[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) The company achieved a 391% profit increase to HKD 467 million, driven by investment property gains, with total assets growing to HKD 2.73 billion and improved liquidity [Consolidated Statement of Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, revenue from continuing operations was HKD 152 million, down 37.4%, but profit for the year surged to HKD 467 million, up 391%, primarily due to fair value gains on investment properties Key Figures from Consolidated Statement of Comprehensive Income (HKD thousands) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Continuing Operations** | | | | | Revenue | 151,679 | 242,234 | -37.4% | | Gross Profit | 135,495 | 158,411 | -14.5% | | Fair Value Gain on Investment Properties | 541,176 | 17,038 | +3076.3% | | Profit Before Income Tax | 626,294 | 122,460 | +411.4% | | Profit for the Year | 467,381 | 95,067 | +391.0% | | **Profit Attributable to Owners of the Company** | 256,330 | 51,990 | +393.0% | | **Earnings Per Share (HK cents)** | 23.72 | 5.58 | +325.1% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets increased to HKD 2.73 billion, driven by investment property revaluation and associate interests, with net assets reaching HKD 1.8 billion and the current ratio improving to 5.57 Key Figures from Consolidated Statement of Financial Position (HKD thousands) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 2,302,254 | 1,516,723 | +51.8% | | Of which: Investment Properties | 2,038,373 | 1,507,397 | +35.2% | | Current Assets | 430,698 | 647,945 | -33.5% | | **Total Assets** | **2,732,952** | **2,164,668** | **+26.3%** | | **Liabilities and Equity** | | | | | Current Liabilities | 77,280 | 206,320 | -62.5% | | Non-current Liabilities | 855,720 | 604,285 | +41.6% | | **Total Liabilities** | **933,000** | **810,605** | **+15.1%** | | **Net Assets** | **1,799,952** | **1,354,063** | **+32.9%** | - As of March 31, 2025, the Group's current ratio (current assets/current liabilities) was **5.57**, a significant improvement from **3.14** in 2024[54](index=54&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the significant profit increase driven by fair value gains, outlines strategic business shifts including new ventures, assesses the improved financial position, and discusses future growth prospects [Review of Operating Results](index=19&type=section&id=Operating%20Results) Profit from continuing operations surged to HKD 467 million, primarily due to a HKD 524 million increase in fair value gains on investment properties and HKD 13 million from new associate contributions, partially offset by revenue decline and credit loss impacts - Revenue from continuing operations was approximately **HKD 152 million**, a year-on-year decrease, primarily from port and storage facility rental income (**HKD 151 million**) and new electronic product trading business (**HKD 1 million**)[47](index=47&type=chunk) The oil and liquid chemical trading business has been suspended, which contributed **HKD 78 million** in the prior year[47](index=47&type=chunk) - Profit for the year from continuing operations increased from **HKD 95 million** to **HKD 467 million**, primarily driven by: - An increase in fair value gain on investment properties of approximately **HKD 524 million** - New share of results of associates of approximately **HKD 13 million** Partially offset by: - An increase in deferred tax expense of approximately **HKD 130 million** - A decrease in gross profit of approximately **HKD 23 million** - A reversal of expected credit loss allowance to impairment loss, impacting approximately **HKD 16 million**[49](index=49&type=chunk) [Segment Business Analysis](index=20&type=section&id=Segment%20Business%20Analysis) The Group's core port and storage facility leasing business remains the primary revenue source, with increased stake in Shun Dong Port Services, while new ventures include electronic product trading and a 28% acquisition in a fintech associate, alongside the termination of insurance brokerage and suspension of oil trading - The Group's core asset, Shun Dong Port Services (operating liquid chemical terminals), generated approximately **HKD 151 million** in rental income this year[50](index=50&type=chunk) In April 2025, the Group further acquired a **29.83%** equity interest in Shun Dong Port Services, increasing its total stake to **85%**[51](index=51&type=chunk) - In June 2024, the Group acquired a **28%** interest in Shenzhen Xinheyuan Technology Group for **RMB 200 million**, entering the fintech services market[68](index=68&type=chunk) This associate contributed approximately **HKD 13 million** in profit to the Group this year[68](index=68&type=chunk) - The Group commenced electronic product trading in November 2024[52](index=52&type=chunk) and ceased insurance brokerage services by selling Yigao Wealth Management in October 2023[53](index=53&type=chunk) The oil and liquid chemical trading business was suspended in the previous fiscal year due to declining profit margins from market changes[67](index=67&type=chunk) [Review of Financial Position](index=20&type=section&id=Financial%20Review) At year-end, the Group's financial position was robust, with total assets of HKD 2.73 billion, a reduced gearing ratio of 0.34, significantly lower borrowings of HKD 22 million, and improved liquidity with a current ratio of 5.57 Financial Position Indicators (HKD millions) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | Approx. 2,733 | Approx. 2,165 | | Total Liabilities | Approx. 933 | Approx. 811 | | Gearing Ratio | 0.34 | 0.37 | | Current Ratio | 5.57 | 3.14 | | Bank and Other Borrowings | Approx. 22 | Approx. 160 | | Bank Balances and Cash | Approx. 357 | Approx. 