潤 中 國 際 控 股 有 限 公 司 ( 於香港 之 公司 ) 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 註 冊成立 有 限 (股份代號：202) 董事會會議召開日期 潤中國際控股有限公司(「本公司」)宣佈，本公司將於二零二四年十一月二十八日(星 期四)舉行董事會會議，藉以（其中包括）批准刊發本公司及其附屬公司截至二零二 四年九月三十日止六個月的中期業績公告、派付中期股息（如有）及任何其他事項。 承董事會命 潤中國際控股有限公司 公司秘書 劉志樂 香港 ，二零二四年十一月十八日 於本公佈日期，本公司董事會成員包括非執行董事姜照柏先生 ( 主席)、執行董事周支 柱先生、陳懿先生及姜孝恒先生；獨立非執行董事何耀瑜先生、高明東先生及吳志 彬先生。 1 ...

Energy and Environmental Goals - The group aims to reduce its overall energy consumption density, fuel consumption total density, and overall energy consumption density by 10% over the next ten years, starting from 2023/2024[1]. - The overall water generation density decreased by 96.27%, from 1.34 cubic meters per hectare to 0.05 cubic meters per hectare[3]. - The group recognizes climate change as a significant risk, with all climate-related risks assessed as medium or high risk levels[12]. - The group anticipates that climate change will increase drought risks, adversely affecting rice and soybean crop yields as well as cattle production[14]. - The group monitors greenhouse gas emissions across Scope 1, Scope 2, and Scope 3, ensuring effective and quantifiable assessments[15]. - The group has implemented a series of measures to protect soil health, recognizing it as a critical aspect of its agricultural operations[4]. Workforce and Employment - The total number of employees as of 2024 is 130, with 84 full-time and 10 part-time employees[28]. - The agricultural business employs 75% of the workforce, while the hotel business employs 27%[28]. - The employee turnover rate for the reporting period was 10.6%, with 10 employees leaving the company[58]. - The turnover rate in mainland China was 23.5%, while the overall turnover rate for the agricultural business was 7.8%[59]. - The group has established policies to ensure employee rights are protected and respected, with a focus on fair treatment in hiring, training, and promotion[22]. - The group has no significant violations related to providing a safe working environment or protecting employees from occupational hazards during the reporting period[34]. - The company emphasizes occupational health and safety, adhering to relevant laws to avoid health risks for employees[60]. Supplier and Procurement Practices - The company employed 338 suppliers in Bolivia and mainland China for agricultural resources and services[70]. - Over 80% of the company's approved suppliers are local suppliers, supporting the local economy[72]. - The company has developed a rating and scoring system for selecting suppliers, ensuring compliance with 20 predefined standards[73]. - The company does not use contractors for its agricultural business, directly hiring all employees to minimize the risk of child or forced labor[68]. Financial Performance and Revenue - The agricultural business generated revenue of approximately HKD 73,901,000, a decrease of 17.7% compared to HKD 89,749,000 in the previous year, accounting for 72.1% of the total revenue[146]. - The average selling price of soybeans decreased by 21.7% to approximately USD 360 per ton, leading to a loss of about HKD 10,967,000 in this segment, compared to a profit of HKD 21,780,000 in the previous year[146]. - The group’s revenue from continuing operations for the year ended March 31, 2024, was approximately HKD 102,484,000, a decrease of about 13% compared to HKD 117,777,000 in 2023[156]. - The total loss for the year, including both continuing and discontinued operations, was approximately HKD 322,522,000, an increase of about 63.4% from HKD 197,419,000 in the previous year[156]. - The basic loss per share for the year was HKD 4.385, compared to HKD 2.694 in the previous year[156]. Corporate Governance and Ethics - The company emphasized a zero-tolerance policy towards bribery and corruption, maintaining high ethical standards[106]. - A whistleblowing policy has been implemented to address concerns regarding misconduct, including financial reporting and ethical behavior, ensuring confidentiality for whistleblowers[133]. - The company maintains a zero-tolerance stance towards bribery and corruption, committing to ethical business practices across all operations[133]. Community Engagement and Social Responsibility - The company is committed to community support and will seek future opportunities for local investment and collaboration[108]. - The company has not held any community events or donations during the reporting period but plans to invest in local communities in the future[108]. Sustainability and ESG Initiatives - The board is committed to environmental, social, and governance (ESG) issues, ensuring compliance with legal regulations and promoting sustainable agricultural practices to reduce carbon emissions[122]. - The company has established key performance indicators (KPIs) for effective measurement and comparison of its ESG performance, adhering to the standards set by the Hong Kong Stock Exchange[124]. - A review of the sustainability strategy is conducted annually, with adjustments made as necessary to align with the company's long-term business strategy[127]. - The company has identified six major ESG aspects, including climate change, energy, environmental measures, data protection, and anti-corruption[130]. - The company is committed to sustainable development and will consider it more in future investment decisions[140]. Property and Investment Performance - The investment properties in Beijing and Shanghai had a fair value loss of approximately HKD 151,648,000, primarily due to the continued decline in demand for commercial properties in China[148]. - The group’s hotel property in Shanghai has been closed since January 8, 2023, resulting in no revenue for the year, compared to HKD 28,615,000 in 2023, and a pre-tax loss of approximately HKD 22,069,000[168]. - Rental income from property investment slightly increased by 2% to approximately HKD 28,583,000, accounting for 27.9% of total revenue[188]. - Average occupancy rates for Beijing and Shanghai properties were 80% and 54% respectively, with the latter remaining unchanged from the previous year[188]. - Segment loss decreased to approximately HKD 135,549,000, down from HKD 152,064,000 in the previous year, primarily due to reduced losses from changes in fair value of investment properties[188]. Mining Operations and Future Plans - The company has not commenced production activities in its mining operations in Indonesia, resulting in a segment loss of approximately HKD 53,675,000 for the year[149]. - The company adopted the income approach for valuation of mining rights, with the manganese ore benchmark price decreasing by approximately 10.4% to USD 133.15 per ton[191]. - The first-year production of ore is estimated at 19,000 tons, with a projected increase to 1,556,000 tons by the fifth year[191]. - Capital expenditure for the mining project is estimated at USD 9,777,000[191]. - The group plans to enhance rental income levels and may liquidate part of its Shanghai properties to increase operational funds if necessary[160]. - The group will adopt a conservative approach and closely monitor market conditions, considering partnerships with experienced parties in resource development and investment[165].

