Company Information [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, with audit, remuneration, and nomination committees ensuring sound corporate governance, and Grant Thornton Hong Kong Limited serving as the independent auditor - Board members include Mr. Song Xiaoming (Chairman), Ms. Song Shiqing, Mr. Su Congyue (Executive Directors), Mr. Lam Wing Yiu (Non-Executive Director), and Mr. Li Zhongfei, Mr. Zhao Jinsong, Mr. Liu Chengwei (Independent Non-Executive Directors)[5](index=5&type=chunk) - Mr. Zhao Jinsong chairs the Audit Committee, Mr. Li Zhongfei chairs the Remuneration Committee, and Mr. Song Xiaoming chairs the Nomination Committee[5](index=5&type=chunk) - Grant Thornton Hong Kong Limited is the independent auditor[5](index=5&type=chunk) Chairman's Statement [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Group achieved net profit through a robust debt reduction plan and divestment of underperforming businesses amidst a challenging macroeconomic environment, with future growth expected from China's economic stimulus and expansion in asset management and cultural tourism sectors - This year, the Group improved its net asset value and recorded a net profit through a debt reduction plan and divestment of underperforming businesses[7](index=7&type=chunk) - China's economy is projected to maintain stable growth under Q3 2024 stimulus policies, with the Group's asset management business significantly increasing[7](index=7&type=chunk) - The Group aims to deepen its presence in asset management and cultural tourism, diversifying through new market entry and business expansion to become a renowned investment holding company[7](index=7&type=chunk)[8](index=8&type=chunk) Management Discussion and Analysis [Business Review](index=6&type=section&id=Business%20Review) This year, the Group's business primarily included security, property management, HR services, asset management, and hotel & catering services, with security revenue declining due to divestment and market contraction but losses narrowing, while asset management revenue significantly grew from state-owned enterprise advisory services, and hotel & catering revenue increased despite a partial business suspension due to lease disputes - Revenue from security, property management, and human resources services decreased by **36.9% year-on-year to HKD 32.2 million**, mainly due to the disposal of loss-making subsidiaries and reduced demand from China's economic contraction, though the segment loss significantly narrowed[11](index=11&type=chunk)[17](index=17&type=chunk) - Asset management services revenue significantly increased from **HKD 0.5 million to HKD 8.8 million**, primarily driven by advisory services for state-owned enterprise asset restructuring[12](index=12&type=chunk)[18](index=18&type=chunk) - Hotel and catering services revenue grew to **HKD 6.9 million**, but operations were suspended in the second half due to landlord disputes, with the Group actively seeking new locations and developing cultural tourism businesses[13](index=13&type=chunk)[19](index=19&type=chunk) [Business Outlook](index=7&type=section&id=Business%20Outlook) The Group aims to enhance its corporate image and capitalize on opportunities in China's security, property management, HR, asset management, and hotel & catering sectors, specifically planning to offer distressed asset disposal services, transform into a boutique asset management firm via investment funds, and develop cultural and tourism businesses - The Group plans to leverage its hotel and catering services experience to develop hotel businesses, particularly in the cultural and tourism sector[14](index=14&type=chunk) - Facing increased demand for non-performing loan disposal, the Group will provide corporate distress advisory services, including non-performing debt transfer, distressed asset disposal, debt-to-equity swaps, and debt restructuring, leveraging its asset management expertise[14](index=14&type=chunk) - The Group intends to establish investment funds through its asset management platform, connecting upstream and downstream education industry chains, to transform into a boutique asset management institution[14](index=14&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) The Group's total revenue decreased by 12.3% to HKD 47.9 million this year, but gross profit turned from a loss to a profit due to the divestment of loss-making subsidiaries and high-margin asset management services, with significantly reduced administrative expenses, impairment losses, and finance costs, resulting in a profit attributable to owners of HKD 10.2 million, reversing last year's loss [Revenue](index=8&type=section&id=Revenue) Total revenue for the year was HKD 47.9 million, a 12.3% decrease from the previous year, with security services revenue down 36.9% due to economic contraction and subsidiary divestment, asset management services revenue growing over 100% from asset restructuring advisory, and hotel & catering services revenue increasing by HKD 3.8 million - Total revenue decreased by **12.3% to HKD 47.9 million** from HKD 54.6 million[16](index=16&type=chunk) - Revenue from security, property management, and human resources services decreased by **36.9% to HKD 32.2 million**, primarily due to China's economic contraction and the disposal of loss-making subsidiaries[17](index=17&type=chunk) - Asset management services revenue increased from **HKD 0.5 million to HKD 8.8 million**, a growth of over **100%**, mainly from asset restructuring advisory fees for state-owned enterprises[18](index=18&type=chunk) [Cost of Sales and Services](index=9&type=section&id=Cost%20of%20Sales%20and%20Services) Cost of sales and services decreased to HKD 42.7 million from HKD 57.5 million last year, with security services costs declining and achieving a gross profit, while asset management and hotel & catering services costs increased in line with revenue growth - Cost of sales and services decreased from **HKD 57.5 million to HKD 42.7 million**[20](index=20&type=chunk) - Security services costs decreased, resulting in a gross profit of approximately **HKD 1.4 million**, compared to a gross loss in the prior year[21](index=21&type=chunk) - Asset management services costs, primarily employee professional service fees, were approximately **HKD 2.1 million**, consistent with the increase in revenue[22](index=22&type=chunk) [Gross Profit and Gross Margin](index=10&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit significantly increased by HKD 8.1 million to HKD 5.2 million from a gross loss of HKD 2.9 million last year, with a corresponding improvement in gross margin, primarily due to the divestment of loss-making subsidiaries in China and Hong Kong and the high-margin contribution from asset management services - Gross profit increased by approximately **HKD 8.1 million** from a gross loss of approximately **HKD 2.9 million** last year to a gross profit of **HKD 5.2 million** this year[24](index=24&type=chunk) - The increase in gross profit and gross margin was mainly due to the disposal of loss-making subsidiaries in China and Hong Kong and the high gross margin of asset management services[24](index=24&type=chunk) [Other Income and Net Gains/Losses](index=10&type=section&id=Other%20Income%20and%20Net%20Gains%2FLosses) Other income increased by HKD 13.4 million to HKD 25.4 million from HKD 12.0 million last year, primarily driven by the derecognition of promissory note liabilities, lease termination compensation income, and gains from subsidiary disposals - Other income increased from **HKD 12.0 million to HKD 25.4 million**, an increase of approximately **HKD 13.4 million**[25](index=25&type=chunk) - Key growth drivers include the derecognition of promissory note liabilities of approximately **HKD 9.0 million**, compensation income from lease termination of approximately **HKD 2.2 million**, and gains on disposal of subsidiaries of approximately **HKD 11.8 million**[25](index=25&type=chunk) [Administrative Expenses](index=10&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 30.5% to HKD 13.9 million from HKD 20.0 million last year due to strict management oversight, primarily driven by reduced staff costs and depreciation of right-of-use assets - Administrative expenses decreased by **30.5% to HKD 13.9 million**[26](index=26&type=chunk) - Salaries and related costs decreased by **36.8% to HKD 7.9 million** due to strict control over employee expenses[26](index=26&type=chunk) - Depreciation of right-of-use assets decreased by **HKD 2.2 million to HKD 1.0 million** due to the disposal of right-of-use assets[26](index=26&type=chunk) [Impairment Loss on Property, Plant and Equipment](index=10&type=section&id=Impairment%20Loss%20on%20Property%2C%20Plant%20and%20Equipment) This year, the hotel and catering services segment incurred an impairment loss of approximately HKD 1.3 million due to business suspension from early lease termination, while last year, the security services segment incurred an impairment loss of approximately HKD 3.4 million due to underperforming economic expectations - This year, the hotel and catering services segment incurred an impairment loss of approximately **HKD 1.3 million** due to business suspension from early lease termination[27](index=27&type=chunk) - Last year, the Jingwudun Security Guard cash-generating unit under the security, property management, and human resources segment incurred an impairment loss of approximately **HKD 3.4 million** due to underperforming economic expectations[28](index=28&type=chunk) [Net Impairment Loss on Financial Assets](index=11&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) Net impairment loss on financial assets decreased to HKD 3.7 million from HKD 4.4 million last year, with the Group making provisions for trade and other receivables based on the expected credit loss model under HKFRS 9 and monitoring customer performance through credit policies - Net impairment loss on financial assets was approximately **HKD 3.7 million** this year, compared to **HKD 4.4 million** last year[29](index=29&type=chunk) - The Group makes provisions for trade and other receivables based on the Expected Credit Loss (ECL) model under HKFRS 9, adjusted for historical credit loss experience, external indicators, and forward-looking factors[29](index=29&type=chunk) - The Group has implemented a credit policy to monitor customer performance through aging analysis, review of payment records, and customer financial standing[30](index=30&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) Finance costs decreased to HKD 1.0 million from HKD 1.8 million last year, primarily due to the settlement of promissory note liabilities, including outstanding principal and related interest - Finance costs decreased by approximately **HKD 0.8 million to HKD 1.0 million** from approximately **HKD 1.8 million**[31](index=31&type=chunk) - The decrease in finance costs was mainly due to the settlement of promissory note liabilities, including outstanding principal and related interest[31](index=31&type=chunk) [Profit/(Loss) for the Year](index=11&type=section&id=Profit%2F%28Loss%29%20for%20the%20Year) Profit attributable to owners of the Company was approximately HKD 10.2 million, successfully reversing last year's loss of HKD 16.9 million, primarily driven by the turnaround in gross profit, increased other income, and reduced administrative expenses, impairment losses on property, plant and equipment, and provisions for impairment losses on financial assets - Profit attributable to owners of the Company was approximately **HKD 10.2 million**, compared to a loss of **HKD 16.9 million** last year[32](index=32&type=chunk) - The increase in profit was mainly due to a gross profit of approximately **HKD 5.2 million**, increased other income, and a reduction of approximately **HKD 8.9 million** in administrative expenses, impairment loss on property, plant and equipment, and provisions for impairment loss on financial assets[32](index=32&type=chunk) [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) No