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，概不對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。 HONG KONG SHANGHAI ALLIANCE HOLDINGS LIMITED 滬 港 聯 合 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：1001） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 滬港聯合控股有限公司（「本公司」）之董事會（「董事會」）謹此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（「本年度」）之綜合業績。 財務摘要 截至三月三十一日止年度 二零二三年 二零二二年 變動 百萬港元 百萬港元 收入 2,658.5 2,807.9 -5.3% 毛利 352.0 339.7 +3.6% ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,352,305, a slight decrease of 0.3% compared to HK$1,359,791 for the same period in 2021[13] - Gross profit for the period was HK$175,453, down 8.5% from HK$191,875 in the previous year[13] - Operating profit decreased to HK$94,772, compared to HK$100,611 in the prior year, reflecting a decline of 5.5%[13] - Profit for the period was HK$49,724, a marginal increase from HK$49,154 in the same period last year, representing a growth of 1.2%[13] - Basic earnings per share attributable to owners of the Company were HK7.48 cents, down from HK7.73 cents in the previous year, indicating a decrease of 3.2%[13] - The Company reported finance costs of HK$34,116, an increase from HK$30,821 in the previous year, reflecting a rise of 7.4%[13] - Non-controlling interests contributed HK$1,797 to the profit, compared to a loss of HK$409 in the previous year, showing a significant turnaround[13] - The Company experienced a net loss of HK$1,419 from investments accounted for using the equity method, an improvement from a loss of HK$8,314 in the previous year[13] - Total comprehensive income for the period will be detailed in the subsequent financial statements, indicating ongoing assessments of financial performance[16] - Profit for the period increased to HK$49,724,000 from HK$49,154,000, representing a growth of 1.16%[17] - Total comprehensive loss for the period amounted to HK$105,988,000, compared to a total comprehensive income of HK$73,052,000 in the previous period[17] - Other comprehensive loss for the period was HK$155,712,000, significantly higher than the previous period's income of HK$23,898,000[17] Assets and Liabilities - Total assets decreased to HK$2,998,454,000 from HK$3,368,221,000, reflecting a decline of approximately 10.98%[20] - Total liabilities decreased to HK$2,000,920,000 from HK$2,253,993,000, a reduction of about 11.19%[22] - Total equity attributable to owners of the Company decreased to HK$890,157,000 from HK$990,835,000, a decline of approximately 10.13%[22] - Non-current assets totaled HK$1,752,353,000, down from HK$1,966,749,000, indicating a decrease of about 10.87%[20] - Current assets decreased to HK$1,246,101,000 from HK$1,401,472,000, reflecting a decline of approximately 11.14%[20] - Cash and cash equivalents stood at HK$150,239,000, down from HK$188,931,000, a decrease of about 20.39%[20] Cash Flow and Financing Activities - For the six months ended September 30, 2022, the company reported a net cash outflow from operating activities of HK$54,237,000, compared to HK$140,876,000 in the same period of 2021[30] - The company experienced a net cash inflow from financing activities of HK$23,924,000, a decrease from HK$188,549,000 in the previous year[33] - The company recorded a net cash outflow from investing activities of HK$4,292,000, compared to HK$8,495,000 in the previous year[30] - Interest received during the period was HK$582,000, while interest paid amounted to HK$32,904,000[30] - The Group's borrowings as of 30th September 2022 amounted to HK$1,481,504,000, with HK$775,110,000 due within one year[57] - The total financial liabilities as of 30th September 2022 were HK$1,868,256,000, compared to HK$2,071,447,000 as of 31st March 2022, indicating a decrease[57] Market and Risk Management - The Group is exposed to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[55] - Management considers the price risk from investments classified as financial assets at fair value through profit or loss to be insignificant[55] - The Group's liquidity risk is managed by analyzing financial liabilities based on their maturity, with HK$1,146,423,000 due within one year[57] - The Group's income and operating cash flows are largely independent of market interest rate changes due to low-interest-bearing assets[63] - The Group is closely monitoring steel product market prices to manage commodity price risks effectively[55] Segment Performance - Revenue from the Steels Distribution and Processing Business was HK$1,295,958, while the Building Products Distribution Business generated HK$169,524, and Property Investment and Fund Management Business contributed HK$56,333[95] - Operating profit for the Group was HK$94,772, with the Steels Distribution and Processing Business contributing HK$58,038 and the Building Products Distribution Business contributing HK$23,219[95] - The Group operates predominantly in three segments: Steels Distribution and Processing, Building Products Distribution, and Property Investment and Fund Management[89] Shareholder Information - An interim dividend of HK1.00 cent per ordinary share was declared, totaling approximately HK$6,404,000, down from HK1.50 cents per share in 2021, which totaled HK$9,606,000[123] - The weighted average number of ordinary shares in issue during the period is 640,414,000, slightly down from 641,196,000 in 2021[130] - The company has not recognized the interim dividend as a liability in the unaudited condensed consolidated interim financial information[123] Accounting and Valuation - The accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended 31st March 2022[39] - New accounting standards adopted did not have any material impact on the results