Financial Performance - Revenue from continuing operations for the year ended March 31, 2024, was approximately HKD 102,484,000, a decrease of 13% compared to the previous year[12] - The loss for the year amounted to HKD 322,522,000, an increase of 63.4% from the previous year's loss of HKD 197,419,000[12] - The total comprehensive expenses for the year were HKD 352,939,000, compared to HKD 325,024,000 in the previous year[9] - The loss attributable to owners of the company from continuing operations was HKD 273,702,000, compared to HKD 240,428,000 in the previous year[3] - The basic and diluted loss per share from continuing operations was HKD 4.385, compared to HKD 2.694 in the previous year[4] - The company reported a significant increase in operating loss to HKD 245,624,000 from HKD 194,277,000 in the previous year[13] - The company reported a pre-tax loss of HKD 274,851,000 for 2024, compared to a pre-tax loss of HKD 244,773,000 in 2023[36] - The company recorded a total loss for the year of HKD (319,846,000), compared to a loss of HKD (196,544,000) in the previous year, reflecting an increase in loss of approximately 62.5%[94] - The company recorded a loss from continuing operations of approximately HKD 276,378,000, an increase of about 14.5% compared to the previous year's loss of HKD 241,303,000[114] Equity and Assets - Total equity as of March 31, 2024, was approximately HKD 1,168,777,000, a decrease of 23.2% from HKD 1,521,716,000 as of March 31, 2023[12] - The net asset value per share as of March 31, 2024, was HKD 0.16, down 23.8% from HKD 0.21 as of March 31, 2023[12] - The total assets as of March 31, 2024, were HKD 1,564,676,000, down from HKD 2,558,371,000 in 2023[26] - The total equity decreased to HKD 1,168,777,000 in 2024 from HKD 1,521,716,000 in 2023, indicating a decline of about 23.2%[92] - The company’s total assets less current liabilities stood at HKD 1,228.4 million, a decrease from HKD 1,591.3 million in the previous year[175] Revenue Breakdown - Agricultural business revenue for 2024 was HKD 73,901,000, down 17.7% from HKD 89,749,000 in 2023[36] - Total revenue for 2024 was HKD 102,484,000, a decrease of 12.9% compared to HKD 117,777,000 in 2023[36] - The company’s hotel business generated revenue of HKD 1,087,140,000 for the year, a decrease from HKD 1,766,460,000 in the previous year[73] - The hotel business generated no revenue this year, down from HKD 28,615,000 in the previous year, resulting in a pre-tax loss of approximately HKD 22,069,000[131] - The company’s agricultural business reported revenue of HKD 68,998,000 for the year ended March 31, 2024, compared to HKD 79,414,000 in the previous year[190] Impairment and Losses - The company incurred a loss of HKD 16,608,000 due to impairment of mining rights[36] - The impairment loss on mining rights increased by approximately 219% to about HKD 52,974,000, compared to HKD 16,608,000 in the previous year[114] - The fair value loss of biological assets amounted to HKD 168,966,000[36] - The fair value changes of investment properties resulted in a loss of HKD 151,648,000, reflecting market volatility[52] - The company reported a loss of HKD 22,174,000 from discontinued operations, highlighting the impact of previous business decisions[79] Cash Flow and Liquidity - As of March 31, 2024, the company had cash and cash equivalents of HKD 24,918,000, which is insufficient to cover the short-term bank and other borrowings of approximately HKD 247,166,000 due within twelve months[103] - The group’s cash and cash equivalents were approximately HKD 24,918,000 as of March 31, 2024, significantly lower than HKD 60,746,000 in the previous year[198] - The group is actively seeking potential buyers for certain commercial properties to improve liquidity[181] - The group is in discussions with lenders regarding the renewal of bank and other borrowings due within the next twelve months, which total approximately HKD 245,213,000[199] Dividends and Shareholder Returns - The company does not recommend a final dividend for the year ended March 31, 2024[12] - The company has not declared any dividends for the years ended March 31, 2024, and 2023[89] Operational Changes - The company has ceased its securities investment and financing business as of April 2023[29] - The group decided to terminate its securities investment and financing business to minimize associated business risks, recording a pre-tax segment loss of HKD 23,000 for the year, compared to a profit of HKD 41,770,000 in the previous year[139] - The group has terminated operations in the hotel and securities investment and financing businesses during the year[194] Future Outlook - The company expects to maintain sufficient working capital to meet its current needs and believes it can continue its business model[21] - The company plans to adopt various measures to enhance rental income levels and closely monitor market conditions[124] - The company has entered into a joint venture agreement to establish a company with a 34% stake, aimed at developing renewable energy businesses[132]

