(Stock Code: 475) 中發展控股有限公司 （於開曼群島註冊成立之有限公司） CENTRAL DEVELOPMENT HOLDINGS LIMITED 中發展控股有限公司 (Incorporated in the Cayman Islands with limited liability) CENTRAL DEVELOPMENT HOLDINGS LIMITED （股份代號：475） NOTIFICATION LETTER 通知信函 31 July 2025 Dear Non-registered Holder(s) (Note 1) , Central Development Holdings Limited (the "Company") – Notification of publication of Annual Report 2024/25, Circular, Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese ve ...

(Stock Code: 475) 中發展控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：475） CENTRAL DEVELOPMENT HOLDINGS LIMITED 中發展控股有限公司 (Incorporated in the Cayman Islands with limited liability) CENTRAL DEVELOPMENT HOLDINGS LIMITED NOTIFICATION LETTER 通知信函 31 July 2025 Dear Registered Shareholders, Central Development Holdings Limited (the "Company") – Notice of publication of Annual Report 2024/25, Circular, Notice of Annual General Meeting and Proxy Form (the "Current Corporate Communication") The English and Chinese versions of the Com ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌 證券交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之全部中發展控股有限公司股份出售或轉讓，應立即將本通函及隨附之代表 委任表格送交買主或承讓人，或經手出售或轉讓之銀行、股票經紀或其他註冊交易商或其他代 理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 CENTRAL DEVELOPMENT HOLDINGS LIMITED 中發展控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：475） 建議授出一般授權以購回股份及發行股份、 重選退任董事、 重新委任核數師 及 股東週年大會通告 本公司謹訂於二零二五年九月十一日（星期四）上午十時正假座香港灣仔軒尼詩道303號協成 行灣仔中心24樓舉行股東週年大會或其任何續會，大會通告載於本通函第18至22頁。 無論 閣下是否能夠出席股東週年大會 ...

（於開曼群島註冊成立之有限公司） （股份代號：475） 股東週年大會通告 茲通告中發展控股有限公司（「本公司」）謹訂於二零二五年九月十一日（星期四） 上午十時正假座香港灣仔軒尼詩道303號協成行灣仔中心24樓舉行股東週年大會 （「股東週年大會」），以處理下列事項： 普通決議案 作為一般事務： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CENTRAL DEVELOPMENT HOLDINGS LIMITED 中發展控股有限公司 (a) 在下文(b)段之規限下，一般及無條件授權本公司董事於有關期間（定義 見下文）行使本公司所有權力，以發行、配發及處理本公司之額外股份（包 括從庫存出售或轉讓任何庫存股份（「庫存股份」）（具有香港聯合交易 所有限公司證券上市規則所賦予的涵義）），並作出或授出將會或可能須 於有關期間內或於有關期間屆滿後行使任何該等權力之要約、協議及購 股權； (b) 本公司董事根據上文(a)段之批准配發、發行或以其他方式處理或有條件 或無 ...

於開曼群島註冊成立的有限公 司 股份代號：00475 環境、社會及管治報告 2024/25 目錄 | 2 | 釋義 | 20 | 卓越營運 | | --- | --- | --- | --- | | 3 | 關於中發展 | 20 | 可持續供應鏈 | | 3 | 關於本報告 | 20 | 產品質量管理 | | 3 | 報告目的 | 22 | 廣告宣傳及市場推廣 | | 3 | 報告期間及範圍 | 22 | 消費者資料保障及私隱政策 | | 4 | 報告指引及準則 | 22 | 知識產權 | | 4 | 報告獲取 | 23 | 廉潔誠信 | | 4 | 意見回饋 | 24 | 社區關懷 | | 5 | 主席寄語 | 25 | 關鍵績效指標參考表 | | 6 | 可持續發展管治 | | | | 6 | 持份者參與 | | | | 7 | 重要性評估 | | | | 8 | 共築綠色環境 | | | | 8 | 排放物及能源使用管理 | | | | 13 | 環境及天然資源 | | | | 13 | 氣候變化風險與機遇 | | | | 14 | 以人為本 | | | | 14 | 人力資源管理 | | | | 17 ...

