事件：2025 年4 月21 日，TCL 智家发布2025 年一季报。25Q1 营收/归母净利润/扣非归母净利润分别为 46/3.0/2.9 亿元，同比分别+10/+34/+31%，利润端快速增长。 公司坚定推进全球化战略，积极开拓欧洲、东南亚及拉美等海外市场。 25Q1 公司出口及 ODM 订单增加，整体销量同比增长7.34%，表现优于行业。公司在打造法国、巴西和 西班牙等标杆市场上取得显著成效，推动业务稳定增长。 毛利率：25Q1 毛利率22.6%，同比+2.3pct。公司进一步优化产品结构，提升产品竞争力，25Q1 合肥家 电推出"冰麒麟"系列深冷冰箱等新品，洗衣机推出"大眼萌·AI 超级筒"新品洗衣机，洗净比突破 1.31， 奥马冰箱推出 520PLUS 多彩脂玉母婴冰箱。公司持续优化生产链条，提高中高端产品产能。合肥家电 配套厂房项目已完工，建成的生产配套楼及外围存储仓将持续为公司生产链条优化提供支持，提升生产 运营效率；奥马冰箱"年产280 万台高端风冷冰箱智能制造项目"一期和二期分别于2023 年11 月和2025 年1 月正式投产，高端风冷冰箱出货量稳步提升，预计未来可持续支持公司产品结构优化 ...

上市公司普邦股份（002663）十年前的一单并购，竟牵连一家民企遭遇离奇的飞来横"债"。 展现在公众面前的故事A面是：2015年，普邦股份收购四川深蓝环保科技有限公司（下称"深蓝环保"）100%股权，后者在4 年对赌期内"踩线"完成业绩承诺，之后业绩"变脸"。2023年，普邦股份将深蓝环保"甩卖"。 隐藏于水面之下的B面则是：脱离普邦股份后的深蓝环保引发离奇争端。民营企业四川佳和建设工程有限公司（下称"佳和 建设"）向上海证券报记者表示，在普邦股份控股深蓝环保期间，佳和建设在毫不知情的情况下，竟在2015年7月至2016年5 月与深蓝环保签订了四地（边坝、江达、左贡、芒康）共六份工程合同，涉及工程款合计1.28亿元。 "全是假的！我们与普邦股份、深蓝环保没有任何业务往来和合同纠纷。"近日，在成都青羊区的佳和建设总部，佳和建设 副总经理吴志全对记者说。因不知晓上述合同的存在，佳和建设并未支付相应的合同款项，直至2024年12月下旬公司收到 上述合同对应的四份调解书后，才知道已欠下深蓝环保6000万元债务（注：法院调解后金额），随后，深蓝环保于今年初 申请强制执行，导致佳和建设相关账户被冻结。 作为深蓝环保时任控 ...

Financial Performance - For the six months ended September 30, 2024, total revenue was HKD 156,388,000, an increase from HKD 153,448,000 in the same period of 2023, representing a growth of approximately 1.3%[4] - Gross profit for the same period was HKD 106,520,000, compared to HKD 104,677,000 in 2023, reflecting a growth of about 1.8%[4] - The net loss for the period was HKD 523,224,000, a significant decline from a profit of HKD 461,866,000 in the previous year, indicating a negative shift in performance[4] - Basic and diluted loss per share was HKD 0.59, compared to earnings of HKD 0.49 per share in the prior year[4] - The group reported other income of HKD 11,949,000, compared to HKD 11,637,000 in the same period last year, indicating a slight increase of about 2.7%[4] - The group incurred a pre-tax loss of HKD 277,829,000 for the current period, compared to a profit of HKD 233,360,000 in the same period last year, reflecting a significant change in performance[39] - The total tax expense for the period was HKD 13,418,000, slightly down from HKD 13,423,000 in the previous year, showing a marginal decrease of 0.04%[34] - The group reported a loss per share of HKD 0.585 for the current period, compared to earnings per share of HKD 0.492 in the previous year, indicating a shift in financial results[39] Assets and Equity - Total assets as of September 30, 2024, were HKD 7,985,714,000, down from HKD 8,597,279,000 as of March 31, 2024, showing a decrease of approximately 7.1%[6] - Non-current assets decreased to HKD 7,400,582,000 from HKD 8,001,439,000, reflecting a reduction of approximately 7.5%[6] - The company’s total equity as of September 30, 2024, was HKD 7,657,409,000, down from HKD 8,273,099,000, indicating a decrease of about 7.4%[6] - The total equity attributable to shareholders as of September 30, 2024, was HKD 7,657,400,000, down from HKD 8,273,100,000 as of March 31, 2024[50] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 656,553,000 from HKD 621,631,000 year-over-year, marking an increase of about 5.6%[12] - Operating cash flow for the period was HKD 82,087,000, down from HKD 108,367,000 in the previous year, representing a decline of approximately 24.2%[12] - The group's cash and cash equivalents totaled HKD 656,553,000 as of September 30, 2024, compared to HKD 570,577,000 as of March 31, 2024[44] Income and Expenses - The group reported rental income of approximately HKD 18,182,000 for the period, a decrease from HKD 19,416,000 in the previous year, representing a decline of about 6.35%[20] - Interest income for the six months ended September 30, 2024, was HKD 11,570,000, slightly up from HKD 11,475,000 in the previous year, indicating a growth of 0.83%[26] - The financing costs for the period amounted to HKD 5,496,000, an increase from HKD 5,363,000 in the previous year, reflecting a rise of approximately 2.47%[31] - The group’s employee-related expenses increased by approximately 8.46% year-on-year[54] Dividends and Shareholder Information - The group declared an interim dividend of HKD 0.06 per share, consistent with the previous year, amounting to HKD 28,484,000[35] - The interim dividend declared is HKD 