[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]

Group 1 - The core issue involves a significant lawsuit against *ST Haiyuan, with a claim amounting to 32,650,257.43 yuan due to a sales contract dispute [1] - The lawsuit was initiated by Suzhou Hongruida New Energy Equipment Co., Ltd. after *ST Haiyuan's subsidiary failed to pay approximately 30,785,792.36 yuan in owed payments [1] - The company has faced a total of 25 lawsuits and arbitration cases in the past twelve months, with a cumulative amount involved of about 25,331,100 yuan, representing 8.70% of the company's latest audited net assets [2] Group 2 - The company currently has bank accounts and assets frozen due to litigation, with the actual frozen amount being approximately 11,981,400 yuan [2] - There are ongoing enforcement actions for some cases, with a total enforcement amount of about 12,320,500 yuan [2] - The impact of these lawsuits on the company's current and future profits remains uncertain, pending the results of annual audits [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 101,993,615, an increase of 2% from HKD 99,223,674 in the same period last year[9]. - Gross profit for the same period was HKD 36,103,968, up from HKD 32,328,359, reflecting a gross margin improvement[9]. - The company reported a loss before tax of HKD 31,497,138 compared to a profit of HKD 6,124,096 in the previous year[12]. - The net loss attributable to the company’s owners for the period was HKD 33,835,273, compared to a profit of HKD 5,663,003 in the prior year[12]. - Basic and diluted loss per share was HKD 15.0, a significant decrease from HKD 2.5 in the previous year[12]. - Total comprehensive loss for the period was HKD 31,083,179, compared to a total comprehensive income of HKD 2,691,575 in the previous year[14]. - The company reported a loss attributable to owners of HKD 33,835,273, compared to a profit of HKD 5,663,003 in the previous period[64]. - The group reported a loss attributable to owners of HKD 33,800,000, compared to a profit of HKD 5,700,000 in the previous period, primarily due to a fair value loss of investment properties amounting to HKD 34,700,000[116]. Cash Flow and Assets - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 19,792,462, a decrease of 36% compared to HKD 30,886,122 for the same period in 2023[26]. - The company reported a net cash inflow from financing activities of HKD 11,484,560 for the six months ended September 30, 2024, contrasting with a cash outflow of HKD 47,789,170 in the previous year[26]. - The company's cash and cash equivalents at the end of the period were HKD 52,761,895, up from HKD 41,844,128 at the beginning of the period, marking an increase of 26%[26]. - As of September 30, 2024, total assets amounted to HKD 1,497,711,018, an increase from HKD 1,465,248,868 as of March 31, 2024, reflecting a growth of approximately 2%[19]. - The total bank loans secured by the company were HKD 316,854,810 as of September 30, 2024, compared to HKD 331,461,099 as of March 31, 2024, indicating a reduction in debt[90]. - The total bank loans secured by the group's subsidiaries and assets amount to HKD 504,706,999, an increase from HKD 479,338,826 as of March 31, 2024[94]. Liabilities and Equity - Total liabilities decreased to HKD 383,078,271 as of September 30, 2024, from HKD 319,532,942 as of March 31, 2024, indicating an increase of approximately 20%[19]. - The total liabilities of the group as of March 31, 2024, were HKD 576,448,057, compared to HKD 489,604,142 in the previous year, indicating an increase of approximately 17.73%[45]. - The total equity attributable to owners decreased to HKD 1,104,119,857 as of September 30, 2024, from HKD 1,135,612,393 as of March 31, 2024, indicating a decline of about 3%[19]. - The group’s equity attributable to owners was HKD 1,104,100,000 as of September 30, 2024, down from HKD 1,135,600,000 on March 31, 2024[129]. Operational Highlights - The hotel operations business has been suspended since June 1, 2020, for renovation and expansion, impacting revenue generation in that segment[41]. - The hotel division is undergoing significant renovations, with structural work expected to be completed by July 2024, followed by a hotel license application in December 2024[141]. - The occupancy rate for serviced offices and shared workspaces has steadily increased since Q2 2024 due to recent economic recovery[139]. - The company plans to expand the area and capacity of shared workspaces in response to growing demand for flexible desks[139]. Investments and Fair Value - The company experienced a loss from the fair value changes of investment properties amounting to HKD 34,662,900, contrasting with a gain of HKD 10,348,000 in the previous year[9]. - The fair value loss on investment properties for the period was HKD 193,949,870, contributing to a decrease in the carrying value of investment properties to HKD 646,028,868[66]. - The fair value of financial assets through profit or loss as of September 30, 2024, is HKD 27,771,800, an increase from HKD 21,646,350 as of March 31, 2024[108]. Management and Governance - The audit