於開曼群島註冊成立的有限公 司 股份代號：00475 年 報 2024/25 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 董事及公司秘書 | 15 | | 企業管治報告 | 18 | | 董事會報告 | 41 | | 獨立核數師報告 | 59 | | 綜合損益及其他全面收益表 | 64 | | 綜合財務狀況表 | 65 | | 綜合權益變動表 | 67 | | 綜合現金流量表 | 68 | | 綜合財務報表附註 | 70 | | 五年財務概要 | 156 | 1 中發展控股有限公司 公司資料 董事會 執行董事 吳浩先生 （主席） 胡楊俊先生 李維棋先生（於二零二五年一月二十四日調任） 陳永源先生 （行政總裁） （於二零二五年一月二十四日 辭任執行董事及行政總裁） 張兵先生 獨立非執行董事 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 鍾穎洁女士 蘭亞東先生（於二零二五年一月二十四日獲委任） 審核委員會 鍾穎洁女士 （主席） 靳慶軍先生 孫燑女士（於二零二五年一月二十四日辭任） 蘭亞東先生（於二零二五年一月二十四日獲委任） ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's total revenue increased by 21.0% to HKD 228.1 million, driven by energy business expansion, leading to a narrowed loss attributable to owners of HKD 19.17 million, down 38.2% year-on-year Key Profit or Loss Data (HKD Thousands) | Indicator | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 228,105 | 188,549 | +21.0% | | Gross Profit | 11,282 | 7,736 | +45.8% | | Loss Before Tax | (19,139) | (30,885) | -38.0% | | Loss for the Year | (18,033) | (31,029) | -41.9% | | Loss Attributable to Owners of the Company for the Year | (19,170) | (31,050) | -38.2% | | Basic Loss Per Share (HK Cents) | (4.79) | (8.01) | -40.2% | - The narrowing of annual loss was primarily due to **revenue growth**, **improved gross profit**, and **fair value gains on derivative financial instruments**[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's net assets significantly decreased to HKD 11.88 million, and a net current liability of HKD 26.93 million emerged, primarily due to reclassification of convertible bonds, indicating increased short-term repayment pressure Key Balance Sheet Data (HKD Thousands) | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 190,521 | 210,033 | -9.3% | | Current Assets | 73,306 | 49,289 | +48.7% | | Current Liabilities | 100,235 | 36,557 | +174.2% | | Non-current Liabilities | 151,715 | 194,937 | -22.2% | | **Net Current (Liabilities) Assets** | **(26,929)** | **12,732** | **Turned to Net Liabilities** | | **Net Assets** | **11,877** | **27,828** | **-57.3%** | - The significant increase in current liabilities was primarily due to the reclassification of **HKD 45.40 million** in principal of convertible bonds and their derivatives from non-current to current liabilities as they become due within one year[5](index=5&type=chunk)[35](index=35&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation and Going Concern](index=6&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) Despite a net loss of HKD 19.17 million and net current liabilities of HKD 26.93 million, the Board deems the going concern basis appropriate, supported by strategic plans including a convertible bond repayment deferral agreement and strict cost controls - The Group faces going concern challenges, marked by an **annual loss** and **net current liabilities**[13](index=13&type=chunk) - Management has implemented measures to alleviate liquidity pressure, with a key action being an agreement with Mr. Zhang Bing, Executive Director and convertible bondholder, to **defer repayment requests**[14](index=14&type=chunk) - Should the Group not be able to continue as a going concern, significant adjustments to the financial statements would be required, which are **not currently reflected**[14](index=14&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) The Group's total revenue is primarily driven by the energy business, which saw a 29.8% increase to HKD 221.3 million, while the jewelry business revenue significantly declined by 62.4% to HKD 6.77 million Revenue by Product (HKD Thousands) | Product | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Jewelry Products | 6,773 | 18,000 | -62.4% | | Refined Oil | 61,905 | 64,857 | -4.6% | | Liquefied Natural Gas | 159,427 | 105,347 | +51.3% | | Solar Products | – | 345 | -100% | | **Total Revenue** | **228,105** | **188,549** | **+21.0%** | Revenue and Results by Business Segment (HKD Thousands) | Business Segment | Revenue (2025) | Revenue (2024) | Segment Loss (2025) | Segment Loss (2024) | | :--- | :--- | :--- | :--- | :--- | | Jewelry Business | 6,773 | 18,000 | (445) | (195) | | Energy Business | 221,332 | 170,549 | (3,170) | (7,379) | | **Total** | **228,105** | **188,549** | **(3,615)** | **(7,574)** | [Key Items Analysis](index=10&type=section&id=Key%20Items%20Analysis) The year saw a net other income of HKD 6.32 million, largely from fair value gains on derivative financial instruments offsetting investment property losses, while finance costs increased to HKD 16.75 million due to convertible bond and shareholder loan interest - Fair value changes in derivative financial instruments (related to convertible bonds) shifted from a **HKD 4.00 million loss** last year to a **HKD 14.86 million gain** this year, a key non-operating item impacting profit or loss[23](index=23&type=chunk)[35](index=35&type=chunk) Composition of Finance Costs (HKD Thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on Bank Borrowings | 1,499 | 1,038 | | Interest on Convertible Bonds | 8,447 | 6,895 | | Interest on Loans from Shareholders and Controlling Shareholder | 6,643 | 4,701 | | Interest on Lease Liabilities | 162 | 153 | | **Total** | **16,751** | **12,787** | - The company issued **HKD 52.00 million** in principal of convertible bonds in 2022, subsequently measured at amortized cost, with the derivative component measured at fair value and changes recognized in profit or loss[33](index=33&type=chunk)[34](index=34&type=chunk) [Summary of Independent Auditor's Report](index=15&type=section&id=Summary%20of%20Independent%20Auditor's%20Report) [Audit Opinion](index=15&type=section&id=Audit%20Opinion) PwC issued an unmodified audit opinion on the Group's consolidated financial statements, affirming their true and fair presentation of the financial position and performance - The auditor believes the consolidated financial statements present a **true and fair view** of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards and are properly prepared under the Hong Kong Companies Ordinance[37](index=37&type=chunk) [Material Uncertainty Related to Going Concern](index=15&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern) Despite an unmodified opinion, the auditor included an emphasis of matter paragraph highlighting significant uncertainty regarding going concern due to the Group's annual loss and net current liabilities - The auditor specifically draws attention to the Group's net loss attributable to owners of approximately **HKD 19.17 million** for the year and net current liabilities of approximately **HKD 26.93 million** at the reporting date[38](index=38&type=chunk) - This matter indicates a **material uncertainty** that may cast significant doubt on the Group's ability to continue as a going concern, though the auditor's opinion is **not modified** in respect of this matter[38](index=38&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=16&type=section&id=Business%20Review) The Group's total sales increased by 21.0% to HKD 228.1 million, driven solely by the energy business's nearly 30% revenue growth, while the jewelry business faced significant challenges with over 60% revenue decline [Energy Business](index=16&type=section&id=Energy%20Business) Energy business revenue grew 29.8% to HKD 221.3 million, primarily from LNG sales expansion, while refined oil sales declined and solar PV business was severely impacted by trade barriers and competition - Energy business revenue increased by **29.8%** from **HKD 171 million** to **HKD 221 million**[40](index=40&type=chunk) - Growth was primarily driven by **Liquefied Natural Gas (LNG) sales**, with the company expanding operations to other Chinese cities by establishing a sales office in Shenzhen[40](index=40&type=chunk)[41](index=41&type=chunk) - Refined oil sales decreased year-on-year due to reduced public travel intent and international trade impacting logistics demand, while the solar business was significantly impacted by **trade barriers and market competition**[41](index=41&type=chunk)[42](index=42&type=chunk) [Jewelry Business](index=20&type=section&id=Jewelry%20Business) Jewelry business revenue plummeted 62.4% to HKD 6.80 million, reflecting weak performance in both Hong Kong and mainland China markets due to intense competition, economic slowdown, and changing consumer preferences - Jewelry