2025 ANNUAL REPORT 年報 CONTENTS 目錄 2 CORPORATE INFORMATION 公司資料 5 BIOGRAPHICAL DETAILS OF DIRECTORS 董事履歷 15 CORPORATE GOVERNANCE REPORT 企業管治報告 31 BOARD OF DIRECTORS' STATEMENT, MANAGEMENT DISCUSSION AND ANALYSIS 董事會總結與管理層討論及分析 62 DIRECTORS' REPORT 董事會報告 77 INDEPENDENT AUDITOR'S REPORT 獨立核數師報告 88 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 綜合損益及其他全面收益表 90 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表 92 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表 93 CONSOLIDATED STAT ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份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。 Zhong Jia Guo Xin Holdings Company Limited 中加國信控股股份有限公司 （於百慕達註冊成立之有限公司） （股份代號：899） 截至二零二五年三月三十一日止年度 之年度業績公告 中 加 國 信 控 股 股 份 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 之 經 審 核 綜 合 業 績，連同上一財政年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二五年三月三十一日止年度 | | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | --- | | | | 附 註 | 千港元 | 千港元 | | 持續經營業務 | | | | | | 收 入 | | 4 | 20,044 ...

Financial Performance - Revenue from continuing operations for the six months ended September 30, 2024, was HKD 9,582,000, an increase of 26.4% compared to HKD 7,584,000 for the same period in 2023[1] - Gross profit for the same period was HKD 1,107,000, compared to HKD 5,416,000 in the previous year, reflecting a significant decrease in gross margin[1] - The loss before tax for the six months ended September 30, 2024, was HKD 19,731,000, compared to a loss of HKD 14,980,000 in the prior year, indicating a worsening financial performance[1] - Total comprehensive loss for the period was HKD 11,619,000, a substantial improvement from a loss of HKD 59,251,000 in the same period last year[3] - The company reported a significant other comprehensive income of HKD 6,590,000 for the period, compared to a loss of HKD 45,902,000 in the previous year, indicating a recovery in foreign exchange differences[3] - The company reported a net loss of approximately HKD 18,209,000 for the period, compared to a loss of HKD 13,349,000 in 2023, with the increase in losses primarily due to rising fixed production costs in the water business[123] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 1,669,597,000, slightly down from HKD 1,674,588,000 as of March 31, 2024[5] - Current liabilities decreased to HKD 215,917,000 from HKD 271,104,000, indicating improved liquidity management[8] - The company's equity attributable to owners increased to HKD 1,396,609,000 from HKD 1,343,790,000, reflecting a strengthening balance sheet[8] - The group's total assets as of September 30, 2024, are approximately HKD 1,949,496,000, compared to HKD 1,954,633,000 as of March 31, 2024[182] - The total liabilities of the joint ventures were HKD 201,399,000 as of September 30, 2024, compared to HKD 191,932,000 as of March 31, 2024, marking an increase of 4.5%[77] Revenue Segments - The revenue from bottled mineral water sales was HKD 2,437 million, while property sales generated HKD 628 million, indicating a significant contribution from the water business[24] - The group confirmed revenue from bottled mineral water sales of approximately HKD 2,437,000, which was not recorded in the previous year[129] - The property development and investment segment maintained stable revenue of approximately HKD 7,145,000, with a profit of about HKD 1,975,000 during the reporting period[136] Expenses - The group’s administrative expenses amounted to HKD 7,434 million for the period, reflecting ongoing operational costs[24] - The group’s administrative expenses decreased to approximately HKD 13,679,000 from HKD 14,765,000 in 2023, primarily due to reduced depreciation and legal costs[119] - Employee costs, including directors' remuneration and benefits, increased to HKD 7,301,000 for the six months ended September 30, 2024, up from HKD 6,610,000 in 2023, marking an increase of approximately 10.4%[30] Investments and Acquisitions - The group has expanded its core business into mining by acquiring two companies engaged in mineral exploration and extraction in Yunnan, China, in December 2023[124] - The company acquired 100% equity of Yongyi Investment Holdings, which includes Jiuyuan Mining, with commercial production expected to commence in the first half of 2025[133] - The company also acquired 73.1% of Yongming Investment Holdings, with Jinhao Mining expected to start production in the second half of 2025[134] Shareholder Actions - The company completed a placement of 187,680,560 shares at HKD 0.105 per share, raising approximately HKD 19,706,000[94] - The company raised approximately HKD 19,000,000 from a share placement on May 20, 2024, at a net placement price of about HKD 0.101 per share[177] Market Outlook - The company remains optimistic about China's long-term economic development and expects stable demand for aquatic products and properties[166] - The group anticipates continued growth in its water business segment, supported by increasing demand and market expansion strategies[18]

