Group 1 - The company, 嘉创地产, has entered into a lease agreement for a land parcel that includes a theme park named 龙凤山庄, aiming to diversify its revenue sources and enhance property values in the surrounding area [1][2] - The undeveloped land area is 113,137.13 square meters (approximately 169.71 acres), with an annual rent calculated at RMB 1,500 per acre, while the developed land area of 32,428.91 square meters has an annual rent of RMB 4 per square meter [1] - The total annual rent for the leased land amounts to RMB 1,901,710.31, with potential rent increases of 10% for undeveloped land and 5% for developed land every five years [1] Group 2 - The theme park is strategically located in 东莞凤岗, near the company's property development projects, and is part of the supporting facilities for these developments [2] - The park, recognized as a national 4A-level tourist attraction, has been operational for over ten years and has established a strong market presence, providing a solid foundation for further upscale and diversified development [2] - The company believes that the strong consumer demand in the 大湾区 and the vibrant local activities present a significant potential market for the theme park [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示不會就因本公佈全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 KRP Development Holdings Limited 嘉創房地產控股有限公司 （於開曼群島註冊成立的有限公司） 由於租賃協議項下擬進行交易涉及的最高適用百分比率（定義見上市規則） 超過5%但低於25%，故根據上市規則第十四章，租賃協議項下擬進行交易構 成本公司的須予披露交易。 – 1 – 董事會謹此宣佈，於二零二五年八月四日（交易時段後），本公司間接全資附屬 公司廣東嘉朗（作為承租人）與業主訂立一份租賃協議，內容有關向業主租賃 該土地。名為龍鳳山莊的主題公園（「主題公園」）現時坐落於該土地上，並將由 廣東嘉朗進一步開發。透過運營主題公園，本集團旨在分散其收入來源及業務 投資，提升相鄰物業的價值，進而帶動區內租金價值與物業銷售上升，最終推 動當地房地產經濟增長及發展。 租賃協議 （股份代號：2421） 須予披露交易 土地租賃協議 土地租賃協議 董事會謹此宣佈，於二零二五年八月四日（交易時段後）， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉創房地產控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02421 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,00 ...

Corporate Information This section provides an overview of the company's corporate structure, including significant changes in its Board of Directors and committees [Directors and Committees](index=4&type=section&id=Directors%20and%20Committees) This section provides company registration details, headquarters, and lists significant changes in the Board of Directors and its committees during the reporting period - The Board of Directors and its sub-committees experienced **significant personnel changes** in 2024-2025, including resignations and new appointments of independent non-executive directors[4](index=4&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) Key Information for Shareholders This section provides essential information for shareholders, including the financial calendar and details of the company's capital structure [Financial Calendar and Capital Structure](index=7&type=section&id=Financial%20Calendar%20and%20Capital%20Structure) This section provides key shareholder information, including the 2025 financial calendar, capital structure, market capitalization, and stock code Key Financial Calendar Dates | Item | Details | | :--- | :--- | | **Financial Year End Date** | March 31, 2025 | | **2024/25 Annual Results Announcement Date** | June 19, 2025 | | **2024/25 Annual General Meeting** | September 5, 2025 | | **Stock Code** | SEHK Main Board 2421 | Capital Structure and Market Capitalization | Capital Information | As of March 31, 2025 | As of June 30, 2025 | | :--- | :--- | :--- | | **Issued Share Capital** | 5,053,648 HKD | 5,053,648 HKD | | **Market Capitalization** | 323,433,472 HKD | 333,540,768 HKD | | **Closing Price** | 0.64 HKD | 0.66 HKD | Financial Highlights This section summarizes the company's key financial performance, highlighting significant declines in revenue and profit while maintaining a robust financial structure [Key Financial Performance](index=9&type=section&id=Key%20Financial%20Performance) The company experienced significant declines in revenue and net profit for FY2025, with deteriorating margins, yet maintained a healthy liquidity and zero gearing ratio Key Financial Performance Indicators | Financial Metric | FY2025 | FY2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 182 million RMB | 227 million RMB | -19.8% | | **Net Profit** | 20 million RMB | 40 million RMB | -50.0% | | **Basic Earnings Per Share** | 4.0 RMB cents | 7.9 RMB cents | -49.4% | | **Gross Profit Margin** | 58.5% | 64.2% | -5.7 percentage points | | **Net Profit Margin** | 11.1% | 17.7% | -6.6 percentage points | | **Final Dividend** | — | 2.0 HK cents | N/A | - Company financial charts indicate that revenue and net profit have **declined for three consecutive years** since peaking in 2022, with FY2025 performance marking a **six-year low**[22](index=22&type=chunk)[25](index=25&type=chunk) - Despite declining profitability, the company's financial structure remains **robust**, with a **current ratio of 2.3 times**, a **quick ratio of 0.4 times**, and a **gearing ratio of 0.0%**, indicating no net debt[29](index=29&type=chunk) Chairman's Statement This statement provides an overview of the Group's business performance, strategic direction, financial management, and human resources initiatives for the reporting period [Business Review and Performance](index=11&type=section&id=Business%20Review%20and%20Performance) The Group's FY2025 revenue and profit declined significantly due to non-cash impairments from real estate market adjustments, despite delivering several residential projects Key Financial Performance Overview | Financial Performance | FY2025 | FY2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 181.7 million RMB | 226.9 million RMB | -20% | | **Profit Attributable to Shareholders** | 20.21 million RMB | 40.07 million RMB | -50% | - The performance decline was primarily due to **RMB 19.04 million in non-cash impairments**, including **RMB 15.58 million** from investment property valuation losses and **RMB 3.46 million** from inventory impairment, reflecting market downturn pressure[31](index=31&type=chunk) Residential Project Delivery Details | Project Delivery Status | Units Delivered | Revenue Recognized (RMB) | Average Selling Price (RMB/sqm) | | :--- | :--- | :--- | :--- | | **Dongguan Jiahui Haoting Phase III** | 13 | 36,570,000 | ~20,200 | | **Dongguan Jiahui Haoting Phase IV** | 59 | 119,649,000 | ~20,600 | | **Dongguan Jiahui Haoting Phase V** | 7 | 21,778,000 | ~23,400 | | **Huizhou Luofu Mansion** | 6 | 3,686,000 | ~7,600 | [Operating Strategies and Outlook](index=13&type=section&id=Operating%20Strategies%20and%20Outlook) The Group adopts a prudent strategy of focused development and diversified integration, maintaining a healthy financial structure while exploring new business models for future growth - Core operating strategies emphasize **stability and focus**, including: - **Focused Development**: Concentrating on core cities in the Greater Bay Area, aligning with urban