Financial Performance Overview [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) The Group shifted from profit to loss for the year ended March 31, 2025, mainly due to significant valuation losses on investment properties Consolidated Statement of Profit or Loss | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Revenue | 308,131 | 304,557 | | Gross Profit | 210,726 | 207,692 | | Operating profit before changes in valuation of investment properties | 188,738 | 188,755 | | (Loss)/gain on valuation of investment properties | (753,794) | 230,905 | | Operating (loss)/profit after changes in valuation of investment properties | (565,056) | 419,660 | | (Loss)/profit before taxation | (576,295) | 408,128 | | (Loss)/profit and total comprehensive income for the year | (602,250) | 382,080 | | (Loss)/profit attributable to equity shareholders of the Company | (321,982) | 193,732 | | Basic and diluted (loss)/earnings per share | (0.68) Yuan | 0.41 Yuan | - The valuation of investment properties shifted from a **gain of 230,905 thousand Yuan in 2024 to a loss of 753,794 thousand Yuan in 2025**, driving the Group's overall loss[3](index=3&type=chunk) - Basic and diluted earnings per share decreased from **0.41 Yuan in 2024 to a loss per share of 0.68 Yuan in 2025**[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=2&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of March 31, 2025, the Group's total assets and net assets decreased, primarily due to a decline in the value of investment properties Consolidated Statement of Financial Position | Metric | As at March 31, 2025 (in thousands of Yuan) | As at March 31, 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Non-current assets - Investment properties | 7,250,030 | 8,001,439 | | Total non-current assets | 7,294,718 | 8,050,055 | | Net current assets | 558,754 | 547,224 | | Total assets less current liabilities | 7,853,472 | 8,597,279 | | Total non-current liabilities | 332,367 | 324,180 | | Net assets | 7,521,105 | 8,273,099 | | Total equity | 7,521,105 | 8,273,099 | - The value of investment properties decreased from **8,001,439 thousand Yuan in 2024 to 7,250,030 thousand Yuan in 2025**, being the main driver for the decline in non-current and total assets[5](index=5&type=chunk) - Net current assets slightly increased from **547,224 thousand Yuan in 2024 to 558,754 thousand Yuan in 2025**[5](index=5&type=chunk) Notes to the Financial Statements [Basis of Preparation](index=3&type=section&id=%E7%BC%96%E5%88%B6%E5%9F%BA%E6%BA%96) The financial statements are prepared in accordance with HKFRSs, the Hong Kong Companies Ordinance, and the Listing Rules, with an unmodified auditor's opinion - The financial statements are prepared in compliance with Hong Kong Financial Reporting Standards (HKFRSs) and the Hong Kong Companies Ordinance[7](index=7&type=chunk) - The auditor, KPMG, issued an **unmodified opinion** on the Group's financial statements for both years[9](index=9&type=chunk) [Changes in Accounting Policies](index=3&type=section&id=%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E7%9A%84%E5%8F%98%E5%8A%A8) New and amended HKFRSs effective this year had no material impact on the Group's financial performance, and no new standards were early adopted - Changes in Hong Kong Financial Reporting Standards effective this year did not have a material impact on the Group's performance and financial position[10](index=10&type=chunk) - The Group has not adopted any new standards or interpretations that are not yet effective for the current accounting period[11](index=11&type=chunk) [Revenue](index=3&type=section&id=%E6%94%B6%E5%85%A5) The Group's principal activity is property investment, with revenue mainly from rental income, and one customer accounted for over 10% of revenue - The Group's principal activity is property investment, with revenue representing gross rental income received and receivable from investment properties[12](index=12&type=chunk)[13](index=13&type=chunk) Revenue Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Total Revenue | 308,131 | 304,557 | | Single Customer Revenue | 33,600 | 37,939 | - Revenue from a single customer accounted for **over 10% of the Group's total