Financial Performance - Revenue for the year ended 31 March 2022 was RMB 112.1 million, a decrease of 26.9% from RMB 153.3 million in 2021[10]. - Gross profit for the year was RMB 31.8 million, compared to a gross loss of RMB 84.5 million in the previous year[10]. - The basic loss per share improved to RMB (0.84) from RMB (8.94), reflecting a reduction in loss of 90.6%[10]. - Total assets decreased by 9.2% to RMB 2,072.0 million from RMB 2,281.3 million in 2021[10]. - Total equity increased by 26.8% to RMB 44.5 million from RMB 35.1 million in the previous year[10]. - The gross profit margin improved to 28.4% from a negative margin of 55.1%[10]. - Net loss for the year was approximately RMB 57.0 million, a significant reduction in loss by approximately RMB 458.2 million compared to a net loss of approximately RMB 515.2 million for the year ended 31 March 2021[22]. - The Group recorded a decrease in property sales by approximately RMB 42.1 million or 39.3%, from approximately RMB 107.1 million for the year ended 31 March 2021 to approximately RMB 65.0 million for the year ended 31 March 2022[27]. - Rental income increased by 24.6% for the year ended March 31, 2022, attributed to the end of rent-free periods offered during the COVID-19 pandemic and an increase in average occupancy rates[41][45]. - The average occupancy rate of the Group's investment properties rose to 77% for the year ended March 31, 2022, compared to 75% in the previous year[31][33]. Business Strategy and Opportunities - The company plans to explore opportunities in other industries to diversify investment and business risks[14]. - The local governments' issuance of bonds to support industrial development presents new opportunities for the company in cultural tourism[14]. - The company is focusing on leveraging advantages in Changbaishan in line with its strategic objectives[14]. - The ongoing economic stimulus policies in China are expected to provide support for the real estate sector, which may benefit the company indirectly[13]. - The Group aims to diversify its business risk from property development by exploring opportunities in cultural, health, education, and tourism-related sectors[20]. - The Group's strategic goal includes finding opportunities in other industries to mitigate investment and business risks[16]. - The management is focused on developing a sustainable business model and enriching the Group's business portfolio through new business opportunities[23]. Financial Position and Liabilities - The Group's total liabilities as of March 31, 2022, were RMB 481.9 million, a decrease from RMB 507.2 million as of March 31, 2021, reflecting effective management of financial obligations[81]. - The Group's bank and other borrowings decreased by RMB 88.5 million to RMB 711.6 million as of March 31, 2022, with both current and non-current portions decreasing due to repayments made during the year[91]. - The total liabilities, including bank and other borrowings, were RMB 1,327.5 million as of March 31, 2022, compared to RMB 1,253.3 million in the previous year[98]. - Contract liabilities from deposits for property sales increased significantly from RMB 216.7 million as of March 31, 2021, to RMB 371.9 million as of March 31, 2022, driven by cash received from pre-sales[86]. - Interest payable decreased from approximately RMB 94.6 million as of March 31, 2021, to approximately RMB 61.0 million as of March 31, 2022, due to interest payments settled during the year[82]. Management and Governance - The company has appointed several new directors to enhance governance and strategic oversight, including independent non-executive directors[167]. - The board includes members with significant experience in architecture, finance, and corporate governance, ensuring a well-rounded leadership team[168]. - The management team is committed to continuous evaluation and improvement of business performance metrics[162]. - The Group's principal activity is investment holding, primarily engaged in property development and management, including planning, designing, budgeting, licensing, contract tendering, and property investment[186]. Employee and Stakeholder Relations - The Group emphasizes the importance of employees as valuable assets and aims to provide competitive remuneration and career development opportunities[194]. - The Group aims to maintain strong relationships with stakeholders, including employees, customers, and suppliers, which are crucial for its success[192]. - The Group maintains strong relationships with customers, focusing on excellent customer service and long-term profitability[197]. - The Group has developed long-standing relationships with key suppliers to ensure cost-effectiveness and quality commitment[198]. Cash Flow and Investments - The Group recorded a net cash outflow of RMB 2.1 million from investing activities for the year ended March 31, 2022, compared to an inflow of RMB 121.9 million for the year ended March 31, 2021[101]. - The net operating cash outflow for the year ended March 31, 2022, was not less than RMB 94.7 million, compared to an outflow of RMB 152.8 million for the year ended March 31, 2021[101]. - The Group's cash flow from operating activities was impacted by the settlement of PRC corporate income tax of RMB 12 million and interest expenses of not less than RMB 66.3 million during the year[102]. Risk Management - The Group does not currently have a foreign currency hedging policy but will monitor foreign currency exposure closely[120]. - The management has established credit approvals and monitoring procedures to minimize credit risk related to trade and other receivables[132]. - The Group's policy includes regular monitoring of liquidity requirements to ensure sufficient cash reserves and funding lines from financial institutions[133].

