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告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED 華信地產財務有限公司 （於香港註冊成立之有限公司） （股份代號：252） 董事名單與其角色和職能 華 信 地 產 財 務 有 限 公 司（「本公司」）董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 承董事會命 華信地產財務有限公司 主席兼執行董事 蔡乃端 蔡乃端先生 （主 席） 蔡基鴻先生 （董 事 總 經 理） 陳鑫淼先生 非執行董事 陳文漢先生 蔡漢榮先生 蔡穎雯女士 蔡雪莉女士 獨立非執行董事 陳兆庭先生 徐家華先生 陸紹傳博士 甘卓燊先生 – 1 – 董 事 會 設 立 三 個 委 員 會。各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位 載 列 如 下： | 董 事 | 審核委員會 | | 提名委員會 | | 薪酬 ...

SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED 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的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 茲 提 述 華 信 地 產 財 務 有 限 公 司（「本公司」）就 有 關 股 東 週 年 大 會（「股東週年大 會」）而 於 二 零 二 五 年 七 月 二 十 八 日 刊 發 之 股 東 週 年 大 會 通 告（「股東週年大會 通 告」）及 本 公 司 通 函（「通 函」）。除 文 義 另 有 所 指 外，本 公 佈 所 使 用 詞 彙 與 通 函 所 界 定 者 具 相 同 涵 義。 於 股 東 週 年 大 會 當 日，已 發 行 股 份 數 目 為225,420,034股，即 賦 予 持 有 人 權 利 出 席 股 東 週 年 大 會 並 於 會 上 投 票 贊 成 或 反 對 所 有 提 ...

华信地产财务(00252)发布公告，于2025年8月20日，华国酒店置业有限公司(本公司附属公司)作为借款 人(借款人)及本公司，连同华国酒店管理有限公司及南星塑胶厂有限公司(均为本公司附属公司)作为担 保人与一间银行(贷款人)订立一份信贷合同(信贷合同)，贷款人已向借款人授出一笔最高本金总额为 2.85亿港元的定期信贷(信贷)。该信贷将用于为借款人的现有债务再融资，并为位于香港九龙尖沙咀金 马伦道7号华国酒店的上层建筑工程的未付建设成本和专业费用提供资金。 ...

格隆汇8月20日丨华信地产财务(00252.HK)公告，于2025年8月20日，华国酒店置业有限公司（公司附属 公司）作为借款人及公司，连同华国酒店管理有限公司及南星塑胶厂有限公司（均为公司附属公司）作 为担保人与一间银行（贷款人）订立一份信贷合同，据此，贷款人已向借款人授出一笔最高本金总额为 2.85亿港元的定期信贷。该信贷将用于为借款人的现有债务再融资，并为位于香港九龙尖沙咀金马伦道 7号华国酒店的上层建筑工程的未付建设成本和专业费用提供资金。 ...

智通财经APP讯，华信地产财务(00252)发布公告，于2025年8月20日，华国酒店置业有限公司(本公司附 属公司)作为借款人(借款人)及本公司，连同华国酒店管理有限公司及南星塑胶厂有限公司(均为本公司 附属公司)作为担保人与一间银行(贷款人)订立一份信贷合同(信贷合同)，贷款人已向借款人授出一笔最 高本金总额为2.85亿港元的定期信贷(信贷)。该信贷将用于为借款人的现有债务再融资，并为位于香港 九龙尖沙咀金马伦道7号华国酒店的上层建筑工程的未付建设成本和专业费用提供资金。 ...

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告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED 於 本 公 告 日 期，蔡 先 生 直 接 或 間 接 擁 有 本 公 司 已 發 行 股 份 總 數 約47.02%。 – 1 – 華信地產財務有限公司 （於香港註冊成立之有限公司） （股份代號：252） 根據上市規則第13.18條作出披露 此 乃 華 信 地 產 財 務 有 限 公 司（「本公司」）遵 照 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.18條 而 作 出 的 公 告。 於 二 零 二 五 年 八 月 二 十 日，華 國 酒 店 置 業 有 限 公 司（本 公 司 附 屬 公 司）作 為 借 款 人（「借款人」）及 本 公 司，連 同 華 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華信地產財務有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00252 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 225,420,034 | | 0 | | 225,420,034 | | 增加 / 減少 (-) | | | 0 | ...

