股份代號 : 213 二 0 二 五年度年報 目錄 | | 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 | 8 | | 董事會報告書 | 10 | | 企業管治報告 | 15 | | 環境、社會及管治報告 | 30 | | 獨立核數師報告 | 31 | | 綜合損益表 | 37 | | 綜合損益及其他全面收益表 | 38 | | 綜合財務狀況表 | 39 | | 綜合權益變動表 | 41 | | 綜合現金流量表 | 42 | | 綜合財務報表附註 | 44 | | 本集團所持主要物業一覽表 | 134 | | 財務摘要 | 136 | 1 NATIONAL ELECTRONICS HOLDINGS LIMITED 公司資料 執行董事 李源清 主席 李本智 董事總經理 李源初 衛光遠 非執行董事 李源鉅 李源如 獨立非執行董事 陳國偉 孫大為 Pius Ho 核數師 國衛會計師事務所有限公司 香港執業會計師 律師 孖士打律師行 公司秘書 黃錦基 主要銀行 香港上海滙豐銀行有限公司 恒生銀行有限公司 中國銀行（ ...

[Annual Performance Overview](index=1&type=section&id=%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A7%88) This section provides an overview of the Group's annual financial performance, including key consolidated statements and earnings per share data [Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) For the year ended March 31, 2025, the Group's profit for the year significantly increased by 128.82% to HKD 93,898,000, driven by higher other income and fair value gains on investment properties, despite a decrease in revenue Consolidated Statement Key Financial Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 502,305,226 | 578,222,575 | -13.13% | | Cost of sales | (375,280,700) | (457,295,476) | -17.94% | | Gross profit | 127,024,526 | 120,927,099 | +5.04% | | Other income, other gains or losses, net | 79,782,120 | 36,869,644 | +116.39% | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | -7.25% | | Finance costs | (202,349,585) | (213,297,264) | -5.04% | | Profit before tax | 73,933,897 | 42,243,499 | +75.02% | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income for the year significantly increased by 86.33% to HKD 43,512,010, primarily due to a substantial rise in profit for the year, despite negative impacts from exchange differences on foreign operations and fair value changes of other assets Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the year | 93,898,000 | 41,036,362 | +128.82% | | Exchange differences on translating foreign operations | (44,069,375) | (17,268,835) | +155.10% (Loss widened) | | Total comprehensive income for the year | 43,512,010 | 23,341,325 | +86.33% | | Total comprehensive income attributable to owners of the Company | 43,512,010 | 23,438,221 | +85.65% | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of March 31, 2025, the Group's total assets and liabilities both increased, with investment properties in non-current assets decreasing by 35.10% and properties under development for sale in current assets growing by 121.77%, while current bank loans significantly rose by 153.81% Consolidated Statement of Financial Position Key Data (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Investment properties | 3,284,050,034 | 5,059,548,397 | -35.10% | | **Current assets** | | | | | Properties under development for sale | 4,631,511,895 | 2,088,401,093 | +121.77% | | Bank balances and cash | 534,090,057 | 475,025,611 | +12.43% | | **Current liabilities** | | | | | Bank loans | 3,860,818,248 | 1,521,118,410 | +153.81% | | **Non-current liabilities** | | | | | Bank loans | 1,785,184,191 | 3,408,181,457 | -47.62% | | Total equity attributable to owners of the Company | 2,581,108,668 | 2,548,821,270 | +1.27% | [Earnings Per Share and Dividends](index=2&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E4%B8%8E%E8%82%A1%E6%81%AF) Basic and diluted earnings per share for the year both significantly increased by 128.89% to HKD 10.3 cents, while the Board's proposed final dividend decreased from HKD 1.2 cents to HKD 0.5 cents per share Earnings Per Share and Dividends (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Basic earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | | Proposed final dividend | 0.5 HKD cents | 1.2 HKD cents | -58.33% | - Profit attributable to owners of the Company for the year ended March 31, 2025, was **HKD 93,898,000**, a significant increase from **HKD 41,133,258** in 2024[28](index=28&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis of financial statement preparation, accounting policies, revenue and segment information, other income, finance costs, income tax, and specific financial note disclosures [Basis of Preparation and Accounting Policies](index=6&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99) The consolidated financial statements are prepared in accordance with HKFRSs and Listing Rules, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value, and new standards applied this year having no material impact on financial position [Basis of Preparation](index=6&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The consolidated financial statements are prepared in accordance with HKFRSs issued by the HKICPA, the Listing Rules of HKEX, and the Hong Kong Companies Ordinance, primarily using the historical cost convention, with investment properties and certain financial instruments measured at fair value - The consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards (HKFRSs)** issued by the Hong Kong Institute of Certified Public Accountants, the **Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**, and the **Hong Kong Companies Ordinance**[8](index=8&type=chunk) - The statements are prepared principally under the **historical cost convention**, except for investment properties, certain financial instruments, and other assets which are measured