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 會 就 因 本 公 告 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 HUA YIN INTERNATIONAL HOLDINGS LIMITED 華 音 國際 控 股 有限 公 司 ( 於百慕達註冊成立之有限公司 ) (股份代號：989) 建 議 股本 重 組 及 股 份 溢 價削 減 建議股本重組及削減股份溢價 董 事 會 建 議 按 以 下 方 式 實 行 股 本 重 組 ： (a) 股份合併 建 議 股 份 合 併 以 每 二 十 (20)股 每 股 面 值 0.05 港 元 的 本 公 司 已 發 行 及 未 發 行 普 通 股 合 併 為 一 (1)股 每 股 面 值 1.00 港 元 的 合 併 股 份 ； (b) 股本削減及拆細 緊 隨 股 份 合 併 生 效 後 ...

HUA YIN INTERNATIONAL HOLDINGS LIMITED 華 音 國際 控 股 有限 公 司 伍 文 傑 香 港 ， 二 零 二 四 年 十 一 月 十 一 日 ( 於百慕達註冊成立之有限公司 ) (股份代號：989) 董 事 會會 議 日 期 Hua Yin International Holdings Limited 華 音 國 際 控 股 有 限 公 司 (「 本 公 司 」 )董 事 會 (「 董 事 會 」 )謹 此 宣 佈 ， 本 公 司 將 於 二 零 二 四 年 十 一 月 二 十 八 日 (星 期 四 ) 舉 行 董 事 會 會 議，藉 以 (其 中 包 括 )批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 四 年 九 月 三 十 日 止 六 個 月 期 間 之 未 經 審 核 中 期 業 績 及 其 發 佈 ， 以 及 考 慮 派 發 中 期 股 息 (如 有 ) 承 董 事 會 命 Hua Yin International Holdings Limited 華 音 國 際 控 股 有 限 公 司 公 司 秘 書 香 港 交 易 及 結 算 所 有 限 ...

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，並明確表示概不會就因本公告之全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HUA YIN INTERNATIONAL HOLDINGS LIMITED 989 本公司之財務顧問 於二零二四年十月二十五日（交易時段後），該等賣方與買方（獨立第三方）訂立該協 議，據此，根據該協議之條款，該等賣方有條件同意向買方出售，而買方有條件同意 收購目標公司全部股權，代價為人民幣1.0元。 完成後，目標集團將不再為本集團之附屬公司，其財務業績將不再於本集團財務報表 綜合入賬。 上市規則之涵義 由於出售事項涉及之一個適用百分比率（定義見上市規則）超過75%，根據上市規則第 14.06(4)條，出售事項構成本公司之一項非常重大出售事項，並因此須遵守上市規則第 14章項下的申報、公告、通函及股東批准規定。 一般事項 本公司將召開及舉行股東特別大會，以供股東考慮並酌情批准（其中包括）該協議及其 項下擬進行之交易。據董事經作出一切合理查詢後所深知、盡悉及確信，於本公告日 - 1 - 期，概無股東於該 ...

