Financial Performance - The Group's revenue for the six months ended 30 September 2021 was approximately RMB 784.99 million, representing an increase of approximately 6.26% compared to the corresponding period in the previous fiscal year[7]. - Profit attributable to owners for the Interim Period was approximately RMB 85.54 million[7]. - Total comprehensive income attributable to owners of the Company was approximately RMB 86.39 million for the Interim Period[7]. - Basic earnings per share for the Group was approximately RMB 0.024 for the Interim Period[7]. - The Group's profit before income tax for the six months ended 30 September 2021 was RMB 180.48 million, compared to RMB 249.87 million for the same period in 2020, indicating a decrease of 27.7%[32]. - The profit attributable to owners of the Company for the six months ended September 30, 2021, was RMB 85,535,000, down from RMB 121,720,000 in the same period of 2020, representing a decrease of approximately 30%[43]. - The company reported a profit for the period of RMB 86,586, compared to RMB 21,259 in the previous year, indicating a substantial increase in profitability[19]. - The company reported a total comprehensive income for the period of RMB 156,781, compared to RMB 70,790 for the same period last year, reflecting a growth of approximately 109.5%[19]. Dividends and Shareholder Returns - The Board recommended the payment of an interim dividend of HK$0.01 per share[7]. - The interim dividend proposed is HK$0.01 per share, consistent with the interim dividend for the six months ended September 30, 2020[43]. - The company paid dividends to non-controlling interests amounting to RMB 28,538 during the period, compared to RMB 29,588 in the previous year[19]. Assets and Liabilities - Current assets amounted to RMB 1,285.27 million, compared to RMB 1,043.30 million as of 31 March 2021[13]. - Current liabilities totaled RMB 1,057.10 million, compared to RMB 1,028.37 million as of 31 March 2021[13]. - Net current assets increased to RMB 228.17 million from RMB 14.92 million as of 31 March 2021[13]. - Total assets less current liabilities were RMB 1,965.14 million, compared to RMB 1,687.28 million as of 31 March 2021[13]. - As of September 30, 2021, total equity increased to RMB 1,300,526, up from RMB 1,167,267 as of March 31, 2021, representing an increase of approximately 11.4%[15]. - The company’s net assets rose to RMB 1,300,526 as of September 30, 2021, reflecting a strong financial position[15]. - The Group's current liabilities were approximately RMB 1,057.10 million, compared to RMB 1,028.37 million as of March 31, 2021[71]. - The gearing ratio as of September 30, 2021, was 31.93%, slightly down from 32.23% as of March 31, 2021, calculated from total debts of approximately RMB 964.92 million[74]. Cash Flow - Net cash generated from operating activities for the six months ended September 30, 2021, was RMB 108,193, a decrease of 39.2% compared to RMB 178,250 for the same period in 2020[22]. - Net cash used in investing activities was RMB 54,593 for the six months ended September 30, 2021, compared to RMB 99,545 in the prior year, indicating a reduction in cash outflow[22]. - Cash and cash equivalents at the end of the period increased to RMB 431,491, up from RMB 146,059 at the end of September 2020, marking a significant increase[22]. - The net cash used in financing activities was RMB 146,119, a significant increase from a net cash outflow of RMB 98,076 in the same period last year[22]. Segment Performance - Revenue from the sale of explosives was RMB 266.58 million, while blasting operations generated RMB 453.07 million, and mining operations contributed RMB 65.34 million for the same period[25]. - The segment profit from explosives trading and blasting services was RMB 192.40 million, while the mining operation segment reported a loss of RMB 463,000[32]. - The Group's external sales for the mining operation segment were RMB 65.34 million, while the bulk mineral trade segment did not report any external sales during the period[32]. - Segment revenue for the three months ended September 30, 2021, was RMB 314,649,000, compared to RMB 331,228,000 for the same period in 2020, reflecting a decrease of approximately 5%[35]. - The segment profit for the explosives trading segment for the three months ended September 30, 2021, was RMB 122,092,000, compared to a loss of RMB 298,000 in the previous year[35]. Operational Highlights - The Group operates primarily in the People's Republic of China, with business activities transacted in Renminbi (RMB)[24]. - The Group's business activities include manufacturing and sale of explosives, provision of blasting operations, and mining operations[24]. - The Group has identified three reportable operating segments: mining operation, explosives trading and blasting services, and bulk mineral trade[28]. - For the six months ended September 30, 2021, Anhui Jinding drilled 18 underground drillholes totaling 1,224.91 meters and commenced commercial production in July 2021[77]. - The processing plant processed a total of 186,307 tonnes of raw ore, producing 1,952.6 tonnes of copper concentrate with an average grade of 19.96%[78]. - A total of 50,315.7 tonnes of sulfur concentrate was produced at an annual average grade of 48.23%[78]. - The Group successfully expanded its business into the mining sector following the acquisition of Jinding Mining, which began commercial production in the second quarter[84]. - The Group aims to ensure the mining business operates at full capacity as soon as possible to achieve original production targets and maximize economic benefits for shareholders[84]. - The Group will continue to develop its civilian explosives business alongside the mining operations[84]. Corporate Governance - The interim financial statements were reviewed by the Audit Committee and approved by the board of directors on 12 November 2021[24]. - The company has complied with all code provisions as set out in the Code on Corporate Governance Practices throughout the review period[109]. - The audit committee, composed of three independent non-executive Directors, has reviewed and commented on the interim report for the six months ended September 30, 2021[115]. - The company has established an audit committee in compliance with GEM Listing Rules and code provisions[115]. - The company has maintained a consistent governance structure with independent oversight through its audit committee[117]. - The company has ensured compliance with securities transaction standards throughout the review period[114]. Shareholding Structure - As of September 30, 2021, Mr. Liu Fali held 242,415,854 ordinary shares, representing approximately 6.81% of the total shareholding[86]. - The total interests of parties to an agreement to acquire interests in the Company amounted to 1,659,687,368 ordinary shares, which is approximately 46.64% of the total shareholding[86]. - Ms. Ma Ye held 126,005,000 ordinary shares, representing approximately 3.54% of the total shareholding[89]. - The interests of Mr. Ma Suocheng and associated parties in the Company were disclosed under the Securities and Futures Ordinance, indicating significant shareholding concentrations[91]. - As of September 30, 2021, Shiny Ocean holds 1,361,516,331 ordinary shares, representing approximately 38.26% of the total shareholding[98]. - Mr. Ma Suocheng has interests in 1,902,103,222 ordinary shares, which accounts for 53.45% of the total shareholding[98]. - Ms. Ma Xia holds 172,166,037 ordinary shares, representing 4.84% of the total shareholding[99]. - The total number of issued shares of the Company as of September 30, 2021, is used to calculate the shareholding percentages[100]. - The entire issued share capital of Ma Family Holdings Co. Limited is owned by Equity Trustee Limited, which acts as a trustee for the Ma Family Trust[101]. - As of September 30, 2021, none of the Directors or chief executives had any interests or short positions in the shares of the Company that required disclosure[94]. - The shareholding percentages are calculated based on the number of issued shares as of September 30, 2021[93]. - Crystal Sky Development Inc. holds 34,024,908 shares, with Ms. Qin deemed to be interested in all shares due to ownership with her husband[5]. - Fabulous Seeker Holdings Limited has interests in 80,811,927 shares, fully owned by Mr. Xiong Zeke[4]. - Pin On Everest Asset Holdings Ltd holds 3,660,000 shares, with Mr. Ma Tianyi as the sole owner[6]. - As of September 30, 2021, the company had not been notified of any other person with a discloseable interest in shares, apart from the Directors or chief executive[103]. - During the six months ended September 30, 2021, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares[107]. - The company has not disclosed any significant changes in shareholding interests among the Directors or their associates as of September 30, 2021[106].

