Core Viewpoint - ST Tian Sheng (002872.SZ) announced that its wholly-owned subsidiary, Hubei Tian Sheng Pharmaceutical Co., Ltd., has received the approval notice from the National Medical Products Administration for its product "Sodium Bicarbonate Injection," which has passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1 - The approval of "Sodium Bicarbonate Injection" indicates a significant milestone for the company in the pharmaceutical sector [1] - The consistency evaluation is crucial for generic drugs, ensuring they meet the same quality and efficacy standards as their branded counterparts [1]

Group 1 - The company ST Tian Sheng (002872.SZ) received an administrative penalty notice from the China Securities Regulatory Commission on September 12, 2025, indicating that the financial indicators in its annual report contained false records [1] - The notice states that the company violated Article 9.8.1, Item 8 of the Shenzhen Stock Exchange Listing Rules, which will result in additional risk warnings for its stock [1] - Following the additional risk warning, the stock will continue to be traded under the name "ST Tian Sheng" with the same stock code 002872, and the daily price fluctuation limit remains at 5% [1]

Group 1 - The stock of ST Tian Sheng (002872) closed at 4.78 yuan on September 11, 2025, down 0.21%, with a turnover rate of 1.21% and a trading volume of 26,000 hands, amounting to a transaction value of 12.34 million yuan [1] - On September 11, the net outflow of main funds was 985,600 yuan, while retail investors saw a net inflow of 447,900 yuan [3] - The controlling shareholder Liu Qun was involved in the misappropriation of company funds, with a total of approximately 125 million yuan being misappropriated and later repaid by Liu Qun by April 8, 2021 [1][3] Group 2 - The Chongqing First Intermediate People's Court made a criminal judgment on December 29, 2023, confirming the misappropriation of funds, and Liu Qun has returned the funds [1] - The Chongqing High People's Court upheld the original judgment on August 8, 2024, rejecting Liu Qun's appeal [1] - Beijing Xinghua Accounting Firm issued a qualified opinion on the company's 2024 financial report due to an ongoing investigation by the CSRC regarding information disclosure violations related to the company and Liu Qun [1]

Core Viewpoint - ST Tian Sheng (002872) has been under other risk warnings since June 5, 2019, due to the alleged misappropriation of company funds by its controlling shareholder Liu Qun, who has been ordered to repay a total of 125,074,926 yuan [1] Group 1: Stock Performance - As of September 10, 2025, ST Tian Sheng closed at 4.79 yuan, up 0.42% from the previous trading day, with a total market capitalization of 1.523 billion yuan [1] - The stock opened at 4.75 yuan, reached a high of 4.81 yuan, and a low of 4.74 yuan, with a trading volume of 839.29 thousand yuan and a turnover rate of 0.82% [1] Group 2: Legal and Financial Developments - Liu Qun was sentenced to repay 91.824926 million yuan for misappropriated funds and 33.25 million yuan for misused funds, totaling 125,074,926 yuan [1] - As of April 8, 2021, all principal and interest of the funds occupied by Liu Qun had been fully repaid [1] - On December 29, 2023, the Chongqing First Intermediate People's Court confirmed the misappropriation and misused funds, and Liu Qun has returned the funds [1] - The Chongqing High People's Court upheld the original ruling on August 8, 2024, dismissing Liu Qun's appeal [1] - Beijing Xinghua Accounting Firm issued a qualified opinion on the company's 2024 financial report due to an ongoing investigation by the CSRC regarding information disclosure violations [1] - The company is cooperating with the investigation while maintaining normal production and operations [1]

2025 年 股 東 週 年 大會 投 票 表 決 結果 永發置業有限公司(「本公司」)之董事會欣然公布，於二零二五年九月三日舉行 之股東週年大會(「該週年大會」)上進行之投票結果。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公 告 的內容概不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任 。 (1) 股 東有權 出席並 可在該 週年大 會上就 所有決 議案投 贊成票 或反對 票之股 份 總數為：40,000,000 股。 (2) 股東有權出席但只可在該週年大會上就若干決議案投反對票之股份總數：無。 (3) 本公司股東於該週年大會上就提呈之決議案進行表決時，未受任何限制。 (4) 在 該週年 大會上 就各項 決議案 投贊成 票或反 對票之 所有代 表的股 份數目 如 下： | 4. | 續聘香港立信德豪會計師事務所有限公司為本 公司核數師並授權董事會釐定其酬金。 | 17,129,128 (99.999982%) | 3 (0.000018 ...

