Asia-express Logistics Holdings Limited 亞洲速運物流控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 8620 2025 年報 ANNUAL REPORT 2025 Asia-express Logistics Holdings Limited 亞洲速運物流控股有限公司 ANNUAL REPORT 2025 年報 Asia-express Logistics Holdings Limited 亞洲速運物流控股有限公司 (incorporated in the Cayman Islands with limited liability) Stock code: 8620 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。有意投資者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上市公司一般是中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證 券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港 ...

2025 年 報 目 錄 2 公司資料 4 財務概要 5 主席報告 7 管理層討論及分析 18 企業管治報告 30 董事及高級管理人員 33 董事報告 43 獨立核數師報告 47 綜合損益及其他全面收入報表 48 綜合財務狀況報表 50 綜合權益變動表 52 綜合現金流量報表 54 綜合財務報表附註 118 主要物業一覽表 公司資料 執行董事 莊金洲先生 （主席） 莊華彬先生 （行政總裁兼總裁） 莊華清先生 獨立非執行董事 周安達源先生 （於二零二四年七月八日辭任） 徐珮文女士 羅子璘先生 張宏業先生 （於二零二四年七月八日獲委任） 本公司法律顧問 有關香港法律： 何韋律師行 香港 中環 遮打道18號 歷山大廈27樓 有關開曼群島法律： Appleby 香港 鰂魚涌 英皇道979號 太古坊二座 35樓3505-06室 有關中國法律： 廣東寶源律師事務所 中國深圳市 寶安區寶城三區 中糧大廈7樓0710室 （於二零二四年九月二日獲委任） 廣東法方律師事務所 中國深圳市 寶安區 龍井二路 中糧地產集團中心 18樓1806室 （於二零二四年九月二日辭任） 核數師 天健國際會計師事務所有限公司 根據財務匯報局條例註冊 ...

RONGZUN INTERNATIONAL HOLDINGS GROUP LIMITED 榮尊國際控股集團有限公司 ANNUAL REPORT （於開曼群島註冊成立的有限責任公司） (股份代號：1780) 2025 年 報 2025 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1780) RONGZUN INTERNATIONAL HOLDINGS GROUP LIMITED 榮尊國際控股集團有限公司 Annual Report 2025 年報 R O N GZUN INTERNATIONAL H OLDINGS GROU P LIMITE D 榮尊國際控股集團有限公 司 目 錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論與分析 | 5 | | 董事及高級管理層的履歷詳情 | 12 | | 董事會報告 | 15 | | 企業管治報告 | 29 | | 環境、社會及管治報告 | 40 | | 獨立核數師報告 | 64 | | 綜合損益及其他全面收益表 | 69 ...

Contents 目錄 | Corporate Information | 2 | 公司資料 | | --- | --- | --- | | Management's Statement | 4 | 管理層報告 | | Biographical Details of Directors | 26 | 董事履歷資料 | | Corporate Governance Report | 29 | 企業管治報告 | | Environmental, Social and Governance Report | 47 | 環境、社會及管治報告 | | Directors' Report | 113 | 董事會報告 | | Independent Auditor's Report | 121 | 獨立核數師報告 | | Consolidated Statement of Profit or Loss and | 129 | 綜合損益及其他全面收益表 | | Other Comprehensive Income | | | | Consolidated Statement of Financial Position | 1 ...

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：8482 2024-2025 ANNUAL REPORT 年度報告 2024-2025 年度報 告 ANNUALREPORT CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in ...

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

藍河控股有限公司 BLUE RIVER HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) Stock Code 股份代號: 0498.HK （於百慕達註冊成立之有限公司） ANNUAL REPORT 2025 年報 BLUE RIVER HOLDINGS LIMITED 藍 河 控 股 有 限 公 司 ANNUAL REPORT 2025 年 報 Based in Hong Kong, Blue River Holdings Limited is principally engaged in, among others, gas distribution, logistics and energy-related businesses in the People's Republic of China, as well as property investment, securities trading and investment, and provision of financing related services. Bl ...

