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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 勝龍國際控股有限公司 呈交日期: 2025年10月2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) | 01182 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定 ...

胜龙国际(01182)发布公告，王燕已获委任为独立非执行董事，自2025年9月30日起生效。 王燕亦已获委任为提名委员会成员，自2025年9月30日起生效。 ...

智通财经APP讯，胜龙国际(01182)发布公告，王燕已获委任为独立非执行董事，自2025年9月30日起生 效。 王燕亦已获委任为提名委员会成员，自2025年9月30日起生效。 ...

格隆汇9月30日丨胜龙国际(01182.HK)宣布，王燕已获委任为独立非执行董事，自2025年9月30日起生 效。 ...

柳士威先生 （主席） 王保志先生 （行政總裁） 丁磊先生 （首席營運官） 獨立非執行董事（「獨立非執行董事」）： 鄧有高先生 王燕女士 黃志恩女士 張嘉裕教授 勝 龍 國 際 控 股 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：1182） 董事名單與其角色和職能 勝龍國際控股有限公司之董事（「董事」）會（「董事會」）成員及其角色和職能載列如下： 執行董事（「執行董事」）： Success Dragon International Holdings Limited 董事會成立了三個委員會，下表載列有關董事會成員分別於各委員會中所擔任的職位： | 董事 | 委員會 | | | | --- | --- | --- | --- | | | 審核委員會 提名委員會 | | 薪酬委員會 | | 丁磊先生 | | 主席 | 成員 | | （執行董事） | | | | | 鄧有高先生 （獨立非執行董事） | 成員 | 成員 | 主席 | | 王燕女士 | | 成員 | | | （獨立非執行董事） | | | | | 黃志恩女士 | 主席 | | | | （獨立非執行董事） | | ...

（股份代號：1182） 獨立非執行董事之委任 及 提名委員會成員之變動 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，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Success Dragon International Holdings Limited 勝 龍 國 際 控 股 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） 除上文所披露者外，概無有關委任王女士之事宜須提請本公司股東垂注，亦無有關委任 王女士之資料須根據上市規則第13.51(2)(h)至(v)條之規定予以披露。 提名委員會成員之變動 獨立非執行董事之委任 勝龍國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董 事會」）欣然宣佈，王燕女士（「王女士」）已獲委任為獨立非執行董事，自二零二五年九月 三十日起生效。 王女士的履歷詳情及其他資料載列如下： 王燕女士 王女士，56歲，現具有正高級採礦工程師資格。彼於一九九一年畢業於瀋陽黃金學院採 礦專業，並於二零一三年在吉林大學 ...

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，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Success Dragon International Holdings Limited 勝 龍 國 際 控 股 有 限 公 司 股東週年大會之投票表決結果 於二零二五年九月十九日舉行之股東週年大會（「股東週年大會」）上，該通告所載之所有 提呈決議案均以投票表決方式進行表決。本公司之香港股份過戶登記分處卓佳證券登記 有限公司獲委任為股東週年大會之監票員，負責進行點票工作。 於股東週年大會日期，本公司之已發行股份總數為349,519,567股，其中8,705,000股為庫存 股份（包括持有或存放於中央結算系統的任何庫存股份），而上市規則第13.40條賦予股東 權利出席股東週年大會並於會上就決議案投票表決之股份數目為340,814,567股。本公司 確認，其並無於股東週年大會上行使庫存股份的表決權。 據董事經作出一切合理查詢後所深知、盡悉及確信，概無股東須於股東週年大會上放棄 就決議案投贊成票，亦無股份賦 ...

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8月31日 狀態: 新提交 公司名稱: 勝龍國際控股有限公司 呈交日期: 2025年9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) | 01182 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD 300,000,000 FF301 第 1 ...

致：香港交易及結算所有限公司 公司名稱: 勝龍國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 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 | 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) | 01182 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定/ ...

