[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。 ...

Financial Performance - The group's revenue for the three months ended June 30, 2022, was approximately HKD 139,065,000, compared to HKD 126,906,000 for the same period last year, representing an increase of 9.06%[3] - The group reported a loss of approximately HKD 8,480,000 for the current period, compared to a loss of HKD 4,620,000 in the previous year, indicating a deterioration in performance[3] - The loss attributable to equity holders of the company was approximately HKD 8,161,000, compared to HKD 4,005,000 in the previous year[3] - The basic loss per share for the current period was approximately HKD 0.14 cents, compared to HKD 0.08 cents in the previous year[3] - The total comprehensive loss for the current period was HKD 30,171,000, compared to a comprehensive income of HKD 15,380,000 in the previous year[12] - The company reported a loss attributable to equity holders of approximately HKD 8,161,000 for the three months ended June 30, 2022, compared to a profit of HKD 4,005,000 in the same period of 2021[24] Revenue and Expenses - The group incurred administrative expenses of HKD 4,320,000, down from HKD 5,619,000 in the previous year, showing a reduction of 23.06%[5] - Other income for the current period amounted to HKD 1,000,000, significantly higher than HKD 384,000 in the previous year, reflecting an increase of 160.42%[18] - The group’s finance costs increased to HKD 6,588,000 from HKD 5,662,000, representing a rise of 16.36%[5] - The group’s tax expense for the current period was HKD 30,000, a decrease from HKD 572,000 in the previous year, indicating a reduction of 94.77%[22] - The gross profit for the period was approximately HKD 1,574,000, down from HKD 7,032,000 in the previous year, resulting in a gross margin decrease from 5.5% to 1.13%[30] Shareholder Information - The major shareholder, Liu Yi, holds 724,292,000 shares, representing approximately 11.91% of the issued share capital[45] - The weighted average number of ordinary shares issued during the period was 6,002,886,948, an increase from 4,913,656,179 in the previous year[24] - The group did not recommend the payment of any dividends for the current period, consistent with the previous year[3] - The company did not recommend any dividend payment for the three months ended June 30, 2022, consistent with the previous year[27] Assets and Liabilities - The company’s total assets as of June 30, 2022, were approximately HKD 1,020,153,000, a decrease from HKD 1,067,493,000 as of March 31, 2022[33] - The debt-to-asset ratio was 6.05% as of June 30, 2022, slightly down from 6.19% as of March 31, 2022[33] - As of June 30, 2022, the group had no contingent liabilities[38] - As of June 30, 2022, the group had no assets pledged as collateral[37] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[54] - The group has adopted a code of conduct for securities trading by directors, with no known violations during the period[53] - The Audit Committee was established in October 2001 and consists of three independent non-executive directors as of June 30, 2022[56] - The Audit Committee reviewed the unaudited financial statements for the period and confirmed compliance with appropriate accounting standards and GEM listing rules[56] - The executive directors include Liu Rongsheng, Fan Guocheng, and Wei Qing, while the independent non-executive directors are Jin Xiaoxian, Li Chao, and Liu Qiang[57] Employment and Operations - The group employed 50 employees as of June 30, 2022, down from 61 employees a year earlier, with total employee costs amounting to HKD 1,400,000 compared to HKD 2,200,000 in the same period last year[39] - The company plans to actively seek other promising investment and business opportunities to expand its revenue sources through investments or acquisitions[32] - The company is exploring opportunities in the deep-sea fishing business, leveraging the experience of its new management team[32] - No significant investments, acquisitions, or disposals of subsidiaries or associates were reported during the period[36] - The group did not purchase, sell, or redeem any of its listed shares during the period[50] - There were no significant events after the reporting period up to the date of this report[40] - The group has not granted any share options since the adoption of the share option scheme on October 18, 2011[48]