income tax expense was recognized for both the current and prior years, as the Group generated no taxable profit in Hong Kong and its entities in China had sufficient tax losses to offset or did not generate taxable profit - No income tax expense was recognized for both the current and prior years[33](index=33&type=chunk) [Final Dividend](index=11&type=section&id=Final%20Dividend) The Board did not recommend a final dividend for the current year, consistent with the previous year - The Board did not recommend a final dividend for the current year (nil last year)[34](index=34&type=chunk) Revenue Breakdown by Business Segment (HKD in thousands) | Business Segment | 2025 (HKD in thousands) | 2025 (%) | 2024 (HKD in thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Security Guard, Property Management and Human Resources Services | 32,177 | 67.2% | 51,002 | 93.4% | | Asset Management Services | 8,789 | 18.4% | 465 | 0.9% | | Hotel and Catering Services | 6,891 | 14.4% | 3,133 | 5.7% | | **Total** | **47,857** | **100%** | **54,600** | **100%** | - Total revenue decreased by **12.3% to HKD 47.9 million** year-on-year, primarily impacted by the decline in the security guard business[16](index=16&type=chunk) - Gross profit turned from a loss of **HKD 2.9 million** last year to a profit of **HKD 5.2 million**, mainly due to the disposal of loss-making subsidiaries and the high gross margin contribution from asset management services[24](index=24&type=chunk) - Administrative expenses decreased by **30.5% to HKD 13.9 million**, primarily due to strict control over employee expenses and the disposal of right-of-use assets[26](index=26&type=chunk) - Profit attributable to owners of the Company was approximately **HKD 10.2 million**, compared to a loss of **HKD 16.9 million** last year, mainly benefiting from increased gross profit, higher other income, and reduced expenses[32](index=32&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=12&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group regularly reviews its capital structure to adapt to economic changes, with total equity attributable to owners turning positive from a deficit this year, a decrease in bank cash, and a significant improvement in the gearing ratio from 179% to 106% reflecting a substantial reduction in net debt, while having no pledged assets or capital commitments and minimal foreign exchange risk - As of March 31, 2025, total equity attributable to owners of the Company was approximately **HKD 2.8 million**, compared to a deficit of **HKD 6.1 million** last year[35](index=35&type=chunk) - Bank and cash on hand were approximately **HKD 6.0 million**, compared to **HKD 9.7 million** last year[35](index=35&type=chunk) - The gearing ratio decreased from **179%** last year to **106%** this year, mainly due to a larger decrease in net debt than in total capital[38](index=38&type=chunk)[258](index=258&type=chunk) - The Group had no pledged assets or capital commitments in both the current and prior years[37](index=37&type=chunk)[39](index=39&type=chunk) [Material Investments Held, Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies, and Plans for Material Investments or Capital Assets](index=13&type=section&id=Material%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies%2C%20and%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Company held no material investments and undertook no material acquisitions or disposals of subsidiaries or affiliated companies during the year, with no other future plans for material investments or capital assets beyond disclosed fundraising activities as of the reporting period end - During the current year, the Company held no material investments, nor did it undertake any material acquisitions or disposals of subsidiaries or affiliated companies[42](index=42&type=chunk) - As of March 31, 2025, other than the disclosed fundraising activities, the Company had no future plans for any material investments or capital assets[43](index=43&type=chunk) [Employees and Remuneration Policy](index=13&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group's employee count decreased to 687, with total staff costs also declining to approximately HKD 44.4 million, while the Group offers competitive remuneration and training, and rewards employee contributions through a share option scheme - As of March 31, 2025, the Group had **687 employees**, a decrease from **925** last year[44](index=44&type=chunk) - Total staff costs (including directors' remuneration) for the current year were approximately **HKD 44.4 million**, compared to **HKD 67.0 million** last year[44](index=44&type=chunk) - The Group offers competitive remuneration packages and internal training courses, and grants share options to eligible participants under the share option scheme to reward contributions[44](index=44&type=chunk) [Fundraising Activities](index=13&type=section&id=Fundraising%20Activities) The subscription generated gross proceeds of approximately HKD 68.5 million and net proceeds of approximately HKD 67.5 million, all of which have been fully utilized for the Group's general working capital as of March 31, 2025, with approximately HKD 0.96 million utilized during the current year - The subscription generated gross proceeds of approximately **HKD 68.5 million** and net proceeds of approximately **HKD 67.5 million**[45](index=45&type=chunk) - As of March 31, 2025, all proceeds have been fully utilized for the Group's general working capital, with approximately **HKD 0.96 million** utilized during the current year[45](index=45&type=chunk) Corporate Governance Report [Corporate Governance Practices](index=14&type=section&id=Corporate%20Governance%20Practices) The Company is committed to high corporate governance standards, adopting the GEM Listing Rules' Corporate Governance Code and complying with all provisions except for the non-separation of Chairman and CEO roles, aiming to become a leading boutique cross-border fund company by providing sustainable returns through strategic planning, professional services, and enhanced communication - The Company has adopted the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules and has complied with the applicable code provisions throughout the current year, except for code provision C.2.1 (separation of Chairman and Chief Executive Officer roles)[46](index=46&type=chunk)[47](index=47&type=chunk) - The Group's vision is to become a leading boutique cross-border fund company, providing sustainable and substantial operating returns to stakeholders through strategic planning and collaboration, professional expertise, and enhanced services[48](index=48&type=chunk) - The Board is committed to regularly reviewing and adjusting business strategies in response to market conditions to promptly meet market demands and achieve long-term sustainable development[49](index=49&type=chunk) [Board of Directors](index=15&type=section&id=Board%20of%20Directors) The Board is responsible for leading and overseeing the Company, monitoring business operations, and approving strategic plans, comprising seven members including three executive, one non-executive, and three independent non-executive directors, with a diversity policy in place to achieve gender parity by the end of 2026 - The Board is primarily responsible for leading and overseeing the Company, monitoring and supervising the Group's business operations, approving strategic plans, and monitoring the Group's performance[50](index=50&type=chunk) - The Board comprises seven members, including three executive directors, one non-executive director, and three independent non-executive directors[51](index=51&type=chunk) - The Company has adopted a Board Diversity Policy, considering factors such as gender, cultural and educational background, experience, skills, knowledge, and length of service, with a target to achieve gender parity by the end of 2026[51](index=51&type=chunk)[52](index=52&type=chunk) [Nomination Policy](index=16&type=section&id=Nomination%20Policy) The Company has adopted a nomination policy providing written guidelines for the Nomination Committee to identify qualified board members, ensuring the Board possesses the necessary skills, experience, and diverse perspectives for the Group's business, with the Board ultimately responsible for selecting and appointing new directors - The Company has adopted a Nomination Policy to provide written guidelines for the Nomination Committee to identify qualified board members[54](index=54&type=chunk) - The Board, through the Nomination Committee, ensures that the Board possesses the skills, experience, and diverse perspectives required for the Group's business[54](index=54&type=chunk) [Dividend Policy](index=16&type=section&id=Dividend%20Policy) The Company has adopted a dividend policy where the Board considers financial performance, cash flow, debt levels, shareholder equity, business strategy, market conditions, and legal restrictions to determine dividend payments and amounts, which must comply with Cayman Islands company law and articles and be approved by shareholders - Dividend policy considerations include the Group's financial performance, cash flow, liquidity, debt levels, retained earnings, shareholder equity, business operations, market conditions, shareholder expectations, lender restrictions, and legal and regulatory requirements[55](index=55&type=chunk) - The Board has sole discretion to decide whether and in what form to pay dividends, subject to compliance with the Cayman Islands Companies Act and other applicable laws, rules, and articles[56](index=56&type=chunk) - Any final dividend must be approved by shareholders by ordinary resolution at the annual general meeting and shall not exceed the amount recommended by the Board[56](index=56&type=chunk) [Chairman and Chief Executive Officer](index=17&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) The Chairman leads the Board and ensures effective agendas, with the Corporate Governance Code requiring separation of Chairman and CEO roles; however, since the CEO's resignation in August 2020, no new CEO has been appointed, but various business segments are overseen by staff at the subsidiary level - The Chairman is responsible for leading the Board and ensuring a productive agenda[58](index=58&type=chunk) - According to Corporate Governance Code Provision C.2.1, the roles of Chairman and Chief Executive Officer should be separate and not performed by the same individual[58](index=58&type=chunk) - Since the resignation of the Chief Executive Officer in August 2020, the Company has not appointed any senior officer to the position of Chief Executive Officer, but various employees are appointed at the subsidiary level to oversee operations of each business segment[58](index=58&type=chunk) [Non-Executive Directors and Independent Non-Executive Directors](index=17&type=section&id=Non-Executive%20Directors%20and%20Independent%20Non-Executive%20Directors) The Company complies with GEM Listing Rules by appointing at least three independent non-executive directors, with at least one possessing professional accounting or financial management expertise, and the Board considers them independent of management, contributing professional knowledge to decisions, with all independent non-executive directors having confirmed their independence - The Company complies with the GEM Listing Rules by appointing at least three independent non-executive directors, comprising at least one-third of the Board, with at least one possessing appropriate professional qualifications, or professional accounting or related financial management expertise[59](index=59&type=chunk) - The Board considers independent non-executive directors to be independent of management and to contribute relevant professional knowledge to Board decisions[59](index=59&type=chunk) - The Company has received annual confirmations of independence from each independent non-executive director and considers all independent non-executive directors to be independent[59](index=59&type=chunk) [Appointment and Re-election