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的內容概不負責，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倚 賴該等內容而引致的任何損失承擔任何責任。 誠如 該 公佈 所 述，一份 載 有（ 其中 包 括）根據 相 關上 市 規則 規 定可 能 出售 百 福股 份 的進 一 步資 料連 同 股東 特 別大 會通 告 的通 函（「該 通 函 」），預 期將 於2025年8月15日 或 之前 寄 發予 股 東。 由於需要額外時間 完 成 將載入 該 通 函 之 資 料 ， 故 預期該 通 函 之寄發日期 將 延遲 至2025年8月25日或之前。 EMINENCE ENTERPRISE LIMITED 高山企業有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 :616) 延遲寄發通函 可能主要交易 可能出售上市證券 茲提 述 高山 企 業有 限公 司 （「本公司 」） 發 佈日 期為 2025 年 7 月 25 日之 公佈（「該公佈 」），內容 有關（ 其 中 包括 ）可能 出 售 上 市證 券。除 文 義另 有所 指 外， 本 公佈 所用 詞 彙與 ...

8月1日，高山企业(00616)盘中下跌5.71%，截至10:35，报0.066元/股，成交114.01万元。 本文源自：金融界 作者：行情君 截至2024年年报，高山企业营业总收入4139.54万元、净利润-3.37亿元。 高山企业有限公司主要专注于物业投资、物业发展以及贷款融资业务，拥有丰富的管理经验和稳固的客 户供应商关系。自1995年在香港联交所主板上市以来，公司一直在寻求多元化和扩大收入来源的机会， 包括积极探索酒店和服务式公寓项目的投资机会，以提高股东回报潜力。 ...

致：香港交易及結算所有限公司 公司名稱: 高山企業有限公司 (「本公司」) 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 呈交日期: 2025年8月1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) | 00616 | 說明 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | HKD | | 0.01 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 40,000,000,000 | HKD | | 0.01 HKD | | 400,000,000 | 本月底法定/註冊股本總額 ...

FOR THE YEAR ENDED 31 MARCH 2025 截至2025年3月31日止年度 EMINENCE ENTERPRISE LIMITED 高山企業有限公司 ANNUAL REPORT 年報 BOARD OF DIRECTORS ANNUAL REPORT 2024/25 年報 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務概要 | 4 | | Chairman's Statement | 主席報告 | 5 | | Management Discussion and Analysis | 管理層討論及分析 | 6 | | Biographical Details of Directors | 董事之履歷 | 28 | | Corporate Governance Report | 企業管治報告 | 30 | | Directors' Report | 董事會報告 | 50 | | Environmental, Social and Governance ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

[Performance Overview](index=1&type=section&id=FINAL%20RESULTS) [Annual Results Summary](index=1&type=section&id=FINAL%20RESULTS) The company's consolidated loss attributable to owners expanded to HKD 365.3 million for FY2025, primarily due to increased fair value losses and finance costs, despite a 46.1% revenue growth from continuing operations Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Consolidated Loss Attributable to Owners** | Approx. HKD 365.3 million | Approx. HKD 213.15 million | | **Loss from Continuing Operations** | Approx. HKD 357.78 million | Approx. HKD 218.80 million | | **(Loss)/Profit from Discontinued Operations** | Approx. (HKD 7.52 million) | Approx. HKD 5.66 million | | **Revenue from Continuing Operations** | Approx. HKD 44.86 million | Approx. HKD 30.69 million | | **Gross Margin** | 59.8% | 88.5% | | **Basic and Diluted Loss Per Share** | HKD 0.81 | HKD 2.42 (Restated) | - The primary reasons for the increased consolidated loss this fiscal year include: - Increased fair value loss on investment properties - Increased loss on disposal of investment properties - Increased write-down of properties held for sale and development and properties held for sale - Increased net fair value loss on financial assets - Increased loss from modification of convertible bond terms - Increased finance costs[4](index=4&type=chunk) - The Board does not recommend a final dividend for the year ended March 31, 2025, consistent with the prior year[9](index=9&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Business Review](index=2&type=section&id=BUSINESS%20REVIEW) The Group's core businesses, property development and investment, saw mixed results with project milestones and rental income growth, while securities investment incurred losses and loan financing income declined, and mainland China operations were discontinued [Property Development](index=2&type=section&id=(i)%20Property%20Development) The Group's property development achieved key milestones with occupation permits for "THE HEDON" and "One Two One", ongoing construction for Kennedy Town, and a review of the Fung Wah project's development plan - **Matheson Street Project (THE HEDON)**: Located in Causeway Bay, with a total gross floor area of approximately **42,854 sq. ft.**, obtained its occupation permit in February 2024[12](index=12&type=chunk) - **Kweilin Street Project (One Two One)**: Located in Kowloon, a new Grade A industrial building with a total gross floor area of approximately **7,326 sq. m.**, obtained its occupation permit in May 2024[18](index=18&type=chunk) - **Kennedy Town Project**: With a combined site area of approximately **7,122 sq. ft.**, this commercial and residential complex has commenced superstructure works and is expected to be completed in the last quarter of 2025[19](index=19&type=chunk) - **Fung Wah Project**: Located on Castle Peak Road, Kowloon, with a total site area of approximately **9,206 sq. ft.**, the Group may consider adjusting its development plan given current market conditions[20](index=20&type=chunk) [Property Investment](index=4&type=section&id=(ii)%20Property%20Investment) Property investment, a core business, saw total rental income from continuing operations rise 12.5% to HKD 32.35 million, driven by Hong Kong, while Singapore's income fell due to asset sales, and mainland China operations were discontinued Property Investment Income by Region (Continuing Operations) | Region | FY2025 Rental Income | FY2024 Rental Income | YoY Change | | :--- | :--- | :--- | :--- | | **Hong Kong** | Approx. HKD 31.56 million | Approx. HKD 27.42 million | ▲ 15.1% | | **Singapore** | Approx. HKD 0.80 million | Approx. HKD 1.33 million | ▼ 40.1% | | **Total** | Approx. HKD 32.35 million | Approx. HKD 28.75 million | ▲ 12.5% | - As of March 31, 2025, the Group's total carrying value of investment properties in Hong Kong was approximately **HKD 1.058 billion**, down from HKD 1.177 billion last year[25](index=25&type=chunk) - The land and buildings in Huzhou, China, were resumed by the government, with full compensation received, and this business is treated as a discontinued operation, no longer included in this fiscal year's financial