截至4月24日收盘，民生国际（00938.HK）报0.970港元，较上个交易日下跌11.01%，当日盘中最高价触 及1.170港元，创近一年新高。 资金流向方面，当日主力流入16.800万港元，流出7.226万港元，净流入9.57万港元。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 民生国际有限公司(「本公司」)在香港联合交易所有限公司主板上市(股份代号:938)。本公司是根据百 慕大1981年公司法(经修订)在百慕大注册成立为获豁免之有限责任公司。其注册办事处地址为 ClarendonHouse,2ChurchStreet,HamiltonHM11,Bermuda。本集团专注于发展、销售及租赁中国内地物 业。在2016年7月,本集团完成收购位于中国重庆市中央商业区之一项物业(「重庆物业」)。重庆物业位 于渝中区解放碑商业区,邻近解放碑步行街,该步行街为遍布无数零售店之人行道。鉴于重庆物业之地理 位置,本集团认为重庆物业将得益于邻近地区之高人流量,冀将重庆物业发展为渝中区新地标。重庆物业 现正进行重新发展,包括将商用楼宇翻新为商业╱住宅大 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$70,445,000, representing an increase of 2.4% compared to HK$68,634,000 for the same period in 2023[12]. - Gross profit for the period was HK$9,962,000, with a gross profit margin of approximately 14.2%[12]. - Loss for the period was HK$180,806,000, compared to a loss of HK$159,653,000 in the same period last year, indicating a deterioration in performance[12]. - The company reported a basic and diluted loss per share of HK$28 cents, compared to HK$25 cents in the prior period[12]. - The total comprehensive loss for the period was HK$178,969, indicating ongoing financial challenges[24]. - The Group reported a net loss of approximately HK$180,806,000 for the six months ended 30 September 2024[47]. - For the six months ended September 30, 2024, the loss attributable to equity holders of the Company was HK$180,190,000, compared to HK$160,905,000 for the same period in 2023, representing an increase of approximately 11.5%[96]. Expenses and Costs - Administrative expenses increased to HK$31,513,000, up from HK$24,265,000, reflecting a rise of 30.3% year-on-year[12]. - Impairment loss on properties held for sale was HK$12,393,000, significantly higher than HK$4,232,000 in the previous year, indicating increased challenges in asset valuation[12]. - Finance costs decreased to HK$68,732,000 from HK$78,844,000, showing a reduction of 12.7%[12]. - The company reported unallocated expenses of HK$20,938,000, contributing to the overall loss before tax[79]. - The current income tax expense for the PRC Enterprise Income Tax was HK$6,674,000 for the six months ended September 30, 2024, significantly up from HK$1,659,000 in 2023, indicating a year-over-year increase of approximately 301.5%[91]. Assets and Liabilities - As of September 30, 2024, total non-current assets amounted to HK$1,838,113, a decrease from HK$1,870,164 as of March 31, 2024, reflecting a decline of approximately 1.7%[18]. - Current liabilities increased to HK$1,460,568 from HK$1,382,419, representing a rise of about 5.6%[18]. - The net current liabilities stood at (HK$1,396,029), worsening from (HK$1,308,582) as of March 31, 2024, indicating a deterioration in liquidity position[18]. - Total assets less current liabilities decreased to HK$442,084 from HK$561,582, a decline of approximately 21.3%[18]. - The equity attributable to owners of the company was recorded at (HK$1,106,330), worsening from (HK$927,361) as of March 31, 2024[20]. - As of 30 September 2024, the Group had net liabilities of approximately HK$1,108,040,000, with HK$1,452,967,000 and HK$11,125,000 of bank borrowing and construction payable in default[47]. Cash Flow - Net cash used in operating activities for the six months ended September 30, 2024, was HK$15,098,000, compared to HK$10,718,000 for the same period in 2023[35]. - Net cash used in investing activities for the six months ended September 30, 2024, was HK$1,450,000, compared to HK$5,793,000 for the same period in 2023[35]. - Net cash from financing activities for the six months ended September 30, 2024, was HK$17,629,000, compared to HK$19,121,000 for the same period in 2023[35]. - The net increase in cash and cash equivalents for the six months ended September 30, 2024, was HK$1,081,000, compared to HK$2,610,000 for the same period in 2023[38]. - Cash and cash equivalents at the end of the period were HK$19,506,000, down from HK$33,748,000 at the end of the same period in 2023[38]. Operational Focus and Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[12]. - Further cost reduction measures will be implemented to minimize operating costs and retain resources for property management and renovation business[51]. - The Group is assessing various feasible solutions to improve operations, including obtaining additional equity or loan