Financial Performance - For the year ended March 31, 2024, the Group's overall revenue was approximately RMB 116.1 million, a decrease of 70.5% compared to RMB 394.1 million for the year ended March 31, 2023[7]. - The Group recorded a gross profit of approximately RMB 9.9 million, down from RMB 56.1 million in the previous year, indicating a significant decline in profitability[8]. - The net loss for the year was approximately RMB 193.3 million, compared to a net profit of approximately RMB 366.0 million for the year ended March 31, 2023[8]. - Basic loss per share was RMB (2.68), compared to earnings of RMB 5.17 per share in 2023[179]. - The adjusted capital decreased to RMB 370,550,000 from RMB 487,664,000 in 2023, a reduction of 24%[170]. Revenue and Income Sources - Rental income increased by 9.4% for the year ended March 31, 2024, primarily due to an increase in the average occupancy rate of shopping mall units in Baishan City, PRC[14]. - As of March 31, 2024, property management service revenue remained stable at RMB 32,900,000, compared to RMB 32,800,000 for the year ended March 31, 2023[163]. Expenses and Costs - Administrative expenses rose by approximately RMB 3.1 million to RMB 38.5 million, mainly due to the opening of the Group's office for its ginseng and mineral spring water businesses[17]. - Other expenses rose by approximately RMB 75.6 million from RMB 11.3 million for the year ended March 31, 2023, to RMB 86.9 million for the year ended March 31, 2024, largely due to a write-down of the Fusong Property Project of approximately RMB 84.3 million[38]. - The finance costs for the year ended March 31, 2024, increased by RMB 6.4 million to approximately RMB 23.1 million, mainly due to an increase in interest on Convertible Bonds and bank borrowings[41]. Assets and Liabilities - As of March 31, 2024, the Group's cash and bank deposits amounted to approximately RMB 53.6 million, a decrease of about 23.3% from RMB 69.9 million as of March 31, 2023, primarily due to loan repayments and operational expenses[33]. - The Group's bank and other borrowings decreased from RMB 674.7 million as of March 31, 2023, to RMB 651.6 million as of March 31, 2024, due to repayments made during the year[34]. - The Group recorded a deferred tax credit of approximately RMB 36.8 million, primarily from the reversal of taxable temporary differences related to property write-downs and decreases in investment property values[23]. - The Group's maximum exposure to credit risk was primarily from pledged bank deposits, bank balances, cash, and trade receivables, with trade receivables from the largest single customer representing less than 5% of the total[90]. Market and Industry Insights - The healthcare industry is projected to reach a market size of RMB 9 trillion in 2024, presenting significant growth opportunities despite current market challenges[5]. - The market for healthcare products and services is experiencing a continuous increase in consumption, indicating a shift in consumer demand towards health-related sectors[4]. Management and Governance - The company has a strong governance structure with independent non-executive directors actively participating in various committees, enhancing oversight and accountability[113]. - The financial management team, led by experienced directors, is dedicated to maintaining robust financial reporting and corporate governance practices[135]. - The company is focused on strategic policy and decision-making, with a commitment to investment promotion and urban development in Jilin Province[126]. Strategic Initiatives - The company plans to leverage resources from the ginseng base and "Changbaishan" mineral water brand to enhance its cultural tourism and healthcare industry integration[182]. - The Group aims to achieve asset-light and low-debt operations through joint ventures and cooperation, aligning with domestic economic development trends[182]. Employee and Staffing - As of March 31, 2024, the Group had 226 full-time employees, an increase from 202 employees as of March 31, 2023[94]. - Total staff costs for the year ended March 31, 2024, amounted to approximately RMB 26.0 million, up from RMB 23.4 million for the previous year, primarily due to the increase in staff numbers[94].

