Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 20,736,000, an increase of 37.5% compared to HKD 15,112,000 for the same period in 2023[2] - Gross profit for the same period was HKD 11,175,000, compared to HKD 6,449,000 in the previous year, reflecting a significant improvement[2] - The pre-tax loss narrowed to HKD (50,356,000) from HKD (63,761,000) year-over-year, indicating a reduction in losses[3] - The net loss for the period was HKD (48,510,000), down from HKD (53,531,000) in the prior year, showing a positive trend[3] - Basic and diluted loss per share improved to HKD (0.21) compared to HKD (0.23) in the previous year[4] - Financing costs for the six months ended September 30, 2024, amounted to HKD 16,463,000, significantly higher than HKD 1,161,000 in the same period of 2023[26] - The group recorded a pre-tax loss for the six months ended September 30, 2024, with employee costs totaling HKD 10,207,000, slightly down from HKD 10,272,000 in the previous year[28] - The company reported a loss attributable to equity holders of approximately HKD 48,510,000, compared to HKD 53,531,000 in the previous period[44] - The basic loss per share for the reporting period was HKD 0.21, compared to HKD 0.23 in the corresponding period[44] - The financing costs for the reporting period were approximately HKD 16,463,000, an increase of 1,318.0% from HKD 1,161,000 in the corresponding period[44] Assets and Liabilities - Non-current assets totaled HKD 1,044,176,000 as of September 30, 2024, slightly down from HKD 1,060,564,000 as of March 31, 2024[5] - Current liabilities amounted to HKD 1,319,698,000, an increase from HKD 1,279,206,000 at the end of the previous fiscal year[5] - The total equity attributable to the owners of the company decreased to HKD 197,008,000 from HKD 245,392,000[7] - The company had accounts receivable of HKD 3,477,000 as of September 30, 2024, compared to HKD 3,074,000 as of March 31, 2024[35] - The company’s accounts payable amounted to HKD 381,385,000 as of September 30, 2024, compared to HKD 383,733,000 as of March 31, 2024[38] - The outstanding principal amount of related party loans as of September 30, 2024, was approximately HKD 334,666,000[44] - The group holds property interests with a net book value of approximately HKD 897,328,000 as of September 30, 2024, which have been pledged to banks and financial institutions[65] Cash and Financing - The company has cash and cash equivalents of approximately HKD 15,142,000 and restricted bank deposits of HKD 9,101,000 as of September 30, 2024[9] - The group’s cash and cash equivalents were approximately HKD 15,142,000 as of September 30, 2024, down from HKD 17,685,000 as of March 31, 2024[64] - The group signed a loan agreement for a total principal amount of RMB 2,000,000,000 (approximately HKD 2,217,800,000) with an annual interest rate of 5%, due for repayment in December 2023[47] - The group plans to continue exploring various financing options with financial institutions to support operational funding needs[14] Business Operations and Strategy - The company anticipates restarting the Qinhuangdao project by March 31, 2025, following recent government policy changes that may boost housing demand[9] - The property management business generated approximately HKD 14,600,000 in revenue for the six months ended September 30, 2024, representing a growth of about 47.5% compared to the same period in 2023[13] - The management anticipates that the three acquired property management companies will contribute to the group's revenue for the full year ending March 31, 2025[13] - The group may consider selling non-core business assets to accelerate property project development and secure additional funding[15] - The group has faced significant uncertainty regarding the realization of its plans due to fluctuations in the mainland property market[18] - The group aims to diversify its product offerings in the real estate market, focusing on combinations of residential and commercial, residential and elderly care, and residential and cultural tourism[73] - The group is actively exploring opportunities outside of China, particularly in Southeast Asia, which presents high growth potential and a young population[73] - The group has committed to maintaining high standards of corporate governance and has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[76] Market Conditions and Challenges - The group acknowledges challenges due to a single-source income model primarily reliant on property sales and rental income, emphasizing the need to improve capital utilization and broaden revenue sources[73] - The group has implemented measures to control administrative costs effectively[16] - The audit committee has reviewed the group's financial performance and discussed risk management and internal controls during the reporting period[82] - The group plans to enhance collaboration with financial institutions, government agencies, and other industry players to initiate various projects amid challenging market conditions[73] Employee and Operational Metrics - The group employed a total of 154 employees (excluding directors) as of September 30, 2024, an increase from 143 employees as of March 31, 2024[71] - The group has not made any significant acquisitions or disposals of subsidiaries or associates during the reporting period[70]