Financial Performance - The Group's turnover for the quarter ended 30 June 2021 was approximately RMB 453.76 million, representing an increase of approximately 7.00% compared to the corresponding period in the previous fiscal year[8]. - Profit attributable to Owners for the Quarterly Period was approximately RMB 65.49 million, while total comprehensive income attributable to Owners was approximately RMB 72.88 million[9]. - Basic and diluted earnings per share for the Group was approximately RMB 0.018 for the Quarterly Period[12]. - The Group recorded a gross profit of approximately RMB 162.97 million, with a gross profit margin of approximately 35.9%[16]. - The total comprehensive income for the period (net of tax) was approximately RMB 110.09 million, compared to RMB 114.73 million in the previous year[18]. - The Group's profit before income tax was approximately RMB 129.67 million, compared to RMB 132.72 million in the previous year[16]. - The Group's turnover for the Quarterly Period increased by approximately 7.00% compared to the same period in 2020, primarily due to reduced impact from the epidemic this year[42]. - Profit attributable to the owners of the Company for the Quarterly Period was RMB 65,490,000, compared to RMB 67,215,000 in 2020[40]. Revenue Sources - The Group's sales of civil explosives amounted to RMB 161.37 million, while the provision of blasting operations generated RMB 292.40 million in revenue[24]. - The Group's primary income source during the year came from civil explosive manufacturing and service business, which is expected to generate substantial and sustainable profit[44]. Expenses and Financial Management - The Group's administrative expenses decreased to approximately RMB 14.95 million from RMB 23.26 million in the previous year[16]. - Interest charges on bank borrowings were approximately RMB 1.33 million, down from RMB 1.83 million in the previous year[26]. Dividends - The Board does not recommend the payment of any dividend for the Quarterly Period[13]. - The Board does not recommend payment of any dividend for the Quarterly Period[37]. Corporate Governance - The company has complied with all code provisions set out in the Code on Corporate Governance Practices throughout the quarterly period[89]. - The company has adhered to the principles outlined in the Corporate Governance Code as per the GEM Listing Rules during the review period[93]. - A higher standard for directors' securities trading has been adopted, exceeding the requirements of the GEM Listing Rules, with no known non-compliance during the quarter[94]. - The Audit Committee has been established in accordance with the GEM Listing Rules, consisting of three independent non-executive directors, responsible for reviewing financial reporting and internal control processes[95]. - The unaudited financial statements for the quarter have been reviewed by the Audit Committee[96]. - The Board of Directors includes a mix of executive and independent non-executive directors, ensuring diverse governance[97]. Shareholding Structure - Mr. Liu Fali holds 240,415,854 ordinary shares, representing 6.76% of the total shareholding[55]. - The total number of shares held by parties to an agreement to acquire interests in the Company is 1,657,167,368, accounting for 46.57%[55]. - Ms. Ma Ye owns 124,005,000 ordinary shares, which is approximately 3.48% of the total[56]. - The total shares held by parties to an agreement to acquire interests in the Company amounts to 1,774,098,222, representing 49.85%[57]. - Mr. Xiong Zeke has an interest in 80,811,927 shares through a controlled corporation, equating to 2.27%[63]. - Ms. Qin Chunhong holds 34,024,908 shares, which is about 0.96% of the total[65]. - Mr. Ma Tianyi owns 3,660,000 ordinary shares, representing 0.10% of the total[55]. - The percentage of shareholding is calculated based on the number of issued shares of the Company as of June 30, 2021[59]. - The letter "L" denotes a long position in the shares or underlying shares of the Company[59]. - The Company has disclosed interests and short positions in shares under the Securities and Futures Ordinance (SFO)[68]. - Shiny Ocean holds 1,361,516,331 ordinary shares, representing approximately 38.25% of the total shareholding[70]. - Mr. Ma Suocheng has interests in 1,898,103,222 ordinary shares, accounting for 53.33% of the total shareholding[71]. - Ms. Ma Xia is a beneficial owner of 172,166,037 ordinary shares, which is 4.84% of the total shareholding[72]. - Mr. Yang Tao holds 274,919,268 ordinary shares, representing 7.73% of the total shareholding[74]. - The company did not purchase, sell, or redeem any of its listed shares during the quarterly period[81]. - A total of 27,069,000 awarded shares were granted to 56 eligible participants in July 2021[83]. Future Plans and Developments - Anhui Jinding obtained safety production licenses in July 2021 and plans to commence commercial production in the second financial quarter of 2021[49]. - The Group will continue to focus on the development of civil explosive business, mining engineering business, and mine development business[50]. Tax Incentives - Three PRC subsidiaries recognized as New and Hi-tech Enterprises are entitled to a preferential EIT rate of 15% for three years starting from their respective recognition dates[30]. - A Tajikistan subsidiary is exempt from Corporate Income Tax for five years until 2022 under an investment agreement with the Tajikistan government[30]. - The EIT rate in Lhasa, Tibet, is 9% for the years 2015 to 2021, resuming to 15% from 2022 unless further announcements are made[32].

Revenue and Business Operations - The group's main revenue comes from the production and sale of civil explosives and blasting services, showing steady growth compared to the previous year[8] - The company plans to continue developing its civil blasting business and mining engineering services, with a focus on expanding production bases in Inner Mongolia and Tajikistan[9] - The group aims to explore acquisition and merger opportunities to expand its market presence and enhance profitability[9] - The company intends to extend its industrial chain by developing metal mines, leveraging its experience in mining engineering[9] - The group will actively participate in tenders and seek new engineering opportunities in blasting operations and mining engineering services[9] - The group recorded a consolidated revenue of approximately RMB 1.701 billion, an increase of about 4.54% compared to the previous fiscal year[15] - Sales of explosive products accounted for 49.10% of total revenue, while blasting services contributed 50.90%[15] Financial Performance - The group recognized an impairment loss of approximately RMB 89,762,000 related to goodwill from the acquisition of a mining company, which is still in the development stage and has not yet commenced commercial production[8] - The group's earnings per share decreased primarily due to a one-time impairment loss of approximately RMB 89.76 million related to the acquisition of Anhui Jinding[18] - As of March 31, 2021, the group's equity was approximately RMB 1.167 billion, an increase from RMB 1.084 billion in the previous year[24] - The current assets were approximately RMB 1.043 billion, down from RMB 1.360 billion in the previous year, with cash and cash equivalents at approximately RMB 232.01 million[24] - The debt-to-asset ratio increased to 32.23% from 18.38% due to the acquisition of Anhui Jinding and the use of low-interest loans to enhance cash flow[25] Acquisitions and Mining Projects - The group completed the acquisition of 51% equity in Anhui Jinding in October 2020, with an investment of RMB 270 million[22] - The mining company acquired in October 2020 is expected to contribute significant profits once it commences production in the second quarter of the 2022 fiscal year[8] - The commercial production at the Huangtun Sulfur Iron Mine is planned to start in the third quarter of 2021[37] - The updated production plan includes mining rates of 400,000 tons per year for the copper-gold deposit and 600,000 tons per year for the sulfur iron deposit[38] - The estimated mineral resources at the Huangtun Sulfur Iron Mine include 25.7 million tons of inferred resources with 16.48% total sulfur and 10.12% total iron[41] - The estimated mineral resources in the East Zone are 9.3 million tons with a copper grade of 0.29% and gold grade of 0.86 g/t, translating