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].

Financial Performance - Revenue for FY21 was HK$158,729,000, an increase of 16.85% from HK$135,838,000 in FY20[8] - Gross loss for FY21 was HK$24,278,000 compared to a gross profit of HK$56,421,000 in FY20, representing a decline of 143.03%[8] - Loss before tax for FY21 was HK$514,965,000, a significant increase from a loss of HK$178,041,000 in FY20, marking a 189.24% increase[8] - The loss attributable to owners of the Company rose to HK$521,821,000 in FY21, compared to a loss of HK$202,914,000 in FY20, with total comprehensive expenses amounting to HK$397,998,000[22] - Basic and diluted loss per share increased to HK$1.26 from HK$0.53, a rise of 137.74%[8] - Basic loss per share for FY21 was HK$1.26, compared to HK$0.53 for FY20, with total comprehensive expenses approximately HK$396,025,000[32] - The Group reported a gross loss of HK$24,278,000 for the year, compared to a gross profit of HK$56,421,000 in FY20, primarily due to special discounts on residential apartments and the impact of travel restrictions on serviced apartments in Chongqing[48][49]. Assets and Liabilities - Net assets decreased by 52.34% to HK$189,128,000 from HK$396,804,000 in FY20[8] - Cash and cash equivalents dropped by 88.87% to HK$153,787,000 from HK$1,381,528,000 in FY20[8] - Current ratio decreased to 1.71 from 3.60 in FY20[11] - Gearing ratio increased to 15.38 from 9.76 in FY20[11] - As of 31 March 2021, the Group's total equity decreased by 52.3% to HK$189,128,000 (2020: HK$396,804,000), impacted by the loss attributable to owners and partially offset by an exchange gain of HK$124,084,000[55][56]. - The Group's cash and cash equivalents fell to HK$153,787,000 (2020: HK$1,381,528,000), with current assets at HK$670,556,000 (2020: HK$1,886,328,000) and a current ratio of 1.71 (2020: 3.60)[57][58]. - Total borrowings amounted to HK$2,908,705,000 (2020: HK$3,873,325,000), with a gearing ratio of 15.38 (2020: 9.76), indicating increased financial leverage[57][58]. Revenue Breakdown - The Group's revenue increased to HK$158,729,000 during FY21, up by HK$22,891,000 compared to the previous year, primarily driven by the property management and renovation businesses acquired in March and June 2020[22] - Property management revenue reached HK$26,249,000, up from HK$15,173,000 in FY20[35] - Renovation and decoration revenue was HK$62,394,000, compared to nil in FY20[35] - Hotel operations in Japan generated revenue of HK$8,033,000, down from HK$10,985,000 in FY20[38] - Revenue from the Chongqing Property was HK$62,053,000 in FY21, down from HK$109,680,000 in FY20[32] Impairment and Losses - The impairment loss on property, plant, and equipment was HK$149,920,000, and HK$52,124,000 on right-of-use assets, primarily due to uncertainties arising from COVID-19[22] - The gross loss from the property segment was HK$24,278,000, mainly due to special discounts on residential apartment sales under unfavorable market conditions[22] Strategic Focus and Future Plans - The Group plans to focus on monitoring financial performance and maximizing returns to generate stable income and lower finance costs[26] - Future strategies include continuous investments and acquisitions to enhance overall financial performance and diversify the portfolio[28] - The Group aims to monitor financial performance and improve management standards to generate stable income and lower finance costs[44] - The Group will actively seek more investment opportunities with promising outlooks[46] Corporate Governance - The Company has adopted a corporate governance statement of policy in line with the CG Code, ensuring high standards of corporate governance[112] - The Company has complied with all code provisions set out in the CG Code throughout the year ended 31 March 2021[113] - The Group's board is committed to managing business risks and enhancing transparency to protect stakeholders' interests[110] - The Company recognizes the importance of achieving high standards of corporate governance for the benefit of all stakeholders[110] - The Company has a structured approach to corporate