[Group Performance Overview](index=1&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) This section provides an overview of the group's financial performance, including key statements and financial positions [Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the year ended March 31, 2025, the Group successfully turned a net loss into a net profit of **2,602 thousand HKD**, compared to a net loss of **15,818 thousand HKD** in the prior year, with revenue slightly decreasing by **0.5%** to **760,436 thousand HKD** but improved gross profit and gross profit margin | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 760,436 | 764,520 | (4,084) | -0.53 | | Cost of Sales | (618,379) | (632,781) | 14,402 | -2.28 | | Gross Profit | 142,057 | 131,739 | 10,318 | 7.83 | | Other Income | 13,479 | 2,896 | 10,583 | 365.43 | | Other Gains and Losses | 2,218 | 24,476 | (22,258) | -90.94 | | Selling Expenses | (56,539) | (59,066) | 2,527 | -4.28 | | Administrative Expenses | (69,980) | (77,082) | 7,102 | -9.21 | | Other Operating Expenses | (14,037) | (9,903) | (4,134) | 41.74 | | Finance Costs | (21,430) | (27,708) | 6,278 | -22.66 | | Share of Results of Associates | (1,498) | – | (1,498) | - | | Loss Before Tax | (5,730) | (14,648) | 8,918 | -60.88 | | Income Tax Credit (Expense) | 8,332 | (1,170) | 9,502 | -812.14 | | Profit (Loss) for the Year | 2,602 | (15,818) | 18,420 | -116.45 | | Profit (Loss) for the Year Attributable to Owners of the Company | 2,252 | (15,839) | 18,091 | -114.21 | | Basic and Diluted Earnings (Loss) Per Share (HK cents) | 0.68 | (4.78) | 5.46 | -114.23 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E5%A0%B1%E8%A1%A8) The Group's total comprehensive expense for the year significantly decreased from **20,834 thousand HKD** in 2024 to **4,482 thousand HKD** in 2025, primarily due to improved exchange differences and the elimination of last year's revaluation surplus impact | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Profit (Loss) for the Year | 2,602 | (15,818) | 18,420 | -116.45 | | Exchange Differences Arising from Translation of Foreign Operations | (7,415) | (13,031) | 5,616 | -43.10 | | Revaluation Surplus on Prepaid Land Lease Payments and Property, Plant and Equipment Transferred to Investment Properties | – | 8,616 | (8,616) | -100.00 | | Fair Value Gains (Losses) on Financial Assets at Fair Value Through Other Comprehensive Income | 219 | (601) | 820 | -136.44 | | Other Comprehensive Expense for the Year, Net of Tax | (7,084) | (5,016) | (2,068) | 41.23 | | Total Comprehensive Expense for the Year | (4,482) | (20,834) | 16,352 | -78.40 | | Total Comprehensive Expense for the Year Attributable to Owners of the Company | (4,820) | (20,860) | 16,040 | -76.89 | [Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%A0%B1%E8%A1%A8) As of March 31, 2025, the Group's total assets slightly decreased, but net current assets significantly improved from **52,829 thousand HKD** in 2024 to **77,853 thousand HKD**, primarily due to a reduction in current liabilities | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | | Total Non-current Assets | 588,728 | 653,670 | (64,942) | -9.93 | | **Current Assets** | | | | | | Inventories | 41,655 | 50,813 | (9,158) | -18.02 | | Trade and Bills Receivables | 235,678 | 218,892 | 16,786 | 7.67 | | Bank and Cash Balances | 87,718 | 101,657 | (13,939) | -13.71 | | Total Current Assets | 417,920 | 443,497 | (25,577) | -5.77 | | **Current Liabilities** | | | | | | Trade and Bills Payables | 189,407 | 218,001 | (28,594) | -13.12 | | Short-term Bank Borrowings | 87,153 | 69,885 | 17,268 | 24.71 | | Tax Payables | 191 | 20,291 | (20,100) | -99.06 | | Total Current Liabilities | 340,067 | 390,668 | (50,601) | -12.95 | | Net Current Assets | 77,853 | 52,829 | 25,024 | 47.37 | | Net Assets | 511,146 | 515,628 | (4,482) | -0.87 | | Total Equity | 511,146 | 515,628 | (4,482) | -0.87 | [Notes to the Consolidated Financial Statements](index=5&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) This section details the accounting policies, revenue recognition, segment information, and other financial notes supporting the consolidated financial statements [Application of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=1.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards%20(%E3%80%8CHKFRSs%E3%80%8D)) The Group first applied several new and revised HKFRSs effective this year, which had no significant impact on current or prior period financial position and performance, and future standards are not expected to have a material effect - This year, several new and revised Hong Kong Financial Reporting Standards and amendments were first applied, including sale and leaseback, classification of current or non-current liabilities, non-current liabilities with covenants, and supplier finance arrangements[6](index=6&type=chunk) - These new standards and amendments had no significant impact on the Group's financial position and performance for the current and prior years[6](index=6&type=chunk) - Revised HKFRSs issued but not yet effective are not expected to have a significant impact on the consolidated financial statements in the foreseeable future[7](index=7&type=chunk) [Revenue and Segment Information](index=6&type=section&id=2.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from sales of corrugated products, offset-printed corrugated products, and property leasing, with total revenue of **760,436 thousand HKD** in 2025, mainly from corrugated products, and significant growth in property leasing revenue, while segment assets and liabilities decreased - The Group's revenue comprises revenue from sales of goods and rental income from investment properties[9](index=9&type=chunk) - The Group has three reportable operating segments: corrugated products, offset-printed corrugated products, and property leasing[11](index=11&type=chunk) Segment Revenue and Results (2025) | Segment | External Sales (thousand HKD) | Total Rental Income (thousand HKD) | Segment Results (thousand HKD) | | :--- | :--- | :--- | :--- | | Corrugated Products | 533,606 | – | 15,149 | | Offset-Printed Corrugated Products | 215,240 | – | 10,959 | | Property Leasing | – | 11,590 | 1,768 | | **Total** | **748,846** | **11,590** | **27,876** | Segment Revenue and Results (2024) | Segment | External Sales (thousand HKD) | Total Rental Income (thousand HKD) | Segment Results (thousand HKD) | | :--- | :--- | :--- | :--- | | Corrugated Products | 572,329 | – | (1,337) | | Offset-Printed Corrugated Products | 185,870 | – | 2,460 | | Property Leasing | – | 6,321 | 30,168 | | **Total** | **758,199** | **6,321** | **31,291** | Segment Assets and Liabilities (2025) | Segment | Segment Assets (thousand HKD) | Segment Liabilities (thousand HKD) | | :--- | :--- | :--- | | Corrugated Products | 463,707 | 278,758 | | Offset-Printed Corrugated Products | 173,996 | 90,283 | | Property Leasing | 345,693 | 3,972 | | **Total Reportable Segments** | **983,396** | **373,013** | Segment Assets and Liabilities (2024) | Segment | Segment Assets (thousand HKD) | Segment Liabilities (thousand HKD) | | :--- | :--- | :--- | | Corrugated Products | 531,945 | 343,957 | | Offset-Printed Corrugated Products | 185,579 | 96,064 | | Property Leasing | 348,947 | 4,587 | | **Total Reportable Segments** | **1,066,471** | **444,608** | Other Segment Information (Depreciation and Amortization) | Year | Corrugated Products (thousand HKD) | Offset-Printed Corrugated Products (thousand HKD) | Property Leasing (thousand HKD) | Unallocated (thousand HKD) | Total (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | 14,055 | 15,365 | – | 659 | 30,079 | | 2024 | 21,132 | 15,825 | – | 822 | 37,779 | Geographical Information (Revenue and Non-current Assets) | Region | 2025 Revenue (thousand HKD) | 2024 Revenue (thousand HKD) | 2025 Non-current Assets (thousand HKD) | 2024 Non-current Assets (thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 97,254 | 100,820 | 241,097 | 244,045 | | Macau | – | 331 | – | – | | Mainland China (excluding Hong Kong and Macau) | 663,182 | 663,369 | 336,000 | 397,994 | | **Consolidated Total** | **760,436** | **764,520** | **577,097** | **642,039** | - In 2025, Customer A contributed **76,276 thousand HKD** in revenue, accounting for over **10%** of total revenue, primarily from corrugated products[23](index=23&type=chunk) [Other Income](index=12&type=section&id=3.%20Other%20Income) Other income significantly increased to **13,479 thousand HKD** in 2025, primarily driven by relocation compensation, refund of value-added tax, and rent concessions | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Dividend Income from Equity Securities at Fair Value Through Profit or Loss | 138 | 117 | 21 | 17.95 | | Government Grants | 895 | 1,264 | (369) | -29.20 | | Relocation Compensation | 3,123 | – | 3,123 | - | | Bank Interest Income | 656 | 191 | 465 | 243.46 | | Refund of Value Added Tax | 4,260 | – | 4,260 | - | | Other Rental Income from Leased Property, Plant and Equipment | 858 | 417 | 441 | 105.76 | | Rent Concession | 1,894 | – | 1,894 | - | | Miscellaneous Income | 1,655 | 907 | 748 | 82.47 | | **Total** | **13,479** | **2,896** | **10,583** | **365.43** | [Other Gains and Losses](index=12&type=section&id=4.%20Other%20Gains%20and%20Losses) Total other gains and losses for 2025 amounted to **2,218 thousand HKD**, a significant decrease from **24,476 thousand HKD** in 2024, primarily due to a shift from fair value gains to losses on investment properties, despite gains from early lease termination and exchange | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Exchange Gains (Losses) | 2,152 | (495) | 2,647 | -534.75 | | Fair Value Changes on Equity Securities at Fair Value Through Profit or Loss | 488 | (218) | 706 | -323.85 | | Fair Value Changes on Investment Properties | (4,684) | 24,872 | (29,556) | -118.83 | | Gain on Early Termination of Lease | 3,873 | – | 3,873 | - | | Financial Product Income | 389 | 317 | 72 | 22.71 | | **Total** | **2,218** | **24,476** | **(22,258)** | **-90.94** | [Other Operating Expenses](index=12&type=section&id=5.%20Other%20Operating%20Expenses) Other operating expenses increased to **14,037 thousand HKD** in 2025, primarily due to losses on disposal and write-off of property, plant and equipment, write-off of trade receivables, and increased staff severance costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss on Disposal of Property, Plant and Equipment | 4,115 | 5,037 | (922) | -18.30 | | Write-off of Property, Plant and Equipment | 2,230 | 344 | 1,886 | 548.26 | | Write-off of Trade Receivables | 480 | – | 480 | - | | Staff Severance Costs | 6,424 | 4,322 | 2,102 | 48.63 | | Others | 788 | 200 | 588 | 294.00 | | **Total** | **14,037** | **9,903** | **4,134** | **41.74** | [Finance Costs](index=13&type=section&id=6.%20Finance%20Costs) Finance costs significantly decreased to **21,430 thousand HKD** in 2025, primarily due to reductions in both interest on bank borrowings and interest on lease liabilities | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings | 6,654 | 10,465 | (3,811) | -36.42 | | Interest on Lease Liabilities | 14,776 | 17,243 | (2,467) | -14.31 | | **Total** | **21,430** | **27,708** | **(6,278)** | **-22.66** | [Income Tax (Credit) Expense](index=13&type=section&id=7.%20Income%20Tax%20(Credit)%20Expense) The Group recorded an income tax credit of **8,332 thousand HKD** in 2025, compared to an expense of **1,170 thousand HKD** in 2024, primarily due to a **18,973 thousand HKD** reversal of overprovision for PRC Enterprise Income Tax in prior years, offsetting underprovision for Hong Kong Profits Tax | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax - Current Tax | 551 | 527 | 24 | 4.55 | | Hong Kong Profits Tax - Underprovision in Prior Years | 10,046 | 729 | 9,317 | 1278.05 | | PRC Enterprise Income Tax - Current Tax | 44 | 26 | 18 | 69.23 | | PRC Enterprise Income Tax - Overprovision in Prior Years | (18,973) | (112) | (18,861) | 16840.18 | | **Total** | **(8,332)** | **1,170** | **(9,502)** | **-812.14** | - Hong Kong Profits Tax is calculated at **16.5%**, with qualifying entities taxed at **8.25%** for the first **2,000,000 HKD**[25](index=25&type=chunk) - PRC subsidiaries are subject to Enterprise Income Tax at **25%**, with high-tech enterprises enjoying a preferential rate of **15%** and small low-profit enterprises a **20%** preferential rate[26](index=26&type=chunk)[27](index=27&type=chunk) - Due to the finalization of tax assessments by the Inland Revenue Department, there was an underprovision of Hong Kong Profits Tax of approximately **10,821 thousand HKD** for the current year; concurrently, a review of PRC subsidiary tax provisions led to a reversal of overprovision from prior years of approximately **18,973 thousand HKD**[29](index=29&type=chunk) [Profit (Loss) for the Year](index=15&type=section&id=8.