中國新消費集團有限公司 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 NEW CONSUMPTION GROUP LIMITED 據 董 事 會 經 作 出 一 切 合 理 查 詢 後 所 深 知、盡 悉 及 確 信，合 作 夥 伴 及 其 最 終 實 益 擁 有 人 均 為 獨 立 第 三 方，與 本 公 司 及 其 關 連 人 士（定 義 見 香 港 聯 合 交 易 所 有 限 公 司GEM證 券 上 市 規 則（「GEM上市規則」））並 無 關 連。 承董事會命 自願公告 「茶 大 椰」品 牌 合 作 協 議 本 公 告 乃 由 中 國 新 消 費 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本 集 團」）自 願 作 出，旨 在 知 會 本 公 司 股 東（「股 東」）及 潛 在 投 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國新消費集團有限公司 呈交日期： 2024年11月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 08275 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

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 NEW CONSUMPTION GROUP LIMITED 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 之 邀 請 或 要 約。 中國新消費集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8275） 按於記錄日期每持有兩(2)股股份 獲發三(3)股供股股份之基準 進行供股之結果 茲 提 述 中 國 新 消 費 集 團 有 限 公 司（「本公司」）日 期 為 二 零 二 四 年 十 月 二 十 四 日 之 供 股 章 程（「供股章程」）及 本 公 司 日 期 為 二 零 二 四 年 十 一 月 十 一 日 之 公 告（「該 公 告」），內 容 有 關（其 中 包 括）供 股 及 配 售 事 項。除 文 義 另 有 所 ...

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。 – 1 – 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 之 邀 請 或 要 約。 CHINA NEW CONSUMPTION GROUP LIMITED 中國新消費集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8275） 申請認購供股股份及 涉及補償安排之不獲認購供股股份及 不合資格股東未售供股股份數目 茲 提 述 中 國 新 消 費 集 團 有 限 公 司（「本公司」）日 期 為 二 零 二 四 年 十 月 二 十 四 日 的 供 股 章 程（「供股章程」），內 容 有 關（其 中 包 括）供 股 及 配 售 事 項。除 另 有 界 定 外，本 公 告 所 用 詞 彙 與 供 股 章 程 所 定 義 者 具 相 同 涵 義 ...

Financial Performance - The company reported revenue of HKD 105,944,000 for the six months ended September 30, 2024, representing a 77.9% increase from HKD 59,560,000 in the same period of 2023[5]. - Gross profit for the same period was HKD 23,370,000, compared to HKD 10,071,000 in 2023, indicating a significant improvement in profitability[5]. - The operating profit turned positive at HKD 1,504,000, a recovery from an operating loss of HKD 2,803,000 in the previous year[5]. - The company incurred a loss attributable to owners of HKD 1,397,000, which is a slight increase from HKD 1,312,000 in the prior year[5]. - For the six months ended September 30, 2024, the company reported total revenue of HKD 105,944,000, a significant increase of 78.1% compared to HKD 59,560,000 for the same period in 2023[12]. - The company reported a loss from operating activities of HKD 4,402,000 for the six months ended September 30, 2024, compared to a loss of HKD 1,397,000 in the previous year[8]. - The company recorded a net loss attributable to shareholders of approximately HKD 1.4 million for the six months ended September 30, 2024, compared to a net loss of approximately HKD 1.3 million for the same period in 2023, primarily due to increased profit margins from newly awarded construction projects and fair value losses on securities[45]. - Revenue for the six months ended September 30, 2024, was approximately HKD 105.9 million, representing an increase of approximately 77.9% compared to approximately HKD 59.6 million for the same period in 2023, mainly driven by increased construction project income[48]. - The cost of sales for the same period was approximately HKD 82.6 million, an increase of approximately 66.9% from approximately HKD 49.5 million in the prior year, attributed to rising labor costs and other expenses[49]. - Gross profit for the six months ended September 30, 2024, was approximately HKD 23.4 million, up approximately 132.1% from approximately HKD 10.1 million in the previous year, with gross margin increasing from about 16.9% to approximately 22.1%[50]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 121,984,000, a decrease from HKD 123,381,000 as of March 31, 2024[6]. - Current liabilities decreased significantly to HKD 30,293,000 from HKD 44,399,000, indicating improved liquidity management[6]. - The company’s net asset value stood at HKD 121,984,000, reflecting a slight decline from HKD 123,381,000[6]. - The company has maintained its share capital at HKD 4,800,000, with reserves totaling HKD 117,184,000[6]. - As of September 30, 2024, the total liabilities of the group were approximately HKD 2.5 million, down from HKD 4.0 million as of March 31, 2024[61]. - The group's debt-to-equity ratio as of September 30, 2024, was approximately 2.1%, a decrease from 3.3% as of March 31, 2024[61]. Cash Flow and