Financial Performance - Total revenue for the year ended March 31, 2023, was RMB 394,107,000, with property development revenue at RMB 382,004,000 and rental income at RMB 12,103,000[17]. - The company reported a total of RMB 8,940,000 in other income for the year, a significant decrease from RMB 550,510,000 in the previous year[17]. - Revenue fell by 70.5% from RMB 394,100,000 for the year ended March 31, 2023, to RMB 116,100,000 for the year ended March 31, 2024, primarily due to the significant drop in property sales[79]. - The group reported an adjusted loss of RMB 193,330 for the year, compared to a profit of RMB 366,009 in the previous year[52]. - The gross profit recorded was approximately RMB 9,900,000 with a gross margin of about 8.5%, down from RMB 56,100,000 and 14.2% respectively for the previous year[82]. - The gross profit margin for property leasing was 64.9% for the year ended March 31, 2024, compared to 71.2% in the previous year[106]. Assets and Liabilities - The company reported a decrease in net assets from RMB 397,612,000 in 2023 to RMB 228,874,000 in 2024, reflecting a significant decline[2]. - The total non-current liabilities increased slightly from RMB 388,483,000 in 2023 to RMB 396,043,000 in 2024, indicating a rise in financial obligations[2]. - The company’s equity attributable to shareholders decreased from RMB 397,612,000 in 2023 to RMB 228,874,000 in 2024, indicating a substantial reduction in shareholder value[2]. - The company’s deferred tax liabilities decreased from RMB 131,498,000 in 2023 to RMB 97,905,000 in 2024, suggesting improved tax management[2]. - The total amount of properties under development and completed properties held for sale increased to approximately RMB 1,606,800,000 as of March 31, 2024, compared to RMB 1,597,800,000 as of March 31, 2023[187]. Cash Flow and Financing - The company’s cash flow is expected to be sufficient to maintain operations, supporting the going concern basis for financial reporting[5]. - The group’s cash and bank balances at the end of the reporting period amounted to RMB 8,860,000, a decrease from RMB 20,201,174 in 2023[32]. - Cash and bank deposits decreased by approximately 23.3% to RMB 53,600,000 as of March 31, 2024, from RMB 69,900,000 in the previous year[126]. - The net cash outflow from operating activities was RMB 81,900,000 for the year ended March 31, 2024, compared to RMB 67,100,000 for the year ended March 31, 2023[192]. - The group’s bank loans totaled RMB 231,000,000 with fixed interest rates ranging from 7.3% to 7.35%[64]. - The interest expense on bank and other borrowings increased significantly to RMB 61,772,000 from RMB 19,861,000 in the previous year[112]. Property Development and Sales - The group confirmed property sales from completed projects totaling approximately RMB 67,100,000, with a total construction area of 13,046 square meters[79]. - The group's property sales decreased by approximately RMB 279,200,000 or 80.0%, from RMB 349,100,000 for the year ended March 31, 2023, to about RMB 69,900,000 for the year ended March 31, 2024[75]. - The group is focusing on land replenishment in Northeast China, given the uncertainty in the real estate market[74]. - The group has two ongoing residential projects, with the second phase of the Guanzhong Jiuxi Hongfu project completed in April 2024[100]. - The group plans to diversify its real estate development business to mitigate risks and create sustainable business development models[96]. Market Conditions and Risks - The group is closely monitoring risks associated with the Chinese property market, including policy changes and economic conditions, focusing on the Northeast region where it has extensive experience[193]. - The group faces risks related to the national and regional property markets, which may adversely affect its business and financial performance[193]. - The group’s cash flow risk is a concern, necessitating careful management of liquidity[194]. Employee and Operational Costs - Total employee costs for 2024 were RMB 24,896, an increase from RMB 22,154 in 2023[47]. - As of March 31, 2024, the total employee cost amounted to RMB 26,000,000, an increase from RMB 23,400,000 as of March 31, 2023, primarily due to an increase in the number of employees[168]. Corporate Governance and Compliance - The group has complied with the corporate governance code as per the listing rules for the year ended March 31, 2024[169]. - The group did not incur any significant losses from the guarantees provided for mortgage loans during the year[176]. - The group’s independent auditor confirmed that the financial statements reflect a true and fair view of the group's financial position as of March 31, 2024[183].

