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的內容概不負 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 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 金石資本集團有限公司 股東週年大會之按股數投票表決結果 股 東 週 年 大 會 提 呈 之 決 議 案 之 按 股 數 投 票 表 決 結 果 如 下： | | | | 普通決議案 | | | | （附 | 註1） | | | 票 | 數(%) （附 | 註2） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 贊 成 | | 反 對 | | 1. | | | | | | | 省覽及批准截至2025年3月31日止年度之本公 | | | | 111,729,080 | | 0 | | | 司 | 經 審 核 | | 財 ...

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的內容概不 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 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 金石資本集團有限公司 GOLDSTONE CAPITAL GROUP LIMITED （於百慕達註冊成立之有限公司） 通 函 與 通 告 所 載 將 於 股 東 週 年 大 會 上 提 呈 的 所 有 決 議 案 將 維 持 不 變，而 所 有 該 等 決 議 案 將 於 改 期 的 股 東 週 年 大 會 上 提 呈。此 外，就 股 東 週 年 大 會 而 交 予 股 份 登 記 處 的 所 有 代 表 委 任 表 格，將 於 改 期 的 股 東 週 年 大 會 維 持 有 效。為 釐 定 有 權 出 席 股 東 週 年 大 會（及 就 現 時 情 況 而 言，為 改 期 的 股 東 週 年 大 會）並 於 會 上 投 票 的 股 東 身 份 的 記 錄 日 期 將 維 持 不 變。 ...

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，並明確表示概不就本公告全部或任何部分內容 而產生或因依賴有關內容而引致之任何損失承擔任何責任。 金 石 資 本 集 團 有 限 公 司 GOLDSTONE CAPITAL GROUP LIMITED ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1160) 於二零二五年七月三十一日，本公司每股股份之未經審核資產淨值為約 0.021 港元。 香港，二零二五年八月十二日 於本公告日期，董事會包括執行董事陳昌義先生；非執行董事陳懷遠先生、林勁先生 及王國鎮先生；及獨立非執行董事洪海明先生、尹玉玲女士及陸致成先生。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金石資本集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01160 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,00 ...

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的內容概不 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 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 金石資本集團有限公司 茲 提 述 金 石 資 本 集 團 有 限 公 司（「本公司」）日 期 為2020年5月29日 及2023年6月1日 的 公 告（「該等公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 釋 義 及 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 誠如本公司日期為2020年5月29日 的 公 告 所 披 露，本 公 司 與INV Advisory Limited （「投資管理人」）訂 立 投 資 管 理 協 議（「投資管理協議」），據 此，投 資 管 理 人 已 同 意 向 本 公 司 提 供 非 全 權 投 資 管 理 服 務，自2020年6月1日 起 為 期 三 年。 誠如本公司日期為2023年6月1日 的 公 告 所 披 露， ...

[Company Information](index=2&type=section&id=Company%20Information) The reporting period saw significant changes in the company's Board of Directors and various committees, including resignations and appointments - During the reporting period, significant changes occurred in the company's Board of Directors and various committees, including resignations and appointments of the Chairman, executive, and independent non-executive directors[4](index=4&type=chunk)[5](index=5&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's financial performance, business outlook, significant investments, liquidity, and human resources [Operating Performance](index=5&type=section&id=Operating%20Performance) For FY2025, the company's annual loss narrowed to **HKD 6,113 thousand**, primarily due to decreased general and administrative expenses Annual Operating Performance Overview | Metric | FY2025 (HKD '000) | FY2024 (HKD '000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Annual Loss | (6,113) | (9,358) | Loss reduced by 34.7% | | Net Investment Income | 63 | 32 | Growth of 96.9% | | General and Administrative Expenses | (6,170) | (9,419) | Decrease of 34.5% | - The reduction in annual loss was primarily due to a decrease in legal and professional fees, staff costs, and depreciation expenses, leading to a year-on-year reduction of approximately **HKD 3,249 thousand** in general and administrative expenses[7](index=7&type=chunk) [Business Review and Outlook](index=5&type=section&id=Business%20Review%20and%20Outlook) Management anticipates a challenging global economic recovery in 2025, influenced by trade policies and geopolitical conflicts, necessitating a cautious investment approach - The global economy faces multiple challenges, including potential trade wars from new US tariff policies, and ongoing supply chain impacts from the Russia-Ukraine and Israel-Palestine conflicts[8](index=8&type=chunk) - The company maintains a cautious stance on future investments and business development, closely monitoring global economic and market trends to adjust investment strategies as appropriate[10](index=10&type=chunk) [Significant Investments Held](index=6&type=section&id=Significant%20Investments%20Held) As of March 31, 2025, the company held three significant debt securities investments totaling **HKD 5,091 thousand** for low-risk short-term returns Significant Investments Held as of March 31, 2025 | Investment Type | Issuer Name | Cost (HKD '000) | Market Value (HKD '000) | Approximate Percentage of Total Assets | | :--- | :--- | :--- | :--- | :--- | | Debt Securities | US Treasury | 1,929 | 1,933 | 15.4% | | Debt Securities | CNPC Global Capital Limited | 1,545 | 1,545 | 12.3% | | Debt Securities | China Agrochemical (Hong Kong) Fengqiao Co., Limited | 1,632 | 1,613 | 12.9% | - The Board believes these debt securities investments provide low-risk stable returns, given the issuers' sound financial standing or sovereign credit background[14](index=14&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, cash and bank balances significantly decreased to **HKD 6,726 thousand**, while the debt-to-asset ratio slightly increased Liquidity Indicators | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | Approx. 6,726,000 HKD | Approx. 18,057,000 HKD | | Loan from a Controlling Shareholder | Approx. 4,041,000 HKD | Approx. 4,030,000 HKD | | Debt-to-Asset Ratio | Approx. 0.3 | Approx. 