and financial position of the Group[42] - The total fair value of financial assets as of September 30, 2022, was HK$11,091,000, with HK$4,573,000 classified under Level 1 and HK$2,610,000 under Level 2[69] - The carrying amounts of the Group's financial assets and liabilities approximated their fair values, reflecting effective financial risk management[78] Other Financial Metrics - Employee benefit expenses for the six months ended September 30, 2022, were HK$54,536, down from HK$68,597 in the same period of 2021[110] - The current income tax expense for Hong Kong profits tax is HK$3,779,000, while the China corporate income tax is HK$6,381,000, totaling HK$10,095,000 for the six months ended 30th September 2022, a decrease from HK$12,956,000 in 2021[121] - The provision for impairment for trade and bill receivables was HK$15,597,000 as of September 30, 2022, compared to HK$16,536,000 as of March 31, 2022[164]

Financial Performance - Revenue for the year ended March 31, 2022, increased by 35.4% to HK$2,807.9 million from HK$2,073.6 million in 2021[11] - Profit for the year surged by 1,559.4% to HK$63.4 million compared to HK$3.8 million in the previous year[11] - Basic earnings per ordinary share rose to 10.22 HK cents, a significant increase of 3,830.8% from 0.26 HK cents[11] - The gross profit margin slightly decreased to 12.1% from 12.2% year-on-year[11] - Operating profit margin improved to 5.6%, up from 4.6% in the previous year[11] - The net profit margin increased to 2.3%, compared to 0.2% in the prior year[11] - The company reported a gross profit of HK$339.7 million, up 34.3% from HK$253.0 million[11] - Operating profit reached HK$157.0 million, reflecting a 63.5% increase from HK$96.0 million in the previous year[11] - Profit before income tax was HK$83,006, up from HK$13,362 in the previous year, indicating a strong recovery[17] - Profit attributable to owners of the company was HK$65,503, a substantial increase from HK$1,673 in the previous year[17] Business Segments - The steel distribution and processing business accounted for 14.0% of total revenue, while property investment and fund management contributed 82.5%[12] - The Property Investment and Fund Management Business remained resilient, while the Steels Distribution and Processing Business and Building Products Distribution Business achieved segment profit increases of approximately 117.1% and 25.9% respectively[48] - The Building Products Distribution Business achieved a revenue of approximately HK$393.7 million, up from approximately HK$313.9 million last year, with profit before income tax increasing by 25.9% to approximately HK$43.1 million[74] - The Steels Distribution and Processing Business reported a profit before income tax of approximately HK$88.4 million, a 117.1% increase on revenue of approximately HK$2,317.2 million[78] Dividends and Equity - Proposed final dividend per ordinary share is set at 1.50 HK cents, with an interim dividend also at 1.50 HK cents[11] - Total equity as of March 31, 2022, was HK$1,114,228, up from HK$1,008,508 in the previous year, showing a healthy growth in net assets[20] - The Group's net asset value increased from approximately HK$1,008.5 million to approximately HK$1,114.2 million, with net asset value per ordinary share at approximately HK$1.55[96] Market and Operational Insights - The company reported notable orders in the Building Products Distribution Business in Hong Kong and Macau, contributing to revenue growth[27] - The revitalization of Central Park • Huangpu in Shanghai led to an increase in occupancy and rent rates during the year[28] - The company aims to capture opportunities in the recovering construction market in Hong Kong, with improved efficiency in civil project approvals[34] - The construction projects in Hong Kong and Macau showed a gradual rebound in demand, indicating a recovery in the market[43] - The Group remains cautiously optimistic about future developments in the Hong Kong market, anticipating orderly progress in infrastructure projects[37] Corporate Social Responsibility - The company is committed to corporate social responsibility, providing support during the COVID-19 pandemic and reducing its carbon footprint through solar panel installations[33] Financial Position and Ratios - The Group's total assets increased from approximately HK$2,960.8 million to approximately HK$3,368.2 million as of March 31, 2022[96] - Inventories rose from approximately HK$443.1 million to approximately HK$547.5 million, primarily due to a surge in steel prices[96] - Trade and bill receivables increased from approximately HK$363.8 million to approximately HK$509.6 million, with average days of sales outstanding slightly decreasing to 49 days[96] - The Group maintains a current ratio of approximately 1.0 and a gearing ratio that slightly decreased from 59.1% to 56.1%[97] - The Group's cash and cash equivalents increased by approximately HK$58.9 million to about HK$232.0 million, while borrowings rose by approximately HK$44.3 million to about HK$1,499.0 million[100] Governance and Management - The Company has complied with the Corporate Governance Code, except for CG Code provision A.2.1 for the year ended March 31, 2022[153] - The Board consists of two Executive Directors and four Independent Non-executive Directors[161] - The Company has established four Board Committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee[167] - The Board meets regularly to discuss overall strategy and review financial performance, with a total of 4 Board meetings held during the year[173] - Each Independent Non-executive Director has confirmed their independence annually, in compliance with Listing