STDDEVGROUP：ANNUALRESULTSANNOUNCEMENTFORTHEYEARENDED31MARCH2025.pdf

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1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.Standard Development Group Limited標準發展集團有限公司(Incorporated in the Cayman Islands with limited liability)(Stock Code:1867)ANNUAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED 31 MARCH 2025FINAL RESULTSThe board(the“Board”)of directors(the“

3、Directors”)of Standard Development Group Limited(the“Company”)hereby announces the consolidated results of the Company and its subsidiaries(collectively the“Group”)for the year ended 31 March 2025,together with the comparative figures for the year ended 31 March 2024.2 CONSOLIDATED STATEMENT OF PROF

4、IT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 March 202520252024NotesHK$000HK$000Revenue4301,030489,794Direct costs(300,267)(485,978)Gross profit7633,816Other income,other gains and losses,net767(1,989)Fair value loss on biological asset(2,261)(566)Impairment losses(recognised)rever

5、sed under expected credit loss model,net5(4,080)5,143Selling expenses(3,026)(2,888)Administrative and other operating expenses(31,302)(22,526)Finance costs6(6,417)(1,343)Loss before tax(45,556)(20,353)Income tax(expense)credit 7(5,387)220 Loss for the year8(50,943)(20,133)Other comprehensive expense

6、:Item that will not be reclassified subsequently to profit or loss:Remeasurement on the unfunded long service payment obligation(19)Item that may be reclassified subsequently to profit or loss:Exchange differences arising on translation of foreign operations(183)(4,235)Other comprehensive expense fo

7、r the year,net of income tax(202)(4,235)Total comprehensive expense for the year(51,145)(24,368)Loss for the year attributable to:Owners of the Company(50,034)(19,940)Non-controlling interests(909)(193)(50,943)(20,133)Total comprehensive expense for the year attributable to:Owners of the Company(50,

8、185)(24,088)Non-controlling interests(960)(280)(51,145)(24,368)Loss per share10 Basic(HK cents)(3.35)(1.33)Diluted(HK cents)N/AN/A 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 31 March 202520252024NotesHK$000HK$000NON-CURRENT ASSETSProperty,plant and equipment201,04681,514Right-of-use assets41,0

9、4238,828Investments in life insurance contracts3,5253,407Prepayments and deposits paid1140617,590Deferred tax assets4,634 246,019145,973 CURRENT ASSETSInventories52653Biological assets1,6501,127Trade and other receivables 1146,85665,574Contract assets46,47454,431Financial assets at fair value throug

10、h profit or loss1410Tax recoverable621Cash and cash equivalents39,01623,921 134,536145,737 CURRENT LIABILITIESTrade and other payables1266,43648,230Contract liabilities8,359Borrowings68,67460,078Lease liabilities2,2827,605Tax payable6 137,392124,278 NET CURRENT(LIABILITIES)ASSETS(2,856)21,459 TOTAL

11、ASSETS LESS CURRENT LIABILITIES243,163167,432 NON-CURRENT LIABILITIESLease liabilities8,4516,621Borrowings108,1751,000Other payables127,99128Deferred income15,3015,393 139,91813,042 NET ASSETS103,245154,390 CAPITAL AND RESERVESShare capital14,94014,940Reserves79,690129,875 Equity attributable to own

12、ers of the Company94,630144,815Non-controlling interests8,6159,575 TOTAL EQUITY103,245154,390 4 Notes:1.GENERAL INFORMATIONStandard Development Group Limited(the“Company”)was incorporated in the Cayman Islands on 11 February 2016 as an exempted company with limited liability.The Companys shares are

13、listed on the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)with effect from 9 May 2019.The addresses of the registered office and the principal place of business of the Company are Windward 3,Regatta Office Park,PO Box 1350,Grand Cayman KY1-1108,Cayman Islands and Room 1