0.2 | [2022 Rights Issue](index=8&type=section&id=2022%20Rights%20Issue) The 2022 rights issue raised net proceeds of **HKD 41,700 thousand**, which were fully utilized by March 31, 2025, in line with the original plan - The net proceeds of approximately **HKD 41,700 thousand** raised from the 2022 rights issue have been fully utilized in accordance with the business purposes stated in the rights issue prospectus[23](index=23&type=chunk)[25](index=25&type=chunk) [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the company had five employees, with total annual remuneration of **HKD 2,224 thousand**, a decrease from the prior year Employee Information | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 5 | 4 | | Total Employee Remuneration | Approx. 2,224,000 HKD | Approx. 2,607,000 HKD | [Corporate Governance Report](index=11&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance framework, including the Board, committees, risk management, internal controls, and shareholders' rights [Board of Directors](index=11&type=section&id=Board%20of%20Directors) The Board of Directors experienced several changes during the reporting period, while maintaining compliance with listing rules on composition and independence - As of the report date, the Board comprises eight directors, including executive, non-executive, and independent non-executive directors, with several resignations and new appointments during the period[35](index=35&type=chunk) - The company has adopted a director nomination policy and established mechanisms to ensure the Board receives independent advice and recommendations[39](index=39&type=chunk)[40](index=40&type=chunk) [Board Committees](index=16&type=section&id=Board%20Committees) The company's Audit, Remuneration, and Nomination Committees, all compliant with listing rules, fulfilled their respective duties during the year - The Audit Committee, composed entirely of independent non-executive directors, held two meetings this year, primarily reviewing financial statements and overseeing internal controls and risk management[51](index=51&type=chunk)[52](index=52&type=chunk)[57](index=57&type=chunk) - Members of the Remuneration and Nomination Committees changed during the reporting period, each holding four meetings and fulfilling their respective terms of reference[56](index=56&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Risk Management and Internal Control](index=19&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board maintains robust risk management and internal control systems, which an independent consultant reviewed and found effective and adequate this year - The company's risk management and internal control systems aim to manage, rather than eliminate, risks, covering strategic, financial, and technological aspects[65](index=65&type=chunk)[66](index=66&type=chunk)[68](index=68&type=chunk) - The Board and Audit Committee have reviewed the internal control report from an independent consultant, deeming the existing systems effective and adequate[69](index=69&type=chunk) [Shareholders' Rights](index=23&type=section&id=Shareholders%27%20Rights) The company outlines procedures for shareholders to convene meetings, make inquiries, and propose resolutions, ensuring equitable and timely information access - Shareholders holding not less than one-tenth of the company's paid-up share capital may request to convene an extraordinary general meeting[86](index=86&type=chunk) - The company has adopted a dividend policy, but dividend distribution remains at the Board's sole discretion, considering financial performance, liquidity, and other factors[94](index=94&type=chunk) [Biographies of Directors and Senior Management](index=26&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the biographies of the company's executive, non-executive, and independent non-executive directors, including their qualifications and experience - This section details the personal biographies of the company's executive, non-executive, and independent non-executive directors, including their age, education, professional qualifications, industry experience, and other listed company appointments[95](index=95&type=chunk)[98](index=98&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk) - Some directors previously held positions in delisted or liquidated companies, but the report confirms no liability or misconduct was attributed to them in connection with those roles[96](index=96&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk) [Directors' Report](index=30&type=section&id=Directors%27%20Report) This report covers the company's principal business, financial results, director information, shareholdings, and connected transactions for the reporting period [Principal Business and Financial Results](index=30&type=section&id=Principal%20Business%20and%20Financial%20Results) The company, a Bermuda-incorporated investment firm, focuses on growth-potential enterprises in Hong Kong and China, with no dividend proposed for the year - The company's principal business involves investing in listed and unlisted enterprises in Hong Kong and China[109](index=109&type=chunk) - The directors do not recommend the payment of any dividend for the year ended March 31, 2025[112](index=112&type=chunk) [Directors and Shareholdings](index=31&type=section&id=Directors%20and%20Shareholdings) This section lists current directors, their changes, and re-election eligibility, while disclosing major shareholders holding **5%** or more of the company's shares - According to the company's Bye-laws, Mr. Chan Wai Yuen, Mr. Hung Hoi Ming, Mr. Chan Cheong Yee, Mr. Choi Jit Sze, Mr. Wong Kwok Chun, and Mr. Luk Chi Shing will retire and be eligible for re-election at the upcoming Annual General Meeting[125](index=125&type=chunk) Major