revenue**, though the contribution decreased from 37,939 thousand Yuan in 2024 to 33,600 thousand Yuan in 2025[13](index=13&type=chunk) [Segment Information](index=4&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group operates under a single reportable segment, 'Property leasing', so segment information aligns with the consolidated figures - The Group has only one reportable segment, 'Property leasing', and its business segment information is the same as the consolidated figures[15](index=15&type=chunk) - Geographical information is not presented separately as revenue and results are derived from Hong Kong and Mainland China[16](index=16&type=chunk) [Other Income and Net Loss](index=4&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E4%BA%8F%E6%8D%9F%E5%87%80%E9%A2%9D) The Group's other income, mainly from interest, decreased, while other net losses, primarily from foreign exchange, were significantly reduced Other Income and Net Loss Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | **Other income** | | | | Interest income | 20,934 | 24,063 | | Others | 1,402 | 1,561 | | **Total other income** | 22,336 | 25,625 | | **Other net loss** | | | | Net foreign exchange loss | (163) | (1,946) | | Net loss on disposal of fixed assets | (1) | (2) | | **Total other net loss** | (164) | (1,948) | - Interest income decreased from **24,063 thousand Yuan in 2024 to 20,934 thousand Yuan in 2025**[17](index=17&type=chunk) - Net foreign exchange loss significantly decreased from **1,946 thousand Yuan in 2024 to 163 thousand Yuan in 2025**[17](index=17&type=chunk) [(Loss)/Profit Before Taxation](index=4&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%EF%BC%88%E4%BA%8F%E6%8D%9F%EF%BC%89%E2%95%B1%E6%BA%A2%E5%88%A9) The pre-tax loss was mainly driven by changes in investment property valuation, with a slight decrease in finance costs and an increase in impairment losses Breakdown of Selected Items | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | **Finance costs** | | | | Interest on bank loans | 10,438 | 11,206 | | Other borrowing costs | 730 | 250 | | Interest on government land premium payable | 71 | 76 | | **Total finance costs** | 11,239 | 11,532 | | **Other items** | | | | Depreciation charge | 4,323 | 4,539 | | Impairment losses on trade receivables | 2,304 | 1,095 | - Total finance costs slightly decreased from **11,532 thousand Yuan in 2024 to 11,239 thousand Yuan in 2025**[17](index=17&type=chunk) - Impairment losses on trade receivables increased from **1,095 thousand Yuan in 2024 to 2,304 thousand Yuan in 2025**[17](index=17&type=chunk) [Income Tax](index=5&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) The Group's total income tax remained stable, comprising Hong Kong Profits Tax and Mainland China Enterprise Income Tax Income Tax Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | **Current tax** | | | | Hong Kong Profits Tax | 17,775 | 17,811 | | Mainland China Enterprise Income Tax | 35 | 50 | | **Deferred tax** | | | | Change in fair value of investment properties | (131) | (123) | | Origination and reversal of temporary differences | 8,276 | 8,310 | | **Total income tax** | 25,955 | 26,048 | - Hong Kong Profits Tax is calculated at a rate of **16.5%**, with some subsidiaries applying the two-tiered rates of 8.25% and 16.5%[19](index=19&type=chunk) - Total deferred tax decreased slightly from **8,187 thousand Yuan in 2024 to 8,145 thousand Yuan in 2025**[19](index=19&type=chunk) [Dividends](index=5&type=section&id=%E8%82%A1%E6%81%AF) The Board proposed a final dividend of 0.08 Yuan per share, bringing the total dividend for the year to 0.14 Yuan per share, a decrease from the prior year Dividend Summary | Dividend Type | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Interim dividend declared and paid (0.06 Yuan per share) | 28,484 | 28,484 | | Proposed final dividend (0.08 Yuan per share) | 37,979 | 47,473 | | **Total dividends for the year** | 66,463 | 75,957 | - The proposed final dividend decreased from **0.10 Yuan per share in 2024 to 0.08 Yuan per share in 2025**[20](index=20&type=chunk) - The total dividend for the year is **0.14 Yuan per share**, lower than the 0.16 Yuan per share in 2024[30](index=30&type=chunk) [(Loss)/Earnings