Financial Performance - The Group's revenue for the year ended March 31, 2022, was HK$XX million, reflecting a growth of XX% compared to the previous year[15] - For the year ended March 31, 2022, the Group recorded a turnover of approximately HK$152.6 million, representing a decrease of 44.7% compared to HK$276.0 million in 2021[27] - The loss for the year attributable to owners of the Company was approximately HK$40.8 million, compared to HK$26.4 million in the previous year[27] - Revenue from daily cleaning, anti-epidemic, and other consumable products was approximately HK$41.4 million, a slight increase from HK$39.5 million in 2021[27] - The gross profit for the year was approximately HK$7,849,000, with a gross profit margin of 5.1%, an increase from 3.4% in 2021[35] - The cost of sales for the year was approximately HK$144.8 million, representing about 94.9% of the Group's revenue, a decrease of 45.7% from HK$266.6 million in 2021[29] - The Group's total equity earnings amounted to approximately HK$43,385,000, down from HK$70,123,000 in 2021[53] - The Group recorded a loss attributable to shareholders for the year of approximately HK$40,840,000, representing an increase of 54.7% from HK$26,403,000 in 2021[39] Business Operations and Strategy - The commodities trading business focused on sourcing domestic quality products and metals for sale to retail channels in the PRC, contributing significantly to overall sales[5] - The joint venture for daily cleaning and anti-epidemic products expanded its market presence, particularly in North America, increasing sales channels through online live delivery platforms[6] - The licensed branded watches business transitioned to a wholly-owned subsidiary, enhancing operational capabilities in online sales and television shopping channels[7] - Aishang e-buy, a subsidiary, has contracts with five television shopping channels in the PRC, three of which are nationwide, boosting sales opportunities[8] - The Group is negotiating with well-known international brands to strengthen its brand network and expand sales through various channels, including livestreaming[9] - The Company aims to increase its market share in personal healthcare and protective products, including COVID-19 diagnostic kits and surgical gloves[6] - The Group plans to allocate more resources to the daily cleaning and anti-epidemic products business due to higher demand during the pandemic[27] - The Group is exploring new opportunities in the consumer goods market, including natural health supplements and high-end health food products[19] - Future outlook includes further market expansion and the introduction of new products to meet consumer demands[6] Financial Position and Assets - Total assets as of the reporting date were approximately HK$101.3 million, down from HK$123.6 million in the previous year[16] - Cash reserves stood at approximately HK$10.8 million, a decrease from HK$14.6 million in 2021[16] - As of March 31, 2022, the Group's net current assets amounted to approximately HK$36,563,000, down from HK$73,169,000 in 2021[47] - The current ratio decreased to approximately 1.6 times from 3.1 times in 2021, indicating a decline in liquidity[47] - The gearing ratio increased to approximately 68.7% from 42.9% in 2021, reflecting a higher level of debt relative to equity[48] Governance and Management - The company has a strong board with members holding significant experience in various sectors, including finance and corporate governance[116][119] - The company is actively involved in the merger and acquisition business, indicating a strategy for growth and market expansion[124] - The management team is well-equipped with academic qualifications and industry experience, which supports the company's strategic objectives[124] - The company achieved compliance with all Code Provisions of the Corporate Governance Code for the year ended March 31, 2022[130] - The Board consists of seven Directors, including three executive Directors and four independent non-executive Directors[132] - The company has adopted hiring policies that consider diversity perspectives, including gender diversity, for senior management positions[138] - The company aims to appoint one female Director by March 31, 2024, to enhance gender diversity on the Board[138] Audit and Compliance - The Audit Committee comprises three Independent Non-Executive Directors (INEDs), chaired by Mr. Lam Williamson[188] - The major responsibilities of the Audit Committee include monitoring the integrity of the Company's financial statements and overseeing the financial reporting system, internal control, and risk management systems[189] - The Audit Committee is responsible for reviewing and monitoring the external auditor's independence and effectiveness of the audit process[189] - The Company has established Board committees to oversee specific aspects of its affairs, with a majority of members being INEDs[187] - The Audit Committee reviewed the draft annual report and financial statements for the year ended 31 March 2022[199] - The Group's consolidated financial statements were prepared in accordance with generally accepted accounting principles in Hong Kong[199] - Directors acknowledge their responsibility to prepare financial statements that give a true and fair view of the Company's state of affairs as of the year-end[181]

