年

报

裕

田

中

国

发

展

有

限

公

司

RICHLY FIELD CHINA DEVELOPMENT LIMITED

裕田中国发展有限公司

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

( 于开曼群岛注册成立及于百慕达持续经营之有限公司)

(Stock Code 股份代号: 313)

Anual Report

年报

Corporate Information

公司资料

Richly Field China Development LimitedAnual Report 2025

董事会

执行董事

李亦锋（董事会主席兼行政总裁）

陈卫（副总裁）

独立非执行董事

徐慧敏

黄子康

许惊鸿

审核委员会

徐慧敏（主席）

黄子康

许惊鸿

薪酬委员会

李亦锋

徐慧敏（主席）

黄子康

许惊鸿

提名委员会

李亦锋（主席）

徐慧敏

黄子康

许惊鸿

BOARD OF DIRECTORS

Executive Directors

Li Yi Feng (Chairman of the Board and Chief Executive Oficer)

Chen Wei (Vice President)

Independent Non-executive Directors

Hsu Wai Man Helen

Wong Chi Hong Wiliam

Xu Jinghong

AUDIT COMITE

Hsu Wai Man Helen (Chairlady)

Wong Chi Hong Wiliam

Xu Jinghong

REMUNERATION COMITE

Li Yi Feng

Hsu Wai Man Helen (Chairlady)

Wong Chi Hong Wiliam

Xu Jinghong

NOMINATION COMITE

Li Yi Feng (Chairman)

Hsu Wai Man Helen

Wong Chi Hong Wiliam

Xu Jinghong

裕田中国发展有限公司二零二五年报

Corporate Information

公司资料

公司秘书

冯嘉伦

授权代表

李亦锋

冯嘉伦

核数师

容诚（香港）会计师事务所有限公司

（前称先机会计师行有限公司）

执业会计师

注册公众利益实体核数师

法律顾问

就百慕达法律

Apleby

就香港法例

姚黎李律师行

主要股份过户登记处

Ocorian Services (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

香港股份过户登记分处

卓佳秘书商务有限公司

香港

夏悫道

号

远东金融中心

楼

COMPANY SECRETARY

Fung Ka Lun

AUTHORISED REPRESENTATIVES

Li Yi Feng

Fung Ka Lun

AUDITOR

Rongcheng (Hong Kong) CPA Limited

(formerly known as CL Partners CPA Limited)

Certified Public Acountants

Registered Public Interest Entity Auditors

LEGAL ADVISERS

As to Bermuda Law

Apleby

As to Hong Kong Law

Iu, Lai & Li Solicitors & Notaries

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Ocorian Services (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Secretaries Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

Richly Field China Development LimitedAnual Report 2025

Corporate Information

公司资料

注册办事处

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

香港主要营业地点

香港

新界葵涌

兴芳路

号

新都会广场

座

楼

室

主要往来银行

东亚银行有限公司

中国建设银行

招商银行

中国工商银行

中国银行

交通银行

中国民生银行

秦皇岛银行

中国邮政储蓄银行

宁夏贺兰回商村镇银行有限责任公司

中国农业银行

网址

w.richlyfieldchinagroup.com

股份代号

仅供识别

REGISTERED OFICE

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10

Bermuda

PRINCIPAL PLACE OF BUSINES

IN HONG KONG

Unit 1504, 15/F

Tower 2, Metroplaza

No. 223 Hing Fong Road

Kwai Chung, New Teritories

Hong Kong

PRINCIPAL BANKERS

The Bank of East Asia, Limited

China Construction Bank Corporation

China Merchants Bank

Industrial and Comercial Bank of China

Bank of China

Bank of Comunications

China Minsheng Bank

Bank of QinHuangDao

Postal Savings Bank of China

Ningxia Helan Huishang Vilage Town Bank Co., Ltd*

Agricultural Bank of China

WEBSITE

w.richlyfieldchinagroup.com

STOCK CODE

For identification purposes only

Property Portfolio

物业组合

裕田中国发展有限公司二零二五年报

发展及投资物业－在建物业

DEVELOPMENT AND INVESTMENT PROPERTIES –

PROPERTIES UNDER DEVELOPMENT

Number Item NameLocationType of PropertyPortion

Atributable

Interest

Gros

Flor Area

Available for

Self-used/

Sale/Lease

(included

underground)StatusLease Term

(sq.m)

序号项目名称地理位置物业类型分区应占权益

自用╱

可出售╱

可出租之

建筑面积

（含地下）状况租赁期限

（平方米）

1Yinchuan Project

银川项目

West of China National Highway 109,

DeSheng Industrial Park*

（德胜工业

园区）

, Yinchuan City, Ningxia Hui

Autonomous Region, the PRC

中国宁夏回族自治区银川市

德胜工业园区

国道西

Comercial

商业

Comercial Portion

商业区

100%74,350Medium-term

中期

1.1Comercial Phase 1

商业一期

63,713Construction

completed available

for lease

已完工，可供出租

1.2Comercial Phase 2 –

Expansion project

商业二期－扩建工程

10,637Construction

completed available

for lease

已完工，可供出租

2Yinchuan Project

银川项目

West of China National Highway 109,

DeSheng Industrial Park*

（德胜工业

园区）

, Yinchuan City, Ningxia Hui

Autonomous Region, the PRC

中国宁夏回族自治区银川市

德胜工业园区

国道西

Residential,

Comercial

住宅、商业

Residential Portion

住宅区

100%40,839N/A

不适用

2.1Residential Phase 1

住宅一期

142Construction

completed available

for sale

已完工，可供出售

2.2Residential Phase 2

住宅二期

25,529Main part materialy

completed available

for sale

大部分主体工程完工，

可供出售

2.3Residential Phase 3

住宅三期

–Construction

completed and sold

out

已完工及售罄

3Qinhuangdao

Project

秦皇岛项目

Central Golden Coast, Changli County,

Beidaihe New District, Qinhuangdao

Municipality

秦皇岛市北戴河新区昌黎县

黄金海岸中部

Residential,

Comercial

住宅、商业

Whole Portion

整体

100%672,110*Medium-term

中期

3.1Phase 1

一期

163,227*Main part partialy

completed

部分主体工程完工

Includes both plot ratio based flor area and non plot ratio based flor area

包括可计容面积及不可计容面积

Management Discusion and Analysis

管理层讨论与分析

Richly Field China Development LimitedAnual Report 2025

裕田中国发展有限公司（「本公司」）董事

（「董事」）会（「董事会」）谨此提呈本公

司及其附属公司（统称「本集团」）截至二

零二五年三月三十一日止年度（「本年度」

或「报告期」）之经审核综合年度业绩，连

同截至二零二四年三月三十一日止年度

（「相应年度」）的比较数字。

业务回顾

本集团主要从事奥特莱斯商业营运、特色

商业地产开发营运（如旅游地产、养老地

产及葡萄酒庄等）、高端住宅地产开发及

物业管理。

本集团的主要项目包括本集团于中华人

民共和国（「中国」）宁夏回族自治区银川

市开发之金盛欧洲城项目（由商业部分「建

材楼」、「家居楼」及「太平商场」和住宅部分

「金盛阅景」组成的综合项目）及于中国

河北省秦皇岛市北戴河新区开发之综合

项目秦皇岛威尼斯水城奥特莱斯项目。本

集团亦于中国银川市、武汉市及呼和浩特

市经营物业管理业务。

财务回顾

于本年度，本集团录得总收益约

123,180,000

港元，较相应年度约

31,921,000

港元增加

285.9%

。收益增加主要由于物业销售增加。

本年度的物业销售收益约为

86,970,000

港元，

较相应年度约

3,332,000

港元增加

2,510.1%

。

于本年度，管理费收入约为

27,123,000

港元，

因本年度完成收购三家物业管理公司，较相

应年度约

20,471,000

港元增加

32.5%

。于本年

度，租金收入约为

6,965,000

港元，较相应年度

约

6,677,000

港元增加

4.3%

。

于本年度，本集团录得投资物业重估亏

损约

35,020,000

港元，较相应年度约

62,958,000

港元减少

44.4%

。

The board (the “Board”) of directors (the “Directors”) of Richly Field

China Development Limited (the “Company”) hereby present the

audited consolidated anual results of the Company and its subsidiaries

(colectively, the “Group”) for the year ended 31 March 2025 (the “Year”

or “Reporting Period”) together with the comparative figures for the year

ended 31 March 2024 (the “Coresponding Year”).

BUSINES REVIEW

The Group is principaly engaged in outlets comercial operation and

development and operation of featured comercial properties (such as

tourism property, senior care property and wine chateaus), development

of high-end residential properties as wel as property management.

Key projects of the Group include JeShing European City Project which

is a comprehensive project comprising “

建材楼

” (comercial), “

家居

楼

” (comercial) and “

太平商场

” (comercial) and Jin Sheng Yue Jing

(residential) developed in Yinchuan, Ningxia Hui Autonomous Region, the

People’s Republic of China (the “PRC”), together with the Qinhuangdao

Venice – City of Water Outlets Project which is a comprehensive project

developed in Beidaihe New District, Qinhuangdao, Hebei, the PRC. The

Group also operates property management busines in Yinchuan city,

Wuhan city and Hohot city in the PRC.

FINANCIAL REVIEW

During the Year, the Group recorded a total revenue of aproximately

HK$123,180,000 as compared to aproximately HK$31,921,000 for the

Coresponding Year, representing an increase of 285.9%. The increase

in revenue was mainly atributable to the increase of sales of properties.

Revenue from sales of properties was aproximately HK$86,970,000

for the Year as compared to aproximately HK$3,332,000 for the

Coresponding Year, representing an increase of 2,510.1%. Management

fe income was aproximately HK$27,123,000 for the Year as

compared to aproximately HK$20,471,000 for the Coresponding

Year, representing an increase of 32.5% due to the completion of

acquisition of thre property management companies. Rental income was

aproximately HK$6,965,000 for the Year as compared to aproximately

HK$6,677,000 for the Coresponding Year, representing an increase of

4.3%.

The Group recorded a los on revaluation of investment properties

of aproximately HK$35,020,000 for the Year as compared to

aproximately HK$62,958,000 for the Coresponding Year, representing a

decrease of 44.4%.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

Finance costs was aproximately HK$37,668,000 for the Year as

compared to aproximately HK$40,218,000 for the Coresponding Year,

representing a decrease of 6.3%. Impairment los under expected credit

los model on other receivables was aproximately HK$111,770,000 for

the Year, the amount mainly represented impairment los on amounts due

from Former Subsidiaries. Please refer to note 23 to the Consolidated

Financial Statements of this report and the anouncement of the

Company dated 14 April 2022 for details. During the Reporting Period,

Former Subsidiaries failed to repay in acordance with the repayment

schedule and the Group has initiated legal procedings against the

Former Subsidiaries. Therefore, the Group has made ful impairment

provision on receivables from Former Subsidiaries based on expected

credit los model. In adition, impairment los on prepaid construction

costs of aproximately HK$50,678,000 recognised during the year

ended 31 March 2025 was related to the Qinhuangdao Project based on

external source of information that the constructor was deregistered. The

los atributable to equity holders for the Year amounted to aproximately

HK$249,747,000 as compared to aproximately HK$222,262,000 for the

Coresponding Year, representing an increase of aproximately 12.9%.

The los per share for the Year was HK$21.40 cents as compared to

HK$19.05 cents (restated) for the Coresponding Year.

As for financing aspect, regarding the loan agrements with related

parties, JeShing Real Estate Group Company Limited*

（金盛置业投资

集团有限公司）

(“JeShing Real Estate”), Nanjing No. 1 Architecture and

Enginering Group Company Limited*

（南京第一建筑工程集团有限公

司）

and Jiangsu Decorative Material Co. Ltd*

（江苏装饰材料有限公司）

the total outstanding principal amount was RMB301,800,000 (equivalent

to aproximately HK$327,030,000) (colectively the “Related Party Loan”)

as at 31 March 2025. Related Party Loan was due in March 2023 with

an interest rate range of 5.7%-6.19% per anum and was secured by the

pledge of certain of the Group’s asets.

本年度融资费用约为

37,668,000

港元，较

相应年度约

40,218,000

港元减少

6.3%

。

于本年度，其他应收款项在预期信贷亏

损模式下之减值亏损约为

111,770,000

港元，该款项主要反映应收前附属公司款

项之减值亏损。有关详情请参阅本报告

综合财务报表附注

及本公司日期为二

零二年四月十四日之公告。于报告期

内，前附属公司未能按照还款时间表偿

还款项，而本集团已对前附属公司展开法

律程序。因此，本集团已根据预期信贷亏

损模型就应收前附属公司款项作出全数

减值拨备。此外，于截至二零二五年三月

三十一日止年度确认之预付建设成本减

值亏损约

50,678,000

港元与秦皇岛项目

相关，基于外部资讯来源指有关建筑商已

被撤销注册资格。本年度权益持有人应占

亏损约为

249,747,000

港元，较相应年度

约

222,262,000

港元增加约

12.9%

。于本

年度，每股亏损为

21.40

港仙，而相应年度

则为

19.05

港仙（经重列）。

融资方面，与关连方金盛置业投资集团有

限公司（「金盛置业投资」）、南京第一建

筑工程集团有限公司及江苏装饰材料有

限公司订立的贷款协议于二零二五年三

月三十一日的未偿还本金总额为人民币

301,800,000

元（相当于约

327,030,000

港元）（统称「关连方贷款」）。关连方贷

款于二零二三年三月到期，年利率介乎

5.7%

至

6.19%

，透过质押本集团的若干资

产取得。

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

Related Party Loan was a loan borowed by the related parties

from Huaxia Bank (the “Huaxia Bank Loan”) and lent directly to the

Qinhuangdao Outlets Real Estate Company Limited*

（秦皇岛奥特莱斯

置业有限公司）

, an indirect wholy-owned subsidiary of the Company on

the same terms. No further extension agrement had ben entered into

betwen Huaxia Bank and the related parties in March 2023. Therefore,

the Huaxia Bank Loan was in default from March 2023. Huaxia Bank has

the discretionary right to demand related parties of the Company on ful

payment of the whole principal amount and any unpaid interest. To the

best knowledge of the Directors, management of the related parties have

comenced negotiations of the repayment terms of the Huaxia Bank

Loan with Huaxia Bank since then. Up to the date of this report, those

negotiations are stil in progres and have not ben concluded. As the

land of the Qinhuangdao Project (as defined below) has ben pledged

against the Huaxia Bank Loan, Huaxia Bank has the discretionary right

to confiscate the land of the Qinhuangdao Project and dispose it for

Huaxia Bank Loan repayment if related parties of the Company fail to

repay the Huaxia Bank Loan when Huaxia Bank demands imediate ful

repayment.

In December 2021, the Group entered into a loan agrement regarding a

revolving loan facility agrement with a related party, JeShing Real Estate

in relation to an unsecured loan facility in the total principal amount of

RMB2,000,000,000 (equivalent to aproximately HK$2,167,200,000)

at an interest rate of 5% per anum and is due to repay in December

2023. As at 31 March 2025, outstanding amount of aproximately

RMB9,060,000 (equivalent to aproximately HK$9,817,000) was fal

due. In May 2023, the Group entered into a new loan agrement

regarding a revolving loan facility agrement with a related party, Jinsheng

International Group (BVI) Limited

（金盛国际集团（英属维尔京群岛）有限

公司）

in relation to an unsecured loan facility in the total principal amount

of HK$2,000,000,000 at an interest rate of 5% per anum, the revolving

loan facility starts in January 2024 and is due to repay in December

2025. In June 2025, the Group entered into a new loan agrement

regarding a revolving loan facility agrement with a related party, Jinsheng

International Group (BVI) Limited

（金盛国际集团（英属维尔京群岛）有限

公司）

in relation to an unsecured loan facility in the total principal amount

of HK$2,000,000,000 at an interest rate of 5% per anum, the revolving

loan facility starts in January 2026 and is due to repay in December 2027.

