股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 亞證地產有限公司(「本公司」) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 不適用 備註： 本公司並無法定股本及其股本中並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00271 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,240,668,945 | | 0 | | 1,240,668,945 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結 ...

Group 1 - The stock price of ST Lingnan (002717) closed at 1.74 yuan on July 29, 2025, down 2.79% with a turnover rate of 4.82% and a trading volume of 771,100 shares, amounting to a transaction value of 134 million yuan [1] - On July 29, 2025, the net outflow of main funds from ST Lingnan was 33.67 million yuan, while retail investors saw a net inflow of 24.89 million yuan [2][4] - The company announced that it would issue convertible bonds, with the second phase of repayment scheduled for July 31, 2025, based on the remaining bond quantity of 4,107,192 units, with a repayment ratio of 1 bond for every 13 held [2] Group 2 - The company reported a significant decline in revenue for 2024, with total operating income of 861.84 million yuan, down 59.55% year-on-year, and a net loss of 984.33 million yuan, although the loss scale decreased by 9.86% [2] - In Q1 2025, the operating income was 67.60 million yuan, a year-on-year decrease of 77.85%, with a net loss of 66.40 million yuan, representing a reduction in loss scale by 26.36% [2] - Due to the inability to repay the "Lingnan Convertible Bonds," the company's credit rating has been downgraded to C level, indicating ongoing operational risks and potential delisting [2][4]

金融界消息 截至2025年7月29日收盘，ST岭南（002717）报收于1.74元，下跌2.79%，换手率4.82%，成 交量77.11万手，成交金额1.34亿元。 资金流向方面，今日主力资金净流出3367.49万元，占比成交额25.14%。其中，超大单净流出852.26万 元、占成交额6.36%，大单净流出2515.22万元、占成交额18.78%，中单净流出流入878.38万元、占成交 额6.56%，小单净流入2489.10万元、占成交额18.58%。 天眼查商业履历信息显示，岭南生态文旅股份有限公司，成立于1998年，位于中山市，是一家以从事生 态保护和环境治理业为主的企业。企业注册资本167930.3931万人民币，实缴资本7500万人民币。公司 法定代表人为尹洪卫。 通过天眼查大数据分析，岭南生态文旅股份有限公司共对外投资了82家企业，参与招投标项目1704次， 知识产权方面有商标信息40条，专利信息341条，此外企业还拥有行政许可42个。 来源：金融界 ST岭南最新一期业绩显示，截至2025一季报，公司营业总收入6759.91万元、同比减少77.85%，归属净 利润6639.73万元，同比增长26. ...

Core Viewpoint - The audit report for Shanghai Zijiang New Materials Technology Co., Ltd. indicates that the financial statements fairly reflect the company's financial position and operating results for the periods ending March 31, 2025, December 31, 2024, and December 31, 2023, in accordance with accounting standards [1]. Financial Statements Summary - The company reported total operating revenue of CNY 155.35 million for Q1 2025, a decrease from CNY 623.42 million in 2024 and CNY 711.39 million in 2023 [7]. - The total operating costs for Q1 2025 were CNY 146.13 million, compared to CNY 576.91 million in 2024 and CNY 618.94 million in 2023 [7]. - The net profit for Q1 2025 was CNY 10.12 million, down from CNY 53.52 million in 2024 and CNY 90.24 million in 2023 [7]. - The total assets as of March 31, 2025, were CNY 1,107.80 million, an increase from CNY 1,033.28 million in 2024 but a slight decrease from CNY 1,101.51 million in 2023 [6]. - The total liabilities as of March 31, 2025, were CNY 572.80 million, compared to CNY 508.40 million in 2024 and CNY 541.25 million in 2023 [6]. Key Audit Matters - Revenue recognition was identified as a key audit matter, with reported revenues of CNY 155.35 million for Q1 2025, CNY 623.42 million for 2024, and CNY 711.39 million for 2023 [1]. - The expected credit loss on accounts receivable was also a key audit matter, with accounts receivable balances of CNY 306.58 million as of March 31, 2025, and CNY 288.81 million as of December 31, 2024 [1]. Management and Governance Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining necessary internal controls to prevent material misstatements [2]. - The governance layer is tasked with overseeing the financial reporting process [2]. Cash Flow Summary - The net cash flow from operating activities for Q1 2025 was negative CNY 6.38 million, compared to positive CNY 99.98 million in 2024 and CNY 216.52 million in 2023 [8]. - The net cash flow from investing activities was negative CNY 1.06 million for Q1 2025, compared to negative CNY 62.48 million in 2024 [8]. - The net cash flow from financing activities was positive CNY 66.40 million for Q1 2025, contrasting with negative CNY 94.71 million in 2024 [8].

