Financial Performance - For the six months ended September 30, 2024, the company reported total revenue of HKD 251,421,000, a decrease of 6.7% compared to HKD 269,381,000 for the same period in 2023[2] - Gross profit for the same period was HKD 58,241,000, slightly up from HKD 57,416,000, indicating a gross margin improvement[2] - The net profit for the period was HKD 21,335,000, representing an increase of 5.2% from HKD 20,275,000 in the previous year[3] - Basic and diluted earnings per share increased to HKD 2.33 from HKD 2.20, reflecting a growth of 5.9%[3] - Total comprehensive income for the period was HKD 24,303,000, significantly higher than HKD 6,773,000 in the same period last year[9] - Revenue from watch manufacturing and trading for the six months ended September 30, 2024, was HKD 197,100, a decrease of 5.4% from HKD 209,565 in the same period of 2023[19][21] - The segment profit for property development and investment increased to HKD 95,747 for the six months ended September 30, 2024, compared to HKD 105,717 in the same period of 2023, reflecting a decrease of 9.5%[19][21] - Bank interest income decreased to HKD 8,541 for the six months ended September 30, 2024, from HKD 9,128 in the previous year, a decline of 6.4%[25][21] - The group reported a net profit of HKD 21,335 for the six months ended September 30, 2024, compared to HKD 20,275 for the same period in 2023, representing an increase of 5.2%[19][21] Assets and Liabilities - Non-current assets increased to HKD 5,910,458,000 from HKD 5,700,183,000, showing a growth of 3.7%[12] - Current assets rose to HKD 3,213,743,000, up from HKD 2,880,414,000, marking an increase of 11.6%[12] - The company's total liabilities increased to HKD 4,194,612,000 from HKD 3,489,037,000, reflecting a rise of 20.2%[14] - The group reported accounts receivable of approximately HKD 876,000,000 as of September 30, 2024, down from HKD 1,054,000,000 as of March 31, 2024[40] - The group’s accounts payable and notes payable totaled approximately HKD 57,564,000 as of September 30, 2024, compared to HKD 28,293,000 as of March 31, 2024, indicating a significant increase[44] - As of September 30, 2024, the total borrowings of the group amounted to approximately HKD 5,358,000,000, with a repayment term of 20 years[53] - The group's capital debt ratio as of September 30, 2024, was 1.60, up from 1.34 as of March 31, 2024[53] Investment Properties - The company continues to focus on enhancing its investment properties, which increased in value to HKD 5,262,763,000 from HKD 5,059,548,000[12] - The group’s total investment properties increased to HKD 5,262,763 as of September 30, 2024, up from HKD 4,890,225 as of April 1, 2023, reflecting a growth of 7.6%[36] Dividends and Shareholder Returns - The group declared a final dividend of HKD 0.012 per share for the year ended September 30, 2024, down from HKD 0.018 per share in 2023, a decrease of 33.3%[35] - The group does not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[48] - The profit attributable to shareholders for the same period was approximately HKD 21,335,000, an increase from HKD 20,242,000 in the previous year, reflecting a growth of about 5.4%[49] Corporate Governance - The company has adhered to the corporate governance code, with independent non-executive directors reviewing accounting principles and risk management practices[64] - The company has established an audit and risk management committee to oversee financial reporting and internal controls[64] - The company has confirmed compliance with the securities trading code for directors during the review period[65] - The company believes that the exemption of the chairman and managing director from rotation at the annual general meeting aligns with the group's best interests[63] - The company has not specified terms for the appointment of non-executive directors, but they must retire and seek re-election at the annual general meeting[61] Ongoing Projects - The company has ongoing construction of a mixed-use building at 88 Queen Street East, Toronto, with a total area of 50,000 square meters, expected to be completed in 2025[71] - The group is nearing completion of the interior decoration and renovation works for its luxury residential project located at 1 South Bay Road, Hong Kong[50] Share Repurchase - The company repurchased a total of 120,000 shares at an average price of HKD 0.537, with a total expenditure of HKD 64,573[60] Other Financial Highlights - The group recognized a net gain of HKD 28,640 from fair value changes of financial assets for the six months ended September 30, 2024, compared to HKD 1,980 in the same period of 2023[25]

Financial Performance - The group's audited consolidated profit attributable to shareholders for the year ended March 31, 2024, was HKD 41,133,258, a decrease from HKD 48,869,383 for the year ended March 31, 2023[27]. - Basic and diluted earnings per share for the year ended March 31, 2024, were both HKD 0.045, compared to HKD 0.052 for the previous year[27]. - The group's pre-tax profit decreased by 36% to approximately HKD 42,000,000 due to a significant increase in financial expenses of HKD 73,000,000 resulting from rising market interest rates[39]. - The proposed final dividend for the year ended March 31, 2024, is HKD 0.012 per share, down from HKD 0.018 per share for the previous year[50]. - As of March 31, 2024, the group's total bank deposits and cash amounted to approximately HKD 475,000,000, a decrease from HKD 852,000,000 in the previous year[43]. - The group has a total shareholder equity of approximately HKD 2,549,000,000 as of March 31, 2024[63]. - As of March 31, 2024, the reserves available for distribution to shareholders amounted to HKD 334,101,138, an increase from HKD 216,090,797 in 2023[97]. - Retained