Financial Performance - The Joint Venture Group recorded unaudited turnover of approximately HK$62,573,000 for the six months ended 30 September 2021, a significant increase from approximately HK$8,946,000 for the same period in 2020, representing a growth of approximately 600%[8]. - The net profit after tax for the Joint Venture Group was approximately HK$10,737,000 for the six months ended 30 September 2021, compared to approximately HK$2,361,000 for the same period in 2020, reflecting an increase of approximately 354%[8]. - The Group recorded a turnover of approximately HK$111,791,000 for the period, representing a decrease of 13.1% compared to HK$128,648,000 for the six months ended 30 September 2020[16]. - Total revenue for the six months ended September 30, 2021, was HK$111,791,000, a decrease of 13.1% from HK$128,648,000 in the same period of 2020[100]. - The loss for the period from continuing operations was HK$11,892,000, compared to a loss of HK$12,062,000 in the same period of 2020[106]. - The total comprehensive loss for the period was HK$15,079,000, compared to HK$9,747,000 in the same period last year, indicating ongoing challenges[63]. - The loss for the period attributable to owners of the Company was HK$21,110,000 for the six months ended 30 September 2021, compared to HK$10,235,000 in the same period of 2020, representing a 106.4% increase in loss[156]. - The basic and diluted loss per share for the period was HK$0.7 cents, compared to HK$0.3 cents in the previous year, indicating a 133.3% increase in loss per share[156]. Business Operations - The Group's business is focused on commodities trading and daily cleaning, anti-epidemic, and other consumable products, aligning with its principle of "making life easier and benefiting people's livelihood"[6]. - The Group aims to explore new opportunities in the daily necessities market despite the ongoing challenges posed by the COVID-19 pandemic[13]. - The Group has continued to gain trust and recognition from clients globally, providing stable supply and quality products during the pandemic[13]. - The Group's daily cleaning and anti-epidemic products have contributed significantly to efforts against the pandemic, supporting clients in China and worldwide[13]. - The Group decided to discontinue its unconventional gas business to focus on commodities trading, daily cleaning, anti-epidemic products, and esmart digital services[149]. Financial Position - As at 30 September 2021, the Group's total current assets amounted to approximately HK$135,575,000, while total current liabilities were approximately HK$5,683,000, resulting in a current ratio of approximately 2.4 times[36]. - The Group's gearing ratio as at 30 September 2021 was approximately 38.5%, down from approximately 42.9% as of 31 March 2021[36]. - The Group had capital commitments of approximately HK$184,220,000 as at 30 September 2021, compared to approximately HK$181,103,000 as of 31 March 2021[39]. - The total assets less current liabilities stood at HK$91,949,000, an increase from HK$88,381,000 in the previous audited period[65]. - The total liabilities of the Group as of September 30, 2021, were HK$75,053,000, compared to HK$53,429,000 as of March 31, 2021[30]. Cash Flow - For the period ended 30 September 2021, the Group had a net cash outflow from operating activities of approximately HK$8,567,000, compared to a net cash outflow of approximately HK$5,194,000 for the same period in 2020[36]. - Cash and cash equivalents at the end of the period were HK$11,865,000, down from HK$13,251,000 in the previous year[75]. - The company experienced a net cash inflow from investing activities of HK$123,000 for the six months ended September 30, 2021, compared to HK$19,000 in 2020[75]. - Financing activities resulted in a net cash inflow of HK$7,085,000 for the six months ended September 30, 2021, compared to a net outflow of HK$(307,000) in 2020[75]. Shareholder Information - The substantial shareholders of the Company hold approximately 10.79%, 7.57%, and 6.29% of the issued ordinary share capital respectively[1]. - The Board did not recommend payment of an interim dividend for the six months ended 30 September 2021, consistent with the previous year[35]. - No interim dividend was recommended for the six months ended 30 September 2021, consistent with the previous period[37]. Employee and Corporate Structure - The Group had a total of 44 employees as at 30 September 2021, an increase from 43 employees as of 30 September 2020[43]. - The principal place of business is located in Hong Kong, with a registered office in the Cayman Islands[3]. - The Group's principal activity is investment holding, with subsidiaries engaged in various trading and consumer product businesses[1]. Accounting and Compliance - The unaudited condensed consolidated interim financial statements for the six months ended 30 September 2021 have been prepared in accordance with HKAS 34 and are presented in Hong Kong dollars, rounded to the nearest thousand (HK$'000)[2]. - The accounting policies and methods of computation used in the interim financial statements are consistent with those presented in the Group's annual financial statements for the year ended 31 March 2021[82]. - The adoption of amended standards did not have a significant impact on the Group's accounting policies and did not require any adjustments[85]. - The Group is in the process of assessing the impact of new and amended standards that have been issued but are not yet effective[97]. Legal and Contingent Liabilities - The Group did not have any material contingent liabilities as at 30 September 2021[42]. - The Group currently has no foreign exchange rate hedging policy but monitors exchange rate exposure regularly[41].