of Directors](index=17&type=section&id=Appointment%20and%20Re-election%20of%20Directors) Non-executive and independent non-executive directors serve initial three-year terms, renewable annually, with one-third of directors retiring by rotation and eligible for re-election at each annual general meeting, while any director appointed by the Board serves until the next general meeting or annual general meeting, where they are eligible for re-election - Each non-executive director and independent non-executive director has entered into a service contract with the Company for an initial term of three years, renewable annually thereafter[60](index=60&type=chunk) - At each annual general meeting, one-third of the directors then in office shall retire by rotation and, if eligible, offer themselves for re-election[60](index=60&type=chunk) - Any director appointed by the Board to fill a casual vacancy or as an addition to the Board shall hold office only until the next general meeting or the next annual general meeting of the Company following their appointment, and shall then be eligible for re-election[61](index=61&type=chunk) [Directors' Training and Continuous Professional Development](index=18&type=section&id=Directors%27%20Training%20and%20Continuous%20Professional%20Development) All new directors receive formal induction to ensure understanding of company business and director responsibilities, with ongoing updates on statutory and regulatory frameworks and participation in professional development activities, including reading materials and workshops, completed by all directors this year - Each new director receives a formal, comprehensive, and tailored induction upon initial appointment to ensure a proper understanding of the Company's business and directors' responsibilities[62](index=62&type=chunk) - Directors continuously receive updated information on statutory and regulatory frameworks and the business environment, and participate in ongoing briefings and professional development activities[62](index=62&type=chunk) Directors' Training Types | Director Name | Reading and/or Online Training | Workshops and/or Seminars | | :--- | :--- | :--- | | **Executive Directors** | | | | Mr. Song Xiaoming | ✓ | ✓ | | Ms. Song Shiqing | ✓ | ✓ | | Mr. Su Congyue | ✓ | ✓ | | **Non-Executive Director** | | | | Mr. Lam Wing Yiu | ✓ | ✓ | | **Independent Non-Executive Directors** | | | | Mr. Li Zhongfei | ✓ | | | Mr. Zhao Jinsong | ✓ | | | Mr. Liu Chengwei | ✓ | | [Corporate Governance Functions](index=19&type=section&id=Corporate%20Governance%20Functions) The Board is responsible for formulating and reviewing corporate governance policies and practices, overseeing director and senior management training, ensuring compliance with legal and regulatory requirements, and establishing and monitoring codes of conduct, having reviewed and monitored the company's policies, training, compliance procedures, and codes of conduct - The Board is responsible for formulating and reviewing the Company's corporate governance policies and practices, and making recommendations to the Board[66](index=66&type=chunk) - The Board is responsible for reviewing and monitoring the training and continuous professional development of directors and senior management, as well as the Company's policies and practices on compliance with legal and regulatory requirements[66](index=66&type=chunk) - The Board has reviewed and monitored the Company's corporate governance policies and practices, the training of directors and senior management, policies on legal and regulatory compliance, the code of conduct, and the disclosure in the corporate governance report[64](index=64&type=chunk) [Directors' Insurance](index=19&type=section&id=Directors%27%20Insurance) The Company has procured appropriate insurance for all directors to protect them against potential legal proceedings arising from their duties - The Company has purchased appropriate insurance for all directors in respect of their duties[65](index=65&type=chunk) [Board Meetings](index=20&type=section&id=Board%20Meetings) Five Board meetings were held this year, with regular discussions on strategy, operations, and financial performance, supported by timely and sufficient information from management and the company secretary, ensuring informed decisions, and the Chairman also held one meeting with independent non-executive directors - Five Board meetings were held during the current year, meeting the Corporate Governance Code requirement of at least four regular meetings annually[67](index=67&type=chunk) - Board members hold meetings regularly and as needed to discuss the Group's overall strategy and its operational and financial performance[67](index=67&type=chunk) Board and Committee Meeting Attendance Details | Director Name | Board Meetings | Audit Committee Meetings | Remuneration Committee Meetings | Nomination Committee Meetings | General Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Song Xiaoming | 5/5 | N/A | N/A | 1/1 | 1/1 | | Ms. Song Shiqing | 5/5 | N/A | N/A | N/A | 1/1 | | Mr. Su Congyue | 5/5 | N/A | N/A | N/A | 1/1 | | Mr. Lam Wing Yiu | 5/5 | N/A | N/A | N/A | 1/1 | | Mr. Li Zhongfei | 4/5 | 3/3 | 1/1 | 1/1 | 1/1 | | Mr. Zhao Jinsong | 4/5 | 3/3 | 1/1 | 1/1 | 1/1 | | Mr. Liu Chengwei | 3/5 | 2/3 | 1/1 | 1/1 | 1/1 | [Board Committees](index=21&type=section&id=Board%20Committees) The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee, each with clear written terms of reference and sufficient resources to fulfill their duties, assisting the Board in overseeing senior management functions, nominating directors, and reviewing board composition - The Board has established an Audit Committee, a Remuneration Committee, and a Nomination Committee, each with clearly defined written terms of reference[69](index=69&type=chunk) - Each committee is provided with sufficient resources to discharge its duties, including obtaining management or professional advice when deemed necessary[69](index=69&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, advises on auditor appointment and removal, evaluates internal controls and risk management, reviews financial statements, and monitors compliance, having held four meetings this year to review financial statements, interim results, and internal controls, and met with external auditors - The Audit Committee comprises three independent non-executive directors: Mr. Zhao Jinsong (Chairman), Mr. Li Zhongfei, and Mr. Liu Chengwei[71](index=71&type=chunk) - Its primary responsibilities include advising on the appointment and removal of external auditors, evaluating internal control and risk management frameworks, reviewing financial statements, and monitoring compliance[71](index=71&type=chunk) - Four meetings were held this year to review annual and interim financial statements, internal controls, and risk management, and to meet with external auditors to discuss audit matters[71](index=71&type=chunk) [Auditor's Remuneration](index=22&type=section&id=Auditor%27s%20Remuneration) The Audit Committee is responsible for considering the appointment and re-election of external auditors, with the Group engaging Grant Thornton Hong Kong Limited this year, whose audit service fees increased to HKD 650 thousand - The Audit Committee is responsible for considering the appointment and re-election of the Company's external auditor[73](index=73&type=chunk) Auditor's Remuneration (HKD in thousands) | Service Type | 2025 (HKD in thousands) | 2024 (HKD in thousands) | | :--- | :--- | :--- | | Audit Services | 650 | 600 | [Responsibilities of Directors and Auditors for Consolidated Financial Statements](index=22&type=section&id=Responsibilities%20of%20Directors%20and%20Auditors%20for%20Consolidated%20Financial%20Statements) The Board is responsible for preparing financial statements that truly and fairly reflect the Group's affairs and implementing necessary internal controls, while the auditors are responsible for obtaining reasonable assurance that the financial statements are free from material misstatement and issuing an audit opinion - The Board is responsible for preparing financial statements that give a true and fair view of the Group's affairs and for implementing internal controls as the directors determine necessary[74](index=74&type=chunk) - The auditor's objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion[199](index=199&type=chunk) [Remuneration Committee](index=23&type=section&id=Remuneration%20Committee) The Remuneration Committee, comprising three independent non-executive directors, advises the Board on remuneration policies and structures for directors and senior management, determining specific remuneration packages based on responsibilities, workload, individual performance, and company results, having held one meeting this year to make recommendations - The Remuneration Committee comprises three members: Mr. Li Zhongfei (Chairman), Mr. Zhao Jinsong, and Mr. Liu Chengwei[76](index=76&type=chunk) - Its primary responsibilities are to advise the Board on the remuneration policy and structure for the Group's directors and senior management, and to determine specific remuneration packages[76](index=76&type=chunk) - Remuneration is determined by reference to the directors' and senior management's responsibilities, workload, individual performance, time devoted to the Group, and the Group's performance[76](index=76&type=chunk) [Nomination Committee](index=23&type=section&id=Nomination%20Committee) The Nomination Committee, composed of Mr. Song Xiaoming (Chairman), Mr. Li Zhongfei, and Mr. Zhao Jinsong, primarily advises the Board on director appointments and candidates to fill board vacancies, having held one meeting this year to review board structure, size, and composition, and assess the independence of independent non-executive directors - The Nomination Committee comprises three members: Mr. Song Xiaoming (Chairman), Mr. Li Zhongfei, and Mr. Zhao Jinsong[77](index=77&type=chunk) - Its primary responsibility is to advise the Board on the appointment of directors and candidates to fill Board vacancies[77](index=77&type=chunk) - One meeting was held this year to review the Board's structure, size, and composition, assess the independence of independent non-executive directors, and make recommendations on the appointment of new directors and the composition of Board committees[77](index=77&type=chunk) [Company Secretary](index=24&type=section&id=Company%20Secretary) Ms. Li Xin has served as Company Secretary since February 1, 2022, advising the Board on corporate governance, ensuring policy and regulatory compliance, and facilitating communication between directors and management, possessing over 10 years of experience in accounting, auditing, finance, and company secretarial matters, and having completed over 15 hours of professional training this year - Ms. Li Xin has served as Company Secretary since February 1, 2022, responsible for advising the Board on corporate governance matters and ensuring compliance with Board policies and procedures, as well as applicable laws, rules, and regulations[80](index=80&type=chunk) - Ms. Li holds a Bachelor of Accounting degree from Macquarie University, is a member of the Hong Kong Institute of Certified Public Accountants and CPA Australia, and has over 10 years of experience in accounting, auditing, finance, and company secretarial matters[80](index=80&type=chunk) - During the current year, the Company Secretary complied with GEM Listing Rule 5.15 by undertaking over **15 hours** of relevant professional training[80](index=80&type=chunk) [Senior Management Remuneration](index=24&type=section&id=Senior%20Management%20Remuneration) The Group's senior management (excluding directors) remuneration range for the current year shows 3 individuals earning between zero and HKD 1,000,000, with the total number of senior management remaining consistent with the previous year, but with a shift in remuneration distribution Senior Management Remuneration Range (Number of Individuals) | Remuneration Range | 2025 (Number of Individuals) | 