Group 1 - Wang Kaili, the 26-year-old daughter of New城控股's actual controller Wang Zhenhua, has recently entered the investment field and is taking a more public role [1][2] - Wanjiang Capital, led by Wang Kaili, plans to acquire China New Retail Supply Chain for 220 million HKD, indicating a significant move into the investment sector [1][7] - The acquisition involves purchasing 75% of the shares at a price of 0.6189 HKD per share, which is an 82.32% discount from the last trading price [7][9] Group 2 - Wang Kaili lacks direct business experience but is expected to not significantly impact the management and operations post-acquisition [3][4] - The acquisition is seen as a potential stepping stone for Wang Kaili to gain practical experience and access to a public platform, possibly leading to future ventures in the trendy toy industry [6][8] - The funding for the acquisition will come from internal resources, primarily from the Wang family trust, without external financing [7][8] Group 3 - China New Retail Supply Chain, established in September 2018, has been involved in construction services and property investment, but has shown weak financial performance with total revenues of approximately 6.66 million, 5.56 million, and 5.55 million SGD over the past three years [8] - Following the announcement of the acquisition, the stock price of China New Retail Supply Chain has surged, closing at 4.6 HKD per share, reflecting a 5.75% increase [9] - New城控股, founded in 1993, has faced significant challenges, including a major scandal involving Wang Zhenhua, but has managed to maintain a credit rating of 100% despite substantial debt [10][12]

Group 1 - The article provides a list of companies involved in various financial activities such as earnings announcements, shareholder meetings, and new stock activities [2][3] - Several companies are mentioned for their dividend distribution dates, indicating their financial performance and shareholder returns [2][3] - The document highlights companies undergoing stock repurchases and capital increases, which may signal their financial strategies and market positioning [3] Group 2 - The article includes a list of companies that are currently in the process of IPOs, reflecting market interest and potential investment opportunities [2] - Companies like Silver Noble Pharmaceuticals and others are noted for their ongoing stock activities, which may attract investor attention [2] - The document also mentions companies that are resuming trading, indicating a potential recovery or change in market conditions [2]

公司名稱: 駿東(控股)有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08277 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 ...

[Company Information](index=4&type=section&id=Company%20Information) This chapter provides essential company details, including board and committee members, key officers, auditor, registered office, and principal bankers - This section provides basic company information, including board members, committee members, compliance officer, company secretary, auditor, registered office, headquarters address, share registrar, principal bankers, and company website[3](index=3&type=chunk)[4](index=4&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) [Annual Performance](index=5&type=section&id=Chairman's%20Statement-Performance) Despite a 66.4% revenue decline in FY2025, the Group achieved an annual profit of HKD 36.3 million, primarily due to a HKD 64.5 million gain from a subsidiary disposal, with no final dividend recommended Key Performance Indicators for FY2025 | Indicator | FY2025 (HKD million) | FY2024 (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 21.2 | 63.1 | -66.4% | | Gross Profit | 3.0 | 14.7 | -79.6% | | Annual Profit/(Loss) | 36.3 | (38.6) | Turnaround to Profit | | Gain from Disposal of Subsidiary | 64.5 | 0 | Not Applicable | - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[8](index=8&type=chunk) [Future Outlook](index=5&type=section&id=Chairman's%20Statement-Future%20Outlook) The Group anticipates market demand and revenue growth from China's accommodative monetary policy, while also pursuing product diversification, R&D, and strategic partnerships to capitalize on new eco-friendly wood product demand - The Chinese government is expected to maintain a moderately accommodative monetary policy, which is anticipated to stimulate market demand, thereby increasing customer orders and Group revenue[9](index=9&type=chunk) - China's emphasis on environmental sustainability creates new demand for the Group's wood products, as wood is a renewable resource with a lower carbon footprint[9](index=9&type=chunk) - The Group will focus on increasing product variety, investing more resources in R&D and procurement, and exploring strategic cooperation opportunities with mid-to-downstream market participants in the industrial chain[9](index=9&type=chunk)[10](index=10&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Management%20Discussion%20and%20Analysis-Business%20Review) The Group's wood product business, tied to China's real estate sector, saw a **66.4% revenue drop to HKD 21.2 million** in FY2025 due to market downturn, prompting efficiency and cost control initiatives - Due to the sluggish real estate market in China and decreased demand for building materials, the Group's revenue for the year ended March 31, 2025, decreased by approximately **66.4%** year-on-year to approximately **HKD 21.2 million**[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review) Despite significant revenue and gross profit declines in FY2025, the Group achieved an annual profit of **HKD 36.3 million** (vs. HKD 38.6 million loss last year) primarily due to a **HKD 64.5 million gain** from a subsidiary disposal and reduced expenses FY2025 Financial Performance | Indicator | FY2025 (HKD million) | FY2024 (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 21.2 | 63.1 | -66.4% | | Gross Profit | 3.0 | 14.7 | -79.6% | | Annual Profit/(Loss) | 36.3 | (38.6) | Turnaround to Profit | - Key reasons for the annual turnaround from loss to profit include: recognition of a gain of approximately **HKD 64.5 million** from the disposal of a subsidiary, a reduction in administrative expenses of approximately **HKD 4.6 million**, a decrease in impairment losses on non-current assets of approximately **HKD 12.3 million**, and a reduction in finance costs of approximately **HKD 1.3 million**[20](index=20&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=Management%20Discussion%20and%20Analysis-Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2025, the Group reported **HKD 2.9 million** in cash, **HKD 15.4 million** in net current liabilities, zero bank borrowings, and an improved gearing ratio of **83.9%** (down from 115.8%) Key Capital Structure Indicators (as of March 31) | Indicator | 2025 (HKD million) | 2024 (HKD million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2.9 | 1.0 | | Net Current Liabilities | (15.4) | (14.5) | | Total Bank Borrowings | 0 | 161.5 | | Gearing Ratio | 83.9% | 115.8% | [Employees and Remuneration Policy](index=10&type=section&id=Management%20Discussion%20and%20Analysis-Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group had **14 employees** with remuneration based on performance and industry practice; the 2015 share option scheme expired, leaving no outstanding options - As of March 31, 2025, the Group had a total of **14 employees**[33](index=33&type=chunk) - The Company's share option scheme adopted on February 9, 2015, expired on February 23, 2025, with no outstanding share options at year-end[33](index=33&type=chunk) [Biographical Details of Directors and Senior Management](index=11&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Directors and Senior Management Biographies](index=11&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management-Biographies) This chapter details the personal biographies, professional qualifications, and extensive experience of the company's executive, non-executive, and independent non-executive directors, as well as the company secretary and compliance officer - This section provides detailed biographies of Executive Directors Mr. Li Yue and Mr. Xue Zhaoqiang, Non-executive Director Mr. Ding Hongquan, Independent Non-executive Directors Mr. Wang Wei, Ms. Dong Ping, and Mr. Zhu Da, and Company Secretary Mr. Chan Yuk Hiu[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) [Corporate Governance Report](index=13&type=section&id=Corporate%20Governance%20Report) [Compliance and Board Operations](index=13&type=section&id=Corporate%20Governance%20Report-Compliance%20and%20Board) The company complied with the Corporate Governance Code, with a six-member Board ensuring power balance and separate Chairman/CEO roles; all directors attended four Board meetings during the year - For the year ended March 31, 2025, the Company has complied in all material respects with the code provisions set out in the Corporate Governance Code[47](index=47&type=chunk) - The Board currently comprises six Directors, including two Executive Directors, one Non-executive Director, and three Independent Non-executive Directors[50](index=50&type=chunk) - The roles of the Company's Chairman, Mr. Li Yue, and Chief Executive Officer, Mr. Xue Zhaoqiang, are segregated and not performed by the same individual, in compliance with the Corporate Governance Code[56](index=56&type=chunk) [Board Committees](index=16&type=section&id=Corporate%20Governance%20Report-Board%20Committees) The company has Audit, Nomination, and Remuneration Committees, each composed of three independent non-executive directors; the Audit Committee met twice, while the Nomination and Remuneration Committees each met once - The Audit Committee comprises three Independent Non-executive Directors, chaired by Mr. Zhu Da, and held two meetings during the year to review annual results and financial statements[62](index=62&type=chunk)[64](index=64&type=chunk) - The Nomination Committee comprises three Independent Non-executive Directors, chaired by Mr. Wang Wei, and held one meeting during the year to review the Board's composition[65](index=65&type=chunk)[66](index=66&type=chunk) - The Remuneration Committee comprises three Independent Non-executive Directors, chaired by Ms. Dong Ping, and held one meeting during the year to review the remuneration packages of Directors and senior management[72](index=72&type=chunk)[74](index=74&type=chunk) [Internal Control and Risk Management](index=20&type=section&id=Corporate%20Governance%20Report-Internal%20Control%20and%20Risk%20Management) The Board ensures sound internal control and risk management, reviewed for effectiveness, utilizing a three-tier approach across operational, financial, and compliance aspects, with key components deemed reasonably implemented - The Group adopted a three-tier risk management approach, with business units, management, and the Audit Committee serving as the first, second, and third lines of defense, respectively, to identify, assess, mitigate, and respond to risks[87](index=87&type=chunk) - The Board and Audit Committee have reviewed the Group's internal control system and believe that its main components have been reasonably implemented across operational, financial, and compliance aspects, with no significant issues identified[91](index=91&type=chunk) [Directors' Report](index=23&type=section&id=Directors'%20Report) [Business and Results](index=23&type=section&id=Directors'%20Report-Business%20and%20Results) The Group, engaged in wood product business, reported an annual profit but no final dividend; sales to top five customers were **65.9%**, while purchases from top five suppliers were **97.8%**, indicating high supplier concentration - The Group recorded a profit for the year ended March 31, 2025, but the Board does not recommend the payment of a final dividend[105](index=105&type=chunk) Customer and