financing[51]. Revenue Breakdown - Revenue from property management services was HK$11,316,000, slightly up from HK$11,177,000 in 2023, indicating a growth of about 1.25%[68]. - Revenue from renovation and decoration services increased significantly to HK$31,649,000 from HK$25,371,000, marking a growth of approximately 24.5%[68]. - Rental income from investment properties under operating lease decreased to HK$2,752,000 from HK$3,586,000, reflecting a decline of about 23.2%[70]. - Revenue recognition for the six months ended 30 September 2024 was HK$67,693,000, compared to HK$65,048,000 for the same period in 2023[60]. - The total revenue from contracts with customers rose to HK$67,693,000 from HK$65,048,000, showing an increase of approximately 4.1%[69]. Legal and Compliance Issues - The Group is involved in a legal dispute regarding a construction cost payable of approximately HK$11,125,000 as of 30 September 2024, down from approximately HK$14,522,000 as of 31 March 2024[128]. - The Group is required to repay outstanding principal and interests amounting to approximately RMB1,308,861,000 (equivalent to HK$1,413,568,000) as per the court judgment received on July 24, 2024[197]. - The Group has lodged an appeal against the court judgment on August 7, 2024, with a hearing held on October 24, 2024[198]. - The Group's financial position is under scrutiny due to the legal proceedings and associated financial obligations[194].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 70,445,000, an increase of 2.4% compared to HKD 68,634,000 for the same period in 2023[5] - Gross profit for the same period was HKD 9,962,000, up from HKD 5,804,000, reflecting a significant improvement in profitability[5] - The company recorded a net loss of HKD 180,806,000, compared to a net loss of HKD 159,653,000 in the previous year, indicating a deterioration in financial performance[5] - The basic and diluted loss per share was HKD 0.28, compared to HKD 0.25 for the same period last year[5] - The company reported a pre-tax loss of HKD 180,190,000 for the six months ended September 30, 2024, compared to a loss of HKD 160,905,000 for the same period in 2023, representing an increase in loss of approximately 11.5%[39] - Total comprehensive expenses for the period were approximately HKD 179,626,000, down from HKD 184,521,000 in the previous year[79] - The loss attributable to equity holders for the period was approximately HKD 180,190,000, with total comprehensive expenses of approximately HKD 178,969,000, influenced by foreign exchange gains and various impairment losses[107] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 2,224,671,000, down from HKD 2,256,164,000 as of March 31, 2024[9] - The company's non-current liabilities increased to HKD 1,550,124,000 from HKD 1,489,996,000, indicating a rise in financial obligations[11] - The company recorded a total of HKD 393,696,000 in property, plant, and equipment as of September 30, 2024, slightly down from HKD 398,767,000 as of March 31, 2024[63] - Total borrowings increased to approximately HKD 3,000,419,000 as of September 30, 2024, up by approximately HKD 138,228,000 from March 31, 2024[112] - Current liabilities increased to approximately HKD 1,782,587,000, with a current ratio of approximately 0.22, indicating a low liquidity position due to reclassification of loans[115] Cash Flow and Financial Management - The cash and cash equivalents stood at HKD 19,506,000, slightly up from HKD 19,044,000 as of March 31, 2024[9] - The company has outstanding bank loans and payables totaling approximately HKD 1,452,967,000 and HKD 11,125,000, respectively, which are classified as current liabilities and are in default[17] - The company is in discussions with banks and suppliers to restructure the repayment schedule of defaulted loans and payables[19] - The company plans to implement further cost-cutting measures to reduce operational costs and maintain positive cash flow[19] - The company has unused loan facilities of approximately HKD 604,700,000 and HKD 23,298,000, which are due in December 2025[19] Property and Investment - The company reported a decrease in investment property fair value loss to HKD 59,095,000 from HKD 37,569,000, indicating a worsening in property valuations[5] - The fair value of investment properties decreased by