LANDRICH HOLDING LIMITED 譽燊豐控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號: 2132 2025 年 報 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論及分析 | 6 | | 董事會報告 | 10 | | 董事及高級管理層履歷詳情 | 25 | | 企業管治報告 | 29 | | 環境、社會及管治報告 | 42 | | 獨立核數師報告 | 64 | | 綜合損益及其他全面收益表 | 70 | | 綜合財務狀況表 | 71 | | 綜合權益變動表 | 73 | | 綜合現金流量表 | 74 | | 綜合財務報表附註 | 76 | | 財務概要 | 136 | 01 譽燊豐控股有限公司 目錄 公司資料 董事會 執行董事 徐繼光先生 （主席） 徐子揚先生 （行政總裁） 徐慧揚女士 獨立非執行董事 李殷傑先生 李建基先生 鄺炳文先生 董事委員會 審核委員會 李建基先生 （主席） 李殷傑先生 鄺炳文先生 薪酬委員會 李殷傑先生 （主席） 李建基先生 鄺炳文先生 徐繼光先生 提名委員會 鄺炳文先生 （主席） 李殷傑先生 李建基先生 ...

目 錄 | 公 | 司 | 資 | 料 | | | | | | | | | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主 | 席 | 報 | 告 | | | | | | | | | 3 | | 管 | 理 | 層 | 討 | 論 | 及 | 分 | 析 | | | | | 5 | | 企 | 業 | 管 | 治 | 報 | 告 | | | | | | | 8 | | 環 | 境 | 、 | 社 | 會 | 及 | 管 | 治 | 報 告 | | | 2 | 6 | | 董 | 事 | 會 | 報 | 告 | | | | | | | 3 | 9 | | 獨 | 立 | 核 | 數 | 師 | 報 | 告 | | | | | 5 | 2 | | 綜 | 合 | 損 | 益 | 及 | 其 | 他 | 全 | 面 收 | 益 | 表 | 5 | 5 | | 綜 | 合 | 財 | 務 | 狀 | 況 | 報 | 表 | | | | 5 | 6 | | 綜 | 合 | 權 | 益 | 變 ...

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 2025 年度中期業績 恒隆集團有限公司 HANG LUNG GROUP LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00010﹚ 2025 年度中期業績 2025 年度中期業績 目錄 | | 頁 | | --- | --- | | 財務摘要 | 1 | | 業務回顧 | 2 | | 綜合財務報表 | 24 | | 綜合財務報表附註 | 27 | | 其他資料 | 36 | | 詞彙 | 38 | 2025 年度中期業績 財務摘要 以港幣百萬元計算（除另有註明） 業績 截至 6 月 30 日止六個月 | | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 物業 | 物業 | | | 物業 | 物業 | | | | | 租賃 | 銷售 | 酒店 | 總額 | 租賃 | ...

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布的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公布全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 恒隆地產有限公司 HANG LUNG PROPERTIES LIMITED ﹙於香港註冊成立之有限公司﹚ ﹙股份代號︰00101﹚ 2025 年度中期業績 2025 年度中期業績 目錄 | | 頁 | | --- | --- | | 財務摘要 | 1 | | 業務回顧 | 2 | | 綜合財務報表 | 23 | | 綜合財務報表附註 | 26 | | 其他資料 | 36 | | 詞彙 | 38 | 2025 年度中期業績 財務摘要 以港幣百萬元計算（除另有註明） 業績 截至 6 月 30 日止六個月 | | | 2025 | | | | 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 物業 | 物業 | | | 物業 | 物業 | | | | | 租賃 | 銷售 | 酒店 | 總額 | 租賃 | 銷售 | 酒店 ...