2024 (Number of Individuals) | | :--- | :--- | :--- | | HKD 2,000,001 to HKD 3,000,000 | – | 1 | | HKD 1,000,001 to HKD 2,000,000 | – | 1 | | Zero to HKD 1,000,000 | 3 | 1 | | **Total** | **3** | **3** | [Risk Management and Internal Control](index=24&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board continuously oversees the Group's risk management and internal control systems, and in response to past disclosure omissions, has established a compliance, internal control, and financial reporting team to develop and strengthen control measures, including improved reporting systems, integrated financial reporting workflows, regular training, and fund thresholds, to prevent future recurrences, with the Board reviewing system effectiveness through the Audit Committee and engaging independent consultants for internal reviews - The Board acknowledges its responsibility for continuously overseeing the Group's risk management and internal control systems and reviewing their effectiveness[82](index=82&type=chunk) - In response to past disclosure omissions, the Group has established a team comprising compliance, internal control, and financial reporting personnel, responsible for formulating financial operational and compliance control measures and regularly reviewing their effectiveness[83](index=83&type=chunk) - The Group has implemented several measures to strengthen internal controls, including improving the written reporting system, developing integrated financial reporting workflows, providing regular legal and regulatory training, setting fund thresholds, and enhancing review procedures for significant transactions[83](index=83&type=chunk)[86](index=86&type=chunk) [Inside Information Policy](index=27&type=section&id=Inside%20Information%20Policy) The Group has adopted an inside information policy to ensure internal personnel comply with confidentiality requirements and disclosure obligations, providing guidance on reporting and handling procedures for potential inside information, ensuring strict confidentiality before full public disclosure, and requiring senior management review and approval to prevent false or misleading information - The Group has adopted an Inside Information Policy to ensure internal personnel comply with confidentiality requirements and fulfill their obligations to disclose inside information[87](index=87&type=chunk) - The policy provides guidance on reporting systems and handling procedures for potential inside information, ensuring strict confidentiality before full public disclosure[87](index=87&type=chunk) - Information contained in announcements is reviewed and approved by the Group's senior management to ensure no false or misleading information is reported[87](index=87&type=chunk) [Communication with Shareholders and Investors and Investor Relations](index=27&type=section&id=Communication%20with%20Shareholders%20and%20Investors%20and%20Investor%20Relations) The Company employs two-way communication channels, providing comprehensive, timely, and easily understandable information to shareholders and investors through annual, interim, and quarterly reports, announcements, and its website, encouraging shareholder attendance at general meetings and maintaining a website for the latest business and financial updates to foster effective communication - The Company employs two-way communication channels to inform shareholders and investors about its performance, business, and strategy[88](index=88&type=chunk) - The Company has adopted a Shareholder Communication Policy aimed at ensuring shareholders and potential investors have timely access to comprehensive, equal, and easily understandable information about the Company[88](index=88&type=chunk) - The Company maintains a website, www.greatwalle.cn, which contains information on its latest business operations and developments, financial information, corporate governance practices, and other publicly available information[88](index=88&type=chunk) [Shareholders' Rights](index=27&type=section&id=Shareholders%27%20Rights) Shareholders holding at least one-tenth of the company's paid-up share capital with voting rights can requisition an extraordinary general meeting, and may submit proposals to the Board or Company Secretary by mail, while director nominations require written notice within a specified period - An extraordinary general meeting shall be convened upon the requisition of one or more shareholders holding not less than one-tenth of the paid-up share capital of the Company carrying the right to vote at general meetings[91](index=91&type=chunk) - Shareholders may make enquiries and proposals to be tabled at a general meeting for shareholders' consideration by post to the Board or the Company Secretary[92](index=92&type=chunk) - Nominations for directors must be submitted in writing to the Company's head office or registered office within a period not earlier than the day after the dispatch of the notice of the general meeting and not later than 14 days before the date of the general meeting[93](index=93&type=chunk) [Information Disclosure](index=28&type=section&id=Information%20Disclosure) The Company discloses information in accordance with SEHK Listing Rules, regularly publishing reports and announcements to ensure timely, fair, accurate, true, and complete disclosure, enabling shareholders, investors, and the public to make informed decisions - The Company discloses information in accordance with the SEHK Listing Rules and publishes periodic reports and announcements to the public in accordance with relevant laws and regulations[94](index=94&type=chunk) - The primary objective is to ensure timely, fair, accurate, true, and complete disclosure of information to enable shareholders, investors, and the public to make rational and informed decisions[94](index=94&type=chunk) [Shareholder Enquiries](index=28&type=section&id=Shareholder%20Enquiries) Enquiries regarding Board matters should be submitted in writing to the Company's principal place of business in Hong Kong, addressed to the Company Secretary, while registered shareholders can contact the Hong Kong share registrar for share registration matters - For matters concerning the Board, all enquiries should be made in writing and sent by post to the Company's principal place of business in Hong Kong, marked for the attention of the Company Secretary[95](index=95&type=chunk) - For share registration matters, registered shareholders of the Company may contact the Hong Kong share registrar[95](index=95&type=chunk) [Constitutional Documents](index=28&type=section&id=Constitutional%20Documents) There were no material changes to the Company's constitutional documents during the current year - There were no material changes to the Company's constitutional documents during the current year[96](index=96&type=chunk) Directors' Biographies [Executive Directors](index=29&type=section&id=Executive%20Directors) Mr. Song Xiaoming is the Chairman and controlling shareholder, founder of Shenzhen Great Wall Huili Asset Management Co., Ltd., holding a Bachelor of Economics and EMBA. Ms. Song Shiqing is an Executive Director, Compliance Officer, and Authorized Representative, with an MBA. Mr. Su Congyue is an Executive Director, holding an MBA and Bachelor of Political Science, with extensive experience in aviation and asset management - Mr. Song Xiaoming (51) is an Executive Director, Chairman of the Board, and controlling shareholder, founder of Shenzhen Great Wall Huili Asset Management Co., Ltd., holding a Bachelor of Economics from Sun Yat-sen University and an Executive Master of Business Administration from Tsinghua University and Singapore Management University[97](index=97&type=chunk) - Ms. Song Shiqing (35) is an Executive Director, Compliance Officer, and Authorized Representative, holding a Master of Business Administration degree from Sun Yat-sen University, and previously served as a supervisor at Great Wall Huili Investment and an editor at CCTV-2 Finance Channel[98](index=98&type=chunk) - Mr. Su Congyue (54) is an Executive Director, holding a Master of Business Administration degree from City University of Seattle and a Bachelor of Political Science degree from Jilin University, and previously held senior executive positions at China Southern Airlines Company Limited[99](index=99&type=chunk) [Non-Executive Director](index=30&type=section&id=Non-Executive%20Director) Mr. Lam Wing Yiu (46) was appointed as a Non-Executive Director on June 27, 2024, possessing over 15 years of experience in credit control and risk management, currently serving as Head of Credit and Risk Control at Emperor Capital Group Limited, and is a certified Financial Risk Manager - Mr. Lam Wing Yiu (46) was appointed as a Non-Executive Director on June 27, 2024, possessing over **15 years** of experience in credit control and risk management[100](index=100&type=chunk) - Mr. Lam currently serves as the Head of Credit and Risk Control at Emperor Capital Group Limited and is a certified Financial Risk Manager (FRM)[100](index=100&type=chunk) - Mr. Lam holds a Bachelor of Commerce in Finance and Economics from the University of Wollongong and a Master of Commerce in Fund Management from the University of New South Wales[101](index=101&type=chunk) [Independent Non-Executive Directors](index=30&type=section&id=Independent%20Non-Executive%20Directors) Mr. Li Zhongfei (61) is an Independent Non-Executive Director and a Chair Professor of Finance at the Southern University of Science and Technology Business School, holding Bachelor of Science, Master's, and Ph.D. in Management degrees. Mr. Zhao Jinsong (49) is an Independent Non-Executive Director, formerly a Director at the Shenzhen Special Commissioner's Office of the National Audit Office of the People's Republic of China, holding Bachelor of International Finance and Master of Finance degrees, and is a Fellow of ACCA and a Financial Risk Manager. Mr. Liu Chengwei (47) is an Independent Non-Executive Director and a Professor at the China University of Political Science and Law's Institute of Comparative Law, holding Bachelor of Law, Master's, and Ph.D. degrees - Mr. Li Zhongfei (61) is an Independent Non-Executive Director and a Chair Professor of Finance at the Southern University of Science and Technology Business School, holding a Bachelor of Science, a Master's, and a Ph.D. in Management[102](index=102&type=chunk) - Mr. Zhao Jinsong (49) is an Independent Non-Executive Director, formerly a Director at the Shenzhen Special Commissioner's Office of the National Audit Office of the People's Republic of China, holding a Bachelor of International Finance and a Master of Finance, and is recognized as a Fellow of the Association of Chartered Certified Accountants and a Financial Risk Manager[102](index=102&type=chunk) - Mr. Liu Chengwei (47) is an Independent Non-Executive Director and a Professor at the China University of Political Science and Law's Institute of Comparative Law, holding a Bachelor of Law, a Master's, and a Ph.D. in Law[103](index=103&type=chunk) Directors' Report [Principal Place of Business](index=31&type=section&id=Principal%20Place%20of%20Business) The Company's principal place of business is located at Unit 3502, 35/F, Infinitus Plaza, 199 Des Voeux Road Central, Sheung Wan, Hong Kong - The address of the Company's principal place of business is Unit 3502, 35/F, Infinitus Plaza, 199 Des Voeux Road Central, Sheung Wan, Hong Kong[106](index=106&type=chunk) [Principal Activities](index=31&type=section&id=Principal%20Activities) The Company is an investment holding company, with details of its subsidiaries' principal activities provided in Notes 1 and 26 to the consolidated financial statements - The Company is an investment holding company[107](index=107&type=chunk) - Details of the principal activities of the Company and its subsidiaries are set out in Notes 1 and 26 to the consolidated financial statements, respectively[107](index=107&type=chunk) [Business Review](index=31&type=section&id=Business%20Review) The Group's business review for the current year and