Rules[162] - The Company emphasizes nurturing talents and provides a competitive remuneration package to attract and motivate employees[151] - The Board is committed to continuously reviewing and improving corporate governance practices to ensure proper regulation of business activities[154] Development and Innovation - The company invested in R&D by collaborating with a Hong Kong start-up specializing in AIoT Smart Toilet Solutions, enhancing its product offerings[27] - The Group has become a strategic investor and distributor for BluTech IoT, focusing on smart toilet solutions to enhance property management efficiency[78] - The introduction of Smart Toilet Solutions aims to enhance the Group's product portfolio and drive market penetration[90]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$1,359,791,000, an increase of 42.3% compared to HK$955,834,000 in the same period of 2020[12] - Gross profit for the period was HK$191,875,000, representing a gross margin of 14.1%, up from HK$140,288,000 in the previous year[12] - Profit for the period was HK$49,154,000, a significant increase from HK$1,635,000 in the same period last year[12] - Basic earnings per share attributable to owners of the Company was HK7.73 cents, compared to HK0.07 cent in the previous year[12] - Operating profit increased to HK$100,611,000, compared to HK$51,475,000 in the same period of 2020[12] - Total comprehensive income for the period reached HK$73,052,000, up from HK$58,139,000 in the previous year, indicating an increase of about 25.6%[15] - Profit for the period increased significantly to HK$49,154,000 for the six months ended September 30, 2021, compared to HK$1,635,000 in the same period of 2020, representing a growth of approximately 2,908%[15] - The company reported a profit for the period of HK$1,635,000 for the six months ended 30th September 2021, compared to HK$466,000 for the same period in 2020, indicating a significant increase[30] - Profit before income tax for the Group was HK$6,741,000, a significant recovery from a loss of HK$33,305,000 in the previous year[109] - The profit attributable to owners of the Company for the six months ended 30th September 2021 was HK$49,563,000, a significant increase from HK$466,000 in 2020, representing a growth of approximately 10,563%[135] Costs and Expenses - The Company reported a finance cost of HK$30,821,000, slightly down from HK$33,489,000 in the previous year[12] - The total cost of sales for the period was HK$1,167,916,000, which is an increase from HK$815,546,000 in the same period of 2020[12] - Employee benefit expenses increased to HK$68,597,000, compared to HK$51,622,000 in the prior year, reflecting a rise of 32.8%[119] - The Group reported net finance costs of HK$30,187,000 for the six months ended September 30, 2021, a decrease from HK$33,358,000 in the same period of 2020[123] Assets and Liabilities - Total assets as of September 30, 2021, amounted to HK$3,235,006,000, a rise from HK$2,960,770,000 as of March 31, 2021, reflecting an increase of approximately 9.2%[18] - Total equity attributable to owners of the Company increased to HK$952,297,000 from HK$887,721,000, marking a growth of about 7.3%[18] - Current liabilities rose to HK$1,279,711,000, compared to HK$1,065,294,000 in the previous period, representing an increase of approximately 20.1%[20] - Non-current assets totaled HK$1,915,951,000, up from HK$1,881,726,000, indicating an increase of about 1.8%[18] - The Group's borrowings as of September 30, 2021, amounted to HK$1,659,069,000, with HK$893,898,000 due within one year[77] - The total financial liabilities as of September 30, 2021, were HK$1,987,952,000, compared to HK$1,855,498,000 as of March 31, 2021[77] - The Group's liquidity risk is highlighted by trade and bill payables of HK$173,837,000 due within one year as of September 30, 2021[77] Cash Flow - Cash flows from operating activities showed a net cash outflow of HK$108,526,000 for the six months ended 30th September 2021, compared to a net cash inflow of HK$107,489,000 in 2020, reflecting a change of approximately HK$215,015,000[30] - Net cash outflow from investing activities was HK$140,876,000 for the six months ended 30th September 2021, a decrease from a net cash inflow of HK$73,390,000 in the same period of 2020[30] - The company experienced a net cash inflow from financing activities of HK$188,549,000 for the six months ended 30th September 2021, compared to a net cash outflow of HK$72,599,000 in 2020[32] - Cash and cash equivalents increased to HK$158,756,000 from HK$119,098,000, reflecting a growth of approximately 33.3%[18] - Cash and cash equivalents at the end of the period were HK$158,756,000, an increase from HK$95,297,000 at the end of the same period in 2020, representing a growth of approximately 66.4%[32] Dividends and Shareholder Returns - The company paid dividends amounting to HK$6,412,000 to owners for the six months ended 30th September 2021, with no dividends paid in the same period of 2020[32] - An interim dividend of HK1.50 cents per ordinary share was declared, totaling approximately HK$9,614,000, which was not recognized as a liability in the interim financial information[128] Business Operations - The company’s principal activities include distribution and processing of construction materials, trading of sanitary wares, and property investment, indicating a diversified business model[36] - Sales of goods contributed HK$1,312,812,000, while service income and rental income were HK$23,224,000 and HK$23,755,000 respectively[98] - The construction materials business generated revenue of HK$1,115,710,000, while the BDS business and property investment and project management