Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 25% year-over-year growth[3]. - The Group's revenue for the year ended March 31, 2023, was RMB 449,861,000, an increase of approximately RMB 73,157,000 compared to RMB 376,704,000 for the previous year[77]. - Revenue from the sale of software and solutions increased by approximately RMB 12,875,000, attributed to new large-scale information construction projects[78]. - Revenue from the provision of technical services rose by approximately RMB 50,377,000, due to the expansion of service types and the opening of the China Southern Power Grid market[78]. - Revenue from the sale of products increased by approximately RMB 9,905,000, driven by the demand for hardware products in the power IoT sector[78]. - The Group's overall gross profit margin decreased from approximately 23.4% to 21.1%, primarily due to rising labor costs and a slight decrease in product gross margin[79]. - The cost of sales for the year increased by approximately RMB 66,550,000, driven by revenue growth[80]. - The total employee benefit expenses for the year ended March 31, 2023, amounted to RMB 104.1 million, significantly increasing from RMB 38.7 million in the previous year[134]. - The total number of employees increased to approximately 538 as of March 31, 2023, compared to approximately 417 as of March 31, 2022[134]. - Revenue from the Group's five largest customers accounted for over 89% of total revenue for the year ended March 31, 2023[147]. Market Expansion and Product Development - User data showed an increase in active users, reaching 1.2 million, which is a 15% increase compared to the previous year[3]. - The company provided guidance for the next fiscal year, projecting revenue growth of 20% and aiming for $600 million in total revenue[3]. - New product launches included a smart energy IoT device, which is expected to contribute an additional $50 million in revenue in the upcoming year[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[3]. - Research and development investments increased by 30%, focusing on enhancing smart city technologies[3]. - The Group is expanding its smart energy services from the power industry to include water, gas, heat, and oil sectors, providing customized digital transformation services[47]. - The Group's intelligent IoT product "π core" is being implemented in smart city projects, contributing to stable income[63]. - The Group's R&D activities require significant investment, and failure to commercialize these investments could adversely affect profitability[153]. - The company emphasizes significant annual investment in R&D activities to foster innovation and develop new products and services, which is crucial for sustainable growth[159]. Strategic Initiatives and Governance - The management emphasized a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2025[3]. - The board of directors announced a new strategic initiative to explore partnerships with international firms to drive innovation[3]. - The company has a dedicated audit committee and remuneration committee, ensuring robust governance practices[23]. - The company adheres to high standards of corporate governance, ensuring transparency, accountability, and effective risk management practices[163]. - The Board is responsible for directing the company's strategic objectives and overseeing managerial performance, with a focus on long-term shareholder value[171]. - The Board comprises seven directors, including executive and independent non-executive members, and has adopted a diversity policy to enhance the skills and perspectives within the Board[173]. - The company aims to appoint at least one director of a different gender by December 31, 2024, to improve gender diversity on the Board[175]. - The Board has assessed the independence of all Independent Non-Executive Directors (INEDs) and considers all of them to be independent, meeting the one-third requirement under the Listing Rules[181]. - During the year ended March 31, 2023, the Board reviewed the Company's corporate governance policies and practices, including compliance with the Listing Rules and relevant regulations[182]. Financial Position and Risks - The Group's current ratio decreased from 2.02 times as of March 31, 2022, to 1.87 times as of March 31, 2023[100]. - The gearing ratio increased to 6% as of March 31, 2023, up from 4% as of March 31, 2022[101]. - Bank borrowings amounted to approximately RMB73,631,000 as of March 31, 2023, compared to RMB47,520,000 as of March 31, 2022, with fixed interest rates between 2.2% to 4.6% p.a.[104]. - The Group's liquidity position changed due to efforts to explore new business, customers, and markets, leading to increased working capital investment[102]. - The Group's trade receivables increased rapidly, which may impact cash positions and increase working capital demands[155]. - Accounts receivable have increased rapidly alongside business expansion, impacting cash flow and increasing operational funding needs, posing a risk of cash shortages if receivables are not collected on time[160]. - The Group aims to enhance communication with customers to facilitate timely collection of trade receivables[156]. Management Team and Expertise - Mr. Li Yanmin has over 20 years of experience in the electric power selling and management system industry in the PRC[32]. - Ms. Zhou Renzhi, appointed as CFO in December 2020, has more than 10 years of experience in accounting, financial management, and capital operation[33]. - The company has a strong management team with extensive experience in the electric power sector, including independent non-executive directors with over 20 years of relevant experience[29]. - The management team includes professionals with advanced degrees in electricity systems and automation, reflecting a strong technical foundation[30]. - The company is actively involved in investment and acquisition activities, led by its founder and executive director[24]. - The management team is well-versed in both academic and practical aspects of the electric power industry, enhancing decision-making capabilities[28]. Corporate Culture and Employee Relations - The Group recognizes the importance of retaining quality staff and aims to provide competitive salaries and benefits[158]. - High-quality talent retention is essential for the company's success, and competitive compensation, benefits, and promotion mechanisms are in place to attract and retain top talent[162]. - The Group employed approximately 538 employees as of March 31, 2023, up from 417 employees a year earlier[139]. - The Group's employee benefits expenditure totaled RMB 104.1 million, a significant increase from RMB 38.7 million as of March 31, 2022[139].

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，概不對因本公告全部或任何部份內容而産生或因倚 賴該等內容而引致的任何損失承擔任何責任。 OneForce Holdings Limited 元力控股有限公司 (於 開 曼 群 島 註 冊 成 立 的 有 限 公 司) (股 份 代 號: 1933) 截至2023年3月31日止年度之 全年業績公告 財務摘要 截至 2023年 截至 2022年 3月 31日 3月31日 止年度 止年度 人民幣千元 人民幣千元 收入 449,861 376,704 毛利 94,879 88,272 其他收入 6,092 2,195 行政及其他經營費用 49,584 49,182 減值損失 9,493 8,360 股東應佔溢利 32,570 22,021 每股盈利 －基本及攤薄(人民幣分) 6.57 4.44 • 收入：截至2023年3月31日止年度(「本年度」)，元力控股有限公司(「本公司」，連同 其附屬公司合稱「本集團」)錄得營業收入較上年同期增加人民幣約73,157,000元，漲幅 約19%，主要是由于提供 ...