renewal and rural revitalization - **Solid Stability**: Strengthening internal controls and risk management, improving operational efficiency - **Resilient Growth**: Maintaining healthy cash flow and stable gearing ratio, enhancing liquidity through asset disposal - **Diversified Integration**: Exploring the combination of residential properties with cultural tourism and lifestyle amenities, expanding non-residential businesses[42](index=42&type=chunk) - Future outlook includes evaluating the synergistic potential of residential projects with cultural and tourism facilities, and exploring market opportunities in **trendy culture and creative industries** to diversify business[50](index=50&type=chunk) [Financial Resources and Risk Management](index=16&type=section&id=Financial%20Resources%20and%20Risk%20Management) As of March 31, 2025, the Group maintained a net cash position with sufficient liquidity, while actively monitoring foreign exchange risks and managing bank mortgage guarantees for homebuyers - The company's financial condition is **healthy**, in a **net cash position**, with approximately **RMB 133 million** in cash and bank balances, and no significant borrowings[51](index=51&type=chunk)[52](index=52&type=chunk) - The Group provided bank mortgage guarantees for homebuyers, with total outstanding guarantees of **RMB 242 million** as of March 31, 2025, a decrease from **RMB 348 million** in 2024[60](index=60&type=chunk) [Dividend and Employees](index=18&type=section&id=Dividend%20and%20Employees) The Board decided against a final dividend for FY2025, while the Group maintained an average of 65 employees and implemented talent retention programs - The Board decided **not to recommend a final dividend** for FY2024/25, contrasting with the **2.0 HK cents per share** final dividend paid in FY2023/24[70](index=70&type=chunk)[75](index=75&type=chunk) - The Group prioritizes talent retention, implementing a **'Cooperative Home Ownership Scheme'** to assist high-potential employees with local home purchases[68](index=68&type=chunk)[73](index=73&type=chunk) Corporate Governance Report This report details the company's commitment to high corporate governance standards, including board structure, internal controls, risk management, and shareholder communication policies [Board of Directors and Committees](index=19&type=section&id=Board%20of%20Directors%20and%20Committees) This section details the Board's composition, including its three independent-chaired committees (Remuneration, Audit, Nomination), ensuring compliance with listing rules and robust governance - The Board structure complies with listing rule requirements, with **independent non-executive directors constituting one-third** of the Board, and at least one possessing expertise in accounting or relevant financial management[87](index=87&type=chunk)[119](index=119&type=chunk) - The company has Remuneration, Audit, and Nomination Committees, with **most members being independent non-executive directors**, ensuring decision independence and objectivity[95](index=95&type=chunk)[131](index=131&type=chunk)[138](index=138&type=chunk)[145](index=145&type=chunk) - The company has adopted **Board diversity and nomination policies**, emphasizing consideration of gender, age, cultural background, and professional experience in director selection[97](index=97&type=chunk)[103](index=103&type=chunk) [Accountability, Audit, and Risk Management](index=43&type=section&id=Accountability%2C%20Audit%2C%20and%20Risk%20Management) This section details the company's robust internal control and risk management framework, including annual internal audits, ERM processes for various risks, and anti-corruption policies - The company has established a **comprehensive Enterprise Risk Management (ERM) framework**, conducting bottom-up risk assessments at least annually to identify and address strategic, operational, compliance, and financial reporting risks[176](index=176&type=chunk)[178](index=178&type=chunk)[205](index=205&type=chunk) - The internal audit department reviewed the Group's risk management and internal control systems, which the Board deemed **effective and adequate** during the year[163](index=163&type=chunk) - The company has established **whistleblowing and anti-corruption policies**, providing compliance training to employees, with **no significant fraud or misconduct** identified during the year[213](index=213&type=chunk)[216](index=216&type=chunk) [Shareholder Communication and Rights](index=60&type=section&id=Shareholder%20Communication%20and%20Rights) This section outlines the company's shareholder communication policy and various channels, ensuring timely information dissemination and safeguarding shareholder rights to convene meetings and propose resolutions - The company has adopted a **shareholder communication policy** to ensure timely and equal access to company information, with regular effectiveness reviews[220](index=220&type=chunk)[227](index=227&type=chunk) - Shareholders holding **at least one-tenth of the company's paid-up share capital** have the right to request an extraordinary general meeting in writing[228](index=228&type=chunk) Senior Management Profile This section provides an overview of the company's senior management team, highlighting their extensive professional backgrounds and experience [Management Team Overview](index=65&type=section&id=Management%20Team%20Overview) This section provides detailed profiles of the company's directors and senior management, highlighting their extensive experience across various key functional areas - Executive directors possess **over 10 years of experience** in real estate, finance, or management, providing a solid foundation for the Group's operations and strategic planning[241](index=241&type=chunk)[247](index=247&type=chunk)[249](index=249&type=chunk)[254](index=254&type=chunk) - Non-executive Director and Chairman Mr. Ho Cheuk Fai, founder of Qualipak International Group, brings **over 40 years of business management experience**, with his children also serving on the Board[256](index=256&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - Independent non-executive directors comprise professionals with backgrounds in **accounting, financial management, business management, and law**, supporting independent Board decision-making[264](index=264&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) Report of the Directors This report details the Group's business operations, significant transactions, shareholder and director interests, and compliance with public float requirements [Business Operations and Financials](index=73&type=section&id=Business%20Operations%20and%20Financials) This section outlines the Group's core business in residential property development, the Board's decision not to recommend a final dividend, and the status of distributable reserves - The Group's core