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佈之內容 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 因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1172） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 全 年 業 績 融太集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度之綜 合業績，連同截至二零二二年三月三十一日止年度之同期比較數字如下： 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 收入 4.17億港元 15.87億港元 –74% 毛利 5,800萬港元 5,700萬港元 2% 本公司擁有人應佔虧損 (3.53)億港元 (2.70)億港元 31% ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$144 million, a decrease of 25% from HK$191 million in 2021[28] - Gross profit decreased by 33% to HK$20 million compared to HK$30 million in the previous year[28] - Loss attributable to owners increased to HK$(173) million, representing a 78% increase from HK$(97) million in 2021[28] - Loss per share rose to (2.99) HK cents, up 79% from (1.67) HK cents in the prior year[28] - Shareholders' funds decreased by 33% to HK$440 million from HK$653 million[28] - Net asset value per share declined by 27% to HK$0.08 from HK$0.11[28] - The Group recorded consolidated revenue of approximately HK$144 million for the six months ended 30 September 2022, a decrease of 25% compared to HK$191 million in the same period last year[34] - The Group's gross profit decreased by 33% to approximately HK$20 million, with a gross margin of 14%, down from 16% in the previous year[35] - The Group recorded a loss before tax of approximately HK$179 million, an improvement from a loss of HK$228 million in the previous year, primarily due to reduced losses in property development[49] - The Group recorded an operating loss of approximately HK$162 million for the period, compared to a loss of HK$228 million in 2021, primarily due to impairment provisions of approximately HK$153 million[55] - The Group incurred a net loss of HK$172,727,000 during the six months, compared to a loss of HK$96,635,000 in the prior year, representing an increase in loss of 78.7%[198] - Operating loss for the period was HK$178,395,000, which is an improvement from the operating loss of HK$226,776,000 in the previous year, indicating a reduction of 21.3%[198] Revenue Sources - Revenue from the printing business decreased to approximately HK$106 million, down from HK$137 million, due to soft demand caused by high inflation in Europe and the USA[34] - Revenue from the property development project in Zigong City was approximately HK$35 million, generated from the delivery of residential units with a gross floor area of approximately 2,200 sq m[55] - The printing business recorded a revenue decrease to approximately HK$106 million, down from HK$137 million in 2021, while maintaining a similar profit margin[61] Cost Management and Future Strategies - The company aims to implement cost-cutting measures to mitigate losses and improve profitability moving forward[31] - The printing business implemented cost control measures and enhanced competitive advantages through innovation and quality management[64] - The Group is focusing on new product development and market expansion strategies to improve future performance[31] - Management indicated plans for potential mergers and acquisitions to enhance market presence[31] - User data and engagement metrics are being analyzed to tailor future offerings and improve customer retention[31] Assets and Liabilities - Total assets decreased by 15% to approximately HK$1,299 million as of 30 September 2022, down from HK$1,528 million as of 31 March 2022[54] - Net current assets amounted to approximately HK$54 million, with a current ratio of 1.07 times, down from 1.30 times as of 31 March 2022[54] - The Group's bank borrowings amounted to approximately HK$170 million as of 30 September 2022, with a gearing ratio of 0.39, up from 0.27 as of 31 March 2022[104] - The Group's net debt position was approximately HK$132 million as of 30 September 2022, compared to HK$106 million as of 31 March 2022[104] - The Group provided financial guarantees for mortgage loans amounting to approximately HK$1,336 million as of 30 September 2022, a decrease from HK$1,369 million as of 31 March 2022[151] Shareholder Information - Qingda Developments Limited holds 1,913,063,473 ordinary shares, representing approximately 33.10% of the company's ordinary share interest[119] - Huijin Dingsheng International Holding Company Limited is a beneficial owner of 1,618,143,724 ordinary shares, accounting for 28.00% of the company's ordinary share interest[125] - The total number of ordinary shares held by substantial shareholders consistently amounts to 1,913,063,473, representing 33.10% across various entities[121] - The aggregate number of ordinary shares held by substantial shareholders indicates a concentrated ownership structure within the company[121] Governance and Compliance - The company has complied with all code provisions in the Corporate Governance Code throughout the six months ended September 30, 2022[164] - The audit committee reviewed the unaudited interim condensed consolidated financial information for the six months ended September 30, 2022[171] - The company has adopted the Model Code for securities transactions by directors and all directors confirmed compliance throughout the reporting period[171] - The management has taken measures to ensure effective communication with shareholders, including regular updates and on-site visits[170] Market Conditions and Outlook - The global economic recovery post-pandemic is ongoing, but challenges such as supply chain disruptions and inflation are affecting momentum[108] - The Group remains cautiously optimistic about the property investment business and continues to monitor capital changes and rental yields[96] - Investors are becoming more cautious, showing increased interest in quality impact investments and alternative market opportunities[108] - The Group remains optimistic about the economic benefits from its projects, leveraging its expertise and natural environment[109]