关连方贷款由关连方自华夏银行借款

（「华夏银行贷款」），并按相同条款直接

借予本公司间接全资附属公司秦皇岛奥

特莱斯置业有限公司。于二零二三年三

月，华夏银行与关连方之间并无订立进

一步延期协议。因此，自二零二三年三月

起，华夏银行贷款违约。华夏银行有权酌

情要求本公司关连方悉数偿还全部本金

额及任何未付利息。就董事所深知，关连

方管理层自当时起已开始与华夏银行就

华夏银行贷款之还款条款进行磋商。截至

本报告日期，有关磋商仍在进行中且尚未

结束。由于秦皇岛项目（定义见下文）土地

已被质押作为华夏银行贷款之担保物，倘

本公司关连方于华夏银行要求立即悉数

偿还时未能偿还华夏银行贷款，华夏银行

有权酌情没收秦皇岛项目土地并将其出

售以偿还华夏银行贷款。

于二零二一年十二月，本集团与一名关

连方金盛置业投资就无抵押贷款融资签

署有关本金总额人民币

2,000,000,000

元

（相当于约

2,167,200,000

港元）、年利率

的循环贷款融资协议的贷款协议，于

二零二三年十二月到期偿还。于二零二五

年三月三十一日，约人民币

9,060,000

元

（相当于约

9,817,000

港元）的未偿还款

项到期。于二零二三年五月，本集团与一

名关连方金盛国际集团（英属维尔京群岛）

有限公司就无抵押贷款融资签署有关本

金总额

2,000,000,000

港元、年利率

的

循环贷款融资协议的新贷款协议，该循环

贷款融资于二零二四年一月生效并将于

二零二五年十二月到期偿还。于二零二五

年六月，本集团与一名关连方金盛国际集

团（英属维尔京群岛）有限公司就无抵押贷

款融资签署有关本金总额

2,000,000,000

港元、年利率

的循环贷款融资协议的

新贷款协议，该循环贷款融资于二零二六

年一月生效并将于二零二七年十二月到

期偿还。

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

Property Management Busines

The Group operates property management busines in Ningxia City,

Wuhan City and Hohot City. The total property management areas of

Ningxia City, Wuhan City and Hohot City were aproximately 551,800

sq.m., 80,210 sq.m. and 30,633 sq.m., respectively as of 31 March

2025.

Projects Overview

Qinhuangdao Venice – City of Water Outlets Project

Qinhuangdao Outlets Real Estate Company Limited*

（秦皇岛奥特莱斯置

业有限公司）

is a wholy-owned subsidiary of the Company. The project

developed by the company in the core area of International Healthy City,

Beidaihe New District, Qinhuangdao City, is positioned as a large coastal

shoping, tourism and healthcare resort complex with outlets busines

as the major operation, integrated with high-end hot spring resort hotels,

high-end hospitals, health preservation and elderly care, cultural and

entertainment activities, and recreational resorts (“Qinhuangdao Venice –

City of Water Outlets Project”).

Qinhuangdao Venice – City of Water Outlets Project covers an area of

aproximately 1,077 mu, planed to be developed in thre phases.

Phase 1 of the project covers a total area of aproximately 163,227

sq.m, which is planed to be developed, by function, into outlets

busines (including Latitude Space), a health preservation hotel, resort

units and an exhibition centre, along with suporting parking lots

and grenery landscape. The Group has sucesively obtained the

construction work planing and comencement permits for Sections

A, B, and C of Phase 1 and the exhibition centre, the construction work

planing permit for Section D of Phase 1 as wel as the pre-sale permits

for the first 59 resort units.

物业管理业务

本集团于宁夏市、武汉市及呼和浩特市

经营物业管理业务。于二零二五年三月

三十一日，宁夏市、武汉市及呼和浩特市

的物业管理总面积分别约为

551,800

平方

米、

80,210

平方米及

30,633

平方米。

项目概览

秦皇岛威尼斯水城奥特莱斯项目

秦皇岛奥特莱斯置业有限公司乃本公司

的全资附属公司。该公司于秦皇岛北戴河

新区国际健康城核心区域开发建设的项

目，是一个计划以奥特莱斯商业为主导，

集高端温泉度假酒店、高端医院、养生养

老、文化娱乐、休闲度假为一体的大型沿

海购物旅游康养度假综合体（「秦皇岛威

尼斯水城奥特莱斯项目」）。

秦皇岛威尼斯水城奥特莱斯项目占地约

1,077

亩，计划分三期开发。其中，项目一

期总用地面积近

163,227

平方米，按规划

功能划分为奥莱商业（含乐图空间）、养

生酒店、度假用房及展示中心，同时配套

停车场及绿化景观打造。本集团已陆续取

得一期

ABC

区及展示中心的建设工程规

划和施工证照、一期

区建设工程规划许

可证，以及第一批

栋度假用房预售许可

证。

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

During the Reporting Period, led by local government agencies,

Qinhuangdao Company actively aproached al partners, and plans to

build the comercial portion of Phase 1 with concerted eforts, so as to

align with local industrial positioning, i.e. to build Qinhuangdao Project

into a first-clas comprehensive demonstration city for health care and

vacation. If progresing wel, the parties wil coperate based on the

principle of “complementary advantages, mutual suport, long-term

coperation and comon development”, through the combination of

government promotion in acordance with law and market operation, in

relation to the establishment and improvement of a comprehensive, wide-

ranging and dep-level strategic coperation mechanism, exploration

of diversified coperation modes, and efective promotion of the

implementation of coperation projects.

Yinchuan Project

The Company held the property named JeShing European City

（金盛欧

洲城）

through Ningxia Jinguan Property Investment Co. Ltd.*

（宁夏金

冠投资置业有限公司）

(“Ningxia Jinguan”), a wholy-owned subsidiary of

the Company. JeShing European City comprises five parcels of land with

a total site area of aproximately 133,300 sq.m. and a residential and

comercial complex constructed thereon (“Yinchuan Project”).

Yinchuan residential project – Jin Sheng Yue Jing

（金盛阅景）

Featured with the suporting comercial facilities, Jin Sheng Yue Jing

is a large-scale residential comunity developed pasionately by the

Company, which creates a comfortable and convenient living environment

on the back of the surounding resources such as banks, medical

institutes, educational institutions, department stores and supermarkets,

entertainment facilities and restaurants as wel as its own lifestyle

amenities and building materials stores. With a site area of aproximately

120 mu, the Jin Sheng Yue Jing project comprises 20 mid- to high-

rise buildings to be developed in 3 phases. The project has adopted the

frame shear wal structure acros the board, the beige granite paint for

exterior decoration, and the internationaly popular Artdeco neoclasic

architectural style for the overal apearance, presenting a sense of

fashion, solemnity and elegance.

During the Reporting Period, the construction of the residential area of

Phase 2 of Jin Sheng Yue Jing has ben completed and delivery has

ben comenced.

报告期间，在当地政府机构指引下，秦皇

岛公司积极接洽各方合作机构，拟集众人

之力打造一期商业部分，使之符合当地产

业定位，即建设一流康养度假综合示范城

市。如若进展顺利，各方将按照「优势互

补、相互支持、长期合作、共同发展」的原

则开展合作，通过政府依法推动和市场化

运作相结合的方式，建立和完善全方位、

宽领域、深层次的战略合作机制，探索多

样化的合作模式，切实推进合作项目落

地。

银川项目

本公司通过其全资附属公司宁夏金冠投

资置业有限公司（「宁夏金冠」）持有名为

「金盛欧洲城」之物业。金盛欧洲城包括

总占地面积约为

13.33

万平方米之五幅地

块及其上兴建之住宅及商业综合体（「银

川项目」）。

银川住宅－「金盛阅景」

「金盛阅景」是本公司倾力打造的以商业

配套环境为依托的大型住宅社区，依傍周

边银行、医疗、教育、商超、娱乐餐饮等

各类资源及自身家居建材商业配套，轻松

享受便利生活。「金盛阅景」项目占地面积

约为

亩，分三期建设为

栋中高层楼

宇。项目全部采用框架剪力墙结构，楼体

全部以米色花岗岩漆做外装，整体外观承

袭了国际流行的

Artdeco

新古典主义建筑

风格，楼宇俊朗挺拔、时尚大气、庄严典

雅。

报告期间，「金盛阅景」二期住宅区的工程

已竣工并开始交付。

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

Yinchuan Comercial Properties

The Yinchuan Comercial Properties consist of thre comercial

buildings (namely “

建材楼

”, “

家居楼

” and “

太平商场

”) and two coridors,

colectively known as Jeshing International Home Furnishing Mal •

Desheng Square

（金盛国际家居

•

德胜广场）

(“Yinchuan Comercial

Properties Project”) with a total gros flor area of over 90,000 sq.m.

It is an integrated comercial complex featuring building materials and

furniture stores, department stores, restaurants and supermarkets,

with mals ofering high-end building materials and upscale household

products. The elegant and comfortable comercial environment, easy

acesibility by convenient public transportation, bespoke comercial

layout plan and premium quality management have made it a new

premier comercial landmark in Yinchuan.

As of 31 March 2025, Yinchuan Comercial Properties Project achieved

an ocupancy rate of aproximately 90% and became one of the largest

curtain wholesale base in the northwest region. Gathering merchants of

major brands in the northwest, the mal hit a record high in the amount

of orders. As shown from the overal data, the thre buildings of the

entire Yinchuan Comercial Properties Project have gradualy unveiled its

unique distinction to be the northern comercial hub of the city.

Property Management Busines

Yinchuan Project

The Group conducts the property management busines through Ningxia

Jinguan and Ningxia Guanling. The two companies manages both

comercial property and residential area. The total property management

area of the two companies was aproximately 551,800 sq.m. as of

31 March 2025. Both companies are actively expanding the property

management busines in Yinchuan city.

Hohot Project

Hohot Pengshengie curently manages part of a comercial property.

The comercial property, with gros flor area of 83,192 sq.m, is an

integrated comercial complex featuring building materials and furniture

stores. The total property management area of Hohot Pengshengie was

aproximately 30,633 sq.m. as of 31 March 2025.

银川商业

银川商业由三栋商业楼宇（即「建材楼」、

「家居楼」及「太平商场」），外加两座连

廊组成，统称「金盛国际家居

•

德胜广场」

（「银川商业项目」）。德胜广场总建筑面

积逾

万平方米，乃集建材、家具、百货、

餐饮、超市为一体的商业综合体，拥有高

端建材及尚品家居卖场，以优雅舒适的经

营环境、便利迅捷的公共交通、人性化的

商业布局、一流的品质经营管理，构建银

川首屈一指的商业新地标。

截至二零二五年三月三十一日，银川商业

项目已完成约

90%

出租率，现已成为西北

区域最大的窗帘批发基地之一，聚集了西

北地方各大品牌商户，订货业绩再创新

高。通过整体数据来看，整个银川商业项

目三栋楼已逐步突显出其独有的城北核

心商圈趋势。

物业管理业务

银川项目

本集团通过宁夏金冠及宁夏冠凌开展

物业管理业务。两家公司同时管理商业

地产及住宅部分。截至二零二五年三月

三十一日，两家公司管理的总物业面积约

551,800

平方米。两家公司均在银川市大

力拓展物业管理业务。

呼市项目

呼和浩特鹏盛洁现时管理部分商业物业。

建筑面积为

83,192

平方米的商业物业乃

集建材及家具店为一体的商业综合体。截

至二零二五年三月三十一日，呼和浩特鹏

盛洁之物业管理总面积约为

30,633

平方

米。

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

Wuhan Project

Wuhan Yuejing curently manages a comercial property and residential

area. The total property management area of Wuhan Yuejing was

aproximately 80,210 sq.m. as of 31 March 2025. Wuhan Yuejing is

actively expanding the property management busines in Wuhan city.

Asociated Companies

During the Reporting Period, the projects managed by the asociated

companies of the Company also achieved certain progres.

Huailai Project

The master plan, demonstration area design plan, chateau design plan

and environmental impact asesment of the characteristic vila residential

and winery project in Huailai of Hebei Province have ben completed.

The project is developed by Huailai Dayi Winery Company Limited*

（怀

来大一葡萄酒庄园有限公司）

, a 50%-owned asociated company of

the Company. In the demonstration area, aces to roads, electricity and

water suply has ben in place and certain works regarding landscaping,

planting and slope wal reconditioning have ben completed.

Changchun Project

Globe Outlet Town (Jilin) Limited*

（吉林奥特莱斯世界名牌折扣城有

限公司）

(“Jilin Company”), a 42%-owned asociated company of the

Company, obtained land use rights for a piece of land with an area

of 443 mu for comercial and residential purposes in Shuangyang

District, Changchun City, Jilin Province in April 2016. In order to sek

diferentiated development, Jilin Company plans to develop its project in

Shuangyang District, Changchun into an integrated project combining

a theme park and a cultural tourism town under the theme of cultural

tourism and the objective of building a liveable place with elderly care.

SIGNIFICANT INVESTMENTS

The Group did not have any significant investments during the Year.

武汉项目

武汉阅景现时管理商业物业及住宅部分。

截至二零二五年三月三十一日，武汉阅景

之物业管理总面积约为

80,210

平方米。武

汉阅景正在积极扩展武汉市的物业管理

业务。

联营公司

报告期间，本公司联营公司所辖项目亦取

得一定进展。

怀来项目

本公司拥有

50%

权益的联营公司怀来大一

葡萄酒庄园有限公司所开发之河北怀来

特色别墅住宅及葡萄酒庄园项目，已完成

该项目整体规划和示范区规划设计、酒庄

单体设计、环境影响评估，示范区已具备

通路通水通电条件，并完成了部分绿化、

种植陈列及坡壁修整工程。

长春项目

本公司拥有

42%

权益的联营公司吉林奥特

莱斯世界名牌折扣城有限公司（「吉林公

司」），于二零一六年四月获得吉林省长春

市双阳区

亩商住用地土地使用权证。

为突显差异化发展，吉林公司计划将旗下

位于长春市双阳区的项目发展为以文化

旅游为主导，以养老宜居为目标的主题乐

园和文旅小镇一体开发综合项目。

重大投资

于本年度，本集团并无任何重大投资。

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

LIQUIDITY AND FINANCIAL RESOURCES

The Group mainly finances its busines operations with its internal

resources and loan facilities from banks, financial institutions, related

parties and a shareholder. As at 31 March 2025, the Group had cash

and cash equivalents amounted to aproximately HK$11,758,000

(2024: HK$17,685,000) and restricted bank deposits amounted to

aproximately HK$6,199,000 (2024: HK$12,470,000). The Group’s

curent ratio (measured as total curent asets to total curent liabilities)

was 0.64 times (2024: 0.72 times). The other borowings of the

Group amounted to aproximately HK$35,573,000 (31 March 2024:

HK$35,990,000) as at 31 March 2025.