earnings increased to HKD 243,247,099 from HKD 125,236,758 in the previous year[97]. Investment Properties - The fair value of the group's investment properties recorded an increase of approximately HKD 223,000,000, down from HKD 299,000,000 in the previous year[41]. - The fair value of the group's investment properties reached HKD 5,059,548,397 as of March 31, 2024, with a fair value increase of HKD 223,301,069 recognized in the consolidated income statement for the year[194]. Borrowings and Financial Management - The group's capital debt ratio is 1.34, compared to 1.37 in 2023, with long-term borrowings of approximately HKD 3,408,000,000[63]. - The total borrowings of the group as of March 31, 2024, amount to approximately HKD 4,929,000,000, an increase of about HKD 82,000,000 from the previous year[82]. - The group has no significant investment plans currently, and any acquisitions will be financed through internal resources and bank borrowings[66]. - As of March 31, 2024, the group has approximately HKD 7,417,000,000 in properties and fixed deposits pledged as collateral for bank financing[85]. - The group maintains a reasonable level of cash resources and standby credit facilities to meet its obligations and working capital needs[83]. - All borrowings are floating rate loans, and the group will prudently monitor foreign exchange and interest rate risks[84]. - The group has a long-term repayment period for borrowings of 20 years, with HKD 1,521,000,000 due within one year[82]. Business Operations - The hotel operations segment's profit increased by 73% to approximately HKD 74,000,000, benefiting from the return of business and leisure travelers[42]. - The group is involved in manufacturing, assembling, and selling electronic watches and watch accessories, as well as property development and hotel operations[77]. - The group plans to focus on traditional watch products while exploring new technologies, including smart and hybrid watches[36]. - The group is set to launch a new series of hybrid smartwatches, featuring modern design and advanced smart technology[61]. - The latest version of the hybrid smartwatch application features enhanced connectivity for multiple watches and supports multiple languages to improve user experience[38]. - The group has completed the shell construction of the mixed-use project at 88 Queen Street East in Toronto, Canada[54]. Corporate Governance - The board held four meetings and one annual general meeting during the year, with full attendance from committee members[111]. - The board composition includes 90% male and 10% female directors, ensuring diverse perspectives[123]. - 80% of the board members have over three years of service, providing a balance of experience and fresh ideas[123]. - The company has established a diversity policy for board members to enhance governance and effectiveness[122]. - The audit and risk management committee reviewed the effectiveness of the group's risk management and internal control systems[112]. - The company maintains a strong focus on compliance with legal and regulatory requirements as part of its governance practices[122]. - The company is committed to continuous professional development for all directors to ensure they remain informed and capable of contributing effectively[145]. - The company has a gender diversity rate of approximately 50.24%, with 104 female employees[150]. - The audit committee has recommended the reappointment of the external auditor at the upcoming annual general meeting[129]. Risk Management and Compliance - The audit and risk management committee has confirmed the effectiveness and adequacy of the group's risk management and internal control systems[153]. - The board believes that the current risk management and internal control systems are sufficient and effective[127]. - The company identified and assessed risks of material misstatement in the consolidated financial statements due to fraud or error, implementing audit procedures to address these risks[199]. - The overall presentation, structure, and content of the consolidated financial statements were evaluated, including disclosures, to ensure they fairly reflect relevant transactions and events[200]. - The company must ensure that all shareholders have equal rights to access information for informed decision-making[158]. - The company is committed to maintaining compliance with disclosure regulations and applicable laws[158]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position fairly as of March 31, 2024, in accordance with Hong Kong Financial Reporting Standards[192]. - The total fees for audit and non-audit services amounted to HKD 2,326,000, with audit services costing HKD 2,000,000 and non-audit services costing HKD 326,000[155]. - The company incurred approximately HKD 1,324,000 in audit fees for the year from external auditors[184]. - The company employs a simplified approach under Hong Kong Financial Reporting Standard 9 for accounts receivable, recognizing lifetime expected losses upon initial recognition[156]. - The company has appointed external independent professionals to perform internal audit functions due to the scale, nature, and complexity of its business[126]. - The board is responsible for assessing the group's ability to continue as a going concern and must disclose relevant matters if applicable[197]. - The valuation of investment properties is considered a key audit matter due to significant unobservable inputs and management estimates involved[194]. - The board reviews the effectiveness of shareholder communication policies annually, finding them sufficient and effective[186]. - The company has established multiple communication channels for shareholders, including an official website and direct contact options[186].