Financial Performance - The Group recorded total revenue of approximately HK$31,921,000, a decrease of 38.3% compared to approximately HK$51,708,000 for the corresponding year[15]. - Revenue from property sales was approximately HK$3,332,000, representing a significant decrease of 90.5% from approximately HK$35,198,000 in the previous year[15]. - Management fee income increased by 249.3% to approximately HK$20,471,000 due to the acquisition of three property management companies during the year[15]. - Rental income decreased by 37.3% to approximately HK$6,677,000 compared to approximately HK$10,650,000 for the corresponding year[15]. - The Group recorded a loss on revaluation of investment properties of approximately HK$62,958,000, an increase of 1,728.6% from approximately HK$3,443,000 in the previous year[16]. - The loss attributable to equity holders for the year amounted to approximately HK$222,262,000, compared to a profit of approximately HK$1,421,817,000 for the corresponding year[22]. - Finance costs decreased by 22.6% to approximately HK$40,218,000 due to the reversal of approximately HK$7 million in interest on other borrowings[22]. - Impairment loss on other receivables was approximately HK$36,154,000, primarily reflecting impairment loss on receivables due from the Disposal Group[22]. - The Group's cash and cash equivalents amounted to approximately HK$17,685,000 as of March 31, 2024, down from HK$35,083,000 in 2023[60]. - The Group's current ratio improved to 0.72 times as of March 31, 2024, compared to 0.67 times in 2023[60]. - For the year ended March 31, 2024, the Group recorded a net loss of approximately HK$222,262,000 and net current liabilities of approximately HK$355,132,000[105]. - The total borrowings, including amounts due to a shareholder and related parties, amounted to approximately HK$609,301,000, which will be due in the coming twelve months[105]. - Administrative expenses decreased to approximately HK$46.6 million, down approximately 14.2% from approximately HK$54.4 million in the previous period[104]. Property Development and Management - The Group is engaged in the development of high-end residential properties, contributing to its diversified property portfolio[13]. - The Company is actively involved in property management, enhancing operational efficiency and service quality[13]. - The Yinchuan Project includes a commercial portion with a gross floor area of 74,350 sq.m, fully owned by the Group, with phases 1 and 2 completed and available for lease[10]. - The Qinhuangdao Project has a total gross floor area of 672,110 sq.m, also fully owned, with phase 1 partially completed[10]. - The Group completed the acquisition of 100% equity interests in Ningxia Guanling and Wuhan Yuejing property management companies, with total property management areas of approximately 330,000 sq.m. and 73,816 sq.m. respectively as of March 31, 2024[30][33]. - The Yinchuan Commercial Properties Project consists of three commercial buildings with a total gross floor area of over 90,000 sq.m., achieving an occupancy rate of approximately 90% as of March 31, 2024[43][44]. - The total property management area managed by Ningxia Jinguan and Ningxia Guanling was approximately 551,800 sq.m. as of March 31, 2024[48]. - The property management business segment generated revenue of approximately HK$20.5 million during the reporting period, representing an increase of approximately 249% compared to the previous year[98]. - The management expects revenue from the property management business segment to increase to at least approximately HK$33 million for the year ending March 31, 2025[98]. - The Group's acquisitions are aimed at expanding its property management business amid a challenging property development market in China[30][33]. Strategic Initiatives and Future Outlook - The Company aims to expand its market presence through strategic development and investment in commercial properties[12]. - The Group is exploring new strategies for market expansion and potential acquisitions to enhance its competitive edge[12]. - The Group's strategic cooperation aims to establish a comprehensive and deep-level cooperation mechanism to promote the Qinhuangdao Project as a first-class health care and vacation demonstration city[35][39]. - The Group is exploring opportunities outside of China, particularly in the Southeast Asia region, which has high growth potential[84]. - Future development will depend on enhancing cooperation with financing institutions and government agencies to activate various projects[85]. - The Group plans to continue identifying and negotiating various financing options for working capital and commitments, including a memorandum of understanding with a potential investor for the Qinhuangdao Project[116]. - The Group is actively exploring investment opportunities in mainland China and Southeast Asia related to property development and upstream or downstream businesses[121]. Challenges and Risks - The Group has faced challenges in adapting to industry policies and market trends, leading to lower-than-expected fund usage rates and returns[79]. - The financing environment is expected to remain tight, with a focus on controlling capital flow and reducing liabilities[79]. - There are material uncertainties regarding the Group's ability to achieve its plans due to volatility in the property sector in Mainland China and uncertainties in obtaining continuous support from banks and creditors[124]. - The Group's income sources are primarily from property sales and rental income, posing significant challenges amid rising mortgage interest rates[83]. - The Qinhuangdao Project did not record any sales during the reporting period due to weak market sentiment and lack of capital investment[91]. Shareholder and Corporate Governance - The Board of Directors includes Li Yi Feng as Chairman and CEO, and Chen Wei as Vice President, ensuring strong leadership[4]. - The Company received annual confirmation of independence from each of the independent non-executive Directors[160]. - There were no interests or short positions in shares held by Directors or the Chief Executive as of 31 March 2024[162]. - The Company had no service contracts with Directors that are not determinable within one year without compensation[155]. - The Company maintained a sufficient public float as required under the Listing Rules throughout the year[191]. - The Group will not pay a final dividend for the Year, consistent with the previous year (31 March 2023: Nil)[146].