ST易购(002024.SZ)发布公告，经过苏宁国际与家乐福集团持续的协商，近日公司及子公司苏宁国际、 家乐福中国、家乐福咨询公司(以下合称"苏宁方")与家乐福集团及CNBV、家乐福国际合作公司(以下合 称"家乐福方")签署《Settlement Agreement》(以下简称"《和解协议》")，苏宁方与家乐福方达成和解， 即公司直接或者指定主体(不含苏宁国际)向CNBV支付现金人民币2.2亿元整(以下简称"和解金额")，在 收到和解金额后，家乐福方豁免相关债务，且双方不再就争议事项采取相关法律程序;家乐福中国和家 乐福咨询公司在《和解协议》签署之日起一个月内停止使用知识产权。本次和解实施完成后，公司将间 接持有家乐福中国100%股权。 ...

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，並明確表示概不對因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤 中 國 際 控 股 有 限 公 司 ( 於香港 註 冊成立 之 有 限 公司 ) (股份代號：202) 行政總裁及執行董事 陳懿 香港，二零二五年七月三十一日 於本公佈日期，本公司執行董事為陳懿先生、周支柱先生、姜孝恒先生及王雪女 士；本公司非執行董事為姜照柏先生（主席）；而本公司獨立非執行董事為何耀瑜 先生、高明東先生及吳志彬先生。 主要及關連交易 進一步延遲寄發通函 茲提述潤中國際控股有限公司（「本公司」）日期為二零二五年三月二十六日、二零二 五年五月十五日及二零二五年六月三十日有關（其中包括）擬收購該物業，根據上市規 則構成本公司一項主要及關連交易而刊發之公佈（「該公佈」）。除文義另有所指外， 本公佈所採用詞彙與該公佈所界定者具有相同涵義。 誠如二零二五年六月三十日公佈所提述，載有（其中包括）(i) 收購事項之詳情 ...

Core Viewpoint - Run China International Holdings (00202) reported its annual results for 2024-2025, showing a revenue increase but continued net losses, indicating ongoing financial challenges despite some operational improvements [3]. Financial Performance - The company achieved a revenue of HKD 108 million, representing a year-on-year growth of 5.56% [3]. - The net profit attributable to shareholders was a loss of HKD 40.21 million, an improvement from a loss of HKD 320 million in the previous year [3]. - The net cash flow from operating activities was -HKD 38.94 million, compared to -HKD 31.31 million in the previous year [3]. - Basic earnings per share were -HKD 0.0055, with an average return on equity of -3.64% [3][20]. Valuation Metrics - As of July 28, the company's price-to-book ratio (TTM) was approximately 0.38 times, and the price-to-sales ratio (TTM) was about 3.78 times [3]. Revenue Composition - The revenue composition for the fiscal year included HKD 78.4 million from agricultural operations and HKD 29.7 million from property investment [16]. Cash Flow Analysis - The net cash flow from financing activities was HKD 136 million, an increase of HKD 201 million year-on-year [24]. - The net cash flow from investing activities was HKD 193 million, up from HKD 64 million in the previous year [24]. Asset and Liability Changes - The company reported a 100% decrease in assets classified as held for sale, with a 25.01 percentage point drop in their proportion of total assets [28]. - Cash and cash equivalents increased by 1154.59%, raising their proportion of total assets by 17.81 percentage points [28]. - Short-term borrowings increased by 67.22%, contributing to a 9.85 percentage point rise in their proportion of total assets [32]. Liquidity Ratios - The current ratio was reported at 0.89, and the quick ratio was at 0.87, indicating liquidity challenges [37].

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，並 明 確 表 示 概 不 對因本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：202） 二零二五年股東週年大會通告 茲通告 潤 中 國 際 控 股 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 五 日（星 期 五）上 午 十 時 三 十 分 假 座 香 港 灣 仔 告 士 打 道151號資本中心15樓1506室 舉 行 股 東 週 年 大 會（或 其 任 何 續 會），以 處 理 下 列 事 宜： 普通決議案 – 1 – 1. 省 覽、考 慮 及 通 過 截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 之 經 審 核 財 務 報 表 及 董 事 會 報 告 書 與 核 數 師 報 告 書； 2. 重 選 ...

