Core Viewpoint - The company Haosai has received warning letters from the Beijing Securities Regulatory Bureau and the Shenzhen Stock Exchange due to the arrest of its controlling shareholder and allegations of corporate bribery, highlighting deficiencies in corporate governance and internal controls [2][9][12]. Group 1: Regulatory Actions - Haosai received a warning letter from the Beijing Securities Regulatory Bureau, indicating violations in information disclosure and internal control regulations [7][12]. - The Shenzhen Stock Exchange also issued a regulatory letter confirming Haosai's failure to timely disclose critical information [10]. - The warning letters will be recorded in the securities and futures market integrity archives [13]. Group 2: Legal Issues - The controlling shareholder and actual controller, Dai Baolin, was arrested on June 19, 2025, for suspected corporate bribery, leading to an investigation against the company [9][15]. - Haosai failed to disclose relevant information regarding Dai Baolin's arrest and the subsequent legal proceedings in a timely manner [18]. - The company received a formal indictment from the Wuhan New District People's Procuratorate on August 7, 2025, regarding the bribery allegations against Dai Baolin [15]. Group 3: Corporate Governance Changes - Following Dai Baolin's retirement due to reaching the legal retirement age, Dai Congqi was appointed as the new chairman and general manager of Haosai [14][20]. - The company has undergone changes in its legal representative and registered address, completing the necessary business registration updates [20]. - A voting rights delegation agreement was signed between Dai Baolin and Dai Congqi, transferring voting rights for 35.1284 million shares (23.36% of total shares) to Dai Congqi [21].

智通财经APP讯，英皇娱乐酒店(00296)发布公告，为董事会服务长达近九年的黎家凤女士(黎女士)无意 膺选连任，故已于股东周年大会完结时轮席退任为独立非执行董事。黎女士于退任后自动终止担任董事 会辖下的薪酬委员会主席兼审核委员会及提名委员会成员。 由于上述有关选举陈婵玲女士(陈女士)为董事的第2(C)项决议案已于股东周年大会上获正式通过，陈女 士已获委任为独立非执行董事，自股东周年大会结束后生效，以填补因黎女士退任而产生的空缺。同 时，陈女士已获任命接替黎女士于薪酬委员会、审核委员会以及提名委员会的职位。 ...

由于上述有关选举陈婵玲女士(陈女士)为董事的第2(C)项决议案已于股东周年大会上获正式通过，陈女 士已获委任为独立非执行董事，自股东周年大会结束后生效，以填补因黎女士退任而产生的空缺。同 时，陈女士已获任命接替黎女士于薪酬委员会、审核委员会以及提名委员会的职位。 英皇娱乐酒店(00296)发布公告，为董事会服务长达近九年的黎家凤女士(黎女士)无意膺选连任，故已于 股东周年大会完结时轮席退任为独立非执行董事。黎女士于退任后自动终止担任董事会辖下的薪酬委员 会主席兼审核委员会及提名委员会成员。 ...

（於百慕達註冊成立之有限公司） （股份代號: 296） 董事名單與其角色和職能 董事會 英皇娛樂酒店有限公司董事會（「董事會」）成員載列如下 : 非執行董事 陸小曼女士 （主席） 執行董事 楊政龍先生 （副主席） 范敏嫦女士 獨立非執行董事 香港，2025年8月13日 董事委員會 董事會設立五個委員會。下表提供董事會成員在這些委員會中所擔任的職位。 | | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | 企業管治 | 執行委員會 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | | | 委員會 | | | 陸小曼女士 | | | | | | | | 楊政龍先生 | | | | | | C | | 范敏嫦女士 | | | M | M | C | M | | 楊万鋠先生 | | C | M | | M | | | 陳漢標先生 | | M | | C | M | | | 陳嬋玲女士 | | M | C | M | | | 附註: C 主席 M 成員 楊万鋠先生 陳漢標先生 陳嬋玲女士 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分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。 (於百慕達註冊成立之有限公司) (股份代號: 296) 於2025年8月13日舉行之 股東週年大會之投票表決結果 及 獨立非執行董事及董事委員會 成員之變更 I. 股東週年大會之投票表決結果 茲提述英皇娛樂酒店有限公司（「本公司」）日期為2025年7月15日之通函（「通函」）， 當中載有（其中包括）本公司於2025年8月13日舉行的股東週年大會（「股東週年大會」） 通告（「通告」）。除文義另有所指外，本公告所用詞彙與通函內所界定者具有相同涵義。 全體董事均已親身或透過電子方式出席股東週年大會。本公司已委任本公司之香港股份過 戶登記分處卓佳證券登記有限公司於股東週年大會上就投票表決擔任監票員。於股東週年 大會日期，已發行股份總數為1,188,490,983股，其持股人有權出席股東週年大會並於會上 投票。於股東週年大會上所提呈的普通決議案（「決議案」）之投票表決結果如下： | | | 普 通 決議案 | 票 ...