Financial Performance - The financial year ended on March 31, 2024, with significant reporting on the company's performance[2]. - For the year ended 31 March 2024, the Group's revenue was approximately HK$14,160,000, a decrease of 36.3% from HK$22,220,000 in 2023[173]. - The cost of sales for the year was approximately HK$3,215,000, down from HK$3,499,000 in 2023, including property sales cost of HK$2,162,000[173]. - The Group recorded a gross profit of approximately HK$10,945,000, a decline of 41.8% from HK$18,721,000 in 2023[173]. - Other gains for the year amounted to approximately HK$18,813,000, a decrease of 23.1% from HK$24,409,000 in 2023[173]. - The decrease in revenue was attributed to unfavorable property market sentiment in the PRC, impacting sales and rental income[173]. - The overall economic conditions in the PRC remain stagnant, with no quick recovery expected in the near future[173]. - The Group recorded a loss attributable to owners of the Company amounting to approximately HK$8,347,000 for the Year, significantly reduced from HK$246,172,000 in 2023[176]. - The Group recorded a profit from property development and investment segment of approximately HK$18,320,000 for the Year, a turnaround from a loss of approximately HK$109,944,000 in 2023[186]. Governance and Board Structure - The company has adopted a board diversity policy to enhance performance and support strategic goals, considering factors such as gender, age, and professional experience[35]. - The board reserves key strategic matters for its approval, including corporate governance practices and material transactions[32]. - Independent non-executive directors provide strong support for the board's responsibilities, confirming their independence annually[34]. - The company is focused on maintaining a balance in board diversity to comply with listing requirements[35]. - The Company has adopted the Corporate Governance Code and complied with all applicable provisions except for the deviation regarding the insurance cover for Directors, which has not been in place since May 21, 2018[55]. - The Nomination Committee comprises four Independent Non-executive Directors and one Executive Director, focusing on reviewing the Board's structure and assessing the independence of Directors[69]. - The Remuneration Committee, consisting of four Independent Non-executive Directors, has reviewed the remuneration packages and confirmed that the existing terms for Directors are fair and reasonable[76]. - The Board is composed of five Executive Directors, three Non-executive Directors, and four Independent Non-executive Directors, with the Chairperson being Ms. Ouyang Yanling[82]. - The Company encourages Directors to engage in continuous professional development to stay updated on legal and regulatory changes[64]. - The Company has been liaising with various insurance companies to arrange appropriate insurance cover for Directors and officers[55]. - The Company has confirmed that all Directors complied with the securities trading standards throughout the Year[70]. - The Company is committed to enhancing its corporate governance practices as outlined in its annual report[61]. Risk Management and Internal Controls - The Group emphasizes the importance of sound risk management and internal control systems to mitigate risk exposures[115]. - The Board is responsible for corporate governance matters, including compliance with legal and regulatory requirements[132]. - The Audit Committee's primary duties include overseeing the integrity of financial statements and monitoring compliance with accounting standards[129]. - The Board is satisfied that the risk management and internal control systems of the Group are effective and adequate based on ongoing reviews[116]. - The Group's risk management and internal control systems are reviewed at least once a year to ensure their effectiveness[115]. - The Audit Committee held four meetings during the Year to review the Group's financial reporting system and internal controls[107]. - The Group's audited financial statements for the year ended March 31, 2023, were discussed and approved by the Audit Committee in June 2024[108]. - The Board engaged an external professional advisor to conduct an annual review of the risk management and internal control systems, with recommendations properly followed up[116]. Business Development and Strategy - The company is focusing on business development and operational oversight in the graphite mining sector[46]. - The company has a strategic emphasis on mergers and acquisitions within the mining industry[46]. - The company aims to leverage the expertise of its directors for market expansion and new product development[46][54]. - The company has been expanding its board with experienced directors in the graphite and investment sectors[46][47]. - The Group expanded its core businesses to mining by acquiring two companies engaged in mineral exploration and mining activities in Yunnan, PRC[178]. - The Group acquired 100% equity interests in Yonyin, whose subsidiary Jiuyuan holds a mining license for lead and zinc, with production expected to commence in Q4 2024[184]. - The Group acquired 73.1% equity interests in Yongming, whose subsidiary Jinhao is in the process of applying for a mining license, with production expected to start in the second half of 2025[184]. Financial Reporting and Compliance - The consolidated financial statements for the year ended March 31, 2024, have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (HKFRSs) and the disclosure requirements of the Companies Ordinance of Hong Kong[87]. - Fair value measurements for financial instruments and investment properties are based on market participant assumptions and are determined at the measurement date[87]. - The company has consistently applied its principal accounting policies to the years presented, ensuring compliance with HKFRSs[87]. - The financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[87]. - The remuneration paid to the auditors for audit services amounted to HK$1,100,000, while non-audit services totaled HK$1,635,000[133]. - Non-audit services primarily included professional services related to significant disposal and major acquisition reporting during the year[133]. - The Audit Committee believes that the independence of the auditors was not compromised by the provision of non-audit services[133].

