股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華盛國際控股有限公司 呈交日期: 2025年10月3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) | 01323 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華盛國際控股有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01323 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 755,654,743 | | 0 | | 755,654,743 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 755,654,743 | | 0 | | 755,654,743 | 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份 ...

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依賴該等內容而引致的任何損失承擔任何責 任。 茲提述華盛國際控股有限公司（「本公司」）日期為二零二五年七月十六日載有 於二零二五年八月十五日舉行的股東週年大會（「股東週年大會」）的通告（「股 東週年大會通告」）的通函（「通函」），其內容有關（其中包括）建議(i)授出一般授 權以發行及購回股份及擴大一般授權以發行股份；及(ii)重選董事。除文義另 有所指外，本公佈所用詞彙與通函所界定者具相同涵義。 股東週年大會結果 董事會欣然宣佈股東週年大會通告所載全部決議案已由股東於股東週年大會 上以投票方式正式通過。本公司的香港股份過戶登記分處卓佳證券登記有限 公司獲委任為監票人，負責於股東週年大會上點票。 1 Huasheng International Holding Limited 華盛國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1323） 於二零二五年八月十五日 舉行的股東週年大會的投票結果 董事會欣然宣佈股東週年大會通告所載全部決 ...

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: 華盛國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 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) | 01323 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,00 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides fundamental company information, including board members, committee structures, and key operational details - The report provides fundamental company information, including board members, committee structures, registered office, principal place of business, share registrar, principal bankers, and auditors[4](index=4&type=chunk)[5](index=5&type=chunk) [Chairman's Statement](index=4&type=section&id=Chairman%27s%20Statement) [Performance and Outlook](index=4&type=section&id=Performance%20and%20Outlook) The Group's core concrete business faced weak demand and increased competition, leading to reduced revenue, yet remains a strong income source, with cautious optimism for future diversification - The business environment was challenging, with cautious investor sentiment in the Chinese real estate market and sluggish overall concrete demand due to uneven infrastructure development, compounded by global inflationary pressures, high interest rates, and geopolitical tensions[6](index=6&type=chunk) Concrete Business Revenue Changes | Item | Current Year (million HKD) | Prior Year (million HKD) | Change (million HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Concrete Business Revenue | Approx. 372.6 | Approx. 547.8 | -175.2 | -32.0% | - The Group maintains cautious optimism for its concrete business, anticipating new opportunities from Hainan Free Trade Port development, and will continue to seek investment opportunities for business diversification and financial risk mitigation[7](index=7&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) Annual Performance Overview | Indicator | Current Year (thousand HKD) | Prior Year (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Net Loss Attributable to Owners of the Company | 92,400 | 31,400 | Loss widened | | Revenue from Continuing Operations | 372,566 | 547,762 | -32.0% | | Gross Profit from Continuing Operations | 65,199 | 136,300 | -52.2% | - The Group disposed of its money lending business during the year, classified as a discontinued operation, recording a net loss of approximately **13.7 million HKD**[10](index=10&type=chunk)[22](index=22&type=chunk) [Business and Financial Review](index=6&type=section&id=Business%20and%20Financial%20Review) The Group's net loss widened to **92.4 million HKD** due to a **32.0%** decline in concrete business revenue from weak real estate and intense competition, while maintaining a stable financial position with a **2.1** current ratio [Analysis of Continuing Operations](index=6&type=section&id=Analysis%20of%20Continuing%20Operations) Continuing concrete operations saw revenue drop **32.0%** to **373 million HKD** and gross profit by **52.2%** due to weak demand and competition, resulting in a widened pre-tax loss of **84.7 million HKD** Key Indicators of Continuing Operations | Indicator | Current Year (million HKD) | Prior Year (million HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 372.6 | 547.8 | -32.0% | | Gross Profit | 65.2 | 136.3 | -52.2% | | Gross Profit Margin | 17.5% | 24.9% | -7.4pp | | Loss Before Income Tax | 84.7 | 3.2 | Loss widened | - Revenue decline is primarily attributed to fewer new projects due to China's real estate market policy adjustments and intense market competition, resulting in an approximate **9%** decrease in average concrete product selling prices[11](index=11&type=chunk) - Other net losses expanded to approximately **42.8 million HKD**, primarily due to increased impairment losses on trade receivables, property and inventory write-offs from typhoons, and no bond discount income recognized this year[16](index=16&type=chunk) [Analysis of Discontinued Operations](index=8&type=section&id=Analysis%20of%20Discontinued%20Operations) The Group disposed of its money lending business, classified as discontinued operations, which recorded a net loss of approximately **13.7 million HKD**, a reduction from the prior year Loss from Discontinued Operations | Item | Current Year (thousand HKD) | Prior Year (thousand HKD) | | :--- | :--- | :--- | | Net Loss from Discontinued Operations | 13,700 | 24,900 | [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group's cash and equivalents decreased, but liquidity remained healthy with a **2.1** current ratio and **29.6%** gearing ratio, reflecting sufficient financial resources Financial Position Indicators (as of March 31, 2025) | Indicator | Current Year-End | Prior Year-End | | :--- | :--- | :--- | | Cash and Cash Equivalents | Approx. 76 million HKD | Approx. 163 million HKD | | Total Debt | Approx. 226 million HKD | Approx. 