Financial Performance - The company reported a total revenue of HKD 298,744,000 for the year ended March 31, 2022, compared to HKD 621,723,000 for the previous year, representing a decrease of approximately 52%[4] - Gross profit for the year was HKD 15,052,000, down from HKD 41,554,000 in the previous year, indicating a decline of about 64%[4] - The net loss from continuing operations for the year was HKD 617,184,000, compared to a loss of HKD 380,268,000 in the prior year, reflecting an increase in losses of approximately 62%[4] - Total comprehensive loss for the year amounted to HKD 585,425,000, compared to HKD 320,191,000 in the previous year, marking an increase of around 83%[10] - The company recorded an impairment loss on accounts receivable of HKD 333,201,000, significantly higher than the previous year's loss of HKD 178,032,000[4] - The company reported a total comprehensive loss of HKD 581,835,000 for the year ended March 31, 2022, compared to a loss of HKD 318,278,000 in the previous year, indicating a significant increase in losses[21] - The company experienced a loss of HKD 613,594,000 for the year, which is a substantial increase compared to the previous year's loss of HKD 377,799,000[23] - The gross profit for the year reduced to approximately HKD 15.1 million, compared to HKD 41.6 million in the previous year, resulting in a gross profit margin decline from 6.7% to 5.0%[66] - The loss attributable to equity holders for the year was approximately HKD 613.6 million, compared to a loss of HKD 377.7 million in the previous year[66] Assets and Liabilities - The company's total assets decreased to HKD 1,017,725,000 from HKD 1,226,352,000, a reduction of approximately 17%[17] - Current liabilities increased to HKD 354,708,000 from HKD 318,242,000, representing a rise of about 11%[17] - The company’s cash and cash equivalents decreased to HKD 1,554,000 from HKD 9,656,000, a decline of approximately 84%[17] - The company’s equity attributable to shareholders decreased to HKD 513,125,000 from HKD 1,013,008,000, a drop of about 49%[19] - The company's total equity attributable to shareholders decreased to HKD 455,788,000 as of March 31, 2022, down from HKD 963,871,000 a year earlier, reflecting a decline of approximately 52.8%[23] - The company reported a total liability of HKD 501,168 in 2022, an increase from HKD 474,795 in 2021, representing a rise of about 5.6%[35] - The company's total assets for 2022 amounted to HKD 1,067,493, down from HKD 1,544,594 in 2021, reflecting a decrease of approximately 30.8%[35] Operational Efficiency and Strategy - The company continues to focus on supply chain management services and marine fishing as its primary business segments[26] - The company is committed to enhancing its operational efficiency and exploring new market opportunities in the supply chain management sector[30] - The company plans to continue its investment strategy to strengthen its market position and expand its business operations[30] - The company plans to actively seek other promising investment and business opportunities to expand its revenue sources and enhance shareholder value[70] - The company has established multiple strategic partnerships with other supply chain companies to enhance its procurement and sales operations in import and export trade, logistics, customs clearance, and storage services[63] - The company aims to further explore opportunities in the deep-sea fishing business, leveraging its management team's extensive experience in this area[70] Share Capital and Expenses - The company issued shares worth HKD 73,752,000 during the year, contributing to an increase in share capital[23] - The company had a total of HKD 451,030,000 in prepayments, a significant increase from HKD 1,469,000 in the previous year[53] - The company has reduced administrative expenses from HKD 67.5 million last year to approximately HKD 26.1 million this year due to enhanced cost control measures[66] - The total employee cost for the year was approximately HKD 8,200,000, down from HKD 10,600,000 in the previous year, with 59 employees as of March 31, 2022[78] Taxation and Dividends - The total income tax expense for continuing and discontinued operations was HKD 177,000, significantly lower than HKD 2,563,000 in the previous year[48] - The company did not recommend the payment of dividends for the current year, consistent with the previous year[48] Audit and Compliance - The annual audit process was significantly impacted by COVID-19 restrictions, delaying the completion of the audit until no later than August 3, 2022[87] - The company will issue further announcements regarding the audited financial results and any significant differences from the unaudited results once the audit is completed[89] - The announcement confirms that all directors are responsible for the accuracy and completeness of the information provided[91] - The announcement will be available on the GEM website for at least seven days from the publication date[91] - The announcement will also be published on the company's website[91]