approximately HKD 59,095,000 for the six months ended September 30, 2024, compared to a decrease of HKD 37,569,000 in the same period of 2023[44] - The company has reported a total of HKD 1,255,609,000 in investment properties as of September 30, 2024, down from HKD 1,280,227,000 as of March 31, 2024[63] - The fair value of the investment property shopping mall in Chongqing was approximately HKD 1,255,609,000, representing about 56.44% of the company's total assets as of September 30, 2024[81] Operational Performance - Revenue from external customers for the six months ending September 30, 2024, was HKD 70,445,000, compared to HKD 68,634,000 for the same period in 2023, representing an increase of approximately 2.4%[26] - Revenue from the Chongqing property segment was approximately HKD 21,536,000, a decrease from HKD 25,306,000 in the same period last year[81] - Revenue from property management services was approximately HKD 11,316,000, slightly up from HKD 11,177,000 in the previous year[89] - The indirect subsidiary, Wenzhou Beichen Construction Co., Ltd., generated revenue of approximately HKD 31,649,000, up from HKD 25,370,000 in the previous six months, focusing on renovation and decoration services[92] - Revenue from the Japanese hotel operations was approximately HKD 5,944,000, a slight decrease from HKD 6,781,000 in the previous period, impacted by macroeconomic factors and operational pressures[94] Legal and Compliance Issues - The company is currently facing legal proceedings initiated by banks due to breaches of loan covenants, with a total outstanding amount of approximately RMB 1,308,861,000 (approximately HKD 1,413,568,000) as of May 31, 2024[75] - The company is involved in a legal dispute regarding approximately HKD 11,125,000 in payable construction fees, with certain properties being seized under court orders[79] - The company has confirmed that all directors have adhered to the standard code of conduct regarding securities trading throughout the reporting period[127] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and recommended their adoption by the board[131] Corporate Governance - The company has maintained compliance with the corporate governance code as per the Stock Exchange Listing Rules Appendix C1 during the six-month period ending September 30, 2024[126] - The roles of the Chairman and the CEO have been clearly distinguished since May 22, 2024, ensuring compliance with the corporate governance code[126] - There has been no purchase, sale, or redemption of the company's listed securities by the company or any of its subsidiaries during the reporting period[130] - The company has maintained sufficient public float during the reporting period[129] Future Outlook - The company is optimistic about resolving ongoing legal disputes and potentially revising loan agreement terms to be more favorable[88] - The board remains optimistic about the long-term development of first-tier cities in China, anticipating a gradual recovery in customer confidence and a moderate rebound in property prices[95] - The group plans to focus on restructuring overdue debts, improving financial performance, and reducing operating expenses to enhance profitability[97]

Financial Performance - The group recorded a loss of approximately HK$159,653,000 for the six months ended September 30, 2023[1]. - The revenue for the six months ended September 30, 2023, was HK$68,634,000, a decrease of 17.2% compared to HK$82,919,000 for the same period in 2022[11]. - The gross profit for the period was HK$5,804,000, compared to HK$2,397,000 in the previous year, indicating a significant improvement[11]. - Loss before tax was HK$158,479,000, compared to a loss of HK$142,871,000 for the same period in 2022[11]. - The company reported a basic and diluted loss per share of HK$22.69 for the period[11]. - Total comprehensive expenses for the period amounted to HK$184,521,000, compared to HK$259,870,000 in the previous year[12]. - For the six months ended September 30, 2023, the company reported a loss of HK$160.9 million, compared to a loss of HK$146.9 million in the same period last year, indicating a year-over-year increase in losses of approximately 9.1%[16]. - The total comprehensive income for the period was a loss of HK$185.8 million, which includes an exchange difference on