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8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: | 永發置業有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | 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) | 00287 | 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 | | | 40,000,000 | | 0 | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | | | ...

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: | 永發置業有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | 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) | 00287 | 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 | | | 40,000,000 | | 0 | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | | | ...

[Company Information](index=2&type=section&id=Company%20Information) The report details basic company information for Wing Fat Property Enterprises Limited, including its board, auditors, and key administrative contacts - The report provides basic company information for Wing Fat Property Enterprises Limited (Stock Code: 0287), covering its board, auditors, legal advisors, and key administrative contacts[5](index=5&type=chunk)[6](index=6&type=chunk) [Chairman's Statement](index=3&type=section&id=Chairman%27s%20Statement) [Results and Dividends](index=4&type=page&id=Results%20and%20Dividends) Group turnover rose 7.0% to HKD 21.45 million, but net loss widened to HKD 74.72 million due to fair value losses; a HKD 0.12 final dividend is proposed 2025 Fiscal Year Performance Overview | Metric | FY2025 (HKD) | FY2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Turnover** | 21,447,000 | 20,053,000 | +7.0% | | **Loss for the Year** | (74,716,000) | (49,748,000) | +50.2% | | **Fair Value Loss on Investment Properties** | (108,906,000) | (48,900,000) | +122.7% | | **Interim Dividend (per share)** | 2 cents | - | - | | **Proposed Final Dividend (per share)** | 12 cents | - | - | [Business Review](index=4&type=page&id=Business%20Review) Property leasing income increased by 4.2%, stock investments yielded fair value gains, while a redevelopment project was suspended, and all bank loans were repaid - Property leasing segment revenue increased by **4.2%** to approximately **HKD 15.26 million**, driven by higher occupancy rates[11](index=11&type=chunk) - The redevelopment project at **31 Fuk Tsun Street** has been suspended due to high interest rates, challenging economic recovery, and weak property market sentiment[11](index=11&type=chunk) - Stock investment business recorded a fair value gain of approximately **HKD 18.50 million**, reversing last year's **HKD 15.09 million loss**, with the listed securities portfolio reaching **HKD 127 million** in market value[15](index=15&type=chunk) - All bank loans have been fully repaid, reducing the gearing ratio from **1.5%** to **zero**, with cash holdings of approximately **HKD 132 million** at period-end[21](index=21&type=chunk) [Risks and Uncertainties](index=8&type=page&id=Risks%20and%20Uncertainties) The Group faces diverse risks including economic volatility, high interest rates, geopolitical tensions, regulatory changes, and market fluctuations - Key risks include economic volatility, high interest rates, regulatory changes, evolving consumption patterns, project financing challenges, securities price fluctuations, and climate change[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[34](index=34&type=chunk) [Outlook](index=11&type=page&id=Outlook) Future business faces challenges from geopolitical uncertainties, trade wars, and northbound consumption, with property and securities markets expected to remain weak - Future business faces increased challenges from geopolitical uncertainties, trade wars, and the impact of northbound consumption on local industries[40](index=40&type=chunk) - The Hong Kong property market is anticipated to remain weak, and the securities market volatile; the Group will prudently assess market conditions, interest rates, and lending policies for optimal shareholder outcomes[40](index=40&type=chunk) [Corporate Governance Report](index=11&type=section&id=Corporate%20Governance%20Report) [Corporate Governance