Financial Performance - The company recorded a loss of approximately HKD 186,896,000 for the six months ended September 30, 2023[10]. - Revenue for the six months ended September 30, 2023, decreased by 39.5% to approximately HKD 44,605,000 compared to HKD 73,748,000 in the same period of 2022[68]. - Gross profit fell to HKD 20,873,000, down 54.7% from HKD 46,101,000 year-on-year[68]. - The company reported an operating loss of HKD 146,147,000, compared to an operating loss of HKD 32,804,000 in the previous year, representing a significant increase in losses[68]. - Loss attributable to the company's owners for the period was HKD 186,884,000, compared to HKD 54,156,000 in the same period last year, marking a 245.5% increase in losses[68]. - Total comprehensive loss for the period amounted to HKD 243,055,000, compared to HKD 182,853,000 in the same period last year[71]. - The company recorded a foreign exchange loss of HKD 30,038,000 for the period, compared to a loss of HKD 128,681,000 in the previous year, indicating a significant improvement in foreign exchange impacts[82]. - The company reported a net cash inflow from investment activities of HKD 41,541,000, a significant turnaround from a cash outflow of HKD 2,729,000 in the same period last year[93]. - The company incurred interest expenses of HKD 13,243,000, slightly down from HKD 13,309,000 in the previous year, showing a marginal decrease in financing costs[93]. - The company reported a loss of HKD 17,444,000 from the early repayment of amounts due to a related company[147]. Assets and Liabilities - As of September 30, 2023, the company's equity was approximately HKD 1,278,661,000, down from HKD 1,521,716,000 as of March 31, 2023, indicating a decrease of about 15.9%[9]. - The total liabilities decreased to HKD 1,246,896,000 from HKD 1,814,088,000, indicating a reduction of approximately 31.3% in total liabilities[82]. - Non-current assets, including investment properties, totaled HKD 1,605,567,000 as of September 30, 2023, down from HKD 1,766,460,000 at the end of March 2023[80]. - Current liabilities increased to HKD 393,612,000, down from HKD 967,113,000, reflecting a significant reduction in financial obligations[80]. - As of September 30, 2023, total assets amounted to HKD 1,733,288, a decrease of 32.3% from HKD 2,558,371 as of March 31, 2023[120]. - The total liabilities as of September 30, 2023, were HKD 454,627, down 56.2% from HKD 1,036,655 as of March 31, 2023[120]. - The company’s accumulated losses increased to HKD 3,412,954,000 as of September 30, 2023, compared to HKD 3,029,526,000 in the previous year, indicating a rise in cumulative losses[82]. Cash Flow and Liquidity - The company’s cash and bank deposits amounted to approximately HKD 72,288,000 as of September 30, 2023, an increase from HKD 60,746,000 as of March 31, 2023, representing a growth of about 19.4%[9]. - The current ratio decreased to 0.32 as of September 30, 2023, down from 0.82 as of March 31, 2023, indicating a decline in liquidity[9]. - The company is actively negotiating the sale of hotel properties to improve its liquidity situation[12]. - The total borrowings amounted to approximately HKD 254,859,000 as of September 30, 2023, with a significant portion due within twelve months[12]. - A major shareholder has agreed to provide ongoing financial support for the company's operations over the next twelve months[34]. - The management believes the group will be able to fund its operations and meet its financial obligations based on cash flow forecasts[34]. Operational Efficiency and Strategy - The company plans to continue controlling administrative costs and managing capital expenditures to improve operational efficiency[12]. - The company has accumulated years of experience in property investment and is seeking related investment opportunities to drive long-term growth[7]. - The company is focused on enhancing risk control measures to navigate the challenging political and economic environment[7]. - The company is considering ceasing operations in the securities investment and financing segment to allocate more resources to other divisions[105]. Shareholder and Governance - The board has decided not to declare any interim dividend for the six months ended September 30, 2023, consistent with the previous year[23]. - The company has not granted or agreed to grant any share options under the new share option plan as of September 30, 2023[43]. - The total number of share options available for issuance under the plan is 729,436,936 shares, representing about 10% of the issued shares as of September 30, 2023[43]. - The company has complied with the Corporate Governance Code during the review period, with the exception of certain deviations noted[45]. - The independent non-executive directors are aware of their roles and responsibilities, and the board believes sufficient measures have been taken to ensure compliance with the Corporate Governance Code[45]. - The chairman of the board did not attend the annual general meeting held on September 28, 2023, due to other commitments, but other directors were present and capable of addressing shareholder questions[45]. Market and Segment Performance - Revenue from agricultural operations decreased by 28.5% to approximately HKD 30,151,000, accounting for 67.6% of total revenue[75]. - The average selling price of soybeans decreased by 17.4% to USD 380 per ton, contributing to a loss of approximately HKD 11,242,000 in the farming segment[75]. - The property investment segment reported revenue of HKD 14,454,000 for the six months ended September 30, 2023, with a loss of HKD 71,031,000, compared to a loss of HKD 59,850,000 in the same period of 2022[115]. - The hotel segment recorded no revenue for the six months ended September 30, 2023, with a loss of HKD 31,330,000, compared to a loss of HKD 566,000 in the same period of 2022[115]. - Revenue from the Chinese market was HKD 14,454, down 54.3% from HKD 31,565 in the previous year[138]. - Revenue from Bolivia was HKD 30,151, a decrease of 28.5% from HKD 42,183 in the previous year[138]. Other Financial Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2023[44]. - The company has adopted the standard code of conduct for securities transactions by directors as per the listing rules, and all directors confirmed compliance as of September 30, 2023[48]. - The audit committee has reviewed the interim report for the six months ending September 30, 2023[49]. - The interim financial statements include a consolidated income statement and other comprehensive income statement for the six months ending September 30, 2023[67]. - Basic and diluted loss per share for the six months ended September 30, 2023, was HKD (186,884,000), compared to HKD (54,156,000) in the same period of 2022[160].