business is as a **boutique residential property developer** in the Greater Bay Area[286](index=286&type=chunk) - The Board **does not recommend a final dividend** for FY2024/25, contrasting with the **2.0 HK cents per share** paid in the previous fiscal year[288](index=288&type=chunk) - No purchases, sales, or redemptions of the company's shares occurred during the year[301](index=301&type=chunk) [Key Transactions and Corporate Actions](index=77&type=section&id=Key%20Transactions%20and%20Corporate%20Actions) This section details a significant connected transaction involving the sale of a subsidiary and the adoption of new share option and award schemes, with no grants made during the year - In May 2024, the company sold its wholly-owned subsidiary, Dongguan Jiaxuntong Computer Products Co., Ltd., to an associate of the controlling shareholder for **RMB 19.8 million**, constituting a discloseable connected transaction[354](index=354&type=chunk)[380](index=380&type=chunk) - The company adopted new share option and share award schemes, with an authorized limit of **10% of issued shares (50,536,480 shares)**, though no options or awards were granted by year-end[322](index=322&type=chunk)[333](index=333&type=chunk)[341](index=341&type=chunk) [Shareholder and Director Interests](index=91&type=section&id=Shareholder%20and%20Director%20Interests) This section details the significant shareholdings of the controlling shareholder and directors, confirming the controlling shareholder's compliance with non-compete undertakings Major Shareholder Interests | Major Shareholder | Total Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | | **Mr. Ho Cheuk Fai** | 366,667,500 | 72.56% | | **Ms. Ho Po Chu** | 366,667,500 | 72.56% | | **TMF (as Trustee)** | 204,402,000 | 40.45% | - Controlling shareholder Mr. Ho Cheuk Fai collectively controls **72.56% of the company's shares** through personal holdings, spouse's holdings, and a family trust[394](index=394&type=chunk) [Customers, Suppliers, and Public Float](index=98&type=section&id=Customers%2C%20Suppliers%2C%20and%20Public%20Float) This section highlights high supplier concentration and lower customer concentration, while confirming the company's compliance with the minimum 25% public float requirement - Supplier concentration is high: the **top five suppliers accounted for 92%** of total purchases, with the **largest supplier at 75%**[420](index=420&type=chunk) - Customer base is diversified: the **top five customers accounted for less than 30%** of total revenue[420](index=420&type=chunk) - The company confirmed maintaining the **minimum 25% public float** as required by listing rules[425](index=425&type=chunk) Environmental, Social and Governance Report This report details the Group's comprehensive ESG framework, outlining its governance, social responsibility initiatives, and environmental performance metrics [ESG Governance and Strategy](index=101&type=section&id=ESG%20Governance%20and%20Strategy) This section outlines the Group's ESG governance framework, aligned with UNSDGs and HKEX guidelines, identifying 8 material issues including green building and occupational health - The Board oversees ESG matters, authorizing the General Manager to lead relevant departments in executing sustainable development policies[442](index=442&type=chunk)[456](index=456&type=chunk) - The Group identified **8 material ESG issues**, with **occupational health and safety** and **green building development** deemed most impactful for the Group and stakeholders[466](index=466&type=chunk)[469](index=469&type=chunk) - This ESG report has been **verified by independent third-party TÜV Rheinland**, enhancing its credibility[608](index=608&type=chunk) [Social Performance](index=112&type=section&id=Social%20Performance) The Group demonstrates social responsibility through robust product quality control, active community engagement, ethical supply chain management, and comprehensive employee welfare and anti-corruption initiatives - Product responsibility: A **full-process quality control system** from design to after-sales service ensures housing quality and safety[491](index=491&type=chunk)[495](index=495&type=chunk)[496](index=496&type=chunk) - Community investment: **8 community cultural events** were organized during the year, including Mother's Day and Dragon Boat Festival activities, to enhance community cohesion[509](index=509&type=chunk)[512](index=512&type=chunk)[514](index=514&type=chunk) - Employee development and safety: Average employee training hours were **3.3 hours**, with **74.6% coverage**; the Group strictly complies with labor law, with **no fatal accidents or serious injuries**[540](index=540&type=chunk)[544](index=544&type=chunk) - Anti-corruption: The Group has implemented an **anti-corruption system**, providing compliance training to new employees and Board members, and requiring business partners to sign integrity undertakings[526](index=526&type=chunk)[527](index=527&type=chunk) [Environmental Performance](index=126&type=section&id=Environmental%20Performance) The Group demonstrates environmental commitment by targeting 100% green building standards for new projects, implementing resource conservation measures, and disclosing detailed environmental performance data - Green building target: The Group aims for **100% of all new projects to meet basic or higher green building standards** to address climate change and achieve sustainable development[554](index=554&type=chunk) Environmental Performance Indicators (FY2024/25) | Environmental Performance Indicators (FY2024/25) | Data | | :--- | :--- | | **Total Energy Consumption** | 343,045 kWh | | **Total Water Consumption** | 3,781 cubic meters | | **Total Greenhouse Gas Emissions (Scope 1+2)** | 184.92 tonnes of CO2 equivalent | Independent Auditor's Report This report presents the independent auditor's unmodified opinion on the financial statements and highlights key audit matters requiring significant management judgment [Auditor's Opinion and Key Audit Matters](index=154&type=section&id=Auditor's%20Opinion%20and%20Key%20Audit%20Matters) KPMG issued an unmodified audit opinion on the FY2024/25 financial statements, highlighting key audit matters related to Land Appreciation Tax provision and inventory net realizable value assessment - Audit opinion: KPMG issued an **unmodified opinion**, confirming the financial statements are true, fair, and comply with Hong Kong Financial Reporting Standards[653](index=653&type=chunk) - Key Audit Matters (KAMs) include: - **Provision for Land Appreciation Tax (LAT) in mainland China**: Involves uncertainty due to complex tax law interpretation - **Assessment of inventory net realizable value**: Requires significant management judgment and estimation of completion costs and future selling prices, especially in the current