Financial Performance - The company reported a total revenue of 28,161 million for the year 2022[1] - The Group recorded a revenue of approximately HK$1,587 million for the year ended 31 March 2022, representing a decrease of 26% from HK$2,141 million in 2021[25] - Net loss for the year attributable to owners of the Company was approximately HK$270 million, compared to a net profit of approximately HK$3 million in 2021[25] - Loss per share was 4.67 HK cents, a decline from earnings per share of 0.05 HK cent in the previous year[25] - Shareholders' funds decreased by 27% to approximately HK$653 million, down from HK$899 million in 2021[25] - The Group's gross profit decreased by 51% to approximately HK$57 million, with a gross margin dropping to 4% from 5% in the previous year[44] - The Group recorded a loss before tax of approximately HK$536 million, compared to a profit before tax of approximately HK$10 million in 2021[52] - Total assets decreased by 51% to approximately HK$1,528 million, primarily due to the recognition of carrying costs of stock of properties[60] - The Group's total assets amounted to approximately HK$1,528 million as of March 31, 2022, down from HK$3,096 million in 2021[102] Operational Challenges - The turnaround in results was mainly affected by the net loss of the property development business due to impairment provisions for properties in Zigong City, Sichuan Province[26] - A provision for impairment of stock of properties of approximately HK$418 million was charged, attributed to liquidity issues in the property market and regulatory measures affecting sales[45] - The property development business reported an operating loss of approximately HK$459 million, compared to an operating profit of approximately HK$33 million in the previous year, mainly due to an impairment provision of approximately HK$418 million[69] - The fair value loss from revaluation of investment properties was approximately HK$41 million, influenced by weak market sentiment due to temporary quarantine measures[51] - The Group remains cautiously optimistic about the property investment business and is monitoring capital changes and rental yields for potential portfolio rebalancing[91] Governance and Management - The board of directors has undergone changes, with new appointments aimed at strengthening governance[6] - The company is committed to environmental, social, and governance (ESG) practices as outlined in the relevant report[3] - The company has appointed several experienced directors to enhance its corporate governance and investment strategies[138] - The independent non-executive directors bring diverse expertise in finance and investment, contributing to the company's strategic direction[141] - The company is focused on expanding its management team with professionals experienced in various sectors, including private equity and corporate finance[140] - The Board is responsible for overseeing the Group's business and strategies to enhance shareholder value, regularly reviewing financial performance and management[173] - The Board's composition as of March 31, 2022, includes a mix of executive and independent non-executive Directors, ensuring diverse perspectives[176] Future Outlook and Strategy - Future outlook includes strategic initiatives for market expansion and potential mergers and acquisitions[3] - New product development and technological advancements are key focus areas for the upcoming fiscal year[3] - The Group remains optimistic about future economic benefits from its property development projects, leveraging its expertise and natural environment[30] - The Group is seeking further business development opportunities across various industries, supported by its established printing business[34] - The Group is exploring opportunities in the financial and asset management services markets to capitalize on the emerging asset management market in Hong Kong[93] Financial Management - The independent auditor's report confirms the accuracy of the financial statements, ensuring transparency[11] - The Group's bank borrowings were approximately HK$175 million as of March 31, 2022, compared to HK$219 million in 2021, with a gearing ratio of 0.27[100] - The Group provided financial guarantees for mortgage loans totaling approximately HK$1.369 billion, down from HK$1.818 billion in 2021[112] - The Group pledged assets with a total carrying value of approximately HK$289 million to secure bank facilities, compared to HK$320 million in 2021[112] - The net cash outflow from operating activities was approximately HK$16 million, compared to a net cash inflow of approximately HK$30 million in 2021[61] Risk Management - The Group has implemented effective risk management and internal control systems to address market value volatility in its investment portfolios[110] - The Group's risk management policies are evaluated and approved by the Board, ensuring effective management of environmental, social, and governance (ESG) risks[171] - The Group's annual report includes a section on "Principal Risks and Uncertainties" detailing the significant risks faced by the business[171] - The environmental, social, and governance matters for the year ended March 31, 2022, are detailed in the "Environmental, Social and Governance Report" within the annual report[171]