statements[30](index=30&type=chunk)[31](index=31&type=chunk) [Investment in Securities and Others](index=6&type=section&id=(iii)%20Investment%20in%20Securities%20and%20Others) Securities and other investments from continuing operations recorded a fair value loss of HKD 20.43 million, significantly increasing segment loss to HKD 20.53 million, with dividend income also sharply decreasing Securities Investment Segment Performance (Continuing Operations) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Fair Value Loss** | Approx. HKD 20.43 million | Approx. HKD 4.39 million | | **Segment Loss** | Approx. HKD 20.53 million | Approx. HKD 4.60 million | | **Dividend Income** | Approx. HKD 37,000 | Approx. HKD 1.37 million | Significant Securities Investments as of March 31, 2025 | Company Name (Stock Code) | Number of Shares Held | Investment Cost (HKD '000) | Fair Value (HKD '000) | % of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Best Food Holding (1488) | 33,126,000 | 38,195 | 26,501 | 0.55% | | Pacific Legend (8547) | 14,270,000 | 1,504 | 1,884 | 0.04% | | Sun Fung Group (1223) | 7,170,000 | 6,494 | 5,664 | 0.12% | | Grand Central Properties (193) | 6,240,000 | 1,666 | 2,558 | 0.05% | | Wing Yee International (1218) | 2,243,000 | 7,532 | 3,813 | 0.08% | | **Total** | - | **57,905** | **41,531** | **0.86%** | - The Group maintains a cautiously optimistic outlook on the prospects for securities investments and will continue to maintain a diversified investment portfolio to mitigate risks[42](index=42&type=chunk) [Loan Financing](index=8&type=section&id=(iv)%20Loan%20Financing) Loan financing interest income from continuing operations decreased 31.1% to HKD 1.33 million, resulting in a segment loss, with credit risk highly concentrated among the top five borrowers, leading to a HKD 1.02 million impairment provision Loan Financing Business Performance (Continuing Operations) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Interest Income** | Approx. HKD 1.33 million | Approx. HKD 1.93 million | | **Segment (Loss)/Profit** | Approx. (HKD 72,000) | Approx. HKD 190,000 | | **Principal Amount of Loans Receivable at Year-End** | Approx. HKD 29.58 million | Approx. HKD 31.02 million | | **Reversal of Impairment Loss** | Approx. HKD 55,000 | Approx. HKD 473,000 | - Credit risk is highly concentrated: as of March 31, 2025, the largest borrower accounted for approximately **33%** of loans receivable, with the top five borrowers collectively representing approximately **94%**[52](index=52&type=chunk) - The Group implements stringent credit risk management measures, including due diligence, credit assessment, collateral requirements, and ongoing monitoring, with impairment assessments based on the Expected Credit Loss (ECL) model[46](index=46&type=chunk)[56](index=56&type=chunk) [Financial Review](index=13&type=section&id=FINANCIAL%20REVIEW) Revenue from continuing operations grew 46% to HKD 44.86 million, but gross margin declined, and loss before tax expanded 81% to HKD 371 million due to a 68% increase in finance costs and asset impairments, with total assets decreasing to HKD 4.84 billion Financial Performance Summary (Continuing Operations) | Indicator | 2025 (HKD '000) | 2024 (HKD '000) | Change | | :--- | :--- | :--- | :--- | | **Turnover** | 44,857 | 30,693 | ▲ 46% | | **Gross Profit** | 26,834 | 27,173 | ▼ 1% | | **Gross Margin** | 59.8% | 88.5% | ▼ 29% | | **Administrative Expenses** | (48,680) | (58,483) | ▼ 17% | | **Finance Costs** | (92,555) | (55,074) | ▲ 68% | | **Loss Before Tax** | (370,973) | (205,319) | ▲ 81% | | **Loss for the Year** | (357,778) | (218,804) | ▲ 64% | - Revenue growth was primarily driven by increased property sales and rental income[63](index=63&type=chunk) - Finance costs increased by **68.1%** from **HKD 55.07 million** to **HKD 92.56 million**, with actual interest expenses for convertible bonds amounting to approximately **HKD 20.53 million**[71](index=71&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, total assets decreased to HKD 4.84 billion, bank balances and cash significantly reduced to HKD 57.27 million, and the current ratio declined, while the capital gearing ratio remained at 0.7 with HKD 70 million in outstanding convertible bonds Liquidity Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | Approx. HKD 4.842 billion | Approx. HKD 5.409 billion | | **Bank Balances and Cash** | Approx. HKD 57.27 million | Approx. HKD 299.7 million | | **Total Bank Borrowings** | Approx. HKD 1.892 billion | Approx. HKD 2.067 billion | | **Capital Gearing Ratio** | Approx. 0.7 | Approx. 0.7 | | **Current Ratio** | Approx. 2.3 | Approx. 3.2 | - As of March 31, 2025, the company had outstanding principal of **HKD 70 million** for the 2023 convertible bonds, with an annual interest rate of **5%** and a maturity date of February 19, 2028[79](index=79&type=chunk) [Capital Structure and Charges of Assets](index=17&type=section&id=Capital%20Structure%20and%20Charges%20of%20Assets) Total ordinary shares issued increased to 1.014 billion due to new share placings and rights issues, with HKD 1.89 billion in bank loans secured by investment properties and properties held for sale and development, totaling HKD 4.617 billion in net carrying value - The total number of ordinary shares issued increased from **103 million** in 2024 to **1.014 billion** in 2025[82](index=82&type=chunk) - The Group's approximately **HKD 1.89 billion** in bank loans are secured by the following assets: - Investment properties: approximately **HKD 1.058 billion** - Properties held for sale and development: approximately **HKD 1.847 billion** - Properties held for sale: approximately **HKD 1.713 billion**[83](index=83&type=chunk) [Capital Expenditures and Capital Commitments](index=18&type=section&id=Capital%20Expenditures%20and%20Capital%20Commitments) Capital expenditures on property, plant, and equipment significantly decreased to HKD 10,000, and the Group had no contracted