環境、社會及 管治報告 2025 Environmental, Social and Governance Report 2025 環境、社會及管治報告 關於本報告 民富國際控股有限公司（「本公司」）及其附屬公司（統稱「本集團」或「民富」）（股份代號：8511）主要在中華人民 共和國（「中國」）從事提供智能製造解決方案，包括銷售設備及提供有關技術服務。本公司股份（「股份」）於2018 年4月20日在聯交所GEM成功上市，是本集團的一個重要里程碑。本集團在中國專注於精密3D檢測解決方案及 精密加工解決方案。本公司為高端設備製造商提供智能製造解決方案，以滿足其在工業產品製造方面的高精 密需求。其解決方案包括及整合多種設備及服務，涵蓋從解決方案理念及設計、機械採購、輔助工具與軟件及 系統安裝與調試到提供技術支持及培訓等售後服務。本集團在中國亦從事殯葬代理服務業務。 本集團一直堅持開發新技術，包括新輔助工具設計軟件應用程式。於2025年3月31日，本集團總共擁有34項註 冊專利，包括8項發明專利及26項實用新型專利。 本集團深明有效的環境、社會及管治（「ESG」）措施對營運的重要性。本集團的ESG實踐方向受本公司董事 ...

本公告載有有關民富國際控股有限公司（「本公司」）的資料，乃遵照聯交所GEM證券上 巿規則（「GEM上市規則」）而提供，本公司董事（統稱「董事」，各為一名「董事」）願就此共 同及個別承擔全部責任。董事在作出一切合理查詢後確認，就其所深知及盡信，本公告 所載資料於所有重大方面均準確完整，並無誤導或欺騙，且並無遺漏其他事宜致使本公 告任何陳述或本公告產生誤導。 1 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Min Fu International Holding Limited 民富國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8511） 截至2025年3月31日止年度的年度業績公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小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 ...

[Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The company's FY2025 performance significantly declined, with revenue down 65.4% and loss for the year expanding to 27.331 million HKD, reflecting severe operational and financial pressure [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue for the year ended March 31, 2025, significantly decreased by 65.4% to 27.829 million HKD, leading to an expanded loss for the year of 27.331 million HKD and increased basic loss per share Consolidated Statement of Comprehensive Income Summary (thousand HKD) | Indicator | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 27,829 | 80,501 | -65.4% | | Gross Profit | 2,549 | 17,558 | -85.5% | | Operating Loss | (28,359) | (17,407) | +62.9% | | Loss for the Year | (27,331) | (20,256) | +34.9% | | Loss Attributable to Owners of the Company | (27,331) | (20,098) | +36.0% | | Basic Loss Per Share (HKD) | (1.29) | (1.25) | +3.2% | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, total assets decreased by 42.4% to 27.820 million HKD, total equity fell to 8.902 million HKD, and cash and cash equivalents plummeted, indicating severe liquidity pressure Consolidated Balance Sheet Summary (thousand HKD) | Indicator | March 31, 2025 | March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 27,820 | 48,319 | -42.4% | | Total Liabilities | 18,918 | 18,845 | +0.4% | | Total Equity | 8,902 | 29,474 | -69.8% | | Cash and Cash Equivalents | 223 | 14,676 | -98.5% | | Net Current Assets | 8,902 | 22,604 | -60.6% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) Notes to the financial statements highlight significant going concern uncertainties, with equipment manufacturing and funeral services as primary businesses, and all revenue and non-current assets derived from China [Basis of Preparation & Going Concern](index=5&type=section&id=Basis%20of%20Preparation%20%26%20Going%20Concern) The company's 27.331 million HKD loss and 0.223 million HKD cash balance at year-end indicate significant going concern uncertainties, despite management's plans for financial support, fundraising, and cost-saving measures - The company recorded an annual loss of approximately **27.331 million HKD**, with cash and cash equivalents at year-end of only approximately **0.223 million HKD**, indicating significant going concern uncertainties[9](index=9&type=chunk) - Response measures include: (a) obtaining a financial support letter from Executive Director Ms. Yip Ka Ling; (b) considering fundraising activities; and (c) implementing cost-saving measures[11](index=11&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The Group's business segments, equipment manufacturing and funeral services, reported revenues of 26.309 million HKD and 1.520 million HKD respectively in FY2025, with equipment manufacturing being the main revenue source and primary contributor to losses, all derived from China FY2025 Segment Results (thousand HKD) | Segment | Revenue | Segment Loss | | :--- | :--- | :--- | | Equipment Manufacturing Business | 26,309 | (21,267) | | Funeral Services Business | 1,520 | (2,550) | | **Total** | **27,829** | **(23,817)** | - Compared to FY2024, equipment manufacturing business revenue significantly decreased from **78.450 million HKD**, and losses expanded from **10.119 million HKD**[20](index=20&type=chunk) [Revenue and Expense Analysis](index=12&type=section&id=Revenue%20and%20Expense%20Analysis) Total revenue decreased by 65.4% to 27.829 million HKD, driven by a sharp decline in equipment sales, while total operating expenses decreased to 46.619 million HKD due to reduced inventory and other operating costs Revenue Composition (thousand HKD) | Business Type | 2025 | 2024 | | :--- | :--- | :--- | | Equipment Manufacturing - Equipment Sales | 26,309 | 75,981 | | Equipment Manufacturing - Technical Services | – | 2,469 | | Funeral Services Business | 1,520 | 2,051 | | **Total** | **27,829** | **80,501** | Key Expense Items (thousand HKD) | Expense Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 25,280 | 62,943 | | Staff Costs | 8,528 | 10,034 | | Professional Fees | 5,372 | 1,740 | | Outsourced R&D Expenses | 1,028 | 5,022 | [Loss Per Share and Dividends](index=15&type=section&id=Loss%20Per%20Share%20and%20Dividends) Loss attributable to owners of the company was 27.331 million HKD, resulting in a basic loss per share of **HKD 1.29**, with no dividends recommended by the Board - Basic loss per share was **HKD 1.29**, an increase from **HKD 1.25** last year[27](index=27&type=chunk)[5](index=5&type=chunk) - No dividends were paid or recommended for the year ended March 31, 2025[28](index=28&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=17&type=section&id=Business%20and%20Financial%20Review) China's economic slowdown led to a **65.4% revenue decline** in smart manufacturing solutions and a reduced gross profit margin, resulting in a **34.9% expansion of loss for the year to 27.3 million HKD** due to lower gross profit and impairment losses - Smart manufacturing solutions services are the Group's core business, focusing on precision 3D inspection and processing solutions, with **5 new projects secured**, **4 completed**, and **34 registered patents** during the year[30](index=30&type=chunk)[31](index=31&type=chunk) - Revenue reduction was primarily due to economic fluctuations and China's economic slowdown, causing potential customers to postpone investment budgets for smart manufacturing solutions[32](index=32&type=chunk) - The increase in loss for the year was mainly due to the combined effect of impairment losses on trade receivables and reduced gross profit[39](index=39&type=chunk) [Liquidity and Capital Structure](index=19&type=section&id=Liquidity%20and%20Capital%20Structure) The company faces severe liquidity, with cash and cash equivalents at **200 thousand HKD** and significantly reduced net current assets, having conducted two placings and a share consolidation to raise **6.864 million HKD** for working capital - As of March 31, 2025, the Group's cash and cash equivalents were approximately **200 thousand HKD**, compared to **14.7 million HKD** in the prior year; net current assets were approximately **8.9 million HKD**, compared to **22.6 million HKD** last year[40](index=40&type=chunk) - Two placings were completed during the year, in August and December 2024, raising a total net proceeds of approximately **6.864 million HKD**[44](index=44&type=chunk)[47](index=47&type=chunk) - A **40-to-1 share consolidation** was completed on October 3, 2024[46](index=46&type=chunk) - The net proceeds from both placings have been fully utilized as planned for general working capital[50](index=50&type=chunk)[51](index=51&type=chunk) [Risk Management and Future Outlook](index=23&type=section&id=Risk%20Management%20and%20Future%20Outlook) The Group faces foreign exchange risk from USD and CHF fluctuations without a hedging policy, and plans to enter the agri-food technology market by acquiring Hunan Baisheng Biotechnology Co., Ltd. to diversify business growth - The Group faces foreign exchange risk from USD and CHF, recording a **100 thousand HKD loss** in other comprehensive loss due to exchange rate fluctuations[55](index=55&type=chunk) - The future strategic focus is to enter the agri-food technology market, with an agreement signed in January 2025 to acquire Hunan Baisheng Biotechnology Co., Ltd[56](index=56&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Compliance](index=26&type=section&id=Corporate%20Governance%20and%20Compliance) The company maintains high corporate governance standards but deviates by having the Chairman and CEO as the same person, and briefly failed to meet GEM Listing Rules for independent non-executive directors, which was later rectified - The company deviates from corporate governance code by not separating the roles of Chairman and CEO, both held by Mr. Tsang Wai Kam, which the company believes provides strong leadership[63](index=63&type=chunk) - Due to a director's resignation, the company failed to comply with several GEM Listing Rules regarding the number and composition of independent non-executive directors from February 2 to May 2, 2024, but the issue has been resolved[64](index=64&type=chunk) [Auditor's Report Summary](index=28&type=section&id=Auditor%27s%20Report%20Summary) The auditor's report highlights significant going concern uncertainties due to the Group's annual loss and low cash levels, yet an unmodified opinion was issued on this matter - The auditor's report draws attention to significant uncertainties regarding going concern, noting the Group's annual loss of approximately **27.331 million HKD** and year-end cash level of approximately **0.223 million HKD** may cast significant doubt on its ability to