Financial Performance - Baiying Holdings Group Limited reported a significant increase in revenue, achieving a total of HKD 150 million for the first half of 2022, representing a 25% growth compared to the same period last year[22]. - The company recorded a loss of RMB 13.4 million for the six months ended June 30, 2022, compared to a profit of RMB 1.2 million for the same period in 2021[24]. - Revenue for the six months ended June 30, 2022, was RMB 17,938,475, an increase of 18.2% compared to RMB 15,190,842 for the same period in 2021[130]. - The company reported a total comprehensive loss of RMB (13,531,194) for the period, compared to a total comprehensive income of RMB 1,180,043 in the same period last year[133]. - The company reported a loss of RMB 13,474,976 for the six months ended June 30, 2022, compared to a profit of RMB 1,137,050 for the same period in 2021, indicating a significant decline[176]. Revenue Growth - The company’s user base expanded to 500,000 active users, marking a 40% increase year-over-year, indicating strong market demand for its services[22]. - Baiying Holdings provided an optimistic outlook for the second half of 2022, projecting a revenue growth of 30% driven by new product launches and market expansion strategies[22]. - Total revenue increased from RMB 151.9 million for the six months ended June 30, 2021, to RMB 179.4 million for the six months ended June 30, 2022, primarily due to an increase in packaging and paper product trading revenue by RMB 71 million, partially offset by a decrease in financing lease services by RMB 46 million[55]. - Revenue from the sale of packaging and paper products was RMB 10,585,927 for the six months ended June 30, 2022, significantly up from RMB 3,442,619 in the previous year[130]. Cost Management - Gross profit margin improved to 45%, up from 40% in the previous year, reflecting better cost management and pricing strategies[22]. - Operating expenses were reduced by 10% due to streamlined operations and cost-cutting measures implemented during the reporting period[22]. - Interest expenses decreased from RMB 2.3 million to RMB 1.9 million, mainly due to a reduction in average loan balances[58]. - Operating expenses increased from RMB 54.88 million to RMB 58.57 million, with employee costs decreasing from RMB 26.97 million to RMB 16.86 million[59]. Market Expansion - Baiying Holdings plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[22]. - The company has established strategic partnerships with local firms to facilitate its expansion efforts in new markets[22]. - The company plans to enhance its sales and marketing capabilities in major cities of the Yangtze River Delta and Pearl River Delta regions[24]. Investment and Development - The company is investing in research and development, allocating HKD 10 million towards the development of new technologies aimed at enhancing operational efficiency[22]. - The company aims to launch two new products by the end of 2022, which are expected to contribute an additional HKD 20 million in revenue[22]. - The company established Qiaoxin in April 2020, a vinegar production factory with a registered capital of RMB 50 million, to diversify its business[24]. - The company also established Baiying Paper Industry in January 2021 to expand its business into packaging and paper products trading[24]. Financial Position - Total current assets increased from RMB 2,190 million as of December 31, 2021, to RMB 2,332 million as of June 30, 2022, primarily due to an increase in loans and receivables from factoring services by RMB 694 million[78]. - Total current liabilities rose from RMB 504 million as of December 31, 2021, to RMB 838 million as of June 30, 2022, mainly due to an increase in bank borrowings by RMB 371 million[78]. - The asset-liability ratio increased from 0.1 times to 0.2 times as of June 30, 2022, indicating a rise in financial leverage[58]. - The company reported a total equity of RMB 268,097,755 as of June 30, 2022, down from RMB 281,628,949 as of December 31, 2021[146]. Shareholder Information - The company’s stock option plan, effective from June 20, 2018, allows for the issuance of options up to 30% of the total issued shares, with a maximum of 10% of the issued shares available for grant within any 12-month period[107]. - As of June 30, 2022, no stock options have been granted, exercised, canceled, or lapsed under the stock option plan[107]. - Major shareholders include Septwolves Holdings with 118,968,750 shares, representing 44.06% of the issued share capital[114]. Compliance and Governance - The company confirms compliance with corporate governance codes during the reporting period[122]. - The independent review report confirms that the interim financial report complies with Hong Kong Accounting Standards[128]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[124].

Revenue and Profitability - Revenue increased from RMB 6.7 million for the three months ended March 31, 2021, to RMB 10.3 million for the three months ended March 31, 2022, representing a growth of approximately 53.7%[7] - The company recorded a net profit of RMB 3.3 million for the three months ended March 31, 2022, compared to a net loss of RMB 0.5 million for the same period in 2021[7] - The net loss for the three months ended March 31, 2021, was RMB 0.5 million, while the net profit for the three months ended March 31, 2022, was RMB 3.3 million, primarily due to the reversal of impairment losses[26] - The company reported a revenue of RMB 10,342,573 for the three months ended March 31, 2022, representing an increase from RMB 6,675,134 in the same period of 2021, which is a growth of approximately 55.5%[61] - The net profit for the period was RMB 3,251,597, a significant recovery from a net loss of RMB 501,302 in the previous year[63] - The total comprehensive income for the period was RMB 3,289,758, compared to a total comprehensive loss of RMB 538,671 in the same period last year[63] Revenue Breakdown - Financing services generated revenue of RMB 4.2 million, accounting for 34.8% of total revenue for the three months ended March 31, 2022[9] - Revenue from packaging and paper products trade was RMB 6.1 million, making up 58.6% of total revenue for the same period[16] - The company generated sales from products amounting to RMB 6,127,054, with packaging and paper products contributing RMB 6,065,289 and vinegar and alcoholic products contributing RMB 61,765[72] - For the three months ended March 31, 2022, the reported segment revenue totaled RMB 10,342,573, with financial services contributing RMB 4,215,519, packaging and paper products trading RMB 6,065,289, and manufacturing and sales of vinegar and alcoholic products RMB 61,765[81] Operating Expenses and Cost Management - Operating expenses slightly decreased from RMB 2.6 million to RMB 2.3 million, primarily due to a reduction in employee costs[22] - Interest expenses decreased from RMB 1.5 million for the three months ended March 31, 2021, to RMB 0.8 million for the same period in 2022[20] - Operating expenses, including selling expenses, were RMB 2,273,385, a decrease from RMB 2,631,419 in the previous year, indicating improved cost management[61] - Employee costs for the three months ended March 31, 2022, were RMB 985,165, a decrease from RMB 1,434,772 in the same period of 2021, indicating cost management efforts[85] New Ventures and Product Development - The company began trial production of vinegar and wine products in January 2022, generating revenue of RMB 0.06 million for the three months ended March 31, 2022[14] - The company plans to commence full production and launch its vinegar and wine products