GREEN ECONOMY(01315)

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“以保护生态环境促进绿色经济发展”
Ren Min Ri Bao· 2025-08-11 21:39
Group 1 - The core viewpoint emphasizes China's commitment to promoting green economic development through ecological protection, showcasing significant achievements in green low-carbon transformation since the 18th National Congress of the Communist Party of China [1] - The director of the International Relations Research Institute of Mongolia, Bazar Dorgi, highlights China's successful desertification control efforts and the potential for Mongolia to learn from these experiences, suggesting that environmental cooperation could strengthen the strategic partnership between the two countries [1] - Bazar Dorgi notes China's consistent contribution to global economic growth, maintaining around 30% for several years, and praises the government's scientific formulation of economic growth targets and proactive policy measures [1] Group 2 - Bazar Dorgi acknowledges the achievements of China's reform and opening-up over the past 40 years, emphasizing the importance of China's development experience and the political system's advantages in achieving new accomplishments [2] - He observes the vibrant high-quality development across various regions in China, attributing this to the country's long-term development planning and collective efforts of the populace to achieve development goals [2] - Bazar Dorgi expresses that China's commitment to multilateralism and its independent foreign policy contributes significantly to regional and global stability, highlighting the interdependence of China's development and global progress [2]
绿色经济(01315) - 截至二零二五年七月三十一日止股份发行人的证券变动月报表
2025-08-01 09:25
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 綠色經濟發展有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01315 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 1. 股份分類 ...
新华视点丨绿色经济激活新动能 文体融合撬动大市场
Xin Hua She· 2025-07-31 08:19
Core Viewpoint - The article highlights the innovative approaches being adopted across various regions to foster economic growth through industrial innovation, particularly focusing on green economy initiatives and the integration of sports and culture into rural revitalization efforts [2][18]. Group 1: Green Economy and Rural Vitality - The green economy is revitalizing rural areas, with an annual income increase of 700,000 yuan and a rental income of 650 yuan per mu [3]. - Innovative models such as "water power generation and underwater fish farming" in coal mining subsidence areas are promoting ecological protection while increasing villagers' income, achieving a win-win for the economy and environment [5]. Group 2: Specialty Industries and Employment - Specialty industries are driving income growth, with an annual production of 1,000 tons and the creation of 200 jobs [6]. - Gansu Yongdeng is developing an integrated industry chain that combines aquaculture, dining, and tourism, showcasing a new path for rural revitalization through quality cold water resources [8]. Group 3: Ecological Protection and Sustainable Development - Sustainable practices are being implemented, with an annual production of 4,000 tons and an ecological restoration rate of 95% [9]. - Scientific fishing methods are being employed to ensure the sustainable use of fishery resources while maintaining the ecological balance of the largest inland freshwater lake in China [11]. Group 4: Sports and Cultural Integration - The integration of sports and cultural tourism is igniting consumer enthusiasm, with 612 participants in events leading to a 30% increase in tourism revenue [11]. - The "sports + cultural tourism" model is transforming events into new engines for rural revitalization, linking scenic countryside with consumer trends [13]. Group 5: Brand Effect and Economic Growth - The brand effect is releasing industrial momentum, with a 40% increase in box office revenue and over 100 million yuan in derivative consumption [16]. - The development path of "green industry foundation and cultural-sports economy empowerment" is optimizing rural industrial structure and nurturing new economic growth points, injecting strong momentum into high-quality rural economic development [18].
绿色经济(01315) - 致非登记股东函件 – 通知信函
2025-07-30 10:39
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 ...
绿色经济(01315) - 致登记股东函件 – 通知信函及回条
2025-07-30 10:37
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 ...
绿色经济(01315) - 将於二零二五年九月二十五日举行的股东週年大会(或其任何续会)的代表委任表...
2025-07-30 10:36
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) (股份代號:1315) 將於二零二五年九月二十五日舉行的 股東週年大會(或其任何續會)的代表委任表格 本人╱吾等 ( 附註1) 地址為 為本人╱吾等的代表,以代表本人╱吾等出席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室舉行的股東週年大會( 或其任何續會()「大會」),並代表本人╱吾等以本人╱吾等的名義依照下列指 示就以 下所列決議 案投票, 如無作出指 示,則由本 人╱吾等的 受委代表 酌情決定投 票。本人╱ 吾等的受委 代表亦將 有權就大會 上 正式提呈的任何事宜,依照彼認為適當的方式投票。 | | 普通決議案 ( 附註10) | 贊成 ( | 附註4) | 反對 ( | 附註4) | | --- | --- | --- | --- | --- | --- | | 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 ...