年報 2024/25 股份代號 : 252 Annual Report 2024/25 Stock code : 252 華 信 地 產 財 務 有 限 公 司 Annual Report 2024 / 2 5 年報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 董事與高級管理層簡介 | 3 | | 主席報告書 | 6 | | 企業管治報告書 | 14 | | 董事會報告書 | 31 | | 環境、社會及管治報告 | 40 | | 獨立核數師報告 | 68 | | 綜合損益表 | 75 | | 綜合全面收益表 | 76 | | 綜合財務狀況表 | 77 | | 綜合權益變動表 | 79 | | 綜合現金流動表 | 80 | | 綜合財務報告附註 | 81 | | 主要持有作投資物業概要 | 181 | | 主要發展中物業概要 | 182 | | 主要持有作自用物業概要 | 183 | | 五年財務摘要 | 184 | 公司資料 董事會 陳兆庭先生 徐家華先生 陸紹傳博士 甘卓燊先生 審核委員會 陳兆庭先生 （主席） 陳文漢先生 蔡漢榮先生 徐家華先生 陸紹傳博士 甘卓燊先生 ...

[Company Overview and Performance Summary](index=1&type=section&id=Company%20Overview%20and%20Performance%20Summary) This section provides a high-level overview of the company and a summary of its financial performance for the reporting period [SOUTHEAST ASIA PROPERTIES & FINANCE LIMITED FY2025 Annual Results Announcement](index=1&type=section&id=SOUTHEAST%20ASIA%20PROPERTIES%20%26%20FINANCE%20LIMITED%20Annual%20Results%20Announcement) Southeast Asia Properties & Finance Limited (Stock Code: 252) announces its audited consolidated results for FY2025, detailing financial performance, operations, and governance - The Group's **audited consolidated results** for the year ended March 31, 2025[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group reported a net loss of **HKD 25.82 million** for FY2025, turning from profit, driven by declining associate results and fair value losses on investment properties FY2025 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 232,260,459 | 192,687,470 | +20.5% | | Gross Profit | 71,721,775 | 64,438,040 | +11.3% | | Loss from fair value changes of investment properties | (36,601,413) | (193,949,870) | -81.1% | | Share of results of associates | 15,975,753 | 288,910,725 | -94.5% | | (Loss)/Profit before tax | (21,475,852) | 60,223,302 | Turned to loss | | (Loss)/Profit for the year | (25,821,167) | 55,871,825 | Turned to loss | | (Loss)/Profit attributable to owners of the Company | (25,568,231) | 56,389,855 | Turned to loss | | Basic and diluted (loss)/earnings per share (HK cents) | (11.3) | 25.0 | Turned to loss | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive income significantly decreased by 86.9% to **HKD 9.49 million** in FY2025, primarily impacted by the annual loss despite an increase in other comprehensive income FY2025 Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the year | (25,821,167) | 55,871,825 | Turned to loss | | Other comprehensive income for the year | 35,314,431 | 16,622,322 | +112.5% | | Total comprehensive income for the year | 9,493,264 | 72,494,147 | -86.9% | | Total comprehensive income attributable to owners of the Company | 9,852,126 | 73,261,335 | -86.6% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group reported net current liabilities of **HKD 126.00 million**, a shift from net current assets of HKD 117.22 million last year, mainly due to bank loan reclassification, with slight decreases in total assets and equity FY2025 Consolidated Statement of Financial Position Key Data | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,374,491,824 | 1,348,024,207 | +2.0% | | Current assets | 241,950,692 | 287,295,861 | -15.8% | | Net current (liabilities)/assets | (126,003,295) | 117,224,661 | Turned negative | | Total assets less current liabilities | 1,248,488,529 | 1,465,248,868 | -14.8% | | Non-current liabilities | 124,369,086 | 319,532,942 | -61.1% | | Net assets | 1,124,119,443 | 1,145,715,926 | -1.9% | | Equity attributable to owners of the Company | 1,114,374,772 | 1,135,612,393 | -1.9% | | Total equity | 1,124,119,443 | 1,145,715,926 | -1.9% | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes and disclosures supporting the consolidated financial statements, offering further insights into the Group's accounting policies and financial performance [1. General Information](index=6&type=section&id=1.