at **fair value**[8](index=8&type=chunk) [Application of New and Revised HKFRSs](index=6&type=section&id=%E5%BA%94%E7%94%A8%E6%96%B0%E8%AE%A2%E5%8F%8A%E4%BF%AE%E8%AE%A2%E9%A6%99%E6%B8%AF%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99) The Group first applied several new and revised HKFRSs this year, including lease liabilities for sale and leaseback transactions and classification of liabilities as current or non-current, with no material impact on the financial position or performance for current and prior periods - The Group first applied amendments to **HKFRS 16**, **HKAS 1**, **HKAS 7**, and **HKFRS 7** during the current year[9](index=9&type=chunk) - The application of these new and revised standards had **no material impact** on the Group's financial position, financial performance, and/or disclosures in the consolidated financial statements for the current and prior years[9](index=9&type=chunk)[10](index=10&type=chunk) [Revenue and Segment Information](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group's revenue primarily derives from watch manufacturing and movement trading and rental income, with watch manufacturing and movement trading revenue decreasing by 6.80%, property sales revenue at zero, and rental income down by 7.00%, categorizing its business into three reportable segments [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue for 2025 was HKD 502,305,226, a 13.13% decrease from 2024, with reduced revenue from watch and movement sales, zero revenue from property sales, and a decline in rental income Revenue Sources Analysis (2025 vs 2024) | Revenue Source | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Watches and watch movements | 383,753,379 | 411,751,950 | -6.80% | | Sales of properties | – | 38,998,062 | -100.00% | | Rental income | 118,551,847 | 127,472,563 | -7.00% | | **Total Revenue** | **502,305,226** | **578,222,575** | **-13.13%** | [Operating Segments](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8) The Group's reportable and operating segments include watch manufacturing and movement trading, residential and other property development and investment, and commercial property investment, with "Commercial Property Investment" renamed to better reflect its business nature - The Group's reportable and operating segments include **watch manufacturing and watch movement trading**, **residential and other property development and investment**, and **commercial property investment**[14](index=14&type=chunk) - The business unit engaged in holding commercial properties for investment and leasing purposes has been renamed **"Commercial Property Investment"**[13](index=13&type=chunk) [Segment Revenue and Results](index=9&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%B8%9A%E7%BB%A9) In 2025, the watch manufacturing and movement trading segment saw a slight decrease in revenue and results, the residential and other property development and investment segment had no external sales revenue and a significant drop in results, while the commercial property investment segment experienced decreased revenue but substantially increased results Segment Revenue and Results (2025 vs 2024) | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Segment Results (HKD) | 2024 Segment Results (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 383,753,379 | 411,751,950 | 5,080,072 | 5,214,140 | | Residential and other property development and investment | – | 38,998,062 | 62,243,758 | 151,167,739 | | Commercial property investment | 118,551,847 | 127,472,563 | 227,838,761 | 115,117,649 | | **Consolidated Total Revenue** | **502,305,226** | **578,222,575** | **295,162,591** | **271,499,528** | [Segment Assets and Liabilities](index=11&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA) As of March 31, 2025, assets in the residential and other property development and investment segment and commercial property investment segment significantly increased, while watch manufacturing and movement trading segment assets decreased, and liabilities across all segments rose Segment Assets and Liabilities (2025 vs 2024) | Segment | 2025 Segment Assets (HKD) | 2024 Segment Assets (HKD) | 2025 Segment Liabilities (HKD) | 2024 Segment Liabilities (HKD) | | :--- | :--- | :--- | :--- | :--- | | Watch manufacturing and watch movement trading | 160,325,791 | 190,455,728 | 63,373,518 | 46,899,768 | | Residential and other property development and investment | 5,621,213,397 | 4,844,479,930 | 926,935,933 | 764,049,989 | | Commercial property investment | 2,555,243,558 | 2,397,592,896 | 18,861,395 | 15,149,545 | | **Total Segment Assets** | **8,336,782,746** | **7,432,528,554** | **1,009,170,846** | **826,099,302** | [Capital Additions and Depreciation](index=12&type=section&id=%E8%B5%84%E6%9C%AC%E5%A2%9E%E5%8A%A0%E5%8F%8A%E6%8A%98%E6%97%A7) Total capital additions significantly increased to HKD 768,828,078 in 2025, primarily driven by the residential and other property development and investment segment, while fair value gains on investment properties decreased Capital Additions and Depreciation (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Capital additions | 768,828,078 | 228,523,460 | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | | Increase in fair value of investment properties | 207,125,031 | 223,301,069 | [Geographical Information](index=13&type=section&id=%E5%9C%B0%E7%90%86%E4%BD%8D%E7%BD%AE%E4%BF%A1%E6%81%AF) The Group's main operations are in Hong Kong and China, North America, and Europe, with 2025 seeing decreased revenue and non-current assets from Hong Kong and China, a significant drop in North American revenue, and increased European revenue Geographical Revenue and Non-current Assets (2025 vs 2024) | Region | 2025 Revenue (HKD) | 2024 Revenue (HKD) | 2025 Non-current Assets (HKD) | 2024 Non-current Assets (HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong and China | 489,547,720 | 529,685,802 | 3,507,126,072 | 5,253,932,829 | | North America | 700,194 | 39,478,788 | 225,026,478 | 259,776,244 | | Europe | 11,610,727 | 8,975,171 | 140,805,700 | 144,772,765 | | Other locations | 446,585 | 82,814 | – | 13,748,210 | | **Total** | **502,305,226** | **578,222,575** | **3,872,958,250** | **5,672,230,048** | [Major Customer Information](index=13&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B7%E4%BF%A1%E6%81%AF) Customer A remained a major client for the Group in both 2025 and 2024, with revenue primarily generated from the watch manufacturing and movement trading segment Major Customer Revenue (2025 vs 2024) | Customer | 2025 Revenue (HKD) | 2024 Revenue (HKD) | | :--- | :--- | :--- | | Customer A | 94,506,989 | 103,462,636 | - Revenue from **Customer A** primarily derived from **watch manufacturing and watch movement trading**[22](index=22&type=chunk) [Other Income and Finance Costs](index=14&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%94%AF%E5%87%BA) Other income surged by 116.39% to HKD 79,782,120 in 2025, mainly from gains on disposal of property, plant and equipment and occupancy income, while finance costs decreased by 5.13% due to increased capitalization for investment properties and properties under development Other Income and Finance Costs (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Other Income** | | | | | Bank interest income | 15,124,715 | 17,936,559 | -15.68% | | Gain on disposal of property, plant and equipment | 37,643,010 | 3,848,577 | +878.09% | | Occupancy income | 18,910,281 | – | N/A | | **Total Other Income** | **79,782,120** | **36,869,644** | **+116.39%** | | **Finance Costs** | | | | | Total borrowing costs | 354,529,506 | 340,304,695 | +4.18% | | Less: Amounts capitalised for investment properties and properties under development | (152,179,921) | (127,007,431) | +19.82% (Capitalisation increased) | | **Net Finance Costs** | **202,349,585** | **213,297,264** | **-5.13%** | [Profit Before Tax and Income Tax](index=15&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E4%B8%8E%E6%89%80%E5%BE%97%E7%A8%8E) Profit before tax significantly increased in 2025 due to higher other income and lower finance costs, while income tax shifted from an expense to a credit, primarily influenced by deferred tax credits [Components of Profit Before Tax](index=15&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9%E6%9E%84%E6%88%90) In 2025, staff costs, depreciation of property, plant and equipment, and right-of-use assets all decreased, while inventory costs reduced and net exchange losses increased Components of Profit Before Tax (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 86,107,403 | 101,436,200 | -15.09% | | Depreciation of property, plant and equipment | 6,063,622 | 6,214,764 | -2.43% | | Depreciation of right-of-use assets | 12,238,943 | 18,737,419 | -34.68% | | Cost of inventories recognised as an expense | 343,279,959 | 376,746,091 | -8.89% | | Net exchange losses | 6,379,306 | 1,054,470 | +504.98% | | Net rental income from investment properties | (90,506,073) | (101,566,855) | -10.99% | [Income Tax](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) Income tax shifted to a credit of HKD 19,964,103 in 2025, mainly due to deferred tax credits of HKD 22,235,699, with Hong Kong profits tax and Canadian corporate income tax rates remaining unchanged, and Chinese subsidiaries taxed at 25% Income Tax Credit/(Expense) (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,712,820 | 1,974,673 | | Other jurisdictions | 558,776 | (4,978,143) | | Deferred tax | (22,235,699) | 4,210,607 | | **Total Income Tax Credit/(Expense)** | **(19,964,103)** | **1,207,137** | - Hong Kong Profits Tax is calculated at **16.5%** of the estimated assessable profits, with the first **HKD 2,000,000** of assessable profits for qualifying corporations taxed at **8.25%**[25](index=25&type=chunk) - Canadian subsidiaries are subject to **Canadian corporate income tax at 26.5%**, while Chinese subsidiaries are taxed at **25%**[26](index=26&type=chunk) [Details of Financial Statement Notes](index=16&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8%E8%AF%A6%E6%83%85) This section details the aging analysis and changes in bills receivable, trade and other receivables, deposits and prepayments, and trade and other payables and bills payable, also noting the reclassification of comparative figures [Bills Receivable](index=16&type=section&id=%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Bills receivable decreased by over 50% to HKD 508,747 in 2025 compared to 2024, with all balances aged within 30 days Bills Receivable (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Bills receivable | 508,747 | 1,054,152 | -51.74% | - Bills receivable are aged **within 30 days**[29](index=29&type=chunk) [Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other receivables, deposits and prepayments significantly increased by 114.36% to HKD 316,148,274 in 2025, primarily due to a substantial rise in deposits and prepayments, while credit loss allowance for trade receivables decreased Trade and Other Receivables, Deposits and Prepayments (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of allowance) | 23,354,971 | 21,306,548 | +9.61% | | Deposits | 167,911,442 | 22,063,056 | +661.06% | | Prepayments | 96,224,573 | 82,432,490 | +16.73% | | **Total** | **316,148,274** | **147,492,672** | **+114.36%** | - The Group offers an average credit period of up to **30 days** to its trade customers[30](index=30&type=chunk) [Trade and Other Payables and Bills Payable](index=18&type=section&id=%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) Total trade and other payables and bills payable significantly increased by 72.54% to HKD 48,816,011 in 2025, primarily concentrated in balances aged within 30 days and 31-90 days Trade and Other Payables and Bills Payable Aging Analysis (2025 vs 2024) | Aging | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 31,514,427 | 17,543,197 | +79.64% | | 31 to 90 days | 16,893,603 | 10,288,642 | +64.20% | | **Total** | **48,816,011** | **28,293,164** | **+72.54%** | - The average credit period for purchases is **30 days**[31](index=31&type=chunk) [Comparative Figures](index=18&type=section&id=%E6%AF%94%E8%BC%83%E6%95%B8%E5%AD%97) Certain comparative figures have been reclassified to conform with the current year's presentation - Certain comparative figures have been **reclassified** to conform with the current year's presentation[33](index=33&type=chunk) [Dividend Distribution and AGM Arrangements](index=19&type=section&id=%E8%82%A1%E6%81%AF%E5%88%86%E6%B4%BE%E5%8F%8A%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E5%AE%89%E6%8E%92) This section outlines the proposed final dividend distribution and the associated share transfer registration procedures for the Annual General Meeting [Final Dividend and Registration Procedures](index=19&type=section&id=%E6%9C%AB%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E7%99%BB%E8%AE%B0%E6%89%8B%E6%89%8B%E7%BB%AD) The Board proposes a final dividend of HKD 0.5 cents per share, a decrease from last year, with share transfer registration suspended twice to determine AGM voting rights and dividend entitlement - The Board recommends a final dividend of **HKD 0.5 cents per share** for the year ended March 31, 2025 (2024: **HKD 1.2 cents**)[34](index=34&type=chunk) - Share transfer registration will be suspended from **August 19 to August 26, 2025**, to determine eligibility for voting at the Annual General Meeting[34](index=34&type=chunk) - Share transfer registration will be suspended from **September 2 to September 3, 2025**, to determine eligibility for the proposed dividend distribution[35](index=35&type=chunk) - The proposed dividend is expected to be paid on or about **September 17, 2025**[36](index=36&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the Group's financial performance, business operations, future outlook, liquidity, treasury policies, investment plans, asset pledges, and human resources [Performance Review](index=19&type=section&id=%E4%B8%9A%E7%BB%A9%E5%9B%9E%E9%A1%B9) For the year ended March 31, 2025, profit attributable to company shareholders significantly increased by 128.82% to HKD 93,898,000, with basic and diluted earnings per share rising to HKD 10.3 cents Performance Review (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to company shareholders | 93,898,000 HKD | 41,133,258 HKD | +128.82% | | Basic and diluted earnings per share | 10.3 HKD cents | 4.5 HKD cents | +128.89% | [Business Review](index=20&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B9) The Group's business segments showed mixed performance during the review period, with watch manufacturing and components maintaining profit margins despite slightly lower turnover, residential and other property development projects progressing well, and commercial property investment performing strongly [Watch Manufacturing and Watch Components](index=20&type=section&id=%E6%89%8B%E9%8C%B6%E8%A3%BD%E9%80%A0%E5%8F%8A%E6%89%8B%E9%8C%B6%E9%85%8D%E4%BB%B6) During the review period, the watch manufacturing and watch components trading segment experienced a slight decrease in turnover but successfully maintained its profit margin - The turnover of the **watch manufacturing and watch components trading segment** experienced a **slight decrease**[38](index=38&type=chunk) - The segment successfully **maintained its profit margin**[38](index=38&type=chunk) [Residential and Other Property Development and Investment](index=20&type=section&id=%E4%BD%8F%E5%AE%85%E5%8F%8A%E5%85%B6%E4%BB%96%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E6%8A%95%E8%B3%87) The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, has been further enhanced, and the provisional occupancy program for sold units at 88 Queen Street East, Toronto, Canada, is proceeding as scheduled - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, has undergone further enhancements to its exterior decoration, landscaping, common areas, recreational