PLEDGE OF ASETS

As at 31 March 2025, property interest held by the Group with net

carying amount in agregate of aproximately HK$874,283,000 (31

March 2024: HK$918,242,000) were pledged to banks and financial

institutions.

FOREIGN EXCHANGE EXPOSURES

As the Group’s other borowings, cash and cash equivalents, restricted

bank deposits, trade receivables, prepayments, deposits and other

receivables, trade payables, other payables and acruals, contract

liabilities and amounts due to related parties were mainly denominated

in RMB, the Group had not experienced significant exposure to foreign

curency fluctuation.

COMITMENTS

As at 31 March 2025, the Group had capital comitments of

construction of properties included under property, plant and equipment

and investment properties of aproximately HK$62,556,000 (31 March

2024: HK$63,676,000).

SUBSEQUENT EVENT

The Group had no significant event taking place subsequent to 31 March

2025 and up to the date of this report.

流动资金及财务资源

本集团主要以其内部资源及银行、金

融机构、关连方及一名股东的贷款融

资为业务营运提供资金。于二零二五

年三月三十一日，本集团的现金及现

金等值品约为

11,758,000

港元（二零

二四年：

17,685,000

港元），受限制银

行存款约

6,199,000

港元（二零二四年：

12,470,000

港元）。本集团流动比率（按流

动资产总额除流动负债总额计算）为

0.64

倍（二零二四年：

0.72

倍）。本集团于二

零二五年三月三十一日的其他借款为约

35,573,000

港元（二零二四年三月三十一

日：

35,990,000

港元）。

资产质押

于二零二五年三月三十一日，本集团持

有总账面净值约

874,283,000

港元（二零

二四年三月三十一日：

918,242,000

港元）

之物业权益已向银行及金融机构作出质

押。

外汇风险

由于本集团的其他借款、现金及现金等值

品、受限制银行存款、应收账款、预付款

项、按金及其他应收款项、应付账款、其

他应付款项及应计费用、合约负债及应付

关连方款项主要以人民币列值，故本集团

并无面对重大外汇波动风险。

承担

于二零二五年三月三十一日，本集团兴建

物业、厂房及设备项下所列之物业及投资

物业之资本承担约为

62,556,000

港元（二

零二四年三月三十一日：

63,676,000

港

元）。

期后事项

于二零二五年三月三十一日后及直至本

报告日期，概无发生重大事项。

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

附属公司及联营公司的重大收购

及出售

于本年度内，本集团并无任何附属公司及

联营公司的重大收购及出售。

年内重大事件或交易

于本年度，其他应收款项在预期信贷亏

损模式下之减值亏损约为

111,770,000

港元，该款项主要反映应收前附属公司款

项之减值亏损。本集团管理层透过考虑

前附属公司的还款记录、财务状况及其

他评估信贷风险的相关资料（例如前附属

公司于中国持有的物业发展项目状况），

密切监察前附属公司的还款能力。于二零

二五年五月，由于前附属公司未按预期还

款时间表偿还款项，本集团已对前附属公

司及前附属公司的控股公司采取法律行

动。此外，本集团管理层首次获悉外部资

讯显示前附属公司所持有位于中国长沙

市的物业发展项目暂停。根据市场资料，

前附属公司应于二零二五年四月三十日

或之前向客户交付物业。然而，由于前附

属公司遇到财务困难，该物业发展项目

自二零二四年十二月起暂停施工。本集团

管理层认为，前附属公司相关项目的暂停

施工将严重影响其还款能力。根据预期信

贷亏损模式，应收前附属公司款项的减值

亏损约

108,042,000

港元（二零二四年：

31,889,000

港元）已于截至二零二五年三

月三十一日止年度的损益内确认。

MATERIAL ACQUISITIONS AND DISPOSALS OF

SUBSIDIARIES AND ASOCIATED COMPANIES

The Group did not have any material acquisitions and disposals of

subsidiaries and asociated companies during the year.

SIGNIFICANT EVENTS OR TRANSACTIONS

DURING THE YEAR

Impairment los under expected credit los model on other receivables

was aproximately HK$111,770,000 for the Year, the amount mainly

represented impairment los on amounts due from Former Subsidiaries.

The management of the Group closely monitor the ability for repayment

of the Former Subsidiaries by considering the repayment history,

financial position and other relevant information for asesing the credit

risk such as the status of the property development projects held

by the Former Subsidiaries in the PRC. In May 2025, the Group has

initiated legal actions against the Former Subsidiaries and the holding

companies of the Former Subsidiaries as the Group did not receive

repayments from the Former Subsidiaries acording to the expected

repayment timetable. In adition, the management of the Group first

became aware of the external information about the suspension of the

property development project held by the Former Subsidiaries located in

Changsha City, the PRC. Based on the market information, the Former

Subsidiaries should deliver the properties to customers on or before

30 April 2025. However, the property development project suspended

for construction since December 2024 due to the financial dificulties

encountered by the Former Subsidiaries. The management of the Group

considered that the suspension of the construction work of the Former

Subsidiaries’ underlying projects wil significantly afect its ability of

repayment. An impairment los under ECL model on amounts due from

Former Subsidiaries amounted to aproximately HK$108,042,000 (2024:

HK$31,889,000) was recognised in profit or los during the year ended

31 March 2025.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

In adition, impairment los on prepaid construction costs of

aproximately HK$50,678,000 recognised during the year ended

31 March 2025 was related to the Qinhuangdao Project based on

external source of information that the constructor was deregistered.

In January 2025, the management of the Group first became aware

of the circumstances leading to impairment of prepayment made to a

constructor for the service of design and provision of construction work

related to landscape gardening and grening amounted to aproximately

HK$50,678,000 by obtaining an external source of information which

indicated that the service provider was deregistered in December

2023. The management of the Group regularly review the status of the

prepayments made by the Group by conducting company search. In

view that the management of the Group believed that the service provider

could not deliver the related services to the Group in the foreseable

future, the prepaid construction costs amounted to aproximately

HK$50,678,000 was fuly impaired during the year ended 31 March

2025.

EMPLOYES AND REMUNERATION POLICY

As at 31 March 2025, the Group employed a total of 136 employes

(excluding Directors), as compared with 143 employes (excluding

Directors) as at 31 March 2024. The Group remunerates its employes

based on their performance, working experience and prevailing market

parameters. Employe benefits include pension insurance fund, medical

insurance coverage, unemployment insurance fund, ocupational injury

insurance fund, maternity insurance fund, housing provident fund and

mandatory provident fund (for Hong Kong employes).

PROSPECT AND OUTLOK

The Group has focused on the real estate market, strategicaly roling out

diverse product mixes such as “residential + comercial”, “residential

+ senior care”, and “residential + cultural tourism”, which boast unique

features to forestal declined competitivenes due to homogeneity of

products. However, the suces of a company stil depends very much

on its ability to apreciate industry-related policies in advance and

make busines adjustments and plans in advance to align itself with the

policies.

此外，于截至二零二五年三月三十一日

止年度确认之预付建设成本减值亏损约

50,678,000

港元与秦皇岛项目相关，基

于外部资讯来源指有关建筑商已被撤销

注册资格。于二零二五年一月，本集团管

理层首次透过外部资讯来源知悉导致一

笔向一名承建商（就园艺及绿化相关设计

及提供建造工程服务）支付的预付款约

50,678,000

港元出现减值的情况，该资

讯显示服务供应商已于二零二三年十二

月取消注册。本集团管理层定期通过公司

查册审阅本集团预付款项的状况。鉴于

管理层认为该服务供应商于可预见未来

无法向本集团提供相关服务，截至二零

二五年三月三十一日止年度已就该笔约

50,678,000

港元的预付建造成本全数减

值。

雇员及薪酬政策

于二零二五年三月三十一日，本集团聘

有合共

名雇员（董事除外），而于二零

二四年三月三十一日则有

名雇员（董

事除外）。雇员薪酬由本集团根据其表现、

工作经验及现行市价厘定。雇员福利包括

养老保险金、医疗保险金、失业保险金、

工伤保险金、生育保险金、住房公积金及

强积金（适用于香港雇员）。

展望与前景

本集团主力耕耘房地产市场，精心打造

「住宅

商业」、「住宅

养老」、「住宅

文

旅」等多元化产品组合，凸显特色，规避

因产品单一而面临的竞争力低下。即便如

此，企业能否成功，很大程度上仍取决于

能否提前洞悉产业相关政策，顺应政策提

前作出业务调整及规划。

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

过去数年，本集团未有及时把握行业政策

和市场发展大势，未能将手头存量土地有

效地转化为可变现商品。而频「晚一步」

发力，亦导致资金利用率和回报率严重低

于预期，造成财务成本高企。由于供过于

求和买家信心下降，中国房地产开发市场

目前面临重大挑战。因此，中央政府制定

了一些刺激市场的政策。市场气氛已有所

改善，但进展缓慢。在此严峻经济环境下，

「单打独斗」已不现实，唯有「联手合作」

方能争取一线生机。未来，本集团将加强

与金融机构、政府部门及其他同业或跨行

业单位的合作，通过多方协力盘活旗下各

项目。

由于中国经济面临不确定性，本集团一直

积极探索中国境外的机遇。东南亚地区

具备高增长潜力及年轻人口，充满各种机

遇。

本公司自刊发二零二四年报起

为解决二零二四年不发表意见所

采取之步骤与取得之进展（「所采

取之步骤」）

经参考二零二四年七月三十一日刊发之本公

司截至二零二四年三月三十一日止年度年度

报告（「二零二四年报」），本集团核数师对本

公司截至二零二四年三月三十一日止年度之

财务报表出具不发表意见（「二零二四年不发

表意见」），作为解决二零二四年不发表意见

相关问题的措施之一，自刊发二零二四年

报以来，本集团亦采取以下措施，但由于以下

原因，相关问题无法得到解决：

In the past few years, the Group failed to adapt itself to industry policies

and market development trends in a timely maner, and was not able

to efectively convert the land on hand into cashable comodities.

Moreover, being a “late-mover” for several times also resulted in

significantly lower-than-expected fund usage rate and return, leading to

high financial costs. China’s property development market is curently

facing significant chalenges, steming from a combination of oversuply

and declining buyer confidence. As a result, Central government has

formulated certain policies to stimulate the market. There has ben some

improvement in market sentiment, the progres is gradual. Amid the

harsh economic environment, “strugling alone” is no longer realistic, and

only “partnering up with others” wil alow a slim chance of survival. In

the future, the Group wil enhance coperation with financing institutions,

government agencies and other parties of the same or diferent industries

to activate its various projects with concerted eforts.

As the economy of China is facing uncertainties, the Group has ben

actively to explore oportunities outside of China. South East Asia region

is a region with high growth potential and young population, which exists

oportunities.

STEPS TAKEN BY THE COMPANY SINCE THE

PUBLICATION OF THE 2024 ANUAL REPORT TO

ADRES THE 2024 DISCLAIMER OPINION AND

THE PROGRES ACHIEVED (“STEPS TAKEN”)

Refer to the anual report of the Company for the year ended 31

March 2024 published on 31 July 2024 (“2024 Anual Report”), the

Company’s auditor isued the disclaimer opinion on the Company’s

financial statements for the year ended 31 March 2024 (“2024 Disclaimer

Opinion”), as part of the measures to resolve the isues underlying the

2024 Disclaimer Opinion, the Group has also taken the folowing steps

since the publication of the 2024 Anual Report but the underlying isues

canot be resolved due to the folowing reasons:

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

(1)

重启秦皇岛项目及进一步开发银

川项目

诚如二零二四年报所述，本集团已于

二零二四年五月二十八日与一名潜在投

资者就秦皇岛项目之合作签订不具法律

约束力之谅解备忘录（「谅解备忘录」）。

然而，由于该潜在投资者未能承诺提供

谅解备忘录所述的所需资金，故本集团

与该潜在投资者并无协定进一步协议

或安排。另一方面，本集团一直与十多

名潜在投资者商讨重启秦皇岛项目。于

本报告日期前过去十二个月内，本集团

曾与中国多个潜在投资者进行磋商。然

而，由于中国房地产市场市况欠佳，潜

在投资者在与本集团合作及╱或向本集

团投资时保持审慎态度。因此，本集团

并无与任何潜在投资者订立任何最终协

议。目前，本集团正积极与一位潜在投

资者探讨合作机会，该潜在投资者曾对

秦皇岛项目进行多次实地考察。视乎潜

在投资者的内部规划，本集团预期将继

续与潜在投资者磋商秦皇岛项目的合作

事宜。

就银川项目而言，本集团继续发展及

预售该等物业。截至二零二五年三月

三十一日止年度（「二零二四╱二五财

年」），本集团已预售银川项目二期

套。截至二零二五年三月三十一日，银

川商业物业项目已实现约

90%

的出租

率，并成为西北地区最大的窗帘批发基

地之一。

(1) Restarting the Qinhuangdao Project and further

development of the Yinchuan Project

As stated in the 2024 Anual Report, the Group had signed a non-

legaly binding memorandum of understanding (the “MOU”) with a

potential investor on 28 May 2024 in relation to the coperation in

the Qinhuangdao Project. However, since such potential investor

failed to comit the necesary fundings as stated in the MOU,

no further agrement or arangement had ben agred betwen

the Group and such potential investor. On the other hand, the

Group had ben in discusions with over 10 potential investors

with an aim to restart the Qinhuangdao Project. During the past

12 months preceding the date of this Report, the Group had

established conversations with various potential investors in

China. However, due to the unfavourable market conditions of

the property market in China, the potential investors maintained

very cautious in coperation with and/or making investment

into the Group. Acordingly, no definitive agrements had ben

entered into betwen the Group and any of the potential investors.

Curently, the Group is actively exploring coperation oportunities

with one potential investor which had caried out certain times

of site inspection of the Qinhuangdao Project. Subject to internal

planing by the potential investors, the Group expects to continue

negotiations with the potential investors for coperation in the

Qinhuangdao Project.

As regards the Yinchuan Project, the Group had continued the

development and pre-sale of the properties. During the year ended

31 March 2025 (“FY2024/25”), the Group had pre-sold 82 units

of second phase of the Yinchuan Project. As of 31 March 2025,

Yinchuan Comercial Properties Project achieved an ocupancy

rate of aproximately 90% and became one of the largest curtain

wholesale base in the northwest region.