Financial Performance - The company reported a loss attributable to owners of approximately HKD 186,896,000 for the six months ended September 30, 2023, compared to a loss of HKD 54,172,000 for the same period in 2022[5]. - The group recorded a loss of approximately HKD 186,896,000 for the six months ended September 30, 2023, which is about 2.5 times higher than the loss of HKD 54,172,000 for the same period in 2022[48]. - Gross profit decreased by 54.7% to approximately HKD 20,873,000, compared to HKD 46,101,000 for the same period in 2022[48]. - The company incurred an operating loss of HKD 146,147,000 for the period, compared to an operating loss of HKD 32,804,000 in the previous year[151]. - The pre-tax loss for the period was (160,331) thousand HKD, compared to (57,838) thousand HKD in the previous year[146]. - Total comprehensive expenses for the period amounted to (243,055) thousand HKD, an increase from (182,853) thousand HKD in the previous year[137]. Revenue and Income - The company's revenue for the six months ended September 30, 2023, was approximately HKD 44,605,000, a decrease of about 39.5% compared to HKD 73,748,000 for the same period last year[75]. - Revenue from the agriculture business decreased by 28.5% to approximately HKD 30,151,000, accounting for 67.6% of total revenue[77]. - The property investment business generated revenue of 14,454 thousand HKD, slightly up from 13,573 thousand HKD year-on-year[146]. - The hotel business recorded no revenue during the period, compared to HKD 17,992,000 for the same period in 2022, with a loss of approximately HKD 31,330,000[52]. - The group has not recorded any revenue from its resource business for the six months ended September 30, 2023, with a loss of approximately HKD 314,000 attributed mainly to administrative costs[83]. Assets and Liabilities - Total assets as of September 30, 2023, were approximately HKD 1,733,288,000, a decrease from HKD 2,558,371,000 as of March 31, 2023[6]. - The company’s equity attributable to owners decreased to HKD 1,246,896,000 as of September 30, 2023, from HKD 1,489,939,000 as of March 31, 2023[6]. - The group’s total liabilities include approximately HKD 590,161,000 owed to a related company, which is unsecured and interest-free[46]. - The total liabilities as of September 30, 2023, were 454,627 thousand HKD, significantly reduced from 1,036,655 thousand HKD as of March 31, 2023[139]. - The total net assets as of September 30, 2023, were 1,733,288 thousand HKD, down from 2,558,371 thousand HKD as of March 31, 2023[147]. Cash Flow and Financing - Cash and cash equivalents increased to HKD 72,288,000 from HKD 60,746,000 as of March 31, 2023[6]. - The company is actively negotiating with lenders for the renewal of borrowings amounting to approximately HKD 254,859,000 due within twelve months[10]. - The group is actively seeking investment opportunities to develop its light asset business, aiming for long-term growth[85]. - The group is in discussions with lenders regarding the renewal of borrowings to ensure operational continuity[89]. - The group is seeking further financing arrangements, including funding from affiliated companies[115]. Impairment and Fair Value Losses - The group recognized an impairment loss of approximately HKD 20,545,000 for property, plant, and equipment during the period[52]. - The fair value loss on investment properties increased by 11.2% to approximately HKD 78,462,000, compared to HKD 70,588,000 for the same period in 2022[48]. - The group recorded a loss of approximately HKD 78,462,000 from fair value changes in investment properties for the six months ended September 30, 2023[184]. Dividends and Shareholder Returns - The group did not declare any dividends for the six months ended September 30, 2023, and 2022[41]. - The company will not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[151]. Operational Strategy and Future Plans - The company aims to improve its operational funding and cash flow situation through various measures, including seeking further financing arrangements[24]. - The company plans to monetize the hotel asset to increase operational liquidity, with a proposed sale price of RMB 360,000,000 (approximately HKD 391,304,000) under consideration[80]. - The group plans to enhance rental income levels and may consider timely divestment of certain Shanghai properties to improve operational liquidity[105]. - The group is considering discontinuing the hotel segment to allocate more resources to other divisions[188]. Employment and Corporate Structure - As of September 30, 2023, the group employed approximately 108 staff, down from 138 on March 31, 2023[126]. - The group has not made any significant acquisitions or disposals of subsidiaries or joint ventures in the six months ending September 30, 2023[117].