%20General%20Information) Southeast Asia Properties & Finance Limited, a Hong Kong-listed company, engages in investment holding, property, hotel operations, plastic packaging, and brokerage, with financial statements presented in HKD - The Group's principal activities include investment holding, property investment, development and rental, hotel operations, manufacturing and distribution of plastic packaging materials, and brokerage and securities margin financing[8](index=8&type=chunk) - The Company's shares are listed on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - The consolidated financial statements are presented in **Hong Kong Dollars (HKD)**, which is also the Company's functional currency[9](index=9&type=chunk) [2. Adoption of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group adopted several revised HKFRS on April 1, 2024, with no significant impact on current or prior period results, while management assesses the potential effects of HKFRS 18 on financial statement presentation and disclosures - The Group has initially applied revised standards including **HKFRS 16 (Revised)**, **HKAS 1 (Revised)**, and **HKAS 7 & HKFRS 7 (Revised)**[10](index=10&type=chunk) - The adoption of revised HKFRS accounting standards did not have a **significant impact** on the results and financial position presented for the current and prior periods[10](index=10&type=chunk) - **HKFRS 18** will replace **HKAS 1**, introducing new subtotal reporting, management performance measure disclosures, and enhanced classification guidance, effective January 1, 2027[18](index=18&type=chunk)[19](index=19&type=chunk)[21](index=21&type=chunk) [3. Compliance Statement](index=8&type=section&id=3.%20Compliance%20Statement) These consolidated financial statements are prepared in accordance with HKFRS and Hong Kong Generally Accepted Accounting Principles, complying with relevant Listing Rules and Companies Ordinance disclosure requirements - These consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards (HKFRS)** and **Hong Kong Generally Accepted Accounting Principles**[20](index=20&type=chunk) - These consolidated financial statements comply with the applicable disclosure requirements of the **Listing Rules** of the Stock Exchange and the **Companies Ordinance**[20](index=20&type=chunk) [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) The Group's segments include property, plastic packaging, and brokerage; plastic packaging and brokerage turned profitable with strong growth, while China led regional revenue expansion FY2025 Segment Revenue and Results | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | Revenue Change (%) | 2025 Results (HKD) | 2024 Results (HKD) | Results Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Investment, Development and Rental/Hotel Operations | 15,409,210 | 14,032,966 | +9.8% | 1,146,627 | (5,977,200) | Turned to profit | | Manufacturing and Distribution of Plastic Packaging Materials | 206,932,155 | 166,579,877 | +24.2% | 26,183,198 | 21,777,380 | +20.2% | | Brokerage and Securities Margin Financing | 9,919,094 | 12,074,627 | -17.8% | 6,252,440 | (6,177,024) | Turned to profit | | Consolidated Total | 232,260,459 | 192,687,470 | +20.5% | 33,582,265 | 9,623,156 | +249.0% | FY2025 Geographical Segment Revenue | Region | 2025 Revenue (HKD) | 2024 Revenue (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | 48,320,195 | 50,615,963 | -4.5% | | Asia (excluding China and Hong Kong) | 46,773,374 | 45,194,594 | +3.5% | | Oceania | 44,206,874 | 41,598,116 | +6.3% | | China | 57,806,376 | 27,649,143 | +109.1% | | North America | 18,818,445 | 16,038,262 | +17.3% | | Europe | 16,335,195 | 11,591,392 | +40.9% | | Total | 232,260,459 | 192,687,470 | +20.5% | [5. Revenue](index=10&type=section&id=5.%20Revenue) The Group's total revenue grew **20.5%** to **HKD 232.26 million** in FY2025, primarily driven by significant increases in sales of goods and brokerage commissions, despite a slight decline in other income sources FY2025 Revenue Sources | Revenue Source | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Sales of goods | 206,932,155 | 166,579,877 | +24.2% | | Brokerage commission | 4,413,925 | 4,084,870 | +8.1% | | Rental income and rental-related income | 15,409,210 | 14,032,966 | +9.8% | | Interest income from customers | 3,894,217 | 6,615,163 | -41.1% | | Dividend income from listed equity securities | 1,610,952 | 1,374,594 | +17.2% | | Total Revenue | 232,260,459 | 192,687,470 | +20.5% | [6. Finance Costs](index=11&type=section&id=6.%20Finance%20Costs) The Group's total borrowing costs increased by **25.3%** to **HKD 25.49 million** in FY2025, mainly due to higher interest expenses on bank loans and estimated interest on amounts due to an associate, partially offset by capitalized amounts FY2025 Finance Costs | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank loans | 18,684,348 | 15,230,316 | +22.7% | | Estimated interest expense on amounts due to an associate | 3,429,460 | 1,959,685 | +75.0% | | Total borrowing costs | 25,493,826 | 20,340,283 | +25.3% | | Less: Amount capitalized | (6,722,842) | (2,261,876) | +197.2% | | Net finance costs | 18,770,984 | 18,078,407 | +3.8% | [7. Income Tax Expense](index=11&type=section&id=7.