香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：372） 有關截至二零二四年三月三十一日止年度的年報 所載不發表意見之更新資料 * 僅供識別 – 1 – 承董事會命 保德國際發展企業有限公司 主席兼董事總經理 程民駿 茲 提 述 保 德 國 際 發 展 企 業 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 五 月 二 十 日 的 公 佈（「更新公佈」）及 日 期 為 二 零 二 五 年 五 月 二 十 九 日 的 補 充 公 佈（「補充公佈」， 連 同 更 新 公 佈 統 稱（「該等公佈」）），內 容 有 關 其 截 至 二 零 二 四 年 三 月 三 十 一 日 止 年 度 的 年 報（「年 報」）所 載 不 發 表 意 見 之 更 新 資 料。除 另 有 指 明 外，本 公 佈 所 用 詞 彙與年報及該等公佈所界定者具有相同涵義。 董事會謹此就其於年報所載之不發表意見提供進一步更新資料。 ...

Company Overview - Baode International Development is a diversified investment holding company based in Hong Kong and registered in Bermuda, listed on the Hong Kong Stock Exchange under stock code 372 [2] - The company engages in strategic investments through equity instruments and debt financing, as well as commodity trading, chemical warehousing, management services, financial institution operations, and loan financing services [2] Financial Performance - As of March 31, 2025, Baode International Development reported total revenue of 130 million HKD, a year-on-year decrease of 7.43% [1] - The net profit attributable to shareholders was -162 million HKD, reflecting a significant year-on-year decline of 724.55% [1] - The gross profit margin stood at -20.58%, and the debt-to-asset ratio was 87.63% [1] Stock Performance - On August 20, the Hang Seng Index rose by 0.17%, closing at 25,165.94 points, while Baode International Development's stock price increased by 25.0% to 0.2 HKD per share, with a trading volume of 482,000 shares and a turnover of 90,700 HKD [1] - Over the past month, Baode International Development has experienced a cumulative decline of 29.2%, and a year-to-date decline of 42.86%, underperforming the Hang Seng Index by 25.24% [1] Valuation Metrics - Currently, there are no institutional investment ratings for Baode International Development [1] - The average price-to-earnings (P/E) ratio for the other financial industry is 16.85 times, with a median of -0.24 times, while Baode International Development's P/E ratio is -0.28 times, ranking 167th in the industry [1] - Comparatively, other companies in the sector have P/E ratios of 2.59 times for China Merchants China Fund, 2.94 times for Weixin Jinkou, 4.04 times for Hong Kong Credit, 4.39 times for Guoyin Financial Leasing, and 4.55 times for Qifu Technology [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：372） 於二零二五年八月十二日舉行 之股東週年大會投票表決結果 於股東週年大會日期，已發行股份總數為302,742,424股，此乃賦予股東有權出席 股 東 週 年 大 會 並 於 會 上 就 決 議 案 投 贊 成 或 反 對 票 之 股 份 總 數。(a)本公司於股東 週 年 大 會 日 期 並 無 持 有 庫 存 股 份（包 括 持 有 或 存 放 於 由 香 港 中 央 結 算 有 限 公 司 設 立 及 營 運 之 中 央 結 算 及 交 收 系 統 之 任 何 庫 存 股 份），因 此，概 無 庫 存 股 份 之 投 票 權 已 於 股 東 週 年 大 會 上 獲 行 使；及(b)就 股 東 週 年 大 會 而 言，並 無 購 回 股 份 有 待 註 銷 並 應 自 已 發 行 股 份 總 數 中 剔 除。股 東 於 股 東 週 年 大 會 上 就 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 保德國際發展企業有限公司 呈交日期: 2025年7月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00372 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,280,000,000 | HKD | | 0.1 | HKD | | 1,028,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,280,000,000 | HKD | | 0.1 | HKD | | 1,028,000,000 ...