Financial Performance - The group's total revenue for the year ended March 31, 2023, was approximately HKD 146,392,000, a decrease of about 2% compared to HKD 149,347,000 in 2022[13]. - The group reported a loss attributable to shareholders of approximately HKD 196,544,000, a reduction of about 15.8% from HKD 233,386,000 in the previous year[13]. - The agricultural business revenue increased by 10.3% to approximately HKD 89,749,000, representing 61.3% of the group's total revenue[15]. - The hotel business reported a revenue decrease of 22% to approximately HKD 28,615,000 for the year, down from HKD 36,707,000 in 2022, accounting for 19.6% of the group's total revenue[26]. - The group's revenue for the year ended March 31, 2023, was approximately HKD 146,392,000, a decrease of about 2% compared to HKD 149,347,000 in 2022, primarily due to a 22% decline in hotel business revenue to approximately HKD 28,615,000[51]. - The group recorded a loss of approximately HKD 197,419,000 for the year ended March 31, 2023, compared to a loss of HKD 238,636,000 in 2022[64]. Property and Investment - Rental income from property investment decreased by 10.3% to approximately HKD 28,028,000, accounting for 19.1% of the group's total revenue[6]. - The fair value loss of investment properties for the year was approximately HKD 168,966,000, compared to HKD 50,909,000 in 2022[1]. - The fair value loss on investment properties increased approximately 2.3 times to about HKD 168,966,000, compared to HKD 50,909,000 in 2022[52]. - The group is actively discussing the potential sale of a hotel, with a proposed price of RMB 360,000,000 (approximately HKD 409,091,000)[10]. - The group is actively negotiating with potential buyers to sell hotel properties and/or certain investment properties to enhance liquidity[68]. Operational Metrics - The average occupancy rate of the Shanghai property increased from 43% as of March 31, 2022, to 54% as of March 31, 2023[6]. - The average occupancy rate for the hotel dropped to around 73% during the year, compared to a consistent 95% over the past two years[26]. - The hotel property has a book value of approximately HKD 408,276,000 as of March 31, 2023, down from HKD 460,733,000 a year earlier[27]. Financial Position - As of March 31, 2023, the group's equity was approximately HKD 1,521,716,000, down from HKD 1,846,740,000 in 2022[66]. - The group's cash and bank deposits as of March 31, 2023, were approximately HKD 60,746,000, an increase from HKD 40,926,000 in 2022[66]. - The group's net current liabilities as of March 31, 2023, were approximately HKD 175,202,000, compared to net current assets of approximately HKD 67,003,000 in 2022[66]. - The company has bank and other borrowings of approximately HKD 285,660,000 due within twelve months, and is actively negotiating with lenders for refinancing[81]. Corporate Governance - The company is committed to maintaining good corporate governance practices, adhering to the corporate governance code as set out in the Hong Kong Stock Exchange Listing Rules[97]. - The management team has extensive experience in finance and accounting, with key members holding significant qualifications and positions in various reputable organizations[90][92][95]. - The company is focused on enhancing transparency and accountability to shareholders through good corporate governance practices[97]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[100]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the fiscal year ending March 31, 2023[107]. Risk Management and Compliance - The company has established anti-corruption agreements with suppliers in its hotel business, emphasizing integrity and compliance in operations[129]. - The group has established guidelines for cooperation with government officials during unannounced inspections related to anti-corruption measures[148]. - The group plans to organize anti-corruption training for employees in the next reporting period[150]. Shareholder Information - Major shareholders include Rich Monitor Limited with 14.17% ownership, Pengxin Holdings Limited with 9.72%, and AXA Holdings Limited with 8.79%[170]. - The board does not recommend the payment of dividends for the fiscal year ending March 31, 2023, consistent with the previous year[173]. Environmental and Social Responsibility - The company has a comprehensive environmental, social, and governance (ESG) report[187]. - The company has implemented a food safety management system, ensuring compliance with safety guidelines for food procurement and related products[125]. - There were no product recalls due to safety or health reasons during the reporting period, indicating strong product quality management[120].

Audit and Review - The annual performance for the year ended March 31, 2023, has been reviewed by the audit committee, which consists of three independent non-executive directors[2]. Corporate Governance - The executive directors include Mr. Jiang Zhaobai, Mr. Lin Changsheng, and Mr. Chen Yi, while the independent non-executive directors are Mr. He Yaoyu, Mr. Gao Mingdong, and Mr. Wu Zhibin[3]. Compliance and Regulations - The company will provide supplementary information in accordance with the Hong Kong Stock Exchange Listing Rules[1]. - The company emphasizes that all other information stated in the annual performance announcement remains unchanged[6]. Announcement Details - The announcement date for the annual performance is June 29, 2023[5].