Financial Performance - For the six months ended September 30, 2021, the Group's overall revenue was approximately RMB 66.3 million, representing a decrease of 33.0% compared to RMB 99.1 million for the same period in 2020[20]. - The Group achieved a gross profit of RMB 24.7 million for the six months ended September 30, 2021, compared to a gross loss of RMB 13.7 million for the same period in 2020[20]. - The net profit for the period was RMB 16.8 million, a significant improvement from a net loss of RMB 607.2 million for the same period in 2020[20]. - Revenue for the six months ended September 30, 2021, was RMB 66,345,000, a decrease of 33.1% compared to RMB 99,054,000 for the same period in 2020[122]. - Gross profit for the same period was RMB 24,697,000, compared to a gross loss of RMB 13,692,000 in 2020[122]. - Profit for the period was RMB 16,782,000, a substantial recovery from a loss of RMB 607,229,000 in the prior year[122]. - Total comprehensive income for the period, net of tax, was RMB 66,921,000, compared to a total comprehensive loss of RMB 645,752,000 in the previous year[124]. Revenue Sources - The decrease in revenue was mainly due to a 42.1% drop in property sales, amounting to a decrease of RMB31.5 million compared to the previous year[33]. - Property sales (excluding car parks) for the six months ended 30 September 2021 were RMB35.7 million, with an aggregate GFA of 5,315 sq.m.[29]. - The Group recognized sales from Guangze Tudors Palace and Guangze Red House Phase III amounting to RMB7.8 million and RMB15.7 million, respectively[32]. - Rental income decreased from RMB6.5 million for the six months ended September 30, 2020 to RMB6.3 million for the same period in 2021[35]. - The Group's property management service income decreased from RMB17.5 million for the six months ended September 30, 2020 to RMB16.6 million for the same period in 2021[35]. - Revenue from property development and management services was RMB 43,454,000, while property management service income was RMB 16,592,000[175]. Expenses and Costs - Selling and distribution expenses increased by RMB1.6 million to RMB4.5 million for the six months ended September 30, 2021, attributed to promotional activities for the Guangze Jiuxi Red House project[42]. - Administrative expenses rose by RMB1.8 million to RMB17.3 million, mainly due to an increase in average staff numbers leading to higher staff costs[42]. - Finance costs decreased by RMB32.4 million to RMB24.7 million, primarily due to a reversal of over-accrued interest expenses and a reduction in bank loan balances[47]. - The Group's total staff costs for the six months ended September 30, 2021, were approximately RMB 7.9 million, up from RMB 6.5 million for the same period in 2020[104]. Investment Properties - The fair value of the Group's investment properties decreased from RMB547.1 million at 31 March 2021 to RMB509.2 million at 30 September 2021[29]. - The fair value loss on investment properties was RMB46.6 million for the six months ended 30 September 2021, compared to a loss of RMB29.0 million in the same period of 2020[47]. - The fair value of investment properties decreased by RMB46.6 million as of September 30, 2021, compared to March 31, 2021, reflecting market conditions in Jilin Province[53]. Cash Flow and Liquidity - The Group recorded a net operating cash outflow of RMB 6.6 million for the six months ended September 30, 2021, compared to an outflow of RMB 206.1 million for the same period in 2020[84]. - The Group's cash and bank deposits amounted to approximately RMB 92.7 million, a decrease of approximately 21.4% compared to RMB 117.9 million as of March 31, 2021[77]. - The Group's net debt as of September 30, 2021, was RMB 1,379.3 million, compared to RMB 1,302.1 million as of March 31, 2021[83]. - The Group's current income tax related to Land Appreciation Tax (LAT) provision was RMB6.8 million, an increase from RMB4.7 million in the prior year, due to more commercial property units being delivered[47]. Market Conditions and Strategy - Domestic leisure travel saw a year-on-year growth of 39.1%, reaching 58.5% of pre-pandemic levels during the first three quarters of 2021[15]. - The Changbaishan region experienced a year-on-year growth of 73.9%, achieving 41% of pre-pandemic travel levels[15]. - The Group is cautiously advancing its property development projects to safeguard cash flow and liquidity amid increasing regulatory measures from the PRC government[19]. - The management is re-evaluating the Fusong Property Project, considering potential divestment and government re-purchase strategies[16]. - The Group's strategy includes a thorough deliberation on the cultural tourism project in Changbaishan to adapt to changing market conditions[16]. Future Outlook - The Group anticipates generating adequate cash flows to maintain its operations in the foreseeable future[145]. - Continuous financial support from the Group's controlling shareholder has been confirmed, ensuring that repayment of loans will not be demanded within the next twelve months[147]. - The Group's financial statements have been prepared on a going concern basis, with a cash flow forecast covering up to 30 September 2022[148].

