Core Viewpoint - The United Nations Ocean Conference in Nice, France, highlighted China's achievements in marine ecological protection and sustainable development, receiving high praise from global experts and officials [1][2]. Group 1: China's Initiatives and Achievements - China has established marine protected areas and wetland management zones, invested in ecological restoration, and implemented effective patrols to enhance marine biodiversity [2]. - The "Blue Partnership" initiative showcases China's commitment to sharing knowledge and technology with the international community, aiming to assist countries in capacity building for marine protection [1][3]. - The COAST toolkit, developed by China's First Institute of Oceanography, integrates marine big data, advanced numerical models, and AI technology to provide visual products and services for marine disaster management, ecological health, and fisheries resources [2]. Group 2: International Collaboration and Recognition - Experts from various countries, including Egypt and the United Nations, acknowledged the COAST toolkit's potential to help global southern nations better understand and assess their marine resources [3][4]. - China's efforts in promoting environmentally friendly regulations for deep-sea mining were commended, emphasizing its role in multilateralism and adherence to international marine rules [4]. - The International Council for Science's marine expert group highlighted China's leadership in projects under the "UN Decade of Ocean Science for Sustainable Development" (2021-2030), reinforcing its commitment to knowledge sharing and exploration [4].

Core Viewpoint - The series "Towards the Sea" aims to showcase China's marine development and its commitment to becoming a maritime power, highlighting various innovative practices in marine energy, technology, and ecological protection [4][15]. Group 1: Themes and Content - The program focuses on five main themes: "Resource Treasure," "Chasing Dreams in the Deep Blue," "Farming and Fishing," "Blue Coastlines," and "Blue Pulses," providing a comprehensive view of China's advancements in marine energy development and ecological restoration [4]. - It features over 20 stories that illustrate China's commitment to global marine governance and resource sharing, emphasizing the harmonious relationship between humans and the sea [6][15]. Group 2: Technological Innovations - The series employs advanced filming techniques such as aerial photography, data visualization, and animation to present complex marine scenarios, showcasing China's significant technological advancements in marine science [11]. - Highlights include the successful trial of combustible ice extraction and the integration of floating wind power platforms into the energy grid, demonstrating China's technological breakthroughs in the marine sector [8]. Group 3: Economic Impact - China's marine economy is projected to exceed 10 trillion yuan (approximately 1.5 trillion USD) for the first time in 2024, reflecting the growth and global competitiveness of its marine industries [15]. - The program aims to inspire public awareness and appreciation for marine resources, reinforcing the strategic value of the ocean in China's development narrative [15].

Financial Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 197.8 million, a decrease of 27.5% compared to HKD 272.7 million for the same period in 2023[8]. - The group reported a loss of approximately HKD 6.8 million for the current period, compared to a profit of HKD 10.6 million in the same period last year[8]. - The loss attributable to equity holders of the company was approximately HKD 3.8 million, down from a profit of HKD 14.0 million in the previous year[8]. - Basic loss per share for the current period was approximately HKD (0.05) cents, compared to earnings of HKD 0.23 cents per share in the prior year[8]. - Gross profit for the current period was HKD 20.0 million, down 40.3% from HKD 33.6 million in the same period last year[11]. - Total comprehensive loss for the period was HKD 18.4 million, compared to a profit of HKD 24.1 million in the same period last year[13]. - The company's revenue for the six months ended September 30, 2024, was HKD 272,686,000, a decrease from HKD 197,799,000 in the same period of 2023[33]. - Other income for the six months ended September 30, 2024, totaled HKD 3,652,000, down from HKD 17,092,000 in the previous year[35]. - The company reported a total comprehensive loss of HKD 6,840,000 for the six months ended September 30, 2024, compared to a profit of HKD 10,642,000 in the same period of 2023[40]. Cash Flow and Assets - The group's cash and cash equivalents as of September 30, 2024, were HKD 133,000, a decrease from HKD 243,000 as of March 31, 2024[15]. - The net cash used in operating activities for the six months ended September 30, 2024, was HKD (9,524,000), compared to HKD 7,693,000 in the same period of 2023[22]. - The total assets less current liabilities as of September 30, 2024, were HKD 550,817,000, down from HKD 570,662,000 as of March 31, 2024[17]. - The company's net asset value as of September 30, 2024, was HKD 506,121,000, a decrease from HKD 525,119,000 as of March 31, 2024[17]. - As of September 30, 2024, the total assets of the group were approximately HKD 1,270,503,000, an increase from approximately HKD 1,061,472,000 as of March 31, 2024[69]. - The group had bank borrowings of approximately HKD 53,000,000 as of September 30, 2024, compared to approximately HKD 51,859,000 as of March 31, 2024[71]. Segment Performance - The supply chain management services segment generated revenue of HKD 197,799,000, while the marine fishing segment reported no revenue[33][34]. - The overall segment performance showed a loss of HKD 5,492,000 for the six months ended September 30, 2024, compared to a profit of HKD 20,244,000 in the same period of 2023[40]. - Total assets for the supply chain management services segment amounted to HKD 1,002,593,000 as of September 30, 2024, an increase from HKD 783,480,000 as of March 31, 2024[42]. - The total liabilities for the supply chain management services segment were HKD 421,602,000 as of September 30, 2024, compared to HKD 200,855,000 as of March 31, 2024, indicating a significant increase[42]. Dividends and Shareholder Information - The board of directors did not recommend any interim dividend for the current period, consistent with the previous year[8]. - The company did not recommend any interim dividend for the current period, consistent with the previous year[49]. - As of September 30, 2024, Liu Yi holds 724,292,000 shares, representing approximately 10.22% of the issued share capital[94]. - During the reporting period, the company did not repurchase any shares, nor did it or any of its subsidiaries buy or sell any related shares[97]. Employee and Operational Information - As of September 30, 2024, the company employed 24 staff members, a decrease from 39 staff members as of September 30, 2023[78]. - Total employee costs for the period amounted to HKD 1,871,000, compared to HKD 1,618,000 for the same period in 2023, reflecting an increase of approximately 15.6%[78]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the period and confirmed compliance with appropriate accounting standards and GEM listing rules[103].

