Group 1 - ST Ruihe (002620) closed at 3.53 yuan on April 30, 2025, with a 5.06% increase and a turnover rate of 19.84%, totaling a trading volume of 625,600 hands and a transaction amount of 220 million yuan [1] - The net inflow of main funds was 26.71 million yuan, accounting for 12.13% of the transaction amount, with large orders showing a net inflow of 35.90 million yuan, while small orders had a net outflow of 32.27 million yuan [1] - The latest quarterly report shows total operating revenue of 111 million yuan, a year-on-year decrease of 50.14%, and a net profit attributable to shareholders of 20.09 million yuan, down 14.02% year-on-year [1] Group 2 - Shenzhen Ruihe Construction Decoration Co., Ltd. was established in 1992 and is primarily engaged in construction decoration and renovation [2] - The company has made investments in 19 enterprises and participated in 1,991 bidding projects, holding 69 trademark registrations and 335 patents [2] - The company has 34 administrative licenses [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 91,978,000, compared to HKD 33,887,000 for the same period in 2023, representing a significant increase of 171%[2] - Gross profit for the period was HKD 30,717,000, up from HKD 20,636,000 in the previous year, indicating a growth of 48%[2] - The company reported a loss before tax of HKD 10,168,000, compared to a profit of HKD 9,771,000 in the same period last year[2] - Total comprehensive income for the period was HKD 15,264,000, a recovery from a loss of HKD 70,813,000 in the previous year[5] - The adjusted profit before tax for the group was a loss of HKD 10,168,000, compared to a loss of HKD 7,374,000 in the previous year, indicating a decline in profitability[36] - The group reported a net loss attributable to shareholders of approximately HKD 14,622,000, reduced from HKD 16,807,000 in the previous period, due to increased revenue across all segments[117] Assets and Liabilities - The company’s non-current assets increased to HKD 1,237,588,000 from HKD 1,125,138,000, reflecting a growth of 10%[9] - Current liabilities decreased to HKD 429,492,000 from HKD 475,128,000, showing a reduction of 10%[12] - The net asset value of the company increased to HKD 1,356,893,000 from HKD 1,341,590,000, a rise of 1%[12] - The group’s total liabilities decreased to HKD 1,406,896,000 as of September 30, 2024, from HKD 1,467,251,000 as of March 31, 2024, indicating a reduction of approximately 4.13%[21] - The group maintains a healthy liquidity position, with total liabilities of approximately HKD 631,141,000, equity of approximately HKD 1,368,352,000, and non-controlling interests of approximately HKD 11,459,000[128] Cash Flow - Operating cash flow before tax showed a loss of HKD 10,168,000 for the six months ended September 30, 2024, compared to a profit of HKD 9,771,000 for the same period in 2023[21] - The net cash flow from operating activities was HKD 79,271,000 for the six months ended September 30, 2024, a significant improvement from a net outflow of HKD 1,114,000 in the previous year[21] - Cash and cash equivalents decreased by HKD 5,432,000 during the six months ended September 30, 2024, compared to an increase of HKD 11,697,000 in the same period of 2023[25] Revenue Breakdown - Revenue from property development and investment business was HKD 73,406,000, while trade business generated HKD 23,263,000, and other operations contributed HKD 8,038,000[36] - The company reported a significant increase in sales to external customers in Hong Kong, rising to HKD 21,585,000 from HKD 11,398,000 year-on-year, which is an increase of approximately 89%[39] - Revenue from property development and investment was approximately HKD 60,786,000, up about 387% from HKD 12,481,000 in the previous year, primarily driven by property sales in China[107] - Property sales revenue surged from approximately HKD 4,249,000 to about HKD 49,520,000, marking an increase of approximately 1,065% due to the launch of the Century Garden G District in Kaifeng, China[108] Expenses and Financial Management - The company recorded other income of HKD 12,907,000, down from HKD 39,257,000 in the previous year, a decline of 67%[2] - The company’s financial expenses rose to HKD 12,752,000 from HKD 11,402,000, an increase of 11%[2] - Tax expenses for the period totaled HKD 4,459,000, a decrease from HKD 26,584,000 in the previous year[62] - The total financial expenses