北大资源(00618) - 2024 - 年度财报

Company Overview This section provides an overview of the company's core businesses, including healthcare, e-commerce, property development, and investment, along with key corporate information Company Business Segments The company, listed on HKEX (618.HK), operates four core business segments across mainland China, Singapore, and Hong Kong - The Group's main businesses cover four major areas: - Medical and Pharmaceutical Retail: Operates 56 chain stores and 5 TCM clinics in Wuhan under the "Yekai Tai" brand, with an online pharmacy established[3] - E-commerce and Distribution: Sells equipment and IT products via platforms like Douyin and JD.com[4] - Property Development: Holds approximately 2.69 million square meters of saleable, under-construction, and undeveloped area across 12 projects in 8 cities in mainland China[4] - Property Investment and Management: Engages in property investment and management[4] Company Information This section provides essential corporate governance and administrative details, including registration, board members, and listing information - The company is listed on the Main Board of the Hong Kong Stock Exchange under stock code 00618, with a board lot size of 8,000 shares[7] - The Chairman of the Board is Mr. Wong Kai Ho, and the company's auditor is ZHONGZHENG TIANHENG CPA LIMITED[6] Chairman's Statement The Chairman's Statement reviews the challenging 2023 fiscal year, marked by a significant revenue decline and net loss, alongside strategic business transformations and debt restructuring efforts Overview of Annual Performance | Indicator | Amount (RMB) | YoY Change | | :--- | :--- | :--- | | Group Total Revenue | 1.44 billion | -72.2% | | Group Loss | 750 million | -173.6% | | Property Development Revenue | 560 million | -82.7% | | E-commerce Business Revenue | 620 million | N/A | | E-commerce Business Profit | 30 million | N/A | - The Group successfully acquired Yekai Tai Pharmaceutical, entering the pharmaceutical retail sector and building an integrated online-offline omnichannel sales network[10] - Peking University Resources Asset Management Co., Ltd., a wholly-owned subsidiary, obtained a Type 9 (Asset Management) license from the Hong Kong SFC, expanding into new financial services[12] - The Group plans to pursue a light-asset digital strategy, enhance its internet-based healthcare ecosystem, maintain financial stability, resolve existing debts, and exit loss-making businesses to focus on profitable ventures[12] Management Discussion and Analysis This section provides a detailed review of the Group's operational performance, financial position, market risks, and future outlook across its diverse business segments Market Review This section reviews the market environment, noting slow global recovery, China's economic growth, opportunities in medical retail and e-commerce, and the continued downturn in the real estate sector - Medical and Pharmaceutical Retail: Policies like "separation of drug dispensing and medical services" and increased health awareness are driving significant growth in the retail pharmacy market[18] - E-commerce and Distribution Business: China's e-commerce market is shifting towards a balance of incremental and existing growth, with social content-driven platforms rapidly expanding; national online retail sales reached RMB 15.4 trillion in 2023, growing 11.0% year-on-year[21] - Real Estate Business: The market remains in a downward trend despite policy relaxation, with national commercial housing sales value and area decreasing by 6.5% and 8.5% respectively, and development investment down 9.6% in 2023[22] Business Review The Group's business structure significantly shifted this fiscal year, with new medical retail contributions, e-commerce turning profitable, and property development and investment segments facing substantial revenue declines and losses Medical and Pharmaceutical Retail The Group acquired 100% of "Yekai Tai Pharmaceutical" in 2023, entering the medical retail market, which contributed RMB 87.8 million in revenue and RMB 3.8 million in profit since acquisition - In August and November 2023, the Group completed the full acquisition of Yekai Tai Pharmaceutical, making it an indirect wholly-owned subsidiary[24] Preliminary Performance of Medical and Pharmaceutical Retail Business | Indicator | Amount (RMB) | | :--- | :--- | | Revenue (from acquisition date to 2024/3/31) | 87,800,000 | | Segment