business reported revenues of HK$197,102,000 and HK$46,965,000 respectively[105] Financial Instruments and Valuation - The fair value of financial assets measured at fair value as of September 30, 2021, was HK$5,260,000, while financial liabilities were recorded at (HK$909,000)[89] - The fair value estimation of financial instruments is categorized into three levels, with Level 1 assets valued at HK$5,260,000 and Level 2 liabilities at (HK$909,000)[89] - The company has not made any transfers between valuation levels during the reporting period, maintaining consistency in valuation techniques[94] Risk Management - The Group's interest rate risk is primarily from borrowings, with HK$97,840,000 converted from variable to fixed interest rates through interest rate swaps as of September 30, 2021[80] - The Group is exposed to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[73] - The Group's financial risk management policies have not changed significantly since the annual financial statements as of March 31, 2021[75] Future Outlook - The Group is in the process of assessing the impact of new standards and amendments that will become effective in the future on its results and financial position[64] - The Group adopted HKFRS 16 (Amendments) – COVID-19-Related Rent Concessions retrospectively from April 1, 2021, allowing lessees to account for qualifying rent concessions as if they were not lease modifications[54] - The newly adopted amendments to existing standards did not have any material impact on the results and financial position of the Group[54]

Financial Performance - Revenue for the year ended March 31, 2021, was HK$2,073.6 million, a decrease of 10.8% from HK$2,325.0 million in 2020[26] - Gross profit increased by 4.7% to HK$253.0 million, with a gross profit margin of 12.2%, up from 10.4%[26] - Operating profit surged to HK$96.0 million, reflecting a significant increase of 1,895.0% compared to HK$4.8 million in the previous year[26] - The net profit margin improved to 0.2%, compared to a net loss margin of (3.8%) in the prior year[26] - Basic earnings per share for the year was HK$1.7, a recovery from a loss of HK$90.3 per share in 2020[26] - Proposed special dividend of HK$0.26 per ordinary share, compared to a loss of HK$14.08 per share in the previous year[26] - The profit attributable to owners of the company was HK$1,673, a significant recovery from a loss of HK$90,309 in 2020[32] - The Group recorded a turnaround from a net loss of approximately HK$90.3 million last year to a net profit of approximately HK$1.7 million for the Year[56] - Basic earnings per ordinary share improved to HK0.26 cent for the Year, compared to a basic loss per ordinary share of HK14.08 cents last year[62] Business Segments - Construction materials accounted for 15% of revenue, while property investment and project management contributed 80%[27] - The construction materials business achieved a record-high order book, indicating strong future revenue potential[41] - Profit before income tax for the Construction Materials Business grew by approximately 396.6% year-on-year due to increased utilization of automated processing and effective cost control measures[60] - The Property Investment and Project Management Business recorded a loss before income tax of approximately HK$7.6 million on revenue of approximately HK$94.1 million, compared to a profit of approximately HK$6.3 million on revenue of approximately HK$93.5 million last year[72] - The Building and Design Solutions Business achieved a profit before income tax of approximately HK$34.2 million on revenue of approximately HK$313.9 million, marking a 31.1% increase in profit year-over-year[79] - The Construction Materials Business reported a profit before income tax of approximately HK$40.7 million on revenue of approximately HK$1,660.8 million, representing a 396.6% increase in profit year-over-year[88] Market Conditions - Steel prices spiked over 40% year-on-year, impacting the construction materials business margins[40] - The commercial property market in Shanghai is recovering, with increased leasing prices and occupancy rates expected to contribute to revenue growth[47] - The Shanghai property market is showing a stable rebound in demand, with companies regaining confidence in leasing decisions due to low market rents[91] - The Group remains optimistic about the medium to long-term growth in demand for premium-grade offices in Shanghai[91] - The Group anticipates that key infrastructure projects will receive quicker legislative approval, creating new market opportunities[42] Strategic Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[24] - Management highlighted ongoing investments in new technologies and product development to drive future growth[24] - The company aims to explore potential mergers and acquisitions to strengthen its market position and diversify its portfolio[24] - The Group plans to continue its segment-based growth strategy in Hong Kong, Macau, Shanghai, and Wuhan, focusing on large and iconic projects to drive business growth[95] Financial Position - Non-current assets increased to HK$1,881,726 as of 31st March 2021, up from HK$1,792,413 in 2020[35] - Net assets rose to HK$1,008,508, an increase from HK$916,768 in the previous year[35] - The Group's total assets increased from approximately HK$2,733.0 million to approximately HK$2,960.8 million as of 31st March 2021, representing an increase of about 8.3%[102] - Inventories rose from approximately HK$354.9 million to approximately HK$443.1 million, primarily due to a surge in steel prices and advanced stock preparations, leading to an average inventory turnover of 89 days[102] - Cash and cash