"每次到中国参观访问，我都能感受到中国高质量发展的生机活力。"巴扎尔道尔吉认为，中国各地呈现 欣欣向荣的景象，得益于中国坚持制定中长期发展规划，凝聚全国力量，在民众的共同奋斗下，实现了 一个又一个发展目标。中国人民如期实现第一个百年奋斗目标之后，成功开启向第二个百年奋斗目标进 军的新征程。 "当今世界面临诸多挑战，进入新的动荡变革期。中国践行真正的多边主义，维护以联合国为核心的国 际体系，为维护地区和全球安全稳定作出了重要贡献。"巴扎尔道尔吉表示，中国坚定奉行独立自主的 和平外交政策，坚持政治解决热点问题，反对一切强权霸凌行径，有力维护了国家主权安全发展利益和 发展中国家共同利益。中国的发展离不开世界，世界的发展更离不开中国，"期待中国以自身更大发展 繁荣为世界和平进步注入更多稳定性和正能量"。 巴扎尔道尔吉表示，中国在荒漠化治理方面取得了显著成效，蒙古国等其他国家可学习借鉴相关经 验。"蒙中两国间的绿色环保合作可以成为双方优先加强合作的领域，这将进一步夯实两国全面战略伙 伴关系的基础。"巴扎尔道尔吉说。 巴扎尔道尔吉长期关注中国发展。"中国连续多年对世界经济增长的贡献率保持在30%左右。中国经济 运行平稳， ...

Green Economy Development Limited 綠色經濟發展有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 1315) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s)(Note 1) , 31 July 2025 The following document(s) of Green Economy Development Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.greeneconomy.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "W ...

Green Economy Development Limited 綠色經濟發展有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 1315) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), 31 July 2025 The following document(s) of Green Economy Development Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.greeneconomy.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websites"):- I ...

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，概不對因本公佈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。 Green Economy Development Limited 綠 色 經 濟 發 展 有 限 公 司 （ 於開曼群島註冊成立之有限公司） – 1 – 1. 省覽、 考慮及 採納本 公司及其 附屬公 司截至 二零二 五年三 月三十一 日止年 度的經 審核 財務報表以及本公司董事會報告及核數師報告。 2. (a) 重選朱峰先生為本公司執行董事。 (b) 重選湯洪洋先生為本公司執行董事。 （股份代號：1315） 股東週年大會通告 茲通告綠色經濟發展有限公司（「本公司」）謹訂於二零二五年九月二十五日（ 星期四 ）上午十 一時正假座香港灣仔告士打道60號中國華融大廈10樓1001室舉行股東週年大會（「股東週年 大會」），考慮及酌情通過下列將予提呈之決議案（ 不論有否修訂）： 普通決議案 「動議： (a) 在下 文本 決 議案 (c)段 的 規限 下 ，根 據 香港 聯 合交 易 所有 限 公司（「 聯交 所 ...

此 乃 要 件 請 即 處 理 閣 下 如 對 本 通函 或 應 採 取 的 行 動 有 任何 疑 問 ， 應 諮 詢 閣 下 的 持 牌 證 券 交易 商 或 其 他 註 冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣 下如 已售 出或 轉讓 名下 所有 綠色 經濟 發展 有限 公司（「本 公司」）股份 ，應 立即 將本 通函 連 同 隨 附 的 代表 委 任 表 格 送 交 買 主或 承 讓 人 ， 或 經 手 買賣 或 轉 讓 的 銀 行 、 持牌 證 券 交 易 商 或 其他代理商，以便轉交買主或承讓人。 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 通 函 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 通 函 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。 Green Economy Development Limited 綠 色 經 濟 發 展 有 限 公 司 （ 於開曼群島註冊成立之有限公司） ...

於開曼群島註冊成立之有限公司 2025 環境、社會及 管治報告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2025 | 02 | 關於本報告 | | --- | --- | | 03 | 本集團之主要環境及社會範疇 | | 07 | 持份者參與 | | 08 | 一般披露及關鍵績效指標 | | 08 | A. 環境 | | 08 | 層面A1：排放物 | | 16 | 層面A2：資源使用 | | 20 | 層面A3：環境及天然資源 | | 22 | 層面A4：氣候變化 | | 26 | B. 社會 | | 26 | 僱傭及勞工常規 | | 26 | 層面B1：僱傭 | | 29 | 層面B2：健康與安全 | | 32 | 層面B3：發展及培訓 | | 34 | 層面B4：勞工準則 | | 36 | 營運慣例 | | 36 | 層面B5：供應鏈管理 | | 40 | 層面B6：產品責任 | | 44 | 層面B7：反貪污 | | 47 | 社區 | | 47 | 層面B8：社區投資 | 目 錄 關於本報告 概覽 綠色經濟發展有限公司及其附屬公司（「本集團」）截至二零 ...

