Financial Performance - The company's revenue for the year ended March 31, 2025, was RMB 634.6 million, a decrease of RMB 47.7 million or 7.0% compared to the previous year[3]. - The loss attributable to equity holders for the year ended March 31, 2025, was RMB 120.5 million, an increase of RMB 24.8 million or 26.0% from the previous year[3]. - Basic loss per share for the year ended March 31, 2025, was RMB 0.10, up from RMB 0.08 in the previous year[3]. - The company recorded a net operating loss of RMB 45.2 million for the year ended March 31, 2025, compared to a loss of RMB 41.8 million in the previous year[6]. - The company recorded a net loss of approximately RMB 120.5 million for the fiscal year ending March 31, 2025, an increase of about 26.0% compared to a net loss of RMB 95.6 million for the previous fiscal year[38]. - Revenue decreased by approximately 7.0% to RMB 634.6 million for the fiscal year ending March 31, 2025, down from RMB 682.3 million for the previous year[40]. - The company’s gross profit decreased by approximately 12.0% to RMB 71.1 million, with a gross profit margin declining from about 11.8% to 11.2%[42]. Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 3,107.2 million, compared to RMB 3,078.0 million as of March 31, 2024[8]. - Total liabilities as of March 31, 2025, were RMB 1,804.8 million, an increase from RMB 1,656.5 million in the previous year[8]. - Non-current assets totaled RMB 1,875.7 million as of March 31, 2025, compared to RMB 1,779.8 million in the previous year[7]. - The total borrowings of the company as of March 31, 2025, amounted to RMB 1,122,625,000, slightly up from RMB 1,095,881,000 in 2024[31]. - The company has trade payables of RMB 317,669,000 as of March 31, 2025, an increase from RMB 290,801,000 in 2024[33]. - As of March 31, 2025, the company's bank and cash balance is approximately RMB 146 million, while total outstanding borrowings amount to RMB 1,108 million, with RMB 602 million due within one year[10]. Dividends and Shareholder Returns - The board of directors has decided not to recommend a final dividend for the year ended March 31, 2025[4]. - The company did not declare or recommend any dividends during the year[23]. - The board has decided not to recommend the payment of a final dividend for the year ended March 31, 2025[58]. Operational Efficiency - Research and development expenses for the year ended March 31, 2025, were RMB 15.4 million, down from RMB 19.4 million in the previous year[6]. - The company aims to accelerate the collection of trade receivables and actively monitor and control operating costs[11]. - The company plans to optimize its customer base and focus on infrastructure and nuclear power projects to enhance overall operating cash flow[10]. - The average service price per ton-meter for tower cranes decreased from RMB 215 to RMB 202, contributing to the revenue decline[40]. - Employee benefit expenses decreased to RMB 78,166,000 in 2025 from RMB 88,517,000 in 2024, indicating a reduction in overall employee costs[22]. - Employee benefit expenses totaled RMB 78.2 million for the year ended March 31, 2025, a decrease of 11.7% compared to RMB 88.5 million for the year ended March 31, 2024, mainly due to a reduction in the number of employees[61]. Financing and Borrowings - The company has committed and undrawn short-term borrowings of approximately RMB 76 million and long-term borrowings of RMB 60 million to meet operational and capital investment needs[10]. - The company expects to successfully arrange sufficient borrowing financing to meet its business and capital investment requirements[10]. - The company has secured bank borrowings of RMB 413,609,000 and unsecured borrowings of RMB 32,686,000 as of March 31, 2025[31]. - The company’s financing costs decreased by approximately 3.4% to RMB 62.3 million, attributed to a reduction in interest rates during the year[47]. Market and Strategic Focus - The company plans to focus on clean energy construction and expand its geographical reach to the Greater Bay Area and Indonesia in response to current market conditions[39]. - The company managed a total of 1,180 tower cranes to meet the demand for EPC projects across China during the fiscal year[37]. Governance and Compliance - The group has established an audit committee to review and supervise the financial reporting process and internal audit functions[69]. - The annual performance announcement has been published on the Hong Kong Stock Exchange website and the company's website[71]. - The annual report for the year ending March 31, 2025, contains all relevant information as required by listing rules[71]. - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[71]. Employment and Workforce - As of March 31, 2025, the group employed approximately 677 employees, a decrease from 732 employees in 2024[61].