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 31,921,000, a decrease of 38.4% compared to HKD 51,708,000 in the previous year[2]. - The gross profit for the same period was HKD 9,400,000, down 37.5% from HKD 15,128,000 year-on-year[4]. - The company incurred a significant loss before tax of HKD 224,950,000, compared to a profit of HKD 1,420,956,000 in the previous year[4]. - The net loss for the year was HKD 222,262,000, a stark contrast to the profit of HKD 1,421,817,000 reported in the prior year[4]. - Total revenue from customer contracts decreased to HKD 25,244,000 in 2024 from HKD 41,058,000 in 2023, representing a decline of approximately 38.5%[26]. - Property sales revenue for the reporting period was approximately HKD 3,332,000, down 90.5% from HKD 35,198,000 in the previous year[55]. - Rental income decreased by 37.3% to approximately HKD 6,677,000, compared to HKD 10,650,000 in the previous year[55]. - The group reported a pre-tax loss of HKD 222,262,000 in 2024 compared to a profit of HKD 1,421,817,000 in 2023[31]. - The company recorded an investment property revaluation loss of approximately HKD 62,958,000, an increase of 1,728.6% from HKD 3,443,000 in the previous year[55]. - The company reported a net loss attributable to equity holders of approximately HKD 222,262,000, compared to a profit of approximately HKD 1,421,817,000 in the previous year[57]. - The loss per share for the year was HKD 0.95, while the previous year reported earnings per share of HKD 6.09[57]. Assets and Liabilities - Total assets decreased to HKD 1,984,638,000 from HKD 2,113,012,000, reflecting a decline of approximately 6.1%[5]. - Current liabilities were reported at HKD 1,279,206,000, down from HKD 1,568,540,000, indicating a reduction of about 18.5%[6]. - The group’s total liabilities decreased slightly to HKD 383,733,000 in 2024 from HKD 389,267,000 in 2023[37]. - The total outstanding principal amount of related party loans as of March 31, 2024, is RMB 301,800,000 (approximately HKD 332,885,000), with an interest rate ranging from 5.7% to 6.19%[58]. - As of March 31, 2024, approximately RMB 9,060,000 (approximately HKD 9,993,000) of the unsecured loan financing is due[60]. - The group has other borrowings of approximately HKD 35,990,000 as of March 31, 2024, an increase from HKD 30,718,000 in the previous year[80]. Cash Flow and Financing - The company's cash and cash equivalents decreased to HKD 17,685,000 from HKD 35,083,000, a decline of 49.5%[5]. - The group has a revolving loan facility of HKD 2,000,000,000 from a company controlled by the major shareholder, with an annual interest rate of 5%, maturing in December 2025[20]. - The group is actively seeking additional financing options to ensure continued property development and accelerate property pre-sales[18]. - Financing costs decreased to HKD 40,218,000 in 2024 from HKD 51,943,000 in 2023, a reduction of approximately 22.5%[28]. - The group has capital commitments of approximately HKD 63,676,000 for properties and investment properties as of March 31, 2024, significantly reduced from HKD 526,430,000 in 2023[83]. Business Operations - The company continues to focus on property development and management services as part of its core business strategy[8]. - The group operates two main property development and investment projects located in Qinhuangdao and Yinchuan, China[22]. - The group completed the acquisition of Ningxia Guanling Property Service Co., Ltd. for approximately HKD 1,813,000 in April 2023[40]. - The company completed the acquisition of Wuhan Yuejing Property Management Co., Ltd. for RMB 1,750,000 (approximately HKD 1,910,000) on August 9, 2023[45]. - The group completed the acquisition of three property management companies during the reporting period, including Ningxia Guanling, Wuhan Yuejing, and Hohhot Pengshengjie[86]. - The Qinhuangdao Venice Water City Outlets project covers an area of approximately 1,077 acres, with the first phase having a total land area of nearly 163,227 square meters[63]. - The Yinchuan commercial project has achieved approximately 90% occupancy rate and has become one of the largest curtain wholesale bases in the Northwest region[70]. - The total property area managed by Ningxia Jin Guan and Ningxia Guanling is approximately 551,800 square meters as of March 31, 2024[71]. - The total property management area for Hohhot Pengshengjie is approximately 30,633 square meters as of March 31, 2024, with ongoing expansion efforts in commercial property management[72]. - Wuhan Yuejing manages a total property area of about 73,816 square meters as of March 31, 2024, and is actively expanding its property management business in Wuhan[74]. - The group plans to diversify its product offerings, focusing on "residential + commercial," "residential + elderly care," and "residential + cultural tourism" combinations to enhance competitiveness[90]. - The group is exploring opportunities outside of China, particularly in Southeast Asia, which has high growth potential and a young population[92]. Governance and Compliance - The company deviated from the code provision C.2.1 as the roles of Chairman and CEO are held by the same person, Mr. Li Yifeng, which the board believes provides strong and consistent leadership during the current development stage[96]. - All directors confirmed compliance with the standards set out in the Appendix 10 of the Listing Rules regarding securities trading throughout the year[97]. - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the year[98]. - The audit committee reviewed the group's annual consolidated financial performance in collaboration with management and external auditors, discussing audit, risk management, and financial reporting matters[99]. - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[101]. - The annual general meeting is scheduled for August 27, 2024, with a suspension of share transfer registration from August 22 to August 27, 2024, to determine shareholder voting rights[102]. - The board consists of two executive directors, Mr. Li Yifeng (Chairman and CEO) and Mr. Chen Wei (Vice President), along with three independent non-executive directors[103]. Dividends - The group did not declare any dividends for the year ending March 31, 2024, consistent with 2023[33]. - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[93].