Financial Performance - For the six months ended September 30, 2023, the Group's overall revenue was approximately RMB 44.0 million, representing a decrease of 86.9% compared to RMB 335.5 million for the same period in 2022[15]. - The Group reported a gross profit of RMB 15.8 million for the six months ended September 30, 2023, down from RMB 54.3 million in the same period last year[15]. - The net loss for the period was RMB 79.9 million, a significant decline from a net profit of RMB 416.6 million for the six months ended September 30, 2022[15]. - Revenue for the six months ended September 30, 2023, was RMB 44,002,000, a significant decrease of 87.8% compared to RMB 335,505,000 for the same period in 2022[132]. - Gross profit for the same period was RMB 15,841,000, down 70.8% from RMB 54,274,000 in the previous year[132]. - Loss before tax amounted to RMB 86,159,000, compared to a profit of RMB 517,672,000 in the prior year, indicating a substantial decline in performance[132]. - The company reported a loss for the period of RMB 79,919,000, contrasting sharply with a profit of RMB 416,562,000 in the same period last year[132]. Revenue Sources - The property development and management segment generated revenue of RMB 37,558,000, while the property investment segment contributed RMB 6,444,000[171]. - Revenue from property sales was RMB 21,009,000, with property management service income contributing RMB 16,549,000[176]. - Rental income for the period was RMB 6,444,000, indicating a focus on property investment as a revenue source[176]. - Other income totaled RMB 251,000, a significant decrease from RMB 540,596,000 in the previous year, primarily due to the reversal of write-downs of properties under development[184]. Expenses and Costs - Administrative expenses increased by RMB5.6 million to RMB22.1 million, attributed to higher travel and office expenditures, as well as a one-off commission for the placement of Convertible Bonds[43]. - Other income decreased from RMB 540.6 million for the six months ended 30 September 2022 to RMB 300,000 for the six months ended 30 September 2023, primarily due to a reversal of impairment on the Fusong Property Project amounting to RMB 536.5 million[44]. - Finance costs for the period amounted to RMB 25,163,000, while the change in fair value of derivative financial instruments resulted in a loss of RMB 23,918,000[171]. - Total finance costs decreased to RMB 25,163,000 for the six months ended 30 September 2023, down 37.2% from RMB 39,818,000 in the same period of 2022[187]. - Cost of properties sold significantly reduced to RMB 18,696,000, a decrease of 93% compared to RMB 268,938,000 for the six months ended 30 September 2022[190]. Assets and Liabilities - Total current assets as of September 30, 2023, were RMB 1,777,341,000, an increase from RMB 1,720,449,000 as of March 31, 2023[134]. - Current liabilities totaled RMB 1,458,120,000, a slight decrease from RMB 1,499,626,000 at the end of the previous fiscal year[134]. - The company has a significant amount of bank and other borrowings amounting to RMB 418,354,000 as of September 30, 2023[134]. - Total non-current liabilities increased to RMB 516,016,000 as of September 30, 2023, from RMB 388,483,000 as of March 31, 2023, marking a rise of 32.9%[135]. - The Group's current portion of bank and other borrowings amounted to RMB 418.4 million, while unrestricted cash and cash equivalents were RMB 78.4 million[125]. Cash Flow and Liquidity - The Group recorded a net operating cash outflow of RMB5.2 million, an improvement from RMB21.3 million for the same period in 2022[95][99]. - The company reported a net cash inflow from financing activities of RMB 13,624,000 for the six months ended September 30, 2023, compared to RMB 2,609,000 in the same period of 2022, indicating a significant increase of 421.5%[139]. - Cash and cash equivalents increased to RMB 78,371,000 from RMB 69,939,000, reflecting improved liquidity[134]. - The Group's unrestricted cash and cash equivalents were RMB 78,371,000, indicating potential liquidity challenges[152]. Strategic Developments - The Group completed the placing of convertible bonds with a principal amount of HK$ 60 million in June 2023, intended for new projects and debt repayment[13]. - A joint venture was established in June 2023 for a property development project in Dunhua City, with a total site area of approximately 64,880 square meters[11]. - The Group plans to continue replenishing its land reserve in the Northeastern area of the PRC, focusing on local experience amid market uncertainties[18]. - The Group plans to utilize net proceeds from fundraising activities for potential acquisitions and projects, with RMB30.85 million unutilized as of September 30, 2023[102]. Market Conditions and Future Outlook - The Group's financial position may be impacted by the current conditions in the property market and limited financing sources from the capital market[152]. - The directors believe the company can continue as a going concern despite the significant uncertainties regarding its operational viability[129]. - The Group anticipates continuous financial support from its major shareholders, who have confirmed they will not demand repayment of loans within the next twelve months if the Group is unable to do so[161]. - The financial results indicate a need for strategic reassessment and potential market expansion to recover from the current downturn[171].