14、409-10,14/F,Cosco Tower,183 Queens Road Central,Sheung Wan,Hong Kong,respectively.The immediate holding company of the Company is Fujincheng Investment Holdings Co.Ltd.,a company incorporated in the British Virgin Islands and the ultimate controlling shareholder is Mr.Liu Zhancheng.The Company is an

15、 investment holding company.The Company and its subsidiaries(collectively referred to as the“Group”)is principally engaged in construction and engineering related business,petroleum business,farming business and bio-energy business.The consolidated financial statements are presented in Hong Kong dol

16、lars(“HK$”),which is the same as the functional currency of the Company.Other than the subsidiary established in the Peoples of Republic of China(the“PRC”or“Mainland China”)whose functional currency is Renminbi(“RMB”),the functional currency of its subsidiaries is HK$.2.APPLICATION OF NEW AND AMENDM

17、ENTS TO HKFRS ACCOUNTING STANDARDSAmendments to HKFRS Accounting Standards that are mandatorily effective for the current yearIn the current year,the Group has applied the following amendments to HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”)fo

18、r the first time,which are mandatorily effective for the Groups annual period beginning on 1 April 2024 for the preparation of the consolidated financial statements:Amendments to HKFRS 16Lease Liability in a Sale and LeasebackAmendments to HKAS 1Classification of Liabilities as Current or Non-curren

19、t and related amendments to Hong Kong Interpretation 5(2020)Amendments to HKAS 1Non-current Liabilities with CovenantsAmendments to HKAS 7 and HKFRS 7Supplier Finance ArrangementsExcept as described below,the application of the amendments to HKFRS Accounting Standards in the current year has had no

20、material impact on the Groups financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.5 Impacts on application of Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendmen

21、ts to Hong Kong Interpretation 5(2020)(the“2020 Amendments”)and Amendments to HKAS 1 Non-current Liabilities with Covenants(the“2022 Amendments”)The Group has applied the amendments for the first time in the current year.The 2020 Amendments provide clarification and additional guidance on the assess

22、ment of right to defer settlement for at least twelve months from reporting date for classification of liabilities as current or non-current,which:specify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting peri

23、od.Specifically,the classification should not be affected by management intentions or expectations to settle the liability within 12 months.clarify that the settlement of a liability can be a transfer of cash,goods or services,or the entitys own equity instruments to the counterparty.If a liability

24、has terms that could,at the option of the counterparty,result in its settlement by the transfer of the entitys own equity instruments,these terms do not affect its classification as current or non-current only if the entity recognises the option separately as an equity instrument applying HKAS 32 Fi

25、nancial Instruments:Presentation.For rights to defer settlement for at least twelve months from reporting date which are conditional on the compliance with covenants,the 2022 Amendments specifically clarify that only covenants that an entity is required to comply with on or before the end of the rep

26、orting period affect the entitys right to defer settlement of a liability for at least twelve months after the reporting date,even if compliance with the covenant is assessed only after the reporting date.The 2022 Amendments also specify that covenants with which an entity must comply after the repo

27、rting date(i.e.future covenants)do not affect the classification of a liability as current or non-current at the reporting date.However,if the entitys right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period,an entity

28、discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period.This would include information about the covenants,the carrying amount of related liabilities and facts and circumstances,if a

29、ny,that indicate that the entity may have difficulties complying with the covenants.In accordance with the transition provision,the Group has applied the new accounting policy to the classification of liability as current or non-current retrospectively.The application of the amendments in the curren

30、t year had no material impact on the consolidated financial statements.6 New and amendments to HKFRS Accounting Standards in issue but not yet effectiveThe Group has not early applied the following amendments to HKFRS Accounting Standards that have been issued but are not yet effective:Amendments to

31、 HKFRS 9 and HKFRS 7Amendments to the Classification and Measurement of Financial Instruments3Amendments to HKFRS 9 and HKFRS 7Contracts Referencing Nature dependent Electricity3Amendments to HKFRS 10 and HKAS 28Sale or Contribution of Assets between an Investor and its Associate or Joint Venture1Am