for the group were HKD 12,752,000, down from HKD 14,042,000 in the previous year[58] Investments and Capital Expenditures - Capital expenditure for the period was HKD 49,476,000, primarily related to the acquisition of property, plant, and equipment, including the rights to operate a new hotel[36] - The total value of investment properties on the balance sheet was HKD 680,294,000, an increase from HKD 661,908,000 as of March 31, 2024, reflecting a net fair value adjustment loss of HKD 32,364,000[67] - The group has capital commitments of approximately HKD 434,000 as of the reporting period end[131] Shareholder Information - The average number of ordinary shares in issue for calculating basic loss per share remained at 1,466,820,600 shares for both years[66] - The company has issued 1,466,820,600 shares of common stock with a par value of HKD 0.10, representing a total paid-up capital of HKD 146,682,000[83] - The largest shareholder, Mr. Xie, holds a total of 653,904,900 shares, representing 44.58% of the company's issued share capital[170] Future Outlook and Strategy - The group is optimistic about the medium to long-term prospects of the real estate market in mainland China, supported by government policies aimed at stimulating the economy and the property market[137] - The company plans to continue expanding its market presence, particularly in mainland China, where sales reached HKD 70,393,000 for the period[39] - The company’s board aims to enhance risk control and asset management capabilities while seeking new breakthroughs in industry and geographical coverage[157]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 91,978,000, a significant increase from HKD 33,887,000 in the same period last year, representing a growth of 171%[2] - The gross profit for the same period was HKD 30,717,000, compared to HKD 20,636,000 in the previous year, indicating a year-over-year increase of 48%[2] - The company recorded a loss before tax of HKD 10,168,000, a decline from a profit of HKD 9,771,000 in the prior year, reflecting a negative swing of 204%[2] - The net loss for the period was HKD 14,627,000, slightly improved from a loss of HKD 16,813,000 in the previous year, showing a reduction of 13%[2] - Total revenue for the six months ended September 30, 2024, was HKD 104,707,000, a significant increase from HKD 39,310,000 in the same period last year, representing a growth of approximately 167%[39] - The group reported a loss before tax for the six months ended September 30, 2024, was HKD 14,622,000, compared to a loss of HKD 16,807,000 for the same period in 2023, indicating a reduction in losses[62] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 1,558,542,000, an increase from HKD 1,503,656,000 as of March 31, 2024[18] - The company's cash and cash equivalents decreased to HKD 33,340,000 from HKD 42,338,000, representing a decline of 21%[18] - The total equity attributable to the company's owners was HKD 1,368,352,000, up from HKD 1,353,075,000, reflecting a growth of 1%[20] - The company's total liabilities decreased to HKD 201,649,000 from HKD 162,066,000, indicating a rise of 24%[21] - As of September 30, 2024, the total equity attributable to the owners of the company was 1,356,893,000 HKD, a decrease from 1,341,590,000 HKD as of April 1, 2024[23] Revenue Segments - Revenue from property development and investment business reached HKD 49,520,000, compared to HKD 4,249,000 in the previous year, indicating a substantial increase of about 1,065%[43] - The total rental income from investment properties was HKD 11,266,000, compared to HKD 8,232,000 in the previous year, marking an increase of about 37%[50] - The total revenue from the trading business was HKD 23,154,000, compared to HKD 14,007,000 in the previous year, representing a growth of approximately 65%[43] - Revenue from the sale of medical equipment and health products rose from approximately HKD 11,108,000 to about HKD 21,411,000, a significant increase of approximately 93% due to a major sales order from the Hong Kong Hospital Authority[109] Expenses and Losses - The company’s administrative expenses increased to HKD 38,300,000 from HKD 36,019,000, marking an increase of 6%[2] - The total tax expense for the period was HKD 4,459,000, significantly lower than HKD 26,584,000 in the previous year, reflecting the absence of taxable profits in Hong Kong and the utilization of tax losses[59] - The