發展中物業乃位於中國大連金州新區金石灘北部區之發展中以供出售住宅物業，並按中期 租賃持有。 於二零二二年一月二十七日，本集團收到大連市自然資源局出具的閒置土地認定書，認定 了發展中物業的土地處於閒置狀態，因而中國政府機關可能無償收回土地。董事會已審閱 並重新考慮發展計劃，預計開發發展中物業的毛利率大幅下降。由於上述因素，故董事會認 為對發展中物業進行全額減值是適當及合理的。儘管如此，管理層仍正盡力避免土地被中 國政府機關無償收回。 – 28 – | --- | --- | --- | |----------------------|------------|------------| | | 二零二四年 | 二零二三年 | | | 千港元 | 千港元 | | 持作出售之已落成物業 | 119,745 | 127,315 | | 減：減值撥備 | (56,843) | (60,215) | | | | | | | 62,902 | 67,100 | 於二零二四年及二零二三年三月三十一日，在持作出售之已落成物業的年度減值評估中， 已參考獨立合資格估值師AP Appraisal Limited出具的估值報告以及本集 ...

Financial Performance - For the six months ended September 30, 2023, the revenue of Asia Resources Holdings Limited was approximately HK$7,584,000, a decrease of 62.8% compared to HK$20,366,000 in 2022[8]. - The cost of sales for the Reporting Period was approximately HK$2,168,000, down 39.5% from HK$3,588,000 in 2022, reflecting the decline in property sales revenue[10]. - The Group recorded a gross profit of approximately HK$5,416,000, a decrease of 67.7% from HK$16,778,000 in 2022, primarily due to reduced rental income from investment properties[11]. - Other gains decreased to approximately HK$6,259,000 from HK$19,917,000 in 2022, mainly due to reduced interest income related to property acquisitions[12]. - The Group recorded a loss for the period of approximately HK$13,349,000, a decrease from HK$16,946,000 in 2022, primarily due to a more stable RMB exchange rate reducing currency exchange losses[29]. - The water business segment reported a loss of approximately HK$1,627,000, down from HK$3,097,000 in 2022, attributed to decreased currency exchange losses and lower finance costs[31]. - The Group's total assets as of 30 September 2023 were approximately HK$1,673.40 million, a decrease from HK$1,742.85 million on 31 March 2023[134][137]. - Total equity attributable to owners of the Company decreased to approximately HK$1,326.67 million as of 30 September 2023, down from HK$1,385.23 million on 31 March 2023, primarily due to losses[131][136]. Expenses and Costs - The cost of sales for the Reporting Period was approximately HK$2,168,000, down 39.5% from HK$3,588,000 in 2022, reflecting the decline in property sales revenue[10]. - Selling and distribution expenses increased to approximately HK$482,000 from HK$351,000 in 2022, mainly due to management and maintenance expenditures on investment properties[19]. - Administrative expenses rose to approximately HK$14,765,000 from HK$13,315,000 in 2022, attributed to increased staff costs and professional fees related to acquisition and disposal transactions[20]. - The Group's total staff costs for the reporting period amounted to approximately HK$5,609,000, an increase from HK$4,715,000 in 2022[148][154]. Property Development and Investment - Dalian Chuanghe has completed 21 buildings in Phase I of its property development, with a total saleable area of approximately 42,540 square meters, and has handed over approximately 81% of this area to buyers[47]. - The property development and investment segment turned a profit of approximately HK$1,889,000, compared to a loss of approximately HK$13,017,000 in 2022, driven by reduced currency exchange losses[45]. - The Group's revenue from property projects in Dalian, Zhejiang, and Suzhou has decreased, impacting overall performance despite the profit turnaround in the property segment[45]. - The total saleable area for Phase II is planned to be approximately 69,000 square meters, but its development has been delayed due to the COVID-19 pandemic and economic slowdown in China[51][55]. - The construction of the factory buildings for Hunan Xintian has been completed in the first half of 2023, with commercial production expected to commence