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，並明確表示概不會就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。 HUA YIN INTERNATIONAL HOLDINGS LIMITED 華 音 國 際 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：989） 截至二零二三年九月三十日止六個月 中期業績公告 Hua Yin International Holdings Limited華音國際控股有限公司（「本公司」）之董事（「董 事」）會（「董事會」）宣佈，本公司及其附屬公司（統稱「本集團」）截至二零二三年九 月三十日止六個月之未經審核簡明綜合中期業績，連同比較數字如下： 簡明綜合損益表 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 （未經審核） （未經審核） 附註 人民幣千元 人民幣千元 收益 5(a) 44,002 335,505 銷售及服務成本 (28,161) (281,231) 毛利 15,841 54,274 ...

Financial Performance - Revenue for the year 2023 reached RMB 394.1 million, a significant increase of 251.6% compared to RMB 112.1 million in 2022[10]. - Gross profit for 2023 was RMB 56.1 million, up 76.4% from RMB 31.8 million in the previous year[10]. - The profit for the year turned positive at RMB 366.0 million, compared to a loss of RMB 57.0 million in 2022[10]. - Basic earnings per share for 2023 were RMB 5.17, recovering from a loss of RMB 0.84 per share in 2022[10]. - Other income rose significantly from RMB 134.6 million for the year ended March 31, 2022, to RMB 550.5 million for the year ended March 31, 2023, mainly due to the reversal of write-downs of properties under development amounting to RMB 545.4 million[56]. - The Group's revenue increased by 251.6% from RMB112.1 million for the year ended March 31, 2022, to RMB394.1 million for the year ended March 31, 2023, primarily due to a 436.8% increase in property sales, amounting to RMB284.1 million[45]. Assets and Liabilities - Total assets increased by 10.3% to RMB 2,285.7 million from RMB 2,072.0 million in 2022[10]. - Total equity surged by 793.5% to RMB 397.6 million, compared to RMB 44.5 million in the previous year[10]. - The Group's investment properties were valued at RMB 550.4 million as at 31 March 2023, down from RMB 615.8 million as at 31 March 2022[79]. - Properties under development and completed properties held for sale increased to approximately RMB 1,597.8 million as at 31 March 2023, up from approximately RMB 1,262.8 million as at 31 March 2022, primarily due to the reversal of write-downs of the Fusong Property Project[85]. - The Group's total receivables, net, decreased to RMB 6.9 million as of March 31, 2023, from RMB 15.1 million as of March 31, 2022[95]. - The Group's bank and other borrowings decreased from RMB 711.6 million as of March 31, 2022, to RMB 674.7 million as of March 31, 2023, reflecting repayments made during the year[110][111]. Operational Highlights - The Group's property sales increased by approximately RMB 284.1 million or 436.8%, from RMB 65.0 million for the year ended March 31, 2022, to RMB 349.2 million for the year ended March 31, 2023[30][34]. - The Group has two residential projects under development, with expected completion in the 2023/2024 financial year[37]. - The average occupancy rate of the Group's investment properties was 76% for the year ended March 31, 2023, slightly down from 77% in the previous year[39]. - The Group's project in Jiutai District, Changchun City, Guangze Jiuxi Red House – Phase I, was completed and delivered during the year[23][27]. - The Group's project in Baishan City, Guangze China House, is currently in Phase II development, with pre-sales having commenced in the fourth quarter of 2022[24][27]. Cost Management - Selling and distribution costs decreased by approximately RMB5.0 million to about RMB6.4 million for the year ended March 31, 2023, primarily due to reduced promotion and advertising expenses[57]. - Administrative expenses decreased by approximately RMB3.2 million to about RMB35.4 million for the year ended March 31, 2023, due to cost control measures[58]. - Total staff costs for the year ended March 31, 2023, amounted to approximately RMB 23.4 million, a decrease from RMB 27.1 million in the previous year, attributed to a reduction in staff numbers[148]. Strategic Focus - The Group plans to focus on unique cultural tourism and real estate development, responding to national strategies for revitalization and sustainable growth[15]. - The Group anticipates strong growth in domestic tourism and health-related products, leveraging opportunities in the post-pandemic market[16]. - The Group aims to diversify its business risk from property development and create a