591 | - As of March 31, 2025, the Group had no pledged assets[58](index=58&type=chunk) In the prior year, investment properties valued at approximately **HKD 1.507 billion** were pledged as collateral for bank borrowings[58](index=58&type=chunk) [Future Outlook](index=23&type=section&id=Outlook) The company anticipates its port and storage facilities will remain a core asset for sustainable revenue and profit, while strategically investing in fintech to transition towards "new quality productive forces" and create long-term shareholder value - The company expects port and storage facilities to continue contributing significant revenue and profit to the Group, serving as a driver for sustainable growth[66](index=66&type=chunk) - The Board believes that acquiring an interest in the financial services associate allows the Group to capitalize on the development opportunities in China's credit assessment fintech market, achieving business transformation and creating value for the Group and its shareholders[68](index=68&type=chunk) [Significant Accounting Matters and Notes](index=6&type=section&id=Significant%20Accounting%20Matters%20and%20Notes) This section details the financial statement preparation basis, revenue composition, discontinued operations, significant investments and acquisitions, and the company's dividend policy and earnings per share [Basis of Preparation and Special Matters](index=7&type=section&id=3.%20Basis%20of%20Preparation) Financial statements are prepared under the historical cost convention, with certain financial instruments and investment properties measured at fair value, noting the Group's loss of control over Qinghai Senyuan and Inner Mongolia Senyuan since 2010, leading to their disposal in November 2024 - Due to non-cooperation from the former legal representative and unauthorized transfer of key assets (exploration licenses), the Group lost effective control over Qinghai Senyuan and Inner Mongolia Senyuan, ceasing their consolidation since **2010**[13](index=13&type=chunk)[14](index=14&type=chunk)[16](index=16&type=chunk) - To limit related losses, the Group disposed of the holding companies of Qinghai Senyuan and Inner Mongolia Senyuan on **November 5, 2024**[17](index=17&type=chunk) The Board believes this disposal has no impact on the Group's financial position or operations[17](index=17&type=chunk) [Revenue Analysis](index=8&type=section&id=4.%20Revenue) Total revenue from continuing operations was HKD 152 million, a 37.4% year-on-year decrease, primarily from port and liquid chemical terminal rental income of HKD 151 million, with new electronic product trading contributing HKD 0.99 million Revenue Composition from Continuing Operations (HKD thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Rental income from oil and liquid chemical terminals | 150,691 | 164,143 | | Trading of oil and liquid chemicals | – | 78,091 | | Trading of electronic products | 988 | – | | **Total** | **151,679** | **242,234** | [Discontinued Operations](index=14&type=section&id=10.%20Discontinued%20Operations) On October 12, 2023, the Group completed the disposal of its wholly-owned insurance brokerage subsidiary, Yigao Wealth Management, for HKD 1.162 million, classifying it as a discontinued operation with a gain on disposal of HKD 0.422 million - The Group completed the disposal of Yigao Wealth Management, an insurance brokerage subsidiary, on **October 12, 2023**, for a total consideration of **HKD 1.162 million**, classified as a discontinued operation[32](index=32&type=chunk) - The disposal of Yigao Wealth Management generated a gain of **HKD 0.422 million** and a net cash inflow of **HKD 0.43 million**[33](index=33&type=chunk) [Investments and Acquisitions](index=17&type=section&id=Investments%20and%20Acquisitions) During the year, the Group made strategic investments, acquiring a 28% interest in fintech company Shenzhen Xinheyuan for RMB 200 million, and subsequently increased its stake in core asset Shun Dong Port Services to consolidate control - On **June 17, 2024**, the Group acquired a **28%** effective economic interest in Shenzhen Xinheyuan Technology for **RMB 200 million**, paid with **RMB 120 million** in cash and **RMB 80 million** in promissory notes[41](index=41&type=chunk) The investment cost in the associate was recognized at approximately **HKD 217 million** after the acquisition[42](index=42&type=chunk) - Subsequent to the reporting period, in **April 2025**, the Group completed an acquisition for **HKD 300 million**, increasing its ordinary shareholding in core asset Shun Dong Port Services from approximately **55.17%** to **85%**[44](index=44&type=chunk)[51](index=51&type=chunk) - Subsequent to the reporting period, on **June 30, 2025**, the first batch of promissory notes with a principal of **RMB 14.546 million** vested and will be issued to the vendor, as the associate achieved its profit guarantee[45](index=45&type=chunk) [Dividends and Earnings Per Share](index=16&type=section&id=11.%20Dividends%20%26%2012.%20Earnings%20Per%20Share) The Board does not recommend any dividend for the year ended March 31, 2025; however, basic earnings per share significantly increased to 23.72 HK cents from 5.58 HK cents due to substantial profit growth, with diluted EPS being the same - The Board does not recommend the payment of any dividend for the year ended **March 31, 2025**[35](index=35&type=chunk)[61](index=61&type=chunk) Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD thousands) | 256,330 | 51,990 | | Weighted Average Number of Ordinary Shares (thousands) | 1,080,563 | 932,038 | | **Basic Earnings Per Share (HK cents)** | **23.72** | **5.58** | [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details a significant related party transaction involving new share subscription and confirms the company's adherence to corporate governance code provisions [Connected Transaction: Subscription of New Shares](index=24&type=section&id=Connected%20Transaction%3A%20Subscription%20of%20New%20Shares%20Under%20Specific%20Mandate) On August 30, 2023, the company completed a connected transaction, issuing 360 million new shares at HKD 0.416 per share to Cosmic Shine International Limited, raising HKD 147 million net proceeds fully used for repaying promissory notes and bank loans - The company issued **360 million** new shares to connected party Cosmic Shine International Limited at a subscription price of **HKD 0.416** per share, for a total cash consideration of approximately **HKD 150 million**[69](index=69&type=chunk) This transaction was completed on **August 30, 2023**[70](index=70&type=chunk) Use of Proceeds (HKD millions) | Intended Use | Net Proceeds | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | Repayment of promissory notes | 5.2 | (5.2) | – | | Repayment of bank loans | 141.6 | (141.6) | – | | **Total** | **146.8** | **(146.8)** | **–** | [Corporate Governance Practices](index=25&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company adopted and complied with the Corporate Governance Code provisions under the Listing Rules during the year, establishing an Audit Committee comprising three independent non-executive directors to review accounting principles, internal controls, and financial reporting - The company has consistently complied with the applicable code provisions of the Corporate Governance Code throughout the reporting year[75](index=75&type=chunk) - The Audit Committee, composed of three independent non-executive directors, is responsible for overseeing financial reporting and internal control procedures[77](index=77&type=chunk)

