致：香港交易及結算所有限公司 公司名稱: 亞洲木薯資源控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00841 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底 ...

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文件之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 股東週年大會結果 亞洲木薯資源控股有限公司（「本公司」）董事會（「董事會」）欣然宣布，於二零二五年九 月二十六日舉行之股東週年大會（「股東週年大會」）上，所有普通決議案（「決議案」）已 獲本公司股東（「股東」）正式通過。 於股東週年大會日期，賦予股東權利出席大會並於會上表決贊成或反對決議案之本公司股份 （「股份」）總數為584,726,715股，相當於本公司全部已發行股本。概無股東有權出席股東週 年大會並僅可表決反對決議案。另概無任何人士表明彼等曾打算於股東週年大會表決反對決議 案或放棄表決並在股東週年大會上確實按而行事。正通會計師事務所已獲委任為監票人，以監 督於股東週年大會進行之表決。按股數投票表決結果如下： | | 普通決議案 (附註) | | 投票所代表股份數目(%) | | 已投票之 股份總數 | | --- | --- | --- | --- | --- | --- | | | | 贊成 | ...

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00841 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 200,000,000 公司名稱: 亞洲木薯資源控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月2日 截至月份: 2025年8 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 亞洲木薯資源控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00841 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法 ...

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倚賴該等內容而引致之任何損失承擔任何責任。 ASIA CASSAVA RESOURCES HOLDINGS LIMITED 亞洲木薯資源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：841） 股東週年大會通告 茲通告 亞 洲 木 薯 資 源 控 股 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 九 月 二 十 六 日 上 午十一時正假座香港九龍尖沙咀麽地道63號好時中心11樓1109室舉行股東週年大 會，藉以處理以下事項： – 1 – – 3 – (iv) 就本決議案而言： (aa) 「有 關 期 間」指 本 決 議 案 獲 通 過 當 日 至 下 列 最 早 發 生 時 間 止 期 間： (A) 本公司下屆股東週年大會結束； (B) 組織章程細則、開曼群島法例第22章 公 司 法（一 九 六 一 年 第 三 冊，經 綜 合 及 修 訂）或 開 曼 群 島 任 何 適 用 法 例 規 定 本 公司須舉行下屆股東週年大會之 ...

地址為 為本人╱吾等之代表 （附註c） ，出席本公司於二零二五年九月二十六日上午十一時正假座香港九龍尖沙咀麽地道63號好時中心11 樓1109室就考慮及酌情通過有關決議案而舉行之股東週年大會（「大會」）及其任何續會，並代表本人╱吾等依照以下指示 （附註d） 以本人╱吾等之名義投票。如無有關指示，則本人╱吾等之受委代表可自行酌情投票。 ASIA CASSAVA RESOURCES HOLDINGS LIMITED 亞洲木薯資源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：841） 股東於二零二五年九月二十六日上午十一時正假座香港九龍尖沙咀麽地道63號好時中心11樓1109室舉行之股東週 年大會適用之代表委任表格 本人╱吾等 （附註a） 地址為 | 為 亞洲木薯資源控股有限公司（「本公司」）股 本 中 每 股 面 值0.10港元之股份共 | 股 （附註b） | | --- | --- | | 之登記持有人，茲委任大會主席 或 | | | | 普通決議案 | 贊 成 | 反 對 | | --- | --- | --- | --- | | 1 | 省覽及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 ...

此乃要件 請即處理 閣下如 對本通函任何方面或應採取之行動 有任何疑問，應諮詢股票經紀或其他註 冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已 將名下亞洲木薯資源控股有限公司股份全部 售出或轉讓，應立即將本通 函及隨附之代表委任表格送交買方或承讓人，或經手買賣或轉讓之銀行、股票經 紀或其他代理商，以便轉交買方或承讓人。 香港交易及結算所有限公司以及香港聯合交易所有限公司對本通函之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ASIA CASSAVA RESOURCES HOLDINGS LIMITED 亞洲木薯資源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：841） 發行及購回股份之一般授權、 重選董事 及 股東週年大會通告 亞洲木薯資源控股有限公司謹訂於二零二五年九月二十六日上午十一時正假座香 港九龍尖沙咀麽地道63號好時中心11樓1109室舉行股東週年大會，大會通告載於 本通函第11至15頁。 無論 閣下可否親身出席大會，務請按照隨附代表委任表格印列之指示填妥表格， ...