continue as a going concern[69](index=69&type=chunk) - Despite significant uncertainties, the auditor issued an **unmodified opinion** on this matter[69](index=69&type=chunk) [Other Disclosures](index=25&type=section&id=Other%20Disclosures) As of March 31, 2025, the Group had **32 employees**, with no purchases, sales, or redemptions of listed securities during the year, no dividends recommended, and no significant post-reporting period events - As of March 31, 2025, the Group had **32 employees**, with competitive remuneration packages and share option schemes[61](index=61&type=chunk) - No purchases, sales, or redemptions of the company's listed securities occurred during the year[62](index=62&type=chunk) - The Board did not recommend the payment of a final dividend[66](index=66&type=chunk) - No significant disclosable post-reporting period events occurred from March 31, 2025, to the date of this announcement[67](index=67&type=chunk)

Group 1 - The core viewpoint of the news is that Minfu International Holdings Limited (08511.HK) has shown significant stock price movement, with a recent increase of 29.63% despite a cumulative decline of 6.09% over the past month [1] - As of September 30, 2024, Minfu International reported total revenue of 12.42 million yuan, representing a year-on-year growth of 11.2%, while the net profit attributable to shareholders was -8.84 million yuan, a decrease of 26.88% [1] - The company's gross profit margin stands at 2.99%, and its debt-to-asset ratio is 35.82% [1] Group 2 - Minfu International, originally known as Zhicheng Technology Group, focuses on intelligent manufacturing solutions, particularly in precision 3D inspection and processing solutions [2] - The company aims to expand its business into smart manufacturing and digital upgrade solutions, specifically targeting the cemetery industry in mainland China [2] - Minfu International provides customized one-stop solutions for cemetery enterprises, helping them achieve digital upgrades and carbon neutrality through integrated hardware and software solutions [2]

Financial Performance - The company recorded unaudited revenue of approximately HKD 13.8 million for the six months ended September 30, 2024, representing an increase of about 11.2% compared to the same period last year[6]. - The unaudited loss attributable to the owners of the company was HKD 9.8 million, compared to a loss of HKD 7.7 million in the same period last year, primarily due to a decrease in gross profit[7]. - The basic and diluted loss per share for the period was approximately HKD 1.31, compared to HKD 1.38 in 2023[12]. - The total comprehensive loss for the period amounted to HKD 11.99 million, compared to HKD 9.25 million in the previous year[12]. - The company reported a gross profit of HKD 412,000 for the period, a significant decrease from HKD 5.69 million in the previous year[9]. - The net loss for the six months ended September 30, 2024, increased by 23.0% to HKD 9.8 million from HKD 8.0 million for the same period in 2023, primarily due to the decrease in gross profit[91]. Revenue Breakdown - The total revenue for the six months ended September 30, 2024, was HKD 13,778,000, an increase of 11.2% compared to HKD 12,390,000 for the same period in 2023[35]. - Revenue from the smart manufacturing solutions business was HKD 13,159,000, up 31.7% from HKD 9,993,000 in the previous year[35]. - Revenue from the funeral services business decreased to HKD 619,000, down 64.7% from HKD 1,750,000 in the prior year[35]. - The company's funeral services business accounted for approximately 4.5% of total revenue for the six months ended September 30, 2024, down from 14.1% in 2023[85]. Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 32.37 million, down from HKD 48.32 million as of March 31, 2024[17]. - The company's total liabilities decreased to HKD 11.59 million from HKD 18.85 million as of March 31, 2024[17]. - The company's cash and cash equivalents decreased to HKD 3.16 million from HKD 14.68 million as of March 31, 2024[14]. - As of September 30, 2024, the company's total equity was 20,772 thousand HKD, a decrease from 29,898 thousand HKD as of April 1, 2023[20]. Cash Flow and Financing Activities - The net cash used in operating activities for the six months ended September 30, 2024, was 7,574 thousand HKD, an improvement from 9,625 thousand HKD in the same period of 2023[22]. - The company reported a net cash outflow from financing activities of 1,523 thousand HKD for the six months ended September 30, 2024, compared to a net inflow of 21,557 thousand HKD in the prior year[22]. - The company issued shares resulting in net proceeds of 3,292 thousand HKD during the financing activities for the six months ended September 30, 2024[22]. - The company completed a placement of 143,960,000 shares at a price of HKD 0.024 per share, raising approximately HKD 