in the second half of 2022, aiming for greater investment returns[30] - The company has identified the vinegar production and sales as a significant diversification project, leveraging the unique brewing process and regional brand advantages of Yongchun vinegar, which is one of China's four famous vinegars[32] - The company is diversifying its business through the establishment of Fujian Baiying Paper Industry Co., Ltd. and Fujian Yongchun Qiaoxin Brewing Co., Ltd. to enhance its packaging and vinegar product lines[75] Shareholder Information and Governance - Major shareholder Septwolves Holdings Limited holds 118,968,750 shares, representing 44.06% of the total issued share capital[56] - Zijiang Capital holds 37,968,750 shares, accounting for 14.06% of the total issued share capital[56] - HDK Capital has a direct interest in 22,781,250 shares, which is 8.44% of the total issued share capital[56] - The company has adopted good corporate governance elements to ensure high levels of governance crucial for development and shareholder protection[34] - The audit committee consists of experienced independent non-executive directors who have reviewed the financial statements for the three months ended March 31, 2022, with no disagreements on accounting treatments[35] Share Options and Dividends - The company has a stock option plan effective for 10 years, allowing for the issuance of options up to 30% of the issued shares, with 27,000,000 options currently available, representing 10% of the total issued shares[40] - No dividends were proposed or recommended for the three months ending March 31, 2022[45] - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year's performance[95] Financial Performance Metrics - The company reported a gross profit margin improvement, with gross profit of RMB 4,419,283 compared to a gross loss in the previous year[61] - The reported segment profit before tax for the same period was RMB 5,239,646, with financial services generating RMB 5,963,426, while the manufacturing and sales of vinegar and alcoholic products reported a loss of RMB 1,007,435[81] - The company reported a significant impairment loss of RMB 4,685,975, primarily related to loans and receivables, which impacted overall profitability[88] - The income tax expense for the period was RMB 1,988,049, compared to an income tax credit of RMB 119,324 in the previous year, reflecting changes in tax obligations[90] - Basic earnings per share for the three months ended March 31, 2022, were RMB 3,157,715, compared to a loss per share of RMB 501,297 in the same period of 2021[93] Assets and Financial Position - The company’s total assets as of March 31, 2022, were 284,918,707, reflecting a significant increase from previous periods[103] - The total depreciation and amortization expenses for the period were RMB 455,687, compared to RMB 260,095 in the same period of 2021, indicating increased investment in fixed assets[88]

Impairment and Receivables Management - The company recognized impairment losses on receivables from finance leases amounting to RMB 14 million due to increased recovery risk from three default agreements[3]. - As of December 31, 2021, the total outstanding amount related to the impairment agreements was RMB 61.1 million, with an impairment loss provision of RMB 23.2 million[4]. - The company initiated legal or arbitration proceedings for all impairment agreements that have been overdue for more than 90 days[3]. - The company has written off a total of RMB 12.2 million in receivables due to six default agreements, with full impairment provisions made[25][27]. - The total amount of receivables written off is RMB 12.2 million, which has been fully provisioned for impairment and will not impact the company's current profit and loss[37]. - The board believes there is no reasonable expectation of recovering debts that have been overdue for more than 5 years, considering multiple claims against the counterparty[1]. - The board has assessed that there is no reasonable expectation of recovering debts that have been overdue for more than 6 years[32]. - The company has engaged in lengthy legal and arbitration procedures without recovering debts from counterparties due to a lack of enforceable assets[2]. - The board has determined that the costs of further litigation may exceed the remaining receivables, leading to the decision not to pursue these debts[1]. Credit Risk Assessment - The company assessed expected credit losses based on the expected credit loss model as of the reporting date, in accordance with Hong Kong Financial Reporting Standard 9[12]. - The financial instruments are categorized into three stages based on credit risk, with the first stage representing 12-month expected credit losses[14]. - The second stage includes financial instruments with significant increases in credit risk but not yet recognized as impaired, typically involving assets overdue by 30 to 90 days[14]. - The third stage involves financial instruments recognized as impaired, typically those overdue by more than 90 days[14]. - The estimated expected credit loss for impaired receivables is based on the estimated recoverable value of collateral, adjusted by a discount rate ranging from approximately 19% to 37%[15]. Collateral and Recovery Efforts - The total value of collateral for 38 parking lots is estimated at RMB 7.1 million, with each parking lot starting at a price of RMB 188,000 in public auction[16]. - The collateral valuation considers factors such as geographical location, disposal difficulty, estimated disposal time and costs, and the present value of cash flows generated by the collateral[18][19]. - The company has recovered part of the receivables in previous cases but has faced challenges in enforcing collection due to a lack of assets[3]. - The company has initiated legal proceedings to recover debts when other recovery methods have failed, including applying for enforcement procedures in court[46]. Risk Management and Due Diligence - The company has implemented a comprehensive and effective risk management system, including multi-layered assessment and approval procedures based on the credit status of customers[38]. - The company has conducted due diligence and risk assessments before signing any financing lease agreements, ensuring compliance with business process management regulations[38]. - The company has implemented a comprehensive due diligence and risk assessment process for potential projects, including background checks on counterparties and financial data analysis[39]. - Background checks on the ultimate beneficial owners of counterparties include their education, employment, and entrepreneurial experience[41]. - The company has conducted SWOT analysis on counterparties to assess their business environment[41]. - The company has maintained strict post-authorization management and regular reviews of write-off agreements[46]. Financial Performance and Reporting - The company expects to receive a total of RMB 15 million from a settlement agreement with a related party, with the first payment due on January 10, 2022[11]. - The company has established a payment schedule under a settlement agreement, totaling RMB 15 million, to be paid in six installments[20]. - The company has ensured that all information in the performance announcement is accurate and complete, with no misleading or fraudulent elements[47]. - The financial data analysis includes monthly revenue, sales inventory, and profit margins over the last two years[41]. - The company has analyzed the profitability and operational costs of sale and leaseback assets, including projected profitability[41].