Shareholders' Shareholding (As of March 31, 2025) | Major Shareholder Name | Number of Shares Held | Approximate Percentage | | :--- | :--- | :--- | | Evergreen Goldstone International Group Limited | 88,129,080 | 37.14% | | Treasure Isle Global Limited | 25,954,878 | 10.94% | | Gold Pond International Limited | 23,600,000 | 9.95% | | Dingli Capital Limited | 21,500,000 | 9.06% | [Connected Transactions](index=34&type=section&id=Connected%20Transactions) The company engaged in two ongoing connected transactions this year, both below the Listing Rules' thresholds for disclosure and approval - Under the custodian agreement with DBS Bank, approximately **HKD 47 thousand** in fees were paid this year[138](index=138&type=chunk)[140](index=140&type=chunk) - Under the office lease agreement with China Xinhua, total rent paid this year amounted to **HKD 890 thousand**[141](index=141&type=chunk) [Environmental, Social and Governance Report](index=37&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report details the company's ESG governance structure, materiality assessment, social initiatives, and environmental performance, including climate risk management [ESG Governance and Materiality Assessment](index=38&type=section&id=ESG%20Governance%20and%20Materiality%20Assessment) The company established a top-down ESG governance structure, identifying six material ESG themes through stakeholder engagement and materiality assessment - The company has established a three-tiered ESG governance structure, clearly defining the responsibilities of the Board, senior management, and the ESG working group[157](index=157&type=chunk)[158](index=158&type=chunk) - The six material ESG issues identified this year are: occupational health and safety, employee development and training, business continuity planning, corporate governance, sustainable investment and operations, and management capability and quality[167](index=167&type=chunk) [Social Aspect](index=43&type=section&id=Social%20Aspect) The company prioritizes employee well-being, fair employment, and occupational health, adhering to labor standards, ethical supply chain, and anti-corruption policies Employee Overview (2025) | Category | Data | | :--- | :--- | | Total Employees | 12 | | By Gender | 9 Male, 3 Female | | Employee Turnover Rate | 50% | - The company strictly adheres to relevant Hong Kong labor laws, prohibiting child and forced labor, and has established corresponding verification procedures[188](index=188&type=chunk) - The company has established an anti-corruption policy and whistleblowing mechanism, with no corruption cases reported during the period[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk) [Environmental Aspect](index=50&type=section&id=Environmental%20Aspect) As an investment company, direct environmental impact is minimal, with efforts focused on reducing indirect energy consumption and waste, while addressing climate-related risks Environmental Performance Indicators | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total GHG Emissions (Scope 3) | 0.20 tonnes | 0.22 tonnes | | Total Paper Consumption | 0.042 tonnes | 0.045 tonnes | - The company has identified physical risks (e.g., typhoons, extreme precipitation) and transition risks (e.g., policy and legal, reputational risks) from climate change, and developed corresponding response measures[224](index=224&type=chunk)[225](index=225&type=chunk)[228](index=228&type=chunk) [Independent Auditor's Report](index=61&type=section&id=Independent%20Auditor%27s%20Report) The auditor confirmed that the financial statements fairly represent the company's financial position and performance, with no key audit matters identified - Auditor Crowe (HK) CPA Limited believes the company's financial statements fairly present its financial position as of March 31, 2025, and its financial performance and cash flows for the year then ended, in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance disclosure requirements[239](index=239&type=chunk) - The auditor noted that, in their professional judgment, there were no key audit matters requiring separate communication in the audit of the financial statements for this period[241](index=241&type=chunk)[242](index=242&type=chunk) [Financial Statements](index=65&type=section&id=Financial%20Statements) This section presents the company's Statement of Profit or Loss, Statement of Financial Position, Statement of Cash Flows, and a Five-Year Financial Summary [Statement of Profit or Loss and Other Comprehensive Income](index=65&type=section&id=Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For FY2025, the company recorded a loss and total comprehensive expenses of **HKD 6,113 thousand**, a reduction from the prior year, with basic and diluted loss per share at **HKD 0.03** Profit or Loss Statement Summary | Item (HKD '000) | 2025 | 2024 | | :--- | :--- | :--- | | Net Investment Income | 63 | 32 | | General and Administrative Expenses | (6,170) | (9,419) | | Loss Before Tax | (6,113) | (9,358) | | **Loss and Total Comprehensive Expenses for the Year** | **(6,113)** | **(9,358)** | | Basic Loss Per Share | (0.03 HKD) | (0.04 HKD) | [Statement of Financial Position](index=66&type=section&id=Statement%20of%20Financial%20Position) As of March 31, 2025, the company's net assets decreased to **HKD 6,785 thousand**, primarily due to a reduction in cash and cash equivalents Statement of Financial Position Summary | Item (HKD '000) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Financial Assets at Fair Value Through Profit or Loss | 5,091 | – | | Cash and Cash Equivalents | 6,726 | 18,057 | | **Total