discussions on future business development are presented in the "Chairman's Statement" and "Management Discussion and Analysis" sections, with details on key risks, uncertainties, and financial risk management provided in the Directors' Report and Note 3 to the consolidated financial statements - The Group's business review for the current year and discussions on the Group's future business development are set out in the "Chairman's Statement" on page 4 and the "Management Discussion and Analysis" section on pages 5 to 12 of this annual report, respectively[108](index=108&type=chunk) - Descriptions of the Group's key risks and uncertainties, and financial risk management and fair value measurements are set out in the Directors' Report on pages 30 to 45 and Note 3 to the consolidated financial statements of this annual report[108](index=108&type=chunk) [Results and Appropriations](index=31&type=section&id=Results%20and%20Appropriations) The Group's results and financial position for the current year are presented in the consolidated financial statements, and the Board does not recommend a final dividend for the year, consistent with the previous year - The Group's results for the current year and the state of the Group's affairs as at March 31, 2025 are set out in the consolidated financial statements on pages 52 to 54 of this annual report[109](index=109&type=chunk) - The Board does not recommend the payment of a final dividend for the current year (2024: nil)[110](index=110&type=chunk) [Five-Year Financial Summary](index=31&type=section&id=Five-Year%20Financial%20Summary) A summary of the Group's results, assets, and liabilities for the past five financial years is provided on page 114 - A summary of the Group's results, assets, and liabilities for the past five financial years is set out on page 114[111](index=111&type=chunk) [Environmental Policy and Performance](index=31&type=section&id=Environmental%20Policy%20and%20Performance) The Group recognizes the importance of environmental protection for long-term sustainable development, is committed to improving environmental sustainability, and closely monitors related performance, with its Environmental, Social and Governance Report to be published on its website concurrently with this annual report - The Group recognizes the importance of environmental protection for pursuing long-term sustainable development and is committed to improving environmental sustainability and closely monitoring related performance[112](index=112&type=chunk) - In accordance with Appendix 20 to the GEM Listing Rules, the Company's Environmental, Social and Governance Report will be published on its website concurrently with the release of this annual report[112](index=112&type=chunk) [Litigation](index=31&type=section&id=Litigation) To the best knowledge and belief of the Directors, the Group is not involved in any material legal proceedings, nor are there any material legal proceedings or claims pending or threatened against it, other than those disclosed - To the best knowledge and belief of the Directors, save as disclosed, the Group is not involved in any material legal proceedings, nor are there any material legal proceedings or claims pending or threatened against it[113](index=113&type=chunk) [Compliance with Relevant Laws and Regulations](index=32&type=section&id=Compliance%20with%20Relevant%20Laws%20and%20Regulations) To the best knowledge of the Directors, the Group has complied in all material respects with relevant laws and regulations significantly affecting its business and operations, with no serious breaches or non-compliance occurring during the current year or up to the date of this annual report - To the best knowledge of the Directors, the Group has complied in all material respects with relevant laws and regulations that have a significant impact on the Group's business and operations[114](index=114&type=chunk) - During the current year and up to the date of this annual report, there have been no serious breaches or non-compliance with applicable laws and regulations by the Group[114](index=114&type=chunk) [Key Relationships with Employees, Customers and Suppliers](index=32&type=section&id=Key%20Relationships%20with%20Employees%2C%20Customers%20and%20Suppliers) The Group maintains good relationships with employees, customers, and suppliers, offering competitive salaries, bonuses, and annual reviews to employees, establishing stable relationships with Chinese customers (including state-owned enterprises) by providing quality services and actively following up on feedback, and maintaining communication with suppliers to obtain feedback and suggestions - The Group maintains good relationships with its employees, offering competitive salaries, bonuses, and other cash allowances, and has an annual review mechanism to assess performance[115](index=115&type=chunk) - The Group has established stable relationships with its Chinese customers (including state-owned enterprises and property management companies), committed to providing quality services and actively following up on customer feedback[116](index=116&type=chunk) - The Group maintains contact with its suppliers, communicating through phone calls, emails, and on-site meetings to obtain their feedback and suggestions[117](index=117&type=chunk) [Property, Plant and Equipment](index=32&type=section&id=Property%2C%20Plant%20and%20Equipment) Details of changes in the Group's property, plant and equipment during the current year are provided in Note 14 to the consolidated financial statements - Details of changes in the Group's property, plant and equipment during the current year are set out in Note 14 to the consolidated financial statements[118](index=118&type=chunk) [Key Risks and Uncertainties](index=33&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces key risks including external uncertainties such as a potential economic downturn in China, and human resource risks in labor-intensive industries like security and property management, as well as intense competition and talent retention challenges in the asset management sector, with further details on financial risks in Note 3 to the consolidated financial statements - The Group's operations are located in China, and external uncertainties such as a potential economic downturn in China may have a significant adverse impact on the Group's performance[120](index=120&type=chunk) - Security guard and property management are labor-intensive industries with relatively high employee turnover; the asset management industry is highly competitive and faces the risk of inability to attract and retain talent[121](index=121&type=chunk) - Details of financial risks are set out in Note 3 to the consolidated financial statements[122](index=122&type=chunk) [Charitable Donations](index=33&type=section&id=Charitable%20Donations) The Group made no charitable donations during the current year, consistent with the previous year - The Group made no charitable donations during the current year (2024: nil)[123](index=123&type=chunk) [Directors' Remuneration Policy](index=33&type=section&id=Directors%27%20Remuneration%20Policy) The Remuneration Committee is responsible for reviewing the Group's remuneration policy and the structure of directors' remuneration, which is determined by reference to economic conditions, market conditions, responsibilities, duties, and individual performance of each director - The Remuneration Committee has been established to review the Group's remuneration policy and the remuneration structure for the Group's directors[124](index=124&type=chunk) - Directors' remuneration is determined by reference to economic conditions, market conditions, the responsibilities and duties undertaken by each director, and their individual performance[124](index=124&type=chunk) [Share Capital and Share Premium](index=33&type=section&id=Share%20Capital%20and%20Share%20Premium) As of March 31, 2025, the Company's total issued share capital comprised 581,442,248 ordinary shares of HKD 0.01 each, with details of changes in share capital and share premium during the year provided in Notes 19 and 20 to the consolidated financial statements - As of March 31, 2025, the Company's total issued share capital comprised **581,442,248** ordinary shares of the Company with a par value of **HKD 0.01** each[125](index=125&type=chunk) - Details of changes in the Company's share capital and share premium during the current year are set out in Notes 19 and 20 to the consolidated financial statements, respectively[126](index=126&type=chunk) [Equity-Linked Agreements](index=34&type=section&id=Equity-Linked%20Agreements) Other than those disclosed in the "Share Option Scheme" section, the Company did not enter into any equity-linked agreements during the current year - Other than those disclosed in the "Share Option Scheme" section, the Company did not enter into any equity-linked agreements during the current year[128](index=128&type=chunk) [Dividends](index=34&type=section&id=Dividends) The Board does not recommend a final dividend to the Company's shareholders for the current year, consistent with the previous year - The Board does not recommend the payment of a final dividend to the Company's shareholders for the current year (2024: nil)[129](index=129&type=chunk) [Permitted Indemnity Provisions](index=34&type=section&id=Permitted%20Indemnity%20Provisions) The Company has purchased appropriate insurance for its directors and senior management to indemnify them against legal proceedings arising from corporate activities, and under the articles, directors are indemnified from company assets for actions taken in their duties, excluding fraud or dishonesty - The Company has made appropriate insurance arrangements for its directors and senior management against legal proceedings that may arise from corporate activities[130](index=130&type=chunk) - In accordance with the articles of association, each director shall be indemnified out of the Company's assets against all actions, costs, losses, etc., incurred or suffered by them in the execution of their duties, except for those incurred due to fraud or dishonesty[130](index=130&type=chunk) [Management Contracts](index=34&type=section&id=Management%20Contracts) No management contracts involving the whole or any substantial part of the Company's business were entered into or existed during the current year - No management contracts involving the whole or any substantial part of the Company's business were entered into or existed during the current year[131](index=131&type=chunk) [Directors' and Controlling Shareholders' Material Interests in Significant Transactions, Arrangements and Contracts](index=34&type=section&id=Directors%27%20and%20Controlling%20Shareholders%27%20Material%20Interests%20in%20Significant%20Transactions%2C%20Arrangements%20and%20Contracts) Other than disclosed related party transactions, neither the Company nor its subsidiaries entered into any significant transactions, arrangements, or contracts in which directors, entities connected with directors, controlling shareholders, or their subsidiaries had a material interest at the end of or at any time during the year, nor were there any significant contracts for services provided by controlling shareholders to the Company - Other than those disclosed in the "Related Party Transactions" section and Note 29 to the consolidated financial statements, no significant transactions, arrangements, or contracts to which the Company or any of its subsidiaries was a party, and in which a director or an entity connected with a director had a material direct or indirect interest, subsisted at the end of the current year or at any time during the year[132](index=132&type=chunk) - During the current year, neither the Company nor any of its subsidiaries entered into any significant contracts with a controlling shareholder or any of its subsidiaries[133](index=133&type=chunk) [Directors](index=34&type=section&id=Directors) Directors serving during the current year and up to the date of this annual report include