translation of foreign operations amounting to HK$24.9 million[16]. - The accumulated losses reached HK$1,618.3 million, reflecting a significant increase from HK$1,457.4 million as of April 1, 2023[16]. Financial Position - As of September 30, 2023, the group had total current liabilities of approximately HK$454,945,000 and cash and bank balances of approximately HK$33,748,000[1]. - The Group's net liabilities increased from HK$397,764,000 as of 31 March 2023 to HK$582,285,000 as of 30 September 2023[32]. - The company reported a total equity of HK$582.2 million as of September 30, 2023, down from HK$396.3 million as of April 1, 2023[16]. - Non-current liabilities decreased from HK$2,749,351,000 as of 31 March 2023 to HK$2,702,392,000 as of 30 September 2023[32]. - The Group's total assets less current liabilities decreased from HK$2,351,587,000 as of March 31, 2023, to HK$2,120,107,000 as of September 30, 2023, a decline of approximately 9.8%[126]. - Current assets were approximately HK$432,066,000 as of September 30, 2023, down from approximately HK$468,501,000 as of March 31, 2023, resulting in a current ratio of approximately 0.95[176]. Cash Flow and Liquidity - Net cash used in operating activities was HK$10,718,000 for the six months ended 30 September 2023, compared to HK$14,452,000 for the same period in 2022[36]. - Net cash used in investing activities was HK$5,793,000 for the six months ended 30 September 2023, compared to HK$3,911,000 for the same period in 2022[36]. - Net cash from financing activities was HK$19,121,000 for the six months ended 30 September 2023, compared to HK$21,044,000 for the same period in 2022[36]. - The Group's cash and cash equivalents amounted to approximately HK$33,748,000 as of September 30, 2023, compared to approximately HK$32,869,000 as of March 31, 2023[176]. - The Group's cash flow projections cover a period of not less than twelve months from September 30, 2023, indicating careful consideration of future liquidity and performance[60]. Operational Performance - The Group's operating segments are structured based on the nature of operations, with each segment representing a strategic business unit[100]. - The Group incurred a loss before tax of HK$158,479,000 for the six months ended September 30, 2023, compared to the previous period[103]. - The segment loss for property management was HK$131,182,000, and for hotel operations in Japan, it was HK$1,725,000[103]. - The Group's management is focused on enhancing operational efficiency and reducing costs while actively expanding operational channels and market presence[152]. - The Group's subsidiary, Beichen Construction, is expanding its renovation and decoration services to other provinces, aiming for sustainable revenue growth in the second half of the year[155]. Investment and Future Outlook - The company continues to explore market expansion opportunities and new product development strategies to enhance future performance[16]. - The hotel in Hokkaido is expected to improve its performance as Japan's tourism industry gradually recovers post-pandemic[165]. - The Group aims to seek new investment opportunities with promising outlooks to create value for shareholders[165]. - The Group is actively expanding its business beyond Zhejiang, focusing on high-quality project completion in various sectors such as hotels and hospitals[191]. Compliance and Governance - The board believes that the group has sufficient working capital to meet its financial obligations for the next twelve months[2]. - The company is preparing its financial information on a going concern basis, indicating confidence in future operations[2]. - The Group has not breached any covenants related to drawn down facilities as of 30 September 2023, consistent with the status as of 31 March 2023[188].

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 全部或任何部份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。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） 截 至2023年9月30日止六個月之 未經審核財務業績 民 生 國 際 有 限 公 司（「本公司」）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2023年9月30日 止 六 個 月 之 未 經 審 核 財 務 業 績，連 同2022年 同 期 之 未 經 審 核 比 較 數 據。 – 1 – 簡明綜合損益表 截 至2023年9月30日止六個月 | --- | --- | |-------|-----------------| | | 日止六個月 | | | 2022年 | | 附 註 | 千港元 | | | （未 經 審 核） | 收 入 3 68,634 82,919 銷售成本 (62,830) (80,522) | ...