[Corporate Information](index=4&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The report details the company's Board of Directors and various committee members, including changes during the reporting period, ensuring independent and professional corporate governance - The company's Board of Directors and various committee members underwent multiple changes, including the resignation of Executive Director Ms. Wei Qing and the appointment of new directors Mr. Chen Jianzhang, Mr. Chen Shenxiu, and Mr. Yang Ying[584](index=584&type=chunk)[608](index=608&type=chunk) [Key Corporate Offices](index=6&type=section&id=Key%20Corporate%20Offices) The company, incorporated in Bermuda with stock code 8047, maintains its registered office in Bermuda and principal places of business in Hong Kong and Shenzhen, China, with key information on share registrars and website provided - The company maintains offices in Hong Kong, mainland China, and Bermuda, with Bank of China (Hong Kong) Limited as its principal banker[586](index=586&type=chunk)[587](index=587&type=chunk)[609](index=609&type=chunk) [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) The Chairman's Statement reviews the fiscal year ended March 31, 2024, highlighting significant revenue growth, improved gross profit, and narrowed loss attributable to owners, primarily driven by the seafood supply chain business despite challenges in the fishing segment [Results](index=7&type=section&id=Results) The Group's overall financial performance significantly improved this fiscal year, with total revenue increasing by 76.3% year-on-year, gross profit more than tripling, and loss attributable to owners narrowing by 18.3% 2024 Fiscal Year Key Financial Indicators | Indicator | 2024 Fiscal Year (HKD Million) | 2023 Fiscal Year (HKD Million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 398.2 | 225.9 | +76.3% | | **Gross Profit** | 45.3 | 13.8 | +228.3% | | **Gross Profit Margin** | 11.4% | 6.1% | +5.3pp | | **Loss Attributable to Owners** | (37.4) | (45.8) | -18.3% | | **Administrative Expenses** | 53.2 | 43.9 | +21.2% | [Operational Review](index=8&type=section&id=Operational%20Review) This year, the Group's core business focused on seafood supply chain management services, vertically integrated with fishing subsidiaries, though the fishing business faced temporary suspension due to vessel renewal and license renewal issues - Supply chain management services are the Group's business focus, while the deep-sea fishing business faces temporary stagnation due to vessel renewal and license renewal issues, with management actively seeking solutions[593](index=593&type=chunk)[615](index=615&type=chunk)[645](index=645&type=chunk) - As a trade practice, the Group pays prepayments to suppliers to ensure seafood supply, with prepayment amounts increasing from **HKD 356 million** to **HKD 513 million** this fiscal year[591](index=591&type=chunk)[644](index=644&type=chunk) [Prospect](index=9&type=section&id=Prospect) Looking ahead, the Group will continue to closely monitor and stabilize the supply chain management business while actively seeking promising investment and business opportunities, particularly in deep-sea fishing, to broaden revenue streams and enhance shareholder value - The company's future strategy focuses on stabilizing supply chain operations and actively seeking new investment opportunities, especially in deep-sea fishing where the management team has extensive experience[648](index=648&type=chunk)[594](index=594&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the Group's operational and financial performance, highlighting strong revenue and gross profit growth from the seafood supply chain business, narrowed losses, increased administrative expenses, and stable capital structure, alongside updates on arbitration, foreign exchange risk management, and employee compensation [Financial Review](index=10&type=section&id=Financial%20Review) This fiscal year, the Group's revenue increased to HKD 398 million, gross profit to HKD 45.3 million, and gross profit margin improved from 6.1% to 11.4%, while loss attributable to owners narrowed to HKD 37.4 million, and administrative expenses rose to HKD 53.2 million Financial Performance Summary (HKD Million) | Indicator | 2024 Fiscal Year | 2023 Fiscal Year | | :--- | :--- | :--- | | Revenue | 398.2 | 225.9 | | Gross Profit | 45.3 | 13.8 | | Loss Attributable to Owners | (37.4) | (45.8) | | Administrative Expenses | 53.2 | 43.9 | | Prepayments to Suppliers | 513.3 | 355.9 | [Liquidity, financial resources and capital structure](index=12&type=section&id=Liquidity%2C%20financial%20resources%20and%20capital%20structure) As of March 31, 2024, the Group's total assets were approximately HKD 1.06 billion, with bank balances and cash at HKD 243 thousand, primarily relying on self-generated operating funds, share placements/subscriptions, and borrowings for operations, maintaining a relatively stable capital structure with a gearing ratio of approximately 4.9% Capital Structure and Liquidity (As of March 31) | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets (HKD Million) | 1,061.5 | 936.9 | | Bank Balances and Cash (HKD Thousand) | 243 | 4,129 | | Total Bank Borrowings (HKD Million) | 51.9 | 61.7 | | Gearing Ratio | 4.9% | 6.6% | [Litigations and Risk Management](index=13&type=section&id=Litigations%20and%20Risk%20Management) The report discloses the arbitration outcome with COFCO Capital (Hong Kong) Co., Ltd., requiring the company to pay approximately HKD 5 million in legal fees and interest, alongside financing restrictions, while the Group manages foreign exchange risk by primarily transacting in HKD and RMB and maintaining a prudent inventory policy - The company received an arbitration award from the Hong Kong International Arbitration Centre, requiring payment of approximately **HKD 5 million** in legal fees and interest to COFCO Capital, and restricting financing activities without their consent[633](index=633&type=chunk) [Employees and remuneration policies](index=14&type=section&id=Employees%20and%20remuneration%20policies) As of March 31, 2024, the Group had 36 employees (including directors), a decrease from 43 last year, with total staff costs (excluding directors' emoluments) amounting to approximately HKD 4.7 million, down from HKD 6 million last year - Employee headcount decreased from **43** to **36**[12](index=12&type=chunk) - Staff costs (excluding directors) decreased from **HKD 6 million** to **HKD 4.7 million**[12](index=12&type=chunk) [Biographies of Directors and Company Secretary](index=15&type=section&id=Biographies%20of%20Directors%20and%20Company%20Secretary) [Executive Directors](index=15&type=section&id=Executive%20Directors) This section introduces the backgrounds of the company's executive directors, highlighting their diverse and senior professional experience in import-export trade, logistics, corporate management, financial investment, capital operations, risk control, compliance, and financial management - The executive director team possesses diverse and senior professional backgrounds in trade, finance, corporate management, and finance[14](index=14&type=chunk)[15](index=15&type=chunk)[639](index=639&type=chunk) [Non-executive Directors](index=16&type=section&id=Non-executive%20Directors) This section introduces the resumes of non-executive directors, showcasing their extensive experience in finance, real estate, agriculture, energy, and economic management - Non-executive directors bring extensive experience and broad knowledge from various industries, including finance, real estate, agriculture, and energy, to the board[16](index=16&type=chunk)[17](index=17&type=chunk) [Independent Non-executive Directors](index=17&type=section&id=Independent%20Non-executive%20Directors) This section details the backgrounds of independent non-executive directors, who bring expertise from finance, corporate management, social engagement, and economics, providing independent and professional opinions to the company's decision-making - The independent director team comprises experts from finance, corporate management, social activities, and economics, providing independent and professional opinions for the company's decisions[672](index=672&type=chunk)[18](index=18&type=chunk)[700](index=700&type=chunk) [Company Secretary](index=19&type=section&id=Company%20Secretary) The Company Secretary, Mr. Lam Chi Ming, possesses over 30 years of experience in finance and general management and is a fellow of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants - Mr. Lam Chi Ming possesses extensive financial and management background, providing professional secretarial services to the company[702](index=702&type=chunk)[703](index=703&type=chunk) [Report of the Directors](index=20&type=section&id=Report%20of%20the%20Directors) The Directors' Report comprehensively outlines the company's business operations, financial position, corporate governance, and compliance matters for the reporting period, confirming adherence to relevant laws and regulations and maintenance of sufficient public float [Summary of Financial Information](index=21&type=section&id=Summary%20of%20Financial%20Information) The report provides key consolidated results and financial position data for the past five fiscal years, showing the company's revenue at HKD 398.2 million and loss before tax at HKD 44.31 million for FY2024, with total assets of HKD 1.046 billion and total liabilities of HKD 536 million as of March 31, 2024 Five-Year Financial Data Summary (HKD Million) | Fiscal Year | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 398.2 | 225.9 | 298.7 | 621.7 | 826.5 | | **(Loss)/Profit Before Tax** | (44.3) | (50.0) | (657.0) | (377.7) | 35.6 | | **Total Assets** | 1,046.3 | 936.9 | 1,027.5 | 1,544.6 | 1,716.6 | | **Total Liabilities** | (536.4) | (448.2) | (501.2) | (474.8) | (439.4) | [Key Relationships and Risks](index=22&type=section&id=Key%20Relationships%20and%20Risks) The company is committed to environmental protection and legal compliance, maintaining good relationships with employees, customers, and suppliers, while identifying and managing key risks including operational, market, and investment risks through established monitoring and response mechanisms - The company faces key risks including operational risk, market risk, and investment risk, with corresponding management frameworks established for monitoring[32](index=32&type=chunk)[61](index=61&type=chunk)[34](index=34&type=chunk) [Major