committee consists of four independent non-executive directors and two non-executive directors, ensuring oversight of the interim results[164]. - The company has appointed new members to its board and committees, enhancing governance[171]. - The report indicates a focus on maintaining shareholder value and corporate governance practices[164]. Market Outlook - The group remains cautiously optimistic about the leasing and investment sectors despite ongoing geopolitical tensions and high interest rates in the Hong Kong real estate market[136]. - The market sentiment has turned optimistic, with expectations of improved performance in the securities business in the second half of the fiscal year due to a reduction in interest rates and stronger corporate earnings[144].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 101,993,615, an increase from HKD 99,223,674 in the same period last year, representing a growth of approximately 2%[3] - The gross profit for the same period was HKD 36,103,968, compared to HKD 32,328,359 in the previous year, indicating a year-on-year increase of about 11.5%[3] - The company recorded a loss before tax of HKD 31,497,138, a significant decline from a profit of HKD 6,124,096 in the previous year[3] - The net loss attributable to the company's owners for the period was HKD 33,558,777, compared to a profit of HKD 4,827,348 in the same period last year[3] - The segment performance for property investment, development, and hotel operations reported a loss of HKD 40,174,870, compared to a profit of HKD 8,500,883 in the previous year, indicating a significant decline[27] - Revenue from external customers in Hong Kong was HKD 25,390,116 for the six months ended September 30, 2024, down from HKD 26,489,706 in 2023, reflecting a decrease of about 4.2%[30] - The company reported a pre-tax loss of HKD 31,497,138 for the six months ended September 30, 2024, compared to a profit of HKD 6,124,096 in the same period of 2023[27] - The company reported a loss attributable to owners of HKD 33,835,273, compared to a profit of HKD 5,663,003 in the previous year[41] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 1,346,082,201, slightly down from HKD 1,348,024,207 as of March 31, 2024[7] - The company's total liabilities increased to HKD 383,078,271 from HKD 319,532,942, indicating a rise of approximately 20%[9] - The net asset value as of September 30, 2024, was HKD 1,114,632,747, down from HKD 1,145,715,926 as of March 31, 2024[9] - Trade and other receivables rose significantly to HKD 176,994,554 from HKD 101,584,637, marking an increase of about 74%[7] - The total trade payables increased to HKD 146,016,139 as of September 30, 2024, from HKD 69,835,583 as of March 31, 2024[61] - The company's equity attributable to owners was HKD 1,104,100,000 as of September 30, 2024, down from HKD 1,135,600,000 as of March 31, 2024[76] Cash Flow and Financial Costs - The company's cash and cash equivalents increased to HKD 52,761,895 from HKD 41,844,128, reflecting a growth of approximately 26%[7] - Total financial costs increased to HKD 10,938,072 from HKD 9,702,712, primarily due to higher interest expenses on bank loans, which rose to HKD 9,727,380 from HKD 6,178,276[34] - The company incurred an income tax expense of HKD 2,061,639 for the period, compared to HKD 1,296,748 in the previous year, indicating an increase of approximately 59%[27] Investments and Equity - The company reported a loss from the equity of an associate amounting to HKD 15,223,125, which was not present in the previous year[3] - The company’s equity loss from joint ventures was HKD 15,223,125, with no prior year comparison provided[27] - The company experienced a loss of HKD 15,200,000 from the deemed disposal of part of its investment in Titan Dragon, reducing its equity stake from 28% to 24.5%[79] Operational Highlights - Revenue from the production and distribution of plastic packaging materials was HKD 88,467,984 for the six months ended September 30, 2024, up from HKD 85,607,141 in 2023, marking an increase of about 3.4%[27] - The property investment, development, and leasing segment generated revenue of HKD 7,700,000, a 12.0% increase from HKD 6,900,000 in the previous period[66] - The production and distribution of plastic packaging materials segment recorded revenue of HKD 88,500,000, up HKD 2,900,000 or 3.3% from HKD 85,600,000 year-on-year[69] Future Outlook and Strategic Initiatives - The company is cautiously optimistic about the leasing and investment sectors in Hong Kong, despite ongoing geopolitical tensions and high interest rates[83] - The company plans to expand the area and capacity of its shared workspace in response to increasing demand for flexible office solutions[83] - The company has received preliminary approval for a redevelopment project that will add 1,216 residential units, with at least 70% of the new residential floor area designated for public housing[84] - The company anticipates improved performance in its securities business in the second half of the fiscal year due to a more optimistic market sentiment and expected policy support[89] - The