Financial Performance - Total revenue for 2021 was RMB 38,625,000, a decrease of 19.5% compared to RMB 32,078,000 in 2020[12] - The company reported a loss of RMB 7,093,000 for 2021, compared to a profit of RMB 6,328,000 in 2020[12] - The company's revenue increased from RMB 321 million for the year ended December 31, 2020, to RMB 386 million for the year ended December 31, 2021, representing a growth of approximately 20.3%[22] - The company recorded a net loss of approximately RMB 71 million for the year ended December 31, 2021, compared to a net profit of RMB 63 million for the year ended December 31, 2020[22] - The company's net profit margin dropped significantly to -18.4% in 2021 from 19.7% in 2020, primarily due to increased impairment provisions and a decline in the fair value of financial assets[101] Assets and Liabilities - Total assets decreased to RMB 357,396,000 in 2021 from RMB 396,229,000 in 2020, representing a decline of 9.8%[12] - Total liabilities decreased significantly to RMB 75,767,000 in 2021 from RMB 105,319,000 in 2020, a reduction of 28.0%[12] - The net asset value for 2021 was RMB 281,629,000, down from RMB 290,910,000 in 2020, indicating a decrease of 3.9%[12] - The company's debt-to-equity ratio improved from 0.15 times as of December 31, 2020, to 0.10 times as of December 31, 2021, indicating a reduction in financial leverage[59] - The debt ratio also decreased to 0.10 times in 2021 from 0.15 times in 2020, mainly due to a reduction in bank borrowings by RMB 17.7 million[101] Operational Challenges - The company faced challenges due to rising raw material costs and regulatory pressures across various sectors, impacting business volume and revenue[16] - The implementation of new regulations under the "Interim Measures for the Supervision and Administration of Financing Leasing Companies" contributed to a decline in business volume and revenue in 2021[16] - The overall business volume and capital demand from potential clients have been shrinking due to the increasingly stringent operating conditions[16] - The company has experienced significant challenges due to the ongoing impact of the COVID-19 pandemic on the economy[148] Business Development and Strategy - The company continues to provide financing solutions and support for the rapid development of small and medium-sized enterprises despite the challenging environment[16] - The company aims to leverage its strengths to conduct leasing business steadily while promoting the development of Qiaoxin and launching quality products in the vinegar industry[18] - The company plans to enhance its sales and marketing capabilities in major cities within the Yangtze River Delta and Pearl River Delta regions[22] - The company plans to optimize its business structure and enhance management levels in response to industry policies and regulatory trends[114] - The company is committed to sustainable development and integrating ESG principles into its business strategy[139] Revenue Sources - The financing leasing services generated revenue of RMB 185 million, accounting for 47.8% of total revenue for the year ended December 31, 2021[23] - The annual revenue from factoring services for the year ended December 31, 2021, was RMB 2.3 million, accounting for 6.0% of total revenue[34] - The company provided consulting services that generated revenue of RMB 0.2 million for the year ended December 31, 2021, accounting for 0.6% of total revenue[38] - The packaging and paper products trade generated sales revenue of RMB 17.6 million, accounting for 45.6% of total revenue for the year ended December 31, 2021[46] Cash Flow and Investments - Cash and cash equivalents decreased from RMB 262.45 million at the beginning of the year to RMB 191.46 million at the end of the year, with a net cash outflow of RMB 71.38 million[69] - Cash used in investing activities amounted to RMB 350.99 million for the year ended December 31, 2021, primarily due to acquisition payments[71] - The net cash flow used in financing activities for the year ended December 31, 2021, was RMB 23.1 million, which included dividends paid to equity shareholders of RMB 4.5 million and bank loan repayments of RMB 59.8 million, partially offset by loan proceeds of RMB 42.1 million[72] Market and Industry Trends - The economic environment in China showed signs of recovery in the first half of 2021 but faced a slowdown towards the end of the year[16] - The demand for paper packaging materials continues to rise due to the growth of online consumption and government initiatives such as the "ban on waste" and "ban on plastics"[21] - The Chinese financing leasing industry has seen rapid development since 2012, supported by favorable government policies in Fujian Province[21] Corporate Governance and Compliance - The company has fully complied with the corporate governance code during the reporting period[187] - The company has a dedicated legal and risk management team to oversee compliance and contract reviews[131] - The board has confirmed compliance with non-competition commitments by key individuals[185] Future Outlook - The company plans to expand into the seasoning market and will begin full production and product launches in 2022[112] - The company aims to enhance the Qiaoxin brand through R&D, channel development, operations, and marketing, anticipating increased revenue from this new business[114] - The company will actively pursue business development opportunities while ensuring the safety of its interests and capital[114]

Management Discussion and Analysis [Business Overview](index=4&type=section&id=Business%20Overview) The company's core business is finance leasing, accounting for **58.5%** of total revenue, with new packaging and paper products trading contributing RMB **8.3 million**, alongside minor factoring and consulting services - The company's core business is equipment finance leasing for SMEs, individual entrepreneurs, and large enterprises, while actively expanding into new ventures such as the establishment of Qiaoxin, an edible vinegar production plant, and Fujian Baiying Paper, a packaging paper trading company, to achieve business diversification[5](index=5&type=chunk) 2021 Nine Months Ended Business Segment Revenue | Business Segment | Revenue (RMB) | Percentage of Total Revenue | | :--- | :--- | :--- | | Finance Lease Services | 14.5 million | 58.5% | | Packaging and Paper Products Trading | 8.3 million | 33.4% | | Factoring Services | 1.8 million | 7.4% | | Consulting Services | 0.2 million | 0.9% | [Financial Overview](index=6&type=section&id=Financial%20Overview) Total revenue slightly increased to RMB **24.9 million**, but the company shifted from a profit of RMB **4.2 million** to a loss of RMB **1.7 million** due to fair value losses on financial assets and increased impairment