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

(2)

取得相关公司的持续财务支持

于二零二四年三月三十一日，本集团获

控股东间接全资拥有的公司授出将于

二零二五年十二月届满的循环贷款融资

2,000,000,000

港元，其全部金额于二零

二四年三月三十一日尚未动用。控股

东继续向本公司提供财务支持，而本集

团于二零二四╱二五财年一直维持该

循环贷款融资。于二零二五年六月，本

集团与关联方金盛国际集团（英属维尔

京群岛）有限公司订立新循环贷款融资

协议，涉及一笔无抵押贷款融资，总本

金额为

2,000,000,000

港元，年利率

，

该循环贷款融资将于二零二六年一月开

始，并须于二零二七年十二月偿还。

(3)

扩展物业管理业务

于二零二三╱二四财年收购三间物业管

理公司后，本集团已扩展其物业管理业

务，而该等物业管理业务已于二零二四

╱二五财年对本集团的收入作出全年贡

献。

(4)

探讨其他融资方案

就融资方案而言，本集团已就融资方案

继续物色多个金融机构或投资者并与其

进行磋商。本集团亦一直与华夏银行就

融资安排保持沟通，包括本公司关联方

现有贷款及按相同条款直接借予本集

团。于本报告日期，本集团与金融机构

仍在进行磋商。

(5)

发掘其他投资机会

除持续发展现有业务外，本集团一直积

极寻找其他投资机会以扩展其业务，包

括但不限于在中国内地及东南亚与物业

开发及╱或上下游业务有关的潜在机

会。于二零二四╱二五财年，本集团已

发掘超过五个潜在目标，包括中国内地

及东南亚的业务。于本报告日期，本集

团仍在发掘其投资机会，并未与上述潜

在目标订立任何具法律约束力的协议。

(2) Securing continuous financial suport from

related companies

As at 31 March 2024, the Group had a revolving loan facility of

HK$2,000,000,000 granted by a company indirectly wholy owned

by the controling shareholder that wil expire in December 2025,

of which the ful amount remained unutilised as at 31 March

2024. The controling shareholder had continued to provided

financial suport to the Company and the Group had maintained

such revolving loan facility during FY2024/25. In June 2025, the

Group entered into a new loan agrement regarding a revolving

loan facility agrement with a related party, Jinsheng International

Group (BVI) Limited

（金盛国际集团（英属维尔京群岛）有限公司）

in relation to an unsecured loan facility in the total principal amount

of HK$2,000,000,000 at an interest rate of 5% per anum, the

revolving loan facility starts in January 2026 and is due to repay in

December 2027.

(3) Expansion of property management busines

Folowing the acquisitions of thre property management

companies in FY2023/24, the Group had expanded its property

management busines, and these property management busines

had made a ful-year contribution to the Group’s revenue during

FY2024/25.

(4) Exploring other financing options

In terms of financing options, the Group had continued to identify

and negotiate with various financial institutions or investors for

financing options. The Group had also maintained comunications

with Huaxia Bank regarding the financing arangement, including

the existing loan borowed by related parties of the Company and

lent directly to the Group on the same terms. As at the date of

this Report, the negotiations betwen the Group and the financial

institutions are stil on-going.

(5) Exploring other investment oportunities

In adition to the continuous development of the existing

busineses, the Group had ben actively exploring other investment

oportunities to expand its busineses, including but not limited to

potential oportunities in mainland China as wel as in Southeast

Asia with busineses relating to property development and/or

upstream or downstream busineses. During FY2024/25, the

Group had explored more than five potential targets, including

busineses in mainland China and Southeast Asia. As at the date of

this Report, the Group is stil exploring its investment oportunities

and no legaly binding agrements had ben entered into with the

aforesaid potential targets.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

(6)

成本控制

本集团继续采取适当措施控制成本，包

括维持适当的员工人数及削减若干行政

成本。

持续经营及独立核数师就本年度

出具之不发表意见

截至二零二五年三月三十一日止年度，本集

团有亏损净额约

250,923,000

港元，于二零

二五年三月三十一日，本集团有流动负债净

额约

473,870,000

港元及借款总额（包括其他

借款、应付股东款项及应付关连方款项）约

617,295,000

港元，将从报告期末起计未来

十二个月到期。于同日，本集团的现金及现金

等值品约为

11,758,000

港元，受限制银行存款

约

6,199,000

港元。此外，本集团涉及牵涉未偿

应付工程款的多宗诉讼案件，本集团已就此

作出拨备。所呈列的财务状况显示存在重大

不确定性，可能对本集团持续经营能力构成

重大疑问，且本集团可能因而无法于正常业

务过程中变现其资产及偿还负债。

本公司独立核数师（「核数师」）已就本集团本

年度之综合财务报表出具不发表意见（「二零

二五年不发表意见」），其详情于独立核数师

报告。

董事了解到，核数师认为按持续经营基准编

制的综合财务报表的有效性受限于多种不确

定性，包括

(i)

成功重启及╱或加快物业发展项

目，及

(i)

来自关连方之持续财务支持。另一方

面，经考虑上述所采取之步骤及下文解决二

零二五年不发表意见的计划后，董事认为，本

集团的综合财务报表可以按持续经营基准列

报。

(6) Cost control

The Group continued to take apropriate measures to control its

costs, including maintain an apropriate level of headcounts and

reducing certain administrative costs.

GOING CONCERN AND DISCLAIMER OF OPINION

ISUED BY THE INDEPENDENT AUDITOR FOR

THE YEAR

During the year ended 31 March 2025, the Group had a net los of

aproximately HK$250,923,000 and as at 31 March 2025, the Group

had net curent liabilities of aproximately HK$473,870,000 and total

borowings, including other borowings, amount due to a shareholder

and amounts due to related parties, in agregate of aproximately

HK$617,295,000 that wil be due in the coming twelve months from

the end of the Reporting Period. As at the same date, the Group’s cash

and cash equivalents amounted to aproximately HK$11,758,000 and

restricted bank deposits amounted to aproximately HK$6,199,000.

In adition, the Group has ben involved in various litigation cases

for outstanding construction payables for which the Group has made

provision. The financial conditions presented indicate the existence of

material uncertainties, which may cast significant doubt on the Group’s

ability to continue as a going concern and, therefore the Group may

not be able to realise its asets and discharge its liabilities in the normal

course of busines.

The independent auditor of the Company (“Auditors”) has isued a

disclaimer of opinion to the Group’s consolidated financial statements for

the Year (“2025 Disclaimer Opinion”), details of which are set out in the

report from the independent auditor.

The Directors understand that the Auditors considered the validity of the

consolidated financial statements being prepared on a going concern

basis was subject to multiple uncertainties, including (i) the sucesful

resumption and/or aceleration of property development projects, and (i)

continuous financial suport from related parties. On the other hand, the

Directors consider that the consolidated financial statements of the Group

can be presented in a going concern basis, after taking into acount

of the Steps Taken above and Plans to adres the 2025 Disclaimer

Opinion below.

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

解决二零二五年不发表意见的计

划

有见及二零二五年不发表意见，本公司已审

慎考量以下措施以解决二零二五年不发表意

见的相关问题：

(i)

重启及╱或加快物业发展项目进

度

本集团的物业发展项目主要包括

(a)

本集

团于秦皇岛的物业发展项目（「秦皇岛项

目」）；及

(b)

本集团于银川的物业发展项目

（「银川项目」）。

秦皇岛项目

本集团一直积极探索不同方案及机遇推

进物业发展项目进度，尤其是重启秦皇

岛项目。于二零二四╱二五财年，本集

团已与超过

名潜在投资者╱合作伙

伴就重启秦皇岛项目进行商讨。该等潜

在投资者╱合作伙伴均为独立于本集团

的第三方，且具备中国物业发展业务经

验。截至本报告日期，本集团仍与大部

分潜在投资者╱合作伙伴保持商讨。其

中，本集团与其中一名潜在投资者（「新

潜在投资者」）保持积极对话。本集团与

新潜在投资者的对话始于二零二五年

三月。截至本报告日期，新潜在投资者

已就秦皇岛项目开展若干尽职调查工作

（包括于二零二五年六月对秦皇岛项目

进行实地考察），而本集团亦已对新潜在

投资者进行若干尽职调查。本集团与新

潜在投资者亦已就秦皇岛项目合作的若

干关键条款进行讨论，包括但不限于注

资金额及时间（部分资金可能用于部分

偿还华夏银行贷款及部分结算欠付承建

商的款项以重启秦皇岛项目）、股权结

构、经营责任、利润分配机制、项目公司

董事会组成、债务融资结构（如需要提

供担保以获取融资时的比例分担）等。

鉴于上述情况，尤其是

(i)

本集团与不同

潜在投资者╱合作伙伴就秦皇岛项目进

行对话，反映潜在投资者对该项目具有

兴趣；

(i)

本集团与新潜在投资者保持积

极讨论，显示秦皇岛项目重启的可能性

正逐步具体化；及

(i)

中国物业发展市场

情绪正持续改善，董事会认为本集团为

重启秦皇岛项目所作的努力持续取得进

展，而秦皇岛项目于适当时机重启的可

能性甚高。

PLANS TO ADRES THE 2025 DISCLAIMER

OPINION

In view of the 2025 Disclaimer Opinion, the Company had carefuly

considered the folowing measures to adres the isues underlying the

2025 Disclaimer Opinion:

(i) Resumption and/or aceleration of property

development projects

Property development projects of the Group comprised mainly (a)

the Group’s property development project at Qinhuangdao (the

“Qinhuangdao Project”); and (b) the Group’s property development

project at Yinchuan (the “Yinchuan Project”).

The Qinhuangdao Project

The Group has ben exploring diferent means and oportunities

to its property development projects, in particular, to resume

the Qinhuangdao Project. During FY2024/25, the Group had

engaged in discusions with over 10 potential investors/partners for

resumption of the Qinhuangdao Project. These potential investors/

partners are al independent third parties from the Group and had

experience in property development busines in the PRC. As at

the date of this Report, the Group had maintained discusions

with most of the potential investors/partners. Among these, the

Group had active dialogue with one of the potential investors (the

“New Potential Investor”). The dialogue betwen the Group and

the New Potential Investor comenced in March 2025. As at the

date of this Report, the New Potential Investor had caried out

certain due diligence work on the Qinhuangdao Project (including

a site visit to the Qinhuangdao Project in June 2025), and the

Group had also caried out certain due diligence work on the

New Potential Investor. The Group and the New Potential Investor

had also discused about certain key terms for the coperation

in the Qinhuangdao Project, including but not limited to amount

and timing of capital injection (part of which may be used for

partial repayment to Huaxia Bank and partial setlement of the

amounts due to contractors to resume the Qinhuangdao Project),

shareholding structure, operation responsibilities, profit sharing

mechanism, board composition of the project company, debt

financing structure (e.g. proportionate contribution if guarante is

required to secure financing), etc. In view of the above, in particular

that, (i) there have ben dialogues betwen the Group and diferent

potential investors/partners regarding the Qinhuangdao Project,

indicating the interest of potential investors in the project; (i) there

have ben active discusions betwen the Group and the New

Potential Investor, indicating a likelihod of a crystalising a concrete

resumption of the Qinhuangdao Project; and (i) the improving

market sentiment in the property development market in China,

the Board considered that the Group’s eforts in resumption of the

Qinhuangdao Project have continued to bring in progres and it

was likely that the Qinhuangdao Project could be resumed in due

course.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

银川项目

于二零二四╱二五财年，本集团持续推

进银川项目的开发及销售工作。银川项

目住宅部分最后两栋（第

及

栋）已

于二零二四╱二五财年完成建设，并开

始交付单位。另一方面，截至二零二五

年三月三十一日，银川项目商业部分的

出租率达

90%

，已成为中国西北地区最

大型的窗帘零售中心之一。本集团将继

续推进银川项目剩余住宅单位的销售工

作，以改善本集团的现金流状况。

(i)

扩大物业管理业务规模

物业管理业务（「物业管理业务」）为本

集团主要业务之一。本集团已于截至二

零二四年三月三十一日止年度（「二零

二三╱二四财年」）完成收购三家物业

管理公司。扩大物业管理业务规模将有

助本集团未来获取更稳定的收入。于二

零二四╱二五财年，本集团录得管理费

收入约

27,123,000

港元，较去年同期约

20,471,000

港元增加

32.5%

。

此外，本集团一直积极探索扩展物业管

理业务的各种机遇。于二零二四╱二五

财年，本集团已物色若干潜在拓展目

标。该等潜在目标均为于本集团业务所

在地区从事物业管理业务的公司。然

而，截至本报告日期，本集团尚未就物

业管理业务扩展与任何潜在目标达成协

议。与此同时，本集团亦在现有营运区

域内探索物业管理业务的有机扩张。例

如，在呼和浩特市，本集团目前仅为旗

下营运商业综合体约

40%

的租户提供物

业管理服务。本集团正制定扩展物业管

理业务的计划，惟此类计划需时落实，

因新的物业管理协议很可能需待现有协

议临近届满时方可开展谈判。

The Yinchuan Project

During FY2024/25, the Group had continued to work on the

development and sales of the Yinchuan Project. The construction

of the last two blocks (#17 and #18) of the residential properties

of the Yinchuan Project were completed and hand-over of units

comenced during FY2024/25. On the other hand, the comercial

part of the Yinchuan Project had a lease-out rate of 90% as at 31

March 2025, which had become one of the largest curtain retail

hubs in the North-Western part of China. The Group wil continue to

work on the sales of the remaining residential units of the Yinchuan

Project to improve the cash flow position of the Group.

(i) Expansion of property management busines

Property management busines (the “Property Management

Busines”) is one of the principal busineses of the Group.

The Group had completed the acquisitions of thre property

management companies in the year ended 31 March 2024

(“FY2023/24”). The expansion of the Property Management

Busines would help to bring in more stable income to

the Group in the future. During FY2024/25, the Group has

recorded management fe income amounted to aproximately

HK$27,123,000 as compared to aproximately HK$20,471,000 for

the coresponding year, representing an increase of 32.5%.

In adition, the Group has ben exploring diferent oportunities

to expand its Property Management Busines. During FY2024/25,

the Group had identified certain potential targets for expansion of

the Property Management Busines. Such potential targets were

also companies engaging in the busines of property management

in the areas in which the Group operated. However, up to the date

of this Report, the Group had not reached any agrement with any

of the potential targets for expansion of the Property Management

Busines. At the same time, the Group has also ben exploring

organic expansion of the Property Management Busines within

existing area of operation. For example, in the Hohot city, the

Group is curently providing property management service to only

aproximately 40% of the tenants of the comercial complex that

the Group has operation. The Group is in the proces of developing

plans to expand the Property Management Busines, which

nevertheles would require time to implement as such new property

management agrements wil likely be negotiated only close to the

expiry of the existing property management agrements.