Investments - The company experienced a net cash outflow from operating activities of HKD 6,356,000 for the six months ended September 30, 2024, compared to a net inflow of HKD 3,466,000 in the prior year[8]. - Cash and cash equivalents decreased by HKD 21,818,000, resulting in a closing balance of HKD 19,694,000 as of September 30, 2024, down from HKD 33,528,000 in the previous year[8]. - The company incurred a net cash outflow from investing activities of HKD 13,959,000, which was higher than the outflow of HKD 8,989,000 in the same period last year[8]. - The company has invested significantly in machinery and equipment, which is essential for its drilling pile construction operations[9]. Share Capital and Dividends - The company did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[19]. - The total issued and paid-up share capital remained at 480,003,445 shares, valued at HKD 4,800,000 as of September 30, 2024[36]. - The company has adopted a new share option scheme effective from April 25, 2024, allowing for the issuance of up to 48,000,344 shares, which is 10% of the issued shares as of the adoption date[74]. - No share options were granted, exercised, lapsed, or expired during the six months ended September 30, 2024[75]. Operational Focus and Future Plans - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[5]. - The company continues to focus on expanding its foundation engineering services and machinery leasing business[9]. - The company plans to invest in human resources and information systems to enhance operational capabilities and efficiency in foundation and drilling projects amid a challenging business environment[46]. - The company is actively seeking potential business opportunities to expand revenue sources and increase shareholder returns, including a memorandum of understanding for potential collaboration on the "Tea Da Ye" beverage brand in China and Southeast Asia[46][47]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no misleading information was presented[2]. - The company has adhered to all applicable corporate governance codes as per GEM listing rules for the six months ending September 30, 2024[76]. - The Audit Committee, established on September 22, 2017, consists of independent non-executive directors and has reviewed the unaudited consolidated financial statements for the six months ending September 30, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[77]. - The interim results announcement and report for the six months ending September 30, 2024, will be sent to shareholders and published on the company's website[77].

Financial Performance - For the six months ending September 30, 2024, the company reported revenue of HKD 105,944,000, an increase of 77.9% compared to HKD 59,560,000 for the same period in 2023[6]. - The gross profit for the same period was HKD 23,370,000, compared to HKD 10,071,000 in the previous year, reflecting a significant improvement[6]. - The operating profit for the six months was HKD 1,504,000, a turnaround from an operating loss of HKD 2,803,000 in the prior year[6]. - The company incurred a loss attributable to owners of HKD 1,397,000, compared to a loss of HKD 1,312,000 in the same period last year[6]. - The basic and diluted loss per share was HKD 0.3, an improvement from HKD 0.7 in the previous year[6]. - The total comprehensive loss for the period was HKD 1,397,000, compared to HKD 2,598,000 in the previous year, indicating a reduction in overall losses[6]. - Customer contract revenue for the six months ended September 30, 2024, was HKD 105,944,000, a 78% increase from HKD 59,560,000 in the same period of 2023[12]. - Construction contract revenue reached HKD 104,224,000, up from HKD 55,108,000, reflecting an increase of 89% year-over-year[12]. - The company reported a net loss attributable to shareholders of HKD 1,397,000 for the six months ended September 30, 2024, compared to a loss of HKD 1,312,000 in the same period of 2023[21]. Assets and Liabilities - As of September 30, 2024, total non-current assets amounted to HKD 46,329,000, a decrease from HKD 47,446,000 as of March 31, 2024[7]. - Current assets totaled HKD 108,422,000, down from HKD 121,257,000 in the previous period[7]. - Total current liabilities decreased significantly to HKD 30,293,000 from HKD 44,399,000, indicating improved