but unprovided capital commitments at year-end, a notable reduction from the prior year Changes in Capital Expenditures and Commitments | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | **Capital Expenditures** | Approx. HKD 10,000 | Approx. HKD 681,000 | | **Capital Commitments at Year-End** | HKD 0 | Approx. HKD 4.418 million | [Material Notifiable Transactions and Events](index=19&type=section&id=MATERIAL%20NOTIFIABLE%20TRANSACTIONS%20AND%20EVENTS) The Group completed significant capital activities and asset disposals, including a new share placing, a substantial reduction in convertible bond conversion price, multiple property sales, and a rights issue - **Placing of New Shares**: Completed on April 17, 2024, with **235 million** shares placed at **HKD 0.18** per share, raising net proceeds of approximately **HKD 41.88 million** for bank loan repayment and general working capital[98](index=98&type=chunk) - **Revision of Convertible Bonds**: Completed on April 17, 2024, the conversion price of the 2023 convertible bonds was substantially reduced from **HKD 3.70** to **HKD 0.18** per share, and redemption terms were modified[99](index=99&type=chunk) - **Asset Disposals**: - **Limited Partnership Interest**: Completed in July 2024 for **USD 3.7 million**[102](index=102&type=chunk) - **Hong Kong Property**: Completed in September 2024 for **HKD 36 million**[103](index=103&type=chunk) - **Singapore Property**: Completed in October 2024 for **SGD 12 million**[106](index=106&type=chunk) - **Rights Issue**: Completed in February 2025, on a "two-for-one" basis at **HKD 0.092** per share, raising up to approximately **HKD 62.20 million**[109](index=109&type=chunk)[113](index=113&type=chunk) [Events After the End of the Reporting Period](index=22&type=section&id=EVENTS%20AFTER%20THE%20END%20OF%20THE%20REPORTING%20PERIOD) Post-reporting period, the Group sold Best Food Holding shares for HKD 17.01 million and agreed to further reduce the 2023 convertible bond conversion price to HKD 0.07, pending SEHK approval - In May 2025, the Group sold a total of **17 million** shares of Best Food Holding Company Limited (1488.HK) through open market and block trades, generating total proceeds of approximately **HKD 17.01 million**[116](index=116&type=chunk) - On June 4, 2025, the company entered into a second supplemental deed with the noteholder, conditionally agreeing to further reduce the conversion price of the 2023 convertible bonds from **HKD 0.14** to **HKD 0.07** per share, subject to SEHK approval[120](index=120&type=chunk) [Key Risks and Uncertainties](index=24&type=section&id=KEY%20RISKS%20AND%20UNCERTAINTIES) The Group faces multiple risks, including global macroeconomic volatility, inflation, interest rate changes, geopolitical instability, supply chain disruptions, and climate change-related physical and transitional risks - The Group faces macroeconomic risks including global financial market volatility, inflation, interest rate changes, political instability, and supply chain disruptions[126](index=126&type=chunk) - Climate change poses physical and transitional risks that could negatively impact the Group's assets, operations, and supply chain management[127](index=127&type=chunk) [Prospects](index=25&type=section&id=PROSPECTS) The Group will continue to focus on core businesses and explore new opportunities, maintaining cautious optimism for Hong Kong's property and securities markets despite macroeconomic uncertainties, while prudently seeking investment and divestment opportunities - The Group will continue to focus on developing its existing core businesses, including property development, property investment, securities investment, and loan financing[132](index=132&type=chunk) - Despite macroeconomic uncertainties, the Group maintains a cautiously optimistic outlook on the long-term prospects of the Hong Kong property and securities markets[133](index=133&type=chunk) - The company will continue to seek suitable investment and divestment opportunities in line with its investment strategy, aiming to bring long-term benefits to the company[134](index=134&type=chunk) [Corporate Governance and Other Information](index=23&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Compliance with the Corporate Governance Code](index=25&type=section&id=COMPLIANCE%20WITH%20THE%20CORPORATE%20GOVERNANCE%20CODE) The Group complied with all applicable Corporate Governance Code provisions for FY2025, with two deviations: the combined roles of Chairman and CEO, and the absence of an internal audit function, which the Board deems effective for now - The company fully complied with all applicable code provisions of the Corporate Governance Code during this fiscal year, with two deviations[136](index=136&type=chunk) - **Deviation One (Code Provision C.2.1)**: The roles of Chairman and Chief Executive Officer are combined and held by Mr. Lai Lo Kiu, which the Board believes allows for more effective planning and execution of long-term strategies, with the Board's composition ensuring a balance of power[139](index=139&type=chunk) - **Deviation Two (Code Provision D.2.5)**: The Group has not established an internal audit function, as the Board believes the existing organizational structure and close supervision by management are sufficient to maintain adequate risk management and internal controls given the Group's business scale, nature, and complexity, thus no urgent need for an internal audit function currently exists[141](index=141&type=chunk) [Audit Committee](index=28&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, composed of three independent non-executive directors and chaired by Mr. Kan Ka Han, oversees financial reporting, risk management, and internal controls, having reviewed the annual results and audited financial statements - The Audit Committee comprises three independent non-executive directors and is responsible for overseeing financial