Corporate Governance - The Board is responsible for the overall management of the Group, overseeing strategic decisions and performance[16]. - The Company has complied with all code provisions in the Corporate Governance Code during the period, except for a deviation regarding the separation of roles between the Chairman and CEO[14]. - The Board consists of four executive directors and three independent non-executive directors, ensuring a diverse leadership structure[18]. - The Audit Committee is composed of three independent non-executive directors, with Mr. Wong Kwan Kit serving as the chairman[31]. - Directors have acknowledged their responsibility for preparing all information in the consolidated financial statements for the year ended 31 March 2023[23]. - Each independent non-executive director has a service agreement for a term of three years, subject to rotational retirement provisions[27]. - The management team is delegated authority for day-to-day operations, with major corporate matters reviewed periodically by the Board[16]. - The Company emphasizes high standards of corporate governance to manage business risks and enhance transparency[13]. - The Board meets regularly to discuss overall strategy and financial performance, with six meetings held during the year[19]. Financial Performance - Revenue for the year ended March 31, 2023, was HK$50,185,000, an increase from HK$40,329,000 in the previous fiscal year, representing a growth of approximately 24%[62]. - The company's revenue for FY23 increased to HK$137,137,000, representing a growth of 17.56% compared to HK$116,656,000 in FY22[73]. - Gross profit for FY23 was HK$10,435,000, a significant recovery from a gross loss of HK$8,394,000 in FY22, marking a change of 224.31%[73]. - Loss before tax increased to HK$481,271,000 in FY23, up 28.26% from a loss of HK$375,244,000 in FY22[73]. - The total comprehensive expenses attributable to equity holders for FY23 were HK$587,601,000, compared to HK$323,153,000 in FY22, primarily due to a decrease in the fair value of investment properties[78]. - The company's net assets decreased to HK$(397,764,000) in FY23 from HK$190,159,000 in FY22, reflecting a change of 309.17%[73]. - Cash and cash equivalents increased slightly to HK$32,869,000 in FY23 from HK$31,770,000 in FY22, a growth of 3.46%[73]. - The gross profit margin improved to 7.61% in FY23 from a negative margin of (7.20)% in FY22, indicating a significant turnaround[75]. - The return on equity for FY23 was 121.85%, a recovery from (194.35)% in FY22, showing a positive shift in financial performance[75]. - The current ratio decreased to 1.01 times in FY23 from 1.49 times in FY22, indicating a decline in short-term liquidity[75]. Business Operations - The hotel business achieved an average occupancy rate of over 80%, outperforming surrounding hotels of the same category[64]. - The Group's rental income from serviced apartments and shopping malls in the Chongqing Property is expected to remain a stable income source in the long run[64]. - The Group is studying to enhance its business model to boost sales in response to the cautious behavior of real estate investors[64]. - The Group's performance and prospects are assessed clearly and comprehensively, with results announced within two months and three months after the relevant periods[37]. - The Group continues to diversify its revenue streams through four main business segments, including property development and hotel operations in Japan[87]. - The Group's serviced apartments and hotel operations in Hokkaido, Japan, are anticipated to further improve as travel restrictions ease[101]. - The Group's property management segment and renovation services are expected to continue providing stable income moving forward[101]. - The Group's hotel operations in Japan are expected to leverage the unique integrated facilities of hotel, golf course, and restaurant to enhance profitability[146]. - The Group is actively optimizing and restructuring its shopping mall operations, which are in the nurturing stage, showing improvement post-pandemic[123]. - The Group's serviced