equivalents and pledged bank deposits increased by approximately HK$43.9 million to approximately HK$173.1 million, while borrowings rose by approximately HK$39.0 million to approximately HK$1,454.6 million[103] Corporate Governance - The Board consists of two Executive Directors and four Independent Non-executive Directors, ensuring a diverse governance structure[150] - The Company has adopted the Model Code for Securities Transactions, with all Directors confirming compliance during the year[149] - The Board has established four Committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee to oversee various affairs[158] - The Company is committed to continuously reviewing and improving corporate governance practices[148] - The Executive Committee is responsible for ensuring timely and accurate disclosure of information to shareholders[200] Risk Management - The Group's financial management focuses on managing risks including interest rate, foreign exchange, and liquidity risks, with a strategy to match RMB payments with RMB receipts to minimize exchange exposure[123] - The Group's operational risk management includes clear accountability and adherence to standard operating procedures to mitigate risks from internal processes and external events[128] - The Group's business performance is influenced by economic conditions, competitive environment, and regulatory changes in the regions where it operates[129] Employee Management - The Group emphasizes nurturing talents and provides competitive remuneration packages to attract and motivate employees[136] - As of March 31, 2021, the Group employed 244 staff, a decrease from 267 staff in 2020[138] - Total staff costs, including contributions to retirement benefit schemes, amounted to approximately HK$98.6 million during the year[138]

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$955,834,000, a decrease of 21.6% from HK$1,219,088,000 in 2019[13] - Gross profit increased to HK$140,288,000, up 10.2% from HK$127,326,000 in the previous year[13] - Operating profit for the period was HK$51,475,000, down 9.6% from HK$57,018,000 in 2019[13] - Profit for the period was HK$1,635,000, compared to HK$1,355,000 in 2019, reflecting a growth of 20.7%[13] - Basic earnings per share attributable to owners of the Company was HK0.07 cent, down from HK0.38 cent in the previous year[13] - Total comprehensive income for the period was HK$58,139,000, compared to a loss of HK$79,203,000 in the previous period[18] - Other comprehensive income for the period was HK$56,504,000, a significant recovery from a loss of HK$80,558,000[18] - Profit before income tax was HK$6,741, a decrease from HK$11,329 in the same period of 2019[122] - The company recorded a profit attributable to owners of HK$466, a significant decrease from HK$2,467 in the same period of 2019, resulting in basic earnings per share of HK$0.07 compared to HK$0.38[156] Expenses and Costs - Finance costs decreased to HK$33,489,000 from HK$40,789,000, a reduction of 17.8%[13] - Employee benefit expenses decreased to HK$51,622, down 15.1% from HK$60,783 in 2019[138] - The cost of finished goods sold for the six months ended September 30, 2020, was HK$784,148, a decrease of 25.5% from HK$1,052,293 in 2019[138] - General and administrative expenses decreased significantly to HK$2,940,000 from HK$4,044,000, a reduction of 27.3%[13] - The company incurred capital expenditures of HK$417,000 for property, plant, and equipment during the reporting period[38] Assets and Liabilities - Total assets as of September 30, 2020, amounted to HK$2,872,734,000, up from HK$2,733,049,000 as of March 31, 2020[22] - Total equity increased to HK$974,907,000 from HK$916,768,000, reflecting a growth of 6.3%[22] - Current assets rose to HK$1,051,249,000, compared to HK$940,636,000 in the previous period, indicating an increase of 11.8%[22] - Non-current liabilities decreased to HK$917,945,000 from HK$959,267,000, showing a reduction of 4.3%[26] - Current liabilities increased to HK$979,882,000 from HK$857,014,000, representing a rise of 14.3%[26] - As of September 30, 2020, total financial liabilities amounted to HK$1,865,452,000, with HK$944,835,000 due within one year[90] - Bank borrowings as of September 30, 2020, totaled HK$1,433,504,000, with HK$618,584,000 due within one year[90] Cash Flow - For the six months ended September 30, 2020, the net cash generated from operating activities was HK$107,489,000, compared to a net cash outflow of HK$60,530,000 in the same period of 2019[38] - The net cash inflow from operating activities was HK$73,390,000, a significant recovery from the previous year's outflow[38] - Cash and cash equivalents decreased to HK$95,297,000 from HK$120,045,000, a decline of 20.6%[22] - The company experienced a decrease in cash and cash equivalents of HK$72,599,000 during the financing activities[41] Investments and Acquisitions - The company reported a fair value loss on an investment property of HK$3,783,000, compared to a gain of HK$36,606,000 in the previous year[13] - The Group's investment in Skyline at the end of the period was HK$327,517,000, an increase from HK$276,133,000 in 2019, representing an increase of 18.59%[172] - The acquisition of equity interest in Shanghai Skyway Grand Hotel Co., Ltd. was completed in June 2020, enhancing the company's portfolio in the hospitality sector[175] - The acquisition of Shanghai Segway Grand Hotel Co., Ltd. was completed in June 2020[178] Risk Management - The Group is exposed to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[85] - The Group monitors market prices of steel products closely and adjusts procurement strategies to manage price risk from committed sales