2025 ANNUAL REPORT 年報 (Incorporated in Bermuda with limited liability) Stock code 股份代號 : 858 Extrawell Pharmaceutical Holdings Limited (於百慕達註冊成立之有限公司) ANNUAL REPORT 年報 2025 精優藥業控股有限公司 Extrawell Pharmaceutical H oldin gs Li mited Corporate Information 公司資料 02 Consolidated Financial Statements 綜合財務報表 CONTENTS 目錄 Chairman's Statement 主席報告 04 Management Discussion and Analysis 管理層討論及分析 08 Directors and Senior Management Profile 董事及高層管理人員簡介 22 Corporate Governance Report 企業管治報告 27 Environmental, Social and Gover ...

[Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E5%A0%B1%E5%91%8A%E6%9B%B8) [Overall Performance Overview](index=4&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) The Group's revenue from continuing operations grew **5.6%** to approximately **HKD 108.18 million**, while annual loss significantly narrowed by **87.5%** to approximately **HKD 40.24 million**, driven by reduced fair value losses and lower basic loss per share FY2025 Performance Summary | Metric | FY2025 (HKD) | FY2024 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 108,181,000 | 102,484,000 | +5.6% | | Annual Loss (including Discontinued Operations) | 40,238,000 | 322,522,000 | -87.5% | | Basic Loss Per Share (HK cents) | 0.551 | 4.385 | -87.4% | [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's core businesses, agriculture and property investment, saw the agricultural segment turn profitable with **6.1%** revenue growth due to higher soybean prices, while property investment's rental income slightly increased despite fair value losses [Agricultural Business](index=4&type=section&id=%E8%BE%B2%E6%A5%AD%E6%A5%AD%E5%8B%99) The Bolivian agricultural business, including farming and cattle ranching, achieved **6.1%** revenue growth to **HKD 78.43 million** and turned profitable with **HKD 47.57 million** in segment profit, primarily due to a **25%** increase in average soybean selling price Agricultural Business Key Metrics | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Business Revenue (HKD) | 78,434,000 | 73,901,000 | | Segment Profit/(Loss) (HKD) | 47,565,000 | (10,967,000) | | Average Soybean Selling Price (USD/metric ton) | 450 | 360 | | Soybean Production (metric tons) | 20,200 | 25,000 | [Property Investment Business](index=4&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E6%A5%AD%E5%8B%99) The property investment business, with properties in Beijing and Shanghai, saw rental income increase **4.1%** to **HKD 29.75 million**, while fair value losses on investment properties significantly decreased to **HKD 66.08 million** despite declining commercial property demand, with improved occupancy rates Property Investment Business Key Metrics | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Rental Income (HKD) | 29,747,000 | 28,583,000 | | Fair Value Loss on Investment Properties (HKD) | (66,076,000) | (151,648,000) | | Segment Loss (HKD) | (47,972,000) | (135,549,000) | | Beijing Property Occupancy Rate (%) | 90% | 80% | | Shanghai Property Occupancy Rate (%) | 89% | 54% | [Outlook](index=5&type=section&id=%E5%89%8D%E6%99%AF) The Group will cautiously manage existing businesses and strengthen risk control amidst an unstable political and economic landscape, while planning to acquire a Shanghai property for elderly serviced apartments, showing optimism for China's elderly care services market - The Group plans to enter the elderly care services market, having signed a provisional agreement to acquire a property in Shanghai, expecting this investment to bring economic benefits to the Group[15](index=15&type=chunk) [Operating Results](index=5&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Loss from continuing operations significantly decreased by **87.5%** to **HKD 40.24 million**, primarily due to reduced fair value losses on investment properties and the absence of prior-year impairment losses, despite increased tax expenses and profit from discontinued operations - Fair value loss on investment properties decreased by **56.4%** to approximately **HKD 66.08 million**[17](index=17&type=chunk) - No loss from early repayment of amounts due to an associate in the current year (last year: **HKD 17.44 million**)[17](index=17&type=chunk) - No