Financial Performance - Revenue for the year ended 31 March 2021 was RMB 153.3 million, a decrease of 36.7% from RMB 242.7 million in the previous year[11] - The gross loss for the year was RMB (84.5) million, compared to a gross loss of RMB (44.6) million in the previous year, representing an increase of 89.5%[11] - The loss for the year was RMB (515.2) million, a significant reduction of 62.3% from RMB (1,367.5) million in the previous year[11] - Basic and diluted loss per share was RMB (8.94), down 73.6% from RMB (33.84) in the previous year[11] - Total assets decreased by 10.7% to RMB 2,281.3 million from RMB 2,555.8 million in the previous year[11] - Total equity was reported at RMB (13.7) million, a decline of 103.0% from RMB 451.9 million in the previous year[11] - The gross loss margin was (55.1)%, compared to (18.4)% in the previous year, indicating a significant deterioration[11] - Revenue from continuing operations decreased by 36.8% from RMB242.7 million for the year ended 31 March 2020 to RMB153.3 million for the year ended 31 March 2021, primarily due to a 42.6% decrease in property sales[46] - Property sales dropped by RMB79.7 million, attributed to no new property projects completed and delivered during the year ended 31 March 2021[49] - Rental income decreased by 45.2% to RMB11.3 million, mainly due to rent-free periods offered during the COVID-19 pandemic and a decline in average occupancy rates[47] - Other income and gains fell significantly from RMB43.5 million to RMB1.5 million, primarily due to a one-off gain from the disposal of subsidiaries in the prior year[51] Assets and Liabilities - The Group's total borrowings decreased by RMB 66.1 million to RMB 800.1 million as of March 31, 2021[86] - Properties under development and completed properties held for sale decreased from RMB1,600.3 million as of March 31, 2020, to RMB1,211.8 million as of March 31, 2021, attributed to the transfer of development costs to costs of sales and write-downs of RMB181.9 million[61] - The Group's trade and other payables decreased from RMB 647.5 million as of March 31, 2020, to RMB 507.2 million as of March 31, 2021[92] - The current portion of bank and other borrowings decreased from RMB 695.5 million as of March 31, 2020, to RMB 448.5 million as of March 31, 2021[89] - The non-current portion of bank and other borrowings increased from RMB 170.7 million as of March 31, 2020, to RMB 351.6 million as of March 31, 2021[90] - Trade receivables remained stable at RMB 13.8 million as of March 31, 2021, compared to RMB 14.0 million as of March 31, 2020[64] - Cash and bank deposits increased by approximately 286.6% to RMB 117.9 million as of March 31, 2021, compared to RMB 30.5 million as of March 31, 2020, attributed to net proceeds from a placing in March 2021[84] Business Strategy and Focus - The company is focusing on the cultural tourism sector, aligning with China's "Fourteenth 5-year Plan" for high-quality economic development[15] - Looking ahead, the company aims to seize new business opportunities post-epidemic, focusing on cultural tourism, healthcare, education, and new concept tourism[22] - The company plans to integrate resources to develop a multi-sector integrated business model to maximize returns to shareholders[20] - The "14th Five-Year Plan" emphasizes high-quality development through innovation and cultural tourism[20] - The company will focus on traditional cultural inheritance, tourist spot management, and related consumer goods development[22] Project Development - The Group delivered and recognised sales of car park units amounting to approximately RMB15.2 million from the sale of 131 car park units, compared to RMB37.2 million from 525 car park units in the previous year[26] - As of 31 March 2021, the Group has three remaining projects under development, including Guangze Jiuxi Red House and Guangze China House – Phase I(A), with the latter expected to complete in the fourth quarter of 2021[26] - The cultural tourism project in Changbaishan includes an estimated GFA under development of approximately 76,002 sq.m and an estimated GFA held for future development of approximately 547,977 sq.m[26] - The Group has suspended construction for the Changbaishan project since April 2019 due to macro and industry-specific risk factors and changes in the surrounding policy environment[26] - The Group's management is currently in negotiations with the local government and potential buyers for divestment of the Changbaishan project[26] Management and Governance - The Group's principal activity is investment holding, primarily engaged in property development and management, including planning, designing, budgeting, licensing, contract tendering, and property investment[146] - The Group's human resource management aims to reward and recognize performing staff with competitive