Assets** | **12,537** | **18,841** | | **Current Liabilities** | | | | Loan from a Shareholder | 4,041 | 4,030 | | **Total Liabilities** | **5,752** | **5,943** | | **Net Assets** | **6,785** | **12,898** | | Net Asset Value Per Share | 0.03 HKD | 0.05 HKD | [Statement of Cash Flows](index=68&type=section&id=Statement%20of%20Cash%20Flows) For FY2025, net cash used in operating activities was **HKD 11,328 thousand**, resulting in a net decrease in cash and cash equivalents Statement of Cash Flows Summary | Item (HKD '000) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (11,328) | (3,547) | | Net Cash Generated from Investing Activities | 5 | 40 | | Net Cash Used in Financing Activities | – | (2) | | **Net Decrease in Cash and Cash Equivalents** | **(11,323)** | **(3,509)** | | Cash and Cash Equivalents at Beginning of Period | 18,057 | 21,566 | | **Cash and Cash Equivalents at End of Period** | **6,726** | **18,057** | [Five-Year Financial Summary](index=100&type=section&id=Five-Year%20Financial%20Summary) The summary indicates consistent losses over five years, with total assets declining since 2022 and equity decreasing after an initial improvement Five-Year Financial Summary | Item (HKD '000) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Loss Attributable to Equity Holders | (6,113) | (9,358) | (10,172) | (6,035) | (8,379) | | Total Assets | 12,537 | 18,841 | 29,585 | 40,551 | 2,298 | | Total Equity / (Capital Deficiency) | 6,785 | 12,898 | 22,256 | 32,428 | (3,223) |

Core Viewpoint - The company reported a significant financial loss for the fiscal year ending March 31, 2025, with a pre-tax loss of 611.3 thousand HKD, indicating challenges in its operational performance [1] Financial Performance - Net investment income amounted to 63 thousand HKD, while other income was 5 thousand HKD, leading to total revenues of 68 thousand HKD [1] - General and administrative expenses were reported at 6.17 million HKD, contributing to an operating loss of 610.2 thousand HKD [1] - Financial costs totaled 11 thousand HKD, further exacerbating the overall loss [1] - The total loss and comprehensive expenses for the year reached 611.3 thousand HKD, resulting in a basic loss per share of 0.03 HKD [1] Financial Position - The balance sheet indicates total current assets of 12.537 million HKD and total current liabilities of 5.752 million HKD, leading to a net current asset value of 6.785 million HKD [1] - The company has decided not to recommend any dividend payments for the year [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This year, the company recorded a loss of **HKD 6.113 million**, a narrowing from **HKD 9.358 million** in the same period last year, primarily due to a reduction in general and administrative expenses, with basic and diluted loss per share improving from **HKD 0.04** to **HKD 0.03** Annual Profit or Loss Key Data | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Net Investment Income | 63 | 32 | | General and Administrative Expenses | (6,170) | (9,419) | | **Operating Loss** | **(6,102)** | **(9,347)** | | **Loss for the Year** | **(6,113)** | **(9,358)** | | **Loss Per Share (HKD)** | **(0.03)** | **(0.04)** | [Consolidated Statement of Financial Position](index=2&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the company's total assets were **HKD 12.537 million**, and net assets were **HKD 6.785 million**, a significant decrease from **HKD 12.898 million** in the prior year, mainly due to reduced cash and cash equivalents and new financial assets at fair value through profit or loss, with net asset value per share decreasing from **HKD 0.05** to **HKD 0.03** Period-End Financial Position Key Data | Indicator | March 31, 2025 (HKD thousand) | March 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | **Total Current Assets** | **12,537** | **18,841** | | Financial Assets at Fair Value through Profit or Loss | 5,091 | – | | Cash and Cash Equivalents | 6,726 | 18,057 | | **Total Current Liabilities** | **5,752** | **5,943** | | **Net Assets/Total Equity** | **6,785** | **12,898** | | **Net Asset Value Per Share (HKD)** | **0.03** | **0.05** | [Notes to the Financial Statements](index=3&type=section&id=Notes%20to%20the%20Financial%20Statements) [1. General Information & 2. Significant Accounting Policies](index=3&type=section&id=1.%20General%20Information%20%26%202.%20Significant%20Accounting%20Policies) The company, incorporated in Bermuda, primarily invests in listed and unlisted entities, with financial statements prepared under Hong Kong Financial Reporting Standards, adopting current period amendments that had no significant impact on its financial position - The company's principal business involves investing in listed and unlisted entities[6](index=6&type=chunk) - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 1, HKAS 7) adopted in the current period had no significant impact on the company's financial statements[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [3. Segment Reporting](index=5&type=section&id=3.%20Segment%20Reporting) The company does not present segment information as all revenue, operating results, assets, and liabilities derive from investment activities primarily conducted in Hong Kong - All of the company's business activities are attributable to a single investment activity segment, primarily conducted in Hong Kong, thus no segment reporting is provided[15](index=15&type=chunk) [4. Net Investment Income & 6. Loss Before Tax](index=5&type=section&id=4.%20Net%20Investment%20Income%20%26%206.