losses, while interest and operating expenses decreased 2021 Nine Months Ended vs 2020 Nine Months Ended Financial Data Comparison | Item | Nine Months Ended 2021 (RMB) | Nine Months Ended 2020 (RMB) | Change and Reason | | :--- | :--- | :--- | :--- | | Revenue | 24.9 million | 24.8 million | Slight increase, mainly due to new packaging paper trading revenue offsetting the decline in finance lease income | | (Loss)/Profit | (1.7) million | 4.2 million | Turned from profit to loss, primarily due to fair value changes in financial assets | | Interest Expense | 3.5 million | 5.5 million | Decrease, mainly due to a reduction in average monthly loan balances | | Operating Expenses | 8.9 million | 10.1 million | Decrease, mainly due to reduced consulting fees for the establishment of Qiaoxin | | Impairment Loss | 8.2 million | 6.6 million | Increase, mainly due to increased impairment losses from defaulted agreements overdue by more than 90 days | [Significant Investments, Acquisitions and Disposals](index=8&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) In January 2021, the company established Fujian Baiying Paper, an indirect non-wholly owned subsidiary for packaging and paper products trading, with the Group contributing **55%** and the new entity recording RMB **8.3 million** in revenue by period-end, with no other significant investments, acquisitions, or disposals - On January 13, 2021, the Group established Fujian Baiying Paper, an indirect non-wholly owned subsidiary, with a registered capital of RMB **30.0 million**, of which the Group contributed RMB **16.5 million** (**55%**)[23](index=23&type=chunk) - Fujian Baiying Paper primarily engages in packaging and paper products trading, having recorded revenue of RMB **8.3 million** from its establishment to September 30, 2021[23](index=23&type=chunk) [Outlook](index=8&type=section&id=Outlook) Looking ahead, the company will maintain prudent operations and risk prioritization to navigate macroeconomic challenges, while continuing business diversification through Fujian Baiying Paper and the upcoming Qiaoxin edible vinegar plant to foster new profit growth - The company will continue to adhere to principles of prudent operation and risk prioritization, enhancing business development capabilities to address macroeconomic uncertainties such as the pandemic, global energy shortages, and economic trends[24](index=24&type=chunk) - Construction of the Qiaoxin edible vinegar production plant is nearing completion, expected to commence operations by the end of 2021, which will generate additional profits and enhance the Group's overall influence[26](index=26&type=chunk) - The newly established Fujian Baiying Paper aims to capitalize on the growing demand for paper packaging driven by e-commerce development and the 'plastic ban,' representing the Group's diversification into the manufacturing trade supply chain amidst a sluggish market environment[26](index=26&type=chunk) Other Information [Corporate Governance and Compliance](index=10&type=section&id=Corporate%20Governance) During the reporting period, the company fully complied with GEM Listing Rules' corporate governance code, with the Audit Committee reviewing the quarterly financial report and no conflicts of interest among directors or the company regarding securities trading - The company has fully complied with the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules during the reporting period[28](index=28&type=chunk) - The Audit Committee has reviewed the unaudited financial statements for the nine months ended September 30, 2021, and this report, with no disagreements on accounting treatments[29](index=29&type=chunk) - No directors or controlling shareholders engaged in businesses competing with the Group or had conflicts of interest during the reporting period[40](index=40&type=chunk) [Shareholder Equity Related Matters](index=11&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company neither purchased, sold, nor redeemed any listed securities, nor granted any share options, with the Board deciding against an interim dividend, while also detailing shareholdings of directors, chief executives, and major shareholders - The Board does not recommend the payment of any dividend for the nine months ended September 30, 2021[39](index=39&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[32](index=32&type=chunk) - Since the adoption of the share option scheme in June 2018, no share options have been granted, exercised, cancelled, or lapsed[38](index=38&type=chunk) Major Shareholder Shareholding (as of September 30, 2021) | Shareholder | Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Septwolves Holdings Limited | Beneficial Owner | 118,968,750 shares (Long Position) | 44.06% | | Mr. Zhou Yongwei | Interest in Controlled Corporation | 118,968,750 shares (Long Position) | 44.06% | | Zijiang Capital | Beneficial Owner | 37,968,750 shares (Long Position) | 14.06% | | HDK Capital | Beneficial Owner | 22,781,250 shares (Long Position) | 8.44% | | Shengshi Capital Limited | Beneficial Owner | 15,187,500 shares (Long Position) | 5.63% | Unaudited Condensed Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=18&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the nine months ended September 30, 2021, the company reported total revenue of RMB **24.9 million**, a loss of RMB **1.7 million** compared to a profit of RMB **4.2 million** in the prior year, and basic and diluted loss per share of RMB **0.7 cents** Consolidated Statement of Profit or Loss Summary (for the nine months ended September 30) | Item (RMB) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Revenue | 24,874,110 | 24,807,485 | | (Loss)/Profit Before Tax | (2,341,431) | 6,066,913 | | (Loss)/Profit for the Period | (1,730,842) | 4,201,511 | | (Loss)/Profit Attributable to Equity Holders of the Company | (1,758,012) | 4,201,511 | | Basic and Diluted (Loss)/Earnings Per Share (RMB cents) | (0.7) | 1.6 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=20&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the nine months ended September 30, 2021, total comprehensive income, including period loss and exchange differences, was a loss of RMB **1.74 million**, compared to a total comprehensive income of RMB **4.30 million** in the prior year Total Comprehensive Income (for the nine months ended September 30) | Item (RMB) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (1,730,842) | 4,201,511 | | Exchange Differences | (10,403) | 100,423 | | **Total Comprehensive Income for the Period** | **(1,741,245)** | **4,301,934** | [Notes to the Financial Statements](index=21&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements%20Notes) Notes detail financial statement preparation basis, revenue classification, segment reporting, taxes, and