Profit | 3,800,000 | E-commerce and Distribution The e-commerce and distribution business successfully transitioned from traditional IT distribution to e-commerce, reducing revenue by 67.4% to RMB 621 million but achieving a profit of RMB 30.8 million, reversing last year's loss Performance of E-commerce and Distribution Business | Indicator | This Reporting Year (RMB) | Last Corresponding Period (RMB) | | :--- | :--- | :--- | | Revenue | 621,400,000 | 1,907,200,000 | | Segment Profit/(Loss) | 30,800,000 | (55,400,000) | - The business transformation was driven by lawsuits from creditors and former controlling shareholder Peking University Founder Group, prompting the Group to scale down traditional IT distribution and transition to an e-commerce platform[26] Real Estate Business The real estate business faced severe challenges, with property development revenue plummeting 82.7% to RMB 558 million and incurring a RMB 117 million loss, while property investment and management also turned to a loss despite revenue growth Performance of Property Development Business | Indicator | This Reporting Year (RMB) | Last Corresponding Period (RMB) | | :--- | :--- | :--- | | Revenue | 558,200,000 | 3,219,700,000 | | Segment (Loss)/Profit | (117,300,000) | 1,851,900,000 | Performance of Property Investment and Management Business | Indicator | This Reporting Year (RMB) | Last Corresponding Period (RMB) | | :--- | :--- | :--- | | Revenue | 173,600,000 | 47,900,000 | | Segment (Loss)/Profit | (29,800,000) | 85,000,000 | - As of March 31, 2024, the Group held approximately 2.69 million square meters of saleable, under-construction, and undeveloped area across 12 property development projects in 8 cities in mainland China[28] Financial Review The Group's overall financial performance significantly declined, with total revenue down 72.2% to RMB 1.441 billion and a net loss of RMB 750 million, primarily due to reduced gross profit, other losses, and increased impairment provisions Summary of Overall Financial Performance | Indicator | This Reporting Year (RMB) | Last Corresponding Period (RMB) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,441.0 million | 5,174.9 million | -72.2% | | Gross Profit | 130.8 million | 760.8 million | -82.8% | | Annual (Loss)/Profit | (750.2) million | 1,018.9 million | -173.6% | | (Loss)/Profit Attributable to Owners of the Company | (785.6) million | 966.7 million | -181.3% | | Basic (Loss)/Earnings Per Share (RMB cents) | (8.24) cents | 13.71 cents | - | - Major factors contributing to the loss include: - Decrease in Gross Profit: Gross profit decreased by approximately RMB 630 million due to reduced delivered property gross profit and delivery area[32] - Decrease in Other Gains and Losses: A loss of approximately RMB 337 million from uncompensated land repossession and a financial asset impairment loss of approximately RMB 460 million[35] - Impairment of Properties Held for Sale: Net impairment provision of approximately RMB 196 million for properties held for sale due to the property market downturn[32] - Increase in Other Expenses: Net increase in other expenses by approximately RMB 196 million to RMB 843 million due to estimated guarantee liabilities and related lawsuits[35] - The company adjusted the revenue recognition method for its concentrate trading business from a gross basis to a net basis, with retrospective adjustment to interim results, reducing revenue and cost of sales but having no impact on net profit[34][36][37] Liquidity, Financial Resources and Capital Commitments As of March 31, 2024, the Group's total assets and liabilities decreased, while cash and equivalents increased, and liquidity and debt-to-equity ratios improved, with capital commitments at RMB 1.66 billion Key Financial Position Indicators (As of March 31, 2024) | Indicator | March 31, 2024 (RMB) | March 31, 2023 (RMB) | | :--- | :--- | :--- | | Total Assets | 11,522.9 million | 12,648.6 million | | Total Liabilities | 9,015.2 million | 10,113.1 million | | Equity Attributable to Owners of the Company | 1,034.5 million | 1,461.5 million | | Interest-bearing Bank and Other Borrowings | 1,748.1 million | 2,339.6 million | | Total Cash and Cash Equivalents | 904.1 million | 725.9 million | | Net Asset Value Per Share | 24.2 cents | 27.8 cents | Key Financial Ratios (As of March 31, 2024) | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Debt-to-Equity Ratio (Total Borrowings/Total Equity) | 