market[657](index=657&type=chunk)[670](index=670&type=chunk) Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, and cash flows for the reporting period [Consolidated Statement of Profit or Loss](index=164&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For FY2025, the Group's revenue and profit significantly declined due to non-cash impairments, despite effective cost control leading to a healthy gross profit Consolidated Statement of Profit or Loss (RMB thousands) | Statement of Profit or Loss Items (RMB thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | 181,683 | 226,877 | | **Gross Profit** | 106,289 | 145,724 | | **Operating Profit** | 49,948 | 83,504 | | **Profit Before Tax** | 53,057 | 86,085 | | **Profit for the Year** | 20,207 | 40,069 | [Consolidated Statement of Financial Position](index=166&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets slightly decreased, with inventory as the largest component, while total liabilities reduced and shareholders' equity modestly increased, maintaining a stable financial position Consolidated Statement of Financial Position (RMB thousands) | Statement of Financial Position Items (RMB thousands) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 273,939 | 229,438 | | **Current Assets** | 1,080,029 | 1,158,344 | | **Total Assets** | 1,353,968 | 1,387,782 | | **Current Liabilities** | 473,908 | 518,508 | | **Non-current Liabilities** | 19,915 | 20,051 | | **Total Liabilities** | 493,823 | 538,559 | | **Total Shareholders' Equity** | 860,145 | 849,223 | [Consolidated Cash Flow Statement](index=170&type=section&id=Consolidated%20Cash%20Flow%20Statement) In FY2025, the Group saw a narrowed net cash outflow from operations, a net outflow from investing activities, and a net outflow from financing activities, resulting in a net decrease in cash and cash equivalents Consolidated Cash Flow Statement (RMB thousands) | Cash Flow Statement Items (RMB thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | (5,251) | (79,133) | | **Net Cash (Used in)/From Investing Activities** | (27,341) | 2,636 | | **Net Cash Used in Financing Activities** | (9,452) | (19,367) | | **Net Decrease in Cash and Cash Equivalents** | (42,044) | (95,864) | | **Cash and Cash Equivalents at Year End** | 133,118 | 175,162 | Five-Year Financial Summary This section provides a historical overview of the Group's key financial data and trends over the past five fiscal years [Historical Financial Data](index=262&type=section&id=Historical%20Financial%20Data) This section summarizes the Group's key financial data over the past five fiscal years, showing declining revenue and profit since FY2022, with fluctuating but stable equity Five-Year Financial Summary (RMB thousands) | RMB thousands | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 181,683 | 226,877 | 700,751 | 775,555 | 590,803 | | **Operating Profit** | 49,948 | 83,504 | 449,510 | 549,415 | 381,063 | | **Profit for the Year** | 20,207 | 40,069 | 180,846 | 243,660 | 160,503 | | **Total Assets** | 1,353,968 | 1,387,782 | 1,512,495 | 1,975,199 | 2,200,592 | | **Total Equity** | 860,145 | 849,223 | 828,554 | 748,674 | 430,288 | Properties Held by the Group This section provides an overview of the Group's property portfolio, categorizing its assets into properties under development, completed properties for sale, and investment properties [Property Portfolio Overview](index=264&type=section&id=Property%20Portfolio%20Overview) As of March 31, 2025, the Group's property portfolio includes properties under development, completed properties for sale, and investment properties across various locations Property Portfolio Overview | Property Category | Key Projects | Status/Area | | :--- | :--- | :--- | | **Properties Under Development for Sale** | Foshan Gaoming District Project | Planned Gross Floor Area 131,472 square meters | | **Completed Properties Held for Sale** | Dongguan Jiahui Haoting Phases IV, V; Huizhou Luofu Mansion, etc. | Total Unsold Area Approximately 99,000+ square meters | | **Investment Properties** | Dongguan Fenggang Town Industrial Park and Commercial Buildings | Total Gross Floor Area Approximately 56,890 square meters |

Financial Performance - Revenue for the year ended March 31, 2025, was RMB 181,683,000, a decrease of 20% compared to RMB 226,877,000 in 2024[2] - Profit before tax decreased by 38% to RMB 53,057,000 from RMB 86,085,000 year-on-year[2] - Net profit attributable to equity holders was RMB 20,207,000, down 50% from RMB 40,069,000 in the previous year[2] - Basic and diluted earnings per share were RMB 4.0, a decline of 50% from RMB 7.9 in 2024[2] - The company reported a total comprehensive income of RMB 20,281,000, down from RMB 39,561,000 in the previous year[8] - The company reported a net financial income of RMB (3,109,000) in 2025, compared to RMB (2,581,000) in 2024, indicating a worsening of financial performance[23] - Basic earnings per share for 2025 were RMB 4.0, down from RMB 7.9 in 2024, reflecting a decrease of 49.4%[31] - The company’s total tax expense for 2025 was RMB 32,850,000, a decrease of 28.7% from RMB 46,016,000 in 2024[26] Asset and Liquidity Position - Total assets decreased to RMB 1,080,029,000 from RMB 1,158,344,000, reflecting a decline in current assets[4] - Cash and bank deposits decreased to RMB 133,118,000 from RMB 175,162,000, indicating a reduction in liquidity[4] - The value of inventory for properties held for sale decreased to RMB 877,961,000 in 2025 from RMB 964,736,000 in 2024, a reduction of 9.0%[5] - The company’s restricted cash balance decreased to RMB 2,566,000 in 2025 from RMB 3,796,000 in 2024, a decline of 32.5%[15] - The company’s other payables and accrued expenses decreased to RMB 35,162,000 in 2025 from RMB 56,912,000 in 2024, a decrease of 38.6%[17] - The total cash and bank deposits decreased to RMB 133,118,000 in 2025 from RMB 175,162,000 in 2024, representing a decline of 24.0%[15] Dividend and Shareholder Returns - The company did not declare a final dividend for the year, compared to a dividend of HKD 0.02 per share in 2024, representing a 100% decrease[2] - The board does not recommend the distribution of a final dividend for the fiscal year 2023/2024, which was previously set at HKD 0.02 per share[54] Development and Market Focus - The company plans to continue its focus on residential property development in Dongguan, Huizhou, and Foshan, maintaining its market presence in these regions[35] - The group is focusing on development in core cities of the Greater Bay Area, emphasizing urban renewal and rural revitalization[39] - The group plans to explore the integration of residential projects with cultural and tourism-related amenities to enhance project attractiveness and sustainability[44] - The outlook for the mainland real estate market indicates a gradual recovery, but rebuilding market confidence will take time[42] Operational Highlights - The Dongguan Jiahui Garden Phase III