%20Income%20Tax%20Expense) The Group's total income tax expense for FY2025 remained stable at **HKD 4.35 million**, with increased Hong Kong profits tax provision and deferred tax shifting from expense to credit FY2025 Income Tax Expense | Item | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Hong Kong profits tax (current) | 4,019,212 | 2,358,817 | +70.4% | | PRC enterprise income tax (current) | 509,366 | 742,358 | -31.4% | | Deferred tax (credit)/expense | (213,192) | 1,487,933 | Turned to credit | | Total income tax expense for the year | 4,345,315 | 4,351,477 | -0.1% | - Hong Kong profits tax provision is calculated at **16.5%** of estimated assessable profits, with the first **HKD 2,000,000** of profits for eligible entities taxed at **8.25%**[29](index=29&type=chunk) - PRC subsidiaries are subject to a tax rate of **25%**[30](index=30&type=chunk) [8. (Loss)/Profit for the Year](index=12&type=section&id=8.%20(Loss)%2FProfit%20for%20the%20Year) The annual loss was primarily influenced by increased cost of inventories sold, higher expected credit loss provisions, and intangible asset impairment, despite a shift to profit from financial asset fair value changes FY2025 Key Items Affecting (Loss)/Profit for the Year | Item | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 134,668,183 | 102,415,839 | +31.5% | | Auditors' remuneration | 920,000 | 1,030,000 | -10.7% | | Depreciation | 10,063,597 | 10,265,841 | -2.0% | | (Profit)/Loss from financial assets at fair value through profit or loss | (6,479,501) | 7,293,756 | Turned to profit | | Provision for expected credit losses on trade and other receivables and loans receivable | 2,054,628 | 362,115 | +467.4% | | Bad debts written off | 8,341 | 1,255,888 | -99.3% | | Loss on deemed disposal of interest in an associate | 15,661,473 | 26,282,302 | -40.5% | | Provision for impairment loss on intangible assets | 300,000 | – | New item | [9. Dividends](index=13&type=section&id=9.%20Dividends) The Board proposes a final dividend of **3 HK cents** per ordinary share for the year ended March 31, 2025, totaling **HKD 6.76 million**, subject to shareholder approval FY2025 Proposed Dividends | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Proposed final dividend of 3 HK cents per ordinary share | 6,762,601 | 6,762,601 | [10. (Loss)/Earnings Per Share Attributable to Owners of the Company](index=13&type=section&id=10.%20(Loss)%2FEarnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic and diluted (loss)/earnings per share attributable to owners of the Company was **11.3 HK cents loss**, a significant decline from **25.0 HK cents profit** last year, reflecting the year's shift from profit to loss FY2025 (Loss)/Earnings Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (HKD) | (25,568,231) | 56,389,855 | | Weighted average number of ordinary shares outstanding (shares) | 225,420,034 | 225,420,034 | | Basic and diluted (loss)/earnings per share (HK cents) | (11.3) | 25.0 | - Diluted (loss)/earnings per share is identical to basic (loss)/earnings per share as there were no potential dilutive ordinary shares in either year[33](index=33&type=chunk) [11. Loans Receivable](index=13&type=section&id=11.%20Loans%20Receivable) As of March 31, 2025, total loans receivable amounted to **HKD 28.75 million**, primarily comprising an unsecured, interest-free shareholder loan with no fixed repayment terms, following last year's settlement and write-off of some loans via property acquisition FY2025 Loans Receivable | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Total loans receivable | 28,750,351 | 29,822,385 | - The balance represents a shareholder loan of **RMB 29,400,000** (equivalent to **HKD 31,508,000**) to Dongguan Hanjun Industrial Investment Co., Ltd., which is unsecured, interest-free, and not repayable within twelve months from the reporting date[35](index=35&type=chunk) - In FY2024, the Group settled certain loans receivable from independent borrowers and employees through the acquisition of residential properties and wrote off bad debts for remaining outstanding loans and interest[37](index=37&type=chunk) [12. Trade and Other Receivables](index=14&type=section&id=12.