[Corporate Information](index=2&type=section&id=Corporate%20Information) Provides core corporate details including registration, offices, board members, advisors, auditors, and bankers [Chairman's Statement](index=4&type=section&id=Chairman's%20Statement) Reviews FY2025 performance and strategy, noting profit growth from investment property gains despite revenue decline, and new financial services expansion [Business Review and Financial Performance](index=5&type=section&id=Chairman's%20Statement-Business%20Review) Group adjusted business, terminating insurance brokerage and suspending oil trading, while adding electronic product trading; profit surged due to investment property fair value gains - Group business structure adjustment: Insurance brokerage services were terminated in FY2024, and oil and liquid chemical product trading was suspended. Electronic product trading business was added in November 2024[15](index=15&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) Financial Indicators (Continuing Operations) | Financial Indicator (Million HKD) | 2025 Fiscal Year | 2024 Fiscal Year | Year-on-Year Change (Million HKD) | | :--- | :--- | :--- | :--- | | Revenue | 152 | 242 | -90 | | Gross Profit | 135 | 158 | -23 | | Profit for the Year | 467 | 95 | +372 | - The significant profit growth was primarily driven by an approximate **HKD 524 million** increase in fair value gain on investment properties and an approximate **HKD 13 million** contribution from share of results of an associate[27](index=27&type=chunk)[30](index=30&type=chunk) - The Group's core asset, the port and storage facilities in Dongying Port, Shandong, saw a change in its leasing business model. From August 1, 2023, the Group took back and began self-operating 14 gas tanks, while continuing to lease other facilities to existing operators, signing a supplementary agreement in December 2024 to extend the lease until 2030 and increase rent[17](index=17&type=chunk)[18](index=18&type=chunk)[23](index=23&type=chunk) [Prospects](index=7&type=section&id=Chairman's%20Statement-Prospects) Optimistic outlook for core terminal business and new fintech venture, aiming for diversified, sustainable growth and leveraging "new quality productive forces" - The Group expects its core asset, the port and storage facilities, to remain a primary source of revenue and profit, providing sustained growth momentum[31](index=31&type=chunk) - The Group completed a significant acquisition on June 17, 2024, acquiring a **28%** economic interest in a Chinese fintech company (Opco Group) for **RMB 200 million**, officially entering the financial services sector to diversify business and capitalize on China's "new quality productive forces" opportunities[32](index=32&type=chunk) - The newly acquired fintech business contributed approximately **HKD 13 million** in profit to the Group during the year, demonstrating a positive initial return on investment[32](index=32&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) Details operating results, business review, financial position, and future outlook, highlighting profit growth from property revaluation and strategic expansion into fintech [Operating Results](index=8&type=section&id=Management%20Discussion%20and%20Analysis-Operating%20Results) Revenue decreased due to suspended oil trading, but profit significantly increased from investment property fair value gains and associate contributions Revenue Sources (Continuing Operations) | Revenue Source (Continuing Operations) (Million HKD) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Port and Storage Facility Leasing | 151 | 164 | | Electronic Product Trading | 1 | 0 | | Oil and Liquid Chemical Product Trading | 0 | 78 | | **Total** | **152** | **242** | - Despite the revenue decrease, profit for the year from continuing operations increased from **HKD 95 million** to **HKD 467 million**, primarily due to (1) an approximate **HKD 524 million** increase in fair value gain on investment properties; and (2) an approximate **HKD 13 million** share of results from an associate[43](index=43&type=chunk) [Business Review](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Business%20Review) Core business is Shandong liquid chemical terminal leasing; Group increased stake to 85%, launched electronic product trading, and terminated insurance brokerage - In April 2025, the Group further acquired a **29.83%** ordinary equity interest in Shundong Port, the operator of its core asset, for **HKD 300 million**, increasing its total stake from **55.17%** to **85%**[50](index=50&type=chunk)[54](index=54&type=chunk) - The Group commenced a new business line in November 