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 |

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)

Group 1 - The core viewpoint of the articles highlights the significant progress made in combating desertification in the Hotan region of Xinjiang, with a focus on multi-faceted strategies and community involvement [1][2] - The Hotan region has implemented various measures such as engineering sand fixation, afforestation, irrigation, and photovoltaic sand control, leading to an increase in forest coverage to over 32% [1] - From 2024 to the first half of 2025, the region has treated 5.3129 million acres of desertified land, achieving over 65% of the planned target for Xinjiang [1] Group 2 - The region has introduced policies for land contracting and established a process for community participation, allocating 589,400 acres of state-owned unused sandy land to 795 administrative villages, benefiting 12,600 households with a clear 70-year land management right [1] - The integration of biological sand control with agricultural development is being promoted, with plans to cultivate traditional Chinese medicinal herbs and specialty crops, aiming for 740,000 acres of medicinal herb planting by 2025 [2] - The expected output value from the medicinal herb industry is projected to reach 722 million yuan, creating stable employment for 12,600 people and flexible employment for 53,500 person-times [2]

Core Viewpoint - Chongqing is prioritizing energy conservation and carbon reduction, focusing on a green and low-carbon development path, achieving significant progress in energy efficiency and economic growth since the 14th Five-Year Plan [1][2][3] Group 1: Energy Consumption and Economic Growth - Energy consumption intensity in Chongqing decreased by 3.5%, 2.7%, 3.0%, and 3.2% in 2021, 2022, 2023, and 2024 respectively, with a cumulative decline of 11.8% since the 14th Five-Year Plan [1] - The average annual energy consumption growth rate is 2.4%, supporting an average annual economic growth rate of 5.6% [1] Group 2: Policy Implementation and Organizational Leadership - The Chongqing municipal government has actively implemented national strategies for green development, holding multiple meetings to align with Xi Jinping's ecological civilization thoughts and carbon neutrality goals [2] - Key performance indicators related to energy conservation are monitored monthly, with quarterly assessments to ensure effective policy implementation [2] Group 3: Industrial and Structural Optimization - Chongqing is enhancing its industrial structure by developing key industries such as intelligent connected vehicles and advanced materials, with strategic emerging industries accounting for 34.6% of the industrial added value [2] - The city has launched various energy-saving action plans for major industries, including steel and cement, to optimize energy efficiency [2] Group 4: Energy Transition and Renewable Energy Development - The city is accelerating the construction of cross-provincial energy channels and increasing local renewable energy utilization, with renewable energy installed capacity now accounting for 15.5% of total power generation [2] - New energy projects, such as wind and solar power, have been developed, achieving a 100% renewable energy consumption rate [2] Group 5: Energy Management and Efficiency Improvement - Chongqing has supported 266 projects for reasonable energy use since the 14th Five-Year Plan, with a focus on energy consumption dual control and energy-saving audits [3] - The city has implemented a model combining energy efficiency diagnosis, upgrades, and monitoring, providing services to 758 enterprises and conducting energy audits for 1,056 enterprises [3] Group 6: Sector-Specific Energy Efficiency Initiatives - The city is promoting industrial energy efficiency through circular production methods and has established 170 national green factories and 16 green parks [4] - In the construction sector, 99.68% of new buildings are expected to meet green building standards by 2024, with significant progress in prefabricated buildings [4] - Transportation energy efficiency is being enhanced with the expansion of low-carbon transport systems, including the construction of standardized shore power facilities [5]

Core Viewpoint - Shenzhen Green Exchange and Global Capital Group's Global Green have signed a collaboration for the development of national methodologies for carbon emissions rights in China, focusing on four key sectors: energy, agriculture, construction, and fuel volatility emissions [1][4]. Group 1: Methodology and Market Impact - Methodology serves as the foundational rule for the carbon market, facilitating the release of carbon asset value through technological innovation and industry collaboration, which accelerates low-carbon transformation and creates sustainable green revenue for enterprises [3]. - The application of carbon reduction methodologies has significant economic impacts on related industries, with energy sector projects based on methodologies generating over hundreds of billions in industrial value globally [3]. - The construction methodology being developed is expected to activate domestic green building materials and smart construction industries, with a potential market size reaching trillions [3]. Group 2: Collaboration Details - The collaboration will establish a professional team to complete multiple national methodologies and accompanying preparation instructions, focusing on various industries including automotive, battery, construction, energy, photovoltaic, wind power, and more [4]. - The partnership signifies a deep integration in carbon credit development and low-carbon technology, concentrating on data research, model building, and industry adaptability studies to provide replicable emission reduction pathways [4].

