Financial Performance - Revenue for the six months ended September 30, 2023, was HK$25,121,000, a decrease of 49.8% compared to HK$50,002,000 in the same period of 2022[9]. - Gross profit for the same period was HK$7,613,000, down 40.4% from HK$12,763,000 year-over-year[9]. - Operating loss for the period was HK$2,906,000, compared to an operating profit of HK$11,043,000 in the previous year[9]. - Loss attributable to equity holders of the Company was HK$2,318,000, a significant decline from a profit of HK$10,258,000 in the prior year[9]. - Basic and diluted loss per share was (0.36) HK cents, compared to earnings of 1.81 HK cents per share in the same period last year[9]. - The Company reported a total comprehensive loss of HK$3,079,000 for the period, compared to a comprehensive income of HK$9,423,000 in the previous year[11]. - For the six months ended September 30, 2023, the company reported a loss of HK$3,079,000 compared to a profit of HK$9,423,000 for the same period in 2022, indicating a significant decline in performance[14]. - The company reported a loss before income tax of HK$2,318,000 for the six months ended September 30, 2023, compared to a profit of HK$10,258,000 in the prior year, highlighting a substantial downturn in profitability[16]. - The Group reported a loss attributable to equity holders of approximately HK$2,318,000 for the six months ended 30 September 2023, compared to a profit of HK$10,258,000 in 2022[81]. - The consolidated loss attributable to equity holders for the six months ended 30 September 2023 was approximately HK$2.3 million, compared to a profit of HK$10.3 million for the same period in 2022[171]. Assets and Liabilities - Total assets as of September 30, 2023, were HK$97,962,000, slightly down from HK$98,872,000 as of March 31, 2023[13]. - Net current assets decreased to HK$74,859,000 from HK$77,359,000 as of March 31, 2023[13]. - Total equity attributable to equity holders of the Company was HK$75,259,000, down from HK$78,338,000 as of March 31, 2023[13]. - The total equity attributable to equity holders of the company decreased from HK$78,062,000 as of September 30, 2022, to HK$75,259,000 as of September 30, 2023, reflecting a reduction of approximately 3.6%[14]. - Trade receivables increased to HK$21,929,000 as of September 30, 2023, compared to HK$19,744,000 as of March 31, 2023, with a net amount of HK$7,125,000 after an allowance for expected credit losses (ECL) of HK$14,804,000[91]. - Other receivables, deposits, and prepayments rose to HK$6,623,000 as of September 30, 2023, up from HK$5,984,000 as of March 31, 2023[102]. - Trade payables decreased significantly to HK$3,787,000 as of September 30, 2023, from HK$9,006,000 as of March 31, 2023[105]. - The total amount of trade and other payables and accruals was HK$19,801,000 as of September 30, 2023, compared to HK$18,755,000 as of March 31, 2023[105]. Cash Flow and Management - Cash flows from operating activities showed a net cash used of HK$376,000 for the six months ended September 30, 2023, compared to HK$10,712,000 used in the same period of 2022, indicating an improvement in cash flow management[18]. - The company generated HK$690,000 from investing activities in the first half of 2023, a significant increase from HK$4,000 in the same period of 2022[18]. - Cash and cash equivalents remained stable at HK$41,231,000, compared to HK$41,261,000 as of March 31, 2023[13]. - The cash and cash equivalents at the end of the period were HK$41,231,000, up from HK$17,289,000 at the end of September 2022, representing an increase of approximately 138.0%[18]. - The company’s finance costs decreased to HK$102,000 in the first half of 2023 from HK$789,000 in the same period of 2022, reflecting improved cost management[16]. Segment Performance - For the six months ended September 30, 2023, the segment revenue from the sale of pearls and jewellery products was HK$25,121,000[41]. - The segment profit from the sale of pearls and jewellery products was HK$137,000, while the strategic investment and financial services segment reported a loss of HK$269,000, resulting in a total segment loss of HK$132,000[41]. - Segment revenue for the sale of pearls and jewellery products was HK$48,915,000, while strategic investment and financial services generated HK$1,087,000, totaling HK$50,002,000[45]. - Segment profit for the sale of pearls and jewellery products was HK$15,241,000, with a loss of HK$1,781,000 from strategic investment and financial services, resulting in a total profit of HK$13,460,000[45]. Operational Strategy - The Group plans to launch jade products in the upcoming jewellery fair/show to boost sales and broaden the customer base, targeting mainland China and other Asian markets[178]. - The Group will continue to strictly control costs and improve operational efficiency to maintain competitiveness[179]. - The Group has been actively participating in various important jewellery and gem fairs globally to seek opportunities for customer base expansion[179]. - The management has downsized the co-working space network in Hong Kong to mitigate losses due to COVID-19 impacts[181]. - The Group's management believes the decrease in sales of pearl and jewellery products is temporary and anticipates a recovery in the global jewellery market[174]. Share Capital and Options - The company’s share capital remained unchanged at HK$12,786,000 as of September 30, 2023, consistent with the previous year[14]. - The Group completed a rights issue resulting in the issuance of 319,648,964 rights shares, raising net proceeds of approximately HK$32,772,000 for loan repayment and working capital[119]. - The share capital increased by approximately HK$6,393,000 and share premium by HK$26,379,000 following the rights issue[119]. - The maximum number of shares that may be issued upon exercise of all outstanding options under the Scheme shall not exceed 30% of the Company's issued share capital[137]. - The total number of shares issued and to be issued upon exercise of options granted to each participant in any 12-month period shall not exceed 1% of the shares in issue[144]. - Any share options granted to a substantial shareholder or independent non-executive director in excess of 0.1% of the shares of the Company, with an aggregate value exceeding HK$5 million, require prior shareholder approval[145]. - The nominal consideration for accepting the option is HK$1.00, payable within 28 days from the date of offer[150]. - The Scheme is valid for a period of 10 years from its adoption date, ending on 25 September 2024[153]. - For all share options granted, 50% of the options are exercisable after 12 months and the remaining 50% after 24 months from the date of grant[154].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 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 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 AFFLUENT PARTNERS HOLDINGS LIMITED 錢唐控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：1466） 網 址：http://www.affluent-partners.com 截 至2023年9月30日 止 六 個 月 之 中 期 業 績 公 告 錢 唐 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此 呈 報 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2023年9月30日 止 六 個 月 之 簡 明 綜 合 中 期 業 績， 連 同2022年 同 期 之 比 較 數 字。 * 僅 供 識 別 – 1 – 簡 明 綜 合 中 期 ...