residential project delivered 13 units, generating revenue of RMB 36,570,000, with an average selling price of approximately RMB 20,200 per square meter[36] - The Dongguan Jiahui Garden Phase IV residential project delivered 59 units, recording revenue of RMB 119,649,000, with an average selling price of approximately RMB 20,600 per square meter[37] - As of March 31, 2025, the group's land reserves were approximately 230,791 square meters, down from 242,494 square meters a year earlier[36] Governance and Compliance - The audit committee has reviewed the financial statements for the year ending March 31, 2025, and confirmed compliance with applicable accounting standards[59] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[58] - There are no significant contingent liabilities reported as of March 31, 2025[50] - The company has not engaged in any purchase, redemption, or sale of its listed securities during the fiscal year ending March 31, 2025[56] Employee and Stakeholder Relations - The company has an average of approximately 65 employees as of March 31, 2025, with compensation policies including salaries, bonuses, and mandatory social insurance contributions in China[52] - The company has implemented a performance-based bonus system to reward outstanding employees[53] - The company expresses gratitude to all stakeholders, including customers, suppliers, bankers, and shareholders, for their continued support[60]

Financial Performance - Revenue for the six months ended September 30, 2024, was RMB 104,254,000, representing an increase of 2% from RMB 102,224,000 in the same period of 2023[8]. - Gross profit for the same period was RMB 63,641,000, down 9% from RMB 69,678,000 year-on-year[8]. - Operating profit decreased to RMB 41,147,000, a decline of 17% compared to RMB 49,502,000 in the previous year[8]. - Profit for the period was RMB 20,575,000, down 9% from RMB 22,604,000 in the prior year[12]. - Basic and diluted earnings per share were 4.1 RMB cents, compared to 4.5 RMB cents in the previous year[8]. - Total comprehensive income for the period was RMB 20,642,000, down from RMB 25,431,000 in the same period of 2023[12]. - Other net gains increased to RMB 2,084,000 from RMB 1,140,000 year-on-year[8]. - Selling and administrative expenses rose to RMB 24,578,000, up from RMB 21,316,000 in the previous year[8]. - Finance income increased to RMB 1,560,000, compared to RMB 1,329,000 in the same period of 2023[8]. - The company reported an income tax charge of RMB 22,131,000 for the period, compared to RMB 28,159,000 in the previous year[8]. - Total comprehensive income for the six months ended September 30, 2024, was RMB 20,642, compared to RMB 25,431 for the same period in 2023, reflecting a decline of 18.7%[22]. Cash Flow and Assets - Cash generated from operations was RMB 12,578 for the six months ended September 30, 2024, a significant improvement from a cash outflow of RMB 4,992 in the same period last year[26]. - Cash and cash equivalents at the end of the period were RMB 155,491, down from RMB 204,047 at the end of September 30, 2023, marking a decrease of 23.8%[26]. - The company paid dividends of RMB 9,359 during the period, compared to RMB 18,892 in the same period last year, a reduction of 50.5%[26]. - As of September 30, 2024, total net assets increased to RMB 860,506, up from RMB 849,223 as of March 31, 2024, representing a growth of 1.5%[14]. - Current liabilities decreased to RMB 481,024 as of September 30, 2024, from RMB 518,508 as of March 31, 2024, a decrease of 7.2%[14]. - Non-current liabilities increased slightly to RMB 880,548 from RMB 869,274, reflecting a rise of 1.6%[14]. - Cash and bank deposits totaled RMB 155,491,000 as of September 30, 2024, down from RMB 175,162,000, representing a decrease of approximately 11.2%[82]. Property and Development - The Group operates primarily in the Chinese Mainland, focusing on property sales and development in Dongguan, Huizhou, and Foshan[46]. - For the six months ended September 30, 2024, the revenue from property sales was RMB 104,254,000, compared to RMB 102,224,000 for the same period in 2023, reflecting a growth of approximately 2%[41]. - As of September 30, 2024, properties under development for sale amounted to RMB 186,359,000, an increase from RMB 174,698,000 as of March 31, 2024, reflecting a growth of approximately 10.0%[80]. - Completed properties held for sale decreased to RMB 742,208,000 from RMB 790,038,000, indicating a decline of about 6.1%[80]. - The Group's customer base was diversified, with no single customer accounting for more than 10% of the total revenue during the reporting period[43]. Taxation and Liabilities - The total income tax charge for the six months ended September 30, 2024, was RMB 22,131,000, compared to RMB 28,159,000 in 2023, reflecting a reduction of approximately 21.5%[57]. - The provision for Enterprise Income Tax (EIT) was RMB 5,654,000 for the period, down from RMB 14,463,000 in 2023, representing a decrease of approximately 60.9%[57]. - The Group's outstanding guarantees to banks for mortgage arrangements decreased to RMB 275,591,000 from RMB 347,753,000, a reduction of about 20.7%[92]. Corporate Governance and Compliance - The interim financial report has been prepared in accordance with the same accounting policies as the annual financial statements for the year ended March 31, 2024[30]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period, ensuring consistency in financial reporting[37]. - The audit committee reviewed the unaudited interim results and had no disagreements with the accounting treatment and policies adopted[198]. - The company complied with the Corporate Governance Code during the period and will continue to review its practices[199]. Shareholder Information - Mr. Ho Cheuk Fai held a total of 366,667,500 shares, representing 72.56% of the Company[159]. - Honford Investments holds 82,500,000 shares, representing 16.33% of the total shares[178]. - TMF holds 204,402,000 shares, which accounts for 40.45% of the total shares[178]. - The share option scheme adopted on August 26, 2022, was terminated on August 30, 2023, with no outstanding options remaining at the termination date[165]. - A new share option scheme was approved and adopted on August 30, 2023, which is valid for 10 years, leaving approximately 9 years remaining[168]. Future Outlook - The Group is optimistic about the long-term development of the real estate market, anticipating a gradual recovery in housing demand and sales performance in the second half of the year[120][123]. - The Group plans to diversify its business expansion strategy by integrating cultural, tourism, commercial, and residential elements to enhance operational efficiency[122][124]. - Current real estate regulatory policies include easing measures and economic incentives aimed at stabilizing the market, which may improve market sentiment[9].