Business Performance - The turnover for the year 2021 was HK$276,040,000, a significant increase from HK$54,789,000 in 2020, representing a growth of approximately 404%[16] - The loss attributable to owners of the Company for 2021 was HK$26,403,000, an improvement compared to a loss of HK$76,932,000 in 2020, indicating a reduction of about 65%[16] - The profit margin for the trading business improved due to the high margin of daily cleaning and anti-epidemic products[30] - The Group's gross profit for the year ended 31 March 2021 was approximately HK$9,458,000, with a gross profit margin of approximately 3.4%, compared to a gross loss of approximately HK$1,725,000 in 2020[41] - The Company anticipates that the daily cleaning and anti-epidemic products business will enhance future results[21] Financial Position - Cash reserves at the end of 2021 were HK$14,590,000, down from HK$16,201,000 in 2020, reflecting a decrease of approximately 10%[16] - The Group's net current assets amounted to approximately HK$73,169,000 as of 31 March 2021, compared to approximately HK$45,174,000 in 2020[57] - The current ratio improved to approximately 3.1 times as of 31 March 2021, up from approximately 1.6 times in 2020[57] - The gearing ratio decreased to approximately 40.8% from 71.4% in 2020[60] - The Company has confirmed the independence of all INEDs in accordance with Rule 3.13 of the Listing Rules[142] Cost Management - The Company implemented cost control measures that saved approximately HK$24,322,000 in operating costs during the year[21] - Selling expenses decreased to approximately HK$994,000 for the year ended 31 March 2021, down from approximately HK$7,056,000 in 2020, due to cost control measures[47] - Other operating expenses decreased by approximately 56.5% to approximately HK$34,971,000 for the year ended 31 March 2021, down from approximately HK$80,346,000 in 2020[48] - The Company has implemented cost-cutting measures that are expected to save $JJ million annually, improving overall profitability[111] Strategic Initiatives - The Group is expanding into personal healthcare and protective products, including COVID-19 diagnostic test kits and surgical gloves[6] - The Group's strategy includes a low margin approach to attract more sales channels and expand its customer base[5] - The Company aims to enhance its brand building and marketing efforts for its anti-epidemic products in both the PRC and overseas markets[6] - The Company is focusing on expanding its business into the consumer products market, aligning with its principle of "making life easier and benefiting people's livelihood"[29] - The company plans to allocate resources to develop the consumer goods market, particularly in daily consumer products, and is considering acquisitions of relevant businesses with growth potential[100] Corporate Governance - The Company has maintained directors' and officers' liability insurance throughout the year, providing appropriate coverage for legal actions against its Directors and officers[153] - The positions of Chairman, Vice-Chairman, and Chief Executive Officer are held by separate individuals to ensure effective segregation of duties[154] - The Company encourages Directors to participate in continuous professional development to enhance their knowledge and skills[149] - The Board comprises seven Directors, including three executive Directors and four independent non-executive Directors, with two INEDs possessing relevant accounting and financial management expertise[139] - The Company has established various Board committees, with a majority of members being independent non-executive directors[178] Joint Ventures and Collaborations - The Joint Venture Group for anti-epidemic and daily cleaning products was established in August 2020, with the Company holding a 26.01% effective interest, consolidating its financial results[7] - The licensed branded watches business commenced operations in July 2020, with the Company also holding a 26.01% effective interest in this joint venture[9] - The Company established two joint venture groups for the sale and marketing of anti-epidemic and daily cleaning products, aiming to capitalize on the ongoing demand in the market[21] - The company conditionally agreed to purchase 49% shareholding interests in Smart Challenger Global Limited and 19% in Century Smart for a total consideration of RMB34,000,000 (approximately HK$40,000,000) through the issuance of consideration shares and convertible bonds[89] Future Outlook - Future outlook remains positive, with management expressing