%20Trade%20and%20Other%20Receivables) The Group's total trade and other receivables significantly decreased to **HKD 58.29 million**, mainly due to reduced receivables from secured margin loan clients and increased expected credit loss provisions, alongside a notable drop in total market value of pledged securities FY2025 Trade and Other Receivables | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables arising from brokerage and securities margin financing | 33,105,082 | 76,755,953 | -56.8% | | Trade receivables arising from sales of goods and rental | 24,253,712 | 20,872,502 | +16.2% | | Other receivables | 928,995 | 3,956,182 | -76.5% | | Total | 58,287,789 | 101,584,637 | -42.7% | - Trade receivables from secured margin loan clients decreased from **HKD 71,186,789** to **HKD 31,067,496**[39](index=39&type=chunk) - Provision for expected credit losses increased, with brokerage-related provisions rising from **HKD 4,966,475** to **HKD 5,704,852**[39](index=39&type=chunk) - The total market value of securities pledged by clients for margin loans was **HKD 117,924,276** (2024: HKD 199,529,979)[41](index=41&type=chunk) [13. Trade and Other Payables](index=15&type=section&id=13.%20Trade%20and%20Other%20Payables) The Group's total trade and other payables decreased to **HKD 68.51 million**, primarily due to a significant reduction in amounts due to clearing houses and cash clients, and a notable decline in accrued property development expenses FY2025 Trade and Other Payables | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables (including clearing houses and cash clients, secured margin loan clients, other creditors) | 40,157,626 | 69,835,583 | -42.5% | | Accrued salaries | 5,826,026 | 6,767,085 | -13.9% | | Accrued property development expenses | 623,000 | 10,903,798 | -94.3% | | Total | 68,508,125 | 106,709,001 | -35.8% | - Amounts due to clearing houses and cash clients decreased from **HKD 56,691,458** to **HKD 25,297,967**[44](index=44&type=chunk) - Credit terms granted by other creditors are generally within **30 days**[45](index=45&type=chunk) [14. Interests in Associates](index=16&type=section&id=14.%20Interests%20in%20Associates) The Group's interests in associates slightly decreased due to a deemed disposal loss from Titan Dragon's equity dilution; Titan Dragon's property was revalued after title recovery, but its profit contribution significantly declined FY2025 Interests in Associates | Item | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of investments in associates | 7,461,640 | 6,664,312 | +12.0% | | Amounts due from associates | 16,446,598 | 33,812,303 | -51.4% | | Share of post-acquisition accumulated profits and other comprehensive income | 262,725,300 | 266,650,437 | -1.5% | | Total | 270,186,940 | 273,314,749 | -1.1% | - The Group's equity interest in Titan Dragon was diluted from **28.00%** to **24.50%** due to new investor capital injection, resulting in a deemed disposal loss of **HKD 15,661,473**[51](index=51&type=chunk) - Titan Dragon successfully recovered possession and title to its Philippine property, which was revalued at **HKD 1,173,587,000** as of March 31, 2025[62](index=62&type=chunk)[64](index=64&type=chunk) - Titan Dragon Group's FY2025 annual profit was **HKD 72,763,159**, a significant decrease from **HKD 877,274,753** in FY2024, primarily due to a one-off fair value gain on investment properties last year[55](index=55&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's financial performance, operational highlights, future strategies, and risk factors [Financial and Business Review](index=23&type=section&id=Financial%20and%20Business%20Review) The Group's FY2025 revenue grew **20.5%** to **HKD 232.3 million**, but a significant decline in associate results led to a **HKD 25.6 million** loss attributable to owners, turning from profit last year FY2025 Financial Review | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 232,300,000 | 192,700,000 | +20.5% | | (Loss)/Profit attributable to owners of the Company | (25,600,000) | 56,400,000 | Turned to loss | | Change in share of results of associates | -272,900,000 | N/A | Significant decrease | | Change in loss from fair value changes of investment properties | -157,300,000 | N/A | Significant decrease | [Property Investment, Development and Rental/Hotel