to 26.5 thousand tons of copper and 8.0 tons of gold[46] - The inferred mineral resources in the West Zone are 3.9 million tons with a copper grade of 0.26% and gold grade of 0.92 g/t, resulting in 10.2 thousand tons of copper and 3.6 tons of gold[46] - The total probable ore reserves amount to 10.8 million tons, with the East Zone having a potential sulfur grade of 19% and the West Zone a copper grade of 0.7%[48] - The processing plant is designed to produce 1 million tons per annum (Mtpa) of ore, with a 90.41% annual operating rate, equating to 330 effective working days per year[53] - During trial production, 30,996 tons of ore were processed, yielding 262.5 tons of copper concentrate with a copper grade of 20.62%[54] - Exploration, development, and mining expenditures for the Huangtun Pyrite Mine totaled RMB 12,902 thousand for exploration and RMB 15,021 thousand for development in the reporting year[56] - The underground mining development system has been completed, with five underground levels constructed and two deeper levels currently under construction[52] - Commercial production is planned to commence in the third quarter of 2021[52] - The company has not conducted any mining activities during the reporting year[55] Corporate Governance - The company adheres to high standards of corporate governance, complying with the GEM Listing Rules and maintaining transparency in its operations[59] - The total remuneration for directors in the current year amounted to approximately RMB 2,530,000, compared to RMB 2,580,000 in the previous year[80] - The auditor's fees for providing audit and other services were approximately RMB 3,990,000 for the current year[83] - The board of directors held a total of 5 meetings during the year, with an average attendance rate of 100%[69] - The company has established a remuneration committee, which held one meeting during the year, with full attendance from its members[79] - The roles of the chairman and the CEO are separated, with Mr. Xiong Zekai serving as chairman and Mr. Liu Fali as CEO[76] - The company has received annual confirmations of independence from all independent non-executive directors, affirming their status as independent individuals[72] - The board is responsible for formulating the company's operational plans and investment proposals, as well as monitoring the execution of these plans[66] - The company encourages all directors to participate in relevant training courses, with costs covered by the group[72] - The board of directors is required to rotate one-third of its members at the annual general meeting, ensuring regular re-election[65] - The company has complied with the corporate governance code, including the separation of roles between the chairman and the CEO[77] - The audit committee held a total of 4 meetings during the year, with all members attending all sessions[87] - The audit committee reviewed the annual report and confirmed that the consolidated financial statements comply with applicable accounting standards and GEM Listing Rules[87] - The company has a dividend policy that allows the board to declare dividends based on factors such as current and future operations and profitability[97] - The board is responsible for the internal control system and has reviewed its effectiveness during the year[95] - The nomination committee did not hold any meetings during the year but is responsible for evaluating the board's structure and recommending suitable candidates[90] - The company emphasizes communication with investors and addresses their inquiries promptly[105] - The board diversity policy considers factors such as gender, age, and professional experience in appointing board members[106] - The company has established an audit committee to oversee the financial reporting process and internal control procedures[86] - The board retains the discretion to update or cancel the dividend policy at any time[100] - The company has confirmed that there are no significant uncertainties affecting its ability to continue as a going concern[85] - The company has achieved measurable goals for board diversity, ensuring at least one-third of board members are independent non-executive directors[109] - Shareholders holding at least 10% of the company's paid-up capital have the right to request a special general meeting within two months of submission[110] - The company maintains multiple communication channels with shareholders, including announcements and reports available on its website[115] - Good corporate governance is deemed essential for maintaining investor confidence and attracting investments[116] - The board includes members with over five years of industry experience and relevant professional qualifications[109] - The company has established procedures for shareholders to submit inquiries and proposals to the board[111][112] - The board is committed to enhancing corporate governance standards to strengthen investor trust[116] - The company has a dedicated investor relations team to facilitate ongoing communication with shareholders[115] - The board's composition includes members with academic qualifications and industry experience relevant to the company's operations[109] - The company has not reported any significant changes to its constitutional documents during the year[115] Shareholder Information - The company expanded its business into the mining sector following the acquisition of Anhui Jinding in October 2020[141] - The primary business remains investment holding, with no significant changes in the nature of the main business during the year[141] - The management discussion and analysis section provides a comprehensive review of the company's operations for the year[140] - The interim dividend for the six-month period ending September 30, 2021, is declared at HKD 0.01 per share, compared to HKD 0.005 per share for the same period in 2020[144] - The proposed final dividend for the year is also HKD 0.01 per share, consistent with the previous year[144] - The company's distributable reserves as of March 31, 2021, were approximately RMB 503 million, down from RMB 573 million as of March 31, 2020[151] - Charitable donations for the year totaled RMB 4.46 million, significantly increasing from RMB 1.76 million in 2020[153] - The company has not entered into any significant contracts with its controlling shareholders during the year[161] - As of March 31, 2021, the company's directors and senior management held a total of 80,811,927 shares (2.27%) and 11,813,333 shares (0.33%) respectively[169] - The board of directors includes the newly appointed CEO as of May 1, 2021, and the COO who was reassigned on the same date[155] - The company has not established any management contracts for its entire or most of its business with any directors or full-time employees during the year[160] - The company will suspend share transfer registration from September 20 to September 24, 2021, to determine shareholders eligible to attend the annual general meeting[145] - The company has received annual confirmations regarding the independence of its independent non-executive directors as per GEM listing rules[158] - The company reported a total of 1,898,103,222 shares held by major shareholders, representing 53.33% of the total issued shares[183] - Major shareholder Yao Yang holds 1,361,516,331 shares, accounting for 38.25% of the total issued shares[180] - Liu Fali holds 240,415,854 shares, which is 6.76% of the total issued shares[175] - The company has a significant concentration of ownership, with the top five shareholders controlling over 80% of the shares[183] - The total number of shares held by Ma Family Holdings Co. Limited is 1,361,516,331, representing 38.25% of the total[180] - The company has disclosed that the shareholding structure includes various trusts and family holdings, indicating a complex ownership arrangement[187] - The percentage of shares held by Ma Shao Cheng is 53.33%, indicating a strong influence in corporate decisions[183] - The company has a diverse shareholder base, with multiple individuals and entities holding significant stakes[180] - The total issued shares as of March 31, 2021, were used to calculate the ownership percentages[187] - The company is subject to the Securities and Futures Ordinance, which governs the disclosure of shareholdings[187] Share Incentive Plan and Remuneration - The company purchased a total of 30,680,000 shares under the share