%20Loss%20Before%20Tax) Net investment income for the year primarily resulted from fair value changes of financial assets, while loss before tax was mainly composed of staff costs, short-term lease expenses, and legal and professional fees, with staff and legal fees significantly decreasing from the prior year - Net investment income of **HKD 63 thousand** was recorded for the year, entirely from fair value changes of financial assets at fair value through profit or loss[16](index=16&type=chunk) Major Expense Items | Expense Item | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Staff Costs | 3,424 | 4,887 | | Short-term Lease Related Expenses | 890 | 1,100 | | Legal and Professional Fees | 654 | 1,172 | | Depreciation Expenses | – | 668 | [7. Income Tax & 8. Loss Per Share](index=6&type=section&id=7.%20Income%20Tax%20%26%208.%20Loss%20Per%20Share) No income tax provision was made as the company generated no assessable profits in Hong Kong for the year, with basic loss per share calculated based on a **HKD 6.113 million** loss and 237,271 thousand weighted average shares, and diluted loss per share being identical due to no potential dilutive ordinary shares - No income tax provision was made for the year as the company had no assessable profits in Hong Kong[20](index=20&type=chunk) Basic Loss Per Share Calculation | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable (HKD thousand) | 6,113 | 9,358 | | Weighted Average Number of Ordinary Shares (thousand shares) | 237,271 | 237,271 | [9. Financial Assets at Fair Value through Profit or Loss & 10. Dividend](index=7&type=section&id=9.%20Financial%20Assets%20at%20Fair%20Value%20through%20Profit%20or%20Loss%20%26%2010.%20Dividend) As of March 31, 2025, the company held **HKD 5.091 million** in debt securities classified as financial assets at fair value through profit or loss, with no such assets in the prior year, and the Board does not recommend any dividend for the current year - As of March 31, 2025, the company held **HKD 5.091 million** in debt securities, classified as financial assets at fair value through profit or loss[22](index=22&type=chunk) - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[22](index=22&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Operating Results](index=8&type=section&id=Operating%20Results) The company's loss for the year narrowed from **HKD 9.358 million** to **HKD 6.113 million**, a 34.7% year-on-year reduction, primarily due to significant decreases in general and administrative expenses, particularly legal and professional fees, staff costs, and depreciation Annual Performance Comparison | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Loss for the Year | 6,113 | 9,358 | -3,245 | | General and Administrative Expenses | 6,170 | 9,419 | -3,249 | [Business Review and Prospects](index=8&type=section&id=Business%20Review%20and%20Prospects) Management views the 2025 global economic recovery as challenging due to uncertainties like US-China trade policies and geopolitical conflicts, with the Hong Kong economy showing fragile improvement; the company adopted a cautious investment strategy, investing in short-term US Treasury bonds and other debt securities for low-risk returns, and will continue to monitor market changes - Management views the global economic environment as challenging and uncertain due to US-China trade policies and geopolitical conflicts[24](index=24&type=chunk)[25](index=25&type=chunk) - The company adopted a cautious approach to future investment development, investing in short-term US Treasury bonds and other debt securities during the year to earn low-risk returns[26](index=26&type=chunk) [Significant Investments Held](index=9&type=section&id=Significant%20Investments%20Held) As of March 31, 2025, the company held three significant debt security investments totaling approximately **HKD 5.091 million**, representing 40.6% of total assets, considered low-risk short-term return instruments, with no significant investments held in the prior year Significant Investment Details (As of March 31, 2025) | Issuer Name | Investment Type | Market Value (HKD thousand) | Approximate Percentage of Total Assets | | :--- | :--- | :--- | :--- | | US Treasury (6-month T-bill) | Debt Securities | 1,933 | 15.4% | | CNPC Global Capital Limited | Debt Securities | 1,545 | 12.3% | | China Agrochemical (Hong Kong) Fengqiao Co., Limited | Debt Securities | 1,613 | 12.9% | - The Directors consider the held US Treasury bonds, CNPC Global bonds, and China Agrochemical bonds to be investments providing low-risk short-term returns[29](index=29&type=chunk) - As of March 31, 2024, the company held no significant investments[28](index=28&type=chunk) [Liquidity and Financial Resources](index=11&type=section&id=Liquidity%20and%20Financial%20Resources) The company's financial position is sound but liquidity decreased, with cash and bank balances falling from **HKD 18.057 million** to **HKD 6.726 million**, and a loan of approximately **HKD 4.041 million** from the controlling shareholder; the **HKD 41.7 million** net proceeds from the 2022 rights issue have been fully utilized as planned [Financial Position](index=11&type=section&id=Financial%20Position) As of March 31, 2025, the company's cash and bank balances were approximately **HKD 6.726 million**, a significant decrease from the prior year; the company has a loan of approximately **HKD 4.041 million** from the controlling shareholder, due December 31, 2025; the debt-to-asset ratio (total borrowings/total assets) slightly increased from 0.2 to 0.3 Liquidity Indicators | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances (HKD thousand) | 6,726 | 18,057 | | Controlling Shareholder Loan (HKD thousand) | 4,041 | 4,030 | | Debt-to-Asset Ratio | 0.3 | 0.2 | - The company obtained a loan from controlling shareholder Evergreen Goldstone, with a balance of **HKD 4.041 million** as of March 31, 2025, extended for repayment until December 31, 2025[32](index=32&type=chunk)[33](index=33&type=chunk) [2022 Rights Issue](index=12&type=section&id=2022%20Rights%20Issue) The company completed a rights issue in 2022, raising net proceeds of approximately **HKD 41.7 million**, which as of March 31, 2025, have been fully utilized as originally planned for loan repayment, future investments and business development, and general working capital - As of March 31, 2025, the **HKD 41.7 million** net proceeds from the 2022 rights issue have been fully utilized as per the original plan (loan repayment, future investments, working capital)[40](index=40&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedges](index=13&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedges) The company's assets and liabilities are denominated in HKD, RMB, and USD, with cash primarily in HKD and USD; management believes foreign exchange fluctuation risk is limited and thus no derivative instruments are used for hedging - The company's assets and liabilities are denominated in HKD, RMB, and USD, and it considers foreign exchange risk limited, thus no hedging is undertaken[41](index=41&type=chunk) [Capital Structure and Employees](index=14&type=section&id=Capital%20Structure%20and%20Employees) The company's capital structure comprises equity and debt, with a total of 237,271,250 ordinary shares issued; as of March 31, 2025, the company had 5 employees, with total annual remuneration of approximately **HKD 2.224 million**, a decrease from the prior year Employee and Remuneration Overview | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 5 | 4 | | Employee Remuneration (HKD thousand) | 2,224 | 2,607 | - As of March 31, 2025, the company had a total of 237,271,250 ordinary shares issued, consistent with the prior year[44](index=44&type=chunk) [Other Significant Matters](index=11&type=section&id=Other%20Significant%20Matters) During the year, the company had no significant acquisitions or disposals, no purchases, sales, or redemptions of its own shares, no asset pledges, or significant contingent liabilities, and no other material events requiring disclosure occurred from the reporting period end to the announcement date - During the year, the company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[30](index=30&type=chunk) - As of March 31, 2025, the company had no pledged assets, nor any significant contingent liabilities or capital commitments[42](index=42&type=chunk)[43](index=43&type=chunk) - From the end of the reporting period to the date of this announcement, the Board is not aware of any other significant events requiring disclosure[49](index=49&type=chunk) [Corporate Governance](index=15&type=section&id=Corporate%20Governance) [Audit and Compliance](index=15&type=section&id=Audit%20and%20Compliance) The company is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code under the Listing Rules; the Audit Committee, comprising three independent non-executive directors, reviewed the audited financial statements for the year, discussing accounting principles, internal controls, and financial reporting, and directors confirmed compliance with the Model Code for securities transactions - The company has complied with the code provisions under the Corporate Governance Code for the year[50](index=50&type=chunk) - The Audit Committee reviewed the audited financial statements for the year and discussed internal control and risk management systems[52](index=52&type=chunk)[53](index=53&type=chunk) - The company's auditor, Crowe (HK) CPA Limited, confirmed that the financial figures in this results announcement are consistent with the audited financial statements[51](index=51&type=chunk)

Financial Performance - For the six months ended September 30, 2024, the net investment income was HKD 39,000, compared to HKD 32,000 for the same period in 2023, representing an increase of 21.88%[8] - Total revenue for the period was HKD 42,000, a decrease of 75% from HKD 168,000 in the previous year[8] - General and administrative expenses decreased to HKD 3,124,000 from HKD 4,799,000, reflecting a reduction of 34.91%[8] - The operating loss for the period was HKD 3,082,000, improved from a loss of HKD 4,743,000 in the prior year, indicating a reduction of 35%[8] - The loss before tax was HKD 3,088,000, compared to HKD 4,749,000 in the previous year, showing a decrease of 35%[8] - The total comprehensive loss for the period was HKD 3,088,000, down from HKD 4,749,000, marking a 35% improvement[8] - Basic and diluted loss per share was HKD 1.30, improved from HKD 2.00 in the same period last year, a reduction of 35%[8] - The pre-tax loss for the period was approximately HKD 3,088,000, compared to a loss of HKD 4,749,000 for the same period in 2023[31] - The company recorded a loss of approximately HKD 3,088,000 for the period, an improvement of about HKD 1,661,000 compared to the loss of HKD 4,749,000 in the same period last year[53] Assets and Liabilities - As of September 30, 2024, total current assets were HKD 15,716,000, down from HKD 18,841,000 as of March 31, 2024, a decrease of 16.83%[11] - The net asset value as of September 30, 2024, was HKD 9,810,000, down from HKD 12,898,000, reflecting a decline of 23.93%[11] - The net asset value per share decreased to HKD 0.04 from HKD 0.05, a decline of 20%[11] - The company has a loan from a shareholder amounting to HKD 4,036,000 as of