Supplier Concentration | Category | Percentage | Fiscal Year | | :--- | :--- | :--- | | Sales to Top Five Customers | 65.9% | 2025 | | Sales to Largest Customer | 18.4% | 2025 | | Purchases from Top Five Suppliers | 97.8% | 2024 | | Purchases from Largest Supplier | 70.8% | 2024 | [Shareholders' Equity and Share Options](index=26&type=section&id=Directors'%20Report-Shareholders'%20Equity%20and%20Share%20Options) As of March 31, 2025, Executive Director Mr. Xue Zhaoqiang held **10.66%** of shares, and major shareholder Ms. Sun Xuesong held **46.88%**; the 2015 share option scheme expired with no outstanding options Major Shareholders' Shareholdings (as of March 31, 2025) | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Xue Zhaoqiang | Executive Director | 27,978,425 | 10.66% | | Ms. Sun Xuesong | Major Shareholder | 123,041,695 | 46.88% | - The Company's share option scheme adopted in 2015 expired on February 23, 2025, and there were no outstanding share options as of the end of the reporting period[143](index=143&type=chunk)[145](index=145&type=chunk) [Independent Auditor's Report](index=29&type=section&id=Independent%20Auditor's%20Report) [Audit Opinion and Key Audit Matters](index=29&type=section&id=Independent%20Auditor's%20Report-Audit%20Opinion) Auditor BDO Limited issued an unmodified opinion on the Group's financial statements, with 'Valuation of Investment Properties' as the sole key audit matter, addressed by assessing valuer competence, methods, and data - The auditor believes that the consolidated financial statements fairly and truly reflect the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards[151](index=151&type=chunk) - The key audit matter is 'Valuation of Investment Properties.' Management estimated its fair value at approximately **HKD 18,536,000**, which relies on significant assumptions such as term yield, reversionary yield, and market rent[154](index=154&type=chunk) - The auditor, through assessing the objectivity and competence of the independent valuer, evaluating the reasonableness of valuation methods, sampling input data, and utilizing internal valuation experts, concluded that management's key assumptions for investment property valuation are supported by available evidence[156](index=156&type=chunk)[159](index=159&type=chunk) [Consolidated Financial Statements](index=33&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=33&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, revenue decreased by **66.4% to HKD 21.2 million**, but a **HKD 64.5 million gain** from a subsidiary disposal resulted in an annual profit of **HKD 36.3 million** and **13.82 HK cents** basic EPS Consolidated Income Statement Summary (for the year ended March 31) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 21,240 | 63,120 | | Gross Profit | 2,972 | 14,745 | | Gain from Disposal of a Subsidiary | 64,549 | - | | Operating Profit/(Loss) | 51,085 | (24,673) | | Profit/(Loss) Before Tax | 37,390 | (39,701) | | Profit/(Loss) for the Year | 36,279 | (38,615) | | Basic Earnings/(Loss) Per Share | 13.82 HK cents | (14.71) HK cents | [Consolidated Statement of Financial Position](index=34&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets were **HKD 29.7 million** and total liabilities **HKD 25.0 million**, with bank borrowings reduced to zero, resulting in a significant improvement from **HKD 32.0 million net liabilities** to **HKD 4.8 million net assets** Consolidated Statement of Financial Position Summary (as of March 31) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 22,437 | 145,563 | | Total Current Assets | 7,261 | 56,694 | | **Total Assets** | **29,698** | **202,257** | | Total Current Liabilities | 22,640 | 71,198 | | Total Non-current Liabilities | 2,285 | 163,016 | | **Total Liabilities** | **24,925** | **234,214** | | **Total Equity/(Net Liabilities)** | **4,773** | **(31,957)** | [Consolidated Statement of Cash Flows](index=36&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, operating activities generated **HKD 21.0 million** net cash, investing activities **HKD 30.8 million** (from subsidiary disposal), and financing activities used **HKD 49.8 million**, resulting in year-end cash of **HKD 2.9 million** Consolidated Statement of Cash Flows Summary (for the year ended March 31) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 20,996 | (11,759) | | Net Cash From Investing Activities | 30,805 | 2,156 | | Net Cash (Used In)/From Financing Activities | (49,826) | 10,368 | | Increase in Cash and Cash Equivalents | 1,975 | 765 | | Cash and Cash Equivalents at Year-End | 2,906 | 955 | [Notes to the Consolidated Financial Statements (Selected)](index=37&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail financial statements, addressing going concern challenges, revenue sources (China wood products), a **HKD 64.5 million gain** from subsidiary disposal reducing liabilities, and primary financial risks (credit and liquidity) - Despite net current liabilities of approximately **HKD 15.4 million** as of March 31, 2025, the Directors consider the preparation of financial statements on a going concern basis appropriate, based on secured bank facilities and shareholder support commitments[182](index=182&type=chunk)[184](index=184&type=chunk) - On October 23, 2024, the Group agreed to dispose of its subsidiary, Hebei Youlin Technology Co., Ltd., for a cash consideration of approximately **HKD 29.9 million**; the transaction completed on February 28, 2025, resulting in a disposal gain of approximately **HKD 64.5 million**[258](index=258&type=chunk)[259](index=259&type=chunk) - As of March 31, 2025, the Group's bank borrowings decreased to **zero**, from **HKD 161.5 million** in the prior year, primarily due to the disposal of a subsidiary with bank borrowings[297](index=297&type=chunk)[299](index=299&type=chunk) [Financial Summary](index=83&type=section&id=Financial%20Summary) [Five-Year Financial