dividends, with revenue primarily from financial services and new packaging/paper trading, where financial services incurred a pre-tax loss while packaging/paper trading was profitable, and no dividend was proposed for the period, but a prior year's final dividend was paid - The financial statements are prepared in accordance with the GEM Listing Rules, unaudited by the company's auditors, but reviewed by the Audit Committee[64](index=64&type=chunk) Segment Results (for the nine months ended September 30, 2021) | Segment | Reportable Segment Revenue (RMB) | Reportable Segment (Loss)/Profit Before Tax (RMB) | | :--- | :--- | :--- | | Financial Services | 16,615,474 | (2,422,204) | | Packaging and Paper Products Trading | 8,258,636 | 80,773 | | **Total** | **24,874,110** | **(2,341,431)** | - The Board does not recommend a dividend for the reporting period, but approved and paid a final dividend of **2 HK cents** per share for the previous financial year, totaling approximately RMB **4.48 million** during the period[87](index=87&type=chunk)

Financial Performance - The company reported a revenue of HKD 100 million for the first half of 2021, representing a 20% increase compared to the same period last year[22]. - The company expects a revenue growth of 25% for the second half of 2021, driven by new product launches and market expansion strategies[22]. - Total revenue decreased from RMB 16.2 million for the six months ended June 30, 2020, to RMB 15.2 million for the same period in 2021[23]. - Revenue decreased from RMB 161.59 million for the six months ended June 30, 2020, to RMB 151.91 million for the six months ended June 30, 2021, primarily due to a reduction in financing lease business by RMB 48.48 million, partially offset by an increase in packaging and paper product sales by RMB 34.43 million[49]. - The company reported a net profit of RMB 1,159,604 for the six months ended June 30, 2021, compared to a net loss of RMB 1,464,771 for the same period in 2020[121]. - Basic and diluted earnings per share for the period were RMB 0.42, compared to a loss per share of RMB 0.54 in the previous year[118]. - The company reported a profit of RMB 1,137,050 for the six months ended June 30, 2021, compared to a loss of RMB 1,464,771 for the same period in 2020[132]. User Growth and Market Expansion - User data showed a growth in active users by 15%, reaching a total of 1.5 million users as of June 30, 2021[22]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2022[22]. - The company is exploring partnerships with technology firms to enhance its digital service offerings and customer engagement[22]. - The company plans to continue expanding its market presence and enhancing its product offerings through strategic initiatives and potential acquisitions[179]. Product Development and Innovation - Research and development expenses increased by 30%, focusing on innovative technologies and product enhancements[22]. - The company has launched two new products in Q2 2021, contributing to a 15% increase in sales volume[22]. - The newly established Fujian Baiying Paper Industry Co., Ltd. aims to diversify the company's business into packaging and paper products sales in China[147]. Financial Services and Revenue Streams - Revenue from financing leasing services for the six months ended June 30, 2021, was RMB 10.1 million, accounting for 66.5% of total revenue[24]. - Revenue from factoring services for the six months ended June 30, 2021, was RMB 1.4 million, accounting for 9.2% of total revenue[35]. - Revenue from consulting services amounted to RMB 0.2 million, accounting for 1.6% of total revenue for the six months ended June 30, 2021[39]. - Revenue from financing lease services and factoring services amounted to RMB 11,512,374, down from RMB 15,452,630 in the previous year, reflecting a decline of approximately 25.5%[145]. Cost Management and Profitability - The gross profit margin improved to 45%, up from 40% in the previous year, indicating better cost management[22]. - Operating expenses decreased from RMB 73.13 million for the six months ended June 30, 2020, to RMB 54.88 million for the six months ended June 30, 2021, mainly due to a reduction in consulting fees by RMB 19 million[53]. - Impairment losses decreased from RMB 80.39 million for the six months ended June 30, 2020, to RMB 12.64 million for the six months ended June 30, 2021, primarily due to the settlement of three default agreements reducing impairment losses by RMB 55 million[54]. Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of June 30, 2021[39]. - The company has maintained compliance with regulations regarding foreign investment leasing companies as of June 30, 2021[43]. - The company maintained compliance with the corporate governance code as per GEM listing rules throughout the reporting period[110]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the required standards[112]. Cash Flow and Financial Position - Cash and cash equivalents increased from RMB 67.25 million at the beginning of the period to RMB 32.46 million at the end of the period, with a net increase of RMB 6.19 million[60]. - Net cash generated from operating activities was RMB 100.15 million for the six months ended June 30, 2021, primarily due to operating profit before changes in working capital of RMB 62 million[61]. - Total current assets decreased from RMB 296.6 million as of December 31, 2020, to RMB 249.3 million as of June 30, 2021, primarily due to a reduction in receivables from sale-leaseback transactions by RMB 42.0 million[68]. - The company reported a balance of RMB 3,317,491 in expected credit losses for the 12-month period as of June 30, 2021[177]. Employee and Shareholder Information - The group has 35 full-time employees, all based in China, and continues to invest in employee training and development programs[86]. - Major shareholders include Septwolves Holdings with 118,968,750 shares (44.06%), Zijiang Capital with 37,968,750 shares (14.06%), and HDK Capital with 22,781,250 shares (8.44%) as of June 30, 2021[101]. - The company has a stock option plan effective from June 20, 2018, for a duration of 10 years, expiring on June 20, 2028, with a maximum issuance of 30% of the total shares outstanding[94]. Impairment and Receivables - The impairment loss provision for receivables from financing leases was RMB 30.877 million as of June 30, 2021, compared to RMB 26.002 million as of December 31, 2020[27]. - The overdue and credit-impaired receivables totaled RMB 12,689,952 as of June 30, 2021, compared to RMB 9,288,155 as of December 31, 2020, representing an increase of about 36%[171]. - The provision for impairment losses increased to RMB 30,876,913 as of June 30, 2021, compared to RMB 26,001,723 as of December 31, 2020, indicating a rise of approximately 18.5%[186].