liquidity[7]. - The net asset value stood at HKD 121,984,000, slightly down from HKD 123,381,000[7]. - The company reported a significant decrease in cash and cash equivalents, ending the period with HKD 19,694,000, down from HKD 33,528,000[9]. - The total liabilities of the company as of September 30, 2024, were approximately HKD 2.5 million, a decrease from HKD 4.0 million as of March 31, 2024[53]. - The group’s debt-to-equity ratio as of September 30, 2024, was approximately 2.1%, a decrease from 3.3% as of March 31, 2024[62]. Cash Flow - Cash flow from operating activities showed a net outflow of HKD 6,356,000 compared to an inflow of HKD 3,466,000 in the same period last year[9]. - Cash flow used in investing activities was HKD 13,959,000, an increase from HKD 8,989,000 in the previous year[9]. - As of September 30, 2024, the company had cash and bank balances of approximately HKD 19.7 million, down from HKD 41.5 million as of March 31, 2024[53]. Investments and Capital Structure - The company has invested heavily in machinery and equipment, indicating a focus on enhancing operational capacity[10]. - The company completed a rights issue in May 2022, issuing 81,000,000 shares at a subscription price of HKD 0.55 per share, raising approximately HKD 42.6 million net of estimated expenses[55]. - The 2023 rights issue was announced on February 17, 2023, aiming to raise approximately HKD 33.5 million by issuing 240,002,067 shares at HKD 0.147 per share[57]. - The net proceeds from the 2023 rights issue are allocated as follows: approximately HKD 18.5 million for expanding foundation business capabilities, HKD 7.5 million for developing AI business, and HKD 7.5 million for general working capital[58]. - The company announced a new rights issue on September 4, 2024, to raise approximately HKD 22.5 million by issuing 240,001,722 shares at a subscription price of HKD 0.1 per share[60]. - The net proceeds from the 2024 rights issue are planned to be used for acquiring generators (approximately HKD 10.0 million), for financial services business (approximately HKD 8.0 million), and for general working capital (approximately HKD 4.5 million)[60]. Corporate Governance - The company is committed to high standards of corporate governance to enhance shareholder value and accountability[77]. - The Audit Committee, established on September 22, 2017, reviews financial information and internal control procedures, ensuring compliance with applicable accounting standards and GEM listing rules[78]. - The company has complied with all applicable code provisions of the corporate governance code during the six-month period ending September 30, 2024[77]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[79]. Employee and Operational Insights - The total employee costs for the six months ended September 30, 2024, reached approximately HKD 33.5 million, compared to HKD 27.5 million for the same period in 2023[68]. - The group employed 27 full-time employees as of September 30, 2024, a decrease from 73 employees as of September 30, 2023[68]. - The company plans to invest in human resources and information systems to enhance operational capabilities in foundation and drilling projects amid a challenging business environment[47]. - The company has been focusing on enhancing its operational capabilities and expanding its business through strategic investments in new technologies and workforce[55][58]. Future Outlook - The company has not disclosed specific future outlook or guidance in the provided content[6]. - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the provided content[6]. - The company is actively seeking potential business opportunities to expand revenue sources and increase shareholder returns, including a memorandum of understanding for potential cooperation in the beverage brand "Tea Da Ye" in China and Southeast Asia[47][48].

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 NEW CONSUMPTION GROUP LIMITED 中國新消費集團有限公司 執行董事 中國新消費集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8275） 董事會會議通告 中 國 新 消 費 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 稱 為「本集團」）之 董 事 （「董 事」）會（「董事會」）謹 此 宣 佈 於 二 零 二 四 年 十 一 月 八 日（星 期 五）舉 行 董 事 會 會 議，藉 以 考 慮 及 通 過（其 中 包 括）本 集 團 截 至 二 零 二 四 年 九 月 三 十 日 止 六 個 月 之 未 經 審 核 中 期 業 績，以 及 考 慮 派 發 股 息（如 有）。 承董事會命 本公告將由其刊登日起計最少一連七天 ...