Data](index=83&type=section&id=Financial%20Summary-Five-Year%20Financial%20Data) This chapter summarizes five-year key performance, asset, and liability data, showing fluctuating revenue, the first annual profit in FY2025 due to a subsidiary disposal, and significant reductions in total assets and liabilities, with equity turning positive Summary of Results for the Past Five Financial Years (HKD thousand) | For the Year Ended March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 21,240 | 63,120 | 12,509 | 93,832 | 83,302 | | Profit/(Loss) Before Tax | 37,390 | (39,701) | (30,113) | (6,802) | (16,038) | | Profit/(Loss) for the Year | 36,279 | (38,615) | (29,194) | (5,039) | (27,499) | Summary of Assets and Liabilities for the Past Five Financial Years (HKD thousand) | As of March 31 | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets (Non-current + Current) | 29,698 | 202,257 | 235,663 | 427,664 | 414,052 | | Total Liabilities (Current + Non-current) | 24,925 | 234,214 | 226,349 | 391,166 | 382,892 | | Total Equity/(Deficit) | 4,773 | (31,957) | 9,314 | 36,498 | 31,160 |

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 STEED ORIENTAL (HOLDINGS) COMPANY LIMITED 駿 東（控股 ）有限公 司 （於開曼群島註冊成立之成員有限公司） （股份代號：8277） 截至2025年3月31日止年度之經審核年度業績公佈 香港聯合交易所有限公司GEM（「GEM」）的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個 上市的市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮 後方作出投資決定。GEM的較高風險及其他特色表示GEM較適合專業及其他資深投資 者。 由於GEM上市公司新興的性質使然，在GEM買賣的證券可能會較於聯交所主板買賣 的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市 場。 香港交易及結算所有限公司及聯交所對本公佈之內容概不負責，對其準確性或完整性 亦無發表聲明，並明確表示概不會就本公佈全部或任 ...

Stock Option Plan - The total number of stock options available for issuance under the stock option plan is 20,000,000 shares[2] - The stock option plan does not set a limit on the number of options for service providers[2] - The company aims to provide supplementary information regarding the stock option plan to shareholders and potential investors[2] - The announcement is part of the annual report supplementary disclosure for the fiscal year ending March 31, 2024[2] Corporate Governance - The board of directors confirms that the information disclosed is accurate and complete in all material aspects[4] - The board consists of executive directors and independent non-executive directors, ensuring diverse oversight[4] - The chairman and executive director is Li Yue, who oversees the company's strategic direction[3] Disclosure and Compliance - The announcement will be published on the Hong Kong Stock Exchange website and the company's website for at least seven days[4] - The announcement is made in accordance with GEM listing rules to provide information about the company[4] - The company emphasizes the absence of misleading or fraudulent elements in the disclosed information[4]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 11,731,000, compared to HKD 36,966,000 for the same period in 2023, representing a decrease of approximately 68.3%[4] - Gross profit for the six months ended September 30, 2024, was HKD 618,000, down from HKD 9,156,000 in 2023, indicating a significant decline[4] - The net loss attributable to equity shareholders for the period was HKD 9,722,000, compared to a loss of HKD 3,496,000 in the previous year, reflecting an increase in losses of approximately 177.5%[6] - Operating loss for the six months ended September 30, 2024, was HKD 2,285,000, compared to an operating profit of HKD 3,970,000 in 2023[4] - Other income for the six months ended September 30, 2024, increased to HKD 862,000 from HKD 476,000 in 2023, showing a growth of approximately 80.8%[4] - The group reported a loss of approximately HKD 9,722,000 for the six months ended September 30, 2024, compared to a loss of HKD 3,496,000 for the same period in 2023[38] - Revenue for the six months ended September 30, 2024, was HKD 9,788,000, a decrease of 21.7% from HKD 12,507,000 in 2023[29] - Custom wooden products revenue decreased significantly to HKD 1,943,000 from HKD 24,459,000 year-on-year[29] - The basic and diluted loss per share for the six months ended September 30, 2024, was HKD 3.70, compared to HKD 1.33 in 2023[38] - Gross profit for the same period decreased by approximately 93.5% to about HKD 0.6 million, down from HKD 9.2 million in the previous year[50] - The company reported a loss of approximately HKD 9.7 million for the six months ended September 30, 2024, an increase of about HKD 6.2 million compared to a loss of HKD 3.5 million in the prior year[50] Cash Flow and Assets - Cash used in operating activities for the six months was HKD 330,000, a significant improvement from HKD 2,526,000 used in the same period last year[14] - Total assets as of September 30, 2024, were HKD 184,004,000, down from HKD 202,257,000 as of March 31, 2024[8] - The company reported a cash and cash equivalents balance of HKD 547,000 as of September 30, 2024, down from HKD 735,000 at the end of the previous period[14] - The group’s cash and cash equivalents balance was approximately HKD 547,000 as of September 30, 2024[29] - The group has a net current liability of approximately HKD 133,194,000 and a net liability of HKD 42,358,000 as of September 30, 2024[29] - As of September 30, 2024, the company's total bank borrowings amounted to approximately HKD 165.0 million, an increase from HKD 161.5 million as of March 31, 2024[53] - The company's current liabilities net amount increased to approximately HKD 133.2 million as of September 30, 2024, compared to HKD 14.5 million as of March 31, 2024[53] - The asset-liability ratio as of September 30, 2024, was approximately 123.1%, up from 115.8% as of March 31, 2024[53] Liabilities and Financing - Current liabilities decreased to HKD 171,245,000 from HKD 71,198,000 as of March 31, 2024, indicating a reduction in short-term obligations[10] - The group secured a two-year bank financing of approximately HKD 27,676,000 in June 2024 to support operational and capital expenditures[29] - Shareholders have committed not to demand