Revenue Performance - The Group recorded total revenue of approximately HK$15,112,000 for the six-month period ended 30 September 2023, a decrease of 56.1% compared to approximately HK$34,431,000 for the corresponding period[16]. - Revenue from property sales was approximately HK$2,315,000, representing a significant decrease of 91.2% from approximately HK$26,182,000 in the corresponding period[16]. - Management fee income increased to approximately HK$9,889,000, marking a growth of 200.4% compared to approximately HK$3,292,000 for the corresponding period[16]. - The decrease in overall revenue was primarily attributed to a decline in property sales, indicating a need for strategic adjustments in sales and marketing efforts[16]. - For the six months ended September 30, 2023, total revenue from contracts with customers was HK$12,204,000, a decrease of 58.5% compared to HK$29,474,000 for the same period in 2022[138]. - Sales of properties contributed HK$2,315,000, down 91.2% from HK$26,182,000 in the previous year[138]. - Rental income for the period was HK$2,908,000, a decrease of 41.3% from HK$4,957,000 in the same period last year[138]. Financial Losses - The Group experienced a loss on revaluation of investment properties of approximately HK$41,015,000, an increase of 531.9% compared to approximately HK$6,491,000 for the corresponding period[22]. - The loss attributable to equity holders for the reporting period was approximately HK$53,531,000, compared to a profit of approximately HK$1,466,942,000 for the corresponding period[23]. - The Group incurred a loss before tax of HK$63,761,000, compared to a profit of HK$1,465,319,000 in the prior year[94]. - The loss for the period was HK$53,531,000, a stark contrast to the profit of HK$1,466,942,000 reported in the same period last year[94]. - The Group reported a loss attributable to equity holders of HK$53,531,000 for the six months ended 30 September 2023, compared to a profit of HK$1,466,942,000 in the same period of 2022[153]. Property Development and Management - Key projects include the JeShing European City Project and the Qinhuangdao Venice – City of Water Outlets Project, focusing on both commercial and residential developments[15]. - The Group is engaged in the development and operation of featured commercial properties, including tourism and senior care properties[14]. - The Yinchuan Project includes a commercial portion with a gross floor area of 74,350 sq.m, fully owned by the Group[12]. - The residential portion of the Yinchuan Project has a total area of 40,839 sq.m, also fully owned by the Group[12]. - The Qinhuangdao Project has a total gross floor area of 672,110 sq.m, with a 100% attributable interest[12]. - The Group's property management services are a significant part of its business model, contributing to the increase in management fee income[14]. - The Group acquired 100% equity interests in two property management companies, Ningxia Guanling and Wuhan Yuejing, with unaudited revenues of approximately RMB8,330,000 and RMB3,573,000 respectively for the year ended 31 December 2022[32]. - The total property management areas of the newly acquired companies were approximately 330,000 sq.m., 73,816 sq.m., and 26,398 sq.m. as of 30 September 2023[32]. Financing and Capital Management - As of September 30, 2023, the total outstanding principal amount of related party loans was RMB301,800,000 (approximately HK$328,902,000)[24]. - The Group entered into a new loan agreement for an unsecured loan facility of HK$2,000,000,000 at an interest rate of 5% per annum, due for repayment in December 2025[28]. - The Group has a revolving loan facility of RMB2,000,000,000 from a company controlled by a controlling shareholder, with approximately RMB1,990,940,000 remaining unutilised as of 30 September 2023[117]. - The Group plans to continue identifying various financing options to support its working capital and commitments[118]. - The directors are considering the possible disposal of non-core businesses and assets to accelerate property project developments and source additional funds[119]. - The Group aims to control administrative costs to ensure sufficient working capital through at least 30 September 2024[120]. Asset and Liability Management - As of September 30, 2023, non-current assets totaled HK$996,935,000, a decrease of 8.8% from HK$1,093,263,000 as of March 31, 2023[95]. - Current assets increased slightly to HK$1,065,869,000 from HK$1,056,749,000, reflecting a growth of 0.1%[95]. - Total liabilities decreased to HK$1,615,256,000 from HK$1,674,339,000, indicating a reduction of 3.5%[97]. - Net current liabilities improved to HK$456,945,000 from HK$511,791,000, showing a decrease of 10.7%[97]. - Net assets decreased to HK$447,548,000 from HK$475,673,000, a decline of 5.9%[97]. - The issued capital remained stable at HK$1,166,834,000 with no change from the previous period[97]. - Deferred tax liabilities decreased to HK$31,431,000 from HK$42,105,000, a reduction of 25.4%[97]. - Cash and cash equivalents increased to HK$36,003,000 from HK$35,083,000, reflecting a growth of 2.6%[95]. - Trade payables decreased to HK$376,012,000 from HK$389,267,000, a decline of 3.4%[95]. - The company reported a decrease in completed properties held for sale from HK$34,893,000 to HK$25,675,000, a drop of 26.5%[95]. Future Outlook and Strategic Initiatives - The Group's future development will focus on diversifying product mixes in the real estate market, including "residential + commercial" and "residential + senior care"[83]. - The financing environment is expected to remain tight, with national policies emphasizing housing for accommodation rather than speculation[84]. - The Group plans to enhance cooperation with financing institutions and government agencies to activate various projects amid a challenging economic environment[90]. - The Group hosted several large alliance marketing events, significantly increasing mall traffic, with an average of 2,500 views per video on TikTok[52]. - The Group plans to continue exploring various financing options to support its operational funding needs and potential new investments[124]. - The Board is considering the sale of non-core business assets to accelerate project development and obtain additional funding[124]. Project Development Updates - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu, planned to be developed in three phases, with Phase 1 covering approximately 163,227 sq.m. for outlets business, health preservation hotel, resort units, and an exhibition centre[37]. - The Group has obtained construction work planning and commencement permits for Sections A, B, and C of Phase 1, as well as pre-sale permits for the first 59 resort units[41]. - As of September 30, 2023, the Yinchuan Commercial Properties Project achieved an occupancy rate of 89.9% and became one of the largest curtain wholesale bases in the northwest region[48]. - The Yinchuan Commercial Properties consist of three commercial buildings and two corridors, with a total gross floor area of over 90,000 sq.m., featuring building materials and furniture stores, department stores, restaurants, and supermarkets[47]. - The Jin Sheng Yue Jing residential project has completed the main structure of Phase 2, with ongoing installation of elevators and external wall painting[46]. - The Jin Sheng Yue Jing project comprises 20 mid- to high-rise buildings to be developed in 3 phases, with a site area of approximately 120 mu[40]. - The Qinhuangdao Project aims to align with local industrial positioning to become a first-class comprehensive demonstration city for health care and vacation[38]. - The Group plans to build the commercial portion of Phase 1 of the Qinhuangdao Project with concerted efforts from all partners, guided by local government agencies[38].

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之任何損失承擔任何責任。 RICHLY FIELD CHINA DEVELOPMENT LIMITED 裕 田 中 國 發 展 有 限 公 司 （於開曼群島註冊成立及於百慕達持續經營之有限公司） 313 （股份代號： ） 截至二零二三年九月三十日止六個月之 中期業績 裕田中國發展有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二三年九月三十日止六個月期間（「報告期」）之未 經審核簡明綜合中期業績，連同截至二零二二年九月三十日止六個月期間（「相應期 間」）之未經審核比較數字。 簡明綜合損益及其他全面收益報表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 4 15,112 34,431 收益 ...