company is committed to enhancing automation and digital transformation in response to emerging regulations and trends in the packaging industry[88] - The company is closely monitoring its performance and financial condition to adjust its business strategies as needed in the face of global instability[82] Shareholder Information - The company did not declare any interim dividends for the reporting period, consistent with the previous year[40] - The board of directors decided not to recommend any interim dividend for the reporting period (previous reporting period: none) [95] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's shares during this period [96] - The interim results announcement is available on the Hong Kong Stock Exchange website and the company's website [97]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[1]. - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[1]. - Cash flow from operations increased by 30%, reaching $80 million, providing a strong liquidity position for future investments[1]. - The company's revenue for the fiscal year ending March 31, 2024, was HKD 192.7 million, a decrease of HKD 45.8 million or 19.2% compared to HKD 238.5 million for the previous fiscal year[22]. - The profit attributable to the company's owners was HKD 56.4 million, an increase of HKD 28.6 million or 103.0% from HKD 27.8 million in the previous fiscal year[22]. - The pre-tax profit for the group was HKD 60.2 million, compared to HKD 32.0 million in the previous fiscal year[22]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[1]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[1]. - New product launches contributed to 30% of total revenue, with the introduction of two major products in the last quarter[1]. - The board announced a new strategy to enhance customer engagement, aiming for a 40% increase in customer retention rates[1]. Research and Development - Research and development expenses increased by 18%, totaling $50 million, focusing on innovative technologies[1]. Acquisitions and Investments - The company completed a strategic acquisition of a competitor, enhancing its market position and expected to generate an additional $20 million in revenue[1]. - The company's subsidiary received approval for a residential development project, which will add 1,212 new housing units, with at least 70% designated for public housing or first-time homebuyers[38]. Operational Challenges - The hotel operations have been under renovation since June 1, 2020, and have not generated any revenue during the reporting period[32]. - Revenue from the production and distribution of plastic packaging materials decreased to HKD 166,600,000, down by HKD 46,700,000 or 21.9% from HKD 213,300,000 in the previous year[33]. - The operating loss for the property investment segment was HKD 6.0 million, an increase in loss of HKD 3.4 million or 130.8% compared to HKD 2.6 million in the previous fiscal year[30]. Risk Management - The company emphasizes effective risk management as crucial for long-term growth and sustainability, integrating it into strategic, operational, and financial management[97]. - The company has implemented a comprehensive risk management strategy, assessing risks across 16 categories affecting financial performance, reputation, health and safety, legal compliance, and business objectives[104]. - The company actively manages liquidity risk to maintain sufficient cash flow for operations, with daily reviews of liquidity status by the finance department[106]. - The company faces medium-level risks related to investment strategies, particularly due to external factors like the COVID-19 pandemic impacting returns on acquisitions and investments[104]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring transparency and accountability[57]. - The board of directors consists of eleven members, with a balanced mix of executive and non-executive directors, and held eight meetings during the year[59]. - The company has established a remuneration committee consisting of three independent non-executive directors, one executive director, and one non-executive director, with Mr. Guo Liang as the chairman[76]. Environmental and Social Responsibility - The company has developed an environmental protection policy and established an environmental committee to monitor and improve its environmental impact[111]. - The company emphasizes environmental protection and has implemented policies to promote environmental health and safety management, including a carbon reduction plan[194]. - The company continues to introduce advanced pollution control equipment to reduce energy and resource consumption[194]. Shareholder Information - The board proposed a final dividend of HKD 0.03 per ordinary share, consistent with the previous fiscal year[23]. - The company reported a final dividend of HKD 0.03 per ordinary share for the year ending March 31, 2024, consistent with the previous year[145]. - The company's available reserves for distribution as of March 31, 2024, amounted to HKD 333,964,191, a decrease from HKD 339,815,377 in the previous year[154].