0.70 | 0.92 | | Current Ratio | 1.26 | 1.18 | - As of March 31, 2024, the Group's contracted but unprovided capital commitments for properties under development were approximately RMB 1.656 billion[41] Financial Policies and Market Risks The Group maintains prudent financial policies, managing cash in multiple currencies, while facing market risks from property downturns, interest rate fluctuations, and exchange rate volatility, without using derivatives for hedging - Financial Policy: The Group implements prudent financial policies, strictly controlling cash and risk management, with surpluses primarily held as short-term deposits in HKD, RMB, and USD[42] - Market Risk: The Group's major assets are land and properties under development, exposing it to the risk of a domestic property market downturn[43] - Interest Rate Risk: Primarily arises from floating-rate bank and other borrowings, with the Group not using derivative instruments for hedging[44] - Foreign Exchange Risk: Operations are primarily in mainland China and Hong Kong, with most transactions in RMB and HKD, resulting in minimal exchange rate fluctuation risk and no hedging[45] - Credit and Liquidity Risk: Credit risk is managed through customer credit verification and continuous monitoring of receivables, while liquidity risk is managed via bank borrowings and close cash flow monitoring[47][48] Pledged Assets and Contingent Liabilities As of March 31, 2024, the Group pledged approximately RMB 1.652 billion in assets for credit and loans, while contingent liabilities include RMB 915 million in mortgage guarantees and several material lawsuits - As of March 31, 2024, the Group's pledged assets include: - Properties held for sale: approximately RMB 1.342 billion - Investment properties: approximately RMB 296 million - Bank deposits: approximately RMB 13.9 million[49] - The Group's contingent liabilities for mortgage financing guarantees to property buyers were approximately RMB 915 million, a decrease from RMB 1.34 billion last year[50] - The Group also faces contingent liabilities related to outstanding lawsuits detailed in the "Material Litigation" section[51] Material Litigation As of March 31, 2024, the Group is involved in seven material lawsuits concerning trust loans and debts, with several subsidiaries facing judgments for substantial repayments and collateral auction risks - The Group is involved in multiple lawsuits with Minmetals International Trust, concerning outstanding debt principal of approximately RMB 1.459 billion and RMB 620 million, with courts ruling for repayment and priority claim on collateral[53] - In a lawsuit involving Western Trust, subsidiary Zhejiang Resources was ordered to repay approximately RMB 300 million in loan principal and interest penalties, with pledged land facing auction risk[56] - In a lawsuit involving Huarong Trust, a Group subsidiary was held jointly and severally liable for RMB 590 million in outstanding principal and interest, with related land and equity facing auction risk[56] - In a lawsuit involving CITIC Trust, former subsidiary Hong Kong Tianhe was ordered to repay approximately RMB 736 million in outstanding principal and interest, with collateral from relevant Group subsidiaries facing auction risk[57] - In a lawsuit involving China Huarong, a former Group subsidiary was ordered to repay approximately RMB 131 million in debt principal, with Chongqing Yingfeng's property facing auction risk, though a supplementary debt settlement agreement has been reached[57] Material Acquisitions and Disposals This year, the Group completed two major asset restructuring activities: the disposal of Hong Kong Tianhe and Chongqing Yueyingya, and the acquisition of 100% equity in Yekai Tai Pharmaceutical for RMB 81 million, entering medical retail - Disposals: In May 2023, the Group disposed of its entire equity in Hong Kong Tianhe Holdings Limited and Chongqing Yueyingya for a total consideration of HKD 1 million and RMB 1 million[59] - Acquisitions: In August and November 2023, the Group acquired 100% equity in Yekai Tai Pharmaceutical in two phases for a total consideration of RMB 81 million, making it an indirect wholly-owned subsidiary[59] Employees and Remuneration Policy As of March 31, 2024, Group employees increased to 744 due to the Yekai Tai acquisition; a new 2023 Share Scheme was adopted, granting 600 million options, with post-period adjustments due to capital reorganization - As