September 30, 2024, which is due for repayment by December 31, 2024[45] - The company has a loan from a controlling shareholder amounting to approximately HKD 4,036,000, which includes a principal of HKD 4,000,000 and accrued interest of about HKD 36,000, due for repayment by December 31, 2024[68] - The company's debt-to-asset ratio was approximately 0.3 as of September 30, 2024, compared to 0.2 as of March 31, 2024[68] Cash Flow - For the six months ended September 30, 2024, the net cash used in operating activities was HKD (8,134,000), compared to HKD 99,000 for the same period in 2023[18] - The cash and cash equivalents decreased by HKD (8,131,000) during the period, resulting in an ending balance of HKD 9,926,000, down from HKD 21,687,000 in the previous year[18] - As of September 30, 2024, the company's cash and cash equivalents amounted to HKD 9,926,000, a decrease from HKD 18,057,000[39] - As of September 30, 2024, the company's cash and bank balance was approximately HKD 9,926,000, down from HKD 18,057,000 as of March 31, 2024[68] Expenses - Total expenses included legal and professional fees of HKD 337,000, down from HKD 373,000 in the previous year[26] - Short-term employee benefits for the six months ended September 30, 2024, were HKD 860,000, a decrease from HKD 1,770,000 in the same period last year[48] - The company’s management fees to INV Advisory Limited were nil for the six months ended September 30, 2024, compared to HKD 270,000 in the previous year[48] - The company had no significant capital expenditures made during the reporting period ending September 30, 2023[76] Share Capital and Dividends - The total issued and paid-up share capital is HKD 23,727,000, with 237,271,250 shares issued at a par value of HKD 0.10 each[39] - The company did not recommend an interim dividend for the current period, consistent with the previous year[29] - The total number of issued ordinary shares as of September 30, 2024, was 237,271,250 shares, unchanged from March 31, 2024[78] - The company’s share capital as of September 30, 2024, was 237,271,250 shares, which serves as the basis for calculating shareholding percentages[91] Economic Environment - The Hong Kong economy is expected to remain weak in 2024, with real GDP growth of 1.8% year-on-year in Q3 2024, but a seasonally adjusted quarter-on-quarter decline of 1.1%[58] - Private consumption expenditure in Hong Kong decreased by 1.3% year-on-year in Q3 2024[58] - The US Federal Reserve has initiated a rate-cutting cycle, announcing cuts of 0.5% in September 2024 and 0.25% in November 2024, with further cuts considered for December 2024[54] - The geopolitical tensions, including the ongoing conflict between Russia and Ukraine, continue to pose supply chain challenges for global businesses[55] Investment Strategy - The company has invested in short-term US Treasury positions and other debt securities to earn low-risk returns[58] - The company will maintain a cautious approach towards investments and business development, closely monitoring global economic trends and the Hong Kong market[58] - The company has not made any acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[64] - The company has no plans for significant investments or capital assets during the reporting period but is open to future investment opportunities funded by internal resources[81] Corporate Governance - Major shareholders include Everbright Goldstone International Group Limited with a 37.14% stake, and Treasure Isle Global Limited with a 10.94% stake, among others[87] - The company has adopted corporate governance principles to align with the best interests of the company and its shareholders, complying with the corporate governance code[93] - The audit committee consists of three independent non-executive directors, including the chairperson with appropriate professional qualifications in accounting or related financial management knowledge[99] Employee Information - As of September 30, 2024, the company had 5 employees, with total employee compensation of approximately HKD 1,118,000 for the period, compared to HKD 1,297,000 for the six months ended September 30, 2023[83] - The company has maintained a policy of regular performance reviews for employees to determine salary adjustments, bonuses, and promotions[83] - The company has not engaged in any defined benefit plans for its employees during the reporting period[85] Accounting and Reporting - The company reported no significant impact from the adoption of new accounting standards during the current period[23] - The company’s policy includes no transfers between Level 1 and Level 2 fair value measurements during the reporting period[41] - The company has no foreign exchange hedging instruments in place, maintaining a policy to keep foreign exchange risk at a relatively low level[84] - There were no forfeited contributions to the Mandatory Provident Fund during the period, and no available forfeited contributions to reduce existing contributions as of September 30, 2024[85] - No significant matters requiring disclosure have occurred since September 30, 2024, up to the date of the unaudited interim report[97] Board Composition - The company has appointed new non-executive directors and committee members effective October 16, 2024, indicating a change in board composition[96] - No stock option plans were conducted during the period, with no options available for grant, unexercised, granted, exercised, canceled, or expired as of September 30, 2024[100]