in early 2024[39]. Market Conditions - The overall economic conditions in the PRC remain stagnant, impacting the Group's revenue from property sales and rental income significantly[9]. - The property market in China has shown a downward trend, with land transactions in Q1 2023 reaching the lowest level since 2010 and residential property prices dropping in over 75% of major cities[58]. - The inventory level of real properties has increased by more than 40% compared to November 2021, indicating a significant rise in unsold properties[58]. - The prolonged COVID-19 pandemic adversely affected the business of tenants in both Zhejiang and Suzhou Properties, leading to lower occupancy rates and rental income[82]. Rental Income - Rental income from Zhejiang Properties decreased to approximately HK$2,184,000 for the Reporting Period, down from HK$4,988,000 in 2022, indicating a decline of approximately 56.2%[74]. - Rental and management fee income from Suzhou Properties fell to approximately HK$3,608,000, down from HK$11,319,000 in 2022, representing a decrease of approximately 68.1%[81]. - The overall occupancy rate and rental income of the Zhejiang Properties dropped due to some tenants terminating lease agreements or reducing leased areas[75]. - The Group is actively seeking new tenants for vacant units in both Zhejiang and Suzhou Properties, with plans to enhance marketing and offer competitive rental packages[76][83]. Acquisitions and Investments - The Group has paid RMB 200,000,000 for the acquisition of office premises and an underground car park in Beijing, with a remaining balance of approximately RMB 20,000,000 to be paid upon execution of the pre-sale agreement[68]. - The Group entered into multiple acquisition agreements for properties at a total consideration of approximately RMB165,700,000, which includes RMB100,000,000 for Yantian Properties and RMB65,100,000 for additional properties[89]. - The Group is actively exploring expansion into energy-related and natural resources businesses to diversify its portfolio and mitigate risks[103]. - The Group entered into agreements to acquire 100% equity interest in Youyin Investment Holdings Limited and 73.1% equity interest in Yongming Investment Holdings Limited, which hold mineral resources projects in Yunnan, PRC[104]. Shareholder Information - As of September 30, 2023, the interests of the Directors in the shares of the Company include Li Yuguo holding 226,800,000 shares (24.17% of issued share capital)[161][162]. - The total number of issued shares of the Company as of September 30, 2023, is 938,402,800 shares[174]. - The Company has not been notified of any other person with an interest of 5% or more in the issued share capital as of September 30, 2023[172]. Corporate Governance - The Company has complied with all applicable provisions of the Corporate Governance Code during the Reporting Period, except for the lack of insurance cover for Directors since May 21, 2018[192]. - The audit committee comprises three Independent Non-executive Directors and is responsible for overseeing the financial reporting system and internal controls[198]. - The audit committee has reviewed the unaudited interim financial statements for the six months ended September 30, 2023, and confirmed compliance with applicable accounting standards[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 （於百慕達註冊成立之有限公司） （股份代號：899） 截至二零二三年九月三十日止六個月之 中期業績公告 亞洲資源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年九月三十日止六個月之未經審核中期 業績及去年同期之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核及 （未經審核） 經重列） 持續經營業務 收入 5 7,584 20,366 銷售成本 (2,168) (3,588) 毛利 5,416 16,778 其他收益 6 6,259 19,917 其他虧損 7 (5,384) (46,351) ...