%20Profit%20(Loss)%20for%20the%20Year) The Group achieved a net profit in 2025, primarily benefiting from reduced total depreciation and amortization, increased rental income from investment properties, and gains from evacuation compensation and exchange | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Depreciation and Amortization | 30,079 | 37,779 | (7,700) | -20.38 | | Total Rental Income from Investment Properties | (11,590) | (6,321) | (5,269) | 83.36 | | Cost of Inventories Recognized as Expense | 617,260 | 632,489 | (15,229) | -2.41 | | Auditor's Remuneration | 1,000 | 1,200 | (200) | -16.67 | | Evacuation Compensation | (3,123) | – | (3,123) | - | | Redundancy Costs | 6,424 | 4,322 | 2,102 | 48.63 | | Loss on Disposal of Property, Plant and Equipment | 4,115 | 5,037 | (922) | -18.30 | | Net Exchange Gains (Losses) | (2,152) | 495 | (2,647) | -534.75 | | Write-off of Property, Plant and Equipment | 2,230 | 344 | 1,886 | 548.26 | [Dividends](index=15&type=section&id=9.%20Dividends) The Board of Directors does not recommend paying a final dividend for the year ended March 31, 2025, consistent with the prior year - The Board of Directors does not recommend paying a final dividend for the year ended March 31, 2025 (2024: nil)[30](index=30&type=chunk) [Earnings (Loss) Per Share](index=15&type=section&id=10.%20Earnings%20(Loss)%20Per%20Share) Basic and diluted earnings per share for 2025 were **0.68 HK cents**, successfully reversing the **4.78 HK cents** loss per share in 2024, primarily due to the positive profit for the year | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the Year Attributable to Owners of the Company (thousand HKD) | 2,252 | (15,839) | | Weighted Average Number of Ordinary Shares (shares) | 331,084,000 | 331,084,000 | | Basic and Diluted Earnings (Loss) Per Share (HK cents) | 0.68 | (4.78) | - There were no potential dilutive ordinary shares for the calculation of earnings (loss) per share for the years ended March 31, 2025 and 2024[32](index=32&type=chunk) [Trade and Bills Receivables](index=16&type=section&id=11.%20Trade%20and%20Bills%20Receivables) Total trade and bills receivables increased to **235,678 thousand HKD** in 2025, with a slight extension in trade receivables turnover days, while the significant reduction in provision for expected credit losses indicates improved credit risk management | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade Receivables - Not Yet Due | 164,605 | 138,661 | 25,944 | 18.71 | | Trade Receivables - Overdue (1-30 days) | 18,143 | 36,494 | (18,351) | -50.28 | | Trade Receivables - Overdue (31-90 days) | 10,502 | 14,454 | (3,952) | -27.34 | | Trade Receivables - Overdue (91-365 days) | 4,895 | 4,136 | 759 | 18.35 | | Trade Receivables - Overdue (Over 1 year) | 968 | 3,494 | (2,526) | -72.29 | | Provision for Expected Credit Losses | (216) | (3,089) | 2,873 | -93.01 | | Bills Receivables - Not Yet Due | 36,781 | 24,742 | 12,039 | 48.66 | | **Total** | **235,678** | **218,892** | **16,786** | **7.67** | Movement in Provision for Expected Credit Losses | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | As at April 1 | 3,089 | 3,191 | | Exchange Differences | (31) | (102) | | Bad Debts Written Off | (2,842) | – | | As at March 31 | 216 | 3,089 | - The provision for expected credit losses significantly decreased, primarily due to **2,842 thousand HKD** in bad debts written off[36](index=36&type=chunk) [Trade and Bills Payables](index=18&type=section&id=12.%20Trade%20and%20Bills%20Payables) Total trade and bills payables decreased to **189,407 thousand HKD** in 2025, with bills payables constituting a larger proportion, and the Group's credit period with suppliers ranges from **15 to 90 days** | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade Payables (0-30 days) | 65,257 | 65,674 | (417) | -0.64 | | Trade Payables (31-90 days) | 9,903 | 16,161 | (6,258) | -38.72 | | Trade Payables (Over 90 days) | 1,593 | 1,175 | 418 | 35.57 | | Bills Payables | 112,654 | 134,991 | (22,337) | -16.55 | | **Total** | **189,407** | **218,001** | **(28,594)** | **-13.12** | - The credit period granted by suppliers ranges from **15 to 90 days**, and the Group has established financial risk management policies to ensure settlement of payables[37](index=37&type=chunk) [Management Discussion and Analysis](index=19&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) This section provides an in-depth review of the Group's industry, business operations, financial performance, capital structure, and future outlook [Industry Review](index=19&type=section&id=%E8%A1%8C%E6%A5%AD%E5%9B%9E%E9%A1%A7) The China paper packaging industry maintained steady growth in FY225, driven by green packaging demand and e-commerce expansion, yet faced challenges from rising paper costs, stricter environmental policies, overcapacity-induced price volatility, and global economic uncertainties impacting exports - China's paper and paper products industry recorded approximately **8.2%** growth in 2024, primarily driven by policies prohibiting single-use plastics and the expanding domestic e-commerce market[38](index=38&type=chunk) - The industry faces challenges such as rising paper costs, tightening domestic and international environmental policies, and increased costs for technological innovation and emission reduction[38](index=38&type=chunk) - Prices for corrugated paper and linerboard remained volatile at low levels due to overall market oversupply, with China's average export price for paper and paperboard decreasing by **13.93%** in 2024[38](index=38&type=chunk)[39](index=39&type=chunk) - Total profit for 2024 was **RMB 25.8 billion**, a **2.71%** year-on-year decrease, with industry leaders pursuing innovation-driven development strategies[39](index=39&type=chunk) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Facing a challenging business environment, the Group prioritized operational stability, focused on high-value-added printed corrugated paper packaging products, implemented cost controls, strategically adjusted sales structure towards paperboard and semi-finished products, leveraged supplier relationships for supply chain shifts, and integrated factories to enhance efficiency and convert Huizhou factory into an investment property for increased rental income, resulting in a net profit of approximately **2,600 thousand HKD** and improved gross profit and gross profit margin for the year - The Group prioritizes operational stability, focusing on providing high-value-added printed corrugated paper packaging products and services, and implementing effective cost control measures[40](index=40&type=chunk) - Strategically adjusted the sales structure to focus more on paperboard and semi-finished products, aiming to reduce overall expenses and enhance long-term operating efficiency[41](index=41&type=chunk) - Due to government redevelopment plans, the Huizhou factory's production lines were integrated with the Dongguan factory, and the Huizhou factory was converted into an investment property, generating additional rental income[42](index=42&type=chunk) - The Group turned a loss into a profit for the year, recording a net profit of approximately **2,600 thousand HKD** (2024: net loss of approximately **15,800 thousand HKD**)[43](index=43&type=chunk) - Revenue slightly decreased by approximately **0.5%** to **760,400 thousand HKD**, but gross profit and gross profit margin both improved, reaching approximately **142,100 thousand HKD** and **18.7%** respectively (2024: **131,700 thousand HKD** and **17.2%**)[43](index=43&type=chunk) - Other operating expenses increased to approximately **14,000 thousand HKD**, mainly due to redundancy costs and losses from disposal/write-off of properties, but partially offset by relocation compensation and gains from early lease termination[44](index=44&type=chunk) - Other income increased to approximately **13,500 thousand HKD**, primarily attributable to a refund of value-added tax of approximately **4,300 thousand HKD** and rent concessions of approximately **1,900 thousand HKD**[44](index=44&type=chunk) - Following a review of tax provisions, an overprovision from prior years of approximately **19,000 thousand HKD** was reversed, further contributing to the net profit[44](index=44&type=chunk) [Operating Results](index=22&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) The Group's revenue slightly decreased in 2025, but both gross profit margin and net profit margin significantly improved, with fluctuating sales for corrugated and offset-printed corrugated products, substantial growth in property leasing income, and cost control and production integration as key drivers of enhanced profitability Operating Results Overview | Indicator | 2025 (thousand HKD) | 2025 (%) | 2024 (thousand HKD) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Paper Packaging - Mainland China Sales | 657,945 | 87.9 | 663,369 | 87.5 | | Paper Packaging - Domestic Shipment for Export | 51,971 | 6.9 | 56,108 | 7.4 | | Paper Packaging - Direct Export | 38,930 | 5.2 | 38,722 | 5.1 | | Property Investment - Rental Income | 11,590 | – | 6,321 | – | | **Total Revenue** | **760,436** | – | **764,520** | – | | Gross Profit Margin | – | 18.7 | – | 17.2 | | Net Profit (Loss) Margin | – | 0.3 | – | (2.1) | [Revenue](index=22&type=section&id=%E6%94%B6%E7%9B%8A) The Group's revenue slightly decreased to approximately **760,400 thousand HKD** in 2025, primarily due to reduced customer order frequency and a strategic shift in sales mix towards lower-priced paperboard and semi-finished products, despite maintaining overall sales volume - Revenue slightly decreased to approximately **760,400 thousand HKD** (2024: approximately **764,500 thousand HKD**), mainly due to reduced customer order frequency and a shift in sales mix[46](index=46&type=chunk) - The Group allocated resources to the production and sale of paperboard and semi-finished products, enhancing overall sales volume and operational efficiency, but resulting in a decrease in average product unit price[46](index=46&type=chunk) - Expanded domestic market presence and diversified customer base, leading to more domestic customer orders and entry into the medical supplies packaging industry[46](index=46&type=chunk) [Guangdong Operations](index=23&type=section&id=%E5%BB%A3%E6%9D%B1%E6%A5%AD%E5%8B%99) Guangdong operations remain the Group's core business, focusing on high-value-added paper packaging, with revenue slightly decreasing by **1.2%** to approximately **748,800 thousand HKD** despite challenging market conditions, achieved through sales product mix adjustments and production integration - The Guangdong factory focuses on high-value-added paper packaging business, including the production of high-quality corrugated paperboard and structurally designed paper packaging products[48](index=48&type=chunk) - Revenue from sales of goods slightly decreased by approximately **1.2%** from approximately **758,200 thousand HKD** in 2024 to approximately **748,800 thousand HKD** for the current year[48](index=48&type=chunk) - Production integration was carried out during the year to optimize cost allocation and broaden revenue streams[48](index=48&type=chunk) [Property Investment](index=23&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) Following the conversion of the Huizhou factory into an investment property, property leasing income significantly increased by **84.1%** to approximately **11,600 thousand HKD**, becoming a new revenue growth driver for the Group - After the Huizhou factory was converted into an investment property, it generated rental income for the current year, with