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

此外，本公司正与本公司控股东（「控

股东」）就拓展物业管理业务之潜在合

作进行商讨。控股东及其联属公司目

前持有（其中包括）从事物业发展业务之

公司及超过

万平方米的商业物业，

该等业务同时涉及物业租赁及物业管理

业务（统称「控股东业务」）。控股东

有意支持本集团物业管理业务之扩展，

且本集团与控股东就合作扩展本集团

物业管理业务持续进行商讨。根据董事

会从控股东及其联属公司获悉的资

讯，控股东业务项下之物业租赁及物

业管理收入目前采用一体化模式运作，

来自租户的租金收入与物业管理费均涵

盖于同一协议内。鉴于本集团目前之财

务状况，董事会认为承接控股东业务

中之物业租赁部分并不适宜，因该业务

需投入大量资金。因此，本集团正与控

股东及其联属公司商讨于现有租赁协

议到期后，将控股东业务项下之物业

租赁与物业管理收入进行分拆。目前预

期控股东业务项下部分物业管理服务

可于二零二六年第一季度实现分拆。本

集团将继续与控股东商讨扩展本集团

物业管理业务之合适方案。

In adition, the Group was also in discusion with the controling

shareholder of the Company (the “Controling Shareholder”)

regarding the posible coperation for expansion of the Property

Management Busines. The Controling Shareholder and afiliates

curently own, among other things, companies engaging in

busines of property development and comercial properties of

over 3 milion square meters, which also involves in the property

leasing and property management busines (the “Controling

Shareholder’s Busines”). The Controling Shareholder is wiling

to suport the expansion of the Group’s Property Management

Busines and there have ben on-going discusions betwen the

Group and the Controling Shareholder regarding coperation to

expand the Property Management Busines of the Group. Based

on the Board’s understanding from the Controling Shareholder

and afiliates, the property leasing and property management

income under the Controling Shareholder’s Busines are caried

out in an integrated way, and income from tenants regarding

the rental income and property management income would be

covered under the same agrement. Given the curent financial

position of the Group, the Board considers that it wil not be

apropriate for the Group to take up the property leasing part

of the Controling Shareholder’s Busines as such busines wil

require substantial amount of capital. Acordingly, the Group

and the Controling Shareholder and afiliates are in discusion

regarding the arangement to split the property leasing and property

management income under the Controling Shareholder’s Busines

upon the expiry of the existing rental agrement(s). It is curently

expected that certain of the property management service under

the Controling Shareholder’s Busines could be split out in first

quarter of year 2026. The Group wil continue to discus with

the Controling Shareholder regarding the apropriate ways for

expansion of the Group’s Property Management Busines.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

(i)

关连方的持续财务支援

于二零二五年三月三十一日，本集团拥

有由控股东控制的公司所授出循环

贷款融资

2,000,000,000

港元，按年利率

计息，并将于二零二五年十二月到期

（「现有贷款融资」）。于二零二五年三月

三十一日，该融资金额尚未动用。于二

零二五年六月，本集团与一名由控股

东控制的关连方金盛国际集团（英属维

尔京群岛）有限公司就无抵押贷款融资

签署有关本金总额

2,000,000,000

港元、

年利率

的循环贷款融资协议的新贷

款协议，该循环贷款融资将于二零二六

年一月生效并将于二零二七年十二月到

期偿还（「新贷款融资」，连同现有贷款融

资统称「贷款融资」）。

除获取关连方的财务支援外，本集团亦

持续与多家不同金融机构就融资安排进

行磋商，以支持本集团营运。特别值得

关注的是，本集团与华夏银行持续保持

磋商，并于二零二五年四月开始与中国

内地另一家商业银行展开磋商。相关讨

论主要围绕支持本集团营运之融资安

排，旨在获取资金以重启秦皇岛项目。

截至本报告日期，该等磋商仍在进行

中。

本公司及控股东均认为，重启秦皇岛

项目应作为改善本集团财务状况之首要

重点工作。本公司理解，唯有重启秦皇

岛项目，方能落实控股东及其他金融

机构之财务支援。如上所述，本集团一

直积极探讨重启秦皇岛项目之各种可行

方案，并将继续就融资安排与各金融机

构保持磋商。

(i) Continuous financial suport from related parties

As at 31 March 2025, the Group had a revolving loan facility of

HK$2,000,000,000 with interest rate at 5% per anum, which was

granted by a company controled by the Controling Shareholder

that wil expire in December 2025 (the “Existing Loan Facility”). The

facility amount remained unutilised as at 31 March 2025. In June

2025, the Group entered into a new loan agrement regarding a

revolving loan facility agrement with a related party controled by

the Controling Shareholder, Jinsheng International Group (BVI)

Limited

（金盛国际集团（英属维尔京群岛）有限公司）

in relation

to an unsecured loan facility in the total principal amount of

HK$2,000,000,000 at an interest rate of 5% per anum, and such

revolving loan facility wil start in January 2026 and wil be due to

repay in December 2027 (the “New Loan Facility”, together with the

Existing Loan Facility, the “Loan Facilities”).

In adition to obtaining financial suport from related parties,

the Group has also ben engaged in negotiations with diferent

financial institutions regarding financing arangement to suport

the Group’s operations. In particular, the Group has continued

discusions with Huaxia Bank, and also comenced discusions

with another comercial bank in the PRC in April 2025. The

discusions mainly cover the financing arangements to suport

the Group’s operations, with an aim to obtain fundings to resume

the Qinhuangdao Project. As at the date of this Report, such

discusions were stil on-going.

Both the Company and the Controling Shareholder consider that

the resumption of the Qinhuangdao Project would be prioritised

as one of the most critical parts for improving the financial position

of the Group. The Company understand that the financial suport

from the Controling Shareholder and other financial institutions

would only be realised if the resumption of the Qinhuangdao Project

could be achieved. As mentioned above, the Group has also ben

actively exploring diferent posibilities to resume the Qinhuangdao

Project, and wil continue to discus with diferent financial

institutions regarding the financing arangement.

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

(iv)

探索其他投资机会

除现有业务之持续发展外，本集团亦一

直积极探索其他投资机会以拓展业务，

包括但不限于中国及东南亚地区与物业

发展及╱或上下游业务相关之潜在机

会。于二零二四╱二五财年，本集团已

考察超过五个潜在目标，包括中国及东

南亚地区之业务。本集团已对所有潜在

目标进行初步尽职调查，并于初步尽职

调查程序后，就潜在投资之关键条款（如

估值、代价及支付方式（股份发行）、管

理层及董事会组成以及利润保证等）展

开磋商。截至本报告日期，本集团仍在

探索相关投资机会，且尚未与上述潜在

目标订立任何具有法律约束力之协议。

(v)

成本控制

本集团已采取并将持续实施适当措施以

控制行政成本，包括但不限于削减员工

人数、减少市场推广开支，以及节省水

电费与差旅费用。

移除二零二五年不发表意见

经计及上述计划及措施以及截至二零二六年

三月三十一日止年度之预测营运现金流量，

董事认为本集团将拥有足够营运资金满足其

于截至二零二六年三月三十一日止年度的现

有需要。董事亦已与核数师讨论上述计划及

措施，而核数师亦同意上述措施可减轻本集

团的流动资金压力及改善本集团的财务状

况。董事会将向核数师提供充分适当的审核

凭证，以评估董事会在编制本集团综合财务

报表时采用持续经营基础的适当性。

尽管上文所述，鉴于中国内地物业市场波动，

且在取得银行、关连公司及本集团的承建商

╱债权人持续支持方面对不确定性，本公

司董事认为，本集团能否实现上述计划及措

施存在重大不确定性。

(iv) Exploring other investment oportunities

In adition to the continuous development of the existing

busineses, the Group had ben actively exploring other investment

oportunities to expand its busineses, including but not limited

to potential oportunities in the PRC as wel as in Southeast Asia

with busineses relating to property development and/or upstream

or downstream busineses. During FY2024/25, the Group had

explored more than five potential targets, including busineses in

the PRC and Southeast Asia. The Group had performed preliminary

due diligence on al of the potential targets, and had engaged in

negotiations on key terms of the posible investment (such as

valuation, consideration and payment methods (shares isuance),

management and board composition and profit guarante etc.)

after the preliminary due diligence proces. As at the date of this

Report, the Group was stil exploring its investment oportunities

and no legaly binding agrements had ben entered into with the

aforesaid potential targets.

(v) Cost control

The Group had and would continue to take apropriate measures

to control administrative costs, including but not limited to reducing

headcounts, reduction in marketing expenses, water and electricity

and traveling expenses.

Removal of the 2025 Disclaimer Opinion

The Directors believe that, after taking into acount the abovementioned

plans and measures, as wel as the forecasted operating cash flows for

the year ending 31 March 2026, the Group wil have suficient working

capital to satisfy its present requirements for the year ending 31 March

2026. The Directors have also discused the abovementioned plans

and measures with the Auditors, and the Auditors have agred that

the abovementioned measures would mitigate the Group’s liquidity

presure and improve its financial position of the Group. The Board wil

provide suficient apropriate audit evidence to the Auditors to ases

the apropriatenes of the Board’s aplication of going concern basis in

preparing the Group’s consolidated financial statements.

Notwithstanding the above, given the volatility of the property sector in

Mainland China and the uncertainties to obtain continuous suport from

the banks, the related companies and the Group’s contractors/creditors,

the Directors of the Company consider that material uncertainties exist as

to whether the Group wil be able to achieve its plans and measures as

described above.

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

倘本集团未能实现上述计划及措施，本集团

可能无法持续经营，在有关情况下，可能需要

对本集团资产的账面值作出调整，以按其可

变现价值列账，并对可能产生的任何进一步

负债计提拨备及分别将其非流动资产及非流

动负债重新分类为流动资产及流动负债。

根据与核数师的初步讨论，核数师认为：

假设上述计划及措施能按计划顺利实施（包括

但不限于从关连方或其他方获得额外资金，

以偿还本集团的未偿借款、应付工程款及任

何相关索赔及罚款），则二零二五年不发表意

见将于截至二零二六年三月三十一日止年度

的核数师报告中移除。

于下个财政年度，核数师将根据香港核数准

则于整个审计过程中运用专业判断并抱持专

业怀疑态度，以便对董事会使用持续经营基

准的会计方法的适切性作出结论，并根据获

取的审核凭证，判断是否存在与可能对本集

团持续经营能力构成重大怀疑的事件或条件

相关的重大不确定因素。该等结论将基于截

至下个年度核数师报告日期获得的审核凭

证。

审核委员会对二零二五年不发表意见

之意见

诚如本公司日期为二零二五年六月三十日

之二零二五年度业绩公告第

页所披露，

本公司审核委员会（「审核委员会」）已与本

集团管理层审阅本集团截至二零二五年三月

三十一日止年度之综合财务业绩（包括本集团

采纳的会计原则及惯例），并与核数师讨论审

核、风险管理及内部监控以及财务申报事宜。

Should the Group fail to achieve the above mentioned plans and

measures, the Group may be unable to operate as a going concern, in

which case adjustments might have to be made to the carying values

of the Group’s asets to state them at their realisable values, to provide

for any further liabilities which might arise and to reclasify its non-curent

asets and non-curent liabilities to curent asets and curent liabilities,

respectively.

Based on preliminary discusion with Auditors, Auditors are of the view

that:

The 2025 Disclaimer Opinion would be removed for the year ending 31

March 2026 auditor’s report asuming that the aforementioned plans

and measures can be sucesfuly implemented as planed (including

but not limited to obtain aditional funding from the related parties or

other parties to repay the Group’s outstanding borowings, construction

payables and any related claims and penalties).

In next financial year, the Auditors wil exercise profesional judgment

and maintain profesional skepticism throughout the audit in acordance

with Hong Kong Standards on Auditing in order to conclude on the

apropriatenes of the directors’ use of the going concern basis of

acounting and, based on the audit evidence obtained, whether a

material uncertainty exists related to events or conditions that may cast

significant doubt on the Group’s ability to continue as a going concern.

The conclusions would be based on the audit evidence obtained up to

the date of the next year auditor’s report.

Audit Comite’s View Towards The 2025

Disclaimer Opinion

As disclosed on page 31 of the 2025 anual results anouncement of

the Company dated 30 June 2025, the audit comite of the Company

(the “Audit Comite”) had reviewed the Group’s consolidated financial

results for the year ended 31 March 2025 with the Group’s management,

including the acounting principles and practices adopted by the Group

and discused auditing, risk management and internal control, and

financial reporting maters, in conjunction with the Auditor.

Richly Field China Development LimitedAnual Report 2025

Management Discusion and Analysis

管理层讨论与分析

于二零二五年六月三十日举行的审核委员会

会议上，审核委员会全体成员已详细审阅核

数师之资历及本集团之财务状况，以及上文

「应对二零二五年度不发表意见之计划」一节

所述之理由，并同意管理层之立场及依据，即

倘所有措施得以有效实施，即使核数师出具

不发表意见，本公司仍能够持续经营。于达致

此意见过程中，审核委员会已采取下列步骤：

(i)

审阅核数师之报告，当中载列（其中包

括）重大风险、审计重点及不发表意见之

详情；

(i)

与管理层就应对不发表意见之行动计划

进行讨论；

(i)

取得并审阅管理层提供之业务计划，包

括上文所述管理层对不发表意见之评估

详情；

(iv)

取得并审阅管理层编制之二零二五年四

月至二零二六年六月期间现金流量预

测，并与管理层讨论编制该现金流量预

测之依据及假设；及

(v)

与管理层及核数师就持续经营假设之评

估差异进行讨论。

在形成其意见时，审核委员会已考虑（其中包

括）以下因素：

(a)

管理层提供之财务预测连同行动计划详

情显示，倘行动计划得以有效实施，本

集团将能够持续经营；

(b)

行动计划涵盖本集团面临之关键问题，

尤其是秦皇岛项目之停工；

(c)

现有超过十名潜在投资者╱合作伙伴表

示有意与本集团合作重启秦皇岛项目；

During the meting of the Audit Comite held on 30 June 2025, al

members of the Audit Comite had thoroughly reviewed the auditors’

qualification and the Group’s financial position, reasons mentioned under

the “Plans to Adres the 2025 Disclaimer Opinion” above and agred

with the position and basis of the Management that the Company was

able to cary on as a going concern despite the auditor’s qualification,

if al the measures would be implemented efectively. In ariving at this

opinion, the Audit Comite had caried out the folowing steps:

(i) Reviewed a report from the Auditors seting out, among other

things, the significant risks, audit highlights and details on the

Disclaimer;

(i) Discused with the Management regarding the action plans to

adres the Disclaimer;

(i) Obtained and reviewed the busines plans provided by the

Management, including details on the Management’s asesment

on the Disclaimer as set out above;

(iv) Obtained and reviewed the cash flow forecast prepared by

the Management for the period from April 2025 to June 2026,

and discused with the Management regarding the basis and

asumptions for preparing such cash flow forecast; and

(v) Discusing with the Management and the Auditors regarding the

diferences in asesment on the going concern asumption.

In forming its view, the Audit Comite has considered, among other

things, that:

(a) The financial forecast provided by the Management with the details

of the action plans would demonstrate that the Group would

be able to continue as a going concern, subject to the efective

implementation of the action plans;

(b) The action plans cover the key isues faced by the Group, in

particular the suspension of the Qinhuangdao Project;

coperation with the Group for the resumption of the Qinhuangdao

Project;

裕田中国发展有限公司二零二五年报

Management Discusion and Analysis

管理层讨论与分析

(d)

与新潜在投资者之磋商仍在进行中，且

新潜在投资者及本集团均已开展尽职调

查工作；

(e)

银川项目其余两个地块之开发已于二零

二四╱二五财年完成并开始交付单位；

(f)

于二零二五年三月三十一日，银川项目

商业部分之出租率达

90%

，已成为中国

西北地区最大之窗帘零售中心之一。此

显示商业部分具有高度保证，或有助住

宅单位之销售；

(g)

物业管理业务运作正常。管理层已评估

不同方案，以便在机会出现时扩展该业

务；

(h)

尽管中国房地产市场仍存在不确定性，

管理层亦正探索不同投资机会，以扩阔

本集团之收益来源及分散业务风险；及

(i)

本集团与主要债权人华夏银行及其他金

融机构保持续沟通。同时，控股东

愿意于现有贷款融资到期前提早订立新

贷款融资。

(d) Discusion with the New Potential Investor was on-going and due

diligence work had ben performed by both the New Potential

Investor and the Group;

(e) The development of the remaining two blocks of the Yinchuan

Project had ben completed and hand-over of units comenced

during FY2024/25;

(f) The comercial part of the Yinchuan Project had a lease-out rate

of 90% as at 31 March 2025, which had become one of the largest

curtain retail hubs in the North-Western part of China. This indicates

a high level of asurance on the comercial part which may help

the sales of the residential units;

(g) The Property Management Busines was under normal operation.

