Financial Report Consolidated Statement of Profit or Loss For the year ended March 31, 2025, the Group's revenue increased by 12.3% to RMB 1.619 billion, but significant increases in cost of sales and expenses led to a gross loss and a widened loss before tax of RMB 2.457 billion Key Consolidated Statement of Profit or Loss Metrics (For the Year Ended March 31) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,618,544 | 1,440,982 | +12.3% | | (Gross Loss)/Gross Profit | (53,006) | 130,789 | N/A | | Loss Before Tax | (2,456,536) | (742,767) | +230.7% | | Loss for the Year | (2,519,612) | (750,242) | +235.8% | | Loss Attributable to Owners of the Company | (2,339,899) | (785,629) | +197.8% | | Basic and Diluted Loss Per Share (RMB cents) | (85.99) | (32.93) | +161.1% | Consolidated Statement of Comprehensive Income Building on the RMB 2.520 billion loss for the year, the total comprehensive loss for the period expanded significantly to RMB 2.458 billion after accounting for other comprehensive income, primarily exchange differences Total Comprehensive Income/Loss (For the Year Ended March 31) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | | :--- | :--- | :--- | | Loss for the Year | (2,519,612) | (750,242) | | Other Comprehensive Income for the Year | 62,082 | 94,328 | | Total Comprehensive Loss for the Year | (2,457,530) | (655,914) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased to RMB 10.213 billion while total liabilities increased to RMB 9.816 billion, leading to a sharp decline in net assets and a significant short-term liquidity crisis with current liabilities exceeding current assets by RMB 1.130 billion Key Financial Position Metrics (As of March 31) | Indicator | 2025 (RMB in thousands) | 2024 (RMB in thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 10,212,846 | 11,522,949 | -11.4% | | Total Liabilities | 9,815,744 | 9,015,207 | +8.9% | | Net Assets | 397,102 | 2,507,742 | -84.2% | | Net Current (Liabilities)/Assets | (1,130,447) | 2,015,502 | From positive to negative | Summary of Independent Auditor's Report The auditor issued an unmodified opinion but highlighted a material uncertainty related to going concern due to significant losses, current liabilities exceeding current assets, and bank loan defaults, raising substantial doubt about the Group's ability to continue as a going concern - The auditor's report highlights that as of March 31, 2025, the Group recorded a net loss of approximately RMB 2.52 billion, with current liabilities exceeding current assets by approximately RMB 1.13 billion, and RMB 510 million in interest-bearing bank and other borrowings in default, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern56 Management Discussion and Analysis Business Review During the reporting year, the Group's business segments showed mixed performance, with healthcare and pharmaceutical retail revenue doubling but incurring a slight loss, e-commerce and distribution revenue growing but profit declining, and property development and investment segments experiencing significant losses and revenue declines Segment Performance (For the Year Ended March 31) | Business Segment | Turnover (RMB in millions) | Year-over-Year Change | Segment (Loss)/Profit (RMB in millions) | Prior Period Profit/(Loss) (RMB in millions) | | :--- | :--- | :--- | :--- | :--- | | Healthcare and Pharmaceutical Retail | 190.8 | +117.3% | (0.1) | 3.8 | | E-commerce and Distribution | 711.9 | +14.6% | 13.5 | 30.8 | | Property Development | 605.2 | +8.4% | (2,184.3) | (117.3) | | Property Investment and Management | 110.6 | -36.2% | (133.0) | (29.8) | Financial Review The Group's overall financial position significantly deteriorated, with losses widening to RMB 2.520 billion due to decreased property sales gross profit, increased impairment provisions, and higher other expenses from guarantee provisions, leading to a shift from net current assets to net current liabilities and a sharp rise in the gearing ratio to 4.45 - Key reasons for the widened loss for the year include: - A decrease in gross profit from property sales, resulting in an overall gross loss for the Group - A net increase in impairment provisions for properties held for sale of approximately RMB 425 million - An increase in other expenses to RMB 1.614 billion due to provisions for expected guarantee liabilities - Increases in both finance costs and taxation78 Key Financial Ratios (As of March 31) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio (Total Borrowings/Total Equity) | 4.45 | 0.70 | | Current Ratio (Current Assets/Current Liabilities) | 0.88 | 1.26 | | Net Asset Value Per Share (RMB cents) | 10.6 | 96.8 (restated) | Significant Events The Group faces significant challenges, including multiple major lawsuits related to loan guarantees and debts, and a post-reporting period strategic shift to divest all in-development real estate projects into a partnership, aiming to streamline operations, improve financials, and focus on asset-light businesses - Subsequent to the reporting period, on May 7, 2025, the company entered into a partnership agreement to dispose of all its in-development real estate projects through capital injection. Upon completion, the Group will no longer hold any developing real estate projects, aiming to streamline operations, reduce uncertainties, and improve its financial position76110122 - The Group is involved in several significant legal proceedings, including cases with Minmetals International Trust, Western Trust, Huarong Trust (debt transferred), and China Huarong, primarily concerning loan guarantees and collateral provided for former subsidiaries or associated parties, facing substantial contingent liabilities and repayment pressure92939495 Business Development Outlook Looking ahead, the Group plans a major strategic transformation, divesting high-risk real estate development to focus on asset-light businesses, including deepening healthcare and pharmaceutical retail with the 'Ye Kaitai' brand, expanding e-commerce with omnichannel marketing, and developing asset management with a Type 9 license for special situations and tech investments - The Group's strategy will focus on three asset-light areas: - Pharmaceutical Retail: Leveraging the 'Ye Kaitai' brand to upgrade the 'pharmacy + traditional Chinese medicine clinic + derivative services' 'Big Health+' model - E-commerce Business: Deepening omnichannel marketing, expanding cross-border e-commerce, and strengthening cooperation with various e-commerce operators - Asset Management: Utilizing the acquired Type 9 license to develop special situations asset investment and management, and focusing on technology sector investment opportunities117120122125 Corporate Governance and Other Information Employees and Remuneration Policy As of March 31, 2025, the Group had approximately 735 employees, and to incentivize them, a new share scheme was adopted in August 2023, under which 600 million share options were granted in December 2023, with 3.125 million unvested options lapsing during the reporting period due to employee departures - The Group adopted a new '2023 Share Scheme' on August 28, 2023, and accordingly granted a total of 600,000,000 share options to Group employees on December 29, 202399107 - Following the capital reorganization in May 2024, the number of unexercised share options and their exercise prices were adjusted, resulting in 146,875,000 unexercised share options as of March 31, 2025108 Dividend Policy Given the loss incurred during the reporting year, the Board does not recommend the payment of any final dividend for the year ended March 31, 2025, and no interim dividend was distributed during the year - The Board does not recommend the payment of any final dividend for the current reporting year126
北大资源(00618) - 2025 - 年度业绩