於開曼群島註冊成立之有限公司 2025 年報 ANNUAL REPORT 2025 年報 ANNUAL REPORT 2025 目 錄 02 公司資料 04 主席報告 07 管理層討論及分析 18 董事及高級管理層履歷詳情 22 董事會報告 33 企業管治報告 43 獨立核數師報告 49 綜合損益及其他全面收益表 51 綜合財務狀況表 53 綜合權益變動表 54 綜合現金流量表 56 綜合財務報表附註 120 五年財務概要 公司資料 總裁 魏明德先生 （於二零二五年三月二十五日辭任） 執行董事 朱峰先生 （於二零二五年六月十九日獲委任為主席） 湯洪洋先生 （於二零二五年二月二十日獲委任為行政 總裁） 朱小東先生 周鼎宸先生 （於二零二五年二月二十日獲委任） 蘇俊杰先生 （於二零二五年一月十三日獲委任） 馮嘉倫先生 周哲先生 （主席及行政總裁） （於二零二五年二月二十日辭任） 獨立執行董事 王偉軍先生 章晟曼先生 李小婷女士 （於二零二四年五月三日獲委任） 黃利平博士 （於二零二四年五月三日辭任） 合規主任 張琬女士 公司秘書 張耀權先生 審核委員會 王偉軍先生 （主席） 章晟曼先生 李小婷女士 （於二零二四年 ...

Core Insights - The article highlights the transformation of the local economy in Ordos, Inner Mongolia, through the cultivation of the drought-resistant shrub, Caragana, which serves both ecological and economic purposes [1][7]. Group 1: Economic Development - The "Million Mu Caragana Planting Action" initiated in 2019 aims to add 1 million acres of Caragana over five years, with 120,000 acres already established [2]. - The average annual income per household in Angsu Town has reached 30,000 yuan, demonstrating the economic benefits of Caragana cultivation [4]. - A cooperative in Xini Town has established a pellet feed processing plant, producing over 10,000 tons of high-nutrition feed annually, thus enhancing local collective economic income by 100,000 yuan each year [5][6]. Group 2: Ecological Impact - Caragana plays a crucial role in combating desertification and serves as a pioneer species for windbreaks and sand fixation in arid regions [7]. - The local government is promoting the cultivation of 120 million drought-resistant seedlings, with a target of 18.58 million seedlings by 2025 to support sustainable development [4]. - The article emphasizes the necessity of a multi-faceted utilization strategy for Caragana to prevent degradation and maintain its ecological functions [7].

Group 1 - Australia is focusing on expanding its market presence in China, with Prime Minister Albanese's visit marking a significant diplomatic effort to strengthen bilateral relations [1][4] - The current state of China-Australia relations is characterized as moving towards comprehensive stability and improvement, contrasting with the previous low points [2][4] - Albanese's delegation includes representatives from major Australian companies, indicating a strong emphasis on enhancing economic ties during this visit [6][8] Group 2 - The bilateral trade between China and Australia reached $229.2 billion in 2023, accounting for 28% of Australia's total foreign trade, with projections for 2024 to reach $288 billion [8][10] - Key export areas for Australia to China include energy, minerals, and agricultural products, while Chinese exports to Australia have diversified to include electric vehicles and household appliances [8][9] - The visit aims to explore new areas of cooperation, particularly in green economy sectors such as clean energy and renewable technologies [9][10] Group 3 - The visit is seen as a response to the recent lifting of travel restrictions, which has led to increased Australian presence in China's inland regions, highlighting the potential for economic engagement beyond coastal cities [5][6] - The ongoing discussions regarding the evaluation of the China-Australia Free Trade Agreement, which has been in effect for ten years, aim to strengthen traditional sectors and explore new technological growth areas [10]