0.06 per share, consistent with the previous year[48] - The major shareholder, Tian De Limited, holds 237,370,032 shares, representing approximately 50.001% of the total voting shares[63] - The beneficial ownership of the directors and senior management as of September 30, 2024, includes 46,139,164 shares (9.72%) held by Zhong Qionglin and 27,864,420 shares (5.87%) held by Zhong Jiongfei[63] Management and Governance - The company has complied with all applicable provisions of the Corporate Governance Code except for the lack of insurance arrangements for directors facing legal actions[68] - The roles of Chairman and CEO are held by the same individual, with daily management shared among executive directors to ensure a balance of power[70] - The company has not established an internal audit function, but the board believes existing risk management and internal controls are sufficient given the group's scale and complexity[71] - The board will review the necessity of establishing an internal audit function annually[71] - All directors confirmed compliance with the standard code for trading the company's securities during the six months ending September 30, 2024[74] Operational Insights - The management anticipates that rental income from the International Plaza and the group's operating performance will remain stable in the second half of the year despite challenges in the retail and dining sectors due to changing consumer patterns[55] - The occupancy rate of the International Plaza as of September 30, 2024, was approximately 77.0%, down from 80.0% a year earlier[49] - Rental income from the International Plaza for the six months ending September 30, 2024, was approximately HKD 150,500,000, an increase of about 3.2% year-on-year[49] Accounting and Reporting - The group has not adopted any new accounting standards that have not yet come into effect during the current accounting period[18] - The group has maintained the same accounting policies as in the previous financial year, with no significant impact from the changes in accounting standards on the financial report[17] - The interim financial report includes the consolidated financial position as of September 30, 2024, and the consolidated income statement for the six-month period[76] - The review of the interim financial report was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards[77] - No matters were noted that would lead to a belief that the interim financial report was not prepared in accordance with the relevant accounting standards[78]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 156,388,000, an increase from HKD 153,448,000 in the same period of 2023, representing a growth of 1.3%[3] - The gross profit for the same period was HKD 106,520,000, compared to HKD 104,677,000 in 2023, indicating a growth of 1.8%[3] - The operating loss after the valuation changes of investment properties was HKD 504,310,000, a significant decline from an operating profit of HKD 480,652,000 in the previous year[3] - The net loss attributable to equity shareholders for the period was HKD 277,829,000, compared to a profit of HKD 233,360,000 in the same period last year[3] - Basic and diluted loss per share for the period was HKD 0.59, compared to earnings of HKD 0.49 per share in the previous year[3] - The group reported a pre-tax loss of HKD 277,829,000 for the six months ended September 30, 2024, compared to a profit of HKD 233,360,000 in the same period last year[30] Assets and Liabilities - Total assets decreased to HKD 7,985,714,000 from HKD 8,597,279,000 as of March 31, 2024, reflecting a decline of approximately 7.1%[6] - The company's total liabilities were reported at HKD 328,305,000, slightly up from HKD 324,180,000 in the previous period[6] - The net asset value decreased to HKD 7,657,409,000 from HKD 8,273,099,000, indicating a reduction of about 7.4%[6] - As of September 30, 2024, the total equity of the group was HKD 7,657,400,000, compared to HKD 8,273,100,000 as of March 31, 2024[37] Revenue Sources - The group's revenue from rental income for the current period is approximately HKD 18,182,000, a decrease from HKD 19,416,000 in the previous year[13] - Rental income from the