Company and Financial Overview [Chairman's Statement](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Chairman highlights a volatile global economy, stable port operations, and anticipates significant business growth from a new partnership - Looking ahead, the global economic environment is expected to remain volatile, and the effectiveness of China's stimulus policies is uncertain; the Group will adopt a prudent strategy to consolidate existing businesses, seek new opportunities, and consider disposing of non-core assets[6](index=6&type=chunk)[9](index=9&type=chunk) - The petroleum port and storage business (Qian Yang) operated stably, while petrochemical trading profits fluctuated due to external factors, and the investment banking business in Mauritius achieved steady growth[6](index=6&type=chunk)[7](index=7&type=chunk) - The company anticipates that its cooperation with the National Pipe Network Group will officially launch within the year, making the terminal its sole sea access point in Guangxi Province, which is expected to **significantly increase business volume** for the terminal and storage facilities[8](index=8&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Group's loss attributable to owners widened significantly to HK$176 million, driven by investment losses and asset impairments [Financial Performance Review](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%9B%9E%E9%A1%A7) The annual loss attributable to owners widened to HK$176 million, mainly due to unrealized losses on an investment and asset impairments Annual Financial Performance Summary | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company | HK$175,968,000 | HK$21,341,000 | | Basic loss per share | 58.12 HK cents | 7.39 HK cents | - The widening annual loss was primarily due to the **unrealized fair value loss on the AFC Mercury Fund investment** and impairment losses on assets in the petrochemicals segment[12](index=12&type=chunk) [Business Segment Review](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E5%9B%9E%E9%A1%A7) Segment performance varied, with the long-term investment segment posting a significant loss while the financial institutions business grew Segment Performance (FY2025) | Business Segment | Revenue (HK$) | Segment Profit/(Loss) (HK$) | Key Reason | | :--- | :--- | :--- | :--- | | Trading | 70,285,000 | (2,625,000) | Adoption of a more prudent risk control approach | | Metal Recycling (Discontinued) | 579,000 | 15,248,000 | Includes a net gain of HK$16.2M on deconsolidation of Cupral | | Long-term Investment | Zero | (125,794,000) | Unrealized fair value loss on AFC Mercury Fund investment | | Petrochemicals (Qian Yang) | 51,494,000 | (64,668,000) | Impairment loss of HK$53.94M on PP&E and right-of-use assets | | Financial Institutions | 18,888,000 | 3,736,000 | Improved performance of MCL business in Mauritius | | Loan Financing Services | Zero | 515,000 | - | [Financial Position Review](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%9B%9E%E9%A1%A7) The Group's total assets and equity declined sharply, while the gearing ratio surged from 16.8% to 44.9% Financial Position Indicators (as of March 31) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Assets | HK$654,715,000 | HK$911,258,000 | | Equity attributable to owners of the Company | HK$173,208,000 | HK$344,135,000 | | Current Ratio | 0.39 | 0.33 | | Gearing Ratio | 44.9% | 16.8% | - The company completed a **10-for-1 share consolidation** on December 11, 2024, consolidating every 10 existing shares of HK$0.01 each into 1 consolidated share of HK$0.10[29](index=29&type=chunk) Significant Investment: AFC Mercury Fund | Item | Carrying Amount at Apr 1, 2024 | Fair Value Loss recognized in P&L | Carrying Amount at Mar 31, 2025 | % of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Investment in AFC Mercury Fund | HK$230,705 '000 | (HK$116,454) '000 | HK$114,251 '000 | 17.5% | Board of Directors and Corporate Governance [Biographical Details of Directors and Company Secretary](index=11&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8%E5%B1%A5%E6%AD%B7%E7%B0%A1%E4%BB%8B) This section details the backgrounds and qualifications of the company's executive directors, independent non-executive directors, and company secretary - Executive Director Mr. Ching Man Chun is the **Chairman, Managing Director, and ultimate controlling shareholder** of the