[Financial Performance](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E4%B8%9A%E7%BB%A9) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the year ended March 31, 2025, the company's total revenue was **HKD 2.83 billion**, a slight decrease of **3.5%** year-on-year, with gross profit declining **29.8%** to **HKD 58.64 million**, and profit for the year falling **16.2%** to **HKD 15.25 million** Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2,833,486 | 2,934,565 | -3.5% | | Gross Profit | 58,640 | 84,934 | -29.8% | | Operating Profit | 49,553 | 48,173 | +2.9% | | Profit for the Year | 15,254 | 18,206 | -16.2% | | Profit Attributable to Owners of the Company | 15,427 | 18,221 | -15.3% | | Total Comprehensive Income for the Year | 13,566 | 11,329 | +19.7% | - Basic and diluted earnings per share decreased from **HKD 4.89 cents** in the prior year to **HKD 2.51 cents** this year[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of March 31, 2025, the company's total assets were **HKD 668 million**, largely consistent with the prior year, while net assets increased **38%** to **HKD 144 million**, and total loans from a related party amounted to **HKD 207 million**, posing significant uncertainty to the company's going concern Consolidated Statement of Financial Position (HKD Thousand) | Metric | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 5,506 | 8,047 | -31.6% | | Current Assets | 662,102 | 671,813 | -1.4% | | **Total Assets** | **667,608** | **679,860** | **-1.8%** | | **Liabilities and Equity** | | | | | Current Liabilities | 417,972 | 469,726 | -11.0% | | Non-current Liabilities | 105,824 | 105,898 | -0.1% | | **Total Liabilities** | **523,796** | **575,624** | **-9.0%** | | **Net Assets** | **143,812** | **104,236** | **+38.0%** | - The company's net current assets increased from **HKD 202 million** to **HKD 244 million**, indicating an improvement in financial position[6](index=6&type=chunk) - Total loans from a related party (Mr. Wong) amounted to approximately **HKD 207 million**, with **HKD 102 million** classified as current liabilities and **HKD 105 million** as non-current liabilities, representing a primary source of the company's debt[6](index=6&type=chunk)[10](index=10&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) [Basis of Preparation - Going Concern](index=6&type=section&id=2.%20%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86) Significant uncertainties exist regarding the basis of preparation for the financial statements due to approximately **HKD 207 million** in outstanding loans from a director, though management believes preparing the statements on a going concern basis is appropriate given planned mitigation measures - As of March 31, 2025, the Group had approximately **HKD 207 million** in outstanding loans from Director Mr. Wong, which constitutes a material uncertainty regarding the Group's ability to continue as a going concern[10](index=10&type=chunk) - To resolve the debt issue, the company plans to sell the relevant subsidiary (Target Company) to Mr. Wong, after which the Group will no longer owe debt to Mr. Wong. This disposal is subject to approval by shareholders and relevant authorities[10](index=10&type=chunk) - As a fallback, should the disposal not proceed, the Group has agreed with Mr. Wong to extend the maturity date of all outstanding loans to September 30, 2027[13](index=13&type=chunk) [Revenue Analysis](index=9&type=section&id=4.%20%E6%94%B6%E7%9B%8A) Total revenue for the year was **HKD 2.83 billion**, a **3.5%** year-on-year decrease, driven by **11.4%** growth in supply chain management revenue to **HKD 2.45 billion**, while all construction-related businesses experienced significant declines, and Hong Kong market revenue sharply decreased **27.6%** Revenue by Business Segment (HKD Thousand) | Business Segment | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Supply Chain Management | 2,452,473 | 2,200,632 | +11.4% | | Building Construction and Others | 1,360 | 1,963 | -30.7% | | Alteration, Renovation and Other Works | 44,541 | 116,177 | -61.7% | | Property Maintenance and Improvement | 335,112 | 615,793 | -45.6% | | **Total** | **2,833,486** | **2,934,565** | **-3.5%** | Revenue by Major Geographical Market (HKD Thousand) | Major Geographical Market | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 646,425 | 892,516 | -27.6% | | Mainland China (excluding Hong Kong) | 2,187,061 | 2,042,049 | +7.1% | | **Total** | **2,833,486** | **2,934,565** | **-3.5%** | [Segment Information](index=11&type=section&id=5.