facilities, and interior decoration works to achieve the highest standards[39](index=39&type=chunk) - The provisional occupancy program for sold units at the Phase 3 mixed-use project at **88 Queen Street East, Toronto, Canada**, is proceeding as scheduled[39](index=39&type=chunk) [Commercial Property Investment](index=20&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The Group's boutique investments in this sector performed well during the period - The Group's boutique investments in this sector performed **well**[40](index=40&type=chunk) [Outlook](index=20&type=section&id=%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) The Group anticipates the watch manufacturing and components segment to be less affected by tariff disputes than industry peers, plans new project launches for residential and other property development, and expects stable performance from commercial property investments [Watch Manufacturing and Watch Components](index=20&type=section&id=%E6%89%8B%E9%8C%B6%E8%A3%BD%E9%80%A0%E5%8F%8A%E6%89%8B%E9%8C%B6%E9%85%8D%E4%BB%B6) Despite global tariff disputes creating uncertainty, the company expects a lower impact than industry peers due to most products being manufactured in Japan and enjoying lower tariffs in the US - Global tariff disputes create **uncertainty** for the world economy, impacting consumer demand and supply chains[41](index=41&type=chunk) - Due to most products being manufactured in Japan and enjoying **lower tariffs in the US**, the Group anticipates a **lower impact** compared to other companies in the industry[41](index=41&type=chunk) [Residential and Other Property Development and Investment](index=20&type=section&id=%E4%BD%8F%E5%AE%85%E5%8F%8A%E5%85%B6%E4%BB%96%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E6%8A%95%E8%B3%87) The luxury residential project at 1 South Bay Road, Repulse Bay, Hong Kong, is set for a trial launch in Q3 2025, and registration for residential apartments at 88 Queen Street East, Toronto, Canada, has commenced - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, is scheduled for a **trial launch in the third quarter of 2025**[42](index=42&type=chunk) - The mixed-use project at **88 Queen Street East, Toronto, Canada**, has commenced the **registration application process for residential apartments**[42](index=42&type=chunk) [Commercial Property Investment](index=20&type=section&id=%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) The Group expects its boutique investments in the commercial property sector to maintain their performance - The Group expects its boutique investments in this sector to **maintain their performance**[43](index=43&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) As of March 31, 2025, total borrowings increased by HKD 717 million to HKD 5.646 billion, with approximately HKD 3.861 billion repayable within one year, while the gearing ratio significantly decreased to 0.69 and bank balances and cash increased by 12.42% to HKD 534 million Liquidity and Financial Resources (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total borrowings | 5,646,000,000 | 4,929,000,000 | +717,000,000 | | Borrowings repayable within one year | 3,861,000,000 | 1,521,118,410 | +153.81% | | Gearing ratio | 0.69 | 1.34 | -48.51% | | Total bank balances and cash | 534,000,000 | 475,000,000 | +12.42% | - The Group maintains a **reasonable level of cash resources and available credit facilities**, providing sufficient liquidity for its commitments and working capital needs[44](index=44&type=chunk) [Treasury Policy](index=21&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group's borrowings are primarily denominated in HKD and CAD, while bank balances and cash are mainly in HKD and USD; all borrowings are floating rate, and the Group will prudently monitor foreign exchange and interest rate risks - **71%** of the Group's borrowings are denominated in **HKD**, **26%** in **CAD**, **2%** in **GBP**, and **1%** in **JPY and USD**[45](index=45&type=chunk) - **53%** of bank balances and cash are in **HKD**, **37%** in **USD**, **7%** in **CAD**, **2%** in **JPY**, and **1%** in **RMB and others**[45](index=45&type=chunk) - All borrowings are **floating rate**, and the Group will prudently monitor **foreign exchange and interest rate risks**, utilizing financial instruments like forward contracts and interest rate swaps when necessary[45](index=45&type=chunk) [Future Material Investment Plans](index=21&type=section&id=%E6%9C%AA%E4%BE%86%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%A8%88%E5%8A%83) The Group currently has no other material investment plans, and any acquisitions will be funded by internal resources and bank borrowings - The Group currently has **no other material investment plans**[46](index=46&type=chunk) - Any acquisitions will be funded by the Group's **internal resources and bank borrowings**[46](index=46&type=chunk) [Pledge of Assets](index=21&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of March 31, 2025, approximately HKD 8.192 billion of the Group's properties and fixed deposits were pledged for bank financing, an increase from the previous year Pledge of Assets (2025 vs 2024) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total pledged assets | 8,192,000,000 | 7,417,000,000 | +775,000,000 | - Certain properties and fixed deposits have been **pledged as security** for the Group's bank financing[47](index=47&type=chunk) [Employees](index=22&type=section&id=%E5%83%B1%E5%93%A1) As of March 31, 2025, the Group had approximately 175 employees, with staff costs decreasing during the year, and remuneration determined by market levels, qualifications, and annual review Employees and Staff Costs (2025 vs 2024) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of employees | Approx. 