Group 1 - The core viewpoint of the news highlights the recent performance of Energy International Investment, which saw a stock price increase of 8.64% despite a significant decline over the past month and year [1][2] - As of June 26, the Hang Seng Index fell by 0.61%, closing at 24,325.4 points, while Energy International Investment's stock closed at 0.44 HKD per share with a trading volume of 3.5484 million shares [1] - Financial data shows that for the fiscal year ending September 30, 2024, Energy International Investment reported total revenue of 66.406 million HKD, a decrease of 52.83% year-on-year, while net profit attributable to shareholders was 18.8303 million HKD, an increase of 13.34% [1] Group 2 - Currently, there are no institutional investment ratings for Energy International Investment, and its price-to-earnings (P/E) ratio stands at 8.04, ranking 12th in the oil and gas industry [2] - The average P/E ratio for the oil and gas industry is -1.94, with a median of 4.1, indicating that Energy International Investment's valuation is relatively higher compared to some peers [2] - The company's main business includes operating oil and liquid chemical product terminals, providing leasing and logistics services, and offering insurance brokerage services [2]

Share Option Plan - The company has adopted a new share option plan on September 29, 2023, allowing for the subscription of 108,056,289 shares, representing 10% of the existing issued share capital[3] - As of the date of the annual report (June 28, 2024), no share options have been granted under the new share option plan since its adoption[3] - The remaining duration of the share option plan is 9 years and 3 months as of the annual report date[6]

Group 1 - The core viewpoint of the news highlights the recent performance of Energy International Investment, which saw a stock price increase of 12.94% on June 3, closing at 0.48 HKD per share, despite a cumulative decline of 11.46% over the past month and year, underperforming the Hang Seng Index by 15.44% [1] - Financial data indicates that for the period ending September 30, 2024, Energy International Investment reported total revenue of 66.406 million HKD, a decrease of 52.83% year-on-year, while net profit attributable to shareholders was 18.8303 million HKD, an increase of 13.34% [1] - The company has a gross margin of 92.25% and a debt-to-asset ratio of 35.49% [1] Group 2 - Currently, there are no institutional investment ratings for Energy International Investment [1] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the oil and gas sector is -5.71 times, with a median of 4.02 times. Energy International Investment has a P/E ratio of 8.43 times, ranking 15th in the industry [1] - Comparatively, other companies in the sector have the following P/E ratios: Zhujiang Steel Pipe at 0.86 times, CGII Holdings at 4.02 times, Yuga International Holdings at 4.84 times, CITIC Resources at 5.01 times, and Jiaoyun Gas at 5.23 times [1][2]

Core Viewpoint - The forum focused on international cooperation in renewable energy, frontier technology integration, and green finance innovation, emphasizing sustainable development paths and practical cooperation opportunities in the global carbon neutrality process [1][2]. Group 1: Forum Highlights - The second session of the International Financial and Frontier Technology Forum was held in Paris, gathering nearly a hundred representatives from energy companies, financial institutions, and observer organizations from China and France [1]. - The theme of the forum was "Dual Carbon Towards New, Wisdom Born," highlighting the importance of collaboration in the renewable energy sector [1]. - The chairman of the New Energy International Investment Alliance proposed three initiatives: enhancing Sino-European technology cooperation, optimizing international industrial division, and deepening financial empowerment through green bonds and carbon finance [1]. Group 2: Industry Insights - According to the International Energy Agency, the global renewable energy generation capacity is expected to reach 700 GW in 2024, marking the 22nd consecutive year of record growth [2]. - China's renewable energy capacity has surpassed that of thermal power for the first time, indicating a significant shift in the global energy landscape [2]. - The president of Schneider Electric emphasized that renewable energy is crucial for addressing both climate change and energy crises, and the company aims to explore more collaboration opportunities in renewable projects [2]. Group 3: Strategic Recommendations - The president of AA&W Strategic Consulting Group highlighted China's complete renewable energy industry chain and advanced technology as essential for France and Europe in their green transition [3]. - Recommendations included Chinese companies participating in strategic investments in offshore wind and energy storage projects in France, and promoting smart grid technology sharing [3]. - The potential for Sino-French energy cooperation was emphasized, particularly in hydrogen technology and joint solar projects in Africa [3]. Group 4: Alliance Overview - The New Energy International Investment Alliance, established in 2018, integrates leading companies in wind, solar, and energy storage, aiming to create an international cooperation platform for renewable energy [4]. - Since its inception, the alliance has incubated projects totaling 20 GW and has actively supported the Belt and Road Initiative, promoting Chinese solutions, technologies, and equipment globally [4].