Financial Performance - Revenue for the six months ended September 30, 2024, was RMB 340,904 thousand, an increase of 5.5% compared to RMB 358,629 thousand in the same period of 2023[8]. - Gross profit decreased to RMB 48,009 thousand, down 24.7% from RMB 63,788 thousand year-on-year[9]. - Operating loss for the period was RMB 5,644 thousand, compared to an operating profit of RMB 4,506 thousand in the previous year[11]. - Net loss for the period was RMB 36,203 thousand, compared to a net loss of RMB 20,436 thousand in the same period last year, representing a 77.2% increase in losses[15]. - The company reported a basic and diluted loss per share of RMB 0.03, compared to RMB 0.02 in the same period last year[20]. - The company experienced a total comprehensive loss of RMB 21,000 thousand for the six months ended September 30, 2024, compared to a loss of RMB 36,829 thousand in the previous period[32]. - The company reported a loss attributable to owners of RMB 36,203,000 for the six months ended September 30, 2024, compared to a loss of RMB 20,436,000 for the same period in 2023, representing an increase of 77.2%[95]. - Revenue decreased to RMB 340.9 million for the six months ended September 30, 2024, a decline of approximately 4.9% from RMB 358.5 million for the same period in 2023[182]. - The overall gross profit decreased by approximately 24.7% to RMB 48.0 million, with the gross profit margin dropping from 17.8% to 14.1%[184]. - Other income fell to approximately RMB 0.8 million, a decrease of about 46.3% from RMB 1.5 million in the previous year, primarily due to reduced government subsidies[185]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 3,218,158 thousand, up from RMB 3,077,961 thousand as of March 31, 2024, reflecting a growth of 4.6%[26]. - Current assets increased to RMB 1,417,071 thousand from RMB 1,298,198 thousand, marking a rise of 9.2%[26]. - Total liabilities increased to RMB 1,833,562 thousand as of September 30, 2024, up from RMB 1,656,536 thousand as of March 31, 2024, representing an increase of approximately 10.7%[30]. - Current liabilities rose to RMB 1,070,128 thousand, compared to RMB 903,114 thousand in the previous period, marking an increase of about 18.5%[30]. - Non-current liabilities totaled RMB 763,434 thousand, slightly up from RMB 753,422 thousand, indicating a growth of approximately 1.5%[30]. - The company’s total equity stood at RMB 1,384,596 thousand as of September 30, 2024, down from RMB 1,421,425 thousand, indicating a decrease of about 2.6%[30]. - The company’s total lease liabilities were RMB 107,241,000 as of September 30, 2024, compared to RMB 84,444,000 as of March 31, 2024[101]. - The company’s net book value of properties, plant, and equipment was RMB 1,514,345,000 as of September 30, 2024, reflecting a decrease from RMB 1,570,731,000 as of March 31, 2024[98]. - The carrying value of right-of-use assets for machinery was RMB 54,644,000 as of September 30, 2024, down from RMB 56,955,000 as of March 31, 2024[101]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of RMB 84,283 thousand for the six months ended September 30, 2024, compared to RMB 86,183 thousand in the same period last year[37]. - Cash and cash equivalents at the end of the period increased to RMB 174,837 thousand, up from RMB 148,049 thousand, reflecting a growth of about 18.1%[37]. - The company reported a net cash outflow from investing activities of RMB 118,454 thousand, compared to RMB 184,769 thousand in the previous period, showing an improvement of approximately 36%[37]. - The company reported a net financing cost of RMB 32,609,000 for the six months ended September 30, 2024, compared to RMB 30,440,000 in the previous year[89]. - The financing costs for the six months ended September 30, 2024, total RMB 32,957,000, an increase from RMB 30,971,000 in the previous year[89]. Credit and Risk Management - The group faces various financial risks, including market risk (foreign exchange and interest rate risks), credit risk, and liquidity risk[48]. - The credit risk related to cash and cash equivalents, financial assets measured at fair value, and trade and other receivables is managed by the management of individual business units[50]. - The group uses a simplified approach to measure expected credit losses for trade receivables, applying lifetime expected loss provisions[53]. - The expected loss rate is determined based on sales payment history over the past 60 months, adjusted for macroeconomic factors[54]. - The group has identified the credit default swap spread of 5-year Chinese government bonds as a relevant factor for adjusting historical loss rates[54]. - The company has maintained a low credit risk for financial assets measured at fair value, indicating strong issuer capability to meet cash flow obligations[62]. - The company’s financial risk management strategies include monitoring credit risk and adjusting provisions based on the expected credit loss model[62]. Market and Strategic Initiatives - The company continues to explore market expansion opportunities and new product development strategies to enhance future performance[19]. - The company has established a clean energy division in 2023 to focus on expanding and operating clean energy-related businesses[177]. - The company has successfully formed a joint venture in Indonesia, enhancing its presence in the overseas market[178]. Related Party Transactions - The company reported related party transactions, including RMB 6.616 million for machinery and consumables purchased from a related party during the six months ended September 30, 2024[165]. - Short-term lease expenses from related parties totaled RMB 1.670 million for the six months ended September 30, 2024, compared to RMB 5.017 million in the previous year[165]. - Related party income increased to RMB 946 thousand in the six months ended September 30, 2024, from RMB 221 thousand in the previous year[165]. - The company’s trade receivables from related parties amounted to RMB 12.307 million as of September 30, 2024, up from RMB 7.350 million[168]. Accounting Policies and Standards - The group has adopted a new accounting policy under Hong Kong Accounting Standard No. 1 (Revised), which classifies borrowings as current liabilities unless the repayment date can be postponed for at least 12 months after the reporting period[44]. - There have been no changes to the accounting policies or retrospective adjustments due to the adoption of other revised standards or interpretations[45]. - The group anticipates that the amendments to Hong Kong Accounting Standard No. 21, effective from January 1, 2025, will not have a significant impact on the consolidated financial statements[46]. - The group is currently evaluating the impact of Hong Kong Financial Reporting Standard No. 18, which introduces significant changes to the presentation of financial performance data in the income statement, effective from January 1, 2027[46].