Energy Sector Transformation - The Group's smart energy business is a cornerstone, driven by the transformation and upgrading of the energy industry, with new market opportunities emerging from distributed technology and energy storage [9]. - The proportion of electric energy in terminal energy consumption needs to reach 35% by 2030 and 70% by 2060, with the current proportion at 28%, highlighting substantial growth potential in the energy sector [13]. - The energy sector is experiencing increased volatility in electricity consumption and prices due to the rise in renewable energy and marketisation of electricity prices [13]. - The Group aims to actively follow the dual-carbon strategy and digitalisation strategy to achieve leapfrog development amidst challenges [7]. - The National Development and Reform Commission's 14th Five-Year Plan emphasizes the construction of a modern energy system, focusing on enhancing power supply coordination and optimizing operational capabilities [8]. Digital Transformation and Urban Development - As of August 2022, the number of mobile IoT connections in China reached 1.698 billion, surpassing the number of mobile phone users for the first time, indicating significant progress in digital transformation across industries [14]. - The Group's second curve, smart life, focuses on applying digital solutions to enhance urban adaptability and improve residents' quality of life [10]. - The Group is committed to leveraging digital capabilities as the main engine for energy companies to meet social electricity demand [13]. - The Group's strategic focus includes breaking through traditional business models and embracing digital applications to accelerate urban transformation [10]. - The Group is focusing on digital upgrades and the construction of smart city projects, contributing to stable income [21]. Financial Performance and Revenue Growth - Revenue for the six months ended September 30, 2022, was RMB 179,376,000, representing a 9.3% increase from RMB 163,510,000 in the same period of 2021 [117]. - Revenue from the sale of software and solutions was RMB 40,655,000 for the six months ended September 30, 2022, up from RMB 27,247,000 in the same period of 2021, representing a growth of 49.4% [157]. - Revenue from the provision of technical services increased to RMB 123,279,000 for the six months ended September 30, 2022, compared to RMB 91,422,000 in the prior year, reflecting a growth of 35% [157]. - Revenue from sales of software and solutions increased by approximately RMB 13,408,000 due to large-scale information construction projects [29]. - The Group's total revenue increased by approximately RMB 15,866,000 during the Reporting Period [29]. Cost and Profitability Analysis - The Group's total cost of sales for the six months ended September 30, 2022 was RMB 145,295,000, compared to RMB 131,578,000 for the same period in 2021, reflecting a year-on-year increase driven by revenue growth [33]. - The overall gross profit margin decreased from approximately 19.5% to 19.0% during the reporting period, primarily due to increased staff costs [33]. - Gross profit for the same period was RMB 34,081,000, up from RMB 31,932,000, indicating a gross margin improvement [117]. - Profit for the period attributable to equity shareholders was RMB 9,703,000, compared to RMB 7,860,000 in the previous year, reflecting a 23.4% increase [119]. - The consolidated profit before taxation for the six months ended September 30, 2022, was RMB 11,014,000, compared to RMB 9,731,000 in the same period of 2021, indicating an increase of approximately 13.2% [179]. Employee and Operational Metrics - The total number of employees increased to approximately 487 as of September 30, 2022, up from approximately 417 as of March 31, 2022 [46]. - The Group's total employee benefit expenses for the reporting period amounted to approximately RMB 48,593,000, significantly higher than RMB 14,276,000 for the same period in 2021 [46]. - The Group's R&D expenditure charged to profit or loss accounts for the six months ended September 30, 2022 was RMB 7,174,000, an increase of approximately RMB 2,888,000 compared to RMB 4,286,000 in the same period of 2021 [40]. - The Group's staff costs for the six months ended September 30, 2022 amounted to RMB 48,593,000, significantly higher than RMB 14,276,000 in the same period of 2021, marking an increase of approximately 240% [183]. - The total employee benefit expenses for the reporting period amounted to approximately RMB 48,593,000, compared to RMB 14,276,000 for the six months ended September 30, 2021 [51]. Cash Flow and Financial Position - As of September 30, 2022, the carrying amount of trade and bill receivables and contract assets was approximately RMB 367,676,000, up from RMB 343,504,000 as of March 31, 2022 [35]. - The net cash used in operating activities for the six months ended September 30, 2022, was RMB 19,184,000, slightly improved from RMB 19,641,000 in the same period of 2021 [135]. - Cash and cash equivalents at the end of the period were RMB 16,670,000, down from RMB 20,753,000 at the end of the previous year, indicating a decrease of approximately 19.0% [135]. - Current liabilities decreased to RMB 190,632,000 from RMB 198,865,000, indicating improved liquidity management [123]. - Net current assets increased to RMB 221,763,000 from RMB 203,096,000, showing a positive trend in working capital [123]. Corporate Governance and Compliance - The company has adopted corporate governance principles in line with the Corporate Governance Code, emphasizing a quality Board and effective risk management [54]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the reporting period [54]. - The company manages foreign exchange risk by closely monitoring currency movements and may consider entering into forward foreign exchange contracts if necessary [52]. - The company has no formal hedge accounting policy but actively manages foreign currency risk against its functional currencies [52]. - The financial statements have been prepared on a going concern basis, assuming the Group will continue its operations in the foreseeable future [139]. Shareholder Information and Equity - As of September 30, 2022, major shareholders hold approximately 11.91% of the company's shares, with 60,000,000 shares each held by Xiong Weiqin, An Ning, Zhang Jianhua, Smart East, Main Wealth, and Union Sino [67][69][73]. - Great Attain International Limited is a beneficial owner with 124,191,177 shares, representing approximately 24.64% of the shareholding [69]. - The share premium remained stable at RMB 140,018,000 as of September 30, 2022, consistent with previous periods [132]. - Retained profits increased to RMB 43,278,000 as of September 30, 2022, up from RMB 33,575,000 as of March 31, 2022, reflecting a growth of approximately 29.0% [132]. - The Group's performance reflects a positive trend in profitability and tax efficiency strategies implemented across its subsidiaries [199].