Group 1 - The company will hold a performance briefing on May 30, 2025, from 15:00 to 17:00 [2][3][4] - The briefing aims to provide investors with a comprehensive understanding of the company's operating performance and development strategy [2] - Investors can submit questions before the briefing through a specified website or WeChat [4][5] Group 2 - The briefing will be conducted in an interactive online format [3][5] - Key participants include the Chairwoman, General Manager, Independent Directors, and other senior management [3] - After the briefing, investors can access the main content and outcomes through the specified online platform [6]

Summary of Key Points Core Viewpoint - ST Lingnan is facing significant financial difficulties, including an inability to repay its convertible bonds, a substantial decline in revenue, and potential delisting risks due to low stock prices [1][3]. Trading Information - On May 23, ST Lingnan's stock closed at 2.08 yuan, up 5.05%, with a turnover rate of 3.71%, trading volume of 593,200 shares, and a transaction value of 122 million yuan [1]. - The fund flow on the same day showed a net inflow of 6.318 million yuan from institutional investors, while retail investors experienced a net outflow of 7.1108 million yuan [1][3]. Company Announcements - The company announced that it is unable to repay the "Lingnan Convertible Bonds" on time, with current cash insufficient to cover principal and interest payments, leading to a credit rating downgrade to C [1][3]. - For the year 2024, the company reported a revenue of 861.8366 million yuan, a year-on-year decline of 59.55%, and a net loss attributable to shareholders of 984.3298 million yuan [1]. - In the first quarter of 2025, the company reported a revenue of 67.5991 million yuan, a year-on-year decline of 77.85%, with a net loss of 66.3973 million yuan [1]. - The company is facing ongoing operational risks, with the 2024 audit report issued with a qualified opinion [1]. - Assets pledged for the "Lingnan Convertible Bonds" include equity in fundraising project companies and receivables, but these face liquidity and uncertainty risks [1]. - There is a risk of stock delisting if the closing price remains below 1 yuan for 20 consecutive trading days [1]. - The company is also dealing with numerous lawsuits, with newly disclosed litigation and arbitration matters involving approximately 174.1336 million yuan as of May 9, 2025 [1].

Core Viewpoint - *ST Dongyi reported a significant decline in revenue and net profit for Q1 2025, indicating ongoing financial challenges and a deteriorating operational performance [1][3][4]. Financial Performance - As of March 31, 2025, *ST Dongyi's total revenue was 167 million yuan, ranking 14th among disclosed peers, a decrease of 273 million yuan or 62.05% year-on-year [1]. - The net profit attributable to shareholders was -18.89 million yuan, ranking 16th among peers [1]. - The net cash flow from operating activities was -38.58 million yuan, ranking 12th, with a decrease of 2.87 million yuan compared to the same period last year [1]. Financial Ratios - The asset-liability ratio stood at 166.71%, ranking 23rd among peers, an increase of 8.82 percentage points from the previous quarter and 69.58 percentage points year-on-year [3]. - The gross profit margin was reported at 36.74% as of March 31, 2025 [4]. - The diluted earnings per share were -0.05 yuan, ranking 18th among peers [5]. - The total asset turnover ratio was 0.11 times, a decrease of 0.05 times or 32.30% year-on-year [5]. - The inventory turnover ratio was 3.62 times as of March 31, 2025 [5]. Shareholder Structure - The number of shareholders was 19,800, with the top ten shareholders holding 223 million shares, accounting for 53.11% of the total share capital [5]. - The largest shareholder, Tianjin Dongyi Tianzheng Investment Co., Ltd., held 24.26% of the shares [5].

Group 1 - The stock price of *ST Dongyi (002713) closed at 4.25 yuan on April 30, 2025, with an increase of 4.94% and a turnover rate of 10.25% [1] - The trading volume was 420,500 hands, with a transaction amount of 177 million yuan [1] - The net inflow of main funds was 51.32 million yuan, accounting for 28.98% of the transaction amount, with large orders contributing 34.80 million yuan [1] Group 2 - For the first quarter of 2025, the company reported total operating revenue of 167 million yuan, a year-on-year decrease of 62.05% [1] - The net profit attributable to shareholders was 18.89 million yuan, a year-on-year increase of 83.71%, while the non-recurring net profit was 17.31 million yuan, up 85.08% [1] - The company's liquidity ratios were 0.305 for the current ratio and 0.293 for the quick ratio, with a debt-to-asset ratio of 166.71% [1] Group 3 - Dongyi Risen Home Decoration Group Co., Ltd. was established in 1996 and is located in Beijing, primarily engaged in telecommunications, broadcasting, and satellite transmission services [2] - The company has invested in 21 enterprises and participated in 77 bidding projects, holding 193 trademark registrations and 192 patents [2] - Additionally, the company possesses 19 administrative licenses [2]