governance, providing a solid foundation for accountability and risk management[112] Board Composition and Meetings - The Board comprises five executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[118] - Fourteen Board meetings were held during the year, facilitating discussions on overall strategy and financial performance[124] - The roles of Chairman and CEO are clearly defined and segregated to ensure independence and proper checks and balances[132] - The Audit Committee held three meetings during the year ended 31 March 2021, reviewing the annual results and interim results before submission to the Board[158] Risk Management - The Board has delegated the responsibility for internal controls and risk management to the management, which has established a process for identifying and managing significant risks[196] - The audit committee reviewed significant internal controls and risk management based on the going concern basis, ensuring adequate resources and employee qualifications in accounting and financial reporting functions[198] - Management has established procedures to identify, assess, and manage significant risks faced by the group under the supervision of the board[198]

Revenue and Profitability - Revenue for the six months ended September 30, 2020, was HK$75,123,000, a significant increase from HK$29,593,000 in the same period of 2019, representing a growth of 153%[9] - The gross loss for the period was HK$3,002,000, compared to a gross profit of HK$7,731,000 in the previous year, indicating a decline in profitability[9] - Loss before tax for the period was HK$133,762,000, compared to a loss of HK$93,710,000 in the same period last year, representing a deterioration of 43%[9] - The company reported a loss per share of HK$6.79, compared to HK$4.89 in the same period of 2019, indicating a worsening in per-share performance[9] - The Group reported a segment loss of HK$81,513,000 for the six months ended September 30, 2020, compared to a loss of HK$44,230,000 in the same period of 2019[67] - The unaudited consolidated loss attributable to equity holders for the six months ended September 30, 2020, was HK$133,936,000, compared to HK$93,276,000 for the same period in 2019, reflecting an increase in loss of approximately 43.7%[193] - Basic loss per share for the current period was 6.79 HK cents, up from 4.89 HK cents in the previous year, indicating a deterioration in earnings per share[193] Expenses and Financial Costs - Administrative expenses increased to HK$46,229,000 from HK$27,353,000, reflecting a rise of 69% year-over-year[9] - The financial costs for the period were HK$62,934,000, up from HK$46,564,000, indicating an increase of 35% year-over-year[9] - Interest expenses on unsecured borrowings amounted to HK$31,120,000 for the six months ended 30 September 2020, slightly down from HK$31,205,000 in 2019[166] Assets and Liabilities - As of September 30, 2020, total assets amounted to HK$3,189,036, a decrease from HK$4,217,549 as of March 31, 2020, reflecting a decline of approximately 24.4%[14] - The company's net current assets decreased significantly to HK$342,951 from HK$1,495,784, indicating a reduction of about 77%[14] - Total equity as of September 30, 2020, was HK$450,867, down from HK$470,481 as of March 31, 2020, representing a decline of approximately 4.3%[20] - The Group's total liabilities increased to HK$2,738,169 from HK$3,747,068, reflecting a decrease of approximately 26.9%[14] - Total bank and other borrowings as of September 30, 2020, amounted to HK$1,420,695,000, a decrease of 34.2% from HK$2,157,356,000 as of March 31, 2020[130] Cash Flow and Liquidity - The net cash used in operating activities for the six months ended September 30, 2020, was HK$22,665,000, compared to a net cash generated of HK$30,352,000 in the same period of 2019[33] - Cash and cash equivalents significantly decreased to HK$218,094 from HK$1,376,409, a decline of approximately 84.2%[14] - The cash and cash equivalents at the end of the period were HK$218,094,000, an increase from HK$40,750,000 at the end of the same period in 2019[33] - The Group's cash flow projections