Financial Performance - For the six months ended 30 September 2021, the Group recorded a consolidated revenue of approximately HK$191 million, representing a decrease of 79% from HK$894 million in the previous period[18]. - The Group's gross profit decreased by 43% to approximately HK$30 million, down from HK$53 million in the last corresponding period[19]. - The loss attributable to owners of the Company was HK$(97) million, a decline from a profit of HK$8 million in the previous period, representing a change of -1,270%[14]. - Earnings per share were reported at (1.67) HK cents, compared to 0.14 HK cent in the previous period, marking a decrease of -1,293%[14]. - The Group recorded a consolidated revenue of approximately HK$191 million for the six months ended September 30, 2021, a decrease of 79% compared to HK$894 million in the same period last year[21]. - The gross profit decreased by 43% to approximately HK$30 million, with a gross margin increase to 16% from 6% due to the higher margin contribution from the printing business[21]. - The Group's loss before tax amounted to approximately HK$228 million, compared to a profit of approximately HK$14 million in the previous year[31]. - The Group recorded a net decrease in cash and cash equivalents of approximately HK$57 million, with a balance of approximately HK$93 million as of September 30, 2021[36]. - The property development business recorded an operating loss of approximately HK$228 million, compared to a profit of approximately HK$12 million in 2020[40]. - The company reported a loss for the period of HK$96,635,000 for the six months ended September 30, 2021, compared to a profit of HK$8,261,000 in the same period of 2020[168]. Revenue Breakdown - Revenue from the sales of completed residential units significantly decreased to approximately HK$46 million, compared to HK$774 million in the last corresponding period[18]. - Revenue for the six months ended 30 September 2021 was HK$190,569,000, a decrease of 78.7% compared to HK$894,315,000 for the same period in 2020[165]. - The property development segment generated revenue of HK$45,808,000, while the printing segment contributed HK$137,329,000[199]. - The property investment segment reported revenue of HK$5,483,000, and treasury activities generated HK$1,295,000[199]. Asset and Equity Changes - Shareholders' funds decreased to HK$813 million from HK$899 million, reflecting a decline of 10%[14]. - Total assets decreased by 2% to approximately HK$3,025 million as of September 30, 2021[35]. - The company's net current assets were HK$528,987,000, down from HK$731,642,000, indicating a decline in liquidity[170]. - Total equity decreased to HK$812,941,000 as of September 30, 2021, from HK$898,568,000 as of March 31, 2021[173]. Operational Insights - There was no scheduled bulk delivery of presold properties during the period, impacting revenue from property development significantly[18]. - The Group's printing business maintained a similar gross margin to the last financial year while expanding market share[19]. - The management anticipates considerable improvement in the second half of the financial year, with scheduled delivery of presold residential units exceeding 170,000 sq m and contract sales over HK$1 billion[40]. - The printing business recorded an operating profit of approximately HK$6 million, up from HK$100,000 in 2020[53]. Cash Flow and Financing - The net cash inflow from operating activities was approximately HK$9 million, compared to an inflow of approximately HK$0.2 million in the previous year[36]. - The Group's bank borrowings amounted to approximately HK$202 million, down from HK$219 million as of 31 March 2021, with a gearing ratio of 0.25[75]. - The Group's cash and cash equivalents balance was approximately HK$119 million, a decrease from HK$178 million as of 31 March 2021, including a restricted bank balance of approximately HK$26 million[77]. - The repayment of bank borrowings was HK$46,963, significantly lower than HK$314,917 in the previous year, indicating reduced debt obligations[181]. Shareholder Information - As of September 30, 2021, Qingda Developments Limited holds 2,025,303,473 shares, representing approximately 35.04% of the company's ordinary shares[94]. - The interests of substantial shareholders are disclosed in accordance with the provisions of the Securities and Futures Ordinance (SFO)[92]. - The aggregate number of ordinary shares held by substantial shareholders is consistent across multiple entities, indicating a concentrated ownership structure[94]. - The company has not granted any rights to subscribe for its securities to directors or senior executives during the review period[90]. Governance and Compliance - The company has adopted the Model Code for securities transactions by directors and confirmed compliance throughout the reporting period[148]. - The company expressed gratitude to shareholders, customers, and partners for their continuous support[150]. - The company has complied with all code provisions in the Corporate Governance Code throughout the reporting period[139].