329 million HKD | | Current Ratio | 2.1 | 2.5 | | Gearing Ratio | 29.6% | 34.2% | [Capital Structure](index=11&type=section&id=Capital%20Structure) The Group's share capital structure remained unchanged with **756 million** issued ordinary shares, while it holds several outstanding bonds, including a **USD 20 million** and two HKD bonds - As of March 31, 2025, the company's issued share capital comprised **755,654,743** ordinary shares, with no changes to the capital structure during the year[30](index=30&type=chunk) - The Group has three main outstanding bonds: a **USD 20 million** seven-year bond issued in March 2021 at **4.2%** p.a.; a **HKD 25 million** bond issued in November 2021 at **8%** p.a. (extended); and a **HKD 63 million** six-year bond issued in March 2024 at **3.5% to 10.5%** p.a.[31](index=31&type=chunk)[32](index=32&type=chunk) [Significant Acquisitions and Disposals](index=13&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group increased its stake in Wisdom Moon to **17.92%** for **45 million HKD** and disposed of **65%** of its money lending business, Honest Finance, for **32.5 million HKD** - In November 2024, the Group increased its holding of Wisdom Moon's Class A shares for **45 million HKD**, resulting in an indirect **17.92%** interest, recognized as an equity investment at fair value[42](index=42&type=chunk) - As of March 31, 2025, the Group disposed of **65%** of Honest Finance's equity for **32.5 million HKD** (12 million HKD cash, 20.5 million HKD promissory notes), after which Honest Finance ceased to be a subsidiary[43](index=43&type=chunk) [Events After Reporting Period](index=14&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group acquired four Hong Kong industrial properties for **16.5 million HKD** in April 2025, completed in June, aiming for stable rental income and capital appreciation - In April 2025, the Group agreed to acquire four Hong Kong industrial properties for **16.5 million HKD**, aiming for stable rental income and capital appreciation, with the acquisition completed in June 2025[45](index=45&type=chunk)[417](index=417&type=chunk) [Prospects](index=14&type=section&id=Prospects) The Group anticipates continued challenges from slow real estate recovery, sluggish concrete demand, and rising costs, focusing on strict cost control, efficiency, and strategic diversification for long-term development - Significant challenges are anticipated, with the real estate and construction markets remaining sluggish, and ready-mixed concrete demand expected to continue to be weak[46](index=46&type=chunk) - The Group's strategy will focus on strict cost control, enhancing efficiency, and actively seeking investment opportunities for business diversification to improve overall performance[46](index=46&type=chunk) [Profiles of Directors and Senior Management](index=15&type=section&id=Profiles%20of%20Directors%20and%20Senior%20Management) [Directors and Senior Management Background](index=15&type=section&id=Directors%20and%20Senior%20Management%20Background) This section details the personal profiles of executive, non-executive, and independent non-executive directors, and senior management, including their qualifications and experience - Executive Directors Mr. Wong Ming Hei and Mr. Kong Chi Keung were promoted internally, possessing extensive project management and business operations experience[47](index=47&type=chunk) - Non-Executive Director and Chairman Mr. Li Renjie has extensive experience in the information technology industry, having served as CTO and CEO for several technology companies[48](index=48&type=chunk) - Independent Non-Executive Directors Mr. Kwok Kam Tim, Mr. Cho Ping Cheong, and Ms. Chu Hiu Ka possess professional backgrounds and experience in accounting, financial management, corporate governance, and project management[49](index=49&type=chunk)[50](index=50&type=chunk)[53](index=53&type=chunk) [Corporate Governance Report](index=18&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices and the Board](index=18&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The Company maintained high corporate governance standards, complying with the HKEX Code, with a balanced Board comprising executive, non-executive, and independent non-executive directors, all adhering to securities trading standards and engaging in training - Throughout the current year and up to the report date, the Company has consistently complied with all code provisions of the Corporate Governance Code[56](index=56&type=chunk) - The Board comprises **6** directors: **2** executive, **1** non-executive (Chairman), and **3** independent non-executive directors, meeting Listing Rules requirements[62](index=62&type=chunk) Directors' Meeting Attendance | Director | Board Meetings | Audit Committee | Nomination Committee | Remuneration Committee | General Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Wong Ming Hei | 6/6 | N/A | N/A | N/A | 1/1 | | Mr. Kong Chi Keung | 6/6 | N/A | N/A | N/A | 1/1 | | Mr. Li Renjie | 6/6 | N/A | N/A | N/A | 1/1 | | Mr. Kwok Kam Tim | 6/6 | 2/2 | 1/1 | 1/1 | 1/1 | | Mr. Cho Ping Cheong | 6/6 | 2/2 | 1/1 | 1/1 | 1/1 | | Ms. Chu Hiu Ka | 6/6 | 2/2 | 1/1 | 1/1 | 1/1 | [Board Committees](index=22&type=section&id=Board%20Committees) The Board has independent Audit, Remuneration, and Nomination Committees, each with clear mandates to oversee financial reporting, risk, internal controls, compensation, and board structure, ensuring robust corporate governance - The Audit, Remuneration, and Nomination Committees are all composed entirely of independent non-executive directors, ensuring their independent operation[73](index=73&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) - The Audit Committee held **2** meetings, reviewing annual and interim reports, and meeting with external auditors and internal audit consultants, concluding the Group's risk management and internal control systems are effective[74](index=74&type=chunk)[75](index=75&type=chunk) - The Group engaged an external consultant for internal audit, reviewing the ready-mixed concrete business's financial reporting, taxation, cash, and treasury management systems, finding no material deficiencies[79](index=79&type=chunk)[80](index=80&type=chunk) - The Nomination Committee reviewed and confirmed the Board Diversity Policy, concluding that the current Board achieved measurable objectives in gender, age, and professional