Financial Performance - The group's revenue for the nine months ended December 31, 2021, was approximately HKD 243,033,000, a decrease of 48.9% compared to HKD 475,627,000 for the same period in 2020[4] - The group reported a loss of approximately HKD (18,365,000) for the nine months ended December 31, 2021, compared to a loss of HKD (7,522,000) for the same period in 2020[6] - The basic loss per share for the nine months ended December 31, 2021, was HKD (0.36) cents, compared to HKD (0.13) cents for the same period in 2020[6] - The gross profit for the nine months ended December 31, 2021, was HKD 15,383,000, down from HKD 36,263,000 in the same period of 2020, representing a decline of 57.5%[6] - Operating profit for the nine months ended December 31, 2021, was HKD 1,078,000, a significant decrease from HKD 17,494,000 for the same period in 2020[6] - The total comprehensive income for the nine months ended December 31, 2021, was HKD 7,930,000, compared to HKD 46,410,000 for the same period in 2020[15] - The total comprehensive loss for the period was HKD (17,757,000) for the nine months ended December 31, 2021[47] - The total revenue for the three months ended December 31, 2021, was HKD 18,591,000, a decrease of 80.5% from HKD 95,263,000 in the same period of 2020[31] - The loss attributable to equity holders was approximately HKD 17,757,000, compared to a loss of HKD 5,417,000 in the same period last year[57] Revenue Sources - Revenue from supply chain management services was HKD 243,033,000, while revenue from marine fishing business was HKD 0, down from HKD 2,708,000 in the previous year[31] - The group's revenue decreased to approximately HKD 243,033,000 during the period, compared to HKD 475,627,000 in the same period last year, primarily due to the ongoing impact of COVID-19 and related preventive measures[55] - The company experienced a significant decline in customer contract revenue, primarily due to reduced demand in its service segments[31] Expenses and Costs - The group incurred financing costs of HKD (19,551,000) for the nine months ended December 31, 2021, slightly down from HKD (19,975,000) in the same period of 2020[6] - The group’s administrative expenses for the nine months ended December 31, 2021, were HKD (19,141,000), a decrease from HKD (24,341,000) in the same period of 2020[6] - Administrative expenses decreased from HKD 24,000,000 in the previous year to approximately HKD 19,000,000, primarily due to cost control measures and reduced travel expenses[57] Shareholder Information - The weighted average number of ordinary shares issued was 4,971,692,543 for the nine months ended December 31, 2021[38] - As of December 31, 2021, major shareholder Liu Yi holds 724,292,000 shares, representing approximately 14.19% of the issued share capital[76] - Wei Qing holds 68,124,000 shares, accounting for approximately 1.34% of the issued share capital[73] - Cai Haiming owns 150,532,857 shares, which is about 2.95% of the issued share capital[73] Dividends and Stock Options - The group did not recommend any dividend payment for the current period, consistent with the previous year[4] - The company did not recommend any dividend for the nine months ended December 31, 2021, consistent with the previous year[49] - The company has not granted any stock options since the adoption of the stock option plan on October 18, 2011[78] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the period and confirmed compliance with accounting standards[90] - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[86] - The company has not disclosed any changes in the information of directors and executives since the interim report dated November 11, 2021[83] - The company has not established any arrangements that would allow directors or their close associates to benefit from purchasing shares or bonds[80] - The company has not disclosed any other individuals holding significant interests in its shares as of December 31, 2021[76] Employment and Staffing - As of December 31, 2021, the group employed 58 staff members, down from 67 in the previous year, with total employee costs amounting to approximately HKD 6,726,000[68] Future Plans - The group has actively sought alternative procedures to update fishing licenses due to difficulties caused by COVID-19 travel restrictions[54] - The group plans to continue exploring opportunities in the deep-sea fishing business, leveraging the management team's extensive experience in this area[58]

中國海洋集團 CHINA OCEAN GROUP DEVELOPMENT LIMITED China Ocean Group Development Limited 中國海洋集團發展有限公司 (於百惡建註冊成立之有限公司) (股份代號：8047) 2021-2022 中期報告 香港聯合交易所有限公司（「聯交所」）GEM（「GEM」）之特色 GEM之定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市之公司 帶有較高投資風險。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮 後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯合交易所主板買賣之 證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報告全部或任何部份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。 本報告所載資料包括遵照GEM證券上市規則（「GEM上市規則」）規定，須提供有關中國海洋集 團發展有限公司（「本公司」）之資料；各董事（ ...