Group 1 - The company Energy International Investments (00353) plans to acquire 100% of the issued share capital of Xunli Chuangtou Co., Ltd. for a consideration of HKD 300 million, on a debt-free basis, through its indirect wholly-owned subsidiary Mission Achiever Limited [1] - Upon completion of the acquisition, the target company will become a wholly-owned subsidiary of the company, allowing it to control 85% of Shun Dong Port's ordinary shares, enhancing its operational control [1] - Shun Dong Port is a key operating subsidiary of the company, holding two sea area usage rights covering approximately 31.59 hectares in Dongying Port, Shandong Province, China, for land reclamation and construction purposes [1] Group 2 - The acquisition is seen as a valuable opportunity to increase the company's ordinary shareholding in Shun Dong Port, enabling it to retain more profits for distribution to shareholders and receive a larger share of dividends [2] - The acquisition will elevate the company's ordinary shareholding to over two-thirds, enhancing control over Shun Dong Port and streamlining decision-making processes related to capital increases or amendments to the company's articles of association [2] - This strategic move aligns with the company's business objectives and facilitates timely implementation of its strategic plans [2]

Group 1 - The Hang Seng Index rose by 0.38% to close at 23,206.84 points on April 1 [1] - Energy International Investment (00353.HK) closed at HKD 0.44 per share, up 8.64%, with a trading volume of 3.318 million shares and a turnover of HKD 1.4064 million, showing a volatility of 8.64% [1] - Over the past month, Energy International Investment has seen a cumulative increase of 14.08%, but a year-to-date decline of 15.62%, underperforming the Hang Seng Index by 15.25% [1] Group 2 - For the fiscal year ending September 30, 2024, Energy International Investment reported total revenue of HKD 66.406 million, a decrease of 52.83% year-on-year; net profit attributable to shareholders was HKD 18.8303 million, an increase of 13.34% year-on-year; gross margin stood at 92.25%, and the debt-to-asset ratio was 35.49% [1] - Currently, there are no institutional investment ratings for Energy International Investment [2] - The average price-to-earnings (P/E) ratio for the oil and gas industry is 33.54 times, with a median of 5.28 times; Energy International Investment has a P/E ratio of 8.04 times, ranking 14th in the industry [2] - The main business of Energy International Investment includes operating and leasing oil and liquid chemical product terminals, along with storage and logistics facilities, and providing agency services and trading of oil and liquid chemical products [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$73,638,000, a decrease of 52.8% compared to HK$156,099,000 in the same period of 2023[8] - Gross profit for the same period was HK$67,928,000, down from HK$76,309,000, reflecting a gross margin decline[8] - Profit for the period from continuing operations was HK$36,664,000, an increase of 10.8% from HK$33,261,000 in the previous year[8] - Total comprehensive income for the period was HK$63,763,000, compared to a loss of HK$38,850,000 in the same period last year[10] - For the six months ended September 30, 2024, the company reported a profit of HK$20,881,000, an increase from HK$18,424,000 in the previous period[32][33] - Total profit before income tax for the period from continuing operations was HK$47,941,000, up from HK$44,128,000 in 2023, indicating a growth of about 6.4%[66] - Profit for the period attributable to the owners of the Company for continuing operations was HK$20,881,000, compared to HK$18,676,000 for the same period in 2023, representing an increase of approximately 11.8%[99] Cash Flow and Liquidity - Cash and cash equivalents decreased to HK$360,801,000 from HK$590,722,000, indicating a reduction of 38.9%[12] - Net cash generated from operating activities was HK$77,488, a decrease of 51.2% from HK$158,761 in the previous year[47] - Net cash used in investing activities was HK$516,047, a substantial increase compared to HK$1,590 in the same period last year[47] - Net cash used in financing activities amounted to HK$145,896, contrasting with a cash generation of HK$132,635 in the prior year[47] - Cash and cash equivalents at the end of the period were HK$6,401, a significant decrease from HK$363,710 at the end of the previous period[47] - The Group's total liabilities decreased from HK$811 million as of March 31, 2024 to approximately HK$780 million as of September 30, 2024[164] - The Group's total bank deposits and cash in hand were approximately HK$361 million as of 30 September 2024, down from HK$591 million as of 31 March 2024[142] Assets and Liabilities - The company reported a net current asset value of HK$326,236,000, down from HK$441,625,000 as of March 31, 2024[12] - Total equity as of September 30, 2024, reached HK$1,417,826,000, up from HK$1,354,063,000 as of March 31, 2024, reflecting a growth of approximately 4.7%[33] - The company's net assets increased to HK$1,417,826,000 as of September 30, 2024, compared to HK$1,354,063,000 as of March 31, 2024, indicating a rise of about 4.7%[33] - Reportable segment assets decreased from HK$2,118,778,000 as of March 31, 2024, to HK$1,955,326,000 as of September 30, 2024, representing a decline of approximately 7.7%[68] - Consolidated total assets increased from HK$2,164,668,000 as of March 31, 2024, to HK$2,197,746,000 as of September 30, 2024, reflecting a growth of about 1.5%[68] Expenses - Selling and distribution expenses increased to HK$10,052,000 from HK$9,488,000, reflecting a rise of 5.9%[8] - Administrative expenses decreased to HK$15,180,000 from HK$18,807,000, showing a reduction of 19.4%[8] - Interest expense on bank and other borrowings decreased from HK$4,526,000 in 2023 to HK$3,481,000 in 2024, a reduction of about 23.1%[81] - Income tax expenses increased from HK$10,867,000 in 2023 to HK$11,277,000 in 2024, representing an increase of approximately 3.8%[81] Shareholder Information - The total number of issued ordinary shares is 1,080,562,890 as of September 30, 2024[171] - The weighted average number of ordinary shares for the purpose of basic earnings per share increased to 1,080,563,000 from 783,514,000, reflecting a significant increase in share issuance[99] - The Company did not recommend any payment of interim dividends during the period, consistent with the previous year[105] - The Board did not recommend any interim dividend for the six months ended 30 September 2023, which is Nil[165] Strategic Developments - The Group's principal activities include leasing oil and liquefied chemical terminals, along with storage and logistics facilities[19] - The Group's management discussion and analysis section provides insights into financial performance and strategic direction[22] - The Group acquired a 28% effective interest in a PRC company for a total consideration of RMB200,000,000, with RMB120,000,000 paid in cash and RMB80,000,000 through promissory notes[127] - The acquisition is part of the Company's strategy