property leasing business revenue significantly increasing by approximately **84.1%** to approximately **11,600 thousand HKD**[49](index=49&type=chunk) [Gross Profit](index=23&type=section&id=%E6%AF%9B%E5%88%A9) Despite a decrease in revenue, the Group's gross profit increased to approximately **142,100 thousand HKD**, with the gross profit margin rising to **18.7%**, attributed to stringent cost control, regional business and production line integration, flexible procurement channels, and additional rental income from the Huizhou factory's conversion to an investment property - Gross profit increased to approximately **142,100 thousand HKD** (2024: approximately **131,700 thousand HKD**), and the gross profit margin rose from approximately **17.2%** to approximately **18.7%**[51](index=51&type=chunk) - Gross profit growth is primarily attributable to the implementation of stringent cost control measures, integration of regional businesses and production lines, reduction of fixed costs, and flexible procurement channels and efficient inventory management[50](index=50&type=chunk) - The conversion of the Huizhou factory into an investment property generated additional rental income, significantly boosting the gross profit of the property investment segment[50](index=50&type=chunk) [Guangdong Operations (Gross Profit)](index=24&type=section&id=%E5%BB%A3%E6%9D%B1%E6%A5%AD%E5%8B%99%20(%E6%AF%9B%E5%88%A9)) Gross profit from Guangdong operations increased to approximately **131,600 thousand HKD**, with the gross profit margin improving to **17.6%**, primarily benefiting from lower sales costs for paperboard and semi-finished packaging products, stringent cost control, and production line integration at the Dongguan factory - Gross profit from Guangdong operations increased to approximately **131,600 thousand HKD** (2024: approximately **125,700 thousand HKD**), and the gross profit margin improved to approximately **17.6%** (2024: approximately **16.6%**)[52](index=52&type=chunk) - The improvement in gross profit is attributed to lower sales costs for paperboard and semi-finished packaging products, stringent cost control, and the integration of production lines at the Dongguan factory[52](index=52&type=chunk) [Property Investment (Gross Profit)](index=24&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%20(%E6%AF%9B%E5%88%A9)) Following the successful leasing of the Huizhou factory, property leasing gross profit significantly increased to approximately **10,500 thousand HKD**, indicating a substantial improvement in the profitability of the property investment segment - Property leasing gross profit significantly increased from approximately **6,000 thousand HKD** in 2024 to approximately **10,500 thousand HKD**, primarily due to the conversion of the Huizhou factory into an investment property and its successful leasing[53](index=53&type=chunk) [Other Income](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the year significantly increased to approximately **13,500 thousand HKD**, primarily due to a refund of value-added tax, rent concessions, and relocation compensation - Other income significantly increased to approximately **13,500 thousand HKD** (2024: approximately **2,900 thousand HKD**)[54](index=54&type=chunk) - Key drivers of this increase include a refund of value-added tax of approximately **4,300 thousand HKD**, rent concessions of approximately **1,900 thousand HKD**, and relocation compensation of approximately **3,100 thousand HKD**[54](index=54&type=chunk) [Other Gains and Losses](index=25&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) Other gains for the year amounted to approximately **2,200 thousand HKD**, primarily comprising gains on early lease termination, exchange gains, and fair value gains on trading securities, partially offset by fair value losses on investment properties - Other gains for the year amounted to approximately **2,200 thousand HKD**, primarily consisting of gains on early lease termination of approximately **3,900 thousand HKD**, exchange gains of approximately **2,200 thousand HKD**, and fair value gains on trading securities of approximately **500 thousand HKD**[55](index=55&type=chunk) - Fair value losses on investment properties of approximately **4,700 thousand HKD** partially offset these gains[55](index=55&type=chunk) - Other gains in 2024 were approximately **24,500 thousand HKD**, mainly from fair value gains on the former Huizhou production base converted into investment properties[55](index=55&type=chunk) [Selling and Administrative Expenses](index=25&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) Selling expenses decreased by **4.4%** to approximately **56,500 thousand HKD**, and administrative expenses significantly decreased by **9.2%** to approximately **70,000 thousand HKD** for the year, primarily due to production line integration and stringent internal cost control - Selling expenses decreased by approximately **4.4%** to approximately **56,500 thousand HKD**, mainly due to the integration of production lines into the Dongguan factory, resulting in a reduction of transportation expenses by approximately **12%**[56](index=56&type=chunk) - Administrative expenses significantly decreased by approximately **9.2%** to approximately **70,000 thousand HKD**, attributable to stringent internal cost control and risk management[56](index=56&type=chunk) [Other Operating Expenses](index=25&type=section&id=%E5%85%B6%E4%BB%96%E7%87%9F%E9%81%8B%E8%B2%BB%E7%94%A8) Total other operating expenses for the year amounted to approximately **14,000 thousand HKD**, primarily comprising one-off expenses from the disposal and write-off of factory machinery and equipment, and redundancy costs, largely incurred due to evacuation arrangements and production line integration - Total other operating expenses amounted to approximately **14,000 thousand HKD** (2024: approximately **9,900 thousand HKD**)[57](index=57&type=chunk) - This primarily includes one-off expenses of approximately **6,300 thousand HKD** arising from the disposal and write-off of factory machinery and equipment, and one-off redundancy costs of approximately **6,400 thousand HKD**[57](index=57&type=chunk) - These one-off expenses were primarily incurred due to evacuation arrangements and the Group's production line integration[57](index=57&type=chunk) [Finance Costs](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs significantly decreased this year, with interest expenses on bank borrowings reduced to approximately **6,700 thousand HKD** and interest expenses on lease liabilities reduced to approximately **14,800 thousand HKD** - Interest expenses on bank borrowings significantly decreased to approximately **6,700 thousand HKD** for the current year (2024: approximately **10,500 thousand HKD**)[58](index=58&type=chunk) - Interest expenses on lease liabilities decreased from approximately **17,200 thousand HKD** in 2024 to approximately **14,800 thousand HKD**[58](index=58&type=chunk) [Share of Results of Associates](index=26&type=section&id=%E6%87%89%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE) To expand market share and seize Southeast Asian opportunities, the Group established an associate in Thailand, which commenced production in December 2024, resulting in a share of loss from associates of approximately **1,400 thousand HKD** for the year - The Group participated in establishing an associate company in Thailand during the year to align with the trend of customers shifting their supply chains to Southeast Asia[59](index=59&type=chunk) - The associate's factory commenced production in December 2024, resulting in the Group's share of loss of approximately **1,400 thousand HKD** for the year[59](index=59&type=chunk) [Net Profit and Dividends](index=26&type=section&id=%E6%B7%A8%E6%BA%A2%E5%88%A9%E5%8F%8A%E8%82%A1%E5%88%A9) The Group recorded a net profit of approximately **2,600 thousand HKD** for the year, successfully turning a loss into profit, with a net profit margin of approximately **0.3%**, basic and diluted earnings per share of **0.68 HK cents**, and no final dividend recommended by the Board - A net profit of approximately **2,600 thousand HKD** was recorded for the year (2024: net loss of approximately **15,800 thousand HKD**), with a net profit margin of approximately **0.3%** (2024: net loss margin of approximately **2.1%**)[60](index=60&type=chunk) - The improvement in net profit is primarily attributable to production integration, market expansion, stringent cost control, and a retrospective adjustment of approximately **19,000 thousand HKD** for overprovision of taxes in prior years[60](index=60&type=chunk) - Basic and diluted earnings per share for the current year were **0.68 HK cents** (2024: basic and diluted loss per share of **4.78 HK cents**)[60](index=60&type=chunk) - The Board of Directors does not recommend paying a final dividend for the current year[60](index=60&type=chunk) [Capital Structure](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) The Group's current ratio improved to approximately **1.23**, primarily due to a reduction in tax payables, while issued share capital remained at **3,310,840 HKD** - The current ratio improved to approximately **1.23** for the current year (2024: approximately **1.14**), mainly due to a reduction in tax payables[61](index=61&type=chunk) - As at March 31, 2025, the Company's issued share capital was **3,310,840 HKD**, divided into **331,084,000** shares of **0.01 HKD** par value each[61](index=61&type=chunk) [Working Capital](index=26&type=section&id=%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91) The Group's working capital management efficiency significantly improved, with the cash conversion cycle substantially shortened from **45 days** to **16 days**, while trade receivables turnover days slightly extended but remained stable, trade payables turnover days significantly lengthened, and inventory turnover days shortened Working Capital Turnover Days | Indicator | 2025 (days) | 2024 (days) | | :--- | :--- | :--- | | Trade and Bills Receivables | 109 | 106 | | Trade and Bills Payables | 120 | 92 | | Inventories | 27 | 31 | | Cash Conversion Cycle | 16 | 45 | - Trade and bills receivables turnover days extended from **106 days** to **109 days**, but remained within established credit terms[63](index=63&type=chunk) - Trade and bills payables turnover days significantly extended to **120 days** (2024: **92 days**), primarily through the use of bank acceptance bills for payment settlement[63](index=63&type=chunk) - Inventory turnover days decreased to **27 days** (2024: **31 days**), with inventories decreasing by **18.0%** from approximately **50,800 thousand HKD** to approximately **41,700 thousand HKD**[64](index=64&type=chunk) - The cash conversion cycle significantly shortened from **45 days** to **16 days**, indicating a notable improvement in operating efficiency[64](index=64&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's current ratio remained healthy and improved, while the gearing ratio slightly increased, with ample cash reserves and unutilized bank facilities to support business growth and potential investment opportunities Liquidity and Financial Resources Ratios | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Current Ratio | 1.23 | 1.14 | | Gearing Ratio | 11.5% | 10.5% | - Bank balances and cash amounted to approximately **107,800 thousand HKD** (2024: approximately **138,900 thousand HKD**), including pledged deposits of approximately **20,100 thousand HKD**[66](index=66&type=chunk) - Unutilized bank facilities of approximately **320,400 thousand HKD** were available[66](index=66&type=chunk) - Total outstanding bank borrowings amounted to approximately **115,900 thousand HKD** (2024: approximately **114,900 thousand HKD**), of which approximately **98,600 thousand HKD** is repayable within one year[67](index=67&type=chunk) - The gearing ratio was approximately **11.5%** (2024: approximately **10.5%**), indicating the Group maintained a sound liquidity position[67](index=67&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group is exposed to foreign exchange risk and will closely monitor it, considering appropriate hedging measures to mitigate significant