绿色经济(01315) - 股东週年大会通告
2025-07-30 10:35
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 ...
绿色经济(01315) - 重选退任董事、续聘核数师、发行新股份及购回股份的一般授权及股东週年大会通...
2025-07-30 10:31
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) ...
绿色经济(01315) - 环境、社会及管治报告2025
2025-07-30 10:30
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 ...
绿色经济(01315) - 2025 - 年度财报
2025-07-30 08:43
Corporate Information [Company Core Information and Management Changes](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) The report details the company's corporate information, key advisors, and significant changes in its board of directors and senior management - **Significant changes occurred in senior management** during and after the reporting period[6](index=6&type=chunk)[7](index=7&type=chunk) - Mr Zhou Zhe resigned as Chairman and CEO on February 20, 2025 - Mr Zhu Feng was appointed as Chairman on June 19, 2025 - Mr Tang Hongyang was appointed as CEO on February 20, 2025 - Mr Ngai Ming Tak resigned as President on March 25, 2025 - The board saw the addition of Mr Zhou Dingchen, Mr So Chun Kit and Ms Li Xiaoting, while Dr Huang Liping resigned Chairman's Statement [Financial Performance Summary](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The Group's revenue slightly decreased while operating profit marginally increased, but basic earnings per share fell sharply in fiscal year 2025 Key Financial Indicators for FY2025 | Indicator | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Turnover | Approx HK$2,833 million | Approx HK$2,935 million | -3.5% | | Gross Profit | Approx HK$58.6 million | Approx HK$84.9 million | -31.0% | | Operating Profit | Approx HK$49.6 million | Approx HK$48.2 million | +2.9% | | Basic Earnings Per Share | Approx 2.51 HK cents | Approx 4.89 HK cents | -48.7% | [Business Review and Prospects](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%89%8D%E6%99%AF) The Group's core operations include supply chain management and construction, with a significant strategic move to dispose of the entire construction business segment - The supply chain management business, focusing on iron ore products, is the Group's core, maintaining inventories at multiple major ports in Mainland China to ensure timely delivery, with iron ore inventory valued at **approximately HK$83.2 million** as of March 31, 2025[13](index=13&type=chunk)[14](index=14&type=chunk) - The construction-related business faces challenges such as market slowdowns, high interest rates, and labor shortages, prompting a focus on cost control and risk mitigation[16](index=16&type=chunk) - On June 19, 2025, the company entered into an agreement to dispose of its construction-related business segment (Prosper Ace Investments Limited and its subsidiaries) for a consideration of **HK$1**, after which the Group will no longer hold any interest in this segment[17](index=17&type=chunk)[21](index=21&type=chunk) Management Discussion and Analysis [Operating Results](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) The supply chain segment's revenue grew but profit declined, while all construction-related segments experienced significant decreases in both revenue and profit Performance by Business Segment (HK$ million) | Business Segment | FY2025 Revenue | FY2024 Revenue | FY2025 Profit | FY2024 Profit | | :--- | :--- | :--- | :--- | :--- | | Supply Chain Management | 2,453 | 2,201 | 25.1 | 37.6 | | Building Construction | 1.4 | 2 | 0.4 | 1.7 | | Alteration and Addition Works | 44.5 | 116 | 2.9 | 13.5 | | Property Maintenance | 335.1 | 615.8 | 32.7 | 34.0 | - Although the supply chain management segment's revenue increased, its profit **decreased from HK$37.6 million to HK$25.1 million** due to a reduction in profit margin[28](index=28&type=chunk) - The decline in the property maintenance segment's revenue and profit was mainly due to the expiration of two large-scale long-term maintenance contracts in March and December 2024[33](index=33&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a solid financial position with an improved liquidity ratio and increased cash reserves, supported by adequate banking facilities Financial Position Indicators | Indicator | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | Current Assets | HK$662.1 million | HK$671.8 million | | Current Liabilities | HK$418.0 million | HK$469.7 million | | Current Ratio | 1.58 times | 1.43 times | | Cash and Bank Balances | HK$209.9 million | HK$150.0 million | | Gearing Ratio | 31.1% | 30.5% | [Significant Corporate Events and Use of Funds](index=10&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%AC%E5%8F%B8%E4%BA%8B%E4%BB%B6%E5%8F%8A%E8%B3%87%E9%87%91%E7%94%A8%E9%80%94) The company raised funds through