profit of RMB 104.8 million in 2018[10]. - Loss attributable to equity shareholders was RMB 289.7 million, significantly higher than the loss of RMB 11.9 million in the previous year[10]. - Basic loss per share for the period was 12.5 cents, compared to 0.5 cents in 2018[10]. - Total comprehensive income for the period was RMB (325,459), compared to RMB (4,484) in 2018, reflecting a drastic decline in overall financial performance[30]. - The company reported a significant increase in impairment losses, which may affect future financial stability and investor confidence[20]. - The total comprehensive income for the six months ended 30 September 2019 was RMB (40,099,000), indicating a significant decline compared to previous periods[46]. - The Group's loss for the period was RMB 292,259,000, compared to a loss of RMB 16,472,000 in the previous year[118]. Assets and Liabilities - Net assets of the Group decreased to RMB 3,763.3 million from RMB 4,088.2 million as of March 31, 2019[10]. - NAV per ordinary share decreased to RMB 3.17 from RMB 3.44[10]. - As of September 30, 2019, total non-current assets amounted to RMB 7,049,718, a decrease from RMB 7,199,981 as of March 31, 2019, reflecting a decline of approximately 2.08%[33]. - Current assets totaled RMB 1,123,881, an increase from RMB 1,061,670 as of March 31, 2019, representing a growth of about 5.84%[33]. - Net current liabilities increased to RMB (1,211,385) from RMB (978,780), indicating a worsening liquidity position[33]. - Total assets less current liabilities decreased to RMB 5,838,333 from RMB 6,221,201, a decline of approximately 6.15%[33]. - Non-current liabilities stood at RMB 2,074,990, a slight decrease from RMB 2,132,976 as of March 31, 2019, reflecting a reduction of about 2.71%[37]. - Total equity attributable to equity shareholders of the Company was RMB 3,645,081, down from RMB 3,958,271, a decrease of about 7.91%[37]. Operational Efficiency - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance revenue streams[10]. - Annualised area efficiency decreased to RMB 23,200 per m² from RMB 29,000 per m² in the previous year[15]. - Staff costs decreased to RMB 63,179 from RMB 68,421, showing some cost control measures were implemented[20]. - Other operating expenses rose to RMB 75,166, compared to RMB 37,598 in the previous year, suggesting increased operational costs[20]. Cash Flow and Financing - Net cash generated from operating activities was RMB 42,188,000, compared to RMB 29,220,000 in the previous year[53]. - The company incurred net cash used in investing activities of RMB (67,542,000), a decrease from RMB (185,140,000) in the prior period[53]. - Financing activities resulted in a net cash outflow of RMB (187,467,000), compared to RMB (89,829,000) in the previous year[58]. - Cash and cash equivalents at the end of the period were RMB 34,395,000, down from RMB 215,097,000 at the beginning of the period[58]. - The company reported proceeds from new bank loans amounting to RMB 336,000,000 during the period[56]. Accounting Standards and Policies - The company applied HKFRS 16 starting April 1, 2019, which may have impacted the financial results but did not restate comparative information[24]. - The Group has not applied any new accounting standards or interpretations that are not yet effective for the current accounting period[77]. - The new HKFRS 16, Leases, is effective for the current accounting period, but it has not had a material effect on the Group's results[76]. - The Group adopted HKFRS 16 from April 1, 2019, using the modified retrospective approach, adjusting the opening balance of equity[78]. - Comparative information continues to be reported under HKAS 17, with no significant impact on the Group's financial performance or position[79]. Revenue Breakdown - The Group's entire revenue is attributed to the Xi'an City market, with no significant geographical diversification[138]. - No customer accounted for more than 10% of the Group's revenue for the six months ended September 30, 2019, indicating a diversified customer base[139]. - Revenue from management and administrative service fees was RMB 36,490, slightly down from RMB 37,902 in 2018[143]. - Total revenue for the six months ended September 30, 2019, was RMB 977,485, a decrease of 26.4% from RMB 1,328,131 in 2018[143]. - Sales of goods amounted to RMB 157,733,000, down from RMB 297,857,000 in the previous year, representing a decline of 47.1%[136].