Financial Performance - The company's annual profit for the year ending March 31, 2024, was HKD 55,871,825, a significant increase from HKD 29,027,941 in the previous year, representing an increase of 92.5%[3] - Total comprehensive income for the year was HKD 72,494,147, compared to HKD 12,532,755 in the previous year, marking a substantial increase of 478.5%[3] - Basic and diluted earnings per share increased to HKD 25.0 from HKD 12.3, representing a growth of 103.3%[6] - The total comprehensive income attributable to the company's owners was HKD 73,261,335, compared to HKD 11,993,968 in the previous year, showing an increase of 510.5%[3] - The annual profit attributable to the year was HKD 55,871,825, compared to HKD 29,027,941 in the previous year, representing an increase of 92.5%[42] - The group reported a profit attributable to shareholders of HKD 56.4 million, an increase of HKD 28.6 million or 103.0% from HKD 27.8 million in the previous fiscal year, primarily due to net gains from an associated company of approximately HKD 262.6 million[138] Revenue and Sales - Revenue for the year was HKD 192,687,470, down from HKD 238,533,661 in the previous year, indicating a decrease of 19.2%[6] - The total revenue for the year ended March 31, 2024, was HKD 128,249,430, with a cost of sales amounting to HKD 128,239,013, resulting in a gross profit margin of approximately 0.01%[20] - Revenue from external customers in Hong Kong decreased to HKD 50,615,963 from HKD 57,403,498, a decline of 14.4%[44] - The total revenue from Sequin Developments was HKD 3,035,189 in 2024, down from HKD 7,856,087 in 2023, indicating a decrease of approximately 61.4%[100] - The production and distribution of plastic packaging materials reported revenue of HKD 166.6 million, a decline of HKD 46.7 million or 21.9% from HKD 213.3 million in the previous year, despite an increase in profit to HKD 21.8 million, up 6.5%[130] Assets and Liabilities - Non-current assets increased significantly to HKD 1,348,024,207 from HKD 1,169,561,797, representing a growth of approximately 15.25%[24] - Current assets decreased to HKD 287,295,861 from HKD 359,458,831, indicating a decline of about 20.06%[24] - The total liabilities decreased from HKD 1,182,323,274 to HKD 1,465,248,868, showing an increase of approximately 24.00%[25] - The net asset value increased to HKD 1,145,715,926 from HKD 1,079,984,380, which is an increase of about 6.09%[25] - The group's total assets related to trade and other receivables reached HKD 101,584,637 in 2024, up from HKD 96,587,097 in 2023, marking an increase of approximately 5.2%[68] Investment and Fair Value Changes - The company reported a loss from the fair value changes of investment properties amounting to HKD 193,949,870, compared to a profit of HKD 13,387,663 in the previous year[6] - The company's investment properties reported a fair value change loss of HKD 193,949,870, indicating significant market challenges[42] - The group reported a loss of HKD 26.3 million from the deemed disposal of part of its investment in Titan Dragon, reducing its stake from 33.22% to 28%[164] Expenses and Costs - The financial costs for the year were HKD 18,078,407, an increase from HKD 9,752,381 in the previous year, indicating an increase of 85.5%[6] - Total income tax expense for the year 2024 amounted to HKD 4,351,477, an increase from HKD 2,946,454 in 2023, reflecting a significant rise of approximately 47.8%[61] - The cost of sold inventory decreased to HKD 102,415,839 in 2024 from HKD 139,756,081 in 2023, representing a reduction of approximately 26.7%[78] - Direct operating expenses for rental income were HKD 2,135,743 in 2024, down from HKD 2,390,599 in 2023, a decrease of about 10.7%[78] Operational Changes - The company has suspended hotel operations since June 1, 2020, for renovations and expansions, impacting revenue generation[22] - Major renovations and expansion works at the Hua Guo Hotel are ongoing, with the upper structure completed in October 2023 and expected to obtain occupancy permits by Q3 2024[143] - The hotel operations segment has not generated any revenue since June 1, 2020, due to ongoing renovations and expansion[128] Corporate Governance and Strategy - The company has adopted the corporate governance code as per the listing rules, with the chairman and CEO roles currently held by the same individual, which the board believes does not compromise the balance of power[173] - The audit committee, consisting of four independent non-executive directors and two non-executive directors, reviewed the group's financial reporting procedures and risk management for the fiscal year ending March 31, 2024[177] - The company plans to cautiously review and adjust its business strategies in light of ongoing geopolitical uncertainties[142] Employee and Workforce - The group had 244 employees as of March 31, 2024, down from 270 in 2023, with compensation determined based on job nature and market conditions[165]