Core Viewpoint - Haosai and its former chairman Dai Baolin have been prosecuted for alleged unit bribery, which has raised concerns regarding the company's governance and operational integrity [1][4][16]. Group 1: Legal Proceedings - On August 7, 2025, Haosai received a prosecution notice from the Wuhan New District People's Procuratorate regarding allegations of unit bribery against both the company and Dai Baolin [4]. - The case is currently in the stage of awaiting the first-instance trial [5]. - The investigation into Dai Baolin began on December 12, 2024, when the Wuhan New District Supervisory Committee initiated a case against him for suspected illegal activities [5]. Group 2: Company Governance Changes - Following the legal issues, Dai Baolin resigned from his positions as chairman and general manager in early June 2025, citing reaching the legal retirement age [10]. - Dai Congqi was appointed as the new general manager, and he became the legal representative of Haosai on June 24, 2025 [11]. - Dai Baolin transferred his voting rights associated with 23.36% of Haosai's shares to his son, Dai Congqi, establishing a unified action relationship among the family members [14]. Group 3: Financial Performance - Haosai is expected to report a significant loss for the first half of 2025, with projected net losses ranging from 30.39 million to 38.51 million yuan, a year-on-year decline of 495.35% to 600.95% [15]. - The anticipated losses are attributed to adjustments in investment rhythms in the infrastructure and real estate sectors, leading to a temporary decline in demand in the lighting engineering industry [16].

FF301 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: Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 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) | 00296 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 2,000,000,000,000 | HKD | | 0.0001 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 2,000,000,000,000 | HKD | | ...

[Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Results Overview](index=5&type=section&id=RESULTS) The Group's total revenue grew 6.0% to HKD 837 million, but a significant HKD 372 million fair value loss on investment properties led to a net loss of HKD 248 million Key Financial Data for FY2025 (HKD) | Metric | FY2025 (HKD) | FY2024 (HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **837 million** | **789 million** | **+6.0%** | | Hotel and Serviced Apartment Revenue | 331 million | 330 million | +0.4% | | Gaming Revenue | 506 million | 459 million | +10.1% | | **Net (Loss)/Profit** | **(248 million)** | **63 million** | **Turned from Profit to Loss** | | Fair Value Loss on Investment Properties | (372 million) | (20 million) | - | | **Basic (Loss)/Earnings Per Share** | **(0.16)** | **0.05** | **Turned from Profit to Loss** | [Market Review](index=5&type=section&id=MARKET%20REVIEW) Both Hong Kong and Macau tourism markets recovered this year, driven by government initiatives and favorable policies that boosted visitor numbers and demand - Hong Kong Market: - Visitor arrivals to Hong Kong increased by **30.9% to 44.5 million** in 2024[14](index=14&type=chunk)[18](index=18&type=chunk) - Mainland visitors grew by **27.2%**, remaining the largest source market - Talent admission schemes stimulated demand for local serviced apartments - Macau Market: - Visitor arrivals to Macau increased by **23.8% to 34.9 million** in 2024[15](index=15&type=chunk)[18](index=18&type=chunk) - Benefited from favorable policies, including increased duty-free allowances and more Individual Visit Scheme cities for mainland residents [Business Review](index=6&type=section&id=BUSINESS%20REVIEW) The Group, operating hotels and serviced apartments in Hong Kong and Macau, saw gaming revenue grow 10.1% to 60.4% of total revenue, while hotel and serviced apartment revenue remained stable, further expanding with The Unit Soho acquisition - The Group operates the following properties in Hong Kong and Macau: - **Hong Kong**: The Emperor Hotel, The Unit Morrison Hill, The Unit Happy Valley, The Unit Soho (acquired this year)[19](index=19&type=chunk)[22](index=22&type=chunk) - **Macau**: Grand Emperor Hotel, Inn Hotel FY2025 Revenue Composition (HKD) | Revenue Category | FY2025 (HKD) | FY2024 (HKD) | Proportion of Total Revenue (2025) | | :--- | :--- | :--- | :--- | | **Gaming Revenue** | **505.6 million** | **459.2 million** | **60.4%** | | **Hotel and Serviced Apartment Revenue** | **331.4 million** | **330.1 million** | **39.6%** | | - Room Revenue | 163.8 million | 166.2 million | - | | - Food and Beverage Revenue | 115.0 million | 114.5 million | - | | - Rental and Other Income | 52.6 million | 49.4 million | - | [Prospects](index=10&type=section&id=PROSPECTS) The Group is optimistic about future growth in Hong Kong and Macau, anticipating benefits from government tourism initiatives, new infrastructure, and talent schemes, alongside Macau's economic diversification and increasing visitor numbers - Hong Kong Market Prospects: - Benefiting from the government's 'Hong Kong Tourism Development Blueprint 2.0' and event economy driven by the Kai Tak Sports Park opening[50](index=50&type=chunk)[52](index=52&type=chunk) - Continued talent inflow is expected to stimulate residential leasing demand - Macau Market Prospects: - Economic diversification strategies are driving tourism market growth, with visitor numbers expected to recover to pre-pandemic levels by 2025[51](index=51&type=chunk)[52](index=52&type=chunk) - New multiple-entry visa policies for Zhuhai and Hengqin residents will solidify Macau's position as a key Greater Bay Area tourist destination [Financial and Other Information](index=11&type=section&id=FINANCIAL%20AND%20OTHER%20INFORMATION) The Group maintains a robust financial position with zero gearing, expanding its asset portfolio through acquisitions and disposals; a significant post-reporting event is SJM's non-renewal of the gaming service agreement for Grand Emperor Hotel, impacting future gaming revenue Capital Structure and Liquidity (As at March 31, 2025) | Metric | Amount (HKD) | | :--- | :--- | | Bank Balances and Cash Equivalents | 572.9 million | | Total Borrowings | 39.5 million | | Gearing Ratio | Zero | - Significant Asset Changes: - **Acquisition**: Completed the acquisition of The Unit Soho on July 19, 2024, with an agreed property value of **HKD 700 million**[61](index=61&type=chunk)[62](index=62&type=chunk) - **Disposal**: Completed the disposal of The Unit Davis on December 16, 2024, with an agreed property value of **HKD 275 million**[66](index=66&type=chunk) - **Significant Post-Reporting Event**: On June 9, 2025, the Group received notification from SJM that it will not continue to operate the gaming area at Grand Emperor Hotel after the service agreement expires on December 31, 2025[63](index=63&type=chunk)[68](index=68&type=chunk) [Biographies of Directors and Senior Management](index=13&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the personal and professional backgrounds of the company's directors and senior management, highlighting their extensive experience across real estate, hospitality, finance, and entertainment sectors - **Ms. Luk Siu Man (Non-executive Director and Chairperson)**: Joined the company in 2000, with nearly 10 years of banking experience and a Bachelor of Commerce degree from the University of Toronto[71](index=71&type=chunk)[73](index=73&type=chunk) - **Mr. Yeung Ching Lung (Executive Director and Vice Chairperson)**: Appointed in April 2025, responsible for overall group business management, with extensive experience in property investment, hotel operations, and various industries, also holding several public service positions[72](index=72&type=chunk)[74](index=74&type=chunk) - **Ms. Fan Man Seung (Executive Director)**: Joined the company in 1991, responsible for group strategic planning and business development, with over 35 years of corporate management experience, and qualified as a professional solicitor and accountant in Hong Kong[75](index=75&type=chunk)[77](index=77&type=chunk) [Directors' Report](index=16&type=section&id=Directors'%20Report) [Results and Dividends](index=16&type=section&id=Results%20and%20Dividends) The Group recorded a loss this year, leading the Board to recommend no final dividend, contrasting with the previous year's HKD 0.015 per share, and no interim dividend was declared - The Board has resolved not to recommend any final dividend for the current year (2024: **HKD 0.015 per share**)[86](index=86&type=chunk)[92](index=92&type=chunk) [Major Customers and Suppliers](index=18&type=section&id=Major%20Customers%20and%20Suppliers) The Group's revenue is highly concentrated, with the top five customers contributing 67.0% of total revenue, and the largest customer (mass market and slot hall operator) accounting for 60.4%, while the top five suppliers' purchases are below 30% - This year, revenue from the top five customers accounted for **67.0%** of the Group's total revenue (2024: 63.4%)[113](index=113&type=chunk)[117](index=117&type=chunk) - The largest customer, a mass market and slot hall operator, contributed **60.4%** of the Group's total revenue (2024: 58.2%)[113](index=113&type=chunk)[117](index=117&type=chunk) [Directors' and Chief Executives' Interests in Securities](index=20&type=section&id=Directors'%20and%20Chief%20Executives'%20Interests%20in%20Securities) The report discloses directors' and chief