Financial Performance - Revenue for the year ended March 31, 2023, was HK$86,880,000, representing a 38.7% increase from HK$62,647,000 in 2022[16] - Gross profit decreased to HK$7,827,000, down 28.8% from HK$10,992,000 in the previous year[16] - Profit before income tax improved significantly to HK$8,726,000, compared to a loss of HK$15,462,000 in 2022, marking a change of 156.4%[16] - Basic earnings per share for 2023 was HK$0.01, a turnaround from a loss of HK$0.04 in 2022, reflecting a 125.0% increase[16] - The consolidated profit attributable to equity holders for FY23 was HK$8.7 million, a significant increase of 156.1% compared to a loss of HK$15.5 million in FY22[30] - Profit attributable to equity holders increased by HK$24.2 million or 156.1% to HK$8.7 million in FY23, compared to a loss of HK$15.5 million in FY22[74] Assets and Equity - Net assets increased to HK$78,338,000, a substantial rise of 118.4% from HK$35,867,000 in 2022[16] - Total equity as of 31 March 2023 was HK$78.3 million, representing an increase of 118.1% from HK$35.9 million in 2022[79] - Cash and cash equivalents rose to HK$41,261,000, up 75.0% from HK$23,585,000 in the previous year[16] - Cash and cash equivalents increased to HK$41.3 million as of 31 March 2023, up from HK$23.6 million in the previous year[80] Profitability Ratios - Gross profit margin decreased to 9.0% from 17.5%, a decline of 8.5 percentage points[17] - Return on equity improved to 18.7%, a significant increase of 61.8 percentage points from (43.1)% in 2022[17] - The return on capital for pearls and jewellery products was (2.0)% in FY23, down from 3.7% in FY22[32] - The return on capital employed in the sale of pearls and jewellery products was (2.0)% in 2023, compared to 3.7% in 2022[100] - The return on capital employed in strategic investment and financial services improved to 37.8% from (34.4)% in the previous year[100] Liquidity and Financial Position - Current ratio increased to 4.6 from 1.7, indicating improved liquidity[17] - The current ratio improved to 4.6 as of 31 March 2023, compared to 1.7 in the previous year, indicating better liquidity[80] - Gearing ratio decreased to 0.02 from 0.83, reflecting a stronger equity position[17] Business Strategy and Market Expansion - The Group plans to launch jade products in Q4 FY23 to boost sales and expand the customer base, targeting mainland China and Asian markets[33] - The Group is focusing investments in real estate, co-working spaces, and asset management sectors, with a potential acquisition of a new feminine products business[25] - The Group is preparing to enter the jade products market to broaden its customer base due to changing consumption patterns[63] - A memorandum of understanding was signed for a potential acquisition of a skincare solutions brand, which could enhance profitability[66] Operational Challenges and Adjustments - The Group has downsized its co-working space network in Hong Kong due to declining demand and has fully impaired investments in this sector in previous years[39] - The company has reduced the scale of its co-working space business due to significant impacts from social movements and the COVID-19 pandemic, leading to decreased demand and rental income[42] - The group has recognized its investment in the co-working space industry as a financial asset measured at fair value, which has been fully impaired[42] Risk Management - The Group faces strategic risk due to potential failure in identifying or implementing the correct strategy, which could adversely impact profitability and reputation[110] - Economic risk is present as downturns in economic conditions may lead to increased bad debts and lower asset values, affecting the Group's performance[110] - Credit risk involves potential financial loss if customers fail to meet their contractual obligations, necessitating thorough credit quality assessments before loan approvals[110] - Operational risk arises from increasing labor costs and shortages, which could significantly impact the Group's operations and profitability[111] - Liquidity risk indicates the possibility of not meeting financial obligations, prompting regular monitoring of liquidity and financial position[111] - Price risk is associated with changes in equity prices affecting the Group's income and asset values, requiring regular portfolio monitoring[111] - Exchange risk involves fluctuations in foreign exchange rates impacting the Group's income and asset values, necessitating close monitoring of financial statements[111] Corporate Governance - The company has complied with all code provisions of the Corporate Governance Code throughout the year ended 31 March 2023, with certain deviations disclosed[130] - The Board held 7 meetings during the year ended 31 March 2023, with attendance details provided in the report[140] - The Board believes the current composition satisfies the balance of expertise, skills, and experience required for effective corporate governance[135] - The Company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming compliance throughout the year[131] - The Board maintains a necessary balance of skills and experience to safeguard the interests of the Group and its shareholders[135] Diversity and Inclusion - The company has a female employee ratio of approximately 56% across all levels of the workforce, including senior management[161] - The Board has adopted a diversity policy emphasizing gender balance and aims to appoint at least one female director by December 31, 2024[160] - The Board Diversity Policy was amended in December 2018 to enhance diversity in terms of gender, age, and