International Plaza for the six months ended September 30, 2024, was approximately HKD 150,500,000, an increase of about 3.2% year-on-year[37] - The occupancy rate of the International Plaza as of September 30, 2024, was approximately 77.0%, down from 80.0% on September 30, 2023[37] Financial Management - The group’s financing costs for bank loans and other borrowings total HKD 5,496,000 for the current period, compared to HKD 5,363,000 in the previous year[23] - The group’s deferred tax liabilities related to changes in the fair value of investment properties amount to HKD 3,997,000 for the current period[26] - The group utilized bank credit facilities amounting to HKD 200,000,000 as of September 30, 2024, with a capital debt ratio of 2.6%[38] Employee and Operational Insights - The number of employees as of September 30, 2024, was 38, with related expenses of approximately HKD 14,100,000[40] - The management anticipates that rental income from the International Plaza and the group's operating performance will remain stable in the second half of the year[41] Corporate Governance - The company did not repurchase, sell, or redeem any of its listed securities during the six months ended September 30, 2024[42] - The company has not established an internal audit function, but the board will review the necessity of this function annually[46] - The board believes that the current lack of an internal audit function does not negatively impact the company, given its existing risk management and internal control measures[47] - The company has adopted the standard code for directors' securities trading and confirmed compliance by all directors as of September 30, 2024[50] Reporting and Compliance - The interim financial report was prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[7] - The group has no significant impact from the new accounting standards implemented during the current reporting period[2] - The group has not adopted any new standards or interpretations that have not yet come into effect during the current accounting period[11] - The mid-term report for the six months ending September 30, 2024, will be sent to members and published on the company's website[51]

Financial Performance - The Group recorded a profit from operations before valuation changes of HK$188.8 million for the year ended 31 March 2024, compared to HK$191.4 million in 2023, representing a decrease of 1.4%[11] - Net valuation gains on investment properties amounted to HK$230.9 million in 2024, a significant recovery from net valuation losses of HK$1,707.7 million in 2023[11] - The profit attributable to equity shareholders for the year was HK$193.7 million, a turnaround from a loss of HK$759.3 million in the previous year[11] - The valuation changes impacted accounting profit but did not affect the Group's cash flows[11] Corporate Governance - The Company complied with all applicable code provisions of the Corporate Governance Code during the financial year ended 31 March 2024, with some exceptions disclosed[8] - The Company has identified and formalized appropriate measures and policies to maintain high standards of corporate governance[8] - The roles of the Chairman and CEO are held by the same individual, Mr. Cheong Kheng Lim, with the Board collectively responsible for strategic decisions[27] - The Board of Directors includes three Independent Non-executive Directors, providing a check and balance on management[27] - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors during the financial year ended 31 March 2024[33] - The Board is accountable for the Group's performance, including financial and management oversight, corporate governance, and risk management[31] - The Company has not established an internal audit function but has sufficient risk management and internal control systems in place[28] - The Company has implemented a whistleblowing policy and procedure manuals to promote a sound corporate culture and accountability[55] - The Company has adopted mechanisms to ensure independent views are available to the Board, which were reviewed and considered effectively implemented during the year[59] Board Structure and Meetings - Seven board meetings were held during