Financial Performance - The company's total revenue for the year ended March 31, 2024, was HKD 501,313,169, an increase from HKD 450,750,012 in the previous year, representing an increase of approximately 11.2%[3] - The hotel operations segment reported revenue of HKD 127,472,563, up from HKD 89,519,431, indicating a growth of about 42.3% year-over-year[3] - The total profit for the year was HKD 48,843,913, compared to HKD 41,133,258 in the previous year, reflecting an increase of approximately 18.5%[16] - The company reported a pre-tax profit of HKD 65,498,446, with income tax expenses of HKD 16,654,533, resulting in a net profit margin of approximately 73.9%[6] - The gross profit for the year was HKD 120,927,099, compared to HKD 107,799,872 in the previous year, indicating a year-over-year increase of about 12.3%[68] - The net profit for the year was HKD 41,036,362, down from HKD 48,843,913 in the previous year, reflecting a decrease of approximately 16.0%[68] - Basic earnings per share decreased to HKD 4.5 cents from HKD 5.2 cents, a decline of about 13.5%[69] - The proposed final dividend per share is HKD 1.2 cents, down from HKD 1.8 cents in the previous year, representing a reduction of 33.3%[69] Borrowings and Liabilities - The company’s total borrowings as of March 31, 2024, were approximately HKD 4,929,000,000, an increase of about HKD 82,000,000 from HKD 4,847,000,000 in the previous year[25] - As of March 31, 2024, 75% of the company's borrowings were in HKD, 22% in CAD, 2% in GBP, and the remaining 1% in JPY and USD[26] - Total liabilities increased to HKD 6,037,858,443 from HKD 6,154,917,862, reflecting a decrease of about 1.9%[72] - The total liabilities increased to HKD 6,031,776,024 from HKD 5,962,158,380, reflecting a rise of approximately 1.2%[90] Capital Expenditure and Assets - The company’s capital expenditure for the year was HKD 228,523,460, with significant investments in property development and hotel operations[8] - Non-current assets increased to HKD 5,700,183,460 from HKD 5,614,061,618, showing a slight growth of about 1.5%[71] - The group’s non-current assets increased to HKD 5,672,230,048 from HKD 5,580,950,418, showing a growth of approximately 1.6%[95] - The company reported a significant increase in investment properties, rising to HKD 5,059,548,397 from HKD 4,890,224,988, which is an increase of approximately 3.5%[71] - The group's total assets as of March 31, 2024, amounted to HKD 8,580,597,294, compared to HKD 8,508,306,955 as of March 31, 2023, reflecting a slight increase of about 0.85%[119] Shareholder Information - The company plans to pay a final dividend of HKD 0.012 per share for the year ended March 31, 2024, down from HKD 0.018 per share in the previous year[20] - The company plans to suspend the registration of shareholders from September 2 to September 3, 2024, to determine eligibility for the proposed dividend[64] - The company will hold its annual general meeting on August 23, 2024, with a suspension of share transfer registration from August 16 to August 23, 2024[150] Employee and Governance - The group has approximately 210 employees as of March 31, 2024, with total staff costs including directors' remuneration amounting to HKD 101,000,000, down from HKD 110,000,000 in the previous year[139] - The company has established an audit and risk management committee to review and monitor the financial reporting process and internal controls[157] - The company has welcomed new board members, enhancing its governance structure[149] - The chairman and managing director will not be required to rotate out of their positions, ensuring stability in the company's strategic direction[148] Market and Operational Challenges - The group anticipates continued challenges in its watch manufacturing and accessories business due to global delays in interest rate cuts, particularly in the United States[52] - The revenue from watch manufacturing and accessories trade was HKD 411,751,950, showing a slight decrease from HKD 411,793,738 in the previous year[94] - Total revenue from the watch manufacturing and trading segment for the year ended March 31, 2024, was HKD 190,455,728, a decrease from HKD 199,136,628 in the previous year, representing a decline of approximately 3.4%[119] Cash Flow and