選擇公司通訊的收取方式及語言版本 吾等根據香港聯合交易所有限公司證券上市規則第2.07A及2.07B條 及 本 公 司 組 織 章 程 細 則，通 知 閣下可 獲 取 的 本 公 司 今 後 公 司 通 訊（「公司通訊」），該 等 公 司 通 訊 包 括 本 公 司 將 就 其 供 任 何 證 券 持 有 人 參 考 或 行 動 而 發 出 的 任 何 文 件，包 括 但 不 限 於：(a)董 事 報 告、年 度 賬 目 連 同 核 數 師 報 告 及 財 務 摘 要 報 告（如 適 用）；(b) 中 期 報 告 及 中 期 摘 要 報 告（如 適 用）；(c)會議通告；(d)上市文件；(e)通函；(f)代表委任表格；及(g)確認回條。 EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 （於香港註冊成立之有限公司） （股份代號：202） 敬啟者： 閣下可選擇： 為響應保護環境，我們鼓勵 閣下選擇網上版本。即使選擇網上版本， 閣下仍有權隨時向本公司的股份過 戶登記處卓佳證券登記有限公司發出適時書面通知，以更改 閣下的選擇。 請 在 隨 附 的 回 覆 表 格 ...

EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 (Incorporated in Hong Kong with limited liability) (於香港註冊成立之有限公司) (Stock Code: 202) (股份代號: 202) 29 July 2025 Dear Non-Registered Holder of securities of EverChina Int'l Holdings Company Limited (the "Company"), Notification of publication of the 2024/2025 Annual Report and the Circular (collectively the "Documents") on the Company's website Please note that by completing and returning the Request Form to request for the printed copies of the Documents, you ...

EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 (Incorporated in Hong Kong with limited liability) (於香港註冊成立之有限公司) (Stock Code: 202) (股份代號: 202) NOTIFICATION LETTER 通知信函 29 July 2025 Dear Shareholder, EverChina Int'l Holdings Company Limited (the "Company") — Notification of publication of 2024/2025 Annual Report, Circular and Notice of AGM ("Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www. ...

此乃重要通函 謹請立即處理 閣下如 對本通函或應採取之行動 有任何疑問，應 諮 詢 持 牌 證 券 交 易 商、銀 行 經 理、律 師、 專業會計師或其他專業顧問。 閣下如已出售或轉讓 名下所有潤中國際控股有限公司之股份，應立即將本通函連同隨附之 代表委任表格送交買主或承讓人，或送交經手買賣或轉讓之銀行、持牌證券交易商或其他 代理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本通函全部或任何部分內容而產生 或因依賴該等內容而引致之任何損失承擔任何責任。 EVERCHINA INT'L HOLDINGS COMPANY LIMITED 潤中國際控股有限公司 （於香港註冊成立之有限公司） （股份代號：202） 建議重選退任董事、 建議授出發行及購回股份之一般授權 以 及 二零二五年股東週年大會通告 潤 中 國 際 控 股 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 五 日（星 期 五）上 午 十 時 三 十 分 假 座香港灣仔告士打道151號資本中心15樓1506室召開股東週年大會 ...

[Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E5%A0%B1%E5%91%8A%E6%9B%B8) [Overall Performance Overview](index=4&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) The Group's revenue from continuing operations grew **5.6%** to approximately **HKD 108.18 million**, while annual loss significantly narrowed by **87.5%** to approximately **HKD 40.24 million**, driven by reduced fair value losses and lower basic loss per share FY2025 Performance Summary | Metric | FY2025 (HKD) | FY2024 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 108,181,000 | 102,484,000 | +5.6% | | Annual Loss (including Discontinued Operations) | 40,238,000 | 322,522,000 | -87.5% | | Basic Loss Per Share (HK cents) | 0.551 | 4.385 | -87.4% | [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's core businesses, agriculture and property investment, saw the agricultural segment turn profitable with **6.1%** revenue growth due to higher soybean prices, while property investment's rental income slightly increased despite fair value losses [Agricultural Business](index=4&type=section&id=%E8%BE%B2%E6%A5%AD%E6%A5%AD%E5%8B%99) The Bolivian agricultural business, including farming and cattle ranching, achieved **6.1%** revenue growth to **HKD 78.43 million** and turned profitable with **HKD 47.57 million** in segment profit, primarily due to a **25%** increase in average soybean selling price Agricultural Business Key Metrics | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Business Revenue (HKD) | 78,434,000 | 73,901,000 | | Segment Profit/(Loss) (HKD) | 47,565,000 | (10,967,000) | | Average Soybean Selling Price (USD/metric ton) | 450 | 360 | | Soybean Production (metric tons) | 20,200 | 25,000 | [Property Investment Business](index=4&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E6%A5%AD%E5%8B%99) The property investment business, with properties in Beijing and Shanghai, saw rental income increase **4.1%** to **HKD 29.75 million**, while fair value losses on investment properties significantly decreased to **HKD 66.08 million** despite declining commercial property demand, with improved occupancy rates Property Investment Business Key Metrics | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Rental Income (HKD) | 29,747,000 | 28,583,000 | | Fair Value Loss on Investment Properties (HKD) | (66,076,000) | (151,648,000) | | Segment Loss (HKD) | (47,972,000) | (135,549,000) | | Beijing Property Occupancy Rate (%) | 90% | 80% | | Shanghai Property Occupancy Rate (%) | 89% | 54% | [Outlook](index=5&type=section&id=%E5%89%8D%E6%99%AF) The Group will cautiously manage existing businesses and strengthen risk control amidst an unstable political and economic landscape, while planning to acquire a Shanghai property for elderly serviced apartments, showing optimism for China's elderly care services market - The Group plans to enter the elderly care services market, having signed a provisional agreement to acquire a property in Shanghai, expecting this investment to bring economic benefits to the Group[15](index=15&type=chunk) [Operating Results](index=5&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Loss from continuing operations significantly decreased by **87.5%** to **HKD 40.24 million**, primarily due to reduced fair value losses on investment properties and the absence of prior-year impairment losses, despite increased tax expenses and profit from discontinued operations - Fair value loss on investment properties decreased by **56.4%** to approximately **HKD 66.08 million**[17](index=17&type=chunk) - No loss from early repayment of amounts due to an associate in the current year (last year: **HKD 17.44 million**)[17](index=17&type=chunk) - No impairment loss on mining rights in the current year (last year: **HKD 52.95 million**)[17](index=17&type=chunk) - Discontinued operations recorded a profit of approximately **HKD 29.33 million** due to tax credits (last year: loss of **HKD 46.14 million**)[17](index=17&type=chunk) [Financial Review](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) As of March 31, 2025, the Group's financial position showed increased assets and liabilities, with total borrowings rising to **HKD 413 million**, a higher debt-to-asset ratio of **0.38**, significantly increased cash to **HKD 313 million**, and a lower current ratio of **0.9**, indicating increased short-term repayment pressure Financial Position Summary | Metric | As of March 31, 2025 (HKD) | As of March 31, 2024 (HKD) | | :--- | :--- | :--- | | Total Assets | 1,611,494,000 | 1,564,676,000 | | Total Liabilities | 515,065,000 | 395,899,000 | | Total Bank and Other Borrowings | 413,312,000 | 247,166,000 | | Cash and Bank Balances | 312,618,000 | 24,918,000 | | Debt-to-Asset Ratio | 0.38 | 0.21 | | Current Ratio | 0.9 | 1.4 | - The Group entered into a provisional agreement on March 26, 2025, to acquire a property