Customers and Suppliers](index=26&type=section&id=Major%20Customers%20and%20Suppliers) This fiscal year, the Group exhibited very high customer and supplier concentration, with the top five customers contributing 100% of total revenue (the largest accounting for 92%), and the top five suppliers accounting for 100% of total purchases (the largest accounting for 91%) - The top five customers accounted for **100%** of total revenue, with the largest customer accounting for **92%**[720](index=720&type=chunk)[747](index=747&type=chunk) - The top five suppliers accounted for **100%** of total purchases, with the largest supplier accounting for **91%**[36](index=36&type=chunk)[67](index=67&type=chunk) [Directors' Interests and Share Options](index=27&type=section&id=Directors'%20Interests%20and%20Share%20Options) The report discloses directors' service contracts, interests in company shares, and the status of the share option scheme, noting that Executive Director Mr. Cai Haiming holds 2.13% of the company's shares and no share options have been granted or exercised since the scheme's adoption - Executive Director Mr. Cai Haiming holds **150,532,857** shares in the company, representing **2.13%** of the issued share capital[49](index=49&type=chunk) - Since the adoption of the share option scheme, the company has never granted or exercised any share options[76](index=76&type=chunk)[78](index=78&type=chunk) [Audit Committee and Auditor](index=32&type=section&id=Audit%20Committee%20and%20Auditor) The Audit Committee, comprising three independent non-executive directors with Mr. Jin Xiaoxian as chairman, reviewed financial reporting processes and internal controls, confirming compliance and recommending the re-appointment of Kaiyuan Xinde Certified Public Accountants Limited as auditor - The Audit Committee has reviewed the annual financial statements and deemed them compliant and adequately disclosed[56](index=56&type=chunk)[108](index=108&type=chunk) - The Board of Directors recommends the re-appointment of Kaiyuan Xinde Certified Public Accountants Limited as the company's auditor[59](index=59&type=chunk)[111](index=111&type=chunk) [Corporate Governance Report](index=34&type=section&id=Corporate%20Governance%20Report) This report outlines the company's compliance with corporate governance code provisions during the year, detailing the board's composition, responsibilities, meeting attendance, and the structure and work of its audit, remuneration, and nomination committees, along with internal controls, shareholder rights, and anti-corruption policies, reflecting a commitment to high governance standards [Board of Directors and Board Meetings](index=34&type=section&id=Board%20of%20Directors%20and%20Board%20Meetings) The Board of Directors is responsible for the Group's policy formulation, strategic planning, and major decision-making, with multiple changes in board members during the reporting period and 8 board meetings held, ensuring compliance with corporate governance code provisions and directors' adherence to securities trading conduct standards - The company complied with the provisions of the Corporate Governance Code throughout the year[113](index=113&type=chunk) - All directors confirmed compliance with the code of conduct regarding securities transactions during the year[91](index=91&type=chunk) - A total of **8** board meetings were held during the year, and the report discloses the attendance rate of each director[777](index=777&type=chunk)[778](index=778&type=chunk) [Board Committees](index=38&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination Committees, with the Remuneration Committee reviewing compensation, the Nomination Committee reviewing board structure, and the Audit Committee overseeing financial reporting and internal controls, having held four meetings to review quarterly, interim, and annual results - The Audit Committee held **four** meetings this year, reviewing quarterly, interim, and annual results and providing recommendations to the Board[153](index=153&type=chunk)[154](index=154&type=chunk) - This year's auditor fees included approximately **HKD 1.5 million** for statutory audit services, with no non-audit service fees[157](index=157&type=chunk)[211](index=211&type=chunk) [Internal Control and Shareholders' Rights](index=42&type=section&id=Internal%20Control%20and%20Shareholders'%20Rights) The Board of Directors is responsible for maintaining the Group's internal control and risk management systems, conducting annual effectiveness reviews, and ensuring shareholder rights, including the right for shareholders holding at least 10% of paid-up capital to requisition an extraordinary general meeting - The Board of Directors is responsible for the Group's internal control system, but currently no internal audit team has been established[158](index=158&type=chunk)[181](index=181&type=chunk) - Shareholders holding no less than **10%** of the paid-up capital have the right to requisition an extraordinary general meeting[136](index=136&type=chunk)[160](index=160&type=chunk) [Directors' Responsibility and Going Concern](index=44&type=section&id=Directors'%20Responsibility%20and%20Going%20Concern) The Board of Directors confirms its responsibility for preparing true and fair financial statements and, despite challenges, believes there are no material uncertainties that would cast significant doubt on the Group's ability to continue as a going concern, thus maintaining the going concern basis for financial statement preparation - The Board of Directors believes that, despite challenges, preparing financial statements on a going concern basis is appropriate[164](index=164&type=chunk)[166](index=166&type=chunk) [Independent Auditor's Report](index=46&type=section&id=Independent%20Auditor's%20Report) Independent Auditor Kaiyuan Xinde Certified Public Accountants Limited issued an audit opinion on the Group's consolidated financial statements, affirming their true and fair reflection of the Group's financial position and performance, while highlighting a material uncertainty related to going concern due to losses, low cash, and high current borrowings, without modifying the opinion, and identifying impairment assessment of receivables as a key audit matter [Opinion](index=46&type=section&id=Opinion) The auditor believes that the consolidated financial statements truly and fairly reflect the Group's consolidated financial position as of March 31, 2024, and its consolidated financial performance and cash flows for the year then ended, and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance - The auditor issued a standard unmodified opinion on the financial statements, deeming them true and fair[214](index=214&type=chunk)[853](index=853&type=chunk) [Material Uncertainty Related to Going Concern](index=47&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern) The auditor draws attention to the Group's annual loss of approximately HKD 37.4 million attributable to owners, bank balances and cash of only HKD 243 thousand, and current borrowings of HKD 148 million as of the reporting period end, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern, though the auditor's opinion is not modified in respect of this matter - The auditor emphasizes that the Group's annual loss, low cash levels, and high current borrowings constitute a material uncertainty regarding its ability to continue as a going concern[173](index=173&type=chunk)[201](index=201&type=chunk) [Key Audit Matters](index=47&type=section&id=Key%20Audit%20Matters) Beyond the going concern uncertainty, the auditor identified "Impairment assessment of trade receivables, loans and interest receivables, and other receivables" as a key audit matter due to its subjective nature, requiring significant management judgment and increasing the risk of error or potential management bias - The impairment assessment of receivables is considered a key audit matter due to its subjectivity and reliance on significant management judgment[215](index=215&type=chunk)[174](index=174&type=chunk) [Consolidated Financial Statements](index=53&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Comprehensive Income](index=53&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2024, the Group's revenue was HKD 398 million, a 76.3% year-on-year increase, with gross profit at HKD 45.27 million, up 228.4%, resulting in an operating loss of HKD 20.46 million due to increased administrative expenses and impairment losses on receivables, and a narrowed loss for the year of HKD 44.02 million compared to HKD 50.02 million last year Consolidated Statement of Comprehensive Income Summary (HKD Thousand) | Item | 2024 Fiscal Year | 2023 Fiscal Year | | :--- | :--- | :--- | | Revenue | 398,173 | 225,855 | | Gross Profit | 45,269 | 13,787 | | Loss from Operating Activities | (20,455) | (23,347) | | Loss Before Tax | (44,309) | (50,007) | | Loss for the Year | (44,024) | (50,015) | | Loss Attributable to Owners of the Company | (37,401) | (45,753) | | Basic Loss Per Share (HK Cents) | (0.59) | (0.75) | [Consolidated Statement of Financial Position](index=55&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets increased to HKD 1.061 billion, with current assets accounting for HKD 814 million, primarily comprising trade and other receivables, while total liabilities stood at HKD 536 million, with current liabilities at HKD 491 million, resulting in an increased total equity (net assets) of HKD 525 million Consolidated Statement of Financial Position Summary (HKD Thousand) | Item | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **1,061,472** | **936,916** | | Non-current Assets | 247,525 | 301,605 | | Current Assets | 813,947 | 635,311 | | **Total Liabilities** | **536,353** | **448,177** | | Current Liabilities | 490,810 | 393,918 | | Non-current Liabilities | 45,543 | 54,259 | | **Total Equity** | **525,119** | **488,739** | [Consolidated Statement of Cash Flows](index=59&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group experienced a net cash outflow from operating activities of HKD 61.26 million, primarily due to working capital changes, minimal cash outflow from investing activities, and a net cash inflow of HKD 82.68 million from financing activities, largely from new share placements, resulting in a significant decrease in period-end cash and cash equivalents to HKD 243 thousand due to negative foreign exchange rate impacts Consolidated Statement of Cash Flows Summary (HKD Thousand) | Item | 2024 Fiscal Year | 2023 Fiscal Year | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61,260) | (26,019) | | Net Cash Used in Investing Activities | (5) | (15,639) | | Net Cash From Financing Activities | 82,676 | 14,810 | | Net Decrease in Cash and Cash Equivalents | 21,411 | (26,848) | | Effect of Foreign Currency Exchange Rate Changes | (25,297) | 29,423 | | **Cash and Cash Equivalents at End of Period** | **243** | **4,129** | [Notes to the Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of the company's accounting policies, key accounting estimates, and various financial statement items, including the assessment of going concern, segmental information, high customer and geographical concentration, impairment assessment details for receivables, and comprehensive disclosures on financial instruments and risk management [Note 2: Basis of Preparation (Going Concern)](index=61&type=section&id=Note%202%3A%20Basis%20of%20Preparation%20%28Going%20Concern%29) This note explains the basis of financial statement preparation, focusing on the going concern assumption, highlighting that the Group's annual loss, extremely low cash balance (approximately HKD 243 thousand), and high current borrowings (approximately HKD 148 million) constitute material uncertainties that may cast significant doubt on its ability to continue as a going concern, despite management's implemented countermeasures - Management acknowledges material uncertainties that could affect going concern but has formulated countermeasures, including cost control and new financing plans[233](index=233&type=chunk)[260](index=260&type=chunk) [Note 5: Segmental Information](index=96&type=section&id=Note%205%3A%20Segmental%20Information) The Group is segmented into supply chain management and ocean fishing, with all revenue (HKD 398 million) for the current year derived solely from supply chain management services, no revenue contribution from ocean fishing, and the vast majority of revenue originating from mainland China, indicating high customer concentration with 92% from the largest single customer Segment Revenue (HKD Thousand) | Segment | 2024 Fiscal Year | 2023 Fiscal Year | | :--- | :--- | :--- | | Supply Chain Management Services | 398,173 | 225,855 | | Ocean Fishing | 0 | 0 | | **Total** | **398,173** | **225,855** | - Revenue from Customer A (supply chain management business) was **HKD 365 million**, accounting for **91.6%** of total revenue[444](index=444&type=chunk) [Note 16 & 17: Trade, Other, and Loan Receivables](index=113&type=section&id=Note%2016%20%26%2017%3A%20Trade%2C%20Other%2C%20and%20Loan%20Receivables) As of the reporting period end, net trade receivables amounted to HKD 329 million, net other receivables to HKD 491 million, and net loan and interest receivables to HKD 11.68 million, with the company having made loss provisions of HKD 555 million for trade receivables and HKD 21.23 million for loan receivables, reflecting a prudent assessment of credit risk Summary of Key Receivables (HKD Thousand) | Item | Gross Carrying Amount | Loss Allowance | Net Carrying Amount | | :--- | :--- | :--- | :--- | | Trade Receivables | 883,813 | (555,247) | 328,566 | | Other Receivables | 553,251 | (61,810) | 491,441 | | Loan and Interest Receivables | 32,909 | (21,229) | 11,680 | [Note 32: Financial Risk Management](index=132&type=section&id=Note%2032%3A%20Financial%20Risk%20Management) This note details the Group's primary financial risks, including credit risk, interest rate risk, liquidity risk, and currency risk, with significant credit risk arising from highly concentrated trade receivables, where the top five customers account for 99% of the total, and the Group employs an Expected Credit Loss (ECL) model for impairment assessment - The Group faces significant credit risk, primarily stemming from highly concentrated trade receivables, with **99%** from the top five customers[871](index=871&type=chunk)[877](index=877&type=chunk) - The Group uses an Expected Credit Loss (ECL) model to assess trade receivable impairment, setting different expected loss rates based on overdue status[874](index=874&type=chunk)[880](index=880&type=chunk)

[Financial Summary](index=2&type=section&id=financial_summary) This section provides an overview of the Group's financial performance and position for the year [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=consolidated_statement_of_profit_or_loss) For the year, the Group's revenue increased by 76.3% to approximately HKD 398 million, with gross profit surging by 228.4% to HKD 45.27 million, while loss for the year narrowed to HKD 44.02 million, and loss attributable to owners of the Company was HKD 37.40 million, resulting in a basic and diluted loss per share of 0.59 HK cents Consolidated Statement of Profit or Loss Key Data (For the year ended March 31) | Indicator | 2024 (HKD Thousands) | 2023 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 398,173 | 225,855 | +76.3% | | Gross Profit | 45,269 | 13,787 | +228.4% | | Loss from operations | (20,455) | (23,347) | Loss narrowed | | Loss for the year | (44,024) | (50,015) | Loss narrowed | | Loss attributable to owners of the Company | (37,401) | (45,753) | Loss narrowed | | Basic and diluted loss per share | (0.59) Cents | (0.75) Cents | Loss narrowed | - Administrative expenses increased from approximately **HKD 43.9 million** last year to approximately **HKD 53.2 million**, primarily due to increased depreciation of fishing vessels[12](index=12&type=chunk)[54](index=54&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=consolidated_statement_of_financial_position) As at March 31, 2024, the Group's total assets increased to approximately HKD 1.061 billion, and total liabilities rose to HKD 536 million, with net current assets increasing from HKD 241 million to HKD 323 million, though bank balances and cash significantly decreased to only approximately HKD 243 thousand from HKD 4.129 million in the prior year Consolidated Statement of Financial Position Summary (As at March 31) | Indicator | 2024 (HKD Thousands) | 2023 (HKD Thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 247,525 | 301,605 | | Current assets | 813,947 | 635,311 | | **Total Assets** | **1,061,472** | **936,916** | | **Liabilities and Equity** | | | | Current liabilities | 490,810 | 393,918 | | Non-current liabilities | 45,543 | 54,259 | | **Total Liabilities** | **536,353** | **448,177** | | **Net Assets** | **525,119** | **488,739** | | Equity attributable to owners of the Company | 485,539 | 440,138 | - Bank balances and cash significantly decreased from approximately **HKD 4.129 million** to approximately **HKD 243 thousand**[14](index=14&type=chunk)[79](index=79&type=chunk) [Consolidated Statement of Changes in Equity](index=6&type=section&id=consolidated_statement_of_changes_in_equity) As at March 31, 2024, equity attributable to owners of the Company increased from HKD 440 million to HKD 486 million, primarily due to HKD 119 million raised from share subscriptions during the year, which partially offset the negative impact of loss for the year and exchange differences - During the year, the issuance of shares by subscription brought in **HKD 119 million** in capital, which was the main reason for the increase in equity[82](index=82&type=chunk) - The loss attributable to owners of the Company for the year was **HKD 37.40 million**, while exchange differences on consolidation resulted in a **HKD 36.20 million** reduction in equity[82](index=82&type=chunk) [Notes to Financial Statements](index=8&type=section&id=notes_to_financial_statements) This section provides detailed explanations and disclosures supporting the financial statements [Company Information and Going Concern Assessment](index=8&type=section&id=going_concern_assessment) The Company primarily engages in investment holding, with its subsidiaries focusing on supply chain management services and marine fishing; the auditor's report highlights significant uncertainty regarding the Group's going concern ability due to losses, extremely low cash balances, and substantial current borrowings, though management has formulated cost control and financing plans to address these issues and prepared financial statements on a going concern basis - The Company's principal business is investment holding, with subsidiaries engaged in supply chain management services and marine fishing[64](index=64&type=chunk) - The auditor noted that as at March 31, 2024, the Group recorded a loss attributable to owners of approximately **HKD 44.02 million**, with cash and cash equivalents of only **HKD 243 thousand** and current borrowings of up to **HKD 149 million**, which raise significant doubt about the Group's ability to continue as a going concern[48](index=48&type=chunk)[65](index=65&type=chunk) - To improve its financial position, management has implemented cost control measures and is actively considering fundraising activities, such as new bank loans, to raise fresh capital[66](index=66&type=chunk)[85](index=85&type=chunk) [Segment Information](index=10&type=section&id=segment_information) The Group's operations are divided into two segments: supply chain management services and marine fishing; all revenue for the year, approximately HKD 398 million, came from supply chain management services, which also accounts for the vast majority of the Group's total assets, while the marine fishing business generated no revenue and recorded a segment loss of approximately HKD 20.83 million, mainly due to asset depreciation and other expenses Segment Results Summary (2024) | Segment | Revenue (HKD Thousands) | Segment Results (HKD Thousands) | Segment Assets (HKD Thousands) | | :--- | :--- | :--- | :--- | | Supply Chain Management Services | 398,173 | 328 | 783,480 | | Marine Fishing | – | (20,828) | 251,529 | | **Consolidated** | **398,173** | **(20,500)** | **1,035,009** | - Depreciation expense for the marine fishing segment was **HKD 25.44 million** for the year, which is one of the primary reasons for its loss[73](index=73&type=chunk) - The Group's business is highly concentrated in the Chinese market, which contributed all of its revenue, and customer concentration is high, with one customer contributing over **10%** of total revenue, amounting to **HKD 365 million**[74](index=74&type=chunk)[36](index=36&type=chunk)[75](index=75&type=chunk) [Revenue and Other Income](index=13&type=section&id=revenue_and_other_income) For the year, the Group's total revenue and other income amounted to approximately HKD 405 million, comprising HKD 398 million from contracts