Financial Performance - Revenue for the six months ended September 30, 2024, was RMB 104,254,000, representing a 2% increase from RMB 102,224,000 in the same period of 2023[3] - Profit attributable to equity holders for the same period was RMB 20,575,000, a decrease of 9% compared to RMB 22,604,000 in 2023[3] - Basic earnings per share for the six months ended September 30, 2024, was RMB 4.1, down from RMB 4.5 in the previous year, reflecting a 9% decline[3] - Gross profit for the period was RMB 63,641,000, compared to RMB 69,678,000 in 2023, indicating a decrease in gross margin[12] - The total tax expense for the six months ended September 30, 2024, was RMB 22,131,000, compared to RMB 28,159,000 for the same period in 2023[29] - The company plans to pay a final dividend of HKD 0.02 per share, amounting to RMB 9,359,000, down from RMB 18,892,000 in the previous period[39] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 1,122,688,000, slightly down from RMB 1,158,344,000 as of March 31, 2024[6] - Current liabilities decreased to RMB 481,024,000 from RMB 518,508,000, showing a reduction in short-term financial obligations[6] - The total equity value increased to RMB 860,506,000 from RMB 849,223,000, indicating a growth in shareholder equity[9] - The company reported a net cash and bank deposits of RMB 155,491,000, down from RMB 175,162,000, reflecting a decrease in liquidity[6] - The net asset liability ratio as of March 31, 2024, and September 30, 2024, is not applicable due to the company being in a net cash position[54] - The company has issued guarantees to banks for certain mortgage arrangements, with a total outstanding bank guarantee amounting to RMB 275,591,000 as of September 30, 2024[58] Project Development - The company's land reserves as of September 30, 2024, were approximately 236,756 square meters, down from 242,494 square meters as of March 31, 2024[42] - The Dongguan Jiahui Haoting Phase III residential project generated revenue of RMB 36,570,000, with 13 units delivered at an average price of RMB 20,200 per square meter[43] - The Dongguan Jiahui Haoting Phase IV residential project recorded revenue of RMB 51,145,000 from 24 units delivered, averaging RMB 21,900 per square meter[43] - The Dongguan Jiahui Haoting Phase V project generated revenue of RMB 13,963,000 from 4 units delivered, with an average price of RMB 24,500 per square meter[45] - The Huizhou Luofu Pavilion residential project, with a saleable area of approximately 30,300 square meters, recorded revenue of RMB 2,576,000 from 4 units delivered at an average price of RMB 7,800 per square meter[45] Strategic Focus and Future Outlook - The company plans to continue focusing on property development as its sole reporting segment, with no new segments introduced[19] - The company anticipates improved sales performance in the second half of the year, driven by supportive real estate policies and a gradual recovery in buyer sentiment[49] - The company plans to diversify its business development strategy, integrating culture, tourism, commerce, and residential sectors to enhance operational efficiency and achieve asset balance[51] - The company is committed to sustainable development by incorporating green building concepts into its real estate projects, aiming to create long-term value for stakeholders[48] - The company will continue to adopt flexible marketing and pricing strategies tailored to local conditions to manage inventory and enhance cash flow[49] Cash Flow Management - The company actively reduced inventory and strengthened cash flow, maintaining a healthy cash flow status despite a trend of "price for volume" in the real estate market[48] - The company completed the sale of its wholly-owned subsidiary, Dongguan Jiaxuntong Computer Products Co., Ltd., in August 2024, further enhancing cash flow[48] - As of September 30, 2024, the company held approximately RMB 155,491,000 in cash and bank deposits, ensuring sufficient resources for current operations and capital expenditures[55] Compliance and Governance - The company has adopted strict procedures to regulate directors' securities trading in compliance with the Listing Rules Appendix C3[68] - All directors confirmed compliance with the Standard Code during the relevant period[68] - The interim report for the period ending September 30, 2024, will be published on the Stock Exchange's website as required by the Listing Regulations[69]

Market Capitalization and Financial Performance - As of March 31, 2024, the market capitalization was HK$404,291,840, with a closing price of HK$0.80[11] - As of June 30, 2024, the market capitalization decreased to HK$343,648,064, with a closing price of HK$0.68[11] - The Company reported reserves of approximately RMB 306,300,000 available for distribution to shareholders as of March 31, 2024[165] - The total dividend paid/payable for this year amounted to HK2.0 cents per share, reflecting a decrease from the previous year's total of HK4.0 cents per share[82][86] - The Board has recommended a final dividend of HK2.0 cents per share, down from HK4.0 cents per share in the previous year, resulting in a total dividend of HK2.0 cents per share for the year[82][86] Corporate Governance and Compliance - The Group has applied the principles of the Corporate Governance Code and complied with all code provisions for the year ended 31 March 2024[92][95] - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[91][95] - The Board has reviewed the Shareholders Communication Policy, confirming its effectiveness during the year[50] - The Group has recognized the importance of compliance with regulatory requirements and has implemented systems to ensure ongoing adherence[171] - The Group has implemented anti-corruption and anti-bribery measures, with internal audits conducted to ensure compliance[70] Risk Management - The Group's success risks are categorized into four types: strategic, operational, compliance, and financial & reporting[28] - Operational risks include inefficient resource use and increased material costs, which can negatively impact profitability[28] - Compliance risks involve violations of laws in areas such as environmental regulations and employee health & safety[28] - Financial risks encompass currency exchange fluctuations, funding issues, and cash flow management[28] - The Company has implemented an Enterprise Risk Management (ERM) framework to enhance its ability to manage existing and emerging risks[30] - The ERM process ensures that all business risks are identified, measured, and managed effectively within a structured framework[30] - The risk assessment techniques are regularly monitored to verify their proper application and effectiveness[42] - The Group adopts a mixed top-down and bottom-up approach for risk analysis, identifying key risks and uncertainties in the PRC real estate market[195] Operational Management - The company has conducted operational management audits focusing on project tendering, budgeting, and other high-risk areas during the year[26] - The internal audit department reported key controls and