3.29 million net of transaction costs[93]. Expenses - Selling and marketing expenses increased to HKD 1.27 million from HKD 1.08 million in the previous year[9]. - Administrative expenses decreased to HKD 8.96 million from HKD 11.33 million in the previous year[9]. - The total cost of goods sold and administrative expenses for the six months ended September 30, 2024, was HKD 23,568,000, an increase of 23.7% from HKD 19,118,000 in 2023[49]. - The income tax expense for the six months ended September 30, 2024, was HKD 493,000, compared to HKD 374,000 in the same period of 2023[51]. Shareholder Information - The weighted average number of ordinary shares issued increased to 745,996,000 shares for the six months ended September 30, 2024, up from 558,654,000 shares in the same period of 2023, indicating a growth of about 33.5%[60]. - The company did not recommend any interim dividend for the six months ended September 30, 2024, consistent with the previous year[57]. - The board proposed a share consolidation of every 40 existing shares into 1 share, effective from October 3, 2024[125]. Operational Insights - The company has 34 registered patents, including 8 invention patents and 26 utility model patents, with an additional 16 invention patents in the registration stage as of September 30, 2024[84]. - The group employed 36 staff members as of September 30, 2024, down from 40 as of March 31, 2024, indicating a reduction in workforce[103]. - The company plans to enhance its research and development efforts by establishing its own R&D center and recruiting more technical talent to maintain a technological edge[104]. Risk Management - The group has implemented credit policies to monitor credit risks associated with cash and receivables[106]. - The company has not entered into any forward foreign exchange contracts to hedge its foreign exchange risks, which are primarily related to Euro and RMB[104][106]. Governance and Compliance - The audit committee consists of three independent non-executive directors, overseeing financial reporting and risk management[133]. - The company has complied with the applicable code provisions of the GEM Listing Rules[131]. - The company has adopted trading standards for directors in compliance with GEM Listing Rules[127].

Financial Performance - For the fiscal year ending March 31, 2024, the company achieved revenue of approximately HKD 71.5 million, reflecting an increase in sales performance compared to the previous year[33]. - For the fiscal year ending March 31, 2024, the company recorded revenue of approximately HKD 80.5 million, an increase of about 151.8% compared to HKD 32.0 million for the fiscal year ending March 31, 2023[49]. - The increase in revenue was primarily driven by a growth of HKD 46.3 million in sales from the smart manufacturing solutions business[49]. - Gross profit increased by 81.0% from HKD 9.7 million for the fiscal year ending March 31, 2023, to HKD 17.6 million for the fiscal year ending March 31, 2024, mainly due to the increase in revenue[56]. - The gross margin for the fiscal year ending March 31, 2024, was 21.8%, down from 30.3% in the previous year[51]. - The company reported a net loss of HKD 20.3 million for the fiscal year ending March 31, 2024, a decrease of 28.7% from a net loss of HKD 28.4 million for the fiscal year ending March 31, 2023[55]. - As of March 31, 2024, the company's current assets net amount was approximately HKD 22.6 million, up from HKD 5.6 million in the previous year[59]. - The funeral services business contributed approximately HKD 2.1 million in revenue for the fiscal year ending March 31, 2024[44]. Capital Structure and Financing - As of March 31, 2024, the company had a two-year credit loan of HKD 4.6 million with a weighted average effective interest rate of 4.1%[10]. - The net capital debt ratio as of March 31, 2024, was zero, a significant improvement from 15% as of March 31, 2023[16]. - The company proposed a rights issue on May 30, 2023, to raise up to HKD 24 million by issuing up to 240,000,000 rights shares at a subscription price of HKD 0.1 per share[8]. - The company successfully placed 239,893,183 rights shares at a subscription price of HKD 0.1 per share, raising approximately HKD 22.34 million net of expenses[73]. - The company successfully placed 220,000,000 unallocated shares at a subscription price of HKD 0.1 per share, representing approximately 99.95% of the unallocated shares[100]. - As of July 3, 2023, the company received valid acceptances and applications for a total of 19,893,183 rights shares, representing approximately 8.29% of the total rights shares available for subscription[8]. Business Strategy and Operations - The company continues to focus on providing high-end precision 3D inspection solutions and precision machining solutions for industries such as aerospace, shipbuilding, and