company[33](index=33&type=chunk) - The Board members possess diverse professional backgrounds, covering areas such as commodity trading, accounting, auditing, financial services, and corporate finance[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Report of the Directors](index=14&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A%E6%9B%B8) The Directors' Report outlines corporate affairs for the year, including business activities, share interests, and post-period events - The Board **does not recommend the payment of a final dividend** for the year ended March 31, 2025[45](index=45&type=chunk) - Post-reporting period, MARCHING GREAT LIMITED completed a cash offer, making Mr. Ching Man Chun the controlling shareholder with an aggregate holding of **approximately 50.83%** of the company's issued shares[70](index=70&type=chunk)[88](index=88&type=chunk) Major Shareholders' Interests (at March 31, 2025) | Name of Major Shareholder | Capacity | Number of Shares Held | Approx. % of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Ching Man Chun | Beneficial owner/Controlled corporation | 88,200,000 | 29.13% (Total) | | Champion Choice | Beneficial owner | 73,200,000 | 24.18% | | Mr. Zhu Bin | Beneficial owner/Controlled corporation | 31,522,276 | 10.40% (Total) | Major Customers and Suppliers Breakdown | Category | % of Total Sales | % of Total Purchases | | :--- | :--- | :--- | | Five Largest | 38% | 47% | | Largest | 7% | 14% | [Corporate Governance Report](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) The auditor issued a disclaimer of opinion on the financial statements due to significant uncertainties regarding the company's ability to continue as a going concern - The company deviated from two Corporate Governance Code provisions: the roles of Chairman and CEO are held by the same individual, and the Chairman was absent from the 2024 AGM[96](index=96&type=chunk)[97](index=97&type=chunk) - The auditor issued a **Disclaimer of Opinion** on the consolidated financial statements due to multiple material uncertainties related to going concern, including legal claims, loan covenant breaches, and net current liabilities, which prevented them from obtaining sufficient audit evidence[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[143](index=143&type=chunk)[247](index=247&type=chunk) - To address going concern risks, management has formulated several mitigating measures, including negotiating debt terms with banks and lessors, defending legal proceedings, seeking additional financing, and realizing investments in unlisted funds[141](index=141&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) Auditor's Remuneration (FY2025) | Services Rendered | Fees Paid/Payable (HK$ '000) | | :--- | :--- | | Statutory audit services | 2,000 | | Non-audit services | 46 | | **Total** | **2,046** | Environmental, Social and Governance Report [ESG Report Overview and Governance](index=53&type=section&id=ESG%E5%A0%B1%E5%91%8A%E6%A6%82%E8%BF%B0%E8%88%87%E6%B2%BB%E7%90%86) This ESG report covers the Group's environmental and social performance for FY2025, prepared in accordance with HKEX guidelines - The report is prepared in accordance with the HKEX ESG Reporting Guide, covering the period from April 1, 2024, to March 31, 2025, and includes all revenue-generating business segments[174](index=174&type=chunk)[175](index=175&type=chunk) - The Board of Directors has ultimate oversight responsibility for ESG matters and has engaged an independent consultant to assist in identifying and managing ESG risks[178](index=178&type=chunk) [Environmental Protection](index=58&type=section&id=%E7%92%B0%E5%A2%83%E4%BF%9D%E8%AD%B7) The Group reduced its total GHG emissions by 11.4% but saw a significant increase in hazardous waste due to oil tank cleaning Greenhouse Gas Emissions (Scope 1, 2, 3) | Type | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Emissions (tonnes CO2e) | 812 | 917 | | Intensity (tonnes CO2e/employee) | 6.1 | 6.5 | Waste Generation | Type | FY2025 | FY2024 | | :--- | :--- | :--- | | Hazardous Waste (kg) | 14,230 | 4,088 | | Non-hazardous Waste (tonnes) | 39.29 | 57.05 | Energy and Water Consumption | Type | FY2025 | FY2024 | | :--- | :--- | :--- | | Total Energy Consumption (MWh) | 1,722 | 1,795 | | Water Consumption (m³) | 25,966 | 33,034 | - The Group has identified climate change risks, such as the impact of extreme