Financial Performance - The Group recorded total revenue of approximately HK$51,708,000, a decrease of 91.9% compared to approximately HK$637,641,000 for the corresponding year [19]. - Management fee income was approximately HK$5,860,000, representing a decrease of 60.7% from approximately HK$14,923,000 for the corresponding year [19]. - Rental income decreased by 65.9% to approximately HK$10,650,000 from approximately HK$31,225,000 for the corresponding year [19]. - The Group recorded a loss on revaluation of investment properties of approximately HK$3,443,000, a decrease of 78.6% from approximately HK$16,098,000 for the corresponding year [20]. - Finance costs were approximately HK$51,943,000, down 84.4% from approximately HK$332,828,000 for the corresponding year due to the disposal of a group with significant borrowings [22]. - Profit attributable to equity holders for the year amounted to approximately HK$1,421,817,000, compared to a loss of approximately HK$398,884,000 for the corresponding year, driven by a gain on disposal of approximately HK$1.5 billion [22]. - The Group reported a net loss of approximately HK$398.88 million and net current liabilities of approximately HK$1.96 billion as of March 31, 2022, indicating significant uncertainties about its ability to continue as a going concern [94]. - For the fiscal year ended March 31, 2023, the Group reported a net loss of approximately HK$90,801,000, after deducting a one-off non-cash gain on disposal of subsidiaries of approximately HK$1,512,618,000 [110]. Property Development Projects - Key projects include the JeShing European City Project and the Qinhuangdao Venice – City of Water Outlets Project, enhancing the Group's portfolio in high-end residential and commercial properties [14]. - The Yinchuan Project includes a commercial portion with a total floor area of 74,350 sq.m, with phases 1 and 2 completed and available for lease [10]. - The Qinhuangdao Project has a total floor area of 672,110 sq.m, with phase 1 partially completed [10]. - The residential portion of the Yinchuan Project has 40,839 sq.m, with phase 3 completed and sold out [10]. - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu and is planned to be developed in three phases, with Phase 1 covering approximately 163,227 sq.m. [33]. - The main structure of the outlets business in Phase 1 has completed capping, and the exhibition center has been fully constructed and put into use for the sale of Phase 1 resort units [36]. - The Yinchuan Commercial Properties Project consists of three commercial buildings with a total gross floor area of over 90,000 sq.m., featuring building materials and furniture stores, department stores, restaurants, and supermarkets [45]. - The first phase of the Jin Sheng Yue Jing project has completed with only 1 unit unsold, while the third phase's residential units are fully sold out [47]. - The construction of the Qinhuangdao Project was suspended due to slow pre-sales and lack of funds, with no pre-sale proceeds recorded for the fiscal year ended March 31, 2023, down from approximately HK$31.8 million in the previous year [104]. Strategic Focus and Future Plans - The Group's strategic focus includes enhancing its property portfolio through new developments and potential acquisitions [12]. - The Company aims to expand its market presence through the development of tourism properties and senior care properties [13]. - The Group plans to expand its property management business through acquisitions amid a challenging property development market in China [30]. - The Group's strategy includes diversifying its product offerings in the real estate market, focusing on "residential + commercial," "residential + elderly care," and "residential + cultural tourism" combinations [89]. - The Group's future development relies on timely adjustments to industry policies and proactive business planning to improve financial performance [89]. - The Group aims to maximize fund utilization and broaden revenue sources, with property management being a key focus, following the acquisition of two property management companies during the year [92]. Acquisitions and Financing - The Group announced the acquisition of 100% equity interests in two property management companies, with unaudited revenues of approximately RMB8,330,000 and RMB3,573,000 for the year ended 31 December 2022 [28]. - The acquisition of Ningxia Guanling was completed on 7 April 2023, while the acquisition of Wuhan Yuejing is still pending completion [28]. - A new loan agreement was entered into with Jinsheng International Group for an unsecured loan facility of HK$2,000,000,000 at an interest rate of 5% per annum, starting in January 2024 [27]. - The Group signed an unsecured loan financing agreement with a related party for a total principal amount of RMB 2,000,000,000 (approximately HKD 2,284,600,000) at an annual interest rate of 5%, maturing in December 2023, with approximately RMB 1,990,940,000 (approximately HKD 2,274,251,000) remaining undrawn as of March 31, 2023 [29]. - The Group is exploring various financing options, including negotiations with financial institutions and potential new investors, to support its working capital needs [125]. Market Conditions and Challenges - The sentiment of the property market in China was poor, with residential building sales decreasing by 28.3% to RMB11.7 trillion in 2022 compared to 2021 [102]. - The property market regulation is expected to remain tight in 2023, with housing prices stabilizing without substantial fluctuations [87]. - The financing environment is anticipated to tighten further, emphasizing the need for developers to adhere to the "three red lines" policy [86]. - The Group's liquidity remains uncertain due to the volatility of the property sector in Mainland China and the potential lack of continuous support from banks and creditors [132]. - The Group's property development projects faced significant delays or suspensions due to market conditions and liquidity issues, with a supplementary agreement allowing a contractor to defer repayment until cumulative certified works reach RMB200,000,000 [118][120]. Corporate Governance and Management - The Group's auditor issued a disclaimer of opinion on the consolidated financial statements for the year, indicating significant uncertainty regarding the Group's ability to continue as a going concern [112]. - The Audit Committee agreed with management's position that the Company can continue as a going concern despite the Auditor's qualification [139]. - The Company will not pay a final dividend for the year ended 31 March 2023, consistent with the previous year [146]. - The percentage of revenue attributable to the Group's five largest customers was not more than 12% of the total revenue for the year [161]. - The largest supplier accounted for 44% of the Group's purchases cost, while the five largest suppliers combined accounted for 83% [161].