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[2]. - The company reported a significant increase in revenue, achieving a total of $X million for the quarter, representing a Y% growth compared to the previous year[1]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[2]. - The company provided guidance for the next quarter, projecting revenue between $B million and $C million, indicating a growth rate of D%[3]. - The gross profit margin improved to 40%, up from 35% in the previous year, indicating better cost management[2]. - The Group's revenue for the year ended March 31, 2022, increased by approximately RMB 83,038,000, reaching a total of RMB 376,704,000, compared to RMB 293,666,000 for the previous year[75][76]. - Revenue from the sale of software and solutions rose by approximately RMB 39,979,000, primarily due to the implementation of large-scale information construction projects[75][76]. - The provision of technical services saw an increase of approximately RMB 36,881,000, attributed to the expansion of service types and scope for grid companies and energy enterprises[75][76]. - The Group's overall gross profit margin improved from approximately 22.8% to 23.4%, driven by a 97% increase in revenue from software and solutions with higher margins[78][80]. User Growth and Market Expansion - User data showed a 15% increase in active users, reaching 1.2 million by the end of the fiscal year[2]. - User data showed an increase in active users, reaching Z million, which is a growth of A% year-over-year[2]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[2]. - The company plans to expand its market presence in international markets, targeting a growth rate of I% over the next fiscal year[7]. - New product launches are expected to contribute an additional $100 million in revenue, with a focus on smart city IoT solutions[2]. - New product launches are expected to contribute an additional $E million in revenue, with anticipated market expansion in regions such as F[4]. Research and Development - Research and development expenses increased by 30%, totaling $50 million, to support innovation in IoT technologies[2]. - The company is investing in R&D for new technologies, allocating $G million towards innovation in the smart city IoT sector[5]. - The Group's R&D expenditure increased by approximately 78% compared to the previous year, with RMB29,138,000 charged to profit or loss accounts for the year ended 31 March 2022[102]. - Continuous investment in R&D activities is a priority, with a focus on technological and business innovation, although short-term commercialization risks exist[136]. Strategic Acquisitions and Partnerships - A strategic acquisition of a local tech firm was completed, enhancing the company's capabilities in smart energy solutions[2]. - A strategic acquisition was completed, enhancing the company's capabilities in the energy management space, valued at $H million[6]. - The Group has expanded its business upstream to power generation enterprises, collaborating with China Huaneng Group on various digitization projects[130]. - The Group's collaboration with state grid and Inner Mongolia electric power company enhances its competitive advantage in the energy sector[68]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[2]. - The management team emphasized a focus on operational efficiency, aiming to reduce costs by J% through various initiatives[8]. - The Group's liquidity position change was primarily due to increased working capital investment for exploring new business and markets[112]. - The Group will monitor trade receivables closely and strengthen customer communication to ensure timely collections[138]. Sustainability and Corporate Governance - The board of directors highlighted the importance of sustainability initiatives, committing to invest $L million in green technologies[10]. - The Company complied with all code provisions of the Corporate Governance Code throughout the year[142]. - The Company emphasizes a quality Board, effective risk management, and stringent disclosure practices to safeguard shareholder interests[142]. - The Company is committed to continuously improving corporate governance practices and fostering an ethical corporate culture[142]. Employee and Management Structure - The total employee benefit expenses for the year ended March 31, 2022, amounted to RMB38.7 million, an increase from RMB30.4 million in the previous year, reflecting a growth of approximately 27.2%[123]. - The total number of employees increased to approximately 417 as of March 31, 2022, compared to approximately 111 in the previous year[123]. - The Company Secretary has organized over 15 hours of relevant seminars during the year ended March 31, 2022, in compliance with Rule 3.29 of the Listing Rules[184]. - The Company Secretary ensures compliance with all obligations of the Listing Rules and Takeovers Code, including timely dissemination of information to shareholders[182]. Risk Management and Compliance - The Group's credit risk is considered low for cash deposited at banks due to high credit ratings of counterparties[113]. - The Group recognizes the importance of compliance with regulatory requirements and has complied with all applicable laws and regulations in the PRC and Hong Kong during the year ended March 31, 2022[127]. - The Company promotes effective communication and ongoing engagement with shareholders and stakeholders[153]. - The Audit Committee reviewed interim and annual results, internal control, corporate governance, and risk management matters, making recommendations to the Board[197].

Financial Performance - During the reporting period, the Group's revenues increased by 53% and profits increased by 151%[8]. - Revenue for the six months ended September 30, 2021, was RMB 163,510,000, representing a 52.6% increase from RMB 107,102,000 in the same period of 2020[137]. - Gross profit for the same period was RMB 31,932,000, up 27.9% from RMB 24,972,000 year-over-year[137]. - Profit for the period attributable to equity shareholders was RMB 7,860,000, a significant increase of 151.5% compared to RMB 3,133,000 in the prior year[139]. - Total comprehensive income for the period attributable to equity shareholders was RMB 7,667,000, compared to RMB 2,556,000 in the previous year, marking a 200.3% increase[139]. - The Group's overall gross profit margin decreased from approximately 23.3% to 19.5%, primarily due to increased outsourced labor costs and rising raw material and logistics costs[37]. - The company reported a profit and total comprehensive income of RMB 7,667,000 for the six months ended September 30, 2021, compared to RMB 2,556,000 for the same period in 2020, representing an increase of approximately 200%[147]. Revenue Breakdown - Revenue from the sale of software and solutions rose by approximately RMB 8,360,000, attributed to new large-scale information construction projects in the energy sector[34]. - Revenue from technical services increased by approximately RMB 31,963,000, due to an expanded scope of services provided to customers like China Southern Power Grid[34]. - Revenue from product sales grew by approximately RMB 16,085,000, linked to the implementation of a new visualization exhibition hall project for energy enterprises[34]. - Revenue from the sale of software and solutions was RMB 27,247,000, up 44.3% from RMB 18,887,000 in the prior year[171]. - Technical services revenue increased by 53.7% to RMB 91,422,000 from RMB 59,459,000 year-over-year[171]. - Product sales rose by 56.2% to RMB 44,841,000 compared to RMB 28,756,000 in the previous year[171]. Assets and Liabilities - As of September 30, 2021, the carrying amount of trade and bill receivables and contract assets was approximately RMB305,337,000, an increase of 21.3% from RMB251,747,000 as of March 31, 2021, driven by revenue growth[41]. - The carrying amount of intangible assets as of 30 September 2021 was approximately RMB 21,549,000, down from RMB 27,649,000 on 31 March 2021[38]. - Current assets totaled RMB 359,883,000, up from RMB 322,808,000, representing an increase of 11.5%[141]. - Net assets as of September 30, 2021, were RMB 221,245,000, compared to RMB 213,503,000 as of March 31, 2021, showing a growth of 3.2%[142]. - The company reported an increase in