remuneration packages and promote career development through appropriate training[152] - The management team has a strong background in both financial and operational roles, which supports strategic decision-making and market expansion efforts[135] - The Group's success relies on the support from key stakeholders, including employees, customers, and suppliers[152] Shareholder Information - As of March 31, 2021, Ms. Cui Xintong holds 3,659,748,124 shares, representing 54.10% of the issued voting shares of the company[173] - The total number of issued voting shares as of March 31, 2021, is 6,764,285,867[175] - The interests of directors and chief executives are recorded in compliance with the Securities and Futures Ordinance (SFO) and the Model Code for Securities Transactions[171] - The company has provided indemnity and insurance for its directors and senior executives against liabilities incurred in their roles[171] Financial Guarantees and Transactions - The Group provided guarantees amounting to RMB 790.9 million for mortgage loans procured by property purchasers, a slight decrease from RMB 803.4 million as of March 31, 2020[118][119] - The company has a continuing connected transaction with Ground Investment Holding, Ka Yik, and Charm Success, providing corporate guarantees and shareholder loans for a period covering the financial years ending March 31, 2020, 2021, and 2022[197] - The total consideration for the connected transaction does not exceed HK$10 million, qualifying it as a de minimis connected transaction[194]

Land Acquisition and Development - The Group successfully acquired two land parcels in Jiutai District, Changchun City, Jilin Province, with a total site area of 58,669 sq.m. and a permitted total gross floor area of 117,338 sq.m. for residential and commercial units[12] - As of September 30, 2020, the Group commenced construction on one of the land parcels and obtained the related pre-sale permit[12] - The management is focusing on replenishing the Group's land bank while adjusting the existing business portfolio and deepening research in domestic cultural tourism and healthcare[12] - The Group is in discussions with business partners to acquire additional land in the Greater Bay Area and cities in Jilin Province, although no agreements have been finalized as of the report date[12] Economic Environment - The global economy has been heavily affected by the pandemic, with many national governments implementing measures to support local economies[12] - The PRC economy showed a slight rebound in many sectors during the third quarter of 2020[12] - The ongoing tensions between the PRC and the United States have added uncertainties to the economic outlook[12] - The Group aims to continuously explore new business opportunities amidst the changing economic landscape[12] Financial Performance - For the six months ended 30 September 2020, the Group's overall revenue from continuing operations was approximately RMB 99.1 million, representing an increase of 84.9% compared to RMB 53.6 million for the same period in 2019[14] - The Group reported a gross loss of RMB 13.7 million for the six months ended 30 September 2020, compared to a gross profit of RMB 7.9 million for the same period in 2019[14] - The net loss from continuing operations for the period was RMB 607.2 million, an increase from RMB 332.7 million in the prior year[14] - The total comprehensive income for the six months ended 30 September 2020 was impacted by the discontinued operations related to the financing guarantee business[23] Sales and Revenue - Contracted sales during the six months ended 30 September 2020 included two projects under development, with ongoing sales of remaining completed high-end villas and other residential units[16] - The Group recognized sales of properties amounting to RMB 53.7 million with an aggregate gross floor area of 8,301 sq.m. for the six months ended 30 September 2020, compared to RMB 18.4 million and 2,720 sq.m. for the same period in 2019[18] - The Group delivered and recognized sales of car park units amounting to approximately RMB 11.8 million from the sale of 101 car park units, up from RMB 3.8 million from 30 units in the prior year[18] - Revenue from the sale of properties rose by 237.3% or RMB 52.8 million compared to the same period last year, primarily due to the sales and delivery of remaining units from previous property projects[24] Rental and Property Management Income - Rental income decreased from RMB 13.1 million for the six months ended 30 September 2019 to RMB 6.5 million for the six months ended 30 September 2020, a decline of 50.2%[27] - Property management service income decreased from RMB 18.2 million to RMB 17.5 million due to a reduction in the number of managed units[27] - The average occupancy rate for shopping mall units in Baishan City decreased