Financial Performance - The Group recorded a revenue of approximately HK$2,141 million for the year ended 31 March 2021, representing an increase of 590% from HK$310 million in 2020[21]. - Net profit for the year attributable to owners of the Company was approximately HK$3 million, a turnaround from a net loss of HK$74 million in 2020[21]. - Earnings per share improved to HK0.05 cent, compared to a loss per share of HK1.85 cents in the previous year[21]. - Shareholders' funds increased by 7% to approximately HK$899 million, up from HK$842 million in 2020[21]. - Net asset value per share rose to HK$0.16, compared to HK$0.15 in the previous year[21]. - The Group's EBIT was HK$13 million, a significant improvement from a loss of HK$76 million in 2020[15]. - EBITDA for the year was HK$23 million, compared to a loss of HK$63 million in the previous year[15]. - The Group's gross profit increased by 115% to approximately HK$118 million, while the gross margin dropped to 5% from 18% due to lower margins from residential units sold[45]. - The Group recorded a profit before tax of approximately HK$10 million, a significant turnaround from a loss of HK$85 million in the previous year[50]. - Profit for the year attributable to owners of the Company amounted to approximately HK$3 million, compared to a loss of HK$74 million in the previous year[52]. Assets and Liabilities - Total assets decreased to HK$3,096 million from HK$4,190 million in 2020[16]. - The current ratio improved to 1.39 from 1.30 in the previous year, indicating better short-term financial health[16]. - The net cash inflow from operating activities was approximately HK$30 million, reversing a net cash outflow of approximately HK$47 million in the previous year[54]. - The Group's total assets amounted to approximately HK$3,096 million as of March 31, 2021, down from HK$4,190 million in 2020[90]. - The Group's bank borrowings were approximately HK$219 million as of March 31, 2021, down from HK$373 million in 2020, with a gearing ratio of 0.24 compared to 0.44 in the previous year[92]. - Cash and cash equivalents as of March 31, 2021, were approximately HK$178 million, down from HK$421 million in 2020, with a net debt position of approximately HK$41 million[97]. Business Operations - The Group fully utilized net proceeds of approximately HK$194 million from a rights issue for repayment of bank borrowings as of March 31, 2021[30]. - The residential development project in Zigong City, Sichuan Province, is expected to further improve the Group's financial position in the coming financial years[27]. - The printing business recorded a revenue drop to approximately HK$195 million in 2021, down from HK$207 million in 2020, resulting in an operating loss of approximately HK$3 million[73]. - The property investment business achieved an operating profit of approximately HK$5 million for the year, a significant improvement from a loss of approximately HK$78 million in 2020[75]. - The Group is focused on expanding its property development business in non-first-tier cities in Mainland China, where demand-side restrictions are less[27]. - The Group continues to seek growth-enhancing investment opportunities across various markets while maintaining effective risk management and internal control systems[32]. Market Outlook - The global economy is showing initial recovery, supported by growing consumption sentiment and inflationary expectations, which positively impacts the property market[26]. - The Group remains cautiously optimistic about the recovery of the global printing and packaging market, implementing risk management and business development strategies to turn risks into growth opportunities[77]. - The Group is exploring expansion options into the financial and asset management services market to capture opportunities arising from potential asset price inflation due to lowering global interest rates[89]. Corporate Governance - The company is committed to achieving a high standard of corporate governance to protect and promote shareholder interests[147]. - The Board has complied with the Corporate Governance Code throughout the year ended March 31, 2021[148]. - The Board is responsible for overseeing business strategies aimed at enhancing shareholder value and regularly reviews financial performance[149]. - The Board composition is well balanced, with each director possessing relevant knowledge and experience[159]. - Regular Board meetings are held at least four times a year, with four meetings conducted during the year under review[165]. - The roles of the Company's Chairman and Chief Executive Officer have been performed by the executive Directors on a collective basis, providing flexibility for effective business decision-making[171]. - The Nomination Committee reviewed the structure, size, composition, and diversity of the Board during the year[175]. - The Company has established a clear Nomination Policy and Board Diversity Policy[174]. - The attendance record of Directors at Board meetings shows high engagement, with most Directors attending 100% of meetings[171]. Risk Management - The Group has assessed and identified key risks in terms of strategic, operational, and financial aspects, with an effective risk management system in place[112]. - Certain financial risks and uncertainties about significant accounting judgments and estimates are detailed in the notes to the consolidated financial statements[112]. Director Profiles - Mr. Lam has over 45 years of experience in engineering[127]. - Mr. Ho has over 20 years of experience in private equity investment and finance[133]. - Ms. Ng has more than 25 years of experience in finance, accounting, and corporate secretarial functions[141]. - Mr. Leung is responsible for financial management and treasury functions of the Group[139]. - Mr. Ho holds an Executive Master of Business Administration degree from Tsinghua University[137]. - Mr. Ho is a Chartered Financial Analyst[137]. Remuneration and Training - The Group's remuneration policy aims to provide fair market remuneration to attract, retain, and motivate high-quality staff[197]. - A remuneration committee has been established to recommend the Company's remuneration policy and structure for all Directors and senior management[199]. - The Company arranged seminars and provided reading materials relevant to Directors' duties and responsibilities during the year[194]. - The training record summary for each Director was documented, ensuring continuous professional development[194]. - The Company adheres to code provision A.6.5 of the CG Code, requiring all Directors to participate in continuous professional development[193].