company reported a fair value loss of HKD 72,393,000 from equity investments, impacting overall profitability[39] - The total comprehensive loss for the period, including revaluation reserve adjustments, amounted to 70,830,000 HKD[25] Foreign Exchange and Gains - The company reported a significant foreign exchange gain of HKD 29,884,000 from the translation of overseas operations, compared to a loss of HKD 53,392,000 in the previous year[11] - The foreign exchange differences from overseas operations resulted in a gain of 29,892,000 HKD during the period[23] - The company recorded a net foreign exchange gain of HKD 2,004,000 in 2024, compared to a gain of HKD 1,113,000 in 2023, indicating improved currency management[63] Capital Expenditures and Investments - Capital expenditure for the current period was HKD 49,476,000, primarily related to the acquisition of property, plant, and equipment, including the operational rights of a new hotel[39] - The company has completed the sale of two subsidiaries for a total consideration of approximately HKD 427,778,000, with outstanding payments of HKD 316,667,000 to be settled in four installments[69] Corporate Governance and Compliance - The company has complied with most of the corporate governance code provisions, with a noted deviation regarding the roles of the chairman and CEO[166][167] - The audit committee reviewed the interim results for the six months ending September 30, 2024, and confirmed compliance with applicable accounting standards[172] - The interim financial report will be published on the Hong Kong Stock Exchange and the company's website, with all required information included[176] Future Outlook and Market Conditions - The economic outlook for 2024 in mainland China is expected to improve due to supportive government policies aimed at stabilizing growth and boosting the property market[134] - Recent government measures to stimulate the real estate market include lowering down payment ratios and adjusting interest rates for second homes, which are expected to alleviate financial pressure on property companies[136]

The Group has signed an agreement with InterContinental Hotels Group (Shanghai) Ltd.* (a member of IHG Hotels & Resort) to operate the hotel under the name of "Holiday Inn Express Kaifeng City Center". Holiday Inn Express is one of the world-famous selected service hotel brands. Holiday Inn Express Kaifeng was opened in January 2020. Each of the premises is a four-storey house located at Building No. 4, 1 Longting Lake • Xiyuan, Longting Area, Kaifeng City, Henan Province, the PRC. The Group intends to oper ...

綜合財務報表附註（續） – 26 – 17. 出售附屬公司 – 27 – 已出售資產淨額的詳情如下： | --- | --- | |--------------------------------|----------| | | 千港元 | | 現金代價 | 81,111 | | 減：尚未清償代價之折現影響 | (6,355) | | 已付法律及專業費用以及交易成本 | (7,338) | | 代價淨額 | 67,418 | | 減：已收按金 | (2,106) | | 將予收回之尚未清償代價 | (55,449) | | 加：推算利息收入 | 1,760 | | | | 綜合財務報表附註（續） 已出售現金及現金等值項目及有關出售一間附屬公司之現金及現金等值項目 流出淨額 (6) (a) 租賃物業 (b) 有關20M債券之經修訂契據 管理層討論及分析 (a) 物業發展及投資業務分類，乃本集團從事住宅及商用物業之物業發展及持有投資物 業； 本集團於截至二零二四年三月三十一日止年度的收入約為128,074,000港元（二零二三年： 97,563,000港元），較去年上升約31%。 截至二零二四年三月三十一日止年度 ...

Financial Performance - The company reported a net loss of HKD 16,807,000 for the six months ended September 30, 2023, compared to a loss of HKD 69,317,000 in the same period last year, indicating a significant improvement [2]. - For the six months ended September 30, 2023, the company reported a loss of HKD 16,813,000, a significant improvement from a loss of HKD 69,896,000 in the same period last year, representing a reduction of approximately 76.1% [17]. - The total comprehensive loss for the period was HKD 70,813,000, down from HKD 218,756,000 in the previous year, indicating a decrease of about 67.6% [17]. - The company reported a net loss for the period of HKD 16,813,000, an improvement from a net loss of HKD 69,896,000 in the previous year [56]. - The company reported a loss attributable to ordinary shareholders of HKD 16,807,000 for the six months ended September 30, 2023, compared to a loss of HKD 69,317,000 in the same period last year [76]. Revenue and Profitability - Total revenue for the six months ended September 30, 2023, was HKD 33,887,000, a decrease of 43.9% compared to HKD 60,384,000 for the same period in 2022 [56]. - Gross profit for the same period was HKD 20,636,000, down 30.3% from HKD 29,515,000 year-over-year [56]. - The company’s total revenue for the