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之任何損失承擔任何責任。 RICHLY FIELD CHINA DEVELOPMENT LIMITED 裕 田 中 國 發 展 有 限 公 司 （於開曼群島註冊成立及於百慕達持續經營之有限公司） 313 （股份代號： ） 截至二零二三年三月三十一日止年度之年度業績 裕田中國發展有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度（「本年度」或「報 告期」）之經審核綜合年度業績，連同截至二零二二年三月三十一日止年度（「相應年 度」）之比較數字及選定說明附註如下： 綜合損益及其他全面收益報表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 ...

Revenue and Financial Performance - The Group recorded total revenue of approximately HK$34,431,000 for the six-month period ended 30 September 2022, representing an increase of 180.5% compared to approximately HK$12,273,000 for the corresponding period[29]. - The increase in revenue was mainly attributed to the completion and delivery of residential units to property owners of the Yinchuan Project[29]. - The profit attributable to equity holders amounted to approximately HK$1,466,942,000, compared to a loss of approximately HK$178,934,000 in the corresponding period, due to a gain on disposal of approximately HK$1.5 billion[34]. - The profit per share for the Reporting Period was HK6.29 cents, compared to a loss of HK0.77 cents per share in the corresponding period[35]. - The financial review indicates a strong performance driven by successful project completions and market demand[29]. - The Group's total comprehensive income for the period was HK$1,365,628,000, compared to a loss of HK$176,739,000 in the same period of 2021, reflecting a strong turnaround[100]. - The gross profit for the same period was HK$3,195,000, compared to HK$928,000 in 2021, indicating a gross profit margin improvement[100]. - The profit before tax for the period was HK$1,465,319,000, a substantial recovery from a loss of HK$184,582,000 in the prior year[100]. - The accumulated losses decreased to HK$(1,999,873,000) as of September 30, 2022, from HK$(3,750,688,000) a year prior, showing improvement in financial performance[110]. Projects and Developments - Key projects include the JeShing European City Project and the Qinhuangdao Venice – City of Water Outlets Project, which are significant developments in the PRC[28]. - The Yinchuan Project includes both commercial and residential components, with a total attributable interest of 100% in various phases[19]. - The residential portion of the Yinchuan Project has completed units available for sale, with a total area of 57,707 sq.m[19]. - The commercial portion of the Yinchuan Project has completed construction and is available for lease, covering an area of 74,350 sq.m[18]. - The Yinchuan Project comprises five parcels of land with a total site area of approximately 133,300 sq.m., featuring a residential and commercial complex[43]. - The Jin Sheng Yue Jing project has a site area of approximately 120 mu and includes 20 mid- to high-rise buildings developed in 3 phases[44]. - The Yinchuan Commercial Properties Project consists of three commercial buildings and two corridors, with a total gross floor area of over 90,000 sq.m.[46]. - The exhibition centre of the Qinhuangdao project has been fully constructed and is now in use for the sale of Phase 1 resort units[40]. - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu and is planned to be developed in three phases[40]. Financial Position and Liquidity - As of September 30, 2022, the Group's cash and bank balances amounted to approximately HK$44,583,000, down from HK$65,981,000 as of March 31, 2022[75]. - The Group's current ratio improved to 0.71 times as of September 30, 2022, compared to 0.62 times as of March 31, 2022[75]. - Total secured and unsecured interest-bearing borrowings were approximately HK$17,437,000 as of September 30, 2022, down from HK$19,444,000 as of March 31, 2022[75]. - The Group's cash and cash equivalents decreased to HK$44,583,000 from HK$65,981,000 as of March 31, 2022, indicating a tighter liquidity position[104]. - The total liabilities decreased to HK$1,561,563,000 from HK$1,722,740,000, suggesting improved financial stability[104]. - Net current liabilities improved to HK$(454,054,000) from HK$(1,955,823,000), indicating better liquidity management[107]. - The Group has unutilized credit facilities of RMB2,000,000,000 from a company controlled by a controlling shareholder, expiring in December 2023, which can be utilized to settle liabilities[125]. Strategic Plans and Market Outlook - The Group's management is optimistic about future growth prospects in the property development sector in the PRC[24]. - The Group plans to strategically roll out diverse product mixes in the real estate market to enhance competitiveness[90]. - The financing environment is expected to remain tight, with a focus on deleveraging and reducing liabilities[91]. - The overall regulation of the property market is expected to remain tight, with housing prices stabilizing, which poses challenges for the Group's revenue sources[96]. - The Group aims to maximize fund utilization and broaden revenue sources to address the challenges posed by high financial costs and a tight financing environment[96]. - The Group is considering the disposal of certain property development projects or seeking other investors to accelerate development and source additional funds[121]. Employee and Operational Changes - The Group employed a total of 85 employees as of September 30, 2022, a decrease from 190 employees as of March 31, 2022[87]. - Staff costs for the six months ended 30 September 2022 amounted to HK$9,588, a decrease of 35.5% from HK$14,935 in 2021[156]. Dividends and Share Capital - The Board did not recommend any interim dividend for the reporting period, consistent with the previous year[89]. - The company has maintained its share capital at HK$1,166,834,000, with no changes reported during the period[110]. Legal and Compliance Issues - A court decision required Ningxia Jinguan to settle a construction payment of approximately RMB21,454,000 and related interest of approximately RMB2,817,000 within 10 days from October 27, 2022[79]. - There are material uncertainties regarding the Group's ability to achieve its plans due to the volatility of the property sector in Mainland China[128].