electronics[29]. - The company has increased its investment in research and development to enhance operational management and market expansion efforts[33]. - The company plans to increase sales and marketing efforts, expanding the sales team and coverage areas to secure new contracts and maintain current business levels[79]. - The company aims to enhance its R&D capabilities by establishing its own R&D center and hiring more technical talent to maintain a technological edge in the rapidly evolving smart manufacturing solutions market[79]. - The company’s main business includes smart manufacturing solutions and funeral services in China[102]. Governance and Compliance - The company is listed on the GEM of the Hong Kong Stock Exchange with the stock code 8511, having been listed since April 20, 2018[27]. - The company is committed to improving corporate governance practices and procedures to ensure sustainable development and protect assets[121]. - The board of directors has delegated daily management and operational responsibilities to senior management[125]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas[125]. - The company has adopted trading standards in compliance with GEM Listing Rules for directors' securities transactions[123]. - The company has complied with the applicable code provisions of the GEM Listing Rules as of March 31, 2024[132]. - The company has a compliance officer appointed since November 4, 2022, enhancing governance oversight[128]. - The company emphasizes the importance of independent non-executive directors in the nomination process to maintain board independence[191]. Board Structure and Diversity - The board currently consists of nine directors, including one female director, reflecting the company's commitment to board diversity[147]. - The company recognizes the importance of a diverse board to enhance performance quality and has adopted a board diversity policy[146]. - The company will review its diversity policy periodically to ensure its effectiveness[142]. - The board has adopted a nomination policy to ensure a diverse range of candidates, considering factors like gender, age, cultural background, and professional experience[191]. - The company emphasizes the importance of professional development for directors, with all directors participating in training programs[152]. - The board of directors confirmed compliance with the code of conduct regarding continuous professional development throughout the year[161]. Risk Management and Internal Controls - The company has implemented credit policies and continuously monitors credit risks associated with cash, restricted cash, and trade receivables[86]. - The audit committee is responsible for overseeing the integrity of financial statements and risk management processes[166]. - The company aims to enhance its investment management and risk management capabilities through experienced personnel[111].

Financial Performance - The company's revenue for the year ended March 31, 2024, was HKD 80,501,000, representing a significant increase of 151% compared to HKD 31,974,000 for the year ended March 31, 2023[5]. - Gross profit for the same period was HKD 17,558,000, up 81% from HKD 9,703,000 year-over-year[5]. - The operating loss decreased to HKD 17,246,000 from HKD 25,844,000, indicating an improvement in operational efficiency[5]. - The net loss for the year was HKD 20,256,000, a reduction from HKD 28,412,000 in the previous year, showing a 29% improvement[5]. - The total loss attributable to the owners of the company for the year ended March 31, 2024, was HKD 20,098,000, compared to a loss of HKD 28,251,000 for the previous year, indicating a reduction in losses by 29.5%[40]. - The company reported a total of HKD 91,751,000 in total costs and expenses for the year ended March 31, 2024, compared to HKD 49,332,000 for the previous year, representing an increase of 85.7%[35]. - The company incurred research and development expenses of HKD 5,022,000, up from HKD 3,009,000, reflecting a growth of 66.8%[35]. - The company reported a net loss of HKD 20.3 million for the fiscal year ending March 31, 2024, a decrease of 28.7% from a net loss of HKD 28.4 million in the previous year[58]. Assets and Liabilities - Total assets decreased to HKD 48,319,000 from HKD 61,948,000, reflecting a 22% decline[8]. - The company's cash and cash equivalents increased to HKD 14,676,000 from HKD 4,301,000, marking a 241% rise[8]. - The total liabilities decreased significantly to HKD 18,845,000 from HKD 32,050,000, a reduction of 41%[8]. - The equity attributable to owners of the company was HKD 29,474,000, slightly down from HKD 29,937,000[8]. - The company’s trade receivables decreased to HKD 12,257,000 from HKD 14,288,000, a decline of 14.2%[44]. - The company holds trade receivables of HKD 10.8 million, cash and bank deposits of HKD 14.7 million, and