175 | N/A | N/A | | Staff costs (including directors' emoluments) | Approx. 86,000,000 HKD | Approx. 101,000,000 HKD | -14.9% | - Remuneration is determined by reference to **market levels and the qualifications of the relevant employees**, reviewed annually, with discretionary bonuses[48](index=48&type=chunk) [Purchase, Sale or Redemption of Company's Shares](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD) During the financial year, the Company repurchased a total of 516,000 of its own shares on the Stock Exchange for a total consideration of HKD 234,993, representing an 85.58% decrease in repurchased volume compared to the previous year Share Repurchase Details (2025 vs 2024) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total shares repurchased | 516,000 shares | 3,578,000 shares | -85.58% | | Total consideration paid (including expenses) | 234,993 HKD | N/A | N/A | [Corporate Governance and Disclosure](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E4%B8%8E%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2) This section covers the Group's environmental, social, and governance practices, corporate governance compliance, information publication, and changes in board committee composition [Environmental, Social and Governance Report](index=23&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) The Company's environmental, social, and governance details will be separately published in an ESG Report in accordance with Listing Rule 13.91 and Appendix C2 - The Company's environmental, social, and governance details will be contained in a separate **Environmental, Social and Governance Report**, to be published in accordance with **Listing Rule 13.91 and Appendix C2**[50](index=50&type=chunk) [Corporate Governance](index=23&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the Chairman and Managing Director being exempt from rotation, and has established an Audit and Risk Management Committee and adopted the Model Code for Securities Transactions by Directors - The Company has complied with the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules for the year ended March 31, 2025, except for the **Chairman and Managing Director being exempt from rotation**[51](index=51&type=chunk) - The Board believes the Chairman and Managing Director play a **pivotal role** in formulating the Group's corporate strategy and direction, and should not be subject to retirement by rotation[51](index=51&type=chunk) - The Company has established an **Audit and Risk Management Committee** and adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[51](index=51&type=chunk) [Publication on HKEX and Company Website](index=24&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BB%E8%B3%87%E6%96%99) This results announcement has been published on the HKEX and Company websites, with the relevant annual report to be dispatched to shareholders and made available on the same websites in due course - This results announcement has been published on the **HKEX website** (http://www.hkex.com.hk) and the **Company's website** (http://www.irasia.com/listco/hk/national/index.htm)[52](index=52&type=chunk) - The Company's relevant annual report will be dispatched to shareholders and made available on the same websites in due course[52](index=52&type=chunk) [Changes in Composition of Nomination Committee](index=24&type=section&id=%E6%8F%90%E5%90%8D%E5%A7%94%E5%93%A1%E6%9C%83%E7%B5%84%E6%88%90%E4%B9%8B%E8%AE%8A%E5%8B%95) Effective June 27, 2025, Ms. Li Yuanru, a Non-executive Director, was appointed to the Nomination Committee, while Mr. Li Benzhi, Managing Director and Executive Director, ceased to be a member, a change the Board believes enhances effectiveness, diversity, and corporate governance - Effective **June 27, 2025**, Ms. Li Yuanru, a Non-executive Director, was appointed as a member of the Nomination Committee[53](index=53&type=chunk) - Mr. Li Benzhi, the Managing Director and Executive Director, ceased to be a member of the Company's Nomination Committee[53](index=53&type=chunk) - The Board believes this change will **enhance the effectiveness and diversity of the Board** and **improve corporate governance standards**[55](index=55&type=chunk) [Updated Composition of Board Committees](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A7%94%E5%93%A1%E6%9C%83%E6%9C%80%E6%96%B0%E4%B9%8B%E7%B5%84%E6%88%90%E6%83%85%E6%B3%81) Following changes, the Nomination Committee is chaired by Mr. Li Yuanqing, with Ms. Li Yuanru, Mr. Chan Kwok Wai, Mr. Sun Dawei, and Mr. Pius HO as members, while Mr. Chan Kwok Wai chairs the Audit and Risk Management Committee and Mr. Sun Dawei chairs the Remuneration Committee Updated Composition of Board Committees (Effective June 27, 2025) | Director | Audit and Risk Management Committee | Nomination Committee | Remuneration Committee | | :--- | :--- | :--- | :--- | | Mr. Li Yuanqing (Executive Director) | – | Chairman | Member | | Mr. Li Benzhi (Executive Director) | – | – | Member | | Ms. Li Yuanru (Non-executive Director) | – | Member | – | | Mr. Chan Kwok Wai (Independent Non-executive Director) | Chairman | Member | Member | | Mr. Sun Dawei (Independent Non-executive Director) | Member | Member | Chairman | | Mr. Pius HO (Independent Non-executive Director) | Member | Member | Member | [Schedule of Major Properties](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E7%89%A9%E6%A5%AD%E4%B8%80%E8%A6%BD%E8%A1%A8) This section presents a detailed schedule of the Group's major investment properties, properties under development for sale, and unsold property inventories [Investment Properties](index=27&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The Group holds various commercial, industrial, and residential investment properties in Hong Kong, Nanning, China, and London, UK, all with 100% equity interest and long-term or medium-term lease tenures - The Group holds commercial investment properties in **Sheung Wan, Hong Kong**, including The Putman, 99 Bonham, One96, and The Jervois, all with **100% equity interest**[58](index=58&type=chunk) - The Group holds two industrial land parcels in **Nanning, China**, and two residential apartments in **London, UK**, all with **100% equity interest**[58](index=58&type=chunk) - The Group owns a residential property at **House 26, The Royalton, 8 White Head Road, Hong Kong**, with **100% equity interest**[59](index=59&type=chunk) [Properties Under Development for Sale](index=28&type=section&id=%E5%8F%AF%E4%BE%9B%E9%8A%B7%E5%94%AE%E7%99%BC%E5%B1%95%E4%B8%AD%E7%89%A9%E6%A5%AD) The Group owns two properties under development for sale in Toronto, Canada, and Repulse Bay, Hong Kong, both with 100% equity interest and expected completion in 2025 - The mixed-use project at **88 Queen Street East, Toronto, Canada**, spans **3,197 sqm** of land area, with **37,357 sqm** of residential area and **10,360 sqm** of retail and office area, with provisional occupancy for pre-sold units underway and expected completion in **2025**[60](index=60&type=chunk) - The luxury residential project at **1 South Bay Road, Repulse Bay, Hong Kong**, has a residential area of **2,471 sqm**, with improvement works for the show flat to be completed shortly and expected completion in **2025**[60](index=60&type=chunk) [Unsold Property Inventories](index=28&type=section&id=%E6%9C%AA%E5%94%AE%E5%87%BA%E7%89%A9%E6%A5%AD%E5%AD%98%E8%B2%A8) The Group holds 50% equity interest in unsold residential property inventory at House 1, 45 Tai Tam Road, Hong Kong, through a joint venture, with the property already completed - The Group holds **50% equity interest** in unsold residential property inventory at **House 1, 45 Tai Tam Road, Hong Kong**, through a joint venture[61](index=61&type=chunk) - The property is **completed**, with the Group's attributable area being **222.55 sqm**[61](index=61&type=chunk)

Group 1 - The article reports on share buybacks conducted by various companies on May 12, 2025, with AIA Group (01299) having the largest buyback amount of 1.25 billion, purchasing 2 million shares [1][2] - Other notable buybacks include China COSCO Shipping Holdings (01919) with 4.21 million shares bought back for 53.77 million, and Times Electric (03898) with 1.43 million shares for 47.22 million [2][3] - The total number of shares repurchased by AIA Group in the year reached 5.93 billion, accounting for 5.276% of its total share capital [2] Group 2 - China Hongqiao Group (01378) repurchased 1.13 million shares for 15.96 million, representing only 0.380% of its total share capital [2] - Swire Properties (00019) bought back 181,000 shares for 12.67 million, with a total annual repurchase of 5.56 million shares, which is 6.652% of its total [2] - The buyback activity reflects a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their financial health [1][2]

Group 1 - The article reports on share buybacks conducted by various companies on April 30, 2025, highlighting the total amounts and quantities repurchased [1][2][3] - AIA Group (01299) had the largest buyback amount, repurchasing 3.7736 million shares for a total of 217 million [1][2] - China Merchants Industry Holdings (01919) and China Hongqiao Group (01378) also had significant buybacks, with 12.9715 million shares for 151 million and 4.6665 million shares for approximately 64.83 million respectively [2][3] Group 2 - The cumulative buyback amounts for the year show that AIA Group has repurchased a total of 584 million shares, representing 5.198% of its total share capital [2] - China Merchants Industry Holdings has repurchased 241 million shares, accounting for 7.530% of its total share capital [2] - Other notable companies include Times Electric (03898) with 8.016% of its total shares repurchased and Swire Properties (01972) with 1.530% [2][3] Group 3 - The buyback activities reflect a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [1][2] - Companies like FOSUN Pharma (02196) and Jitu Express (01519) have lower buyback percentages, at 1.800% and 0.645% respectively, indicating a more conservative approach [2][3] - The data suggests a strategic move by companies to enhance shareholder value amidst market conditions [1][2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 