incentive plan at a total cost of approximately HKD 26,000,000 (equivalent to about RMB 22,000,000) during the year[198] - No securities were issued by the company during the year[189] - The company did not repurchase, sell, or redeem any of its listed shares during the year, except for the shares purchased under the share incentive plan[191] - The company's remuneration policy is determined by the remuneration committee based on employee performance, qualifications, and capabilities[194] - The remuneration of directors and senior management is decided based on the company's operational performance, individual performance, and comparable market statistics[195] - The company has adopted a share incentive plan to recognize and reward eligible participants for their contributions to the growth and development of the group[198] - As of March 31, 2021, no shares had been granted to participants of the share incentive plan, and all shares were held in trust[198] Articles of Association and Indemnity Provisions - The company’s articles of association do not contain provisions for preemptive rights[190] - The company’s indemnity provisions under its articles of association remain effective as of the report date[199] - Mr. Ma Tianyi was appointed as the Chief Executive Officer effective May 1, 2021[200]

Financial Performance - The Group's revenue for the nine months ended December 31, 2020, was approximately RMB 1,344.94 million, representing a decrease of approximately 11.98% compared to the same period in the previous fiscal year[7]. - Profit attributable to owners for the same period was approximately RMB 188.62 million[10]. - Total comprehensive income attributable to owners for the period was approximately RMB 172.74 million[11]. - Basic profit per share for the Group was approximately RMB 0.053 for the period[12]. - Gross profit for the nine months was approximately RMB 477.51 million, with a gross profit margin of approximately 35.5%[13]. - Operating profit for the nine months was approximately RMB 386.21 million, an increase from RMB 314.52 million in the previous year[13]. - Profit before income tax for the period was approximately RMB 381.55 million, compared to RMB 310.67 million in the previous year[13]. - The Group's total comprehensive income for the three months ended December 31, 2020, was approximately RMB 320.76 million[16]. - Basic and diluted earnings per share for the three months ended December 31, 2020, was RMB 0.019[16]. - The revenue for the nine months ended December 31, 2020, decreased by 11.98% to RMB 1,344,939,000 compared to RMB 1,527,960,000 for the same period in 2019[19]. - The total turnover for the three months ended December 31, 2020, was RMB 606,217,000, down from RMB 829,949,000 in the same period of 2019[19]. Expenses and Cost Management - Selling and distribution expenses decreased by 49.01% for the nine months ended December 31, 2020, primarily due to reduced sales of explosives[52]. - Administrative and other operating expenses decreased by 25.05% compared to the same period last year, attributed to lower production capacity adjustment expenses[53]. - Sales and distribution expenses decreased by 49.01% year-on-year, attributed to reduced sales of explosives and related freight costs[55]. Dividend and Shareholder Information - The Board does not recommend the payment of any dividend for the period[12]. - No dividend was recommended for the nine months ended December 31, 2020, consistent with the previous year[27]. - As of December 31, 2020, Mr. Liu Fali holds 240,415,854 ordinary shares, representing approximately 6.76% of the company's total shareholding[83]. - Mr. Liu Fali also has interests in 1,657,687,368 ordinary shares, which accounts for approximately 46.57% of the total[83]. - Ms. Ma Ye is a beneficial owner of 124,005,000 ordinary shares, equating to approximately 3.48% of the company's shares[86]. - The total number of shares held by parties to an agreement to acquire interests in the company is 1,774,098,222 ordinary shares, representing approximately 49.85%[86]. - Mr. Xiong Zeke has an interest in 80,811,927 ordinary shares, which is about 2.27% of the total[83]. - Ms. Qin Chunhong holds 34,024,908 ordinary shares, representing approximately 0.96% of the company's total shareholding[83]. - The percentage of shareholding is calculated based on the number of issued shares of the company as of December 31, 2020[88]. - The interests of Fabulous Seeker Holdings Limited in 80,811,927 shares are attributed to Mr. Xiong Zeke, who owns the entire issued share capital of the corporation[90]. - The shares held by Crystal Sky Development Inc. include 34,024,908 shares, which are equally owned by Ms. Qin and her husband[90]. - As of December 31, 2020, Shiny Ocean holds 1,361,516,331 ordinary shares, representing 38.25% of the total shareholding[97]. - Mr. Ma Suocheng has interests in 1,898,103,222 ordinary shares, accounting for 53.33% of the total shareholding[97]. - Ms. Ma Xia is a beneficial owner of 172,166,037 ordinary shares, which is 4.84% of the total shareholding[99]. - Mr. Yang Tao holds 274,919,268 ordinary shares, representing 7.73% of the total shareholding[99]. - Mr. Li Man owns 272,739,268 ordinary shares, which is 7.66% of the total shareholding[99]. - The report indicates no interests or short positions in shares by the Directors or chief executives as of December 31, 2020[94]. - The substantial shareholders and their interests are recorded under section 336 of the SFO[96]. - The company has a significant concentration of ownership, with the top shareholders holding over 50% of the shares[97]. Corporate Governance - The company has complied with all code provisions set out in the Code on Corporate Governance Practices throughout the review period[108]. - The audit committee, composed of three independent non-executive directors, has reviewed and commented on the draft unaudited financial statements for the nine months ended December 31, 2020[113]. - The company reported no competing interests among its directors or management shareholders that could significantly compete with the group's business during the nine months ended December 31, 2020[107]. - The company has adopted a code of conduct for directors' securities transactions that meets or exceeds the required standards of dealings[108]. - The company has established an audit committee to supervise financial reporting processes and internal control procedures[109]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[113]. - The company has maintained compliance with the GEM Listing Rules throughout the review period[104]. Operational Impact and Future Outlook - The Group's operations were impacted by the epidemic, leading to reduced demand for explosives and blasting services due to indirect shutdowns of infrastructure projects[52]. - The Group successfully acquired 51% of Anhui Jinding Mining Co., Ltd. in October 2020, which is expected to enter formal production in the first half of 2021 after a trial production phase[80]. - The Group has no assessable profit in the Cayman Islands, BVI, or Hong Kong, resulting in no provision for profits tax in these jurisdictions[20]. - The effective income tax rate for the Group's operations in Tajikistan is 23% for non-goods production activities and 13% for goods production activities[20]. - As of December 31, 2020, the Group's net assets amounted to approximately RMB1,527.30 million, an increase of 41.0% from RMB1,084.38 million as of March 31, 2020[54]. - The Group's current assets were approximately RMB1,474.67 million, up from RMB1,359.87 million as of March 31, 2020, with cash and bank balances increasing to approximately RMB194.14 million from RMB165.18 million[56]. - The Group's current liabilities increased to approximately RMB1,080.00 million from RMB623.56 million as of March 31, 2020[56]. - Capital commitments for the acquisition of property, plant, and equipment amounted to RMB124.80 million as of December 31, 2020[66]. - The Group had no significant investments during the nine months ended December 31, 2020[60]. - The report does not disclose any new product developments or market expansion strategies[98]. - There are no mentions of future guidance or performance outlook in the provided content[98]. - As of December 31, 2020, the company had not purchased, sold, or redeemed any of its listed shares during the nine months ended, consistent with the same period in 2019[107].

