智通财经APP获悉，香港联交所最新资料显示，10月2日，保德国际发展(00372)股东将股票由香港上海 汇丰银行转入联合证券，转仓市值1208.30港元，占比24.19%。 保德国际发展公布截至2025年3月31日止年度业绩，持续经营业务收入约1.41亿港元，同比减少7.43%; 公司拥有人应占本年度亏损约1.76亿港元，同比增长724.55%;每股基本亏损58.12港仙。 ...

保德国际发展公布截至2025年3月31日止年度业绩，持续经营业务收入约1.41亿港元，同比减少7.43%; 公司拥有人应占本年度亏损约1.76亿港元，同比增长724.55%;每股基本亏损58.12港仙。 香港联交所最新资料显示，10月2日，保德国际发展(00372)股东将股票由香港上海汇丰银行转入联合证 券，转仓市值1208.30港元，占比24.19%。 ...

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 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10月2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 | 本月底法定/註冊股本總額： HKD 1,02 ...

| 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 | 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8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9月1日 I. 法定/註冊股本變 ...

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） 有關融資租賃的訴訟之最新情況 茲 提 述 保 德 國 際 發 展 企 業 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 日 期 為 二 零 二 四 年 七 月 十 七 日 的 公 佈，內 容 有 關 融 資 租 賃 的 民 事 訴 訟（「訴訟公 佈」）、本 公 司 日 期 為 二 零 二 五 年 八 月 二 十 日 的 公 佈，內 容 有 關 本 公 司 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（「更新公佈」，連 同 訴 訟 公 佈 統 稱（「該等公佈」））及 本 公 司 截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 的 年 報（「年 報」）。除 另 有 界 定 者 外，本 公 佈 所 用 詞 彙 與 該 等 公 佈 及 ...

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 |