Executive Directors Mr. Song Xiaoming (Chairman), Ms. Song Shiqing, Mr. Su Congyue, Non-Executive Director Mr. Lam Wing Yiu (appointed June 27, 2024), and Independent Non-Executive Directors Mr. Li Zhongfei, Mr. Zhao Jinsong, Mr. Liu Chengwei, with Mr. Zhong Man Lai having resigned on June 27, 2024, and Ms. Song Shiqing, Mr. Su Congyue, and Mr. Li Zhongfei retiring by rotation and seeking re-election at the upcoming AGM - Directors serving during the current year and up to the date of this annual report include Executive Directors Mr. Song Xiaoming (Chairman), Ms. Song Shiqing, and Mr. Su Congyue[134](index=134&type=chunk) - Non-Executive Director Mr. Lam Wing Yiu was appointed on June 27, 2024, and Independent Non-Executive Directors include Mr. Li Zhongfei, Mr. Zhao Jinsong, and Mr. Liu Chengwei[135](index=135&type=chunk) - Ms. Song Shiqing, Mr. Su Congyue, and Mr. Li Zhongfei will retire by rotation at the Company's upcoming annual general meeting and, being eligible, offer themselves for re-election as directors[135](index=135&type=chunk) [Remuneration of Directors and Five Highest Paid Individuals](index=35&type=section&id=Remuneration%20of%20Directors%20and%20Five%20Highest%20Paid%20Individuals) The Remuneration Committee reviews the directors' remuneration policy, with compensation determined by economic and market conditions, duties, and individual performance, and details of remuneration for directors and the Group's five highest-paid individuals are in Note 10 to the consolidated financial statements, with Mr. Song Xiaoming and Ms. Song Shiqing having waived their director's fees this year - The Remuneration Committee was established to review the Group's remuneration policy and the remuneration structure for all directors of the Group[136](index=136&type=chunk) - Directors' remuneration is determined by reference to economic conditions, market conditions, the duties and responsibilities of each director, and their individual performance[136](index=136&type=chunk) - This year, Mr. Song Xiaoming and Ms. Song Shiqing waived director's fees of **HKD 450,000** and **HKD 360,000**, respectively[137](index=137&type=chunk) [Sufficiency of Public Float](index=35&type=section&id=Sufficiency%20of%20Public%20Float) Based on publicly available information and to the best knowledge of the Directors, the Company has maintained a sufficient public float for its shares as required by the GEM Listing Rules throughout the current year and up to the date of this annual report - Based on publicly available information of the Company and to the best knowledge of the Directors, the Directors confirm that the Company has maintained a sufficient public float for its shares as required by the GEM Listing Rules throughout the current year and up to the date of this annual report[138](index=138&type=chunk) [Reserves](index=35&type=section&id=Reserves) Details of changes in the Group's reserves are presented in the consolidated statement of changes in equity, with the Company's distributable capital deficit increasing to approximately HKD 58.0 million as of March 31, 2025, from HKD 51.0 million last year - Details of changes in the Group's reserves are set out in the consolidated statement of

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。 CENTURY PLAZA HOTEL GROUP (FORMERLY KNOWN AS GREATWALLE INC.) 新 都 酒 店 集 團 （原 名 為 長 城 匯 理 公 司） （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：8315） 截至二零二五年三月三十一日止年度的年度業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 1 本公佈載有根據聯交所GEM證券上市規則（「GEM上市規則」）規定須提供之有關 新都酒店集團（「本公司」）連同其附屬公司（統稱為「本集團」或「我們」）資料的詳 情，本公司董事（「董事」）就本公佈共同及個別承擔全部責任。董事在作出一切合 理查詢後確認，就彼等所深知及確信，本公佈所載的資料在各重大方面乃準確完整， 無誤導或欺詐成分，且概無遺漏任何其他事宜致使本公佈所載任何陳述或本公佈 產生誤導。 年度業績 本公司董事會（「董事會」）欣 ...

行业估值方面，支援服务行业市盈率（TTM）平均值为5.24倍，行业中值2.7倍。新都酒店市盈率-10.6 倍，行业排名第69位；其他金涌投资（01328.HK）为0.15倍、中国科教产业（01756.HK）为1.35倍、友 联国际教育租赁（01563.HK）为1.82倍、希教国际控股（01765.HK）为1.83倍、新高教集团 （02001.HK）为2.15倍。 资料显示，新都酒店集团是为客户提供合约式的护卫保安服务,本公司将致力献上全面优质服务,在长远 的目标中,达致利润增长,使到客户、雇员及股东各方面都有所得益。本公司创立于二零零三年,承蒙各客 户及各界人士的支持,从成立经营至今,为各私人机构、公营机构、学校及各政府部门设计及提供适当的 护卫及保安服务,保障客户的财产,避免在火警、水浸、人为故意破坏、盗窃、或因其他风险而招致的损 失。本公司向各客户不单只是提供护卫保安工作,而是会呈献上一连串有专业水准及综合支援的服务,包 括督导、行政监管、联络配合、保险保障、客户服务等事宜,使公司更有信心地为客户提供完善之优质 服务,实践公司对各客户服务的承诺。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作 ...

行业估值方面，支援服务行业市盈率（TTM）平均值为6.04倍，行业中值2.56倍。新都酒店市盈率-3 倍，行业排名第80位；其他友联国际教育租赁（01563.HK）为1.37倍、中国科教产业（01756.HK）为 1.38倍、新高教集团（02001.HK）为1.58倍、希教国际控股（01765.HK）为1.62倍、光正教育 （06068.HK）为2.06倍。 资料显示，新都酒店集团是为客户提供合约式的护卫保安服务,本公司将致力献上全面优质服务,在长远 的目标中,达致利润增长,使到客户、雇员及股东各方面都有所得益。本公司创立于二零零三年,承蒙各客 户及各界人士的支持,从成立经营至今,为各私人机构、公营机构、学校及各政府部门设计及提供适当的 护卫及保安服务,保障客户的财产,避免在火警、水浸、人为故意破坏、盗窃、或因其他风险而招致的损 失。本公司向各客户不单只是提供护卫保安工作,而是会呈献上一连串有专业水准及综合支援的服务,包 括督导、行政监管、联络配合、保险保障、客户服务等事宜,使公司更有信心地为客户提供完善之优质 服务,实践公司对各客户服务的承诺。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投 ...

Share Capital and Stock Options - The company has 58,144,224 shares outstanding, representing approximately 10% of the total issued share capital as of the reporting date[2]. - As of September 30, 2023, the company had 43,349,074 unexercised stock options, equivalent to about 7.46% of the total issued shares[10]. - The weighted average exercise price of the unexercised stock options is 0.411[10]. - The company confirmed that the total capital increase from exercising all unexercised stock options would amount to HKD 2,167,454, with a share premium of HKD 15,649,015 before issuance expenses[10]. - No stock options were exercised after the reporting period[11]. - There were no stock options that lapsed as of September 30, 2024[12]. - The stock option plan is effective for a period of ten years starting from August 13, 2014[6]. - The maximum allocation for participants under the stock option plan is determined by the board of directors[3]. Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 22,460 thousand, a decrease of 45.4% compared to HKD 41,344 thousand for the same period in 2023[42]. - Gross profit for the same period was HKD 5,515 thousand, significantly up from HKD 999 thousand in the previous year, indicating a substantial improvement in profitability[42]. - Operating profit for the six months was HKD 9,120 thousand, compared to an operating loss of HKD 4,165 thousand in the prior year, reflecting a turnaround in operational performance[42]. - Profit before tax for the period was HKD 8,681 thousand, a recovery from a loss of HKD 4,983 thousand in the same period last year[42]. - The basic and diluted earnings per share for the period was HKD 1.06, compared to a loss per share of HKD 0.85 in the previous year[42]. - Other income and gains for the six months amounted to HKD 19,169 thousand, up from HKD 8,649 thousand in the prior year, indicating successful revenue diversification[42]. - Administrative expenses increased to HKD 15,564 thousand from HKD 13,813 thousand, reflecting higher operational costs[42]. - The total comprehensive income for the period was HKD 6,673 thousand, compared to a comprehensive loss of HKD 6,038 thousand in the previous year[42]. - The company reported a foreign exchange loss of HKD 2,008 thousand for the period, compared to a loss of HKD 1,050 thousand in the previous year[42]. Assets and Liabilities - Total assets as of September 30, 2024, are HKD 27,695 million, down from HKD 42,378 million as of March 31, 2024, representing a decrease of approximately 34.7%[46]. - The company reported a net cash outflow from operating activities of HKD 5,845 million for the six months ended September 30, 2024, compared to a net cash outflow of HKD 27,108 million for the same period in 2023[49]. - The total liabilities decreased to HKD 33,405 million as of September 30, 2024, from HKD 54,762 million as of March 31, 2024, indicating a reduction of approximately 39%[46]. - The company recorded a total comprehensive loss of HKD 5,965 million for the six months ended September 30, 2024, compared to a total comprehensive loss of HKD 6,038 million for the same period in 2023[47]. - Cash and cash equivalents at the end of the period were HKD 3,101 million, down from HKD 25,177 million at the end of the same period in 2023, reflecting a decrease of approximately 87.7%[49]. - The company’s equity attributable to owners amounted to HKD 29,072 million as of September 30, 2024, unchanged from the previous period[47]. - The company’s total liabilities net of current liabilities amounted to HKD (5,710) million as of September 30, 2024, compared to HKD (12,384) million as of March 31, 2024[46]. - The company’s cash flow from investing activities showed a net cash outflow of HKD 6,794 million for the six months ended September 30, 2024, compared to a net cash inflow of HKD 9,524 million for the same period in 2023[49]. Financial Strategy and Management - The group has taken measures to alleviate cash flow pressure and improve its financial condition, including evaluating business performance and simplifying loss-making subsidiaries[56]. - The group received financial support from its parent company, ensuring it can meet its financial obligations without significantly reducing operations[56]. - The group has actively explored new profitable business opportunities and continues to enhance operational management to improve efficiency[55]. - The group has assessed its future cash flow and believes it will have sufficient working capital to meet its financial responsibilities through April 30, 2025[56]. - The independent auditor issued a qualified opinion on the financial statements for the year ended March 31, 2024, indicating significant uncertainties regarding the group's ability to continue as a going concern[54]. - The board regularly reviews the company's key financial data to ensure ongoing viability and address any significant uncertainties regarding its ability to continue as a going concern[192]. Revenue Segmentation - The group reported revenue of HKD 14,490,000 for the hotel and catering services segment for the six months ended September 30, 2024, compared to HKD 7,547,000 for the same period in 2023, representing an increase of 92.5%[66]. - The security and property management segment recorded a loss of HKD 970,000 for the six months ended September 30, 2024, compared to a loss of HKD 2,325,000 for the same period in 2023, indicating an improvement[66]. - The asset management segment generated revenue of HKD 423,000 for the six months ended September 30, 2024, compared to HKD 365,000 for the same period in 2023, reflecting a growth of 15.9%[66]. - The company plans to expand its service offerings in hotel catering and property management, aiming to enhance revenue streams in the upcoming quarters[123]. - The company aims to provide comprehensive services including debt restructuring and asset securitization to various enterprises[160]. Employee and Compensation - The total employee cost for the six months ending September 30, 2024, was approximately HKD 22.3 million, down from HKD 53.8 million for the same period in 2023[189]. - The group had 637 employees as of September 30, 2024, a decrease from 925 employees on March 31, 2024[189]. - Management personnel compensation decreased to HKD 1,543,000 from HKD 2,910,000 in the same period of 2023[153]. - The company continues to provide competitive compensation packages to attract and retain talent, reflecting market conditions and individual performance[189]. Shareholding Structure - The company has a significant shareholder, Mr. Song Xiaoming, holding 433,555,955 shares, representing approximately 74.57% of the total issued shares[199]. - Mr. Su Chongyue holds 2,534,255 shares, accounting for 0.4% of the total issued shares[199]. - Mr. Li Zhongfei and Mr. Zhao Jinsong each hold 203,772 shares, representing 0.04% of the total issued shares[199]. - The company has a total of 184,465,046 shares held by Changcheng Huiri Holdings Limited, which is beneficially owned[199]. - The company’s shareholding structure includes a limited partnership with no specific share class or number, representing the amount of capital contributed[200]. - The options granted under the company's share option plan are included in the total shareholding[200].