other receivables of HKD 6.1 million as of March 31, 2024[77]. Business Segments - The company is primarily engaged in equipment manufacturing and funeral services in China, indicating a focus on these sectors for future growth[9]. - The group reported total segment revenue of HKD 80,501,000 for the year ending March 31, 2024, with equipment manufacturing contributing HKD 78,450,000 and funeral services contributing HKD 2,051,000[24]. - The group incurred a total segment loss of HKD 11,858,000, with equipment manufacturing reporting a loss of HKD 10,119,000 and funeral services reporting a loss of HKD 1,739,000[24]. - The group’s equipment manufacturing business focuses on precision 3D inspection solutions and digital smart ancestral worship services in China[26]. - The funeral services segment provides agency services for the sale of burial plots and columbarium niches in China[26]. - The project with Huanggang Fuyuan Cultural Development Co., Ltd. contributed approximately HKD 6.9 million in revenue for the fiscal year ending March 31, 2024[49]. Accounting and Compliance - The group has adopted new accounting standards effective from April 1, 2023, but these changes did not have a significant impact on the financial performance or position of the group[15]. - The group is evaluating new accounting standards that will take effect on January 1, 2024, and anticipates no significant impact on financial performance upon implementation[21]. - The group has not yet adopted any new standards or interpretations that are effective after April 1, 2023[20]. - The group’s financial disclosures have been updated to reflect the revised definitions and clarifications regarding significant accounting policies[14]. - The group has implemented changes in accounting policies due to the Hong Kong government's amendment regarding the offsetting mechanism for mandatory provident funds and long service payments, but this did not significantly affect the group's liabilities or employee costs[18]. - The company has complied with GEM listing rules regarding the number of independent non-executive directors after appointing a new director on May 2, 2024[82]. Employee and Corporate Governance - As of March 31, 2024, the group had 40 employees, an increase from 27 employees in 2023, indicating a focus on expanding the talent pool for future business growth[77]. - The company has adopted a stock option plan to attract and retain high-caliber employees, reflecting its commitment to competitive compensation[77]. - The board believes that having the same person serve as both chairman and CEO provides strong and continuous leadership, despite deviations from corporate governance codes[79]. Future Outlook - The group aims to continue organic expansion and increase market share while enhancing competitiveness in the future[72]. - The company has not entered into any forward foreign exchange contracts to hedge its foreign exchange risks, as the board considers these risks to be not significant[71]. - The group has no significant investments or major acquisition plans as of March 31, 2024, indicating a conservative approach to capital allocation[74][75][76]. Dividends - The company did not declare any dividends for the year ended March 31, 2024, consistent with the previous year[42]. - The company does not recommend any dividend payment for the year ending March 31, 2024, consistent with the previous year[84].

Financial Performance - The company recorded unaudited revenue of approximately HKD 12.4 million for the six months ended September 30, 2023, representing an increase of about 2.9% compared to the same period last year[4]. - The unaudited loss attributable to owners of the company for the six months ended September 30, 2023, was HKD 9.0 million, a decrease from a loss of HKD 13.6 million in the same period last year, primarily due to an increase in gross profit[4]. - Basic and diluted loss per share for the six months ended September 30, 2023, was approximately HKD 1.38, compared to HKD 2.70 for the same period in 2022[4]. - Gross profit for the six months ended September 30, 2023, was HKD 5.686 million, up from HKD 3.939 million in the previous year[6]. - The company reported a total comprehensive loss of HKD 9.251 million for the six months ended September 30, 2023, down from HKD 13.542 million in the same period last year[6]. - The company incurred a loss of HKD 7,728,000 for the six months ended September 30, 2023, compared to a loss of HKD 10,792,000 for the same period in 2022[19]. - The total comprehensive loss for the period was HKD 9,009,000, compared to a total comprehensive loss of HKD 13,542,000 in the previous year[19]. - Loss for the period decreased by 26.1% to HKD 8.0 million for the six months ended September 30, 2023, down from HKD 10.8 million for the same period in 2022, primarily due to the increase in gross