TO BE VALID, THE WHOLE OF THIS PROVISIONAL ALLOTMENT LETTER MUST BE RETURNED. 暫定配額通知書必須整份交回方為有效。 IMPORTANT 重要提示 Reference is made to the prospectus (the "Prospectus") issued by China New Consumption Group Limited (the "Company") dated 24 October 2024 in relation to the Rights Issue. Terms defined in the Prospectus shall have the same meanings when used herein, unless the context otherwise requires. 茲提述中國新消費集團有限公司（「本公司」）日期為2024年10月24日有關供股之供股章程（「供股章程」）。除文義另有所指外，供股章程 所界定詞彙與本表格所用者具相同涵義。 A copy of each of the Pr ...

此乃要件 請即處理 閣下如對本供股章程的任何內容或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國新消費集團有限公司的股份，應立即將章程文件送交買主或承讓人，或經手買 賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本供股章程的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本供股章程全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 各章程文件（隨附本供股章程附錄三「14.送呈香港公司註冊處處長之文件」一段所述之文件），已依據香港法例第 32章《公司（清盤及雜項條文）條例》第342C條規定送呈香港公司註冊處處長登記。香港公司註冊處處長、香港聯 合交易所有限公司及香港證券及期貨事務監察委員會對任何章程文件之內容概不負責。 股份及未繳股款及繳足股款供股股份之買賣可透過由香港結算設立及營運的中央結算系統進行交收， 閣下應諮 詢 閣下之股票經紀或持牌證券交易商或註冊證券機構、銀行經理、律師、 ...

[Company Information](index=3&type=section&id=Company%20Information) The report details company information, including board and committee members, noting multiple changes during the period - The report details the company's basic information, including board and committee members, company secretary, auditors, and legal advisors, noting multiple changes during the reporting period[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Executive Directors' Report](index=6&type=section&id=Executive%20Directors%27%20Report) The report highlights improved performance due to higher construction project gross margins despite a challenging environment, with future focus on cost control, talent development, and diversification into crude oil trading and financial services - During the reporting year, the Group's gross profit margin from construction projects increased, leading to a slight improvement in performance, but the overall operating environment remained challenging[7](index=7&type=chunk) - Future strategies will focus on two main areas: strict cost control and improved operational efficiency, and dedicated talent development[7](index=7&type=chunk)[8](index=8&type=chunk) - The Group is actively seeking business diversification, planning to expand into crude oil trading and financial services to broaden revenue streams[8](index=8&type=chunk)[10](index=10&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=8&type=section&id=Business%20Review%20and%20Outlook) The Group, primarily in foundation works, returned to profitability with **8.4 million HKD** net profit due to cost control and investment gains, and plans future investments in efficiency and financial services diversification - In the reporting year, net profit attributable to owners was approximately **8.4 million HKD**, compared to a net loss of approximately **26.8 million HKD** in the prior year[15](index=15&type=chunk) - The profit was primarily attributable to: (i) effective cost control in construction projects leading to increased gross profit; (ii) increased gains from disposal of equity investments; (iii) partially offset by increased salaries and legal professional fees[15](index=15&type=chunk)[28](index=28&type=chunk) - The Group will expand its financial services business, with its wholly-owned subsidiary Golden Stone Credit Limited having obtained a money lender's license on May 30, 2024[16](index=16&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's financial performance significantly improved, with revenue increasing to **140 million HKD** and gross profit turning from a **7.0 million HKD** loss to a **34.9 million HKD** profit, resulting in **8.4 million HKD** net profit attributable to owners Key Financial Performance Indicators | Metric | 2024 (thousand HKD) | 2023 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 140,000 | 135,100 | +3.6% | | **Cost of Sales** | 105,000 | 142,100 | -26.1% | | **Gross Profit / (Loss)** | 34,900 | (7,000) | +598.6% | | **Gross Profit Margin** | 25.0% | -5.2% | +30.2 percentage points | | **Administrative Expenses** | 29,100 | 20,100 | +45.2% | | **Profit / (Loss) Attributable to Owners** | 8,400 | (26,800) | Turned loss into profit | [Share Capital Structure, Liquidity and Financial Resources](index=10&type=section&id=Share%20Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) The Group significantly enhanced liquidity through capital operations, increasing bank and cash balances to **41.5 million HKD** and total equity to **123.4 million HKD**, while reducing total liabilities to **4.0 million HKD** and improving the gearing ratio to **3.3%** Key Financial Position Indicators | Metric | March 31, 2024 (thousand HKD) | March 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | **Bank and Cash Balances** | 41,500 | 