professional experience[155] - The company recognizes the importance of a diverse Board in achieving strategic objectives and sustainable development[156] Audit and Compliance - The Audit Committee held 2 meetings during the year ended March 31, 2023, to review interim and annual results, internal control review report, and risk assessment report[164] - The Company aims to appoint at least one female director by December 31, 2024, to enhance gender diversity on the Board[166] - The terms of reference for both the Audit and Remuneration Committees are available on the Company's and Stock Exchange's websites, ensuring transparency[170] - The Board is responsible for overseeing the preparation of financial statements for the year ended March 31, 2023, ensuring they present a true and fair view of the Group's state of affairs[194]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 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 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 AFFLUENT PARTNERS HOLDINGS LIMITED 錢唐控股有限公司* （於開曼群島註冊成立之有限公司） （股份代號：1466） 截 至2023年3月31日 止 財 政 年 度 之 全 年 業 績 公 告 業 績 錢 唐 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事」或「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（以 下 統 稱「本 集 團」）截 至2023年3月31日 止 年 度 之 綜 合 業 績， 連 同 去 年 之 比 較 數 字 如 下： * 僅 供 識 別 – 1 – 綜 合 收 益 表 截 至2023年3月31日 止 年 度 2023年 2022年 附 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$50,002,000, an increase from HK$31,159,000 in the same period of 2021, representing a growth of 60.6%[8]. - Gross profit for the same period was HK$12,763,000, significantly up from HK$122,000 in 2021[8]. - Operating profit for the period was HK$11,043,000, compared to an operating loss of HK$12,133,000 in the previous year[8]. - Profit before income tax was HK$10,258,000, a turnaround from a loss of HK$14,395,000 in the prior year[8]. - Profit attributable to equity holders of the Company for the period was HK$10,258,000, compared to a loss of HK$14,395,000 in 2021[8]. - Basic and diluted earnings per share for the period were 1.81 HK cents, compared to a loss of 5.39 HK cents in the previous year[8]. - Total comprehensive income for the period attributable to equity holders was HK$9,423,000, recovering from a loss of HK$14,395,000 in 2021[11]. - The total comprehensive income for the period was HK$10,258,000, a turnaround from a total comprehensive loss of HK$9,423,000 in the same period of 2021[21]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$96,684,000, an increase from HK$79,555,000 as of March 31, 2022, representing a growth of approximately 21.5%[13]. - The net current assets increased to HK$76,479,000 from HK$34,092,000, indicating a significant improvement of approximately 124%[13]. - Total equity attributable to equity holders of the Company increased to HK$78,062,000 as of September 30, 2022, up from HK$35,867,000 as of March 31, 2022, reflecting a growth of approximately 117%[13]. - Total assets as of September 30, 2022, amounted to HK$98,450, with segment assets from Hong Kong at HK$74,282 and from the UK at HK$17,233[72]. - Total liabilities as of September 30, 2022, were HK$20,388, with segment liabilities from Hong Kong at HK$8,643 and from the PRC at HK$1,362[72]. - The Group's unallocated corporate assets were valued at HK$4,371, while unallocated corporate liabilities stood at HK$10,383[72]. Cash Flow - Cash used in operations for the six months ended September 30, 2022, was HK$10,712,000, which is a deterioration from HK$1,591,000 used in the same period of 2021[23]. - Cash and cash equivalents at the end of the period decreased to HK$17,289,000 in 2022 from HK$25,496,000 in 2021, a decline of approximately 32%[26]. - The company reported a net decrease in cash and cash equivalents of HK$5,889,000 for the six months ended September 30, 2022, compared to an increase of HK$1,072,000 in 2021[26]. - The effect of foreign exchange rate changes resulted in a decrease of HK$407,000 in cash and cash equivalents for the six months ended September 30, 2022[26]. Segment Information - For the six months ended September 30, 2022, segment revenue from the sale of pearls and jewellery products was HK$48,915, while strategic investment and financial services generated HK$50,002, totaling HK$98,917[53]. - Segment profit for the sale of pearls and jewellery products was HK$15,241, whereas strategic investment and financial services incurred a loss of HK$1,781, resulting in an overall segment profit of HK$13,460[54]. - Revenue from external customers for the six months ended 30 September 2022 was HK$50,002,000, a significant increase from HK$31,159,000 in the same period of 2021[112]. - Revenue from a single customer in the USA accounted for approximately HK$40,432,000, representing over 81% of total revenue for the group[113]. Credit and Receivables - The reversal of allowance for expected credit loss on trade receivables was HK$7,990,000, indicating improved collection performance[95]. - Trade receivables increased to HK$13,612,000 as of September 30, 2022, compared to HK$5,667,000 as of March 31, 2022, representing a significant growth[146]. - The allowance for expected credit losses (ECL) on trade receivables decreased from HK$17,639,000 to HK$9,637,000, indicating improved credit quality[147]. - The Group's net trade receivables as of September 30, 2022, were HK$13,612,000, reflecting a recovery from previous periods[147]. Investments - The Group holds a 33% equity interest in Dellos Group Limited and its subsidiaries as of September 30, 2022[133]. - The Group's investment in associates, particularly in Dellos F&B, has been fully written down