in Minhang District, Shanghai, for **RMB 400 million**, which constitutes a major and connected transaction for the Company[23](index=23&type=chunk) [Directors and Senior Management Biographies](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E7%B0%A1%E6%AD%B7) [Corporate Governance Report](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) [Corporate Governance Practices and Code Compliance](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E8%88%87%E5%AE%88%E5%89%87%E9%81%B5%E5%AE%88%E6%83%85%E6%B3%81) The Company adheres to the Stock Exchange's Corporate Governance Code, with two minor deviations during the year regarding formal appointment letters for some directors and the Chairman's absence from the 2024 AGM, but believes its practices meet the Code's requirements - **Deviation One**: Other directors, except for independent non-executive directors, do not have formal appointment letters[48](index=48&type=chunk) - **Deviation Two**: Mr. Jiang Zhaobai, the Chairman of the Board, was unable to attend the 2024 Annual General Meeting due to other commitments[48](index=48&type=chunk) [Board of Directors](index=12&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The Board of Directors, comprising **eight** members including a non-executive chairman, four executive directors, and three independent non-executive directors, maintains a balanced power structure with clear role separation, and all independent non-executive directors are confirmed independent, even those with long tenures - The Board of Directors comprises **eight** directors, including Mr. Jiang Zhaobai (Non-executive Chairman) and Mr. Chen Yi (Chief Executive Officer), with clearly separated roles and responsibilities[50](index=50&type=chunk)[60](index=60&type=chunk) - The Board confirms that all **three** independent non-executive directors, including Mr. Ho Yiu Yu and Mr. Gao Mingdong who have served for over nine years, meet the independence guidelines[62](index=62&type=chunk)[63](index=63&type=chunk) [Board Committees](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E5%A7%94%E5%93%A1%E6%9C%83) The Board has Audit, Remuneration, and Nomination Committees with written terms of reference; the Audit Committee oversees financial reporting and internal controls, the Remuneration Committee sets remuneration policies, and the Nomination Committee reviews board structure and nominates directors, having achieved board diversity goals including appointing a female director - The Audit Committee, composed of **three** independent non-executive directors, is responsible for overseeing the relationship with the independent auditor, reviewing financial statements, and supervising the effectiveness of the internal control system[83](index=83&type=chunk) - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition, and making recommendations for director appointments in accordance with the Board Diversity Policy[71](index=71&type=chunk) - The Company has achieved several measurable objectives under its Board Diversity Policy, including the successful appointment of a **female director** in December 2024, meeting the Stock Exchange's requirements[79](index=79&type=chunk)[80](index=80&type=chunk) [Accountability, Audit and Risk Management](index=20&type=section&id=%E5%95%8F%E8%B2%AC%E6%80%A7%E3%80%81%E5%AF%A9%E6%A0%B8%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Board ensures true and fair financial statements, with **HKD 2.05 million** and **HKD 0.2 million** paid for audit and non-audit services respectively; it maintains adequate risk management and internal control systems, utilizing external consultants for internal audit, and reviews confirmed the system's effective operation with no significant control failures Auditor's Remuneration | Service Type | FY2025 Remuneration (HKD) | FY2024 Remuneration (HKD) | | :--- | :--- | :--- | | Audit Services | 2,050,000 | 2,000,000 | | Non-Audit Services | 200,000 | 400,000 | - The Group has not established an in-house internal audit function but has engaged external professional consultants to perform this function, reporting to the Audit Committee, and the Board believes the Group's risk management and internal control systems operated effectively during the year[89](index=89&type=chunk) [Shareholder Rights and Communication](index=22&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E5%88%A9%E8%88%87%E6%BA%9D%E9%80%9A) The Company communicates with shareholders through various channels, outlining rights and procedures for convening general meetings, allowing shareholders with at least **5%** voting rights to request a meeting, and has a dividend policy without a predetermined payout ratio - Shareholders holding at least **5%** of the Company's total voting rights may submit a written request to the Board to convene a general meeting[94](index=94&type=chunk) - The Company