impairment loss on mining rights in the current year (last year: **HKD 52.95 million**)[17](index=17&type=chunk) - Discontinued operations recorded a profit of approximately **HKD 29.33 million** due to tax credits (last year: loss of **HKD 46.14 million**)[17](index=17&type=chunk) [Financial Review](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) As of March 31, 2025, the Group's financial position showed increased assets and liabilities, with total borrowings rising to **HKD 413 million**, a higher debt-to-asset ratio of **0.38**, significantly increased cash to **HKD 313 million**, and a lower current ratio of **0.9**, indicating increased short-term repayment pressure Financial Position Summary | Metric | As of March 31, 2025 (HKD) | As of March 31, 2024 (HKD) | | :--- | :--- | :--- | | Total Assets | 1,611,494,000 | 1,564,676,000 | | Total Liabilities | 515,065,000 | 395,899,000 | | Total Bank and Other Borrowings | 413,312,000 | 247,166,000 | | Cash and Bank Balances | 312,618,000 | 24,918,000 | | Debt-to-Asset Ratio | 0.38 | 0.21 | | Current Ratio | 0.9 | 1.4 | - The Group entered into a provisional agreement on March 26, 2025, to acquire a property in Minhang District, Shanghai, for **RMB 400 million**, which constitutes a major and connected transaction for the Company[23](index=23&type=chunk) [Directors and Senior Management Biographies](index=8&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E7%B0%A1%E6%AD%B7) [Corporate Governance Report](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A%E6%9B%B8) [Corporate Governance Practices and Code Compliance](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E8%88%87%E5%AE%88%E5%89%87%E9%81%B5%E5%AE%88%E6%83%85%E6%B3%81) The Company adheres to the Stock Exchange's Corporate Governance Code, with two minor deviations during the year regarding formal appointment letters for some directors and the Chairman's absence from the 2024 AGM, but believes its practices meet the Code's requirements - **Deviation One**: Other directors, except for independent non-executive directors, do not have formal appointment letters[48](index=48&type=chunk) - **Deviation Two**: Mr. Jiang Zhaobai, the Chairman of the Board, was unable to attend the 2024 Annual General Meeting due to other commitments[48](index=48&type=chunk) [Board of Directors](index=12&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The Board of Directors, comprising **eight** members including a non-executive chairman, four executive directors, and three independent non-executive directors, maintains a balanced power structure with clear role separation, and all independent non-executive directors are confirmed independent, even those with long tenures - The Board of Directors comprises **eight** directors, including Mr. Jiang Zhaobai (Non-executive Chairman) and Mr. Chen Yi (Chief Executive Officer), with clearly separated roles and responsibilities[50](index=50&type=chunk)[60](index=60&type=chunk) - The Board confirms that all **three** independent non-executive directors, including Mr. Ho Yiu Yu and Mr. Gao Mingdong who have served for over nine years, meet the independence guidelines[62](index=62&type=chunk)[63](index=63&type=chunk) [Board Committees](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E5%A7%94%E5%93%A1%E6%9C%83) The Board has Audit, Remuneration, and Nomination Committees with written terms of reference; the Audit Committee oversees financial reporting and internal controls, the Remuneration Committee sets remuneration policies, and the Nomination Committee reviews board structure and nominates directors, having achieved board diversity goals including appointing a female director - The Audit Committee, composed of **three** independent non-executive directors, is responsible for overseeing the relationship with the independent auditor, reviewing financial statements, and supervising the effectiveness of the internal control system[83](index=83&type=chunk) - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition, and making recommendations for director appointments in accordance with the Board Diversity Policy[71](index=71&type=chunk) - The Company has achieved several measurable