Financial Performance - The company's total comprehensive expenses for the year amounted to HKD 325,024,000, compared to HKD 197,295,000 in the previous year, reflecting a significant increase [4]. - The basic and diluted earnings per share were HKD 2.694 and HKD 3.200 respectively, indicating a decrease in profitability [3]. - The company reported a pre-tax loss of HKD 202,038,000, compared to a loss of HKD 250,886,000 in the previous year, indicating an improvement in financial performance [9]. - The company reported a loss of approximately HKD 197,419,000 for the fiscal year ending March 31, 2023, indicating significant financial challenges [41]. - The group recorded a loss of approximately HKD 197,419,000, a decrease from HKD 238,636,000 in the previous year [90]. - The net loss for the year 2023 was HKD 197,419,000, compared to a net loss of HKD 238,636,000 in 2022, representing an improvement of 17.3% [4]. - Operating loss decreased to HKD 151,276,000 in 2023 from HKD 212,227,000 in 2022, indicating a reduction of 28.7% [4]. - The company recorded a net loss of approximately HKD 197,419,000 for the year ended March 31, 2023 [180]. Revenue and Business Segments - The agricultural business generated revenue of HKD 89,749,000, up from HKD 81,383,000, showing an increase of approximately 10.6% [9]. - The property investment business reported a revenue of HKD 28,028,000, down from HKD 31,257,000, indicating a decrease of about 10.5% [9]. - The hotel business revenue decreased from HKD 36,707,000 to HKD 28,615,000, a decline of approximately 22.1% [9]. - Revenue from agricultural business increased by 10.3% to approximately HKD 89,749,000, accounting for 61.3% of total revenue [74]. - Revenue for the year 2023 was HKD 146,392,000, a decrease of 1.3% from HKD 149,347,000 in 2022 [4]. - Revenue from the China segment was HKD 56,643,000 in 2023, down from HKD 67,964,000 in 2022, a decline of 16.5% [4]. - Revenue from Bolivia increased to HKD 89,749,000 in 2023, up from HKD 81,383,000 in 2022, reflecting a growth of 10.5% [4]. Assets and Liabilities - The total assets decreased from HKD 2,902,087,000 in the previous year to HKD 2,558,371,000, representing a decline of approximately 11.85% [5]. - The total equity attributable to the company's owners decreased from HKD 1,814,088,000 to HKD 1,489,939,000, a decline of about 17.88% [5]. - The total liabilities decreased from HKD 1,055,347,000 to HKD 1,036,655,000, reflecting a slight reduction of about 1.8% [21]. - As of March 31, 2023, total liabilities amounted to HKD 1,036,655,000, a slight decrease from HKD 1,055,347,000 in the previous year [180]. - The company's net current liabilities were approximately HKD 175,202,000 as of March 31, 2023 [180]. - The current liabilities net amount was approximately HKD 175,202,000 as of March 31, 2023, compared to net current assets of approximately HKD 67,003,000 on March 31, 2022 [91]. - The debt-to-asset ratio was 34.2% as of March 31, 2023, compared to 30.8% on March 31, 2022 [91]. Cash Flow and Financial Support - The company received government subsidies totaling HKD 311,000,000, including HKD 288,000,000 from the Hong Kong government [53]. - A major shareholder has agreed to provide financial support to the company for the next 12 months to ensure operational continuity [130]. - The financial support from a major shareholder is expected to continue for the next 12 months to ensure operational stability [5]. - The company plans to seek further financing arrangements, including funding from related companies [180]. Operational Challenges and Strategies - The company reported a loss of HKD 16,608,000 due to impairment losses on mining rights [49]. - The fair value loss on investment properties amounted to HKD 168,966,000, indicating significant market challenges [49]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency [51]. - The group is considering ceasing operations in the securities investment and financing business to allocate more resources to other divisions [83]. - The company is actively negotiating with potential buyers to sell its hotel properties and/or certain investment properties to improve liquidity [120]. - The company plans to adopt a conservative approach and closely monitor market conditions while considering partnerships with experienced parties in resource business development [114]. Market Conditions and Future Outlook - The average selling price of soybeans increased by 21% to USD 460 per ton [74]. - The benchmark price for manganese ore increased by approximately 2.2% as of March 31, 2023, compared to the previous year [112]. - The company will closely monitor exchange rate fluctuations and take appropriate actions to mitigate foreign exchange risks [124]. - The company anticipates that successful implementation of its business plan may lead to positive cash flow and significantly improve operational performance [116].