Financial Performance - For the six months ended September 30, 2024, the group recorded revenue of approximately RMB 340.9 million, a decrease of about RMB 17.7 million or approximately 4.9% compared to the same period last year[2]. - The loss attributable to the company's owners for the six months ended September 30, 2024, was approximately RMB 36.2 million, an increase of about RMB 15.8 million or approximately 77.2% compared to the same period last year[2]. - The basic loss per share for the six months ended September 30, 2024, was RMB 0.03, an increase of RMB 0.01 compared to RMB 0.02 for the same period in 2023[2]. - The group's gross profit for the six months ended September 30, 2024, was RMB 48.0 million, down from RMB 63.8 million in the same period last year[5]. - The company reported a net loss of RMB 36.8 million for the period, compared to a net loss of RMB 21.0 million in the same period last year[11]. - The group reported unaudited revenue of RMB 340,904,000 for the six months ended September 30, 2024, a decrease of 5% compared to RMB 358,629,000 for the same period in 2023[22]. - The operating lease revenue was RMB 137,962,000, down from RMB 141,664,000, while crane services revenue decreased to RMB 188,880,000 from RMB 210,019,000[22]. - Gross profit decreased by approximately 24.7% to RMB 48.0 million for the six months ended September 30, 2024, with a gross profit margin dropping from 17.8% to 14.1%[57]. Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 3,218.2 million, an increase from RMB 3,077.9 million as of March 31, 2024[7]. - Total liabilities as of September 30, 2024, were RMB 1,833.6 million, compared to RMB 1,656.5 million as of March 31, 2024[9]. - The company's cash and cash equivalents as of September 30, 2024, were RMB 174.8 million, an increase from RMB 138.9 million as of March 31, 2024[7]. - The total contract assets amounted to RMB 218,458,000 as of September 30, 2024, compared to RMB 259,855,000 as of March 31, 2024, reflecting a decrease of approximately 16%[20]. - As of September 30, 2024, the total borrowings amounted to RMB 1,180,253,000, an increase of 7.7% from RMB 1,095,881,000 as of March 31, 2024[43]. - The total trade payables and notes payable increased to RMB 394,648,000 as of September 30, 2024, compared to RMB 327,771,000 as of March 31, 2024, marking a rise of 20.4%[46]. Cash Flow and Financing - Financing costs totaled RMB 32,957,000 for the six months ended September 30, 2024, an increase of 6.4% from RMB 30,971,000 in the same period of 2023[23]. - The weighted average effective interest rates for borrowings in RMB decreased slightly to 4.9% as of September 30, 2024, from 5.0% as of March 31, 2024[45]. - The company issued multi-currency commercial paper under the SDAX financing program on October 9, 2024, with a maturity of approximately three months and an interest rate of 5.4%[82]. Dividends and Shareholder Returns - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2024[2]. - The group did not recommend any dividend payment for the six months ended September 30, 2024, consistent with the previous year[27]. - No dividend payment is recommended for the six months ending September 30, 2024, consistent with 2023[76]. Employee and Operational Metrics - The total employee benefits expenditure for the six months ending September 30, 2024, was RMB 40.6 million, a decrease of 13.2% compared to the same period in 2023, primarily due to a reduction in employee numbers[80]. - The company employed a total of 691 employees as of September 30, 2024, down from 1,069 employees as of September 30, 2023[80]. - The company managed a total of 1,193 tower cranes as of September 30, 2024, making it the second-largest tower crane fleet in China's market[51]. Market and Competitive Landscape - The average service price per ton-meter for tower cranes decreased from RMB 225 to RMB 208, impacting the group's revenue[2]. - The average monthly service price per ton-meter for tower cranes decreased from RMB 225 to RMB 208, impacting the company's revenue[52][55]. - The company is actively shifting towards thermal power and nuclear power projects in response to the slow recovery of the domestic construction industry[50]. - The average effective tax rate for the six months ended September 30, 2024, was estimated at 5.3%, significantly lower than 21.3% for the same period in 2023[26]. Accounting and Reporting - The group has not made any retrospective adjustments due to the adoption of revised accounting standards, maintaining consistency in accounting policies[15]. - The group is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on the presentation and disclosure of financial performance in its financial statements[17]. - The audit committee reviewed the unaudited interim financial results for the six months ending September 30, 2024, and found no disagreements regarding the accounting principles and practices used[87]. - The interim results announcement for the six months ending September 30, 2024, has been published on the Hong Kong Stock Exchange website and the company's website[88].