a rights issue for investments and working capital and completed an acquisition to expand its iron ore processing services - The company completed a rights issue on April 16, 2024, raising net proceeds of **approximately HK$25.97 million**, of which HK$9.82 million had been used for general administrative expenses and working capital as of March 31, 2025[37](index=37&type=chunk)[38](index=38&type=chunk)[41](index=41&type=chunk) - In September 2024, the company completed the acquisition of Runpeng Holdings Limited to expand its iron ore pre-processing and blending services, strengthening its supply chain management business[43](index=43&type=chunk) [Principal Risks and Uncertainties](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E9%A2%A8%E9%9A%AA%E5%8F%8A%E4%B8%8D%E7%A2%BA%E5%AE%9A%E5%9B%A0%E7%B4%A0) The Group faces distinct risks in its supply chain business, including margin and price volatility, and in its construction business, related to labor and project estimation - The supply chain management business faces risks such as **low gross profit margins**, impairment of receivables, and fluctuations in shipping and market prices[45](index=45&type=chunk) - The construction business is exposed to risks including **rising labor costs**, inaccuracies in project time and cost estimation, and the non-recurrent nature of project revenue[50](index=50&type=chunk) [Contract Progress](index=13&type=section&id=%E5%90%88%E7%B4%84%E9%80%B2%E5%BA%A6) The total value of uncompleted contracts decreased significantly, mainly due to the completion of a major property maintenance contract during the year Change in Value of Uncompleted Contracts (HK$'000) | Business Segment | 31 March 2024 | 31 March 2025 | | :--- | :--- | :--- | | Property Maintenance | 1,229,787 | 273,987 | | Alteration, Renovation, etc | 139,038 | 89,693 | | **Total** | **1,368,825** | **363,680** | - The alteration, renovation, improvement, and interior fitting-out works segment secured **6 new contracts** in FY2025 with a total value of approximately HK$46.55 million[57](index=57&type=chunk) - The property maintenance segment completed a term contract with the Hong Kong Hospital Authority in December 2024, with a contract value of **HK$955.8 million**[59](index=59&type=chunk) [Significant Events After the Reporting Period](index=17&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) Post-period events include a planned investment, the disposal of the construction business, and the extension of a related loan's maturity date - On June 18, 2025, the company announced its plan to subscribe for investor shares in Peijia Medical Group for up to **HK$11.6 million**[70](index=70&type=chunk) - On June 19, 2025, the company conditionally agreed to sell its target group engaged in building construction, alteration, and property maintenance for **HK$1**[70](index=70&type=chunk) - On June 20, 2025, the maturity date for loans owed by the target group (Magic Choice and Wang Zong) was extended to September 30, 2027, with an annual interest rate of 13%[72](index=72&type=chunk) Biographical Details of Directors and Senior Management [Profiles of Directors and Senior Management](index=19&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) This section details the extensive experience of the board and senior management in finance, steel trading, and the construction industry - The executive director team possesses a strong background in steel trading, banking, risk management, and corporate finance, including Chairman Mr Zhu Feng's long-term executive experience in a steel group and CEO Mr Tang Hongyang's over 20 years in banking[74](index=74&type=chunk)[75](index=75&type=chunk)[78](index=78&type=chunk) - The independent non-executive directors provide expertise in accounting, finance, and public administration, such as Mr Wong Wai Kwan's experience as a veteran accountant and Mr Zhang Shengman's senior roles at the World Bank and Citigroup[80](index=80&type=chunk)[83](index=83&type=chunk) Report of the Directors [Principal Activities and Financial Overview](index=23&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%BD) The Group's main businesses are supply chain management and construction, with no dividend declared for the year and a high concentration of customers and suppliers - The Board **does not recommend the payment of any dividend** for the year ended March 31, 2025[92](index=92&type=chunk) - The Group has a high concentration of customers and suppliers[100](index=100&type=chunk) - The **top five customers** accounted for approximately **61.9%** of total sales - The **top five suppliers** accounted for approximately **40.6%** of total purchases [Share Option