risks - The Group is exposed to foreign exchange risk and will closely monitor it, considering appropriate hedging measures to mitigate significant risks when necessary[68](index=68&type=chunk) [Pledge of Assets](index=28&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of March 31, 2025, the Group pledged assets with a total net book value of approximately **256,800 thousand HKD** as collateral for bank facilities - As at March 31, 2025, the Group pledged certain assets (such as bank deposits, buildings, and investment properties) with a total net book value of approximately **256,800 thousand HKD** (2024: approximately **278,000 thousand HKD**) as collateral for the Group's bank facilities[69](index=69&type=chunk) [Capital Commitments](index=29&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of March 31, 2025, the Group had contracted but unprovided capital expenditure for property, plant and equipment of approximately **300 thousand HKD**, with no authorized but uncontracted capital expenditure - As at March 31, 2025, the Group had contracted but unprovided capital expenditure for property, plant and equipment of approximately **300 thousand HKD** (2024: approximately **200 thousand HKD**)[70](index=70&type=chunk) - As at March 31, 2025, the Group had no authorized but uncontracted capital expenditure[70](index=70&type=chunk) [Contingent Liabilities](index=29&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Hong Kong Inland Revenue Department's tax assessments were finalized, resulting in an underprovision of Hong Kong Profits Tax of approximately **10,821 thousand HKD**, which the Group has paid, and as of March 31, 2025, the Group had no significant contingent liabilities - The Hong Kong Inland Revenue Department finalized tax assessments for the years of assessment 2009/10 to 2017/18, resulting in an underprovision of Hong Kong Profits Tax of approximately **10,821 thousand HKD**[71](index=71&type=chunk) - The Group has paid part of the amount using tax reserve certificates and the remaining balance in cash[71](index=71&type=chunk) - As at March 31, 2025, the Group had no significant contingent liabilities[72](index=72&type=chunk) [Employees and Remuneration](index=29&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC) As of March 31, 2025, the Group's employee count decreased to **627**, with total staff remuneration expenses of approximately **100,800 thousand HKD**, a decrease from the previous year - As at March 31, 2025, the Group employed a total of **627** employees (2024: **785** employees)[73](index=73&type=chunk) - Total staff remuneration expenses for the current year amounted to approximately **100,800 thousand HKD** (2024: approximately **116,900 thousand HKD**)[73](index=73&type=chunk) - Remuneration policies are formulated based on individual employee performance and market conditions, offering competitive compensation packages and discretionary bonuses[73](index=73&type=chunk) [Prospects](index=30&type=section&id=%E5%89%8D%E6%99%AF) The Group remains cautiously optimistic about the long-term prospects of the corrugated paper packaging industry, anticipating growth driven by e-commerce recovery and green packaging demand, and will continue to address challenges and seize opportunities through resource integration, domestic and international market expansion, strategic collaborations, and diversified procurement strategies - The recovery of e-commerce demand, the Chinese government's economic stabilization policies, and green packaging principles are expected to drive growth in China's paper packaging industry[74](index=74&type=chunk) - The Group will strengthen production and sales balance through resource integration, ensuring a flexible mix and stable supply of domestic and international raw materials[74](index=74&type=chunk) - Will leverage its associate company to seize opportunities arising from supply chain shifts to Southeast Asia and actively seek potential strategic collaborations to expand market share[74](index=74&type=chunk) - Will continue to integrate resources and production capabilities, allocating more resources to the production of paperboard and semi-finished packaging products to enhance operational efficiency and flexibility[75](index=75&type=chunk) - Committed to ensuring safe and environmentally friendly production, utilizing advanced production technologies to consolidate its leading position in China's corrugated paper packaging industry[75](index=75&type=chunk) [Future Plans for Material Investments and Capital Assets](index=31&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of the date of this announcement, the Group has no proposed plans for material investments or capital assets - As at March 31, 2025, and the date of this announcement, the Group had no proposed plans for material investments or capital assets[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the current year[77](index=77&type=chunk) [Corporate Governance](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section outlines the Company's commitment to maintaining appropriate corporate governance practices and compliance with listing rules [Corporate Governance](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining appropriate corporate governance practices to protect shareholders' interests and comply with listing rules, having adhered to the Stock Exchange's Corporate Governance Code provisions for the year - The Board of Directors is committed to maintaining appropriate corporate governance practices to protect shareholders' interests and ensure the Company's compliance with the latest statutory requirements and professional standards[78](index=78&type=chunk) - For the current year, the Company has complied with the code provisions set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange, the Corporate Governance Code[78](index=78&type=chunk) [Standard Code for Securities Transactions by Directors](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the year - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[79](index=79&type=chunk) - All members of the Board of Directors confirmed their compliance with the required standards set out in the Standard Code throughout the current year[79](index=79&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing financial statements, risk management, and internal control systems, and has reviewed this results announcement and the consolidated financial statements - The primary responsibilities of the Audit Committee include considering the relationship with external auditors, reviewing the Group's financial statements, and overseeing the Group's financial reporting system, risk management, and internal control systems[80](index=80&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Law Tsz Lun (Chairman), Ms. Tsui Pui Man, and Mr. Cheung Wang Yip[80](index=80&type=chunk) - The Audit Committee has reviewed this results announcement, the Group's audited consolidated financial statements for the current year, and related matters[80](index=80&type=chunk) [Other Information](index=32&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers changes in directors' information, dividend policy, share registration, post-reporting period events, public float, auditor's scope, and annual report publication [Changes in Directors' Information](index=32&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E5%8B%95) Mr. Chow On Tat Yuen resigned as an independent non-executive director and from several committee positions, with Mr. Cheung Wang Yip appointed to succeed him - Mr. Chow On Tat Yuen resigned as an independent non-executive director, a member of the Audit Committee, Remuneration Committee, and Nomination Committee of the Company[81](index=81&type=chunk) - Mr. Cheung Wang Yip has been appointed as an independent non-executive director, a member of the Audit Committee, Remuneration Committee, and Nomination Committee of the Company[81](index=81&type=chunk) [Dividends](index=32&type=section&id=%E8%82%A1%E5%88%A9) The Board of Directors does not recommend paying any final dividend for the current year - The Board of Directors does not recommend paying any final dividend for the current year[82](index=82&type=chunk) [Closure of Register of Members](index=32&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E6%9D%B1%E7%99%BB%E8%A8%98%E6%89%8B%E7%BA%8C) To determine eligibility for attending the Annual General Meeting, the Company will suspend its register of members from August 28 to September 2, 2025 - To determine the right to attend and vote at the Annual General Meeting, the Company will suspend its register of members from August 28, 2025, to September 2, 2025 (both dates inclusive)[83](index=83&type=chunk) - All share transfer documents, together with the relevant share certificates, must be lodged with Tricor Investor Services Limited by 4:30 p.m. on August 27, 2025, at the latest[83](index=83&type=chunk) [Events After the Reporting Period](index=32&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) There have been no significant events after the end of the current year and up to the date of this announcement - There have been no significant events after the end of the current year and up to the date of this announcement[84](index=84&type=chunk) [Public Float](index=32&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of March 31, 2025, public shareholders held over **25%** of the Company's issued shares - As at March 31, 2025, public shareholders held over **25%** of the Company's issued shares[85](index=85&type=chunk) [Scope of Work of Tianjian International Certified Public Accountants Limited](index=32&type=section&id=%E5%A4%A9%E5%81%A5%E5%9C%8B%E9%9A%9B%E6%9C%83%E8%A8%88%E5%B8%AB%E4%BA%8B%E5%8B%99%E6%89%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%E4%B9%8B%E5%B7%A5%E4%BD%9C%E7%AF%84%E7%95%8B) Auditor Tianjian International Certified Public Accountants Limited confirmed that the financial data in this results announcement aligns with the audited consolidated financial statements, but their work does not constitute an assurance engagement - The Group's auditor, Tianjian International Certified Public Accountants Limited, agreed that the data in the Group's consolidated statement of financial position, consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, and their related notes for the current year, as presented in this results announcement, are consistent with the amounts in the Group's audited consolidated financial statements for the current year[86](index=86&type=chunk) - The work performed by Tianjian International Certified Public Accountants Limited in this regard does not constitute an assurance engagement, and therefore no assurance is provided on this announcement[86](index=86&type=chunk) [Publication of Annual Report](index=33&type=section&id=%E5%88%8A%E7%99%BC%E5%B9%B4%E5%A0%B1) The Company's annual report will be published on the Company's and the Stock Exchange's websites in due course and will be sent to shareholders upon request - The Company's annual report will be published on the Company's website and the Stock Exchange's website in due course and will be sent to the Company's shareholders upon request[87](index=87&type=chunk)

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，並明確表示概不就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。 本公佈乃錦勝集團（控股）有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港 法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）而刊發。 正面盈利預告 本公司董事（「董事」）局（「董事局」）謹此知會本公司股東（「股東」）及有意投資者， 基於對本集團截至二零二五年三月三十一日止年度最近期未經審核綜合管理賬目 之初步審閱及基於董事局目前可得之資料，本集團預期截至二零二五年三月 三十一日止年度錄得之除稅前淨虧損將較截至二零二四年三月三十一日止年度之 除稅前淨虧損約14,650,000港元減少不少於40%。 根據董事局現時可取得的資料，除稅前淨虧損減少主要由於（其中包括）(a)主要由 於租金減讓導致其他租金收入有所增加，導致其他收入於截至二零二五年三月 三十一日止年度內增加超過500%（二零二四年：其他 ...

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，並明確表示概不就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。 COME SURE GROUP (HOLDINGS) LIMITED 董事局會議召開通告 錦勝集團（控股）有限公司（「本公司」）董事局（「董事局」）宣佈，本公司將於二零 二五年六月三十日（星期一）於香港柴灣永泰道50號港利中心8字樓8-10室舉行董事 局會議，董事局將於會上（其中包括）考慮並批准本公司及其附屬公司截至二零 二五年三月三十一日止年度的年度業績及其刊發，以及考慮建議派發末期股息（如 有）。 承董事會命 錦勝集團（控股）有限公司 主席 莊金洲 香港，二零二五年六月十六日 於本公佈日期，董事局包括三名執行董事莊金洲先生、莊華彬先生及莊華清先生； 以及三名獨立非執行董事徐珮文女士、羅子璘先生及張宏業先生。 * 僅供識別 錦 勝 集 團（ 控 股 ）有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：00794） ...