Financial Performance - The Group's revenue for the six months ended 30 September 2020 was approximately RMB 738.72 million, representing an increase of approximately 5.83% compared to the corresponding period in the previous fiscal year[7]. - Profit attributable to owners for the Interim Period was approximately RMB 121.72 million[8]. - Total comprehensive income attributable to owners of the Company was approximately RMB 112.88 million for the Interim Period[8]. - Basic earnings per share for the Group was approximately RMB 0.034 for the Interim Period, an increase from RMB 0.025 in the previous year[16]. - Gross profit for the six months ended 30 September 2020 was approximately RMB 313.69 million, with a gross profit margin improvement compared to the previous year[14]. - Operating profit for the Interim Period was approximately RMB 253.05 million, up from RMB 171.81 million in the previous year[14]. - Profit before income tax for the Interim Period was approximately RMB 249.87 million, compared to RMB 169.89 million in the previous year[14]. - The Group's total comprehensive income for the period was RMB 207.01 million, an increase from RMB 154.24 million in the previous year[16]. - The company reported a net income for the period, although specific figures were not detailed in the provided content, indicating ongoing operational performance[34]. Dividends - The Board recommended the payment of an interim dividend of HK$ 0.01 per share[12]. - The interim dividend proposed after the end of the reporting period is HK$0.01 per share, consistent with the interim dividend for the six months ended September 30, 2019[62]. - The interim dividend recommended is HK$0.01 per share, an increase from HK$0.005 per share for the six months ended 30 September 2019[63]. Assets and Liabilities - As of September 30, 2020, the total assets less current liabilities amounted to RMB 1,260,792, an increase from RMB 1,144,358 as of March 31, 2020, reflecting a growth of approximately 10.1%[18]. - The net current assets were reported at RMB 847,906, compared to RMB 736,311 as of March 31, 2020, indicating an increase of about 15.2%[18]. - The total equity attributable to owners of the Company reached RMB 723,892, up from RMB 634,986, representing a growth of approximately 14%[23]. - Non-current liabilities, including borrowings and lease liabilities, remained stable with borrowings at RMB 45,000 and lease liabilities at RMB 7,089 as of September 30, 2020[20]. - The current liabilities totaled RMB 558,866, a decrease from RMB 623,557 as of March 31, 2020, indicating a reduction of about 10.4%[18]. - The total net assets increased to RMB 1,200,068 from RMB 1,084,378, reflecting a growth of around 10.7%[21]. Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2020, was RMB 178,250,000, compared to RMB 45,375,000 for the same period in 2019, representing a significant increase[35]. - The net cash used in investing activities was RMB (99,545,000) for the six months ended September 30, 2020, a decrease from RMB (227,078,000) in the same period of 2019, showing improved cash flow management[35]. - The net cash used in financing activities was RMB (98,076,000) for the six months ended September 30, 2020, compared to RMB 268,138,000 in 2019, indicating a reduction in financing outflows[35]. - Cash and cash equivalents at the end of the period were RMB 146,059,000, down from RMB 177,331,000 at the end of the same period in 2019, reflecting a decrease of approximately 17.6%[35]. - The effect of foreign exchange rate changes resulted in an increase of RMB 254,000 in cash and cash equivalents for the six months ended September 30, 2020[35]. Revenue Segmentation - Revenue from the sale of explosives reached RMB 298,870,000 for the six months ended September 30, 2020, compared to RMB 177,512,000 in 2019, indicating a growth of approximately 68.3%[38]. - The Group's revenue from the provision of blasting operations was RMB 439,852,000 for the six months ended September 30, 2020, compared to RMB 519,688,000 in 2019, indicating a decline of approximately 15.4%[38]. - Segment revenue for the six months ended September 30, 2020, was RMB 698,011,000, an increase from RMB 738,722,000 for the same period in 2019[47]. Operational Insights - The Group's principal activities include the manufacturing and sale of explosives and the provision of blasting operations, primarily in the People's Republic of China[36]. - The Group operates in two main segments: bulk mineral trade and explosives trading and blasting services, with operations in both the PRC and Tajikistan[41]. - The primary income source for the Group during the period was from sales of civil explosives and blasting services, which provided sustainable revenue[116]. - The Group plans to extend its industrial chain into non-ferrous and precious metals mining and development industries following the recent capital injection[118]. Employee and Management Information - As of September 30, 2020, the Group employed 633 full-time employees, an increase from 628 as of March 31, 2020[113]. - Remuneration paid to key management personnel for the period amounted to RMB1,014,000, a decrease from RMB1,410,000 in the same period last year[85]. - The Board of Directors includes Mr. Xiong Zeke as Chairman and Mr. Liu Fali as Chief Executive Officer[153]. Shareholding Structure - As of September 30, 2020, Mr. Liu Fali holds 240,415,854 ordinary shares, representing approximately 6.76% of the company's total shareholding[124]. - Mr. Liu Fali also has interests in an agreement to acquire 1,657,167,368 ordinary shares, which accounts for about 46.57% of the company's total shares[124]. - The total number of shares held by parties to an agreement to acquire interests in the company is 1,774,098,222 ordinary shares, representing about 49.85% of the total[127]. - The substantial shareholders include individuals and entities with interests exceeding 10% of the nominal value of the share capital[133]. Corporate Governance - The Company has complied with all code provisions set out in the Code on Corporate Governance Practices throughout the review period[145]. - The audit committee, composed of three independent non-executive Directors, has reviewed and commented on the interim report for the six months ended 30 September 2020[149]. - The report indicates compliance with the Securities and Futures Ordinance regarding the disclosure of interests[133].

Financial Performance - The Group's turnover for the quarter ended June 30, 2020, was approximately RMB 424.07 million, representing an increase of approximately 9.06% compared to the corresponding period in the previous fiscal year[7]. - Profit attributable to owners for the quarter was approximately RMB 67.21 million[10]. - Total comprehensive income attributable to owners for the quarter was approximately RMB 68.34 million[8]. - Basic and diluted earnings per share for the quarter was approximately RMB 0.019[12]. - The Group's gross profit for the quarter was RMB 162.90 million, compared to RMB 128.71 million in the previous year, indicating a significant increase[14]. - Profit before income tax for the quarter was RMB 132.72 million, compared to RMB 97.95 million in the previous year[14]. Expenses - Selling and distribution expenses for the quarter were RMB 11.12 million, slightly decreased from RMB 11.27 million in the previous year[14]. - Administrative expenses increased to RMB 27.53 million from RMB 23.44 million in the previous year[14]. - The finance cost for the three months ended June 30, 2020, was RMB 1,841,000, significantly higher than RMB 329,000 in 2019[26]. - The current tax for the three months ended June 30, 2020, included PRC Enterprise Income Tax of RMB 18,565,000, compared to RMB 11,386,000 for the same period in 2019[32]. Other Income - The Group recorded other income and gains of RMB 7.64 million, up from RMB 0.61 million in the previous year[14]. - Other income and gains for the three months ended June 30, 2020, increased by approximately 11.54 times compared to the same period in 2019, mainly due to a special reward fund of RMB 6.35 million received from the local government[41]. Dividend Policy - The Board does not recommend the payment of any dividend for the quarter[13]. - The Company does not recommend payment of any dividend for the Quarterly Period, consistent with the previous year[33]. Shareholding Structure - Mr. Liu Fali holds 240,415,854 ordinary shares, representing approximately 6.76% of the total shareholding[49]. - The total number of shares held by parties to an agreement to acquire interests in the company is 1,657,167,368, accounting for 46.57% of the total shareholding[49]. - Ms. Ma Ye is a beneficial owner of 124,005,000 ordinary shares, which is about 3.48% of the total shareholding[55]. - The total shares held by Mr. Xiong Zeke through a controlled corporation amount to 80,811,927, representing 2.27% of the total shareholding[48]. - Ms. Qin Chunhong holds 34,024,908 ordinary shares, which is approximately 0.96% of the total shareholding[49]. - The total number of shares held by Mr. Ma Tianyi is 3,660,000, representing 0.10% of the total shareholding[49]. - The total number of shares held by Ms. Ma Ye and her associated parties is 1,774,098,222, accounting for 49.85% of the total shareholding[59]. - As of June 30, 2020, Shiny Ocean holds 1,361,516,331 ordinary shares, representing approximately 38.25% of the total shareholding[82]. - Mr. Ma Suocheng has an interest in 1,898,103,222 ordinary shares, accounting for 53.33% of the total shareholding[83]. - Ms. Ma Xia holds 172,166,037 ordinary shares, which is about 4.84% of the total shareholding[83]. - As of June 30, 2020, no other directors or chief executives had interests in any shares or debentures of the company[79]. Corporate Governance - The company has complied with all code provisions as set out in the Code on Corporate Governance Practices throughout the review period[92]. - The company adopted a code of conduct regarding Directors' securities transactions, with no non-compliance reported during the review period[91]. - The company has complied with all principles and provisions of the Corporate Governance Code during the review period[96]. - The audit committee consists of three Independent Non-Executive Directors, ensuring compliance with GEM Listing Rules[98]. - The company has adopted a higher standard for securities trading by directors than the mandatory standards outlined in the GEM Listing Rules[97]. - There are no significant competitive interests held by directors or controlling shareholders that could impact the Group's business[95]. - No significant competition with the business of the group was reported among Directors or controlling shareholders during the three months ended June 30, 2020[91]. Capital and Assets - As of June 30, 2020, certain property, plant, and equipment valued at RMB 66,105,400 were pledged to secure the Group's bank loans[43]. - The company’s total issued shares as of June 30, 2020, is the basis for calculating the percentage of shareholding[75]. - The percentage of shareholding is calculated based on the number of issued shares of the company as of June 30, 2020[88]. - The entire issued share capital of Ma Family Holdings Co. Limited is owned by Equity Trustee Limited, which acts as trustee for the Ma Family Trust[88]. - The company has not been notified of any other person with a discloseable interest or short position in the shares as of June 30, 2020[88]. Share Transactions - During the three months ended June 30, 2020, the company did not purchase, sell, or redeem any of its listed shares[91].