Per Share](index=6&type=section&id=%E6%AF%8F%E8%82%A1%EF%BC%88%E4%BA%8F%E6%8D%9F%EF%BC%89%E2%95%B1%E7%9B%88%E5%88%A9) Basic loss per share was 0.68 Yuan, based on the loss attributable to equity shareholders and the number of issued shares, with no potential dilutive shares (Loss)/Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/profit attributable to equity shareholders of the Company | (321,982,000) Yuan | 193,732,000 Yuan | | Number of shares in issue | 474,731,824 shares | 474,731,824 shares | | Basic and diluted (loss)/earnings per share | (0.68) Yuan | 0.41 Yuan | - Basic earnings per share shifted from a **profit of 0.41 Yuan in 2024 to a loss of 0.68 Yuan in 2025**[22](index=22&type=chunk) - There were **no potential dilutive shares** in either 2025 or 2024[22](index=22&type=chunk) [Trade Receivables, Deposits and Prepayments](index=6&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E3%80%81%E8%AE%A2%E9%87%91%E5%8F%8A%E9%A2%84%E4%BB%98%E6%AC%BE) Total trade receivables, net of credit loss allowance, increased at the end of the reporting period, with a decrease in amounts overdue by more than 3 months Aging Analysis of Trade Receivables | Aging | As at March 31, 2025 (in thousands of Yuan) | As at March 31, 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Not yet due | 101,147 | 89,328 | | Overdue by less than 1 month | 3,881 | 5,636 | | Overdue by 1 to 3 months | 3,736 | 4,554 | | Overdue by more than 3 months but less than 12 months | 388 | 1,159 | | Overdue by more than 12 months | 1,327 | 3,519 | | **Total overdue amount** | 9,332 | 14,868 | | **Total trade receivables** | 110,479 | 104,196 | | Deposits and prepayments | 9,984 | 10,250 | | **Total** | 120,463 | 114,446 | - Total trade receivables (net of credit loss allowance) increased from **104,196 thousand Yuan in 2024 to 110,479 thousand Yuan in 2025**[23](index=23&type=chunk) - Receivables overdue for more than 3 months decreased from **4,678 thousand Yuan (1,159+3,519) in 2024 to 1,715 thousand Yuan (388+1,327) in 2025**[23](index=23&type=chunk) [Other Payables and Accrued Charges](index=6&type=section&id=%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E6%AC%BE%E5%8F%8A%E5%BA%94%E8%AE%A1%E8%B4%B9%E7%94%A8) All other payables and accrued charges are expected to be settled within one year - All other payables and accrued charges are expected to be settled within one year[25](index=25&type=chunk) Business Review and Outlook [Business Review](index=7&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) For fiscal year 2025, operating profit before valuation changes was stable, but a significant valuation loss on investment properties was recorded - Operating profit before changes in the valuation of investment properties was **188,700,000 Yuan**, similar to the previous financial year[29](index=29&type=chunk) - The valuation of investment properties shifted from a **gain of 230,900,000 Yuan last year to a loss of 753,800,000 Yuan this year**, with no impact on cash flow[29](index=29&type=chunk) Key Performance Indicators | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | (Loss)/profit attributable to equity shareholders | (322,000) | 193,700 | | iSQUARE rental income | 296,500 | 290,000 (estimated) | | iSQUARE occupancy rate | 77.1% | 73.1% | | Group's total equity | 7,521,100 | 8,273,100 | | Gearing ratio | 2.7% | 2.4% | | Number of employees | 38 persons | 37 persons | | Staff-related expenses | 32,400 | 30,400 | - Rental income from iSQUARE increased by approximately **2.3%**, and the occupancy rate rose from **73.1% to 77.1%**[29](index=29&type=chunk) - The Group's total equity decreased from **8,273,100 thousand Yuan to 7,521,100 thousand Yuan**, and the gearing ratio increased from **2.4% to 2.7%**[29](index=29&type=chunk) [Outlook](index=7&type=section&id=%E5%B1%95%E6%9C%9B) Management anticipates a negative impact on rental income and operating results next year due to the slow recovery of Hong Kong's retail and F&B sectors - The recovery of Hong Kong's retail and food and beverage sectors is hindered by changes in the spending patterns of residents and tourists[28](index=28&type=chunk) - Management expects a **negative impact** on the rental income of