has adopted a dividend policy, but there is no predetermined payout ratio, and dividend declarations are subject to the Group's financial position[97](index=97&type=chunk) [Environmental, Social and Governance Report](index=24&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Report Overview and Governance](index=24&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%BF%B0%E8%88%87%E7%AE%A1%E6%B2%BB) This ESG report covers the Group's agricultural and property investment businesses for FY2025, with the Board overseeing sustainability and an ESG working group managing **six** material issues identified through stakeholder engagement, including climate change and anti-corruption - The report covers the agricultural business in Bolivia (soybean and rice cultivation, and cattle ranching) and the property investment business in Beijing, China[102](index=102&type=chunk)[103](index=103&type=chunk) - The Board is fully responsible for ESG matters and has established an ESG working group to evaluate and manage related issues[112](index=112&type=chunk) - The **six** material ESG issues identified are[123](index=123&type=chunk) - 1. Climate Change[123](index=123&type=chunk) - 2. Cultivation/Ranching Activities[123](index=123&type=chunk) - 3. Anti-corruption[123](index=123&type=chunk) - 4. Customer Service[123](index=123&type=chunk) - 5. Environmental Measures[123](index=123&type=chunk) - 6. Food Safety[123](index=123&type=chunk) [A. Environment](index=28&type=section&id=A.%20%E7%92%B0%E5%A2%83) The Group's environmental performance shows a significant increase in total greenhouse gas emissions due to expanded Scope 3 reporting, while it has set and made progress on targets for emission reduction, energy saving, and water conservation, with climate-related governance and risk management detailed under the TCFD framework Greenhouse Gas Emissions Summary (tonnes of CO2 equivalent) | Emission Scope | 2024/25 (tonnes of CO2e) | 2023/24 (tonnes of CO2e) | | :--- | :--- | :--- | | Scope 1 (Direct) | 7,648.43 | 6,962.62 | | Scope 2 (Indirect) | 49.39 | 50.58 | | Scope 3 (Other Indirect) | 122,395.72 | 7.62 | | **Total** | **130,093.55** | **7,020.81** | - Total greenhouse gas emissions significantly increased by **1,753%** year-on-year, primarily due to increased disclosure of Scope 3 emissions in the current reporting period, particularly from downstream transportation and distribution[127](index=127&type=chunk)[129](index=129&type=chunk) - The Group has identified climate change-related physical risks (e.g., extreme weather) and transition risks (e.g., policy and regulatory changes, market shifts), and has developed short, medium, and long-term response strategies[167](index=167&type=chunk)[171](index=171&type=chunk) [B. Society](index=43&type=section&id=B.%20%E7%A4%BE%E6%9C%83) The report details the Group's social performance, including employment practices, health and safety, supply chain management, product responsibility, and anti-corruption, noting **96** employees, a **5.2%** turnover rate, no work-related injuries or fatalities, strict labor standard compliance, and a zero-tolerance anti-corruption policy with no litigation cases Employee Profile (As of March 31, 2025) | Category | Total Number | Percentage (%) | | :--- | :--- | :--- | | **Total Employees** | **96** | **100%** | | By Gender (Male/Female) | 67 / 29 | 70% / 30% | | By Business (Agricultural/Property) | 79 / 17 | 82% / 18% | | By Employment Type (Full-time/Part-time) | 86 / 10 | 90% / 10% | - During the reporting period, the Group's overall employee turnover rate was **5.2%**, a significant decrease from **10.6%** in the previous year[191](index=191&type=chunk)[193](index=193&type=chunk) - The Group recorded no work-related fatalities during the reporting period or in the past three years, and no work injury cases in the current reporting period[197](index=197&type=chunk)[198](index=198&type=chunk) - The Group is committed to maintaining high ethical standards, strictly prohibiting bribery and corruption, and provides anti-corruption training materials to directors and employees, with no concluded corruption litigation cases during the reporting period[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) [Directors' Report](index=60&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A%E6%9B%B8) [Principal Activities and Performance](index=60&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E8%88%87%E6%A5%AD%E7%B8%BE) This report outlines the Group's business for FY2025, primarily investment holding with agricultural and property investment subsidiaries, noting no significant business changes and no recommended annual dividend - The Directors do not recommend the payment of a dividend for the year ended March 31, 2025[238](index=238&type=chunk) [Directors, Shareholder Interests and Share Option Scheme](index=61&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The