Financial Performance - Revenue decreased by 11.5% from RMB 770.8 million in FY2023 to RMB 682.3 million in FY2024, primarily due to a decrease in total ton-meters used and a drop in average monthly service price per ton-meter[25][40] - Gross profit decreased by 53.4% from RMB 173.2 million in FY2023 to RMB 80.8 million in FY2024, with gross margin dropping from 22.5% to 11.8%[15] - The company recorded a net loss of approximately RMB 95.6 million for the fiscal year ending March 31, 2024, a 167.0% increase compared to the net loss of RMB 35.8 million in the previous fiscal year[60][66] - The company's gross profit decreased by 53.4% from RMB 173.2 million in the fiscal year ending March 31, 2023, to RMB 80.8 million in the fiscal year ending March 31, 2024[74] - The company's total ton-meters used decreased from 3,192,710 in the fiscal year ending March 31, 2023, to 3,178,404 in the fiscal year ending March 31, 2024[60] - The average monthly service price per ton-meter for tower cranes decreased from RMB 241 to RMB 215[60] - The company's other income decreased by 60.8% from RMB 7.1 million in the fiscal year ending March 31, 2023, to RMB 2.8 million in the fiscal year ending March 31, 2024[63] - The company's income tax credit increased by 640.1% from RMB 1.3 million in the fiscal year ending March 31, 2023, to RMB 9.8 million in the fiscal year ending March 31, 2024[65] - The company's gearing ratio increased from 70.3% as of March 31, 2023, to 83.0% as of March 31, 2024, primarily due to increased borrowings[67] - The company's lease liabilities decreased by 1.4% from RMB 85.7 million as of March 31, 2023, to RMB 84.4 million as of March 31, 2024[68] - The company's contracted but not yet provided property, plant, and equipment decreased by RMB 16.0 million from RMB 19.1 million as of March 31, 2023, to RMB 3.1 million as of March 31, 2024[47] - R&D expenses decreased from RMB 29.7 million in the fiscal year ending March 31, 2023, to RMB 19.4 million in the fiscal year ending March 31, 2024, primarily due to reduced patent development efforts[82] - The company's bank borrowings were secured by receivables with a book value of approximately RMB 233.1 million as of March 31, 2024, compared to RMB 180.0 million in 2023[86] - The company reported a net cash inflow from operating activities of RMB 90.67 million for the fiscal year ending March 31, 2024, down from RMB 231.58 million in the previous fiscal year[92] - Net cash outflow from investing activities was RMB 158.58 million for the fiscal year ending March 31, 2024, compared to RMB 464.23 million in the previous fiscal year[92] - The company's total equity decreased from RMB 1,517.62 million as of March 31, 2023, to RMB 1,421.43 million as of March 31, 2024, due to annual losses and other comprehensive income adjustments[91] - The company's cash and cash equivalents decreased by RMB 16.58 million to RMB 138.94 million as of March 31, 2024, compared to RMB 155.55 million at the beginning of the year[92] - The company did not recommend the payment of a final dividend for the fiscal year ending March 31, 2024[123] Cash and Liquidity - Cash and cash equivalents plus restricted cash decreased by RMB 19.7 million to RMB 139.3 million as of March 31, 2024[19] - Net current assets increased by RMB 11.5 million to RMB 395.1 million as of March 31, 2024, mainly due to an increase in trade receivables[34] - The company's current ratio remained stable at 1.44x as of March 31, 2024, compared to the same date in 2023[45] - The company secured additional short-term financing of RMB 5 million and long-term financing of RMB 128 million after the reporting date[96] Business Expansion and Strategy - The company expanded its business portfolio to include thermal power and nuclear power projects, and accelerated overseas market expansion, including establishing a joint venture in Indonesia[7] - The company expanded its geographical coverage to the Greater Bay Area, deploying 10 tower cranes in Hong Kong and 19 in Macau as of March 2024[59] - The company expanded its strategy to include clean energy construction and extended its geographical reach to the Greater Bay Area and Indonesia to adapt to the challenging market environment[79] - The company issued SGD-denominated digital commercial paper under the SDAX Multi-Currency CP Financing Program with an annual interest rate of 5.6%, maturing in approximately 3 months from the issuance date[126] - The company's global offering of shares on the Hong Kong Stock Exchange raised net proceeds of approximately HKD 485.5 million, which were fully utilized by March 31, 2024[123] Operational Efficiency and Digital Transformation - The company implemented digital management platforms "TOP" and "Aijiantong" and plans to optimize business operations and digital management platforms in the coming year[13] - The company holds 158 utility model and invention patents related to tower cranes as of March 31, 2024[27] - The company managed a total of 1,174 tower cranes as of March 31, 2024, to meet customer demand for EPC projects across China[78] - The company had 259 ongoing projects with a total contract value of approximately RMB 417.7 million and 168 expected projects with a total contract value of approximately RMB 690.3 million as of March 31, 2024[78] Cost Management - Financing costs decreased by 20.9% from RMB 81.5 million in FY2023 to RMB 64.5 million in FY2024, mainly due to reduced net foreign exchange losses[17] - General and administrative expenses decreased by 9.9% from RMB 91.0 million in FY2023 to RMB 82.0 million in FY2024, primarily due to reduced employee benefits[32] Corporate Governance and Compliance - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, which require significant accounting estimates and judgments[105] - The company's subsidiaries are consolidated from the date control is obtained and deconsolidated from the date control ceases[106] - The company's property, plant, and