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].

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].

HUA YIN INTERNATIONAL HOLDINGS LIMITED 華音國際控股有限公司 ( Incorporated in Bermuda with limited liability ) ( 於百慕達註冊成立之有限公司 ) Stock Code 股份代號：989 2021/22 Interim Report 中期報告 Contents 目 錄 2 5 29 32 33 34 36 37 39 95 Corporate Information 公司資料 Management Discussion and Analysis 管理層討論與分析 Report on Review of Interim Financial Information 中期財務資料審閱報告 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收入表 Condensed Consolidated Statement of Financial ...

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]

GROUND INTERNATIONAL -泽国际 F 年報 GROUND INTERNATIONAL DEVELOPMENT LIMITED 廣 澤 國 際 發 展 有 限 公 司 (於百惠達註冊成立之有限公司) 股份代號：989 2019/20 | --- | --- | |-------------------------------------|-------| | 目 錄 | | | 公司資料 | 2 | | 財 務 摘 要 | 3 | | 主 席 報 告 | 4 | | 管 理 層 討 論 與 分 析 | 6 | | 董 事 及 高 級 管 理 層 履 歷 資 料 | 2 2 | | 董 事 會 報 告 | 2 5 | | 企 業 管 治 報 告 | 3 7 | | 環 境 、 社 會 及 管 治 報 告 | 4 9 | | 獨 立 核 數 師 報 告 | 6 2 | | 綜 合 損 益 表 | 6 7 | | 綜 合 全 面 收 入 表 | 6 8 | | 綜 合 財 務 狀 況 表 | 6 9 | | 綜 合 權 益 變 動 表 | 7 1 | | 綜 合 現 金 流 量 表 | 7 3 | ...

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].