2024, trading electronic products with Chinese e-commerce platforms[51](index=51&type=chunk)[55](index=55&type=chunk) - The Group completed the disposal of Yigao Financial Advisory Limited on October 12, 2023, formally terminating its insurance brokerage services business[52](index=52&type=chunk)[56](index=56&type=chunk) [Financial Review](index=10&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review) Robust financial position with increased assets, improved gearing, enhanced liquidity, and significantly reduced borrowings; no assets pledged Financial Indicators | Financial Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | HKD 2.733 billion | HKD 2.165 billion | | Total Liabilities | HKD 933 million | HKD 811 million | | Gearing Ratio | 0.34 | 0.37 | | Current Ratio | 5.57 | 3.14 | | Bank and Other Borrowings | HKD 22 million | HKD 160 million | | Bank Deposits and Cash | HKD 357 million | HKD 591 million | - As of March 31, 2025, the Group had **no pledged assets**. In contrast, as of March 31, 2024, approximately **HKD 1.507 billion** of investment properties were pledged for bank borrowings[62](index=62&type=chunk)[66](index=66&type=chunk) - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[69](index=69&type=chunk)[74](index=74&type=chunk) [Future Plan and Prospects](index=11&type=section&id=Management%20Discussion%20and%20Analysis-Future%20Plan%20and%20Prospects) Plans focus on optimizing core terminal business with extended leases and developing new fintech services for long-term sustainable growth - The Group signed a supplementary agreement with the existing operator on December 20, 2024, extending the port facility lease until July 31, 2030, and gradually increasing the monthly rent from August 1, 2026, to a maximum of **RMB 11.7 million**[80](index=80&type=chunk) - Due to shrinking profit margins from market changes, the Group suspended its oil and liquid chemical product trading business in FY2024, focusing resources on its core port facility leasing business[82](index=82&type=chunk) - The Group acquired a **28%** economic interest in a fintech company (Opco Group) for **RMB 200 million** on June 17, 2024, aiming to enter China's rapidly developing credit assessment fintech solutions market and viewing it as a strategic move towards "new quality productive forces"[85](index=85&type=chunk) [Biographical Details of Directors](index=13&type=section&id=Biographical%20Details%20of%20Directors) Provides detailed professional and personal backgrounds of executive and independent non-executive directors, highlighting their diverse expertise [Executive Directors](index=14&type=section&id=Biographical%20Details%20of%20Directors-Executive%20Directors) Five executive directors, including Chairman and CEO, bring extensive experience in economic management, finance, and investment strategy from diverse backgrounds - Chairman Mr. Cao Sheng, **52 years old**, has many years of management experience in China's shipbuilding, offshore platform engineering, and business consulting industries[88](index=88&type=chunk) - CEO Mr. Liu Yong, **50 years old**, has extensive financial and management experience in Chinese government agencies and private enterprises[89](index=89&type=chunk) [Independent Non-Executive Directors](index=16&type=section&id=Biographical%20Details%20of%20Directors-Independent%20Non-Executive%20Directors) Three independent non-executive directors offer deep expertise in accounting, auditing, and corporate management, providing crucial oversight and advice - Mr. Tang Qingbin, **61 years old**, is a member of the Chinese Institute of Certified Public Accountants, with over **20 years** of experience in accounting and auditing in China[96](index=96&type=chunk) - Mr. Feng Nanshan, **48 years old**, is a practicing accountant of the Hong Kong Institute of Certified Public Accountants and a Certified Practising Accountant in Australia[97](index=97&type=chunk) - Mr. Song Jiahuan, **53 years old**, possesses extensive experience in social services and corporate management, serving as an independent non-executive director for several main board listed companies[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Corporate Governance Report](index=17&type=section&id=Corporate%20Governance%20Report) Outlines compliance with the Corporate Governance Code, emphasizing transparency, integrity, and accountability through board structure, committees, and risk controls [Board of Directors](index=20&type=section&id=Corporate%20Governance%20Report-Board%20of%20Directors) Board of eight members, including five executive and three independent non-executive directors, ensures strategic