Financial Performance - The group recorded a consolidated revenue of approximately RMB 1.627 billion for the fiscal year ending March 31, 2020, representing an increase of about 4.55% compared to the previous year[14]. - The profit growth was primarily driven by the production and sales of civil explosives and the provision of blasting operations and mining engineering services[8]. - The company's total revenue for the year was approximately RMB 1,627,344,000, with sales of explosive products contributing 51.63% and blasting services contributing 48.37%[15]. - Earnings per share increased due to stable revenue growth from the manufacturing and sales of explosive products and blasting services[19]. - As of March 31, 2020, the company's equity was approximately RMB 1,084,380,000, an increase from RMB 867,530,000 in 2019[25]. - Current assets were approximately RMB 1,360,000,000, up from RMB 1,059,000,000 in 2019, with cash and cash equivalents at RMB 165,180,000[25]. - The company's debt-to-asset ratio increased to 18.38% from 2.88% in 2019, attributed to effective utilization of capital policies in China[26]. - The company's distributable reserves as of March 31, 2020, were approximately RMB 573 million, down from RMB 604 million in 2019, reflecting a decrease of about 5.14%[118]. - Charitable donations for the year totaled RMB 1.76 million, an increase of 32.3% compared to RMB 1.33 million in 2019[122]. Business Strategy and Operations - The group plans to continue developing its existing civil blasting business and mining engineering services, with a focus on expanding production bases in Inner Mongolia and Tajikistan[8]. - The group is actively seeking acquisition and merger opportunities to expand its market presence[8]. - The group aims to extend its industrial chain into the non-ferrous and precious metal mining sectors through a cooperation agreement with a target company[14]. - The subsidiary in Tajikistan has shown steady growth during the fiscal year[8]. - The group will continue to participate in long-term contract businesses and seek new project opportunities in blasting operations and mining engineering services[8]. - The company sold a subsidiary that failed to renew a subcontract mining project to ensure a healthier structure for creating value for shareholders[13]. - A significant acquisition was made in 2018, acquiring 100% equity of Tibet Guangxu Industrial Co., Ltd., aimed at expanding operational scale[23]. - The company sold its entire equity interest in Ample Ocean International Limited for a cash consideration of USD 3,850,000 (approximately RMB 26,727,000)[23]. Corporate Governance - The chairman and CEO roles are separated and held by different individuals, ensuring clear leadership and management responsibilities[53]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory policies[46]. - The company encourages all directors to participate in relevant training courses, with costs covered by the group[49]. - The company has complied with the corporate governance code regarding the separation of roles between the chairman and the CEO[54]. - The board of directors includes 3 executive directors and 3 independent non-executive directors, ensuring a diverse governance structure[124]. - The company has confirmed the independence of all independent non-executive directors as of the report date[125]. - The board has adopted a higher standard for securities trading by directors than that stipulated in the GEM Listing Rules[176]. Shareholder Relations and Dividends - A dividend of HKD 0.01 per share is proposed to share the group's achievements with all shareholders[10]. - The board proposed a final dividend of HKD 0.010 per share, consistent with the previous year's dividend[33]. - The company has a dividend policy that allows the board to declare dividends based on operational performance, cash flow, and future commitments[73]. - The board retains the discretion to update or cancel the dividend policy at any time without any legal obligation to declare dividends[76]. - The company maintains communication with shareholders through multiple channels, including announcements and quarterly reports available on its website[90]. - The company emphasizes the importance of good corporate governance to maintain investor confidence and attract investments[91]. Audit and Compliance - The consolidated financial statements for the year have been audited by Hong Kong Lixin Dehao CPA Limited[183]. - The audit committee assists the directors in overseeing the financial reporting process[200]. - The Audit Committee held a total of 4 meetings during the year, with all members attending all sessions[63]. - The Audit Committee reviewed the annual report and confirmed that the consolidated financial statements comply with applicable accounting standards and GEM Listing Rules[63]. - Management's evaluation of expected credit losses is considered a key audit matter due to the substantial judgment and estimates involved[193]. Employee and Director Remuneration - The total director remuneration for the year was approximately RMB 2,580,000, an increase from RMB 2,300,000 in the previous year[57]. - The company has a remuneration policy based on employee performance, qualifications, and market statistics[157]. - The board of directors and senior management's compensation is determined by the remuneration committee based on operational performance and individual contributions[158]. - The retirement benefit costs are detailed in the consolidated financial statements, indicating ongoing commitments to employee welfare[160]. Related Party Transactions - The company has complied with the disclosure requirements regarding related party transactions as per GEM Listing Rules Chapter 20[171]. - The independent non-executive directors confirmed that all continuing connected transactions were conducted in the ordinary and usual course of business and on normal commercial terms[172]. Environmental and Social Responsibility - The company has established a robust environmental management system and strictly adheres to environmental protection laws and regulations[181].