confidence in achieving a compound annual growth rate (CAGR) of KK% over the next five years[111] - The company is expanding its market presence in the Asia-Pacific region, targeting a growth rate of FF% in this segment over the next year[111] - New product launches are anticipated to contribute an additional $EE million in revenue, with a focus on innovative technology solutions[111] - Recent acquisitions are expected to enhance the company's capabilities, with an estimated contribution of $GG million to the overall revenue in the upcoming fiscal year[111] Employee and Management - The Group had a total of 42 employees as of March 31, 2021, an increase from 31 employees in 2020[79] - The company is committed to providing a stable work environment and adhering to principles of equality and merit-based hiring[91] - Dr. Lam has over 30 years of international experience in corporate management, strategy consulting, and investment banking[121] - The company secretary, Mr. Chow, has over 23 years of experience in accounting and finance, ensuring compliance and financial integrity[129][131]

Financial Performance - For the period from April 1, 2020, to September 30, 2020, the joint venture group recorded unaudited turnover of approximately HK$8,946,000 and achieved net profit after tax of approximately HK$2,361,000[11]. - For the period ended September 30, 2020, the Group recorded a turnover of approximately HK$128,648,000, representing an increase of 207.2% compared to HK$41,874,000 for the same period in 2019[31]. - The Group's gross profit for the period was approximately HK$2,977,000, representing an increase of approximately four times from HK$609,000 in the same period of 2019[34]. - The loss from operating activities decreased to HK$12,263,000 from HK$32,542,000 year-on-year, showing a reduction of approximately 62%[73]. - The total comprehensive loss for the period was HK$9,747,000, compared to HK$39,975,000 in the same period of 2019, indicating a reduction of about 76%[73]. - The loss for the period for the six months ended September 30, 2020, was HK$12,455,000, compared to a loss of HK$32,980,000 for the same period in 2019, indicating an improvement in financial performance[105]. - The company reported a total comprehensive loss for the period of HK$9,747,000 for the six months ended September 30, 2020[85]. Revenue and Profitability - Revenue from trading of daily cleaning and sanitizing products and licensed branded watches contributed approximately HK$8,946,000 and HK$672,000 respectively for the period, compared to HK$0 for both in the same period of 2019[31]. - The gross profit margin for the commodities trading business was approximately 2.3%, up from 0.8% in the same period of 2019[34]. - The Group's loss from operating activities for the six months ended September 30, 2020, was HK$125,671,000, compared to HK$41,265,000 in 2019, indicating a substantial increase in costs[136]. Cost Management - The Company saved approximately HK$17 million in operating costs through various cost control measures at the beginning of the year[22]. - Selling expenses decreased to approximately HK$2,655,000 from HK$5,650,000 in the same period of 2019, due to cost control measures and workforce streamlining[41]. - Other operating expenses decreased by approximately 54.9% to HK$13,063,000, representing about 10.2% of the total revenue for the period[42]. Business Expansion and Strategy - The Group is expanding its business into the consumer products market, aligning with its principle of "making life easier and benefiting people's livelihood" (易生活，惠民生)[8]. - The Company anticipates that the business in cleaning and sanitizing products will improve its results in the future[22]. - The management expects 2021 to be a challenging year and will continue to monitor the development of COVID-19 while exploring new business opportunities[23]. Joint Ventures and Operations - The Company has established two joint venture groups for trading cleaning and sanitizing products and licensed branded watches in the PRC and overseas[22]. - The joint venture group for cleaning and sanitizing products commenced operations in mid-July 2020 and recorded unaudited turnover of approximately HK$672,000 for the period ended September 30, 2020[19]. - The joint venture for licensed branded watches will utilize various sales channels, including direct export sales and e-commerce platforms[12]. Cash Flow and Liquidity - For the six months ended 30 September 2020, the Group had a net cash outflow from operating activities of approximately