to balance risk and seize business opportunities in line with the PRC's promotion of "new quality productive forces"[146] - The investment in the Opco Group is expected to enhance the Company's market position in the fintech sector in China[146] Legal and Compliance - The financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, requiring management to make judgments and estimates affecting reported amounts[19] - The Group's financial position and performance are subject to changes in accounting policies due to amendments in Hong Kong Financial Reporting Standards[19] - The Group's interim financial statements are presented in Hong Kong dollars (HK$), with all values rounded to the nearest thousand (HK$'000)[50] Management and Governance - The remuneration of key management personnel increased to HK$2,107,000 for the six months ended 30 September 2024, up from HK$1,875,000 in the previous year[160] - The Audit Committee comprises three independent non-executive Directors and is chaired by Mr. Tang Qingbin, responsible for reviewing the Group's accounting principles and financial reporting matters[199] - The remuneration committee currently comprises three independent non-executive directors and one executive director, responsible for reviewing and evaluating remuneration packages[180]

Financial Performance - The company reported revenue from continuing operations of HKD 73,638,000 for the six months ended September 30, 2024, a decrease from HKD 156,099,000 in the previous year[2]. - Gross profit from sales and services was HKD 67,928,000, compared to HKD 76,309,000 in the prior period, reflecting a decline in profitability[2]. - The net profit attributable to the company's owners for the period was HKD 20,881,000, up from HKD 18,424,000 year-over-year, indicating a growth of approximately 13.4%[4]. - Basic and diluted earnings per share for continuing operations were HKD 1.93, compared to HKD 2.35 in the previous year, representing a decrease of about 17.9%[4]. - Total comprehensive income for the period was HKD 63,763,000, compared to a loss of HKD 38,850,000 in the previous year, showing a significant turnaround[10]. - The total profit for the six months ended September 30, 2024, is HKD 54,058,000, compared to HKD 54,869,000 for the same period in 2023, representing a decrease of approximately 1.5%[48]. - The group's profit before tax from continuing operations for the period is HKD 47,941,000, up from HKD 44,128,000 in the previous year, indicating an increase of approximately 6.4%[48]. Assets and Liabilities - Non-current assets increased to HKD 1,808,405,000 as of September 30, 2024, from HKD 1,516,723,000 at the end of the previous reporting period[17]. - Current liabilities decreased to HKD 63,105,000 from HKD 206,320,000, indicating improved liquidity management[17]. - The company’s total equity increased to HKD 1,417,826,000 from HKD 1,354,063,000, reflecting a growth in shareholder value[19]. - The total assets for the company as of September 30, 2024, were HKD 1,955,326,000, reflecting a decrease from HKD 2,118,778,000 as of March 31, 2024[45]. - The company’s total liabilities as of September 30, 2024, were HKD 685,839,000, showing a decrease from HKD 793,288,000 as of March 31, 2024[45]. - The group’s debt-to-equity ratio improved to 0.35 as of September 30, 2024, from 0.37 as of March 31, 2024[74]. - The current ratio of the group increased to 6.17 as of September 30, 2024, compared to 3.14 as of March 31, 2024[74]. Revenue and Income Sources - Interest income from continuing operations increased significantly to HKD 4,438,000, up 195.9% from HKD 1,500,000 in the previous year[39]. - The company reported a significant increase in bank interest income to HKD 3,799,000, compared to HKD 723,000 in the previous year[39]. - The company recorded a net loss from fair value of financial assets of HKD 10,052,000, compared to a loss of HKD 9,488,000 in the prior year[40]. - The company recorded a net impairment loss reversal for trade receivables was HKD 1,848,000, indicating a positive trend in credit risk management[40]. - The interest income from other sources decreased significantly to HKD 2,000 from HKD 779,000, a decline of approximately 99.7%[48]. Corporate Actions and Strategy - The company continues to focus on its core business of operating oil and liquid chemical product terminals along with storage and logistics facilities[21]. - Future strategies may include market expansion and potential new product developments, although specific details were not disclosed in the report[21]. - The company has ceased its insurance brokerage services in Hong Kong as of October 12, 2023, focusing on its core business in oil and liquid chemical products[43]. - The company plans to continue expanding its operations in China, leveraging its port and storage facilities in Shandong Province[43]. - The group completed the sale of its subsidiary, Yikou Financial Consulting Limited, for HKD 1,162,000 on October 12, 2023, marking a strategic exit from the insurance brokerage service segment[56]. Governance and Compliance - The company has adopted all revised Hong Kong Financial Reporting Standards for the preparation of the interim financial statements, effective from April 1, 2024, without significant changes to accounting policies or reported amounts[26]. - The company has not experienced significant changes in the presentation of its interim financial statements due to the application of the revised standards[26]. - The company has adopted and consistently adhered to the applicable corporate governance code provisions during the reporting period[96]. - The audit committee is currently composed of three independent non-executive directors, responsible for reviewing the group's accounting principles and financial reporting matters[98]. Significant Events - The company lost control over Qinghai Senyuan Mining Development Co., Ltd. and Inner Mongolia Senyuan Mining Development Co., Ltd., and will no longer consolidate these entities in its financial statements[31]. - The company is seeking to enforce a court ruling to regain control over Qinghai Senyuan and Inner Mongolia Senyuan following a final judgment from a Chinese court[32]. - The company has indicated that the sale of the holding companies of Qinghai Senyuan and Inner Mongolia Senyuan on November 5, 2024, will not further impact its financial position or operations[32]. - The company reported significant events and transactions affecting its financial condition since the publication of the annual financial statements for the year 2023/2024[23]. Employment and Commitments - As of September 30, 2024, the group employed 66 full-time employees, a slight decrease from 67 as of March 31, 2024[81]. - As of September 30, 2024, the group has capital commitments of approximately HKD 10,000,000, an increase from HKD 9,000,000 as of March 31, 2024[77]. - As of September 30, 2024, the group has no significant contingent liabilities[76]. - As of September 30, 2024, the group has no asset pledges, while investments totaling approximately HKD 1,507,000,000 were pledged as of March 31, 2024[78].

[Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) [Business Review and Outlook](index=5&type=section&id=Business%20Review) The Chairman reviewed the Group's core business of oil and liquid chemical product terminal leasing and operations, and highlighted a strategic investment in a Chinese credit assessment fintech company in June 2024. Despite a decline in current year revenue and profit due to prior year non-recurring gains, the Chairman remains optimistic about the Group's long-term sustainable development and transition towards 'new quality productive forces' | Metric (Continuing Operations) | FY2024 (HKD Million) | FY2023 (HKD Million) | | :--- | :--- | :--- | | Revenue | 242 | 367 | | Gross Profit | 158 | 162 | | Profit | 95 | 127 | - Profit decline primarily due to a high comparative base from a non-recurring gain of approximately **HKD 63 million** from 'net gain on derecognition of financial assets and liabilities' recorded in FY2023[146](index=146&type=chunk)[151](index=151&type=chunk) - The core business of 'Port and Storage Facilities' leasing remained stable, with 14 gas tanks self-operated since August 2023, contributing approximately **HKD 37 million** in rental income[130](index=130&type=chunk)[146](index=146&type=chunk) - On June 17, 2024, the company acquired a **28% effective interest** in a Chinese credit assessment fintech company for **RMB 200 million**, aiming to transition from traditional industries to 'new quality productive forces' for long-term sustainable development[147](index=147&type=chunk)[2](index=2&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Operating Results](index=8&type=section&id=Operating%20Results) This fiscal year, the Group's continuing operations revenue decreased by **34%** to **HKD 242 million**, primarily due to reduced oil and liquid chemical product trading, while gross profit slightly declined to **HKD 158 million** and profit from continuing operations fell to **HKD 95 million** due to prior year non-recurring gains | Continuing Operations (HKD Million) | FY2024 | FY2023 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | **242** | **367** | **-34%** | | Port and Storage Facilities Leasing Income | 164 | 157 | +4.5% | | Agency Services and Trading Income | 78 | 209 | -62.7% | | **Gross Profit** | **158** | **162** | **-2.5%** | | **Profit for the Year** | **95** | **127** | **-25.2%** | [Business Review](index=10&type=section&id=Business%20Review) The Group's core business, operating liquid chemical product terminals and storage facilities, contributed approximately **HKD 164 million** in rental income, with the Group increasing its stake in Shundong Port to **55.17%** in July 2022 and terminating its insurance brokerage services in October 2023 - The Group completed a further acquisition of Shundong Port in July 2022, increasing its equity stake from **46.67%** to **55.17%**[145](index=145&type=chunk) - On October 12, 2023, the Group completed the disposal of Yigao Wealth Management, thereby terminating its insurance brokerage services business[145](index=145&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) As of March 31, 2024, the Group's financial position strengthened with total assets at **HKD 2.165 billion**, total liabilities at **HKD 811 million**, and improved liquidity, as evidenced by a current ratio of **3.14** and bank balances of **HKD 591 million**, with **HKD 1.507 billion** in investment properties pledged for borrowings | Financial Position (HKD Million) | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Total Assets | 2,165 | 1,999 | | Total Liabilities | 811 | 826 | | Gearing Ratio | 0.37 | 0.41 | | Current Ratio | 3.14 | 1.95 | | Bank Balances and Cash | 591 | 83 | - As of March 31, 2024, approximately **HKD 1.507 billion** of the Group's total investment properties were pledged to secure bank borrowings[153](index=153&type=chunk) [Future Plan and Prospects](index=12&type=section&id=Future%20Plan%20and%20Prospects) The Group plans to sustain income from port and storage facilities through leasing and self-operation, with a key **RMB 200 million** investment in a Chinese fintech company in June 2024 marking a strategic transition towards 'new quality productive forces' for long-term sustainable development - The Group began leasing self-operated gas tanks to independent third parties on August 1, 2023, generating approximately **HKD 37 million** in rental income this fiscal year[163](index=163&type=chunk) - On June 17, 2024, the company acquired a **28% effective interest** in a Chinese fintech company engaged in credit assessment, fund matching, and technology services for **RMB 200 million**, aiming to enter the rapidly developing fintech solutions market[2](index=2&type=chunk)[157](index=157&type=chunk) [Biographical Details of Directors](index=14&type=section&id=Biographical%20Details%20of%20Directors) [Executive Directors](index=15&type=section&id=Executive%20Directors) The executive director team, including Chairman Mr. Cao Sheng and CEO Mr. Liu Yong, consists of six members with extensive experience in economic management, finance, accounting, investment, and corporate management - Mr. Cao Sheng, **51 years old**, was appointed Chairman of the Board in April 2022, possessing years of management experience in the shipping, offshore, and business consulting sectors[186](index=186&type=chunk) - Mr. Liu Yong, **49 years old**, was appointed Executive Director and Chief Executive Officer in April 2022, with extensive financial and management experience in Chinese government agencies and private enterprises[186](index=186&type=chunk) - Mr. Luo Yingnan, **34 years old**, was appointed Executive Director in April 2023, holding a Master's degree in Finance and possessing senior management experience in fund management, asset management, and the petrochemical energy industry[187](index=187&type=chunk) [Independent Non-Executive Directors](index=17&type=section&id=Independent%20Non-Executive%20Directors) The independent non-executive director team, comprising three members, provides independent judgment and oversight to the Board, leveraging their expertise in accounting, auditing, investment, and international management - Mr. Tang Qingbin, **60 years old**, is a member of the Chinese Institute of Certified Public Accountants, with over **20 