six months ended September 30, 2023, was approximately HKD 33,900,000, a decrease of about 44% compared to the previous year [136]. - The company recorded a significant increase in revenue from hotel operations, rising 71% to approximately HKD 7,399,000 compared to HKD 4,330,000 in the previous year [154]. - The trading segment reported an operating loss of approximately HKD 251,000, a stark contrast to a profit of HKD 4,055,000 in the previous period, primarily due to a substantial drop in sales [132]. Assets and Liabilities - Total non-current assets increased to HKD 1,269,298,000 as of September 30, 2023, up from HKD 1,128,776,000 as of March 31, 2023, reflecting a growth of approximately 12.5% [4]. - Current assets decreased to HKD 773,933,000 from HKD 1,134,004,000, representing a decline of about 31.8% [4]. - Current liabilities totaled HKD 422,938,000, slightly up from HKD 415,822,000, indicating a marginal increase of about 1.3% [5]. - The net asset value after deducting current liabilities was HKD 1,620,293,000, down from HKD 1,846,958,000, showing a decrease of approximately 12.3% [5]. - The company’s net assets as of September 30, 2023, were HKD 1,396,438,000, compared to HKD 1,467,251,000 as of March 31, 2023, reflecting a decrease of approximately 4.8% [20]. Cash Flow and Investments - Operating cash flow before tax improved to HKD 9,771,000 from a loss of HKD 75,379,000 year-over-year, indicating a turnaround in operational performance [11]. - The company recorded a fair value loss on equity investments of HKD 72,393,000, compared to a loss of HKD 65,578,000 in the previous year, reflecting ongoing market challenges [11]. - Cash flow from investment activities for the period was HKD 110,842,000, a significant increase from HKD 1,085,000 in the prior year [53]. - The company received dividends from equity investments amounting to HKD 33,723,000, a substantial increase from HKD 1,350,000 in the previous year [53]. - The company recorded a net increase in cash and cash equivalents of HKD 11,697,000 during the period, contrasting with a decrease of HKD 15,809,000 in the same period last year [40]. Market and Operational Strategies - The company plans to continue exploring new market opportunities and product development to enhance future growth prospects [13]. - The company anticipates that the property market will gradually recover and improve due to supportive government policies aimed at stimulating the economy [185]. - The company aims to enhance its market share in the Taiwanese medical market by acquiring distribution rights from Ewac Medical, a leader in water rehabilitation equipment [192]. - The company continues to promote the application of artificial intelligence video analysis technology through its subsidiary, Axxonsoft Hong Kong Limited, which offers various functionalities such as behavior analysis and property value assessment [193]. - The company is implementing effective cost management strategies and maintaining strict credit control measures to enhance competitiveness amid a challenging operating environment [194]. Financial Reporting and Standards - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the current and prior periods [14]. - The company did not adopt any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective [28]. - The group’s management team is responsible for determining the fair value measurement policies and procedures for financial instruments, reporting directly to the board of directors [119]. Property and Rental Income - The rental income from a single customer in the property development and investment segment was approximately HKD 9,057,000, compared to HKD 9,458,000 in the previous year, indicating a decrease of about 4.2% [35]. - Revenue for the property development and investment segment was approximately HKD 33,887,000, a significant decrease of about 44% compared to HKD 60,384,000 in the same period last year [141]. - The average monthly rental income from a related company was HKD 18,000 for the period, consistent with the previous year [93]. - Rental income decreased from approximately HKD 10,627,000 to about HKD 8,232,000, a decline of approximately 23% due to the average exchange rate of RMB to HKD dropping from 1.16 to 1.10 [127]. - The company’s completed properties held for sale were valued at HKD 416,495,000 as of September 30, 2023, compared to HKD 450,862,000 in the previous year [82].