Operations](index=23&type=section&id=Property%20Investment%2C%20Development%20and%20Rental%2FHotel%20Operations) Property segment revenue grew **9.8%** to **HKD 15.4 million**, turning profitable due to increased WorkCave Hong Kong occupancy and estimated interest income from an associate; hotel operations remain suspended for renovation but have obtained occupation permits and are applying for licenses - Revenue from the property investment, development and rental/hotel operations segment increased by **9.8%** to **HKD 15,400,000**[68](index=68&type=chunk) - Segment results turned from a **HKD 6,000,000 loss** last year to a **HKD 1,100,000 profit**, primarily due to new estimated interest income on amounts due to an associate[68](index=68&type=chunk) - Increased occupancy rate of **WorkCave Hong Kong** serviced offices was the main reason for higher rental income[68](index=68&type=chunk) - Hotel operations have been suspended since June 1, 2020, for alteration and addition works, with an occupation permit obtained in **December 2024** and hotel license application in progress[68](index=68&type=chunk)[76](index=76&type=chunk) [Manufacturing and Distribution of Plastic Packaging Materials](index=24&type=section&id=Manufacturing%20and%20Distribution%20of%20Plastic%20Packaging%20Materials) Plastic packaging materials segment revenue grew **24.2%** to **HKD 206.9 million**, with profit up **20.2%** to **HKD 26.2 million**, driven by sales growth, cost control, and efficiency, despite challenges from Red Sea crisis, container shortages, and trade uncertainties - Revenue from the manufacturing and distribution of plastic packaging materials segment increased by **24.2%** to **HKD 206,900,000**[69](index=69&type=chunk) - Segment profit increased by **20.2%** to **HKD 26,200,000**, mainly due to effective operational cost control and enhanced production efficiency[69](index=69&type=chunk) - The Red Sea crisis, global container shortages, and the US-China tariff war led to soaring sea freight costs and increased global trade uncertainty[70](index=70&type=chunk) [Brokerage and Securities Margin Financing](index=24&type=section&id=Brokerage%20and%20Securities%20Margin%20Financing) The brokerage segment turned profitable with an operating profit of **HKD 6.3 million**, driven by increased brokerage commissions and a shift to profit from financial asset fair value changes, despite volatile Hong Kong stock markets and declining margin client interest income - Brokerage commission increased by **8.1%** to **HKD 4,400,000**[72](index=72&type=chunk) - Interest income from margin clients decreased by **41.1%** to **HKD 3,900,000**, as clients reduced positions amid unstable market conditions during the period[72](index=72&type=chunk) - Segment operating profit turned from a **HKD 6,200,000 loss** last year to a **HKD 6,300,000 profit**, mainly due to a **HKD 6,500,000 profit** from financial assets at fair value through profit or loss, compared to a **HKD 7,300,000 loss** in the previous year[72](index=72&type=chunk) - The Hong Kong stock market experienced significant volatility, with the Hang Seng Index showing substantial gains and an accelerating pace of IPO activity[71](index=71&type=chunk) [Strategies and Outlook](index=24&type=section&id=Strategies%20and%20Outlook) The Group will cautiously navigate geopolitical tensions and trade uncertainties, pursuing pragmatic property development and hotel reopening, focusing on re-industrialization and green operations for plastic packaging, and adopting cost strategies with prudent risk management for brokerage - The Group will carefully review and adjust business strategies as needed to address uncertainties arising from geopolitical tensions[73](index=73&type=chunk) - The property investment segment will adopt a pragmatic approach to risk avoidance, with **WorkCave Hong Kong** serviced offices anticipating business growth in the second half of the year[74](index=74&type=chunk)[75](index=75&type=chunk) - The plastic packaging materials segment will enhance automation and digital transformation, establish a robust recycling system, and support green industry development[77](index=77&type=chunk) - The brokerage and securities margin financing segment will employ a cost strategy to maximize resource efficiency and adopt prudent risk management in volatile market conditions[78](index=78&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group reported net current liabilities