Financial Performance - The Group recorded a consolidated revenue of approximately HK$894 million for the six months ended 30 September 2020, representing a substantial increase of 287% from HK$231 million in the same period last year[31]. - Gross profit increased by 45% to approximately HK$53 million, up from HK$37 million, although the gross margin dropped to 6% from 16% due to lower margins on residential units sold[32]. - Profit attributable to owners of the Company decreased by 72% to HK$8 million, compared to HK$29 million in the previous year[27]. - Earnings per share fell by 83% to 0.14 HK cents from 0.83 HK cents[27]. - Shareholders' funds increased by 4% to HK$877 million from HK$842 million[27]. - The significant revenue increase was mainly driven by higher sales of completed residential units in Zigong City, Sichuan Province, acquired in August 2019[31]. - Operating profit from the property development business decreased to approximately HK$12 million, down from HK$59 million, primarily due to the absence of a one-off bargain purchase gain of approximately HK$60 million from the previous year[51]. - The Group's gross profit margin was maintained at approximately 25% when excluding property sales[32]. - The Group's financial performance reflects a strategic focus on property development and cost management initiatives[30]. Expenses and Cost Management - Selling and marketing expenses rose to approximately HK$17 million, up from HK$13 million, due to increased sales activities[33]. - Administrative and other operating expenses decreased to approximately HK$26 million from HK$34 million, reflecting cost-saving measures[33]. - The Group's finance costs decreased to approximately HK$2 million from HK$3 million, reflecting cost-saving measures[39]. Assets and Liabilities - Total assets decreased by 10% to approximately HK$3,770 million from HK$4,190 million as of March 31, 2020[44]. - The net cash inflow from operating activities was approximately HK$0.2 million, a significant improvement from an outflow of approximately HK$84 million in the previous year[45]. - The Group's bank borrowings decreased to approximately HK$185 million as of September 30, 2020, from HK$373 million as of March 31, 2020[112]. - The gearing ratio improved to 0.21 as of September 30, 2020, compared to 0.44 as of March 31, 2020[112]. - The Group's cash and cash equivalents were approximately HK$110 million as of September 30, 2020, a decrease of 73.9% from HK$421 million as of March 31, 2020[118]. - The net debt position of the Group was approximately HK$75 million as of September 30, 2020, compared to HK$72 million as of March 31, 2020, indicating a slight increase of 4.2%[118]. - The capital debt ratio improved to 0.21 as of September 30, 2020, down from 0.44 as of March 31, 2020, showing a significant reduction in leverage[114]. Property Development - The property development segment contributed revenue of approximately HK$774 million, delivering residential units with a gross floor area of approximately 114,000 sq m[51]. - Revenue from the property development business was approximately HK$774 million, down from HK$870 million in the previous year, with a total gross floor area of approximately 114,000 sq m delivered to customers[53]. - As of 30 September 2020, the total carrying value of completed properties for sale and properties under development in Zigong City was approximately HK$2,543 million, down from HK$2,863 million as of 31 March 2020[56]. - The Group anticipates that its residential development project in Zigong City, Sichuan Province, will further improve its financial position in the coming financial years[121]. - The Group is focusing on expanding its property development business in non-first-tier cities in Mainland China, which have less demand-side restrictions[121]. Shareholding Structure - Qingda Developments Limited holds approximately 35.04% of the ordinary shares of the company, totaling 2,025,303,473 shares[133]. - Wang Xiqiang, a substantial shareholder, also holds 35.04% of the ordinary shares, amounting to 2,025,303,473 shares[134]. - Huijin Dingsheng International Holding Company Limited is a beneficial owner with 28.00% of the ordinary shares, totaling 1,618,143,724 shares[136]. - The company has multiple substantial shareholders, all holding 2,025,303,473 shares, representing 35.04% of the ordinary shares[136]. - The interests disclosed include various controlled corporations, indicating a concentrated ownership structure[136]. - The interim report for 2020/21 provides insights into the shareholding structure and substantial interests[136]. - The aggregate number of ordinary shares held by substantial shareholders reflects a significant concentration of ownership[136]. - The data indicates a stable shareholder base with substantial interests in the company[136]. - The company’s governance may be influenced by the high percentage of shares held by a few entities[136]. Investment Properties - The Group's investment properties had a fair value of approximately HK$435 million as of 30 September 2020, generating rental income of approximately HK$5 million during the period[72]. - The property investment business recorded an operating loss of approximately HK$1 million, an improvement from a loss of HK$15 million in the previous year, attributed to unrealized revaluation losses of approximately HK$5 million[72]. - The unrealized revaluation loss from investment properties was approximately HK$5 million, impacted by weak market sentiment due to temporary quarantine measures[82]. - The Group remains cautiously optimistic about the property investment business, with all investment properties fully leased out[100]. Future Outlook and Strategy - The management is optimistic about the prospects of higher-end residential properties in Changsha City, expecting substantial yield from ongoing negotiations[60]. - The Group is exploring business opportunities to expand its property development business, leveraging expertise from residential development projects[61]. - The Group is exploring expansion options into the financial and asset management services market to capture opportunities from potential asset price inflation[106]. - The Group is actively seeking growth-enhancing investment opportunities across various markets, leveraging its expertise in the printing business[122]. - The global low interest rates and expansionary monetary policies are expected to provide support for economic recovery and stabilize the global financial market[120]. Employee and Operational Metrics - The Group employed 531 staff as of September 30, 2020, down from 655 as of March 31, 2020[180]. - The Group pledged assets with a carrying value of approximately HK$321 million as of September 30, 2020, compared to HK$570 million as of March 31, 2020[181]. - The Group had capital expenditure commitments of approximately HK$0.1 million as of September 30, 2020, down from HK$1 million as of March 31, 2020[182]. Rights Issue and Financing - The Company issued 1,806,221,760 rights shares at a subscription price of HK$0.11 per share, raising net proceeds of approximately HK$194 million[191]. - The net proceeds of approximately HK$194 million were fully utilized for the repayment of bank borrowings as of September 30, 2020[192]. - The Company entered into a revolving loan facility agreement with an aggregate amount of up to HK$320 million, requiring the largest shareholder to remain the same during the facility's subsistence[193]. - The company entered into a revolving loan agreement with a bank for a total amount of up to HKD 150 million, with no specific maturity date but subject to annual review[199]. - The company must maintain compliance with specific performance obligations to avoid default under the revolving loan agreement[199].