weather on supply chains, and manages them through risk assessment, insurance coverage, and contingency planning[209](index=209&type=chunk)[210](index=210&type=chunk) [Valuing Our Employees](index=66&type=section&id=%E9%87%8D%E8%A6%96%E5%83%B1%E5%93%A1) The Group is committed to protecting employee rights and providing a safe working environment, reporting zero work-related injuries this year Employee Profile (FY2025) | Indicator | Data | | :--- | :--- | | Total Headcount | 133 | | Gender Distribution | Male: 82%, Female: 18% | | Age Distribution | <30: 21%, 30-50: 65%, >50: 14% | | Geographical Distribution | Hong Kong: 18%, China: 80%, Mauritius: 2% | Employee Training (FY2025) | Employee Category | % of Employees Trained | Average Training Hours | | :--- | :--- | :--- | | Male | 93% | 19 hours | | Female | 88% | 10 hours | | Senior | 91% | 10 hours | | Middle | 88% | 16 hours | | Junior | 92% | 19 hours | - The Group demonstrated a strong health and safety record, with **no work-related fatalities in the past three years** and zero work-related injuries or lost days due to injury in the current year[221](index=221&type=chunk) [Optimising Our Business](index=71&type=section&id=%E5%84%AA%E5%8C%96%E6%A5%AD%E5%8B%99) The Group maintains its reputation through stringent supply chain management, quality control, and a zero-tolerance policy towards corruption - The Group implements a strict supplier screening process, prioritizing reputable partners compliant with environmental and social standards, and requires qualification certification (e.g., ISO 9001, ISO 14001) for contractors in high-risk businesses[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) - The Group has established a comprehensive customer complaint handling mechanism but received **no complaints regarding its products and services** during the year[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk) - The Group strictly adheres to anti-corruption laws, has established a code of conduct, anti-corruption policies, and whistle-blowing policies, and has not identified any related legal cases during the year[238](index=238&type=chunk)[239](index=239&type=chunk) Financial Statements and Notes [Independent Auditor's Report](index=80&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) The independent auditor issued a disclaimer of opinion on the financial statements due to multiple material uncertainties regarding the Group's going concern ability - The auditor issued a **Disclaimer of Opinion** on the FY2025 consolidated financial statements[247](index=247&type=chunk)[251](index=251&type=chunk) - The basis for the disclaimer is multiple material uncertainties related to going concern, including **significant legal claims, breaches of bank loan and sale-and-leaseback covenants, and a severe net current liability position**[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - The auditor concluded that they could not determine if the financial statements were properly prepared on a going concern basis, as the success of management's mitigating plans could not be ascertained[250](index=250&type=chunk)[251](index=251&type=chunk) [Consolidated Financial Statements](index=83&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The financial statements reveal a severe deterioration in financial health, with widening losses, shrinking assets, and a significant net current liability position Consolidated Statement of Profit or Loss Summary | Indicator | FY2025 (HK$ '000) | FY2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | 140,667 | 151,959 | | Gross Loss | (28,954) | (83,215) | | Loss before tax | (224,342) | (56,505) | | Loss for the year | (209,094) | (89,250) | | Loss attributable to owners of the Company | (175,968) | (21,341) | | Basic loss per share | (58.12) HK cents | (7.39) HK cents | Consolidated Statement of Financial Position Summary | Indicator | Mar 31, 2025 (HK$ '000) | Mar 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Total Assets | 654,715 | 911,258 | | Net Current Liabilities | (351,476) | (353,013) | | Total Liabilities | 573,744 | 634,177 | | Equity attributable to owners of the Company | 173,208 | 344,135 | | Total Equity | 80,971 | 277,081 | Consolidated Statement of Cash Flows Summary | Indicator | FY2025 (HK$ '000) | FY2024 (HK$ '000) | | :--- | :--- | :--- | | Net cash used in operating activities | (14,040) | (69,737) | | Net cash