Financial Stability - As of March 31, 2024, the group's total bank balance and cash amounted to approximately HKD 475 million, a decrease from HKD 852 million in 2023[40] - The company’s cash and cash equivalents decreased to HKD 475,025,611 from HKD 852,304,897, a decline of about 44.2%[71] - The group confirmed government subsidies related to COVID-19 amounting to HKD 3,391,200 for the year ended March 31, 2023[97] - The group is focused on maintaining its financial resources and liquidity through effective treasury policies[152] - The group’s capital debt ratio as of March 31, 2024, was 1.34, down from 1.37 in the previous year, indicating improved financial stability[137] Project Developments - The group has a 100% interest in residential properties located at 1 South Bay Road, Hong Kong, and 43 remaining residential units in Phase III at 88 Queen Street East, Toronto, Ontario, Canada[35] - The group has completed the construction of its luxury residential project at 1 South Bay Road, Hong Kong, receiving the occupancy permit from the government[38] - The group is progressing well with the indoor engineering of its mixed-use project located at 88 Queen Street East, Toronto, Canada[136] - The group's mixed-use project in Toronto has reached the topping-off stage, with the shell largely completed[107]

Financial Performance - The company reported a profit of HKD 20,275,000 for the six months ended September 30, 2023, compared to HKD 21,305,000 for the same period in 2022, reflecting a decrease of approximately 4.83%[6][17]. - Total comprehensive income for the period was HKD 6,773,000, a significant improvement from a total comprehensive loss of HKD 52,719,000 in the previous year[7]. - Revenue from external sales reached HKD 266,291,000, an increase from HKD 227,886,000 in the same period last year, representing a growth of approximately 16.87%[18]. - The company’s basic and diluted earnings per share for the period were HKD 0.0220, down from HKD 0.0225 in the same period last year[24][35]. - The total revenue for the six months ended September 30, 2023, was HKD 269,381,000, compared to HKD 266,291,000 for the same period in 2022, indicating a slight increase of about 0.79%[114]. - The profit attributable to shareholders for the six months ended September 30, 2023, was approximately HKD 20,242,000, down from HKD 21,330,000 in the same period of 2022, indicating a decrease of about 5.1%[196]. Assets and Liabilities - The company’s non-current assets increased to HKD 5,807,072,000 as of September 30, 2023, compared to HKD 5,614,061,000 as of March 31, 2023, indicating a growth of about 3.44%[9]. - The company’s total liabilities decreased to HKD 2,814,066,000 from HKD 2,894,246,000, reflecting a reduction of approximately 2.77%[9]. - The company’s total assets less current liabilities increased to HKD 6,394,187 from HKD 6,154,919[142]. - The company’s equity attributable to owners decreased to HKD 2,532,351 from HKD 2,544,789[142]. - The total borrowings of the group as of September 30, 2023, were approximately HKD 4.924 billion, with 80% in HKD and 17% in CAD[68][70]. Cash Flow and Financial Management - Cash and cash equivalents decreased to HKD 539,618,000 from HKD 852,305,000, a decline of approximately 36.67%[13]. - Operating cash flow for the period was a net outflow of HKD 216,205, compared to a net inflow of HKD 113,972 in the same period last year[144]. - The company experienced a decrease in cash and cash equivalents, with a net reduction of HKD 314,383, compared to HKD 106,391 in the previous year[145]. - The group has approximately HKD 7.202 billion in properties and bank deposits pledged as collateral for bank financing[73]. Revenue and Profit Segments - The boutique hotel division performed well, with revenue and profit growth, maintaining a high occupancy rate[51]. - The company recorded a net rental income of HKD 35,350,000 for the six months ended September 30, 2023, compared to HKD 20,360,000 in the previous year, marking an increase of about 73.73%[108]. - The revenue and profit from the watch manufacturing and watch accessory trading segment experienced a slight decline during the same period[197]. - The North America segment reported revenue of HKD 38, a significant decrease from HKD 3,042 in the