[Statement from the Board of Directors](index=5&type=section&id=Statement%20from%20the%20Board%20of%20Directors) [Statement from the Board of Directors](index=5&type=section&id=Statement%20from%20the%20Board%20of%20Directors) The Board Chairman reviewed and provided an outlook on the company's performance for the fiscal year ended March 31, 2025, anticipating geopolitical risks and tariff wars to support gold prices, with central bank demand as a key driver, while the company focuses on its core gold processing business and explores other investment opportunities to maximize shareholder value - Looking ahead, geopolitical risks, tariff wars, and persistent inflation are expected to continue driving demand for gold as a safe-haven asset, with prices anticipated to reach new highs, primarily propelled by central bank demand[10](index=10&type=chunk)[13](index=13&type=chunk) - The Group's core strategy is to consolidate and develop its gold processing business, leveraging existing experience and expertise to capture market opportunities while actively exploring other investment avenues to diversify revenue streams and maximize shareholder value[11](index=11&type=chunk)[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [FINANCIAL REVIEW](index=6&type=section&id=FINANCIAL%20REVIEW) In FY2025, the Group's total revenue significantly decreased by 70.4% to **HKD 125 million**, primarily due to reduced gold ore processing in Henan caused by supplier mine infrastructure construction, yet gross margin improved from 8.8% to 24.5% due to high-grade gold-bearing carbon supply, higher-margin business mix, and rising gold prices, leading to a net profit increase to **HKD 8.5 million** Key Financial Indicators for FY2025 | Indicator | FY2025 (Million HKD) | FY2024 (Million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 125.2 | 422.7 | -70.4% | | **Cost of Sales** | 94.5 | 385.5 | -75.5% | | **Gross Profit** | 30.7 | 37.2 | -17.5% | | **Gross Margin** | 24.5% | 8.8% | +15.7pp | | **Profit for the Year** | 8.5 | 6.2 | +37.1% | - Revenue from gold-bearing carbon processing decreased from **HKD 153.8 million** to **HKD 108.2 million**, primarily because the company chose to stockpile gold bars for future sale at higher prices[17](index=17&type=chunk) - Revenue from gold ore processing plummeted from **HKD 268.9 million** to **HKD 17 million**, due to insufficient gold ore supply and reduced output caused by infrastructure construction at two supplier mine sites in Henan[18](index=18&type=chunk) [LIQUIDITY, FINANCIAL RESOURCES AND FOREIGN CURRENCY EXPOSURE](index=8&type=section&id=LIQUIDITY%2C%20FINANCIAL%20RESOURCES%20AND%20FOREIGN%20CURRENCY%20EXPOSURE) As of March 31, 2025, the Group maintained healthy liquidity with a current ratio of **1.9 times**, while inventory significantly increased to **HKD 92 million** due to gold ingot stockpiling in Yunnan and business recovery in Henan, with zero gearing ratio indicating no borrowings, and directors believe sufficient working capital is available for the next 12 months' financial obligations Liquidity Indicators (As of March 31) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | | :--- | :--- | :--- | | Current Assets | 189.4 | 193.6 | | - Cash and Cash Equivalents | 73.0 | 79.8 | | - Inventories | 92.0 | 12.8 | | Current Liabilities | 99.8 | 85.9 | | **Current Ratio** | **1.9 times** | **2.3 times** | | **Net Current Assets** | **89.5** | **107.7** | - The Group's gearing ratio (total borrowings/total equity) is **zero**, indicating the company has no bank loans or other forms of debt financing[39](index=39&type=chunk)[43](index=43&type=chunk) [USE OF PROCEEDS FROM THE RIGHTS ISSUE](index=9&type=section&id=USE%20OF%20PROCEEDS%20FROM%20THE%20RIGHTS%20ISSUE) The company reallocated the remaining **HKD 64.1 million** from rights issue proceeds to invest in and upgrade leased plants, acquire machinery and equipment, and supplement working capital for gold processing and trading business, with **HKD 40.734 million** utilized and **HKD 23.366 million** remaining as of March 31, 2025, expected to be fully used by March 31, 2026 Use of Proceeds from Rights Issue (As of March 31, 2025) | Item | Revised Allocation (Thousand HKD) | Actual Use (Thousand HKD) | Remaining Proceeds (Thousand