5,500 | | **Total Equity Attributable to Owners** | 123,400 | 72,600 | | **Total Liabilities** | 4,000 | 7,500 | | **Gearing Ratio** | 3.3% | 10.3% | - Net proceeds from the 2023 rights issue were approximately **33.5 million HKD**, of which **18.5 million HKD** originally designated for expanding the foundation business was re-allocated to develop financial services[39](index=39&type=chunk)[42](index=42&type=chunk) - Net proceeds from the 2023 placing of new shares, approximately **13.4 million HKD**, were fully utilized as planned for oil trading business and general working capital[44](index=44&type=chunk)[45](index=45&type=chunk) - The Group faces a potential default claim with a maximum exposure of approximately **33.8 million HKD**, but the directors believe no provision is currently required[52](index=52&type=chunk) [Other Operating Information](index=16&type=section&id=Other%20Operating%20Information) The Group completed a discloseable transaction by selling shares in Guomao Holdings for **14.83 million HKD**, employed **83** staff with **48.6 million HKD** in staff costs, and did not recommend a final dividend - In November 2023, the Group disposed of shares in Guomao Holdings Limited (8428.HK) for a total consideration of approximately **14.83 million HKD**[58](index=58&type=chunk) - As of March 31, 2024, the Group had a total of **83** employees (76 last year), with total staff costs of approximately **48.6 million HKD** (44.5 million HKD last year)[59](index=59&type=chunk) - The Board did not recommend the payment of a final dividend for the reporting year[62](index=62&type=chunk) [Biographical Details of Directors and Senior Management](index=17&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) This section details the professional backgrounds of the company's directors and senior management, highlighting their diverse expertise in areas such as investor relations, corporate finance, law, and construction - Executive Director Ms. Liao Jingwen, 35, holds a Bachelor of Psychology and an MBA, with extensive experience in investor relations, public relations, and blockchain development[65](index=65&type=chunk) - Independent Non-executive Director Mr. He Dingding is a Chartered Financial Analyst with over **19** years of experience in capital markets and corporate finance[66](index=66&type=chunk) - Independent Non-executive Director Mr. Wu Jianlong has over **32** years of experience in the construction and engineering industry[72](index=72&type=chunk) [Corporate Governance Report](index=21&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices and the Board](index=21&type=section&id=Corporate%20Governance%20Practices%20and%20the%20Board) The company maintains high corporate governance standards, complying with GEM Listing Rules, with a Board comprising one executive and three independent non-executive directors, and has purchased liability insurance for its directors and senior management - During the reporting year, the company complied with all applicable code provisions contained in the Corporate Governance Code[82](index=82&type=chunk) - The Board comprises **1** executive director and **3** independent non-executive directors, with independent non-executive directors accounting for over one-third, meeting Listing Rule requirements[93](index=93&type=chunk) - Former Chairman Mr. Tang Guiliang resigned on December 29, 2023, and the company is seeking a suitable candidate to fill the chairman vacancy[98](index=98&type=chunk) [Board Committees](index=24&type=section&id=Board%20Committees) The company has established Audit, Remuneration, and Nomination Committees, all chaired by independent non-executive directors with defined responsibilities for financial oversight, remuneration policy, and board composition - The Audit Committee, chaired by Mr. He Dingding, is responsible for reviewing financial information, internal control procedures, and risk management systems[108](index=108&type=chunk) - The Remuneration Committee, chaired by Mr. Wu Jianlong, is responsible for recommending remuneration policies for directors and senior management to the Board[104](index=104&type=chunk) - The Nomination Committee, chaired by Ms. Chen Zixi, is responsible for reviewing Board composition, independence, and recommending new director candidates[105](index=105&type=chunk) [Risk Management and Internal Control](index=32&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board oversees the Group's internal control and risk management systems, conducting annual reviews, and has established risk mitigation and anti-corruption policies, opting for external professional review over an in-house internal audit function due to cost-effectiveness - The Board confirms its full responsibility for overseeing internal control and risk management systems, reviewing