due to its bankruptcy proceedings initiated in July 2020[138]. - The Group's management considers it highly unlikely that any future economic benefits will arise from the investment in Dellos Group[138]. Employee and Administrative Expenses - Administrative expenses increased to HK$7,390,000 from HK$6,861,000 in the previous year[8]. - Employee benefit expenses showed a significant increase, amounting to (HK$18,164,000) compared to HK$8,600,000 in the previous year[116]. Taxation - The company has not made any provision for Hong Kong profits tax due to tax losses carried forward, which are available for offset against estimated assessable profits[121]. - The PRC corporate income tax rate applicable to the company's subsidiaries in China remains at 25% for the estimated assessable profits during the period[122]. Other Financial Information - The company did not recommend any interim dividend for the six months ended 30 September 2022, consistent with the previous year where no dividend was declared[122]. - The Group's financial assets are classified as measured at amortised cost, reflecting the intention to collect contractual cash flows[192].

Financial Performance - Revenue for the year ended March 31, 2022, increased by 44.6% to HK$62,647,000 from HK$43,324,000 in 2021[12]. - Gross profit improved significantly to HK$10,992,000, compared to a gross loss of HK$8,623,000 in the previous year, marking a 227.5% change[12]. - Loss before income tax decreased by 70.3% to HK$15,462,000 from HK$52,077,000 in 2021[12]. - Basic and diluted loss per share improved to HK$0.04, a reduction of 81.0% from HK$0.21 in the prior year[12]. - The consolidated loss attributable to equity holders for FY22 was HK$15.5 million, a substantial decrease of 70% compared to HK$51.8 million in FY21[32]. - Revenue from the Pearls and Jewellery Business Segment increased from HK$41.2 million in FY21 to HK$59.9 million in FY22[34]. - The gross profit margin for FY22 was 17.5%, a significant improvement from (19.9)% in FY21, reflecting a change of 37.4 percentage points[14]. - Selling and Administrative expenses decreased by HK$5.7 million or 26.8% to HK$15.6 million in FY22, down from HK$21.3 million in FY21, due to cost control measures[49]. - Loss attributable to equity holders decreased by HK$36.3 million or 70.1% to HK$15.5 million in FY22, compared to HK$51.8 million in FY21[49]. Assets and Liabilities - Net assets decreased by 21.9% to HK$35,867,000 from HK$45,945,000 in 2021[12]. - Cash and cash equivalents also declined by 3.4% to HK$23,585,000 from HK$24,424,000[12]. - The current ratio decreased to 1.7 in FY22 from 2.0 in FY21[14]. - The gearing ratio increased to 0.83 in FY22 from 0.65 in FY21[14]. - Outstanding borrowings were HK$29.8 million as of March 31, 2022, compared to HK$30.0 million in 2021[50]. - As of March 31, 2022, total equity was HK$35.9 million, a decrease of 21.8% from HK$45.9 million in 2021[50]. Business Strategy and Future Outlook - The Group continues to explore new business opportunities to maximize shareholder value in the future[9]. - The Company maintains its investment in the co-working space industry as part of its strategic investment and financial services segment[9]. - The Group plans to focus investments in real estate, co-working spaces, and asset management sectors, particularly in Europe and Asia[26]. - The Group is optimistic about the demand for co-working spaces post-pandemic due to changes in working hours and locations[40]. - The Group plans to enhance its mature pearls and jewellery business while actively participating in global jewellery fairs to optimize operational efficiency[47]. Risk Management - The Group faces strategic, economic, credit, and business risks, with mitigating actions in place to address these challenges[74]. - Liquidity risk is present as the Group may not meet financial obligations as they fall due, necessitating regular monitoring of liquidity and financial position[77]. - Price risk arises from changes in equity prices affecting the Group's income and equity holdings, requiring regular portfolio monitoring and diversification[77]. - Exchange risk is linked to fluctuations in foreign exchange rates impacting income and asset values, necessitating close monitoring of financial statements and cash flow[77]. - The Group aims to mitigate people risk by providing competitive reward packages and ensuring a conducive working environment to retain key personnel[80]. Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code throughout the year ended March 31, 2022, except for certain deviations disclosed[95]. - The Board is committed to achieving the highest standard of corporate governance consistent with stakeholder interests[100]. - The Group recognizes the importance of high standards of corporate governance to manage business risks and enhance transparency[100]. - The Board held 9 meetings during the year ended March 31, 2022, with attendance details provided in the report[109]. - The Company emphasizes Board diversity, considering factors such as gender, age, cultural background, and professional experience in its appointments[122]. Environmental and Social Responsibility - HBF Jewellery has complied with all relevant PRC environmental laws and regulations in all material respects during the year ended March 31, 2022[187]. - The Group emphasizes minimizing environmental impact and promoting sustainability for future generations[185]. - Further discussion on the Group's environmental issues and policies will be included in the Environmental, Social and Governance Report for the year ended March 31, 2022[187].