equipment are reviewed for residual value and useful life at each reporting period, with adjustments made as appropriate[112] - The company's trade receivables are subject to impairment under the simplified approach allowed by HKFRS 9, with expected lifetime losses recognized at initial recognition[122] - The company's financial assets measured at amortized cost include those held for collecting contractual cash flows consisting solely of payments of principal and interest[120] - The company's amendments to HKFRS 16 regarding lease liabilities for sale and leaseback transactions will be effective for annual reporting periods beginning on or after January 1, 2024[104] - The company's internal control system is designed to provide reasonable assurance against material misstatement or loss, and to manage risks of not achieving business objectives[132] - The company has complied with all applicable code provisions of the Corporate Governance Code for the year ended March 31, 2024[163] - The Board of Directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors[165] - The Nomination Committee held one meeting during the year ended March 31, 2024, with all members attending[171] - The company emphasizes diversity in the Board composition, including gender, age, experience, cultural and educational background, professional skills, and knowledge[175] - The company's core values include "Integrity," "Safety," and "Excellence," focusing on reliable services, maximizing shareholder profits, employee development, and social contribution[184] - The company has received independence confirmation letters from all independent non-executive directors, confirming their independence under the Listing Rules[188] - The company has a total of 9 directors, covering diverse genders, age groups, educational backgrounds, and professional experiences, achieving a balanced mix of skills, experience, and perspectives[192] - The Audit Committee reviewed the audited annual results for the year ended March 31, 2023, and the unaudited interim results for the six months ended September 30, 2023, confirming compliance with applicable accounting standards and adequate disclosure[197] - The Audit Committee consists of three independent non-executive directors: Ms. Pan Yishan (Chair), Mr. Yin Jintao, and Dr. Huang Zhaoren[196] - The Audit Committee members attended all 2 meetings held during their tenure[197] - The Remuneration Committee reviewed the company's remuneration policies and the compensation of executive directors and senior management for the year ended March 31, 2023[198] - The Remuneration Committee held 2 meetings during the year ended March 31, 2024[199] Accounting and Financial Policies - The company's software is amortized on a straight-line basis over an estimated useful life of 3 to 5 years[114] - Property, plant, and equipment are recorded at historical cost less depreciation and impairment losses, including direct acquisition costs and estimated installation and dismantling costs during the lease or service period[136] - R&D expenses are recognized as incurred, and costs related to patents and software development are capitalized as intangible assets when specific criteria are met, including sufficient technical, financial, and other resources to complete development[139] - Impairment assessments are conducted at the cash-generating unit level, and impaired non-financial assets (excluding goodwill) are reviewed for potential reversal of impairment at each reporting period[141] - Financial assets with embedded derivatives are considered as a whole when determining whether cash flows are solely payments of principal and interest[143] - Debt instruments measured at amortized cost or fair value through other comprehensive income are assessed for expected credit losses on a forward-looking basis, depending on whether credit risk has increased significantly[145] Board and Committee Activities - The nomination committee identifies suitable director candidates through various channels, including recommendations from directors, shareholders, management, consultants, and external headhunters[148] - The board reviews and monitors the nomination policy to ensure its effectiveness and compliance with regulatory requirements and good corporate governance practices[150]

- 1 - 毛利 80,760 173,231 所得稅抵免 9 9,769 1,320 以下各項應佔年度虧損： 本公司擁有人 (95,638) (35,813) 年度全面虧損總額（除稅後） 綜合財務狀況表 於2024年3月31日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------|-------------------|-----------------------|-----------------------|------------------------------------------|-----------------------|-----------------------|--------------------| | | 股本 人民幣千元 | 股份溢價 人民幣千元 | 資本儲備 人民幣千元 | 本公司擁有人應佔 \n法定儲備 人民幣千元 | 其他儲備 人民幣千元 | 保留盈利 人民幣千元 | 總計 人民幣千元 | | 於 2022 年 4 月 1 日 | 593,026 ...

Financing Costs and Borrowings - As of September 30, 2023, the total financing costs amounted to RMB 30,971,000, a decrease of 44.5% compared to RMB 56,083,000 for the same period in 2022[1] - The net financing cost, after accounting for financing income, was RMB 30,440,000, down from RMB 55,820,000 year-on-year[1] - The total borrowings as of September 30, 2023, reached RMB 1,101,460,000, an increase from RMB 981,260,000 as of March 31, 2023[20] - The company has pledged machinery with a book value of approximately RMB 1,118,001,000 as collateral for its borrowings[7] - The company’s non-current bank borrowings secured by collateral were RMB 667,835,000 as of September 30, 2023, compared to RMB 617,415,000 as of March 31, 2023[20] - The company’s financing costs have decreased due to reduced foreign exchange losses from foreign currency loans[65] Trade Receivables and Impairment - Trade receivables increased to RMB 793,933,000 as of September 30, 2023, compared to RMB 647,347,000 as of March 31, 2023, reflecting a growth of 22.6%[13] - The impairment provision for trade receivables was RMB 19,967,000, up from RMB 16,276,000, indicating a rise in expected