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 73,748,000, an increase of 13.5% compared to HKD 64,898,000 for the same period in 2021[11]. - Gross profit for the same period was HKD 46,101,000, up from HKD 37,708,000, reflecting a gross margin improvement[11]. - The company reported a net loss of HKD 54,172,000 for the six months ended September 30, 2022, compared to a net loss of HKD 18,090,000 in the prior year, indicating a significant increase in losses[11][14]. - The total comprehensive loss for the period was HKD 182,853,000, compared to HKD 18,079,000 in the previous year, primarily due to foreign exchange losses[14]. - The basic and diluted loss per share was HKD 0.742, compared to HKD 0.248 for the same period last year[11]. - The company experienced a significant increase in expected credit losses, with a provision of HKD 4,930,000 compared to a reversal of HKD 7,597,000 in the previous year[11]. - Other income and gains for the period were HKD 998,000, a decrease from HKD 3,792,000 in the prior year[11]. - The fair value loss on investment properties was HKD 70,588,000, compared to a loss of HKD 9,639,000 in the previous year, indicating a deterioration in property valuations[11]. - The total pre-tax loss for the six months ended September 30, 2022, was HKD 57,838,000, compared to a pre-tax loss of HKD 20,749,000 in the same period of 2021[48]. - The group reported a net loss of HKD 54,156,000 for the six months ended September 30, 2022, compared to a net loss of HKD 18,078,000 in the same period of 2021[80]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HKD 2,675,169,000, a decrease of 7.8% from HKD 2,902,087,000 as of March 31, 2022[19]. - Non-current assets decreased to HKD 1,893,087,000 from HKD 2,098,690,000, representing a decline of 9.8%[19]. - Current assets totaled HKD 782,082,000, slightly down from HKD 803,397,000, a decrease of 2.6%[19]. - Total liabilities were HKD 1,011,282,000, down from HKD 1,055,347,000, indicating a reduction of 4.2%[19]. - The equity attributable to owners of the company decreased to HKD 1,631,251,000 from HKD 1,814,088,000, a decline of 10.1%[19]. - The company's total equity as of September 30, 2022, was HKD 1,663,887,000, down from HKD 1,846,740,000, a decrease of 9.8%[19]. - The company's current liabilities amounted to HKD 708,326,000, a slight decrease from HKD 736,394,000, representing a reduction of 3.8%[19]. - The total segment liabilities decreased to HKD 116,605, down 9.7% from HKD 129,250[51]. - Trade payables increased to HKD 13,277,000 as of September 30, 2022, from HKD 11,495,000 as of March 31, 2022, representing a growth of 15.5%[117]. - Other payables and received deposits decreased to HKD 56,445,000 as of September 30, 2022, down from HKD 62,412,000 as of March 31, 2022, a decline of 9.4%[117]. Cash Flow and Financing - For the six months ended September 30, 2022, the net cash generated from operating activities was HKD 17,266,000, a decrease of 69.6% compared to HKD 56,711,000 for the same period in 2021[31]. - Total cash and cash equivalents at the end of the period were HKD 48,370,000, down 46.5% from HKD 90,496,000 at the end of the same period in 2021[31]. - The financing activities net cash used was HKD 6,842,000, a significant decrease from net cash generated of HKD 2,142,000 in the previous year[31]. - The company incurred interest expenses of HKD 13,309,000, a substantial increase from HKD 2,472,000 in the same period last year[31]. - The company reported a total borrowing of HKD 284,000,000 as of September 30, 2022, an increase from HKD 266,000,000 as of March 31, 2022, marking a rise of 6.8%[123]. - The company's total borrowings were approximately HKD 862,274,000 as of September 30, 2022, down from HKD 893,696,000 as of March 31, 2022[164]. Segment Performance - The agricultural business segment reported revenue of HKD 42,183,000, a significant increase of 35.1% from HKD 31,243,000 in the same period last year[48]. - The property investment segment generated revenue of HKD 13,573,000, a decrease of 11.6% from HKD 15,350,000 in the previous year[48]. - The hotel business segment's revenue was HKD 17,992,000, slightly down by 1.7% from HKD 18,305,000 in the same period last year[48]. - Revenue from external customers in China for the six months ended September 30, 2022, was HKD 31,565, a decrease of 6.2% from HKD 33,655 in the same period of 2021[64]. - Revenue from Bolivia increased to HKD 42,183, up 35.1% from HKD 31,243 year-on-year[64]. Investment and Fair Value - The fair value loss on investment properties was HKD 70,588 for the period[56]. - The fair value of financial assets held for trading was HKD 656,107,000 as of September 30, 2022, compared to HKD 667,906,000 as of March 31, 2022[103]. - The company reported a fair value gain of approximately HKD 42,788,000 from investments in Heilongjiang Guozhong Water Co., Ltd. for the six months ended September 30, 2022[103]. - The group held securities investments totaling approximately HKD 656,107,000, representing 24.5% of total assets of HKD 2,675,169,000[154]. - The group agreed to sell 227,312,500 shares of Heilongjiang Guozhong Water Affairs Co., Ltd. for a total consideration of RMB 577,373,750 (approximately HKD 656,107,000) to Shanghai Pengxin and Mr. Jiang[156]. Management and Governance - The company has complied with the corporate governance code throughout the review period, with some deviations noted[190]. - The audit committee reviewed the interim report for the six months ending September 30, 2022[194]. - The company plans to adopt a cautious approach to manage its business and strategies amid political and economic uncertainties[160]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2022[189]. Employee and Shareholder Information - The company employed approximately 155 staff as of September 30, 2022, down from 160 as of March 31, 2022[173]. - The number of issued and fully paid ordinary shares remained at 7,294,369,363 as of September 30, 2022[112]. - The total shares held by major shareholders include 1,742,300,000 shares owned by Jiang Zhaobai, representing 23.89% of the total shares[178]. - Rich Monitor Limited holds 1,033,300,000 shares, accounting for 14.17% of the total shares, while Pengxin Holdings Limited owns 709,000,000 shares, representing 9.72%[183].