years of experience** in accounting and auditing[5](index=5&type=chunk) - Mr. Wang Jinghua, **42 years old**, holds degrees in Economics and Finance and International Management, with extensive experience in investment and contracts for urban construction projects[5](index=5&type=chunk) - Mr. Feng Nanshan, **47 years old**, is a practicing accountant in Hong Kong and a Certified Public Accountant in Australia, with extensive experience in auditing, accounting, and taxation[6](index=6&type=chunk) [Corporate Governance Report](index=18&type=section&id=Corporate%20Governance%20Report) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The Board, comprising six executive and three independent non-executive directors, complies with listing rules, though one independent non-executive director missed the 2023 AGM; the company commits to appointing at least one female director by December 31, 2024, to enhance diversity - The Board consists of **9 members**, including **6 executive directors** and **3 independent non-executive directors**, complying with listing rule requirements[193](index=193&type=chunk) - The company complied with the Corporate Governance Code, but Independent Non-Executive Director Mr. Wang Jinghua's absence from the Annual General Meeting on September 29, 2023, constituted a deviation[7](index=7&type=chunk) - To enhance gender diversity, the Nomination Committee plans to recommend and nominate at least one female director to the Board by December 31, 2024[197](index=197&type=chunk) | Director Name | Board Meetings | Remuneration Committee | Nomination Committee | Audit Committee | General Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Cao Sheng | 5/5 | Not Applicable | Not Applicable | Not Applicable | 2/2 | | Mr. Liu Yong | 4/5 | Not Applicable | Not Applicable | Not Applicable | 2/2 | | Mr. Chen Weizhang | 5/5 | 1/1 | 1/1 | Not Applicable | 2/2 | | Mr. Lan Yongqiang | 5/5 | Not Applicable | Not Applicable | Not Applicable | 1/2 | | Mr. Shi Jun | 5/5 | Not Applicable | Not Applicable | Not Applicable | 2/2 | | Mr. Luo Yingnan | 5/5 | Not Applicable | Not Applicable | Not Applicable | 2/2 | | Mr. Tang Qingbin | 5/5 | 1/1 | 1/1 | 3/3 | 2/2 | | Mr. Wang Jinghua | 4/5 | 1/1 | 1/1 | 1/3 | 1/2 | | Mr. Feng Nanshan | 5/5 | 1/1 | 1/1 | 3/3 | 2/2 | [Board Committees](index=26&type=section&id=Board%20Committees) The company has Remuneration, Nomination, and Audit Committees; the Remuneration and Nomination Committees each include three independent non-executive directors and one executive director, while the Audit Committee, chaired by Mr. Tang Qingbin, comprises three independent non-executive directors and held three meetings to review financial statements and internal controls - The Remuneration Committee comprises **three independent non-executive directors** and **one executive director**, responsible for reviewing the remuneration of directors and senior management[19](index=19&type=chunk) - The Nomination Committee comprises **three independent non-executive directors** and **one executive director**, responsible for advising the Board on director appointments and succession matters[19](index=19&type=chunk) - The Audit Committee comprises **three independent non-executive directors**, chaired by Mr. Tang Qingbin, and held **three meetings** during the year to review financial statements and assess the effectiveness of risk management and internal control systems[20](index=20&type=chunk) [Shareholder Rights and Communication](index=30&type=section&id=Shareholder%20Rights%20and%20Communication) The company ensures effective shareholder communication via annual reports, announcements, its website, and general meetings, allowing written questions to the Board and outlining procedures for shareholders holding at least **10%** of paid-up capital to convene extraordinary general meetings or nominate directors - The company has established various channels for shareholder communication, including corporate communications, website announcements, and general meetings, and provides a dedicated contact email[40](index=40&type=chunk) - Pursuant to Article 64 of the Company's Articles of Association, shareholders holding not less than **one-tenth** of the paid-up capital of the company may request in writing to convene an extraordinary general meeting[24](index=24&type=chunk) - Shareholders may submit a written notice to the company's principal place of business or registered office at least **seven clear days** before the date of a general meeting to nominate another person for election as a director[24](index=24&type=chunk) [Report of the Directors](index=32&type=section&id=Report%20of%20the%20Directors) [Principal Activities and Financial Summary](index=33&type=section&id=Principal%20Activities%20and%20Financial%20Summary) The Group's principal activities include investment holding and leasing/trading of oil and liquid chemical product terminals, with insurance brokerage services terminated during the year; FY2024 revenue was **HKD 242 million** and profit **HKD 95.24 million**, while net assets increased to **HKD 1.354 billion** - The Company's principal business is investment holding, with its main subsidiaries engaged in leasing oil and liquid chemical product terminals, providing agency services, and trading oil and liquid chemical products. Insurance brokerage services ceased operations on October 12, 2023[43](index=43&type=chunk) | Financial Indicators (HKD Thousand) | FY2024 | FY2023 | | :--- | :--- | :--- | | Revenue | 242,245 | 366,770 | | Profit for the Year | 95,237 | 126,263 | | Total Assets | 2,164,668 | 1,998,801 | | Total Liabilities | 810,605 | 825,662 | | Net Assets | 1,354,063 | 1,173,139 | [Connected Transaction and Use of Proceeds](index=35&type=section&id=Connected%20Transaction%20and%20Use%20of%20Proceeds) On August 30, 2023, the company issued **360 million** new shares to connected person Cosmic Shine International Limited for approximately **HKD 149.8 million**; of the **HKD 146.8 million** net proceeds, **HKD 17.2 million** was used to repay debt, leaving **HKD 129.6 million** unutilized - On August 30, 2023, the company completed the issuance of **360 million** ordinary shares to connected party Cosmic Shine International Limited at a subscription price of **HKD 0.416** per share, for a total consideration of