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$31,159,000, representing a 88.1% increase from HK$16,589,000 in the same period of 2020[10]. - Gross profit for the period was HK$122,000, compared to a gross loss of HK$13,315,000 in the previous year, indicating a significant turnaround[10]. - Operating loss decreased to HK$12,133,000 from HK$41,300,000, reflecting improved operational efficiency[10]. - Loss before income tax was HK$14,395,000, down from HK$43,573,000 in the prior year, showing a reduction of 67.0%[10]. - Loss for the period attributable to equity holders of the Company was HK$14,395,000, compared to HK$43,573,000 in 2020, marking a substantial improvement[10]. - Basic and diluted loss per share was HK(5.39) cents, an improvement from HK(20.78) cents in the previous year[10]. - Other losses, net for the period amounted to HK$1,200,000, compared to HK$620,000 in the previous year[10]. - The company recorded a fair value gain on convertible loan notes of HK$0, compared to a gain of HK$1,215,000 in the previous year[10]. - Administrative expenses decreased to HK$6,861,000 from HK$12,723,000, indicating cost control measures were effective[10]. - The company did not incur any income tax for the period, consistent with the previous year[10]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$ 1,131,000, while total liabilities were HK$ 1,054,223, resulting in net assets of HK$ 36,777,000[16]. - Current assets increased to HK$ 81,051,000 from HK$ 90,016,000, while current liabilities remained stable at HK$ 30,000,000[16]. - The equity attributable to equity holders of the company decreased to HK$ 36,777,000 from HK$ 45,945,000[16]. - Cash and cash equivalents increased to HK$ 25,496,000 from HK$ 24,424,000, indicating improved liquidity[16]. - Trade and other receivables decreased to HK$ 34,646,000 from HK$ 40,765,000, reflecting a reduction in outstanding debts[16]. - Non-current liabilities remained unchanged at HK$ 167,000, indicating stability in long-term obligations[16]. - The company’s total equity decreased from HK$ 45,945,000 to HK$ 36,777,000, reflecting the impact of losses during the period[23]. - The balance of inventories increased to HK$ 20,909,000 from HK$ 24,827,000, suggesting a strategic adjustment in stock management[16]. Cash Flow and Financing - Net cash used in operating activities for the six months ended September 30, 2021 was HK$1,591,000, compared to HK$25,115,000 in 2020, indicating a significant reduction in cash outflow[28]. - Cash and cash equivalents at the end of the period increased to HK$25,496,000 from HK$13,993,000 in the previous year, reflecting a growth of 82%[31]. - Net cash generated from financing activities was HK$2,661,000 for the six months ended September 30, 2021, compared to HK$4,501,000 in the same period of 2020, indicating a decline of 41%[31]. - The company recorded finance costs of HK$2,264,000 for the six months ended September 30, 2021, slightly down from HK$2,278,000 in 2020[28]. - The total cash flows from investing activities generated HK$2,000 for the six months ended September 30, 2021, a decrease from HK$124,000 in the previous year[31]. Segment Performance - For the six months ended September 30, 2021, the Group's segment revenue from the sale of pearls and jewellery products was HK$30,183,000, while strategic investment and financial services generated HK$976,000, totaling HK$31,159,000[52]. - The Group reported a segment loss of HK$5,389,000 from the sale of pearls and jewellery products and a loss of HK$4,742,000 from strategic investment and financial services, resulting in a total segment loss of HK$10,131,000[52]. - In comparison, for the six months ended September 30, 2020, the segment revenue was HK$15,492,000 from the sale of pearls and jewellery products and HK$1,097,000 from strategic investment and financial services, totaling HK$16,589,000[59]. Investments and Acquisitions - The company completed the acquisition of a 30% stake in Guardian City Limited for approximately HK$176,005,000, which included cash and shares[138]. - Following the acquisition, Guardian City became an associate of the company, holding a 62.55% equity interest in Campfire Holdings Company Limited[138]. - Campfire Group operates a total of 13 co-working/co-living spaces in Hong Kong as of the date of acquisition[138]. - The Group holds a 33% equity interest in Dellos Group Limited and its subsidiaries as of 30 September 2021[147]. - Dellos F&B Co., Ltd, a subsidiary of Dellos Group, is involved in the manufacturing, sale, and distribution of fruit juice and other beverage products[147]. Credit Management - Trade receivables as of September 30, 2021, amounted to HK$7,915,000, an increase from HK$5,480,000 as of March 31, 2021, representing a 44.4% growth[163]. - The allowance for expected credit losses (ECL) on trade receivables decreased from HK$26,271,000 to HK$24,919,000, indicating improved credit quality[163]. - The Group's financial statements reflect a cautious approach towards credit management, as evidenced by the reduction in the allowance for ECL[163]. - The overall financial health of the Group appears to be improving, with significant increases in net trade receivables and a decrease in credit loss provisions[163]. Market Strategy - The company is focusing on expanding its market presence, particularly in North America and Europe, to enhance revenue streams[107]. - The Group plans to utilize released capital from suspended UK property investments to enhance liquidity and invest in viable acquisition projects[189]. - The Group's financial strategy includes reallocating resources to increase profitability and returns through strategic investments[189].