orders[85] - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[83] - There have been no significant changes in risk management policies since the annual financial statements as of March 31, 2020[83] Accounting Policies and Standards - The unaudited condensed consolidated interim financial information for the six months ended 30th September 2020 has been prepared in accordance with HKAS 34 and applicable disclosure requirements[52] - The financial information is presented in Hong Kong dollars (HKD) and has not been audited or reviewed[50][51] - The accounting policies applied are consistent with those of the annual financial statements for the year ended 31st March 2020[54] - New and amended standards not yet adopted include HKFRS 17, effective from 1st January 2021, and Annual Improvements to HKFRS Standards 2018 - 2020, effective from 1st January 2022[58] - The Group is in the process of assessing the impact of the adoption of new and amended standards on its results and financial position[59] Shareholder Information - The company paid dividends relating to 2019 amounting to HK$12,825,000[34] - The company did not declare an interim dividend for the six months ended September 30, 2020, consistent with the previous year[149] - The company’s issued and fully paid share capital was HK$64.1 million as of September 30, 2020, with 641.2 million shares issued[198]

Financial Performance - Revenue for the year ended March 31, 2020, was HK$2,325.0 million, a decrease of 19.3% from HK$2,882.6 million in 2019[12] - Gross profit decreased by 12.2% to HK$241.6 million, compared to HK$275.1 million in the previous year[12] - Operating profit plummeted by 93.5% to HK$4.8 million, down from HK$74.3 million in 2019[12] - The company reported a loss for the year attributable to owners of the Company of HK$88.2 million, compared to a profit of HK$4.4 million in 2019[12] - Basic loss per ordinary share was HK(90.3) cents, a significant decline from earnings of HK13.9 cents per share in the previous year[12] - Proposed final dividend per ordinary share was HK(14.08) cents, compared to a dividend of HK2.17 cents in 2019[12] - The net loss attributable to owners of the company was HK$90,309, a significant decline from a profit of HK$13,888 in the previous year[18] - For the year ended March 31, 2020, the Group recorded a net loss of approximately HK$88.2 million on revenue of approximately HK$2,325.0 million, compared to a net profit of approximately HK$4.4 million on revenue of approximately HK$2,882.6 million in the previous year[43] Profitability Metrics - Gross profit margin improved to 10.4%, up from 9.5% in the previous year, while operating profit margin decreased to 0.2% from 2.6%[12] - The net loss margin was (3.8)%, compared to a net profit margin of 0.2% in 2019[12] - The basic loss per ordinary share was HK14.08 cents, compared to basic earnings per ordinary share of HK2.17 cents last year[44] Business Segments - Revenue from property investment and project management accounted for 80.2% of total revenue, while engineering plastics contributed 11.9%[13] - The Group's Construction Materials Business experienced a revenue decrease of approximately 13.9%, but the gross profit margin increased from approximately 2.3% to approximately 4.0%[57] - The Property Investment and Project Management Business focuses on identifying undervalued commercial properties, with partnerships established with GIC and Apollo for revitalization projects[60] - The Building and Design Solutions Business saw a profit before income tax increase of approximately 19.4% compared to last year[58] - The Property Investment and Project Management Business recorded a profit before income tax of approximately HK$6.3 million on revenue of approximately HK$93.5 million, compared to a profit of approximately HK$82.5 million on revenue of approximately HK$100.0 million last year[72][73] Operational Changes - The company streamlined operations by relocating its headquarters from Shanghai and scaling down the loss-making Engineering Plastics Business[31] - Management has implemented measures to tighten control on operating costs and improve management efficiency in response to macroeconomic challenges[50] - The Group aims to focus on light-asset operations with lower capital commitment and risk moving forward[36] Market Conditions - Business visibility remains low with uncertainties due to ongoing Sino-U.S. trade tensions and the financial impact of COVID-19[36] - Despite short-term uncertainties from COVID-19, the Group remains cautiously optimistic about medium to long-term demand growth for premium-grade offices in Shanghai[56] - The Group expects the global steel market to remain volatile due to trade tensions and geopolitical issues, with China's automotive steel demand likely to remain weak[105] Financial Position - Non-current assets decreased to HK$1,792,413 from HK$1,907,672 in the previous year, reflecting a decline of 6.0%[23] - Current liabilities increased to HK$857,014 from HK$1,070,938, indicating a reduction of 20.0%[23] - Total equity decreased to HK$916,768 from HK$1,113,436, a decline of 17.7%[23] - The Group's total assets decreased from approximately HK$2,996.6 million to approximately HK$2,733.0 million as of 31st March 2020, representing a decline of about 8.8%[108] - Net asset value decreased from approximately HK$1,113.4 million to approximately HK$916.8 million, with net asset value per ordinary share at approximately HK$1.26 as of 31st March 2020[108] Governance and Compliance - The Board consists of two Executive Directors and four Independent Non-executive Directors, ensuring a balanced governance structure[168] - The Company has adopted