32、endments to HKFRS Accounting StandardsAnnual Improvements to HKFRS Accounting Standards Volume 113Amendments to HKAS 21Lack of Exchangeability2HKFRS 18Presentation and Disclosure in Financial Statements4HKFRS 19Subsidiaries without Public Accountability Disclosures41 Effective for annual periods beg

33、inning on or after a date to be determined.2 Effective for annual periods beginning on or after 1 January 2025.3 Effective for annual periods beginning on or after 1 January 2026.4 Effective for annual periods beginning on or after 1 January 2027.Except for the amendments to HKFRS Accounting Standar

34、ds mentioned below,the Directors anticipate that the application of all other new and amendments to HKFRS Accounting Standards will have no material impact on the consolidated financial statements in the foreseeable future.Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measur

35、ement of Financial InstrumentsThe amendments to HKFRS 9 clarify the recognition and derecognition for financial asset and financial liability and add an exception which permits an entity to deem a financial liability to be discharged before the settlement date if it is settled in cash using an elect

36、ronic payment system if,and only if certain conditions are met.The amendments also provide guidance on the assessment of whether the contractual cash flows of a financial asset are consistent with a basic lending arrangement.The amendments specify that an entity should focus on what an entity is bei

37、ng compensated for rather than the compensation amount.Contractual cash flows are inconsistent with a basic lending arrangement if they are indexed to a variable that is not a basic lending risk or cost.The amendments state that,in some cases,a contingent feature may give rise to contractual cash fl

38、ows that are consistent with a basic lending arrangement both before and after the change in contractual cash flows,but the nature of the contingent event itself does not relate directly to changes in basic lending risks and costs.Furthermore,the description of the term“non-recourse”is enhanced and

39、the characteristics of“contractually linked instruments”are clarified in the amendments.7 The disclosure requirements in HKFRS 7 in respect of investments in equity instruments designated at fair value through other comprehensive income are amended.In particular,entities are required to disclose the

40、 fair value gain or loss presented in other comprehensive income during the period,showing separately those related to investments derecognised during the reporting period and those related to investments held at the end of the reporting period.An entity is also required to disclose any transfers of

41、 the cumulative gain or loss within equity related to the investments derecognised during the reporting period.In addition,the amendments introduce the requirements of qualitative and quantitative disclosure of contractual terms that could affect the contractual cash flow based on a contingent even

42、not directly relating to basic lending risks and cost.The amendments are effective for annual reporting periods beginning on or after 1 January 2026,with early application permitted.The application of the amendments is not expected to have significant impact on the financial position and performance

43、 of the Group.Amendments to HKAS 21 Lack of ExchangeabilityThe amendments specify how to assess whether a currency is exchangeable,and how to determine the exchange rate when it is not.The amendments state that a currency is exchangeable into another currency when an entity is able to obtain the oth

44、er currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.An entity assesses whether a currency is exchangeable into another currency at a measurement date

45、and for a specified purpose.If an entity is able to obtain no more than an insignificant amount of the other currency at the measurement date for the specified purpose,the currency is not exchangeable into the other currency.The assessment of whether a currency is exchangeable into another currency

46、depends on an entitys ability to obtain the other currency and not on its intention or decision to do so.When a currency is not exchangeable into another currency at a measurement date,an entity is required to estimate the spot exchange rate at that date.An entitys objective in estimating the spot e

47、xchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions.The amendments do not specify how an entity estimates the spot exchange rate to meet that objective.An entity can use

48、 an observable exchange rate without adjustment or another estimation technique.Examples of an observable exchange rate include:A spot exchange rate for a purpose other than that for which an entity assesses exchangeability;The first exchange rate at which an entity is able to obtain the other curre