during the period, contributing to the decline in rental income[27] Expenses and Losses - Selling and distribution expenses increased by RMB 0.4 million from RMB 2.5 million to RMB 2.9 million, mainly due to promotion and advertising expenses for a new property project launched in Jiutai District[31] - Administrative expenses decreased by RMB 0.7 million from RMB 16.2 million to RMB 15.5 million, attributed to reduced travel expenses due to COVID-19 restrictions and ongoing cost control measures[32] - Other expenses included write-downs of RMB 442.3 million related to the property under development for Guangze Pine Township International Resort, compared to RMB 300 million for the same period in 2019[32] Financial Position and Liabilities - The Group's current income tax amounted to RMB 4.7 million for the six months ended 30 September 2020, an increase from RMB 0.9 million in the prior year, due to higher taxable income from property deliveries and sales[37] - The Group's cash and bank deposits decreased by approximately 53.8% from RMB 30.5 million as of March 31, 2020, to approximately RMB 14.1 million as of September 30, 2020[55] - The Group's total liabilities decreased from RMB 647.5 million to RMB 588.2 million, reflecting a reduction in trade payables and accrued costs[49] - The gearing ratio increased to 108% as of 30 September 2020, compared to 75% as of 31 March 2020, primarily due to a decrease in equity resulting from losses for the six months ended 30 September 2020[60] Cash Flow and Financing - For the six months ended 30 September 2020, the Group recorded a net operating cash outflow of RMB 206.1 million, compared to an inflow of RMB 4.9 million for the same period in 2019[62] - The Group recorded a net cash inflow of RMB 122.0 million from investing activities for the six months ended 30 September 2020, compared to an inflow of RMB 45.0 million for the same period in 2019[62] - The financing activities generated a net cash inflow of RMB 68,075,000 for the six months ended 30 September 2020, compared to a net cash outflow of RMB (36,811,000) in the same period of 2019[96] Impairment and Write-downs - The write-down of properties under development to net realizable value was RMB 442,336,000, significantly higher than RMB 300,000,000 in the previous year[161] - The Group recognized an impairment loss of RMB 442,300,000 for the development properties as of September 30, 2020, compared to RMB 300,000,000 in 2019[198] - The cumulative impairment loss related to development properties and completed properties held for sale is expected to continue to fluctuate due to market conditions[198] Shareholder Information - Basic loss per share attributable to owners of the parent was 11.13 cents, compared to 8.33 cents in the previous year[82] - No interim dividend was declared for the six months ended 30 September 2020, consistent with the previous year where no dividend was declared[175] - The weighted average number of ordinary shares in issue during the period for basic loss per share calculation was 5,457,008 for the six months ended 30 September 2020, up from 5,273,401 in 2019, reflecting an increase of approximately 3.5%[173]

Financial Performance - For the fiscal year ending March 31, 2020, the company reported a revenue of RMB 242.7 million, a decrease of 62.9% compared to RMB 654.5 million in the previous year[6] - The company experienced a net loss of RMB 1,367.5 million, significantly higher than the previous year's loss of RMB 11.6 million[6] - Total assets decreased by 47.1% to RMB 2,555.8 million from RMB 4,830.7 million year-on-year[6] - Total equity dropped by 80.6% to RMB 451.9 million compared to RMB 2,328.3 million in the previous year[6] - The company's gross loss margin was reported at -18.4%, compared to a gross profit margin of 26.7% in the previous year[6] - The operating cash ratio decreased by 52.2% to 1.1 from 2.3 in the previous year[6] - The quick ratio fell by 66.7% to 0.2 from 0.6 year-on-year[6] - For the fiscal year ending March 31, 2020, the company's total revenue from continuing operations was approximately RMB 242.7 million, a decrease of 62.9% compared to RMB 654.5 million for the previous fiscal year[16] - The company reported a gross loss of RMB 44.6 million for continuing operations, compared to a gross profit of RMB 174.5 million in the previous year[16] - The net loss after tax for continuing operations was RMB 1,367.5 million, a significant decline from a net profit of RMB 11.6 million in the prior year[16] Property Development and Sales - The company is focusing on residential and commercial property development to generate stable income and cash flow, while also seeking potential property projects to enhance profitability[11] - The company has successfully bid for two residential plots in Jilin City, which will supplement its land