with customers (primarily supply chain management services) and HKD 6.88 million from other income (mainly government grants and sundry income) Revenue and Other Income Details | Item | 2024 (HKD Thousands) | 2023 (HKD Thousands) | | :--- | :--- | :--- | | Revenue from contracts with customers | 398,173 | 225,855 | | Other income | 6,881 | 4,266 | | **Total Revenue and Other Income** | **405,054** | **230,121** | [Loss Before Tax](index=14&type=section&id=loss_before_tax) The loss before tax for the year was HKD 44.31 million, a narrowing from HKD 50.01 million last year, with major expense items including HKD 353 million for cost of goods sold, HKD 25.45 million for depreciation, HKD 23.85 million for finance costs, and HKD 32.32 million for impairment loss on trade receivables - Finance costs for the year were **HKD 23.85 million**, a slight increase from **HKD 23.33 million** last year[109](index=109&type=chunk) - Impairment loss on trade receivables shifted from a reversal of **HKD 1.63 million** last year to a recognized loss of **HKD 32.32 million** this year, significantly impacting the loss[109](index=109&type=chunk)[54](index=54&type=chunk) - Employee benefit expenses (including directors' emoluments) decreased from **HKD 9.79 million** last year to **HKD 8.28 million**[109](index=109&type=chunk) [Income Tax](index=15&type=section&id=income_tax) For the year, the Group recorded an income tax credit of HKD 285 thousand, compared to an expense of HKD 8 thousand last year, primarily from a refund of Hong Kong Profits Tax for prior years, with no taxable profits generated in China, Mozambique, or Cambodia during the reporting period, thus no related corporate income tax was provided - The total income tax credit for the year was **HKD 285 thousand**, mainly from a refund of Hong Kong Profits Tax for prior years[112](index=112&type=chunk) - The statutory corporate income tax rate in China is **25%**, but enterprises engaged in fishing are exempt, while Hong Kong Profits Tax adopts a two-tiered system with rates of **8.25%** and **16.5%**[40](index=40&type=chunk)[97](index=97&type=chunk)[110](index=110&type=chunk) [Loss Per Share](index=16&type=section&id=loss_per_share) For the year ended March 31, 2024, basic and diluted loss per share narrowed to 0.59 HK cents from 0.75 HK cents in the prior year, primarily due to a decrease in loss attributable to owners of the Company, with diluted loss per share being the same as basic loss per share due to the anti-dilutive effect of convertible bonds Loss Per Share Calculation | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HKD Thousands) | (37,401) | (45,753) | | Weighted average number of ordinary shares in issue (Basic) | 6,361,798,256 | 6,064,478,097 | | Weighted average number of ordinary shares in issue (Diluted) | 6,365,971,557 | 6,095,650,097 | [Trade and Other Receivables](index=17&type=section&id=accounts_receivable) As at March 31, 2024, net trade receivables increased to HKD 329 million from HKD 301 million last year, with a significant portion of HKD 148 million being overdue for more than one year, and prepayments to suppliers substantially rose to HKD 513 million, reflecting deposits paid to secure aquatic product supply Trade and Other Receivables Summary (As at March 31) | Item | 2024 (HKD Thousands) | 2023 (HKD Thousands) | | :--- | :--- | :--- | | Net trade receivables | 328,566 | 300,654 | | Prepayments to suppliers | 513,314 | 355,944 | | Other receivables, net | 491,441 | 351,671 | - Trade receivables aging analysis shows that amounts less than **90 days** are **HKD 110 million**, while amounts over **1 year** are **HKD 148 million**, indicating certain collection risks[4](index=4&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=management_discussion_and_analysis) This section provides management's perspective on the Group's performance, financial condition, and future outlook [Operating and Financial Review](index=19&type=section&id=operating_and_financial_review) For the year, the Group's core business was aquatic product supply chain management services, which drove total revenue to HKD 398 million and gross profit to HKD 45.3 million, improving the gross profit margin from 6.1% to 11.4%; the fishing business generated no revenue due to vessel license issues, and despite revenue and gross profit growth, increased administrative expenses from vessel depreciation led to an overall loss for the Group, though the loss narrowed compared to the prior year - Supply chain management services are the business focus, with a concentration on aquatic products this year and vertical integration with fishing subsidiaries[9](index=9&type=chunk) Financial Performance Summary | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | Approx. HKD 398 million | Approx. HKD 226 million | | Gross Profit | Approx. HKD 45.3 million | Approx. HKD 13.8 million | | Gross Profit Margin | 11.4% | 6.1% | | Loss attributable to owners of the Company | Approx. HKD 37.4 million | Approx. HKD 45.8 million | - The fishing business encountered difficulties in renewing overseas government fishing licenses due to the need to update and replace 10-year-old fishing vessels, preventing operations from restarting; management is seeking other overseas fishing grounds and alternative solutions[9](index=9&type=chunk) [Outlook](index=20&type=section&id=outlook) Management will closely monitor and review existing business performance to adapt to the changing business environment, while continuing to actively seek promising investment and business opportunities, including further exploring the Group's experienced deep-sea fishing business, to broaden revenue streams and create shareholder value - Management will continue to monitor and review the overall operational and financial performance of the Group's businesses[13](index=13&type=chunk) - The Company will actively seek other investment and business opportunities to broaden its revenue streams and may enhance shareholder value through investments or acquisitions[13](index=13&type=chunk) - The Group will further explore opportunities in the deep-sea fishing business[13](index=13&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=20&type=section&id=liquidity_and_capital_structure) As at March 31, 2024, the Group's total assets were approximately HKD 1.061 billion, but bank balances and cash equivalents were only HKD 243 thousand; the Group primarily relies on its own working capital, proceeds from share issuance, and borrowings to fund operations, with the gearing ratio (total bank borrowings/total assets) decreasing from 6.6% last year to 4.9%, indicating a lower proportion of bank borrowings relative to total assets Financial Position Summary (As at March 31) | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Total Assets | Approx. HKD 1.061 billion | Approx. HKD 937 million | | Bank Balances and Cash | Approx. HKD 243 thousand | Approx. HKD 4.129 million | | Total Bank Borrowings | Approx. HKD 51.86 million | Approx. HKD 61.67 million | | Gearing Ratio | Approx. 4.9% | Approx. 6.6% | - The Group has been granted general bank facilities of **RMB 51 million**, of which **RMB 48.23 million** has been utilized[14](index=14&type=chunk) [Significant Litigation and Risk Management](index=21&type=section&id=litigation_and_risk_management) In the arbitration case with COFCO Capital, the Company was ruled to have breached a subscription agreement, requiring it to pay approximately HKD 5 million in legal fees and facing certain financing restrictions; regarding risk management, the Group conducts most transactions in HKD and RMB and adopts a prudent inventory policy to mitigate foreign exchange risk, currently holding no hedging financial instruments - The arbitration ruling with COFCO requires the Company to pay approximately **HKD 5 million** in legal fees and restricts the Company's future financing activities, such as issuing new shares or bonds below specific conditions[17](index=17&type=chunk) - The Group conducts most transactions in HKD and RMB, and bank deposits are also held in local currencies to mitigate foreign exchange risk; as at the end of the reporting period, no foreign exchange hedging instruments were held[51](index=51&type=chunk) - Aside from the disclosed information, there were no other significant investments, acquisitions, or disposals during the year[18](index=18&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=employees_and_remuneration) As at March 31, 2024, the Group's number of employees decreased from 43 to 36, and total annual staff costs (excluding directors' emoluments) also fell from HKD 6 million to HKD 4.7 million; remuneration policy refers to market levels and individual performance, and provides statutory benefits Employees and Remuneration Overview | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Number of Employees (including directors) | 36 | 43 | | Total Staff Costs (excluding directors' emoluments) | Approx. HKD 4.7 million | Approx. HKD 6 million | [Corporate Governance and Audit](index=22&type=section&id=corporate_governance_and_audit) This section details the Company's adherence to corporate governance principles and the auditor's findings [Corporate Governance and Directors' Dealings](index=22&type=section&id=corporate_governance) During the reporting period, the Company adopted and complied with the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules, and also adopted a code of conduct regarding directors' securities transactions, with all directors confirming compliance with the code - The Company complied with the code provisions of the Corporate Governance Code throughout the year[23](index=23&type=chunk) - All directors confirmed compliance with the code of conduct regarding securities transactions throughout the year[24](index=24&type=chunk) [Audit Committee and Independent Auditor's Report](index=23&type=section&id=audit_committee_and_auditor_report) The Audit Committee, comprising four independent non-executive directors, reviewed the financial statements for the year; the independent auditor issued an unmodified opinion, deeming the financial statements to fairly present the Group's financial position, but included an "Emphasis of Matter" paragraph regarding significant uncertainty related to going concern, noting the Group's losses, extremely low cash levels, and high current liabilities, without modifying the audit opinion - The Audit Committee has reviewed the Group's financial statements for the year and considers them to be adequately disclosed and prepared in accordance with applicable standards[27](index=27&type=chunk) - The independent auditor believes that the financial statements fairly and truly reflect the Group's financial position and performance[43](index=43&type=chunk) - The auditor specifically highlighted "material uncertainty related to going concern" due to the Group's recorded loss, extremely low cash balance (**HKD 243 thousand**), and high current borrowings (**HKD 149 million**), which may cast significant doubt on the Group's ability to continue as a going concern; this was an emphasis of matter and did not lead to a modification of the audit opinion[44](index=44&type=chunk)[48](index=48&type=chunk)