reporting, risk management, and internal control[147](index=147&type=chunk) - The Committee has reviewed the annual results announcement and the audited consolidated financial statements for the year ended March 31, 2025[147](index=147&type=chunk) [Employees](index=24&type=section&id=EMPLOYEES) As of March 31, 2025, the Group had 38 employees, a slight decrease from last year, with staff costs (including directors' emoluments) for the fiscal year amounting to HKD 32.05 million Employees and Costs | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Number of Employees** | 38 people | 40 people | | **Staff Costs** | Approx. HKD 32.05 million | Approx. HKD 40.22 million | [Consolidated Financial Statements](index=31&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=31&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the year ended March 31, 2025, the Group reported HKD 44.86 million in revenue from continuing operations, but recorded an annual loss of HKD 358 million, with a total annual loss attributable to owners of HKD 365 million, including discontinued operations Key Items from Consolidated Statement of Profit or Loss (HKD '000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Turnover (Continuing Operations)** | 44,857 | 30,693 | | **Gross Profit (Continuing Operations)** | 26,834 | 27,173 | | **Finance Costs (Continuing Operations)** | (92,555) | (55,074) | | **Loss Before Tax (Continuing Operations)** | (370,973) | (205,319) | | **Loss for the Year (Continuing Operations)** | (357,778) | (218,804) | | **(Loss)/Profit for the Year (Discontinued Operations)** | (7,521) | 5,655 | | **Loss for the Year Attributable to Owners** | (365,299) | (213,149) | | **Total Comprehensive Expense for the Year** | (357,307) | (212,720) | [Consolidated Statement of Financial Position](index=34&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of March 31, 2025, total assets decreased to HKD 4.842 billion, with total liabilities at HKD 2.027 billion and equity attributable to owners at HKD 2.815 billion, while non-current assets were mainly investment properties and current assets were properties held for sale Key Items from Consolidated Statement of Financial Position (HKD '000) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 1,074,830 | 1,333,908 | | **Current Assets** | 3,767,200 | 4,074,899 | | **Total Assets** | **4,842,030** | **5,408,807** | | **Current Liabilities** | 1,658,211 | 1,277,260 | | **Non-current Liabilities** | 369,034 | 1,084,351 | | **Total Liabilities** | **2,027,245** | **2,361,611** | | **Equity Attributable to Owners** | **2,814,785** | **3,047,196** | [Notes to the Consolidated Financial Statements](index=36&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail key accounting items, showing turnover from rental income and property sales, segment losses in property development and investment, increased finance costs from bank borrowings, discontinued operations from mainland China asset disposals, and adjusted loss per share - Segment Results: For FY2025, the property investment segment recorded a loss of **HKD 56.83 million**, the property development segment a loss of **HKD 161 million**, the securities and other investments segment a loss of **HKD 20.53 million**, and the loan financing segment a loss of **HKD 72,000**[188](index=188&type=chunk) - Finance Costs: Totaled **HKD 144 million**, with **HKD 51.43 million** capitalized and a net amount of **HKD 92.56 million** recognized in profit or loss, primarily comprising bank borrowing interest (**HKD 123 million**) and actual interest on convertible bonds (**HKD 20.53 million**)[194](index=194&type=chunk) - Discontinued Operations: Involved the resumption of land and buildings in Huzhou, China, with this business recording a pre-tax loss of **HKD 3.75 million** and an after-tax loss of **HKD 7.52 million** for the year[198](index=198&type=chunk)[202](index=202&type=chunk)

Bank Borrowings and Loans - Secured bank borrowings as of 30 September 2024 amounted to HK$1,992,797,000, a decrease from HK$2,066,734,000 as of 31 March 2024[7] - The Group obtained new bank loans of HK$162,187,000 and repaid HK$236,124,000 during the interim period[4] - Interest rates on secured bank borrowings ranged from HIBOR plus 0.7% to 1.8%, with effective interest rates between 4.5% and 9.0% as of 30 September 2024[5] - The Group's bank loans were secured by properties with a total net book value of approximately HK$4,715,940,000 as of 30 September 2024[7] - The company completed a placing of 235,000,000 new shares at HK$0.18 per share, raising HK$41,877,000 net proceeds, which were fully utilized for repaying bank borrowings of HK$35,000,000 and general working capital[120][121] - Secured bank borrowings decreased from HK$1,161,664 thousand to HK$1,076,572 thousand[159] Share Issuance and Capital Structure - The Group's issued ordinary shares increased to 338,148,116 as of 30 September 2024, up from 103,148,116 as of 31 March 2024[12] - The Company completed a share placing of 235,000,000 shares at HK$0.18 per share, raising net proceeds of HK$41,877,000[30] - The company completed a share placement of 235,000,000 shares at HK$0.18 per share, raising approximately HK$41,877,000 in net proceeds, which will be used to repay bank loans and for general working capital[32] - The conversion price of the 2023 Convertible Notes was adjusted from HK$3.70 to HK$0.18 per share, increasing the number of conversion shares from 56,486,486 to 1,161,111,111[34][35] - Easyknit Properties Holdings Limited held 14,055,799 shares and 1,161,111,111 underlying shares, totaling 1,175,166,910 shares or 347.53% of the total issued shares[78] - Easyknit International Holdings Limited held 26,753,937 shares and 1,161,111,111 underlying shares, totaling 1,187,865,048 shares or 351.28% of the total issued shares[78] - Magical Profits Limited held 27,428,937 shares and 1,161,111,111 underlying shares, totaling 1,188,540,048 