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文件的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 2025 年 7 月 30 日 (香港股份代號 : 5) HSBC Holdings plc 滙豐控股有限公司 2025年中期業績 隨附之公告現正於 HSBC Holdings plc 滙豐控股有限公司上市之證券交易所發布。 代表 滙豐控股有限公司 公司秘書長 戴愛蘭 於本公告發表之日，滙豐控股有限公司董事會成員包括：杜嘉祺爵士*、艾橋智、鮑哲鈺†、段小纓†、 范貝恩女爵士†、傅偉思†、高安賢†、古肇華†、郭珮瑛、麥浩智博士†、莫佩娜†、梅愛苓†、利伯特†及 張瑞蓮†。 * 集團非執行主席 滙豐控股有限公司 2025年中期業績 集團⾏政總裁艾橋智表⽰： 「我們致⼒發揮集團核⼼優勢，建立架構精簡、靈活敏銳、聚焦重點的機構，⽬前正取得積極進展。上半年，我們繼續以嚴格紀律執⾏集團策略， 旗下四⼤業務均保持盈利勢頭，收入同⾒增⻑。這令我們對實現集團⽬標的能⼒充滿信⼼。我們將繼續憑藉雄厚實⼒，應對這個經濟前景不明 ...

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的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本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的任何損失承擔任何責任。 股份代號: 11（港幣櫃台）及 80011（⼈⺠幣櫃台） 2025 年中期業績 恒生銀行今日宣佈 2025 年上半年的財務業績。儘管宏觀經濟環境充滿挑戰，本行在拓展多元化業 務方面仍取得顯著進展。 在財富管理及投資服務強勁增⻑的驅動下，服務費和其他收入按年上升 34%，佔總收入 31.6%。 本行多元化發展收益的策略發展重點，令扣除預期信貸損失前之營業收入淨額增⻑ 3%，至 港幣 209.75 億元。 由於市場的不確定性持續，貿易關稅的威脅、持續利率高企以及商業房地產市場⻑期低迷，本行 審慎增加撥備，預期信貸損失錄得港幣 48.61 億元。於 2025 年 6 月 30 日，總減值貸款為 港幣 550 億元。 期內除稅前溢利為港幣 80.97 億元（2024 年上半年為港幣 113.07 億元）。每股盈利為港幣 3.34 元， 而平均普通股股東權益回報率為 7.9%。本行維持穩健資本基礎，於 2025 年 ...

仍志集團控股有限公司 Wisdomcome Group Holdings Limited 於百慕達存續之有限公司 股份代號：8079 2024/25 年 報 仍志集團控股有限公司 Wisdomcome Group Holdings Limited Continued in Bermuda with limited liability Stock Code: 8079 WISDOMCOME GROUP HOLDINGS LIMITED 仍志集團控股有限公司 ANNUAL REPORT 2024/25 年報 ANNUAL REPORT 2024/25 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM之特色 GEM之 定 位 乃 為 相 比 起 其 他 在 聯 交 所 上 市 之 公 司 帶 有 較 高 投 資 風 險 之 中 小 型 公 司 提 供 一 個 上 市 之 市 場。有 意 投 資 之 人 士 應 了 解 投 資 於 該 等 公 司 之 潛 在 風 險，並 應 經 過 審 慎 周 詳 之 考 慮 後 方 作 出 投 資 決 定。 由 於GEM上 市 之 公 司 一 般 為 中 小 型 ...

Contents 目錄 2 Corporate Information 企業資料 6 Highlights and Financial Calendar 摘要及財務日誌 9 Chairman's Statement 主席報告 11 Management Discussion and Analysis 管理層討論與分析 25 Corporate Governance Report 企業管治報告 41 Environmental, Social and Governance Report 環境、社會及管治報告 77 Biographies of Directors and Senior Management 董事及高級管理層履歷 87 Report of the Directors 董事會報告 113 Independent Auditor's Report 獨立核數師報告 120 Consolidated Statement of Profit or Loss 綜合損益表 121 Consolidated Statement of Comprehensive Income 綜合全面收益表 122 Consoli ...