repayment of approximately HKD 41,001,000 until the group has sufficient liquidity[29] - The group’s bank loans of approximately HKD 110,705,000 and HKD 54,246,000 are due on June 28, 2025, and October 13, 2025, respectively[29] Business Operations - The company is primarily engaged in the procurement, manufacturing, and sales of wooden products[16] - The company plans to enhance productivity through improved production processes and internal automation to reduce costs[48] - The group is focused on maintaining its core business in the procurement, manufacturing, and sales of wood products while continuously seeking new business opportunities[60] - The group anticipates significant improvement in financial conditions following the sale of Yulin, allowing for increased investment in the development and procurement of various wood products[59] - The group is committed to expanding its product range and exploring strategic partnerships within the industry value chain to enhance its wood-related business[59] - The board believes that the group's business performance will continue to recover, leveraging advantages over smaller local enterprises in market and product expansion[60] Governance and Compliance - The company has complied with all relevant Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance in preparing its consolidated financial statements[25] - The company’s financial statements are prepared in accordance with the GEM Listing Rules, ensuring appropriate disclosures[25] - The company has adopted a strict code of conduct for securities trading by directors, in compliance with GEM Listing Rules, and all directors confirmed adherence for the six months ending September 30, 2024[70] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending September 30, 2024[80] - The company has complied with all applicable provisions of the corporate governance code during the reporting period[70] Shareholder Information - As of September 30, 2024, major shareholder Sun Xuesong holds 123,041,695 shares, representing approximately 46.88% of the issued share capital[67] - The board has not identified any competitive interests or conflicts of interest among directors or major shareholders during the reporting period[68] - The group has not engaged in the purchase, sale, or redemption of any listed securities during the six months ending September 30, 2024[68] Accounting Standards - The adoption of new or revised Hong Kong Financial Reporting Standards has not had a significant impact on the company's accounting policies[19] - The company anticipates that the new accounting standards will not materially affect its consolidated financial statements upon their effective date[22] - The company has not early adopted any new or revised standards that may affect its financial statements[22] - The company is monitoring the impact of the new accounting standards that have been issued but are not yet effective[22] - The company’s accounting policy disclosures have been enhanced to provide more comprehensive information[17] - The company has disclosed that the accounting treatment for the offsetting mechanism of mandatory provident fund contributions will become complex after the repeal of the offsetting mechanism[20] - The company has stated that the expected offsetting liabilities for long service payments are not significant for the fiscal years ending March 31, 2023, and March 31, 2024[20] Events After Reporting Period - There were no significant events occurring after September 30, 2024, up to the report date, other than those disclosed[80] Share Option Plan - As of September 30, 2024, there were no unexercised options under the share option scheme, and no options were granted during the six-month period[74][75] - The share option plan allows for a maximum of 20,000,000 shares to be granted, representing 7.62% of the issued shares as of April 1, 2024, and September 30, 2024[72] - The share options can be exercised within a period determined by the board, not exceeding 10 years from the grant date[72] - The share option plan is set to expire on February 23, 2025[73] Foreign Exchange and Market Conditions - The company recorded a foreign exchange loss of HKD 679,000 for the period, compared to a loss of HKD 437,000 in the previous year[6] - The group is closely monitoring exchange rate fluctuations to manage foreign exchange risks, with most transactions conducted in RMB[56] - The Chinese government introduced a comprehensive monetary policy package on September 24, 2024, aimed at supporting the stock and real estate markets, which is expected to increase customer orders and group revenue in the coming fiscal years[57]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 11,731,000, a decrease of 68.3% compared to HKD 36,966,000 in the same period of 2023[4] - The gross profit for the same period was HKD 618,000, down 93.3% from HKD 9,156,000 year-on-year[4] - The operating loss for the six months was HKD 2,285,000, compared to an operating profit of HKD 3,970,000 in the previous year[4] - The company recorded a loss before tax of HKD 9,752,000, which is a significant increase from a loss of HKD 3,496,000 in the prior year[4] - The total comprehensive loss attributable to equity shareholders for the period was HKD 10,401,000, compared to HKD 3,933,000 in the same period last year[9] - Basic and diluted loss per share for the period was HKD (3.70), compared to HKD (1.33) in the previous year[10] - The group reported a loss of approximately HKD 9,722,000 for the period ended September 30, 2024, highlighting ongoing financial difficulties[34] - The company recorded a pre-tax loss of HKD 9,722,000 for the six months ended September 30, 2024, compared to a loss of HKD 3,496,000 for the same period in 2023, indicating a worsening of 177.5%[54] - The company did not recommend any dividend payment for the six months ended September 30, 2024[52] Assets and Liabilities - As of September 30, 2024, total