indicate sufficient working capital to meet financial obligations for the next twelve months from September 30, 2020[37] Acquisitions and Investments - The acquisition of Zhejiang Doof Property Management Services Co., Ltd. was completed on March 5, 2020, for a cash consideration of RMB500,000 (approximately HK$545,000)[40] - The acquisition of Wenzhou Junshang Decoration Company Limited was completed on June 4, 2020, for a total consideration of RMB 1, which has been accounted for as a business combination[180] - The acquisition of Doof Japan was agreed upon on July 14, 2020, with a consideration of JPY848,394,000 (approximately HK$60,575,000), to be satisfied by issuing 163,717,121 new shares at HK$0.37 per share[188] Strategic Focus and Future Plans - The Group's strategic focus remains on property development and management services, with plans for future market expansion and new product offerings[64] - The Chongqing Property is expected to become a new landmark in Yuzhong District, with ongoing development despite COVID-19 impacts, and is anticipated to generate steady income from serviced apartments and shopping mall leases[197][198] Taxation - No Hong Kong Profits Tax has been provided as no assessable profits were generated during the six months ended 30 September 2020[83] - The PRC Enterprise Income Tax is calculated at a rate of 25% on estimated assessable profits for the six months ended 30 September 2020[86]

Financial Performance - Revenue for FY20 decreased by 21.67% to HK$124,853,000 from HK$159,399,000 in FY19[9] - Gross profit increased by 2.49% to HK$63,039,000 compared to HK$61,509,000 in the previous year[9] - Loss before tax rose by 73.77% to HK$165,055,000 from HK$94,985,000 in FY19[9] - Net assets decreased by 39.30% to HK$470,481,000 from HK$775,091,000 in FY19[9] - Basic and diluted loss per share increased by 47.86% to HK(10.01) from HK(6.77) in FY19[9] - The loss attributable to owners of the Company increased from HK$128,976,000 in FY19 to HK$190,842,000 in FY20, representing an approximately 47.97% increase[16] - Revenue for FY20 was HK$124,853,000, a decrease of HK$34,546,000 or 21.67% compared to FY19 due to a reduction in the number of apartments sold[49] Profitability and Margins - Gross profit margin improved to 50.49% from 38.59% in FY19, an increase of 11.9 percentage points[12] - Gross profit increased by HK$1,530,000 or 2.49% to HK$63,039,000 in FY20, attributed to higher-margin apartment sales and increased property management fee income[50] - The gross profit margin improved from 38.59% in FY19 to 50.49% in FY20, mainly due to the sale of higher-margin apartment units[51] Liquidity and Financial Ratios - Cash and cash equivalents significantly increased by 740.21% to HK$1,376,409,000 from HK$163,818,000 in FY19[9] - Current ratio improved to 4.89 times from 1.91 times in FY19[12] - As of March 31, 2020, the Group's net current assets were HK$1,495,784,000, up from HK$341,119,000 in 2019, while cash and cash equivalents increased to HK$1,376,409,000 from HK$163,818,000[57] - The current ratio improved to 4.89 as of March 31, 2020, up from 1.91 in FY19, indicating enhanced liquidity[54] Debt and Gearing - Gearing ratio increased to 7.94 times from 3.01 times in FY19[12] - As of March 31, 2020, total equity decreased by 39.30% to HK$470,481,000, influenced by the loss attributable to owners and exchange losses[54] - The Group secured a new bank loan of RMB1,250,000,000 (approximately HK$1,362,500,000) at a fixed interest rate of 7% per annum, maturing on March 30, 2035[54] - As of March 31, 2020, the Group's total borrowings amounted to HK$3,736,597,000, an increase from HK$2,334,374,000 in 2019, resulting in a gearing ratio of 7.94 compared to 3.01 in 2019[57] Operational Developments - The revenue from the sale of residential apartments in the Chongqing Property amounted to HK$109,680,000, a decrease of HK$47,041,000 compared to the previous year[15] - The newly acquired property management business generated revenue of HK$15,173,000 during the year[15] - The redevelopment of the Chongqing Property is expected to be completed soon, including