HKD) | Expected Utilization Timeline | | :--- | :--- | :--- | :--- | :--- | | Investment and Upgrade of Leased Plants | 14,100 | 2,168 | 11,932 | March 31, 2026 | | Acquisition of Machinery and Equipment | 35,000 | 23,566 | 11,434 | March 31, 2026 | | Working Capital | 15,000 | 15,000 | – | - | | **Total** | **64,100** | **40,734** | **23,366** | | [MATERIAL ACQUISITIONS, DISPOSALS AND SIGNIFICANT INVESTMENT](index=10&type=section&id=MATERIAL%20ACQUISITIONS%2C%20DISPOSALS%20AND%20SIGNIFICANT%20INVESTMENT) On February 18, 2025, the company's indirect wholly-owned subsidiary, Shenglong Technology (Pu'er) Co., Ltd., acquired a batch of filter press, leaching, crushing, and grinding machinery and equipment for gold-bearing carbon processing for approximately **HKD 23.573 million**, with no other material acquisitions, disposals, or investments during the year - On February 18, 2025, the company's subsidiary agreed to acquire a batch of machinery and equipment for gold-bearing carbon processing for RMB 22,030,877.51 (approximately **HKD 23,573,000**)[50](index=50&type=chunk)[56](index=56&type=chunk) [FUTURE DEVELOPMENTS IN THE BUSINESS OF THE GROUP](index=10&type=section&id=FUTURE%20DEVELOPMENTS%20IN%20THE%20BUSINESS%20OF%20THE%20GROUP) The Group remains optimistic about its core gold processing business, anticipating global economic uncertainties and central bank demand to continue driving gold prices higher, with Henan operations, previously suspended due to supplier mine infrastructure, having resumed in March 2025 and expected to significantly rebound next year's revenue, while plans for building a self-owned factory are paused in favor of upgrading existing leased plants and expanding capacity as a more cost-effective strategy - The Group anticipates continued strong gold demand, driven by global central banks stockpiling gold to hedge against USD risks and investors viewing gold as a safe-haven asset during economic instability, and will focus on developing its core gold processing business to capitalize on industry upside opportunities[54](index=54&type=chunk)[55](index=55&type=chunk)[60](index=60&type=chunk) - The suspension of gold ore processing operations in Henan, which significantly impacted this year's revenue, has been resolved with mine infrastructure construction completed and production resumed in March 2025, leading the Board to anticipate a significant revenue recovery next year[62](index=62&type=chunk)[66](index=66&type=chunk) - The Group has suspended plans to build its own gold processing plant due to significant increases in land costs and the cost-effectiveness of leased facilities, reallocating related funds to invest in and upgrade existing leased plants and acquire equipment to support current business expansion[63](index=63&type=chunk)[64](index=64&type=chunk)[67](index=67&type=chunk) [EMPLOYEES AND REMUNERATION POLICY](index=12&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICY) As of March 31, 2025, the Group employed **84 staff**, an increase of **4** from the previous year, with a remuneration policy based on market conditions and individual performance, offering benefits such as pension schemes, discretionary bonuses, share options, medical, and housing allowances, aiming to foster a fair, transparent, and high-performance corporate culture - As of March 31, 2025, the Group's total number of employees was approximately **84**, an increase from **80** in 2024[70](index=70&type=chunk) [PRINCIPAL RISKS AND UNCERTAINTIES](index=13&type=section&id=PRINCIPAL%20RISKS%20AND%20UNCERTAINTIES) The Group faces principal risks including strategic enterprise risks (e.g., economic instability leading to growth stagnation), operational risks (e.g., loss of key personnel), financial risks (e.g., liquidity, foreign exchange, and credit risks), and compliance risks, which management addresses through feasibility assessments, standardized operating procedures, cash flow monitoring, and collaboration with external professionals [Strategic Enterprise Risks](index=13&type=section&id=Strategic%20Enterprise%20Risks) Strategic risks primarily stem from economic, governmental, and political instability, potentially leading to stagnation or decline in existing business growth and delays in implementing new business