executives' shareholdings in the company and its associated corporations, with Ms. Luk Siu Man indirectly holding 53.52% through her spouse's trust as a major controlling shareholder, and Ms. Fan Man Seung beneficially owning 0.20% Directors' Interests in Shares of the Company (As at March 31, 2025) | Director's Name | Capacity/Nature of Interest | Number of Shares Held | Approximate % of Issued Shares | | :--- | :--- | :--- | :--- | | Ms. Luk Siu Man | Spouse's Interest | 636,075,041 | 53.52% | | Ms. Fan Man Seung | Beneficial Owner | 2,430,750 | 0.20% | [Connected Transactions](index=24&type=section&id=Connected%20Transactions) This year, the Group engaged in several significant connected transactions, including property leases with Emperor Watch & Jewellery, a continuing service agreement with SJM for Grand Emperor Hotel's gaming business, and the acquisition of The Unit Soho from Emperor International, all complying with listing rules - **Lease Transaction with Emperor Watch & Jewellery**: Property leased to Emperor Watch & Jewellery under the 2024 Master Tenancy Agreement, with a total transaction amount of **HKD 3.779 million** for the year[155](index=155&type=chunk)[158](index=158&type=chunk) - **Service Agreement with SJM**: Provided management and promotion services for the gaming business at Grand Emperor Hotel, generating **HKD 505.6 million** in revenue for the Group this year[159](index=159&type=chunk)[163](index=163&type=chunk) - **Acquisition of The Unit Soho**: Acquired the entire equity interest in Star Omen (indirectly holding The Unit Soho property) from fellow subsidiary Emperor International for a consideration of **HKD 665 million**, with the transaction completed on July 19, 2024[164](index=164&type=chunk)[167](index=167&type=chunk) [Corporate Governance Report](index=30&type=section&id=Corporate%20Governance%20Report) [The Board](index=31&type=section&id=THE%20BOARD) The Board comprises six directors, including one non-executive chairperson, two executive, and three independent non-executive directors, demonstrating diversity in gender, age, and professional skills, with good meeting attendance and a board diversity policy Board Composition and Diversity (As at March 31, 2025) | Category | Details | | :--- | :--- | | **Total Members** | 6 | | **Composition** | 1 Non-executive Director, 2 Executive Directors, 3 Independent Non-executive Directors | | **Gender Distribution** | 3 Female (50%), 3 Male (50%) | | **Skills and Experience** | 100% with Strategic Planning and Risk Management Experience, 67% with Finance and Accounting Experience | [Board Committees](index=37&type=section&id=BOARD%20COMMITTEES) The Board has five committees—Executive, Audit, Remuneration, Nomination, and Corporate Governance—each with clear mandates and regular meetings, assisting in financial oversight, risk management, remuneration, director nomination, and corporate governance policy review - The Board has five committees, each with distinct responsibilities: - **Executive Committee**: Responsible for the Group's daily management and business operations - **Audit Committee**: Composed of three independent non-executive directors, overseeing financial reporting, risk management, and internal controls - **Remuneration Committee**: Responsible for reviewing the remuneration structure of directors and senior management - **Nomination Committee**: Responsible for the nomination, appointment, and succession planning of directors - **Corporate Governance Committee**: Responsible for formulating and reviewing the company's corporate governance policies[233](index=233&type=chunk)[238](index=238&type=chunk)[242](index=242&type=chunk) [Risk Management and Internal Control](index=43&type=section&id=RISK%20MANAGEMENT%20AND%20INTERNAL%20CONTROL) The Group has established comprehensive risk management and internal control systems, overseen by the Board, addressing key risks including macro-environmental changes, SJM service agreement termination, industry competition, AML compliance, and human resource shortages, with corresponding mitigation strategies Identified Major Risks and Mitigation Strategies | Risk Category | Description | Key Mitigation Strategies | | :--- | :--- | :--- | | **Macro-environmental Changes** | US-China relations, and changes in Chinese and Macau government policies affecting tourism | Adjust business strategies, expand Hong Kong market, control expenses | | **SJM Service Agreement** | Gaming service agreement with SJM to terminate upon expiry at end of 2025 | Actively seek new business opportunities to strengthen revenue base | | **Intense Industry Competition** | Increased competition from new luxury hotels and gaming facilities in Macau and Asia | Offer personalized