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 99,223,674, a decrease of 28.3% compared to HKD 138,385,192 in the same period last year[8] - Gross profit for the same period was HKD 32,328,359, down 22.4% from HKD 41,637,613 year-on-year[8] - The profit attributable to owners of the company increased to HKD 5,663,003, representing a 49.1% increase from HKD 3,798,830 in the previous year[11] - Basic and diluted earnings per share rose to HKD 2.5, up from HKD 1.7, reflecting a 47.1% increase[11] - The company’s net profit for the six months ended September 30, 2023, was HKD 5,663,003, compared to HKD 3,798,830 for the same period in 2022, reflecting a year-on-year increase of 49.2%[21] - Total revenue for the six months ended September 30, 2023, was HKD 99,223,674, a decrease of 28.3% compared to HKD 138,385,192 for the same period in 2022[48] - Revenue from the sale of goods was HKD 85,607,141, down 30.8% from HKD 123,657,078 in the previous year[48] - The company reported a loss of HKD 3,954,829 in the plastic packaging materials segment, an increase in loss from HKD 2,393,214 in the previous year[40] Assets and Liabilities - Total assets as of September 30, 2023, amounted to HKD 1,201,432,680, an increase from HKD 1,169,451,276 as of March 31, 2023[17] - The total assets of the company as of September 30, 2023, were HKD 1,473,079,165, a decrease from HKD 1,528,910,107 as of March 31, 2023[41] - The company’s total liabilities decreased to HKD 159,914,166 from HKD 346,697,354, reflecting improved financial health[17] - The total liabilities decreased to HKD 394,395,783 from HKD 447,535,150 as of March 31, 2023[41] - The total liabilities, including bank loans, amounted to HKD 234,481,617 as of September 30, 2023, compared to HKD 100,837,796 as of March 31, 2023, indicating a significant increase in liabilities[18] - The company’s reserves decreased from HKD 825,411,864 as of March 31, 2023, to HKD 824,058,056 as of September 30, 2023, a decline of approximately 0.16%[21] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 50,652,347 from HKD 98,218,450, indicating a significant reduction in liquidity[17] - Cash generated from operating activities for the six months ended September 30, 2023, was HKD 30,886,122, down from HKD 49,506,690 in the previous year, representing a decrease of 37.7%[24] - The cash and cash equivalents at the end of the period were HKD 50,652,347, down from HKD 98,218,450 at the beginning of the period, reflecting a decrease of 48.6%[24] - The current ratio improved to 1.7 as of September 30, 2023, compared to 1.0 as of March 31, 2023[91] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development to drive future growth[8] - The company continues to focus on property investment and development, as well as the production and distribution of plastic packaging materials, indicating ongoing strategic priorities in these sectors[27] - The company adopts a cautious approach to business development amid economic uncertainties, focusing on cost-effective strategies and prudent financing[106] Shareholder Information and Governance - As of September 30, 2023, major shareholders include Jun Yun International Limited with 59,435,758 shares (26.37%) and Xin Long Investment Limited with 38,234,000 shares (16.96%) [113] - The board of directors and the CEO held no short positions in the company or its associated entities as of September 30, 2023 [114] - The audit committee, consisting of four independent non-executive directors, reviewed the interim performance before board approval [118] - The board is composed of both executive and non-executive directors, ensuring a diverse governance structure [123] Investment and Development Activities - The company completed a renovation project converting five traditional office floors into serviced office units under the WorkCave Hong Kong brand in June 2023, expected to significantly increase revenue[98] - A subsidiary submitted a land-sharing pilot scheme application for redevelopment into residential units and an elderly care home, proposing a total gross floor area of approximately 60,000 square meters with 1,212 new housing units[98] - The hotel division is undergoing significant renovations, with the upper structure completed in October 2023 and expected to obtain occupancy permits by Q2 2024[101] Other Financial Metrics - The total income tax expense for the period was HKD 1,296,748, a decrease of 34.5% from HKD 1,975,099 in the prior year[54] - The estimated interest expense for bank loans rose to HKD 3,667,749, up 12.2% from HKD 3,269,794 in the previous year[54] - The total compensation paid to key management personnel was HKD 7,050,050 for the six months ended September 30, 2023, down from HKD 9,954,022 for the same period in 2022, a decline of 29.1%[77]

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,並明確表示概不會就因本公佈 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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) 截至二零二三年九月三十日止六個月 中期業績公告 中期業績 華信地產財務有限公司(「本公司」)董事(「董事」)會(「董事會」)欣然宣佈,本 公司及其附屬公司(「本集團」)截至二零二三年九月三十日止六個月(「本報告 期間」)未經審核之簡明綜合財務報告,連同二零二二年同期(「上一個報告期間」) 之比較數字如下: – 1 – 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 | | | | 港元 | ...