the financial year, with four being regular meetings[43] - The Board of Directors had full attendance at all seven board meetings, board committee meetings, and the annual general meeting during the financial year ended March 31, 2024[63] - The Company has established three committees: remuneration committee, nomination committee, and audit committee, to enhance focus on specific areas[58] - The Board reviewed the need for an internal audit function in March 2024 and determined there was no immediate need based on the Group's current circumstances[55] - The Board's structure allows for prompt decision-making while maintaining a balance of power[27] Director Training and Remuneration - The Company emphasizes director training, providing internal training courses and encouraging participation in external training sessions[53] - The Board is satisfied with the training received by the Directors for the financial year ended 31 March 2024[64] - The Group's remuneration policy aims to retain suitable Directors and senior management by offering competitive remuneration levels[68] - No Director or their associates are involved in decisions regarding their own remuneration, ensuring impartiality[68] - The remuneration committee considers factors such as market conditions and the Group's results when determining remuneration packages[81] - The remuneration committee is responsible for determining the remuneration of individual Executive Directors and senior management on an annual basis[90] Nomination and Board Diversity - The nomination committee was established to ensure a balance of skills, experience, and diversity on the Board[102] - The nomination policy requires all Directors to retire by rotation at least once every three years[104] - Directors appointed to fill casual vacancies must retire at the next general meeting and are eligible for re-election[105] - The nomination committee assesses the independence of Independent Non-Executive Directors (INEDs)[101] - The Company has achieved its objective of having at least one female Director on the Board, contributing to gender diversity[113] - The nomination committee has reviewed and recommended measurable objectives for achieving gender diversity at the Board level[117] Audit and Risk Management - The audit committee was established to assist the Board in financial reporting, internal control, and risk management[109] - The audit committee is responsible for overseeing financial reporting, risk management, and internal control systems[119] - The audit committee reviews the independence and objectivity of the external auditor and monitors the effectiveness of the audit process[120] - The Company has established arrangements for employees to raise concerns about possible improprieties confidentially[120] - The board is responsible for the overall risk management and internal control systems, ensuring their effectiveness[161] - The risk assessment exercise was conducted on a half-yearly basis during the financial year ended 31 March 2024[173] Business Environment and Strategy - Despite positive signs of recovery in Hong Kong, the retail market's recovery has been slower than expected due to changing consumer behaviors and the rise of e-commerce, impacting the business outlook for iSQUARE tenants[181] - The overall downward pressure on rental levels and occupancy rates of iSQUARE remained broadly the same as the previous year, with no significant decline in retail space supply in Tsim Sha Tsui[181] - The Group aims to build a more diversified tenant mix to maintain a sustainable tenant portfolio[184] - The Group has engaged in creative promotions to increase exposure and stimulate consumer spending[184] - The Group is closely monitoring the operating environment to enable prompt adjustments to corporate strategies[194] - The management is committed to maintaining prudent financial management to ensure business resilience[194]