their effectiveness at least annually[140](index=140&type=chunk) - The Group has adopted anti-corruption and whistleblowing policies, with their effectiveness reviewed annually by the Audit Committee[142](index=142&type=chunk)[144](index=144&type=chunk) - The Group has not yet established an internal audit function, deeming it more cost-effective to appoint external independent professionals for this role, and will review this need annually[148](index=148&type=chunk) [Environmental, Social and Governance Report](index=35&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [ESG Governance and Strategy](index=35&type=section&id=ESG%20Governance%20and%20Strategy) The Group integrates ESG principles into its strategy, with Board oversight, focusing on its Hong Kong piling business, identifying business ethics, regulatory management, and systemic risk as key issues, and aligning with SDG 3 - The Board bears ultimate responsibility for the Group's ESG strategy and reporting, having established an ESG working group led by directors to assist with implementation[167](index=167&type=chunk) - Materiality assessment identified three key issues: business ethics and anti-corruption, legal and regulatory environment management, and systemic risk management[182](index=182&type=chunk)[186](index=186&type=chunk) - The Group identified United Nations Sustainable Development Goal SDG 3 (Good Health and Well-being) as the most relevant objective to its business[184](index=184&type=chunk) [Environmental Sustainability](index=42&type=section&id=Environmental%20Sustainability) The Group aims to reduce environmental impact and comply with regulations, noting increased emissions and resource consumption due to business recovery, and has begun assessing climate change physical risks while setting reduction targets Environmental Performance Indicators | Emissions and Resource Consumption | FY2023/2024 | YoY Change | | :--- | :--- | :--- | | **Total Greenhouse Gas Emissions** | 2,860.51 tonnes of CO2e | +32.44% | | **Non-hazardous Waste** | 166.00 tonnes | +50.91% | | **Electricity Consumption** | 51.97 MWh | +26.95% | | **Diesel Consumption** | 1,058,171.00 liters | +32.51% | | **Total Water Consumption** | 1,129.00 cubic meters | +46.81% | - The Group considers rising average temperatures and extreme weather events as major physical risks affecting future site operations and is in the preliminary stages of developing mitigation plans[224](index=224&type=chunk) [Social Sustainability](index=53&type=section&id=Social%20Sustainability) The Group prioritizes employee welfare, health, and safety, adhering to labor laws, with no work-related fatalities in three years, while also focusing on local, risk-assessed suppliers and maintaining a zero-tolerance anti-corruption policy - The Group strictly complies with labor laws such as the Employment Ordinance, prohibiting child and forced labor[252](index=252&type=chunk) - Health and Safety: Zero work-related fatalities in the past three years; during the reporting year, four workers were injured, resulting in **429** lost workdays[248](index=248&type=chunk) - Supply Chain Management: Collaborates with **56** suppliers in Hong Kong, with green procurement policies covering approximately **80%** of key suppliers[259](index=259&type=chunk) - Anti-corruption: During the reporting period, neither the Group nor its staff were involved in any concluded litigation cases concerning bribery, extortion, fraud, or money laundering[272](index=272&type=chunk) [Directors' Report](index=74&type=section&id=Directors%27%20Report) This report outlines the Group's principal activities in foundation engineering and machinery leasing, confirms no final dividend recommendation, details customer concentration with the largest client accounting for **40.8%** of turnover, and affirms sufficient public float - The Group's principal activities are foundation contracting, specializing in bored piling and other foundation works, and machinery leasing[297](index=297&type=chunk) - The Board did not recommend the payment of a final dividend for the reporting year[305](index=305&type=chunk) - During the reporting year, revenue from the largest customer accounted for approximately **40.8%** of total turnover, with the top five customers accounting for approximately **86.4%**[320](index=320&type=chunk) - Based on public information and the directors' knowledge, the company maintained a public float of not less than **25%** during the reporting year and up to the date of this report's publication[344](index=344&type=chunk) [Independent Auditor's Report](index=83&type=section&id=Independent%20Auditor%27s%20Report) RSM Hong Kong issued an unmodified opinion on the Group's consolidated financial statements, highlighting key audit matters related to revenue and cost recognition