Asia Cassava Resources Holdings Limited 亞洲木薯資源控股有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 841) 環境、社會及管治報告 2025 環境、社會及管治報告 關於本集團 亞洲木薯資源控股有限公司（「本公司」）及其子公司（統稱「本集團」或「我們」）之主要業務為在東南亞國家採購乾木薯片，並在中國大陸 及泰國銷售乾木薯片，在中國大陸及香港經營酒店及服務式公寓及物業投資業務。 關於本報告 環境、社會及管治報告闡述本集團在截至二零二五年三月三十一日止年度內支持可持續發展原則的各項工作，以及在管治方面的表 現。 報告中的所有資料均為本集團於二零二四年四月至二零二五年三月在環境保護和社會關懷方面的績效。 董事會聲明 本公司董事會（「董事會」）全面負責監督及釐定會影響本集團的環境、社會及與氣候相關的風險及機遇、制定及採納本集團的環境，社 會及管治政策及目標以及每年根據環境、社會及管治目標檢討本集團的表現。如發現集團表現與目標有明顯差距，則修訂環境，社會 及管治策略（如適用）。 環境、社會及管治工作委員會協助董事會處理以下事務：執行協定的環境、社會及管治政策、目標及策 ...

[Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=3&type=section&id=Business%20Review) The Group's core dried cassava chip revenue decreased by 18.2% this year due to global high interest rates and a weaker China recovery, with hotel income also declining - The Group's core business involves sourcing dried cassava chips in Southeast Asia for sale in China, alongside operating hotel and serviced apartment businesses[5](index=5&type=chunk) Revenue Performance by Business Segment | Business Segment | FY2025 Revenue (HKD) | FY2024 Revenue (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sourcing and Sale of Dried Cassava Chips | Approx. 960.5 million | Approx. 1,173.6 million | -18.2% | | Hotel and Serviced Apartments | Approx. 13 million | Approx. 14.8 million | -12.2% | - The decline in dried cassava chip revenue was primarily due to the sluggish economic recovery in mainland China and weak alcohol demand influenced by electric vehicle penetration[6](index=6&type=chunk) [Financial Review of Audited Results](index=3&type=section&id=Financial%20Review%20of%20Audited%20Results) Total revenue decreased by 18.2% to **978 million HKD**, gross margin fell to 6.6% due to logistics changes, and the annual loss expanded to **131 million HKD**, impacting net assets and capital gearing Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | Reason for Change | | :--- | :--- | :--- | :--- | | Total Revenue | 978 million HKD | 1,193 million HKD | Decrease in average selling price of dried cassava chips and reduced hotel revenue | | Dried Cassava Chip Gross Profit Margin | 6.6% | 11.3% | Change in customer logistics terms from C&F to FOB | | Selling and Distribution Costs | 36.7 million HKD | 113 million HKD | Change in customer contract terms, with customers bearing ocean freight costs | | Administrative Expenses | 128 million HKD | 99.7 million HKD | Increased impairment losses on right-of-use assets and hotel business | | Loss for the Year (Attributable to Owners) | 131 million HKD | 111 million HKD | Decreased revenue and increased asset impairment | | Capital Gearing Ratio | 51.8% | 39.0% | Increase in trade-related bank borrowings and asset impairment | | Inventory Turnover Days | 124.7 days | 117.1 days | Strategic inventory stocking to meet future demand | - As of March 31, 2025, the Group had approximately **220 employees**, with total annual staff costs of approximately **19.4 million HKD**[18](index=18&type=chunk) [Outlook](index=5&type=section&id=Outlook) The Group aims to consolidate its dried cassava chip leadership by expanding procurement in Southeast Asia, while diversifying into cassava starch manufacturing in Laos by late 2025 to reduce China market reliance - China's policy of encouraging non-grain based biofuel production remains unchanged, providing a continuous market foundation for the Group's dried cassava chip business[22](index=22&type=chunk) - The Group is expanding its procurement network in Thailand, Laos, and Cambodia to achieve economies of scale, reduce unit costs, and improve gross profit margins[22](index=22&type=chunk) - To expand into downstream industries and diversify markets, the Group has established a subsidiary in Laos for cassava starch manufacturing and processing, expected to commence production by the end of 2025, aiming to gradually reduce reliance on the Chinese market[23](index=23&type=chunk) [Directors and Senior Management](index=5&type=section&id=Directors%20and%20Senior%20Management) [Board of Directors](index=6&type=section&id=Board%20of%20Directors) The Board comprises three executive and three independent non-executive directors, with executive directors focusing on strategy and operations, and independent directors providing diverse professional