The Management had asesed diferent proposals to expand such

busines should oportunities arise;

(h) While there are stil uncertainties in the property market in the PRC,

the Management is also exploring diferent investment oportunities

so as to expand the revenue stream and diverse busines risk of

the Group; and

(i) There are on-going comunications betwen the Group with the

major creditor, Huaxia Bank, and other financial institutions. At the

same time, the Controling Shareholder is wiling to enter into the

New Loan Facility early in advance of the expiry date of the Existing

Loan Facility

Report of the Directors

董事会报告

Richly Field China Development LimitedAnual Report 2025

董事提呈其年报及本公司截至二零二五

年三月三十一日止年度之经审核综合财

务报表。

主要业务

本公司为一间投资控股公司。附属公司之

主要业务及其他详情载于综合财务报表

附注

。

业务回顾

本集团截至二零二五年三月三十一日止

年度之业务回顾已载于第

至

页之「管

理层讨论与分析」章节。

业绩及分派

本集团于本年度之业绩载于第

页之综

合损益及其他全面收益报表。

将不会就本年度派付末期股息（二零二四

年三月三十一日：无）。

股本

本公司法定及已发行股本之详情载于综

合财务报表附注

。

储备

本年度本集团及本公司储备变动详情分

别载于第

、

及

页。

本公司于二零二五年三月三十一日并无

可分派储备（二零二四年：无）。

投资物业

本年度本集团投资物业变动详情载于综

合财务报表附注

。

物业、厂房及设备

本年度本集团物业、厂房及设备变动详情

载于综合财务报表附注

。

The Directors present their anual report and the audited consolidated

financial statements of the Company for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The principal activities

and other particulars of the subsidiaries are set out in note 39 to the

consolidated financial statements.

BUSINES REVIEW

The busines review of the Group for the year ended 31 March 2025 is

set out in the sections of Management Discusion and Analysis on pages

6 to 27.

RESULTS AND APROPRIATIONS

The results of the Group for the Year are set out in the consolidated

statement of profit or los and other comprehensive income on page

116.

There wil not be a payment of a final dividend for the Year (31 March

2024: Nil).

SHARE CAPITAL

Details of the authorised and isued share capital of the Company are set

out in note 31 to the consolidated financial statements.

RESERVES

Details of movements in the reserves of the Group and the Company

during the Year are set out on pages 120, 121 and 224, respectively.

The Company had no distributable reserve as at 31 March 2025 (2024:

Nil).

INVESTMENT PROPERTIES

Details of movements in the investment properties of the Group during

the Year are set out in note 15 to the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the property, plant and equipment of the Group

during the Year are set out in note 14 to the consolidated financial

statements.

裕田中国发展有限公司二零二五年报

Report of the Directors

董事会报告

MAJOR CUSTOMERS AND SUPLIERS

The percentage of revenue atributable to the Group’s five largest

customers was not more than 4% of the Group’s total revenue for the

Year.

The percentage of purchases cost for the Year atributable to the Group’s

major supliers are as folows:

–the largest suplier27%

–five largest supliers combined64%

None of the Directors, their asociates or any shareholders of the

Company (the “Shareholders”) (which to the knowledge of the Directors

owns more than 5% of the Company’s share capital) had an interest in

the major supliers or customers noted above.

FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities of the Group for

the last five financial years is set out on page 228. This sumary does

not form part of the consolidated financial statements.

DIRECTORS

The Directors of the Company during the Year and up to the date of this

anual report are as folows:

Executive Directors:

Li Yi Feng (Chairman of the Board and Chief Executive Oficer)

Chen Wei (Vice President)

Independent Non-executive Directors:

Hsu Wai Man Helen

Wong Chi Hong Wiliam

Xu Jinghong

Pursuant to Bye-Law 99, Ms. Hsu Wai Man Helen (“Ms. Hsu”), Mr. Xu

Jinghong (“Mr. Xu”) and Mr. Wong Chi Hong Wiliam (“Mr. Wong”) wil

retire from ofice by rotation at the AGM and, being eligible, wil ofer

themselves for re-election as independent non-executive Directors at the

AGM.

No Director proposed for re-election at the forthcoming AGM has a

service contract with the Company which is not determinable by the

Company within one year without payment of compensation, other than

statutory compensation.

主要客户及供应商

本集团五大客户应占收入百分比不多于

本集团本年度总收入的

。

本集团主要供应商应占本年度的采购成

本百分比如下：

－最大供应商

27%

－五大供应商合计

64%

概无董事、彼等之联系人士或任何本公司

股东（「股东」）（就董事所知拥有本公司股

本

以上者）于上述主要供应商或客户中

拥有任何权益。

财务概要

本集团最近五个财政年度之业绩以及资

产及负债概要载于第

页。此概要并不

构成综合财务报表之一部分。

董事

本公司于本年度内及截至本年报日期止

之董事为：

执行董事：

李亦锋（董事会主席兼行政总裁）

陈卫（副总裁）

独立非执行董事：

徐慧敏

黄子康

许惊鸿

根据细则第

条，徐慧敏女士（「徐女

士」）、许惊鸿先生（「许先生」）及黄子康先

生（「黄先生」）将在股东周年大会上轮席

告退，彼等均符合资格并愿意于股东周年

大会上膺选连任为独立非执行董事。

概无建议于应届股东周年大会上膺选连

任之董事与本公司订立不可于一年内由

本公司终止而毋需支付赔偿（法定赔偿除

外）之服务合约。

Richly Field China Development LimitedAnual Report 2025

Report of the Directors

董事会报告

本公司已接获各名独立非执行董事根据

香港联合交易所有限公司（「联交所」）证

券上市规则（「上市规则」）第

3.13

条的规

定而作出的年度独立确认。本公司认为全

体独立非执行董事均为独立。

董事履历详情

本集团董事履历详情载于第

至

页

「董事履历详情」一节。

董事及最高行政人员于股份及相

关股份之权益

于二零二五年三月三十一日，概无董事、

本公司最高行政人员及其联系人于本公

司或其任何相联法团（定义见香港法例第

章证券及期货条例（「证券及期货条

例」）第

部）之任何股份、相关股份及债

券中，拥有任何根据证券及期货条例第

部第

及第

分部须知会本公司及联交所

之权益或淡仓（包括根据证券及期货条例

相关条文彼等被当作或视为拥有之权益

或淡仓），或登记于本公司根据证券及期

货条例第

条存置之登记册之权益或淡

仓，或根据上市公司董事进行证券交易之

标准守则须知会本公司及联交所之权益

或淡仓。

主要股东

于二零二五年三月三十一日，于本公司股

份及相关股份中拥有权益及淡仓于本公

司根据证券及期货条例第

条存置之登

记册所记录之人士（董事或本公司最高行

政人员除外）如下：

好仓

除另有订明外，下文披露之持股百分比

乃根据本公司于二零二五年三月三十一

日之合共已发行

1,166,834,362

股份计

算。本公司已进行每

股份合并为

股

合并股份的股份合并，并已于二零二五年

一月十七日（星期五）完成。

The Company has received anual confirmation of independence

from each of the independent non-executive Directors pursuant to the

requirement of Rule 3.13 of the Rules Governing the Listing Securities on

The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (the

“Listing Rules”). The Company considers al independent non-executive

Directors to be independent.

BIOGRAPHICAL DETAILS OF DIRECTORS

The biographical details of the Directors of the Group are set out in the

“Biographical Details of Directors” section on pages 109 to 111.

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS

IN SHARES AND UNDERLYING SHARES

As at 31 March 2025, none of the Directors, the Chief Executive of the

Company and their asociates, had any interests or short positions in any

shares, underlying shares and debentures of the Company or any of its

asociated corporations (within the meaning of Part XV of the Securities

and Futures Ordinance (Cap. 571, Laws of Hong Kong) (“SFO”) which

were required to be notified to the Company and the Stock Exchange

pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests

or short positions which they were taken or demed to have taken under

such provisions of the SFO) or, as recorded in the register maintained by

the Company pursuant to Section 352 of the SFO, or otherwise notified

to the Company and the Stock Exchange pursuant to the Model Code for

Securities Transaction by Directors of Listed Companies.

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, the interests and short positions of persons (other

than Directors or Chief Executive of the Company) in the shares and

underlying shares of the Company as recorded in the register required to

be kept by the Company under Section 336 of the SFO were as folows:

LONG POSITIONS

Under otherwise specified, the shareholding percentages disclosed

below are calculated based on the total of 1,166,834,362 shares of the

Company in isue as at 31 March 2025. The Company implemented

a share consolidation for 20 shares into 1 consolidated share and was

completed on Friday, 17 January 2025.

裕田中国发展有限公司二零二五年报

Report of the Directors

董事会报告

本公司每股面值

港元之普通股

附注：

嘉悦有限公司为本公司

117,000,000

股份

之登记持有人。王华先生拥有全力国际有限

公司之全部已发行股本，全力国际有限公司

拥有美德企业有限公司之全部已发行股本，

而美德企业有限公司则拥有嘉悦有限公司之

全部已发行股本。因此，根据证券及期货条

例，王华先生、全力国际有限公司及美德企

业有限公司各被视为于嘉悦有限公司所直接

持有的

117,000,000

股份中拥有权益。

Ordinary shares of HK$1 each of the Company

Name of shareholderCapacity

Number of isued

ordinary shares

and underlying

shares held/

interested

Aproximate

percentage of the

isued share

capital of the

Company

股东名称╱姓名身份

持有╱拥有

权益之已发行

普通股及

Notes:

1) Fine Blis Limited is the registered holder of 117,000,000 shares of the

Company. Mr. Wang Hua owns the entire isued share capital of Complete

Power International Limited, and Complete Power International Limited owns the

entire isued share capital of God Moral Enterprises Limited, and God Moral

Enterprises Limited owns the entire isued share capital of Fine Blis Limited.

Acordingly, each of Mr. Wang Hua, Complete Power International Limited and

God Moral Enterprises Limited is demed to be interested in the 117,000,000

shares directly held by Fine Blis Limited under the SFO.

Richly Field China Development LimitedAnual Report 2025

Report of the Directors

董事会报告

振轩投资有限公司乃由王华先生全资拥

有。因此，根据证券及期货条例，王华先生

被视为于振轩投资有限公司所直接持有的

571,959,922

股份中拥有权益。

3) Sino Dynamics Investments Limited

为本公

司

130,000,000

股份之登记持有人。

Sino

Dynamics Investments Limited

之全部已发行

股本由创耀投资控股有限公司直接拥有。吴

培女士拥有创耀投资控股有限公司之全部

已发行股本。因此，根据证券及期货条例，创

耀投资控股有限公司及吴培女士各被视为

于

Sino Dynamics Investments Limited

所直接

持有的

130,000,000

股份中拥有权益。

除上文所披露者外，于二零二五年三月

三十一日，概无人士（董事除外）于本公司

股份或相关股份中拥有本公司根据证券

及期货条例第

条存置之登记册所登记

之权益或淡仓。

根据上市规则第

13.51B(1)

条更新

董事资料

经本公司具体查询并获各董事确认后，于

本公司截至二零二四年九月三十日止六

个月的中期报告日期后，概无根据上市规

则第

13.51B(1)

条须予以披露之董事资料

之变动。

董事收购股份或债券之权利

就董事会所深知，概无于本年度内任何时

间向任何董事或彼等各自之配偶或未成

年子女授出可藉购买本公司股份或债券

而取得利益之权利，彼等亦概无行使任何

有关权利，而本公司或其任何附属公司亦

概无参与订立任何安排，致使董事可获得

于任何其他法人团体之有关权利。

董事于重大合约中拥有之权益及

关连方交易

经作出一切合理查询后并根据现有账目

及记录，董事会并不知悉任何于本年度内

本公司或其任何附属公司所订立对本集

团业务而言属重大之任何合约中之重大

权益。

2) Stimulate High Investment Limited is wholy-owned by Mr. Wang Hua.

Acordingly, Mr. Wang Hua is demed to be interested in the 571,959,922

shares directly held by Stimulate High Investment Limited under the SFO.

3) Sino Dynamics Investments Limited is the registered holder of 130,000,000

shares of the Company. The entire isued share capital of Sino Dynamics

Investments Limited is directly owned by Galaxy Sharp Investment Holdings

Limited. Ms. Wu Peipei owns the entire isued share capital of Galaxy Sharp

Investment Holdings Limited. Acordingly, each of Galaxy Sharp Investment

Holdings Limited and Ms. Wu Peipei is demed to be interested in the

130,000,000 shares directly held by Sino Dynamics Investments Limited under

the SFO.

Save as disclosed above, as at 31 March 2025, no person (other than

the Directors) had an interest or short position in the shares or underlying

shares of the Company which were recorded in the register required to be

kept by the Company under Section 336 of the SFO.

UPDATE ON DIRECTORS’ INFORMATION UNDER

RULE 13.51B(1) OF THE LISTING RULES

Upon specific enquiry by the Company and receipt of confirmation

from the Directors, there has ben no change in the information of the

Directors required to be disclosed pursuant to Rule 13.51B(1) of the

Listing Rules subsequent to the date of the interim report of the Company

for the six months ended 30 September 2024.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

To the best knowledge of the Board, at no time during the Year were

rights to acquire benefits by means of the acquisition of shares in or

debentures of the Company granted to any Directors or their respective

spouse or minor children, or were any such rights exercised by them, or

was the Company or any of its subsidiaries a party to any arangement to

enable the Directors to acquire such rights in any other body corporate.

DIRECTORS’ INTEREST IN CONTRACTS OF

SIGNIFICANCE AND CONECTED PARTY

TRANSACTIONS

Having made al reasonable enquiries and based on the available

boks and records, the Board is not aware of any material interest in

any contract of significance to the busines of the Group to which the

Company or any of its subsidiaries was a party during the Year.

裕田中国发展有限公司二零二五年报

Report of the Directors

董事会报告

董事于竞争业务中拥有之权益

于本报告日期，董事、股东及彼等各自之

联系人士概无于引致或可能引致与本集

团业务存在竞争及任何该等人士与本集

团存在或可能存在任何其他利益冲突之

业务中拥有任何权益。

关连方交易

本年度关连方交易详情载于综合财务报

表附注

。

管理合约

董事会并不知悉本年度内订立有关本公

司全部或任何重大部分业务之管理及行

政之任何合约。

退休福利计划

退休福利计划详情载于综合财务报表附

注

2.3

。

购买、出售或赎回本公司之上市

股份

于本年度内，本公司及其任何附属公司概无

购买、出售或赎回本公司任何上市证券。

优先购买权

本公司之公司细则或百慕达（即本公司注

册成立所在之司法权区）法律概无任何有

关优先购买权之条款规定本公司须按比

例发售新股份予现有股东。

公众持股量

根据本公司可获得之公开资料及据董事

所知，于本年度及直至本报告日期止，本

公司维持上市规则规定之足够公众持股

量。

期后事项

于二零二五年三月三十一日后及直至本

报告日期，概无发生重大事项。

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

As at the date of this report, none of the Directors, the Shareholders

and their respective asociates had any interest in a busines which

competes or is likely to compete with the busines of the Group and any

other conflicts of interest which any such person has or may have with

the Group.

RELATED PARTY TRANSACTIONS

Details of the related party transactions during the Year are set out in note

35 to the consolidated financial statements.

MANAGEMENT CONTRACTS

The Board is not aware of any contract during the Year entered into with

the management and administration of the whole or any substantial part

of the busines of the Company.

RETIREMENT BENEFIT SCHEMES

Details of the retirement benefit schemes are set out in note 2.3 to the

consolidated financial statements.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SHARES

During the Year, neither the Company nor any of its subsidiaries

purchased, sold or redemed any of the Company’s listed securities.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company’s

Bye-Laws or the laws of Bermuda, being the jurisdiction in which the

Company was incorporated, which would oblige the Company to ofer

new shares on a pro rata basis to the existing Shareholders.