of **HKD 126.0 million**, primarily due to the reclassification of a **HKD 251.0 million** committed loan to current liabilities; however, management expects to continue as a going concern with strong operating cash inflows and new bank financing - The Group's net current liabilities amounted to **HKD 126,000,000** (2024: net current assets of HKD 117,200,000)[79](index=79&type=chunk) - Primarily due to a **HKD 251,000,000** committed loan reclassified from non-current to current liabilities during the year, as it is due within one year[79](index=79&type=chunk) - The Group had robust positive net cash inflows from operating activities for the year ended March 31, 2025, with bank balances and cash of **HKD 74,500,000** as of that date[84](index=84&type=chunk) - Subsequent to the year ended March 31, 2025, the Group secured new bank financing of **HKD 285,000,000**, enabling repayment of maturing bank borrowings[84](index=84&type=chunk) [Capital Structure](index=27&type=section&id=Capital%20Structure) As of March 31, 2025, total equity attributable to owners was **HKD 1,114.4 million**, with a consolidated net asset value per share of **HKD 5.0**; the net debt to equity ratio decreased to **24.2%**, mainly due to reduced net debt FY2025 Capital Structure | Indicator | 2025 (HKD) | 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total equity attributable to owners of the Company | 1,114,400,000 | 1,135,600,000 | -1.9% | | Consolidated net asset value per share (HKD) | 5.0 | 5.1 | -2.0% | | Net debt to equity ratio | 24.2% | 25.6% | -1.4% | [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in Hong Kong and China, the Group transacts in HKD, USD, and RMB; it currently lacks a foreign currency hedging policy but management closely monitors and considers hedging significant exposures when necessary - The Group operates in Hong Kong and China, with most transactions denominated in **HKD**, **USD**, and **RMB**[85](index=85&type=chunk) - The Group currently has no foreign currency hedging policy, but management closely monitors these risks and considers hedging significant foreign exchange exposures when necessary[85](index=85&type=chunk) - The Group is not exposed to significant foreign exchange risk with respect to **HKD** against **USD**, as the currency is pegged to the USD[86](index=86&type=chunk) [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) This year, the Group's interest in Titan Dragon was diluted from **28%** to **24.5%** due to new share subscriptions by investors, resulting in a **HKD 15.7 million** deemed disposal loss, with no other significant disposals of subsidiaries or associates - The Group's interest in Titan Dragon decreased from **28%** to **24.5%**, resulting in a deemed disposal loss of **HKD 15,700,000**[87](index=87&type=chunk) - The loss was primarily due to a decrease in Titan Dragon's net asset value per share following new investor subscriptions[87](index=87&type=chunk) - Other than the aforementioned disclosure, the Group had no other significant disposals of subsidiaries or associates[88](index=88&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's total workforce slightly increased to **246 employees**, with remuneration determined based on job nature and market conditions Number of Employees | Year | Number of Employees | | :--- | :--- | | 2025 | 246 | | 2024 | 244 | - Employee remuneration is determined based on the nature of work and market conditions[89](index=89&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the Group's corporate governance practices, dividend policies, and other relevant information for shareholders [Dividends](index=29&type=section&id=Dividends) The Board proposes a final dividend of **3 HK cents** per ordinary share for the year ended March 31, 2025, totaling **HKD 6.76 million**, subject to shareholder approval and payable on October 3, 2025 - The Board recommends a final dividend of **3 HK cents** per ordinary share for the year ended March 31, 2025 (2024: 3 HK cents per ordinary share), payable to shareholders on the register as of August 29, 2025[90](index=90&type=chunk) - Subject to shareholder approval at the upcoming Annual General Meeting, the final dividend will be distributed on **October 3, 2025**[90](index=90&type=chunk) [Annual General Meeting and Share Registrar Closure](index=29&type=section&id=Annual%20General%20Meeting%20and%20Share%20Registrar%20Closure) The