Financial Performance - The company reported revenue of HKD 22,460,000 for the six months ended September 30, 2024, a decrease of 45.3% compared to HKD 41,344,000 for the same period in 2023[5]. - Gross profit for the same period was HKD 5,515,000, significantly up from HKD 999,000 in the previous year, representing a gross margin improvement[5]. - The operating profit before tax was HKD 8,681,000, compared to a loss of HKD 4,983,000 in the prior year, indicating a turnaround in profitability[5]. - The net profit attributable to the owners of the company was HKD 6,191,000, compared to a loss of HKD 4,935,000 in the same period last year[8]. - Total comprehensive income for the period was HKD 6,673,000, recovering from a loss of HKD 6,038,000 in the previous year[5]. - The adjusted profit before tax for the group was HKD 8,681 million, compared to a loss of HKD 4,983 million in the previous period[36]. - The company reported a loss before tax of HKD 14,253 million for the six months ended September 30, 2024, compared to a profit of HKD 40,486 million in the same period of 2023[50]. - The company recognized miscellaneous income of HKD 19,169 million for the six months ended September 30, 2024, compared to HKD 8,649 million in the same period of 2023, representing an increase of approximately 121.0%[46]. Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 27,695,000, down from HKD 42,378,000 as of March 31, 2024[10]. - Current liabilities decreased to HKD 33,405,000 from HKD 44,547,000, reflecting improved liquidity management[10]. - The group reported an equity deficit of approximately HKD 5.7 million as of September 30, 2024, down from HKD 12.4 million as of March 31, 2024[24]. - The company’s total liabilities as of September 30, 2024, were HKD 33,405 million, compared to HKD 54,762 million as of March 31, 2023, indicating a reduction of approximately 39.0%[39]. - As of September 30, 2024, the group's current liabilities exceeded its current assets by approximately HKD 9.7 million, compared to HKD 18.3 million as of March 31, 2024[24]. Cash Flow and Financial Management - The company reported cash and cash equivalents of HKD 3,101,000 as of September 30, 2024, down from HKD 9,728,000[10]. - The company believes it will have sufficient working capital to meet its financial obligations based on cash flow forecasts until April 30, 2025[27]. - The group has taken measures to alleviate cash flow pressure, including evaluating business performance and simplifying loss-making subsidiaries[25]. - The company has adopted a prudent financial management approach to monitor liquidity and ensure the ability to meet any funding requirements[111]. - The company has taken measures to improve its liquidity and financial position, as noted in the independent auditor's report regarding significant uncertainties related to its ability to continue as a going concern[123]. Revenue Segmentation - Revenue from external customers for the hotel and catering services segment was HKD 14,490 million, while the security, property management, and human resources segment generated HKD 7,547 million[36]. - Revenue from hotel and catering services was approximately HKD 7,547,000, accounting for 33.6% of total revenue for the period[92]. - Revenue from security, property management, and human resources services decreased by approximately HKD 26,500,000 or 64.6% to HKD 14,490,000 due to a slowdown in China's economic growth[95]. Operational Strategies - The company plans to focus on market expansion and new product development to drive future growth[5]. - The company plans to enhance transparency and showcase a better corporate image to existing and potential clients, focusing on hotel management and asset management[90]. - The company aims to provide distressed consulting services, including debt restructuring and asset securitization, leveraging its extensive asset management experience[92]. - The group is actively exploring profitable new business opportunities and continues to enhance operational management to improve efficiency[27]. Employee and Management Information - Total employee costs for the six months ended September 30, 2024, were approximately HKD 22,300,000, a decrease from approximately HKD 53,800,000 for the same period in 2023[118]. - The company had 637 employees as of September 30, 2024, down from 925 employees as of March 31, 2024[118]. - The company’s management compensation for the six months ended September 30, 2024, was HKD 1,543,000, down from HKD 2,910,000 in the previous year[81]. Compliance and Governance - As of September 30, 2024, the company has complied with the GEM Listing Rules regarding corporate governance, except for a deviation from Rule C.2.1, which states that the roles of Chairman and CEO should be separate[125]. - The company has established an audit committee in accordance with GEM Listing Rules[131]. Miscellaneous - The company did not declare any interim dividends for the six months ended September 30, 2024, consistent with the previous year[109]. - The company has no capital commitments as of September 30, 2024, remaining unchanged from March 31, 2024[115]. - There were no significant investments or capital asset plans as of September 30, 2024, and March 31, 2024[117].