Company Information [Company Overview](index=2&type=section&id=公司資料) This section outlines the company's fundamental information, including its governance structure, key personnel, and principal professional partners - The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with three sub-committees: Audit, Remuneration, and Nomination[6](index=6&type=chunk) - The company's auditor is PricewaterhouseCoopers[7](index=7&type=chunk) - The company's principal bankers include Asian Development Bank, Bank of East Asia, and China Construction Bank[7](index=7&type=chunk) [Business Segments](index=4&type=section&id=業務分佈) The company operates across multiple Chinese provinces, focusing on urban water supply, piped direct drinking water, and environmental protection, serving millions of people - Urban water supply is the company's core business, estimated to serve over **30 million people** with approximately **151,000 kilometers** of pipelines[9](index=9&type=chunk) - Piped direct drinking water supply, a growth area, is estimated to serve approximately **12 million people**[9](index=9&type=chunk) - Environmental protection business covers wastewater treatment operations and construction, as well as drainage operations[9](index=9&type=chunk) Financial Summary [Overall Financial Performance](index=5&type=section&id=財務摘要) For the year ended March 31, 2025, the Group experienced a revenue decline of 9.4% and a 29.9% decrease in profit attributable to owners, yet maintained stable dividends per share Performance Summary (For the year ended March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11,655,565 | 12,858,515 | -9.4% | | Gross Profit | 4,404,978 | 4,775,964 | -7.8% | | Profit for the Year | 2,028,078 | 2,591,357 | -21.7% | | Profit Attributable to Owners of the Company | 1,074,633 | 1,533,543 | -29.9% | | Basic Earnings Per Share | 0.66 HKD | 0.94 HKD | -29.8% | | Total Dividend Per Share | 28 HK cents | 28 HK cents | – | Balance Sheet Summary and Ratios (As at March 31) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 65,891,643 | 63,242,070 | 4.2% | | Total Liabilities | 44,018,957 | 41,789,528 | 5.3% | | Net Assets | 21,872,686 | 21,452,542 | 2.0% | | Gearing Ratio | 66.8% | 66.1% | | [Segment Performance Analysis](index=6&type=section&id=分部業績分析) Urban water supply remained the core revenue and profit driver, while environmental protection business saw significant growth, contrasting with a substantial decline in piped direct drinking water supply Revenue and Profit Contribution by Business Segment in 2025 | Business Segment | Revenue Contribution | Profit Contribution | | :--- | :--- | :--- | | Urban Water Supply Business | 64.3% | 64.0% | | Piped Direct Drinking Water Supply Business | 5.6% | 6.2% | | Environmental Protection Business | 13.1% | 14.3% | | General Contracting Construction and Others | 17.0% | 15.5% | [Urban Water Supply Business Analysis](index=7&type=section&id=1.%20城市供水業務分析) Urban water supply revenue decreased by 9.4% due to reduced construction, but segment profit slightly increased by 0.1% due to cost control, with operating revenue becoming more prominent Urban Water Supply Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 7,498.1 | 8,276.4 | -9.4% | | Profit | 2,492.9 | 2,490.2 | +0.1% | - The increase in profit was primarily due to cost control over sales costs and the net effect of reduced overall installation, maintenance, and construction projects during the year[40](index=40&type=chunk) [Piped Direct Drinking Water Supply Business Analysis](index=8&type=section&id=2.%20管道直飲水供應業務分析) Piped direct drinking water supply business experienced significant adjustments this year, with revenue decreasing by 61.9% to HKD 0.66 billion and segment profit declining by 58.9% to HKD 0.24 billion, mainly due to reduced installation, maintenance, and construction projects Piped Direct Drinking Water Supply Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 656.8 | 1,721.9 | -61.9% | | Profit | 243.2 | 591.7 | -58.9% | - The decline in performance was primarily due to an overall decrease in installation, maintenance, and construction projects during the year[41](index=41&type=chunk) [Environmental Protection Business Analysis](index=9&type=section&id=3.