services, collaborate with travel agencies, enhance marketing and promotion | | **Anti-Money Laundering (AML) Risk** | Violation of AML laws could harm business and reputation | Continuously review compliance policies, strengthen internal audit and staff training | | **Human Resources Shortage** | Shortage of experienced management and technical personnel in Macau's gaming industry, intense recruitment competition | Optimize remuneration and incentive systems, provide career development paths, broaden talent recruitment channels | - The Board has received management's confirmation on the effectiveness of the risk monitoring system for the year, with no significant issues identified[313](index=313&type=chunk)[315](index=315&type=chunk) [Independent Auditor's Report](index=58&type=section&id=Independent%20Auditor's%20Report) Deloitte Touche Tohmatsu issued an unmodified opinion on the Group's consolidated financial statements as of March 31, 2025, affirming a true and fair view of its financial position and operating results, with 'Valuation of Investment Properties in Macau' highlighted as a key audit matter and detailed audit procedures outlined - **Audit Opinion**: Deloitte issued an unmodified opinion, stating that the financial statements present a true and fair view[342](index=342&type=chunk)[345](index=345&type=chunk) - **Key Audit Matter**: Identified 'Valuation of Investment Properties in Macau' as a key audit matter due to significant management assumptions; auditors addressed this by assessing the independence of the valuer, understanding valuation techniques and key input data, and evaluating reasonableness with internal valuation experts[348](index=348&type=chunk)[351](index=351&type=chunk) Auditor's Remuneration (HKD '000) | Service Category | Fees (HKD '000) | | :--- | :--- | | Audit Services | 3,373 | | Non-audit Services | 700 | [Consolidated Financial Statements](index=64&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=65&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's total revenue grew 6.0% to HKD 837 million, but a significant HKD 372 million fair value loss on investment properties resulted in a pre-tax loss of HKD 279 million and a net loss of HKD 248 million, with a basic loss per share of HKD 0.16 Consolidated Statement of Profit or Loss Summary (HKD '000) | Item | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | **Total Revenue** | **836,955** | **789,262** | | Gross Profit | 340,806 | 307,849 | | Changes in Fair Value of Investment Properties | (371,670) | (20,300) | | **(Loss)/Profit Before Tax** | **(279,448)** | **35,410** | | **(Loss)/Profit for the Year** | **(248,078)** | **62,831** | | (Loss)/Profit Attributable to Owners of the Company | (188,859) | 60,885 | | **Basic (Loss)/Earnings Per Share (HKD)** | **(0.16)** | **0.05** | [Consolidated Statement of Financial Position](index=66&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 4.71 billion, total liabilities HKD 403 million, and net assets HKD 4.31 billion, with non-current assets, mainly investment properties and PPE, forming the majority, indicating a stable financial position Consolidated Statement of Financial Position Summary (HKD '000) | Item | March 31, 2025 (HKD '000) | March 31, 2024 (HKD '000) | | :--- | :--- | :--- | | **Non-current Assets** | **4,093,594** | **4,157,013** | | - Investment Properties | 1,530,100 | 1,485,900 | | - Property, Plant and Equipment | 2,159,022 | 2,253,841 | | **Current Assets** | **616,108** | **705,371** | | **Total Assets** | **4,709,702** | **4,862,384** | | **Current Liabilities** | **284,052** | **200,752** | | **Non-current Liabilities** | **119,401** | **89,478** | | **Total Liabilities** | **403,453** | **290,230** | | **Net Assets** | **4,306,249** | **4,572,154** | | **Total Equity** | **4,306,249** | **4,572,154** | [Consolidated Statement of Cash Flows](index=69&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group generated HKD 190 million net cash from operating activities, with net outflows of HKD 244 million from investing and HKD 19 million from financing, resulting in a HKD 74 million decrease in cash and cash equivalents, ending at HKD 526 million Consolidated Statement of Cash Flows Summary (HKD '000) | Item | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | **189,742** | **147,877** | | **Net Cash from Investing Activities** | **(244,386)** | **72,888** | | - Acquisition of Investment Properties | (547,087) | - | | - Net Cash Inflow from Disposal of Subsidiaries | 271,232 | - | | **Net Cash from Financing Activities** | **(19,203)** | **(1,305)** | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(73,847)** | **219,460** | | Cash and Cash Equivalents at Beginning of Year | 599,790 | 380,330 | | **Cash and Cash Equivalents at End of Year** | **525,943** | **599,790** | [Notes to the Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations for financial statement items, including revenue recognition, segment information showing Macau as the primary revenue source, investment property valuation using the income capitalization approach, and significant post-reporting events like the non-renewal of the SJM gaming service agreement Segment Revenue (HKD '000) | Region | FY2025 Revenue (HKD '000) | FY2024 Revenue (HKD '000) | | :--- | :--- | :--- | | Macau | 690,611 | 649,508 | | Hong Kong | 146,344 | 139,754 | | **Total** | **836,955** | **789,262** | - **Investment Property Valuation**: The Group's investment properties are valued by independent professional valuers using the income capitalization approach, classified as Level 3 in the fair value hierarchy; key unobservable inputs include market monthly rent and capitalization rates, resulting in a **HKD 372 million** decrease in fair value this year[634](index=634&type=chunk)[642](index=642&type=chunk) - **Post-Reporting Event**: On June 9, 2025, the Group received notification from SJM that it will not continue to operate the gaming area at Grand Emperor Hotel after the service agreement expires on December 31, 2025, which will significantly impact the Group's future gaming revenue[833](index=833&type=chunk)[834](index=834&type=chunk) [Five-year Financial Summary](index=152&type=section&id=Five-year%20Financial%20Summary) This section summarizes the Group's key financial data for the past five fiscal years, showing revenue recovery post-pandemic but a net loss in FY2025 due to fair value losses, with total assets and equity trending downwards Five-Year Financial Data Summary (HKD '000) | Fiscal Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue (HKD '000)** | 836,955 | 789,262 | 291,119 | 415,894 | 301,855 | | **Annual (Loss)/Profit (HKD '000)** | (248,078) | 62,831 | (127,997) | (644,245) | (224,449) | | **Total Assets (HKD '000)** | 4,709,702 | 4,862,384 | 4,837,715 | 5,030,423 | 5,868,867 | | **Total Liabilities (HKD '000)** | (403,453) | (290,230) | (328,392) | (388,692) | (471,612) | | **Total Equity (HKD '000)** | 4,306,249 | 4,572,154 | 4,509,323 | 4,641,731 | 5,397,255 | [Summary of Properties](index=153&type=section&id=Summary%20of%20Properties) This section lists the Group's completed investment properties as of March 31, 2025, covering commercial and residential properties in Macau and Hong Kong, detailing their location, usage, approximate area, and the Group's attributable interest - The Group holds **7 completed investment properties** located in Macau and Hong Kong, primarily for commercial and residential leasing[840](index=840&type=chunk) List of Major Investment Properties | Location | Usage | Group's Attributable Interest | | :--- | :--- | :--- | | Grand Emperor Hotel, Macau (Portion) | Commercial | 80% | | Inn Hotel, Macau (Portion) | Commercial | 100% | | No. 17 Yik Yam Street, Happy Valley, Hong Kong | Shop/Residential | 80% | | Nos. 46-48 Morrison Hill Road, Wanchai, Hong Kong | Shop/Residential | 80% | | Nos. 20-26 Old Bailey Street, Mid-Levels, Hong Kong | Residential | 80% |

Financial Performance - The group's total revenue increased by 6.0% to HKD 837 million for the year ending March 31, 2025, compared to HKD 789.3 million in 2024[4] - The group recorded a net loss of HKD 248.1 million due to a fair value loss on investment properties of HKD 371.7 million, compared to a net profit of HKD 62.8 million in 2024[4] - The company reported a profit (loss) attributable to shareholders of (188,859) thousand HKD for 2025, compared to a profit of 60,885 thousand HKD in 2024, indicating a significant decline in performance[48] - The group reported a pre-tax loss of HKD 279,448,000 for the year ended March 31, 2025, compared to a pre-tax profit of HKD 35,410,000 in 2024[37] - The company has decided not to declare a final dividend for the year, compared to a dividend of HKD 0.015 per share in 2024[23] Revenue Breakdown - Hotel and rental apartment revenue remained stable at HKD 331.4 million, accounting for 39.6% of total revenue, while gaming revenue rose by 10.1% to HKD 505.6 million, representing 60.4% of total revenue[14][15] - Gaming revenue from Macau operations reached HKD 505,616,000, up from HKD 459,150,000 in the previous year, reflecting a growth of about 10.1%[37] - Hotel revenue for the group was HKD 279,180,000, slightly down from HKD 281,587,000 in 2024, indicating a decrease of approximately 1.1%[37] - Total rental income for the group was HKD 52,159,000, an increase from HKD 48,525,000 in the previous year, representing a growth of approximately 3.3%[37] Visitor Statistics - The number of visitors to Hong Kong increased by 30.9% to 44.5 million in 2024, with mainland Chinese visitors growing by 27.2%[5] - The number of visitors to Macau rose by 23.8% to 34.9 million in 2024, supported by favorable government measures[6] - The group anticipates that visitor numbers to Macau will recover to pre-pandemic levels by 2025, driven by new travel policies[16] Strategic Initiatives - The group plans to benefit from the Hong Kong government's initiatives to boost the economy and the expected increase in local rental demand due to talent inflow[16] - The largest sports venue in Hong Kong, Kai Tak Sports Park, is set to open in March 2025, which is expected to enhance the tourism and entertainment sectors[16] - The group aims to adapt its business strategies in response to market developments and opportunities in both Hong Kong and Macau[16] Acquisitions and Assets - The group has acquired The Unit Soho, which began operations in August 2024, expanding its rental offerings in Hong Kong[11][10] - The group completed the acquisition of The Unit Soho for HKD 700,000,000 on July 19, 2024, enhancing its asset portfolio[19] - The sale of The Unit Davis was finalized on December 16, 2024, for HKD 275,000,000, contributing to cash flow[20] - Non-current assets, including investment properties, increased to HKD 1,530,100,000 from HKD 1,485,900,000 in 2024[25] Financial Position - The total assets as of March 31, 2025, amounted to HKD 4,093,594,000, a slight decrease from HKD 4,157,013,000 in 2024[25] - The capital debt ratio remained at zero, consistent with the previous year, indicating no net debt[17] - Trade receivables decreased to 47,709 thousand HKD in 2025 from 70,653 thousand HKD in 2024, reflecting a reduction of approximately 32.5%[49] - Trade payables increased to 11,776 thousand HKD in 2025 from 9,420 thousand HKD in 2024, representing a rise of approximately 25.4%[52] Compliance and Governance - Deloitte confirmed that the consolidated financial statements for the year ended March 31, 2025, were prepared in accordance with applicable accounting standards[59] - The audit committee reviewed the consolidated financial statements and found them to fairly present the group's financial position[60] - The company adhered to all corporate governance codes as per the listing rules during the year[61] - The board of directors confirmed compliance with the company's securities trading code throughout the year[62] Other Financial Information - Employee costs totaled HKD 325,100,000 for the year, an increase of 9.8% from HKD 296,200,000 in 2024[22] - The company incurred financial expenses of 1,106 thousand HKD in 2025, slightly up from 1,073 thousand HKD in 2024, with bank loan interest recorded at 65 thousand HKD[43] - The company recognized a net tax provision reversal of 31,370 thousand HKD in 2025, compared to 27,421 thousand HKD in 2024[44] - The company reported a depreciation expense of 112,039 thousand HKD for property, plant, and equipment in 2025, down from 120,457 thousand HKD in 2024[43] - The company’s other income from the sale of properties, machinery, and equipment amounted to 33,664 thousand HKD in 2025, with no such income reported in 2024[42] Market Developments - The group received a notice from 澳娛 indicating the cessation of operations in the gaming area at the 英皇娛樂酒店 after December 31, 2025[58] - The company did not apply any new or revised accounting standards that had a significant impact on the financial statements for the year[28] - The company has entered into a three-year agreement to provide gaming-related marketing and public relations services starting January 1, 2023[30] - The annual performance announcement was published on the Hong Kong Stock Exchange and the company's website[64] - No repurchase, sale, or redemption of the company's listed securities occurred during the year[63]

Financial Performance - Total revenue for the six months ended September 30, 2024, increased by 9.7% to HKD 407.9 million, compared to HKD 371.8 million in 2023[7]. - Gross profit rose to HKD 159.8 million from HKD 133.7 million year-on-year[5]. - The group recorded a net loss of HKD 225.7 million, a significant decline from a net profit of HKD 12.1 million in the previous year[7]. - Basic loss per share was HKD 0.15, compared to earnings of HKD 0.01 per share in 2023[5]. - The group reported total revenue of HKD 407.9 million for the six months ended September 30, 2024, compared to HKD 371.8 million for the same period in 2023, representing a growth of approximately 9.7%[30]. - The gross profit for the period was HKD 159.8 million, up from HKD 133.7 million in the previous year, indicating a significant increase in profitability[30]. - The company reported