apartments in Chongqing have generated positive returns and are expected to provide stable income, while the shopping mall operation is in the nurturing stage[172]. Remuneration and Committees - The Group's remuneration policy aims to retain and motivate executive Directors and employees by linking compensation to the Company's performance[35]. - The Remuneration Committee held one meeting during the year to approve the remuneration packages for Directors and senior management[54]. - The Remuneration Committee comprises three independent non-executive Directors and two executive Directors, with Ms. Pau Yee Ling as the chairman[33]. Investment and Financial Strategy - The Group plans to focus on reducing operating expenses and improving asset profitability to generate stable income and cash flow[101]. - The Group aims to identify investment and merger opportunities to enhance overall financial performance and diversify its investment portfolio[101]. - The Group plans to seek more investment opportunities with promising outlooks to create value for shareholders[149]. - The Group is considering refining its investment strategy and optimizing its asset portfolio to alleviate financial burdens[185]. - The Group will continue to comply with financial covenants related to secured bank borrowings, including timely repayment of principal and interest[184]. - The Group is assessing various feasible solutions to improve operations, including obtaining additional financing to reduce debt burden[159]. Liabilities and Equity - As of March 31, 2023, the Group had no material contingent liabilities[1]. - As of March 31, 2023, the Group's current liabilities were HK$463,797,000, an increase from HK$364,548,000 in 2022, while total borrowings amounted to HK$2,851,056,000, up from HK$2,802,264,000 in 2022[183]. - The gearing ratio was negative 7.17 as of March 31, 2023, compared to 14.74 in 2022, indicating negative total equity[183]. - Approximately HK$123,047,000 of total borrowings will be due within the next twelve months from the reporting date, compared to HK$47,714,000 in 2022[183]. - The Group had capital commitments of HK$7,351,000 as of March 31, 2023, significantly higher than HK$1,963,000 in 2022[183]. - The Group's net current assets were HK$4,704,000, a decrease from HK$179,466,000 in 2022, while cash and cash equivalents were HK$32,869,000, slightly up from HK$31,770,000 in 2022[183]. - As of March 31, 2023, the Group's total equity was negative HK$397,764,000, a decrease of HK$587,923,000 from the previous year, primarily due to exchange losses and the loss for the year[182]. Market and Economic Conditions - The Group expects occupancy rates and room rates for serviced apartments in Chongqing to reach new post-COVID highs[101]. - Average occupancy rate for hotels in Hokkaido exceeded 80%, significantly higher than similar hotels in the area, benefiting from the recovery of the tourism industry post-pandemic[135]. - The Chongqing Property is strategically located near Jiefangbei Walking Street, a well-known retail area, which is expected to attract more customers[130].

本 公 司 之 間 接 全 資 附 屬 公 司 株 式 會 社 多 弗（「多弗日本」）經 營 位 於 日 本 北 海 道 的 一間度假酒店及18洞高爾夫球場。 期間，隨著疫情情勢趨於穩定、疫苗注射率不斷提高，日本政府亦持續加大入境 開 放 及 旅 遊 觀 光 業 界 扶 持 之 力 度；全 球 跨 境 旅 遊 亦 不 斷 復 甦，為 酒 店 及 高 爾 夫 球場創造出較好的經營環境。 經 營 管 理 方 面，酒 店 抱 着「紮 根 本 地 共 同 發 展」之 理 念，為 本 土 客 戶 及 海 外 客 戶 不 斷 推 出 新 的 市 場 推 廣 活 動，增 加 新 的 客 源 渠 道 並 利 用 酒 店 及 高 爾 夫 球 場 並 設 之獨特競爭優勢，將酒店、高爾夫球場、餐廳進行整合銷售，成績值得期待。 除 著 新 型 冠 狀 病 毒 疫 情 的 發 展 迎 來 轉 機，在 日 本 入 境 遊 重 新 復 甦 的 大 環 境 下， 本集團之北海道酒店將利用得天獨厚的優美自然環境，發揮具有獨特競爭力的「酒 店+球 場+餐 廳」一 體 化 設 施 優 勢，穩 步 提 高 盈 利 能 力。 – 25 – 展望未來 ...

Man Sang International Limited 民生國際有限公司 (Incorporated in Bermuda with limited liability) (於百泰達註冊成立之有限公司) Stock Code 股份代號：938 2022 WIERIM REF INTERIM REPORT CONTENTS 目錄 | --- | --- | --- | |-------|-------------------------------------------------------------------------------------|------------------------------| | | | | | 02 | Corporate Information | 公司資料 | | 04 | Condensed Consolidated Statement of Profit or Loss | 簡明綜合損益表 | | 05 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive ...