HK$5,194,000, compared to a net cash outflow of approximately HK$8,370,000 for the same period in 2019[52]. - As at 30 September 2020, the Group's available cash and cash balances amounted to approximately HK$13,251,000, down from approximately HK$16,201,000 as of 31 March 2020[52]. - Cash and cash equivalents were reported at HK$82,025,000, slightly down from HK$84,429,000[80]. Assets and Liabilities - The Group's total current assets and current liabilities were approximately HK$119,530,000 and HK$62,135,000 respectively, resulting in a current ratio of approximately 1.9 times[52]. - The Group's gearing ratio was approximately 87.7%, an increase from approximately 71.4% as of 31 March 2020[52]. - The Group's total liabilities decreased to HK$62,135,000 from HK$71,780,000, showing a reduction of approximately 13%[80]. Employee and Shareholder Information - The Group had a total of 43 employees as at 30 September 2020, down from 67 employees as of 30 September 2019[58]. - During the period ended 30 September 2020, 59,100,000 share options were granted, while 88,460,000 share options lapsed, leaving 232,307,000 share options outstanding[59]. - The company’s substantial shareholders include Ms. Liu Qiuhua and Mr. Gao Feng, holding approximately 12.1% and 5.21% of the issued ordinary share capital, respectively[91]. Taxation and Compliance - The company is subject to a two-tier profits tax system in Hong Kong, with a tax rate of 8.25% on the first HK$2,000,000 of taxable profits and 16.5% on profits exceeding that amount[145]. - The corporate income tax rate for the company's subsidiaries in China is set at 25% as per the Chinese Corporate Income Tax Law[145]. Share Options and Capital Structure - The share option scheme allows for a maximum of 10% of the company's issued shares to be granted as unexercised share options[188]. - The exercise price of share options must not be less than the higher of the closing price on the offer date or the average closing price for the five trading days preceding the offer[191]. - The fair value of share options is recognized as an employee cost, measured using the Black-Scholes-Merton option pricing model[192].

Financial Performance - For the year ended March 31, 2020, the Group's turnover was HK$54,789,000, a decrease of 38.8% from HK$89,373,000 in 2019[11] - The Group reported a loss for the year attributable to owners of the Company of HK$76,932,000, compared to a loss of HK$138,609,000 in 2019[11] - Total assets decreased to HK$134,790,000 from HK$227,479,000 in 2019, reflecting a decline of 40.7%[11] - Cash reserves were HK$16,201,000, down from HK$19,383,000 in 2019, indicating a decrease of 11.3%[11] - The cost of sales for the year was approximately HK$56,514,000, which accounted for approximately 103.2% of the Group's revenue, indicating a significant increase from 93.5% in 2019[28] - The Group's gross loss for the year was approximately HK$1,725,000, a decrease of approximately 129.8% from a gross profit of approximately HK$5,788,000 in 2019[29] - The gross profit margin for the commodities trading business was approximately 0.7%, down from approximately 2.0% in 2019, while the gross loss margin for esmart digital services was approximately 867.5%[29] - Selling expenses decreased to approximately HK$7,056,000 in 2020 from approximately HK$14,381,000 in 2019, reflecting a reduction of approximately 51.0% due to cost control measures[34] - Other operating expenses were approximately HK$80,346,000 for the year ended March 31, 2020, a decrease of approximately 47.7% from approximately HK$153,542,000 in 2019[36] - The Group recognized an impairment loss on goodwill of approximately HK$18,320,000 for the year ended March 31, 2020, compared to approximately HK$4,807,000 in 2019, due to further operating losses in the esmart digital services segment[38] Impact of COVID-19 - The outbreak of COVID-19 has significantly impacted the Group's operations in the PRC, with management concerned about ongoing challenges[14] - Business activities began to gradually resume in the second quarter of 2020, with trading business returning to normal quicker than expected[14] - Business activities in China have gradually resumed during the second quarter of 2020 after being nearly suspended due to COVID-19[25] Cost Control and Business Strategy - The Group is focusing on cost control measures to retain cash for business development amid ongoing market uncertainties[14] - The Company plans to explore new opportunities in the consumer products market to align with its business principle of "making