residential apartments, serviced apartments, and a shopping mall[17] - The Group's current strategy focuses on maximizing returns from the Chongqing Property to generate stable income and lower finance costs[25] - The Group expects long-term growth in property sales volume despite a slight decrease in FY20 due to the global environment and COVID-19[33] Corporate Governance - The Group's Board of Directors is committed to achieving high standards of corporate governance to manage business risks and protect stakeholders' interests[97] - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2020[99] - The Board maintains a balance of skills and experience appropriate for the Group's business requirements and objectives[107] - The Company has adopted a corporate governance statement of policy to guide the application of governance principles[98] - The Board oversees the Group's strategic decisions, internal control, risk management, and performance[105] Management and Personnel - The total staff cost for the Group was HK$46,151,000 for the year ended March 31, 2020, compared to HK$27,476,000 in 2019[62] - The Group had a total workforce of 220 employees as of March 31, 2020, significantly up from 61 in 2019[62] - Mr. Hu Xingrong has over 17 years of experience in corporate management, investment, and business development, currently serving as the chairman of Doof International Holding Group Limited[76] - Mr. Huang Xiaohai has over 31 years of experience in banking and finance, responsible for the overall implementation of the Company's strategies[77] - The Group's Chief Financial Officer, Mr. Cheng Haoliang, has extensive experience in financial management and corporate finance[93] Risk Management - The Group is responsible for the design and implementation of internal controls and risk management, covering financial reporting and operations[189] - The Audit Committee reviews significant internal controls and risk management processes on an ongoing basis[190] - The risk management systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[200] - Control procedures are established to safeguard assets against misappropriation and ensure compliance with relevant laws and regulations[200] - Ongoing and periodic monitoring of risks is performed to ensure appropriate internal control processes are in place[200]

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$23,587,000, a decrease of 12.5% from HK$26,922,000 in the same period of 2018[8]. - Gross profit for the period was HK$5,576,000, slightly down from HK$5,635,000, resulting in a gross margin of approximately 23.6%[8]. - Loss before tax increased to HK$93,598,000 compared to a loss of HK$67,150,000 in the previous year, reflecting a 39.4% increase in losses[8]. - Loss attributable to equity holders of the Company was HK$93,164,000, up from HK$73,792,000, indicating a 26.3% increase in losses year-over-year[10]. - Total comprehensive loss for the period was HK$195,047,000, compared to HK$238,096,000 in the same period last year, showing a decrease of 18.1%[10]. - The company reported a basic and diluted loss per share of HK$4.89, compared to HK$3.87 in the previous year, representing a 26.3% increase in loss per share[8]. - The unaudited consolidated loss attributable to equity holders for the six months ended 30 September 2019 was HK$93,164,000, compared to HK$73,792,000 for the same period in 2018, representing an increase of approximately 26.3%[81]. - Basic loss per share for the current period was 4.89 HK cents, up from 3.87 HK cents in the previous year[81]. Expenses and Costs - Selling expenses rose significantly to HK$7,783,000 from HK$1,880,000, indicating a substantial increase in operational costs[8]. - Administrative expenses increased to HK$25,185,000 from HK$23,547,000, reflecting a 7% rise in overhead costs[8]. - Finance costs decreased to HK$46,463,000 from HK$49,940,000, a reduction of approximately 7.4%[8]. - The finance income decreased to HK$19,000 from HK$34,000 year-on-year, while finance costs increased significantly to HK$42,662,000 from HK$54,197,000, indicating a reduction in interest expenses[36]. - The