business revenue decreased by approximately **62.4%** from **HKD 18.00 million** last year to approximately **HKD 6.80 million** this year[48](index=48&type=chunk) - Reasons for the decline include **intense competition** and **weak consumer confidence** in Hong Kong, and **economic slowdown**, **prevalence of lab-grown diamonds**, and **rising gold prices** in mainland China[48](index=48&type=chunk) [Outlook](index=20&type=section&id=Outlook) The Group anticipates stable growth in the LNG market, planning to expand its distribution network and focus on high-quality natural gas projects to support regional energy transition, while adopting flexible strategies for the challenging jewelry business - The company anticipates **stable and sustainable growth** in the LNG market, planning to establish additional offices beyond Shenzhen to expand its distribution network, expecting robust LNG business growth[49](index=49&type=chunk)[50](index=50&type=chunk) - Refined oil remains a fundamental energy safeguard in the short term, and the company will seize opportunities in the oil and gas business to provide **stable cash flow** for the Group[50](index=50&type=chunk)[51](index=51&type=chunk) - The company plans to focus on projects aligned with national policies, such as **distributed natural gas energy stations** and **direct LNG supply services to industrial users**, to navigate market uncertainties and achieve long-term value[53](index=53&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) Loss attributable to owners narrowed by 38.3% to HKD 19.20 million, driven by a 21.0% revenue increase, a 0.8 percentage point gross margin improvement, and a net other income of HKD 6.30 million from fair value gains on derivative financial instruments Financial Performance Overview (HKD Millions) | Indicator | Current Year | Prior Year | Change | | :--- | :--- | :--- | :--- | | Revenue | 228.1 | 188.5 | +21.0% | | Gross Profit | 11.3 | 7.7 | +45.8% | | Gross Margin | 4.9% | 4.1% | +0.8pp | | Net Other Income/(Loss) | 6.3 | (6.1) | Turned to Profit | | Loss Attributable to Owners | (19.2) | (31.1) | -38.3% | - Administrative expenses remained largely flat, reflecting the company's **strict cost control measures**[60](index=60&type=chunk) - The Board **does not recommend** the payment of a final dividend for the current year[65](index=65&type=chunk) [Liquidity and Financial Position](index=25&type=section&id=Liquidity%20and%20Financial%20Position) The Group's liquidity is strained with net current liabilities of HKD 26.90 million and a current ratio of 0.7, while the gearing ratio surged to 259.6%, mitigated by a convertible bond repayment deferral agreement - As of March 31, 2025, the Group had net current liabilities of approximately **HKD 26.90 million**, compared to net current assets of HKD 12.70 million in the prior year, primarily due to the **reclassification of convertible bonds** to current liabilities[66](index=66&type=chunk)[67](index=67&type=chunk) - To alleviate liquidity pressure, the Group reached an understanding with Mr. Zhang Bing, the convertible bondholder and Executive Director, that repayment will **not be demanded within 18 months** after the bond's maturity[67](index=67&type=chunk) Capital Structure Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Bank Borrowings | HKD 30.80 million | HKD 23.00 million | | Gearing Ratio | 259.6% | 82.6% | | Debt Ratio (Total Liabilities/Total Assets) | 95.5% | 89.3% | [Corporate Governance and Other Information](index=27&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Compliance](index=29&type=section&id=Corporate%20Governance%20and%20Compliance) The company affirmed compliance with the Listing Rules' Corporate Governance Code, and the Audit Committee reviewed the consolidated financial statements, deeming them compliant with accounting standards and adequately disclosed - The company has adopted and consistently complied with **all applicable code provisions** of the Corporate Governance Code throughout the year[83](index=83&type=chunk) - The Audit Committee, comprising **three independent non-executive directors**, reviewed the annual results and expressed satisfaction with