objectives under its Board Diversity Policy, including the successful appointment of a **female director** in December 2024, meeting the Stock Exchange's requirements[79](index=79&type=chunk)[80](index=80&type=chunk) [Accountability, Audit and Risk Management](index=20&type=section&id=%E5%95%8F%E8%B2%AC%E6%80%A7%E3%80%81%E5%AF%A9%E6%A0%B8%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The Board ensures true and fair financial statements, with **HKD 2.05 million** and **HKD 0.2 million** paid for audit and non-audit services respectively; it maintains adequate risk management and internal control systems, utilizing external consultants for internal audit, and reviews confirmed the system's effective operation with no significant control failures Auditor's Remuneration | Service Type | FY2025 Remuneration (HKD) | FY2024 Remuneration (HKD) | | :--- | :--- | :--- | | Audit Services | 2,050,000 | 2,000,000 | | Non-Audit Services | 200,000 | 400,000 | - The Group has not established an in-house internal audit function but has engaged external professional consultants to perform this function, reporting to the Audit Committee, and the Board believes the Group's risk management and internal control systems operated effectively during the year[89](index=89&type=chunk) [Shareholder Rights and Communication](index=22&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E5%88%A9%E8%88%87%E6%BA%9D%E9%80%9A) The Company communicates with shareholders through various channels, outlining rights and procedures for convening general meetings, allowing shareholders with at least **5%** voting rights to request a meeting, and has a dividend policy without a predetermined payout ratio - Shareholders holding at least **5%** of the Company's total voting rights may submit a written request to the Board to convene a general meeting[94](index=94&type=chunk) - The Company has adopted a dividend policy, but there is no predetermined payout ratio, and dividend declarations are subject to the Group's financial position[97](index=97&type=chunk) [Environmental, Social and Governance Report](index=24&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) [Report Overview and Governance](index=24&type=section&id=%E5%A0%B1%E5%91%8A%E6%A6%82%E8%BF%B0%E8%88%87%E7%AE%A1%E6%B2%BB) This ESG report covers the Group's agricultural and property investment businesses for FY2025, with the Board overseeing sustainability and an ESG working group managing **six** material issues identified through stakeholder engagement, including climate change and anti-corruption - The report covers the agricultural business in Bolivia (soybean and rice cultivation, and cattle ranching) and the property investment business in Beijing, China[102](index=102&type=chunk)[103](index=103&type=chunk) - The Board is fully responsible for ESG matters and has established an ESG working group to evaluate and manage related issues[112](index=112&type=chunk) - The **six** material ESG issues identified are[123](index=123&type=chunk) - 1. Climate Change[123](index=123&type=chunk) - 2. Cultivation/Ranching Activities[123](index=123&type=chunk) - 3. Anti-corruption[123](index=123&type=chunk) - 4. Customer Service[123](index=123&type=chunk) - 5. Environmental Measures[123](index=123&type=chunk) - 6. Food Safety[123](index=123&type=chunk) [A. Environment](index=28&type=section&id=A.%20%E7%92%B0%E5%A2%83) The Group's environmental performance shows a significant increase in total greenhouse gas emissions due to expanded Scope 3 reporting, while it has set and made progress on targets for emission reduction, energy saving, and water conservation, with climate-related governance and risk management detailed under the TCFD framework Greenhouse Gas Emissions Summary (tonnes of CO2 equivalent) | Emission Scope | 2024/25 (tonnes of CO2e) | 2023/24 (tonnes of CO2e) | | :--- | :--- | :--- | | Scope 1 (Direct) | 7,648.43 | 6,962.62 | | Scope 2 (Indirect) | 49.39 | 50.58 | | Scope 3 (Other Indirect) | 122,395.72 | 7.62 | | **Total** | **130,093.55** | **7,020.81** | - Total greenhouse gas emissions significantly increased by **1,753%** year-on-year, primarily due to increased disclosure of Scope 3 emissions in the current reporting period, particularly from downstream transportation and distribution[127](index=127&type=chunk)[129](index=129&type=chunk) - The Group has identified climate change-related physical risks (e.g., extreme weather) and transition risks (e.g., policy and regulatory changes, market shifts), and has developed short, medium, and long-term response strategies[167](index=167&type=chunk)[171](index=171&type=chunk) [B. Society](index=43&type=section&id=B.