%20%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) This year, the Group merged 'Material Trading' and 'Transportation Services' into a new 'Supply Chain Management' segment, whose profit decreased from **HKD 37.58 million** to **HKD 25.12 million**, while all construction-related segments experienced significant declines in both revenue and profit, leading to a decrease in total reportable segment profit from **HKD 86.78 million** to **HKD 61.11 million** Segment Profit (HKD Thousand) | Reportable Segment | Segment Profit (2025, HKD Thousand) | Segment Profit (2024, HKD Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Supply Chain Management | 25,124 | 37,580 | -33.1% | | Building Construction and Others | 356 | 1,711 | -79.2% | | Alteration, Renovation and Other Works | 2,896 | 13,508 | -78.6% | | Property Maintenance and Improvement | 32,731 | 33,979 | -3.7% | | **Total** | **61,107** | **86,778** | **-29.6%** | - To reflect internal reporting structure adjustments, the former 'Material Trading' and 'Transportation Services' segments have been merged into a new 'Supply Chain Management' segment, with comparative data restated[24](index=24&type=chunk) [Changes in Equity](index=19&type=section&id=14.%20%E8%82%A1%E6%9C%AC) During the year, the company issued **172 million** new shares through a rights issue, raising net proceeds of approximately **HKD 25.97 million**, increasing the issued share capital from approximately **450 million** shares to approximately **622 million** shares - In April 2024, the company completed a rights issue, issuing **171,876,373** new shares at **HKD 0.161** per share[42](index=42&type=chunk)[66](index=66&type=chunk) - The gross proceeds from the rights issue amounted to approximately **HKD 27.67 million**, with net proceeds of approximately **HKD 25.97 million**[66](index=66&type=chunk) [Acquisition of a Subsidiary](index=21&type=section&id=15.%20%E6%94%B6%E8%B4%AD%E9%99%84%E5%B1%9E%E5%85%AC%E5%8F%B8) In September 2024, the Group acquired **100%** equity interest in Runpeng Holdings Limited for **HKD 87 thousand** in cash to expand its supply chain management business, recognizing a bargain purchase gain of **HKD 0.6 million** and resulting in a net cash inflow of **HKD 2.685 million** - The Group acquired Runpeng Holdings for **HKD 87 thousand** in cash, aiming to expand its supply chain management business, particularly in iron ore pre-processing and blended ore processing services[43](index=43&type=chunk)[71](index=71&type=chunk) - This business combination generated a bargain purchase gain of **HKD 0.6 million**, recognized in other gains and losses[44](index=44&type=chunk) [Events After the Reporting Period](index=22&type=section&id=16.%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the company agreed to subscribe for shares in Baize Medical Group up to **HKD 11.6 million**, and reached an agreement with Director Mr. Wong to sell a debt-laden subsidiary for **HKD 1** to settle approximately **HKD 207 million** in related party loans, with a fallback plan to extend the loan maturity to September 2027 - The company conditionally agreed to sell Prosper Ace Investments Limited and its subsidiaries (Target Group) to a company wholly-owned by Director Mr. Wong for **HKD 1**[50](index=50&type=chunk)[92](index=92&type=chunk) - This disposal aims to resolve the Group's significant debt to Mr. Wong. Upon completion, the Group will no longer owe debt to Mr. Wong[49](index=49&type=chunk)[94](index=94&type=chunk) - As a fallback plan, the company and Mr. Wong agreed to further extend the maturity date of the relevant loans to September 30, 2027[49](index=49&type=chunk)[94](index=94&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Overall Performance Review](index=23&type=section&id=%E6%9C%AC%E9%9B%86%E5%9B%A2%E4%B8%9A%E7%BB%A9) In FY2025, the Group's total turnover slightly decreased from **HKD 2.935 billion** to **HKD 2.833 billion**, and gross profit decreased by **HKD 26.3 million**, but operating profit slightly increased to **HKD 49.6 million** due to expense reductions and increased other income, with no dividend recommended - Despite decreases in total turnover and gross profit, operating profit slightly increased from **HKD 48.2 million** to **HKD 49.6 million** due to reduced expenses and increased other income[51](index=51&type=chunk) - The Board does not recommend the payment of any dividend for the year ended March 31, 2025[54](index=54&type=chunk)[33](index=33&type=chunk) [Business Review and Outlook](index=23&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B5%E5%8F%8A%E5%89%8D%E6%99%AF) This year, supply chain management business revenue grew but profit margins declined, while all construction-related businesses performed weakly, prompting the Group to plan for a port blending platform in supply chain management and focus on cost control for construction businesses amid slowing Hong Kong market growth [Supply Chain Management](index=23&type=section&id=%E4%BE%9B%E5%BA%94-%E9%93%BE%E7%AE%A1%E7%90%86) This segment's revenue grew to **HKD 2.45 billion**, but segment profit decreased to **HKD 25.1 million** due to declining profit margins, with future plans to establish a modern supply chain management-based port blending integration platform and develop proprietary software - Supply Chain Management segment revenue was approximately **HKD 2.453 billion**, an **11.4%** year-on-year increase, but segment profit decreased from **HKD 37.6 million** to **HKD 25.1 million**[55](index=55&type=chunk) - The company's development goal is to establish a port blending integration platform, become a core supply chain enterprise for large domestic steel companies, and develop proprietary intellectual property supply chain management