Financial Performance - Revenue for 2020 was HK$310 million, a 45% increase from HK$214 million in 2019[28] - Gross profit decreased to HK$64 million in 2020, down from HK$67 million in 2019, representing a decline of approximately 4.5%[28] - The company reported a loss before interest and tax (EBIT) of HK$(76) million in 2020, compared to a profit of HK$8 million in 2019[28] - The Group recorded a consolidated revenue of approximately HK$310 million for the year ended 31 March 2020, representing a 45% increase from HK$214 million in 2019[34] - Net loss attributable to owners of the Company was approximately HK$74 million, compared to a net profit of HK$3 million in 2019, resulting in a loss per share of HK1.85 cents[34] - The Group's gross margin dropped to 21% (2019: 31%), with gross profit decreasing by 3% to approximately HK$64 million (2019: HK$67 million) due to competitive pricing strategies in the printed products segment[60] - Selling and marketing expenses rose to approximately HK$26 million (2019: HK$16 million), while administrative and other operating expenses increased to approximately HK$66 million (2019: HK$59 million) due to heightened sales activities and the acquisition of a new property development business[61] - The Group recorded a net loss before taxation of approximately HK$85 million (2019: profit of HK$3 million), attributed to various operating segments including a loss of approximately HK$78 million in property investment[67] - The net loss for the year was approximately HK$74 million, impacted by a Renminbi exchange loss of approximately HK$32 million[78] Assets and Liabilities - Total assets increased significantly to HK$4,190 million in 2020, up from HK$967 million in 2019, marking a growth of approximately 333%[28] - Shareholders' funds rose to HK$842 million in 2020, compared to HK$627 million in 2019, reflecting an increase of about 34%[28] - The number of shares in issue increased to 5,779,196,660 shares in 2020 from 3,310,812,417 shares in 2019[28] - The current ratio remained stable at 1.30 in both 2020 and 2019[28] - The gearing ratio increased to 0.44 in 2020 from 0.21 in 2019, indicating a rise in financial leverage[28] - Cash and cash equivalents as of March 31, 2020, totaled approximately HK$421 million, significantly up from HK$68 million in 2019, including pledged cash of approximately HK$120 million[116][120] - The Group's net debt position was approximately HK$72 million as of March 31, 2020, compared to HK$67 million in 2019, with a net gearing ratio of 0.09, down from 0.11[116][120] - As of March 31, 2020, the Group's bank borrowings amounted to approximately HK$373 million, an increase from HK$135 million in 2019, with all borrowings repayable on demand or within one year[112][114] Property Development - The Group acquired a residential property development business in Zigong City, Sichuan Province, for a contracted consideration of HK$400 million, with a gross floor area of approximately 500,000 sq m available for sale[42] - The Group aims to focus on property development in lower-tier cities in Mainland China to capture emerging opportunities in the real estate market[40] - The property development business recorded an operating profit of approximately HK$36 million for the year, primarily due to a bargain purchase gain of approximately HK$60 million from the acquisition of a residential property development business[80] - Revenue from the new project in Zigong City contributed approximately HK$87 million during the year, generated from the delivery of residential units with a gross floor area of approximately 14,000 sq m[80] - As of March 31, 2020, the total carrying value of completed properties for sale and properties under development in Zigong City amounted to approximately HK$2,863 million[84] - The Group has presold residential units under development with a gross floor area of approximately 305,000 sq m, with delivery anticipated between the financial years ending March 31, 2021, and 2023[84] Investment Properties - The unrealised revaluation loss of investment properties was approximately HK$78 million, compared to a gain of approximately HK$17 million in 2019, primarily due to weak market sentiment from COVID-19[36] - The fair value loss from revaluation of investment properties amounted to approximately HK$78 million (2019: gain of HK$17 million), reflecting adverse market conditions[66] - As of March 31, 2020, the Group's investment properties had a fair market value of approximately HK$434 million, down from HK$523 million in 2019, contributing rental income of approximately HK$10 million[101] - The Group's investment properties were fully leased out as of the report date, indicating a stable income stream despite the unrealized revaluation loss[103] Corporate Governance - The Group continues to implement effective internal control measures and maintain proper corporate governance practices[47] - The Company has complied with the Corporate Governance Code throughout the year ended March 31, 2020[184] - The Board is responsible for overseeing the business and strategies of the Group to enhance shareholder value[185] - The Company is committed to achieving a high standard of corporate governance to protect shareholder interests[183] - The Board composition is well balanced, with each Director possessing relevant knowledge and experience[196] - The Group has established an effective risk management system to address key strategic, operational, and financial risks[136] - The Group's management has evaluated response plans for identified key risks[136] Management and Experience - The Group's investment director and deputy general manager has over 15 years of experience in mergers and acquisitions and corporate management[153] - The executive director, Mr. Li, has over 10 years of experience in senior management roles in real estate investment and fund management[148] - Mr. Lam has over 45 years of experience in engineering, contributing to the company's expertise in construction technologies[159] - Mr. Ho has over 20 years of experience in private equity investment