oversight, financial monitoring, and corporate governance - The Board comprises **8 members**, including **5 executive directors** and **3 independent non-executive directors**, complying with listing rule requirements[125](index=125&type=chunk)[126](index=126&type=chunk) - The company has adopted a board diversity policy and, as of the reporting date, ensured at least one director of a different gender on both the Board and the Nomination Committee[136](index=136&type=chunk)[140](index=140&type=chunk) Committee/Meeting Attendance | Committee/Meeting | Board Meetings | Remuneration Committee | Nomination Committee | Audit Committee | Annual General Meeting | | :--- | :--- | :--- | :--- | :--- | :--- | | **Number of Meetings** | 8 | 3 | 3 | 3 | 1 | [Board Committees](index=25&type=section&id=Corporate%20Governance%20Report-Board%20Committees) Established Remuneration, Nomination, and Audit Committees assist the Board in overseeing compensation, director appointments, financial reporting, and internal controls - **Remuneration Committee**: Composed of **three independent non-executive directors** and **one executive director**, responsible for reviewing the remuneration packages of directors and senior management[154](index=154&type=chunk) - **Nomination Committee**: Composed of **three independent non-executive directors** and **two executive directors**, responsible for advising the Board on director appointments and board succession matters[158](index=158&type=chunk) - **Audit Committee**: Composed of **three independent non-executive directors**, responsible for reviewing the Group's accounting principles, internal control procedures, and financial reporting matters. Three meetings were held during the year[164](index=164&type=chunk) [Risk Management and Internal Control](index=27&type=section&id=Corporate%20Governance%20Report-Risk%20Management%20and%20Internal%20Control) Board oversees effective risk management and internal control systems, including anti-fraud and whistleblowing policies, ensuring high ethical standards - The Board, through the Audit Committee, conducts annual reviews of the Group's risk management and internal control systems (including financial, operational, and compliance controls) and considers the existing systems effective and adequate for the year[173](index=173&type=chunk)[175](index=175&type=chunk) - The company has adopted anti-fraud and anti-corruption policies, maintaining a zero-tolerance stance towards any form of fraud and corruption[179](index=179&type=chunk) - The company has established a whistleblowing policy and a dedicated email channel (**whistle-blowing@energyintl.com.hk**) for employees and relevant third parties to report misconduct[180](index=180&type=chunk) [Report of the Directors](index=31&type=section&id=Report%20of%20the%20Directors) Details principal businesses, financial performance, share capital, major transactions, director interests, and corporate governance, noting no dividends and significant concentration risks [Financial Summary and Dividends](index=32&type=section&id=Report%20of%20the%20Directors-Financial%20Summary%20and%20Dividends) Summarizes five-year consolidated results, assets, and liabilities, showing significant profit growth for FY2025; no dividend recommended Financial Indicators (Thousand HKD) | Financial Indicator (Thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 (15 months) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 151,679 | 242,245 | 366,770 | 520,579 | 193,148 | | Profit Attributable to Owners of the Company | 256,330 | 51,990 | 89,308 | 12,762 | 6,726 | | **Assets and Liabilities** | | | | | | | Total Assets | 2,732,952 | 2,164,668 | 1,998,801 | 2,349,270 | 2,264,133 | | Total Liabilities | 933,000 | 810,605 | 825,662 | 1,109,402 | 1,098,804 | | Net Assets | 1,799,952 | 1,354,063 | 1,173,139 | 1,239,868 | 1,165,329 | - The Directors do not recommend the payment of any dividend for the year ended March 31, 2025[213](index=213&type=chunk)[219](index=219&type=chunk) [Major Customers and Suppliers](index=36&type=section&id=Report%20of%20the%20Directors-Major%20Customers%20and%20Suppliers) Reveals high customer and supplier concentration risks, with top five customers accounting for 99.3% of sales and top five suppliers for 76.1% of purchases - High customer concentration: The **top five customers** accounted for **99.3%** of total sales, with the **largest customer** accounting for **75.2%**[246](index=246&type=chunk) - Supplier concentration: The **top five suppliers** accounted for **76.1%** of total purchases, with the **largest supplier** accounting for **52.9%**[246](index=246&type=chunk) [Share Option