of March 31, 2024, the Group had approximately 744 employees, a significant increase from 454 last year, primarily due to the acquisition of Yekai Tai Pharmaceutical[60] - The Group adopted a new "2023 Share Scheme" on August 28, 2023, with a 10-year validity, aimed at rewarding and incentivizing eligible participants[61] - On December 29, 2023, the company granted a total of 600 million share options to certain employees under the new scheme, with an exercise price of HKD 0.101 per share[67][68] - Post-reporting period, due to capital reorganization, the exercise price of granted but unexercised share options was adjusted to HKD 0.404 per share, and the number of shares adjusted to 150 million[70] Events After Reporting Period Post-reporting period, the Group completed a capital reorganization, issued 150 million new shares, disposed of 90% equity in Ezhou Jinfeng, and extended the repayment period for a RMB 321 million payable - Capital Reorganization: Completed on May 8, 2024, including a "4-for-1" share consolidation followed by capital reduction and share subdivision[72] - Share Subscription: Completed on May 10, 2024, with the issuance of 150 million new shares to two subscribers at HKD 0.228 per share[72] - Asset Disposal: On May 16, 2024, the Group disposed of its 90% equity interest in subsidiary Ezhou Jinfeng for RMB 9 million[72] - Debt Extension: On June 3, 2024, the Group successfully extended the repayment period for an RMB 321 million other payable by eighteen months[71] Business Development Outlook The Group will focus on expanding pharmaceutical retail via "Yekai Tai," deepening e-commerce as a comprehensive service provider, revitalizing real estate assets with light-asset models, and developing new financial services through its asset management company - Pharmaceutical Retail Business: Plans to expand stores via "new openings + M&A" and promote a "pharmacy + TCM" model, targeting 20 distinctive stores by year-end to become a comprehensive health service entity[74][75] - E-commerce Business: Positioned as a full-chain network operation and sales comprehensive service provider between brands and platforms, it will deepen existing businesses, strengthen partnerships, and expand into new product areas[78] - Real Estate Business: The strategy combines "revitalizing existing assets" with "focusing on distressed assets to expand incremental light-asset businesses," emphasizing light-asset operations, agency construction, and professional consulting[81] - Asset Management Business: The licensed asset management company will develop financial services, having been appointed as investment manager for "Gangtong Fund," and will focus on special opportunity assets and technology-related investments[82] Dividends The company did not declare any interim dividends, and the Board does not recommend any final dividends for this reporting year - No interim dividends were declared during the reporting period, and the Board also does not recommend the payment of final dividends[83] Corporate Governance Report This report details the Group's adherence to corporate governance principles, including board structure, committee functions, and shareholder communication practices Board and Committees The company fully complied with corporate governance codes, with a Board comprising four executive and three independent non-executive directors, supported by Remuneration, Nomination, and Audit Committees overseeing strategy, finance, and risk - The company has fully complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the reporting period[85] - The Board comprises 4 executive directors and 3 independent non-executive directors, with separate roles for Chairman and Chief Executive Officer to ensure clear segregation of duties[87][93] - The Board has three committees: Remuneration, Nomination, and Audit, each with clear written terms of reference and holding regular meetings[91] - The Audit Committee, composed solely of independent non-executive directors, oversees the effectiveness of financial reporting, risk management, and internal control systems[109][112] Shareholder Communication and Rights The company maintains high transparency, communicating with shareholders via AGMs, its website, and reports, outlining shareholder rights for convening meetings and proposing resolutions, and has a dividend policy considering performance and capital needs - The company communicates with shareholders through