Financial Performance - The company reported a net loss of HKD 3,088,000 for the six months ended September 30, 2024, compared to a loss of HKD 4,749,000 in the same period of 2023, representing a 35% improvement in performance [3]. - Basic and diluted loss per share for the current period was HKD 1.30, compared to HKD 2.00 in the previous year, indicating a reduction of 35% [3]. - The pre-tax loss for the six months ended September 30, 2024, was approximately HKD 3,088,000, compared to a loss of HKD 4,749,000 for the same period in 2023, indicating an improvement of 35% [16]. - The company recorded a loss of approximately HKD 3,088,000 for the six months ended September 30, 2024, a decrease of about HKD 1,661,000 compared to the loss of HKD 4,749,000 for the same period last year [47]. Investment Income - Total net investment income increased to HKD 39,000 from HKD 32,000 year-on-year, reflecting a growth of 21.88% [3]. - The net investment income for the six months ended September 30, 2024, was HKD 39,000, compared to HKD 32,000 for the same period in 2023, representing a 21.88% increase [13]. - Bank interest income decreased significantly to HKD 3,000 for the six months ended September 30, 2024, down from HKD 24,000 in 2023, a decline of 87.50% [13]. Expenses - General and administrative expenses decreased to HKD 3,124,000 from HKD 4,799,000, a reduction of approximately 34.8% [3]. - General and administrative expenses for the current period were approximately HKD 3,124,000, a decrease of about HKD 1,675,000 compared to the same period last year, primarily due to reductions in depreciation, employee costs, and investment management fees [47]. - The total employee benefits for key management personnel decreased to HKD 868,000 for the six months ended September 30, 2024, down from HKD 1,772,000 in 2023, a reduction of 51.00% [39]. - The company incurred lease expenses of HKD 450,000 for the current period, down from HKD 600,000 in the same period last year [43]. Assets and Liabilities - Current assets totaled HKD 15,716,000 as of September 30, 2024, down from HKD 18,841,000 as of March 31, 2024, indicating a decrease of 16.5% [5]. - The company's total equity decreased to HKD 9,810,000 from HKD 12,898,000, a decline of 23.9% [5]. - The net asset value per share was HKD 0.04, down from HKD 0.05, reflecting a decrease of 20% [5]. - The company's total liabilities included a loan from a shareholder amounting to HKD 4,036,000 as of September 30, 2024, slightly up from HKD 4,030,000 as of March 31, 2024 [40]. - The total cash and cash equivalents decreased to HKD 9,926,000 as of September 30, 2024, from HKD 18,057,000 as of March 31, 2024, a decline of 45.00% [29]. - The company's debt-to-asset ratio was approximately 0.3 as of September 30, 2024, compared to approximately 0.2 as of March 31, 2024 [64]. Corporate Governance - The company has adopted corporate governance principles to align with the best interests of the company and its shareholders [85]. - The audit committee consists of three independent non-executive directors, ensuring proper review of accounting principles and financial reporting [91]. Dividends and Share Capital - The company did not declare an interim dividend for the current period, consistent with the previous year [17]. - The company's average number of issued ordinary shares remained constant at 237,271,250 shares for both periods [16]. - The total number of issued ordinary shares as of September 30, 2024, is 237,271,250 shares [77]. - The board has decided not to declare any interim dividends for the reporting period ending September 30, 2023 [78]. Economic Outlook - The Hong Kong economy is expected to remain weak in 2024, with real GDP growth of 1.8% year-on-year in Q3 2024, but a quarter-on-quarter decline of 1.1% after seasonal adjustment [51]. - Private consumption expenditure in Hong Kong fell by 1.3% year-on-year in Q3 2024 [51]. - The Federal Reserve announced interest rate cuts of 0.5% in September 2024 and 0.25% in November 2024, with further cuts being considered for December 2024 [48]. Strategic Approach - The company continues to adopt a cautious approach towards investments and business development amid global economic volatility [52]. - The company is closely monitoring global economic trends and will adjust investment strategies as necessary [52]. - The company plans to continue monitoring the Red Sea conflict and shipping demand fundamentals [57]. Rights Issue - The company completed a rights issue on March 28, 2022, issuing shares at a subscription price of HKD 0.68, with a market price of HKD 1.70 on the announcement date [66]. - A total of 62,500,000 shares were successfully placed to independent subscribers, representing approximately 26.34% of the total shares issued after the rights issue [68]. - The total amount raised from the rights issue was approximately HKD 43.8 million, with a net amount of about HKD 41.7 million after expenses [68]. - As of September 30, 2024, the unutilized net proceeds from the rights issue amounted to approximately HKD 4.0 million, which is held in a licensed bank in Hong Kong [71]. Employment - As of September 30, 2024, the company had 5 employees, an increase from 4 employees as of March 31, 2024 [83]. - Employee compensation for the period was approximately HKD 1,118,000, compared to approximately HKD 1,297,000 for the six months ending September 30, 2023 [83]. - The company contributes 5% of each employee's monthly relevant income to the Mandatory Provident Fund (MPF), with a cap of HKD 1,500 per month [83]. - There were no forfeited contributions to the MPF during the period, and no available forfeited contributions to reduce current contribution levels as of September 30, 2024 [84].