iSQUARE and the Group's operating results in the next financial year[28](index=28&type=chunk) - Management will continue to take appropriate measures to cope with the changing environment[28](index=28&type=chunk) Corporate Governance and Compliance [Dividends](index=8&type=section&id=%E8%82%A1%E6%81%AF) The Board proposed a final dividend of 0.08 Yuan per share, bringing the total annual dividend to 0.14 Yuan per share, payable on October 17, 2025 - The Board of Directors recommends a final dividend of **0.08 Yuan per share** for the year ended March 31, 2025 (2024: 0.10 Yuan per share)[30](index=30&type=chunk) - The Company has paid an interim dividend of **0.06 Yuan per share** (2024: 0.06 Yuan per share)[30](index=30&type=chunk) - The total dividend for the year is **0.14 Yuan per share** (2024: 0.16 Yuan per share)[30](index=30&type=chunk) - The proposed final dividend will be paid on **October 17, 2025**, to members on the register as of September 22, 2025[30](index=30&type=chunk) [Annual General Meeting and Record Dates](index=8&type=section&id=%E8%82%A1%E6%9D%B1%E5%91%A8%E5%B9%B4%E5%A4%A7%E6%9C%83%E5%8F%8A%E8%A8%98%E9%8C%84%E6%97%A5%E6%9C%9F) The Annual General Meeting will be held on September 5, 2025, with specific record dates set for determining attendance and dividend eligibility - The Annual General Meeting will be held on **Friday, September 5, 2025**[31](index=31&type=chunk) Record Date for AGM Eligibility | Event | Date/Time | | :--- | :--- | | Last time to lodge transfer documents for registration | 4:30 p.m. on Thursday, August 28, 2025 | | Closure of register of members | Friday, August 29, 2025 to Friday, September 5, 2025 | | Record date | Friday, September 5, 2025 | Record Date for Final Dividend Eligibility | Event | Date/Time | | :--- | :--- | | Last time to lodge transfer documents for registration | 4:30 p.m. on Wednesday, September 17, 2025 | | Closure of register of members | Thursday, September 18, 2025 to Monday, September 22, 2025 | | Record date | Monday, September 22, 2025 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=9&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E9%99%84%E5%B1%9E%E5%85%AC%E5%8F%B8%E8%B4%AD%E5%9B%9E%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E5%85%B6%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year - During the year, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities[35](index=35&type=chunk) [Compliance with the Corporate Governance Code](index=9&type=section&id=%E9%81%B5%E5%AE%88%E3%80%8A%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E3%80%8B) The Company complied with the Corporate Governance Code in FY2025 with a few deviations, including insurance, role overlap, and internal audit function - The Company has **not arranged appropriate insurance cover** for legal actions against its directors, as the Board considers the risk low and the cost not justifiable[36](index=36&type=chunk) - The roles of **Chairman and Chief Executive Officer are held by the same individual**, but the Board believes the current structure maintains a balance of power[37](index=37&type=chunk) - The Company currently **does not have an internal audit function**, as the Board deems existing risk management sufficient and establishing one not cost-effective[39](index=39&type=chunk)[40](index=40&type=chunk) - Details of senior management's remuneration by band are **not disclosed** in the annual report to avoid undue comparison and protect sensitive information[41](index=41&type=chunk) [Model Code for Securities Transactions](index=10&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance for the 2025 fiscal year - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers**[42](index=42&type=chunk) - All directors have confirmed their compliance with the Model Code for the financial year ended March 31, 2025[42](index=42&type=chunk) [Amendments to the Articles of Association](index=11&type=section&id=%E7%BB%84%E7%BB%87%E7%AB%A0%E7%A8%8B%E7%BB%86%E5%88%99%E7%9A%84%E4%BF%AE%E8%AE%A2) The Board proposes amending the Articles of Association to align with regulations on virtual meetings and treasury shares, subject to shareholder approval - The Board proposes to amend the Articles of Association