%20%E7%A4%BE%E6%9C%83) The report details the Group's social performance, including employment practices, health and safety, supply chain management, product responsibility, and anti-corruption, noting **96** employees, a **5.2%** turnover rate, no work-related injuries or fatalities, strict labor standard compliance, and a zero-tolerance anti-corruption policy with no litigation cases Employee Profile (As of March 31, 2025) | Category | Total Number | Percentage (%) | | :--- | :--- | :--- | | **Total Employees** | **96** | **100%** | | By Gender (Male/Female) | 67 / 29 | 70% / 30% | | By Business (Agricultural/Property) | 79 / 17 | 82% / 18% | | By Employment Type (Full-time/Part-time) | 86 / 10 | 90% / 10% | - During the reporting period, the Group's overall employee turnover rate was **5.2%**, a significant decrease from **10.6%** in the previous year[191](index=191&type=chunk)[193](index=193&type=chunk) - The Group recorded no work-related fatalities during the reporting period or in the past three years, and no work injury cases in the current reporting period[197](index=197&type=chunk)[198](index=198&type=chunk) - The Group is committed to maintaining high ethical standards, strictly prohibiting bribery and corruption, and provides anti-corruption training materials to directors and employees, with no concluded corruption litigation cases during the reporting period[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) [Directors' Report](index=60&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A%E6%9B%B8) [Principal Activities and Performance](index=60&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E8%88%87%E6%A5%AD%E7%B8%BE) This report outlines the Group's business for FY2025, primarily investment holding with agricultural and property investment subsidiaries, noting no significant business changes and no recommended annual dividend - The Directors do not recommend the payment of a dividend for the year ended March 31, 2025[238](index=238&type=chunk) [Directors, Shareholder Interests and Share Option Scheme](index=61&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A%E5%8F%8A%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The report details director changes and independent director confirmations, noting Executive Director Mr. Jiang Xiaohang's interest in approximately **28%** of shares, identifies major shareholders, and states no share options were granted under the 2021 scheme as of the reporting period end - Executive Director Mr. Jiang Xiaohang is deemed to have an interest in **2,042,210,000 shares** of the Company, representing approximately **28%** of the total share capital, through his wholly-owned companies Rich Monitor Limited and Pengxin Holdings Co., Ltd[253](index=253&type=chunk)[267](index=267&type=chunk) - The Company adopted a new share option scheme on September 3, 2021, valid until September 2, 2031, and as of March 31, 2025, no share options had been granted under this scheme[256](index=256&type=chunk)[264](index=264&type=chunk) [Connected Transactions and Major Customers](index=66&type=section&id=%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93%E8%88%87%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6) The Group completed a significant connected transaction, acquiring a property for **RMB 400 million**; customer concentration is high, with the largest customer contributing **36%** of total revenue and the top five **70%**, while supplier concentration is lower, with the top five accounting for **30%** of total purchases - On March 26, 2025, the Group entered into an agreement with connected party Shanghai Pengxin Zhihuiyuan to acquire a property in Shanghai for **RMB 400 million**, constituting a major and connected