credit losses[13][14] - The company applies a simplified approach to measure expected credit losses for trade receivables, categorizing them based on common credit risk characteristics and overdue days[111] - The company has a comprehensive financial risk management strategy in place to address credit risks associated with trade receivables[196] Revenue and Profitability - For the six months ended September 30, 2023, the group's revenue decreased to RMB 358.6 million, a decline of approximately 7.4% compared to RMB 387.5 million for the same period in 2022[84] - The overall gross profit decreased by approximately 15.5% from RMB 755 million for the six months ended September 30, 2022, to RMB 638 million for the six months ended September 30, 2023, with a gross profit margin decline from 19.5% to 17.8%[39] - The net loss for the six months ended September 30, 2023, was approximately RMB 20.4 million, a reduction of about 51.2% compared to a net loss of RMB 41.9 million for the same period in 2022[65] - The gross loss for the period was RMB 294.84 million, compared to a gross loss of RMB 311.88 million in the previous year, indicating an improvement[138] - The net loss attributable to the company's owners for the period was RMB 20.44 million, a significant reduction from RMB 41.88 million in the same period last year, representing a 51% decrease[151] Expenses and Cost Management - Sales costs decreased by approximately 5.5% from RMB 3,119 million for the six months ended September 30, 2022, to RMB 2,948 million for the six months ended September 30, 2023, primarily due to reduced material, maintenance, and subcontracting costs[66] - General and administrative expenses were approximately RMB 396 million for the six months ended September 30, 2023, a decrease of about RMB 17 million or 4.3% compared to RMB 413 million for the same period in 2022[68] - The group's sales and distribution expenses decreased by approximately 14.0% to RMB 6.6 million from RMB 7.6 million in the previous period, primarily due to reduced travel expenses from adopting online work[86] Assets and Liabilities - Non-current assets as of September 30, 2023, totaled RMB 1,618.63 million, slightly down from RMB 1,651.07 million as of March 31, 2023[141] - Total liabilities amounted to RMB 3,204.85 million as of September 30, 2023, compared to RMB 3,153.05 million as of March 31, 2023[143] - The total assets amounted to RMB 3,204,851 thousand as of September 30, 2023, compared to RMB 3,153,045 thousand as of March 31, 2023[176] Cash Flow and Investments - Operating cash inflow for the six months ended September 30, 2023, was RMB 112.8 million, compared to RMB 85.7 million in the previous year[92] - Net cash outflow from investing activities was RMB 184.8 million, slightly improved from RMB 197.3 million in the previous period[92] - The group's total cash and cash equivalents at the end of the period were RMB 148.0 million, down from RMB 151.7 million at the end of the previous year[92] Corporate Governance and Compliance - The company has maintained compliance with all applicable corporate governance codes as of September 30, 2023[106] - The audit committee reviewed the unaudited interim financial results for the six months ended September 30, 2023, and found no discrepancies[107] - The company has established an audit committee to oversee financial reporting and internal audit functions, consisting of three independent non-executive directors[118] Strategic Initiatives and Market Position - The company aims to enhance operational efficiency and international business development through improved data management and resource sharing[37] - The company continues to focus on the development of new tower crane technology solutions to strengthen its project acquisition capabilities[36] - The company plans to optimize its sustainable development strategy while striving to become the best construction equipment service provider in the industry[37] - The company is adjusting its operational and geographical strategies in response to the rapidly changing global market environment, particularly in light of the growth in China's clean green energy sector[127] - The company has expanded its geographical footprint into the Greater Bay Area, including Hong Kong and Macau, with the first tower crane deployed in Hong Kong and over 20 units in Macau as of June 2023[158] - The company aims to maintain its domestic market position despite challenges in the construction industry due to slow post-pandemic economic recovery[158] Tax and Share Options - As of September 30, 2023, the company reported a tax credit of approximately RMB 55 million, an increase from RMB 15 million for the same period in 2022[128] - The company has not issued, exercised, or canceled any share options under the share option scheme as of September 30, 2023, with a total of 116,687,125 options available for grant[117] Financial Risks - The group continues to face various financial risks, including market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[79] - The company is exposed to credit risks related to cash and cash equivalents, with expected credit losses anticipated to be close to zero due to transactions with reputable banks[110] - Significant changes in customer payment behavior have been observed, impacting expected loss rates[189] - The historical loss rates will be adjusted to reflect current and forward-looking macroeconomic data[189]

– 2 – | --- | --- | --- | --- | |-------------------------------|-------|---------------------------------------------|-----------------------------------------| | | 附註 | 未經審核 於 2023 年 9 月 30 日 人民幣千元 | 經審核 於 2023 年 3 月 31 日 人民幣千元 | | 負債 | | | | | 非流動負債 | | | | | 借款 | 10 | 667,835 | 617,415 | | 租賃負債 | | 41,023 | 47,566 | | 遞延所得稅負債 | | 63,212 | 67,628 | | 撥備 | | 26,092 | 33,906 | | 非流動負債總額 | | 798,162 | 766,515 | | 流動負債 | | | | | 貿易應付款項及應付票據 | 11 | 355,848 | 387,268 | | 合約負債 | 3 | 6,027 | 896 | | | | | | | 其他 ...