[Financial Performance](index=2&type=section&id=Financial%20Performance) The group experienced significant revenue and gross profit growth, but persistent net losses and a critical decline in cash balances highlight ongoing liquidity challenges [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group achieved substantial revenue and gross profit growth, improving gross margin, while narrowing its operating and net losses despite increased impairment losses on trade receivables Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 398,173 | 225,855 | +76.3% | | Gross Profit | 45,269 | 13,787 | +228.4% | | Loss from Operations | (20,455) | (23,347) | -12.4% | | Loss for the Year | (44,024) | (50,015) | -12.0% | | Loss Attributable to Owners of the Company | (37,401) | (45,753) | -18.3% | | Basic Loss Per Share | (0.59) HK cents | (0.75) HK cents | Narrowed by 21.3% | - A net impairment loss on trade receivables of approximately **HKD 32.3 million** was recorded this year, compared to a reversal of HKD 1.63 million in the prior year, significantly impacting operating results[85](index=85&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, total assets and net assets increased, but a critical decline in bank balances and cash, coupled with high current borrowings, indicates severe liquidity pressure Consolidated Statement of Financial Position | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 247,525 | 301,605 | | Current Assets | 813,947 | 635,311 | | **Total Assets** | **1,061,472** | **936,916** | | **Liabilities** | | | | Current Liabilities | 490,810 | 393,918 | | Non-current Liabilities | 45,543 | 54,259 | | **Total Liabilities** | **536,353** | **448,177** | | **Net Assets** | **525,119** | **488,739** | - The Group's bank balances and cash sharply decreased from approximately **HKD 4.13 million** in the prior year to approximately **HKD 0.243 million**, a drop of over **94%**[103](index=103&type=chunk)[76](index=76&type=chunk) [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2024, total equity increased, primarily driven by HKD 119 million from new share subscriptions, offsetting the annual loss and negative exchange differences - Share capital and share premium collectively increased by approximately **HKD 119 million** during the year due to the issuance of new shares from subscriptions[106](index=106&type=chunk) - Total comprehensive expense attributable to owners of the Company was **HKD 73.6 million**, primarily comprising loss for the year (**HKD 37.4 million**) and exchange differences (**HKD 36.2 million**)[106](index=106&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) The Group's management discusses the financial and operational performance, liquidity, and future outlook, highlighting revenue growth, ongoing challenges in marine fishing, and strategic plans for diversification [Financial Review](index=19&type=section&id=Financial%20Review) The Group's financial performance showed revenue and gross profit growth, driven by the aquatic product supply chain business, with improved gross margin, despite increased administrative expenses due to fishing vessel depreciation Financial Review | Financial Metric | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | Approx. HKD 398.2 million | Approx. HKD 225.9 million | | Gross Profit | Approx. HKD 45.3 million | Approx. HKD 13.8 million | | Gross Profit Margin | 11.4% | 6.1% | | Loss Attributable to Owners of the Company | Approx. HKD 37.4 million | Approx. HKD 45.8 million | - Administrative expenses increased from **HKD 43.9 million** last year to **HKD 53.2 million**, primarily due to an increase in fishing vessel depreciation from **HKD 14.4 million** to **HKD 25.5 million**[8](index=8&type=chunk) [Operations Review](index=19&type=section&id=Operations%20Review) The Group continues to focus on aquatic product supply chain management and upstream fishing, despite challenges in marine fishing operations due to vessel upgrades and overseas license renewal issues - Supply chain management services remain a business focus, providing intermediary services to SMEs across various industries to reduce operating costs[7](index=7&type=chunk) - Due to fishing vessel upgrade policies, the renewal of overseas fishing licenses is hindered, prompting management to explore other overseas fishing grounds and seek alternative procedures[7](index=7&type=chunk) [Outlook](index=20&type=section&id=Outlook) The company plans to diversify revenue by seeking new investment and business opportunities while leveraging its deep-sea fishing expertise to enhance shareholder value - Management will closely monitor existing business performance while actively seeking other investment and business opportunities to broaden revenue streams[9](index=9&type=chunk) - The Group will explore further opportunities in deep-sea fishing through investments or acquisitions of promising businesses or projects, leveraging team experience to enhance shareholder value[9](index=9&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=20&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group faces extremely tight liquidity with minimal cash, relying on internal funds, share issuance, and borrowings, though its gearing ratio has decreased Liquidity, Financial Resources and Capital Structure | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Total Assets | Approx. HKD 1.061 billion | Approx. HKD 937 million | | Bank Balances and Cash Equivalents | Approx. HKD 0.243 million | Approx. HKD 4.129 million | | Total Bank Borrowings | HKD 51.86 million | HKD 61.67 million | | Gearing Ratio | 4.9% | 6.6% | - The Group primarily uses its own working capital, proceeds from share issuance, and borrowings to fund its operations[76](index=76&type=chunk) [Significant Events](index=21&type=section&id=Significant%20Events) The Group lost an arbitration case against COFCO, incurring legal fees and financing restrictions, while most transactions are in HKD and RMB with no foreign exchange hedging - The arbitration ruling against COFCO was unfavorable to the company, including restrictions on future financing terms, prohibition of issuing securities below **HKD 0.24** per share, and payment of approximately **HKD 5 million** in legal fees and interest[78](index=78&type=chunk) - Most of the Group's transactions are denominated in HKD and RMB, and no foreign exchange contracts or other financial derivatives are used for hedging[79](index=79&type=chunk) - During the year, the Group had no significant investments, major acquisitions, or disposals of subsidiaries and associated companies[80](index=80&type=chunk) [Notes to Financial Statements](index=8&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations and breakdowns of key accounting policies, financial statement line items, and significant events, offering further insights into the Group's financial position and performance [Company Information and Going Concern Assessment](index=8&type=section&id=Company%20Information%20and%20Going%20Concern%20Assessment) Significant uncertainty exists regarding the Group's going concern ability due to substantial losses, low cash, and high current borrowings, though management has implemented cost control and fundraising measures - The auditor's report highlights that as of March 31, 2024, the loss attributable to owners of the Company was approximately **HKD 44.02 million**, cash balance was only **HKD 0.243 million**, and current borrowings amounted to **HKD 149 million**, indicating significant uncertainty that may cast substantial doubt on the Group's ability to continue as a going concern[74](index=74&type=chunk)[108](index=108&type=chunk) - Management has implemented cost control measures and is actively considering fundraising activities (such as new bank loans) to improve the financial position, believing the Group has sufficient resources to continue operations[93](index=93&type=chunk)[122](index=122&type=chunk)[94](index=94&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group's revenue is entirely from supply chain management, which is profitable, while marine fishing generated no revenue and incurred losses, with most revenue and assets concentrated in China and from a single major customer Segment Information | Reportable Segment | Revenue (HKD thousands) | Segment Results (HKD thousands) | | :--- | :--- | :--- | | Supply Chain Management Services | 398,173 | 328 | | Marine Fishing Business | – | (20,828) | - Geographically, all revenue (**HKD 398 million**) this year was derived from customers in the Chinese market[115](index=115&type=chunk) - Customer concentration is very high, with revenue from the single largest customer (Customer A) amounting to **HKD 365 million**, accounting for **91.6%** of the Group's total revenue[47](index=47&type=chunk)[128](index=128&type=chunk) [Key Accounting Items](index=14&type=section&id=Key%20Accounting%20Items) This section details key financial statement items, including loss before tax components, income tax credit, narrowed loss per share, and increased bad debt provisions due to longer aging trade receivables [Loss Before Tax](index=14&type=section&id=Loss%20Before%20Tax) Loss before tax was HKD 44.31 million, primarily driven by cost of goods sold, depreciation, and significant impairment losses on trade receivables, while employee benefits decreased Loss Before Tax | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses | 8,278 | 9,791 | | Finance Costs | 23,851 | 23,325 | | Cost of Goods Sold | 352,904 | 212,068 | | Depreciation | 25,451 | 14,437 | | Net Impairment Loss on Trade Receivables | 32,315 | (1,634) | [Income Tax](index=15&type=section&id=Income%20Tax) The Group recorded an income tax credit this year, primarily from prior year refunds, with details on applicable tax rates and exemptions for Chinese fishing subsidiaries, subject