and the Board](index=12&type=page&id=Corporate%20Governance) The company maintains high corporate governance standards, with its eight-member Board, including independent non-executive directors, holding four meetings with full attendance - The company has complied with all Corporate Governance Code provisions, except for the absence of a Chief Executive Officer and directors' litigation insurance[46](index=46&type=chunk) - The Board consists of **8 directors**, including **2 executive**, **3 non-executive**, and **3 independent non-executive directors**, fulfilling the independent director ratio requirement[49](index=49&type=chunk)[51](index=51&type=chunk) - The Board convened **four meetings** during the reporting year, achieving **100% attendance** from all directors[50](index=50&type=chunk) [Board Committees](index=17&type=page&id=Board%20Committees) The company operates Remuneration, Nomination, Corporate Governance, and Audit Committees, each chaired by an independent non-executive director, overseeing key areas - The Remuneration Committee, composed of **three independent non-executive directors** and **one executive director**, advises the Board on director and senior management remuneration policies[62](index=62&type=chunk) - The Nomination Committee, consisting of **three independent non-executive directors** and **one executive director**, formulates nomination policies and recommends director appointments and succession plans[66](index=66&type=chunk) - The Audit Committee, comprising **three independent non-executive directors** and **one non-executive director**, oversees external auditors, reviews financial statements, and assesses internal control systems[80](index=80&type=chunk) [Risk Management and Internal Control](index=23&type=page&id=Risk%20Management%20and%20Internal%20Control) The Board oversees the Group's risk management and internal control systems, which include a three-lines-of-defense structure, deemed effective and adequate - The Group's risk governance structure employs **three lines of defense**: a risk management team, an Independent Professional Advisor (IPA), and the Board and Audit Committee[87](index=87&type=chunk) - The Board, via the Audit Committee, reviewed the risk management and internal control systems for FY2025, finding them **effective and adequate** with **no significant weaknesses**[88](index=88&type=chunk) [Shareholder Rights and Communication](index=25&type=page&id=Shareholder%20Rights) The report details shareholder rights for meetings and resolutions, outlines the company's communication policy, and confirms a stable dividend policy - The report outlines statutory procedures for shareholders to convene general meetings, propose resolutions, and circulate statements[93](index=93&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company maintains a stable dividend policy, proposing an annual interim dividend of **HKD 2 cents** and a final dividend of **HKD 12 cents** per share, with potential for special dividends[106](index=106&type=chunk)[107](index=107&type=chunk) [Environmental, Social and Governance Report](index=28&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [Environment](index=29&type=page&id=Environment) The Group, primarily in property and securities investment, has a small direct environmental impact, focusing on resource efficiency and reducing GHG emissions Environmental Performance Data | Metric | Unit | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Total GHG Emissions** | tonnes of CO2 equivalent | 8.03 | 8.72 | -7.9% | | **Indirect Electricity Consumption** | kWh | 13,350 | 14,780 | -9.7% | | **Total Paper Consumption** | kg | 595.9 | 590.2 | +1.0% | - The Group has assessed climate change risks and is committed to reducing emissions through guidelines to mitigate potential impacts[119](index=119&type=chunk) [Social](index=34&type=page&id=Social) The Group upholds fair employment, prohibits child/forced labor, ensures a safe workplace, and supports employee training, with four full-time employees and zero turnover Employee Profile (as of March 31, 2025) | Metric | Value | | :--- | :--- | | **Number of Employees** | 4 people | | **By Gender** | Male: 2, Female: 2 | | **Employee Turnover Rate** | 0% | | **Average Length of Service** | 16.8 years | - The Group strictly prohibits child or forced labor and complies with relevant labor laws, with **no violations** identified during the year[130](index=130&type=chunk) - The Group is committed to a healthy and safe working environment, reporting **no work-related fatalities or reportable injuries** in the past three years[135](index=135&type=chunk) [Operating Practices and Community](index=36&type=page&id=Operating%20Practices%20and%20Community) The Group prioritizes supply chain management, implements anti-corruption measures with no incidents, and significantly increased volunteer hours this year - The Group has established anti-corruption codes and whistleblowing programs, reporting **no violations or confirmed corruption incidents** during the year[141](index=141&type=chunk) - Group employees and directors contributed approximately **207 hours** of volunteer service, a significant increase from **95 hours** last year[142](index=142&type=chunk) [Directors' Report](index=37&type=section&id=Directors%27%20Report) [Principal Activities, Results and Dividends](index=38&type=page&id=Principal%20Activities%20and%20Results) The Group's core activities remained unchanged, with an interim dividend of HKD 0.02 paid and a final dividend of HKD 0.12 proposed - The Group's principal activities, including property and stock investment, development, and securities trading, remained unchanged during the year[144](index=144&type=chunk) - An interim dividend of **HKD 2 cents** per share has been paid, with a final dividend of **HKD 12 cents** per share proposed[148](index=148&type=chunk) [Directors' and Major Shareholders' Interests](index=39&type=page&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) The report details the shareholdings of directors and major shareholders as of March 31, 2025, with key directors holding a majority stake Directors' Shareholdings (as of March 31, 2025) | Director Name | Capacity | Total Shares Held | % of Issued Share Capital | | :--- | :--- | :--- | :--- | | **Mr. Ng Tai Wai** | Executive Director | 7,269,577 | 18.2% | | **Mr. Ng Tai Yin** | Executive Director | 14,686,423 | 36.7% | | **Mr. So Kwok Leung** | Non-Executive Director | 5,961,077 | 14.9% | | **Mr. So Kwok Wai** | Non-Executive Director | 5,025,923 | 12.6% | [Major Customers and Suppliers](index=42&type=page&id=Major%20Customers%20and%20Suppliers) The property leasing business exhibits high customer concentration, with the largest tenant contributing 36% and the top five 75% of leasing turnover - The largest tenant contributed **36%** of property leasing turnover, with the top five tenants collectively accounting for **75%**[169](index=169&type=chunk) [Directors and Senior Management](index=42&type=section&id=Directors%20and%20Senior%20Management) [Biographies of Directors and Senior Management](index=43&type=page&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographies of the company's executive, non-executive, and independent non-executive directors, and company secretary - Executive Director **Mr. Ng Tai Wai** serves as Chairman, overseeing corporate policy and governance, while **Mr. Ng Tai Yin** manages administration, IT, and finance[176](index=176&type=chunk)[177](index=177&type=chunk) - Independent non-executive directors **Dr. Ng Chi Yeung**, **Ms. Chan Suet Fei**, and **Mr. Hsing Pei Neng** bring extensive expertise in law, company secretarial, and accounting, serving key roles on Board committees[179](index=179&type=chunk)[180](index=180&type=chunk) [Independent Auditor's Report](index=44&type=section&id=Independent%20Auditor%27s%20Report) [Audit Opinion and Key Audit Matters](index=45&type=page&id=Audit%20Opinion%20and%20Key%20Audit%20Matters) The auditor issued an unmodified opinion, with "Valuation of Investment Properties" identified as the sole key audit matter due to its subjectivity - The auditor issued an **unmodified audit opinion**, confirming the consolidated financial statements