Financial Performance - The Group recorded a total turnover of approximately HK$97.6 million for the year ended 31 March 2023, a decrease of approximately 11.82% from HK$110.0 million in 2022[11]. - The net loss attributable to owners of the Company was approximately HK$91.0 million, representing an increase in loss of approximately HK$63.7 million or 233% compared to the previous year[11]. - The consolidated net assets value as of 31 March 2023 was approximately HK$1,467 million, down from approximately HK$1,672 million in 2022[12]. - The consolidated net assets value per share decreased to approximately HK$1.00 from approximately HK$1.14 per share in the previous year[12]. - The loss per share for the reporting period was 6.20 HK cents, compared to 2.42 HK cents in 2022, indicating a significant increase in losses per share[12]. - The significant increase in loss was attributed to a fair value loss on equity investments, which changed from a gain of approximately HK$110.2 million in 2022 to a loss of approximately HK$75.7 million in the reporting period[55]. - The Group's net gearing ratio increased to approximately 31% as at 31 March 2023, compared to 25% in 2022[143]. - The net asset liability ratio increased to approximately 31% as of 31 March 2023, up from 25% in the previous year[178]. - The Group's total assets as of 31 March 2023 were approximately HK$2,262,780,000, with total liabilities of approximately HK$795,529,000[175]. Market Conditions - The Group's performance was impacted by the challenging global economic conditions, although overall economic activities improved compared to the prior year[19]. - The regulatory environment for the property market has gradually relaxed, with supportive financial measures introduced to stabilize the market[7]. - The real estate market in China continued to experience weak demand, with both transaction volumes and prices declining, indicating a challenging environment for property developers[51]. - The Chinese government's measures to support economic and real estate market stability are ongoing, but consumer confidence and willingness to purchase homes remain low, posing challenges for economic growth in 2023[184][186]. - In 2023, inflation is expected to remain high, with interest rates having little room for cuts, leading to a slowdown in global economic growth and potential recessions in major economies[184][186]. Business Strategy and Development - The Group plans to continue focusing on market expansion and the development of new products and technologies in response to market demands[1]. - The Group is actively seeking suitable investment opportunities to enhance cash flow and improve the balance sheet amid global economic instability[62]. - The Group aims to maintain consumer confidence in the real estate market through strategic initiatives and supportive policies[7]. - The Group is optimistic about the potential recovery of China's macro economy and property market, driven by easing pandemic conditions and adjustments in policies[59]. - The Group has established a solution showcase center to demonstrate technology applications and increase customer interaction[80]. - The Group plans to sell Sections C and G together to leverage synergies for higher returns, with discussions on potential sales still in preliminary stages[190]. Revenue and Segment Performance - Revenue from property sales increased significantly from approximately HK$7,166,000 in 2022 to approximately HK$10,910,000 in 2023, representing a significant increase of approximately 52%[88]. - Segment profit for the property development and investment segment amounted to approximately HK$36,367,000, a turnaround from a loss of HK$118,976,000 in 2022, primarily due to a fair value gain on investment properties of approximately HK$46,284,000[89]. - Revenue from the hotel operation segment recorded approximately HK$10,569,000 in 2023, an increase from HK$9,052,000 in 2022[100]. - Revenue from the trading business decreased to approximately HK$97,563,000 for the year ended 31 March 2023, a decline of approximately 11% from HK$109,995,000 in 2022[115]. - Revenue from the pandemic prevention products segment recorded approximately HK$52,176,000, a decrease of approximately 25% from HK$69,584,000 in 2022[154][156]. - Revenue from the trading of home security and automation products decreased by approximately 43%, from HK$12,086,000 in 2022 to HK$6,831,000 in 2023[128]. - The Group's revenue from property development and investment for the year ended 31 March 2023 was approximately HK$34,818,000, representing an increase of approximately 11% compared to HK$31,359,000 in 2022[114]. Technological Advancements - The Group is actively promoting AI video analysis technology for home security and automation products, enhancing service quality and operational efficiency[48]. - The Group's AI-based video analysis technology is being applied to various functions, including monitoring customer traffic patterns for financial institutions[108]. - The introduction of the Tyromotion Lexo lower limb gait training robot has reduced preparation time from fifteen minutes to two minutes, enhancing operational efficiency[70]. - The Group has successfully installed the first Lexo medical equipment in a hospital in Taiwan, marking a significant advancement in medical technology[40]. Cost Management - The Group plans to minimize costs to strengthen cash flows and improve financial targets amid global economic instability[60]. - The Group's gross profit margin increased to approximately 52.0%, up by approximately 5.2 percentage points from 46.8% in the previous year, mainly due to higher margins from property sales[138]. - The Group's gross profit margin was adversely affected due to a significant drop in sales prices to clear old slow-moving inventories[171].