Financial Performance - The company reported a significant increase in revenue for the fiscal year 2022/23, with total revenue reaching HKD 1.2 billion, representing a 15% growth compared to the previous year[1]. - The company's revenue for the fiscal year ending March 31, 2023, was HKD 238,500,000, a decrease of HKD 35,900,000 or 13.1% compared to HKD 274,400,000 in the previous year[29]. - Profit attributable to shareholders increased to HKD 29,200,000, up HKD 2,700,000 or 10.2% from HKD 26,500,000 in the prior fiscal year[29]. - The group's pre-tax profit for the year was HKD 33,600,000, compared to HKD 30,900,000 in the previous year[23]. - The group recorded an operating loss of HKD 10,000,000 for the year, compared to an operating profit of HKD 10,600,000 in the previous year[36]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[1]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on sustainable building materials[1]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share over the next three years[1]. - A strategic acquisition of a local construction firm is anticipated to enhance operational capabilities and is expected to close by Q3 2023[1]. Research and Development - Research and development expenses increased by 30%, reflecting the company's commitment to innovation and new technology[1]. - The company plans to implement a new digital platform aimed at improving customer engagement and operational efficiency, with an expected launch in Q4 2023[1]. Environmental, Social, and Governance (ESG) Initiatives - The company is focusing on enhancing its environmental, social, and governance (ESG) initiatives, aiming for a 50% reduction in carbon emissions by 2025[1]. - The company reported a total greenhouse gas emissions of 5,182.01 tons CO2 equivalent for the reporting period, a decrease of 4.5% from 5,426.49 tons in the previous year[199]. - The company installed a real-time energy management system to measure energy consumption and identify energy-saving opportunities[192]. - The company has implemented energy visualization LCD panels at its facilities to promote energy education among employees[192]. Corporate Governance - The company has maintained compliance with corporate governance codes throughout the fiscal year, ensuring transparency and accountability[57]. - The board of directors held eight meetings during the year, with attendance records indicating active participation from members[62]. - The company has established a remuneration committee consisting of three independent non-executive directors, one executive director, and one non-executive director, with the committee having held one meeting during the fiscal year ending March 31, 2023[75]. - The company emphasizes the importance of diversity in its board composition, considering factors such as gender, age, cultural background, and professional experience during the nomination process[81]. Risk Management - The company emphasizes the importance of effective risk management for long-term growth and sustainability, integrating it into strategic, operational, and financial management[95]. - The company has implemented a risk management strategy that evaluates 16 different risk categories affecting financial performance, reputation, health and safety, legal compliance, and business objectives[102]. - The credit risk level is assessed as medium, with measures including the establishment of a credit committee to formulate credit policies and approval processes[104]. - The company has established internal controls for regular independent reviews to ensure adherence to established policies and credit limits[104]. Employee and Workforce Management - The total number of employees as of March 31, 2023, was 270, down from 278 in the previous year[144]. - As of March 31, 2023, the company had 175 male employees and 95 female employees, resulting in a gender ratio of approximately 1.84, which is an improvement from 1.75 as of March 31, 2022[84]. - The board currently consists of 11 members, with 1 female director, representing about 9.09% female representation[83]. Financial Position - The net current assets of the group as of March 31, 2023, were HKD 12,800,000, a significant improvement from a net current liability of HKD 52,900,000 in the previous year[47]. - The cash and cash equivalents as of March 31, 2023, were HKD 98,200,000, up from HKD 83,500,000 in the previous year[47]. - The net debt-to-equity ratio for the year was 16.9%, down from 23.6% in 2022, primarily due to a reduction in bank loans and an increase in cash and cash equivalents[48]. Shareholder Returns - The board has approved a dividend payout of HKD 0.05 per share, maintaining a stable return for shareholders[1]. - The company proposed a final dividend of HKD 0.03 per share for the year ended March 31, 2023, consistent with the previous year[136]. - The available reserves for distribution as of March 31, 2023, amounted to HKD 339,815,377, an increase from HKD 292,731,849 in the previous year[145]. Market and Competition - The company faces significant competition in its operational segments, with a medium risk level, necessitating close monitoring of market competition[107]. - Marketing efforts have been strengthened to attract customers in response to changing consumer behavior, aiming to prevent revenue shrinkage[11].