non-current assets amounted to HKD 146,953,000, slightly up from HKD 145,563,000 as of March 31, 2024[11] - Current assets decreased to HKD 38,051,000 from HKD 56,694,000, primarily due to a reduction in inventory and trade receivables[11] - The company's total liabilities increased significantly to HKD 171,245,000 from HKD 71,198,000, driven by an increase in bank borrowings[14] - The net asset value of the company was reported at HKD (42,358,000), a decline from HKD (31,957,000) in the previous period[14] - Current liabilities net and total liabilities as of September 30, 2024, were approximately HKD 133,194,000 and HKD 42,358,000, respectively, indicating a high level of indebtedness[34] - The company's total bank loans amount to approximately HKD 110,705,000 and HKD 54,246,000, which are due for repayment on June 28, 2025, and October 13, 2025, respectively[36] - The company's net current liabilities increased to approximately HKD 133.2 million as of September 30, 2024, up from HKD 14.5 million as of March 31, 2024, primarily due to bank borrowings due within one year[82] - The asset-liability ratio as of September 30, 2024, was approximately 123.1%, compared to 115.8% as of March 31, 2024[82] Cash Flow - For the six months ended September 30, 2024, the net cash used in operating activities was approximately HKD (330,000) compared to HKD (2,526,000) for the same period in 2023, indicating a significant improvement[21] - The net cash generated from investing activities was HKD 3,890,000, a substantial increase from HKD 164,000 in the previous year, reflecting positive investment performance[21] - The net cash used in financing activities was HKD (3,978,000), a decrease from HKD 2,481,000 in the prior year, suggesting a shift in financing strategy[21] - As of September 30, 2024, the cash and cash equivalents decreased to HKD 547,000 from HKD 735,000 a year earlier, indicating liquidity challenges[21] - The cash and cash equivalents balance at the beginning of the period was HKD 955,000, compared to HKD 644,000 in the previous year, showing a slight increase[21] - The impact of exchange rate changes resulted in an increase of HKD 10,000 in cash and cash equivalents, compared to a decrease of HKD (28,000) in the prior year[21] Corporate Governance and Compliance - The company has adhered to the corporate governance code as stipulated in the GEM Listing Rules during the six months ending September 30, 2024[106] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[121] Shareholder Information - As of September 30, 2024, Mr. Xue Zhaoqiang holds 27,978,425 shares, representing approximately 10.66% of the issued share capital[96] - Ms. Sun Xuesong owns 123,041,695 shares, accounting for approximately 46.88% of the issued share capital as of September 30, 2024[100] Business Operations and Strategy - The company continues to focus on the procurement, manufacturing, and sales of wooden products, including structural panels and custom wooden products[116] - The group continues to operate in a challenging business environment due to a significant slowdown in China's real estate industry, impacting performance for the six months ending September 30, 2024[90] - On September 24, 2024, the Chinese government introduced a comprehensive monetary policy package aimed at supporting the stock and real estate markets, which is expected to lead to an increase in customer orders and group revenue in the coming fiscal years[92] - The emphasis on environmental sustainability in China may create new demand for the group's wooden products, as wood has a lower carbon footprint compared to materials like steel and concrete[92] - The group anticipates a significant improvement in financial conditions following the sale of Yulin, allowing for more resources to be allocated to the research and development of various wooden products[93] - The board is committed to maintaining the group's core business in the procurement, manufacturing, and sales of wooden products while continuously seeking new business opportunities to enhance and solidify the group's operations[93] Stock Options and Securities - The stock option plan was approved to incentivize eligible participants for their contributions to the group, with options granted at a price not lower than the closing price on the date of grant[107] - The company has a stock option plan that allows for a maximum of 20,000,000 shares to be granted, representing 7.62% of the total issued shares as of April 1, 2024, and September 30, 2024[108] - No stock options were granted under the plan for the six months ending September 30, 2024[113] - The stock option plan will expire on February 23, 2025[111] - As of September 30, 2024, there were no unexercised stock options[112] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the six months ending September 30, 2024[104] Future Outlook - The company has sufficient cash resources to meet operational funding and other financing needs for the next 12 months, although there are significant uncertainties regarding the continuation of operations[37] - The company has no significant investments as of September 30, 2024[87] - The company has no major contingent liabilities as of September 30, 2024[84] - The company plans to enhance productivity through improved production processes and internal automation to reduce costs[75] - There have been no significant events occurring after September 30, 2024, up to the date of this announcement[118] - The company has agreed to sell its wholly-owned subsidiary, Youlin Technology Co., Ltd., for a consideration of RMB 28.01 million (approximately HKD 30.56 million)[116] - Following the sale, the company will no longer hold any interest in Youlin, and its financial performance will not be consolidated into the group's financial statements[116]