shares or 351.48% of the total issued shares[79] - Magical Profits Limited holds approximately 41.77% of Easyknit's issued share capital, including 1,726,000 shares representing 2.33% of the issued share capital[81][83] - Easyknit's total issued shares increased from 103,148,116 to 338,148,116 after a placement on 17 April 2024, reducing its interest in shares from 81.35% to 25.82%[86][88] - The conversion price of the 2023 Convertible Note was adjusted from HK$3.70 to HK$0.18 per share, increasing the number of unissued conversion shares from 59,885,386 to 1,161,111,111 and raising Easyknit's interest in shares from 25.82% to 351.48%[86][88] - The company maintains a public float of more than 25% of its issued shares, as required by the Listing Rules[92][94] - The company proposed a rights issue to raise up to HK$62,200,000 by issuing up to 676,296,232 rights shares at HK$0.092 per share, subject to shareholder approval[125][126] - The company proposed a rights issue to raise up to HK$62.2 million (before expenses) by issuing up to 676,296,232 rights shares at HK$0.092 per share[143] - The company issued 235,000,000 new shares at HK$0.18 per share, diluting Wing Yik International's controlling stake from 26.59% to approximately 8.11%[194] - Share capital increased from HK$1,031 thousand to HK$3,381 thousand[162] - Share premium increased from HK$2,555,944 thousand to HK$2,595,471 thousand[162] - Convertible note equity reserve decreased from HK$47,493 thousand to HK$115,646 thousand[162] Property Transactions - The company disposed of a limited partnership interest for USD3,700,000 (equivalent to HK$28,971,000) in July 2024[37][39] - The company agreed to sell a property in Hong Kong for HK$36,000,000, with completion subject to fulfilling conditions precedent[38][43] - The company sold a property in Singapore for S$12,000,000 (equivalent to approximately HK$72,216,000), with completion in September 2024[48][50][53] - Investment properties decreased from HK$1,250,443 thousand to HK$1,059,800 thousand[157] - Properties held for development for sale decreased from HK$2,520,754 thousand to HK$1,862,755 thousand[157] - Write-down on properties held for development for sale, net for the six months ended 30 September 2024 was HK$53.892 million, compared to HK$92.007 million in the same period last year[186] - Write-down on properties held for sale, net for the six months ended 30 September 2024 was HK$20.225 million, compared to none in the same period last year[186] Financial Performance and Losses - The Group recorded a loss of approximately HK$55,107,000 on changes in fair value of investment properties from continuing operations[25] - Finance costs from continuing operations increased by 115.4% to HK$51,719,000, including HK$14,003,000 in effective interest expense on convertible notes[27] - Loss for the period attributable to owners of the Company was HK$243.368 million, compared to HK$158.263 million in the same period last year[189] - Total comprehensive expense for the period attributable to owners of the Company was HK$236.745 million, compared to HK$175.905 million in the same period last year[191] - Loss per share from continuing and discontinued operations was HK$0.77, with a loss of HK$0.75 from continuing operations[153] - The company reported a total comprehensive expense of HK$236.745 million for the six months ended 30 September 2024, compared to HK$175.905 million in the same period in 2023[153] - Loss on changes in fair value of investment properties for the six months ended 30 September 2024 was HK$55.107 million, compared to HK$12.242 million in the same period last year[186] Cash Flow and Financial Position - Net cash used in operating activities for the six months ended 30 September 2024 was HK$87.116 million, compared to HK$217.119 million in the same period last year[171] - Net cash generated from investing activities for the six months ended 30 September 2024 was HK$16.116 million, compared to HK$169.788 million in the same period last year[173] - Net cash used in financing activities for the six months ended 30 September 2024 was HK$103.953 million, compared to net cash generated of HK$107.400 million in the same period last year[176] - Cash and cash equivalents decreased by HK$174.953 million for the six months ended 30 September 2024, compared to an increase of HK$60.069 million in the same period last year[176] - Total assets decreased from HK$4,131,547 thousand to HK$3,981,885 thousand as of 30 September 2024[159] - Net current assets increased slightly from HK$2,797,639 thousand to HK$2,811,450 thousand[159] - Total equity decreased from HK$3,047,196 thousand to HK$2,936,737 thousand[159] - Deferred tax liabilities increased from HK$7,936 thousand to HK$21,406 thousand[159] Employee and Staff Costs - The company had 42 employees as of 30 September 2024, with staff costs amounting to approximately HK$13,815,000 for the period[57] - The company had 42 employees as of September 30, 2024, compared to 40 employees as of March 31, 2024[61] - Employee costs (including directors' remuneration) were approximately HKD 13,815,000 for the period, down from HKD 21,435,000 in the previous period[61] Business Strategy and Outlook - The company remains cautiously optimistic about the prospects of Hong Kong's property and securities markets, believing they will continue to grow in the long term[64] - The company will continue to focus on property development, property investment, securities and other investments, and loan financing business while exploring other potential opportunities[63] - The company will continue to seek attractive opportunities to replenish its property portfolio as part of its ongoing business strategy[65] - The company's operations in China have been terminated[179] Corporate Governance and Leadership - Mr. Lai Law Kau serves as both Chairman and Chief Executive Officer, a dual role deemed efficient for long-term