life easier and benefiting people's livelihood"[15] - The Group continues to adopt a low margin strategy to expand its customer base and trading volume despite strong competition[23] - The Group has implemented various cost control measures, including a salary reduction of 22% to 50% for all directors and some senior management[17] Liquidity and Financial Ratios - As of 31 March 2020, the Group's total current assets were approximately HK$117,044,000, down from approximately HK$179,838,000 in 2019, while current liabilities increased slightly to approximately HK$71,870,000[41] - The Group's liquidity position showed a current ratio of approximately 1.6 times as of 31 March 2020, down from approximately 2.6 times in 2019[41] - The gearing ratio increased to approximately 71.4% as of 31 March 2020, compared to approximately 41.0% in 2019, indicating higher financial leverage[42] - Net cash used in operating activities was approximately HK$22,963,000 for the year ended 31 March 2020, a decrease from approximately HK$54,344,000 in 2019[40] - The Group had available cash and cash balances of approximately HK$16,201,000 as of 31 March 2020, down from approximately HK$19,383,000 in 2019[40] Corporate Governance - The company is committed to high standards of corporate governance, enhancing board practices, internal controls, transparency, and accountability[103] - The company has updated or established various policies and procedures in compliance with the Corporate Governance Code[108] - The Board consists of eight Directors, including four executive Directors and four independent non-executive Directors, with two INEDs possessing relevant accounting and financial management expertise[112] - The Company has maintained directors' and officers' liability insurance throughout the year to provide appropriate coverage for legal actions against its Directors and officers[118] - The Company encourages continuous professional development for Directors, providing comprehensive induction packages to ensure awareness of responsibilities under the Listing Rules[114] Board and Management Structure - The Chief Executive Officer is responsible for the day-to-day management of the Group's businesses and ensures that business plans align with the strategies set by the Board[126] - The Board is collectively responsible for setting the Group's overall strategies, operating and financial policies, and evaluating business performance[112] - The Company Secretary provides regular updates on the Group's business and operations, as well as amendments to the Listing Rules and guidelines on disclosures[116] Employee and Shareholder Information - As of March 31, 2020, the Group had a total of 31 employees, a decrease from 106 in 2019[64] - The Board did not recommend any payment of final dividend to shareholders for the year ended March 31, 2020[63] - During the year ended March 31, 2020, 29,550,000 share options were granted, while 41,300,000 share options lapsed, leaving 261,667,000 options outstanding[72] Audit and Risk Management - The Audit Committee is responsible for monitoring the integrity of the Company's financial statements and reviewing significant financial reporting judgments[148] - The Audit Committee reviewed the financial statements for the year ended March 31, 2020, ensuring compliance with Hong Kong accounting principles and applicable disclosure requirements[160] - The Audit Committee monitored the integrity of the company's financial reporting system and internal control[156] - The Audit Committee made recommendations to the Board regarding the effectiveness of internal control systems in managing business and control risks[161]

Business Strategy and Development - The Group continues to focus on sourcing domestic quality products for sales to retail channels or lower-tier agents in the PRC, adopting a low margin strategy to attract more sales channels for cooperation[13]. - The Company aims to increase gross profit margin from direct sales or develop customized products to improve overall profitability[13]. - The Company recognizes the importance of industries related to the livelihoods of people as a main direction for future development[24]. - The Company is implementing development goals that focus on new technologies, networks, and online-offline integration to enhance business operations[26]. - The Group's business development has faced challenges due to economic turbulence, but the principle of "making life easier and benefiting people's livelihood" remains a guiding approach[16]. - The Company is committed