Financial Performance - The Group's revenue for the nine months ended 31 December 2019 was approximately RMB 1,527.96 million, representing an increase of approximately 47.27% compared to the same period in the previous fiscal year[7]. - Profit attributable to owners for the period was approximately RMB 155.66 million[9]. - Total comprehensive income attributable to owners for the period was approximately RMB 156.29 million[10]. - Basic profit per share for the period was approximately RMB 0.044[11]. - Gross profit for the nine months was approximately RMB 450.13 million, compared to RMB 299.72 million in the previous year[15]. - Operating profit for the period was approximately RMB 314.52 million, an increase from RMB 246.15 million in the previous year[15]. - Profit before income tax for the period was approximately RMB 310.67 million, compared to RMB 244.03 million in the previous year[15]. - The Group's total comprehensive income for the three months ended 31 December 2019 was approximately RMB 116.13 million[17]. - The revenue for the nine months ended December 31, 2019, increased by 47.27% compared to the same period in 2018, reaching RMB 1,527,960,000[60]. - The total turnover for the three months ended December 31, 2019, was RMB 829,949,000, compared to RMB 467,312,000 in the same period of 2018, reflecting a growth of 77.2%[37]. Dividend Policy - The Board does not recommend the payment of any dividend for the period[12]. - The company did not recommend any dividend for the nine months ended December 31, 2019, consistent with the previous year[47]. Revenue Sources - The sale of explosives generated RMB 560,235,000 for the nine months ended December 31, 2019, up from RMB 248,374,000 in the same period of 2018, representing a growth of 125.5%[34]. - The provision of blasting operations contributed RMB 966,619,000, an increase from RMB 789,177,000 in the previous year, marking a growth of 22.5%[35]. - For the nine months ended December 31, 2019, the Group's revenue increased by 47.27% compared to the same period in 2018, primarily due to significant contributions from the Tajikistan and Tibet markets[63]. Market Development - The company experienced a significant impact on income from civil explosives in Inner Mongolia due to environmental inspections last year, but no such issues occurred this year[61]. - The group has developed the Tajikistan and Tibet markets, which continue to contribute significantly to revenue[60]. Expenses and Liabilities - Selling and distribution expenses for the same period rose approximately 2.07 times compared to 2018, driven by increased sales of civil explosives and higher freight costs[62]. - As of December 31, 2019, the Group's current liabilities were approximately RMB 947.50 million, an increase from RMB 516.84 million as of March 31, 2019[65]. Assets and Employment - As of December 31, 2019, the Group's net assets amounted to approximately RMB 965.27 million, up from RMB 867.53 million as of March 31, 2019[65]. - Current assets as of December 31, 2019, were approximately RMB 1,626.12 million, compared to RMB 1,058.86 million as of March 31, 2019[65]. - As of December 31, 2019, the Group employed 652 full-time employees, a decrease from 2,189 as of March 31, 2019, due to the disposal of a subsidiary[82]. Corporate Strategy - The Group will focus on civil explosive business operations to generate substantial and sustainable profits moving forward[87]. - The Group's primary revenue comes from the civil explosive production and service business, which is expected to provide stable profits[90]. - The Group plans to continue focusing on the development of the civil explosive business, aiming for significant growth in this area[94]. - The Group's strategy includes a strong emphasis on expanding its civil explosive operations to enhance profitability[94]. Shareholding Structure - As of December 31, 2019, Mr. Liu Fali held 240,415,854 ordinary shares, representing approximately 6.76% of the total shareholding[98]. - The total number of ordinary shares held by parties to an agreement to acquire interests in the Company was 1,774,098,222, accounting for approximately 49.85%[101]. - The beneficial ownership of Ms. Ma Ye was reported at 124,005,000 ordinary shares, representing approximately 3.48%[101]. - The total number of issued shares of the Company as of December 31, 2019, was used to calculate the shareholding percentages[120]. Corporate Governance - The Company has complied with all code provisions set out in the Code on Corporate Governance Practices throughout the review period[128]. - The audit committee, composed of three independent non-executive Directors, reviewed the draft unaudited financial statements for the nine months ended 31 December 2019[139]. - The Company has established an audit committee to supervise financial reporting processes and internal control procedures[135]. - The Company has maintained a consistent governance structure and oversight mechanisms as per the GEM Listing Rules[131].

Financial Performance - The Group's revenue for the six months ended September 30, 2019, was approximately RMB 698.01 million, representing an increase of approximately 22.41% compared to the same period in the previous fiscal year[7][11]. - Profit attributable to owners for the Interim Period was approximately RMB 89.30 million[8][11]. - Total comprehensive income attributable to owners of the Company for the Interim Period was approximately RMB 92.21 million[8][11]. - Basic earnings per share for the Interim Period was approximately RMB 0.025[9][12]. - Gross profit for the six months ended September 30, 2019, was approximately RMB 209.52 million, with a gross profit margin of approximately 30%[15]. - Operating profit for the Interim Period was approximately RMB 171.81 million, an increase from RMB 142.98 million in the previous year[15]. - Profit before income tax for the Interim Period was approximately RMB 169.89 million, compared to RMB 141.63 million in the previous year[15]. - The Group recorded a profit for the period of approximately RMB 151.33 million, up from RMB 125.23 million in the previous year[15]. - Total comprehensive income for the period was approximately RMB 154.24 million, compared to RMB 124.94 million in the previous year[15]. Assets and Liabilities - As of September 30, 2019, total assets less current liabilities amounted to RMB 961,560,000, an increase from RMB 873,246,000 as of March 31, 2019[21]. - Net current assets were reported at RMB 588,822,000, compared to RMB 542,016,000 in the previous period[21]. - The company's net assets stood at RMB 865,846,000, slightly down from RMB 867,532,000 as of March 31, 2019[24]. - Total equity attributable to owners of the company was RMB 527,342,000, an increase from RMB 471,115,000 in the previous period[24]. - Current liabilities totaled RMB 703,930,000, up from RMB 516,841,000 as of March 31, 2019[21]. - Non-current liabilities, including borrowings, were RMB 95,714,000, with borrowings alone at RMB 90,000,000[24]. - Cash and cash equivalents reached RMB 1,292,752,000, compared to RMB 1,058,857,000 in the previous period[21]. - The company reported inventories of RMB 28,199,000, reflecting a significant increase in current assets[21]. - The total equity of the company was RMB 865,846,000, indicating a stable financial position despite minor fluctuations[24]. Cash Flow - Net cash generated from operating activities increased to RMB 45,375,000 for the six months ended September 30, 2019, compared to RMB 19,157,000 in the same period of 2018, representing a growth of 136.5%[32]. - Net cash used in investing activities was RMB (227,078,000) for the six months ended September 30, 2019, compared to RMB (28,043,000) in the previous year, reflecting a substantial increase in investment outflows[32]. - Net cash generated from financing activities amounted to RMB 268,138,000, a significant rise from RMB 13,329,000 in the same period of 2018[32]. - Cash and cash equivalents at the end of the period were RMB 177,331,000, compared to RMB 133,032,000 at the end of the same period in 2018, marking an increase of 33.3%[32]. - The effect of foreign exchange rate changes resulted in a decrease of RMB (2,374,000) in cash and cash equivalents during the period[32]. Revenue Breakdown - Revenue from the sale of explosives reached RMB 177,512,000, while blasting operations contributed RMB 519,688,000, showing significant contributions to total revenue[38]. - The Group's external sales for the segment of explosives trading and blasting services contributed significantly to the overall revenue, with total segment revenue reported at RMB 698,011,000[43]. - For the six months ended September 30, 2019, the consolidated revenue from external sales was RMB 309,180,000, compared to RMB 308,369,000 for the same period in 2018, reflecting a slight increase[51]. - Revenue for the six months ended September 30, 2019, increased by 22.41% compared to the same period in 2018, primarily due to contributions from the Tajikistan and Tibet markets[101]. Expenses and Costs - Selling and distribution expenses for the same period increased by approximately 1.72 times compared to 2018, driven by a significant rise in civil explosives sales and associated freight costs[101]. - The Group's finance costs for the period were RMB 1,918,000, reflecting the cost of financing activities during the reporting period[45]. - Finance costs for the six months ended September 30, 2019, amounted to RMB 1,589,000, compared to RMB 1,355,000 for the same period in 2018, representing an increase of approximately 17.3%[67]. - The current tax for the period was RMB 18,565,000, up from RMB 16,393,000 in the previous year, indicating an increase of approximately 13.3%[64]. Corporate Structure and Governance - The Company complied with all code provisions set out in the Code on Corporate Governance Practices throughout the review period[157]. - The Company adopted a code of conduct regarding Directors' securities transactions that meets or exceeds the required standards, with no reported non-compliance during the six months ended September 30, 2019[161]. - An audit committee was established to review and supervise the financial reporting processes and internal control procedures of the Group, composed of three independent non-executive Directors[162]. Shareholder Information - As of September 30, 2019, Mr. Liu Fali held 240,415,854 ordinary shares, representing approximately 6.76% of the total shareholding[130]. - The interests of parties to an agreement to acquire interests in the Company amounted to 1,773,578,222 ordinary shares, which is approximately 49.83% of the total shareholding[132]. - As of September 30, 2019, Mr. Ma Qiang held interests in 1,897,583,222 ordinary shares, representing 53.32% of the company's total shareholding[144]. - Shiny Ocean is the beneficial owner of 1,360,996,331 ordinary shares, accounting for 38.24% of the total shareholding[144]. - Ms. Ma Xia owns 172,166,037 ordinary shares, which is approximately 4.84% of the total shareholding[144]. - Mr. Yang Tao holds 273,839,268 ordinary shares, representing 7.70% of the total shareholding[149]. - Mr. Li Man owns 272,739,268 ordinary shares, which is about 7.66% of the total shareholding[149]. - Mr. Lyu Wenhua has interests in 240,415,854 ordinary shares, accounting for 6.76% of the total shareholding[149]. - Crystal Sky Development Inc. has interests in 34,024,908 shares, equally owned by Ms. Qin and her husband[138]. - Fabulous Seeker Holdings Limited holds 80,811,927 shares, with Mr. Xiong Zeke deemed to be interested in all these shares[138]. - As of September 30, 2019, no directors or chief executives had any interests or short positions in shares that required disclosure under the SFO[140]. - The report indicates that substantial shareholders are expected to be interested in 10% or more of the nominal value of any class of share capital[142]. Employee Information - As of September 30, 2019, the Group had 652 full-time employees, a decrease from 2,189 on March 31, 2019[121]. - Staff remuneration packages are determined based on prevailing market rates, including mandatory provident fund and discretionary bonuses[121]. - The Company reported a significant focus on attracting suitable personnel to promote further development[124]. Strategic Initiatives - The Group aims to create value for shareholders through strategic restructuring and operational focus[124]. - The Group plans to continue focusing on the development of its civil explosive business moving forward[124]. - The Share Award Scheme was adopted on July 8, 2019, to reward eligible participants for their contributions to the Group's growth[124]. - On July 24, 2019, the Company sold a subsidiary that failed to renew a subcontracted mining project to ensure a healthier corporate structure[124].