Financial Performance - For the fiscal year ending March 31, 2024, the group's operating profit before changes in investment property valuation was HKD 188.8 million, a decrease of approximately 1.4% compared to the previous fiscal year[14]. - The net gain from investment property valuation for the fiscal year was HKD 230.9 million, compared to a net loss of HKD 1.7077 billion in the previous fiscal year[14]. - The group's profit attributable to equity shareholders for the fiscal year was HKD 193.7 million, recovering from a loss of HKD 759.3 million in the previous fiscal year[17]. - Total revenue for the fiscal year 2024 was HKD 304,557,000, with a gross profit of HKD 207,692,000, compared to revenue of HKD 309,877,000 and gross profit of HKD 222,155,000 in 2023[54]. - The company’s total comprehensive income for the year was HKD 382,080,000, a recovery from a loss of HKD 1,551,556,000 in the previous year[54]. - The company reported a pre-tax profit of 547,224 thousand HKD for the year ended March 31, 2024, compared to 524,693 thousand HKD in the previous year, representing an increase of approximately 4.27%[56]. Dividends - The group declared an interim dividend of HKD 0.06 per share for the fiscal year, up from HKD 0.04 per share in the previous year, and proposed a final dividend of HKD 0.10 per share, compared to HKD 0.09 per share in the previous year[6]. - The company declared a final dividend of HKD 0.09 per share for the fiscal year 2024, up from HKD 0.08 per share in 2023, with total dividends payable amounting to HKD 42,726,000[42]. Assets and Liabilities - The total equity of the group as of March 31, 2024, was HKD 8.2731 billion, an increase from HKD 8.0324 billion as of March 31, 2023[18]. - Total assets as of March 31, 2024, amounted to 8,597,279 thousand HKD, an increase from 8,348,399 thousand HKD as of March 31, 2023, representing a growth of approximately 2.97%[56]. - The total liabilities as of March 31, 2024, were 324,180 thousand HKD, compared to 315,982 thousand HKD in the previous year, showing a slight increase of about 2.5%[56]. - The net asset value as of March 31, 2024, was 8,273,099 thousand HKD, compared to 8,032,417 thousand HKD in the previous year, indicating an increase of about 2.99%[56]. Operational Performance - Rental income from the International Plaza for the fiscal year was approximately HKD 289.7 million, a decline of about 2.4% compared to the previous fiscal year, with an occupancy rate of 73.1%[17]. - The management anticipates stable rental income and operational performance for the next fiscal year despite ongoing challenges in the retail and dining sectors[22]. - The company operates solely in the property leasing segment, with no independent regional reporting due to the nature of its operations in Hong Kong and China[72]. Employee and Administrative Expenses - The number of employees as of March 31, 2024, was 37, with related expenses approximately HKD 30.4 million, down from HKD 31.4 million in the previous year[21]. - The company’s administrative expenses for the fiscal year 2024 were HKD 42,614,000, slightly higher than HKD 42,425,000 in 2023[54]. Risk Management and Compliance - The board believes that the current risk management and internal control systems are sufficient, and there is no immediate need to establish an internal audit function[29]. - The board will review the necessity of establishing an internal audit function annually[31]. - The company confirmed compliance with the standard code for securities trading by all directors as of March 31, 2024[33]. Accounting Policies - The company has maintained the same accounting policies as the previous year, ensuring consistency in financial reporting[60]. - The company does not anticipate any significant impact from the new accounting standards that have been adopted during the current reporting period[63]. Other Income and Foreign Exchange - Other income for the year ended March 31, 2024, was 25,625 thousand HKD, a significant increase from 14,415 thousand HKD in the previous year, reflecting an increase of approximately 77.5%[69]. - The net loss from foreign exchange amounted to (1,946) thousand HKD, which is an improvement compared to (2,766) thousand HKD in the previous year, indicating a reduction in losses[70]. Customer Revenue - Revenue from a single customer accounted for approximately 37,939 thousand HKD, which is about 10% of total revenue, slightly down from 38,133 thousand HKD in the previous year[66].