Annual General Meeting will be held on August 22, 2025; share registration will be suspended from August 19-22 for attendance and voting eligibility, and from August 28-29 for the proposed final dividend entitlement - The Annual General Meeting will be held on **Friday, August 22, 2025**[91](index=91&type=chunk) - To be eligible to attend and vote at the Annual General Meeting, the share registrar will be closed from **Tuesday, August 19, 2025, to Friday, August 22, 2025**[92](index=92&type=chunk) - To be eligible for the proposed final dividend, the share registrar will be closed from **Thursday, August 28, 2025, to Friday, August 29, 2025**[93](index=93&type=chunk) [Purchase, Sale or Redemption of Shares](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the current year - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the current year[94](index=94&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Company largely complied with the Corporate Governance Code, noting deviations such as combined Chairman/CEO roles and INEDs' AGM absence, while all directors adhered to the Model Code for Securities Transactions - The Company complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, with deviations noted for independent non-executive directors and non-executive directors not attending the Annual General Meeting[95](index=95&type=chunk) - The roles of Chairman and Chief Executive Officer are held by the same individual, a structure the Board believes does not impair the balance of power[96](index=96&type=chunk) - The Chairman and independent non-executive directors did not hold formal meetings without other directors present, but the company secretary consults independent non-executive directors on their concerns[97](index=97&type=chunk) - All Directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers[98](index=98&type=chunk) [Audit Committee and Auditor](index=30&type=section&id=Audit%20Committee%20and%20Auditor) The Audit Committee, comprising four independent non-executive directors and two non-executive directors, reviewed the Group's FY2025 annual results; the Company's auditor, Grant Thornton Hong Kong Limited, confirmed consistency between preliminary announcement figures and audited consolidated financial statements - The Audit Committee, comprising **four independent non-executive directors** and **two non-executive directors**, reviewed the Group's annual results for the year ended March 31, 2025[99](index=99&type=chunk) - The Company's auditor, **Grant Thornton Hong Kong Limited**, confirmed that the figures in the preliminary announcement are consistent with the amounts in the Group's audited consolidated financial statements for the year[100](index=100&type=chunk) [Publication of Financial Information](index=31&type=section&id=Publication%20of%20Financial%20Information) This results announcement is available on the Stock Exchange and Company websites; the Company's 2024/2025 annual report will be dispatched to shareholders and made available on these websites promptly - This results announcement is available on the Stock Exchange website (**www.hkexnews.hk**) and the Company's website (**www.seapnf.com.hk**)[101](index=101&type=chunk) - The Company's 2024/2025 annual report will be dispatched to shareholders and made available on the aforementioned websites as soon as possible[101](index=101&type=chunk)

Group 1 - The stock price of *ST Haiyuan (002529) closed at 6.68 yuan, down 1.47%, with a turnover rate of 2.67% and a trading volume of 69,500 shares, amounting to 46.49 million yuan [1] - The net outflow of main funds today was 10.06 million yuan, accounting for 21.63% of the transaction amount, with large orders seeing a net outflow of 6.32 million yuan (13.59%) and small orders a net inflow of 6.46 million yuan (13.88%) [1] - The latest quarterly report shows total operating revenue of 96.44 million yuan, a year-on-year increase of 124.28%, while net profit attributable to shareholders was 23.29 million yuan, a slight decrease of 0.04% [1] Group 2 - The company has invested in 10 enterprises and participated in 28 bidding projects, holding 23 trademark registrations and 246 patents, along with 5 administrative licenses [2] - Established in 2003, Jiangxi Haiyuan Composite Materials Technology Co., Ltd. is primarily engaged in technology promotion and application services, with a registered capital of 26 million yuan [1][2]