Summary of Key Points Core Viewpoint - As of April 24, a total of 38 stocks reached their 52-week highs, with notable performances from companies such as Ka Ming Investment, Yingde Holdings, and Guangdong-Hong Kong Bay Holdings, which had high rates of increase in their stock prices [1]. 52-Week Highs - Ka Ming Investment (00768) achieved a closing price of 0.065 with a peak of 0.100, marking a 63.93% increase [1]. - Yingde Holdings (08535) closed at 0.084, reaching a high of 0.084, reflecting a 21.74% increase [1]. - Guangdong-Hong Kong Bay Holdings (01396) had a closing price of 2.760, also reaching 2.760, with an 18.45% increase [1]. - Other notable stocks include Kambo Medical-B (02216) with a 15.48% increase and Jian Shi Technology-B (09877) with a 14.76% increase [1]. 52-Week Lows - Jinsheng Group (00794) recorded a closing price of 0.155, with a low of 0.140, resulting in a decrease of 16.17% [2]. - Baofa Holdings (08532) closed at 0.019, reaching a low of 0.018, reflecting a 14.29% decrease [2]. - China Health Group (00673) had a closing price of 0.145, with a low of 0.145, indicating a 13.17% decrease [2]. - Other companies experiencing declines include Shenglong Jinxiu International (08481) with a 12.00% decrease and New New Technology (09600) with an 11.11% decrease [2].

COME SURE GROUP (HOLDINGS) LIMITED 錦 勝 集 團（ 控 股 ）有 限 公 司* (Incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） (Stock Code 股份代號：00794) NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder(Note 1) , Come Sure Group (Holdings) Limited (the "Company") – Notice of publication of 2024 Interim Report ("Current Corporate Communication") on the Company's website 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站 www.comesure.com 及香港聯合交易所有限公司（「聯交所」）之網站 www.hkexnews.hk （「網站版本」）。本公司建議 閣下閱覽本公司本次公司通訊的網站版 ...

Revenue and Sales Performance - The total revenue for the six months ended September 30, 2024, was approximately HKD 394,121,000, an increase from HKD 385,899,000 in the same period of 2023[17] - Domestic sales in China accounted for HKD 338,777,000, representing 87.2% of total sales, slightly down from 87.6% in 2023[17] - For the six months ended September 30, 2024, the company's revenue increased by approximately 2.1% to about HKD 394,100,000, compared to approximately HKD 385,900,000 in the same period of 2023[31] - The company's revenue from goods sales for the period was approximately HKD 388.6 million, a 1.5% increase from HKD 382.8 million in the same period of 2023[56] - Revenue from corrugated products and offset printed corrugated products was HKD 388,585,000 for the six months ended September 30, 2024, compared to HKD 382,821,000 for the same period in 2023[164] Profitability and Loss - The gross profit for the period was approximately HKD 71,000,000, with a gross margin of 18.0%, compared to HKD 67,200,000 and 17.4% in the same period last year[20] - The net loss for the period decreased by approximately 21.1% to about HKD 7,500,000, down from approximately HKD 9,500,000 in the same period of 2023[34] - The net loss for the period was approximately HKD 7.5 million, an improvement from a net loss of HKD 9.5 million in the same period of 2023, resulting in a net loss margin of about 1.9%[62] - The total comprehensive loss for the period was HKD 5,641,000, a significant improvement from HKD 27,412,000 in the previous period, reflecting a decrease of approximately 79.5%[1] - The company incurred a loss before tax of HKD 5,980,000, an improvement from a loss of HKD 8,874,000 in the prior period, reflecting a reduction of approximately 32.3%[1] Operating Expenses and Cost Management - Other operating expenses for the period were approximately HKD 12,400,000, primarily due to one-time costs related to the sale and write-off of factory machinery and equipment[22] - Selling expenses increased from approximately HKD 27,700,000 in the same period of 2023 to about HKD 31,300,000, while administrative expenses significantly decreased by about 15.8% to approximately HKD 34,000,000[41] - The company continues to focus on high-value printed corrugated packaging products and has implemented cost-effective control measures to maintain operational stability amid a challenging business environment[27] Strategic Initiatives and Market Position - The company aims to expand its domestic market presence and revenue sources while enhancing production efficiency through strategic adjustments in its sales mix[13] - The company plans to integrate production lines from its Huizhou and Dongguan factories to maximize production efficiency and reduce fixed costs[13] - The company plans to establish a joint venture in Thailand in March 2024 to capitalize on supply chain shifts to Southeast Asia and seek strategic partnerships and potential acquisitions to expand market share[77] - The company remains cautiously optimistic about the long-term prospects of the paper packaging industry, driven by sustainable material trends and demand from both traditional and non-retail sectors[5] Financial Position and Liquidity - As of September 30, 2024, the company's bank and cash balance was approximately HKD 111.9 million, down from HKD 138.9 million as of March 31, 2024[47] - The company's current ratio as of September 30, 2024, was maintained at a solid level of 1.16, compared to 1.13 as of March 31, 2024[62] - The debt-to-asset ratio was approximately 10.4% as of September 30, 2024, slightly down from 10.5% as of March 31, 2024, demonstrating effective financial management[69] - The company has approximately HKD 458.2 million in unused bank financing as of September 30, 2024, compared to HKD 437.9 million as of March 31, 2024, ensuring future cash flow[47] Employee and Compensation - Total employee compensation expenses for the period were approximately HKD 52.6 million, down from HKD 60.2 million in the same period last year, with total employees decreasing from 785 to 667[75] - The company’s total employee compensation, including directors' remuneration, was HKD 52,558 million, down from HKD 60,163 million, reflecting a reduction in overall employee costs[198] Tax and Regulatory Matters - The company has received estimated tax assessments totaling approximately HKD 30.7 million from the Hong Kong Inland Revenue Department for the years 2009/10 to 2017/18, and has lodged objections against these assessments[73] - The company’s subsidiaries in China qualified for a reduced corporate income tax rate of 15% due to their status as high-tech enterprises[153] Foreign Exchange and Risk Management - The company is closely monitoring foreign exchange risks and will consider appropriate actions to hedge significant foreign exchange exposures as needed[70] - The net foreign exchange loss was HKD 93 million, compared to a net gain of HKD 2,127 million in the previous year, indicating a significant shift in foreign exchange performance[198]

Financial Performance - The company reported a revenue of HKD 394,121,000 for the six months ending September 30, 2024, compared to HKD 385,899,000 for the same period in 2023, representing a year-over-year increase of approximately 3.2%[2] - The gross profit for the period was HKD 71,032,000, up from HKD 67,221,000 in the previous year, indicating a growth of about 5.3%[2] - The net loss for the six months was HKD 7,502,000, an improvement from a net loss of HKD 9,519,000 in the same period last year, reflecting a reduction in losses of approximately 21.2%[4] - The total comprehensive income for the period was HKD (5,641,000), significantly better than HKD (27,412,000) in the previous year, showing a substantial decrease in comprehensive losses[4] - Basic and diluted loss per share improved to HKD (2.30) from HKD (2.87) year-over-year, indicating a positive trend in loss per share[4] - The company reported a loss attributable to owners of the company of HKD (7,626,000) for the six months ended September 30, 2024, compared to a loss of HKD (9,515,000) for the same period in 2023, indicating an improvement of 20%[48] - The net loss decreased by approximately 21.1% to about HKD 7,500,000, down from HKD 9,500,000 in the same period last year[65] Revenue Breakdown - Total revenue for the six months ended September 30, 2024, was HKD 394,121,000, with contributions from corrugated products (HKD 294,176,000), flexo-printed corrugated products (HKD 114,788,000), and property leasing (HKD 5,536,000) [21] - For the six months ended September 30, 2023, total revenue was HKD 385,899,000, with contributions from corrugated products (HKD 304,538,000), flexo-printed corrugated products (HKD 105,591,000), and property leasing (HKD 3,078,000) [25] - Revenue from property investment increased significantly by approximately 77.4% to about HKD 5,500,000, compared to HKD 3,100,000 in the previous year[77] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 612,910,000, down from HKD 654,349,000 as of March 31, 2024[6] - Current liabilities increased to HKD 390,693,000 from HKD 390,668,000, indicating a slight rise in obligations[6] - The company’s net asset value decreased to HKD 509,987,000 from HKD 515,628,000, reflecting a decline in equity[8] - As of September 30, 2024, total assets for the corrugated products segment were HKD 482,942,000, flexo-printed corrugated products segment were HKD 196,602,000, and property leasing segment were HKD 356,215,000, totaling HKD 1,035,759,000 [29] - Total liabilities for the corrugated products segment were HKD 319,532,000, flexo-printed corrugated products segment were HKD 99,945,000, and property leasing segment were HKD 5,382,000, totaling HKD 424,859,000 [29] Operational Efficiency - The company is focused on improving operational efficiency and exploring new market opportunities to enhance future performance[2] - The company plans to integrate production lines from its Huizhou and Dongguan factories to maximize production efficiency due to the relocation of its factory in the Tangxia community[61] - The company continues to implement cost control measures to maintain operational stability amid a challenging business environment[60] - The company aims to continue improving internal controls and enhance profitability through regional operational integration and production line consolidation[80] Cash Flow and Financing - The company had bank and cash balances of approximately HKD 111,900,000 as of September 30, 2024, down from HKD 138,900,000 as of March 31, 2024[99] - The company has unutilized bank financing of approximately HKD 458,200,000 to ensure future cash flow[99] - The company has pledged assets with a net book value of approximately HKD 272,700,000 as collateral for bank financing as of September 30, 2024[103] Employee and Compensation - The group employed a total of 667 employees as of September 30, 2024, down from 785 employees as of March 31, 2024[106] - Total employee compensation expenses, including directors' remuneration, amounted to approximately HKD 52.6 million for the period, compared to HKD 60.2 million in the same period last year[106] Market Outlook - The group is optimistic about the long-term prospects of the paper packaging industry, driven by the recovery of demand in e-commerce and supportive government policies in China[109] - Online retail sales in China grew by 8.1% year-on-year, indicating a shift in consumer behavior that may benefit the company's future prospects in the paper packaging industry[58] - The group plans to establish a joint venture in Thailand in March 2024 to capitalize on supply chain shifts to Southeast Asia and seek strategic partnerships and potential acquisitions[110] Other Income and Expenses - Total other income for the six months ended September 30, 2024, was HKD 8,356,000, compared to HKD 3,146,000 for the same period in 2023, representing a significant increase of 165%[32] - The total financial costs decreased to HKD 10,939,000 for the six months ended September 30, 2024, down from HKD 13,358,000 in the same period of 2023, reflecting a reduction of 18%[37] - The company incurred a loss on the sale of properties, plants, and equipment amounting to HKD 4,055,000 during the six months ended September 30, 2024[46] - The company received government grants amounting to HKD 843,000, significantly higher than HKD 404,000 in the previous year, marking an increase of 109%[32] Compliance and Reporting - The company anticipates that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future [20] - The company has not early adopted the newly issued but not yet effective Hong Kong Financial Reporting Standards [20] - The company reported a pre-tax loss of HKD 5,980,000 for the period [21]

COME SURE GROUP (HOLDINGS) LIMITED 承董事會命 錦勝集團（控股）有限公司 主席 莊金洲 香港，二零二四年十一月十八日 於本公佈日期，董事局包括三名執行董事莊金洲先生、莊華彬先生及莊華清先生； 以及三名獨立非執行董事徐珮文女士、羅子璘先生及張宏業先生。 錦 勝 集 團（ 控 股 ）有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：00794） 董事局會議召開通告 錦勝集團（控股）有限公司（「本公司」）董事局（「董事局」）宣佈，本公司將於二零 二四年十一月二十九日（星期五）於香港柴灣永泰道50號港利中心8字樓8-10室舉行 董事局會議，董事局將於會上（其中包括）考慮並批准本公司及其附屬公司截至二 零二四年九月三十日止六個月的中期業績及其刊發，以及考慮建議派發中期股息（如 有）。 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，並明確表示概不就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。 * 僅供識別 ...