Financial Performance - For the six months ended September 30, 2023, the group's investment property valuation profit amounted to HKD 386,100,000, compared to a valuation loss of HKD 1,195,100,000 in the same period last year [16]. - The group reported a profit attributable to equity shareholders of HKD 233,400,000 for the six months ended September 30, 2023, compared to a loss of HKD 556,900,000 in the same period last year [31]. - The group’s operating profit before changes in investment property valuation for the six months ended September 30, 2023, was HKD 94,500,000, a slight increase of about 0.8% year-on-year [31]. - Revenue for the six months ended September 30, 2023, was HKD 153,448,000, a decrease of 3.2% from HKD 158,273,000 in the same period of 2022 [87]. - Gross profit for the same period was HKD 104,677,000, down from HKD 113,885,000, reflecting a decline of 8.1% [87]. - The net profit attributable to equity shareholders for the period was HKD 233,360,000, compared to a loss of HKD 556,874,000 in the previous year [87]. - Basic earnings per share for the period was HKD 0.49, a significant improvement from a loss of HKD 1.17 per share in the prior year [87]. - Other income increased to HKD 11,637,000 from HKD 3,466,000, marking a growth of 235.5% [87]. Assets and Liabilities - The group’s equity attributable to shareholders as of September 30, 2023, was HKD 8,410,200,000, up from HKD 8,032,400,000 as of March 31, 2023 [16]. - As of September 30, 2023, total non-current assets amounted to HKD 8,155,629, an increase from HKD 7,771,462 as of March 31, 2023, reflecting a growth of approximately 4.9% [67]. - The total assets less current liabilities stood at HKD 8,730,236, up from HKD 8,348,399 as of March 31, 2023, indicating a growth of approximately 4.6% [67]. - The total liabilities as of September 30, 2023, were HKD 320,072, slightly up from HKD 315,982 as of March 31, 2023, showing a marginal increase of about 0.3% [67]. - The total accounts receivable as of September 30, 2023, was HKD 121,541,000, down from HKD 136,566,000 as of March 31, 2023, indicating a decrease of 11.0% [105]. Cash Flow - As of September 30, 2023, the group had bank deposits and cash totaling HKD 621,631,000, compared to HKD 511,641,000 as of March 31, 2023 [29]. - The net cash generated from operating activities for the six months ended September 30, 2023, was HKD 108,367, compared to HKD 79,922 for the same period in 2022, representing an increase of about 35.6% [70]. - The cash and cash equivalents as of September 30, 2023, were HKD 621,631, an increase from HKD 569,132 in the previous year, marking a rise of about 9.2% [70]. - The company reported a net increase in cash and cash equivalents of HKD 110,105 for the six months ended September 30, 2023, compared to HKD 76,370 in the previous year, indicating a growth of about 44.2% [70]. - The net cash inflow from investing activities for the six months ended September 30, 2023, was HKD 7,291, a recovery from a cash outflow of HKD 1,757 in the same period last year [70]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.06 per share for the six months ended September 30, 2023, compared to HKD 0.04 per share in the previous year [31]. - The total equity attributable to equity shareholders as of September 30, 2023, was HKD 4,413,728,000, compared to HKD 4,059,668,000 at the same date in 2022, representing an increase of 8.7% [89]. - The company has a significant shareholder, Tiande Limited, holding 50.001% of the voting shares [38]. Governance and Management - The company’s chairman and CEO roles are held by the same individual, with daily management shared among executive directors [43]. - The company has not established an internal audit function, believing existing risk management and internal controls are sufficient [44]. - The company’s board includes three independent non-executive directors to ensure a balance of power [43]. - The board confirmed compliance with the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, and the establishment of an internal audit function [55]. - The company maintained its policy on director remuneration, with no changes in the total amount paid compared to the same period last year [53]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors for the six months ended September 30, 2023 [58]. Other Financial Metrics - The group’s interest income for the six months ended September 30, 2023, was HKD 11,475,000, significantly up from HKD 3,240,000 in the same period last year [8]. - The company reported a net foreign exchange loss of HKD 2,091,000, an improvement from a loss of HKD 3,960,000 in the previous year [99]. - The company has a diversified customer base, with one customer accounting for over 10% of revenue, generating approximately HKD 19,416,000 during the period [96]. - The company’s financial report was prepared in accordance with the Hong Kong Listing Rules and relevant accounting standards [60]. - The company’s board of directors has reviewed the interim financial results and found no significant issues that would affect the financial statements [49].