%20環保業務分析) Environmental protection business was a growth highlight this year, with revenue increasing by 42.2% to HKD 1.52 billion and segment profit rising significantly by 56.9% to HKD 0.56 billion, driven by increased operating services from new wastewater treatment projects Environmental Protection Business Financial Performance | Indicator | 2025 (HKD millions) | 2024 (HKD millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,523.5 | 1,071.5 | +42.2% | | Profit | 555.8 | 354.2 | +56.9% | - The performance growth was primarily due to increased wastewater treatment operating services from new projects during the year[42](index=42&type=chunk) Chairman's Statement [Financial and Business Performance](index=10&type=section&id=財務表現) During the reporting period, the Group strategically optimized its development, prioritizing project returns, which led to a 9.4% decrease in total revenue to HKD 11.66 billion and a 29.9% decrease in profit attributable to owners to HKD 1.07 billion, while maintaining a stable dividend policy with a payout ratio increasing to 42.4% - The Group strategically slowed down construction business, prioritizing projects with better returns, leading to a decrease in related construction revenue[33](index=33&type=chunk)[39](index=39&type=chunk) Annual Key Financial Indicators | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | HKD 11.66 billion | -9.4% | | Gross Profit | HKD 4.41 billion | -7.8% | | Profit Attributable to Owners | HKD 1.08 billion | -29.9% | | Basic Earnings Per Share | HKD 0.66 | -29.8% | - Total annual dividend remained at **28 HK cents per share**, with the dividend payout ratio increasing from approximately **29.8%** to approximately **42.4%**[35](index=35&type=chunk) - In January 2025, the company successfully issued **RMB 1 billion** of 3.45% secured blue bonds for offshore debt repayment and projects under the blue-green financing framework[45](index=45&type=chunk) [Future Outlook](index=13&type=section&id=未來展望) Looking ahead, the Group anticipates benefiting from domestic water price marketization reforms and declining financing costs, continuing to deepen the synergistic development of its "water supply + direct drinking water" dual core businesses, and expanding value-added services to consolidate its industry leadership - Accelerated market-oriented water pricing mechanisms are expected to improve the company's profitability, with reforms in Guangzhou and Shenzhen serving as catalysts[47](index=47&type=chunk) - The core strategy is to strengthen the synergistic development of water supply and direct drinking water dual core businesses, promoting a quality leap from "safe water" to "healthy water"[47](index=47&type=chunk) - The Group aims to seize green and low-carbon transformation opportunities, expand value-added services like direct drinking water, and cultivate new sustainable growth drivers[47](index=47&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=流動資金及財務資源) The Group maintained a healthy liquidity position with HKD 5.45 billion in cash and equivalents at year-end, and despite a net current liability of HKD 3.79 billion, the directors believe the Group has sufficient working capital to meet its financial obligations for the next 12 months Liquidity and Financial Position (As at March 31, 2025) | Indicator | Amount | | :--- | :--- | | Cash and cash equivalents and pledged deposits | Approximately HKD 5.45 billion | | Gearing Ratio | 66.8% | | Net current liabilities | HKD 3.79 billion | | Total outstanding borrowings | HKD 25.19 billion | | Undrawn loan facilities | HKD 13.35 billion | - The Group manages foreign exchange risk arising from RMB exchange rate fluctuations through measures such as entering into currency swap contracts with banks[54](index=54&type=chunk) - The Group has various assets pledged as collateral for loan financing, including water supply concession rights, shares in subsidiaries, property, plant and equipment, and investment properties[55](index=55&type=chunk) Biographies of Directors and Senior Management [Directors and Senior Management Profiles](index=17&type=section&id=董事及高級管理人員履歷) This section details the backgrounds, qualifications, and industry experience of the company's executive directors, non-executive directors, independent non-executive directors, and senior management, highlighting the core management team's extensive experience in water affairs, financial management, investment, and corporate governance - Mr. Duan Chuanliang, Chairman and Executive Director, is the founder of the Group's water business and possesses over **30 years** of experience in China's water industry[61](index=61&type=chunk) - The executive director team members have professional backgrounds in financial management, infrastructure project investment and