the Model Code for Securities Transactions, with all Directors confirming compliance during the year[167] - The Company is committed to high standards of corporate governance, enhancing transparency and accountability[165] - The Company has complied with the Corporate Governance Code, except for one provision during the year[165] Employee and Stakeholder Relations - The Group employed 267 staff as of March 31, 2020, with total staff costs amounting to approximately HK$120.6 million, including contributions to retirement benefit schemes[139] - The Group recognizes the importance of maintaining good relationships with stakeholders to achieve long-term goals, with no significant disputes reported during the year[158] - The Group has been awarded the "Caring Company" title since 2007, reflecting its commitment to social responsibility[149] Environmental and Social Responsibility - The Group is committed to environmental sustainability through green measures and practices in daily operations[145] - The Group will publish an Environmental, Social and Governance Report within five months after the end of the financial year, in compliance with listing rules[157]

Revenue and Profitability - Revenue for the six months ended September 30, 2019, was HK$1,219,088,000, a decrease of 17.9% compared to HK$1,485,486,000 in the same period of 2018[13] - Gross profit for the same period was HK$127,326,000, down 20.5% from HK$160,134,000 year-on-year[13] - Operating profit increased to HK$57,018,000, up 65.0% from HK$34,538,000 in the previous year[13] - Profit for the period was HK$1,355,000, a decline of 33.1% compared to HK$2,025,000 in the prior year[13] - Profit attributable to owners of the Company was HK$2,467,000, down from HK$8,131,000 in the same period last year[13] - Basic earnings per share decreased to HK0.4 cents from HK1.3 cents, representing a decline of approximately 69.2% year-over-year[16] - Total comprehensive loss for the period amounted to HK$79,203,000, compared to a loss of HK$103,544,000 in the prior year, indicating an improvement of 23.5%[19] Expenses and Cost Management - Selling and distribution expenses decreased to HK$6,366,000, a reduction of 41.8% from HK$10,943,000 in 2018[13] - General and administrative expenses were HK$107,165,000, down 30.9% from HK$155,222,000 year-on-year[13] - Finance income decreased significantly to HK$574,000 from HK$3,718,000 in the previous year[13] - Total expenses for the six months ended September 30, 2019, were HK$1,201,249, a decrease from HK$1,494,302 in 2018[123] Assets and Liabilities - Total assets increased to HK$3,014,995,000 from HK$2,996,621,000, reflecting a growth of 0.6%[22] - Current assets rose to HK$1,161,520,000, up from HK$1,088,949,000, marking an increase of 6.6%[22] - Total equity decreased to HK$1,013,306,000 from HK$1,113,436,000, a decline of 9.0%[25] - Non-current liabilities increased to HK$866,756,000 from HK$812,247,000, representing a rise of 6.7%[25] - Cash and cash equivalents improved to HK$150,373,000 from HK$126,775,000, an increase of 18.6%[22] Cash Flow and Financing Activities - Net cash used in operations was HK$60,530, an improvement from HK$85,246 in the previous year[34] - The company experienced a net cash inflow from investing activities of HK$20,799, contrasting with a net outflow of HK$119,437 in the prior period[34] - Proceeds from bank borrowings decreased to HK$168,700,000 from HK$223,005,000, a decline of approximately 24.4% year-over-year[37] - Net cash inflow from financing activities was HK$105,953,000, down from HK$142,224,000, representing a decrease of about 25.4%[37] Investments and Fair Value - The company reported a fair value gain on investment property of HK$36,606,000, compared to HK$40,846,000 in the previous year[13] - The fair value of investment properties decreased to HK$1,370,677,000 from HK$1,413,227,000 at the beginning of the period, reflecting a fair value loss of approximately 3%[146] - The total investments in joint ventures at the end of the period were HK$276,133,000, a slight decrease from HK$299,747,000 at the beginning of the period[150] Accounting Policies and Standards - The Group is currently assessing the impact of new accounting standards effective from 1st January 2020, but has not yet determined their significance on financial results[47] - The Group adopted HKFRS 16, recognizing leases as right-of-use assets and corresponding liabilities from April 1, 2019[74] - The total right-of-use assets recognized as of 30th September 2019 were HK$49,773,000, comprising land use rights and property leases[57] Risk Management - The Group's financial risk factors include market risk, credit risk, and liquidity risk[80] - The Group is exposed to commodity price risk due to trading in steel products, with committed sale orders exceeding on-hand inventories[82] - The Group closely monitors market prices of steel products to manage commodity price risk and adjusts procurement strategies accordingly[83] Dividends and Shareholder Transactions - The company paid dividends relating to 2019 amounting to HK$12,825, impacting retained earnings[28] - The Group's dividends paid to owners of the Company increased to HK$12,825,000 from HK$10,057,000, representing a rise of about 27.7%[37] - No interim dividend was declared for the six months ended 30th September 2019, consistent with 2018[133] Joint Ventures and Associates - Sales of goods to an associate decreased from HK$46,205,000 in 2018 to HK$6,444,000 in 2019, representing a decline of approximately 86.05%[196] - Management fee income for services provided to joint ventures decreased from HK$28,750,000 in 2018 to HK$12,054,000 in 2019, a decline of approximately 58.1%[196]