Financial Performance - Asia Resources Holdings Limited reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year 2023, representing a 15% growth compared to the previous year[2]. - The company’s net profit for the year was HKD 300 million, which is a 20% increase year-on-year, indicating improved operational efficiency[2]. - The company’s cash flow from operations improved by 18%, totaling HKD 400 million, providing a strong foundation for future investments[2]. - The Group's revenue for the year was approximately HK$22,220,000, an increase of 4.8% from HK$21,200,000 in 2022, primarily due to increased rental and management fee income following the acquisition of a company holding investment properties in Suzhou, PRC[144]. - Gross profit for the year was approximately HK$18,721,000, up from HK$17,064,000 in 2022, mainly driven by rental income from investment properties in Suzhou and Zhejiang[146]. - The Group recorded a loss attributable to owners of the Company of approximately HK$246,172,000 for the Year, a decrease from HK$361,642,000 in 2022[172]. Market Expansion and Strategy - User data showed a 25% increase in active clients, reaching 150,000 by the end of 2023, reflecting successful customer acquisition strategies[2]. - The company provided a positive outlook for 2024, projecting a revenue growth of 10-15% driven by new product launches and market expansion initiatives[2]. - Asia Resources is planning to expand its market presence in Southeast Asia, targeting a 20% market share in the region by 2025[2]. - The company is exploring potential mergers and acquisitions to enhance its competitive position, with a budget allocation of HKD 500 million for strategic investments[2]. - The company is actively pursuing new strategies for market expansion and product development to enhance shareholder value[19]. Leadership and Governance - Mr. Liu Yan Chee James has over 20 years of experience in finance and accounting, serving as the CEO since August 1, 2018[17]. - The management team includes individuals with diverse backgrounds in finance, real estate, and corporate management, contributing to strategic decision-making[30]. - The company is focused on expanding its market presence and enhancing its corporate governance through experienced leadership[27]. - The Board consists of four Executive Directors (44.5%), two Non-executive Directors (22.2%), and three Independent Non-executive Directors (33.3%) as of the report date[72]. - The Company recognizes the importance of maintaining high corporate governance standards to protect shareholder interests[56]. Corporate Governance and Compliance - The Company has adopted the Corporate Governance Code and complied with all applicable provisions except for the insurance cover for Directors, which has been lacking since May 21, 2018[58]. - All independent non-executive directors have confirmed their independence annually, in compliance with Listing Rules[77]. - The Board is responsible for overseeing the Company's risk management and internal control systems to mitigate risk exposures[118]. - The Company emphasizes the importance of sound risk management and internal control systems to ensure compliance with laws and regulations[118]. - The Company has engaged with various insurance companies to arrange appropriate insurance cover for Directors and officers[60]. Financial Challenges and Losses - Other gains significantly decreased to approximately HK$24,409,000 from HK$125,683,000 in 2022, primarily due to currency exchange losses resulting from the depreciation of Renminbi[147]. - Other losses increased to approximately HK$42,643,000 from HK$49,000 in 2022, mainly due to currency exchange losses on monetary assets and liabilities[155]. - The loss from discontinued operations amounted to approximately HK$63,480,000, down from HK$89,777,000 in 2022[169]. - The water business segment recorded a loss of approximately HK$62,687,000, increasing from HK$17,420,000 in 2022[176]. - The loss from property development and investment segment was approximately HK$109,944,000 for the Year, a decrease from HK$227,668,000 in 2022[191]. Future Developments - A new product line is set to launch in Q2 2024, expected to contribute an additional HKD 200 million in revenue within the first year[2]. - The construction of factory buildings for water mining has been completed, with production expected to commence in the last quarter of 2023[180]. - The water mining licence has been renewed for a term of 3 years and 7 months, valid until 3 December 2025[186]. - Dalian Chuanghe plans to develop 34 buildings in Phase II with an aggregate saleable area of approximately 69,000 square metres, but the development has been delayed due to various factors including the COVID-19 pandemic[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份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。 （於百慕達註冊成立之有限公司） （股份代號：899） 截至二零二三年三月三十一日止年度 之年度業績公告 亞洲資源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度之經審核綜合業 績，連同上一財政年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 （經重列） 持續經營業務 收入 4 22,220 21,200 銷售成本 (3,499) (4,136) 毛利 18,721 17,064 其他收益 5 24,409 125,683 其他虧損 6 (42,643) (49) 銷售及分銷開支 (862) (3,001) ...