strategy execution[105] - The company's chairman and CEO roles are held by the same individual, Mr. Lai Lo Kiu, which the board believes enhances efficiency and strategic execution[106] - The company does not have an internal audit function but considers its existing risk management and internal control systems to be effective and adequate[109][110] - The company's audit committee reviewed the unaudited interim condensed consolidated financial statements and found no major issues, though areas for improvement were identified[109][115] - As of September 30, 2024, none of the directors or the chief executive had any interests in the company's shares, underlying shares, or debentures[70] Miscellaneous - Capital expenditures during the period were approximately HK$11,000, a decrease from HK$27,000 in the previous period[18] - No listed securities of the company were purchased, sold, or redeemed during the period[66] - The company partially redeemed HK$100 million of the outstanding principal amount of the 2023 Convertible Note, reducing the outstanding amount to HK$109 million and the total number of conversion shares from 1,161,111,111 to 605,555,555[131][146] - The company allotted 235,000,000 ordinary shares at HK$0.18 per share, diluting Easyknit International's shareholding from 26.59% to approximately 8.11%[140] - The Group applied amendments to HKFRSs for the first time in the current interim period, with no material impact on financial positions and performance[198] - Rental income for the six months ended 30 September 2024 was HK$15.835 million, compared to HK$14.049 million in the same period last year[186] - Interest income from loan financing for the six months ended 30 September 2024 was HK$682,000, compared to HK$1.207 million in the same period last year[186]

Financial Performance - The Group's unaudited consolidated loss attributable to shareholders for the six months ended 30 September 2024 was approximately HK$243,368,000, compared to a loss of approximately HK$158,263,000 for the corresponding period in 2023, representing an increase of approximately 53.8%[3] - The unaudited consolidated loss from continuing operations for the Period was approximately HK$237,712,000, compared to a loss of approximately HK$149,150,000 in the 2023 Period, indicating an increase of approximately 59.3%[3] - Loss before taxation for the period was HK$244,297,000, compared to a loss of HK$149,710,000 in the previous year, indicating a significant increase in losses[151] - Total comprehensive expense attributable to owners of the Company for the period was HK$236,745,000, up from HK$175,905,000 in the same period last year, reflecting a 34.5% increase in comprehensive losses[157] - Loss per share from continuing operations was HK$0.75, compared to HK$2.15 in the previous year, showing an improvement in loss per share despite ongoing challenges[159] Revenue and Income - Revenue from continuing operations for the six months ended September 30, 2024, was HK$15,835,000, an increase from HK$14,049,000 in the same period of 2023, representing a growth of 12.7%[150] - The total rental income recorded from continuing operations increased by approximately 12.7% to approximately HK$15,835,000, compared to approximately HK$14,049,000 in the 2023 Period[24] - The property rental income for the Period was approximately HK$15,099,000, representing an increase of approximately 13.7% compared to approximately HK$13,283,000 in the 2023 Period, primarily due to rental income from Project Matheson Street[28] - In Singapore, the Group's property rental income decreased by approximately 3.9% to approximately HK$736,000, down from approximately HK$766,000 in the 2023 period, due to the disposal of one residential unit in July 2023[30] - Interest income from loan financing business decreased by approximately 43.5% to approximately HK$682,000 compared to approximately HK$1,207,000 in the 2023 period[49] Assets and Liabilities - The Group owned residential, commercial, and industrial units and land with a total carrying amount of approximately HK$1,090,800,000 as of 30 September 2024, down from approximately HK$1,176,600,000 as of 31 March 2024[28] - As of September 30, 2024, the Group's total carrying value of properties in Hong Kong was approximately HK$1,090,800,000, a decrease from approximately HK$1,176,600,000 as of March 31, 2024[29] - The Group's total assets amounted to approximately HK$5,145,056,000, a decrease from approximately HK$5,408,807,000 as of March 31, 2024[70] - Cash and cash equivalents decreased to HK$127,307,000 from HK$299,717,000, a reduction of 57.5%, highlighting liquidity challenges[162] - Net assets decreased to HK$2,936,737 from HK$3,047,196, representing a reduction of approximately 3.6%[1] Investment and Development - The Group is developing several key projects, including "THE HEDON" and "One Two One," with occupation permits obtained in February and May 2024, respectively[10][11] - The combined site area for the Kennedy Town project is approximately 7,122 square feet, with superstructure works expected to complete in the last quarter of 2025[18] - The Group agreed to dispose of a limited partnership interest for a consideration of USD3,700,000 (equivalent to HK$28,971,000), with completion taking place in July 2024[104] - The Group entered into a preliminary sale and purchase agreement to sell a property for HK$36,000,000, subject to the fulfillment of conditions precedent[105] - The Group entered into an agreement to sell a four-bedroom apartment in Singapore for S$12,000,000 (approximately HK$72,216,000), with completion in October 2024[111] Financing and Capital Structure - The Group's operations were primarily financed through recurring cash flow, capital market proceeds, and bank financing[72] - The Group completed a placing of 235,000,000 shares at a price of HK$0.18 per share, raising net proceeds of approximately HK$41,877,000 for