Financial Performance - Revenue for the year ended March 31, 2019, was HK$2,882.6 million, a decrease of 5.0% from HK$3,032.9 million in 2018[9]. - Gross profit increased by 39.2% to HK$275.1 million, up from HK$197.6 million in the previous year[9]. - Operating profit turned positive at HK$74.3 million compared to a loss of HK$90.7 million in 2018[9]. - Net profit attributable to owners of the Company was HK$13.9 million, recovering from a loss of HK$147.7 million in the prior year[9]. - Basic earnings per ordinary share improved to 2.17 HK cents, a gain of 25.19 HK cents from a loss of 23.02 HK cents[9]. - Proposed final dividend per ordinary share increased by 27.4% to 2.00 HK cents from 1.57 HK cents[9]. - Gross profit margin improved to 9.5%, up from 6.5% in the previous year, reflecting a 3.0 percentage point increase[9]. - Operating profit margin was 2.6%, a significant recovery from a negative margin of 3.0% in 2018[9]. - Net profit margin reached 0.5%, an improvement of 5.4 percentage points from a loss margin of 4.9%[9]. Asset Management - Non-current assets increased to HK$1,907,672 as of 31st March 2019, up from HK$1,604,281 in 2018[19]. - Current assets decreased to HK$1,088,949 from HK$1,527,607 in the previous year[19]. - Total equity as of 31st March 2019 was HK$1,113,436, an increase from HK$1,087,441 in 2018[19]. - The Group's total assets decreased from approximately HK$3,131.9 million to approximately HK$2,996.6 million as of March 31, 2019[81]. - The Group's inventories increased slightly from approximately HK$289.6 million to approximately HK$290.7 million, with average inventory days rising by 4 days to 41 days[81]. - Trade and bill receivables decreased from approximately HK$528.2 million to approximately HK$480.5 million, while the average days of sales outstanding improved from 61 days to 57 days[81]. - Net asset value increased from approximately HK$1,087.4 million to approximately HK$1,113.4 million, equivalent to HK$1.74 per ordinary share[81]. Investment Strategy - The Company is focusing on expanding its property investment and project management segment, which accounted for 12.0% of revenue[12]. - The Group aims to leverage its position as a property value-added investor in booming economic regions[21]. - The Group will continue to explore more project opportunities in Shanghai and Hong Kong in the future[27]. - The Group's Property Investment and Project Management Business model emphasizes value-added renovation and tenant optimization to drive rental income[44]. - The Group focuses on office properties in Shanghai, benefiting from sustainable demand driven by economic growth and government initiatives[44]. - The Group established a joint venture with Reco Wisteria Private Limited with an initial fund size of US$350 million (approximately HK$2.7 billion) for acquiring under-utilized office buildings in Shanghai[47]. Operational Performance - The Construction Materials Business achieved a turnaround and showed encouraging upward trends for the Year[28]. - The Building and Design Solutions Business performed well through successful tenders for premium commercial property and hotel projects[28]. - The Group completed renovations at Central Park Jing'an in May 2019 to enhance quality and attract new tenants, aiming to improve rental yield and occupancy[47]. - The increase in revenue for the Property Investment and Project Management Business was mainly due to higher occupancy rates in Central Park Pudong and investment management income from the joint venture[51]. - The Construction Materials Business recorded total revenue of approximately HK$2,164.6 million, down approximately 3.0% compared to last year, primarily due to a 12.1% decrease in tons sold due to infrastructure project delays in Hong Kong[60]. Corporate Governance - The Board consists of two Executive Directors and four Independent Non-executive Directors, ensuring a balanced governance structure[131]. - The Company has adopted a Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the Year[130]. - The Company is committed to continuously reviewing and improving corporate governance practices to enhance accountability and transparency[129]. - The Company has four Independent Non-executive Directors, exceeding one-third of the Board, ensuring compliance with independence guidelines[138]. - The Executive Directors are responsible for overall business management and corporate strategy formulation[139]. - The Board has established four Committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee to oversee various affairs[140]. Risk Management - The Group's treasury and funding policies focus on managing financial risks, including interest rate, foreign exchange, and liquidity risks[100][105]. - The Group's operational risk management includes clear responsibilities and accountability at divisional and departmental levels[108][112]. - The Company has a policy for handling and disseminating inside information in compliance with the Securities and Futures Ordinance and Listing Rules[197]. - The Executive Committee is responsible for reviewing potential inside information and overseeing the internal reporting system[200]. Social Responsibility - The Group is committed to environmental sustainability, implementing green office practices to reduce energy consumption and promote recycling[1]. - The Group has sponsored and participated in various charitable activities, reflecting its commitment to community involvement and corporate social responsibility[1]. - There was no material breach of applicable laws and regulations by the Group during the Year, ensuring compliance and operational integrity[1].