previous year[130]. Investments and Future Plans - The group completed the sale of its subsidiary HGL Investment Limited on October 11, 2023, for an initial consideration of HKD 266 million[63][65]. - The group has no significant investment plans currently, with all investments funded through bank borrowings and internal resources[72]. - The group plans to continue focusing on increasing rental income in its boutique hotel business[52]. - The luxury residential project located at No. 1 South Bay Avenue is expected to be completed in the first half of 2024, after which the company will create a model unit designed by a renowned designer[198]. - The group has received approval to add one floor with 12 residential units to its mixed-use project at 88 Queen Street East, Toronto, which is intended for long-term investment[171]. Operational Efficiency - Employee costs recognized in the income statement for the period were approximately HKD 48 million, compared to HKD 52 million for the same period last year[58]. - The company incurred a total staff cost of HKD 47,922,000 for the period, down from HKD 52,197,000 in the previous year, a decrease of about 8.93%[108]. - The depreciation of property, plant, and equipment decreased to HKD 2,514,000 from HKD 4,105,000, a reduction of approximately 38.73%[108]. - The group’s major management personnel compensation for the period was approximately HKD 16,976,000, compared to HKD 17,226,000 for the six months ended September 30, 2022[189]. Risk Management and Governance - The company has established an audit and risk management committee to oversee financial reporting and risk management practices[94]. - The group anticipates continued pressure on its watch and watch accessories business due to global interest rate hikes and slowing economic growth in China[172]. - The impact of foreign exchange rate changes resulted in a loss of HKD 11,532, compared to a loss of HKD 74,789 in the previous year[138]. Market Conditions - The fair value change of financial assets recognized in profit or loss resulted in a gain of HKD 1,980,000, compared to a loss of HKD 24,585,000 in the previous year[21]. - The fair value of investment properties increased to HKD 5,100,016,000 as of September 30, 2023, up from HKD 4,890,225,000 as of March 31, 2023, representing a growth of approximately 4.29%[112]. - The fair value of the group's investment properties in Hong Kong and China is determined using the residual method, reflecting the quality of completed development projects[159]. - The fair value of the group's investment properties in the UK and Japan is determined by independent qualified professional valuers, with no relationship to the group[183].

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，並明確表示概不就因本公佈全部或任何部份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。 NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 截至二零二三年九月三十日止 六個月之中期業績公佈 未經審核中期業績 National Electronics Holdings Limited（「本公司」）董事（「董事」）組成之董事會 （「董事會」）欣然提呈本公司及其附屬公司（統稱「本集團」）截至二零二三年九月 三十日止六個月之中期業績。 簡明綜合損益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 千港元 千港元 收益 3 269,381 266,291 銷售成本 (211,965) (220,722) 毛利總額 57,416 45,569 其他收入 4 10,375 7,771 其他收益╱（虧損）－淨額 5 1,980 (24,585) ...

股份代號 : 213 目錄 1 NATIONAL ELECTRONICS HOLDINGS LIMITED 執行董事 二 0 二 三年度年報 | --- | --- | |--------------------------|-------| | | | | | 頁次 | | 公司資料 2 | | | 主席報告書 3 | | | 管理層討論與分析 6 | | | 董事及高級管理層 9 | | | 董事會報告書 11 | | | 企業管治報告 16 | | | 環境、社會及管治報告 25 | | | 獨立核數師報告 26 | | | 綜合損益表 31 | | | 綜合損益及其他全面收益表 | 32 | | 綜合財務狀況表 33 | | | 綜合權益變動表 35 | | | 綜合現金流量表 36 | | | 綜合財務報表附註 38 | | | 本集團所持主要物業一覽表 | 126 | | 財務摘要 128 | | 公司資料 主要銀行 李源清 主席 李本智 董事總經理 李源鉅 董事總經理 李源初 衛光遠 香港上海滙豐銀行有限公司 恒生銀行有限公司 中國工商銀行（亞洲）有限公司 中國銀行（香港）有限公司 渣打銀行（香 ...

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，並明確表示概不就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。 NATIONAL ELECTRONICS HOLDINGS LIMITED （於百慕達註冊成立之有限公司） （股份代號：213） 截至二零二三年三月三十一日止 年度業績公佈 業績 National Electronics Holdings Limited（「本公司」）董事（「董事」）組成之董事會 （「董事會」）欣然宣佈，本公司及其附屬公司（統稱「本集團」）截至二零二三年三 月三十一日止年度之經審核綜合業績，連同於二零二三年三月三十一日之經審核 綜合財務狀況表如下： 綜合損益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 港元 港元 收益 3 501,313,169 694,563,912 銷售成本 (393,513,297) (606,742,048) 毛利總額 107,799,872 87,821,864 其他收入、其他收益及虧損淨額 4 (11,058,895) (37,026,1 ...