Financial Performance - The company reported unaudited revenue of HKD 641,520,000 for the year ended March 31, 2022, compared to HKD 603,453,000 for the previous year, representing an increase of approximately 6.5%[4] - The company incurred a net loss of HKD 388,354,000 for the year, slightly improved from a net loss of HKD 415,682,000 in the prior year[4] - The loss attributable to equity holders was approximately HKD 388,354,000, a decrease of 6.6% from approximately HKD 415,682,000 in the previous period[51] - The basic loss per share for the year was HKD 1.66, compared to HKD 1.78 in the corresponding period[51] - The gross loss from investment properties was HKD 38,067,000, a significant increase from a gross gain of HKD 10,712,000 in the previous year[4] Revenue Sources - The group's revenue from property sales for the year 2022 was HKD 595,372,000, a significant increase from HKD 11,117,000 in 2021[27] - Management fee income for 2022 was HKD 14,923,000, compared to HKD 13,513,000 in 2021, indicating a growth in management services[27] - Total customer contract revenue for 2022 reached HKD 610,295,000, up from HKD 24,630,000 in the previous year, reflecting a substantial increase[27] - Rental income for the year was approximately HKD 31,225,000, an increase of 88.8% from approximately HKD 16,538,000 in the previous period[51] Assets and Liabilities - Total current liabilities amounted to HKD 1,688,691,000, a decrease from HKD 5,115,737,000 in the previous year[8] - The company reported a net current liability of approximately HKD 1,933,220,000 as of March 31, 2022[11] - The company’s total assets, after accounting for current liabilities, were reported at HKD 3,831,270,000[6] - The company’s equity deficit increased to HKD 841,530,000 from HKD 384,962,000 in the previous year[8] - Accounts receivable totaled HKD 9,561,000 for the year, compared to HKD 8,062,000 in the previous year, with rental income receivables accounting for HKD 8,979,000[39] Financing and Cash Flow - The company has access to unused loan financing of RMB 2,000,000,000 from related parties, which is not due before December 2023[13] - The company has a cash flow forecast considering ongoing property development projects and expected operating cash flows for the year ending March 31, 2023[13] - The company entered into a new loan agreement for an unsecured loan of RMB 2,000,000,000 (approximately HKD 2,466,000,000) with an interest rate of 5%, maturing in December 2023[52] - The group has a cash and bank balance of approximately HKD 65,981,000 as of March 31, 2022, compared to HKD 57,302,000 in the previous year[77] Project Developments - The company has completed the sale of the Changsha Outlets project, which is expected to improve its financial position post-sale[11] - The company has sold the Changsha Outlets project due to significant financing costs and a tightening financing environment, which made traditional development unfeasible[54] - The sale of the Changsha project was completed on April 14, 2022, after negotiations and agreements among the parties involved, resulting in the target company no longer being a subsidiary of the company[57] - The Qinhuangdao project encompasses over 500,000 square meters of total construction area, integrating high-end resort hotels, healthcare facilities, and entertainment[58] - The company faced delays in the Qinhuangdao project due to changes in land management and COVID-19 impacts, with minimal progress reported during the reporting period[60][63] Market Conditions and Strategy - The real estate market is facing challenges, with population growth trends reversing and tightening regulatory policies impacting future development[86] - The group plans to adjust marketing strategies in response to market changes, focusing on direct channels to attract customers[74] - The company has focused on diversifying its product offerings in the real estate market, including "residential + commercial," "residential + elderly care," and "residential + cultural tourism" to enhance competitiveness[88] Corporate Governance and Compliance - The company has adhered to the corporate governance code but deviated from the requirement that the roles of chairman and CEO should be separated, citing the need for strong and consistent leadership at this development stage[92] - All directors confirmed compliance with the securities trading standards throughout the year[107] - The company did not purchase, sell, or redeem any of its listed securities during the year[108] Future Outlook - The group expects that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on its performance and financial position[19] - The group is considering various additional financing options, including new investors and business partners, to ensure sufficient operating funds for the next twelve months[14] - The company is committed to maintaining financial stability and sustainable operations while exploring new business opportunities outside its main business scope[89] Dividend Policy - The company did not recommend any dividend distribution for the year ended March 31, 2022, consistent with the previous year[38] - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[91] Audit and Reporting - The release of the audited annual results for the year ending March 31, 2022, has been delayed due to COVID-19 lockdowns affecting audit procedures[99] - The company expects to publish its audited annual results and annual report by July 31, 2022[102] - The unaudited annual results announcement and the annual report are expected to be published on the company's website and the stock exchange by the end of July 2022[109]