repayment of bank borrowings and general working capital[99] - The outstanding principal amount of the 2023 Convertible Note was HK$209,000,000 as of September 30, 2024, with an interest rate of 5% per annum[77] - The conversion price of the 2023 Convertible Note was adjusted to HK$0.18 per conversion share as of April 17, 2024[79] - The Group proposed to raise up to approximately HK$62.2 million through a Rights Issue of a maximum of 676,296,232 Rights Shares at a Subscription Price of HK$0.092 per Rights Share[141] Risk Management and Internal Control - The Board reviewed the effectiveness of the Group's risk management and internal control systems and found them to be effective and adequate[132] - The company does not currently have an internal audit function but will conduct an annual review of its risk management and internal control systems[132] - The Group has implemented stringent loan review procedures and credit risk management to minimize credit risks associated with its loan financing business[53] - The Group regularly assesses the value of collaterals and has not observed significant changes in the quality of collateral held for loans receivable[58] Employee and Management - As of September 30, 2024, the Group had 42 employees, with staff costs amounting to approximately HK$13,815,000 for the period, down from HK$21,435,000 in the previous period[114] - The company expressed gratitude to the management team and employees for their hard work and commitment[144] Market Outlook - The Group remains cautiously optimistic about the property and securities markets in Hong Kong, despite global economic uncertainties[121] - The Company will continue to seek investment and divestment opportunities that align with its objectives during challenging market conditions[123]

Financial Performance - For the year ended March 31, 2024, the Group's revenue from continuing operations was approximately HK$30,693,000, representing an increase of approximately HK$3,499,000 or approximately 12.9% compared to HK$27,194,000 in the previous year[11]. - The consolidated loss attributable to owners of the Company for the year was approximately HK$213,149,000, compared to a profit of approximately HK$63,572,000 in the previous year[11]. - The gross profit margin for the year was approximately 88.5%, slightly down from approximately 89.1% in the previous year[11]. - The loss from continuing operations for the year was approximately HK$218,804,000, compared to a profit of approximately HK$58,970,000 in the previous year[11]. - Basic and diluted loss per share from continuing and discontinued operations was HK$2.47, compared to restated earnings per share of HK$1.50 and HK$1.37 in the previous year[11]. Assets and Liabilities - Total assets as of March 31, 2024, were approximately HK$5,408,807,000, down from HK$5,624,267,000 in the previous year[17]. - Total liabilities as of March 31, 2024, were approximately HK$2,361,611,000, slightly down from HK$2,389,101,000 in the previous year[17]. - Equity attributable to owners of the Company was approximately HK$3,047,196,000, down from HK$3,235,166,000 in the previous year[17]. Rental Income - Rental income from continuing operations totaled approximately HK$28,751,000, representing an increase of about 17.8% from approximately HK$24,408,000 in 2023[46]. - The company recorded property rental income of approximately HK$27,423,000, an increase of about 26.3% compared to HK$21,706,000 in 2023[46]. - In Singapore, property rental income decreased by approximately 50.9% to HK$1,328,000 from HK$2,702,000 in 2023, attributed to the disposal of one residential unit in July 2023[66]. Projects and Developments - The company completed the construction of the "THE HEDON" project in Causeway Bay, Hong Kong, with a gross floor area of approximately 42,854 square feet, obtaining the occupation permit in February 2024[39]. - The company also completed the "One Two One" project in Kowloon, Hong Kong, with a total gross floor area of approximately 7,326 square meters, obtaining the occupation permit in May 2024[39]. Investment and Financing - The Group's investment in equity securities listed in Hong Kong and the United States amounted to approximately HK$47,124,000, up from approximately HK$23,914,000 in the previous year[53]. - The Group received dividend income from listed securities investments of approximately HK$1,373,000, down from approximately HK$2,598,000 in the previous year[53]. - The Compensation Amount received from the Huzhou Government was RMB 386,982,000 (approximately HK$439,752,000), which will be used for general working capital and repayment of bank loans[51]. Corporate Governance and Compliance - The Company has fully complied with all applicable code provisions of the Corporate Governance Code during the year, ensuring diligence, accountability, and professionalism[166]. - The Board is committed to high standards of corporate governance, integrating social and environmental concerns into business operations[166]. - The Group is committed to enhancing long-term values and interests for shareholders and stakeholders, focusing on sustainable growth in both financial and ESG performance[182]. Risk Management - The Group's financial condition and operations are subject to risks including volatility in financial markets, commodity price fluctuations, and high inflationary pressures[160]. - The Group has made provisions for potential impairment losses due to increased default risk amid economic uncertainties[138]. - The Group's credit risk management includes stringent loan review procedures and ongoing monitoring of credit risks[137]. Employee and Operational Insights - As of March 31, 2024, the Group had 40 employees, with staff costs amounting to approximately HK$40,218,000, an increase of 34.2% from HK$29,929,000 in 2023[32]. - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong, despite global economic uncertainties[32].

