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]