experience[88](index=88&type=chunk)[89](index=89&type=chunk) [Shareholder Rights and Communication](index=28&type=section&id=Shareholder%20Rights%20and%20Communication) The report outlines shareholder rights, including the right to requisition extraordinary general meetings, and the company's communication policy, which includes a dividend policy balancing growth needs with shareholder returns - Shareholders holding not less than **one-tenth** of the company's paid-up share capital have the right to requisition the Board to convene an extraordinary general meeting[95](index=95&type=chunk) - The Company has adopted a dividend policy, where dividend declarations consider the Group's operating results, financial position, funding needs, and future prospects[103](index=103&type=chunk) [Directors' Report](index=31&type=section&id=Directors%27%20Report) [Business, Risks and Compliance](index=31&type=section&id=Business%2C%20Risks%20and%20Compliance) The Group primarily produces ready-mixed concrete, with the Board not recommending a final dividend, while emphasizing stakeholder relations, regulatory compliance, and managing risks like raw material costs, credit, and operations - The Group's principal business for the current year was the production and sale of ready-mixed concrete[107](index=107&type=chunk) - The Directors do not recommend the payment of a final dividend for the current year[109](index=109&type=chunk) - The Group faces key risks including **raw material supply disruption or price fluctuations**, **customer bad debt**, **loss of major customers or economic downturn**, and **inadequate internal procedures, people, or systems**[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [Share Capital, Share Options and Shareholder Interests](index=34&type=section&id=Share%20Capital%2C%20Share%20Options%20and%20Shareholder%20Interests) The company's share capital remained unchanged, its 2015 share option scheme expired, and no new options were granted or exercised, with Capital Wealth Global Limited holding **21.18%** as the largest shareholder - The company's 2015 share option scheme expired on **February 26, 2025**, with no share options granted, exercised, or cancelled during the year, and no outstanding options[129](index=129&type=chunk) Major Shareholders' Interests (as of March 31, 2025) | Name / Company | Nature of Interest | Total Shares Held | Approximate Percentage of Company's Interest | | :--- | :--- | :--- | :--- | | Capital Wealth Global Limited | Beneficial owner | 160,058,100 | 21.18% | | Chang Chia-Hsiang | Interest in controlled corporation | 160,058,100 | 21.18% | | Lam Kwok Hung Raymond | Beneficial owner | 55,000,000 | 7.28% | | Tang Hon Kwong | Beneficial owner | 50,693,800 | 6.71% | - During the current year, the Company did not engage in any connected transactions or continuing connected transactions[146](index=146&type=chunk) [Major Suppliers and Customers](index=40&type=section&id=Major%20Suppliers%20and%20Customers) The Group exhibited high supplier and customer concentration, with the largest supplier accounting for **46.2%** of purchases and the top five customers representing **22.0%** of sales, with no related party interests Supplier and Customer Concentration | Item | Percentage (Current Year) | Percentage (Prior Year) | | :--- | :--- | :--- | | Largest Supplier as % of Total Purchases | 46.2% | 45.1% | | Top Five Suppliers as % of Total Purchases | 83.4% | 86.0% | | Largest Customer as % of Total Sales | 6.0% | 6.7% | | Top Five Customers as % of Total Sales | 22.0% | 22.9% | [Independent Auditor's Report](index=42&type=section&id=Independent%20Auditor%27s%20Report) [Audit Opinion and Key Audit Matters](index=42&type=section&id=Audit%20Opinion%20and%20Key%20Audit%20Matters) The auditor issued an unmodified opinion on the consolidated financial statements, highlighting key audit matters including impairment of intangible assets and goodwill, impairment testing of receivables, and valuation of equity investments - The auditor believes the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, issuing an **unmodified opinion**[163](index=163&type=chunk) - Key audit matters include: **impairment of other intangible assets and goodwill** due to significant balances and management judgments; **impairment testing of trade receivables, retention receivables, other receivables, and prepayments** due to significant balances and estimates; and **valuation of equity investments at fair value through other comprehensive income** due to significant balances and fair value measurement judgments[165](index=165&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk)[174](index=174&type=chunk) [Consolidated Financial Statements](index=45&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=45&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's total loss significantly widened to **92.38 million HKD**, with continuing operations (concrete) losing **78.66 million HKD** and discontinued operations (money lending) losing **13.72 million HKD**, resulting in a basic loss per share of **12.22 HK cents** Consolidated Statement of Profit or Loss Summary | Indicator (thousand HKD) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 372,566 | 547,762 | | Gross Profit | 65,199 | 136,313 | | Loss for the Year | (78,664) | (6,567) | | **Discontinued Operations** | | | | Loss for the Year | (13,716) | (24,874) | | **Total** | | | | Loss for the Year Attributable to Owners of the Company | (92,380) | (31,441) | | Total Comprehensive Loss for the Year Attributable to Owners of the Company | (62,545) | (44,531) | | Basic Loss Per Share (HK cents) | (12.22) | (6.21) | [Consolidated Statement of Financial Position](index=46&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets decreased to **1.465 billion HKD**, total liabilities to **568 million HKD**, and net assets to **898 million HKD**, with key assets including receivables, equity investments, and goodwill Consolidated Statement of Financial Position Summary (as of March 31) | Indicator (thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 565,505 | 464,724 | | Current Assets | 899,904 | 1,171,255 | | **Total Assets** | **1,465,409** | **1,635,979** | | **Liabilities and Equity** | | | | Current Liabilities | 421,160 | 460,804 | | Non-current Liabilities | 146,397 | 214,778 | | **Total Liabilities** | **567,557** | **675,582** | | **Equity Attributable to Owners of the Company** | **897,852** | **960,397** | [Consolidated Statement of Changes in Equity](index=48&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners decreased by **62.55 million HKD** to **898 million HKD**, primarily due to a **92.38 million HKD** loss, partially offset by **38.55 million HKD** in other comprehensive income from equity investments Summary of Changes in Equity (thousand HKD) | Item | Amount | | :--- | :--- | | Total Equity as at March 31, 2024 | 960,397 | | Loss for the Year | (92,380) | | Total Other Comprehensive Income (Loss) | 29,835 | | Total Equity as at March 31, 2025 | 897,852 | [Consolidated Statement of Cash Flows](index=50&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group's cash and cash equivalents decreased by **90.17 million HKD**, with **129 million HKD** net cash from operations offset by significant outflows from investing (**89.57 million HKD**) and financing (**129 million HKD**) activities, ending with **20.18 million HKD** Cash Flow Summary (thousand HKD) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 128,703 | 96,748 | | Net Cash (Used in)/from Investing Activities | (89,572) | 9,901 | | Net Cash Used in Financing Activities | (129,302) | (11,615) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (90,171) | 95,034 | | Cash and Cash Equivalents at Beginning of Year | 110,827 | 15,092 | | **Cash and Cash Equivalents at End of Year** | **20,181** | **110,827** | [Notes to the Consolidated Financial Statements](index=52&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Summary of Notes](index=52&type=section&id=Summary%20of%20Notes) The notes detail the Group's accounting policies, key estimates, and judgments, covering segment information, discontinued operations, asset impairment tests, financial instrument fair value, related party transactions, and post-reporting events - Note 3 discloses the Group's principal accounting policies, including basis of consolidation, revenue recognition, leases, financial instruments, and impairment testing[202](index=202&type=chunk) - Note 4 explains management's significant judgments and estimates in financial statement preparation, particularly regarding **goodwill and intangible asset impairment**, **receivables impairment**, and **fair value of financial instruments**[275](index=275&type=chunk)[276](index=276&type=chunk) - Notes 12 and 40 detail the disposal of Honest Finance (money lending business), classified as discontinued operations, which recorded a loss of approximately **14.82 million HKD** on disposal[305](index=305&type=chunk)[411](index=411&type=chunk)[413](index=413&type=chunk) - Note 19 details the impairment testing of goodwill and intangible assets for the concrete business cash-generating unit, resulting in **no impairment**, while the money lending business's goodwill was fully impaired last year[317](index=317&type=chunk)[320](index=320&type=chunk) - Note 42 discloses a significant post-reporting event: in April 2025, the Group agreed to acquire four industrial properties for **16.5 million HKD**, with completion in June[417](index=417&type=chunk) [Financial Summary](index=130&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=130&type=section&id=Five-Year%20Financial%20Summary) The five-year financial summary shows continuous revenue decline since 2021, losses in the last three years (widening in 2025), and a downward trend in total and net assets over the past two years Five-Year Performance Summary (thousand HKD) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 383,284 | 565,906 | 690,082 | 864,508 | 928,691 | | (Loss)/Profit for the Year | (92,380) | (31,441) | (54,774) | 31,293 | 43,887 | Five-Year Assets and Liabilities Summary (thousand HKD) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,465,409 | 1,635,979 | 1,798,802 | 2,025,253 | 1,734,467 | | Total Liabilities | (567,557) | (675,582) | (834,500) | (1,069,778) | (815,298) | | Net Assets | 897,852 | 960,397 | 964,302 | 955,475 | 919,169 |

[Performance Overview](index=1&type=section&id=Performance%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FY2025 continuing operations revenue and gross profit declined 32.0% and 52.2% respectively, gross margin fell to 17.5%, leading to an annual loss of HKD 92.4 million and basic loss per share of 12.22 HK cents FY2025 Financial Highlights | Metric | FY2025 | Change | | :--- | :--- | :--- | | Revenue from Continuing Operations | HKD 372.6 million | -32.0% | | Gross Profit from Continuing Operations | HKD 65.2 million | -52.2% | | Gross Margin from Continuing Operations | 17.5% | Decreased from 24.9% | | Loss for the Year Attributable to Owners of the Company | HKD 92.4 million | - | | Basic and Diluted Loss Per Share | 12.22 HK cents | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the current fiscal year reflect overall performance pressure, with expanded losses, decreased assets and weakened liquidity, impacting shareholders' equity [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) FY2025 continuing operations revenue decreased 32.0% to HKD 373 million, gross profit fell 52.2% to HKD 65.2 million, resulting in a total annual loss attributable to owners of HKD 92.38 million Consolidated Statement of Profit or Loss Summary (HKD thousands) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Continuing Operations** | | | | Revenue | 372,566 | 547,762 | | Gross Profit | 65,199 | 136,313 | | Loss for the Year from Continuing Operations | (78,664) | (6,567) | | **Discontinued Operations** | | | | Loss for the Year from Discontinued Operations | (13,716) | (24,874) | | **Loss for the Year Attributable to Owners of the Company** | **(92,380)** | **(31,441)** | Loss Per Share (HK cents) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | From Continuing and Discontinued Operations | (12.22) | (6.21) | | From Continuing Operations | (10.40) | (1.30) | | From Discontinued Operations | (1.82) | (4.91) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets decreased to HKD 1.465 billion, net assets slightly declined to HKD 898 million, and net current assets decreased to HKD 479 million, primarily due to reduced cash Consolidated Statement of Financial Position Summary (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 565,505 | 464,724 | | **Current Assets** | 899,904 | 1,171,255 | | **Total Assets** | **1,465,409** | **1,635,979** | | **Current Liabilities** | 421,160 | 460,804 | | **Non-current Liabilities** | 146,397 | 214,778 | | **Total Liabilities** | **567,557** | **675,582** | | **Net Assets** | **897,852** | **960,397** | [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2025, total equity attributable to owners decreased by HKD 62.55 million to HKD 898 million, primarily due to an annual loss of HKD 92.38 million, partially offset by fair value gains on equity investments - Total equity attributable to owners of the company decreased from **HKD 960 million** at the beginning of the year to **HKD 898 million** at year-end[7](index=7&type=chunk) - Key drivers of equity changes include: - Annual loss: **-HKD 92.38 million** - Fair value change of equity investments at fair value through other comprehensive income: **+HKD 38.55 million** - Exchange differences arising from translation of overseas operations: **-HKD 8.37 million**[7](index=7&type=chunk) [Management Discussion and Analysis](index=38&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=38&type=section&id=Business%20and%20Financial%20Review) In FY2025, core concrete business revenue decreased 32.0% and gross profit 52.2% due to market weakness and cost pressures, while the disposal of money lending operations led to an expanded annual net loss of HKD 92.4 million - The Group primarily engages in the production and sale of ready-mixed concrete ("concrete business") and disposed of its money lending services business ("money lending business") during the year, which has been classified as discontinued operations[88](index=88&type=chunk) - The net loss attributable to owners of the company for the year expanded to approximately **HKD 92.4 million**, compared to a loss of approximately **HKD 31.4 million** in the prior year[88](index=88&type=chunk) [Operating Results](index=38&type=section&id=Operating%20Results) Concrete business revenue decreased to HKD 373 million due to reduced demand and competition, with average selling prices down 9%; gross margin fell to 17.5% due to cost and price pressures, and other net losses expanded from impairments and write-offs - Concrete business revenue decreased by **32.0%** to **HKD 373 million**, primarily due to reduced demand for ready-mixed concrete products in Hainan Province and intensified market competition, leading to an approximate **9%** decrease in average selling price per cubic meter of product[89](index=89&type=chunk) - Gross profit significantly decreased by **52.2%** to **HKD 65.2 million**, with gross margin falling from **24.9%** to **17.5%**, mainly due to increased raw material costs coupled with reduced average selling prices of products amidst fierce competition[91](index=91&type=chunk) - Other net losses increased to **HKD 42.8 million**, primarily due to increased impairment of trade receivables, write-off losses on property and inventories caused by typhoons, and the non-recurrence of bond discount income recognized in the prior year[93](index=93&type=chunk) [Discontinued Operations](index=42&type=section&id=Discontinued%20Operations) As of March 31, 2025, the Group disposed of 65% equity in its money lending business, classified as discontinued operations, which recorded a net loss of HKD 13.7 million for the year, including a one-off loss of HKD 14.82 million from the disposal - The money lending business was disposed of during the year and classified as discontinued operations, with its results presented separately in the consolidated statement of profit or loss[99](index=99&type=chunk) Results of Discontinued Operations (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) After Income Tax | 1,104 | (24,874) | | Loss on Disposal of a Subsidiary | (14,820) | – | | **Loss from Discontinued Operations** | **(13,716)** | **(24,874)** | [Analysis of Key Balance Sheet Items](index=42&type=section&id=Analysis%20of%20Key%20Balance%20Sheet%20Items) As of March 31, 2025, net trade and retention receivables decreased to HKD 667 million, with HKD 19.6 million in expected credit loss provision, and additional impairment losses of HKD 13.8 million on bills receivable and HKD 2 million on other receivables - Net trade and retention receivables amounted to approximately **HKD 667 million**, for which an expected credit loss allowance of approximately **HKD 19.6 million** was recognized during the year[100](index=100&type=chunk) - Several impairment losses were recognized during the year, including: - Impairment loss on trade and retention receivables and other receivables of approximately **HKD 21.6 million** - Impairment loss on loans receivable of approximately **HKD 6.6 million** - Impairment loss on bills receivable of approximately **HKD 13.8 million**[103](index=103&type=chunk) [Liquidity and Financial Resources](index=44&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group held HKD 76.6 million in cash, with total debt of HKD 226 million; current ratio was 2.1x and gearing ratio 29.6%, indicating sufficient financial resources despite significantly decreased cash levels Liquidity and Financial Resources Metrics | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 76.6 million | HKD 163.4 million | | Total Debt | HKD 226 million | HKD 328.6 million | | Current Ratio | Approx. 2.1 | Approx. 2.5 | | Gearing Ratio | Approx. 29.6% | Approx. 