operation, smart water solutions, and corporate management[62](index=62&type=chunk)[63](index=63&type=chunk) - Non-executive and independent non-executive directors come from diverse backgrounds, including financial services, insurance, securities, and accounting, bringing varied professional perspectives to the Board[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Corporate Governance Report [Corporate Governance Practices](index=21&type=section&id=企業管治常規) The company is committed to maintaining high standards of corporate governance, having complied with most provisions of the Corporate Governance Code during the reporting period, with explained deviations regarding the roles of Chairman and CEO and directors' retirement by rotation - The company complied with all applicable provisions of the Corporate Governance Code, with deviations only from Rule C.2.1 (roles of Chairman and Chief Executive), B.2.2 (Chairman's retirement by rotation), and C.1.6 (some directors' attendance at general meetings)[73](index=73&type=chunk)[74](index=74&type=chunk) - The company explained that the structure where Chairman and Chief Executive duties are jointly undertaken by executive directors contributes to strong and consistent leadership, and the Chairman's re-election provides consistent leadership for executing long-term strategies[73](index=73&type=chunk)[74](index=74&type=chunk) - The Group's core values are "Water as the Foundation, Achieving Social Good," embodying virtues of fairness, resilience, and purity, guiding the company's relationships with stakeholders[76](index=76&type=chunk) [Board and Committees](index=23&type=section&id=董事會及董事委員會) The Board comprises twelve directors, including four executive, four non-executive, and four independent non-executive directors, meeting listing rule requirements, with Audit, Remuneration, and Nomination Committees predominantly or entirely composed of independent non-executive directors to ensure independence and professionalism - The Board consists of **12 members**, including **4 independent non-executive directors**, complying with Listing Rules requirements[79](index=79&type=chunk) - The Audit Committee and Remuneration Committee members are all independent non-executive directors, while the Nomination Committee comprises one executive director and three independent non-executive directors[83](index=83&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) - The company has adopted a Board Diversity Policy, considering factors such as gender, age, and professional experience; as of the reporting period end, there are **four female members** on the Board[91](index=91&type=chunk) Board Meeting Attendance Record (Partial) | Director Name | Board | Audit Committee | Remuneration Committee | Nomination Committee | | :--- | :--- | :--- | :--- | :--- | | Mr. Duan Chuanliang (Chairman) | 4/(4) | Not Applicable | Not Applicable | 3/(3) | | Mr. Zhou Jinrong (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | | Mr. Shao Ziming (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | | Ms. He Ping (Independent Director) | 4/(4) | 2/(2) | 3/(3) | 3/(3) | [Risk Management and Internal Control](index=28&type=section&id=風險管理及內部監控) The Board holds ultimate responsibility for the Group's risk management and internal control systems, continuously reviewing their effectiveness, with a structured framework involving the Board, Audit Committee, management, and internal audit team, which was deemed effective and sufficient during the reporting period - The Group's risk management framework is structured into four levels: the Board (strategy formulation), Audit Committee (oversight), management (design and implementation), and internal audit team (evaluation and reporting)[104](index=104&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) - The Board has reviewed the effectiveness of the risk management and internal control systems for the current year and deemed them effective and sufficient[109](index=109&type=chunk) - The Group has an anti-corruption and whistleblowing system, allowing employees and other stakeholders to report misconduct via hotline or email to the internal audit department or Audit Committee[110](index=110&type=chunk) [Shareholder Rights and Communication](index=30&type=section&id=股東權利及與股東溝通) The company communicates with shareholders through various channels, including reports and announcements, and has an investor relations team, allowing shareholders to exercise rights through general meetings, with a