to diversifying its revenue streams to maximize shareholder interests amidst a rapidly changing market[22]. Financial Performance - For the period ended 30 September 2019, the Group recorded a turnover of approximately HK$41,874,000, representing a decrease of 20.2% compared to HK$52,496,000 for the same period in 2018[31]. - The cost of sales for the same period amounted to approximately HK$41,265,000, a decrease of approximately 21.1% from HK$52,285,000 in the previous year[33]. - The Group's gross profit increased to approximately HK$609,000, representing an increase of approximately 188.6% from HK$211,000 in the same period last year, with a gross profit margin of approximately 1.5%[34]. - Selling expenses rose to approximately HK$5,650,000, an increase from HK$3,883,000 in the previous year, primarily due to higher marketing costs for esmart digital services[40]. - Operating expenses decreased to approximately HK$28,956,000, down 11.1% from HK$32,558,000, representing approximately 69.1% of total revenue for the period[41]. - The loss attributable to shareholders for the period was approximately HK$23,027,000, a decrease of 6.8% from HK$24,707,000 in the same period last year, with a basic loss per share of approximately HK$0.8 cents[43]. - The total comprehensive loss for the period was HK$39,975,000, down from HK$48,617,000 in the previous year, indicating a reduction in overall losses[89]. Cash Flow and Assets - For the period ended 30 September 2019, the Group had a net cash outflow from operating activities of approximately HK$8,370,000, a decrease from HK$35,394,000 for the same period in 2018[50]. - As at 30 September 2019, the Group's total current assets were approximately HK$144,976,000, while total current liabilities were approximately HK$73,603,000, resulting in a current ratio of approximately 2 times[51]. - The Group's gearing ratio as of 30 September 2019 was approximately 28.2%, a decrease from 41% as of 31 March 2019[52]. - The Group's surplus on shareholders' funds amounted to approximately HK$115,276,000 as at 30 September 2019, down from approximately HK$131,749,000 as at 31 March 2019[51]. - Cash and cash equivalents at the end of the period were HK$11,228,000, a decrease from HK$12,074,000 at the end of September 2018, reflecting a decline of approximately 7.0%[102]. - The net current assets as of September 30, 2019, were HK$71,373,000, down from HK$109,428,000, indicating a decrease of about 34.8%[94]. Segment Performance - Revenue for the six months ended September 30, 2019, was HK$41,874,000, a decrease of 20.3% from HK$52,496,000 in the same period of 2018[170]. - Commodities sales contributed HK$41,610,000, down from HK$52,201,000, representing a decline of 20.3% year-over-year[170]. - The segment loss for the unconventional gas business was HK$925,000, while the commodities trading business reported a loss of HK$4,419,000, and the esmart digital services segment incurred a loss of HK$12,862,000, totaling a consolidated loss of HK$32,980,000 for the period[175]. - The esmart digital services segment generated revenue of HK$272,000, a slight decrease from HK$285,000 in the previous year[175]. - Revenue from the PRC decreased significantly to HK$4,000,000 in 2019 from HK$44,055,000 in 2018, representing a decline of 90.9%[188]. - Revenue from Hong Kong increased to HK$37,874,000 in 2019, up from HK$32,000 in 2018, marking a substantial increase of 118,593.8%[188]. Accounting and Compliance - The Group has adopted new and revised HKFRSs, including HKFRS 16 "Leases," which has changed the accounting treatment for leases[120]. - The application of HKFRS 16 allows the Group to recognize lease liabilities and corresponding right-of-use assets, impacting the financial position and performance[120]. - The Group recognized lease liabilities of approximately HK$3,909,000 and right-of-use assets of approximately HK$3,909,000 at the date of initial application, 1 April 2019[156]. - The Group applies HKFRS 16 retrospectively with the cumulative effect recognized at the date of initial application, without restating comparative information[155]. - The Group's financial statements should be read in conjunction with the Group's audited annual financial statements for the year ended 31 March 2019[108].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|----------------------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司 | | | | | | | | | | | | STOCK CODE 股份代號:223 | | | | | | | | | 易 | 生 | 活 | | | 曹 | 民 | 生 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Annual Report 20 ...