used in investing activities | (8,699) | 56,925 | | Net cash used in financing activities | (22,530) | 26,693 | | Net decrease in cash and cash equivalents | (45,269) | 13,881 | [Notes to the Consolidated Financial Statements (Selected)](index=91&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB(%E9%81%B8%E6%91%98)) The notes detail the root causes of the financial crisis, including major lawsuits, loan defaults, and management's plans to address these issues - Note 3.1 explicitly states that **material uncertainties exist that cast significant doubt on the Group's ability to continue as a going concern**, citing legal claims, breach of bank loan covenants, breach of sale-and-leaseback terms, and net current liabilities of HK$351 million[276](index=276&type=chunk)[278](index=278&type=chunk) - To address the going concern crisis, management has implemented a five-point plan: (i) negotiate revised loan covenants with banks; (ii) negotiate extended leaseback terms with lessors; (iii) legally defend civil claims; (iv) seek additional financing; (v) seek to dispose of unlisted fund assets and receive distributions[280](index=280&type=chunk)[283](index=283&type=chunk) - Note 41 details **multiple significant lawsuits**: 1) several civil actions with Lianwei Financial Leasing regarding sale-and-leaseback arrangements for oil tanks with substantial claims; 2) debt dispute litigation involving a subsidiary of Guangming; 3) a construction contract arbitration faced by Jiangsu Hongmao; 4) a winding-up petition filed by shareholder Mr. Zhu against Qian Yang and other subsidiaries[489](index=489&type=chunk)[492](index=492&type=chunk)[493](index=493&type=chunk)[495](index=495&type=chunk)[498](index=498&type=chunk) - Due to property preservation orders from PRC courts, the Group has **breached bank loan covenants and sale-and-leaseback terms**, allowing lenders and lessors to demand immediate repayment; consequently, bank borrowings of HK$111 million and related lease liabilities of HK$258 million have been reclassified as current liabilities[405](index=405&type=chunk)[407](index=407&type=chunk) - A significant impairment was recognized for the petrochemicals segment's cash-generating unit (Qian Yang Group), including **HK$36 million for property, plant and equipment** and **HK$17.95 million for right-of-use assets**[366](index=366&type=chunk) [Five-Year Financial Summary](index=177&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The five-year summary shows a continuous and severe deterioration in the Group's operating and financial condition, with plummeting revenue and equity Five-Year Financial Summary (For the year ended March 31) | Indicator (HK$ '000) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,468,217 | 884,491 | 452,530 | 151,959 | 140,667 | | Profit (Loss) before tax | 166,458 | (170,603) | (360,403) | (56,505) | (224,342) | | Total Assets | 789,037 | 1,600,250 | 1,029,144 | 911,258 | 654,715 | | Total Equity | 715,148 | 716,238 | 318,004 | 277,081 | 80,971 |

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：372） 截至二零二五年三月三十一日止年度之全年業績公佈 業 績 保 德 國 際 發 展 企 業 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度（「本年度」） 之經審核綜合業績連同截至二零二四年三月三十一日止年度比較數字如下： 綜合損益及其他全面收入表 截至二零二五年三月三十一日止年度 | 二零二五年 | 二零二四年 | 附 | 千港元 | 千港元 | 註 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 持續經營業務 | 收 | 入 | ...

5月27日，截至港股收盘，恒生指数上涨0.43%，报23381.99点。保德国际发展（00372.HK）收报0.365 港元/股，上涨10.61%，成交量230.61万股，成交额85.33万港元，振幅21.21%。 最近一个月来，保德国际发展累计涨幅70.1%，今年来累计涨幅17.86%，跑赢恒生指数16.06%的涨幅。 财务数据显示，截至2024年9月30日，保德国际发展实现营业总收入6856.67万元，同比增长280.91%； 归母净利润-3709.06万元，同比减少111.68%；毛利率5.65%，资产负债率71.09%。 2025年5月22日，程民骏于2025-05-22场外增持87.74万股，每股均价0.175港元，最新持股数目1.539亿 股，最新持股比例50.83% （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 行业估值方面，其他金融行业市盈率（TTM）平均值为22.82倍，行业中值-0.08倍。保德国际发展市盈 率-0.24倍，行业排名第164位；其他东方汇财证券（08001.HK）为1.93倍、招商局中国基金 （00133.HK）为2.2倍 ...

3月31日，截至港股收盘，恒生指数下跌1.31%，报23119.58点。保德国际发展（00372.HK）收报0.169 港元/股，上涨10.46%，成交量9万股，成交额1.57万港元，振幅3.27%。 行业估值方面，其他金融行业市盈率（TTM）平均值为14.25倍，行业中值1.93倍。保德国际发展市盈 率-0.11倍，行业排名第167位；其他东方汇财证券（08001.HK）为1.93倍、招商局中国基金 （00133.HK）为2.44倍、国银金租（01606.HK）为3.22倍、香港信贷（01273.HK）为3.4倍、中关村科 技租赁（01601.HK）为3.67倍。 资料显示，保德国际发展企业有限公司('保德企业')是一家以香港为基地,于百慕达注册成立之公司,其股 份在香港联合交易所上市(股票代码:372)。保德企业为一家多元化投资控股公司,通过股权工具和债务融 资,金融资产和证券进行战略投资,从而从事商品贸易、化学品仓储业务、提供管理服务、金融机构业务 及贷款融资服务。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 最近一个月来，保德国际发展累计跌幅26. ...