Financial Performance - For the six months ended September 30, 2022, the company reported total revenue of HKD 266,291,000, a decrease of 29% from HKD 374,119,000 in the same period of 2021[2]. - Gross profit for the same period was HKD 45,569,000, slightly up from HKD 45,200,000 year-on-year[2]. - The net profit for the period was HKD 21,305,000, down 66.9% compared to HKD 64,315,000 in the previous year[5]. - Basic earnings per share decreased to HKD 2.26 from HKD 6.65, reflecting a significant decline in profitability[2]. - The profit before tax for the six months ended September 30, 2022, was HKD 23,974,000, compared to HKD 63,696,000 for the same period in 2021, indicating a significant decrease of about 62%[36][44]. - The profit attributable to shareholders for the same period was approximately HKD 21,330,000, compared to HKD 64,354,000 in the previous year, reflecting a decline of approximately 67%[99]. Revenue and Sales - The total revenue for the six months ended September 30, 2022, was HKD 266,291,000, a decrease from HKD 374,119,000 in the previous year, representing a decline of approximately 29%[40][51]. - Revenue from external sales in Hong Kong and China was HKD 256,500,000 for the six months ended September 30, 2022, down from HKD 362,448,000 in the previous year, a decrease of approximately 29%[51]. - The company recorded other income of HKD 7,771,000, a substantial increase from HKD 2,292,000 in the prior year[2]. Assets and Liabilities - Total assets as of September 30, 2022, were HKD 6,041,027,000, compared to HKD 6,023,802,000 as of March 31, 2022[19]. - The company’s total liabilities decreased to HKD 3,527,345,000 from HKD 3,407,197,000[19]. - The company reported a net asset value attributable to equity holders of HKD 2,512,322,000, down from HKD 2,615,220,000[19]. - The total borrowings of the group as of September 30, 2022, were approximately HKD 4,645,000,000, with a repayment period of 30 years[106]. - The capital-to-debt ratio as of September 30, 2022, was 1.36, up from 1.25 as of March 31, 2022[106]. Cash Flow - The company’s cash and cash equivalents decreased to HKD 903,481,000 from HKD 1,100,196,000[16]. - Cash and cash equivalents at the end of the period were HKD 903,481,000, down from HKD 1,018,923,000 at the end of the previous year, a decrease of about 11%[24]. - The net cash generated from operating activities for the six months ended September 30, 2022, was HKD 113,972,000, compared to a net cash used of HKD 262,995,000 for the same period in 2021[24]. - The company’s total cash outflow from investing activities was HKD 99,147,000 for the six months ended September 30, 2022, compared to HKD 9,455,000 in the previous year, indicating a significant increase in cash used for investments[24]. Dividends and Share Capital - The interim dividend declared for 2022 is HKD 0.03 per share, consistent with the previous year's dividend of HKD 0.03 per share[10]. - The total issued and fully paid share capital as of September 30, 2022, was HKD 92,773,000, down from HKD 94,931,000 as of March 31, 2022, indicating a decrease of approximately 2.3%[80]. - The company repurchased a total of 21,580,000 shares during the six months ended September 30, 2022, with a total cost of approximately HKD 21,942,256[118]. Investments and Properties - The fair value of investment properties increased from HKD 4,347,962,000 as of March 31, 2022, to HKD 4,547,514,000 as of September 30, 2022, representing an increase of approximately 4.6%[11]. - The company holds 100% equity in several long-term investment properties located in Hong Kong, including The Putman, 99 Bonham, One96, and The Jervois[126]. - The company is currently developing a project at 88 Queen Street East, Toronto, with a total area of 3,197 square meters, expected to be completed in 2024[134]. - The company maintains a diverse portfolio of commercial, industrial, and residential properties, reflecting a balanced investment strategy[126]. - The company is focused on long-term property investments, ensuring stability and potential growth in asset value[126]. Employee and Management - The group employed approximately 240 employees across Hong Kong, China, and other overseas countries as of September 30, 2022, with total staff costs recognized in the profit and loss statement amounting to approximately HKD 52,000,000 for the period[111]. - The management's remuneration for the period was approximately HKD 17,226,000, slightly down from HKD 17,826,000 for the same period last year[86]. Corporate Governance - The company has complied with the corporate governance code, except for specific provisions regarding the appointment and rotation of non-executive directors[119]. - The audit and risk management committee has reviewed the accounting principles and practices adopted by the group for the six months ended September 30, 2022[122]. - The company has adopted a standard code for securities trading by directors, confirming compliance during the review period[123].