depreciation of property, plant, and equipment increased to HK$617,000 from HK$386,000, marking a 60% increase year-on-year[38]. - The company capitalized HK$94,356,000 on qualifying assets, compared to HK$86,642,000 in the previous year, indicating a 8.5% increase[36]. Assets and Liabilities - As of September 30, 2019, non-current assets under construction amounted to HK$1,710,912, a decrease of 3.2% from HK$1,767,135 as of March 31, 2019[11]. - Current assets totaled HK$2,719,420, showing a slight increase from HK$2,702,629 as of March 31, 2019[11]. - Net current assets decreased to HK$181,037 from HK$340,793, reflecting a decline of 46.9%[11]. - Total equity as of September 30, 2019, was HK$579,695, down 25.2% from HK$774,742 as of March 31, 2019[12]. - The Group's total assets less current liabilities were HK$2,900,457, down from HK$3,043,422 as of March 31, 2019[11]. - The carrying amount of the investment properties under construction as of 30 September 2019 was approximately HK$1,710,912,000, down from HK$1,767,135,000 as of 31 March 2019, indicating a decrease of about 3.2%[51]. - Total assets less current liabilities amounted to HK$3,073,593,000, with an increase of HK$30,171,000 due to the adoption of HKFRS 16[24]. Cash Flow - The company reported a net cash generated from operating activities of HK$26,531, compared to a net cash used of HK$53,644 in the same period last year[15]. - Cash and cash equivalents at the end of the period were HK$38,092, down from HK$82,774 a year earlier, representing a decrease of 54%[15]. - The Group's cash and cash equivalents were HK$38,092,000, down from HK$163,248,000 as of March 31, 2019, with a current ratio of 1.4 compared to 1.9 previously[85]. Borrowings and Financing - As of September 30, 2019, the Group's borrowings amounted to HK$2,332,482,000, a slight decrease from HK$2,334,374,000 as of March 31, 2019[18]. - Approximately HK$44,190,000 of the borrowings will be due for repayment in the next twelve months, down from HK$73,030,000 as of March 31, 2019[18]. - The Group's unsecured borrowings amounted to approximately HK$510,960,000, an increase from HK$407,517,000 as of March 31, 2019, representing a growth of 25.3%[65]. - The effective interest rate for unsecured borrowings is 9% per annum for RMB borrowings and 8% per annum for HK$ borrowings[67]. - The Group has drawn down unsecured borrowings of RMB377,870,000 (approximately HK$415,657,000) as of September 30, 2019, compared to RMB294,150,000 (approximately HK$344,156,000) as of March 31, 2019, indicating a 28.5% increase[68]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended 30 September 2019[42]. - The audit committee, consisting of three independent non-executive Directors, has reviewed the unaudited interim results for the six months ended 30 September 2019[113]. - The Company has adopted a corporate governance statement of policy in line with the CG Code[42]. - The Company confirmed compliance with the Model Code for securities transactions by Directors throughout the reporting period[106]. Management and Personnel - Key management personnel compensation for the six months ended September 30, 2019, totaled HK$4,441,000 for short-term benefits, a decrease from HK$4,777,000 in the same period of 2018[70]. - The total workforce increased to approximately 170 employees as of September 30, 2019, from 61 employees as of March 31, 2019, with total staff costs of HK$17,929,000 for the current period[89]. Future Outlook - The redevelopment of the Chongqing Property is nearing completion, with residential apartments available for sale and serviced apartments under trial run[84]. - The Group expects to generate revenue from leasing serviced apartments in the current financial year and from the shopping mall in the next financial year, aiming for stable rental income thereafter[84]. - The Company is actively seeking investment opportunities to diversify revenue sources and create shareholder value[84]. - The Group plans to monitor the financial performance of the Chongqing Property operations and maximize returns to lower the gearing ratio and finance costs[84].