finance costs to RMB 808,000 from RMB 211,000, which is a rise of 282.0%[137]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2021, was RMB 19,641,000, compared to RMB 11,252,000 for the same period in 2020, indicating a significant increase in cash outflow[149]. - Cash generated from investing activities was RMB 15,133,000 for the six months ended September 30, 2021, contrasting with a cash outflow of RMB 957,000 in the previous year, showing a positive turnaround[149]. - The company received RMB 28,012,000 from borrowings during the six months ended September 30, 2021, compared to RMB 18,800,000 in the same period of 2020, reflecting a 49% increase in financing activities[149]. Corporate Governance - The company has maintained high corporate governance standards, adhering to the Corporate Governance Code as per the Listing Rules[72]. - The company emphasizes effective risk management and internal control systems as part of its governance framework[72]. - The company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance during the reporting period[74]. - All directors confirmed compliance with the standards of the Model Code during the reporting period[76]. - The company has continuously optimized its governance practices to foster a high standard of corporate culture[72]. Strategic Focus - The Group is committed to enhancing data standards and energy data analysis to achieve improvements in system energy efficiency and cloud-side collaborative control[10]. - The Group aims to support the transformation of China into a strong manufacturing, network, and digital country through its intelligent integrated energy software solutions[10]. - The Group's focus on smart city infrastructure development continues to be a strategic priority in the PRC market[155]. - The energy field is identified as the main battleground for carbon emission reduction in China, with a focus on building a new power system centered on new energy[14]. - Demand-side response and virtual power plants are emerging as new choices for users in the evolving energy service landscape[16]. Employee and Talent Management - The total number of employees decreased to approximately 96 as of September 30, 2021, from approximately 111 as of March 31, 2021[61]. - Total employee benefit expenses for the Group amounted to approximately RMB14,276,000 for the Reporting Period, a decrease of 9.9% from RMB15,859,000 for the six months ended September 30, 2020[61]. - The Group is committed to investing in technology R&D and talent training to ensure product and service competitiveness[23]. - The Group's R&D expenditure charged to profit or loss accounts for the six months ended September 30, 2021, was RMB4,286,000, up 84.3% from RMB2,320,000 for the same period in 2020[46].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a growth of 25% compared to the previous year[20]. - The gross profit margin improved to 40%, up from 35% in the previous year, indicating better cost management and pricing strategies[20]. - The Group achieved a record revenue in the 2021 financial year, with income from State Grid Corporation of China (SGCC) increasing by 94% and from China Southern Power Grid (CSG) increasing by 170% compared to the previous year[49]. - For the year ended March 31, 2021, the Group's total sales reached RMB 226,719,000, an increase from RMB 139,618,000 in the previous year, representing a growth of approximately 62%[85]. - Revenue from software and solutions increased by approximately RMB 24.31 million, or 144%, benefiting from the "Digital Grid" transformation opportunities[81]. - Revenue from technical services rose by approximately RMB 104.44 million, or 106%, due to long-term cooperative relationships with major clients[81]. - The gross profit from software and solutions sales was RMB 27,113,000 with a margin of 34.1%, compared to 32.6% in the previous year[85]. - The provision of technical services generated RMB 156,166,000 in revenue, with a gross profit margin of 23.0%, up from 13.5%[85]. User Growth and Market Expansion - User data showed a 30% increase in active users, reaching 1.5 million by the end of the fiscal year[20]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[20]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 30% driven by new product launches and market expansion initiatives[20]. Research and Development - Investment in research and development increased by 15%, focusing on smart city IoT and smart energy technologies[20]. - The Group's commitment to research and development in power information technology and smart city IoT is central to its business strategy[41]. - The Group has consistently invested heavily in R&D activities, focusing on technological and business innovation, which is crucial for the continuous development of new products and services[154]. - R&D expenses increased to RMB 12,297,000 from RMB 5,254,000, reflecting the Group's commitment to innovation and development[91]. - The Group holds 25 national patents and 113 software copyrights, showcasing its technological expertise and innovation[76]. Corporate Governance and Leadership - The board of directors emphasized the importance of corporate governance and risk management in their strategic planning[20]. - The Board comprises seven Directors, including four executive Directors and three Independent Non-executive Directors, ensuring a diverse skill set and experience[176]. - The Group has adopted a board diversity policy to enhance the effectiveness and application of its governance practices[177]. - The Chairman and Chief Executive Officer roles are separate, reinforcing independence and accountability within the Board[187]. - The Board meets at least four times a year, with regular updates provided to directors on the Group's performance and business activities[194]. Sustainability and Social Responsibility - The company is committed to sustainability, with plans to reduce carbon emissions by 20% over the next five years[20]. - The Group's leadership emphasizes the importance of adapting to the energy revolution and the goals of carbon peak by 2030 and carbon neutrality by 2060[49]. - The power information industry is expected to play a crucial role in achieving China's carbon peak by 2030 and carbon neutrality by 2060, with significant investments in digital transformation[66]. Strategic Acquisitions and Partnerships - A strategic acquisition of a local tech firm was completed, enhancing the company's capabilities in IoT solutions[20]. - The Group has expanded its business upstream to power generation enterprises and commenced cooperation with China Huaneng Group on various digitization projects[148]. - The Group acquired Beijing Aipu Zhicheng Technology Co., Ltd. in 2019, entering the smart city sector and establishing smart light poles in Beijing's Mentougou District, becoming one of the first pilot smart cities in the area[52]. Operational Efficiency and Challenges - The Group's operational results exhibit high seasonality, with more revenue recognized in the fourth quarter due to the investment approval procedures of major customers[149]. - The rapid increase in trade receivables, driven by business expansion, poses a risk to cash positions and increases the demand for working capital[156]. - The Group is committed to closely monitoring trade receivables and enhancing communication with customers to facilitate timely collections[157]. - Administrative and other operating expenses decreased by approximately RMB 12,153,000, or 27%, compared to the previous year, primarily due to reduced corporate social insurance expenses and lower professional service costs[91].