reserves[12] - For the fiscal year ending March 31, 2020, property sales (excluding parking spaces) and confirmed construction area decreased by 72.5% and 74.3%, respectively, with total sales amounting to RMB 149,700,000 and a total construction area of 24,748 square meters[18] - Revenue from continuing operations decreased by 62.9% to RMB 242,700,000, primarily due to a 68.8% drop in property sales amounting to RMB 412,600,000 compared to the previous year[29] - The average occupancy rate for investment properties in China dropped to 88.3%, down from 92.9% in the previous year, with a fair value decline of RMB 110,000,000 for the group's investment properties[22] - The group recorded a gross loss of RMB 44,600,000 for the fiscal year, compared to a gross profit of RMB 174,500,000 and a gross margin of 26.7% in the previous year[31] - The group sold 525 parking spaces, generating sales of approximately RMB 37,200,000, down from RMB 55,300,000 from the sale of 351 parking spaces in the previous year[18] Financial Risks and Liabilities - The financing guarantee business faced significant credit risk, leading to an increase in provisions for losses amounting to RMB 100.3 million and RMB 300.3 million for receivables[14] - The company’s net loss from credit risk on entrusted loans amounted to RMB 290,900,000 due to significant increases in credit risk among borrowers[46] - The company’s total liabilities decreased from RMB 941,667,000 to RMB 866,187,000, reflecting a strategic refinancing of short-term loans into long-term bank loans[55] - As of March 31, 2020, the company's debt-to-equity ratio increased to 75% from 39% in the previous year, primarily due to losses leading to a decrease in equity[56] Corporate Governance and Management - The company has established various methods to enhance communication with customers to provide excellent service and maintain profitability[85] - The company has established three board committees: the remuneration committee, nomination committee, and audit committee[149] - The board is responsible for overall corporate strategy, major business planning, and risk policies[142] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[143] - The board consists of at least three independent non-executive directors, complying with listing rules[148] Environmental, Social, and Governance (ESG) Initiatives - The company implemented various environmental policies to promote sustainable development and comply with environmental laws and regulations[184] - The company emphasizes talent acquisition and retention, ensuring equal opportunities and compliance with labor laws[192] - The company has implemented comprehensive safety management policies to reduce potential occupational hazards[193] - The company actively encourages employees to contribute to the community through organized volunteer services and community activities[199] Shareholder Information - The company reported a significant focus on property development and management, including planning, design, budgeting, licensing, contract bidding, and contract management[81] - For the fiscal year ending March 31, 2020, the company did not recommend any dividend distribution, consistent with the previous year[88] - The company’s reserves available for distribution as of March 31, 2020, were zero, unchanged from the previous year[90] - The company maintained a sufficient public float of at least 25% of the total issued shares during the reporting period[132]

Financial Performance - The overall revenue for the six months ended September 30, 2019, was approximately RMB 65.1 million, a decrease of 54.3% compared to RMB 142.5 million for the same period in 2018[10]. - Gross profit for the same period was RMB 19.4 million, down from RMB 31.6 million in the previous year[10]. - The net loss after tax was RMB 439.5 million, compared to a net profit of RMB 10.5 million for the same period in 2018[10]. - Revenue for the six months ended September 30, 2019, was RMB 65,107,000, a decrease of 54.4% compared to RMB 142,462,000 for the same period in 2018[67]. - Gross profit for the same period was RMB 19,433,000, down 38.3% from RMB 31,551,000 year-on-year[67]. - The company reported a loss before tax of RMB 508,672,000, compared to a profit of RMB 17,328,000 in the previous year[67]. - The net loss attributable to equity holders of the parent was RMB 439,497,000, compared to a profit of RMB 10,537,000 in the same period last year[67]. - Basic loss per share was RMB (8.33), compared to earnings of RMB 0.20 per share in the prior year[67]. Property Development and Management - The company is focusing on residential and commercial property development to generate stable income and cash flow[7]. - For the six months ended September 30, 2019, property sales decreased by 78.9% to RMB 22,237,000, primarily due to a reduction in