Financial Performance - Revenue from customer contracts for the six months ended September 30, 2024, was HKD 76,034,000, a significant increase from HKD 19,961,000 in the same period last year, representing a growth of 280%[9] - The gross profit for the period was HKD 4,293,000, compared to a gross loss of HKD 653,000 in the previous year[9] - The company reported a loss from continuing operations of HKD 47,040,000 for the period, a substantial decline from a profit of HKD 353,589,000 in the same period last year[9] - Total comprehensive loss for the period amounted to HKD 33,436,000, compared to a total comprehensive income of HKD 337,917,000 in the previous year[11] - Basic loss per share from continuing and discontinued operations was HKD (1.36), down from HKD 12.82 in the previous year[11] - The company reported a net loss of HKD 41,130 thousand for the six months ended September 30, 2024, compared to a profit of HKD 352,189 thousand in the same period last year[14] - The company recorded a foreign exchange loss of HKD 5,237 thousand, impacting the cash flow negatively[16] - The company reported a total loss before tax from continuing operations of HKD 47,040 thousand for the six months ended September 30, 2024[46] - For the six months ended September 30, 2024, the company reported a loss attributable to shareholders of HKD 41,130,000, compared to a profit of HKD 352,189,000 for the same period in 2023[60] Assets and Liabilities - As of September 30, 2024, the total assets decreased to HKD 488,813 thousand from HKD 524,318 thousand, representing a decline of approximately 6.8%[13] - The company's equity attributable to owners decreased to HKD 312,542 thousand from HKD 344,135 thousand, reflecting a decline of approximately 9.2%[14] - The total liabilities increased slightly to HKD 245,168 thousand from HKD 247,237 thousand, indicating a marginal rise[13] - The company’s total equity decreased to HKD 243,645 thousand from HKD 277,081 thousand, a decline of approximately 12.1%[13] - The group has outstanding bank loans with a book value of HKD 115,846,000, classified as current liabilities due to a court-issued asset preservation order[20] - The group recorded a net current liability of HKD 361,375,000 and a loss of approximately HKD 47,996,000 for the six months ended September 30, 2024[20] - The group has classified lease liabilities related to sale-and-leaseback arrangements, amounting to HKD 268,272,000, as current liabilities due to breaches of contract[20] Cash Flow and Financing - Cash and cash equivalents decreased significantly to HKD 51,803 thousand from HKD 129,890 thousand, a reduction of about 60%[16] - The net cash used in operating activities was HKD 47,040 thousand, compared to a net cash inflow of HKD 353,589 thousand in the previous year[16] - The group has recorded a net cash outflow from operating activities of HKD 5,038,000 for the six months ended September 30, 2024[20] - The group aims to continue seeking additional financing from capital markets or banks to improve its financial situation[23] - The group has a repayment schedule for lease liabilities, with HKD 110,190,000 due after 12 months[95] Segment Performance - Trade revenue from chemicals and energy amounted to HKD 46,549 thousand, with port and related services revenue at HKD 24,724 thousand and brokerage income at HKD 4,761 thousand[38] - The performance of the trading segment showed a loss of HKD 1,150 thousand, while the long-term investment segment reported a loss of HKD 33,068 thousand[46] - The metal recycling business recorded revenue of HKD 579,000, down from HKD 19,329,000 in the previous year, with a segment loss of HKD 956,000 compared to a loss of HKD 13,194,000 last year[132] - The long-term investment segment reported a loss of HKD 33,068,000, a significant decline from a profit of HKD 403,478,000 in the previous year, primarily due to unrealized fair value losses from investments in the AFC Mercury Fund[135] Legal and Regulatory Matters - The group is involved in legal claims related to sale-and-leaseback arrangements and debt disputes, with claims amounting to approximately RMB 514,184,000 (equivalent to HKD 570,874,000) as of September 30, 2024[19] - The group is actively collaborating with legal advisors in China to gather evidence and defend against civil claims[23] - The company is involved in a legal dispute regarding a sale and leaseback arrangement, with claims amounting to approximately 39,414,000 HKD in unpaid rent and penalties[116] - In October 2022, the company was sued by Lianwei for a total of RMB 52,800,000 (approximately HKD 58,621,000) in unpaid rent, along with a penalty of RMB 24,376,000 (approximately HKD 27,063,000) and other litigation costs of RMB 1,059,000 (approximately HKD 1,176,000) related to a post-sale leaseback arrangement[117] Corporate Governance and Shareholder Matters - The company has adhered to the corporate governance code, with the exception of the separation of roles between the Chairman and the CEO, which is currently held by the same individual since September 30, 2017[190][191] - The company has proposed a share consolidation plan, merging every ten existing shares into one new share with a par value of HKD 0.10, pending shareholder approval on December 9, 2024[187] - The maximum number of shares that can be issued under the share option plan is capped at 30% of the company's issued share capital[178] - The company has established an Audit