Financial Performance - The Group's turnover for the quarter ended June 30, 2019, was approximately RMB 388.83 million, representing an increase of approximately 44.41% compared to the corresponding period in the previous fiscal year[8]. - Profit attributable to owners for the quarter was approximately RMB 51.37 million, with a total comprehensive income attributable to owners of approximately RMB 53.65 million[10]. - Basic and diluted earnings per share for the quarter was approximately RMB 0.014, an increase from RMB 0.009 in the previous year[11][16]. - The Group recorded a gross profit of approximately RMB 128.71 million for the quarter, compared to RMB 76.64 million in the same period last year[15]. - The total comprehensive income for the period, net of tax, was approximately RMB 88.85 million, up from RMB 55.19 million in the previous year[16]. - The Group's profit before income tax for the quarter was approximately RMB 97.95 million, compared to RMB 59.55 million in the previous year[15]. - The Group's operating profit was approximately RMB 98.28 million, an increase from RMB 60.11 million in the same period last year[15]. Revenue Sources - The Group's revenue from principal activities is consistent with the reported turnover, indicating stable business operations[21]. - Sales of civil explosives reached RMB 165,394,000 for the three months ended June 30, 2019, compared to RMB 50,215,000 in 2018, marking a significant increase[22]. - Provision of blasting operations generated RMB 223,437,000 in revenue for the three months ended June 30, 2019, slightly up from RMB 219,044,000 in 2018[22]. - The Group's turnover for the three months ended June 30, 2019, increased by approximately 44.41% compared to the same period in 2018, primarily due to the development of the Tajikistan and Tibet markets[38]. Expenses and Financial Management - Selling and distribution expenses increased approximately 3.47 times compared to the same period in 2018, mainly due to increased domestic sales of civil explosives and the operation of the Tajikistan subsidiary[38]. - The Board does not recommend the payment of any dividend for the Quarterly Period[12]. Corporate Governance and Oversight - The quarterly report is unaudited but has been reviewed by the audit committee of the Company, ensuring a level of oversight[18]. - The audit committee, consisting of three Independent Non-Executive Directors, reviewed the Group's unaudited financial statements for the three months ended June 30, 2019[72][74]. - The Company has complied with all code provisions set out in the Code on Corporate Governance Practices throughout the review period[67]. - There were no significant competitive interests reported by Directors or controlling shareholders during the three months ended June 30, 2019[66]. - The Company adopted a code of conduct for Directors' securities transactions that exceeds the required standards set out in the GEM Listing Rules[68][69]. Shareholding Structure - As of June 30, 2019, Mr. Liu Fali held 240,415,854 ordinary shares, representing approximately 6.76% of the company's shareholding[45]. - As of June 30, 2019, Ms. Ma Ye held 124,005,000 ordinary shares, representing approximately 3.48% of the company's shareholding[48]. - The total interests of parties to an agreement to acquire interests in the company amounted to 1,773,578,222 ordinary shares, representing approximately 49.83%[48]. - Mr. Xiong Zeke held 80,811,927 ordinary shares, representing approximately 2.27% of the company's shareholding[44]. - Ms. Qin Chunhong held 34,024,908 ordinary shares, representing approximately 0.96% of the company's shareholding[45]. - The company reported a beneficial ownership of 11,393,333 ordinary shares by Mr. Xiong Zeke, representing approximately 0.32%[44]. - As of June 30, 2019, Mr. Ma Suocheng held 1,897,583,222 ordinary shares, representing 53.32% of the company[55]. - Shiny Ocean is a beneficial owner of 1,360,996,331 ordinary shares, accounting for 38.24% of the total shares[54]. - The Ma Family Holdings Co. Limited also holds 1,360,996,331 ordinary shares, equivalent to 38.24% of the company's shareholding[54]. - Ms. Ma Xia owns 172,166,037 ordinary shares, which is 4.84% of the total shares[55]. - Mr. Ma Qiang, as the founder of a discretionary trust, holds 1,360,996,331 ordinary shares, representing 38.24%[56]. - Mr. Yang Tao is a beneficial owner of 273,439,268 ordinary shares, which is 7.68% of the total shares[56]. - Mr. Li Man holds 272,739,268 ordinary shares, accounting for 7.66% of the company's shares[56]. - Mr. Lv Wenhua owns 240,415,854 ordinary shares, representing 6.76% of the total shares[56]. - The total number of shares held by substantial shareholders indicates a concentrated ownership structure within the company[52]. - As of June 30, 2019, no other directors or chief executives had interests or short positions in the company's shares[52]. Strategic Initiatives - The Group has entered into a Capital Injection and Cooperation Agreement to extend its industrial chain into non-ferrous and precious metals mining and development industries[39]. - The Company adopted a Share Award Scheme to reward contributions from eligible participants and attract suitable personnel for further development[40]. - The company signed a sale agreement to divest a subsidiary that failed to renew a subcontracted mining project, aiming for a healthier corporate structure[41]. - The company signed an investment and cooperation agreement with a mining company on June 29, 2019, aiming to extend its industrial chain into non-ferrous and precious metal mining[43]. - A share incentive plan was adopted on July 8, 2019, to reward and motivate participants contributing to the group's growth and development[43]. - The company sold a subsidiary that failed to renew a mining subcontracting project for the year, ensuring a healthier structure for shareholder value creation[43]. Share Transactions - For the three months ended June 30, 2019, the Company did not purchase, sell, or redeem any of its listed shares, consistent with the same period in 2018[64][65].