49、ncy for the specified purpose after exchangeability of the currency is restored(first subsequent exchange rate).8 An entity using another estimation technique may use any observable exchange rateincluding rates from exchange transactions in markets or exchange mechanisms that do not create enforceab

50、le rights and obligationsand adjust that rate,as necessary,to meet the objective as set out above.When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency,the entity is required to disclose information that enables users of its financial statements t

51、o understand how the currency not being exchangeable into the other currency affects,or is expected to affect,the entitys financial performance,financial position and cash flows.The amendments add a new appendix as an integral part of HKAS 21.The appendix includes application guidance on the require

52、ments introduced by the amendments.The amendments also add new Illustrative Examples accompanying HKAS 21,which illustrate how an entity might apply some of the requirements in hypothetical situations based on the limited facts presented.The amendments are effective for annual reporting periods begi

53、nning on or after 1 January 2025,with earlier application permitted.An entity is not permitted to apply the amendments retrospectively.Instead,an entity is required to apply the specific transition provisions included in the amendments.The application of the amendments is not expected to have signif

54、icant impact on the financial position and performance of the Group.HKFRS 18 Presentation and Disclosure in Financial StatementsHKFRS 18 Presentation and Disclosure in Financial Statements,which sets out requirements on presentation and disclosures in financial statements,will replace HKAS 1 Present

55、ation of Financial Statements.This new HKFRS Accounting Standard,while carrying forward many of the requirements in HKAS 1,introduces new requirements to present specified categories and defined subtotals in the statement of profit or loss;provide disclosures on management-defined performance measur

56、es in the notes to the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial statements.In addition,some HKAS 1 paragraphs have been moved to HKAS 8 and HKFRS 7.Minor amendments to HKAS 7 Statement of Cash Flows and HKAS 33 Earnings per Share

57、 are also made.HKFRS 18,and amendments to other standards,will be effective for annual periods beginning on or after 1 January 2027,with early application permitted.The application of the new standard is expected to affect the presentation of the statement of profit or loss and disclosures in the fu

58、ture financial statements.The Group is in the process of assessing the detailed impact of HKFRS 18 on the Groups consolidated financial statements.3.BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements have been prepared in accordance with HKFRS Accounting S

59、tandards issued by the HKICPA.For the purpose of preparation of the consolidated financial statements,information is considered material if such information is reasonably expected to influence decisions made by primary users.In addition,the consolidated financial statements include applicable disclo

60、sures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(“Listing Rules”)and by the Hong Kong Companies Ordinance.9 The Directors have,at the time of approving the consolidated financial statements,a reasonable expectation that the Group has adequate

61、 resources to continue in operational existence for the foreseeable future.Thus they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.During the year ended 31 March 2025,the Group incurred a net loss attributable to owners of the Company of a

62、pproximately HK$50,034,000 and,as of that date,the Groups current liabilities exceeded its current assets by approximately HK$2,856,000.Such conditions indicate the existence of material uncertainty which may cast significant doubt on the Groups ability to continue as a going concern,and thus,the Gr

63、oup may not be able to realise its assets and discharge its liabilities in the normal course of business.The Group continues to adopt the going concern basis in preparing its consolidated financial statements.In order to improve the Groups financial positions,liquidity and cash flows,the Directors h

64、ave adopted or shall adopt the following measures:(i)reviewing the business operations of the Group to improve their efficiency;(ii)negotiating with creditors to extend repayment period;(iii)reviewing its existing investments and business opportunities;(iv)actively considering to terminate loss maki

65、ng businesses;(v)considering other financial tools,such as obtaining new loan,issuing debt or other measures to provide continuing financial support to Group;and(vi)have unutilised standby loan facilities of up to HK$54 million from the financial institutions in Hong Kong and PRC.10 4.REVENUE(i)Disa

66、ggregation of revenue from contracts with customers20252024HK$000HK$000Construction and engineering related businessConstruction and engineering related services125,942201,101Interior design services759425Sales of construction consumables885 126,701202,411 Petroleum businessSales of petroleum98,6602