and finance, enhancing the company's financial management capabilities[165] - Mr. Leung, the Financial Controller, has over 20 years of experience in financial management, accounting, auditing, and corporate governance, ensuring robust financial oversight[176] - The company has a diverse board with members experienced in engineering, law, and finance, which supports comprehensive decision-making[162] Market Outlook - The outlook indicates challenges from global economic downturns and geopolitical tensions, but also highlights opportunities from falling interest rates and expansionary monetary policies[119][122] - The management remains cautiously optimistic about the growth momentum of the printing business despite global tariff uncertainties and the impact of the COVID-19 pandemic[95] - The Group is exploring business opportunities to expand its property development business, leveraging expertise gained from recent acquisitions[88]

Financial Performance - For the six months ended 30 September 2019, the Group recorded a consolidated revenue of approximately HK$231 million, representing a substantial increase of 100% from HK$115 million in the same period last year[38][43]. - The Group's gross profit increased by 9% to approximately HK$37 million, up from HK$34 million in the previous year[38][44]. - Profit attributable to equity holders of the Company surged to HK$31 million, a significant increase of 672% compared to HK$4 million in the prior year[38]. - Earnings per share rose to 0.87 HK cent, reflecting a 625% increase from 0.12 HK cent in the previous year[38]. - The Group recorded a profit before tax of approximately HK$30 million for the period, a significant increase from HK$4 million in 2018[56]. Shareholder Equity - As of 30 September 2019, shareholders' funds increased by 21% to HK$757 million from HK$627 million as of 31 March 2019[39]. - Shareholders' funds attributable to equity holders increased by 21% to approximately HK$757 million, representing HK$0.19 per share[63]. - The company's equity attributable to shareholders increased by 21% to approximately HK$757 million as of September 30, 2019, compared to HK$627 million as of March 31, 2019[66]. Property Development - The revenue growth was primarily driven by the development and sales of residential units in Zigong City, a new property development business acquired in August 2019, with a remaining saleable gross floor area of approximately 500,000 sq m[43]. - The property development segment contributed a profit of approximately HK$61 million, while the property investment segment incurred a loss of approximately HK$15 million[56]. - The property development business recorded an operating profit of approximately HK$61 million for the period, primarily due to a bargain purchase gain of approximately HK$62 million from the acquisition of a residential property development business[68]. - The new project contributed revenue of approximately HK$87 million, delivering an aggregate residential gross floor area of approximately 13,000 sq m[68]. - As of September 30, 2019, approximately 228,000 sq m of residential units had been presold, expected to be delivered after the financial year ending March 31, 2020[69]. Investment Properties - The fair value loss from revaluation of investment properties amounted to approximately HK$18 million, compared to a gain of HK$7 million in 2018[50]. - As of September 30, 2019, the Group's investment properties had a fair market value of approximately HK$495 million, down from HK$523 million as of March 31, 2019, contributing rental income of approximately HK$5 million[86]. - The property investment business recorded an operating loss of approximately HK$15 million, primarily due to a fair value loss from revaluation of investment properties amounting to approximately HK$18 million[82]. Financial Position - Total assets increased by 289% to approximately HK$3,761 million as of 30 September 2019, compared to HK$967 million on 31 March 2019[61]. - The Group's net debt position was approximately HK$192 million as of September 30, 2019, compared to HK$67 million as of March 31, 2019[99]. - Bank borrowings increased to approximately HK$416 million as of September 30, 2019, compared to HK$135 million as of March 31, 2019, with a gearing ratio of 0.55[98]. - Cash and cash equivalents totaled approximately HK$224 million as of September 30, 2019, including pledged cash of approximately HK$94 million[99]. Operational Challenges - The Group's gross margin dropped to 16% from 29% due to minimal gross profit margin from residential units sold in Zigong City, Sichuan Province[44]. - The decline in gross profit margin was influenced by a competitive pricing strategy for printed products to sustain market share amid rising global trade tensions[44]. - The management remains cautiously optimistic about the growth momentum of the printing business despite challenges from global tariffs[81]. Corporate Governance - The Company complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period[182]. - The audit committee reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended September 30, 2019, discussing risk management and internal controls[191]. - The Company aims to ensure timely, fair, accurate, truthful, and complete information disclosure to enable rational and informed decisions by shareholders and investors[193]. Shareholder Communication - The Company has proactively maintained frequent contacts with shareholders and investors through various channels such as meetings, telephone, and emails[192]. - The Company encourages shareholders and investors to communicate directly with the Board through various means[194]. - The management expressed gratitude to shareholders, customers, and partners for their continuous support and confidence in the Group[200]. Employment and Staff - The Group employed 569 staff and workers as of September 30, 2019, a decrease from 618 as of March 31, 2019[157]. - The total value of pledged assets was approximately HK$514 million as of September 30, 2019, up from HK$326 million as of March 31, 2019[163].