Financial Performance - The Group's revenue for the year ended December 31, 2024, was HK$47,286,000, an increase of HK$402,000 or 1% compared to HK$46,884,000 in 2023[11] - The loss for the year amounted to HK$74,752,000, a significant decline from a profit of HK$264,999,000 in 2023[11] - Loss per share was HK6.03 cents, compared to earnings per share of HK21.36 cents in the previous year[11] - The fair value loss of investment properties was HK$67,862,000, contrasting with a fair value gain of HK$259,453,000 in the prior year[13] - Finance costs increased by HK$15,884,000, primarily due to higher costs associated with other borrowings raised in the second half of the previous year[13] - Total assets decreased from HK$2,603,968,000 in the previous year to HK$2,431,092,000[20] - Net asset value declined from HK$1,822,751,000 to HK$1,742,069,000[20] - Total equity decreased from HK$1,822,751,000 in 2023 to HK$1,742,069,000 in 2024, a decrease of about 4.4%[24] - Cash and bank balances decreased from HK$130,495,000 in 2023 to HK$68,355,000 in 2024, a decline of about 47.6%[24] Assets and Liabilities - The Group's bank borrowings amounted to HK$100,000,000, with discussions for renewal ongoing as needed[20] - Total liabilities decreased from HK$781,217,000 as of December 31, 2023, to HK$689,023,000 as of December 31, 2024, representing a reduction of approximately 11.8%[24] - The ratio of total liabilities to total assets improved to approximately 28% in 2024 from 30% in 2023[24] - The carrying value of investment properties increased from HK$1,270,000,000 in 2023 to HK$1,294,000,000 in 2024, an increase of approximately 1.9%[23] - The gearing ratio remained stable at 26% for both 2023 and 2024[24] Property Management and Development - The Group's commercial properties at Harbour Crystal Centre recorded an average occupancy rate of approximately 90%[18] - The shopping arcade, Laneway, is currently under refurbishment and is expected to open in 2025[19] - The expected completion and grand opening of Laneway (formerly Concord Square) in the second half of 2025 is a significant milestone for the Group, with pre-leasing efforts aimed at securing anchor tenants[47] - The retail property leasing market in Hong Kong is expected to remain challenging throughout 2025, with continued pressure on rental rates and occupancy levels[46] Strategic Outlook - The Group aims to maintain the same total rental income from investment properties as last year[41] - Objectives for 2025 include reviewing management systems and cost structures to improve efficiency and reduce expenses[43] - Interest rates are projected to decrease in 2025, albeit at a more measured pace than previously anticipated, which should support property capital values and improve investment sentiment in Hong Kong's real estate sector[48] - The Group is well-positioned to benefit from gradual economic improvements and strategic developments while maintaining a disciplined approach to potential acquisitions[48] - The Group anticipates a year of growth driven by key strategic developments despite broader market challenges[46] Corporate Governance - The Company had three Independent Non-Executive Directors (INEDs) for the majority of 2024, complying with the Listing Rules requirements[66] - Mr. Cheng Chi Kin was appointed as an INED on 16th April 2024, restoring compliance with the minimum number of INEDs after the passing of Mr. Choi Kin Man[65] - The Board held five meetings during the year ended 31st December 2024, ensuring regular discussions on overall strategy and financial performance[67] - All INEDs confirmed their independence annually, in line with Rule 3.13 of the Listing Rules[66] - The Company Secretary assists in preparing meeting agendas and ensuring compliance with applicable rules and regulations[74] - Directors are entitled to seek external independent professional advice at the Company's expense under established procedures[76] - The Board's responsibilities include approving annual and interim results, significant contracts, and corporate governance matters[70] - The Board currently has one female Director out of seven Directors, achieving a gender diversity of 14.3%[84] - The Company targets to maintain at least the current level of female representation on the Board, with the ultimate goal of increasing the proportion of female members over time[84] - The Board conducted an annual review of the implementation and effectiveness of the Board Diversity Policy and is satisfied with its proper implementation[86] Committees and Director Responsibilities - The Board has established various committees, including a Nomination Committee, Remuneration Committee, Audit Committee, and Executive Committee, each with specific written terms of reference[98] - The Nomination Committee specifies the process and criteria for the selection and recommendation of candidates for directorship[91] - The Nomination Committee is chaired by an Independent Non-Executive Director (INED) and consists entirely of INEDs, ensuring a balanced composition for effective independent judgment[102] - The Remuneration Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[109] - The Audit Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[117] Risk Management and Internal Controls - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, and to assist in achieving the Group's objectives[145] - The internal audit function reports to the Chairman of the Board and the Audit Committee, providing independent appraisal of the adequacy and effectiveness of the Group's risk management and internal control systems[152] - The Audit Committee reviewed the internal audit plan and reports prepared by the Internal Audit Function[124] - The Audit Committee recommended