a pre-tax loss of HKD 221,596,000 for the six months ended September 30, 2024, compared to a pre-tax profit of HKD 19,660,000 for the same period in 2023[55][57]. - The total comprehensive income for the period was HKD 12,092,000, compared to a loss of HKD 225,686,000 in the previous year, marking a significant turnaround[41]. Revenue Breakdown - Hotel and rental apartment revenue was HKD 154.9 million, accounting for 38.0% of total revenue, down from 42.0% in 2023[17]. - Gaming revenue increased by 17.3% to HKD 253.0 million, representing 62.0% of total revenue, up from 58.0% in the previous year[18]. - Gaming revenue from table games and slot machines amounted to HKD 243,075,000 and HKD 9,974,000 respectively, compared to HKD 207,095,000 and HKD 8,550,000 in the previous year, indicating a year-over-year increase of 17.3% and 16.6%[47]. - Hotel room revenue decreased to HKD 73,629,000 from HKD 79,842,000, reflecting a decline of about 7.8%[47]. Asset Management - The group expanded its property portfolio with the acquisition of The Unit Soho in July 2024[8]. - The group acquired The Unit Soho for HKD 700 million on July 19, 2024, enhancing its asset portfolio and market position[24]. - The group expects the sale of The Unit Davis, valued at HKD 275 million, to be completed by December 16, 2024, further optimizing its asset management strategy[25]. - The group’s non-current assets, including investment properties, increased to HKD 1.9 billion as of September 30, 2024, from HKD 1.5 billion as of March 31, 2024[31]. - As of September 30, 2024, the fair value of investment properties increased to HKD 1,914,600, up from HKD 1,485,900 on April 1, 2024, reflecting a growth of approximately 28.8%[70]. Cash Flow and Liquidity - As of September 30, 2024, the group's bank balances and cash decreased to HKD 238.8 million from HKD 645.8 million as of March 31, 2024, primarily due to acquisition activities[21]. - The company reported a net cash outflow from investing activities of HKD 464,560,000, compared to HKD 97,028,000 in the previous year, indicating a significant increase in investment expenditures[39]. - As of September 30, 2024, the company had cash and cash equivalents of HKD 207,030,000, down from HKD 332,438,000 at the same time last year, a decrease of approximately 37.7%[39]. - The company’s current liabilities exceeded its current assets by HKD 37,755,000, raising concerns about liquidity[41]. - The company has access to a bank credit facility of HKD 419,650,000, which is expected to support its operational funding needs[41]. Employee and Operational Metrics - The total employee count increased to 670 as of September 30, 2024, from 630 as of March 31, 2024, with total employee costs rising to HKD 162.3 million from HKD 140.8 million[27]. - The company incurred commission expenses of HKD 33,285,000 related to gaming operations, an increase from HKD 32,237,000 in the previous year[60]. - Depreciation of property, plant, and equipment was HKD 56,026,000, down from HKD 61,659,000 in the previous year[60]. Corporate Governance and Shareholder Information - The company has complied with all provisions of the corporate governance code as per the listing rules during the period[106]. - The company has established its own securities trading code for directors, which meets or exceeds the standards set by the listing rules[107]. - The group has a significant shareholding structure, with Ms. Lu holding 53.52% of the company's voting shares[96]. - The group has substantial interests in related companies, including 74.71% in Emperor International Holdings Limited[98]. - As of September 30, 2024, Yang Shoucheng Industrial Holdings holds 636,075,041 shares, representing 53.52% of the voting shares[102]. Dividends and Share Options - The group has decided not to declare any interim dividend for the period, consistent with the previous year[28]. - The company declared a final dividend of HKD 0.015 per share, totaling approximately HKD 17,827,000, paid during the period, with no dividend declared in the corresponding period of 2023[68]. - The company adopted a share option scheme on September 19, 2023, with a total of 118,849,098 options available at the beginning of the period and 59,424,549 options available at the end of the period[105]. - The company has not granted any share options under the share option scheme since its adoption[105]. Related Party Transactions - Related party transactions included professional service fees paid to a related company amounting to HKD 1,301,000, an increase from HKD 1,236,000 in the previous year[91]. - As of September 30, 2024, the group owed HKD 176,522,000 to related companies, a significant increase from HKD 6,367,000 as of March 31, 2024[93].