Financial Performance - The group's revenue slightly decreased this year, but gross profit increased to approximately HKD 131.7 million, with a gross margin of 17.2%, compared to HKD 118.3 million and approximately 15.0% in 2023[7] - The group's revenue for the fiscal year ended March 31, 2024, was approximately HKD 764.5 million, a slight decrease of about 2.9% compared to HKD 787.1 million in the previous year[49] - The group's net loss for the fiscal year was approximately HKD 15.8 million, significantly improved from a net loss of approximately HKD 67.2 million in the previous year[50] - The group's gross profit for the fiscal year was HKD 131.7 million, compared to HKD 118.3 million in the previous year[49] - The revenue from the Guangdong business segment was approximately HKD 733.7 million, down from HKD 773.3 million in the previous year[55] - The total revenue of China's paper and paper products industry decreased by 2.4% year-on-year to approximately RMB 139.26 billion in 2023[67] - The total comprehensive income for the year is reported as HKD (30,250) million, compared to HKD (97,486) million in the previous year[145] Cost Control and Efficiency - The group implemented strict cost control measures, enhancing procurement and production integration, which improved operational efficiency and reduced fixed costs[28] - The gross profit margin improvement was attributed to effective cost control and operational integration at the new Dongguan facility[7] - Sales expenses decreased by approximately 13.3% to about HKD 59,100,000, down from HKD 68,100,000, due to strict cost control measures[83] - Administrative expenses also reduced by about 13.1% to approximately HKD 77,600,000, compared to HKD 89,300,000 in the previous year[83] Market Strategy and Expansion - The group aims to expand its domestic market customer base and increase sales of packaging products to the medical equipment sector[28] - The group plans to continue expanding its market share through strategic partnerships and potential acquisitions[43] - The company continued to expand its domestic market presence, particularly in the medical equipment sector, leading to an increase in sales orders[84] - The strategic shift towards increasing the sales proportion of cardboard and semi-finished products has enhanced sales volume and operational efficiency despite lower unit prices[74] Investment and Property Management - The group's investment property fair value gain was approximately HKD 24.9 million, compared to a fair value loss of approximately HKD 9 million in the previous year[50] - The company anticipates increased rental income from the property previously used as a production base, which was leased out in June 2024[63] - As of March 31, 2024, the carrying value of investment properties was approximately HKD 348,108,000, with a fair value increase of about HKD 24,872,000 recognized during the year[104] - The group employs independent professional valuers to assess the fair value of investment properties, ensuring appropriate valuation techniques and input data are established[104] Risk Management and Compliance - The group plans to strengthen internal cost and risk management measures in response to global risks such as inflation and geopolitical tensions[31] - The group will continue to review and enhance its internal controls and risk management systems to maintain competitive advantages in a challenging market[7] - The company is actively reviewing internal controls and risk management systems to adapt to potential market changes and ensure sustainable business growth[72] - The group’s financial risk management includes market risk, credit risk, and liquidity risk, with management policies in place to mitigate these risks[185] Corporate Social Responsibility - The company is committed to corporate social responsibility and adhering to high environmental standards in production technology[31] - The company is committed to corporate social responsibility and compliance with various environmental management standards[65] Financial Reporting and Audit - The financial statements were approved and authorized for issue by the board on June 28, 2024[137] - The independent auditor's report concluded on the appropriateness of the going concern basis used by the board, highlighting potential significant uncertainties that could impact the group's ability to continue[109] - The group recognizes gains or losses from changes in the fair value of investment properties in the profit or loss for the period[116] - The group applies new Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the consolidated financial statements in the foreseeable future[166]

[Group Performance](index=1&type=section&id=Group%20Performance) [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2024, the Group's net loss significantly narrowed, primarily due to improved gross profit and increased other gains, despite a slight decrease in revenue Key Data from Consolidated Statement of Profit or Loss | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 764,520 | 787,078 | | Cost of sales | (632,781) | (668,789) | | Gross profit | 131,739 | 118,289 | | Other income | 2,896 | 10,449 | | Other gains and losses | 24,971 | (8,546) | | Selling expenses | (59,066) | (68,097) | | Administrative expenses | (77,577) | (89,310) | | Other operating expenses | (9,903) | (355) | | Finance costs | (27,708) | (28,027) | | Loss before tax | (14,648) | (65,597) | | Income tax expense | (1,170) | (1,639) | | Loss for the year | (15,818) | (67,236) | | Basic and diluted loss per share | (4.78) HK cents | (19.84) HK cents | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive expenses for the year significantly decreased, mainly due to reduced exchange differences from translating overseas operations and gains from revaluation of prepaid land lease payments and property, plant and equipment Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the year | (15,818) | (67,236) | | Exchange differences arising from translation of overseas operations | (13,031) | (29,710) | | Revaluation of prepaid land lease payments and property, plant and equipment upon transfer to investment properties | 8,616 | – | | Fair value loss on financial assets at fair value through other comprehensive income | (601) | (540) | | Other comprehensive expenses for the year, net of income tax | (5,016) | (30,250) | | Total comprehensive expenses for the year | (20,834) | (97,486) | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets slightly increased, but current liabilities also rose significantly due to a substantial increase in trade and bills payables, leading to a slight decrease in net assets Key Data from Consolidated Statement of Financial Position | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Prepaid lease payments | 8,841 | 28,035 | | Right-of-use assets | 171,897 | 196,187 | | Property, plant and equipment | 108,952 | 182,339 | | Investment properties | 348,108 | 248,680 | | Goodwill | 11,631 | 11,631 | | **Current assets** | | | | Inventories | 50,813 | 57,338 | | Trade and bills receivables | 218,892 | 222,836 | | Pledged bank deposits | 37,241 | 10,054 | | Bank and cash balances | 101,657 | 75,896 | | **Current liabilities** | | | | Trade and bills payables | 218,001 | 98,673 | | Short-term bank borrowings | 69,885 | 100,009 | | **Non-current liabilities** | | | | Long-term bank borrowings | 2,800 | 7,000 | | Lease liabilities | 188,071 | 206,584 | | Net assets | 515,628 | 535,927 | | Total equity | 515,628 | 535,927 | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. Application of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=1.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) This year, the Group first applied several new and revised Hong Kong Financial Reporting Standards, which had no significant impact on the Group's financial position, performance, or disclosures, nor did the Group early adopt other issued but not yet effective standards - Several amendments to Hong Kong Financial Reporting Standards were first applied this year, including amendments to **HKFRS 17** and **HKAS 8, 1, and 12**[8](index=8&type=chunk) - The application of these amendments had no significant impact on the Group's financial position and performance for the current and prior years[8](index=8&type=chunk) - The Group did not early adopt other new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and no significant impact is expected in the future[9](index=9&type=chunk) [2. Revenue and Segment Information](index=6&type=section&id=2.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from sales of corrugated products, offset-printed corrugated products, and property leasing. Despite a slight decrease in total revenue, property leasing revenue grew, with varied segment performance and notable profitability in the property leasing segment. The Group's major customers are concentrated in China, and a single customer A accounts for a high proportion of total revenue - The Group has three reportable operating segments: corrugated products, offset-printed corrugated products, and property leasing[13](index=13&type=chunk) Segment Revenue and Results (2024) | Segment | External Sales (HK$ thousand) | Segment Results (HK$ thousand) | | :--- | :--- | :--- | | Corrugated Products | 572,329 | (1,337) | | Offset-Printed Corrugated Products | 185,870 | 2,460 | | Property Leasing | – | 30,168 | | Total | 764,520 (Customer Contracts: 758,199 + Rental Income: 6,321) | 31,291 (Total Segment Results) | Segment Assets and Liabilities (March 31, 2024) | Segment | Segment Assets (HK$ thousand) | Segment Liabilities (HK$ thousand) | | :--- | :--- | :--- | | Corrugated Products | 531,945 | 343,957 | | Offset-Printed Corrugated Products | 185,579 | 96,064 | | Property Leasing | 348,947 | 4,587 | | Total Reportable Segments | 1,066,471 | 444,608 | Geographical Information (2024) | Region | Revenue from External Customers (HK$ thousand) | Non-current Assets (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 100,820 | 244,045 | | Macau | 331 | – | | Mainland China (excluding Hong Kong and Macau) | 663,369 | 398,673 | | Consolidated Total | 764,520 | 642,718 | - Customer A contributed **HK$89,085 thousand** in revenue this year, primarily from corrugated products, accounting for **over 10% of total revenue**[29](index=29&type=chunk) [3. Other Income](index=12&type=section&id=3.%20Other%20Income) Other income significantly decreased this year, mainly due to the absence of exchange gains recorded last year, despite slight increases in dividend and miscellaneous income Details of Other Income | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Dividend income from equity securities at fair value through profit or loss | 117 | 110 | | Government grants | 1,264 | 2,086 | | Bank interest income | 191 | 493 | | Other rental income | 417 | 368 | | Exchange gains | – | 6,894 | | Miscellaneous income | 907 | 498 | | Total | 2,896 | 10,449 | [4. Other Gains and Losses](index=12&type=section&id=4.%20Other%20Gains%20and%20Losses) Significant other gains were recorded this year, primarily benefiting from the fair value change of investment properties shifting from a loss to a gain Details of Other Gains and Losses | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Fair value change on equity securities at fair value through profit or loss | (218) | (107) | | Fair value change on investment properties | 24,872 | (9,010) | | Income from wealth management products | 317 | 571 | | Total | 24,971 | (8,546) | [5. Other Operating Expenses](index=12&type=section&id=5.%20Other%20Operating%20Expenses) Other operating expenses significantly increased this year, mainly due to losses on disposal of property, plant and equipment and one-off staff severance costs Details of Other Operating Expenses | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | 5,037 | 43 | | Write-off of property, plant and equipment | 344 | 238 | | Staff severance costs | 4,322 | – | | Others | 200 | 74 | | Total | 9,903 | 355 | [6. Finance Costs](index=13&type=section&id=6.%20Finance%20Costs) Total finance costs remained stable this year, with a decrease in interest on lease liabilities offset by an increase in interest on bank borrowings Details of Finance Costs | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 10,465 | 9,475 | | Interest on lease liabilities | 17,243 | 18,552 | | Total | 27,708 | 28,027 | [7. Income Tax Expense](index=13&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense decreased this year, with Hong Kong profits tax calculated at 16.5% (8.25% for the first HK$2 million), and PRC subsidiaries enjoying a 15% preferential tax rate for high-tech enterprises and tax reductions for small-profit enterprises Details of Income Tax Expense | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 1,256 | 1,197 | | PRC enterprise income tax | (86) | 442 | | Total | 1,170 | 1,639 | - Hong Kong profits tax rate is **16.5%**, with the first **HK$2 million** of assessable profits taxed at **8.25%**[33](index=33&type=chunk) - PRC subsidiaries enjoy a **15%** preferential enterprise income tax rate for high-tech enterprises, and tax reductions for small-profit enterprises (for assessable income not exceeding **RMB3 million**, 25% is included in assessable income and taxed at **20%**)[34](index=34&type=chunk)[36](index=36&type=chunk) - Certain PRC subsidiaries of the Group are eligible to apply for a **200%** income tax deduction for research and development costs[37](index=37&type=chunk) [8. Loss for the Year](index=15&type=section&id=8.