COVID-19 Impact and Recovery - The Group successfully minimized the impact of COVID-19 by actively promoting delayed projects and tracking the resumption of work among customers and suppliers[6]. Market Opportunities and Development - The Group leveraged its accumulated customer resources and leading technology to seize development opportunities in the information-based power grid sector during the Reporting Period[7]. - The acceleration of information-based power grid development and smart city construction is expected to bring unprecedented opportunities for the Group[11]. - The State Grid Corporation of China aims for certain areas to reach internationally leading levels by 2025, enhancing the Group's market prospects[15]. - The ongoing marketisation of electric power transactions and the shift towards intelligence and IoT will provide more development opportunities for the Group[16]. - The smart city market is expanding due to the application of 5G technology and increased awareness of smart city management's importance during the COVID-19 epidemic[17]. - The Group's industries are booming, supported by China's New Infrastructure policy and proactive fiscal policies[18]. - The Group's strong technical teams and solid customer resources position it well for future achievements in power information technology and smart city IoT[11]. - The Group is well-positioned to benefit from the favorable macroeconomic policies that support smart city construction[9]. - The Group's strategic focus aligns with the broader market trends in energy internet and new infrastructure development, enhancing its growth potential[20]. Financial Performance - The Group's revenue for the six months ended September 30, 2020, increased by approximately RMB 15,770,000, driven by a RMB 2,913,000 increase in software and solutions sales and a RMB 12,000,000 increase in technical services revenue[29]. - Revenue from software and solutions reached RMB 18,887,000, while technical services revenue was RMB 59,459,000, contributing to a total revenue of RMB 107,102,000 for the reporting period[28]. - The overall gross profit margin decreased from approximately 33.6% to 23.3%, attributed to increased outsourced labor costs and rising raw material and logistics costs[34]. - The Group's technical services revenue growth was supported by intensified R&D efforts and market expansion, enhancing the variety and scope of services offered to customers[30]. - The Group has made significant progress in smart city IoT projects, including initiatives in Beijing, Tianjin, and Jinan, indicating successful project implementation during the reporting period[24]. - The Group's software and solutions segment experienced a year-on-year revenue increase of approximately 18.2%[29]. - The Group aims to capture industry opportunities and promote sustainable development while adhering to a philosophy of seeking progress amidst stable performance[25]. Cash Flow and Financial Management - The Group is focused on maintaining stable cash flow amidst macroeconomic challenges and has implemented measures to enhance cash flow management and customer repayment follow-up[25]. - As of 30 September 2020, trade receivables and contract assets amounted to approximately RMB 171,966,000, an increase from RMB 149,550,000 as of 31 March 2020, driven by revenue growth[39]. - The carrying amount of inventories and other contract costs decreased to approximately RMB 8,330,000 as of 30 September 2020, down from RMB 9,783,000 as of 31 March 2020, due to better management of pipeline projects[40]. - R&D expenditure charged to profit or loss accounts was approximately RMB 2,320,000 for the six months ended 30 September 2020, compared to RMB 925,000 for the same period in 2019[44]. - The Group's net current assets as of 30 September 2020 were approximately RMB 152,797,000, an increase from RMB 144,587,000 as of 31 March 2020[46]. - The current ratio as of 30 September 2020 was 2.60 times, down from 3.12 times as of 31 March 2020[46]. - The Group's total employee benefit expenses amounted to approximately RMB 15,859,000 for the six months ended 30 September 2020, compared to approximately RMB 15,100,000 for the same period in 2019[52]. - The Group's cash and bank balances increased to approximately RMB 43,191,000 as of 30 September 2020, up from RMB 31,802,000 as of 31 March 2020[46]. - The Group's short-term bank loans amounted to approximately RMB 27,800,000 as of 30 September 2020, representing 14.2% of net assets[46]. Corporate Governance and Shareholding - The Company complied with all code provisions of the Corporate Governance Code throughout the Reporting Period[58]. - The Company has adopted the Model Code for Securities Transactions by Directors and all Directors confirmed compliance during the Reporting Period[58]. - As of September 30, 2020, Wang Dongbin and Li Kangying each hold 60,000,000 shares through controlled corporations, representing 12.07% of the total shareholding[66]. - Wu Hongyuan holds 1,200,000 shares, accounting for approximately 0.237% of the total shareholding[68]. - Ng Kong Fat and Han Bin each hold 500,000 shares, representing approximately 0.099% of the total shareholding[68]. - During the Reporting Period, none of the Directors or substantial shareholders had interests in businesses that significantly compete with the Group[70]. - As of September 30, 2020, Xiong Weiqin, An Ning, and Zhang Jianhua each hold 61,000,000 shares, representing approximately 12.07% of the shareholding[74]. - Smart East, Main Wealth, and Union Sino each hold 60,000,000 shares, representing approximately 11.87% of the shareholding[74]. - Long Eagle, controlled by Cao Wei, holds 60,000,000 shares, representing approximately 11.87% of the shareholding[78]. - Chance Talent holds 45,072,000 shares, representing approximately 8.92% of the shareholding[78]. - Great Attain International Limited holds 124,191,177 shares, representing approximately 24.58% of the shareholding[78]. - During the six months ended September 30, 2020, the Company did not purchase, sell, or redeem any of its listed securities[82]. - The Company has not been notified of any other interests or short positions in shares or underlying shares as of September 30, 2020[81]. Share Option and Award Schemes - The Company has been allowed to grant further share options to subscribe for up to an aggregate of 50,392,717 Shares, representing approximately 10% of the issued Shares[97]. - The maximum number of Shares which may be allotted and issued upon exercise of all outstanding options shall not exceed 30% of the issued share capital of the Company from time to time[96]. - The total number of Shares issued to each participant in any 12-month period shall not exceed 1% of the issued share capital of the Company[98]. - The Share Option Scheme is valid for a period of ten years starting from February 5, 