present a true and fair view of the Group's financial position and performance under Hong Kong Financial Reporting Standards[183](index=183&type=chunk) - "Valuation of Investment Properties" is a key audit matter due to its inherent subjectivity and significant management judgment, with experts engaged to assess valuation methods and assumptions[186](index=186&type=chunk)[188](index=188&type=chunk)[191](index=191&type=chunk) [Consolidated Financial Statements](index=48&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=49&type=page&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Group turnover increased by 7.0% to HKD 21.45 million, but a HKD 109 million fair value loss led to a HKD 74.72 million loss attributable to owners Consolidated Statement of Profit or Loss Summary | Metric (HKD) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Turnover** | 21,446,588 | 20,052,902 | | **Fair Value Loss on Investment Properties** | (108,906,023) | (48,900,000) | | **Loss Before Income Tax** | (73,076,584) | (48,318,092) | | **Loss Attributable to Owners of the Company** | (74,715,680) | (49,748,225) | | **Loss Per Share (Basic and Diluted)** | (1.87) | (1.24) | [Consolidated Statement of Financial Position](index=49&type=page&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased to HKD 1.015 billion, with net assets at HKD 1.008 billion, primarily comprising investment properties and cash, with zero bank borrowings Consolidated Statement of Financial Position Summary | Metric (HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | 814,939,559 | 913,523,136 | | *Of which: Investment Properties* | *747,800,000* | *856,700,000* | | **Current Assets** | 199,641,152 | 186,734,008 | | *Of which: Cash and Bank Balances* | *132,365,439* | *140,603,978* | | **Total Assets** | **1,014,580,711** | **1,100,257,144** | | **Current Liabilities** | 4,986,695 | 19,790,620 | | *Of which: Bank Borrowings* | *–* | *16,295,139* | | **Non-Current Liabilities** | 1,836,369 | 2,929,044 | | **Total Liabilities** | **6,823,064** | **22,719,664** | | **Net Assets / Total Equity** | **1,007,757,647** | **1,077,537,480** | [Consolidated Statement of Changes in Equity](index=50&type=page&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity decreased from HKD 1.078 billion to HKD 1.008 billion, primarily due to loss and dividends, partially offset by other comprehensive income - Total shareholders' equity decreased by approximately **HKD 69.78 million**, from **HKD 1.078 billion** to **HKD 1.008 billion**[205](index=205&type=chunk) - Equity changes were primarily driven by a **HKD 74.72 million** loss, **HKD 5.46 million** in dividends paid, and **HKD 10.40 million** in other comprehensive income[205](index=205&type=chunk) [Consolidated Statement of Cash Flows](index=51&type=page&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operations was HKD 9.99 million, investing HKD 3.79 million, while financing resulted in a HKD 22.02 million outflow, leading to a net cash decrease Consolidated Statement of Cash Flows Summary | Metric (HKD) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 9,992,246 | 10,763,616 | | **Net Cash from Investing Activities** | 3,789,139 | 2,599,489 | | **Net Cash Used in Financing Activities** | (22,019,924) | (7,015,501) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | (8,238,539) | 6,347,604 | | **Cash and Cash Equivalents at Year-End** | 132,365,439 | 140,603,978 | [Notes to the Consolidated Financial Statements (Selected)](index=52&type=page&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail segment performance, fair value declines in investment properties, full repayment of bank loans, and capital commitments for redevelopment projects - **Segment Results**: Securities investment recorded a **HKD 23.15 million** profit, while property leasing incurred a **HKD 98.02 million** loss due to fair value declines in investment properties[266](index=266&type=chunk) - **Investment Properties**: Fair value decreased from **HKD 857 million** to **HKD 748 million**, resulting in a **HKD 109 million** fair value loss[287](index=287&type=chunk) - **Bank