transaction for the Company[270](index=270&type=chunk) Major Customer and Supplier Concentration | Category | Percentage (%) | | :--- | :--- | | Largest Customer | 佔總收益 36% | | Top Five Customers | 佔總收益 70% | | Largest Supplier | 佔總採購額 9% | | Top Five Suppliers | 佔總採購額 30% | [Risk Management and Compliance](index=67&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%90%88%E8%A6%8F) The Group faces principal risks including regulatory compliance, market investment, environmental and social, business operations, and financial risks, which are identified and monitored by its risk management system, and it maintained compliance with relevant laws and regulations and sufficient public float during the period - **Regulatory and Compliance Risk**: Business is subject to regulations in multiple jurisdictions including Mainland China, Hong Kong, Indonesia, and Bolivia[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Market and Investment Risk**: Property, hotel, and agricultural businesses are susceptible to factors such as government policies and economic conditions[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Environmental and Social Risk**: Agricultural business faces the risk of adverse weather impacting harvests[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Business and Operational Risk**: Risks include tenant defaults and internal process failures[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) - **Financial Risk**: Faces interest rate, credit, liquidity, and currency risks[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Independent Auditor's Report](index=70&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A%E6%9B%B8) [Audit Opinion](index=70&type=section&id=%E5%AF%A9%E6%A0%B8%E6%84%8F%E8%A6%8B) The auditor, Crowe HK, issued an unmodified opinion, confirming the consolidated financial statements truly and fairly reflect the Group's financial position, performance, and cash flows as of March 31, 2025, in compliance with the Hong Kong Companies Ordinance - The auditor issued an **unmodified opinion** on the consolidated financial statements[292](index=292&type=chunk) [Material Uncertainty Related to Going Concern](index=70&type=section&id=%E8%88%87%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E6%9C%89%E9%97%9C%E7%9A%84%E9%87%8D%E5%A4%A7%E4%B8%8D%E6%98%8E%E6%9C%97%E5%9B%A0%E7%B4%A0) The auditor highlighted a material uncertainty regarding the Group's going concern, citing an annual loss of **HKD 40.24 million**, net current liabilities of **HKD 53.97 million**, and insufficient cash of **HKD 313 million** to cover **HKD 413 million** in short-term borrowings, though the audit opinion remains unmodified - As of March 31, 2025, the Group recorded an annual loss of approximately **HKD 40,238,000**[294](index=294&type=chunk) - As of the same date, the Group had net current liabilities of approximately **HKD 53,970,000**[294](index=294&type=chunk) - Short-term bank and other borrowings amounted to approximately **HKD 413,312,000**, while cash and cash equivalents were **HKD 312,618,000**, insufficient to cover short-term debts[294](index=294&type=chunk) [Key Audit Matters](index=71&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E6%A0%B8%E4%BA%8B%E9%A0%85) The auditor identified "Valuation of Investment Properties" as a key audit matter, given its fair value of approximately **HKD 635 million** and the significant management judgment involved in key assumptions like reversionary yield and future rental income - A key audit matter is the valuation of investment properties, with a fair value of approximately **HKD 634,690,000**, where the valuation involves significant management judgment[297](index=297&type=chunk) [Consolidated Financial Statements](index=75&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss](index=75&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For FY2025, the Group's revenue from continuing operations was **HKD 108.18 million**, with gross profit of **HKD 48.26 million**; loss from continuing operations narrowed to **HKD 69.57 million**, and after including profit from discontinued operations, the total loss for the year was **HKD 40.24 million** Consolidated Statement of