2018, with approximately eight years remaining as of the report date[101]. - A total of 26,700,000 share options were outstanding as of September 30, 2020, with an exercise price of HKD 0.80[105]. - 20% and 30% of the share options granted vested on June 30, 2019, and June 30, 2020, respectively, with 50% set to vest on June 30, 2021[109]. - The Share Award Scheme was adopted on July 27, 2018, and is effective for ten years, allowing grants up to 3% of the issued share capital[112]. - The maximum number of awarded shares to a participant under the Share Award Scheme shall not exceed 1% of the issued share capital[112]. - The exercise price for share options must be at least the higher of the closing price on the grant date or the average closing price for the five business days preceding the grant[104]. - All options granted before the end of the Share Option Scheme period remain valid and exercisable according to the scheme's terms[101]. - The Share Option Scheme allows for options to be accepted within 21 days from the grant offer date[104]. - The total number of share options held by executive directors and other employees is subject to performance conditions for vesting[110]. - The Share Award Scheme aims to recognize contributions and retain eligible participants for the Group's growth[111]. Overall Financial Summary - As of September 30, 2020, OneForce Holdings Limited reported revenue of RMB 107,102,000, an increase of 17.3% compared to RMB 91,332,000 for the same period in 2019[130]. - The gross profit for the six months ended September 30, 2020, was RMB 24,972,000, a decrease of 18.5% from RMB 30,733,000 in the previous year[130]. - Profit from operations increased to RMB 4,101,000, up 66.5% from RMB 2,464,000 in the same period of 2019[130]. - Profit for the period attributable to equity shareholders was RMB 3,133,000, representing a 72.6% increase compared to RMB 1,814,000 in 2019[130]. - Basic earnings per share for the period was 0.63 RMB cents, compared to 0.36 RMB cents in the previous year, reflecting a 75% increase[130]. - Total comprehensive income for the period attributable to equity shareholders was RMB 2,556,000, down 42.3% from RMB 4,429,000 in the same period of 2019[133]. - The company reported an impairment loss on trade receivables and contract assets of RMB 1,974,000, a decrease from RMB 4,642,000 in the previous year[130]. - Other income for the period was RMB 29,000, significantly lower than RMB 164,000 in the same period of 2019[130]. - Selling expenses increased to RMB 3,762,000 from RMB 3,156,000, reflecting a rise of 19.1% year-over-year[130]. - Administrative and other operating expenses decreased to RMB 15,164,000 from RMB 20,635,000, a reduction of 26.5% compared to the previous year[130]. - As of September 30, 2020, total assets amounted to RMB 248,201,000, an increase of 16.5% from RMB 212,939,000 as of March 31, 2020[136]. - Current liabilities increased to RMB 95,404,000 from RMB 68,352,000, reflecting a rise of 39.6%[136]. - Net assets reached RMB 196,330,000, up from RMB 193,538,000, indicating a growth of 1.4%[138]. - Trade receivables rose to RMB 120,110,000, an increase of 4.0% from RMB 114,665,000[136]. - Contract assets significantly increased to RMB 51,856,000, up 48.6% from RMB 34,885,000[136]. - Cash and bank balances improved to RMB 43,191,000, a 35.8% increase from RMB 31,802,000[136]. - The company reported a profit of RMB 3,133,000 for the six months ended September 30, 2020[145]. - Share capital slightly decreased to RMB 4,130,000 from RMB 4,141,000[138]. - Total equity increased to RMB 196,330,000, reflecting a rise of 1.4% compared to RMB 193,538,000[138]. - The company’s intangible assets decreased to RMB 31,135,000 from RMB 36,843,000, a decline of 15.6%[136]. - Net cash used in operating activities for the six months ended September 30, 2020, was RMB (11,252,000), a decrease from RMB (16,841,000) in the same period of 2019, representing a 33.6% improvement[152]. - Net cash used in investing activities was RMB (957,000) for the six months ended September 30, 2020, compared to RMB (5,596,000) in the same period of 2019, indicating a 82.9% reduction[152]. - Net cash generated from financing activities was RMB 14,150,000 for the six months ended September 30, 2020, compared to a net cash outflow of RMB (149,000) in the same period of 2019[152]. - Cash and cash equivalents at the end of the period increased to RMB 32,977,000 from RMB 19,371,000 at the end of the same period in 2019, reflecting a 70.6% increase[152]. - The company reported a net increase in cash and cash equivalents of RMB 1,941,000 for the six months ended September 30, 2020, contrasting with a net decrease of RMB (22,586,000) in the same period of 2019[152]. - The company incurred payments for the purchase of property, plant, and equipment amounting to RMB (5,000) and for self-developed intangible assets of RMB (952,000) during the reporting period[152]. - The company’s cash flows from financing activities included proceeds from new borrowings of RMB 18,800,000 and repayments of borrowings totaling RMB (4,000,000)[152]. - The effect of foreign exchange rates changes resulted in a decrease of RMB (657,000) in cash and cash equivalents during the reporting period[152]. - The company’s cash and cash equivalents at the beginning of the period were RMB 31,693,000, down from RMB 39,559,000 at the beginning of the same period in 2019[152]. - The interim financial report was authorized for issue on November 25, 2020, and is prepared in accordance with International Accounting Standard 34[159]. Segment Performance - The Group operates through three reportable segments: Application solutions, Supporting services, and Products, with no inter-segment sales reported for the six months ended September 30, 2020[175]. - The Group's technical services segment focuses on providing maintenance services for software systems sold, enhancing customer support and satisfaction[175]. - The Group's principal activities include the design, implementation, enhancement, and upgrades of software systems for power grid and distribution companies in the PRC[168]. - The Group's revenue from contracts with customers is disaggregated by major service lines, indicating a diversified revenue stream[171]. - Revenue from external customers for the six months ended September 30, 2020, totaled RMB 107,102,000, with a breakdown of RMB 18,887,000 from application solutions and RMB 59,459,000 from supporting services[181]. - The reportable segment gross profit for the same period was RMB 24,972,000, compared to RMB 30,733,000 for the six months ended September 30, 2019, indicating a decrease of approximately 18.5%[190]. - Other income for the six months ended September 30, 2020, was RMB 29,000, down from RMB 164,000 in the same period of 2019, reflecting a decline of about 82.9%[192]. - Net finance costs for the