risks to the board and audit committee, ensuring deficiencies are rectified[26] - The Group's management team closely monitors project quality, progress, safety, and materials to reduce costs and deliver quality properties[154] - The Group's professional management team strictly supervises project development processes to reduce costs and enhance competitiveness in the market[178] - The Group has established a professional team to maintain close communication with relevant authorities and study policy trends to adopt a more flexible sales approach[177] Employee Management and Development - The group had approximately 60 employees on average during the year, with remuneration packages including salary and bonuses based on performance assessments[117] - The group has adopted a performance-based bonus system to incentivize employees with outstanding performance[123] - The company has established a "Cooperative Home" program to encourage talent retention by assisting employees in purchasing homes[121] - The group has provided continuous training courses to its employees to enhance their skills[118] - The Group ensures reasonable remuneration for all staff and regularly reviews its policies on remuneration and benefits[174] Future Outlook and Strategic Plans - The company plans to announce the 2023/24 results on June 18, 2024[18] - The last day to register for the entitlement to attend and vote at the 2023/24 annual general meeting is August 23, 2024[11] - The annual general meeting is scheduled for August 30, 2024[11] - The Group is focusing on the sales of Phases 4 and 5 of Castfast Villas in Dongguan and development in the Greater Bay Area, aiming for financial stability and substantial investment returns[199] - The timing of property sales and the progress of development projects may cause fluctuations in financial performance, complicating future financial predictions[198] Shareholder and Market Relations - The Company provides appropriate communication channels to shareholders, ensuring transparency and accountability[50] - The Group maintains a customer complaint handling mechanism to improve service quality[174] - The Group has a good relationship with customers and has established a complaint handling mechanism to improve service quality[196] Miscellaneous - The company entered into a disposal agreement to sell its wholly-owned subsidiary for a consideration of RMB19,800,000, which was approved by independent shareholders[116] - There are no significant future investment or capital asset plans as of March 31, 2024[114] - The Group's operations are primarily conducted through subsidiaries in Hong Kong and Mainland China, complying with relevant laws and regulations in these regions[172] - The Group's operations are subject to extensive government policies and regulations, particularly in the PRC property sector, making it susceptible to adverse policy changes[197] - The maximum number of shares that can be issued under the new share award plan is capped at 10% of the issued share capital, equating to 50,536,480 shares[181] - No share options were granted, exercised, or lapsed under the new share award plan since its adoption on August 30, 2023[193]

Financial Performance - The company's property sales revenue for 2024 was RMB 226,877,000, a decrease from RMB 700,751,000 in 2023[6] - Revenue for the fiscal year ended March 31, 2024, was RMB 226,877,000, a decrease of 68% compared to RMB 700,751,000 in the previous year[33] - Profit attributable to equity holders for the same period was RMB 40,069,000, down 78% from RMB 180,846,000[33] - Basic earnings per share decreased to RMB 7.9, a 78% decline from RMB 35.8[33] - The company reported a gross profit of RMB 145,724,000, significantly lower than RMB 516,932,000 in the previous year[47] - The total income tax expense for 2024 was RMB 46,016,000, significantly lower than RMB 268,279,000 in 2023[10] - The financial income for 2024 was RMB 302,000, a decrease from RMB 6,419,000 in 2023[8] - The company reported a net financial cost of RMB (2,581,000) for 2024, compared to a net income of RMB 385,000 in 2023[8] - The company will propose a final dividend of 2.0 HKD cents per share, compared to 4.0 HKD cents in the previous year, reflecting a decrease in profitability[94] - The proposed final dividend is HKD 0.02 per share, totaling an annual dividend of HKD 0.02 per share, down from HKD 0.04 per share in the previous fiscal year[102] Cash and Assets Management - As of March 31, 2024, the total cash and bank deposits amounted to RMB 175,162,000, down from RMB 267,835,000 in 2023[17] - The company’s restricted cash decreased to RMB 3,796,000 in 2024 from RMB 10,503,000 in 2023[17] - The company currently holds cash and bank deposits of approximately RMB 175,162,000, sufficient to meet operational and capital expenditure needs and to make strategic investments when opportunities arise[97] - The company maintains a net cash position, with no applicable net debt ratio as of March 31, 2024[123] Inventory and Performance Obligations - The remaining performance obligations under contracts amounted to RMB 38,566,000 as of March 31, 2024, down from RMB 211,353,000 in 2023[23] - The company’s inventory of properties held for sale increased to RMB 174,698,000 in 2024 from RMB 166,207,000 in 2023[16] - The company reported a provision for inventory impairment loss of RMB 11,999,000 for 2024, compared to zero in 2023[16] - Administrative expenses decreased by approximately 33%, equivalent to RMB 15,000,000, demonstrating improved operational efficiency[118] Market Conditions and Strategy - The overall real estate market is experiencing significant volatility, with a substantial decline in contract sales volume and area throughout the year[59] - Profit attributable to equity holders was RMB 40,069,000, down about 78% from RMB 180,846,000 in the prior year, primarily due to external factors such as economic slowdown and a weak real estate market[75] - The company aims to maintain profitability and maximize shareholder value despite market challenges, focusing on resource optimization and operational efficiency[57] - The company aims to focus on projects in the Greater Bay Area and implement flexible marketing strategies to optimize pricing and reduce inventory[75] - The company is exploring a diversified business model in response to government rural revitalization policies, integrating culture, tourism, commerce, and residential elements[95] - The real estate industry faces ongoing operational challenges despite positive signals from national and local policies aimed at stimulating market demand[117] Organizational Structure and Human Resources - The company has a streamlined organizational structure and an efficient management team to enhance operational and competitive capabilities[75] - The company employs an average of 60 employees, with compensation based on qualifications, positions, and performance evaluations[127] Customer Base - The company had no single customer contributing over 10% of total revenue, indicating a diversified customer base[7] Land and Project Development - The total land reserve as of March 31, 2024, was approximately 242,494 square meters, down from 253,594 square meters a year earlier[55] - The company delivered 29 units in the Dongguan Jiahuai Garden Phase V, generating revenue of RMB 116,964,000, with an average selling price of approximately RMB 28,000 per square meter[56] - The company has delivered 38 units in the Dongguan project, generating revenue of RMB 95,109,000, with an average selling price of approximately RMB 26,300 per square meter[76] - The company has completed the Huizhou project with a total saleable area of approximately 30,300 square meters, generating revenue of RMB 5,285,000 from 8 delivered units[90] Future Plans - The company plans to sell its wholly-owned subsidiary for RMB 19,800,000, which is expected to streamline the corporate structure and reduce management costs[92] - The company continues to monitor foreign exchange risks, particularly related to USD and HKD, and aims to minimize currency conversion risks[124]