their compliance and disclosure adequacy[86](index=86&type=chunk) [Directors and Employees](index=27&type=section&id=Directors%20and%20Employees) The report details changes in independent non-executive directors' external positions and remuneration adjustments, with the Group maintaining 64 employees and a competitive compensation policy - Disclosures include changes in external positions for independent non-executive directors Mr. Jin Qingjun, Mr. Lan Yadong, and Ms. Zhong Yingjie, as well as adjustments to **directors' emoluments** for Mr. Lan Yadong and Mr. Li Weiqi[85](index=85&type=chunk) - As of March 31, 2025, the Group's employee headcount remained **64**, with a competitive remuneration policy including **bonuses and share option schemes**[77](index=77&type=chunk) [Share-related Information](index=28&type=section&id=Share-related%20Information) No listed securities were purchased, redeemed, or sold during the year, public float requirements were maintained, and the AGM is scheduled for September 11, 2025, with associated share transfer book closure dates announced - There were **no purchases, sales, or redemptions** of the company's listed securities during the year[87](index=87&type=chunk) - The Annual General Meeting will be held on **September 11, 2025**, with share transfer registration suspended from **September 8 to 11, 2025**[81](index=81&type=chunk)[82](index=82&type=chunk) - The company confirmed that it has maintained the **public float requirement** as stipulated by the Listing Rules as of the announcement date[89](index=89&type=chunk)

Core Viewpoint - The company anticipates a reduction in net loss for the fiscal year ending March 31, 2025, with expected losses between approximately HKD 17.3 million and HKD 19 million, compared to a net loss of about HKD 31.1 million in the previous year [1] Financial Performance - The decrease in loss is primarily attributed to the change in fair value of convertible bond derivative financial instruments, which shifted from a fair value loss in the previous year to a fair value gain in the current year [1]

Stock Options - The total number of shares available for issuance under the 2023 stock option plan is 38,756,400 shares, accounting for 10.0% of the total issued shares[5] - The number of stock options granted to directors for the year ending March 31, 2024, totals 13,647,000 shares, with an exercise price of HKD 0.574[3] - The total number of stock options granted to employees, excluding the top five highest-paid individuals, is 4,000,000 shares, with an exercise price of HKD 1.12[4] - The total number of stock options for all categories is 34,947,000 shares[4] - The stock options for the top five highest-paid individuals include 3,800,000 shares for one individual who was among the top five in the previous year[8] - The exercise period for the stock options granted spans from the grant date until December 14, 2032[3] - The weighted average closing price of shares prior to the grant date for the stock options was HKD 0.574[8] Company Outlook - The company has not disclosed any new product developments or market expansion strategies in the current announcement[2] - The company has not provided specific future outlook or performance guidance in this announcement[2] - The company maintains that all other information in the 2023/24 annual report remains unchanged[5]

Revenue Performance - The total revenue for the period ending September 30, 2024, was approximately HKD 86.7 million, a decrease of about 4.4% compared to HKD 90.7 million in the previous period[7]. - Revenue from the energy business decreased by 2.6% to HKD 80.3 million from HKD 82.4 million in the previous period[8]. - The jewelry business revenue decreased by approximately 22.1% to about HKD 6.5 million, down from approximately HKD 8.3 million in the previous period, with Hong Kong sales accounting for about 51.6% and China for about 48.4%[18]. - The company reported revenue of HKD 86,745,000 for the six months ended September 30, 2024, a decrease of 4.3% compared to HKD 90,717,000 for the same period in 2023[120]. - Jewelry product sales generated revenue of HKD 6,478,000, down 22.1% from HKD 8,321,000 