report details director changes and independent director confirmations, noting Executive Director Mr. Jiang Xiaohang's interest in approximately **28%** of shares, identifies major shareholders, and states no share options were granted under the 2021 scheme as of the reporting period end - Executive Director Mr. Jiang Xiaohang is deemed to have an interest in **2,042,210,000 shares** of the Company, representing approximately **28%** of the total share capital, through his wholly-owned companies Rich Monitor Limited and Pengxin Holdings Co., Ltd[253](index=253&type=chunk)[267](index=267&type=chunk) - The Company adopted a new share option scheme on September 3, 2021, valid until September 2, 2031, and as of March 31, 2025, no share options had been granted under this scheme[256](index=256&type=chunk)[264](index=264&type=chunk) [Connected Transactions and Major Customers](index=66&type=section&id=%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93%E8%88%87%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6) The Group completed a significant connected transaction, acquiring a property for **RMB 400 million**; customer concentration is high, with the largest customer contributing **36%** of total revenue and the top five **70%**, while supplier concentration is lower, with the top five accounting for **30%** of total purchases - On March 26, 2025, the Group entered into an agreement with connected party Shanghai Pengxin Zhihuiyuan to acquire a property in Shanghai for **RMB 400 million**, constituting a major and connected transaction for the Company[270](index=270&type=chunk) Major Customer and Supplier Concentration | Category | Percentage (%) | | :--- | :--- | | Largest Customer | 佔總收益 36% | | Top Five Customers | 佔總收益 70% | | Largest Supplier | 佔總採購額 9% | | Top Five Suppliers | 佔總採購額 30% | [Risk Management and Compliance](index=67&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%90%88%E8%A6%8F) The Group faces principal risks including regulatory compliance, market investment, environmental and social, business operations, and financial risks, which are identified and monitored by its risk management system, and it maintained compliance with relevant laws and regulations and sufficient public float during the period - **Regulatory and Compliance Risk**: Business is subject to regulations in multiple jurisdictions including Mainland China, Hong Kong, Indonesia, and Bolivia[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Market and Investment Risk**: Property, hotel, and agricultural businesses are susceptible to factors such as government policies and economic conditions[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Environmental and Social Risk**: Agricultural business faces the risk of adverse weather impacting harvests[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Business and Operational Risk**: Risks include tenant defaults and internal process failures[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Financial Risk**: Faces interest rate, credit, liquidity, and currency risks[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Independent Auditor's Report](index=70&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) [Audit Opinion](index=70&type=section&id=%E5%AF%A9%E6%A0%B8%E6%84%8F%E8%A6%8B) The auditor, Crowe HK, issued an unmodified opinion, confirming the consolidated financial statements truly and fairly reflect the Group's financial position, performance, and cash flows as of March 31, 2025, in compliance with the Hong Kong Companies Ordinance - The auditor issued an **unmodified opinion** on the consolidated financial statements[292](index=292&type=chunk) [Material Uncertainty Related to Going Concern](index=70&type=section&id=%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E6%9C%89%E9%97%9C%E7%9A%84%E9%87%8D%E5%A4%A7%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The auditor highlighted a material uncertainty regarding the Group's going concern, citing an annual loss of **HKD 40.24 million**, net current liabilities of **HKD 53.97 million**, and insufficient cash of **HKD 313 million** to cover **HKD 413 million** in short-term borrowings, though the audit opinion remains unmodified - As of March 31, 2025, the Group recorded an annual loss of approximately **HKD 40,238,000**[294](index=294&type=chunk) - As of the same date, the Group had net current liabilities of approximately **HKD 53,970,000**[294](index=294&type=chunk) - Short-term bank and other borrowings amounted to approximately **HKD 413,312,000**, while cash and cash equivalents were **HKD 312,618,000**, insufficient to cover short-term debts[294](index=294&type=chunk) [Key Audit Matters](index=71&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E6%A0%B8%E4%BA%8B%E9%A0%85) The auditor identified "Valuation of Investment Properties" as