Financial Performance - Revenue for the year ended March 31, 2021, was HK$43,324,000, a decrease of 61.3% from HK$111,978,000 in 2020[16] - The gross loss for the year was HK$8,623,000, compared to a gross profit of HK$28,549,000 in the previous year, representing a change of 130.2%[16] - Loss before income tax improved to HK$52,077,000 from HK$280,402,000, indicating a positive change of 81.4%[16] - The loss attributable to equity holders of the Company was HK$51,785,000, down from HK$281,822,000, reflecting an 81.6% improvement[16] - Basic and diluted loss per share decreased to HK$0.23 from HK$1.55, an improvement of 85.2%[16] - Revenue from pearls and jewellery products for FY21 was HK$41.2 million, down from HK$109.8 million in FY20, reflecting a significant decline in sales contribution[41] - The gross profit margin turned negative at (19.9)%, down from 25.5%, a decline of 45.4 percentage points[18] - Gross loss for FY21 was HK$8.6 million, compared to a gross profit of HK$28.5 million in FY20, resulting in a gross margin of 19.9%[79] - Selling and administrative expenses decreased by HK$48.7 million or 69.6% to HK$21.3 million in FY21, attributed to reduced share-based payment expenses and cost control measures[78] Assets and Liabilities - Net assets decreased to HK$45,945,000 from HK$85,132,000, a decline of 46.0%[16] - Cash and cash equivalents were HK$24,424,000, down 29.2% from HK$34,491,000[16] - As of March 31, 2021, total equity was HK$45.9 million, a decrease of 46.1% from HK$85.1 million in FY20[82] - The Group's net current assets were HK$44.5 million as of March 31, 2021, compared to HK$74.6 million in FY20[82] - Outstanding borrowings as of March 31, 2021, were HK$30.0 million, a slight decrease from HK$30.7 million in FY20[82] Strategic Focus and Investments - The Group plans to focus investments in real estate, coworking spaces, and asset management sectors, particularly in Europe and Asia[32] - The Group aims to diversify income streams through its Strategic Investment and Financial Services Segment, which is expected to be a growth driver[32] - The Group will implement cost control measures and improve operational efficiency to maintain competitiveness in the market[42] - The Group is focused on leveraging its resources as a listed company to enhance acquisition projects and improve returns[60] - The Group plans to minimize investments in the United Kingdom due to Brexit uncertainties while seeking appropriate investment projects for future growth[59] Governance and Management - The company has a strong governance structure with a focus on compliance and effective communication with regulatory authorities in Hong Kong[126] - The management team has a diverse background in various sectors, including property investment, technology development, and international audit firms, enhancing the company's strategic capabilities[120] - The Board is responsible for overall management, including strategic decisions, internal control, and risk management[137] - The current Board comprises three executive Directors and three independent non-executive Directors, ensuring a balance of expertise and experience[140] - The Company has adopted a Board Diversity Policy since October 2014[152] Risk Management - The Group manages foreign currency risk by monitoring exchange rates and may use hedging instruments as appropriate[88] - Economic risks include potential downturns affecting customer repayment capabilities, which could lead to increased bad debts[103] - Liquidity risks are monitored regularly to ensure the Group can meet financial obligations as they arise[109] - Legal and regulatory risks are mitigated by monitoring changes in the regulatory environment and seeking appropriate legal advice[111] Internal Controls - The Group's internal control and risk management systems were reviewed by an independent professional firm, which found them to be satisfactory for the period from April 1, 2020, to March 31, 2021[193] - The Board has established an ongoing process for identifying, evaluating, and managing significant risks faced by the Group, with continuous monitoring of the effectiveness of internal controls[194] - The overall opinion on the internal control and risk management systems of the Group is that they are reasonably effective and adequate[194] Future Outlook - The Group expects the downtrend in revenue to continue into the second half of 2021 due to economic slowdown and changes in consumption patterns caused by the outbreak[70] - The Group aims to enhance the development of its mature pearls and jewellery business while participating in important jewellery and gem fairs globally[70] - The strategic investment and financial services segment is expected to diversify income streams and generate additional investment returns[70]