Scheme](index=40&type=section&id=Report%20of%20the%20Directors-Share%20Option%20Scheme) New ten-year share option scheme adopted in 2023 to incentivize participants; no options granted or outstanding as of March 31, 2025 - The company adopted a new share option scheme on **September 29, 2023**, valid until **September 28, 2033**[280](index=280&type=chunk)[281](index=281&type=chunk) - As of March 31, 2025, no share options were granted or exercised, and there were no outstanding share options[290](index=290&type=chunk) [Contractual Arrangements](index=42&type=section&id=Report%20of%20the%20Directors-Contractual%20Arrangements) Details VIE structure to control 70% economic interest in a Chinese fintech company, addressing foreign investment restrictions and outlining associated risks - The reason for adopting contractual arrangements (VIE structure) is that Chinese law restricts foreign ownership in value-added telecommunications services to no more than **50%**[293](index=293&type=chunk) - The VIE structure allows the Group's affiliated company (Wholly Foreign-Owned Enterprise) to control the Opco Group and obtain **70%** of its economic interests, despite lacking direct equity ownership[299](index=299&type=chunk) - Key risks associated with the VIE structure include: uncertainty regarding future interpretations of China's Foreign Investment Law, potential adverse tax implications, difficulties in contract enforcement, and lack of relevant insurance coverage[318](index=318&type=chunk)[323](index=323&type=chunk)[325](index=325&type=chunk)[328](index=328&type=chunk) Financial Data Affected by Contractual Arrangements | Financial Data Affected by Contractual Arrangements | Amount (Million HKD) | | :--- | :--- | | Revenue for the Period (2024/6/17 - 2025/3/31) | 796.1 | | Total Assets at Period End (2025/3/31) | 737.2 | [Independent Auditor's Report](index=53&type=section&id=Independent%20Auditor's%20Report) Crowe (HK) CPA Limited issued an unqualified opinion on the financial statements, highlighting key audit matters related to fair value measurements [Auditor's Opinion](index=54&type=section&id=Independent%20Auditor's%20Report-Auditor's%20Opinion) Auditor issued an unqualified opinion, affirming the consolidated financial statements fairly reflect the Group's financial position, performance, and cash flows - The auditor issued an **unqualified opinion** on this year's financial statements, indicating that the financial statements are true and fair[372](index=372&type=chunk) [Key Audit Matters](index=55&type=section&id=Independent%20Auditor's%20Report-Key%20Audit%20Matters) Three key audit matters identified, all concerning fair value measurements of investment properties, preference shares, and promissory notes, requiring significant judgment - Key Audit Matter One: Fair value measurement of investment properties. As of March 31, 2025, their carrying amount was approximately **HKD 2.038 billion**, with a fair value change gain of approximately **HKD 541 million** recognized during the year[377](index=377&type=chunk)[379](index=379&type=chunk) - Key Audit Matter Two: Fair value measurement of preference shares classified as financial liabilities at fair value through profit or loss. As of March 31, 2025, their fair value was approximately **HKD 395 million**[386](index=386&type=chunk)[387](index=387&type=chunk) - Key Audit Matter Three: Fair value measurement of promissory notes classified as financial liabilities at fair value through profit or loss. As of March 31, 2025, their fair value was approximately **HKD 81.85 million**[392](index=392&type=chunk)[393](index=393&type=chunk) [Consolidated Financial Statements](index=62&type=section&id=Consolidated%20Financial%20Statements) Presents audited consolidated financial statements for FY2025, including income, comprehensive income, financial position, equity changes, cash flows, and detailed notes [Consolidated Income Statement](index=63&type=section&id=Consolidated%20Income%20Statement) FY2025 revenue decreased, but profit surged due to a substantial fair value gain on investment properties, significantly increasing profit before tax and net profit Items (Thousand HKD) | Item (Thousand HKD) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 151,679 | 242,234 | | Gross Profit | 135,495 | 158,411 | | Fair Value Gain on Investment Properties | 541,176 | 17,038 | | Profit Before Income Tax | 626,294 | 122,460 | | **Profit for the Year** | **467,381** | **95,237** | | Profit Attributable to Owners of the Company | 256,330 | 51,990 | | Basic Earnings Per Share (HK cents) | 23.72 | 5.58 | [Consolidated Statement of Financial