dividend policy targeting a payout ratio of no less than 30% of basic earnings per share - Shareholders holding not less than **10%** of the paid-up capital may request the Board to convene an extraordinary general meeting[114](index=114&type=chunk) - The company has adopted a dividend policy, targeting a dividend payout ratio of no less than **30%** of basic earnings per share for each financial year[118](index=118&type=chunk) Directors' Report [Principal Risks and Uncertainties](index=33&type=section&id=主要風險及不明朗因素) The Group faces principal risks including operational, liquidity, and legal and regulatory compliance risks, which are managed through established mechanisms such as standardized operating procedures, close monitoring of cash flow and compliance status, and regular risk assessments - Operational risk refers to the risk of loss resulting from inadequate internal processes, people, or systems, or from external events, managed through standardized operating procedures across functional divisions and departments[129](index=129&type=chunk) - Liquidity risk refers to the risk of being unable to meet loan agreement obligations, mitigated by closely monitoring compliance and cash flow levels[130](index=130&type=chunk) - Legal and regulatory compliance risk refers to risks arising from changes in government laws and regulations, addressed by closely monitoring market regulatory developments and consulting external advisors[131](index=131&type=chunk) [Share Repurchases](index=35&type=section&id=購買、贖回或出售本公司之上市證券) During the year ended March 31, 2025, the company repurchased a total of 4,774,000 ordinary shares on the Stock Exchange for approximately HKD 27.52 million, all held as treasury shares Details of Share Repurchases During the Year | Year/Month | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | October 2024 | 380,000 | 5.17 | 4.90 | 1,918,000 | | February 2025 | 2,160,000 | 6.05 | 5.78 | 12,948,000 | | March 2025 | 2,234,000 | 5.80 | 5.45 | 12,649,000 | | **Total for the Year** | **4,774,000** | | | **27,515,000** | [Major Shareholders](index=40&type=section&id=主要股東) As of March 31, 2025, the company's major shareholders included Chairman Mr. Duan Chuanliang (approximately 27.29% stake) and ORIX Corporation (approximately 27.27% stake), with Qingdao Haifa State-owned Capital Investment and Operation Group Co., Ltd. and Great Wall Life Insurance Co., Ltd. also holding over 5% Major Shareholder Holdings (As at March 31, 2025) | Shareholder Name | Approximate Percentage of Shareholding | | :--- | :--- | | Mr. Duan Chuanliang | 27.29% | | ORIX Corporation | 27.27% | | Qingdao Haifa State-owned Capital Investment and Operation Group Co., Ltd. | 7.52% | | Great Wall Life Insurance Co., Ltd. | 5.02% | [Connected Transactions](index=41&type=section&id=關連交易) During the reporting period, the Group engaged in a continuing connected transaction involving the purchase of piped direct drinking water system equipment and services from Jiangxi Yinli Direct Drinking Water Equipment Co., Ltd., a connected subsidiary, with the transaction amount of approximately HKD 27.79 million falling below the annual cap and confirmed by independent non-executive directors as fair and reasonable - The Group entered into a framework agreement with Jiangxi Yinli, a connected subsidiary, for the procurement of piped direct drinking water equipment and services[176](index=176&type=chunk) Continuing Connected Transactions with Jiangxi Yinli | Period | Annual Cap | Actual Transaction Amount for the Year | | :--- | :--- | :--- | | April 1, 2024 to March 31, 2025 | RMB 80,000,000 | Approximately RMB 25,563,000 | - Independent non-executive directors and the company's auditor have reviewed these transactions and confirmed they were conducted on normal commercial terms, are fair and reasonable, and comply with Listing Rules requirements[179](index=179&type=chunk)[181](index=181&type=chunk) Independent Auditor's Report [Opinion](index=44&type=section&id=意見) PricewaterhouseCoopers, the auditor, issued an unmodified opinion on the Group's consolidated financial statements, affirming they present a true and fair view of the Group's consolidated financial position as at March 31, 2025, and its financial performance and cash flows for the year then ended, in compliance with the disclosure requirements of the Hong Kong Companies Ordinance - PricewaterhouseCoopers, the auditor, believes that the consolidated financial statements present a true and fair view of