expertise Board of Directors Composition | Name | Position | Key Responsibilities/Background | | :--- | :--- | :--- | | **Executive Directors** | | | | Mr. Chu Ming Chuen | Chairman | Formulating Group strategy and overall development | | Ms. Liu Yuk Ming | Executive Director | Formulating marketing strategies and daily operations | | Ms. Lam Ching Fun | Executive Director | Logistics systems, vessel chartering business management | | **Independent Non-Executive Directors** | | | | Ms. Amporn Lohathanulert | Independent Non-Executive Director | Bachelor of Mass Communication, with insurance industry experience | | Mr. Hung Sze Kit | Independent Non-Executive Director | Business administration professional, with government and corporate management experience | | Mr. Chui Chi Yan | Independent Non-Executive Director | Hong Kong practicing accountant, with over 35 years of accounting experience | [Senior Management](index=7&type=section&id=Senior%20Management) The senior management team, composed of experienced professionals in administration, finance, and China operations, is responsible for the Group's daily management and business execution, leveraging their extensive industry expertise Senior Management Members | Name | Position | Key Responsibilities | | :--- | :--- | :--- | | Ms. Wu Ni Na | Head of Administration and Human Resources | Responsible for Group administration and human resources | | Mr. Shum Sing Kee | Chief Financial Officer and Company Secretary | Responsible for the company's financial functions and financial management | | Ms. Zhu Ling Ling | Deputy Financial Controller | Responsible for overall oversight of the accounting department | | Mr. Wang Dong Dai | General Manager of Rizhao Yushun | Overseeing Rizhao Yushun's daily management and mainland China operations | | Ms. Jiang Ting | Deputy General Manager of Rizhao Yushun | Responsible for analysis of China's cassava market information and customer relations | [Report of the Directors](index=7&type=section&id=Report%20of%20the%20Directors) [Principal Activities and Results](index=8&type=section&id=Principal%20Activities%20and%20Results) The Group's main activities include dried cassava chip trade, hotel operations, and property investment; it recorded a loss for the year ended March 31, 2025, with no final dividend recommended - The Group's principal activities include sourcing dried cassava chips in Southeast Asia for sale in China, and operating hotels, serviced apartments, and property investments in China and Hong Kong[34](index=34&type=chunk) - No interim dividend was distributed for the current year, and the Board recommends no final dividend be paid[36](index=36&type=chunk) [Major Customers and Suppliers](index=9&type=section&id=Major%20Customers%20and%20Suppliers) The Group experienced high customer concentration this year, with the top five customers accounting for 68% of sales, while its supplier base was more diversified, with the top five suppliers accounting for less than 29% of purchases Customer and Supplier Concentration | Category | Percentage (FY2025) | Percentage (FY2024) | | :--- | :--- | :--- | | Sales to Top Five Customers | 68% | 79% | | Sales to Largest Customer | 31% | 33% | | Purchases from Top Five Suppliers | <29% | 43% | | Purchases from Largest Supplier | 19% | 27% | [Directors' and Major Shareholders' Interests in Shares](index=10&type=section&id=Directors'%20Interests%20in%20Shares) As of March 31, 2025, Chairman Mr. Chu Ming Chuen held approximately **61.66%** of the Company's issued share capital directly and through controlled corporations, with Fortune Art Management Limited directly holding **38.48%** Major Shareholder Holdings (as of March 31, 2025) | Shareholder Name | Capacity and Nature of Interest | Number of Ordinary Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Fortune Art Management | Directly Beneficially Owned | 225,000,000 | 38.48% | | Mr. Chu Ming Chuen | Directly Beneficially Owned | 135,520,715 | 23.18% | | | Through Controlled Corporations | 225,000,000 | 38.48% | | | **Total** | **360,520,715** | **61.66%** | [Continuing Connected Transactions](index=12&type=section&id=Continuing%20Connected%20Transactions) The Group engaged in continuing connected transactions this year, mainly leasing