Financial Performance - Gross revenue for 2019 was RMB 2,729.1 million, a decrease of 11.8% from RMB 3,093.1 million in 2018[12] - EBITDA for 2019 was a loss of RMB 16.4 million, compared to a profit of RMB 285.4 million in 2018[12] - The loss attributable to equity shareholders for 2019 was RMB 159.7 million, compared to a profit of RMB 143.5 million in 2018[12] - Basic loss per share for 2019 was (11.3) cents, down from earnings of 1.2 cents per share in 2018[12] - Net assets of the Group decreased to RMB 4,088.2 million in 2019 from RMB 4,385.6 million in 2018[12] - NAV per ordinary share decreased to RMB 3.44 in 2019 from RMB 3.69 in 2018[12] - The company reported a significant decline in both gross revenue and profitability metrics compared to the previous year[12] - The financial results indicate challenges in the retail environment impacting overall performance[12] - The Group's gross revenue for the year ended March 31, 2019, decreased to RMB 2,729.1 million, down from RMB 3,093.1 million for the previous year, primarily due to increased market competition from surrounding shopping malls and online retail shops[45] - Revenue for the year ended March 31, 2019, decreased to RMB 1,054.1 million, down from RMB 1,159.1 million, with a 16% decrease in net income from concession sales compared to the same period last year[45] - The Group's operating loss for the year ended March 31, 2019, was RMB 159.7 million, compared to an operating profit of RMB 143.5 million for the previous year, with the operating profit margin decreasing from 4.6% to 1.3%[45] - The Group's loss for the year ended March 31, 2019, was RMB 263.8 million, compared to a profit of RMB 23.6 million in 2018, with a loss attributable to shareholders of RMB 261.6 million, down from a profit of RMB 27.2 million in the previous year[47] Business Strategy and Operations - The company implemented a "One Store, One Positioning" strategy to enhance store clarity and reduce internal competition[35] - The G98 Omni-channel Intelligence Service Platform has established 12 overseas supply chains covering 5 major categories and 390 brands, enhancing competitive advantages[36] - The company plans to expand its business outlets around Xi'an following a light asset management model[35] - The company is focusing on business diversification by developing brand agency business and introducing well-known domestic and foreign brands to the northwest market[40] - The company plans to optimize existing business and expand coverage in second-tier cities in Shaanxi to achieve healthy growth[40] - The company is enhancing its innovation capabilities and applying technology to improve operational efficiency, including the establishment of various management platforms[37] - The Group aims to diversify its business by developing brand agency operations and introducing well-known domestic and foreign brands to the northwest market[57][61] - The Company is focused on expanding its investments in various sectors, including financial services, culture, media, and retail[77] - The Company is focused on expanding its market presence through strategic investments and acquisitions[84] Financial Position and Liquidity - The Group's cash at bank and on hand as of March 31, 2019, was RMB 544.7 million, a decrease from RMB 614.7 million in 2018[48][52] - The current ratio as of March 31, 2019, was 0.52, compared to 0.62 in 2018, indicating a decline in liquidity[48][52] - The gearing ratio as of March 31, 2019, was 0.45, up from 0.36 in 2018, reflecting an increase in financial leverage[48][52] - The Group's consolidated net asset value was RMB 4,088.2 million, down from RMB 4,385.6 million in 2018[48][52] Corporate Governance and Compliance - The Company complied with the Corporate Governance Code throughout the year ended 31 March 2019, with certain deviations noted[187] - Independent non-executive directors represent at least one third of the board members, meeting the requirement set out in Rule 3.10A of the Listing Rules[191] - The audit committee composition was adjusted to comply with Rule 3.21 of the Listing Rules after recent resignations and appointments[192] - The Company has adopted the Model Code for Securities Transactions by Directors, with all directors confirming compliance as of March 31, 2019[195] - The Company is committed to reviewing the need for formal letters of appointment and service agreements for Directors[195] - The Company has faced challenges in maintaining compliance with corporate governance codes due to recent resignations of key personnel[195] Shareholder Information - The directors do not recommend the payment of a dividend for the reporting year, consistent with the previous year where no dividend was paid[72] - The Group's reserves available for distribution to shareholders amounted to RMB 995,255,000, unchanged from 2018[119] - The Company's share premium was approximately RMB 1,136,595,000, also unchanged from 2018, which may be distributed in the form of fully paid bonus shares[119] - The Company has maintained a public float of more than 25% of its shares in the market as required under the Listing Rules[182] Risk Management - The Group has outlined various financial risks, including credit and liquidity risks, and has established measures to manage these risks effectively[96] - The Group actively monitors changes in laws and regulations and seeks external advice when necessary to adapt to new compliance requirements[92] Employee and Stakeholder Relations - The Group recognizes employees as valuable assets and has established comprehensive recruitment and performance appraisal policies to promote career development[98] - The Group focuses on maintaining good relationships with key stakeholders, including customers, to ensure long-term success and profit growth[97] - The Group has set up various channels for customer communication, including satisfaction surveys and feedback mechanisms, to enhance service quality and market share[99] Related Party Transactions - The Group's significant related party transactions are detailed in note 31 of the financial statements, none of which constitute connected transactions as defined under the Listing Rules[132] - The Company complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules for the continuing connected transactions[132] Audit and Financial Reporting - KPMG is eligible for reappointment as the auditor of the Company at the forthcoming Annual General Meeting[183] - The financial summary includes consolidated results for the three years ended 31 March 2019, 2018, and 2017, along with assets and liabilities as of 31 March 2019[109]