%20Loss%20for%20the%20Year) Loss for the year significantly decreased, primarily due to lower total depreciation and amortization, increased rental income from investment properties, and a shift from exchange losses to gains Items Affecting Loss for the Year | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Total depreciation and amortization | 37,779 | 39,988 | | Net rental income from investment properties | (6,029) | (5,653) | | Cost of inventories recognized as expense | 632,489 | 668,606 | | Auditors' remuneration | 1,200 | 1,200 | | Net exchange losses (gains) | 495 | (6,894) | [9. Dividends](index=15&type=section&id=9.%20Dividends) The Board does not recommend the payment of a final dividend for the year ended March 31, 2024 - The Board does not recommend the payment of a final dividend for the year ended March 31, 2024[41](index=41&type=chunk) [10. Loss Per Share](index=15&type=section&id=10.%20Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the Company significantly improved due to a substantial reduction in loss for the year Loss Per Share Calculation Data | Metric | 2024 (HK$ thousand/Number of shares) | 2023 (HK$ thousand/Number of shares) | | :--- | :--- | :--- | | Loss for the year attributable to owners of the Company | (15,839) | (67,236) | | Weighted average number of ordinary shares | 331,084,000 | 338,853,392 | | Basic and diluted loss per share | (4.78) HK cents | (19.84) HK cents | - There were no potential dilutive ordinary shares for the years ended March 31, 2024 and 2023, for the purpose of calculating loss per share[44](index=44&type=chunk) [11. Trade and Bills Receivables](index=16&type=section&id=11.%20Trade%20and%20Bills%20Receivables) Total trade and bills receivables slightly decreased, with an increase in overdue receivables, but the provision for expected credit losses remained stable, deemed recoverable by management Ageing Analysis of Trade and Bills Receivables | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Not yet due | 138,661 | 162,713 | | Overdue 1 to 30 days | 36,494 | 7,235 | | Overdue 31 to 90 days | 14,454 | 7,363 | | Overdue 91 to 365 days | 4,136 | 294 | | Overdue over one year | 3,494 | 3,600 | | Total trade receivables | 197,239 | 181,205 | | Less: Provision for expected credit losses | (3,089) | (3,191) | | Bills receivables | 24,742 | 44,822 | | Total | 218,892 | 222,836 | - Overdue but not impaired trade receivables totaled **HK$55,489 thousand** (2023: HK$15,301 thousand), which management considers recoverable[49](index=49&type=chunk) - The provision for expected credit losses includes individually impaired trade receivables involving liquidation or severe financial difficulties, totaling approximately **HK$3,089 thousand** (2023: HK$3,191 thousand)[49](index=49&type=chunk)[50](index=50&type=chunk) [12. Trade and Bills Payables](index=18&type=section&id=12.%20Trade%20and%20Bills%20Payables) Total trade and bills payables significantly increased, mainly due to a substantial rise in bills payables, reflecting extended payment terms with suppliers Ageing Analysis of Trade and Bills Payables | Item | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables 0 to 30 days | 65,674 | 58,042 | | Trade payables 31 to 90 days | 16,161 | 2,003 | | Trade payables over 90 days | 1,175 | 353 | | Bills payables | 134,991 | 38,275 | | Total | 218,001 | 98,673 | - All bills payables are due within **180 days**[51](index=51&type=chunk) - Supplier credit terms range from **15 to 90 days**, and the Group has established financial risk management policies to ensure timely settlement[51](index=51&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Review](index=19&type=section&id=Industry%20Review) China's paper packaging industry faces multiple challenges including slow economic recovery, weak demand, intense competition, and supply chain shifts, yet the growth of China's online retail market presents long-term potential for high-quality paper packaging products - China's economic and overall consumer spending recovery is slow, with the real estate crisis continuously impacting the market[53](index=53&type=chunk) - China's paper and paper products industry's total revenue decreased by **2.4%** year-on-year to approximately **RMB1,392.6 billion**, while the cumulative export value of paper and paperboard container manufacturing decreased by **11.3%** year-on-year to approximately **RMB8.47 billion**[53](index=53&type=chunk) - Weak global trade, US destocking, and geopolitical uncertainties led customers to shift supply chains to Southeast Asia, impacting China's paper packaging industry exports[53](index=53&type=chunk) - China's online retail sales increased by **11.0%** year-on-year to approximately **RMB15,426.4 billion**, supporting the expansion of the express delivery industry and driving demand for high-quality paper packaging products[54](index=54&type=chunk) [Business Review](index=20&type=section&id=Business%20Review) Facing a challenging market environment, the Group successfully maintained sales volume and improved gross profit margin through diversifying its customer base, adjusting product mix (increasing the proportion of paperboard and semi-finished products), strict cost control, and production line integration, while property leasing business profitability also improved, leading to a significant narrowing of net loss - The Group focuses on high-value-added printed corrugated paper packaging products, but demand is in a recovery phase due to challenging global business environment and a weak domestic home appliance market[56](index=56&type=chunk) - The Group successfully maintained sales volume by diversifying its customer base, adjusting its product portfolio to increase the proportion of paperboard and semi-finished product sales, and expanding into the medical equipment industry[56](index=56&type=chunk) - Revenue for the year slightly decreased by **2.9%** to approximately **HK$764.5 million**, primarily due to a decrease in average selling price per product[56](index=56&type=chunk) - Gross profit increased to approximately **HK$131.7 million**, and gross profit margin improved to **17.2%** (2023: 15.0%), mainly benefiting from sales mix adjustment, strict cost control, and production line integration at the new Dongguan plant[57](index=57&type=chunk) - Property leasing business profitability improved, with the former Huizhou production base converted to investment properties, recording a fair value gain on investment properties of approximately **HK$24.9 million** (2023: loss of approximately HK$9.0 million)[59](index=59&type=chunk) - Net loss for the year was approximately **HK$15.8 million**, a significant narrowing compared to last year (HK$67.2 million)[59](index=59&type=chunk) [Operating Results](index=21&type=section&id=Operating%20Results) The Group successfully improved gross profit margin and significantly reduced net loss despite a slight revenue decrease, by adjusting business strategies, optimizing sales mix, strictly controlling costs, and integrating production lines. Fair value gains on investment properties contributed significantly to profit improvement, while one-off operating expenses increased Operating Results Overview | Metric | 2024 (HK$ thousand) | 2023 (HK$ thousand) | | :--- | :--- | :--- | | Paper packaging domestic sales in Mainland China | 663,369 | 656,306 | | Paper packaging domestic export shipments | 56,108 | 80,451 | | Paper packaging direct exports | 38,722 | 44,485 | | Property investment rental income | 6,321 | 5,836 | | Total revenue | 764,520 | 787,078 | | Gross profit margin | 17.2% | 15.0% | | Net loss margin | (2.1)% | (8.5)% | [Revenue](index=22&type=section&id=Revenue) The Group's revenue slightly decreased, mainly due to business strategy adjustments focusing more resources on lower-priced paperboard and semi-finished product sales, despite maintaining overall sales volume and expanding into domestic and medical equipment industry customers - Revenue for the year slightly decreased to approximately **HK$764.5 million** (2023: approximately HK$787.1 million), mainly due to a decrease in average selling price per product resulting from a change in sales mix[61](index=61&type=chunk) - The Group adjusted its business strategy to increase the sales proportion of paperboard and semi-finished products, and expanded into domestic markets and medical equipment industry customers, maintaining overall sales volume[61](index=61&type=chunk) - Revenue attributable to Guangdong operations was approximately **HK$733.7 million** (2023: approximately HK$773.3 million), affected by market demand fluctuations and production line maintenance integration[63](index=63&type=chunk) - Property leasing business revenue remained stable at approximately **HK$6.3 million** (2023: approximately HK$5.8 million)[64](index=64&type=chunk) [Gross Profit](index=23&type=section&id=Gross%20Profit) Despite a decrease in revenue, the Group's gross profit and gross profit margin both improved, mainly benefiting from continuous cost control, regional business and production line integration, and increased gross profit from property leasing operations - Overall gross profit for the year increased to approximately **HK$131.7 million** (2023: approximately HK$118.3 million), and gross profit margin improved to approximately **17.2%** (2023: approximately 15.0%)[65](index=65&type=chunk) - Gross profit improvement was mainly attributable to cost control, integration of regional businesses and production lines to reduce fixed costs, and flexible procurement channels ensuring raw material cost-effectiveness[65](index=65&type=chunk) - Gross profit margin for Guangdong operations rose to approximately **17.1%** (2023: approximately 14.6%), with gross profit increasing by approximately **11.6%** to **HK$125.7 million**[67](index=67&type=chunk) - Gross profit from property leasing increased by approximately **5.3%** to approximately **HK$6.0 million** (2023: approximately HK$5.7 million)[68](index=68&type=chunk) [Other Income](index=24&type=section&id=Other%20Income) Other income decreased this year, primarily due to reduced foreign exchange gains - Other income for the year decreased to approximately **HK$2.9 million** (2023: approximately HK$10.4 million), mainly from government subsidies and miscellaneous income, but with reduced foreign exchange gains[69](index=69&type=chunk) [Other Gains and Losses](index=24&type=section&id=Other%20Gains%20and%20Losses) Other gains were recorded this year, primarily from fair value gains on investment properties, reversing last year's loss - Other gains of approximately **HK$25.0 million** were recorded this year (2023: loss of approximately HK$8.6 million), primarily fair value gains on investment properties of approximately **HK$24.9 million**[70](index=70&type=chunk) - Fair value gains on investment properties include approximately **HK$32.6 million** from the transfer of the former Huizhou production base to investment properties, and approximately **HK$7.7 million** in losses from other existing investment properties[70](index=70&type=chunk) [Selling and Administrative Expenses](index=25&type=section&id=Selling%20and%20Administrative%20Expenses) Both selling and administrative expenses decreased this year, reflecting the Group's strict cost control and improved operational efficiency amidst reduced revenue, adjusted sales mix, and capacity integration - Selling expenses decreased by approximately **13.3%** to approximately **HK$59.1 million** (2023: approximately HK$68.1 million), mainly due to reduced revenue and an increased proportion of paperboard/semi-finished product sales[72](index=72&type=chunk) - Administrative expenses decreased by approximately **13.1%** to approximately **HK$77.6 million** (2023: approximately HK$89.3 million), benefiting from strict internal controls and capacity integration enhancing operational efficiency[72](index=72&type=chunk) [Other Operating Expenses](index=25&type=section&id=Other%20Operating%20Expenses) Other operating expenses significantly increased this year, primarily due to losses on disposal of factory machinery and equipment and staff severance costs during production line integration - Other operating expenses increased to approximately **HK$9.9 million** (2023: approximately HK$0.4 million), mainly due to losses on disposal of factory machinery and equipment and staff severance costs[73](index=73&type=chunk) [Finance Costs](index=25&type=section&id=Finance%20Costs) Total finance costs remained stable this year, with a decrease in interest on lease liabilities offset by an increase in interest on bank borrowings, the latter influenced by rising global interest rates - Interest expense on lease liabilities decreased to approximately **HK$17.2 million** (2023: approximately HK$18.6 million)[74](index=74&type=chunk) - Interest on bank borrowings increased to approximately **HK$10.5 million** (2023: approximately HK$9.5 million), influenced by sustained high global interest rates[74](index=74&type=chunk) [Net Loss and