34.2% | [Capital Structure](index=44&type=section&id=Capital%20Structure) As of March 31, 2025, the Group's share capital structure remained unchanged, with total shareholders' equity of HKD 898 million; debt primarily consists of three outstanding bonds, including USD and HKD denominated instruments - As of March 31, 2025, total shareholders' equity was approximately **HKD 898 million**, with 755,654,743 ordinary shares issued, and no changes to the share capital structure during the year[106](index=106&type=chunk) - The Group has three main outstanding bonds: - **Seven-year corporate bond**: Issued in 2021, principal of **USD 20 million**, annual interest rate of **4.2%** - **Three-year unlisted bond**: Issued in 2021, principal of **HKD 25 million**, maturity extended to 2027, annual interest rate of **8%** during the extended period - **Six-year corporate bond**: Issued in 2024, principal of **HKD 63 million**, annual interest rate ranging from **3.5% to 10.5%**[107](index=107&type=chunk) [Significant Investments, Acquisitions and Disposals](index=47&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the Group increased its stake in Wisdom Moon by 4.52% for HKD 45 million and disposed of 65% equity in Sincerity Finance for HKD 32.5 million, exiting the money lending business - In November 2024, the Group acquired an additional **4.52%** of Class A shares in Wisdom Moon for **HKD 45 million** in cash, increasing its total holding to **17.92%** of Class A shares, with this investment recognized as an equity investment at fair value[117](index=117&type=chunk)[118](index=118&type=chunk) - On March 31, 2025, the Group disposed of **65%** of the equity interest in Sincerity Finance for a consideration of **HKD 32.5 million** (partially in cash, partially in bills receivable), after which Sincerity Finance ceased to be a subsidiary of the company[119](index=119&type=chunk) [Post-Reporting Period Events](index=49&type=section&id=Post-Reporting%20Period%20Events) On April 9, 2025, the Group agreed to acquire four Hong Kong industrial units for HKD 16.5 million, aiming for stable rental income or capital appreciation, with the acquisition completed in June 2025 - On April 9, 2025, the Group agreed to acquire four industrial building units in Hong Kong for **HKD 16.5 million**, aiming to generate stable rental income and/or capital appreciation; the acquisition was completed in June 2025[121](index=121&type=chunk) [Outlook](index=49&type=section&id=Outlook) The Group anticipates continued challenges from the persistent downturn in real estate and construction markets, leading to weak demand and rising costs; strategies include strict cost control, efficiency enhancement, and seeking diversified investment opportunities - Looking ahead, the Group expects the real estate and construction markets to remain relatively sluggish, with demand for ready-mixed concrete products continuing to be weak, and increasing raw material and labor costs posing ongoing challenges to the Group's operations and financial performance[122](index=122&type=chunk) - Strategies to address these challenges include: regularly reviewing business strategies, strictly adhering to cost control policies, reducing costs and improving efficiency, and actively seeking suitable investment opportunities to diversify the business portfolio[124](index=124&type=chunk) [Corporate Governance and Other Information](index=50&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance](index=50&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company maintains high corporate governance standards, complying with all Stock Exchange Corporate Governance Code provisions and adopting a directors' securities transaction code no less exacting than the Model Code, with all directors confirming compliance - The Board believes that the company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules of the Stock Exchange throughout the year[125](index=125&type=chunk) - The company has adopted a code of conduct for directors' securities transactions, the terms of which are no less exacting than the Model Code, and all directors have confirmed compliance during the year[126](index=126&type=chunk) [Audit and Financial Information Disclosure](index=51&type=section&id=Audit%20Committee%20and%20Financial%20Information) The financial information in this announcement, extracted from audited consolidated financial statements, has been reviewed by the Audit Committee; the auditor has reconciled the data but expressed no assurance opinion on this preliminary announcement - The financial information in this announcement is extracted from the consolidated financial statements for the year and has been reviewed by the company's Audit Committee[128](index=128&type=chunk) - The auditor, Zhonghui Anda CPA Limited, has reconciled the financial data in this announcement with the audited consolidated financial statements, but their work does not constitute an assurance engagement, and therefore no assurance opinion has been expressed on this preliminary announcement[129](index=129&type=chunk)

Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]

Group 1 - New Lai Fu (301323) is planning a significant asset restructuring, intending to acquire 100% equity of Jin Nan Magnetic Materials, and will suspend trading starting April 14 [1][4] - The acquisition will be conducted through issuing shares and cash payments, along with raising supporting funds, and is expected to constitute a major asset restructuring as per regulations [4][6] - The transaction is classified as a related party transaction but will not result in a change of the actual controller of the company, thus not constituting a restructuring listing [4][6] Group 2 - Jin Nan Magnetic Materials, established in 2009, specializes in the development, production, and sales of key components for micro motors, electronic components, precision alloy parts, and soft magnetic alloys [6][7] - The company serves over 800 global customers, providing high-quality products and solutions across various sectors including computers, home appliances, automotive, and renewable energy [7] - New Lai Fu's main business involves the research, production, and sales of adsorption functional materials and electronic ceramic materials, positioning it as a leading global manufacturer in this field [7]

