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].