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之任何損失承擔任何責任。 迪 臣 發 展 國 際 集 團 有 限 公 司 * （於百慕達註冊成立之有限責任公司） （股份代號：262） 截至二零二三年三月三十一日止年度之年度業績 迪臣發展國際集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈本公司及其附屬公 司（統稱「本集團」）截至二零二三年三月三十一日止年度（「報告期間」或「本年度」）之綜合 業績，連同截至二零二二年三月三十一日止年度之比較數字如下： 於本公告內，「我們」或「我們的」指本公司，或如文義另有所指，則指本集團。 綜合損益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 收入 4 97,563 109,995 銷售成本 (46,861) (58,492) 毛利 50,702 51,503 其他收入及收益 4 17,062 17,472 投資物業之公平值收益╱（虧損），淨額 46,284 (73,253) 按公平值計入損益賬之股 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 60,384,000, an increase of 13.7% compared to HKD 53,402,000 for the same period in 2021[2] - Gross profit for the same period was HKD 29,515,000, up from HKD 26,491,000, reflecting a gross margin improvement[2] - The company reported a loss before tax of HKD 75,379,000, compared to a loss of HKD 8,275,000 in the previous year, indicating a significant decline in performance[2] - The net loss for the period was HKD 69,896,000, compared to a net loss of HKD 9,082,000 in the prior year, representing a substantial increase in losses[2] - Basic and diluted loss per share for the period was HKD 4.73, compared to HKD 0.82 in the same period last year[4] - The company reported a total comprehensive loss of HKD 218,756,000 for the period, compared to a comprehensive income of HKD 17,383,000 in the previous year[9] - The company reported a cash flow from operating activities of (HKD 24,530,000) for the six months ended September 30, 2022, compared to (HKD 15,800,000) in the previous year[22] - The group reported a pre-tax loss of HKD 18,562,000 for 2022, compared to HKD 17,412,000 in 2021[53] - The group reported a net loss attributable to shareholders of approximately HKD 69,317,000, a significant increase from HKD 8,347,000 in the previous period[111] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 2,201,497,000, down from HKD 2,469,855,000 as of March 31, 2022[11] - Current liabilities decreased to HKD 286,815,000 from HKD 418,980,000, indicating improved liquidity management[11] - Non-current liabilities increased to HKD 433,617,000 from HKD 378,751,000, reflecting higher long-term debt obligations[12] - The company's cash and cash equivalents decreased to HKD 24,654,000 from HKD 43,859,000, highlighting a reduction in available cash[11] - The company reported a decrease in total reserves to HKD 1,313,117,000 as of September 30, 2022, down from HKD 1,531,028,000 as of March 31, 2022[19] - The company's total liabilities increased, with a notable rise in bank borrowings to HKD 237,577,000 from HKD 53,689,000 year-on-year[24] - The fair value of interest-bearing bank and other borrowings (including non-current portions) was HKD 291,230,000 as of September 30, 2022, compared to HKD 228,165,000 as of March 31, 2022[92] Revenue Breakdown - Total revenue for the period was HKD 1,065,563,000, reflecting a significant increase from the previous year's figure[18] - Revenue from property development and investment business was HKD 13,251,000 in 2022, significantly up from HKD 5,385,000 in 2021[41] - Sales of medical equipment and home security products generated HKD 32,176,000 in 2022, compared to HKD 30,758,000 in 2021[41] - Rental income from major clients in property development and investment was approximately HKD 9,458,000, up from HKD 7,588,000 in 2021[40] - Revenue from property sales surged by approximately 146%, rising from HKD 5,385,000 to HKD 13,251,000, primarily driven by the sale of commercial units in Kaifeng Expo Plaza[100] - Revenue from medical equipment and health products increased by approximately 29%, from HKD 22,519,000 to HKD 29,063,000, driven by high demand for air purifiers[107] - Revenue from home security and automation products significantly decreased by approximately 62%, from HKD 8,239,000 to HKD 3,113,000, due to project delays caused by lockdowns[108] Cash Flow and Investments - The company reported a net cash flow from investment activities of HKD 1,085,000, up from HKD 523,000 in the previous year[24] - The company’s cash flow from financing activities was HKD 7,636,000, compared to HKD 17,041,000 in the previous year[24] - The company raised approximately HKD 49.9 million through a rights issue, issuing up to 499,390,200 shares at HKD 0.10 per share, with net proceeds of HKD 46.7 million allocated primarily for repaying unsecured loans (79%) and general working capital (21%)[146][151] - The company issued non-listed corporate bonds totaling HKD 20 million at a 10% annual interest rate, with proceeds intended for general working capital[153] Employee and Shareholder Information - As of September 30, 2022, the group employed a total of 155 employees, with 108 based in China[158] - Total employee benefit expenses, including