annual general meetings, its website (www.pkurh.com), financial reports, announcements, and circulars[119][120] - Shareholders holding at least one-tenth of the company's paid-up share capital may request to convene an extraordinary general meeting[122] - Shareholders representing at least 5% of voting rights or at least 100 shareholders may request to propose a resolution at a general meeting[123] - The company has established a dividend policy, where decisions consider operating performance, financial position, future outlook, and capital requirements[124] Environmental, Social and Governance Report This report outlines the Group's commitment to sustainable development, detailing its ESG governance structure, environmental performance, and social responsibility initiatives ESG Governance and Strategy The Group established a two-tier ESG governance structure, aligning with 11 SDGs, achieving significant environmental improvements and a Wind ESG BBB rating, with future plans for international engagement and performance-linked remuneration - A two-tier ESG governance structure, comprising the Board of Directors and an ESG Working Group, has been established, with the Board bearing ultimate responsibility[139][145] - The Group's sustainable development strategy aligns with 11 United Nations Sustainable Development Goals (SDGs) and has obtained a Wind ESG rating of BBB[152][154][163] - The Group's business transformation actively supports and practices the six principles of the United Nations Principles for Responsible Investment (PRI), particularly during M&A processes[193] - Future plans include joining international ESG organizations, researching linking ESG performance to remuneration, and exploring third-party assurance for ESG reports[164][165][166] Environmental Performance The Group integrates green operations, setting 2030 environmental targets, achieving a 40.22% reduction in GHG emissions, and implementing various conservation measures, while also establishing a TCFD-aligned climate change management system - Environmental targets for 2030 (2021 baseline) include a 5% reduction in electricity and water consumption, an 8% reduction in non-hazardous waste, and a 10% reduction in greenhouse gas emissions[209] Greenhouse Gas Emissions Performance | Indicator | Unit | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Total GHG Emissions | tonnes CO2e | 483.50 | 808.82 | -40.22% | | GHG Emissions Intensity | tonnes CO2e/employee | 0.65 | 1.69 | -61.54% | Resource Usage Performance | Indicator | Unit | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | Total Energy Consumption | thousand kWh | 1,005.29 | 689.74 | +45.75% | | Energy Consumption Intensity | thousand kWh/employee | 1.35 | 1.44 | -6.25% | | Total Water Consumption | cubic meters | 6,083.77 | 4,731.50 | +28.58% | | Water Consumption Intensity | cubic meters/employee | 8.18 | 9.90 | -17.37% | - The Group established a climate change management system referencing TCFD recommendations, setting short-term, medium-term, and long-term objectives to address physical and transition risks[253][255] Social Responsibility The Group upholds a people-oriented approach, ensuring a safe workplace with zero injuries for five years, increasing employee numbers to 744, providing extensive training, implementing strict supply chain and product responsibility measures, and maintaining a zero-tolerance stance on corruption - Employment: As of March 31, 2024, total employees were 744, with female employees comprising approximately 61.42%; the overall turnover rate was approximately 17%[286][288][296] - Health and Safety: The Group prioritizes occupational health and safety, reporting zero work-related injuries or fatalities during the period and over the past five years, with zero lost workdays due to work-related injuries[297][300] - Development and Training: During the reporting period, the total training rate was approximately 63.84%, with total training hours of approximately 5,107.5 hours, and an average of approximately 6.86 hours per employee[310] - Supply Chain Management: The Group's supplier list includes 627 suppliers, all from mainland China, with 87 suppliers eliminated during the period; the Group prioritizes suppliers with sustainable development concepts and relevant certifications[321][322] - Anti-corruption: The Group maintains a zero-tolerance stance on corruption, with a whistleblowing mechanism and regular anti-corruption