office and staff quarters from entities controlled by Chairman Mr. Chu and his spouse, which independent non-executive directors confirmed were on normal commercial terms - The Group leased office premises from Ya Fat Property Limited, controlled by Chairman Mr. Chu, with an annual rent of **0.574 million HKD**[63](index=63&type=chunk) - The Group leased staff quarters from Wealthy Yield Property Limited, controlled by Chairman's spouse Ms. Chu, with a monthly rent of **0.058 million HKD**[64](index=64&type=chunk) [Corporate Governance Report](index=13&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices](index=14&type=section&id=Corporate%20Governance%20Practices) The Company generally complied with the Corporate Governance Code, but deviated by having the Chairman concurrently perform CEO functions, with the executive director team collectively overseeing management - During the reporting period, the Company deviated from the Corporate Governance Code as the roles of Chairman and Chief Executive Officer were assumed by the same individual (Chairman Mr. Chu Ming Chuen), and no separate CEO position was established[73](index=73&type=chunk) [Board and Board Committees](index=14&type=section&id=Board%20and%20Board%20Committees) The Board, responsible for strategy and oversight, held four meetings and established Audit, Remuneration, and Nomination Committees, all composed of independent non-executive directors, to ensure independent oversight of financial reporting, remuneration, and nominations - The Board of Directors comprises three executive directors and three independent non-executive directors, complying with Listing Rules requirements[79](index=79&type=chunk)[80](index=80&type=chunk) - The Board has established an Audit Committee, a Remuneration Committee, and a Nomination Committee, all composed of independent non-executive directors[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk) - The Company has adopted a Board Diversity Policy, aiming to enhance Board performance by considering multiple factors such as skills, experience, background, age, and gender[93](index=93&type=chunk)[94](index=94&type=chunk) [Accountability and Audit](index=18&type=section&id=Accountability%20and%20Audit) The Board is responsible for fair financial statements, with the Audit Committee assisting in oversight; **1.83 million HKD** was paid to Ernst & Young for audit services this year Auditor's Fees | Service Type | Fees (HKD '000) | | :--- | :--- | | Annual Audit Services | 1,830 | [Shareholders' Rights](index=19&type=section&id=Shareholders'%20Rights) The Company facilitates shareholder-Board communication via general meetings, allowing shareholders holding at least 10% of paid-up capital to request an extraordinary general meeting in writing - Shareholders holding not less than one-tenth of the Company's paid-up share capital have the right to request the Board to convene an extraordinary general meeting in writing[105](index=105&type=chunk) [Independent Auditor's Report](index=20&type=section&id=Independent%20Auditor's%20Report) [Auditor's Opinion](index=21&type=section&id=Auditor's%20Opinion) Auditor Ernst & Young issued an unmodified opinion, confirming the consolidated financial statements fairly present the Group's financial position, performance, and cash flows as of March 31, 2025, in compliance with Hong Kong Companies Ordinance - Auditor Ernst & Young issued an unmodified opinion on the consolidated financial statements[110](index=110&type=chunk) [Key Audit Matters](index=21&type=section&id=Key%20Audit%20Matters) The key audit matter was the fair value estimation of a Hong Kong commercial building, involving significant management judgment, which the auditor addressed by reviewing external valuations and assessing methodologies and assumptions - The key audit matter is the estimation of the fair value of a commercial building located in Hong Kong. This building is partly classified as investment property and partly as property, plant and equipment, collectively accounting for approximately **73%** of total non-current assets[112](index=112&type=chunk)[114](index=114&type=chunk) - The auditor's responses included reviewing external valuation reports, utilizing internal valuation experts to assess valuation methodologies