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 董事會謹此宣佈，於二零二五年九月二日（交易時段後），本公司間接全資附 屬公司廣東嘉朗（作為發包商）與深圳光影百年（作為承包商）訂立承包商施 工合同負責進行主題公園夜遊項目，據此，廣東嘉朗同意委聘深圳光影百年 提供施工工程，合同價為人民幣23,800,000元（相等於約港幣26,180,000元）（含 稅），可根據承包商施工合同的條款予以調整。 本集團擬藉由承接主題公園的運營，並進一步投資及發展其設施，務求提升 其吸引力及擴大其規模。預期此舉措不僅可豐富本集團的文化旅遊產業，還 可與本集團的相鄰住宅物業產生協同效應。 上市規則的涵義 由於承包商施工合同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，承包商施工合同項下 擬進行交易構成本公司的須予披露交易，因此須遵守上市規則第十四章的申 報及 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉創房地產控股有限公司 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02421 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 505,364,800 | | 0 | | 505,364,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 505,364,800 | | 0 | | 505,364,800 | 第 2 頁 ...

Market Performance - The Hong Kong stock market indices continued to rise in the afternoon, with a notable increase in market sentiment, showing a rebound after an initial decline this week [1] - The Hang Seng Tech Index surged by 2.71%, leading the gains, while the Hang Seng Index and the National Enterprises Index rose by 0.93% and 1.17% respectively, with the National Index returning above the 9000-point mark [1] Sector Performance - Major technology stocks experienced a collective rally in the afternoon, with Kuaishou rising over 4%, Xiaomi increasing by 2.34%, Alibaba up by 2%, and Tencent and Meituan both gaining over 1% [1] - Semiconductor stocks were significantly boosted by two news items, with Huahong Semiconductor soaring nearly 18%, SMIC rising by 10%, and Jingmen Semiconductor and Beike Micro both increasing by over 10% [1] - Other sectors such as military, robotics, automotive, stablecoin, dining, paper, and various others also saw upward movements [1] Underperforming Sectors - Despite the overall market gains, certain sectors faced declines, particularly in the airline industry where the occupancy rate slightly decreased month-on-month, leading to a marginal improvement in airline revenue levels [1] - China National Airlines experienced a significant drop of over 5%, while sectors such as copper, brain-computer interface, coal, photovoltaic, gambling, and home appliances mostly performed poorly [1]

Core Viewpoint - 嘉创地产 has entered into a lease agreement to operate the 龙凤山庄 theme park, aiming to diversify its revenue sources and enhance property values in the surrounding area, ultimately contributing to local economic growth [1] Group 1: Lease Agreement and Development Plans - The lease agreement involves 嘉创地产's subsidiary, 广东嘉朗, renting approximately 145,600 square meters of land where the theme park is located [1] - The theme park is strategically positioned near the 大龙工业区 and is part of the company's property development projects, enhancing the overall appeal of the area [1] Group 2: Expected Benefits from Theme Park Operations - **Business Diversification**: The operation of the theme park will integrate entertainment, hospitality, and leisure activities, generating stable income and cash flow, complementing the company's core residential property development [1] - **Property Value Appreciation**: The integration of cultural tourism operations is expected to stimulate local real estate growth, increasing property values and rental prices in the vicinity, particularly benefiting the 嘉辉豪庭 project [1] - **Cultural Tourism Positioning**: The company aims to create a "tourism town" through the theme park, enhancing its brand in cultural tourism and opening opportunities for future projects and regional expansion [1] - **Competitive Advantage**: Successful development of the theme park will strengthen the company's brand in cultural tourism, attracting quality partnerships and facilitating business expansion into other regions of China [1]

Core Viewpoint - The company aims to diversify its revenue sources and enhance property values through the operation of a theme park, which is expected to stimulate local real estate growth and development [1] Group 1: Lease Agreement and Development Plans - The company has entered into a lease agreement for a land area of approximately 145,600 square meters, where the existing theme park, Longfeng Mountain Villa, is located [1] - The theme park will be further developed by the company to enhance its appeal and scale, integrating it with nearby property development projects [1] Group 2: Strategic Location and Market Potential - The theme park is strategically located in Dongguan, near Shenzhen, in the heart of the Greater Bay Area, surrounded by natural resources suitable for various tourism products [1] - After over ten years of operation, the theme park has gained significant market recognition, providing a solid foundation for further upscale and diversified development [1] Group 3: Expected Benefits from Theme Park Operation - The operation of the theme park is expected to expand the company's business portfolio by generating stable income and cash flow through a cultural tourism business model [1] - The integration of cultural tourism operations is anticipated to drive local real estate growth, increasing property values and rental prices in the surrounding areas [1] - The company aims to establish a "tourism town" through the theme park, enhancing its brand effect in cultural tourism projects and exploring regional expansion opportunities [1] - Successful development of the theme park will strengthen the company's brand in cultural tourism, attracting quality partnerships and facilitating business expansion in other regions of China [1]

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]