training; no concluded corruption litigation cases were reported during the period[327][330][333] Biographies of Directors and Senior Management This section details the professional backgrounds and industry experience of the company's executive directors, independent non-executive directors, and senior management, including the Chairman and Co-Presidents - Mr. Wong Kai Ho, 44, Executive Director and Chairman, possesses over 18 years of experience in finance and business management, and is a practicing accountant in Hong Kong and a chartered accountant in New Zealand[351] - Mr. Wang Guiwu, 63, Executive Director, has over 21 years of experience in business management and previously served as a non-executive director of Shengjing Bank[353] - Mr. Huang Zhuguang, 61, Executive Director, possesses over 31 years of experience in the cultural industry and is the Chairman of Guangdong Shunlian Animation Technology Co., Ltd[356] - Mr. Hou Ruilin, 62, Executive Director, has over 26 years of experience in corporate management[357] - The three independent non-executive directors are Mr. Qian Zhihao, Mr. Zhong Weimin, and Mr. Hua Yichun, possessing extensive professional knowledge in auditing, finance, and law[361][362][367] - Senior management includes Co-Presidents Mr. Shi Lei and Mr. Xia Ding, and Vice President Mr. Jiang Xiaoping, all possessing profound experience in their respective business areas[369][370][371] Directors' Report This report outlines the Group's principal activities, financial performance, share capital changes, fundraising activities, and compliance with listing rules for the reporting period - The Directors do not recommend the payment of any dividends for the reporting period[377] - During the reporting period, the Group raised funds through multiple share placements, with proceeds primarily used to offset debts and supplement general working capital[389][391] - During the reporting period, sales to the top five customers accounted for 33.2% of total sales (largest customer: 27.5%), and purchases from the top five suppliers accounted for 29.7% of total purchases (largest supplier: 13.7%)[397] - As of March 31, 2024, Chairman Mr. Wong Kai Ho was deemed to have a long position interest in approximately 23.62% of the company's issued share capital[406][411] - The company confirmed that as of the reporting date, the public float was not less than 25%, complying with Listing Rules requirements[416] Independent Auditor's Report The auditor issued an unmodified opinion on the financial statements but highlighted significant uncertainties regarding the Group's going concern ability and identified key audit matters related to property valuations - Audit Opinion: The auditor issued an unmodified opinion, deeming the financial statements true and fair[421] - Material Uncertainty Related to Going Concern: As of March 31, 2024, the Group's current liabilities were RMB 7.68 billion, cash and cash equivalents were RMB 890 million, and RMB 437 million in borrowings were overdue, indicating a material uncertainty regarding going concern[424] - Key Audit Matter 1: Assessment of net realizable value of properties under development for sale and completed properties held for sale, deemed critical due to significant management judgments and estimates involved in factors like selling prices and completion costs[427][428] - Key Audit Matter 2: Fair value of investment properties, considered critical due to their significant carrying amount (RMB 1.387 billion) and the substantial judgments involved in their fair value estimation[430][431] Consolidated Financial Statements This section presents the Group's consolidated financial performance, financial position, and cash flows, along with detailed notes on accounting policies and significant events Consolidated Statement of Profit or Loss For the year ended March 31, 2024, the Group's revenue significantly decreased by 72.2% to RMB 1.441 billion, resulting in a net loss of RMB 750 million, primarily due to reduced gross profit and increased impairments Key Data from Consolidated Statement of Profit or Loss (For the year ended March 31) | Indicator (RMB thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 1,440,982 | 5,174,870 | | Gross Profit | 130,789 | 760,808 | | Other Gains and Losses, Net | 515,933 | 1,992,732 | | (Loss)/Profit Before Tax | (742,767) | 1,596,539 | | (Loss)/Profit for the Year | (750,242) | 1,018,855 | | (Loss)/Profit Attributable