Borrowings**: All **HKD 16.30 million** in secured bank loans as of March 31, 2024, have been fully repaid, with **no outstanding bank borrowings** at period-end[302](index=302&type=chunk) - **Capital Commitments**: Contracted but unprovided capital expenditure for investment property redevelopment totaled **HKD 12.05 million**[315](index=315&type=chunk) [Group Property Information](index=97&type=section&id=Group%20Property%20Information) [Property Portfolio Overview](index=98&type=page&id=Property%20Portfolio%20Overview) This section details the Group's property portfolio, noting the postponement of two redevelopment projects due to unfavorable market conditions - The **Fuk Tsun Street** and **Ma Tau Chung Road** projects are on hold due to high interest rates and a weak property market; completion is anticipated by **April 2031** and **September 2034**, respectively, if conditions improve[347](index=347&type=chunk) - The Group holds **9 investment properties**, primarily commercial and industrial assets in Kowloon and New Territories, Hong Kong[348](index=348&type=chunk) [Five-Year Financial Summary](index=99&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Trends](index=100&type=page&id=Five-Year%20Financial%20Trends) Turnover remained stable, but profitability declined with increasing losses for three consecutive years, and net assets decreased from HKD 1.191 billion to HKD 1.008 billion Five-Year Key Financial Indicators (HKD thousands) | Fiscal Year Ended March 31 | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Turnover** | 20,848 | 18,911 | 19,240 | 20,053 | 21,447 | | **Profit/(Loss) for the Year** | (3,671) | 13,485 | (36,227) | (49,748) | (74,716) | | **Net Assets** | 1,190,550 | 1,191,431 | 1,143,042 | 1,077,537 | 1,007,757 | [Notice of Annual General Meeting](index=100&type=section&id=Notice%20of%20Annual%20General%20Meeting) [Meeting Matters](index=101&type=page&id=Meeting%20Matters) The AGM on September 3, 2025, will cover reviewing accounts, declaring a HKD 0.12 final dividend, re-electing directors, re-appointing auditors, and granting share allotment mandate - The Annual General Meeting is scheduled for **September 3, 2025**[351](index=351&type=chunk) - Key resolutions include adopting annual accounts, declaring a **HKD 12 cents** final dividend, re-electing **Mr. So Kwok Leung**, **Mr. So Kwok Wai**, and **Dr. Ng Chi Yeung** as directors, and re-appointing **BDO Limited** as auditor[353](index=353&type=chunk)[357](index=357&type=chunk)

Core Viewpoint - ST Shuntian (600287) has successfully removed the risk warning label and will resume trading under the name Jiangsu Shuntian starting July 16, 2024, following a self-assessment confirming compliance with the conditions for removal [1][2]. Group 1: Stock and Trading Information - The stock will be suspended for one day on July 15, 2024, and will resume trading with a change in the daily price fluctuation limit from 5% to 10% [1]. - The company was under risk warning due to an administrative penalty from the China Securities Regulatory Commission, which has now been resolved [1]. Group 2: Financial Adjustments and Liabilities - The company has corrected accounting errors and restated financial reports for the years 2009-2021 and the balance sheets for 2009-2022 and Q3 2023 [1]. - As of the announcement date, the company has recognized a provision for investor claims amounting to 3.77 million yuan, with an estimated liability of 331.20 million yuan recorded in the 2024 annual report [2]. Group 3: Business Segments and Revenue - The company's main business segments include commodity circulation, garment processing, and chemical warehousing, generating revenues of 3.069 billion yuan, 124 million yuan, and 20 million yuan respectively in 2024 [2]. - The gross profit margins for these segments are 14%, 3.56%, and 16.81% respectively, with domestic revenue at 1.203 billion yuan and overseas revenue at 2.009 billion yuan [2]. Group 4: Recent Performance - In Q1 2025, the company reported a revenue of 643 million yuan and a net profit attributable to shareholders of 8.27 million yuan [3].