Revenue Performance - Revenue decreased from RMB 9.4 million for the three months ended March 31, 2020, to RMB 6.7 million for the three months ended March 31, 2021, representing a decline of approximately 28.7%[5] - For the three months ended March 31, 2021, the company reported total revenue of RMB 6,675,134, a decrease of 29.1% from RMB 9,410,125 in the same period of 2020[48] - The total revenue for the three months ended March 31, 2021, was RMB 6,675,134, a decrease of 29.2% from RMB 9,410,125 in the same period of 2020[60] - Revenue from financing leasing services was RMB 5.7 million, accounting for 85.6% of total revenue for the three months ended March 31, 2021[6] - Revenue from factoring services was RMB 0.7 million, representing 10.9% of total revenue for the same period[7] - Revenue from consulting services was RMB 0.2 million, making up 3.5% of total revenue, derived from a consulting agreement related to a construction project with a total investment of approximately RMB 1,142 million[9] Net Loss and Financial Improvement - Net loss reduced from RMB 5.1 million for the three months ended March 31, 2020, to RMB 0.5 million for the three months ended March 31, 2021, a decrease of approximately 90.2%[17] - The company incurred a net loss of RMB 501,302 for the three months ended March 31, 2021, compared to a net loss of RMB 5,135,985 in the prior year, representing a significant improvement[50] - The company reported a total comprehensive loss of RMB 538,671 for the three months ended March 31, 2021, compared to RMB 5,225,553 in the previous year[50] - Basic and diluted loss per share for the period was RMB 0.2, compared to RMB 1.9 in the same period of 2020[48] - The basic loss per share for the three months ended March 31, 2021, was RMB 1.86, compared to RMB 19.01 for the same period in 2020, reflecting a substantial improvement[67] Operating Expenses and Costs - Operating expenses increased slightly from RMB 2.4 million for the three months ended March 31, 2020, to RMB 2.6 million for the three months ended March 31, 2021, primarily due to an increase in employee costs[14] - The company’s operating expenses increased to RMB 2,631,419 from RMB 2,383,582 year-over-year, reflecting a rise of 10.4%[48] - Employee costs totaled RMB 1,434,772 for the three months ended March 31, 2021, an increase of 18.8% from RMB 1,207,072 in the same period of 2020[62] Impairment and Interest Expenses - Impairment losses decreased from RMB 10.8 million for the three months ended March 31, 2020, to RMB 2.1 million for the same period in 2021, a reduction of approximately 80.6%[15] - The company recorded a loss from impairment of RMB 2,069,718, a decrease of 80.8% from RMB 10,777,794 in the same period of 2020[48] - The company experienced a significant reduction in impairment losses, with RMB 1,785,013 recognized for the three months ended March 31, 2021, compared to RMB 4,596,446 in the same period of 2020[62] - Interest expenses decreased from RMB 2.3 million for the three months ended March 31, 2020, to RMB 1.5 million for the same period in 2021, mainly due to a reduction in average loan balances[12] - The company’s interest expenses decreased to RMB 1,544,121 from RMB 2,308,147, a reduction of 33% year-over-year[48] - The company’s interest income for the three months ended March 31, 2021, was RMB 6,439,285, a decrease of 26.7% from RMB 8,790,314 in the same period of 2020[60] Business Strategy and Future Plans - The company plans to continue executing a prudent operation strategy and enhance risk control measures in response to the ongoing impact of the COVID-19 pandemic[19] - The company plans to gradually expand its financing leasing and commercial factoring businesses to optimize its business structure and asset portfolio[20] - In April 2020, the company established a new investment in vinegar production and sales in Yongchun, aiming to diversify its business and enhance shareholder returns[20] - The company anticipates completing factory construction and launching vinegar products in 2021 as part of its efforts to build the Qiaoxin brand and generate more revenue[20] - The establishment of Fujian Baiying Paper Industry Co., Ltd. aims to diversify the business into the packaging industry, although it has not commenced operations as of March 31, 2021[5] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as per GEM listing rules during the reporting period ending March 31, 2021[22] - The company has confirmed that no directors or major shareholders engaged in any competing business during the reporting period[34] - The company’s independent non-executive directors and audit committee have reviewed the financial statements and found no discrepancies in accounting practices[23] Dividends and Shareholder Information - No dividends were recommended for the three months ending March 31, 2021[33] - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[69] - As of March 31, 2021, major shareholders included Septwolves Holdings Limited with a 44.06% stake and Zijiang Capital with a 14.06% stake[43] - The stock option plan adopted on June 20, 2018, allows for the issuance of options up to 30% of the total issued shares, with 27,000,000 options available, representing 10% of the issued shares[28] - As of March 31, 2021, no stock options have been granted or exercised under the stock option plan[32] Other Financial Information - The company has not engaged in any securities trading activities during the reporting period[26] - The company recorded a provision for current income tax of RMB 743,994 for the three months ended March 31, 2021, down from RMB 1,097,145 in the same period of 2020[64] - The company has not generated any income subject to Hong Kong profits tax during the reporting period[65] - The company’s other net losses amounted to RMB (1,050,502) for the period, compared to RMB (661,569) in the previous year[48] - Consulting fee income for the same period was RMB 235,849, down 61.9% from RMB 619,811 in the previous year[60]

Financial Performance - Total revenue for 2020 was RMB 32,078,000, a decrease from RMB 54,553,000 in 2019, representing a decline of approximately 41%[12] - Profit before tax for 2020 was RMB 9,950,000, down from RMB 25,973,000 in 2019, indicating a decrease of about 62%[12] - Net profit for 2020 was RMB 6,328,000, compared to RMB 19,158,000 in 2019, reflecting a decline of approximately 67%[12] - The company's revenue decreased from RMB 546 million for the year ended December 31, 2019, to RMB 321 million for the year ended December 31, 2020, representing a decline of approximately 41.2%[21] - The company's profit dropped from RMB 192 million for the year ended December 31, 2019, to RMB 63 million for the year ended December 31, 2020, a decrease of about 67.2%[21] - Interest income from financing lease services decreased from RMB 54,553 thousand in 2019 to RMB 32,078 thousand in 2020, a reduction of about 41.1%[49] - Other net income increased from RMB 2,900 thousand in 2019 to RMB 5,100 thousand in 2020, primarily due to realized and unrealized gains on financial assets measured at fair value[50] - Income tax expenses decreased from RMB 68 million in 2019 to RMB 36 million in 2020, mainly due to a reduction in revenue[57] - Net profit decreased from RMB 192 million in 2019 to RMB 63 million in 2020, with a net profit margin decline