PUBLIC FLOAT

Based on the information that is publicly available to the Company and

within the knowledge of the Directors, the Company has maintained a

suficient public float as required under the Listing Rules during the Year

and up to the date of this report.

SUBSEQUENT EVENT

The Group had no significant event taking place subsequent to 31 March

2025 and up to the date of this report.

Richly Field China Development LimitedAnual Report 2025

Report of the Directors

董事会报告

附属公司及联营公司的重大收购

及出售

本集团年内并无任何重大附属公司及联营公

司收购或出售事项。

核数师

本年度之本公司综合财务报表由执业会

计师容诚（香港）会计师事务所有限公司审

核。应届股东周年大会上将提呈续聘容诚

（香港）会计师事务所有限公司担任本公

司核数师之决议案。

暂停办理股份过户登记手续

应届股东周年大会将于二零二五年八月

二十九日（星期五）举行。为厘定股东出

席股东周年大会及于会上投票的资格，本

公司股份过户登记处将于二零二五年八

月二十六日（星期二）至二零二五年八月

二十九日（星期五）（包括首尾两日）暂停

办理股份过户登记手续。为符合资格出席

股东周年大会并于会上投票，所有股份过

户文件连同相关股票须于二零二五年八

月二十五日（星期一）下午四时三十分前送

呈本公司之香港股份过户登记分处卓佳

秘书商务有限公司，地址为香港夏悫道

号远东金融中心

楼。厘定股东出席股东

周年大会并于会上投票资格的记录日期

为二零二五年八月二十九日。

代表董事会

主席

李亦锋

香港，二零二五年六月三十日

MATERIAL ACQUISITIONS AND DISPOSALS OF

SUBSIDIARIES AND ASOCIATED COMPANIES

The Group did not have any material acquisitions and disposals of

subsidiaries and asociated companies during the year.

AUDITOR

The consolidated financial statements of the Company for the Year have

ben audited by Rongcheng (Hong Kong) CPA Limited, Certified Public

Acountants. A resolution wil be proposed at the forthcoming AGM

to re-apoint Rongcheng (Hong Kong) CPA Limited as auditor of the

Company.

CLOSURE OF THE REGISTER OF MEMBERS

The forthcoming AGM wil be held on Friday, 29 August 2025. To

ascertain the Shareholders’ entitlement to atend and vote at the AGM,

the register of members of the Company wil be closed from Tuesday,

26 August 2025 to Friday, 29 August 2025, both days inclusive, during

which no transfer of Shares wil be efected. In order to qualify for the

entitlement to atend and vote at the AGM, al transfers of Shares

acompanied by the relevant shares certificates must be lodged with the

Company’s branch share registrar and transfer ofice in Hong Kong, Tricor

Secretaries Limited at 17/F, Far East Finance Centre, 16 Harcourt Road,

Hong Kong by 4:30 p.m. on Monday, 25 August 2025. The record date

for the purpose of determining the eligibility of the Shareholders to atend

and vote at the AGM is 29 August 2025.

On behalf of the Board

Li Yi Feng

Chairman

Hong Kong, 30 June 2025

Corporate Governance Report

企业管治报告

裕田中国发展有限公司二零二五年报

企业管治常规

董事会承诺以本公司股东（「股东」）的最佳利

益维持企业管治的高水平。本公司一直致力

按香港联合交易所有限公司（「联交所」）证券

上市规则（「上市规则」）附录

第二部分（自二

零二三年十二月三十一日起重组为附录

）

所载之企业管治守则（「企业管治守则」）载列

之守则条文及建议最佳常规加强本公司的企

业管治水平。于本年度内，本公司已应用及遵

守所有载于企业管治守则之守则条文，惟偏

离守则条文第

C.2.1

条除外。

守则条文第

C.2.1

条规定主席及行政总裁之职

务应予区分，不应由同一人担任。主席与行政

总裁之间的职责分工应清楚界定并以书面形

式列明。

于本年度内，本公司偏离守则条文第

C.2.1

条，

盖因本公司董事会主席及行政总裁职务由同

一人（李亦锋先生）兼任。此次偏离的理据为，

董事会相信，于本集团当前发展阶段，此两项

职务由同一人兼任为本公司带来强劲且一致

的领导力，有助本集团各项业务策略之规划

及执行。董事会将定期检讨此架构，并结合当

时情况于适当时候考虑区分主席及行政总裁

职务之措施。

CORPORATE GOVERNANCE PRACTICES

The Board is comited to maintaining high standards of corporate

governance in the best interest of the shareholders of the Company (the

“Shareholders”). The Company has ben making an efort to enhance the

corporate governance standard of the Company by reference to the code

provisions and recomended best practices set out in the Corporate

Governance Code (the “CG Code”) contained in Part 2 of Apendix 14

(which has ben restructured as Apendix C1 since 31 December 2023)

to the Rules Governing the Listing Securities on The Stock Exchange of

Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”). During

the Year, the Company has aplied and complied with al the code

provisions set out in the CG Code except for the deviation from code

provision C.2.1.

Code provision C.2.1 provides that the roles of chairman and chief

executive should be separate and should not be performed by the same

individual. The division of responsibilities betwen the chairman and chief

executive should be clearly established and set out in writing.

During the Year, the Company had deviated from code provision C.2.1

because the roles of Chairman of the Board and the Chief Executive

Oficer of the Company had ben vested in the same person (Mr. Li Yi

Feng). The reason for this deviation was that the Board believes that

at the curent development of the Group, vesting of the two roles in

the same person provides the Company with strong and consistent

leadership and facilitates the planing and execution of the Group’s

busines strategies. The Board wil review this structure periodicaly and

wil consider steps to separate dual roles of chairman and chief executive

oficer as and when apropriate taking into acount the prevailing

circumstances.

Richly Field China Development LimitedAnual Report 2025

Corporate Governance Report

企业管治报告

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers as set out in Apendix 10 to the Listing

Rules (the “Model Code”) as the code of conduct regarding securities

transactions by the Directors.

Having made specific enquiries to al Directors, al Directors confirmed

that they had complied with the required standards set out in the Model

Code throughout the Year.

BOARD OF DIRECTORS

Composition

As at the date of this report, the Board comprises of five Directors

including two Executive Directors, and thre Independent Non-executive

Directors.

The Board is responsible for the leadership and control of the Company

and overses the Company’s busineses, investment and strategic

decisions and performance. In adition, the Board has delegated various

responsibilities to the board comites. Further details of these board

comites are set out in this anual report.

Board Diversity Policy

The Company adopted a board diversity policy (the “Policy”) which sets

out the aproach to achieve and maintain diversity on the Board in order

to enhance the efectivenes of the Board.

Pursuant to the Policy, the Company seks to achieve Board diversity

through the consideration of a number of factors, including but not limited

to gender, age, cultural and education background, ethnicity, profesional

experience, skils, knowledge and length of service. The Board wil review

such objectives from time to time to ensure their apropriatenes and the

progres made towards achieving those objectives. The Company wil

also take into consideration its own specific neds from time to time in

determining the optimum composition of the Board.

The Board recognizes that gender-diverse leadership encourages beter

governance, provides broader range of perspectives to the decision-

making proces and ultimately increases corporate performance and

competitivenes. During the Year, the Board was comprised of 80% male

and 20% female, and is comited to improving gender diversity as and

when suitable candidates are identified.

董事之证券交易

本公司已采纳上市规则附录

所载上市发行

人董事进行证券交易之标准守则（「标准守

则」），作为董事进行证券交易之相关行为守

则。

在向所有董事作出特定查询后得悉，所有董

事确认彼等于本年度全年均已遵守标准守则

所载之规定准则。

董事会

组成

于本报告日期，董事会由五名董事组成，

包括两名执行董事及三名独立非执行董

事。

董事会负责领导及控制本公司，以及监

督本公司业务、投资以及决策和执行。此

外，董事会亦已将各项职责委以董事委员

会。该等董事委员会之进一步详情载于本

年报内。

董事会成员多元化政策

本公司已采纳董事会成员多元化政策

（「该政策」），当中列载董事会为达致及

维持成员多元化以提升董事会之有效性

而采取之方针。

根据该政策，本公司为寻求达致董事会成

员多元化会考虑众多因素，包括但不限于

性别、年龄、文化及教育背景、族群特性、

专业经验、技能、知识及服务年资。董事

会将会不时检讨有关目标，以确保该等目

标之合适性及为达致该等目标所采取之

程序。本公司在厘定董事会之最佳组合

时，亦将不时考虑其自身之特殊需求。

董事会明白，性别多元化的领导有助促进

管治和在决策过程中提供更广泛的观点，

最终提升企业绩效和竞争力。本年内，董

事会由

80%

男性及

20%

女性构成，并致力

在物色到合适候选人时改善性别多元化。

裕田中国发展有限公司二零二五年报

Corporate Governance Report

企业管治报告

为培养董事会的潜在继任者以保持性别

多元化，本公司于为本集团各项业务招聘

及甄选主要管理及其他人员时，会采用类

似考虑因素。

于本年度，本集团保持工作场所

66.7:33.3

的男女性别比率。于招聘合适候选人时，

本集团不仅会考虑各潜在候选人的能力，

亦会考虑工作场所的议程多元化。

独立观点及意见

本公司已建立机制，以确保董事会可获取

独立观点及意见，以提升客观有效的决策

过程。

以下机制须经董事会按年检讨，包括但不

限于：

(a)

独立非执行董事能够以开诚布公的

方式表达其意见，并在有需要时透过

仅由独立非执行董事与主席出席的

会议以保密方式发表意见；

(b)

每名董事均有机会在董事会议上

发表其不同观点以及表达其关切；及

(c)

董事会议外的其他非正式会议。

执行董事：

李亦锋（董事会主席兼行政总裁）

陈卫（副总裁）

独立非执行董事：

徐慧敏

黄子康

许惊鸿

董事会成员相互之间概无任何财政、业

务、家族或其他重大╱有关联系。董事履

历资料载于第

至

页。

To develop a pipeline of potential sucesors to the Board to maintain

gender diversity, similar considerations are used when recruiting and

selecting key management and other personel acros the Group’s

operations.

During the Year, the Group maintained a 66.7:33.3 gender ratio of males

to females in the workplace. The Group wil consider not only the ability of

each potential candidate, but also the agenda diversity in the workforce

when recruiting suitable candidates.

Independent Views and Input

The Company has established mechanisms for ensuring independent

views and input are available to the Board for enhancing an objective and

efective decision making.

The folowing mechanisms are subject to anual review by Board,

including without limitation:

(a) Independent Non-executive Directors can expres their views in

an open and candid maner, and in a confidential maner, should

circumstances require through meting betwen Independent Non-

executive Directors and the Chairman only;

(b) each and every Director is given the oportunity to expres his/her

diferent views at Board metings and to voice his/her concerns;

and

Executive Directors:

Li Yi Feng (Chairman of the Board and Chief Executive Oficer)

Chen Wei (Vice President)

Independent Non-Executive Directors:

Hsu Wai Man Helen

Wong Chi Hong Wiliam

Xu Jinghong

The Board members have no financial, busines, family or other material/

relevant relationships with each other. The biographical information of the

Directors is set out on pages 108 to 110.

Richly Field China Development LimitedAnual Report 2025

Corporate Governance Report

企业管治报告

主席

本公司主席领导制定本公司之整体策略

及政策，以确保董事会有效执行其职能，

包括遵守良好企业管治常规并鼓励及促

使董事在董事会活动中发挥积极作用。主

席亦负责在公司秘书协助下确保所有董

事适当了解董事会议上所产生问题之

基本情况并已及时获得充分、完整及可靠

之资料。

执行董事

执行董事负责经营本公司及执行董事会

采纳之策略。彼等遵照董事会制定之指示

领导本公司之管理团队，并负责确保制定

适当之内部监控系统及本公司业务遵守

适用之法例和规例。

独立非执行董事

独立非执行董事承担确保及监控有效企

业管治架构之重要职能。彼等之参与为维

护本公司及其股东之整体利益提供适当

之制约与平衡。董事会目前包括三名独立

非执行董事，其中两名具备相关之专业资

格或会计或相关财务管理专业知识。根据

上市规则第

3.13

条，本公司已接获各独立

非执行董事之年度独立性确认书。按此基

准，董事会认为，根据上市规则，所有独

立非执行董事均具独立性。独立非执行董

事将提供独立意见，并与董事会其他成员

分享彼等之知识及经验。

各独立非执行董事（即徐慧敏女士、黄子

康先生及许惊鸿先生）获委任之固定任期

为三年，分别由二零二年十一月二十二

日、二零二四年一月三十一日及二零二三

年四月一日开始。

Chairman

The Chairman of the Company takes the lead in formulating the overal

strategies and policies of the Company in order to ensure efective

performance by the Board of its functions, including compliance with

god corporate governance practices and encourages and facilitates

active contribution of Directors in Board activities. The chairman also

ensures that al Directors are properly briefed on isues arising at Board

metings and have received adequate, complete and reliable information

in a timely maner with the asistance of the company secretary.

Executive Directors

The Executive Directors are responsible for runing the Company and

executing the strategies adopted by the Board. They lead the Company’s

management team in acordance with the directions set by the Board

and are responsible for ensuring that proper internal control system is

in place and the Company’s busines conforms to aplicable laws and

regulations.

Independent Non-executive Directors

The Independent Non-executive Directors serve the important function of

ensuring and monitoring an efective corporate governance framework.

Their participation provides adequate checks and balances to safeguard

the interests of the Company and its Shareholders as a whole. The

Board curently consists of thre Independent Non-executive Directors

and two of them have relevant profesional qualification or acounting

or relating financial management expertise. The Company has received

anual confirmation of independence from each of the Independent Non-

executive Directors pursuant to Rule 3.13 of the Listing Rules. On this

basis, the Board is of the view that al the Independent Non-executive

Directors are independent in acordance with the Listing Rules. The

Independent Non-executive Directors wil provide independent opinion

and share their knowledge and experience with other members of the

Board.

Each of the Independent Non-executive Directors, namely Ms. Hsu

Wai Man Helen, Mr. Wong Chi Hong Wiliam and Mr. Xu Jinghong, was

apointed for a fixed term of thre years comencing from 22 November

2022, 31 January 2024 and 1 April 2023 respectively.

裕田中国发展有限公司二零二五年报

Corporate Governance Report

企业管治报告

董事会议及股东大会

于本年度，董事出席董事会议及股东大

会之出席率列示如下：

分母指于截至二零二五年三月三十一日止财

政年度之各董事任期内举行之董事会议、股

东周年大会或（视情况而定）之数目。

所有董事会议及股东大会议记录由

公司秘书保存，并于合理通知的合理时间

下可供任何董事查阅。各董事均有权索

取董事会文件及相关资料，并可获取公司

秘书之建议及服务。此外，于适合的情况

下，本公司容许董事在履行职务时寻求独

立专业建议。

Board Metings and General Metings

During the Year, the Directors’ atendance at the Board metings and

general metings is set out as folows:

Number of metings atended/held

出席╱举行会议数目

Name

Board

Metings*

Anual General

Metings*

Special General

Metings

姓名董事会议

股东周年大会

股东特别大会

Executive Directors:

执行董事：

Li Yi Feng (Chairman of the Board and Chief Executive Oficer)6/61/11/1

李亦锋（董事会主席兼行政总裁）

Chen Wei (Vice President)6/61/11/1

陈卫（副总裁）

Independent Non-executive Directors:

独立非执行董事：

Hsu Wai Man Helen6/61/11/1

徐慧敏

Wong Chi Hong Wiliam6/61/11/1

黄子康

Xu Jinghong6/61/11/1

许惊鸿

, anual general

meting or, as the case may be, held during the tenure of each Director in the

financial year ended 31 March 2025.