director remuneration, increased from approximately HKD 18,300,000 to about HKD 19,300,000 year-on-year, reflecting a rise of about 5.5%[158] - Major shareholder Sparta Assets holds 524,902,500 shares, representing 35.79% of the total issued share capital[184] - Granda Overseas Holding Co., Ltd. owns 260,548,110 shares, accounting for 17.76% of the total issued share capital[184] - The total number of issued shares as of September 30, 2022, was 1,466,820,600[188] Corporate Governance - The company has adopted the corporate governance code and believes it has complied with most of its provisions during the reporting period[194] - The company deviated from the corporate governance code by having the same individual serve as both Chairman and CEO, which it believes aids in effective business strategy execution[196] - The company did not detect any instances of employees failing to comply with the standard code of conduct[200]

Financial Performance - For the year ended March 31, 2022, the Group recorded a total turnover of approximately HK$110.0 million, an increase from approximately HK$103.8 million in 2021[11]. - The net loss attributable to owners of the Company was approximately HK$27.3 million, a decrease of approximately HK$9.4 million or 25.8% compared to a net loss of HK$36.7 million in 2021[11]. - The loss per share for the Reporting Period was HK2.42 cents, with consolidated net assets valued at approximately HK$1,672 million as of March 31, 2022, compared to HK$1,586 million in 2021[16][19]. - The Group's revenue for the year ended March 31, 2022, was approximately HK$109,995,000, representing a slight increase of approximately 6% compared to HK$103,799,000 in the previous year[28]. - Revenue from the property development and investment business segment decreased significantly by approximately 31%, recording HK$31,359,000 compared to HK$45,300,000 in the previous year[28]. - The Group's financial performance was primarily driven by property sales, rental income from investment properties, and sales of medical equipment and home security products[17][19]. - The Group's consolidated net assets value per share decreased from HK$1.62 as of March 31, 2021, to HK$1.14 as of March 31, 2022, based on the number of shares in issue[16][19]. - Revenue from property sales decreased significantly from approximately HK$24,454,000 for the year ended 31 March 2021 to approximately HK$7,166,000 for the year ended 31 March 2022, representing a decrease of approximately 71%[30]. - Rental income from investment properties increased from approximately HK$20,846,000 for the year ended 31 March 2021 to approximately HK$24,193,000 for the Reporting Period, representing an increase of approximately 16%[38]. - Segment loss from investment properties amounted to approximately HK$118,976,000 during the Reporting Period, compared to a profit of HK$13,375,000 in the previous year[39]. - Revenue from the trading business increased from approximately HK$49,104,000 for the year ended 31 March 2021 to approximately HK$69,584,000 for the year ended 31 March 2022, representing a significant increase of approximately 42%[45]. - The Group's gross profit margin increased to approximately 46.8%, up 2.0 percentage points from 44.8% in the previous year, driven by a higher proportion of rental income[62]. - Other operating income shifted from expenses of approximately HK$11.3 million in 2021 to income of approximately HK$39.4 million in 2022, mainly due to a fair value gain on equity investments of approximately HK$110.2 million[63]. - The Group's share of profits and losses of associates increased significantly to approximately HK$20.8 million, compared to HK$2.0 million in the previous reporting period, representing a 919% increase[64]. Market Conditions - The ongoing COVID-19 pandemic has significantly impacted local consumption and supply chains, particularly during the "5th Wave" in early 2022[11]. - The residential development properties market in Mainland China has seen weakened demand and abundant supply, leading to funding pressures for highly leveraged developers[11]. - The real estate market in China is expected to remain stable in 2022, providing opportunities for diversified development despite ongoing uncertainties due to the COVID-19 pandemic and regulatory pressures[22][24]. - The central government has emphasized that properties are for accommodation, not speculation, aiming to stabilize land and housing prices while promoting healthy market development[18][20]. - The Group anticipates a volatile global economy in the coming year due to factors such as the COVID-19 pandemic, interest rate increases, and geopolitical tensions, making economic recovery unpredictable[75]. - The Group's property development and investment