from 35.1% to 19.7%[59] Assets and Liabilities - Total assets as of December 31, 2020, were RMB 396,229,000, down from RMB 441,143,000 in 2019, a decrease of about 10%[12] - Total liabilities as of December 31, 2020, were RMB 105,319,000, significantly reduced from RMB 156,884,000 in 2019, representing a decrease of approximately 33%[12] - The company's net asset value increased to RMB 290,910,000 in 2020, up from RMB 284,259,000 in 2019, showing a growth of about 2%[12] - Cash and cash equivalents decreased from RMB 71.3 million at the end of 2019 to RMB 26.2 million at the end of 2020[71] - Total current assets decreased from RMB 323.3 million as of December 31, 2019, to RMB 296.6 million as of December 31, 2020, primarily due to a decrease in receivables from factoring by RMB 23.8 million[68] - Total current liabilities decreased from RMB 124.4 million as of December 31, 2019, to RMB 82.3 million as of December 31, 2020, mainly due to a reduction in bank borrowings by RMB 37.9 million[68] Business Operations and Strategy - The company faced challenges in 2020 due to the COVID-19 pandemic, impacting operations and financing costs[15] - The company is focused on strategic adjustments to navigate the post-pandemic market environment[15] - Future outlook includes potential market expansion and new product development initiatives[15] - The company is committed to enhancing operational efficiency and exploring merger and acquisition opportunities[15] - The company plans to enhance its sales and marketing capabilities in major cities of the Yangtze River Delta and Pearl River Delta regions to drive growth[21] - The company aims to leverage government fiscal and monetary policies to support economic recovery and expand its leasing business into new industries[17] - The company is actively assessing opportunities to expand its customer base in industries with growth potential[104] Receivables and Credit Management - As of December 31, 2020, the average monthly balance of receivables from finance leasing services was RMB 206 million, down from RMB 360 million in 2019, indicating a significant reduction in business volume[23] - The net amount of receivables from finance leasing decreased from RMB 210 million as of December 31, 2019, to RMB 131 million as of December 31, 2020, reflecting improved collection efforts[26] - The overdue and credit-impaired receivables from finance leasing decreased from RMB 108 million as of December 31, 2019, to RMB 102 million as of December 31, 2020[26] - The company reported a significant increase in overdue receivables from sale-leaseback transactions, with amounts overdue over 30 days rising to RMB 41 million as of December 31, 2020, compared to RMB 15 million in 2019[27] - The company reported a credit loss provision for receivables from financing leases totaling RMB 26,002 thousand as of December 31, 2020[29] - The company's receivables from factoring services had a credit loss provision of RMB 216 thousand as of December 31, 2020[34] Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions as of December 31, 2020[44] - The company has maintained compliance with regulations regarding foreign investment and operational practices throughout the reporting period[44] - The company confirmed compliance with relevant laws and regulations, ensuring good corporate governance practices[129] - The company has adopted the corporate governance practices as outlined in the GEM listing rules and has complied fully with the code provisions during the reporting period[174] - All independent non-executive directors confirmed their independence from the company[159] Future Outlook and Investments - The company plans to enter the paper products sales and supply chain industry in 2021, collaborating with quality partners to leverage their resources and industry experience[102] - The establishment of a wholly-owned subsidiary in Shanghai aims to expand the factoring business, targeting quality SMEs in the Yangtze River Delta region[104] - The company is committed to sustainability initiatives, with plans to invest $II million in eco-friendly technologies over the next three years[112] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 200 million allocated for this purpose[118] - A new strategic partnership was announced, expected to generate an additional 100 million in revenue over the next two years[118] Employee and Social Responsibility - The company is committed to continuous employee training and development, adapting to online platforms due to the COVID-19 pandemic[98] - The company has complied with all applicable Chinese laws and regulations regarding employee social insurance contributions[98] - The company did not make any charitable donations during the year ending December 31, 2020[194]

Revenue and Profit Performance - Revenue decreased from RMB 424 million for the nine months ended September 30, 2019, to RMB 248 million for the nine months ended September 30, 2020, representing a decline of approximately 41.3%[6] - Profit decreased from RMB 134 million for the nine months ended September 30, 2019, to RMB 42 million for the nine months ended September 30, 2020, a reduction of about 68.7%[19] - Total revenue for the nine months ended September 30, 2020, was RMB 24,807,485, down 41.6% from RMB 42,374,132 in the same period of 2019[50] - The company recorded a net profit of RMB 5,666,282 for the three months ended September 30, 2020, compared to RMB 6,436,534 in the same period of 2019, representing a decline of 12.0%[52] - Basic and diluted earnings per share for the nine months ended September 30, 2020, were RMB 1.6, down 68.0% from RMB 5.0 in the same period of 2019[50] Revenue Breakdown - Revenue from financing leasing services was RMB 226 million, accounting for 91.1% of total revenue for the nine months ended September 30, 2020[8] - Revenue from factoring services was RMB 14 million, representing 5.8% of total revenue for the nine months ended September 30, 2020[9] Expenses and Costs - Interest expenses decreased from RMB 103 million for the nine months ended September 30, 2019, to RMB 55 million for the nine months ended September 30, 2020, a decline of approximately 46.4%[14] - Operating expenses increased from RMB 84 million for the nine months ended September 30, 2019, to RMB 101 million for the nine months ended September 30, 2020, mainly due to increased consulting fees related to the establishment of a new subsidiary[15] - The company incurred employee costs totaling RMB 1,320,235 for the three months ended September 30, 2020, down from RMB 1,410,507 in the same period of 2019, a decrease of about 6%[63] Tax and Other Income - The tax expenses decreased from RMB 48 million for the nine months ended September 30, 2019, to RMB 19 million for the nine months ended September 30, 2020, due to a decrease in pre-tax profit of approximately RMB 122 million[18] - Other net income increased from RMB 19 million for the nine months ended September 30, 2019, to RMB 34 million for the nine months ended September 30, 2020, primarily due to unrecognized gains of RMB 11 million[13] Corporate Governance and Compliance - The company has fully complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the nine months ending September 30, 2020[22] - The audit committee reviewed the unaudited financial statements for the nine months ending