Position](index=65&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets significantly increased due to investment property revaluation; liabilities managed, leading to higher net assets and strong short-term liquidity Items (Thousand HKD) | Item (Thousand HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Investment Properties | 2,038,373 | 1,507,397 | | Interests in Associates | 224,591 | – | | Cash and Cash Equivalents | 14,296 | 590,722 | | **Total Assets** | **2,732,952** | **2,164,668** | | **Liabilities and Equity** | | | | Bank Borrowings | 19,291 | 160,269 | | Preference Shares | 395,457 | 379,015 | | **Total Liabilities** | **933,000** | **810,605** | | **Net Assets** | **1,799,952** | **1,354,063** | | Equity Attributable to Owners of the Company | 1,254,229 | 1,017,351 | [Consolidated Statement of Cash Flows](index=68&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) Net cash inflow from operations, significant outflow from investing activities (associate acquisition, deposits), and outflow from financing, resulting in reduced year-end cash Items (Thousand HKD) | Item (Thousand HKD) | 2025 Fiscal Year | 2024 Fiscal Year | | :--- | :--- | :--- | | Net Cash from Operating Activities | 90,817 | 346,367 | | Net Cash from Investing Activities | (520,350) | 53,391 | | Net Cash from Financing Activities | (144,605) | 114,005 | | Net (Decrease) / Increase in Cash and Cash Equivalents | (574,138) | 513,763 | | Cash and Cash Equivalents at Beginning of Year | 590,722 | 83,092 | | **Cash and Cash Equivalents at End of Year** | **14,296** | **590,722** | [Notes to the Consolidated Financial Statements](index=70&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Provides detailed explanations for financial statement items, including segment performance, investment property revaluation, and associate acquisition details [Note 10. Segment Information](index=139&type=section&id=Note%2010.%20Segment%20Information) Oil and liquid chemical terminal business is the core profit driver, while new electronic product trading generated minor revenue and a slight loss Reportable Segments (FY2025) | Reportable Segment (2025 Fiscal Year) | Revenue from External Customers (Thousand HKD) | Segment Profit/(Loss) (Thousand HKD) | | :--- | :--- | :--- | | Oil and Liquid Chemical Terminals | 150,691 | 644,456 | | Trading of Electronic Products | 988 | (537) | | **Total Continuing Operations** | **151,679** | **643,919** | [Note 20. Investment Properties](index=160&type=section&id=Note%2020.%20Investment%20Properties) Fair value of investment properties increased significantly due to revaluation gain; lease extended to 2030 with increased monthly rent Investment Property Fair Value Changes (Thousand HKD) | Investment Property Fair Value Changes (Thousand HKD) | Amount | | :--- | :--- | | Beginning of Year (2024/4/1) | 1,507,397 | | Additions | 9,645 | | Fair Value Adjustment | 541,176 | | Exchange Adjustment | (19,672) | | **End of Year (2025/3/31)** | **2,038,373** | - During the year, the Group extended the lease for investment properties until **2030**, and gradually increased the monthly rent from **RMB 9.6 million** to **RMB 11.7 million**[871](index=871&type=chunk) [Note 21. Interests in Associates](index=161&type=section&id=Note%2021.%20Interests%20in%20Associates) Group acquired 28% economic interest in a fintech company for RMB 200 million, contributing HKD 12.71 million profit since acquisition - The Group completed the acquisition of the Target Group on **June 17, 2024**, with a total investment cost of approximately **HKD 217 million**, including approximately **HKD 253 million** in goodwill[877](index=877&type=chunk)[878](index=878&type=chunk)[879](index=879&type=chunk) - From the acquisition date to March 31, 2025, the associate contributed **HKD 12.71 million** in share of profit to the Group[889](index=889&type=chunk) [Note 44. Events After Reporting Date](index=201&type=section&id=Note%2044.%20Events%20After%20Reporting%20Date) Post-reporting events include further acquisition of Shundong Port equity to 85% and vesting of promissory notes due to associate's profit guarantee - In April 2025, the Group completed a further acquisition of its core asset operator, Shundong Port, increasing its stake by **29.83%** for **HKD 300 million**, bringing the total holding to **85%**[1060](index=1060&type=chunk) - On **June 30, 2025**, the first profit guarantee (not less than **RMB 20 million**) in the associate acquisition agreement was met, triggering the vesting of the first tranche of promissory notes (principal of **RMB 14.546 million**)[1061](index=1061&type=chunk)

[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].