Financial Performance - The group reported a consolidated profit attributable to shareholders of HKD 91,356,972 for the year ended March 31, 2022, a decrease of 21.5% from HKD 116,262,504 for the previous year[17]. - Basic and diluted earnings per share for the year were HKD 0.095, down from HKD 0.118 in the previous year[17]. - Total revenue for the year ended March 31, 2022, was HKD 694,563,912, a decrease of 51.8% compared to HKD 1,442,829,063 in the previous year[178]. - Gross profit for the year was HKD 87,821,864, down 45.4% from HKD 160,600,989 in the prior year[178]. - The net profit for the year was HKD 91,277,986, representing a decline of 21.5% from HKD 116,186,190 in the previous year[178]. - The company reported a total comprehensive income of HKD 113,954,070 for the year, down from HKD 218,290,835 in the previous year[182]. - The company’s total equity attributable to owners was HKD 2,558,209,285 as of March 31, 2022, compared to HKD 2,403,276,021 the previous year, reflecting a growth of 6.4%[190]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.03 per share, consistent with the previous year's final dividend[18]. - A mid-term dividend of HKD 0.005 per share was distributed, totaling HKD 4,827,490, with a proposed final dividend of HKD 0.03 per share, amounting to approximately HKD 28,450,000[65]. - The company aims to balance sufficient capital for business development and shareholder returns, considering factors such as actual and expected performance, liquidity, and future expansion plans when determining dividends[145]. Investments and Acquisitions - The group completed the acquisition of residential property at 26 Royal Bay, 8 Whitehead Road, for long-term investment purposes[41]. - The group expects the project at 1 South Bay Road to be topped out around Q4 2022 and completed in Q2 2023[31]. - The group plans to launch a new hybrid smartwatch series designed and developed in-house, to be sold under licensed and proprietary brands[38]. - The group aims to seek safe and high-value investment opportunities in various regional markets amid global inflation and rising interest rates[32]. - The group completed the sale of three villas in a joint venture project at 45 Tai Tam Road, with the revenue included in the consolidated results for the year[24]. Financial Position and Borrowings - As of March 31, 2022, the total borrowings of the group amounted to approximately HKD 4,620,000,000, an increase of about HKD 528,000,000 compared to the previous year[44]. - The capital-to-debt ratio as of March 31, 2022, was 1.25, slightly up from 1.24 in the previous year, calculated based on long-term borrowings of approximately HKD 3,281,000,000 and shareholder equity of approximately HKD 2,615,000,000[44]. - The total cash and bank balances as of March 31, 2022, were approximately HKD 1,100,000,000, compared to HKD 1,095,000,000 in the previous year[44]. - 85% of the group's borrowings were in HKD, with 11% in CAD, 2% in GBP, 1% in JPY, and 1% in USD as of March 31, 2022[48]. - As of March 31, 2022, approximately HKD 6,058,000,000 worth of properties and fixed deposits were pledged as collateral for bank financing[50]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules, with some deviations noted in the annual report[94]. - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[108]. - The company has established three committees to assist the board in fulfilling its responsibilities, including the audit and risk management committee, nomination committee, and remuneration committee[107]. - The board has confirmed the independence of all independent non-executive directors according to the guidelines set out in the listing rules[128]. - The company has adopted a board diversity policy since 2016, considering factors such as gender, race, language, culture, and professional experience[132]. Audit and Risk Management - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2022[155]. - The audit identified the valuation of investment properties as a key audit matter due to the significant estimates and judgments involved[159]. - Management is responsible for preparing financial statements that are free from material misstatement due to fraud or error, and for maintaining effective internal controls[166]. - The auditors assessed the appropriateness of accounting policies and the reasonableness of accounting estimates and disclosures made by management[172]. - The board believes that the current risk management and internal control systems are sufficient and effective[135]. Operational Highlights - The watch manufacturing and accessories segment experienced growth in both revenue and profit during the review period[19]. - The hotel operations showed improvement with increased occupancy rates and rental income compared to the previous year[23]. - The company reported a net cash outflow from operating activities of HKD 417,390,159 for the year, compared to an inflow of HKD 632,294,503 in the previous year[195]. - The company reported a decrease in inventory of HKD 6,004,903, contrasting with an increase of HKD 67,426,886 in the previous year[195]. Shareholder Rights - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[146]. - A minimum of 5% of voting shareholders or at least 100 shareholders is required to propose a resolution at the annual general meeting or special general meeting[149].