Financial Performance - Revenue for FY22 decreased by 26.51% to HK$116,656,000 from HK$158,729,000 in FY21[8] - Gross loss for FY22 was HK$8,394,000, a significant improvement from a gross loss of HK$24,278,000 in FY21, representing a 65.43% reduction[8] - Loss before tax narrowed by 27.13% to HK$375,244,000 compared to HK$514,965,000 in the previous year[8] - Loss attributable to owners of the Company decreased by 28.76% to HK$371,735,000 from HK$521,821,000 in FY21[8] - Basic and diluted loss per share improved to HK$0.69 from HK$1.26, a 45.24% reduction[8] - Total comprehensive expenses for FY22 were approximately HK$326,969,000, compared to HK$396,025,000 in FY21[29] - The loss attributable to equity holders decreased to HK$371,735,000 in FY22 from HK$521,821,000 in FY21, with total comprehensive expenses at HK$323,153,000 compared to HK$397,998,000 in the previous year[66] Revenue Breakdown - Revenue from the Chongqing property segment was HK$37,418,000, down from HK$62,053,000 in FY21[31] - Revenue from property management services increased to HK$30,919,000 in FY22, up from HK$26,249,000 in FY21[39] - Revenue from the renovation and decoration segment was HK$40,329,000, down from HK$62,394,000 in FY21[43] - Revenue for FY22 amounted to HK$116,656,000, a decrease of HK$42,073,000 compared to FY21's HK$158,729,000, primarily due to reduced income from Chongqing Property[60] Asset and Equity Management - Net assets increased slightly by 0.55% to HK$190,159,000 from HK$189,128,000[8] - The Group's total equity was HK$190,159,000, a slight increase of 0.55% from HK$189,128,000 in the previous year, driven by an exchange gain of HK$48,641,000 from the appreciation of Renminbi[71] - The Group's cash and cash equivalents decreased to HK$31,770,000 in FY22 from HK$153,787,000 in FY21, indicating a liquidity challenge[73] - The current ratio as of March 31, 2022, was 1.49, down from 1.71 in FY21, reflecting a decline in current assets to HK$544,014,000 from HK$670,556,000[73] Cost Management - Selling and administrative expenses were reduced to HK$96,665,000 in FY22 from HK$122,100,000 in FY21, reflecting effective cost control measures[65] - The total staff cost for FY22 was HK$72,688,000, an increase from HK$67,245,000 in FY21, with a total workforce of 393 employees[86] Corporate Governance - The Company has a strong commitment to high standards of corporate governance, which is essential for managing business risks and enhancing transparency[137] - The Board of Directors consists of five executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[148] - The Company has complied with all principles of good corporate governance throughout the year ended March 31, 2022[140] - The independent non-executive Directors bring extensive experience in accounting, financial management, and mergers and acquisitions[129][130][132] - The Group's corporate governance policy is aligned with the Corporate Governance Code set out in the Listing Rules[139] Strategic Outlook - The Group plans to continue identifying investment and merger and acquisition opportunities to enhance financial performance and diversify its investment portfolio[25] - The operating environment remains uncertain due to the resurgence of COVID-19 in Mainland China, but the long-term positive trend is expected to continue[23] - The company expects the tourism industry in Japan to gradually recover, positively impacting hotel performance in the long run[58] - The redevelopment of Chongqing Property has been completed, with expectations for serviced apartments to generate positive returns due to geographical advantages[56] Risk Management - The Group did not enter into any foreign exchange contracts for hedging during FY22, exposing it to fluctuations in exchange rates primarily from RMB and JPY[81] - The Company ensures compliance with statutory and regulatory provisions through regular reviews[174] - The Company has established adequate systems of internal controls and risk management procedures as part of its governance framework[146]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$49,035,000, a decrease of 39.2% compared to HK$80,749,000 for the same period in 2020[11]. - Gross profit for the period was HK$1,837,000, compared to a gross loss of HK$4,111,000 in the previous year[11]. - Loss before tax increased