Financial Performance - For the six months ended September 30, 2023, total revenue was HKD 153,448,000, a decrease of 3.8% from HKD 158,273,000 in the same period of 2022[2] - Gross profit for the same period was HKD 104,677,000, down from HKD 113,885,000, reflecting a decrease of 8.5%[2] - The operating profit before changes in the fair value of investment properties was HKD 94,505,000, compared to HKD 93,755,000 in the previous year, indicating a slight increase of 0.8%[2] - The profit for the period was HKD 461,866,000, a significant recovery from a loss of HKD 1,118,536,000 in the same period last year[2] - Basic and diluted earnings per share for the period were HKD 0.49, compared to a loss of HKD 1.17 per share in the previous year[2] - For the six months ended September 30, 2023, the group's profit attributable to equity shareholders was HKD 233,400,000, compared to a loss of HKD 556,900,000 in the same period last year[61] Assets and Liabilities - The total assets as of September 30, 2023, amounted to HKD 8,730,236,000, an increase from HKD 8,348,399,000 as of March 31, 2023[18] - The total liabilities were HKD 320,072,000, consistent with HKD 315,982,000 from the previous reporting period[18] - The company's equity totalled HKD 8,410,164,000, up from HKD 8,032,417,000 as of March 31, 2023[18] - The total accounts receivable (net of credit loss provisions) as of September 30, 2023, was HKD 121,541,000, down from HKD 136,566,000 as of March 31, 2023[33] - The accounts receivable, including rental incentives, amounted to HKD 96,386,000 as of the reporting date[56] Rental Income and Property Valuation - Rental income from the International Plaza for the six months ended September 30, 2023, was approximately HKD 145,900,000, a decrease of about 4.1% compared to the same period last year[37] - For the six months ended September 30, 2023, the net valuation profit from investment properties was HKD 386,100,000, compared to a net valuation loss of HKD 1,195,100,000 in the same period last year[36] - The occupancy rate of the International Plaza as of September 30, 2023, was approximately 80.0%, compared to 77.3% on the same date last year[37] - The group continues to generate rental income from investment properties, including four floors at Lai Chi Kok and one floor in a commercial building in Guangzhou, China[62] Interest and Foreign Exchange - Interest income for the period was HKD 11,475,000, compared to HKD 3,240,000 in the previous year, reflecting an increase of 254.5%[9] - The company reported a net foreign exchange loss of HKD 2,091,000, an improvement from a loss of HKD 3,960,000 in the previous year[9] Corporate Governance and Compliance - The company has confirmed that all directors have complied with the standards set forth in the listing rules for the six months ended September 30, 2023[46] - The group has established a comprehensive control environment to enhance risk management and internal control systems, including biannual risk assessments[55] - The company has not established an internal audit function but has sufficient risk management and internal control measures in place[54] - The group has no immediate need to establish an internal audit function based on its current operations and management oversight[54] Dividends and Shareholder Returns - The interim dividend declared is HKD 0.06 per share, up from HKD 0.04 per share in the previous year[59] Future Outlook - The group anticipates stable rental income and operational performance for the second half of the year despite challenges in the retail market[41] Financing and Debt - As of September 30, 2023, the group has utilized a total bank loan amount of HKD 200,000,000, maintaining a capital debt ratio of 2.4%[63] - The company has extended the financing agreement with the bank, allowing for a potential further extension of two years until October 8, 2026[63] Employee Information - The number of employees as of September 30, 2023, is 36, with related expenses approximately HKD 13,000,000[64] Segment Information - The group only has one reportable segment, which is "Property Leasing," and the segment information aligns with the consolidated figures[27] - The group has not adopted any new accounting standards or interpretations that are not yet effective during the current accounting period[22]

Chairman's Statement 主席報告 | --- | --- | |---------------------------------------------------------------------------------------|----------------------------------------------------| | | | | Financial Results and Business Review | 財政業績及業務回顧 | | I would like to report the audited results of the Group for the year ended | 本人謹此宣布本集團截至二零二三年三月三十一 | | 31 March 2023. During the year, the Group recorded a profit from operations | 日止年度之經審核業績。於本年度，本集團之投 | | before valuation changes in investment properties of HK$191. ...

Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of 309,877,000 HKD, a slight decrease of approximately 0.2% compared to 310,348,000 HKD in the previous year[1] - The gross profit for the same period was 222,155,000 HKD, compared to 219,279,000 HKD in the previous year, indicating a year-over-year increase of about 0.9%[1] - The company recorded a net loss of 1,551,556,000 HKD for the fiscal year, which is a significant increase from the net loss of 1,114,310,000 HKD in the previous year[1] - The basic loss per share for the fiscal year was 1.60 HKD, compared to 1.17 HKD in the previous year, reflecting a deterioration in earnings[10] - The group reported a net asset value of 8,032,417,000 as of March 31, 2023, compared to 9,698,531,000 in the previous year, reflecting a decrease of approximately 17.2%[87] - The group had a total asset value of 10,006,083,000, down from 8,348,399,000, indicating a decline of about 20%[87] - The group’s total equity decreased from 9,698,531,000 to 8,032,417,000, representing a decline of about 17.2%[87] - The group’s loss attributable to equity shareholders for the fiscal year ended March 31, 2023, was HKD 759.3 million, compared to a loss of HKD 554 million in the previous fiscal year[100] Rental Income and Occupancy - Rental income from the International Plaza was approximately 296,900,000 HKD, down about 1.1% from the previous fiscal year[13] - The occupancy rate of the International Plaza improved to 77.2% as of March 31, 2023, compared to 73.5% in the previous year[13] - The group continues to generate rental income from investment properties, including four floors at the Lai Chi Kok Fortune Industrial Centre and one floor at a commercial building in Guangzhou, China[75] - Management maintains a cautiously optimistic outlook for the retail market in Hong Kong, anticipating stable rental income from international markets in the next fiscal year[102] Dividends - The company declared an interim dividend of HKD 0.04 per share for the current year, down from HKD 0.08 per share in the previous year, and proposed a final dividend of HKD 0.09 per share[37] - The total dividends for the current year will amount to HKD 0.13 per share, compared to HKD 0.16 per share in the previous year[37] Financial Position and Liabilities - The company utilized bank credit facilities amounting to 200,000,000 HKD, maintaining a capital debt ratio of 2.5% compared to 2.1% in the previous year[15] - The group’s total liabilities decreased from 186,105,000 to 144,904,000, indicating a reduction of about 22%[87] - The group’s non-controlling interests decreased from 4,659,124,000 to 3,809,323,000, reflecting a decline of approximately 18.2%[87] - The group’s cash and cash equivalents were reported at 492,922,000, compared to 511,641,000 in the previous year, showing a decrease of approximately 3.5%[87] Management and Governance - The company has not disclosed the remuneration details of senior management in the annual report, believing that such disclosure may not benefit corporate governance[21] - The company has not made any arrangements for insurance against potential legal actions faced by its directors, considering the associated risks acceptable[43] - The company’s auditor has issued a report on the financial statements for the two years without any reservations[28] - The company has adopted the "Standard Rules" for directors trading in the company's securities and confirmed compliance as of March 31, 2023[22] - The group has appointed a new chairman and CEO following the previous chairman's passing, ensuring compliance with internal governance standards[81] Accounting and Standards - The company has not implemented any new accounting standards or interpretations during the current reporting period[3] - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, with a focus on property investment as its main business[29] Financing Costs - The group’s financing costs included bank loan interest of 5,727,000 and other borrowing costs of 250,000, with total financing costs increasing from 1,928,000 to 5,727,000[92] Employee Information - The group employed 36 staff members as of March 31, 2023, down from 39 in the previous year, with related expenses amounting to approximately HKD 31,400,000[76] Receivables - As of March 31, 2023, total overdue receivables amounted to HKD 26.9 million, a decrease of 24% from HKD 35.5 million in the previous year[97] - The total accounts receivable (net of credit loss provisions) was HKD 136.6 million, down from HKD 143.6 million year-on-year[97] Investment Properties - For the fiscal year ending March 31, 2023, the net valuation loss of investment properties amounted to HKD 1,707,700,000, compared to a net valuation loss of HKD 1,264,700,000 in the previous fiscal year[38] - For the fiscal year ending March 31, 2023, the group's operating profit before changes in investment property valuation was HKD 191,400,000, an increase of approximately 4.7% compared to the previous fiscal year[74] Customer Base - Revenue from a single customer exceeded 10% of total income, amounting to approximately 38,133,000, compared to 38,733,000 and 37,622,000 from two customers in the previous year[90] - The group maintained a diversified customer base, with no significant reliance on any single customer beyond the one mentioned[90] Taxation - The Hong Kong profits tax is calculated at a rate of 16.5%, with a lower rate of 8.25% applicable to the first HKD 2 million of assessable profits for qualifying companies[94]