delivered properties[12]. - The company is currently developing two projects with an estimated construction area of approximately 213,729.6 square meters and 547,977 square meters for future development[14]. - The company confirmed property sales from previous years primarily from Guangze Lanxiang (RMB 9,500,000), Guangze Zijingcheng (RMB 1,800,000), and Guangze Hongfu Phase II (RMB 5,500,000)[12]. Investment Properties - The rental yield for the investment property in Kowloon Bay, Hong Kong, was approximately 3%, but rental income could not cover interest expenses due to a bank loan[8]. - The company held two investment properties as of September 30, 2019, with a total rental area of 40,505 square feet in Hong Kong and 26,235 square meters in China[15]. - The rental rate for the investment property in Hong Kong remained at 100%, while the rental rate for the shopping center in China increased to 94.2% from 92.9%[16]. - The company reported rental income of RMB 13,125,000, reflecting a stable income stream from property investments[99]. Financial Position - The total outstanding guarantees as of September 30, 2019, amounted to RMB 2,068,300,000, with agriculture and property development accounting for 55% and 25% respectively[18]. - The company’s total liabilities as of September 30, 2019, were RMB 732,231,000, an increase from RMB 683,571,000 as of March 31, 2019[49]. - The company reported a cash and bank deposit balance of approximately RMB 43,600,000 as of September 30, 2019, representing an increase of approximately 44.9% from RMB 30,100,000 as of March 31, 2019[53]. - The company’s total liabilities increased to RMB 2,067,027,000 from RMB 1,646,476,000, indicating a rise of 25.6%[72]. - The company's total equity decreased to RMB 1,840,644,000 from RMB 2,328,311,000, a decline of 21.0%[73]. Operational Challenges - The company is considering potential buyers for its investment properties due to underperformance and market uncertainties[8]. - The board is reassessing the feasibility of the "one main and two auxiliary" growth model in light of macroeconomic factors and the company's financial condition[7]. - The company plans to reduce new business expansion and control operational risks in the financing guarantee business[8]. - The company recorded a net loss of RMB 101,600,000 from guarantee services for the six months ended September 30, 2019, compared to a profit of RMB 13,500,000 in the same period of the previous year[18]. Cost Management - Selling and distribution costs increased from RMB 10,300,000 to RMB 30,900,000, mainly due to increased credit risk provisions of RMB 27,300,000 related to certain customers[27]. - Administrative expenses decreased from RMB 28,700,000 to RMB 23,300,000, attributed to ongoing cost control measures[29]. - Financing costs rose from RMB 10,700,000 to RMB 33,200,000, primarily due to the suspension of a property project, resulting in less interest eligible for capitalization[30]. - Other expenses surged from RMB 3,100,000 to RMB 415,600,000, mainly due to impairment losses on receivables of RMB 81,200,000 and provisions for development properties of RMB 300,000,000[32]. Cash Flow and Liquidity - The group recorded a current tax expense of RMB 900,000, a decrease from RMB 6,600,000, mainly due to reduced taxable income from property sales[35]. - The group recorded a net cash inflow from operating activities of RMB 4,900,000 for the six months ended September 30, 2019, compared to an outflow of RMB 136,100,000 for the same period in 2018[58]. - Cash inflow from investment activities was RMB 45,000,000 for the six months ended September 30, 2019, compared to an outflow of RMB 14,100,000 for the same period in 2018[58]. - The company incurred interest payments of RMB 45,669 thousand, compared to RMB 30,908 thousand in the previous year, indicating increased financing costs[78]. Employee and Management - The total number of full-time employees decreased to 259 as of September 30, 2019, from 285 as of March 31, 2019[61]. - Employee costs for the six months ended September 30, 2019, amounted to approximately RMB 10,600,000, down from RMB 14,000,000 for the same period in 2018[61]. - The total remuneration for key management personnel was RMB 3,930,000 for the six months ended September 30, 2019, slightly down from RMB 3,958,000 for the same period in 2018[195]. Compliance and Reporting - The company has not adopted new or revised Hong Kong Financial Reporting Standards that are effective for the financial year beginning April 1, 2019, and does not expect significant impact on its financial performance[90]. - The company continues to assess the impact of new standards and revisions, indicating a proactive approach to compliance and financial reporting[90]. - The company is committed to maintaining transparency in its fair value measurements[200].