to Owners of the Company | (785,629) | 966,690 | | Basic (Loss)/Earnings Per Share (RMB cents) | (8.24) | 13.71 | Consolidated Statement of Financial Position As of March 31, 2024, the Group's total assets decreased to RMB 11.523 billion, total liabilities to RMB 9.015 billion, and equity attributable to owners to RMB 1.035 billion, while non-current assets increased Summary of Consolidated Statement of Financial Position (As of March 31) | Indicator (RMB thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Non-current Assets | 1,830,931 | 1,638,953 | | Current Assets | 9,692,018 | 11,009,672 | | Total Assets | 11,522,949 | 12,648,625 | | Current Liabilities | 7,676,516 | 9,320,030 | | Non-current Liabilities | 1,338,691 | 793,038 | | Total Liabilities | 9,015,207 | 10,113,068 | | Net Assets | 2,507,742 | 2,535,557 | | Equity Attributable to Owners of the Company | 1,034,504 | 1,461,494 | | Non-controlling Interests | 1,473,238 | 1,074,063 | Consolidated Statement of Cash Flows For the year ended March 31, 2024, the Group reported negative operating cash flow of RMB 127 million, net investing outflow of RMB 125 million, and net financing inflow of RMB 442 million, resulting in a net increase of RMB 191 million in cash and equivalents Summary of Consolidated Statement of Cash Flows (For the year ended March 31) | Indicator (RMB thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (126,822) | (107,989) | | Net Cash Flow Used in Investing Activities | (124,678) | (158,345) | | Net Cash Flow From Financing Activities | 442,454 | 316,976 | | Net Increase in Cash and Cash Equivalents | 190,954 | 50,642 | | Cash and Cash Equivalents at Beginning of Year | 696,114 | 641,949 | | Cash and Cash Equivalents at End of Year | 890,197 | 696,114 | Notes to the Consolidated Financial Statements The notes detail accounting policies, key judgments, and financial data, highlighting going concern uncertainties, segment performance (including new medical retail contributions), interest-bearing borrowings, material lawsuits, and acquisition/disposal specifics - Going Concern: Note 2 indicates that as of March 31, 2024, the Group's current liabilities were RMB 7.68 billion, with RMB 437 million in overdue borrowings, and cash of only RMB 890 million, presenting material uncertainty; management has formulated measures to improve liquidity[460][462] - Segment Information: The Group has four reportable segments: Medical and Pharmaceutical Retail, E-commerce and Distribution, Property Development, and Property Investment and Management; the new medical retail segment contributed RMB 87.81 million in revenue, while property development revenue decreased from RMB 3.22 billion to RMB 558 million[639][641] - Interest-bearing Borrowings: As of March 31, 2024, total interest-bearing bank and other borrowings amounted to RMB 1.748 billion, with RMB 437 million in default; the Group is renegotiating terms with lenders[745][749] - Acquisitions and Disposals: During the year, the Group acquired 100% equity in Yekai Tai Pharmaceutical for RMB 81 million, generating RMB 38.6 million in goodwill; and disposed of subsidiaries like Tianhe Group and Chongqing Yueyingya Group, recording a disposal gain of RMB 1.203 billion[803][806][810][811] - Litigation: The Group is involved in multiple material lawsuits, primarily related to outstanding loans and guarantee liabilities, involving significant amounts, with some cases already judged, constituting contingent liabilities[842][844][845] Five-Year Financial Summary This section summarizes the Group's five-year financial performance, showing declining revenue to RMB 1.441 billion in FY2024, a return to loss of RMB 786 million, and a downward trend in total assets and liabilities since FY2021 Five-Year Performance Summary (RMB thousand) | Fiscal Year End | 2024/3/31 | 2023/3/31 | 2022/3/31 | 2020/12/31 | 2019/12/31 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,440,982 | 5,174,870 | 11,799,624 | 9,085,402 | 24,131,590 | | (Loss)/Profit Attributable to Owners of the Company | (785,629) | 966,690 | 1,509,499 | (2,025,393) | (2,421,877) | Five-Year Assets and Liabilities Summary (RMB thousand) | Fiscal Year End | 2024/3/31 | 2023/3/31 | 2022/3/31 | 2020/12/31 | 2019/12/31 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 11,522,949 | 12,648,625 | 18,267,389 | 38,190,572 | 38,541,413 | | Total Liabilities | (9,015,207) | (10,113,068) | (15,878,852) | (38,898,530) | (37,437,773) |