agreements, which management monitors through feasibility assessments and forecasts, taking timely measures - The Group faces risks of stagnation or negative growth in existing businesses and delays in implementing new business agreements due to economic, governmental, and political instability[79](index=79&type=chunk)[83](index=83&type=chunk) [Operational Risks](index=13&type=section&id=Operational%20Risks) Principal operational risks include high turnover of key personnel and crisis events that could disrupt business operations, which the Group manages through standardized operating procedures, authority, and reporting frameworks across various functional departments - Key operational risks include high employee turnover, particularly among core operational staff, and crisis events that could lead to business interruptions[85](index=85&type=chunk) [Financial Risks](index=14&type=section&id=Financial%20Risks) Financial risks encompass liquidity risk, foreign exchange risk, and credit risk, which the Group manages by monitoring cash flows and maintaining adequate cash levels for liquidity, closely monitoring foreign exchange exposure, and minimizing credit risk through dedicated teams setting credit limits and recovering overdue debts - The Group manages liquidity risk by monitoring cash flows and maintaining adequate cash levels, while closely monitoring foreign exchange risk and considering hedging when necessary[87](index=87&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Compliance Risk](index=14&type=section&id=Compliance%20Risk) Compliance risk refers to the risk of being reprimanded by authorities for non-compliance with regulations, which management addresses by collaborating with external professionals to ensure business processes and documentation fully comply with applicable local laws and regulations - To address compliance risk, management collaborates with external professionals to ensure business procedures and documentation fully comply with applicable local laws and regulations[89](index=89&type=chunk)[93](index=93&type=chunk) [Directors' and Senior Management's Profile](index=15&type=section&id=Directors%27%20and%20Senior%20Management%27s%20Profile) [EXECUTIVE DIRECTORS](index=15&type=section&id=EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of three executive directors: Chairman Mr. Liu Shiwei, experienced in banking and investment, whose daughter is a major shareholder; CEO Mr. Wang Baozhi, with over **25 years** of financial experience; and COO Mr. Ding Lei, holding a Master's in Finance and extensive management experience in mining, who is related to Chairman Mr. Liu Shiwei and the major shareholder - Chairman Mr. Liu Shiwei, **54 years old**, holds a Master of Science degree from the University of South Florida and previously held senior management positions in investment banking departments at Ping An Bank and Industrial and Commercial Bank of China; his daughter, Ms. Liu Shannon Shuting, is a substantial shareholder of the company, holding **71.74%** of the shares[95](index=95&type=chunk)[96](index=96&type=chunk) - CEO Mr. Wang Baozhi, **57 years old**, holds a Master of Economics degree from Jiangxi University of Finance and Economics, possesses over **25 years** of experience in the financial sector, and previously served as Managing Director at Zhongrong International Trust[98](index=98&type=chunk)[99](index=99&type=chunk) - COO Mr. Ding Lei, **34 years old**, holds a Master of Finance degree from the University of Texas at Dallas, has held senior management positions in several mining companies, and is the nephew of Chairman Mr. Liu Shiwei[104](index=104&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [INDEPENDENT NON-EXECUTIVE DIRECTORS](index=17&type=section&id=INDEPENDENT%20NON-EXECUTIVE%20DIRECTORS) This section introduces the backgrounds of three independent non-executive directors: Mr. Tang Yougao, holding a Master of Economics degree with diverse management roles across industries; Ms. Wong Chi Yan, a Hong Kong Certified Public Accountant and Chartered Secretary with extensive experience in auditing, accounting, and M&A; and Professor Cheung Ka Yu, a Hong Kong practicing accountant with over **30 years** of experience in corporate finance, compliance, and corporate governance - Mr. Tang Yougao, **58 years old**, holds a Master of Economics degree and has served as chairman, director, and supervisor in companies across various industries[111](index=111&type=chunk)[112](index=112&type=chunk) - Ms. Wong Chi Yan, **43 years old**, is a member of the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretaries, possessing extensive experience in auditing, accounting, finance, and M&A, and has served as an independent non-executive director for several listed companies[117](index=117&type=chunk)[118](index=118&type=chunk) - Professor Cheung Ka Yu, **53 years old**, is a Hong Kong practicing accountant with a Doctor of Business Administration degree, possessing profound experience in regulation, corporate finance, compliance, and corporate governance, and has served as a director for several listed companies[123](index=123&type=chunk)[125](index=125&type=chunk) [Directors' Report](index=20&type=section&id=Directors%27%20Report) [PRINCIPAL ACTIVITIES](index=20&type=section&id=PRINCIPAL%20ACTIVITIES) The Group's principal activity is engaging in gold processing operations within the People's Republic of China (PRC) - The Group's principal business is gold processing in China[130](index=130&type=chunk)[135](index=135&type=chunk) [RESULTS, DIVIDEND AND DIVIDEND POLICY](index=20&type=section&id=RESULTS%2C%20DIVIDEND%20AND%20DIVIDEND%20POLICY) The Board does not recommend paying any dividend for the year ended March 31, 2025, as the company has no preset dividend payout ratio, and dividend decisions will comprehensively consider the Group's financial performance, retained earnings, capital requirements, and overall economic conditions - The Directors do not recommend the payment of any dividend for the year ended March 31, 2025 (2024: nil)[131](index=131&type=chunk)[137](index=137&type=chunk) [PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES](index=21&type=section&id=PURCHASE%2C%20REDEMPTION%20OR%20SALE%20OF%20LISTED%20SECURITIES) During the year, the company repurchased **7,385,000 shares** on the Stock Exchange for a total consideration of **HKD 3,227,300** under shareholder authorization, holding these shares as treasury stock, which directors believe enhances net asset value per share and long-term shareholder value Details of Share Repurchases | Repurchase Month | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | December 2024 | 1,600,000 | 0.335 | 0.275 | 521,525 | | January 2025 | 1,495,000 | 0.435 | 0.340 | 593,525 | | February 2025 | 2,975,000 | 0.530 | 0.440 | 1,438,900 | | March 2025 | 1,315,000 | 0.550 | 0.475 | 673,350 | | **Total** | **7,385,000** | | | **3,227,300** | [MAJOR CUSTOMERS AND SUPPLIERS](index=23&type=section&id=MAJOR%20CUSTOMERS%20AND%20SUPPLIERS) The Group exhibits very high customer and supplier concentration, with the top five customers accounting for **91.3%** of total turnover and the largest customer for **43.4%**, while the top five suppliers accounted for **93.9%** of total purchases and the largest supplier for **46.6%** during the year - The top five customers accounted for approximately **91.3%** of total turnover, with the largest customer contributing approximately **43.4%**[159](index=159&type=chunk)[164](index=164&type=chunk) - The top five suppliers accounted for approximately **93.9%** of total purchases, with the largest supplier contributing approximately **46.6%**[160](index=160&type=chunk)[164](index=164&type=chunk) [SUBSTANTIAL SHAREHOLDERS](index=26&type=section&id=SUBSTANTIAL%20SHAREHOLDERS) As of March 31, 2025, Ms. Liu Shannon Shuting, through her wholly-owned company Stone Steps Investments Limited, held **250,729,906 shares**, representing **71.74%** of the issued share capital, making her the company's substantial controlling shareholder Substantial Shareholders' Shareholding (As of March 31, 2025) | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Ms. Liu Shannon Shuting | Interest in controlled corporation | 250,729,906 | 71.74% | | Stone Steps Investments Limited | Beneficial owner | 250,729,906 | 71.74% | [Corporate Governance Report](index=31&type=section&id=Corporate%20Governance%20Report) [BOARD OF DIRECTORS](index=33&type=section&id=BOARD%20OF%20DIRECTORS) The Board of Directors comprises **six directors**, including **three