the annual review of the Group's risk management and internal control systems[129] - The Company has established systems and procedures to identify, evaluate, and manage risks associated with different business activities[146] Shareholder Communication and Dividend Policy - The Board recognizes the importance of good communication with Shareholders, disseminating information through various formal channels including interim and annual reports[158] - The Company has established a Shareholders' Communication Policy to facilitate effective communication with Shareholders[166] - The Board conducted a review of the implementation and effectiveness of the Shareholders Communication Policy during the year[168] - The Board has adopted a Dividend Policy aimed at providing reasonable and sustainable returns to Shareholders while maintaining financial stability[173] - The ability to pay dividends is dependent on the dividends received from subsidiaries and associates, as the Company is a holding company[174] Environmental Sustainability - The Group is committed to long-term environmental sustainability and aims to reduce operational impacts on the environment[197] - The environmental policies include minimizing paper and electricity consumption, reducing waste, and promoting electronic communication[198]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of 0.86% compared to HKD 46,884,000 in 2023[4] - The net loss for the year was HKD 74,752,000, compared to a profit of HKD 264,999,000 in the previous year, indicating a significant decrease in profitability[5] - Basic loss per share for 2024 was HKD 6.03, compared to earnings of HKD 21.36 per share in 2023[28] - The fair value loss on investment properties was HKD 67,862,000, compared to a fair value gain of HKD 259,453,000 in the previous year[31] - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of HKD 402,000 or 1% compared to HKD 46,884,000 in 2023[29] Asset and Equity Changes - Total assets decreased to HKD 2,297,944,000 from HKD 2,567,827,000, reflecting a decline of 10.52%[7] - The total equity decreased to HKD 1,742,069,000 from HKD 1,822,751,000, a decline of 4.41%[7] - The company's cash and cash equivalents dropped to HKD 68,355,000 from HKD 130,495,000, a decrease of 47.6%[7] - Total assets decreased from HKD 2,603,968,000 in 2023 to HKD 2,431,092,000 in 2024[32] - The total liabilities decreased from HKD 781,217,000 in 2023 to HKD 689,023,000 in 2024, with a debt-to-asset ratio of approximately 28%[33] Income Sources - Other income decreased to HKD 10,894,000 from HKD 13,358,000, representing a decline of 18.43%[4] - Total fixed rental income from investment properties for 2024 was HKD 41,063,000, a slight increase from HKD 40,366,000 in 2023, representing a growth of 1.73%[16] - Property management fee income for 2024 was HKD 5,023,000, down from HKD 5,168,000 in 2023, indicating a decrease of 2.81%[16] - Total revenue from Hong Kong and China for the year was HKD 47,286,000, compared to HKD 46,315,000 in 2023, reflecting an increase of 2.09%[17] - Major client A contributed HKD 8,474,000 in rental income for 2024, up from HKD 8,239,000 in 2023, showing a growth of 2.86%[18] Impairment and Valuation - The company recognized a net impairment reversal of HKD 607,000 from the expected credit loss model, compared to HKD 1,445,000 in the previous year[4] - The fair value of investment properties slightly decreased to HKD 2,266,120,000 from HKD 2,269,160,000, a marginal decline of 0.14%[7] Operational Insights - The average occupancy rate for commercial properties at Hong Kong Crystal Center was about 90%[30] - The company plans to open the renovated shopping mall in 2025[30] - The completion and opening of the renovated shopping mall, 联薈 (formerly known as 协和广场), is anticipated in the second half of 2025, marking an important milestone for the group[45] Strategic Outlook - The group expects the Hong Kong retail property leasing market to remain challenging in 2025, with rental prices and occupancy rates under pressure[45] - The group plans to maintain a cautious strategy regarding potential acquisitions while capitalizing on development opportunities[45] Corporate Governance - The auditors provided an unqualified opinion for the financial years, indicating no significant issues were raised during the audit process[9] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are yet to be effective, indicating a conservative approach to financial reporting[12] - The company expects that the application of new standards will not have a significant impact on the consolidated financial statements in the foreseeable future[12] Employee and Dividend Information - The number of employees as of December 31, 2024, was 30, a decrease from 31 in 2023[43] - No dividend was declared for the year ending December 31, 2024[24] - The board does not recommend declaring any dividends for the year ending December 31, 2024[47] Miscellaneous - The group did not grant any loans to borrowers during the year[36] - As of December 31, 2024, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[38] - The group had no significant investments representing over 5% of total assets as of December 31, 2024[39] - There were no significant contingent liabilities as of December 31, 2024[40] - There were no significant events affecting the group after the fiscal year-end and up to the announcement date[42] - The company has not repurchased, sold, or redeemed any of its shares during the fiscal year ending December 31, 2024[55] - Any unclaimed dividends declared after six years may be forfeited by the board of directors and returned to the company[56] - Shareholders must contact the company's share registrar by April 17, 2025, to claim any unclaimed dividends[57]