sustainable business development model[22][26]. - The Group plans to restart the development of the Fusong Property Project after obtaining board approval[41]. Management and Governance - The executive team includes experienced professionals with backgrounds in government management, tourism, and real estate, enhancing the company's strategic capabilities[156][162][167]. - The Group has complied with all relevant laws and regulations that significantly impact the Company during the financial year[193]. - Employees are regarded as the most important assets of the Group, with a focus on providing competitive remuneration packages and promoting career development through appropriate training[195]. - The Group's success relies on the support from key stakeholders, including employees, customers, and suppliers[194]. Market and Risk Management - The Group is closely monitoring risks associated with the PRC property market, focusing on the northeastern region where it has significant local experience[122][126]. - The Group's maximum exposure to credit risk was primarily from pledged bank deposits, bank balances, and trade receivables, with the largest single customer representing less than 5% of total trade receivables as of March 31, 2023[136]. Future Outlook - The company is exploring new business opportunities and formulating business plans to ensure sustainability and growth[155]. - The company aims to expand its market presence through strategic partnerships and potential acquisitions[155]. - The company is committed to developing new products and technologies to enhance its service offerings and competitive edge[155].

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，並明確表示概不會就因本公告之全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HUA YIN INTERNATIONAL HOLDINGS LIMITED 華 音 國 際 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：989） 截至二零二三年三月三十一日止年度 全年業績公告 Hua Yin International Holdings Limited 華音國際控股有限公司（「本公司」）之董事（各 稱為「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 二三年三月三十一日止年度之綜合財務業績，連同上年度之比較數字如下： 綜合損益表 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 人民幣千元 人民幣千元 收益 4 394,107 112,103 銷售及服務成本 (338,006) (80,280) 毛利 56,101 31,823 其他收入及收益 4 550,510 134,610 銷售及分銷成本 (6,424) (1 ...

Financial Performance - For the six months ended September 30, 2022, the Group's overall revenue was approximately RMB 335.5 million, representing an increase of 405.7% compared to RMB 66.3 million for the same period in 2021[14]. - The Group achieved a gross profit of RMB 54.3 million for the six months ended September 30, 2022, compared to RMB 24.7 million for the same period in 2021[14]. - The net profit for the period was RMB 416.6 million, significantly up from RMB 16.8 million for the same period in 2021[14]. - Revenue for the six months ended September 30, 2022, was RMB 335,505,000, a significant increase from RMB 66,345,000 in the same period of 2021, representing a growth of approximately 405%[136]. - Gross profit for the same period was RMB 54,274,000, compared to RMB 24,697,000 in 2021, indicating a growth of about 120%[136]. - Profit before tax surged to RMB 517,672,000, up from RMB 10,220,000 in the previous year, reflecting an increase of approximately 4,973%[136]. - Profit for the period reached RMB 416,562,000, a substantial rise from RMB 16,782,000 in 2021, marking an increase of around 2,384%[136]. - Other income surged to RMB 540.6 million for the six months ended September 30, 2022, up from RMB 84.4 million in the previous year, mainly due to a reversal of write-downs of RMB 536.5 million related to the Fusong Property Project[42]. Property Development and Sales - The Group has two residential property projects, Guangze Jiuxi Red House and Guangze China House, both located in Jilin Province, PRC, with ongoing development of Phase II for both projects[15]. - The Group plans to reactivate the development of the Fusong Property Project, with adjustments made to the sales and marketing positioning to enhance cash flow[11]. - For the six months ended 30 September 2022, property sales amounted to approximately RMB307.1 million, primarily from Guangze Jiuxi Red House – Phase I and Guangze China House – Phase IA, with a total GFA of 66,213 sq.m.