executive** and **three independent non-executive directors**, meeting the Listing Rules' requirement for at least one-third independent non-executive directors, responsible for major company decisions, financial statement approval, and internal controls, while delegating daily operations to management, with all directors attending all **three Board meetings** and the Annual General Meeting during the reporting period - The Board of Directors comprises **3 executive directors** and **3 independent non-executive directors**, meeting the Listing Rules' requirements for board independence[236](index=236&type=chunk)[238](index=238&type=chunk) Board Meeting Attendance (FY2025) | Director | Capacity | Attendance at Regular Board Meetings | Attendance at Annual General Meeting | | :--- | :--- | :--- | :--- | | Liu Shiwei | Executive Director and Chairman | 3/3 | 1/1 | | Wang Baozhi | Executive Director and CEO | 3/3 | 1/1 | | Ding Lei | Executive Director and COO | 3/3 | 1/1 | | Tang Yougao | Independent Non-Executive Director | 3/3 | 1/1 | | Wong Chi Yan | Independent Non-Executive Director | 3/3 | 1/1 | | Cheung Ka Yu | Independent Non-Executive Director | 3/3 | 1/1 | [BOARD COMMITTEES](index=39&type=section&id=BOARD%20COMMITTEES) The company has established a Remuneration Committee, Nomination Committee, and Audit Committee to enhance corporate governance, with the Remuneration and Nomination Committees both comprising a majority of independent non-executive directors responsible for reviewing executive remuneration and director nominations respectively, while the Audit Committee, composed entirely of independent non-executive directors, oversees financial reporting and internal controls, with all committees holding meetings and fulfilling their duties during the year - The Remuneration Committee comprises **two independent non-executive directors** and **one executive director**, responsible for reviewing the remuneration policies and packages for directors and senior management[282](index=282&type=chunk) - The Nomination Committee consists of **one executive director** (Chairman) and **two independent non-executive directors**, responsible for reviewing the Board's structure, size, and composition, and making recommendations on director appointments and succession planning[291](index=291&type=chunk) - The Audit Committee is composed of **three independent non-executive directors**, responsible for reviewing financial statements, internal control systems, and communication with external auditors[321](index=321&type=chunk) [RISK MANAGEMENT AND INTERNAL CONTROL](index=47&type=section&id=RISK%20MANAGEMENT%20AND%20INTERNAL%20CONTROL) The Board of Directors bears ultimate responsibility for establishing and maintaining effective risk management and internal control systems, with the Group having engaged an independent consulting firm to perform internal audit functions and report regularly to the Audit Committee, and following an annual review, the Board deems the Group's risk management and internal control systems effective and adequate across financial, operational, and compliance aspects, with no significant control deficiencies identified during the reporting period - The Board of Directors is responsible for establishing, maintaining, and reviewing effective risk management and internal control systems[330](index=330&type=chunk) - The Group has engaged an independent consulting firm to perform internal audit functions, reporting regularly to the Audit Committee, and annual review results indicate the Group's internal control system is effective with no material deficiencies identified[332](index=332&type=chunk) [SHAREHOLDERS' RIGHTS](index=49&type=section&id=SHAREHOLDERS%27%20RIGHTS) The company safeguards shareholder rights, including the right to convene a Special General Meeting (SGM) and propose resolutions at general meetings, with shareholders holding at least **10%** of the paid-up share capital with voting rights able to request the Board in writing to convene an SGM, and shareholders may submit inquiries and suggestions to the Board through the company secretary - Shareholders holding not less than **one-tenth** of the company's paid-up share capital carrying voting rights have the right to request the Board to convene