Financial Performance - For the six months ended September 30, 2024, the company reported a net loss attributable to owners of approximately HKD 24.4 million, compared to a net loss of approximately HKD 3.8 million for the same period in 2023[12]. - Revenue decreased by approximately HKD 107.2 million or 34.3% to about HKD 205.7 million, down from approximately HKD 312.9 million for the six months ended September 30, 2023[12]. - The company recorded a loss before tax of approximately HKD 25,500,000, an increase of about HKD 23,000,000 compared to the same period last year, attributed to a significant decrease in revenue from the concrete business and rising raw material costs[21]. - The company reported a total comprehensive loss attributable to owners of approximately HKD 6,500,000 for the interim period, compared to a total comprehensive loss of about HKD 23,000,000 for the same period last year[23]. - The company reported a total comprehensive loss of HKD 22,987,000 for the six months ended September 30, 2023, which included foreign exchange differences of HKD 19,211,000[77]. Revenue Breakdown - Revenue from the concrete business accounted for approximately 97.2% of total revenue, with a decline of about 33.8% from approximately HKD 302.2 million to about HKD 200 million due to weak demand in China[12]. - The lending business revenue decreased by approximately HKD 5 million or 46.8% to about HKD 5.7 million, attributed to a reduction in the average total loan portfolio from approximately HKD 212.8 million to about HKD 149.7 million[14]. - Revenue from concrete business decreased to HKD 199,962 thousand for the six months ended September 30, 2024, down 33.8% from HKD 302,187 thousand in the same period of 2023[93]. - Total revenue for the group was HKD 205,654 thousand, a decline of 34.3% compared to HKD 312,883 thousand in the previous year[93]. Cost and Expenses - Cost of sales decreased by approximately HKD 58.2 million or 26.4% to about HKD 162.5 million, primarily due to reduced demand for concrete products[14]. - Gross profit fell by approximately HKD 49 million or 53.2% to about HKD 43.2 million, with the gross profit margin for the concrete business dropping from approximately 27.0% to about 18.7%[15]. - The overall gross profit margin decreased from 29.5% to 21.0% due to lower sales volumes and increased material costs[15]. - Selling and distribution expenses decreased significantly by approximately HKD 6,600,000 or 24.1%, mainly due to a decline in sales leading to lower transportation costs[19]. - Administrative expenses decreased by approximately HKD 4,200,000 or 15.6% to about HKD 22,800,000, primarily due to a reduction in employee costs and headcount[20]. Financial Position - As of September 30, 2024, the company had total debt of approximately HKD 325,500,000 and cash and cash equivalents of about HKD 140,500,000[24]. - The current ratio as of September 30, 2024, was 2.7, indicating sufficient financial resources[24]. - The company's equity amounted to approximately HKD 953,900,000 as of September 30, 2024, showing a slight decrease from HKD 960,400,000 as of March 31, 2024[25]. - The company’s total assets decreased to HKD 1,103,403,000 from HKD 1,171,255,000, indicating a reduction in overall asset base[68]. - The company’s equity attributable to owners was HKD 953,927,000, down from HKD 960,397,000 as of March 31, 2024[68]. Operational Challenges - The company is facing challenges due to a sluggish real estate market in China, impacting construction progress and concrete demand[12]. - The company has implemented measures to reduce operating expenses, but these have only partially mitigated the negative impact of weak demand[16]. - The lending business is expected to continue shrinking due to strict regulatory oversight and declining credit quality, with a cautious approach to credit control being maintained[49]. Employee and Management - As of September 30, 2024, the group employed a total of 173 staff, down from 190 as of September 30, 2023, with employee costs around HKD 13,700,000[41]. - The company’s management compensation for the six months ending September 30, 2024, totaled 1,077,000 HKD, a decrease of approximately 78.7% compared to 5,067,000 HKD for the same period in 2023[180]. Investments and Acquisitions - The acquisition of Wisdom Moon (BVI) Limited was completed on November 19, 2024, for a total consideration of HKD 45,000,000, representing 4.52% of the issued A shares[45][46]. - After the acquisition, the company will hold an indirect interest of 17.92% in Wisdom Moon's issued A shares, as it already owned 13.40% prior to the acquisition[45]. - The group has recognized a right-of-use asset addition of approximately HKD 1,184,000 for the lease renewal of the Hong Kong office during the interim period, compared to HKD 2,777,000 for the six months ended September 30, 2023[125]. Debt and Financing - The group’s total borrowings amount to HKD 148,534,000 as of September 30, 2024, a decrease from HKD 153,117,000 as of March 31, 2024[166]. - The group issued bonds totaling HKD 176,983,000 as of September 30, 2024, compared to HKD 175,508,000 as of March 31, 2024[169]. - The company has issued a total of 63,000,000 HKD in six-year corporate bonds with an interest rate of 3.5% for the first two years, 7.0% for the next two years, and 10.5% until maturity[173]. Impairment and Asset Quality - The group experienced a total impairment loss of HKD 14,444,000 for the six months ended September 30, 2024, down from HKD 31,862,000 in 2023, indicating an improvement in asset quality[110]. - The group has determined that there was no impairment for the other intangible assets and goodwill related to the concrete business cash-generating unit during the interim period[137]. Future Outlook - The concrete business remains the main revenue driver for the company, despite challenges in the real estate market, with a focus on opportunities in Hainan Province[48]. - The company plans to strictly adhere to cost control policies to maintain profitability and market competitiveness amid rising raw material and labor costs[46]. - The company will regularly review its business strategies to adapt to economic uncertainties and challenges[46].