Financial Performance - For the fiscal year ending March 31, 2024, the company reported a loss of approximately HKD 38.6 million, compared to a loss of approximately HKD 29.2 million for the previous year[9]. - Revenue from continuing operations increased by approximately 404.8% to about HKD 63.1 million, up from HKD 12.5 million in the previous year, primarily due to the lifting of COVID-19 control measures in China[9][17]. - Gross profit from continuing operations rose by approximately 635.0% to about HKD 14.7 million, compared to HKD 2.0 million in the previous year[9][18]. - For the fiscal year ending March 31, 2024, the group recorded a loss of approximately HKD 38.6 million, an increase of about HKD 9.6 million compared to the previous year (2023: loss of approximately HKD 29.0 million)[20]. - The company reported a net loss from continuing operations of HKD 38,615,000 for 2024, compared to a loss of HKD 28,968,000 in 2023, reflecting a deterioration in financial performance[195]. - The total comprehensive loss for the year ended March 31, 2024, was HKD 41,271,000, compared to a loss of HKD 27,184,000 for the previous year[199]. - The company reported a net loss of HKD 38,615,000 for the year, an increase from the previous year's loss of HKD 29,194,000[199]. - The loss per share from continuing operations was HKD 14.71 for 2024, compared to HKD 11.03 in 2023, showing an increase in loss per share[195]. - The company’s equity attributable to shareholders decreased to HKD (31,957,000) in 2024 from HKD 9,314,000 in 2023, indicating a negative shift in shareholder equity[196]. Cash Flow and Liabilities - The group's cash and cash equivalents as of March 31, 2024, were approximately HKD 1.0 million, up from approximately HKD 0.6 million as of March 31, 2023[22]. - The net current liabilities as of March 31, 2024, were approximately HKD 14.5 million, a significant decrease from approximately HKD 172.4 million as of March 31, 2023[22]. - The total bank borrowings as of March 31, 2024, were approximately HKD 161.5 million, down from approximately HKD 169.8 million as of March 31, 2023[23]. - Current liabilities significantly decreased to HKD 71,198,000 in 2024 from HKD 223,159,000 in 2023, a reduction of about 68%[196]. - The company’s non-current liabilities increased to HKD 163,016,000 in 2024 from HKD 3,190,000 in 2023, indicating a substantial rise in long-term debt obligations[196]. Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[53]. - The company has complied with the corporate governance code in all material aspects as of March 31, 2024[50]. - The board is committed to maintaining high standards of corporate governance and creating value for shareholders[49]. - The company has adopted a standard code for regulating securities transactions by directors, ensuring compliance with relevant regulations[51]. - The company’s independent non-executive directors have extensive backgrounds in finance and management, enhancing the board's expertise[44]. - The company is focused on improving internal control systems and corporate governance practices[49]. - The board is responsible for guiding and supervising the company’s affairs to ensure successful development[52]. - The company has taken sufficient measures to ensure effective communication among directors, including independent non-executive directors[56]. - The company has established measurable goals for board diversity, achieving a gender diversity ratio of approximately 16.7% with 1 female director out of 6 total directors[62]. Risk Management - The board confirmed its responsibility for maintaining a sound internal control and risk management system, which was reviewed during the year[94]. - The group adopted a three-tier risk management approach to identify, assess, mitigate, and respond to risks, ensuring effective monitoring and management[95]. - The company implemented a robust internal control system covering operational, financial, and compliance aspects to ensure effective operations[96]. - The company has established a formal mechanism for risk assessment and management, overseen by the compliance officer[101]. Shareholder Communication - The company’s annual general meeting serves as a communication platform for shareholders and the board, ensuring transparency and engagement[66]. - The company reviewed its shareholder communication policy for the year ending March 31, 2024, and deemed it effective[108]. - The company emphasizes effective communication with the investment community to enhance transparency and understanding of its business and developments[110]. Strategic Focus - The company will focus on the domestic market and continue to engage in the procurement, manufacturing, and sales of various wooden products[11]. - The company aims to enhance productivity through improved production processes, quality control, and customer support[16]. - The company is exploring strategic cooperation opportunities with downstream market participants in the industry value chain[11]. - The business environment remains challenging due to significant slowdowns in the Chinese real estate sector, impacting profit margins[16]. - The company is committed to finding potential business developments, including possible capacity expansions and enhancing trade distribution channels[11]. - The company believes it has advantages over smaller local enterprises in further developing and expanding its market and product offerings[11]. Audit and Compliance - The external auditor, Shinewing (HK) CPA Limited, was engaged for the annual audit services for the year ending March 31, 2024, at a fee of approximately HKD 1,000,000[102]. - The audit report indicates significant uncertainty regarding the group's ability to continue as a going concern due to the reported losses and liabilities[170]. - The company must ensure that the financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the Companies Ordinance[185]. Environmental Initiatives - The company has been actively seeking to replace equipment with environmentally friendly machines to minimize overall waste emissions[129].