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year, representing a 15% increase compared to the previous year[4]. - The net profit for the year was HKD 150 million, which is a 10% increase year-over-year[4]. - Future guidance indicates a projected revenue growth of 18% for the upcoming fiscal year[4]. - Revenue from continuing operations increased to HK$156.7 million, a rise of 575.87% from HK$23.2 million in FY18[8]. - Gross profit surged to HK$60.2 million, reflecting a 736.8% increase from HK$7.2 million in FY18[8]. - The Group's revenue for FY19 was HK$156.7 million, a significant increase of HK$133.5 million or 575% compared to FY18's revenue of HK$23.2 million, primarily due to increased sales of residential apartments in the Chongqing Property[20]. - Gross profit rose to HK$60.2 million in FY19, up HK$53.0 million or 736% from HK$7.2 million in FY18, driven by higher sales of residential apartments[20]. - The gross profit margin improved from 31% in FY18 to 38% in FY19, attributed to growth in the Chongqing residential property market and increased demand for residential units[20]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[4]. - New product launches are expected to contribute an additional HKD 300 million in revenue next year[4]. - The company is exploring potential acquisitions to enhance its product offerings and market reach[4]. - A new marketing strategy is being implemented, focusing on digital channels to increase customer engagement by 30%[4]. - The company has established partnerships with local firms to facilitate its expansion efforts in new markets[4]. Financial Health and Ratios - Current ratio increased to 1.9 times, compared to 1.6 times in FY18[10]. - Cash and cash equivalents rose to HK$163.2 million, an increase of HK$107.8 million from HK$55.4 million in FY18[8]. - The gearing ratio rose to 3.0 in 2019 from 1.9 in 2018, indicating increased leverage[23]. - The Group's net current assets increased to HK$340.8 million in 2019 from HK$232.3 million in 2018, and cash and cash equivalents rose to HK$163.2 million from HK$55.4 million[23]. Corporate Governance - The Group has adopted a corporate governance statement of policy to guide the application of corporate governance principles, referencing the CG Code as per the Listing Rules[37]. - The Directors believe that the Company has complied with all code provisions set out in the CG Code throughout the year ended March 31, 2019[38]. - The Company has a framework in place to ensure Directors' dealings in securities are conducted in accordance with the Model Code[39]. - The Board of Directors consists of four Executive Directors and three Independent Non-Executive Directors, ensuring a balance of skills and experience[43]. - The Company has implemented adequate systems of internal controls and risk management procedures[43]. Risk Management and Internal Controls - The Board is responsible for the overall risk management and internal control systems, which are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[76]. - An internal control team was established to review the risk management and internal control systems of the Group's subsidiaries in the People's Republic of China, with findings presented to the Board and Audit Committee[77]. - The risk management process includes identifying, evaluating, and managing significant risks, with ongoing monitoring and reporting to management and the Board[74]. - The internal control system covers all material controls, including financial, operational, compliance, and risk management functions, and is deemed reasonably effective and adequate[81]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social, and Governance (ESG) report covers the Group's overall performance from April 1, 2018, to March 31, 2019[95]. - The Group identified five material aspects for ESG management: anti-corruption, intellectual property, customer service, supplier chain management, and product quality[104]. - The Group engages in community activities and charity work to enhance its corporate image and social responsibility[103]. - The Group implements effective energy conservation measures to minimize environmental impact across all operating regions[106]. - The Group has adopted a paperless office initiative, developing management software to support this goal[129]. Employee and Labor Practices - The Group strictly complies with national and local laws regarding employment and labor practices, with no significant non-compliance reported during the period[134]. - The Group provides competitive compensation and benefits, including social insurance and various types of leave[139]. - The Group has maintained a safe working environment with no work-related fatalities or lost days due to work injury recorded during the reporting period[144]. - The Group provides comprehensive training and development opportunities for all employees, including orientation and job-related training[145]. Stakeholder Engagement - The Company recognizes employees, customers, suppliers, and business associates as key stakeholders for its success[87]. - The annual general meeting provides shareholders an opportunity to exchange views with the Board[85]. - The Group emphasizes stakeholder engagement, utilizing various channels such as meetings and feedback to understand their concerns and expectations[100]. - The management provides prompt responses to shareholder inquiries through various channels[86].