year-on-year[144]. - Revenue from refined oil sales was HKD 29,079,000, a decrease of 8.8% compared to HKD 31,878,000 in the previous year[144]. - Liquefied natural gas sales increased to HKD 51,188,000, up 1.3% from HKD 50,518,000 year-on-year[144]. Strategic Developments - The company established an office in Shenzhen to expand its LNG business into more cities in China, aiming to broaden its market presence[9]. - The acquisition of a 35% stake in Chengdu Huahan Energy Co., Ltd. was completed for a total consideration of HKD 52 million, financed through the issuance of convertible bonds[13]. - The company plans to expand its liquefied natural gas business through new offices in Chengdu and Shenzhen, aiming for increased market share and revenue growth[21]. - The company aims to leverage its acquisition of Chengdu Huahan to enhance operational efficiency and integrate its natural gas and solar photovoltaic businesses[22]. - The company is actively developing energy products, including LNG and solar photovoltaic smart technology products, as part of its strategic goals[8]. Financial Performance - The group recorded a net loss attributable to shareholders of approximately HKD 9.3 million, a reduction of about 22.0% from approximately HKD 11.9 million in the previous period[39]. - The group’s gross profit increased from approximately HKD 3.5 million to about HKD 5.9 million, representing a growth of approximately 65.4%, driven by improved gross margins in both jewelry and energy businesses[28]. - The company incurred a loss before tax of HKD 9,937,000, compared to a loss of HKD 11,633,000 in the previous year, indicating an improvement[120]. - The total comprehensive loss for the period was HKD 7,825,000, significantly reduced from HKD 16,885,000 in the prior year[120]. - The company reported a loss attributable to shareholders of HKD 9,291,000, an improvement from a loss of HKD 11,908,000 in the previous period[175]. Asset and Liability Management - As of September 30, 2024, the group's current assets net value was approximately HKD 16.5 million, with a current ratio of 1.3, unchanged from March 31, 2024[41]. - Cash and cash equivalents amounted to approximately HKD 20.1 million as of September 30, 2024, compared to HKD 16.3 million on March 31, 2024[41]. - The total assets and liabilities of the group as of September 30, 2024, were approximately HKD 282.0 million and HKD 246.4 million, respectively, resulting in a debt ratio of 87.4%, down from 89.3%[48]. - The group’s total equity as of September 30, 2024, was HKD 35,627,000, up from HKD 27,828,000, indicating a growth of 28.1%[126]. - The company’s accrued expenses increased to HKD 8,210,000 from HKD 6,962,000 over the same period[192]. Market Challenges - The geopolitical situation continues to pose challenges for the solar photovoltaic business, impacting sales significantly during the period[12]. - The solar energy business faces challenges due to global economic instability and intense competition in the Chinese market, prompting the company to optimize its business strategy[23]. - Jewelry business revenue fell approximately 22.1% to about HKD 6.5 million, attributed to intensified market competition and economic instability[27]. Shareholder Information - As of September 30, 2024, Mr. Hu Yangjun holds a total of 208,171,000 shares, representing approximately 50.52% of the issued shares[64]. - The total number of shares held by major shareholders includes 204,718,000 shares held by Fengyuan Capital, representing approximately 49.68% of the issued shares[70]. - The company has not disclosed any additional interests or short positions held by directors or key executives as of September 30, 2024[69]. Stock Option Plans - The company has a stock option plan adopted on September 9, 2016, which includes options granted to Mr. Jin Qingjun[66]. - The 2016 Stock Option Plan was terminated at the annual general meeting held on September 7, 2023, with no further options to be granted under this plan[75]. - The 2023 Stock Option Scheme allows for a maximum of 10% of the issued shares at the time of adoption to be issued, with no options granted under this scheme as of the report date[94].