to comply with the Listing Rules and Companies Ordinance regarding **virtual or hybrid general meetings, electronic voting, and treasury shares**[44](index=44&type=chunk) - The proposed amendments are subject to the passing of a **special resolution** by shareholders at the upcoming Annual General Meeting[44](index=44&type=chunk) [Publication of Annual Results and Annual Report](index=11&type=section&id=%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E5%8F%8A%E5%B9%B4%E6%8A%A5%E4%B9%8B%E5%88%8A%E5%8F%91) This announcement is available on the HKEX and company websites, and the full annual report for the year ended March 31, 2025, will be dispatched later - This announcement is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[45](index=45&type=chunk) - The annual report for the year ended March 31, 2025, will be dispatched to members and published on the websites in due course[45](index=45&type=chunk)

Core Viewpoint - Kangda New Materials plans to acquire at least 51% of Zhongke Huawai's equity in a cash transaction, aiming to gain control over the company and expand into the semiconductor integrated circuit sector [2][4]. Group 1: Acquisition Details - The acquisition agreement was signed on June 19, with the final valuation of Zhongke Huawai's 100% equity yet to be determined based on an assessment report [2]. - The acquisition is not classified as a related party transaction and is not expected to constitute a major asset restructuring [4]. - This marks Kangda New Materials' ongoing strategy of acquisitions, with at least five announced since 2021 [8]. Group 2: Financial Performance - Despite the frequent acquisitions, Kangda New Materials has experienced significant declines in net profit, with a loss of 246.2 million yuan in 2024 and a cumulative loss of 308.3 million yuan in non-recurring net profit [11][12]. - The company's revenue structure shows that adhesive products contribute the most, with projected revenue of 2.252 billion yuan in 2024, accounting for over 72% of total revenue [7]. Group 3: Company Background - Zhongke Huawai specializes in high-reliability integrated circuit products and has established a strong market presence in the field of microcontroller chips (MCU) for special equipment [6]. - The company has been recognized as a national-level "little giant" enterprise and holds various qualifications in its field [6].

Core Viewpoint - TCL Smart Home reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market expansion efforts [1][4]. Financial Performance - Q1 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 4.6 billion, 300 million, and 290 million yuan, respectively, representing year-on-year increases of 10%, 34%, and 31% [1]. - The net profit margin for Q1 2025 was 12.0%, an increase of 1.95 percentage points compared to the previous year, reflecting improved profitability [4]. Market Expansion and Product Development - The company is actively pursuing a globalization strategy, focusing on expanding into European, Southeast Asian, and Latin American markets, with a 7.34% year-on-year increase in overall sales volume [2]. - New product launches, such as the "Ice Kirin" series deep-freeze refrigerators and the "Big Eye Meng·AI Super Cylinder" washing machine, have contributed to enhancing product competitiveness [2]. Cost Management and Efficiency - In Q1 2025, the sales, management, R&D, and financial expense ratios were 3.3%, 3.0%, 3.3%, and -1.2%, showing a decrease in sales expenses and a slight increase in R&D expenses compared to the previous year [3]. - The company has completed the Hefei appliance supporting factory project, which will enhance production efficiency and support the optimization of the production chain [2]. Contract Liabilities and Future Outlook - As of the end of Q1 2025, contract liabilities amounted to 430 million yuan, an increase from the end of 2024, indicating a positive outlook for future revenue [5]. - The company expects net profits attributable to shareholders for 2025 and 2026 to be 1.15 billion and 1.31 billion yuan, respectively, with corresponding EPS of 1.06 and 1.20 yuan, suggesting continued growth in profitability [5].

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]