251,421,000, an increase of 30.5% compared to HKD 269,381,000 in 2023[4] - Gross profit for the same period was HKD 58,241,000, slightly up from HKD 57,416,000, resulting in a gross margin of 23.1%[4] - Net profit for the period was HKD 21,335,000, representing a 5.2% increase from HKD 20,275,000 in the previous year[8] - Basic and diluted earnings per share were both HKD 0.0233, compared to HKD 0.0220 in 2023, reflecting a 5.9% increase[5] - Total comprehensive income for the period was HKD 24,303,000, significantly up from HKD 6,773,000 in the prior year[12] - The company achieved a profit before tax of HKD 20,264 thousand for the six months ended September 30, 2024, compared to HKD 21,335 thousand in the same period of 2023, reflecting a decline of approximately 5%[35] - 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%[85] Assets and Liabilities - Current assets increased to HKD 3,213,743,000, up from HKD 2,880,414,000, marking a 11.6% rise[20] - Total liabilities decreased from HKD 4,194,612,000 to HKD 3,489,037,000, a reduction of 16.8%[26] - The company reported a net asset value of HKD 2,562,069,000, up from HKD 2,548,821,000, reflecting a growth of 0.5%[24] - As of September 30, 2024, the total borrowings of the group were approximately HKD 5,358,000,000, with a capital debt ratio of 1.60, up from 1.34 as of March 31, 2024[90] - Accounts receivable at the end of the reporting period amounted to approximately HKD 876,000,000, down from HKD 1,054,000,000 as of March 31, 2024[62] - Total accounts payable and notes payable as of September 30, 2024, reached HKD 57,564,000, significantly higher than HKD 28,293,000 as of March 31, 2024[67] Cash Flow - For the six months ended September 30, 2024, the company reported a net cash outflow from operating activities of HKD (180,280) thousand, an improvement from HKD (216,205) thousand in the same period of 2023, representing a decrease of approximately 16.6%[30] - Cash and cash equivalents rose to HKD 506,158,000 from HKD 475,026,000, an increase of 6.9%[20] - Cash and cash equivalents increased by HKD 38,159 thousand during the period, compared to a decrease of HKD (314,383) thousand in the same period of 2023[30] - The company’s cash and cash equivalents at September 30, 2024, stood at HKD 506,158 thousand, a decrease from HKD 539,618 thousand at the end of the same period in 2023[30] - The group had cash and bank balances totaling approximately HKD 506,000,000 as of September 30, 2024, compared to HKD 475,000,000 as of March 31, 2024[90] Investment Properties - Investment properties' fair value increased to HKD 5,262,763,000 from HKD 5,059,548,000, indicating a growth of 4%[16] - The fair value of investment properties as of September 30, 2024, is HKD 5,262,763,000, showing an increase from HKD 5,059,548,000 as of March 31, 2024[58] Dividends - The proposed final dividend for 2024 is HKD 0.012 per share, down from HKD 0.018 per share in 2023, resulting in a total dividend distribution of HKD 10,990,000 compared to HKD 16,539,000 in the previous year[56] - The company does not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[56] Employee and Management Costs - The company’s management compensation for the period was approximately HKD 12,900,000, compared to HKD 16,976,000 for the six months ended September 30, 2023[72] - The employee costs recognized in the income statement for the period were approximately HKD 46,000,000, a decrease from HKD 48,000,000 for the same period last year[95] Corporate Governance - The company has complied with the corporate governance code, except for specific provisions regarding the appointment and rotation of non-executive directors[103] - The audit and risk management committee has reviewed the unaudited interim results for the six months ending September 30, 2024[105] - The company has established a standard code for securities trading, confirming compliance by all directors during the review period[106] Other Information - The luxury residential project at 1 South Bay Avenue, Hong Kong, is nearing completion, with sales and promotional materials being prepared[88] - The group maintained a high occupancy rate in its boutique hotel segment, benefiting from government measures to attract tourists amid economic challenges[86] - The group has no significant investment plans currently, with all investments funded through bank borrowings and internal resources[92] - The company has not purchased, sold, or redeemed any of its securities in the six months ending September 30, 2024[101] - The company holds 100% equity in several commercial properties located in Hong Kong, including The Putman and One96[108] - The company has a 50% stake in a joint venture at 45 Dapeng Road, with a book value representing 3.35% of the total assets[123] - The group’s financial instruments are primarily measured at fair value, with significant inputs reflecting market conditions and credit risk assessments[79] - As of September 30, 2024, the total number of issued shares is 915,800,962[98] - The company repurchased a total of 120,000 shares during the period, with a total cost of HKD 64,573[102] - The company’s major properties include residential units in Toronto, Canada, with ongoing development expected to complete in 2025[118]

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) ...