Financial Performance - The Group recorded total revenue of approximately HK$15,544,000 for the Reporting Period, a decrease of 90.2% compared to approximately HK$158,474,000 for the Corresponding Period[32]. - Management fee income was approximately HK$4,317,000 for the Reporting Period, representing a decrease of 59.2% from approximately HK$10,570,000 for the Corresponding Period[32]. - The Group experienced a loss on revaluation of investment properties amounting to approximately HK$16,892,000 for the Reporting Period, compared to a gain of approximately HK$46,411,000 for the Corresponding Period[36]. - The loss attributable to equity holders was approximately HK$93,805,000, an increase of 52.6% from approximately HK$61,490,000 for the Corresponding Period[36]. - The loss per share for the Reporting Period was HK$0.40 cents, compared to HK$0.26 cents for the Corresponding Period[36]. - Revenue for the six months ended 30 September 2020 was HK$15,544,000, a decrease of 90.2% compared to HK$158,474,000 in 2019[124]. - Gross profit for the same period was HK$3,659,000, down 85.6% from HK$25,500,000 in 2019[124]. - Loss before tax increased to HK$95,889,000, compared to a loss of HK$46,686,000 in the previous year, representing a 105.5% increase in losses[124]. - Loss for the period was HK$93,805,000, compared to HK$61,490,000 in 2019, indicating a 52.5% increase in losses[124]. - Total comprehensive expenses for the period amounted to HK$97,733,000, up from HK$80,080,000 in 2019, reflecting a 22.1% increase[124]. Property Development and Projects - The company reported a significant increase in revenue, achieving a total of 1,191,751 square meters in gross floor area across its properties[15]. - The Changsha Outlets project has a total attributable site area of 483.65 mu, with a completed gross floor area of 386,923 square meters[15]. - Residential Phase 1 of the Changsha Outlets has been completed and delivered, contributing to the overall residential area of 1,104.18 mu (736,117.1 square meters)[15]. - The company anticipates the completion of Residential Phase 3, which includes required educational facilities, by June 2022[15]. - The company is actively expanding its property portfolio, focusing on both commercial and residential developments in Changsha[15]. - The Group is engaged in the development and operation of featured commercial properties, including tourism and senior care properties, as well as high-end residential properties[28]. - Key projects include the Changsha Outlets Project and the Qinhuangdao Venice-the City of Water Outlets Project, which are comprehensive developments in their respective regions[30]. - The Group's property portfolio includes various projects in Yinchuan and Changchun, with significant portions completed and under development[20]. - The Changsha Outlets Project covers an area of approximately 1,500 mu, with a residential portion (Outlets Town) of approximately 500 mu and a commercial portion (Globe Outlets) of approximately 1,000 mu[43]. - The Globe Outlets project has developed nearly 100,000 sq.m. and hosts over 200 renowned fashion retail brands, along with various entertainment and educational facilities[55]. - The Qinhuangdao Venice-City of Water Outlets Project covers approximately 1,077 mu and is planned to be developed in three phases, with Phase 1 covering about 230,000 sq.m.[61]. - The health preservation hotel project has entered into a strategic cooperation agreement with Nanjing Jinling Hotel, with construction expected to commence in the first half of 2021[64]. - The construction of the main structure for Phase 2 of the Jin Sheng Yue Jing project has been completed, with a planned gross floor area of approximately 140,000 sq.m. for Phase 3, comprising 14 buildings[76]. - The Yinchuan Commercial Properties consist of three commercial buildings and two corridors, with a total gross floor area of approximately 95,000 sq.m. and an occupancy rate of 92%[78]. - The residential portion of the Yinchuan Project, Jin Sheng Yue Jing, is planned to have a gross floor area of approximately 221,000 sq.m. and will be developed in three phases[71]. Financial Health and Management - The board of directors highlighted the importance of maintaining strong financial health to support future investments and developments[15]. - The current ratio as of September 30, 2020, was 0.66 times, a decrease from 0.88 times on March 31, 2020, indicating a decline in liquidity[102]. - As of September 30, 2020, the Group's cash and bank balances were approximately HK$43,785,000, up from approximately HK$27,107,000 on March 31, 2020[102]. - The secured and unsecured interest-bearing bank and other borrowings amounted to approximately HK$1,377,776,000 and HK$54,182,000, respectively, as of September 30, 2020[102]. - The Group's property interest with a net carrying amount of approximately HK$2,034,721,000 was pledged to banks for borrowings as of September 30, 2020[102]. - The Group is required to deposit RMB123,000,000 (equivalent to approximately HK$139,974,000) as an additional deposit for Other Loan 5 during the period from 1 July 2019 to 30 June 2020[40]. - The Group breached the terms of certain bank borrowings, including repayment of approximately RMB248,800,000 and placing RMB123,000,000 as pledged deposits, constituting events of default[147]. - The Group is in discussions with lenders for the renewal or extension of repayment terms[147]. - The directors believe the Group will have sufficient working capital to fulfill its financial obligations in the coming twelve months[150]. Strategic Initiatives and Future Outlook - The management discussed future strategies for market expansion and potential acquisitions to enhance growth[15]. - The company is investing in new technologies to improve operational efficiency and property management[15]. - The management provided guidance for the upcoming fiscal year, projecting continued growth in property sales and rental income[15]. - The company emphasized its commitment to sustainable development practices in its ongoing projects[15]. - The Group's strategic focus remains on expanding its commercial operations and enhancing property management services[28]. - The Group is strategically rolling out diverse product mixes such as "residential + commercial" and "residential + senior care" to enhance competitiveness[112]. - The Group plans to innovate product design and enhance the intelligent delivery system to meet diverse customer needs[118]. - The Group will leverage popular marketing channels like live streaming and VR to promote products and mitigate risks associated with traditional sales methods[118]. - Financial alerts will be enhanced to identify operational and financial risks, allowing for proactive management before crises occur[120]. - The Group is actively engaging with potential partners for the Changsha Outlets Project to explore various options amid a tightening financing environment[121]. Market Conditions and Economic Impact - The impact of the COVID-19 pandemic significantly affected construction timelines and revenue recognition during the Reporting Period[32]. - China's GDP experienced a year-on-year decline of 6.8% in Q1 2020, but rebounded with a growth of 3.2% in Q2 and further increased to 4.9% in Q3 2020, indicating a steady recovery[111]. - The real estate industry saw a 6.1% decline in gross products in Q1 2020 due to the pandemic, but the focus of policies remained on the supply side rather than demand stimulation[112].