profit[79]. Revenue Breakdown - For the six months ended September 30, 2023, the total revenue was HKD 12,390,000, with the smart manufacturing solutions business contributing HKD 9,993,000 and the funeral services business contributing HKD 1,751,000[35]. - The smart manufacturing solutions business generated revenue of HKD 9,993,000, which is a 0.5% increase from HKD 9,581,000 in the previous year[33]. - The funeral services business reported revenue of HKD 1,750,000, up 58.8% from HKD 1,101,000 in the same period last year[33]. - Revenue from the funeral business accounted for approximately 14.1% of total revenue for the six months ended September 30, 2023, compared to 9.1% in the previous year[72]. Assets and Liabilities - Total assets as of September 30, 2023, amounted to HKD 71.799 million, an increase from HKD 61.948 million as of March 31, 2023[11]. - The company's equity attributable to owners increased to HKD 43.313 million as of September 30, 2023, compared to HKD 29.898 million as of March 31, 2023[11]. - The company’s total liabilities decreased to HKD 28.486 million as of September 30, 2023, from HKD 32.050 million as of March 31, 2023[14]. - As of September 30, 2023, trade receivables amounted to HKD 13,143,000, a decrease of 8.0% from HKD 14,288,000 as of March 31, 2023[53]. - The aging analysis of trade receivables shows that 30 days overdue receivables decreased to HKD 6,684,000 from HKD 7,115,000, while receivables overdue by 1 to 6 months dropped significantly from HKD 3,449,000 to HKD 169,000[54]. - Other receivables increased significantly to HKD 10,193,000 as of September 30, 2023, compared to HKD 1,545,000 as of March 31, 2023[55]. - The company’s total liabilities increased to HKD 17,227,000 as of September 30, 2023, compared to HKD 13,285,000 as of March 31, 2023[60]. Cash Flow and Financing - The company’s cash and cash equivalents increased to HKD 14.836 million as of September 30, 2023, from HKD 4.301 million as of March 31, 2023[11]. - Cash used in operating activities was HKD 9,625,000, a significant decrease from a cash inflow of HKD 3,028,000 in the same period last year[19]. - The company raised HKD 22,525,000 from the issuance of rights shares during the financing activities[19]. - The company raised approximately HKD 22,523,000 from a rights issue completed on August 2, 2023, which resulted in an increase in share capital of approximately HKD 187,000[63]. - The company had a two-year credit loan of HKD 4.9 million with an annual interest rate of 4.1% as of September 30, 2023[81]. Expenses - The company’s administrative expenses for the six months ended September 30, 2023, were HKD 11.332 million, slightly down from HKD 11.336 million in the previous year[6]. - Selling and marketing expenses decreased by HKD 0.7 million to HKD 1.1 million for the six months ended September 30, 2023, compared to HKD 1.8 million for the same period in 2022, mainly due to reduced R&D expenses in the smart manufacturing solutions business[77]. - The total depreciation and amortization expenses for the six months ended September 30, 2023, amounted to HKD 2,845,000, down from HKD 3,094,000 in the previous year[41]. - The group incurred interest expenses of HKD 290,000 for the six months ended September 30, 2023, compared to HKD 557,000 in the same period of 2022[35]. Strategic Plans - The company plans to continue expanding its smart manufacturing solutions and funeral services in the Chinese market[21]. - The company plans to increase sales and marketing efforts, expand the sales team, and enhance sales coverage areas to secure new contracts and maintain current business levels[100]. - The company aims to strengthen its research and development capabilities by establishing its own R&D center and hiring more technical talent to maintain a technological edge in the rapidly evolving smart manufacturing solutions market[100]. Corporate Governance - The company has adopted the GEM Listing Rules for securities trading standards, and all directors confirmed compliance as of September 30, 2023[116]. - The audit committee consists of three independent non-executive directors, with Mr. Lu Shengwei as the chairman, and has reviewed the unaudited financial information for the six months ended September 30, 2023[123]. - The board expresses gratitude to the management and all employees for their hard work and contributions during the reporting period[124].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 Min Fu International Holding Limited 民富國際控股有限公司 （於開曼群島註冊成立之有限公司） 8511 （股份代號： ） 2023 9 30 截至 年 月 日止六個月中期業績公告 GEM 香港聯合交易所有限公司（「聯交所」） 之特色 GEM 的定位，乃為中小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。 GEM GEM 由於 上市公司普遍為中小公司，在 買賣的證券可能會較於主板買賣的證券承受較 GEM 大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的市場。 GEM 本公告載有有關民富國際控股有限公司（「本公司」）的資料，乃遵照聯交所 證券上巿規則 GEM （「 上市規則」）而提供，本公司董事（統稱「董事」，各為一名「董事」）願就此共同及個別 ...