to license renewal - This year, an income tax credit of **HKD 0.285 million** was recorded, primarily from Hong Kong profits tax refunds from prior years[65](index=65&type=chunk) - Chinese subsidiaries engaged in fishing operations are exempt from Chinese corporate income tax, but their marine fishing licenses expired on **March 31, 2023**, after which corporate income tax will be payable[25](index=25&type=chunk) [Loss Per Share](index=16&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share narrowed to HKD 0.59 cents due to reduced loss attributable to owners, with no dilutive adjustment for anti-dilutive convertible bonds Loss Per Share | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD thousands) | (37,401) | (45,753) | | Weighted Average Number of Ordinary Shares in Issue | 6,361,798,256 | 6,064,478,097 | - As the effect of outstanding convertible bonds was anti-dilutive, the diluted loss per share was the same as the basic loss per share[29](index=29&type=chunk) [Accounts and Other Receivables](index=17&type=section&id=Accounts%20and%20Other%20Receivables) Net trade receivables increased, with 45% over one year old, indicating high collection risk, and the year-end loss allowance balance also increased Aging Analysis of Trade Receivables (Net of Loss Allowance) | Aging | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Under 90 days | 109,765 | 3,539 | | 91 to 180 days | 68,303 | 15,530 | | 181 to 270 days | 2,154 | 32,228 | | 271 to 365 days | – | 47,162 | | Over 1 year | 148,344 | 202,195 | | **Total** | **328,566** | **300,654** | - Advances to suppliers significantly increased from **HKD 356 million** to **HKD 513 million** to secure aquatic product supply[2](index=2&type=chunk)[8](index=8&type=chunk) [Accounts and Other Payables](index=18&type=section&id=Accounts%20and%20Other%20Payables) Total accounts and other payables increased significantly, with trade payables surging, and most new payables having an aging profile within 180 days Aging Analysis of Trade Payables | Aging | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | 1 to 180 days | 76,629 | – | | Over 1 year | 21,942 | 23,189 | | **Total** | **98,571** | **23,189** | [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the Group's adherence to corporate governance practices, the role of the audit committee and auditor, and details regarding employee numbers and remuneration policies [Corporate Governance Practices](index=22&type=section&id=Corporate%20Governance%20Practices) The company confirms compliance with the GEM Listing Rules' Corporate Governance Code and its own code of conduct for directors' securities transactions throughout the year - The company has adopted and complied with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules throughout the year[21](index=21&type=chunk) - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance with it throughout the year[51](index=51&type=chunk)[68](index=68&type=chunk) [Audit Committee and Auditor](index=23&type=section&id=Audit%20Committee%20and%20Auditor) The Audit Committee reviewed the financial statements, and the auditor issued an unmodified opinion with an "Emphasis of Matter" paragraph highlighting significant uncertainty related to going concern - The Audit Committee, comprising four independent non-executive directors, chaired by Mr. Jin Xiaoxian, has reviewed this year's financial statements[117](index=117&type=chunk)[53](index=53&type=chunk) - The auditor issued an unmodified opinion but added a paragraph on "Material Uncertainty Related to Going Concern," noting that the Group's losses, low cash levels, and high current liabilities may cast significant doubt on its ability to continue as a going concern[74](index=74&type=chunk)[54](index=54&type=chunk)[118](index=118&type=chunk) - The auditor has agreed that the financial figures contained in this results announcement are consistent with the Group's draft consolidated financial statements[75](index=75&type=chunk)[131](index=131&type=chunk) [Employee and Remuneration Policy](index=22&type=section&id=Employee%20and%20Remuneration%20Policy) As of March 31, 2024, the Group's employee count and staff costs decreased, with remuneration based on market levels and performance, including MPF and social insurance benefits Employee and Remuneration Policy | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Number of Employees (including directors) | 36 | 43 | | Total Staff Costs (excluding directors' emoluments) | Approx. HKD 4.7 million | Approx. HKD 6 million |

Financial Performance - For the six months ended September 30, 2023, the group's revenue was approximately HKD 272,686,000, compared to HKD 194,386,000 for the same period in 2022, representing an increase of 40.3%[20] - The group reported a profit of approximately HKD 10,642,000 for the six months ended September 30, 2023, compared to a loss of HKD 9,721,000 for the same period in 2022[21] - Profit attributable to equity holders of the company was approximately HKD 14,047,000 for the six months ended September 30, 2023, compared to a loss of HKD 8,694,000 for the same period in 2022[20] - Basic earnings per share for the period was approximately HKD 0.23 cents, compared to a loss of HKD 0.14 cents per share for the same period in 2022[20] - The gross profit for the six months ended September 30, 2023, was HKD 33,632,000, compared to HKD 11,295,000 for the same period in 2022, indicating a significant improvement in profitability[21] - The group's operating profit for the six months ended September 30, 2023, was HKD 22,307,000, compared to HKD 3,222,000 for the same period in 2022[21] - The company reported a segment profit of HKD 31,200,000 for the six months ended September 30, 2023, compared to HKD 7,106,000 in the previous year, representing an increase of 339.5%[83] - The net profit attributable to equity holders for the period is approximately HKD 14,047,000, compared to approximately HKD 8,694,000 for the same period in 2022, representing an increase of 61.5%[144] Revenue and Business Operations - The revenue from supply chain management services was HKD 272,686,000, with no revenue reported from the marine fishing business[47] - The company continues to focus on the seafood business, with no revenue generated from its fishing operations during the period[100] - The group has established multiple strategic partnerships with other supply chain companies to enhance operations in import and export trade, logistics, customs clearance, and storage services[99] - The group is actively seeking promising investment and business opportunities to expand revenue sources through investments or acquisitions[144] Expenses and Costs - Administrative expenses for the six months ended September 30, 2023, were HKD 28,417,000, compared to HKD 10,105,000 for the same period in 2022, reflecting increased operational costs[21] - Employee costs for the current period totaled approximately HKD 1,618,000, down from approximately HKD 3,118,000 in the same period last year, reflecting a decrease of 48.0%[149] - Administrative expenses increased from approximately HKD 10,105,000 in 2022 to approximately HKD 28,417,000 in the current period, primarily due to salaries and benefits for employees and directors, rent, and depreciation[144] Assets and Liabilities - Total assets less current liabilities as of September 30, 2023, were HKD 559,422,000, compared to HKD 542,998,000 as of March 31, 2023[27] - The net asset value of the company as of September 30, 2023, was HKD 509,456,000, compared to HKD 488,739,000 as of March 31, 2023[26] - The company reported total assets of HKD 283,408,000 as of September 30, 2023, with non-current assets valued at HKD 261,408,000[50] - Total segment assets as of September 30, 2023, amounted to HKD 1,200,108,000, an increase from HKD 936,916,000 as of March 31, 2023[73] - Total segment liabilities as of September 30, 2023, were HKD 690,652,000, compared to HKD 448,177,000 as of March 31, 2023, indicating a significant rise[73] Cash Flow and Financial Position - The company recorded a net cash outflow from operating activities of HKD 7,693,000 for the period, compared to an outflow of HKD 28,810,000 in the previous period[36] - Cash and cash equivalents decreased by HKD 3,692,000, resulting in a closing balance of HKD 437,000 as of September 30, 2023[39] - The company’s bank balance and cash decreased to HKD 437,000 from HKD 4,129,000 in the previous period[49] - The asset-to-liability ratio as of September 30, 2023, was 0.39%, a decrease from 0.58% as of March 31, 2023, indicating improved financial stability[120] Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period and believes they have been prepared in accordance with appropriate accounting standards and GEM listing rules[168] - As of September 30, 2023, the audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing regulations[179] - The company has confirmed compliance with the corporate governance code as per GEM listing rules during the reporting period[167] - The company has established a set of codes of conduct for securities trading by directors, ensuring adherence to standards throughout the period[166] Dividends and Shareholder Information - The board does not recommend the payment of any interim dividend for the period, consistent with the previous year[20] - Major shareholders hold significant stakes, with Ms. Wei Qing holding approximately 1.12% of the issued share capital[171] - The board does not recommend the distribution of any interim dividends for the current period, consistent with the previous year[156] Risks and Future Outlook - The group faces various financial risks, including interest rate risk, foreign exchange risk, credit risk, and liquidity risk[155] - The company does not plan to make significant investments or capital expenditures in the coming year[150] - The company has no significant impact expected from the adoption of new or revised Hong Kong Financial Reporting Standards in the future[46] - The company had no acquisitions of property, plant, and equipment during the period[91] - The group is actively seeking alternative procedures to update fishing licenses due to difficulties caused by COVID-19 travel restrictions[142]