approximately **HKD 149.8 million**[28](index=28&type=chunk) | Use of Proceeds (HKD Million) | Net Proceeds | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | Repayment of Acceptance Bills | 5.2 | 5.2 | – | | Repayment of Bank Loans | 141.6 | 12.0 | 129.6 | | **Total** | **146.8** | **17.2** | **129.6** | [Major Customers and Suppliers](index=37&type=section&id=Major%20Customers%20and%20Suppliers) The Group's business exhibits high concentration, with the top five customers accounting for **99.2%** of total sales and the largest customer **52.5%**, while the top five suppliers represented **96.7%** of total purchases, with the largest supplier at **92.4%** - Sales to the top five customers accounted for **99.2%** of total sales, with the largest customer representing **52.5%**[30](index=30&type=chunk) - Purchases from the top five suppliers accounted for **96.7%** of total purchases, with the largest supplier representing **92.4%**[30](index=30&type=chunk) [Directors' and Substantial Shareholders' Interests](index=39&type=section&id=Directors%27%20and%20Substantial%20Shareholders%27%20Interests) As of March 31, 2024, Executive Directors Mr. Cao Sheng and Mr. Liu Yong, through controlled entities, collectively held **575,431,372 shares**, representing **53.25%** of the issued share capital; a new share option scheme was adopted on September 29, 2023, but no options were granted during the year - Executive Directors Mr. Cao Sheng and Mr. Liu Yong, through controlled corporations, collectively held **575,431,372 shares**, representing **53.25%** of the issued share capital[227](index=227&type=chunk)[229](index=229&type=chunk) - The company adopted a new share option scheme on September 29, 2023, with an authorized limit of **108,056,289 shares**. No share options were granted, exercised, cancelled, or lapsed during the current year[86](index=86&type=chunk)[88](index=88&type=chunk) [Independent Auditor's Report](index=45&type=section&id=Independent%20Auditor%27s%20Report) [Auditor's Opinion](index=46&type=section&id=Auditor%27s%20Opinion) Crowe (HK) CPA Limited issued an unmodified opinion on the company's consolidated financial statements for the year ended March 31, 2024, confirming they present a true and fair view of the Group's financial position, performance, and cash flows, in compliance with Hong Kong Companies Ordinance disclosure requirements - The auditor, Crowe (HK) CPA Limited, issued an unmodified opinion[106](index=106&type=chunk) [Key Audit Matters](index=47&type=section&id=Key%20Audit%20Matters) The auditor identified two key audit matters: the valuation of investment properties, involving significant assumptions, and the fair value measurement of financial liabilities (preference shares) at fair value through profit or loss, requiring significant management estimates, for which appropriate audit procedures were performed - Key Audit Matter One: Valuation of investment properties. As of March 31, 2024, the carrying amount of the Group's investment properties was **HKD 1.507 billion**, and their valuation involves significant assumptions and judgments[97](index=97&type=chunk)[112](index=112&type=chunk) - Key Audit Matter Two: Fair value measurement of financial liabilities at fair value through profit or loss (preference shares). As of March 31, 2024, the fair value of these preference shares was **HKD 379 million**, and their fair value determination involves significant management estimates[113](index=113&type=chunk)[116](index=116&type=chunk) [Consolidated Financial Statements](index=54&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=54&type=section&id=Consolidated%20Income%20Statement) For the year ended March 31, 2024, the Group's continuing operations revenue decreased by **34%** to **HKD 242 million**, with profit for the year at **HKD 95.24 million**, down **24.7%**, and basic earnings per share significantly lower at **5.58 HK cents** due to prior period non-recurring gains | Item (HKD Thousand) | FY2024 | FY2023 (Restated) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 242,234 | 366,757 | | Gross Profit | 158,411 | 162,268 | | Profit for the Year | 95,067 | 126,783 | | **Discontinued Operations** | | | | Profit/(Loss) for the Year | 170 | (520) | | **Total Profit for the Year** | **95,237** | **126,263** | | Profit Attributable to Owners of the Company | 51,990 | 89,308 | | Basic Earnings Per Share (HK Cents) | 5.58 | 12.39 | [Consolidated Statement of Financial Position](index=57&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets increased to **HKD 2.165 billion**, primarily due to a significant rise in cash and cash equivalents to **HKD 591 million**, while total liabilities slightly decreased to **HKD 811 million**, and shareholders' equity increased to **HKD 1.354 billion**, reflecting an improved financial structure | Item (HKD Thousand) | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Non-current Assets** | **1,516,723** | **1,572,184** | | Investment Properties | 1,507,397 | 1,565,499 | | **Current Assets** | **647,945** | **426,617** | | Cash and Cash Equivalents | 590,722 | 83,092 | | **Total Assets** | **2,164,668** | **1,998,801** | | **Current Liabilities** | **206,320** | **219,185** | | **Non-current Liabilities** | **604,285** | **606,477** | | Preference Shares | 379,015 | 378,234 | | **Total Liabilities** | **810,605** | **825,662** | | **Net Assets** | **1,354,063** | **1,173,139** | [Consolidated Statement of Cash Flows](index=60&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) During the year, net cash generated from operating activities significantly increased to **HKD 346 million**, while investing activities generated **HKD 53.39 million** and financing activities **HKD 114 million**, leading to a substantial increase in year-end cash and cash equivalents to **HKD 591 million** | Item (HKD Thousand) | FY2024 | FY2023 (Restated) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 346,367 | 101,630 | | Net Cash Generated from Investing Activities | 53,391 | 55,054 | | Net Cash Generated From/(Used In) Financing Activities | 114,005 | (128,094) | | **Net Increase in Cash and Cash Equivalents** | **513,763** | **28,590** | | Cash and Cash Equivalents at Beginning of Year | 83,092 | 57,915 | | **Cash and Cash Equivalents at End of Year** | **590,722** | **83,092** |