67、22,971 Farming businessSales of grain oil59,90753,052Sales of agricultural consumables12574Sales of agricultural produce2,6455,389 62,56459,015 Bio-energy businessSales of biogas5,753Collection of poultry manure3,226 8,979 Total296,904484,397 Geographical markets:Hong Kong126,701201,526Mainland Chin

68、a170,203282,871 Total296,904484,397 Timing of revenue recognition:A point in time170,203282,871Over-time126,701201,526 Total296,904484,397 11 Set out below is the reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information:20252024HK$000HK$000Con

69、struction and engineering related businessConstruction and engineering related services125,942201,101Interior design services759425Sales of construction consumables885 126,701202,411 Petroleum businessSales of petroleum98,660222,971 Farming businessSales of grain oil59,90753,052Sales of agricultural

70、 consumables12574Sales of agricultural produce2,6455,389 62,56459,015 Bio-energy businessSales of biogas5,753Collection of poultry manure3,226 8,979 Revenue from contracts with customers296,904484,397Farmland leasing4,1265,397 Total301,030489,794 12 5.IMPAIRMENT LOSSES RECOGNISED(REVERSED)UNDER EXPE

71、CTED CREDIT LOSS MODEL,NET20252024HK$000HK$000Impairment losses recognised(reversed),net:trade receivables1,444(5,065)unbilled revenue(71)90 retention receivables2,742(264)other receivables(35)96 4,080(5,143)6.FINANCE COSTS20252024HK$000HK$000Interests on:bank borrowings and overdrafts2,171547 other

72、 borrowings5,5632,029 Total borrowing costs7,7342,576Interest on lease liabilities547181Interest on long service payment43Less:amounts capitalised in the cost of qualifying assets(1,868)(1,417)6,4171,343 13 7.INCOME TAX(EXPENSE)CREDIT20252024HK$000HK$000Current tax:PRC Enterprise Income Tax7538 PRC

73、Withholding Tax on distributed profits109 753117 Over provision in prior years:PRC Enterprise Income Tax(608)753(491)Deferred tax4,634271 5,387(220)14 8.LOSS FOR THE YEAR20252024HK$000HK$000Loss for the year has been arrived at after charging:Auditors remuneration Audit service720720 Non-audit servi

74、ce150150Depreciation of plant and equipment5,438849Depreciation of right-of-use assets2,8341,396 8,2722,245Less:amounts capitalised in the cost of construction in progress(313)(209)Less:amounts capitalised in the cost of biological assets(55)Less:amounts capitalised in the cost of bearer plants(236)

75、Total depreciation included in loss for the year7,6682,036 Cost of inventories recognised as expense185,461282,746Lease payments not included in the measurement of lease liabilities5,0684,806Employee benefits expense:Salaries,bonus and other benefits in kind22,91720,371Contributions to retirement be

76、nefit scheme1,8311,195Service cost of long service payments2084 24,76821,650Less:amounts capitalised in the cost of biological assets(255)(328)Less:amounts capitalised in the cost of bearer plants(141)Total employee benefits expense,including directors emoluments included in loss for the year24,3722

77、1,322 9.DIVIDENDSNo dividend was paid or proposed for ordinary shareholders of the Company during the year ended 31 March 2025,nor has any dividend been proposed since the end of the reporting period(2024:Nil).15 10.LOSS PER SHAREThe calculation of the basic and diluted loss per share attributable t

78、o owners of the Company is based on the following data:20252024HK$000HK$000Loss for the year attributable to owners of the Company for the purpose of basic and diluted loss per share(50,034)(19,940)20252024000000Number of sharesWeighted average number of ordinary shares for the purpose of basic loss

79、 per share1,494,0001,494,000 No diluted loss per share for both years ended 31 March 2025 and 2024 were presented as there were no potential ordinary shares in issue for both years ended 31 March 2025 and 2024.11.TRADE AND OTHER RECEIVABLES20252024HK$000HK$000Trade receivables contracts with custome