a Special General Meeting by written requisition[342](index=342&type=chunk) [Environment, Social and Governance Report](index=54&type=section&id=Environment%2C%20Social%20and%20Governance%20Report) [SOCIAL SUSTAINABILITY](index=59&type=section&id=SOCIAL%20SUSTAINABILITY) Regarding social sustainability, the Group emphasizes product responsibility, implementing strict quality control from procurement to production with product recall procedures, respects intellectual property, and protects customer data privacy, collaborating with approximately **30 suppliers** and integrating social and environmental standards into procurement contracts, prioritizing employee health and safety through strict policies and training, achieving zero work-related fatalities in the past three years, and is committed to equal employment opportunities with a total workforce of **84 employees** and a near-balanced gender ratio - The Group implements stringent product quality control, covering the entire process from raw material procurement to production and processing, ensuring the purity and standards of final products, with no product recalls due to safety and health reasons during the reporting period[409](index=409&type=chunk)[413](index=413&type=chunk) - The Group highly prioritizes employee health and safety, complying with relevant laws and regulations, and has established detailed risk management measures, particularly for chemical handling and high-temperature/high-pressure operations, with no safety incidents and zero work-related fatalities in the past three years during the reporting period[430](index=430&type=chunk)[431](index=431&type=chunk)[440](index=440&type=chunk) Employee Profile (As of March 31, 2025) | Category | Breakdown | Number of Employees | Percentage | | :--- | :--- | :--- | :--- | | **Total Employees** | | **84** | **100%** | | **Gender** | Male | 43 | 51% | | | Female | 41 | 49% | | **Age** | 20-35 years | 23 | 27% | | | 36-50 years | 42 | 50% | | | Over 50 years | 19 | 23% | | **Location** | Henan | 33 | 39% | | | Yunnan | 34 | 40% | | | Shenzhen | 9 | 11% | | | Hong Kong | 8 | 10% | [ENVIRONMENTAL SUSTAINABILITY](index=69&type=section&id=ENVIRONMENTAL%20SUSTAINABILITY) In terms of environmental sustainability, the Group is committed to reducing its operational environmental impact, primarily through the adoption of cyanide-free hydrometallurgical technology for gold recovery, which is more environmentally friendly than traditional methods, with the main environmental footprint stemming from electricity consumption for heating during production (Scope 2 emissions), and actively practices resource conservation and recycling through heat recovery and reuse, internal solution circulation, and returning activated carbon to suppliers for regeneration - The Group utilizes cyanide-free technology for gold recovery, avoiding the use of highly toxic chemicals, thereby making the production process more environmentally friendly than traditional methods[496](index=496&type=chunk) Greenhouse Gas Emissions (During Reporting Period) | Scope | Emissions (kg CO2e) | Intensity (kg CO2e/Thousand HKD Revenue) | | :--- | :--- | :--- | | Scope 1 (Direct Emissions) | 15,259 | 0.12 | | Scope 2 (Indirect Emissions) | 851,206 | 6.80 | | Scope 3 (Other Indirect Emissions) | 2,557 | 0.02 | Resource Consumption (During Reporting Period) | Resource | Consumption | Intensity (Per Thousand HKD Revenue) | | :--- | :--- | :--- | | Electricity | 13,112,820 kWh | 104.7 kWh | | Water | 3,625 cubic meters | 0.03 cubic meters | [Independent Auditor's Report](index=81&type=section&id=Independent%20Auditor%27s%20Report) [Independent Auditor's Report](index=81&type=section&id=Independent%20Auditor%27s%20Report) Independent auditor Zhongzheng Tianheng Certified Public Accountants Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position and operating results, with inventory valuation highlighted as a key audit matter due to its significant amount (approximately **HKD 91.952 million**) and the complex, subjective judgments involved in management's provision estimates - The auditor concluded that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, issuing an unmodified opinion[538](index=538&type=chunk)[541](index=541&type=chunk) - A key audit matter is