Financial Performance - For the fiscal year ending March 31, 2024, the company recorded revenue of approximately HKD 63.1 million, an increase of about 404.8% compared to HKD 12.5 million in 2023[9]. - Gross profit for the year increased by approximately 635.0% to about HKD 14.7 million, up from HKD 2.0 million in 2023[10]. - The company reported a loss of approximately HKD 38.6 million for the year, an increase of about HKD 9.6 million compared to a loss of HKD 29.0 million in 2023[11]. - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 63,120,000, a significant increase from HKD 12,509,000 in 2023, representing a growth of approximately 404%[41]. - The gross profit for the same period was HKD 14,745,000, up from HKD 1,989,000 in 2023, indicating an increase of about 641%[41]. - The company experienced a net loss of HKD 38,615,000 for continuing operations, compared to a loss of HKD 28,968,000 in the previous year, reflecting an increase in loss of approximately 33%[41]. - The company reported a loss of approximately HKD 38,615,000 for the year ending March 31, 2024, compared to a loss of HKD 11,759,000 in cash used for operating activities[74]. - The company’s basic and diluted loss per share from continuing operations was HKD 14.71 in 2024, compared to HKD 11.03 in 2023, reflecting an increase of approximately 33.5%[124]. Assets and Liabilities - As of March 31, 2024, the company's current liabilities exceeded current assets by approximately HKD 14.5 million, indicating significant uncertainty regarding the company's ability to continue as a going concern[6]. - The company's total bank borrowings amounted to approximately HKD 161.5 million as of March 31, 2024, down from HKD 169.8 million in 2023[15]. - The company's debt-to-asset ratio was approximately 115.8% as of March 31, 2024, compared to 96.0% in 2023[15]. - Total non-current assets decreased from HKD 184,903,000 in 2023 to HKD 145,563,000 in 2024, a decline of approximately 21.3%[68]. - Current assets increased from HKD 50,760,000 in 2023 to HKD 56,694,000 in 2024, representing an increase of about 11.5%[68]. - The company's total liabilities included current liabilities of HKD 14,504,000 and non-current liabilities of HKD 163,016,000 as of March 31, 2024[72]. - The company’s total equity showed a significant decline, with total equity at HKD (31,957,000) in 2024 compared to HKD 9,314,000 in 2023[72]. - Total liabilities from shareholders' advances rose to HKD 69,258,000 in 2024, up from HKD 47,276,000 in 2023, an increase of 46.6%[128]. Cash Flow and Financing - The company's cash and cash equivalents stood at approximately HKD 1.0 million as of March 31, 2024, compared to HKD 0.6 million in 2023[15]. - Cash and cash equivalents are primarily used for operating costs and capital expenditures, with current assets including bank cash, trade receivables, and inventory[47]. - The company has secured bank financing of HKD 27,097,000 for two years, expected to support future operational and capital expenditures[80]. - The company anticipates that shareholders will not demand repayment of approximately HKD 53,922,000 until sufficient liquidity is available[81]. Operational Highlights - The company plans to focus on domestic markets and continue exploring strategic partnerships within the industry value chain to expand its wood-related business[26]. - The board of directors will maintain the company's existing primary business in the procurement, manufacturing, and sales of wooden products while seeking new opportunities to enhance and solidify the business[27]. - The company aims to explore potential business developments, including capacity expansion and enhancing trade distribution channels, to recover business performance[31]. - The group has only one reportable operating segment, which is the wooden products business, focusing on procurement, manufacturing, and sales in mainland China[96]. Expenses and Losses - Administrative expenses rose by approximately HKD 2,800,000 to HKD 19,682,000, compared to HKD 16,937,000 in 2023, marking an increase of about 16.5%[46]. - Other losses increased by approximately HKD 2,253,000 to HKD 5,612,000, compared to HKD 3,359,000 in 2023, which is an increase of about 67%[46]. - The company reported a significant impairment loss of HKD 12,303,000 on non-current assets, which was not present in the previous year[46]. - Employee costs decreased to HKD 3,252 thousand in 2024 from HKD 3,945 thousand in 2023, reflecting a reduction of approximately 17.5%[115]. - The company recognized impairment losses of approximately HKD 11,363 thousand for property, plant, and equipment as of March 31, 2024[123]. Revenue Sources - The revenue from mainland China for the fiscal year ending March 31, 2024, was HKD 63,120,000, compared to HKD 12,509,000 in 2023, indicating a substantial increase in market presence[106]. - The group’s major customers contributed significantly to revenue, with Customer A generating HKD 27,446,000 in 2024, up from HKD 8,250,000 in 2023[99]. - The group’s rental income for the fiscal year 2024 was HKD 766,000, a decrease from HKD 2,661,000 in 2023, reflecting a decline in rental activities[110]. Accounting and Compliance - The group expects no significant impact on its consolidated financial statements from the newly issued or revised Hong Kong Financial Reporting Standards that are yet to take effect[90]. - The group applied the simplified approach under HKFRS 15 for sales contracts of wooden products with an original expected duration of one year or less[100]. - The group anticipates that the accounting treatment for the offsetting mechanism related to mandatory MPF contributions will not have a significant impact on its financial statements[88]. - The company has established an audit committee to oversee financial controls and risk management, ensuring compliance with GEM listing rules[52].