Scheme](index=26&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The company operates a 2021 share option scheme to incentivize talent, while options granted under the terminated 2011 scheme remain partially outstanding Outstanding Share Options under the 2011 Scheme | Grantee Name | Outstanding at Beginning of Year | Changes During Year | Outstanding at End of Year | Lapsed After Reporting Date | Exercise Price | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr Ngai Ming Tak | 3,332,278 | 0 | 3,332,278 | (3,332,278) | HK$0.6752 | | Mr Fung Kar Lun | 3,332,278 | 0 | 3,332,278 | 0 | HK$0.6752 | | **Total** | **6,664,556** | **0** | **6,664,556** | **(3,332,278)** | | - As of March 31, 2025, a total of **37,499,999 shares** were available for issue under the 2021 Scheme, representing approximately 6.03% of the total issued shares, with no options granted since its adoption[111](index=111&type=chunk) [Directors' and Chief Executives' Interests in Shares](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1) Executive Director Mr Zhu Feng is the company's substantial shareholder, holding a combined interest of 28.11% as of the reporting date Directors' and Substantial Shareholders' Interests (31 March 2025) | Shareholder Name | Capacity | Number of Shares | Shareholding % | | :--- | :--- | :--- | :--- | | Mr Zhu Feng | Beneficial owner & interest of controlled corporation | 174,797,650 | 28.11% | | Ensure Prestige Limited | Beneficial owner | 96,276,700 | 15.48% | | Mega Start Limited | Beneficial owner | 46,912,500 | 7.54% | [Extract of Independent Auditor's Opinion and Board's Response](index=32&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%84%8F%E8%A6%8B%E6%91%98%E9%8C%84%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E5%9B%9E%E6%87%89) The auditor highlighted a material uncertainty related to going concern due to a significant related party loan, which the board believes is manageable - The auditor noted that as of March 31, 2025, the Group had related party loans of approximately **HK$207 million**, with original maturity dates in October 2025 and September 2026, constituting a material uncertainty regarding the Group's ability to continue as a going concern[139](index=139&type=chunk) - The Board responded that if the disposal of the construction business subsidiaries is completed, the Group will be discharged from this debt; otherwise, the loan's maturity has been extended to September 30, 2027, ensuring sufficient working capital[141](index=141&type=chunk) Corporate Governance Report [Corporate Governance Practices and Deviations](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%8F%8A%E5%81%8F%E9%9B%A2%E6%83%85%E6%B3%81) The company complied with most corporate governance code provisions but reported two deviations regarding director attendance and role separation - Deviations from the Corporate Governance Code were noted[145](index=145&type=chunk)[146](index=146&type=chunk) - **Code Provision C.1.6**: Two independent non-executive directors were unable to attend the Annual General Meeting on September 27, 2024 - **Code Provision C.2.1**: Prior to February 20, 2025, the roles of Chairman and CEO were not separate and were both performed by Mr Zhou Zhe [Board and Committee Operations](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83%E9%81%8B%E4%BD%9C) This section outlines the functions of the board and its committees, which held multiple meetings to review financial statements, remuneration, and nominations - The Audit Committee, comprising three independent non-executive directors, held three meetings during the year to review the interim and annual financial statements[163](index=163&type=chunk)[164](index=164&type=chunk) - The Remuneration Committee held four meetings to review director and senior management compensation, with senior management remuneration (excluding directors) ranging from **HK$1 million to HK$2.5 million**[165](index=165&type=chunk)[168](index=168&type=chunk) - The Nomination Committee held four meetings to review the board's structure, assess director independence, and recommend appointments[170](index=170&type=chunk) [Accountability, Risk Management, and Investor Relations](index=41&type=section&id=%E5%95%8F%E8%B2%AC%E3%80%81%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E6%8A%95%E8%B3%87%E8%80%85%E9%97%9C%E4%BF%82) The company emphasizes its financial reporting responsibilities, maintains a comprehensive risk management system, and actively communicates with shareholders Auditor's Remuneration (FY2025) | Service Type | Amount (HK$) | | :--- | :--- | | Audit Services Fee | 1,655,000 | | Non-audit Services Fee | 220,000 | | **Total** | **1,875,000** | - The Board is fully responsible for maintaining