80、rs34,58428,313 operating lease receivables372226Less:Allowance for credit losses(16,069)(14,644)18,88713,895 Other receivables,prepayments and deposits28,99869,928Less:Allowance for credit losses(623)(659)Total other receivables,net28,37569,269Prepayments and deposits paid classified as non-current

81、asset(406)(17,590)Other receivables,net27,96951,679 Trade and other receivables,net46,85665,574 As at 1 April 2023,trade receivables from contracts with customers amounted to approximately HK$44,696,000(net of allowance of credit loss of approximately HK$19,728,000).16 The following is an aged analy

82、sis of trade receivables,presented based on the invoice date:20252024HK$000HK$0000 30 days1,4254,03631 60 days9,15171261 90 days1,23011991 180 days1,516440Over 180 days21,63423,232 34,95628,539 12.TRADE AND OTHER PAYABLES20252024HK$000HK$000Trade payables15,86714,970Other payables and accruals48,411

83、24,336Amounts due to directors10,1498,952 74,42748,258Other payables classified as non-current liabilities(7,991)(28)66,43648,230 The following is an aged analysis of trade payables presented based on the invoice date:20252024HK$000HK$0000 30 days85070631 60 days10420361 90 days24791 180 days955Over

84、 180 days13,71114,061 15,86714,970 17 EXTRACT OF THE INDEPENDENT AUDITORS REPORTThe following is an extract of the independent auditors report on the Groups consolidated financial statements for the year ended 31 March 2025.OPINIONIn our opinion,the consolidated financial statements give a true and

85、fair view of the consolidated financial position of the Group as at 31 March 2025,and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants(the“

86、HKICPA”)and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.MATERIAL UNCERTAINTY RELATED TO GOING CONCERNWe draw attention to Note 3.1 to the consolidated financial statements,the Group incurred a net loss attributable to owner of the C

87、ompany of approximately HK$50,034,000 and net cash outflow in respect of operating activities for the year ended 31 March 2025 and,as of that date,the Groups current liabilities exceeded its current assets by approximately HK$2,856,000.These events and conditions,along with other matters as set fort

88、h in Note 3.1 to the consolidated financial statements,indicate that a material uncertainty exists that may cast significant doubt on the Groups ability to continue as a going concern.Our opinion is not modified in respect of this matter.The aforesaid“Note 3.1 to the consolidated financial statement

89、s”extracted from the independent auditors report is disclosed in Note 3 in this announcement.MANAGEMENT DISCUSSION AND ANALYSISBUSINESS REVIEW AND OUTLOOKThe Group is principally engaged in bio-clean energy production and related agriculture business,construction and engineering business,and petrole

90、um trading in Mainland China and Hong Kong.The Company experienced a net loss of approximately HK$50.9 million for the twelve months ended 31 March 2025.The Board considers that the net loss was mainly attributable to(i)the decrease in revenue due to decrease in petroleum and construction and engine

91、ering related business;(ii)the increase in administrative and finance expenses;and(iii)the Groups two bio-energy projects have not created profit yet as only begun to generate revenue from around 4th quarter of the year.18 The world economic outlook remains challenging due to trade conflicts,geopoli

92、tical tensions and high interest environment.Our traditional business segments in Hong Kong and China are under the threat of weak demand and high interest rate.The construction and engineering business faced significant challenges from the downturn in the construction industry cycle,and revenue als

93、o fell significantly.In view of the challenging market conditions and the gloomy property market,the Group will be prudent in further investment or resource allocation in respect of its construction and engineering business.The Board has made prudent decisions with rational judgment and a long-term

94、view of the Companys business and investment of resources.In order to reduce its over-reliance on the construction and engineering business and to enhance its corporate resilience,the Group has invested in the integrated development and utilisation of organic waste project with both economic and soc