and assumptions, evaluating the independence and competence of external valuers, and assessing related disclosures[118](index=118&type=chunk) [Consolidated Financial Statements](index=24&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=25&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For FY2025, revenue decreased to **978 million HKD**, and the annual loss expanded to **168 million HKD** due to reduced income and fair value losses, resulting in a **131 million HKD** loss attributable to owners and **22.36 HK cents** basic loss per share Key Consolidated Income Statement Data (HKD '000) | Indicator | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | Revenue | 977,903 | 1,193,032 | | Gross Profit | 81,150 | 152,041 | | Loss Before Tax | (162,045) | (139,790) | | Loss for the Year | (168,021) | (149,019) | | **Loss Attributable to Owners of the Company** | **(130,721)** | **(111,360)** | | Basic and Diluted Loss Per Share | (22.36 HK cents) | (19.04 HK cents) | [Consolidated Statement of Financial Position](index=26&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, net assets decreased to **349 million HKD**, with total assets at **1,697 million HKD** and liabilities at **1,347 million HKD**, leading to a **332 million HKD** net current liability due to increased current borrowings Key Consolidated Statement of Financial Position Data (HKD '000) | Indicator | March 31, 2025 (HKD '000) | March 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 984,372 | 1,050,248 | | Current Assets | 712,354 | 417,291 | | **Total Assets** | **1,696,726** | **1,467,539** | | Current Liabilities | 1,044,633 | 285,432 | | Non-current Liabilities | 302,611 | 698,156 | | **Total Liabilities** | **1,347,244** | **983,588** | | **Net Assets** | **349,482** | **483,951** | | **Total Equity** | **349,482** | **483,951** | [Consolidated Statement of Cash Flows](index=29&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group experienced a **204 million HKD** net cash outflow from operations, a **79.31 million HKD** outflow from investing, and a **290 million HKD** inflow from financing, resulting in a **6.25 million HKD** net increase in cash and equivalents to **57.8 million HKD** at year-end Key Consolidated Cash Flow Statement Data (HKD '000) | Indicator | FY2025 (HKD '000) | FY2024 (HKD '000) | | :--- | :--- | :--- | | Net Cash Flows From/(Used in) Operating Activities | (204,292) | 251,040 | | Net Cash Flows Used in Investing Activities | (79,309) | (55,522) | | Net Cash Flows From/(Used in) Financing Activities | 289,852 | (408,193) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 6,251 | (212,675) | | Cash and Cash Equivalents at End of Year | 57,804 | 49,424 | [Notes to the Financial Statements (Summary)](index=30&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail accounting policies and estimates, highlighting a **332 million HKD** net current liability due to reclassified bank loans, though management deems going concern appropriate; segment data shows declining dried cassava chip performance and losses in property and hotel segments - The Group had net current liabilities of **332 million HKD** at the end of the reporting period, primarily due to **879 million HKD** in interest-bearing bank loans reclassified as current liabilities due to covenant breaches. Management has taken measures (such as obtaining waivers, repaying part of the loans, and securing new loans from the controlling shareholder) to alleviate liquidity pressure and believes the company can continue as a going concern[143](index=143&type=chunk)[144](index=144&type=chunk)[146](index=146&type=chunk) Segment Results Summary (HKD '000) | Segment | FY2025 Revenue (HKD '000) | FY2025 Results (HKD '000) | FY2024 Revenue (HKD '000) | FY2024 Results (HKD '000) | | :--- | :--- | :--- | :--- | :--- | | Sourcing and Sale of Dried Cassava Chips | 960,498 | 5,955 | 1,173,577 | 16,915 | | Property Investment | 4,361 | (49,402) | 4,650 | (57,796) | | Hotel and Serviced Apartment Operations | 13,044 | (26,945) | 14,805 | (26,604) | - Due to deteriorating hotel operations and a subdued Hong Kong property market, the Group recognized impairment losses of **26.17 million HKD** on property, plant and equipment, and fair value change losses of **53.76 million