for construction contracts and impairment of expected credit losses on receivables due to significant management judgment - Auditor RSM Hong Kong issued an unmodified opinion on the consolidated financial statements (true and fair view)[355](index=355&type=chunk) - Key Audit Matter One: Revenue and cost recognition for construction contracts, deemed critical due to significant management judgment and estimation regarding contract outcomes (e.g., forecast costs to complete, assessment of variations)[359](index=359&type=chunk)[361](index=361&type=chunk) - Key Audit Matter Two: Impairment of expected credit losses for trade receivables, retention receivables, and contract assets, deemed critical due to the subjectivity of the assessment process and significant management judgment required[362](index=362&type=chunk)[366](index=366&type=chunk) [Consolidated Financial Statements](index=89&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=90&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2024, the Group achieved a significant turnaround, with revenue increasing to **140 million HKD**, gross profit turning from a **7.0 million HKD** loss to a **34.9 million HKD** profit, and profit attributable to owners reaching **8.4 million HKD** Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Item (thousand HKD) | 2024 | 2023 | | :--- | :--- | :--- | | **Revenue** | 139,969 | 135,099 | | **Gross Profit / (Loss)** | 34,926 | (6,969) | | **Operating Profit / (Loss)** | 7,645 | (27,317) | | **Profit / (Loss) for the Year** | 7,617 | (27,089) | | **Profit / (Loss) Attributable to Owners of the Company** | 8,351 | (26,757) | | **Basic Earnings / (Loss) Per Share (HK cents)** | 2.21 | (10.48) | [Consolidated Statement of Financial Position](index=91&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's financial position significantly strengthened, with total assets increasing to **169 million HKD**, total liabilities decreasing to **45.4 million HKD**, and total equity growing to **123.4 million HKD** Consolidated Statement of Financial Position Summary | Item (thousand HKD) | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | **Non-current Assets** | 47,446 | 65,163 | | **Current Assets** | 121,257 | 63,302 | | **Total Assets** | **168,703** | **128,465** | | **Current Liabilities** | 44,399 | 52,978 | | **Non-current Liabilities** | 923 | 3,197 | | **Total Liabilities** | **45,322** | **56,175** | | **Net Assets** | **123,381** | **72,290** | | **Total Equity** | **123,381** | **72,290** | [Consolidated Statement of Cash Flows](index=93&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group's cash and cash equivalents increased by **36.0 million HKD**, driven primarily by **44.7 million HKD** net cash inflow from financing activities, despite net cash outflows from operating and investing activities Consolidated Statement of Cash Flows Summary | Item (thousand HKD) | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | (2,346) | (19,843) | | **Net Cash Used in Investing Activities** | (6,376) | (18,521) | | **Net Cash From Financing Activities** | 44,709 | 39,549 | | **Net Increase in Cash and Cash Equivalents** | 35,987 | 1,185 | | **Cash and Cash Equivalents at Year End** | 41,512 | 5,525 | [Notes to the Consolidated Financial Statements](index=95&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies, key judgments, and estimates, highlighting significant changes in share capital structure and a contingent liability for a potential claim of **33.8 million HKD** - Note 5 indicates that revenue recognition for construction contracts and impairment of receivables are key areas involving significant estimation uncertainty[491](index=491&type=chunk)[495](index=495&type=chunk) - Note 32 details a series of complex share capital movements during the year, including capital reduction, rights issues, and placing of new shares[598](index=598&type=chunk)[599](index=599&type=chunk)[601](index=601&type=chunk) - Note 40 discloses that an indirect wholly-owned subsidiary faces a potential claim for breach of contract, with a maximum amount of approximately **33.8 million HKD**, but the directors believe no provision is required[628](index=628&type=chunk) [Financial Summary](index=154&type=section&id=Financial%20Summary) This section summarizes the Group's key financial data for the past five fiscal years, showing a return to profitability in 2024 after four years of losses, and equity attributable to owners reaching a five-year high Five-Year Financial Summary | Item (thousand HKD) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 139,969 | 135,099 | 146,737 | 141,791 | 86,999 | | **Profit / (Loss) Before Tax** | 7,127 | (27,886) | (42,331) | (14,466) | (13,908) | | **Equity Attributable to Owners of the Company** | 123,381 | 72,622 | 50,526 | 54,766 | 62,616 |