Financial Performance - For the year ended 31 March 2024, the Group reported a consolidated loss attributable to shareholders of approximately HK$213,149,000, compared to a profit of approximately HK$63,572,000 in the previous year[3]. - Revenue from continuing operations increased to approximately HK$30,693,000, representing a growth of approximately 12.9% compared to HK$27,194,000 in the previous year[10]. - The Group's gross profit margin for the year was approximately 88.5%, slightly down from approximately 89.1% in the previous year[10]. - The basic and diluted loss per share for the year was HK$2.47, compared to restated earnings per share of HK$1.50 and HK$1.37 in the previous year[11]. - The consolidated loss from continuing operations for the year ended March 31, 2024, was approximately HK$218,804,000, compared to a profit of approximately HK$58,970,000 in 2023[60]. - Gross profit from continuing operations for the year ended March 31, 2024, was approximately HK$27,173,000, representing an increase of approximately 12.2% compared to approximately HK$24,225,000 in 2023[69]. - The taxation charge from continuing operations for the year was approximately HK$13,485,000, compared to a taxation credit of approximately HK$1,649,000 in 2023[75]. - The basic and diluted loss per share from continuing operations for the year was approximately HK$2.54, compared to a restated profit of approximately HK$1.39 per share in 2023[77]. Revenue and Income - Total rental income from continuing operations was approximately HK$28,751,000, an increase of approximately 17.8% from HK$24,408,000 in the previous year[26]. - The Group's property rental income and building management fee income from continuing operations amounted to approximately HK$27,423,000, reflecting a 26.3% increase compared to HK$21,706,000 in the previous year[27]. - Property rental income from continuing operations for the year was approximately HK$27,423,000, an increase of approximately 26.3% from approximately HK$21,706,000 in 2023[30]. - As of March 31, 2024, the Group's revenue from continuing operations increased by approximately 12.9% to approximately HK$30,693,000 compared to approximately HK$27,194,000 in 2023, primarily due to an increase in rental income[68]. Assets and Liabilities - As of March 31, 2024, the Group's total assets amounted to approximately HK$5,408,807,000, a decrease from approximately HK$5,624,267,000 in 2023[88]. - As of March 31, 2024, the Group's bank borrowings amounted to approximately HK$2,066,734,000, an increase from approximately HK$1,871,919,000 in 2023[49]. - The Group's total bank borrowings as of March 31, 2024, were approximately HK$2,066,734,000, compared to approximately HK$1,871,919,000 in 2023, resulting in a gearing ratio of approximately 0.7[89]. - The Group had capital commitments of approximately HK$4,418,000 as of March 31, 2024, down from approximately HK$19,635,000 in 2023[55]. - The Group's bank balances and cash as of March 31, 2024, were approximately HK$299,717,000, down from approximately HK$354,002,000 in 2023[88]. Dividends - The Group does not recommend the payment of a final dividend for the year ended 31 March 2024[5]. - The Group did not declare a final dividend for the year ended March 31, 2024, compared to no dividend declared in 2023[42]. Employee Information - The Group has 40 employees as of March 31, 2024, an increase from 38 employees in 2023, with total employee costs amounting to approximately HKD 40,218,000 for the year, compared to HKD 29,929,000 in 2023[192]. - The Group's employee benefits include medical and dental plans, and contributions to mandatory provident fund schemes for eligible employees[192]. Corporate Governance and Compliance - The Group has complied with relevant laws and regulations during the year ended March 31, 2024, with no material breaches reported[169]. - The Group is committed to maintaining compliance with relevant laws and regulations, reporting no significant violations as of March 31, 2024[180]. - The Group's corporate governance practices adhere to the Corporate Governance Code, ensuring accountability and professionalism in its operations[196]. Future Outlook and Strategy - The Group remains prudently optimistic about the prospects of the property and securities markets in Hong Kong, despite ongoing geopolitical tensions and high inflationary pressures[190]. - The Group will continue to focus on its core businesses, including property development and investment, while exploring new opportunities to provide stable returns to shareholders[189]. - The Group's future outlook remains focused on long-term value creation for shareholders and stakeholders amidst macroeconomic uncertainties[191]. - The Group plans to identify and seize appropriate investment opportunities to replenish its property portfolio during challenging market conditions[195]. Financing Activities - The Group financed its operations primarily through recurring cash flow, capital market proceeds, and bank financing[90]. - The net proceeds from the 2023 Placing amounted to approximately HK$24,750,000, which were fully utilized for repayment of the group's bank loan[121]. - The net proceeds from the 2024 Placing amounted to approximately HK$41,700,000, with approximately HK$35,000,000 used for bank loan repayment and approximately HK$6,700,000 for general working capital[123]. - A conditional revolving loan agreement was entered into for a principal amount of up to HK$80,000,000 for financing property development projects and general corporate use[149]. - The Revolving Loan Agreement constitutes a major transaction under Rule 14.06(3) of the Listing Rules and is subject to independent Shareholders' approval[150]. Environmental and Social Responsibility - The Group emphasizes its commitment to corporate social responsibility and environmental sustainability, aiming to minimize its carbon footprint and enhance resource efficiency[184]. - The Group acknowledges risks from climate change, including physical risks and their potential negative impacts on the environment and business operations[174]. - The Group acknowledges the risks posed by climate change, including extreme weather events and rising sea levels, which may impact its operations and supply chain[187].