Profit or Loss Summary (HKD thousands) | Item | FY2205 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 108,181 | 102,484 | | Gross Profit | 48,259 | 45,477 | | Operating Loss | (22,169) | (245,624) | | Loss for the Year from Continuing Operations | (69,567) | (276,378) | | Profit/(Loss) for the Year from Discontinued Operations | 29,329 | (46,144) | | **Loss for the Year** | **(40,238)** | **(322,522)** | | Loss Attributable to Owners of the Company | (40,211) | (319,846) | | Basic Loss Per Share (HK cents) | (0.551) | (4.385) | [Consolidated Statement of Financial Position](index=77&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of March 31, 2025, the Group's total assets were **HKD 1.611 billion**, total liabilities **HKD 515 million**, and total equity **HKD 1.096 billion**, with a notable shift from net current assets to net current liabilities of **HKD 53.97 million**, indicating tightening short-term liquidity Consolidated Statement of Financial Position Summary (HKD thousands) | Item | As of March 31, 2025 (HKD thousands) | As of March 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 1,180,005 | 1,087,140 | | Current Assets | 431,489 | 477,536 | | **Total Assets** | **1,611,494** | **1,564,676** | | **Equity and Liabilities** | | | | Total Equity | 1,096,429 | 1,168,777 | | Non-current Liabilities | 29,606 | 59,617 | | Current Liabilities | 485,459 | 336,282 | | **Total Liabilities** | **515,065** | **395,899** | | **Net Current (Liabilities)/Assets** | **(53,970)** | **141,254** | [Consolidated Statement of Cash Flows](index=80&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For FY2025, the Group experienced a net cash outflow of **HKD 38.95 million** from operating activities, a net cash inflow of **HKD 193 million** from investing activities, and a net cash inflow of **HKD 136 million** from financing activities, resulting in a year-end cash and cash equivalents balance of **HKD 313 million** Consolidated Statement of Cash Flows Summary (HKD thousands) | Item | FY2025 (HKD thousands) | FY2024 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (38,945) | (31,314) | | Net Cash From Investing Activities | 192,566 | 64,002 | | Net Cash From/(Used in) Financing Activities | 135,923 | (65,070) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **289,544** | **(32,382)** | | Cash and Cash Equivalents at Beginning of Year | 24,918 | 60,746 | | **Cash and Cash Equivalents at End of Year** | **312,618** | **24,918** | [Five-Year Financial Summary](index=170&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) [Performance and Balance Sheet Trends](index=170&type=section&id=%E6%A5%AD%E7%B8%BE%E8%88%87%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%B6%A8%E5%8B%A2) Over the past five years, the Group's revenue fluctuated between **HKD 102 million** and **HKD 149 million**, consistently recording annual losses, with FY2025 being the lowest, while total assets and shareholders' equity continuously declined from **HKD 3.136 billion** and **HKD 1.977 billion** in 2021 to **HKD 1.611 billion** and **HKD 1.067 billion** in 2025, respectively Five-Year Financial Data Summary (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | 2023 (HKD thousands) | 2022 (HKD thousands) | 2021 (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 108,181 | 102,484 | 117,777 | 149,347 | 127,093 | | Loss for the Year | (40,238) | (322,522) | (197,419) | (238,636) | (135,091) | | Total Assets | 1,611,494 | 1,564,676 | 2,558,371 | 2,902,087 | 3,135,705 | | Total Liabilities | (515,065) | (395,899) | (1,036,655) | (1,055,347) | (1,121,242) | | Shareholders' Equity | 1,067,355 | 1,139,676 | 1,489,939 | 1,814,088 | 1,976,561 |

* （於百慕達註冊成立之有限公司） 股份代號：199 2024-2025 年 報 * 僅供識別 香港中環夏愨道12號美國銀行中心30樓 2024-2025 年報 德祥地產集團有限公司 目錄 2024-2025年報 1 2 公司資料 3 股東資訊 4 財務摘要 5 董事履歷 9 主席報告書 10 管理層討論及分析 20 董事會報告書 30 企業管治報告書 44 環境、社會及管治報告書 79 獨立核數師報告書 84 綜合損益表 85 綜合損益及其他全面收益表 86 綜合財務狀況表 88 綜合權益變動表 89 綜合現金流量表 91 綜合財務報表附註 185 財務概要 186 主要物業附表 187 釋義 公司資料 董事會 執行董事 張漢傑先生 （主席） 陳國強博士 （聯席副主席） 陳耀麟先生 羅漢華先生 （首席財務總監） 非執行董事 周美華女士 獨立非執行董事 石禮謙， GBS，JP （聯席副主席） 葉瀚華先生 彭銘東先生 董事委員會 投資委員會 張漢傑先生 陳國強博士 陳耀麟先生 羅漢華先生 環境、社會及管治委員會 審核委員會 彭銘東先生 （主席） 石禮謙， GBS，JP 葉瀚華先生 薪酬委員會 彭銘東先生 （主席 ...