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 374,119,000, a decrease of 66.0% compared to HKD 1,099,391,000 in 2020[2] - Gross profit for the same period was HKD 45,200,000, down 61.1% from HKD 116,097,000 in the previous year[2] - Net profit for the period was HKD 64,315,000, a decline of 17.8% from HKD 78,228,000 in 2020[5] - Basic and diluted earnings per share were both HKD 6.65, compared to HKD 7.89 in the prior year, reflecting a decrease of 15.7%[2] - Total comprehensive income for the period was HKD 67,649,000, down 48.9% from HKD 132,198,000 in 2020[8] - Revenue from external sales for the six months ended September 30, 2021, was HKD 374,119 thousand, a decrease from HKD 1,099,391 thousand in 2020[36] - The pre-tax profit for the period was HKD 63,696 thousand, with a net profit of HKD 64,315 thousand[39] - The total financial expenses for the period were HKD 36,021 thousand, down from HKD 41,976 thousand in 2020[55] - The company incurred a loss of HKD (51,624) thousand from fair value changes of financial assets, compared to a loss of HKD (8,767) thousand in the previous year[54] - Basic and diluted earnings per share for the six months ended September 30, 2021, were HKD 64,354, compared to HKD 78,260 for the same period in 2020, representing a decrease of approximately 17.7%[64]. - The interim dividend declared for the year 2021 is HKD 0.03 per share, consistent with the previous year, with total dividends for the period amounting to HKD 29,037, a slight decrease from HKD 29,692 in 2020[65]. Assets and Liabilities - Non-current assets, including investment properties, increased to HKD 4,097,970,000 from HKD 3,946,423,000 as of March 31, 2021[13] - Current assets totaled HKD 2,997,262,000, an increase from HKD 2,641,975,000 at the end of March 2021[17] - Current liabilities rose to HKD 2,005,370,000 from HKD 1,530,245,000, indicating a significant increase in obligations[16] - The company reported a net cash position of HKD 1,018,923,000 as of September 30, 2021, compared to HKD 1,095,051,000 at the end of March 2021[13] - The total cash and cash equivalents decreased by HKD 74,013 thousand, compared to an increase of HKD 106,489 thousand in the prior year[24] - As of September 30, 2021, the total borrowings of the group amounted to approximately HKD 4,349,000,000, with a repayment period of 30 years[106] - The capital-to-debt ratio as of September 30, 2021, was 1.25, compared to 1.24 on March 31, 2021, calculated based on long-term bank borrowings of approximately HKD 3,233,000,000 and shareholder equity of approximately HKD 2,591,000,000[106] - The total cash and bank deposits as of September 30, 2021, were approximately HKD 1,019,000,000, a decrease from HKD 1,095,000,000 as of March 31, 2021[106] - 86% of the group's borrowings were in HKD, 10% in CAD, 2% in JPY, 1% in USD, and 1% in GBP as of September 30, 2021[107] - As of September 30, 2021, approximately HKD 5,438,000,000 worth of properties and bank deposits were pledged as collateral for bank financing[110] Cash Flow - For the six months ended September 30, 2021, the net cash used in operating activities was HKD (262,995) thousand, compared to HKD (147,395) thousand for the same period in 2020[21] - The net cash used in investing activities for the same period was HKD (9,455) thousand, a significant decrease from HKD (194,692) thousand in 2020[22] - The net cash generated from financing activities was HKD 198,437 thousand, down from HKD 448,576 thousand in the previous year[23] Property and Development - The company reported a significant increase in revenue from Hong Kong and China, reaching HKD 362,448 thousand compared to HKD 192,069 thousand in the previous year[51] - The group completed the sale of two villas in a joint venture project, contributing to the revenue for the six months ended September 30, 2021[99] - The acquisition of all shares and related shareholder loans of Jietuo Limited was completed on October 29, 2021, for a consideration of HKD 132,558,000[94][96] - The group expects gradual improvement in revenue and profit for its watch and watch accessories business despite ongoing COVID-19 impacts[100] - The hotel business is anticipated to see steady increases in occupancy rates and rental income as travel restrictions ease[100] - The group has completed renovation and expansion works at a villa on Deep Water Bay Road and has begun interior decoration plans[101] - Construction of a luxury residential project at South Bay Road is progressing as planned[102] - The foundation work for the third phase of a residential apartment in Toronto is nearing completion, with superstructure work set to commence soon[102] - The group will continue to seek property investment and development opportunities in Hong Kong, Toronto, and London[105] Corporate Governance and Compliance - The group has complied with the corporate governance code, except for certain provisions regarding the appointment and re-election of non-executive directors[122] - The audit and risk management committee has reviewed the accounting principles and practices adopted by the group for the six months ended September 30, 2021[126] - The company is committed to adhering to the standards set forth in the listing rules, ensuring transparency and governance[128] - The company is actively managing its property portfolio to maximize returns and ensure compliance with listing rules[128] Employee and Management Costs - The total staff costs, including directors' remuneration, were HKD 50,124 thousand, slightly down from HKD 51,022 thousand in the same period last year[60] - Management compensation for the period was approximately HKD 17,826,000, down from HKD 22,159,000 for the same period last year, reflecting a decrease of about 19.5%[82] - Employee costs recognized in the profit and loss statement included director remuneration of approximately HKD 50,000,000 for the period[111] Share Repurchase - The group repurchased a total of 4,276,000 shares during the six months ended September 30, 2021, at a total cost of approximately HKD 4,572,386[121]