a sound and effective risk management and internal control system and has engaged an external consultant to conduct an internal control review of specific risk management processes[178](index=178&type=chunk)[179](index=179&type=chunk) Independent Auditor's Report [Auditor's Opinion and Material Uncertainty Related to Going Concern](index=44&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%84%8F%E8%A6%8B%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E4%B8%8D%E7%A2%BA%E5%AE%9A%E6%80%A7) The auditor issued an unmodified opinion but highlighted a material uncertainty related to the Group's going concern status due to a significant related party loan - The auditor issued an **unmodified opinion**, concluding that the consolidated financial statements give a true and fair view of the Group's financial position[191](index=191&type=chunk) - The report emphasizes a **"Material Uncertainty Related to Going Concern"** arising from related party loans of approximately **HK$207 million** as of March 31, 2025, whose original maturity dates could cast significant doubt on the Group's ability to continue as a going concern[193](index=193&type=chunk)[195](index=195&type=chunk) [Key Audit Matters](index=45&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E6%A0%B8%E4%BA%8B%E9%A0%85) The audit focused on revenue recognition for construction contracts and the provision for expected credit losses, both involving significant management judgment - **Key Audit Matter 1: Revenue recognition from construction contracts** was a focus due to the significant management judgment and estimation required to determine the progress of completion and budget costs[197](index=197&type=chunk)[199](index=199&type=chunk) - **Key Audit Matter 2: Provision for expected credit losses (ECL) on trade receivables and contract assets** was identified as critical because management's assessment involves significant judgment, considering historical default rates and forward-looking economic factors[198](index=198&type=chunk)[202](index=202&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=50&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%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) The Group's profit for the year decreased by 16.2% to HK$15.3 million, impacted by lower gross profit and higher finance costs despite controlled expenses Consolidated Statement of Profit or Loss Summary (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 2,833,486 | 2,934,565 | | Gross Profit | 58,640 | 84,934 | | Operating Profit | 49,553 | 48,173 | | Profit before Tax | 22,112 | 22,284 | | Profit for the Year | 15,254 | 18,206 | | Profit for the Year Attributable to Owners of the Company | 15,427 | 18,221 | [Consolidated Statement of Financial Position](index=52&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The Group's net assets grew by 38% to HK$143.8 million, driven by an increase in net current assets and improved liquidity Consolidated Statement of Financial Position Summary (HK$'000) | Item | 31 March 2025 | 31 March 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 5,506 | 8,047 | | Current Assets | 662,102 | 671,813 | | **Total Assets** | **667,608** | **679,860** | | **Liabilities and Equity** | | | | Current Liabilities | 417,972 | 469,726 | | Non-current Liabilities | 105,824 | 105,898 | | **Total Liabilities** | **523,796** | **575,624** | | **Total Equity** | **143,812** | **104,236** | [Consolidated Statement of Changes in Equity](index=54&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Total equity attributable to owners increased to HK$148.0 million, primarily due to the profit for the year and the issuance of shares from a rights issue - Key drivers for the increase in total equity during the year include[221](index=221&type=chunk) - Total comprehensive income for the year: **+HK$13.6 million** - Issuance of shares by way of rights issue: **+HK$26.0 million** [Consolidated Statement of Cash Flows](index=55&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group generated a net cash inflow from operations of HK$57.9 million, leading to a significant increase in year-end cash and cash equivalents Consolidated Statement of Cash Flows Summary (HK$'000) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Cash generated from operations | 57,929 | 51,819 | | Net cash from (used in) investing activities | 6,220 | (2,342) | | Net cash used in financing activities | (5,474) | (28,829) | | **Increase in cash and cash equivalents** | **58,675** | **20,648** | | Cash and cash equivalents at beginning of year | 86,688 | 66,278 | | **Cash and cash equivalents at end of year** | **144,101** | **86,688** | Notes to the Consolidated Financial Statements [Note 2: Basis of Preparation and Going Concern](index=57&type=section&id=%E9%99%84%E8%A8%BB2%EF%BC%9A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F) This note reiterates the material uncertainty related to going concern from the HK$207 million related party loan, which the directors believe is manageable - The note highlights that a material uncertainty exists regarding the Group's ability to continue as a going concern, which depends on[228](index=228&type=chunk)[230](index=230&type=chunk) 1. The successful disposal of the construction business subsidiaries which hold the significant loan 2. The continued extension of the loan's maturity (now extended to September 2027) if the disposal fails 3. The successful drawdown of available banking facilities when needed [Note 8: Revenue](index=85&type=section&id=%E9%99%84%E8%A8%BB8%EF%BC%9A%E6%94%B6%E7%9B%8A) The Group's revenue is dominated by the supply chain management business, with Mainland China being the primary geographical market Revenue by Business Segment (HK$'000) | Business Segment | FY2025 | FY2024 | | :--- | :--- | :--- | | Supply Chain Management | 2,452,473 | 2,200,632 | | Building Construction and Others | 1,360 | 1,963 | | Alteration, Renovation, etc | 44,541 | 116,177 | | Property Maintenance | 335,112 | 615,793 | | **Total** | **2,833,486** | **2,934,565** | Revenue by Geographical Market (HK$'000) | Geographical Market | FY2025 | FY2024 | | :--- | :--- | :--- | | Hong Kong | 646,425 | 892,516 | | China (excluding Hong Kong) | 2,187,061 | 2,042,049 | | **Total** | **2,833,486** | **2,934,565** | [Note 11: Segment Information](index=88&type=section&id=%E9%99%84%E8%A8%BB11%EF%BC%9A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The supply chain segment is the largest contributor to revenue and assets, though its profit declined, and the Group has a high concentration of major customers Revenue from Major Customers (HK$'000) | Customer | Segment | FY2025 Revenue | | :--- | :--- | :--- | | Customer A | Supply Chain Management | 559,296 | | Customer B | Construction and Maintenance | 348,884 | | Customer C | Supply Chain Management | 357,694 | [Notes 32 & 33: Borrowings](index=109&type=section&id=%E9%99%84%E8%A8%BB32%20%26%2033%EF%BC%9A%E5%80%9F%E6%AC%BE) The Group's primary borrowing is a HK$207 million loan from a related party, the maturity of which has been extended to September 2027 - The Group has a loan of approximately **HK$207 million** from a related party, Mr Huang, which is borne by subsidiaries Magic Choice and Wang Zong; the loan's maturity date was extended to September 30, 2027, with an annual interest rate of 13%[385](index=385&type=chunk)[386](index=386&type=chunk) [Note 35: Share Capital](index=110&type=section&id=%E9%99%84%E8%A8%BB35%EF%BC%9A%E8%82%A1%E6%9C%AC) The company's share capital increased following the completion of a rights issue, which also contributed to an improved debt-to-capital ratio - On April 16, 2024, the company completed a rights issue, issuing **171,876,373 new shares** and raising net proceeds of approximately HK$25.97 million[389](index=389&type=chunk) - The Group's debt-to-adjusted capital ratio **decreased from 78% to 66%**, mainly due to a reduction in debt and an increase in equity[391](index=391&type=chunk) [Note 43: Events After the Reporting Period](index=120&type=section&id=%E9%99%84%E8%A8%BB43%EF%BC%9A%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This note details three major post-period events, including a planned investment, the disposal of the construction business, and a related loan extension - On June 19, 2025, the company signed an agreement to dispose of its target group engaged in construction and maintenance for a consideration of **HK$1**, aiming to divest the business segment and resolve its associated large related party debt[417](index=417&type=chunk)[420](index=420&type=chunk) Five-Year Financial Summary [Five-Year Financial Summary](index=121&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) This section presents key financial data over the past five years, showing a trend of declining revenue but a recovery in profitability and equity since FY2023 Five-Year Financial Data Summary (HK$'000) | Item | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Results** | | | | | | | Revenue | 5,236,876 | 3,991,555 | 2,462,942 | 2,934,565 | 2,833,486 | | Profit/(Loss) attributable to owners of the parent | 7,216 | (13,566) | (85,348) | 18,221 | 15,427 | | **Assets and Liabilities** | | | | | | | Total Assets | 858,846 | 880,680 | 664,257 | 679,860 | 667,608 | | Total Liabilities | (706,791) | (707,162) | (571,350) | (575,624) | (523,796) | | Total Equity | 152,055 | 173,518 | 92,907 | 104,236 | 143,812 |