Financial Performance - The company reported a net loss attributable to shareholders of approximately HKD 24,400,000 for the six months ended September 30, 2024, compared to a net loss of approximately HKD 3,800,000 for the same period in 2023[3]. - Revenue decreased by approximately HKD 107,200,000 or 34.3%, from approximately HKD 312,900,000 for the six months ended September 30, 2023, to approximately HKD 205,700,000 for the current period[5]. - The company recorded a loss before tax of approximately HKD 25,500,000 for the current period, compared to a loss of approximately HKD 2,500,000 for the same period in 2023, an increase of approximately HKD 23,000,000[17]. - The group recorded a total comprehensive loss attributable to the owners of approximately HKD 6,500,000 for the interim period, compared to a total comprehensive loss of approximately HKD 23,000,000 for the six months ended September 30, 2023[21]. - The company reported a net loss before tax of HKD 25,510,000, significantly higher than the loss of HKD 2,506,000 in the prior period[68]. - Loss attributable to owners of the company for the six months was HKD 24,399,000, compared to a loss of HKD 3,776,000 in the previous year[68]. Revenue Breakdown - Revenue from the concrete business accounted for approximately 97.2% of total revenue, with a decline of about 33.8% from approximately HKD 302,200,000 to approximately HKD 200,000,000 due to weak overall demand in China[5]. - The lending business revenue decreased by approximately HKD 5,000,000 or 46.8%, from approximately HKD 10,700,000 to approximately HKD 5,700,000, attributed to a reduction in the average total loan portfolio[7]. - Revenue for the six months ended September 30, 2024, was HKD 205,654,000, a decrease of 34.3% compared to HKD 312,883,000 for the same period in 2023[68]. - Revenue from concrete business sales was HKD 199,962, down 33.8% from HKD 302,187 in the previous year[98]. - Interest income from the lending business was HKD 5,692, down from HKD 10,696 in the previous year[98]. Cost and Expenses - Gross profit fell by approximately HKD 49,000,000 or 53.2%, from approximately HKD 92,200,000 to approximately HKD 43,200,000, primarily due to decreased sales volume in the concrete business[9]. - The gross margin for the concrete business dropped significantly from approximately 27.0% to about 18.7%, mainly due to increased raw material costs and lower selling prices[11]. - Administrative expenses decreased by approximately HKD 4,200,000 or 15.6%, from approximately HKD 27,000,000 to approximately HKD 22,800,000, mainly due to a reduction in employee costs[15]. - Financing costs increased by approximately HKD 3,500,000 or 39.6%, from approximately HKD 9,000,000 to approximately HKD 12,500,000, due to interest expenses on bonds and increased average borrowing in the concrete business[16]. - Cost of goods sold was HKD 161,204,000 for the six months ended September 30, 2024, a decrease of 26.5% from HKD 219,130,000 in the previous year[124]. Assets and Liabilities - As of September 30, 2024, the group had total debt of approximately HKD 325,500,000, a slight decrease from approximately HKD 328,600,000 as of March 31, 2024[22]. - The group's cash and cash equivalents amounted to approximately HKD 140,500,000 as of September 30, 2024, down from approximately HKD 163,400,000 as of March 31, 2024[22]. - The total liabilities as of September 30, 2024, amounted to HKD 628,654,000, a decrease from HKD 675,582,000 as of March 31, 2024, representing a reduction of approximately 6.9%[105]. - Total assets as of September 30, 2024, amounted to HKD 1,582,581, a decrease from HKD 1,635,979 as of March 31, 2024[103]. - The company's equity attributable to owners decreased to HKD 953,927 as of September 30, 2024, from HKD 960,397 as of March 31, 2024[82]. Employee and Management - The group employed a total of 173 employees as of September 30, 2024, with employee costs amounting to approximately HKD 13,700,000, a decrease from HKD 19,900,000 in the previous year[41]. - Total employee costs amounted to HKD 13,687,000 for the six months ended September 30, 2024, down 31% from HKD 19,915,000 in the same period of 2023[124]. - The total remuneration for key management personnel for the six months ending September 30, 2024, was HKD 1,077,000, compared to HKD 5,067,000 for the same period in 2023[196]. Impairment and Provisions - Other losses decreased by approximately HKD 17,400,000 or 54.7%, from approximately HKD 31,900,000 to approximately HKD 14,400,000, mainly due to reduced impairment losses on receivables[12]. - The impairment loss on trade receivables and other receivables was HKD 7,789,000 for the six months ended September 30, 2024, compared to HKD 13,243,000 in the previous year, indicating a decrease of 41.1%[116]. - The impairment loss on loans receivable was HKD 7,163,000 for the six months ended September 30, 2024, down from HKD 9,973,000 in the previous year, a decrease of 28.1%[116]. - The group’s total expected credit loss provision for trade receivables was HKD 35,382,000 as of September 30, 2024, compared to HKD 30,151,000 as of March 31, 2024[168]. Strategic Initiatives - The group plans to regularly review its business strategies and may make necessary adjustments to respond to future challenges, focusing on cost control and efficiency improvements[49]. - The group has adopted a conservative financial policy to mitigate foreign exchange risks, with no foreign currency hedging policies currently in place[28]. - The group will maintain a cautious approach to credit control and may further reduce its loan portfolio in response to market conditions[52]. Shareholder Information - The total number of issued shares as of September 30, 2024, was 755,654,743[60]. - Major shareholders included Capital Wealth Global Limited, holding 135,218,100 shares, representing 17.89% of the company[59]. - The company did not declare an interim dividend for the six-month period ending September 30, 2023[65]. - The company did not recommend the payment of an interim dividend for the current period, consistent with the previous year[126]. Debt and Financing - The company issued a seven-year corporate bond with a principal amount of USD 20,000,000 (approximately HKD 154,752,000) at an annual interest rate of 4.2%[182]. - The company issued a three-year non-listed bond with a principal amount of HKD 25,000,000, with interest rates ranging from 8% to 10% over its term[185]. - The company issued a six-year corporate bond with a principal amount of HKD 63,000,000, with interest rates starting at 3.5% and increasing to 10.5%[188]. - The total outstanding factoring loans as of September 30, 2024, were secured by trade receivables of approximately HKD 115,784,000[179].