Financial Performance - The company's revenue for the year ended March 31, 2022, was approximately HKD 149,347,000, an increase of about 17.5% compared to HKD 127,093,000 in the previous year[7]. - The loss attributable to shareholders for the year was approximately HKD 233,386,000, representing an increase of about 72.8% from HKD 135,055,000 in the previous year[7]. - The basic and diluted loss per share was approximately HKD 3.200, compared to HKD 1.851 in the previous year[7]. - For the fiscal year ending March 31, 2022, the group's revenue was approximately HKD 149,347,000, an increase of about 17.5% compared to HKD 127,093,000 in the previous year[37]. - The group recorded a loss of approximately HKD 238,636,000, which is an increase of about 76.6% from HKD 135,091,000 in the previous year, primarily due to impairment losses related to mining rights and financial asset fair value changes[37][40]. Property and Rental Income - Rental income from property investment decreased by 2.1% to approximately HKD 31,257,000, accounting for 20.9% of total revenue[9]. - The average occupancy rate for the Shanghai property decreased from 51% to 43% year-over-year, while the Beijing property maintained an occupancy rate of approximately 96%[9]. - The fair value loss on investment properties was approximately HKD 50,909,000, compared to HKD 43,373,000 in the previous year[9]. - The company plans to review its investment property portfolio and implement measures to enhance rental income levels[10]. Hotel Business - Revenue from the hotel business slightly increased to approximately HKD 36,707,000, representing 24.6% of total revenue[15]. - The hotel division recorded a profit of approximately HKD 2,753,000, compared to a loss of HKD 1,514,000 in the previous year[15]. - The hotel business in Shanghai has a building area of 15,997 square meters and was designated as a quarantine hotel during the COVID-19 pandemic[139]. Agricultural Business - The agricultural business reported a revenue increase of 38.7% to approximately HKD 81,383,000, accounting for 54.5% of total revenue[17]. - Crop sales generated approximately HKD 77,135,000, with soybean being the primary crop, averaging 2.3 tons per hectare from 11,000 hectares planted[17]. - The average selling price of soybeans increased by 22% to USD 380 per ton, contributing to a segment profit of approximately HKD 26,389,000, a turnaround from a loss of HKD 33,208,000 the previous year[17]. - The average selling price of soybeans increased, contributing an additional revenue of approximately HKD 22,724,000 to the agricultural business[37]. Securities and Investments - The group recorded a loss of approximately HKD 62,451,000 in the securities investment and financing business, compared to a profit of HKD 91,613,000 the previous year[20]. - The total value of securities investments under financial assets at fair value was approximately HKD 667,906,000, representing 36.2% of the group's net assets[21]. - The group plans to review its investment strategy in Heilongjiang Guozhong and may liquidate its investment to enhance operational liquidity if necessary[22]. Mining Operations - The mining rights in Indonesia have an estimated resource volume of approximately 18,800,000 tons, but production activities have not yet commenced since acquisition in 2011[23]. - The benchmark price for manganese ore decreased to USD 145 per ton, leading to an impairment loss of approximately HKD 109,109,000 for the mining rights[24]. - The estimated value of the mining rights as of March 31, 2022, was approximately HKD 69,555,000, down from HKD 178,664,000 the previous year[24]. Corporate Governance - The board of directors has emphasized the importance of risk management practices, particularly in technology and operational processes, to safeguard company assets[67]. - The board consists of six members, including three executive directors and three independent non-executive directors[74]. - The company has maintained compliance with corporate governance standards, ensuring transparency and accountability to shareholders[67]. - The board has established effective risk management and internal control systems to achieve strategic objectives[81]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors[72]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) report covers four main business operations during the reporting period[138]. - The company aims to minimize adverse environmental impacts while creating shared sustainable value with stakeholders[151]. - The group has established an environmental, social, and governance working group to assess and manage related matters[150]. - The group aims to reduce overall emission intensity by 10% by 2032, starting from the current reporting period[180]. - The group has complied with all relevant environmental laws and regulations without any significant violations during the reporting period[161]. Waste and Emissions Management - The group generated a total of 5.77 tons of hazardous waste during the reporting period, primarily due to machinery and fumigation activities[173]. - The total non-hazardous waste produced was 11.09 tons, including organic waste from the agricultural business[175]. - The overall greenhouse gas emission density was 457.16 kg of CO2 equivalent per hectare or 60.20 tons of CO2 equivalent per employee[166]. - The agricultural business accounted for 85.38% of total greenhouse gas emissions, with direct emissions from mobile sources burning diesel at 1,640.30 tons[166]. - The increase in emissions was mainly attributed to the additional diesel consumption by agricultural machinery and increased fuel usage in hotel kitchens[162].