Financial Performance - For the six months ended September 30, 2023, the company reported total revenue of HKD 41,344,000, a decrease of 6.3% compared to HKD 44,232,000 for the same period in 2022[8]. - The cost of services provided for the same period was HKD 40,345,000, resulting in a gross profit of HKD 999,000, down 67.7% from HKD 3,099,000 in 2022[8]. - The company incurred an operating loss before tax of HKD 4,983,000 for the six months ended September 30, 2023, compared to a loss of HKD 4,887,000 in the prior year, indicating a slight increase in losses[8]. - Total comprehensive loss for the period was HKD 6,038,000, a reduction from HKD 11,348,000 in the same period last year, showing an improvement of 46.8%[8]. - The company reported a basic and diluted loss per share of HKD 0.85 for the six months ended September 30, 2023, compared to HKD 0.83 for the same period in 2022[8]. - The company reported a loss before tax of HKD 7,455,000 for the three months ended September 30, 2023, compared to a loss of HKD 176,000 for the same period in 2022[38]. - For the six months ended September 30, 2023, the loss before tax was HKD 4,935,000, slightly higher than the loss of HKD 4,812,000 in the same period last year[38]. - The company reported a loss attributable to owners of approximately HKD 5,000,000, consistent with the previous period[72]. Assets and Liabilities - As of September 30, 2023, the company's total assets were HKD 52,183,000, down from HKD 62,028,000 as of March 31, 2023[9]. - The company's net asset value decreased to HKD 3,727,000 from HKD 9,765,000, reflecting a decline of 61.8%[9]. - Cash and cash equivalents as of September 30, 2023, were HKD 25,177,000, significantly lower than HKD 40,917,000 at the end of the previous fiscal year[9]. - The company's accumulated losses increased to HKD 247,178,000 as of September 30, 2023, compared to HKD 230,740,000 at the end of the previous reporting period[10]. - The company reported a total of HKD 6,855,000 in total equity as of September 30, 2023, down from HKD 22,535,000 at the same time last year[10]. - Total liabilities as of September 30, 2023, were HKD 61,089,000, a decrease of 6.5% from HKD 64,897,000 as of March 31, 2023[24]. - The company’s capital debt ratio was 902.2%, up from 338.7% as of March 31, 2023[77]. Revenue Segments - Revenue from external customers in the security and property management segment decreased to HKD 40,979,000 from HKD 43,903,000 year-on-year, while asset management revenue increased slightly to HKD 365,000 from HKD 329,000[19]. - Revenue from security and property management services for the six months ended September 30, 2023, was HKD 40,979,000, down 6.6% from HKD 43,903,000 in 2022[30]. - Revenue from security and property management services in mainland China increased by approximately HKD 6,200,000 to about HKD 39,900,000, while revenue from Hong Kong dropped significantly from HKD 10,200,000 to HKD 1,100,000[61]. - Total revenue from security and property management services was approximately HKD 41,000,000, a decrease of about HKD 2,900,000 or 6.7% compared to HKD 43,900,000 for the six months ended September 30, 2022[66]. Cash Flow and Expenses - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of HKD 27,108,000, compared to HKD 5,745,000 for the same period in 2022[12]. - The company’s cash and cash equivalents decreased to HKD 25,177,000 from HKD 50,850,000 at the beginning of the period, reflecting a net decrease of HKD 19,783,000[12]. - The company incurred financial expenses of HKD 818,000, down from HKD 1,526,000 in the previous year[19]. - Administrative expenses rose to approximately HKD 13,800,000 from HKD 9,400,000, mainly due to increased employee-related expenses to support strategic initiatives[70]. - Financial expenses decreased to approximately HKD 800,000 from HKD 1,500,000, primarily due to a reduction in interest on acceptance bills[71]. Corporate Governance and Compliance - The company has adopted written guidelines for securities trading by directors, confirming compliance with the required standards as of September 30, 2023[118]. - The company has adhered to the corporate governance code, with the exception of a deviation regarding the separation of roles between the chairman and CEO, as no senior executive has been appointed as CEO[119]. - The audit committee, consisting of independent non-executive directors, has reviewed the financial reporting process and internal controls for the six months ending September 30, 2023[121]. - The company has confirmed compliance with the trading standards for all directors and former directors for the six months ending September 30, 2023[118]. Future Plans and Strategies - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[5]. - The company plans to expand its security and property management services in mainland China by collaborating with local governments to build family-style resorts[64]. - The company aims to enhance its corporate image and transparency to attract existing and potential clients in the security and property management services sector[64]. - The company anticipates that the main plans for the use of the net proceeds will not change[86]. Shareholder Information - As of September 30, 2023, Mr. Song Xiaoming holds 433,555,955 shares, representing approximately 74.57% of the company's issued shares[89]. - Major shareholder Walle Holding Limited holds 249,090,909 shares, representing 42.84% of the company's total issued shares[94]. - Major shareholder Changcheng Huiri Holdings Limited holds 184,465,046 shares, representing 31.73% of the company's total issued shares[94]. - The total number of shares available for issuance under the share option plan is 58,144,224, which accounts for approximately 10% of the total issued share capital as of the report date[99]. Stock Options and Capital Management - The total number of stock options granted in the reporting period was 45,883,329, with an average exercise price of HKD 0.411[111]. - The weighted average exercise price of the unexercised stock options as of September 30, 2023, was HKD 0.411[111]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2023[116].

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。 GREATWALLE INC. （股份代號：8315） （於開曼群島註冊成立的有限公司） 長城匯理公司 截至二零二三年九月三十日止六個月中期業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士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。 由於GEM 上市公司普遍為中小型公司，在GEM 買賣的證券可能會較於主板買賣 之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。 本公佈載有根據聯交所GEM證券上市規則（「GEM上市規則」）規定須提供有關長 城匯理公司（「本公司」，連同其附屬公司統稱為「本集團」）資料的詳情，本公司董 事（「董事」）就本公佈共同及個別承擔全部責任。董事在作出一切合理查詢後確認， 就彼等所知及所信，本公佈 ...

Financial Performance - Revenue for the three months ended June 30, 2023, was HKD 25,099,000, an increase of 26% compared to HKD 19,832,000 for the same period in 2022[3] - Gross profit for the same period was HKD 417,000, down 61% from HKD 1,082,000 year-on-year[3] - The company reported a profit before tax of HKD 2,559,000, compared to a loss of HKD 4,735,000 in the previous year[3] - Net profit for the period was HKD 2,554,000, a significant recovery from a loss of HKD 4,736,000 in the same quarter last year[3] - Other income increased substantially to HKD 8,537,000 from HKD 621,000, marking a growth of over 1,275%[3] - Basic and diluted earnings per share for the period were HKD 0.4, recovering from a loss per share of HKD 0.8 in the same quarter last year[3] - The total comprehensive loss for the period was HKD 2,787,000, an improvement from a loss of HKD 7,934,000 in the previous year[3] - Loss attributable to owners of the company for the three months ended June 30, 2023, was HKD 2,520,000, compared to a loss of HKD 4,636,000 in the same period last year, indicating an improvement in performance[18] - The company recorded a profit attributable to owners of approximately HKD 2,500,000 for the three months ended June 30, 2023, compared to a loss of HKD 4,600,000 in the same period last year[37] Revenue Breakdown - Revenue from security and property management services increased from approximately HKD 19,600,000 in the same period last year to about HKD 25,000,000, representing a growth of approximately 27.5%[22] - Revenue from asset management services decreased from HKD 173,000 to HKD 128,000, a decline of approximately 26.0%[11] - Total revenue for the three months ended June 30, 2023, was HKD 25,099,000, compared to HKD 19,832,000 for the same period in 2022, marking an increase of approximately 26.5%[11] - Revenue from security and property management services was approximately HKD 24,971,000, accounting for 99.5% of total revenue, up from HKD 19,659,000 or 99.1% in the previous year[28] - Revenue from asset management services remained stable at approximately HKD 128,000, compared to HKD 173,000 in the same period last year[31] Expenses and Costs - The company incurred administrative expenses of HKD 5,982,000, slightly up from HKD 5,662,000 in the previous year[3] - The cost of services provided increased from HKD 18,750,000 to HKD 24,682,000, reflecting a rise of approximately 31.8%[14] - The cost of services increased to approximately HKD 24,700,000, representing 98.4% of total revenue, up from HKD 18,800,000 or 94.9% in the previous year[33] - Interest expenses for continuing operations decreased from HKD 776,000 to HKD 413,000, a reduction of approximately 46.9%[13] - Administrative expenses remained stable at approximately HKD 6,000,000, with salary and related expenses increasing to approximately HKD 3,900,000 from HKD 3,000,000 in the previous year[35] Strategic Focus and Plans - The company continues to focus on expanding its security and property management services, as well as enhancing its asset management offerings[6] - The company plans to focus resources on expanding its operations in mainland China due to the challenging economic environment in Hong Kong[23] - The company aims to enhance its brand and operational management to become a leading security and property management enterprise in China[23] - The company plans to expand its security and property management services in China through the establishment of vocational schools and industry-education integration bases[26] - The asset management team is focused on exploring business and investment opportunities to achieve high-quality growth in the asset management sector[24] - The company aims to leverage its experience and brand reputation to provide distressed asset disposal services amid increasing demand in the market[26] Shareholding and Corporate Governance - As of June 30, 2023, Mr. Song holds 433,555,955 shares, representing approximately 74.57% of the total issued shares of the company[39] - Walle Holding Limited, fully owned by Mr. Song, holds 249,090,909 shares, accounting for approximately 42.84% of the total issued shares[44] - Changcheng Wealth Management Holdings Limited holds 184,465,046 shares, representing approximately 31.73% of the total issued shares[44] - Mr. Su holds 2,534,255 shares, which is approximately 0.40% of the total issued shares[39] - The company has no other disclosures regarding interests or positions held by directors or key executives as of June 30, 2023[41] - The total number of shares held by major shareholders and other individuals, excluding directors, is disclosed, with no additional interests reported[46] - The company’s equity interests are structured through various controlled entities, with Mr. Song ultimately controlling approximately 68.90% of Changcheng Wealth Management Investment[40] - The company has a stock option plan in place, with details provided in the report[42] - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests[43] - The company has established an audit committee to review and supervise the financial reporting process and internal control procedures[57] - The company has complied with the GEM Listing Rules regarding corporate governance, except for the separation of the roles of chairman and CEO[55] Other Notable Information - The company did not recommend any dividend for the three months ended June 30, 2023, consistent with the previous year[17] - Government subsidies received during the reporting period amounted to HKD 25,000, down from HKD 614,000 in the previous year, a decrease of approximately 95.9%[12] - No new strategies or market expansions were disclosed during the earnings call[45] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three months ended June 30, 2023[52] - No significant acquisitions or disposals involving subsidiaries or associates were made during the three months ended June 30, 2023[60] - No major events occurred after June 30, 2023, up to the report date[61] - The company has not disclosed any conflicts of interest related to its business operations as of June 30, 2023[59] - The total number of stock options granted was 45,883,329, with 43,349,074 remaining after accounting for cancellations[50] - The total number of stock options exercised during the period was zero, indicating no stock options were utilized[50] - The stock options granted have no vesting period or conditions attached[51] - The company has not appointed any senior personnel as CEO, delegating operational oversight to multiple employees at the subsidiary level[55]

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。 GREATWALLE INC. （股份代號：8315） （於開曼群島註冊成立的有限公司） 長城匯理公司 截至二零二三年六月三十日止三個月 第一季度業績公佈 長城匯理公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年六月三十日止三個月的第一季度業績。本公 佈載有本公司二零二三╱二四年第一季度報告全文，並符合香港聯合交易所有限 公司GEM證券上市規則（「GEM上市規則」）中有關第一季度業績初步公佈附載資 料的相關要求。 承董事會命 長城匯理公司 主席兼執行董事 宋曉明 香港，二零二三年八月十四日 於本公佈日期，執行董事為宋曉明先生、宋詩情女士及蘇從躍先生；非執行董事為 鍾文禮先生；以及獨立非執行董事為李仲飛先生、趙勁松先生及劉承韙先生。 本公佈的資料乃遵照GEM 上市規則而刊載，旨在提供有關本公司的資料。董事願 就本公佈的資料共同及個別承擔全部責任。 ...