Financial Performance - Revenue for the year was RMB 676.8 million, a decrease of 26.4% compared to RMB 920.0 million in the previous year[10]. - Net profit for the year was RMB 23.0 million, down 61.1% from RMB 59.2 million[12]. - Basic earnings per share decreased by 66.2% to RMB 0.44 from RMB 1.3[13]. - The overall revenue for the fiscal year ending March 31, 2019, was approximately RMB 676.8 million, a decrease of 26.4% compared to RMB 920 million for the previous year[38]. - The net profit after tax from continuing operations was RMB 23 million, down from RMB 59.2 million in the previous year[38]. - The company reported a net profit before tax of RMB 14,437,000 for the fiscal year ending March 31, 2019, down from RMB 25,547,000 in the previous year[55]. - The group reported a loss of RMB 8,800,000 from discontinued operations for the year ended March 31, 2018, with no related losses in the current year[84]. - The company reported no dividend distribution for the fiscal year ending March 31, 2019, consistent with the previous year[167]. Profitability and Margins - Gross profit increased to RMB 196.8 million, representing a 19.4% increase from RMB 164.8 million[11]. - The gross profit from continuing operations was RMB 196.8 million, an increase from RMB 164.8 million in the previous year[38]. - The gross profit margin improved to 29.1%, an increase of 11.2 percentage points from 17.9%[17]. - The group's overall gross profit increased from RMB 164,800,000 and a gross margin of 17.9% for the year ended March 31, 2018, to RMB 196,800,000 and a gross margin of 29.1% for the year ended March 31, 2019[72]. Assets and Liabilities - Total assets decreased by 9.0% to RMB 4,830.7 million from RMB 5,309.2 million[15]. - The company’s total assets amounted to RMB 1,433,530,000, with a net asset value of RMB 543,884,000[55]. - The value of properties under development and completed properties held for sale decreased from RMB 2,871,500,000 to RMB 2,576,600,000, primarily due to the transfer of development costs to cost of sales[89]. - The total outstanding guarantees amounted to RMB 1.4335 billion, with 25% related to property development and 47% to agriculture[52]. - The total amount of contract liabilities decreased from RMB 598,471,000 to RMB 273,890,000, primarily due to the transfer of certain deposits recognized as revenue during the year[102]. Cash Flow and Financing - The net cash outflow from operating activities for the year ended March 31, 2019, was RMB 154,300,000, compared to RMB 82,100,000 in the previous year[113]. - The group recorded a cash outflow of RMB 11,400,000 from investing activities, a significant decrease from RMB 406,700,000 in the previous year[113]. - The total bank and other borrowings decreased to RMB 941,700,000 from RMB 1,004,806,000, with the current portion dropping from RMB 586,772,000 to RMB 464,081,000[108]. - The capital debt ratio improved to 39% as of March 31, 2019, down from 44% a year earlier, attributed to the reduction in bank borrowings and trade payables[112]. Business Strategy and Outlook - The company continues to focus on the "one main and two auxiliary" development strategy, emphasizing the elderly care and health industries, as well as cultural tourism[31]. - Future outlook includes seeking additional investment opportunities to enhance shareholder value[32]. - The company is exploring various business areas in healthcare and cultural tourism, conducting detailed market research and feasibility studies[63]. - The company aims to diversify its existing business to reduce operational risks and enhance shareholder returns[63]. - The group is actively seeking projects in other regions of China and overseas to mitigate risks associated with the property market[117]. Employee and Management - Total employee costs for the year ended March 31, 2019, were approximately RMB 30,800,000, a decrease of 27.5% from RMB 42,400,000 for the year ended March 31, 2018, attributed to a reduction in workforce[136]. - The group had 285 full-time employees as of March 31, 2019, down from 357 employees as of March 31, 2018, reflecting a reduction in workforce[136]. - The company has a strong management team with over 21 years of experience in various industries, including real estate and finance, which may contribute to strategic decision-making[148]. - The company is focused on expanding its market presence and enhancing its operational capabilities through strategic hires and management expertise[149]. Corporate Governance - The company is actively involved in corporate governance, with independent directors overseeing key committees, ensuring compliance and accountability[146]. - The company has a commitment to professional development, as evidenced by the educational backgrounds of its executives, which may support informed decision-making[148]. - The company has established long-term relationships with suppliers to ensure quality and ethical commitments[163]. - The company has taken measures to indemnify directors and senior executives against any claims arising from their duties[184]. Shareholder Information - As of March 31, 2019, the company had a total of 5,273,400,867 shares issued, with significant ownership concentrated among major shareholders[187]. - Ms. Chui holds 3,875,330,694 shares, representing 73.49% of the voting rights[187]. - Major shareholders include Mei Cheng Group Limited with 618,005,694 shares (11.72%) and Jia Tan Investment Limited with 3,257,325,000 shares (61.77%) as of March 31, 2019[200].