Financial Performance - Revenue for 2019 was HK$214 million, a decrease of 3.6% from HK$222 million in 2018[29] - Gross profit for 2019 was HK$67 million, down from HK$70 million in 2018, reflecting a decline of 4.3%[29] - Profit attributable to shareholders decreased to HK$3 million in 2019, compared to HK$15 million in 2018, representing an 80% decline[29] - Earnings before interest expense and tax (EBIT) fell to HK$8 million, down 55.6% from HK$18 million in the previous year[29] - Total shareholder return was -30% in 2019, a significant decline compared to 15.4% in 2018[29] - Earnings per share decreased to 0.08 HK cent in 2019 from 0.44 HK cent in 2018, a drop of 81.8%[29] - Profit before taxation was approximately HK$3 million, a decrease from HK$16 million in 2018, with contributions from various segments including printing and property investment[60] - Profit attributable to equity holders decreased to approximately HK$3 million, with earnings per share at 0.08 HK cents, down from 0.44 HK cents in 2018[61][63] Assets and Liabilities - Total assets increased to HK$967 million in 2019, up from HK$951 million in 2018, a growth of 1.7%[29] - Net current assets decreased significantly to HK$65 million from HK$192 million, a decline of 66.1%[29] - The current ratio dropped to 1.30 in 2019 from 2.17 in 2018, indicating reduced liquidity[29] - Shareholders' funds decreased by 2% to approximately HK$627 million, with net asset value per share remaining stable at HK$0.19[34] - The Group's bank borrowings increased to approximately HK$135 million as of March 31, 2019, compared to HK$115 million in 2018, resulting in a gearing ratio of 0.21[100] - The Group's cash and bank balances decreased to approximately HK$68 million as of March 31, 2019, down from HK$128 million in 2018, leading to a net debt position of approximately HK$67 million[101] Business Operations - The Group has proposed to acquire a property development project in Zigong City, Sichuan Province, to expand its property development business segment[41] - The acquisition is pending completion and is expected to deliver attractive returns from sales of residential units[41] - The Group is focusing on property investment and development to capture opportunities in the positive near-term outlook of the residential market in Mainland China[37] - The Group's strategic development has been refined in response to challenges from global financial market volatility and subdued investment in emerging markets[37] - The printing business recorded an operating profit of approximately HK$1 million, affected by a drop in revenue during the year[72] - The property investment business recorded an operating profit of approximately HK$25 million (2018: HK$12 million), driven by a fair value revaluation gain of approximately HK$17 million (2018: HK$5 million)[77] Corporate Governance - The company has a strong focus on corporate governance compliance[163] - The company is committed to achieving a high standard of corporate governance to protect and promote shareholder interests[173] - The Board has complied with the Corporate Governance Code throughout the year ended March 31, 2019[174] - The Board composition is well balanced, with each Director possessing relevant knowledge and experience for the Group's business[186] - The company has established various committees, including the nomination committee, remuneration committee, and audit committee, to enhance governance[200] Management and Personnel - Mr. Lin has over 45 years of experience in engineering[150] - Mr. Ho has over 20 years of experience in private equity investment and finance[154] - Ms. Ng has more than 25 years of experience in finance, accounting, and corporate secretarial functions[165] - The financial management and treasury functions are led by the Chief Financial Officer, who has over 20 years of experience in finance and governance[167] - The company secretary oversees corporate governance, compliance, and investor relations, bringing over 25 years of experience[168] Investment and Acquisitions - The Group proposed to acquire a property development project in Zigong City, Sichuan Province, for a total consideration of HK$400 million, covering an aggregate gross floor area of approximately 700,000 sq m[87] - The acquisition of Jinjin Investments Co., Limited was agreed at a consideration of HK$400 million, with an initial deposit of HK$80 million and additional payments based on performance targets[121][122] - The acquisition is subject to conditions including shareholder approval and a valuation report confirming the appraisal value of the Target Company at not less than HK$600 million[127] - The acquisition was approved by shareholders on March 21, 2019, and is expected to complete by September 30, 2019[128]