a key audit matter, given its fair value of approximately **HKD 635 million** and the significant management judgment involved in key assumptions like reversionary yield and future rental income - A key audit matter is the valuation of investment properties, with a fair value of approximately **HKD 634,690,000**, where the valuation involves significant management judgment[297](index=297&type=chunk) [Consolidated Financial Statements](index=75&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=75&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For FY2025, the Group's revenue from continuing operations was **HKD 108.18 million**, with gross profit of **HKD 48.26 million**; loss from continuing operations narrowed to **HKD 69.57 million**, and after including profit from discontinued operations, the total loss for the year was **HKD 40.24 million** Consolidated Statement of Profit or Loss Summary (HKD thousands) | Item | FY2205 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 108,181 | 102,484 | | Gross Profit | 48,259 | 45,477 | | Operating Loss | (22,169) | (245,624) | | Loss for the Year from Continuing Operations | (69,567) | (276,378) | | Profit/(Loss) for the Year from Discontinued Operations | 29,329 | (46,144) | | **Loss for the Year** | **(40,238)** | **(322,522)** | | Loss Attributable to Owners of the Company | (40,211) | (319,846) | | Basic Loss Per Share (HK cents) | (0.551) | (4.385) | [Consolidated Statement of Financial Position](index=77&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's total assets were **HKD 1.611 billion**, total liabilities **HKD 515 million**, and total equity **HKD 1.096 billion**, with a notable shift from net current assets to net current liabilities of **HKD 53.97 million**, indicating tightening short-term liquidity Consolidated Statement of Financial Position Summary (HKD thousands) | Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 1,180,005 | 1,087,140 | | Current Assets | 431,489 | 477,536 | | **Total Assets** | **1,611,494** | **1,564,676** | | **Equity and Liabilities** | | | | Total Equity | 1,096,429 | 1,168,777 | | Non-current Liabilities | 29,606 | 59,617 | | Current Liabilities | 485,459 | 336,282 | | **Total Liabilities** | **515,065** | **395,899** | | **Net Current (Liabilities)/Assets** | **(53,970)** | **141,254** | [Consolidated Statement of Cash Flows](index=80&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For FY2025, the Group experienced a net cash outflow of **HKD 38.95 million** from operating activities, a net cash inflow of **HKD 193 million** from investing activities, and a net cash inflow of **HKD 136 million** from financing activities, resulting in a year-end cash and cash equivalents balance of **HKD 313 million** Consolidated Statement of Cash Flows Summary (HKD thousands) | Item | FY2025 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (38,945) | (31,314) | | Net Cash From Investing Activities | 192,566 | 64,002 | | Net Cash From/(Used in) Financing Activities | 135,923 | (65,070) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **289,544** | **(32,382)** | | Cash and Cash Equivalents at Beginning of Year | 24,918 | 60,746 | | **Cash and Cash Equivalents at End of Year** | **312,618** | **24,918** | [Five-Year Financial Summary](index=170&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) [Performance and Balance Sheet Trends](index=170&type=section&id=%E6%A5%AD%E7%B8%BE%E8%88%87%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%B6%A8%E5%8B%A2) Over the past five years, the Group's revenue fluctuated between **HKD 102 million** and **HKD 149 million**, consistently recording annual losses, with FY2025 being the lowest, while total assets and shareholders' equity continuously declined from **HKD 3.136 billion** and **HKD 1.977 billion** in 2021 to **HKD 1.611 billion** and **HKD 1.067 billion** in 2025, respectively Five-Year Financial Data Summary (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 108,181 | 102,484 | 117,777 | 149,347 | 127,093 | | Loss for the Year | (40,238) | (322,522) | (197,419) | (238,636) | (135,091) | | Total Assets | 1,611,494 | 1,564,676 | 2,558,371 | 2,902,087 | 3,135,705 | | Total Liabilities | (515,065) | (395,899) | (1,036,655) | (1,055,347) | (1,121,242) | | Shareholders' Equity | 1,067,355 | 1,139,676 | 1,489,939 | 1,814,088 | 1,976,561 |

潤中國際控股有限公司 （「本公司」） 提名委員會 職權範圍 （於二零二五年六月三十日經董事會修訂及採納） 1. 組成 (d) 每年檢討一次本職權範圍及履行其職權之有效性，並向董事會提出其認 爲必要之修訂建議；及 (e) 要求董事會提供足夠資源以履行其職責。 4.1 提名委員會於適當時舉行會議 。 4.2 會議的法定人數為兩位成員。 4.3 提名委員會成員可親身或透過其他電子通訊方法出席會議。 公司秘書是提 名委員會之秘書。 4.4 如在提名委員會秘書缺席的情況下，出席會議之成員必須推選另一人士為 該會議之秘書。 4.5 提名委員會的決議案須由多數票通過，亦可以一致書面決議的方式通過。 4.6 除非文中列明，本公司之經不時修訂的公司細則載明有關董事會會議和程 序條文應適用於提名委員會會議和程序。 5.1 提名委員會之職責及責任為： (a) 至少每年檢討董事會之架構、規模及組成(包括技巧、和經驗及多樣的 觀點與角度(當中包括但不限於，性别、年齡、教育及文化背景、專業 技巧和知識)，並就任何有為配合本公司策略而擬出對董事會作出的變 動提供建議； (b) 物色合資格擔任董事會成員之個別人士及甄選獲提名出任董事之人士 ...