to HK$215,784,000, compared to a loss of HK$139,758,000 in the same period last year, representing a 54.3% increase[11]. - Loss for the period was HK$200,147,000, compared to HK$137,773,000 in the previous year, indicating a 45.2% increase in losses[11]. - Basic and diluted loss per share was HK$0.4520, compared to HK$0.3254 for the same period in 2020[11]. - Total comprehensive expenses for the period amounted to HK$143,696,000, compared to HK$67,391,000 in the same period last year[14]. - Other income and gains for the period were HK$3,519,000, an increase from HK$1,426,000 in the previous year[11]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$4,632,755,000, a decrease from HK$4,754,315,000 as of March 31, 2021, reflecting a decline of approximately 2.56%[16]. - Current liabilities decreased to HK$581,308,000 from HK$670,556,000, representing a reduction of about 13.25%[16]. - The net current liabilities stood at (HK$1,283,587,000), a significant decline from net current assets of HK$278,927,000 in the previous period[16]. - Cash and cash equivalents decreased sharply to HK$37,837,000 from HK$153,787,000, indicating a decline of approximately 75.5%[16]. - Non-current liabilities increased to HK$1,487,358,000 from HK$2,922,042,000, showing a decrease of about 49.1%[18]. - The company's net assets as of September 30, 2021, were HK$45,432,000, down from HK$189,128,000, reflecting a decrease of approximately 76%[18]. - Total equity decreased to HK$45,432,000 from HK$189,128,000, indicating a decline of about 76%[18]. Cash Flow and Financing - The Group's net cash used in operating activities was HK$52,478,000 for the six months ended September 30, 2021, compared to HK$19,604,000 in the same period of the previous year[30]. - The Group's net cash from investing activities was HK$3,248,000, a significant decrease from HK$37,621,000 in the prior period[30]. - The Group's financing activities resulted in a net cash outflow of HK$70,304,000, compared to HK$1,106,270,000 in the previous year[30]. - The Group's capital commitment as of September 30, 2021, was approximately HK$2,128,000[34]. - The Group's cash inflow from a related company was HK$4,647,000 during the reporting period[30]. - Mr. Hu provided continuous financial support with unutilized facilities amounting to approximately HK$394,218,000 available for drawdown as of 30 September 2021[37]. Business Operations - Revenue from external customers in Chongqing property segment was HK$21,770,000, while property management services generated HK$14,353,000, and hotel operation in Japan contributed HK$5,052,000[69]. - Revenue from serviced apartments increased to HK$17,087,000 from HK$10,321,000, reflecting a growth of 65.5% year-over-year[59]. - The total revenue from hotel operations in Japan was HK$7,860,000, a decrease from HK$38,858,000 in the same period last year, representing a decline of 79.8%[59]. - The Group's renovation and decoration services generated HK$3,812,000, slightly down from HK$3,986,000, a decrease of 4.4%[59]. - The Group's operating segments include property development, property management services, renovation and decoration services, and hotel operations in Japan, each facing different market risks and returns[64]. Related Party Transactions - Significant related party transactions included management service fees of HK$5,986,000, an increase of 85.5% from HK$3,222,000 in the previous period[161]. - Interest expenses on promissory notes amounted to HK$31,205,000, slightly up from HK$31,120,000 in the prior year[161]. Strategic Developments - The Group anticipates that lease income from serviced apartments and the shopping mall will become a stable income source in the long run[199]. - The Group is engaged in diversified business activities including real estate development, hotel management, and property management to create multiple income streams[193]. - The Group's strategic focus includes expanding its presence in the hotel and property management sectors to enhance revenue diversification[193]. Taxation - The PRC Enterprise Income Tax was calculated at a rate of 25% on estimated assessable profits, with a current income tax of HK$219,000 reported[92]. - The company did not generate any assessable profits in Hong Kong or Japan, resulting in no tax provisions for these regions[85][86].