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$16,589,000, a decrease of 74.0% compared to HK$63,608,000 in the same period of 2019[11]. - Gross loss for the period was HK$13,315,000, compared to a gross profit of HK$17,517,000 in the previous year[11]. - Operating loss increased to HK$41,300,000 from HK$17,749,000 year-on-year, reflecting a significant decline in operational performance[11]. - Loss before income tax was HK$43,573,000, compared to HK$27,710,000 in the same period last year, indicating a worsening financial situation[11]. - Loss attributable to equity holders of the Company for the period was HK$43,573,000, compared to HK$27,591,000 in 2019[11]. - Basic and diluted loss per share was HK$0.2078, compared to HK$0.1551 for the same period in 2019, representing a 33.9% increase in loss per share[11]. - Total comprehensive loss attributable to equity holders was HK$43,553,000, compared to HK$28,595,000 in the prior year, reflecting a significant increase in overall losses[15]. - The company recorded a loss for the period of HK$43,573,000, contributing to a total equity of HK$50,190,000 as of September 30, 2020[23]. - The accumulated losses reached HK$546,516,000, indicating ongoing financial challenges[23]. - The total equity attributable to equity holders decreased from HK$85,132,000 to HK$50,190,000, reflecting a significant drop in shareholder value[23]. Assets and Liabilities - As of September 30, 2020, total assets amounted to HK$90,375,000, a decrease from HK$141,956,000 as of March 31, 2020[17]. - Current liabilities were reported at HK$27,650,000, compared to HK$32,547,000 in the previous period, indicating a reduction in short-term obligations[17]. - The net current assets stood at HK$47,701,000, down from HK$67,324,000, reflecting a decline in liquidity[17]. - The share capital increased to HK$4,440,000 from HK$3,700,000, following the placement of new shares[23]. - Cash and cash equivalents at the end of the period stood at HK$13,993,000, down from HK$40,155,000 at the end of the previous period[31]. Operational Highlights - The Company did not report any significant new product developments or market expansions during this period[11]. - The company has not provided specific guidance for future performance or market expansion strategies in the interim report[17]. - The Group's segment revenue for the six months ended September 30, 2020, totaled HK$16,589,000, with HK$15,492,000 from the sale of pearls and jewellery products and HK$1,097,000 from strategic investment and financial services[52]. - The Group reported a segment loss of HK$39,278,000, with a loss of HK$41,254,000 from the sale of pearls and jewellery products and a profit of HK$1,976,000 from strategic investment and financial services[53]. Cash Flow and Financing - Operating cash flows before working capital changes were negative at HK$10,447,000, worsening from a negative HK$4,205,000 year-over-year[29]. - Cash used in operations amounted to HK$25,115,000, a significant decline from cash generated of HK$9,872,000 in the previous year[29]. - The company experienced a decrease in cash and cash equivalents of HK$20,490,000, compared to an increase of HK$11,975,000 in the prior period[31]. - The company made a net cash inflow of HK$4,501,000 from financing activities, a decrease from HK$15,531,000 in the previous year[31]. Impairment and Provisions - The company reported a provision for expected credit losses on trade receivables of HK$15,610,000, compared to a reversal of HK$499,000 in the previous year[29]. - The company incurred a provision for impairment loss on inventories amounting to HK$15,532,000[133]. - Provision for impairment loss on inventories increased to HK$15,532,000 for the six months ended September 30, 2020, compared to HK$5,599,000 in 2019, marking a rise of 177.14%[155]. - The company incurred an impairment loss of HK$147,391,000 on its investment in associates, reflecting a significant decrease in value[179]. Taxation and Dividends - The Hong Kong profits tax was provided at a rate of 16.5% on estimated assessable profits for the period, unchanged from 2019[163]. - The company did not recommend any payment of interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was paid[169]. Investments - The company completed the disposal of leasehold property in Hong Kong for cash consideration of HK$53,000,000 on 16 January 2020[174]. - As of 30 September 2020, the company reported a share of fair value of net assets on acquisition amounting to HK$4,865,000 and goodwill of HK$171,140,000 related to its investment in associates[179]. - The company’s investment in Guardian City Limited, which operates co-working spaces, was completed for a total consideration of approximately HK$176,005,000[180]. - The Group holds a 30% stake in Guardian City, which is involved in investment holding activities[199].