[Performance Highlights](index=3&type=section&id=Performance%20Highlights) This section provides an overview of the Group's key financial performance indicators for the six months ended September 30, 2022 [Overview of Key Financial Indicators](index=3&type=section&id=Overview%20of%20Key%20Financial%20Indicators) For the six months ended September 30, 2022, the Group's revenue decreased by 13.4% year-on-year to approximately HKD 194 million, with loss slightly widening to HKD 9.72 million, and basic loss per share at HKD 0.14 cents Key Financial Indicators | Indicator | For the six months ended September 30, 2022 | For the six months ended September 30, 2021 | | :--- | :--- | :--- | | Revenue | Approximately HKD 194,386,000 | Approximately HKD 224,442,000 | | Loss for the period | Approximately HKD 9,721,000 | Approximately HKD 9,455,000 | | Loss attributable to owners of the Company | Approximately HKD 8,694,000 | Approximately HKD 8,277,000 | | Basic loss per share | Approximately HKD 0.14 cents | Approximately HKD 0.17 cents | | Interim dividend | Not recommended for distribution | Nil | [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of comprehensive income, statement of financial position, and statement of cash flows [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended September 30, 2022, the Group's revenue was HKD 194 million, a decrease from HKD 224 million in the prior period, with gross profit falling to HKD 11.30 million, resulting in a loss for the period of HKD 9.72 million Condensed Consolidated Statement of Comprehensive Income (HK$'000) | Item (HK$'000) | For the six months ended September 30, 2022 | For the six months ended September 30, 2021 | | :--- | :--- | :--- | | Revenue from contracts with customers | 194,386 | 224,442 | | Gross profit | 11,295 | 14,746 | | Profit from operations | 3,222 | 4,008 | | Loss before tax | (9,644) | (8,890) | | Loss for the period | (9,721) | (9,455) | | Loss attributable to owners of the Company | (8,694) | (8,277) | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2022, the Group's total assets decreased to HKD 928 million from HKD 1,027 million, with total liabilities falling to HKD 469 million, and net assets declining by approximately 12.7% to HKD 459 million Condensed Consolidated Statement of Financial Position (HK$'000) | Item (HK$'000) | September 30, 2022 (Unaudited) | March 31, 2022 (Audited) | | :--- | :--- | :--- | | Non-current assets | 313,577 | 340,493 | | Current assets | 614,451 | 686,977 | | **Total assets** | **928,028** | **1,027,470** | | Current liabilities | 339,535 | 354,708 | | Non-current liabilities | 129,221 | 146,460 | | **Total liabilities** | **468,756** | **501,168** | | **Net assets** | **459,272** | **526,302** | [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended September 30, 2022, the Group reported a net cash outflow from operating activities of HKD 28.81 million, with net cash inflow from financing activities of HKD 28.29 million, resulting in a decrease in cash and cash equivalents to HKD 1.036 million Condensed Consolidated Statement of Cash Flows (HK$'000) | Item (HK$'000) | For the six months ended September 30, 2022 | For the six months ended September 30, 2021 | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | (28,810) | (11,533) | | Net cash generated from financing activities | 28,292 | 2,633 | | Net (decrease)/increase in cash and cash equivalents | (518) | (8,900) | | Cash and cash equivalents at beginning of period | 1,554 | 9,656 | | Cash and cash equivalents at end of period | 1,036 | 756 | [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's business operations, financial performance, liquidity, and key risk factors [Business Review and Outlook](index=20&type=section&id=Business%20Review%20and%20Outlook) During the period, the Group's core business remained seafood supply chain management services, with overseas fishing operations generating no revenue due to COVID-19 related license renewal difficulties, prompting management to seek alternative solutions and explore new investment opportunities - The Group's core business is seafood supply chain management services, vertically integrated with fishing operations[91](index=91&type=chunk)[114](index=114&type=chunk) - Due to COVID-19 travel restrictions, renewal of overseas government fishing licenses was hindered, resulting in no revenue from fishing operations during the period; management is seeking alternative solutions[91](index=91&type=chunk) - Looking ahead, management will continue to seek investment and business opportunities, further exploring deep-sea fishing operations leveraging the new team's experience[117](index=117&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) During the period, the Group's revenue decreased from HKD 224 million to HKD 194 million, with gross profit falling to HKD 11.30 million and gross margin declining from 6.6% to 5.8%, while loss attributable to owners of the Company slightly increased to HKD 8.69 million Financial Performance Summary | Item | For the six months ended September 30, 2022 | For the six months ended September 30, 2021 | | :--- | :--- | :--- | | Revenue | Approximately HKD 194,386,000 | Approximately HKD 224,442,000 | | Gross profit | Approximately HKD 11,295,000 | Approximately HKD 14,746,000 | | Gross margin | 5.8% | 6.6% | | Loss attributable to owners of the Company | Approximately HKD 8,694,000 | Approximately HKD 8,277,000 | - Administrative expenses decreased from **HKD 11.40 million** to **HKD 10.10 million**, primarily due to tightened cost controls and reduced travel expenses caused by the pandemic[117](index=117&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=21&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of September 30, 2022, the Group's total assets were approximately HKD 928 million, with bank balances and cash of HKD 1.036 million, and a gearing ratio of 6.26%, while facing unhedged HKD and RMB exchange rate risks Liquidity and Capital Structure Indicators | Indicator | September 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | | Total assets | Approximately HKD 928,028,000 | Approximately HKD 1,027,470,000 | | Bank balances and cash | Approximately HKD 1,036,000 | Approximately HKD 1,554,000 | | Bank borrowings | Approximately HKD 58,090,000 | Approximately HKD 66,370,000 | | Gearing ratio | 6.26% | 6.46% | - The Group's principal transactions are denominated in HKD and RMB, exposing it to foreign exchange risk, which is not hedged[96](index=96&type=chunk) - As of September 30, 2022, the Group had no assets pledged[120](index=120&type=chunk) [Risk Factors](index=23&type=section&id=Risk%20Factors) The Group's operations face multiple risks, including market, operational, investment, financial (interest rate, foreign exchange, credit, liquidity), and human resources risks, all managed through established frameworks and procedures - Key risks identified by the Group include: - **Market risk**: The risk of declining profitability due to market price fluctuations - **Operational risk**: The risk of loss resulting from inadequate or failed internal processes, people, systems, or from external events - **Investment risk**: The possibility of investment losses, managed through detailed analysis and authorization systems - **Financial risk**: Including interest rate, foreign exchange, credit, and liquidity risks - **Human resources risk**: The risk of inability to attract and retain key talent[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[125](index=125&type=chunk)[135](index=135&type=chunk) [Other Disclosures](index=25&type=section&id=Other%20Disclosures) This section covers additional disclosures regarding dividends, securities, directors' and major shareholders' interests, and corporate governance practices [Dividends and Securities](index=25&type=section&id=Dividends%20and%20Securities) The Board did not recommend an interim dividend for the period, and neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, with no share options granted, exercised, cancelled, or lapsed since the adoption of the share option scheme in 2011 - The Board did not recommend the payment of any interim dividend for the current period (2021: Nil)[137](index=137&type=chunk) - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[146](index=146&type=chunk) - Since the adoption of the share option scheme, no share options have been granted, exercised, cancelled, or lapsed[140](index=140&type=chunk) [Directors' and Major Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of September 30, 2022, several directors held ordinary shares, with Mr. Cai Haiming holding the highest at 2.47%, and major shareholder Mr. Liu Yi holding approximately 11.91% of the Company's shares in a long position, all disclosed as required Directors' Shareholdings | Name of Director | Number of ordinary shares held | Approximate percentage of issued share capital | | :--- | :--- | :--- | | Ms. Wei Qing | 68,124,000 | 1.12% | | Mr. Fan Guocheng | 800,000 | 0.01% | | Mr. Cai Haiming | 150,532,857 | 2.47% | - Major shareholder Mr. Liu Yi beneficially owned **724,292,000** shares in a long position, representing approximately **11.91%** of the issued share capital[158](index=158&type=chunk) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) The Company has adopted and largely complied with the Corporate Governance Code, with a deviation where the roles of Chairman and Chief Executive Officer are combined under Mr. Liu Rongsheng, which the Board believes provides strong and consistent leadership, and the Audit Committee has reviewed and approved the interim financial statements - The Company complies with the Corporate Governance Code, but deviates from Code Provision A.2.1, where the roles of Chairman and Chief Executive Officer are not separate and are both held by Mr. Liu Rongsheng[142](index=142&type=chunk) - The Board believes that the current combined structure of Chairman and Chief Executive Officer provides strong and consistent leadership in planning and executing the Company's long-term business plans and strategies[142](index=142&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period and considers them to be properly prepared with sufficient disclosures[155](index=155&type=chunk)[150](index=150&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容 而產生或因依賴該等內容而引致之任何損失承擔任何責任。 China Ocean Group Development Limited 中國海洋集團發展有限公司 （於百慕達註冊成立之有限公司） 8047 （股份代號： ） 截至二零二三年九月三十日止六個月之 中期業績公告 概要 截至二零二三年九月三十日止六個月（「本期間」） – 本集團收入約為港幣272,686,000元，而二零二二年同期錄得之收入約為港幣 194,386,000元。 – 本期間本集團溢利約為港幣10,642,000元（二零二二年：虧損約為港幣9,721,000元）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 China Ocean Group Development Limited 中國海洋集團發展有限公司 （於百慕達註冊成立之有限公司） 8047 （股份代號： ） 第一季度業績公告 截至二零二三年六月三十日止三個月 概要 截至二零二三年六月三十日止三個月期間（「本期間」） – 本集團收益約為港幣135,644,000元，而二零二二年同期錄得之收益約為港幣 139,065,000元。 ...