September 30, 2020, and found no discrepancies in the accounting treatment adopted by the company[23] - The company has appointed Changjiang Securities Financing (Hong Kong) Limited as its compliance advisor, with no reported conflicts of interest during the reporting period[35] - The company has confirmed no knowledge of any circumstances requiring disclosure under GEM Listing Rules during the reporting period[37] Shareholder Information - The company’s major shareholders include Mr. Ke Jin with a 14.06% stake and Mr. Huang Da Ke with an 8.44% stake in the company[39] - The company has a stock option plan in place, which allows for the issuance of up to 27,000,000 shares, representing 10% of the total issued shares[29] - As of September 30, 2020, the company’s stock option plan had no unexercised options[32] - The board has absolute discretion to determine the exercise price of stock options, which cannot be lower than the closing price on the grant date[32] Dividends and Retained Earnings - No dividends were recommended for the nine months ending September 30, 2020[33] - The company did not declare any dividends for the nine months ended September 30, 2020, compared to RMB 4,988,693 declared for the same period in 2019[71] - The retained earnings as of September 30, 2020, were RMB 44,725,183, up from RMB 36,861,880 as of September 30, 2019, showing an increase in accumulated profits[73] Future Outlook and Business Development - The company established a new vinegar production facility in Fujian Province on April 23, 2020, to diversify its business[20] - The company aims to strengthen risk management and support clients in overcoming difficulties amid ongoing uncertainties related to the COVID-19 pandemic[20] - Future outlook includes continued focus on enhancing shareholder value through strategic investments and potential market expansions[74] Financial Position - The total equity as of September 30, 2020, increased to RMB 288,560,793 from RMB 270,305,003 as of September 30, 2019, indicating growth in shareholder value[73] - The company’s total assets as of September 30, 2020, were RMB 288,560,793, reflecting an increase from the previous year[73] - The company’s total liabilities as of September 30, 2020, were RMB 6,640,176, consistent with the previous year[73] - The company’s financial position remains strong with a total equity ratio improvement noted in the latest report[73]

Revenue and Profit Performance - Revenue decreased from RMB 29.3 million for the six months ended June 30, 2019, to RMB 16.2 million for the six months ended June 30, 2020, representing a decline of approximately 44.5%[13] - Profit shifted from a profit of RMB 7.0 million for the six months ended June 30, 2019, to a loss of RMB 1.5 million for the six months ended June 30, 2020[13] - Total revenue for the six months ended June 30, 2020, was RMB 16,158,960, a decrease of 44.8% compared to RMB 29,301,685 for the same period in 2019[99] - Interest income decreased to RMB 15,452,630, down 45.5% from RMB 28,092,156 in the previous year[99] - The company reported a net loss of RMB 1,464,771 for the six months ended June 30, 2020, compared to a profit of RMB 7,003,532 in the same period of 2019[99] - Basic and diluted loss per share was RMB 0.54, compared to earnings of RMB 2.59 per share in the prior year[99] - Total comprehensive loss for the period was RMB 1,552,202, compared to a total comprehensive income of RMB 6,866,410 in the previous year[101] Business Development and Diversification - The company established a new vinegar production facility named Qiaoxin in Fujian Province on April 23, 2020, to diversify its business[12] - The company continues to develop its financing leasing and factoring businesses while expanding into new sectors[12] - As of June 30, 2020, Qiaoxin had not yet commenced production, indicating a potential future revenue stream[12] - The company aims to expand its factoring business by leveraging its wholly-owned subsidiary in Shanghai to serve quality SMEs in the Yangtze River Delta region[71] - The company plans to diversify its business by investing in the production and sales of Yongchun aged vinegar, capitalizing on its market potential in China[69] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 71.3 million as of December 31, 2019, to RMB 67.3 million as of June 30, 2020[51] - Net cash used in operating activities for the six months ended June 30, 2020, was RMB 14.6 million, primarily due to changes in working capital[43] - Total current assets increased from RMB 323.3 million as of December 31, 2019, to RMB 335.3 million as of June 30, 2020, mainly due to an increase in receivables[48] - Total current liabilities increased from RMB 124.4 million as of December 31, 2019, to RMB 127.6 million as of June 30, 2020, primarily due to an increase in bank borrowings[48] - The company raised RMB 101,970,000 from borrowings during the six months ended June 30, 2020, compared to RMB 30,000,000 in the same period of 2019, indicating a significant increase in financing activities[110] Receivables and Impairment - The net amount of receivables from financing leasing decreased from RMB 210.6 million in 2019 to RMB 163.6 million in 2020, with an increase in overdue and credit-impaired receivables[17] - The net amount of receivables from sale-leaseback increased from RMB 123.0 million in 2019 to RMB 166.6 million in 2020, with credit impairment provisions rising to RMB 10.2 million[18] - The total expected credit loss provision for loans and receivables increased to RMB 10,813,481 as of June 30, 2020, from RMB 5,187,790 at the end of 2019[138] - The overdue and impaired finance lease receivables amounted to RMB 116,059,435 as of June 30, 2020, compared to RMB 108,334,380 at the end of 2019[144] Regulatory Compliance and Governance - The company complied with all major regulatory capital requirements and borrowing restrictions for the six months ended June 30, 2020[26] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[93] - The company has maintained full compliance with the corporate governance code during the reporting period[91] Shareholder Information - Major shareholders include Septwolves Holdings with 118,968,750 shares (44.06%) and Zijiang Capital with 37,968,750 shares (14.06%) as of June 30, 2020[83] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2020[87] - The company approved and paid dividends of RMB 4,988,693 for the previous fiscal year during the interim period, compared to no dividends paid in the same period of 2019[157] Risk Management - The company emphasizes risk management and internal controls through the implementation of a financial leasing service system to enhance workflow and information management[71] - The report emphasizes the importance of understanding the potential risks associated with investing in small and medium-sized enterprises listed on GEM[3] - The company actively reviews and manages its capital structure to balance higher shareholder returns with reasonable debt levels[158] COVID-19 Impact - The group has implemented emergency measures in response to the COVID-19 pandemic, including assessing the quality of receivables and monitoring tenant operations[174] - As of the report date, no significant adverse effects from COVID-19 have been identified that would impact the group's going concern assumption[174]