Company Overview - Affluent Partners Holdings Limited is primarily engaged in the purchasing, processing, designing, production, and wholesale distribution of pearls and jewelry products, as well as strategic investment and financial services[6]. - The Group is one of the world's largest merchants, purchasers, and processors of pearls, with production facilities located in Shenzhen, China[6]. - The Company was spun off from Man Sang International Limited and listed on the Hong Kong Stock Exchange on October 17, 2014, under stock code 1466[6]. - The name of the Company was changed from Man Sang Jewellery Holdings Limited to Affluent Partners Holdings Limited in March 2017[6]. Financial Performance - Revenue for FY20 decreased by 34.6% to HK$111,978,000 compared to HK$171,266,000 in FY19[10]. - Gross profit fell by 41.2% to HK$28,549,000 from HK$48,521,000 year-on-year[10]. - Loss before income tax increased to HK$280,402,000, compared to a loss of HK$43,220,000 in FY19, representing a significant deterioration[10]. - Net assets decreased by 57.0% to HK$85,132,000 from HK$197,978,000 in the previous year[10]. - The consolidated loss attributable to equity holders for FY20 was HK$281.8 million, a significant increase of 558.4% compared to FY19's loss of HK$42.8 million[35]. - Basic loss per share for FY20 was 15.53 HK cents, representing a substantial increase of 516.3% from FY19's 2.52 HK cents, primarily due to impairment losses on investments and fair value losses[35]. - The Group's sales contribution from pearl and jewellery products for FY20 was HK$109.8 million, down from HK$169.4 million in FY19, reflecting weakened consumer sentiment[39]. - The return on capital for pearls and jewellery products in FY20 was (24.7)%, compared to (1.5)% in FY19, indicating a significant decline in profitability[39]. - The return on equity dropped significantly to (331.0)% from (21.6)% in FY19[10]. - The Group's total equity decreased by 57.0% to HK$85.1 million as of March 31, 2020, compared to HK$198.0 million in 2019[94]. Strategic Investments - During the financial year, the Group maintained its investment in the UK real estate market through the subscription of an investment fund and loan notes[6]. - The Group has also invested in the co-working space industry, which is included in its strategic investment and financial services segment[6]. - The Group's strategic focus includes investments in real estate agency business and real estate investment funds[6]. - The Group plans to focus investments in real estate, co-working spaces, and asset management sectors, particularly in Europe and Asia[27]. - The strategic investment and financial services segment is expected to diversify income streams and drive future growth[24]. - The Group recognized an impairment loss on its investment in Campfire Group during FY20 due to adverse effects from COVID-19[22]. - The Group recognized a fair value loss on the investment in the Orient Capital Real Estate Fund of approximately HK$33.6 million during FY20, attributed to market downturns and Brexit uncertainty[41]. - The Group entered into a Collaboration Agreement with Equitativa Real Estate Limited to establish REITs along Eurasia, with the Group entitled to a referral fee based on a percentage of transaction values[49]. - The Group conditionally agreed to acquire 30% of Guardian City Limited for a total consideration of HK$176,005,000, which includes HK$10,000,000 in cash and the issuance of 153,000,000 shares at HK$1.085 each[50]. Operational Challenges - The Group anticipates a continued downtrend in revenue for the second half of 2020 due to economic slowdowns and changes in consumption patterns caused by the outbreak[83]. - Campfire Group has closed 9 out of 13 co-working spaces in Hong Kong due to a decline in demand, resulting in an impairment loss of approximately HK$147,391,000 for the investment in Guardian City[53]. - The Group plans to continue strict cost control and improve operational efficiency to maintain competitiveness in the pearl and jewellery market[39]. - The Group's workforce decreased to 201 employees as of March 31, 2020, from 260 in 2019[104]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended March 31, 2020, with some disclosed deviations[140]. - The Board consists of 3 executive Directors and 3 independent non-executive Directors, ensuring a balance of skills and experience[145]. - The Company has adopted a corporate governance policy in line with the Listing Rules to guide its governance practices[139]. - The Board believes that high standards of corporate governance enhance transparency and protect stakeholders' interests[137]. - The Company has implemented adequate systems of internal controls and risk management procedures[145]. - The Board Diversity Policy aims to achieve diversity through various factors, including gender, age, and professional experience[166]. - The Audit Committee consists of 3 independent non-executive Directors, with Mr. Lai Yat Yuen serving as the chairman[174]. - The Remuneration Committee is composed of 3 independent non-executive Directors and 1 executive Director, with Mr. Lai Yat Yuen as the chairman[179]. - The Nomination Committee comprises 3 independent non-executive Directors and 1 executive Director, with Mr. Lee Kin Keung as the chairman[185]. Risk Management - The Group faces several principal risks, including strategic, economic, credit, business, operational, and liquidity risks, which could significantly impact financial performance[114][115]. - Mitigation strategies include regular reviews of market trends, comprehensive due diligence on acquisitions, and maintaining appropriate liquidity to cover commitments[114][115]. - The Group's management emphasizes the importance of understanding customer credit quality and monitoring loans to mitigate credit risk[115]. - The company faces price risk, exchange risk, people risk, and legal and regulatory risk, which could materially affect its income and asset values[117]. - The company has a strategy to mitigate price risk by regularly monitoring its equity portfolio and diversifying investments across multiple equities[117]. Management and Personnel - The company has over 26 years of experience in merger and acquisition, finance, and accounting, with key personnel holding significant qualifications and experience in various industries[118]. - The chairman, Mr. Cheng Chi Kin, has a strong background in finance and has held executive positions in other publicly listed companies[118]. - The company’s executive director, Mr. Leung Alex, has over 20 years of experience in auditing, accounting, and corporate management[119]. - Mr. Cheung Sze Ming, the chief financial officer, has over 20 years of experience in international audit firms and public listed companies[122]. - The independent non-executive directors bring diverse experience in finance, management, and legal fields, enhancing the company's governance[125][127][128]. - The Company is committed to providing competitive reward and benefit packages to attract and retain key personnel[117]. - The Company emphasizes the importance of a suitable working environment to maximize employee satisfaction and performance[117]. Training and Development - The Company emphasizes the importance of continuous professional development for all Directors to ensure they contribute effectively to the Board[191]. - Continuous professional development is aimed at improving the knowledge and skills of Directors[194]. - The Company maintains a record of training received by Directors for compliance purposes[195]. - The participation details of Directors in training activities are documented and reported[198].