Group 1 - The core viewpoint is that the northeastern Brazilian state of Piauí is actively promoting energy transition and green economic development amid climate change, geopolitical competition, and industrial restructuring [1] - The state has conducted 12 international investment promotion activities in the past two years, with two more planned for this year, indicating a growing interest in investing in Brazil despite global trade challenges [1] - Piauí's clean energy accounts for 99.75% of its energy mix, with a focus on attracting industries that rely on green energy and exporting hydrogen and its derivatives [1] Group 2 - The state government has proposed solutions to address issues related to renewable energy generation, including accelerating auction mechanisms and enhancing grid connectivity between northeastern and southeastern regions [2] - A legislative framework for renewable energy certificates has been established, expected to be operational before COP30, providing a basis for low-carbon certification of hydrogen projects [2] - Piauí aims to attract green finance into high-value green manufacturing sectors such as hydrogen, green steel, and data centers, with several cooperation memorandums signed in the special economic zone [2] Group 3 - The state has introduced artificial intelligence as a mandatory subject starting from the ninth grade, covering 120,000 students, and is also providing training for civil servants to promote technology adoption [3] - The governor of Piauí, Rafael Fonteles, is noted for his focus on the integration of education, technology, and green development [3]

Company Overview - Green Economy Development Limited was established on May 31, 2011, under the Cayman Islands Companies Law as an exempted limited liability company [3] - The company operates several direct and indirect subsidiaries registered in the British Virgin Islands, Hong Kong, Macau, and Singapore [3] - The group primarily acts as a main contractor providing building construction services in Hong Kong, Macau, and Singapore, as well as property maintenance services in Hong Kong [3] Financial Performance - As of September 30, 2024, Green Economy reported total revenue of 1.298 billion HKD, a year-on-year decrease of 5.21% [1] - The net profit attributable to shareholders was 1.9677 million HKD, showing a significant year-on-year increase of 118.01% [1] - The gross profit margin stood at 2.02%, with a debt-to-asset ratio of 82.01% [1] Market Performance - On June 9, the Hang Seng Index rose by 1.63%, closing at 24,181.43 points [1] - Green Economy's stock closed at 0.128 HKD per share, up 19.63%, with a trading volume of 1.595 million shares and a turnover of 208,800 HKD, reflecting a volatility of 23.36% [1] - Over the past month, the stock has seen a cumulative increase of 5.94%, but a year-to-date decline of 9.32%, underperforming the Hang Seng Index by 18.61% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the general metals and minerals industry is -2.2 times, with a median of -0.1 times [2] - Green Economy has a P/E ratio of 2.05 times, ranking first in its industry, compared to other companies such as Aide New Energy (2.23 times), Kangli International Holdings (2.33 times), and others [2]

Core Viewpoint - The ecological restoration in the Beijing-Tianjin-Hebei region is a significant achievement driven by systemic reforms, emphasizing the importance of water as a lifeline for regional development [1][2]. Group 1: Ecological Governance - Water ecological governance is a systematic project that requires comprehensive planning, overall policies, and multiple measures [2]. - The Beijing-Tianjin-Hebei region has broken down administrative barriers to establish a collaborative governance system with unified standards, monitoring, and enforcement [2]. - Collaborative mechanisms have been explored to address pollution issues in the Bohai Sea, effectively controlling nitrogen discharge and enhancing water quality [2]. Group 2: Economic Transformation - The restoration of water systems, wetlands, and coastal ecosystems is translating ecological value into economic benefits in tourism and green consumption [3]. - Projects like the integration of cultural tourism in Nandagang and the establishment of green manufacturing in Tianjin are examples of how ecological resources are being leveraged for economic development [3]. - The development of bird-watching and other eco-tourism activities at Hengshui Lake is attracting significant tourist traffic, contributing to the local economy [3]. Group 3: Future Prospects - The ecological governance in the Beijing-Tianjin-Hebei region is progressing towards a broader future, enhancing the quality of life and sense of happiness for local residents [3].