inventory valuation; as of March 31, 2025, the Group's inventory amounted to approximately **HKD 91,952,000**, and due to the significant scale of inventory and the substantial management judgment involved in its provision estimates, the auditor paid particular attention to this area[540](index=540&type=chunk)[545](index=545&type=chunk)[546](index=546&type=chunk) [Consolidated Financial Statements](index=87&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=87&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the fiscal year ended March 31, 2025, the Group's revenue was **HKD 125 million**, a significant decrease from **HKD 423 million** last year; however, due to a more substantial reduction in cost of sales, gross profit only slightly decreased from **HKD 37.2 million** to **HKD 30.7 million**, ultimately leading to an increase in profit for the year (net profit) from **HKD 6.18 million** to **HKD 8.51 million** Consolidated Statement of Profit or Loss Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 125,245 | 422,733 | | Gross Profit | 30,725 | 37,237 | | Profit Before Tax | 13,119 | 12,512 | | **Profit for the Year** | **8,514** | **6,178** | | Basic Earnings Per Share (HK cents) | 2.44 | 1.77 | [Consolidated Statement of Financial Position](index=88&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD 223 million**, total liabilities **HKD 101 million**, and net assets **HKD 122 million**, with the most significant asset-side change being a substantial increase in inventories from **HKD 12.81 million** to **HKD 91.95 million**, while trade payables on the liability side rose from **HKD 29.82 million** to **HKD 61.52 million** Consolidated Statement of Financial Position Summary (As of March 31) | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Non-Current Assets** | 33,229 | 11,291 | | **Current Assets** | 189,391 | 193,558 | | Of which: Inventories | 91,952 | 12,813 | | Of which: Bank and Cash Balances | 72,972 | 79,751 | | **Total Assets** | **222,620** | **204,849** | | **Current Liabilities** | 99,846 | 85,858 | | **Non-Current Liabilities** | 700 | 1,034 | | **Total Liabilities** | **100,546** | **86,892** | | **Net Assets** | **122,074** | **117,957** | [Consolidated Statement of Cash Flows](index=91&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group generated a net cash inflow of **HKD 24.36 million** from operating activities, a significant improvement from last year's net outflow of **HKD 6.76 million**, primarily due to a substantial decrease in other receivables, while net cash outflow from investing activities was **HKD 25.26 million**, mainly for purchasing property, plant, and equipment, and net cash outflow from financing activities was **HKD 5.16 million**, primarily for share repurchases and lease liability repayments, with cash and cash equivalents decreasing to **HKD 72.97 million** at year-end Consolidated Statement of Cash Flows Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 24,364 | (6,760) | | Net Cash (Used In)/Generated From Investing Activities | (25,262) | 1,206 | | Net Cash Used In Financing Activities | (5,156) | (3,807) | | **Net Decrease in Cash and Cash Equivalents** | **(6,054)** | **(9,361)** | | Cash and Cash Equivalents at Year End | 72,972 | 79,751 | [Five-Year Financial Summary](index=172&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Summary](index=172&type=section&id=Five-Year%20Financial%20Summary) This section provides a summary of the Group's key financial data for the past five fiscal years (2021-2025), showing that while revenue peaked in 2024 and significantly declined in 2025, the profit for the year in 2025 was the highest in five years, with total assets and net assets demonstrating a steady growth trend over the period Five-Year Performance Summary (Thousand HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 125,245 | 422,733 | 363,764 | 182,032 | 175,196 | | **Profit/(Loss) for the Year** | 8,514 | 6,178 | 816 | 2,032 | (10,544) | Five-Year Assets and Liabilities Summary (Thousand HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 222,620 | 204,849 | 211,983 | 141,916 | 104,321 | | **Total Liabilities** | (100,546) | (86,892) | (96,113) | (92,036) | (56,975) | | **Net Assets** | 122,074 | 117,957 | 115,870 | 49,880 | 47,346 |