HKD** on investment properties[127](index=127&type=chunk)[263](index=263&type=chunk) - Subsequent to the reporting period, in June 2025, the Group drew down an interest-bearing loan of **220 million HKD** from its controlling shareholder to support working capital[337](index=337&type=chunk) [Details of Properties Held by the Company](index=85&type=section&id=Details%20of%20Properties%20Held%20by%20the%20Company) [Property Portfolio Overview](index=86&type=section&id=Property%20Portfolio%20Overview) The Group holds a diversified property portfolio across Hong Kong, mainland China, Thailand, and Laos, including office, industrial, warehouse, and residential properties, supporting both core operations and investment - The Group holds multiple office properties and parking spaces in Hong Kong, including locations at Houston Centre and Connaught Place in Tsim Sha Tsui[339](index=339&type=chunk) - In mainland China, the Group holds industrial buildings in Shenzhen and staff quarters in Shandong[340](index=340&type=chunk) - In Thailand and Laos, the Group holds properties such as warehouses, office buildings, residential units, and industrial buildings to support its Southeast Asian sourcing and production operations[340](index=340&type=chunk) [Financial Summary](index=87&type=section&id=Financial%20Summary) [Five-Year Financial Data](index=88&type=section&id=Five-Year%20Financial%20Data) Five-year data shows revenue declining for two years post-2023 peak, with losses expanding for three consecutive years since 2022 profitability, and net assets continuously decreasing since 2022 Five-Year Performance Summary (HKD '000) | Year Ended March 31 | 2025 (HKD '000) | 2024 (HKD '000) | 2023 (HKD '000) | 2022 (HKD '000) | 2021 (HKD '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 977,903 | 1,193,032 | 3,969,276 | 3,585,019 | 2,715,508 | | Profit/(Loss) Before Tax | (162,045) | (139,790) | (115,003) | 58,346 | (52,796) | | Profit/(Loss) for the Year | (168,021) | (149,019) | (144,586) | 34,490 | (48,496) | Five-Year Assets and Liabilities Summary (HKD '000) | As of March 31 | 2025 (HKD '000) | 2024 (HKD '000) | 2023 (HKD '000) | 2022 (HKD '000) | 2021 (HKD '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,696,726 | 1,467,539 | 2,041,779 | 2,920,781 | 2,670,395 | | Total Liabilities | (1,347,244) | (983,588) | (1,379,229) | (2,087,871) | (1,869,610) | | **Net Assets** | **349,482** | **483,951** | **662,550** | **832,910** | **800,785** | [Company Information](index=88&type=section&id=Company%20Information) - The Company's stock code is **841**, listed on the Stock Exchange of Hong Kong Limited[346](index=346&type=chunk) - The Company's auditor is Ernst & Young[346](index=346&type=chunk) - The Company's registered office is in the Cayman Islands, with its head office and principal place of business located at Houston Centre, Tsim Sha Tsui, Hong Kong[346](index=346&type=chunk)

Group 1 - The core point of the news is that Kanghua Biotech's controlling shareholder will change to Wankexin Biotech, with the stock resuming trading on July 21 after a five-day suspension [1][3] - Wankexin Biotech will acquire 28.4666 million shares from existing shareholders, representing 21.91% of the total share capital after excluding repurchased shares, at a price of approximately 65.03 yuan per share, totaling about 1.851 billion yuan [3][4] - Following the share transfer, Wankexin Biotech will hold 29.99% of the voting rights in Kanghua Biotech, while the previous controlling shareholder, Wang Zhentao, will retain 8.08% of the shares but delegate voting rights to Wankexin Biotech [4][5] Group 2 - Wankexin Biotech was established on July 8, 2025, with a total investment of 763 million yuan, and is primarily controlled by the Shanghai Biomedical M&A Fund, which holds 80.209% of the partnership shares [6][8] - The Shanghai Biomedical M&A Fund was officially established on March 26, 2025, with a total target management scale of 10 billion yuan, aimed at supporting mergers and acquisitions in the biopharmaceutical industry [8][13] - The fund's partners include notable figures from the biopharmaceutical sector, with connections to various companies and investment backgrounds, indicating a strong network for potential growth and collaboration [10][11]