six months ended September 30, 2020, were RMB (211,000), compared to a net income of RMB 172,000 in the previous year, showing a significant shift[190]. - Selling expenses increased to RMB (3,762,000) for the six months ended September 30, 2020, compared to RMB (3,156,000) in the same period of 2019, representing an increase of approximately 19.1%[190]. - Operating expenses for the six months ended September 30, 2020, were RMB (15,164,000), a decrease from RMB (20,635,000) in the same period of 2019, indicating a reduction of about 26.7%[190]. - The consolidated profit before taxation for the six months ended September 30, 2020, was RMB 3,912,000, an increase of approximately 48.4% from RMB 2,637,000 in the same period of 2019[190]. - Staff costs for the six months ended September 30, 2020, amounted to RMB 15,112,000, up from RMB 12,031,000 in the previous year, reflecting an increase of approximately 25.8%[195]. - The company operates entirely within the PRC, with all non-current assets allocated to operations located in the PRC[190]. - The VAT refund for the six months ended September 30, 2020, was not applicable, while other income included RMB 29,000, down from RMB 164,000 in the previous year[192].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[11]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming to reach $625 million[11]. - The Group's revenue from the Three Major Power Grid Companies amounted to approximately RMB115 million, representing a 19.6% increase from the previous year[41]. - For the year ended 31 March 2020, the Group's total revenue increased by approximately RMB 48,346,000, driven primarily by growth in technical services and product sales[84]. - Revenue from technical services rose by approximately RMB 52,651,000, attributed to large-scale projects including support for the national electricity market and maintenance of the marketing information system[85]. - Revenue from product sales increased by approximately RMB 19,784,000, supported by policies promoting ubiquitous power IoT and energy internet, as well as new client development[86]. - Revenue from software and solutions decreased by approximately RMB 24,089,000 due to a shift in customer demand towards localized IT system development services[88]. - The Group's cost of sales grew by approximately RMB 62,410,000, leading to a decline in overall gross profit margin from approximately 32.9% to 14.6%[94]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[11]. - A strategic acquisition of a local tech firm was completed, enhancing the company's capabilities and expected to contribute $30 million in annual revenue[11]. - The company emphasizes strategic planning and development in its operations, particularly in IoT and smart energy sectors[14]. - The Group is focused on expanding its market presence through strategic investments and acquisitions[16]. - The Group is actively promoting smart community projects, which have smaller capital needs and shorter construction cycles, thus providing more opportunities for the smart city IoT business[60]. - The Group's smart city IoT business is expected to achieve breakthroughs due to favorable macroeconomic policies and increased investment in smart city construction[56][58]. Leadership and Management - Mr. WANG Dongbin, the founder and Chairman, has over 20 years of experience in the information technology industry[12]. - Mr. WU Zhanjiang, appointed as CEO since June 2019, has extensive experience in the electric power industry, focusing on smart city IoT and smart energy IoT businesses[12]. - The leadership team collectively brings over 100 years of experience in their respective fields, enhancing the company's strategic direction[12][21]. - The management team has a strong educational background, with degrees from North China Electric Power University and Tsinghua University[12][19]. - The Group's executive management has an average of over 20 years of experience in the electric power IT industry, contributing to its strong reputation and customer satisfaction[76]. Research and Development - Research and development expenses increased by 30%, totaling $75 million, to support innovation and new technology initiatives[11]. - The Group has applied for/registered 24 patents and 108 software copyrights in the PRC, demonstrating its commitment to technological innovation and intellectual property development[77]. - The Group's proprietary Research and Development Support Platform (RDSP) utilizes cloud computing, big data, and IoT technologies to provide tailored solutions for smart energy[78]. - R&D expenditure charged to profit or loss accounts for the year ended 31 March 2020 was RMB5,254,000, an increase of 71.5% compared to RMB3,063,000 for the year ended 31 March 2019[106]. Corporate Governance - The company is committed to maintaining a high standard of corporate governance through its independent non-executive directors[25]. - The Company has complied with all code provisions of the CG Code throughout the year ended 31 March 2020[143]. - The Board comprised seven Directors, including four executive Directors and three Independent Non-executive Directors during the year ended 31 March 2020[150]. - The Company aims to deliver sustainable returns with solid financial fundamentals to enhance long-term total return for shareholders[144]. - The role of the Chairman is separate from that of the Chief Executive Officer, reinforcing independence and accountability[157]. Financial Management and Risks - The Group's liquidity is maintained through orderly realization of short-term financial assets and receivables, as well as long-term financing options[116]. - The Group's credit policy and the creditability of its customers remained stable compared to the previous year[100]. - The Group's risk management program focuses on minimizing potential adverse effects from market unpredictability, including liquidity and credit risks[109]. - The Group is enhancing cash flow management and focusing on timely customer repayments to navigate the economic challenges posed by the COVID-19 epidemic[49][52]. Employee and Talent Management - The total number of employees decreased to approximately 115 as of March 31, 2020, down from approximately 199 the previous year[123]. - The Group's success is heavily reliant on retaining qualified staff, with increasing market competition posing a risk to talent retention[138]. - The Group plans to provide competitive salaries and incentives to attract and retain high-caliber staff[138]. Sustainability and Social Responsibility - The company emphasized its commitment to sustainability, with plans to reduce carbon emissions by 40% over the next five years[11]. - The construction of smart cities is a crucial direction in China's New Infrastructure policy, with increased government fiscal support expected to accelerate project development[56][58].