Financial Performance - The company's gross profit decreased from approximately RMB 234.1 million for the year ended March 31, 2022, to approximately RMB 173.2 million for the year ended March 31, 2023, representing a decline of about 26.0%[6]. - The net loss for the year ended March 31, 2023, was approximately RMB 35.8 million, compared to a profit of approximately RMB 47.6 million for the year ended March 31, 2022, a decrease of about 175.2%[6]. - The overall gross profit margin decreased from approximately 27.0% for the year ended March 31, 2022, to approximately 22.5% for the year ended March 31, 2023[16]. - Cash and cash equivalents, along with restricted cash, amounted to RMB 159.0 million as of March 31, 2023, a decrease of RMB 10.9 million compared to the previous year[21]. - The increase in foreign exchange losses significantly impacted the net loss, with a rise of approximately RMB 37.2 million attributed to foreign currency loans and other risks[6]. - The net foreign exchange loss for the year ended March 31, 2023, was approximately RMB 37.2 million, compared to a net foreign exchange gain of RMB 4.5 million for the year ended March 31, 2022[51]. - As of March 31, 2023, the net current assets of the group were RMB 383.5 million, a decrease of RMB 68.4 million compared to March 31, 2022, primarily due to an increase in the current portion of borrowings[46]. - The group's debt-to-equity ratio as of March 31, 2023, was 70.3%, up from 44.6% on March 31, 2022, mainly due to increased borrowings[47]. - The total utilized net proceeds as of March 31, 2023, was RMB 485.5 million, with RMB 425.0 million utilized and RMB 60.5 million remaining[52]. Operational Challenges - The company faced significant challenges due to geopolitical tensions and economic downturns, impacting project timelines and overall performance[5]. - The impact of the COVID-19 pandemic continues to be monitored and assessed by the management[55]. Corporate Governance - The company emphasizes the importance of good corporate governance elements in its management structure and internal control procedures to achieve effective accountability[79]. - The board is responsible for leading and controlling the company, including setting overall strategy and reviewing operational and financial performance[81]. - The company has established three committees: audit, remuneration, and nomination, each with clear written terms of reference[90]. - The audit committee held two meetings during the fiscal year ending March 31, 2023, reviewing the audited annual results and the unaudited interim results, ensuring compliance with applicable accounting standards[91]. - The remuneration committee conducted two meetings, with all members present at both sessions, indicating strong governance in executive compensation matters[93]. - The nomination committee held one meeting during the fiscal year, focusing on principles for board member selection[95]. - The board held five meetings during the year ending March 31, 2023, ensuring active governance and oversight[118]. - The board has decided not to declare a final dividend for the year ended March 31, 2023 (2022: final dividend of HKD 0.016 per share)[168]. - The company has confirmed that all directors have complied with the trading regulations since the listing date, with no violations noted during the reporting period[80]. - The company has received annual independence confirmation letters from all independent non-executive directors as of March 31, 2023, and considers them independent according to the guidelines in Listing Rule 3.13[200]. Risk Management - The company has adopted a risk management policy to assess the likelihood and potential impact of risks, prioritizing mitigation plans accordingly[155]. - As of March 31, 2023, the board has conducted a comprehensive review of the risk management and internal control systems, deeming them effective and adequate[157]. - The audit committee is responsible for overseeing the internal audit function, ensuring that internal controls operate as planned[156]. - The internal control system aims to provide reasonable assurance against significant misstatements or losses, managing rather than eliminating risks[155]. Strategic Initiatives - The company established two new subsidiaries in Southern China to capitalize on opportunities in the Greater Bay Area[12]. - The company has significant future plans for acquisitions, investments, and capital assets[54]. - The management is focused on enhancing service capabilities and competitiveness[49]. - The company focuses on providing one-stop tower crane solutions to state-owned contractors in China, covering consulting, technical solutions, commissioning, construction, and after-sales services[166]. Human Resources - The company is committed to providing competitive compensation packages to attract and retain talent, which includes regular reviews based on market practices and employee performance[28]. - The company has adopted a board diversity policy to enhance business development and improve board performance, considering factors such as gender, age, cultural background, and professional experience[87]. - The company is focused on enhancing board diversity, particularly in gender balance, during the selection of new directors[134]. Compliance and Ethics - The company has implemented an internal anti-corruption policy to ensure compliance with relevant laws and prevent bribery, corruption, or fraud among directors and employees[174]. - The company has maintained effective communication with shareholders, particularly through annual and special general meetings[181]. - The company has not reported any significant violations or non-compliance with applicable laws and regulations during the year[189]. - The company maintains a whistleblowing policy to allow employees and third parties to report concerns confidentially without fear of retaliation[145]. - The company has established procedures for handling and disseminating inside information, including the appointment of a new company secretary[178]. Shareholder Engagement - The company has detailed its retirement obligations in the financial statements for the year ended March 31, 2023[194]. - The company has made amendments to its Articles of Association to comply with the revised listing rules effective from January 1, 2022[184]. - The company will hold its 2023 Annual General Meeting on September 28, 2023[187]. - The company's website serves as a comprehensive resource for shareholders and investors, providing updates on the company's latest developments[161]. Values and Culture - The company emphasizes three core values: integrity, safety, and excellence, guiding its operational and strategic decisions[106]. - The company has committed to social responsibility and sustainable development as part of its operational ethos[107]. - The company has adopted a dividend policy that requires maintaining sufficient cash reserves to meet operational needs and future growth before declaring dividends[138]. - The remuneration of directors is determined by the board based on their experience and responsibilities, and is reviewed annually by the remuneration committee and the board[200]. - The company has no predetermined dividend payout ratio, allowing flexibility in dividend declarations based on financial performance[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產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tat Hong Equipment Service Co., Ltd. 