Financial Performance - The company's revenue for the year ended March 31, 2025, was HKD 21,446,588, an increase of 6.9% compared to HKD 20,052,902 for the previous year[4] - Other income and gains for the same period amounted to HKD 22,292,797, a significant recovery from a loss of HKD 11,596,265 in the prior year[4] - The company reported a pre-tax loss of HKD 73,076,584, compared to a loss of HKD 48,318,092 in the previous year, indicating a deterioration in performance[4] - The net loss attributable to shareholders for the year was HKD 74,715,680, compared to HKD 49,748,225 in the previous year, reflecting an increase in losses of approximately 50.2%[4] - The total comprehensive loss for the year was HKD 64,319,706, compared to a loss of HKD 59,989,672 in the previous year[4] - The net profit before tax loss for the year 2025 was HKD (73,076,584), compared to HKD (48,318,092) in 2024, indicating a significant increase in losses[17] - The group recorded a loss of approximately HKD 74,716,000, an increase of about HKD 24,967,000 (or 50.2%) compared to the previous year, primarily due to increased fair value losses on investment properties[43] Assets and Liabilities - The company's total assets decreased to HKD 1,009,594,016 from HKD 1,080,466,524, representing a decline of approximately 6.6%[5] - The total liabilities also decreased from HKD 22,719,664 in 2024 to HKD 6,823,064 in 2025, a reduction of about 70%[20] - The fair value of investment properties decreased to HKD 747,800,000 from HKD 856,700,000, reflecting a loss of approximately 12.7%[5] - The fair value of investment properties decreased from HKD 856,700,000 in 2024 to HKD 747,800,000 in 2025, reflecting a decrease of approximately 12.7%[27] - The group's total trade and other receivables increased from HKD 778,692,000 in 2024 to HKD 833,517,000 in 2025, an increase of approximately 7.0%[33] - The expected credit loss provision decreased from HKD 42,500,000 in 2024 to HKD 32,500,000 in 2025, a reduction of about 23.5%[34] Cash and Dividends - The company’s cash and bank deposits decreased to HKD 132,365,439 from HKD 140,603,978, a decline of approximately 5.3%[5] - The company declared dividends totaling HKD 800,000 for the year, consistent with the previous year[7] - The proposed final dividend per ordinary share remains at HKD 0.12 for both 2024 and 2025, totaling HKD 4,800,000[36] - Dividend distribution included an interim dividend of HKD 0.02 per share totaling HKD 800,000, and a proposed final dividend of HKD 0.12 per share totaling HKD 4,800,000[40] - The group’s dividend income increased by approximately HKD 774,000 (or about 14.3%) to approximately HKD 6,185,000[50] Investment Properties - The investment property rental income for 2025 was HKD 15,262,070, up from HKD 14,642,587 in 2024, reflecting a growth of 4.23%[22] - The group recorded a profit of approximately HKD 10,883,000 in the leasing segment, an increase of about HKD 427,000 (or 4.1%) compared to the previous year[45] - The fair value loss on investment properties was approximately HKD 108,906,000, compared to HKD 48,900,000 in the previous year, with the fair value of investment properties at HKD 747,800,000[47] - The group has suspended the reconstruction project at Fuk Chuen Street to minimize negative impacts on shareholder equity due to unfavorable market conditions[46] Financial Reporting Standards - The adoption of revised Hong Kong Financial Reporting Standards has no significant impact on the group's financial performance or position for the current or prior years[10] - The amendments clarify that liabilities are classified as current or non-current based on rights existing at the reporting date, with no expected impact on the group's classification of liabilities[11] - The group has no non-current liabilities with covenants, maintaining the classification of liabilities unchanged upon the initial application of the amendments[12] - New and revised Hong Kong Financial Reporting Standards that have been issued but not yet effective are expected to have no significant impact on the group's accounting policies and financial position, except for HKFRS 18[14] - HKFRS 18 is anticipated to change the presentation and disclosure of the consolidated financial statements significantly, affecting classifications and subtotals in the income statement[14] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[15] Market Conditions and Future Outlook - The group anticipates continued pressure on property values and a volatile securities market due to geopolitical uncertainties and trade wars, with a conservative lending policy from banks towards property developers[60] - The group will continue to monitor market conditions, interest rate trends, and bank lending attitudes to make decisions that align with shareholder interests[60] Securities Investments - The fair value of listed securities increased from HKD 49,977,331 in 2024 to HKD 60,373,305 in 2025, representing an increase of approximately 20.0%[29] - The market value of the group's listed securities investment portfolio was approximately HKD 126,807,000, up from HKD 95,328,000 in the previous year[50] - The group has not used any financial instruments for hedging purposes in the fiscal years ending March 31, 2025, and 2024[57] - The total fair value of the top five trading securities is HKD 66,433,000, with a profit/loss ratio of 6.5% and total dividend income of HKD 3,176,000[53] - The top five long-term securities investments include Hong Kong Exchanges and Clearing Limited with a fair value of HKD 16,043,000, accounting for 1.6% of total assets, and generating dividend income of HKD 431,000[51]