Committee to review accounting policies and financial controls, consisting of three independent non-executive directors[197] Future Outlook and Strategic Plans - The company anticipates further challenges and uncertainties impacting its business in the second half of 2024 and into 2025[170] - The management has adopted a more cautious approach to control risks in the petrochemical sales segment, with profit margins being unstable due to external factors like the Russia-Ukraine war[169] - The company is exploring feasible financing options to construct new berths, aiming to maximize the utilization of its oil storage tanks[166] - The company plans to expand its product range, service scope, and customer base to strengthen existing business segments[170]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue from continuing operations of HKD 76,034,000, a significant increase from HKD 19,961,000 in the same period of 2023, representing a growth of approximately 280%[2] - The cost of sales for the same period was HKD 71,741,000, compared to HKD 20,614,000 in 2023, resulting in a gross profit of HKD 4,293,000[2] - The company incurred a loss before tax of HKD 47,040,000 from continuing operations, a decline from a profit of HKD 353,589,000 in the previous year[2] - Total comprehensive income for the period was a loss of HKD 33,436,000, compared to a profit of HKD 337,917,000 in the same period last year[4] - The company reported a basic loss per share from continuing operations of HKD (1.33), compared to a profit of HKD 13.32 in the same period last year[4] - The group recorded a loss attributable to owners of the company of HKD 41,130,000 for the period, compared to a profit of HKD 352,189,000 in the previous year, resulting in a basic loss per share of HKD 1.36[74] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 715,210,000, a decrease from HKD 739,953,000 as of March 31, 2024[5] - Current liabilities amounted to HKD 488,813,000, down from HKD 524,318,000 in the previous reporting period[5] - The company has a net asset value of HKD 243,645,000 as of September 30, 2024, compared to HKD 277,081,000 as of March 31, 2024[8] - As of September 30, 2024, the group has outstanding bank loans with a book value of HKD 115,846,000, classified as current liabilities due to a court-ordered asset preservation order[13] - The group recorded a net current liability of HKD 361,375,000 and a loss of approximately HKD 47,996,000 for the six months ended September 30, 2024[13] Revenue Breakdown - Revenue from trade contracts amounted to HKD 46,549,000, while port and port-related services revenue was HKD 24,724,000, up from HKD 19,507,000 year-on-year[24] - Trade revenue reached HKD 46,549,000 for the six months ended September 30, 2024, compared to HKD 19,961,000 for the same period in 2023, representing a significant increase[29] - Port and port-related services revenue was HKD 24,724,000, up from HKD 19,507,000 year-over-year, indicating a growth of approximately 26%[29] - Equity and insurance brokerage income increased to HKD 4,761,000 from HKD 454,000, reflecting a substantial rise of over 950%[29] Legal and Financial Challenges - The group is actively negotiating with banks to amend loan agreements to avoid immediate repayment demands due to contract violations[15] - The group is also in discussions with lessors to extend the remaining lease agreements related to oil tanks[15] - Legal counsel in China is being engaged to gather evidence and defend against civil claims made by litigants[15] - The group aims to seek additional financing from capital markets or banks to alleviate liquidity pressure[15] - The group faces significant uncertainties regarding its ability to continue as a going concern due to ongoing legal disputes and financial pressures[15] Operational Focus and Future Plans - The company is focused on expanding its market presence and developing new products and technologies to drive future growth[2] - The company is focusing on expanding its port and related services, which have shown strong revenue growth in the current reporting period[29] - The company plans to explore opportunities to sell investments in non-listed funds to generate additional cash inflow[15] - The company continues to explore financing options to develop new berths to maximize storage tank utilization[127] - The company plans to expand its product range, service scope, and customer base to solidify the development of existing business segments[130] Employee and Corporate Governance - The company employed 151 employees as of September 30, 2024, down from 161 employees as of March 31, 2024[122] - The audit committee has reviewed the company's unaudited interim results for the six months ending September 30, 2024, without any objections to the accounting policies adopted[138] Market Conditions and Economic Outlook - The outlook remains uncertain due to geopolitical tensions, inflationary pressures, and risks of global economic downturns[126] - The company anticipates further challenges and uncertainties affecting its business in the second half of 2024 and into 2025[130] Dividends and Shareholder Actions - The company did not declare or pay any dividends during the interim period[56] - The company has not declared an interim dividend for the current period[121] - The board proposed a share consolidation on November 12, 2024, merging every ten existing shares into one share with a par value of HKD 0.10[123]