Financial Performance - The company recorded unaudited revenue of approximately HKD 0.7 million for the three months ended June 30, 2023, a decrease of about 90.7% compared to the same period last year[5]. - The unaudited loss attributable to the owners of the company for the same period was HKD 6.4 million, compared to a loss of HKD 4.9 million in the previous year[5]. - Basic and diluted loss per share for the period was approximately HKD 1.34, compared to HKD 1.24 in 2022[5]. - The gross profit for the three months ended June 30, 2023, was HKD 0.567 million, down from HKD 2.945 million in the same period last year[7]. - Operating loss for the period was HKD 6.563 million, compared to HKD 4.470 million in the previous year[7]. - The company reported a total comprehensive loss of HKD 3.814 million for the period, compared to HKD 6.198 million in the same period last year[7]. - The group recorded a total loss before tax of HKD 6,721,000 for the three months ended June 30, 2023, compared to a loss of HKD 4,731,000 for the same period in 2022, representing an increase in losses of 42%[25][28]. - Basic loss per share for the three months ended June 30, 2023, was HKD 1.34, compared to HKD 1.24 for the same period in 2022, indicating a deterioration in per-share performance[36]. - The company incurred a loss of HKD 6.7 million for the three months ended June 30, 2023, an increase of 36.0% from a loss of HKD 4.9 million for the same period in 2022, mainly due to reduced gross profit[47]. Revenue Sources - For the three months ended June 30, 2023, total revenue was HKD 651,000, a significant decrease of 90.7% compared to HKD 7,009,000 for the same period in 2022[23][28]. - The smart manufacturing solutions business reported no revenue for the period, while the funeral services business generated revenue of HKD 651,000, a slight decrease from HKD 652,000 in the previous year[23][24]. - All revenue for the group was generated in China for both the three months ended June 30, 2023, and 2022[28]. Expenses and Financial Management - The company incurred administrative expenses of HKD 6.018 million, slightly down from HKD 6.029 million in the previous year[7]. - The group’s interest expenses for the three months ended June 30, 2023, totaled HKD 176,000, compared to HKD 264,000 in the same period of 2022, reflecting a decrease of 33.3%[25][28]. - Depreciation expenses for the period were HKD 747,000, a decrease from HKD 899,000 in the previous year, indicating a reduction in asset depreciation[25][28]. - Sales and marketing expenses decreased to HKD 0.5 million for the three months ended June 30, 2023, from HKD 1.2 million for the same period in 2022, primarily due to reductions in employee costs, entertainment expenses, and travel expenses[45]. Equity and Capital Structure - The company’s total equity attributable to owners as of June 30, 2023, was HKD 26.406 million, down from HKD 50.209 million as of June 30, 2022[10]. - As of June 30, 2023, the company's net capital debt ratio was 35%, up from 15% as of March 31, 2023[48]. - The company had cash and cash equivalents of approximately HKD 5.7 million as of June 30, 2023, compared to HKD 4.3 million as of March 31, 2023[50]. - The company raised approximately HKD 22.33 million from a rights issue, with 239,893,183 shares issued as of August 2, 2023[76]. Corporate Governance - The company did not declare any interim dividends for the three months ended June 30, 2023, consistent with the previous year[34]. - The company has adopted the GEM Listing Rules for securities trading standards, confirming compliance as of June 30, 2023[79]. - The company was non-compliant with GEM listing rules prior to July 20, 2023, having only two independent non-executive directors instead of the required three[86]. - Following the appointment of Mr. Lu Shengwei on July 20, 2023, the company has re-complied with GEM listing rules, including sections 5.05(1), 5.05(2), 5.05A, and 5.28[87]. - The audit committee has been established and consists of three independent non-executive directors, chaired by Mr. Lu Shengwei, with members Ms. Du Li and Mr. Zhou Wenming[88]. - The audit committee's main responsibilities include advising the board on the appointment and dismissal of external auditors, reviewing financial statements, and overseeing the financial reporting system and internal controls[88]. Future Plans and Developments - The company plans to enhance its research and development efforts by establishing its own R&D center and hiring more technical talent to maintain a competitive edge in the rapidly evolving smart manufacturing solutions market[63]. - The company completed the acquisition of a 20% stake in a target company for RMB 4,195,000 (approximately HKD 4,795,000) on July 31, 2023[58]. - As of June 30, 2023, the company had 33 employees, an increase from 27 employees as of March 31, 2023[60]. Compliance and Risk Management - The company has implemented credit policies to monitor and manage credit risk associated with financial assets[64]. - The company has not entered into any related party transactions or continuing connected transactions during the reporting period[75]. - There were no significant events requiring disclosure after June 30, 2023, until the date of the quarterly report[77]. - No stock options were granted, exercised, or canceled under the stock option plan since its adoption[73]. - The company has maintained cash and cash equivalents at levels deemed sufficient for operational funding[65].