the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants[192](index=192&type=chunk) [Key Audit Matters](index=45&type=section&id=關鍵審計事項) The auditor identified three key audit matters due to significant management judgment and estimation uncertainty: accounting for concession service arrangements, impairment testing of goodwill and other intangible assets, and net realizable value assessment of properties under development and properties held for sale, for which appropriate audit procedures were performed - Key Audit Matter 1: Accounting for concession service arrangements, as determining the appropriateness of accounting treatment requires significant management judgment and assumptions, especially regarding revenue recognition for construction services[199](index=199&type=chunk)[202](index=202&type=chunk) - Key Audit Matter 2: Impairment testing of goodwill and other intangible assets, due to high uncertainty in significant assumptions applied when calculating recoverable amounts, such as usage growth, water tariffs, and discount rates[205](index=205&type=chunk)[207](index=207&type=chunk) - Key Audit Matter 3: Net realizable value assessment of properties under development and properties held for sale, as determining net realizable value involves inherent estimation uncertainty regarding future selling prices and completion costs[215](index=215&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=53&type=section&id=綜合損益表) For the year ended March 31, 2025, the Group recorded revenue of HKD 11.66 billion, a 9.4% decrease from HKD 12.86 billion last year, with operating profit at HKD 3.53 billion, down 12.9% year-on-year, and profit for the year at HKD 2.03 billion, of which profit attributable to owners was HKD 1.07 billion, a 29.9% decrease Consolidated Statement of Profit or Loss Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 11,655,565 | 12,858,515 | | Gross Profit | 4,404,978 | 4,775,964 | | Profit from operations | 3,527,513 | 4,050,171 | | Profit before income tax | 2,750,145 | 3,369,658 | | Profit for the year | 2,028,078 | 2,591,357 | | Profit attributable to owners of the Company | 1,074,663 | 1,533,543 | [Consolidated Statement of Financial Position](index=55&type=section&id=綜合財務狀況表) As at March 31, 2025, the Group's total assets were HKD 65.89 billion, total liabilities were HKD 44.02 billion, and net assets were HKD 21.87 billion, with non-current assets comprising the majority at HKD 48.27 billion, primarily other intangible assets (mainly concession rights) at HKD 34.16 billion, and a net current liability of HKD 3.79 billion Consolidated Statement of Financial Position Summary (As at March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 48,271,896 | 46,366,408 | | Current assets | 17,619,747 | 16,875,662 | | **Total Assets** | **65,891,643** | **63,242,070** | | **Liabilities and Equity** | | | | Current liabilities | 21,409,424 | 20,747,409 | | Non-current liabilities | 22,609,533 | 21,042,119 | | **Total Liabilities** | **44,018,957** | **41,789,528** | | **Total Equity** | **21,872,686** | **21,452,542** | [Consolidated Statement of Cash Flows](index=59&type=section&id=綜合現金流量表) For the current year, the Group generated net cash from operating activities of HKD 3.39 billion, an increase from the previous year, while net cash used in investing activities was HKD 2.87 billion, significantly lower than last year, and net cash used in financing activities was HKD 0.44 billion, resulting in a net increase in cash and cash equivalents of HKD 82.26 million, with a year-end balance of HKD 4.77 billion Consolidated Statement of Cash Flows Summary | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 3,393,646 | 2,777,301 | | Net cash used in investing activities | (2,873,195) | (5,433,838) | | Net cash (used in) / generated from financing activities | (438,196) | 605,348 | | Net increase / (decrease) in cash and cash equivalents | 82,255 | (2,051,189) | | Cash and cash equivalents at end of year | 4,771,795 | 4,804,799 |

MODERN INNOVATIVE DIGITAL TECHNOLOGY COMPANY LIMITED 新質數字科技有限公司 (formerly known as Hong Kong ChaoShang Group Limited 香港潮商集團有限公司) (Incorporated in Bermuda with limited liability) (Stock Code 股份代號 : 2322) （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （前稱 Hong Kong ChaoShang Group Limited 香港潮商集團有限公司） Annual Report 年報 2025 新質數字科技有限公司 Annual Report 2025 年報 MODERN INNOVATIVE DIGITAL 新質數字科技有限公司 TECHNOLOGY COMPANY LIMITED Modern Innovative Digital Technology Company Limited 新質數字科技有限公司 （前稱香港潮商集團有限公司） Contents 目錄 | Corporate Informa ...