達豐設備服務有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2153） 全年業績 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|------------|--------------|------------|-----------------------------|------------|--------------|-------------| | | 股本 | 股份溢價 | 資本儲備 | 本公司擁有人應佔 \n法定儲備 | 其他儲備 | 保留盈利 | 總計 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was RMB 387,401 thousand, a decrease of 6.8% from RMB 415,599 thousand in the same period of 2021[9]. - Gross profit for the same period was RMB 75,522 thousand, down 36.8% from RMB 119,451 thousand year-on-year[9]. - Operating profit decreased significantly to RMB 12,393 thousand, compared to RMB 63,154 thousand in the previous year, reflecting a decline of 80.3%[9]. - The company reported a loss of RMB 41,880 thousand for the period, compared to a profit of RMB 38,488 thousand in the same period last year[9]. - Cash flow from operating activities was RMB 69,571 thousand for the six months ended September 30, 2022, down from RMB 93,146 thousand in the same period last year, a decrease of about 25.3%[21]. - The company reported a net loss of RMB 41,880 thousand for the six months ended September 30, 2022, compared to a profit of RMB 38,488 thousand in the previous period[17]. - Overall gross profit decreased by approximately 36.8% from RMB 119.5 million for the six months ended September 30, 2021, to RMB 75.5 million for the six months ended September 30, 2022, with gross margin dropping from approximately 28.8% to 19.5%[166]. - The company recorded a loss of RMB 41.9 million for the period, a decrease of approximately RMB 80.4 million or 208.8% compared to a profit of RMB 38.5 million in the same period of 2021[173]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to RMB 3,113,408 thousand, an increase from RMB 2,918,634 thousand as of March 31, 2022[10]. - Non-current assets increased to RMB 1,825,530 thousand from RMB 1,726,040 thousand, indicating a growth of 5.8%[10]. - Current assets totaled RMB 1,287,878 thousand, up from RMB 1,192,594 thousand, representing an increase of 8.0%[10]. - Total liabilities increased to RMB 1,602,365 thousand as of September 30, 2022, up from RMB 1,348,801 thousand in the previous year, representing a growth of approximately 18.7%[14]. - Current liabilities rose to RMB 895,128 thousand, compared to RMB 740,703 thousand a year earlier, marking an increase of about 20.9%[14]. - Total equity decreased to RMB 1,511,043 thousand from RMB 1,569,833 thousand, reflecting a decline of approximately 3.7%[14]. - The company’s retained earnings decreased to RMB 414,082 thousand from RMB 455,962 thousand, a decline of about 9.1%[17]. - The company’s total assets increased to RMB 3,113,408 thousand from RMB 2,918,634 thousand, representing a growth of approximately 6.7%[14]. Cash and Financing - The company’s cash and cash equivalents decreased to RMB 151,687 thousand from RMB 169,858 thousand, a decline of 10.7%[10]. - The company’s total borrowings as of September 30, 2022, were RMB 835,342 thousand, with RMB 255,476 thousand due within one year[51]. - The total financial liabilities as of September 30, 2022, amounted to RMB 1,527,541 thousand, with significant portions due within one year[51]. - The company reported a net financing cost of RMB 55,820,000 for the six months ended September 30, 2022, compared to RMB 11,960,000 for the same period in 2021, indicating a significant increase[76]. - The company’s financing costs surged to RMB 56,083 thousand, compared to RMB 12,393 thousand in the same period last year, indicating a significant increase[9]. - The weighted average effective interest rate for RMB borrowings was 4.2% for the six months ended September 30, 2022, down from 5.1% for the year ended March 31, 2022[115]. Trade Receivables and Impairment - As of September 30, 2022, the total trade receivables amounted to RMB 690,457 thousand, with overdue amounts exceeding 181 days totaling RMB 60,998 thousand[43]. - The expected loss rate for trade receivables was 2.40%, with specific overdue categories showing rates of (0.54%) for within 180 days and (9.85%) for over 2 years[43]. - The impairment provision for trade receivables increased to RMB 16,585 thousand as of September 30, 2022, compared to RMB 11,882 thousand at the beginning of the period[45]. - The company reported a significant increase in trade receivables impairment provision from RMB 5,695 thousand to RMB 16,585 thousand year-over-year[45]. - The company assessed that there was no significant increase in credit risk for other receivables as of September 30, 2022[46]. Research and Development - Research and development expenses were RMB 12,217 thousand, slightly down from RMB 12,847 thousand in the previous year[9]. - Research and development expenses decreased from approximately RMB 12.8 million for the six months ended September 30, 2021, to RMB 12.2 million for the same period in 2022, mainly due to a reduction in patent development work[168]. Employee and Corporate Governance - As of September 30, 2022, the group employed a total of 1,328 employees, an increase from 1,180 employees in 2021, with total employee benefit expenses amounting to RMB 50.2 million, up 2.0% year-on-year[188]. - The employee compensation package is regularly reviewed to reflect market practices and employee performance, ensuring competitiveness in attracting and retaining talent[188]. - The company provides various government-regulated social insurance plans for its employees in China, contributing a percentage of salaries to these funds[188]. Dividends and Shareholder Information - The company paid dividends amounting to RMB 29,087 thousand during the reporting period[21]. - The board did not recommend any dividend payment for the six months ended September 30, 2022, compared to a special dividend of HKD 0.03 per share in 2021[186]. - The final dividend of HKD 0.016 per share for the year ended March 31, 2022, was approved at the annual general meeting on September 28, 2022, and was paid on November 4, 2022, totaling approximately HKD 18,669,940[186]. - The company’s major shareholder, Tat Hong Equipment (China) Pte. Ltd., directly holds approximately 66.92% of the issued share capital[191]. - The company’s directors and senior management hold significant stakes, with Mr. Huang holding 790,760,387 shares, representing 67.77% of the company[191]. Market and Strategic Outlook - The company plans to establish a standardized after-sales service ecosystem for tower cranes, focusing on sustainable development and compliance with safety standards[162]. - Future strategies include enhancing the digital platform "Aijian Tong" for contract compliance and safety management, aiming to improve operational processes[162]. - The company will continue to analyze the impact of the COVID-19 pandemic on its business segments and adjust strategic plans accordingly[161].