Al minutes of Board metings and general metings are kept by the

company secretary and are open for inspection at reasonable time on

reasonable notice by any Director. Every Director is entitled to have

aces to Board papers and related materials and aces to the advice

and services of the company secretary. In adition, the Company

enables the Directors, in discharge of their duties, to sek independent

profesional advice in apropriate circumstances.

Richly Field China Development LimitedAnual Report 2025

Corporate Governance Report

企业管治报告

董事之培训

本公司向各新任董事提供简介及资料，以

确保其确切理解本公司之营运及业务，以

及其于相关法规、法律、规则及规例项下

之责任。

本公司自费对所有董事提供持续专业培

训以发展并更新其知识及技能，协助彼等

履行职责，以确保彼等向董事会作出知情

及相关之贡献。

于本年度内，各董事之出席╱接受培训的

记录列示如下：

附注：

：

出席课程╱讲座╱会议

：

阅读期刊╱书面培训教材╱更新资料

TRAINING FOR DIRECTORS

Every newly apointed Director is provided with induction and information

to ensure that he/she has a proper understanding of the Company’s

operations and busines as wel as his/her responsibilities under the

relevant status, laws, rules and regulations.

The continuous profesional development is provided to al Directors at

the Company’s expense to develop and refresh their knowledge and

skils to asist them in discharging their duties. This is to ensure that their

contribution to the Board remains informed and relevant.

During the Year, a record of the training atended/received by each of the

Directors, is set out as folows:

Type of training

Name

姓名培训类别

Executive Directors:

执行董事：

Li Yi Feng (Chairman of the Board and

Chief Executive Oficer)

李亦锋（董事会主席兼行政总裁）

A & B

Chen Wei (Vice President)

陈卫（副总裁）

A & B

Independent Non-executive Directors:

独立非执行董事：

Hsu Wai Man Helen

徐慧敏

A & B

Wong Chi Hong Wiliam

黄子康

Xu Jinghong

许惊鸿

A & B

Notes:

A: atending courses/seminars/conferences

B: reading journals/writen training materials/updates

裕田中国发展有限公司二零二五年报

Corporate Governance Report

企业管治报告

审核委员会

本公司已设立审核委员会，并遵守上市规

则及企业管治守则之守则条文以书面形

式制定职权范围。审核委员会主要负责监

督本公司之财务申报系统及风险管理及

内部监控系统；就委任及罢免外聘核数

师、批准委聘外聘核数师之酬金及任期，

以及与该核数师辞任或解雇有关之任何

问题向董事会提供推荐建议；及审阅本公

司之中期及年度报告和账目。

于本年度内，审核委员会由全体独立非执

行董事组成，即徐慧敏女士、黄子康先生

及许惊鸿先生。徐慧敏女士为审核委员会

主席。

审核委员会已审阅本公司截至二零二四

年九月三十日止六个月及本年度的综合

财务报表，并认为有关报表符合适用会计

准则、上市规则及法律规定，并已作出充

分披露。

于本年度内，审核委员会成员出席委员会

会议的出席率列示如下：

姓名

出席╱举行

审核委员会

会议数目

徐慧敏（主席）

2/2

黄子康

2/2

许惊鸿

2/2

分母代表截至二零二五年三月三十一日止财

政年度审核委员会于各审核委员会成员任期

内所举行会议的数目。

AUDIT COMITE

The Company has established an Audit Comite with writen terms of

reference in compliance with the Listing Rules and the code provisions

under the CG Code. The Audit Comite is mainly responsible

for overseing the Company’s financial reporting system and risk

management and internal control systems; making recomendations to

the Board in the apointment and removal of the external auditors and

to aprove the remuneration and terms of engagement of the external

auditors, and any questions of resignation or dismisal of such auditors;

and reviewing the interim and anual reports and acounts of the

Company.

During the Year, the Audit Comite comprised al Independent Non-

executive Directors, namely Ms. Hsu Wai Man Helen, Mr. Wong Chi Hong

Wiliam and Mr. Xu Jinghong. Ms. Hsu Wai Man Helen is the Chairlady of

the Audit Comite.

The consolidated financial statements of the Company for the six months

ended on 30 September 2024 and the Year have ben reviewed by the

Audit Comite, who is of the opinion that such statements comply

with the aplicable acounting standards, the Listing Rules and legal

requirements, and that adequate disclosures have ben made.

During the Year, the members’ atendance of the metings of the Audit

Comite is set out as folows:

Name

Number of metings

of the Audit Comite

atended/held*

Hsu Wai Man Helen (Chairlady)2/2

Wong Chi Hong Wiliam2/2

Xu Jinghong2/2

* The denominator represents the number of metings of the Audit Comite

held during the tenure of each member of the Audit Comite in the financial

year ended 31 March 2025.

Richly Field China Development LimitedAnual Report 2025

Corporate Governance Report

企业管治报告

薪酬委员会

本公司已设立薪酬委员会（「薪酬委员

会」），并遵守上市规则及企业管治守则之

守则条文以书面形式制定职权范围。薪酬

委员会主要负责向董事会就本公司董事

及高级管理层之薪酬政策提供推荐建议，

以及监管执行董事及高级管理层之薪酬

组合。

于本年度内，薪酬委员会包括一名执行董

事李亦锋先生及三名独立非执行董事徐

慧敏女士、黄子康先生及许惊鸿先生。徐

慧敏女士为薪酬委员会主席。

薪酬委员会于本年度内所进行之工作包

括审阅执行董事之薪酬政策、评估执行董

事之表现及审批执行董事服务合约之条

款。

于本年度内，薪酬委员会成员出席委员会

会议的出席率列示如下：

姓名

出席╱举行

薪酬委员会

会议数目

徐慧敏（主席）

2/2

李亦锋

2/2

黄子康

2/2

许惊鸿

2/2

分母代表截至二零二五年三月三十一日止财

政年度薪酬委员会于各薪酬委员会成员任期

内所举行会议的数目。

REMUNERATION COMITE

The Company has established a Remuneration Comite (the

“Remuneration Comite”) with writen terms of reference in compliance

with the Listing Rules and the code provisions under the CG Code.

The Remuneration Comite is mainly responsible for making

recomendations to the Board on the Company’s remuneration policy

for Directors and senior management, and overseing the remuneration

packages of the Executive Directors and senior management.

During the Year, the Remuneration Comite comprises one Executive

Director, namely Mr. Li Yi Feng, and thre Independent Non-executive

Directors, namely Ms. Hsu Wai Man Helen, Mr. Wong Chi Hong Wiliam

and Mr. Xu Jinghong. Ms. Hsu Wai Man Helen is the Chairlady of the

Remuneration Comite.

The work performed by the Remuneration Comite during the Year

includes reviewing the policy for the remuneration of Executive Directors,

asesing the performance of Executive Directors and aproving the

terms of Executive Directors’ service contracts.

During the Year, the members’ atendance of the metings of the

Remuneration Comite is set out as folows:

Name

Number of metings

of the Remuneration

Comite

atended/held*

Hsu Wai Man Helen (Chairlady)2/2

Li Yi Feng2/2

Wong Chi Hong Wiliam 2/2

Xu Jinghong2/2

* The denominator represents the number of metings of the Remuneration

Comite held during the tenure of each member of the Remuneration

Comite in the financial year ended 31 March 2025.

裕田中国发展有限公司二零二五年报

Corporate Governance Report

企业管治报告

提名委员会

本公司已设立提名委员会（「提名委员

会」），并遵守上市规则及企业管治守则之

守则条文以书面形式制定职权范围。提名

委员会主要负责审阅董事会之架构、规模

及组成（包括技能、知识及经验），并就拟

对董事会之任何变动作出推荐建议以配

合本公司之企业策略、物色合资格担任董

事会成员之个人及就提名担任董事职务

之候选人甄选向董事会作出推荐建议、评

估独立非执行董事之独立性，并就委任或

重新委任董事及董事之继任计划向董事

会作出推荐建议。为确保董事会组成人员

的变动不会带来不适当的干扰，本公司应

设有正式、经审慎考虑并具透明度的董事

甄选、委任及重新委任程序，并设定有秩

序的董事继任计划（如认为有需要），包括

定期检讨此类计划。用于考虑候选人是否

符合资格的标准，应视乎候选人是否能投

入足够时间及精神以处理本公司事务，并

促进董事会多元化（包括性别多元化），使

董事会能有效履行其职责。

于本年度内，提名委员会包括一名执行董

事李亦锋先生及三名独立非执行董事徐

慧敏女士、黄子康先生及许惊鸿先生。李

亦锋先生为提名委员会主席。

提名委员会于本年度内所进行之工作包

括审阅董事会之架构、规模及组成以及评

估所有独立非执行董事于本年度内之独

立性。

于本年度内，提名委员会成员出席委员会

会议的出席率列示如下：

姓名

出席╱举行

提名委员会

会议数目

李亦锋（主席）

1/1

徐慧敏

1/1

黄子康

1/1

许惊鸿

1/1

分母代表截至二零二五年三月三十一日止财

政年度提名委员会于各提名委员会成员任期

内所举行会议的数目。

NOMINATION COMITE

The Company has established a Nomination Comite (the “Nomination

Comite”) with writen terms of reference in compliance with the Listing

Rules and the code provisions under the CG Code. The Nomination

Comite is mainly responsible for reviewing the structure, size and

composition (including the skils, knowledge and experience) of the

Board, making recomendations on any proposed changes to the

Board to complement the Company’s corporate strategy, identifying

individuals suitably qualified to become member of the Board and making

recomendations to the Board on the selection of individuals nominated

for directorships, asesing the independence of Independent non-

Executive Directors, and making recomendations to the Board on the

apointment or re-apointment of directors and sucesion planing

for directors. To ensure changes to the Board composition can be

managed without undue disruption, a formal, considered and transparent

procedure is in place for selection, apointment and re-apointment of

Directors, as wel as plans in place for orderly sucesion (if considered

necesary), including periodical review of such plans. The criteria to be

aplied in considering whether a candidate is qualified shal be his or her

ability to devote suficient time and atention to the afairs of the Company

and contribute to the diversity of the Board (including gender diversity) as

wel as the efective carying out of the responsibilities of the Board.

During the Year, the Nomination Comite comprises one Executive

Director, namely Mr. Li Yi Feng, and thre Independent Non-executive

Directors, namely Ms. Hsu Wai Man Helen, Mr. Wong Chi Hong Wiliam

and Mr. Xu Jinghong. Mr. Li Yi Feng is the Chairman of the Nomination

Comite.

The work performed by the Nomination Comite during the Year

includes reviewing the structure, size and composition of the Board and

asesing the independence of al Independent Non-executive Directors

during the Year.

During the Year, the members’ atendance of the metings of the

Nomination Comite is set out as folows:

Name

Number of metings

of the Nomination

Comite

atended/held*

Li Yi Feng (Chairman) 1/1

Hsu Wai Man Helen1/1

Wong Chi Hong Wiliam 1/1

Xu Jinghong1/1

* The denominator represents the number of metings of the Nomination

Comite held during the tenure of each member of the Nomination

Comite in the financial year ended 31 March 2025.

Richly Field China Development LimitedAnual Report 2025

Corporate Governance Report

企业管治报告

董事及五名最高薪酬人士薪酬详

情

董事薪酬及本集团之五名最高薪酬人士

的详情分别载于综合财务报表附注

和

。

核数师酬金

于本年度内，与本公司核数师提供之核数

及非核数服务有关之酬金列示如下：

提供服务已付╱应付费用

千港元

核数服务

非核数服务

董事之证券交易

本公司已采纳上市规则附录

所载上

市发行人董事进行证券交易之标准守则

（「标准守则」），作为董事进行证券交易

之相关行为守则。

在向所有董事作出特定查询后得悉，所有

董事确认彼等于本年度全年均已遵守标

准守则所载之规定准则。

企业管治职能

董事会负责执行企业管治守则之守则条

文第

A.2.1

条所载之企业管治职能，包括：

•

制定及检讨本公司的企业管治政策

及常规，并向董事会提出建议；

•

检讨及监控董事及高级管理层的培

训及持续专业发展；

•

检讨及监控本公司在遵守法律及监

管规定方面之政策及常规；

REMUNERATION DETAILS OF DIRECTORS AND

FIVE HIGHEST PAID INDIVIDUALS

Details of the Directors’ remuneration and the five highest-paid individuals

in the Group are set out in notes 9 and 10 to the consolidated financial

statements respectively.

AUDITORS’ REMUNERATION

During the Year, the remuneration in respect of audit and non-audit

services provided by the Company’s auditors are set out as folows:

Services renderedFe paid/payable

HK$’000

Audit services960

Non audit services188

DIRECTOR’S SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers as set out in Apendix 10 of the Listing

Rules (the “Model Code”) as the code of conduct regarding securities

transactions by the Directors.

Having made specific enquiries to al Directors, al Directors confirmed

that they had complied with the required standards set out in the Model

Code throughout the Year.

Corporate Governance Functions

The Board is responsible for performing the corporate governance duties

set out in the code provision A.2.1 of the CG Code including:

’s policies and practices on

corporate governance and make recomendations to the Board;

• review and monitor the training and continuous profesional

development of Directors and senior management;

’s policies and practices on

compliance with legal and regulatory requirements;

裕田中国发展有限公司二零二五年报

Corporate Governance Report

企业管治报告

•

制定、检讨及监察适用于雇员及董事

的操守准则及合规手册（如有）；及

•

检讨本公司遵守企业管治守则的情

况及企业管治报告内的披露。

董事对财务报表之责任

董事知悉其有责任编制本集团各财政期

间的财务报表并确保财务报表符合法定

规定及适用会计准则，以及进行董事认为

对编制不存在由于欺诈或错误导致的重

大错误陈述的综合财务报表而言属必要

的内部监控。

本公司核数师就其对综合财务报表之责

任之声明载于第

至

页之独立核数

师报告。

本公司自刊发二零二四年报起

为解决二零二四年不发表意见所

采取之步骤与取得之进展（「所采

取之步骤」）

经参考二零二四年七月三十一日刊发之本公

司截至二零二四年三月三十一日止年度年度

报告（「二零二四年报」），本集团核数师对本

公司截至二零二四年三月三十一日止年度之

财务报表出具不发表意见（「二零二四年不发

表意见」），作为解决二零二四年不发表意见

相关问题的措施之一，自刊发二零二四年

报以来，本集团亦采取以下措施，但由于以下

原因，相关问题无法得到解决：

, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and Directors; and

’s compliance with the CG Code and

disclosure in the Corporate Governance Report.

DIRECTORS RESPONSIBILITIES FOR THE

FINANCIAL STATEMENTS

The Directors acknowledge their responsibility for preparing the Group’s

financial statements for each financial period and to ensure that the

financial statements are in acordance with statutory requirements

and aplicable acounting standards and for such internal control as

the Directors determine is necesary to enable the preparation of the

consolidated financial statements that are fre from material restatement,

whether due to fraud or eror.

The statement of the auditors of the Company regarding their

responsibilities on the consolidated financial statements is set out in the

Independent Auditors’ Report on pages 100 to 103.