Financial Performance - Revenue for the six months ended September 30, 2023, was RMB 102,224, a decrease of 78.4% compared to RMB 473,010 in 2022[4] - Gross profit for the same period was RMB 69,678, down 80.3% from RMB 354,433 in 2022[4] - Operating profit decreased to RMB 49,502, a decline of 85.0% from RMB 329,791 in the previous year[4] - Profit for the period was RMB 22,604, representing a decrease of 84.2% compared to RMB 143,127 in 2022[4] - Finance income for the period was RMB 1,329, down 62.1% from RMB 3,507 in 2022[4] - The total income tax charge for the six months ended 30 September 2023 was RMB 28,159,000, compared to RMB 187,986,000 in the previous year, representing a decrease of 85%[134] - Basic earnings per share for the six months ended 30 September 2023 was 4.5 RMB cents, down from 28.3 RMB cents in the previous year, reflecting a decline of 84.1%[142] - Profit attributable to equity shareholders for the same period was RMB 22,604,000, down approximately 84% from RMB 143,127,000 in the previous year[40] Comprehensive Income - Other comprehensive income for the period was RMB 2,827, compared to a loss of RMB 42,104 in the same period last year[6] - The Group reported a total comprehensive income of RMB 25,431,000 for the period, which includes a profit of RMB 22,604,000 and other comprehensive income of RMB 2,827,000[67] Cash Flow and Liquidity - For the six months ended September 30, 2023, the net cash used in operating activities was RMB (4,992) thousand, compared to RMB 50,759 thousand generated in the same period of 2022[1] - The net cash used in investing activities amounted to RMB (70,687) thousand, an increase from RMB (60,359) thousand in the prior year[1] - The net cash generated from financing activities was RMB 4,863 thousand, a significant recovery from RMB (99,418) thousand used in the same period last year[1] - The total cash and cash equivalents at the end of the period were RMB 204,047 thousand, down from RMB 369,644 thousand at the end of September 2022[1] - The Group's cash and bank deposits as of 30 September 2023 amounted to RMB 195,684,000, down from RMB 252,940,000 as of 31 March 2023, a decline of 22.6%[122] - The Group's cash at bank and in hand decreased from RMB 257,332,000 to RMB 191,567,000, reflecting a significant reduction in liquidity[182] - The Group aims to maintain a strong liquidity position to capture future growth opportunities[190] Operational Strategy - The company is focusing on market expansion and new product development strategies to improve future performance[4] - The interim report indicates a strategic shift in operations to adapt to changing market conditions[4] - The Group aims to explore sales channels and implement precise sales strategies to achieve operating targets for the year 2023/2024[160] - The Group is focused on renewal projects in the Greater Bay Area, which are expected to have greater market resilience and growth potential[157] - The Group plans to explore a new business model integrating culture, tourism, and commerce, responding to the government's rural revival policy to enhance project quality and diversify growth[186] Property Development - Phase 4 of Castfast Villas, Dongguan delivered 16 units, generating revenue of RMB41,512,000 with an average selling price of approximately RMB28,000 per sq.m.[43] - Phase 5 of Castfast Villas, Dongguan delivered 14 units, recording revenue of RMB58,907,000 with an average selling price of approximately RMB28,600 per sq.m.[48] - Louvre Mansion, Huizhou completed with a total saleable area of approximately 30,300 sq.m., delivering 3 units and generating revenue of RMB1,805,000[49] - Revenue from property sales for the six months ended September 30, 2023, is not explicitly stated but is derived from the income from sales net of taxes and discounts[102] - Properties under development for sale amounted to RMB170,487,000, an increase from RMB166,207,000 in the previous period[170] - Completed properties held for sale decreased to RMB841,787,000 from RMB884,819,000 in the previous period[170] Financial Position - The Group's outstanding guarantees to banks for mortgage arrangements amounted to RMB398,707,000 as of 30 September 2023, down from RMB515,657,000 as of 31 March 2023[61] - The Group's total interest-bearing bank borrowings are approximately RMB18,892,000, which is due for repayment in December 2023[161] - The Group's net gearing ratio was not applicable as it maintained a net cash position, with total bank borrowings of approximately RMB 18,892,000 due for repayment in December 2023[198] - The Group's financial resources are expected to support current operations and capital expenditures, ensuring readiness for strategic investments[200] Human Resources - The company reported wages and salaries of RMB 8,932 thousand for the six months ended September 30, 2023, compared to RMB 8,077 thousand in the same period of 2022[110] - The contributions to the defined contribution retirement plan were RMB 374 thousand, slightly up from RMB 373 thousand in the previous year[110] - The Group continues to enhance its operational efficiency through talent recruitment and training, aiming to improve product quality[82] Market Outlook - The Group anticipates that the real estate market will transition from a state of fluctuation to equilibrium, supported by government policies, indicating a shift towards stable and healthy development[185] - The Group will maintain a prudent investment approach while controlling financial risks and enhancing operational efficiency[160] Corporate Governance - The Board does not recommend the payment of any interim dividend for the six months ended 30 September 2023[39] - The Group declared no interim dividend for the period, compared to RMB 65,000,000 declared in the same period of 2022[88] - The Group has not adopted any new standards or interpretations that have not yet come into effect during the accounting period[123] - The Group's business philosophy emphasizes resilience and a focus on achieving synergy for long-term development[197]