IoT Development and Strategic Initiatives - The Group is focusing on the development of ubiquitous power IoT and smart city IoT, leveraging advanced technology and customer resources to enhance its market position[12]. - Strategic cooperation has been established with Beijing Beikong Zhike to promote multiple smart city projects, indicating strong growth potential in the urban IoT sector[8]. - The Group aims to capitalize on the acceleration of smart city construction, which presents unprecedented development opportunities[12]. - The Group is committed to providing integrated solutions in IoT for industries such as electric power and smart cities[18]. - The Group aims to facilitate the construction of a new round of IoT information infrastructure across industries, focusing on smart energy and smart city dimensions[36]. - The Group has established first-mover advantages in smart energy and comprehensive energy service sectors by participating in the information construction of SGCC and other local electric power companies[36]. - The Group is jointly promoting several smart city projects, including the Smart City Project in Mentougou District, Beijing, and the "Smart Town" project in Wuxi[32]. - The Group completed the acquisition of Beijing Aipu Zhicheng Internet Technology Company in February 2019, formally entering the urban IoT sector and establishing strategic cooperation with Beikong Zhike[31]. Financial Performance - During the Reporting Period, the profit attributed to equity shareholders increased by RMB3,984,000, primarily due to a revenue increase of approximately RMB58,397,000 and a gross profit increase of approximately RMB21,659,000[38]. - Revenue for the six months ended September 30, 2019, was RMB 91,332,000, a significant increase from RMB 32,935,000 for the same period in 2018, representing a year-on-year growth of approximately 176%[40]. - Gross profit for the same period was RMB 30,733,000, compared to RMB 9,074,000 in the previous year, indicating a substantial increase[40]. - The overall gross profit margin improved from approximately 27.6% to approximately 33.6%, reflecting enhanced operational quality[49]. - The company's profit attributable to shareholders increased by approximately RMB 3,984,000, driven by a revenue increase of approximately RMB 58,397,000 and a gross profit increase of approximately RMB 21,659,000 during the reporting period[39]. - The profit and total comprehensive income for the six months ended September 30, 2019, was RMB 4,429, compared to a loss of RMB 4,776 for the same period in the previous year[165]. Investment and R&D - The Group is focusing on R&D investment and talent training to ensure product and service competitiveness, optimizing internal structures and providing staff with promotion and incentive mechanisms[33]. - The Group invested approximately RMB6,359,000 in R&D activities during the Reporting Period, an increase from RMB4,715,000 for the six months ended 30 September 2018[55]. - Revenue from the sale of software and solutions increased by approximately RMB 3,586,000, primarily due to large-scale projects related to the ubiquitous power IoT, generating approximately RMB 13,250,000 during the reporting period[45]. - Revenue from the provision of technical services rose by approximately RMB 28,682,000, attributed to the expansion of large-scale projects and increased R&D efforts[45]. - Revenue from hardware sales increased by approximately RMB 26,129,000, driven by rising demand for related products in the PRC's ubiquitous power IoT market[45]. Corporate Governance and Compliance - The Company has complied with all provisions of the Corporate Governance Code throughout the Reporting Period[74]. - The Company is committed to continuously improving corporate governance practices and fostering an ethical corporate culture[74]. - The Company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance during the Reporting Period[74]. - The Company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests[105]. - The interim financial report is unaudited but has been reviewed by KPMG, ensuring compliance with Hong Kong standards[179]. Accounting Policies and Financial Reporting - The company has applied IFRS 16 starting from 1 April 2019, which may impact future financial reporting[143]. - The Group has adopted IFRS 16, Leases, effective from April 1, 2019, which introduces a single accounting model for lessees[181]. - The cumulative effect of the initial application of IFRS 16 has been recognized as an adjustment to the opening balance of equity at April 1, 2019[181]. - The new definition of a lease under IFRS 16 focuses on the concept of control over the use of an identified asset[183]. - The Group's results and financial position have not been materially affected by the changes in accounting policies, except for IFRS 16[181]. Shareholder Information - As of September 30, 2019, the Directors and chief executives held a total of 61,000,000 shares, representing approximately 12.07% of the shareholding[78]. - Major shareholders include Xiong Weiqin, An Ning, and Zhang Jianhua, each holding 61,000,000 shares, representing approximately 12.07% of the shareholding[103]. - The Group's share options are subject to performance conditions for executive directors and other employees[130]. - The Group aims to recognize and reward contributions from eligible participants to retain talent for ongoing operations and development[130].

Financial Performance - OneForce Holdings Limited reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% year-over-year growth[1]. - For the year ended 31 March 2019, the Group's revenue increased by approximately RMB 29,309,000, reaching RMB 115,108,000 compared to RMB 85,799,000 in the previous year, representing a growth of approximately 34.2%[90]. - The Group's gross profit decreased to RMB 37,900,000, with a gross profit margin dropping from approximately 46.8% to 32.9%[97]. - Revenue from technical services increased by approximately RMB 25,280,000, attributed to the expansion of product and service offerings and new contracts with SGCC[95]. - Sales from hardware products grew by approximately RMB 14,832,000, driven by increased market presence in new geographic areas[95]. - Revenue from software and solutions decreased by approximately RMB 10,803,000 due to lower income from completed projects[95]. - Revenue from the five largest customers accounted for over 80% of total revenue for the year ended March 31, 2019[153]. User Growth and Market Expansion - The company’s user base expanded to 1.2 million active users, marking a 30% increase compared to the previous year[1]. - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion strategies[1]. - OneForce Holdings Limited plans to enter two new international markets by the end of the next fiscal year, targeting a 15% increase in market share[1]. Research and Development - The company is investing $10 million in research and development for new IoT technologies aimed at enhancing smart city solutions[1]. - R&D expenses for the year ended 31 March 2019 were RMB3,063,000, significantly up from RMB1,145,000 in the previous year, reflecting a 167.5% increase[106]. - The Group has applied/registered 20 patents and 82 computer software copyrights in the PRC, showcasing its technological expertise[84]. Strategic Initiatives and Acquisitions - The company has completed a strategic acquisition of a local tech firm for $5 million, expected to enhance its technological capabilities[1]. - The Group completed the acquisition of a target group related to smart city and IoT business, marking its entry into this sector[53]. - The Group completed the acquisition of target groups and their smart city and IoT-related businesses by March 31, 2019, successfully entering the smart city IoT sector[56]. Customer Satisfaction and Service Delivery - Customer satisfaction ratings increased to 90%, up from 85% last year, indicating improved service delivery[1]. - The Group has established a comprehensive service network and a trustworthy brand reputation in the market through years of collaboration with local electric power companies[62]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency[30]. - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended March 31, 2019[168]. - The Board comprised seven Directors, including the Chairman and three Independent Non-executive Directors, ensuring a diverse skill set and experience[177]. Sustainability and Social Responsibility - OneForce Holdings Limited is focusing on sustainability initiatives, with plans to allocate 5% of its annual budget towards environmental projects[1]. Financial Position and Liquidity - As at 31 March 2019, the Group had net current assets of RMB 158,952,000, down from RMB 172,235,000 as at 31 March 2018, with cash and bank balances decreasing from RMB 87,409,000 to RMB 65,293,000[119]. - The current ratio decreased from 7.89 times as at 31 March 2018 to 3.49 times as at 31 March 2019[119]. - The Group aims to maintain liquidity through orderly realization of short-term financial assets and receivables, and long-term financing options[134]. Management and Leadership - Wu Zhanjiang appointed as Chief Executive Officer effective June 1, 2019, with an annual salary of HK$120,000 and a discretionary bonus[31]. - The position of Chief Executive Officer was held by Mr. Wu Hongyuan, responsible for managing the Group's businesses and ensuring accountability to the Board for all operations[186]. - The Chairman, Mr. Wang Dongbin, is responsible for providing leadership to the Board and ensuring effective communication with shareholders and stakeholders[185].