[24]. - The Group's revenue increased by 405.7% from RMB66.3 million for the six months ended 30 September 2021 to RMB335.5 million for the same period in 2022, driven by a 620.0% increase in property sales, amounting to RMB269.4 million[32]. - The Group recognized property sales of approximately RMB210.0 million from Guangze Jiuxi Red House – Phase I and RMB97.1 million from Guangze China House – Phase IA during the six months ended 30 September 2022[32]. - The Group completed the construction and delivery of Guangze Jiuxi Red House – Phase I during the six months ended 30 September 2022[24]. - The remaining part of Guangze China House – Phase IA was completed and delivered during the same period[21]. Financial Position and Liquidity - The Group's current portion of bank and other borrowings amounted to RMB 420,697,000, while unrestricted cash and cash equivalents were only RMB 74,291,000, indicating potential liquidity challenges[128]. - The Group's total receivables, after accounting for provisions, decreased from RMB55.7 million as of 31 March 2022 to RMB43.5 million as of 30 September 2022[81]. - Cash and bank deposits decreased by approximately 20.3% from RMB 93.2 million to RMB 74.3 million[92]. - The gearing ratio improved from 92% as of March 31, 2022, to 73% as of September 30, 2022, mainly due to an increase in equity from reduced accumulated losses[100]. - The Group reported a net cash outflow from investing activities of RMB 0, compared to RMB (2,074,000) in the previous year[144]. - The Group's ability to continue as a going concern is uncertain due to the current property market conditions and limited financing sources[161]. - The Group expects to generate adequate cash flows to maintain operations in the foreseeable future, despite the challenges faced[162]. Expenses and Costs - Selling and distribution expenses decreased by RMB2.0 million to RMB2.5 million for the six months ended 30 September 2022, attributed to the absence of promotional activities during the period[45]. - Administrative expenses fell by RMB0.8 million to RMB16.4 million for the six months ended 30 September 2022, reflecting ongoing cost control measures[46]. - Finance costs increased by RMB15.1 million to RMB39.8 million for the six months ended 30 September 2022, driven by higher interest rates and fewer project loans qualifying for capitalization[54]. - The loss in fair value of investment properties was RMB27.5 million for the six months ended 30 September 2022, an improvement from a loss of RMB46.6 million in the same period in 2021[55]. Taxation - Current tax for the six months ended 30 September 2022 included RMB5.4 million in PRC Corporate Income Tax, with total tax charges amounting to RMB101.1 million[60]. - The Group's current income tax for the six months ended 30 September 2022 included a Land Appreciation Tax (LAT) provision of RMB1.6 million, down from RMB6.8 million in the same period of 2021, and a Corporate Income Tax (CIT) provision of RMB5.4 million, compared to nil in the prior year[62][63]. - A deferred tax charge of RMB94.2 million was recorded for the six months ended 30 September 2022, contrasting with a tax credit of RMB13.4 million in the same period of 2021, primarily due to increased deferred tax liabilities from the reversal of write-downs of properties under development[65][68]. Strategic Initiatives - The Group aims to integrate and utilize high-quality resources from Changbaishan in various industries, including ginseng and mineral water, to build an internationally influential brand[10]. - The cultural tourism industry is expected to see strong demand and development opportunities, which the Group intends to capitalize on by introducing more resources and partners[10]. - The Group's strategy focuses on developing cultural tourism centered around excellent traditional Chinese culture and unique cultural symbols[10]. - The management is conducting further research and assessment on the Fusong Property Project to align with the Group's current strategy[11]. Employee and Operational Metrics - The Group's total staff costs for the six months ended 30 September 2022 were approximately RMB 8.2 million, up from RMB 7.9 million in the same period of 2021, primarily due to an increase in the number of Directors[118][119]. - As of September 30, 2022, the Group had 232 full-time employees, a slight decrease from 235 as of 31 March 2022[118][119].