software[63](index=63&type=chunk) [Construction Related Businesses](index=23&type=section&id=%E5%BB%BA%E7%AD%91%E7%9B%B8%E5%85%B3%E4%B8%9A%E5%8A%A1) All construction-related segments experienced significant declines in both revenue and profit, primarily due to large projects entering final stages or contract expirations, leading the company to focus on cost control and risk management amidst challenges in Hong Kong's construction industry - Revenue from the Alteration and Addition Works segment decreased from **HKD 116 million** to **HKD 44.5 million**, mainly due to large projects entering full operation, resulting in reduced revenue recognition[58](index=58&type=chunk) - Revenue from the Property Maintenance and Improvement segment decreased from **HKD 616 million** to **HKD 335 million**, primarily due to the expiration of two large long-term contracts[59](index=59&type=chunk) - Hong Kong's construction industry faces risks such as slowing growth, high interest rates, labor shortages, and soaring costs, prompting the company to focus on controlling operating costs to maintain competitiveness[65](index=65&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of March 31, 2025, the Group's liquidity position improved, with the current ratio increasing from **1.43 times** to **1.58 times**, and total cash and bank balances rising to **HKD 210 million**, despite significant going concern uncertainties, management believes the Group has sufficient liquidity Liquidity and Financial Resources | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 1.58 times | 1.43 times | | Total Cash and Bank Balances | Approx. HKD 209.9 million | Approx. HKD 150.0 million | | Gearing Ratio | Approx. 31.1% | Approx. 30.5% | - The Group has unutilized bank credit facilities of approximately **HKD 69.5 million** and **USD 50 million**[68](index=68&type=chunk) [Principal Risks and Uncertainties](index=28&type=section&id=%E4%B8%BB%E8%A6%81%E9%A3%8E%E9%99%A9%E5%8F%8A%E4%B8%8D%E7%A1%AE%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces principal business risks including low gross profit margins and market volatility in supply chain management, and rising labor costs, inaccurate cost estimations, and non-recurring project revenue in construction, alongside financial risks from foreign exchange exposure without current hedging policies - Supply chain management business risks: relatively low trade gross profit margins, susceptibility to impairment of receivables and price/exchange rate fluctuations; also subject to cyclical risks of the shipping industry[76](index=76&type=chunk) - Construction business risks: rising labor costs or shortages; inaccurate project time and cost estimations; non-recurring project revenue, requiring intense bidding for new business[75](index=75&type=chunk)[79](index=79&type=chunk) - Financial risks: The Group's transactions are primarily conducted in HKD, USD, and RMB, exposing it to foreign exchange risk, though currently without a hedging policy[77](index=77&type=chunk) [Other Information](index=31&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Corporate Governance](index=31&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A7%84) During the year, the company complied with most corporate governance code provisions, with two deviations: two independent non-executive directors were unable to attend the annual general meeting, and the roles of Chairman and Chief Executive Officer were combined for part of the year, though the Board believes this structure enhances decision-making efficiency - The company deviated from Corporate Governance Code Provision C.1.6, as two independent non-executive directors were unable to attend the annual general meeting[88](index=88&type=chunk) - For part of the reporting year, the company deviated from Code Provision C.2.1, as the roles of Chairman and Chief Executive Officer were concurrently held by Mr. Zhou Zhe[89](index=89&type=chunk) [Auditor's Report Summary](index=33&type=section&id=%E6%A0%B8%E6%95%B0%E5%B8%88%E6%8A%A5%E5%91%8A%E6%91%98%E8%A6%81) Auditor RSM Hong Kong issued an unmodified audit opinion but included an 'Emphasis of Matter' paragraph regarding a material uncertainty related to going concern, specifically a **HKD 207 million** loan from a related party, which the Board believes is mitigated by planned debt settlement or loan extension, ensuring sufficient working capital - The auditor issued an unmodified opinion but included an 'Emphasis of Matter' paragraph regarding a material uncertainty related to going concern[99](index=99&type=chunk)[100](index=100&type=chunk) - The core of the material uncertainty is a loan of approximately **HKD 207 million** from a related party, whose original maturity date is approaching, raising significant doubt about the Group's ability to repay debt and continue as a going concern[99](index=99&type=chunk) - The Board believes that, based on the plan to dispose of the target company to settle the debt, or the fallback option to extend the loan to 2027, the Group has sufficient working capital, thus the going concern basis is appropriate[101](index=101&type=chunk)[102](index=102&type=chunk)