segment is significantly influenced by economic, political, and legal developments in Mainland China, which may affect investment strategies and performance[158]. - The majority of the Group's properties are located in Mainland China, making them vulnerable to the general economic climate and regulatory changes, which can significantly affect financial results[163]. - The COVID-19 pandemic and related government measures have exerted economic pressure on tenants, negatively impacting the Group's financial performance[163]. Strategic Initiatives - The Group's management is focused on addressing short-term and structural challenges in the market to improve performance moving forward[11]. - The Company is exploring new strategies for market expansion and product development to adapt to changing market conditions[11]. - The Group aims to expand distribution channels and introduce a broader range of medical equipment and home security products to boost sales growth in response to increasing demand[93]. - The Group has established a new subsidiary for trading wellness and pandemic prevention products, responding to the COVID-19 pandemic[96]. - The Group is focused on enhancing its asset management capabilities and improving corporate governance to seize development opportunities[106]. - The Group will further develop its trading business in medical equipment and security products, exploring new trading opportunities[105]. Operational Challenges - The Group's hotel operations in Kaifeng, PRC, have been significantly impacted by the COVID-19 pandemic, leading to fluctuations in revenue and increased costs[168]. - The overall segment operating loss for the hotel business increased significantly to approximately HK$24,598,000, up 361% from HK$5,339,000 in 2021, largely due to property revaluation deficits[53]. - Despite the pandemic, all ongoing property development projects have resumed without material delays, maintaining sufficient liquidity and working capital during the reporting period[169]. - The Group will continue to reinforce cost control and monitor cash flow to mitigate the impact of the COVID-19 pandemic and uncertainties[171]. Governance and Compliance - The Group's financial controller and company secretary is Mr. Lam Wing Wai, Angus, HKICPA, ensuring compliance and governance[4]. - The Company is listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code 262[7]. - The Group reported no cases of material non-compliance with laws and regulations for the year ended March 31, 2022[178]. - The Group's compliance with PRC taxation and foreign currency exchange regulations is part of its operational framework[178]. - The remuneration of directors is subject to shareholder approval at the annual general meeting, with other compensation determined by the Board based on performance and group results[196]. Employee and Operational Metrics - Total employee benefits expenses, including directors' emoluments, were approximately HK$39.9 million, an increase from HK$36.9 million in the previous year, attributed to higher sales commissions[134]. - As of March 31, 2022, the Group had 173 employees, with 116 based in the PRC and the remainder in Hong Kong[134]. - Employee salaries are maintained at a competitive level and reviewed annually, with reference to local minimum wage guidelines[179]. - The Group has adopted a share option scheme to attract and retain personnel, aligning employee interests with the Group's[180]. - The Group's discretionary bonuses for eligible employees are based on profit achievements and individual performance[180]. Investment and Financing Activities - The Group completed a rights issue on 31 December 2021, raising net proceeds of HK$46,707,000 after expenses[119]. - 79% of the net proceeds from the rights issue, amounting to HK$37,100,000, were utilized for the repayment of unsecured loans[129]. - The remaining 21% of the net proceeds, amounting to HK$9,607,000, were allocated for general working capital[129]. - The Group entered into a placing agreement for unlisted corporate bonds with an aggregate principal amount of HK$20,000,000 at an interest rate of 10% per annum[72]. - The Group's total investment in Excel Castle International Limited was approximately HK$80 million as of March 31, 2022[111]. - The Group owns a 30% equity interest in Pamfleet China, which manages the Pamfleet Shanghai Real Estate Fund II (PSREFII) with a total investment cost of approximately HK$6.2 million[113]. Future Outlook - The Group anticipates stable economic growth in Mainland China, supported by accommodative monetary policy and fiscal stimulus from the central government[79]. - The Group is committed to sustainable practices, focusing on efficient resource utilization and environmental friendliness[174].