Dividends](index=25&type=section&id=Net%20Loss%20and%20Dividends) The Group's net loss significantly narrowed, net loss margin substantially improved, and loss per share decreased accordingly, with the Board not recommending a final dividend - Net loss for the year was approximately **HK$15.8 million** (2023: approximately HK$67.2 million), with a net loss margin of approximately **2.1%** (2023: approximately 8.5%)[75](index=75&type=chunk) - Basic and diluted loss per share was **4.78 HK cents** (2023: 19.84 HK cents)[75](index=75&type=chunk) - The Board does not recommend the payment of a final dividend for the current year[75](index=75&type=chunk) [Capital Structure](index=26&type=section&id=Capital%20Structure) The Group's current ratio slightly decreased but remained healthy, primarily impacted by increased trade and bills payables, partially offset by higher bank and cash balances Key Capital Structure Indicators | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 1.13 | 1.24 | - As at March 31, 2024, the Company's issued share capital was **HK$3,310,840**, divided into **331,084,000** shares of **HK$0.01** par value each[77](index=77&type=chunk) [Working Capital](index=26&type=section&id=Working%20Capital) The Group's working capital management significantly improved, with a substantially shortened cash conversion cycle, primarily due to reduced trade receivables turnover days, extended trade payables turnover days, and shortened inventory turnover days, reflecting enhanced operational efficiency from sales mix adjustments and production line integration Working Capital Turnover Days | Metric | 2024 (Turnover Days) | 2023 (Turnover Days) | | :--- | :--- | :--- | | Trade and bills receivables | 106 | 121 | | Trade and bills payables | 92 | 61 | | Inventories | 31 | 43 | | Cash conversion cycle | 45 | 103 | - Trade and bills receivables turnover days improved from **121 days** to **106 days**, mainly due to a shift in sales mix towards paperboard and semi-finished products with shorter receivables turnover cycles[78](index=78&type=chunk) - Trade and bills payables turnover days significantly increased from **61 days** to **92 days**, reflecting close cooperation with suppliers and extended payment terms[79](index=79&type=chunk) - Inventory turnover days improved to **31 days** (2023: 43 days), mainly due to shorter delivery periods for paperboard and semi-finished products[81](index=81&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity improved, with increased bank and cash balances, a lower gearing ratio, and sufficient unutilized bank facilities to support future business growth and investments Key Liquidity and Financial Resources Indicators | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 1.13 | 1.24 | | Gearing Ratio | 10.5% | 15.3% | | Bank and cash balances | 138,900 HK$ thousand | 86,000 HK$ thousand | | Unutilized bank facilities | 437,900 HK$ thousand | – | - All of the Group's bank borrowings are secured, primarily denominated in **HKD** and **RMB**, and bear interest at floating rates[84](index=84&type=chunk) - Total outstanding bank borrowings were approximately **HK$114.9 million** (2023: approximately HK$163.8 million), of which approximately **HK$96.6 million** is repayable within one year[84](index=84&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk and will closely monitor it, taking hedging measures when necessary - The Group is exposed to foreign exchange risk as some business transactions, assets, and liabilities are denominated in currencies other than the functional currency[87](index=87&type=chunk) - The Group will closely monitor foreign exchange risk and consider appropriate actions to hedge significant foreign exchange exposures when necessary[87](index=87&type=chunk) [Pledged Assets](index=28&type=section&id=Pledged%20Assets) The Group pledged approximately HK$278.0 million in assets as collateral for bank financing - The Group pledged certain assets with an aggregate carrying value of approximately **HK$278.0 million** (2023: approximately HK$258.4 million), including bank deposits, property, plant and equipment, and investment properties, as collateral for bank financing[88](index=88&type=chunk) [Capital Commitments](index=28&type=section&id=Capital%20Commitments) The Group's contracted but unprovided capital expenditure for property, plant and equipment significantly decreased, with no authorized but uncontracted capital expenditure - The Group's contracted but unprovided capital expenditure for property, plant and equipment was approximately **HK$200 thousand** (2023: approximately HK$1.7 million)[89](index=89&type=chunk) - The Group had no authorized but uncontracted capital expenditure[89](index=89&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The Group faces contingent liabilities from Hong Kong Inland Revenue Department tax assessments totaling approximately HK$30.7 million, currently under negotiation with no provision made - The Hong Kong Inland Revenue Department issued estimated and additional tax assessments to six of the Group's subsidiaries for the tax years 2009/10 to 2017/18, totaling approximately **HK$30.698 million**[90](index=90&type=chunk) - The Group has filed objections and purchased tax reserve certificates of **HK$9.766 million**, and the Inland Revenue Department has held over profits tax of **HK$20.204 million**[90](index=90&type=chunk) - No tax provision was made at the end of the current year due to the uncertainty of negotiation outcomes[90](index=90&type=chunk) [Employees and Remuneration](index=29&type=section&id=Employees%20and%20Remuneration) Both the Group's employee headcount and total remuneration expenses decreased, with remuneration policies regularly reviewed based on individual performance and market conditions Employee and Remuneration Data | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Total number of employees | 785 | 933 | | Total employee remuneration expenses | 116,900 HK$ thousand | 137,400 HK$ thousand | - Remuneration policies are formulated based on individual employee performance and current market conditions, and are reviewed regularly[92](index=92&type=chunk) [Prospects](index=29&type=section&id=Prospects) Facing global uncertainties, the Group will continue to implement diversified procurement strategies, integrate resources, innovate production technologies, and prudently manage investments to seize growth opportunities in China's e-commerce and eco-friendly packaging industries for sustainable profitability - As the business environment becomes increasingly uncertain, the Group will continue to implement diversified procurement strategies to mitigate risks and ensure stable raw material supply[93](index=93&type=chunk) - The rapid growth of China's e-commerce industry and increasing demand for high-quality eco-friendly packaging present potential growth opportunities for China's paper packaging industry[93](index=93&type=chunk) - The Group will continue to integrate resources and production, allocate more resources to producing paperboard and semi-finished packaging products, and utilize advanced production technologies to enhance product quality[93](index=93&type=chunk) - The former Huizhou production base has been converted into investment properties and successfully leased out, expected to generate more rental income. Currently, there are no significant investment plans[95](index=95&type=chunk) [Future Plans for Material Investments and Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the Group has no proposed plans for any material investments or capital assets - As at March 31, 2024 and the date of this announcement, the Group had no proposed plans for any material investments or capital assets[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year[97](index=97&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Board is committed to maintaining appropriate corporate governance practices and has complied with the Corporate Governance Code in Appendix C1 of the SEHK Listing Rules - The Board is committed to maintaining appropriate corporate governance practices to safeguard shareholders' interests and ensure compliance with statutory requirements and professional standards[98](index=98&type=chunk) - The Company has complied with the code provisions set out in the Corporate Governance Code in Appendix C1 of the SEHK Listing Rules during the year[98](index=98&type=chunk) [Standard Code for Securities Transactions by Directors](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with it throughout the year - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[99](index=99&type=chunk) - All Board members confirmed compliance with the required standards set out in the Standard Code throughout the year[99](index=99&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing financial statements, risk management, and internal control systems, and has reviewed this results announcement and related financial matters - The Audit Committee's primary responsibilities include considering the relationship with external auditors, reviewing the Group's financial statements, and overseeing the Group's financial reporting system, risk management, and internal control systems[101](index=101&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Law Tsz Lun (Chairman), Mr. Chow On Tai Yuen, and Ms. Tsui Pui Man[101](index=101&type=chunk) - The Audit Committee has reviewed this results announcement, the audited consolidated financial statements, accounting principles and practices, and discussed auditing, internal control, risk management, and financial reporting matters[101](index=101&type=chunk) [Dividends](index=31&type=section&id=Dividends) The Board does not recommend the payment of any final dividend for the current year - The Board does not recommend the payment of any final dividend for the current year[102](index=102&type=chunk) [Closure of Register of Members](index=31&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility to attend and vote at the Annual General Meeting, the Company will suspend registration of members from September 4 to September 9, 2024 - The Company will suspend registration of members from **September 4, 2024 to September 9, 2024** (both dates inclusive), during which no share transfers will be effected[103](index=103&type=chunk) - All share transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's Hong Kong Share Registrar by **4:30 p.m. on September 3, 2024** at the latest[103](index=103&type=chunk) [Events After the Reporting Period](index=31&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the end of the current year and up to the date of this announcement - No significant events occurred after the end of the current year and up to the date of this announcement[104](index=104&type=chunk) [Public Float](index=31&type=section&id=Public%20Float) As at March 31, 2024, public shareholders held over 25% of the Company's issued shares - As at **March 31, 2024**, public shareholders held **over 25%** of the Company's issued shares[105](index=105&type=chunk) [Scope of Work of Tianjian International Certified Public Accountants Limited](index=32&type=section&id=Scope%20of%20Work%20of%20Tianjian%20International%20Certified%20Public%20Accountants%20Limited) The Group's auditor confirmed that the financial data in this results announcement is consistent with the audited consolidated financial statements, but their work does not constitute an assurance engagement on this announcement - The Group's auditor, Tianjian International Certified Public Accountants Limited, agreed that the data in the Group's consolidated statement of financial position, consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, and their related notes for the current year, as presented in this results announcement, are consistent with the amounts in the Group's audited consolidated financial statements for the current year[107](index=107&type=chunk) - The work performed by the auditor in this regard does not constitute an assurance engagement conducted in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and therefore, no assurance is provided on this announcement[107](index=107&type=chunk) [Publication of Annual Report](index=32&type=section&id=Publication%20of%20Annual%20Report) The Company's annual report will be published on the Company's website and the SEHK website at the appropriate time and sent to shareholders upon request - The Company's annual report will be published on the Company's website and the SEHK website at the appropriate time[108](index=108&type=chunk) - The annual report will be sent to the Company's shareholders upon request[108](index=108&type=chunk) [By Order of the Board](index=32&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Zhuang Jinzhou, Chairman of the Board, on behalf of the Board, and lists the current members of the Board - This announcement was issued by Mr. Zhuang Jinzhou, Chairman of the Board of Directors of Kam Shing Group (Holdings) Limited, on **June 28, 2024**[109](index=109&type=chunk)[110](index=110&type=chunk) - The Board members include three executive directors (Mr. Zhuang Jinzhou, Mr. Zhuang Huabin, and Mr. Zhuang Huaqing) and three independent non-executive directors (Mr. Chow On Tai Yuen, Ms. Tsui Pui Man, and Mr. Law Tsz Lun)[110](index=110&type=chunk)