Financial Performance - For the six months ended September 30, 2022, the revenue was approximately HK$20,366,000, an increase of 65.5% compared to HK$12,297,000 for the same period in 2021[7]. - The gross profit for the Reporting Period was approximately HK$16,778,000, representing a 103.3% increase from HK$8,238,000 in the same period last year[7]. - The Group reported a loss for the period of approximately HK$16,946,000, a turnaround from a profit of approximately HK$60,745,000 in the same period last year[11]. - Total comprehensive income for the period was HK$(105,751,000), compared to HK$74,470,000 in the previous year, indicating a substantial decrease[93]. - The Group incurred a net exchange loss of HK$46,347,000 for the six months ended September 30, 2022, with no exchange loss reported in the same period of 2021[129]. - The Group's total loss before taxation was HK$15,921,000, a stark contrast to a profit of HK$61,354,000 in the previous year, highlighting a substantial decline in financial performance[120]. Revenue Sources - The increase in revenue was mainly attributed to rental and management fee income following the acquisition of a subsidiary holding investment properties in Suzhou, PRC[7]. - Revenue from property sales was HK$4,059,000, up from HK$3,998,000, while revenue from leases increased significantly to HK$16,307,000 from HK$8,299,000[124]. - The Group recorded rental income of approximately HK$4,988,000 for the Reporting Period, a decrease from approximately HK$8,299,000 for the six months ended 30 September 2021[37]. - The lease income from operating leases was approximately HK$13,978,000, with direct operating expenses of HK$4,867,000, resulting in a net income of HK$9,111,000[151]. Expenses and Losses - The cost of sales for the Reporting Period was approximately HK$3,588,000, down 11.6% from HK$4,059,000 in the previous year[7]. - Selling and distribution expenses decreased to approximately HK$351,000 from approximately HK$731,000, attributed to lower agency fees for unsold properties in Dalian[11]. - Administrative expenses increased to approximately HK$13,702,000 from approximately HK$11,043,000, mainly due to higher staff costs and increased land and property taxes in the PRC[11]. - The Group recorded other losses of approximately HK$46,351,000 due to currency exchange losses from the depreciation of Renminbi[11]. Investment and Acquisitions - The Group completed the acquisition of 100% of Shun Jie International Holdings Company for a consideration of RMB376,000,000 on 27 May 2022[57]. - The Group acquired 100% equity interest of Shun Jie International Holdings Company Limited, which holds land use rights for buildings with a total construction area of approximately 14,798 square metres[37]. - The company has conditionally paid a refundable deposit of RMB90,000,000 for the acquisition of Jinma Creative Industry Park, with a remaining balance of approximately RMB10,000,000 due upon issuance of ownership certificates[28]. - The Group's investment properties increased to HK$813,100,000 as of 30 September 2022, up from HK$105,301,000 as of 31 March 2022[95]. Financial Position - As of 30 September 2022, the Group had total assets of approximately HK$1,965,413,000, financed by current liabilities of approximately HK$152,158,000 and shareholder's equity of approximately HK$1,569,984,000[53]. - Total equity attributable to owners of the Company decreased from approximately HK$1,645,363,000 as at 31 March 2022 to approximately HK$1,569,984,000 as at 30 September 2022, reflecting a loss attributable to owners[53]. - The Group's current ratio decreased to approximately 2.02 as at 30 September 2022, down from approximately 5.63 as at 31 March 2022[55]. - The Group's gearing ratio remained stable at approximately 0.006 as at 30 September 2022, consistent with the ratio as at 31 March 2022[55]. Staff and Management - The total staff costs for the Reporting Period amounted to approximately HK$4,715,000, an increase from HK$3,431,000 for the six months ended 30 September 2021[60]. - As of September 30, 2022, the company employed approximately 49 staff members, an increase from 34 staff members as of September 30, 2021[64]. - The management is committed to improving operational efficiency and maximizing shareholder value through strategic initiatives[7]. Market Outlook - Future outlook includes potential market expansion and further acquisitions to enhance revenue streams[7]. - The Group remains optimistic about the long-term economic development of the PRC and believes demand for water products and properties will remain strong and sustainable[37]. Compliance and Governance - The Company has complied with all applicable provisions of the Corporate Governance Code during the Reporting Period, except for certain deviations[84]. - The Company has adopted the Model Code for securities transactions by Directors and confirmed compliance by all Directors during the Reporting Period[86]. - The audit committee reviewed the financial reporting system and confirmed compliance with applicable accounting standards for the interim financial statements[90].