95、ial benefits,which will bring stable and sustainable returns to the Companys shareholders in the long run.In recent years the central government successively issued the“Opinions on Implementing Accelerating Rural Energy Transformation and Development to Promote Rural Revitalisation”and the“Opinions

96、of the State Council on Carrying out the Key Work of Comprehensively Promoting Rural Revitalisation in 2022”,emphasising on promoting rural revitalisation to safeguard national food security,and proposing the construction of a modern rural energy system with clean,low-carbon and multi-energy integra

97、tion,in order to make green and low-carbon energy development an important foundation and driving force for rural revitalisation.In the major livestock and poultry breeding areas of China,a large amount of livestock and poultry manure has not been properly treated,causing a great impact on the local

98、 ecological environment.Biomass fermentation technology can effectively treat these pollutants and generate green energy such as biogas and bio-natural gas,creating economic and social benefits.Considering the tremendous market opportunities brought by the rural revitalisation,the Company is activel

99、y exploring the relevant technologies and market development of grain planting and integrated development and utilisation of rural biomass to seize business opportunities.Companys Bio-energy projects which were listed as a critical project in Shandong Province were successfully completed in construc

100、tion,and started to contribute revenue from around 4th quarter of the year.Though the projects need more time to ramp up the operational efficiency to achieve a good economic result,the Company is confident that projects will achieve a favorable outcome in a long term,and will also effectively promo

101、te the revitalisation of local villages,and contribute to energy security,food security,carbon reduction and environmental protection,thereby realizing the ecological and social benefits of a circular economy.The Group will concentrate its resources on its core prospective businesses in accordance w

102、ith the Groups business plan and strategy.The Group endeavours to streamline its businesses,which may involve a gradual transformation of the business model of the Group into one which the Group will enjoy a competitive edge and has good prospects,with a view to improving its performance and achievi

103、ng sustainability.Looking forward,the Company is prepared to deploy more resources and efforts in the biomass clean energy projects to create long-term stable returns for the Company and its Shareholders.19 PRINCIPAL RISKS AND UNCERTAINTIESThe Groups key risk exposures are summarised as follows:(i)T

104、he Groups contracts are not recurring in nature and its future business performance depends on its continuing success on project tendering.(ii)The Group is exposed to disputes,claims or litigation that may affect its operations and financial positions.(iii)The Groups profit may be substantially redu

105、ced if there are adverse changes in its subcontracting and materials cost after the process of tendering.(iv)The Group belongs to an industry that requires stable supply of labour in order to carry out its projects.(v)The industry in which the Group operates is closely linked to the macro economy an

106、d energy prices.The geopolitical conflicts have caused fluctuations of global prices of energy.Petroleum prices will continue to fluctuate under geopolitical pressure.Macro economy changes will affect the supply and downstream demand for petroleum,which might adversely affect the Groups performance.

107、(vi)The Group is exposed to extreme weather conditions,natural disasters,crop diseases,pests and other natural conditions.(vii)The Group may be affected by cyclical fluctuations in the selling prices of agricultural consumables and planting,which affect the revenue,and by fluctuations in the purchas

108、e prices of ingredients,which affect the costs.(viii)The Group may incur additional capital expenditure,depreciation expenses and other operational expenses as a result of our implementation of strategies,including the development of the bio-energy business.(ix)Disruptions to the Groups production f

109、acilities will affect its business and operations.(x)Economic,political,social conditions as well as government policies could adversely affect the Groups business,prospects,financial condition and financial results.(xi)Present or future environmental and safety laws and regulations in the PRC could

110、 have an adverse effect on the Groups business,financial condition,results of operations and prospects.20 COMPLIANCE WITH LAWS AND REGULATIONSTo the best of the Directors knowledge,information and belief,having made all reasonable enquiries,the Group has complied in all material respects with releva

111、nt laws and regulations that have a significant impact on the business and operation of the Group.During the year ended 31 March 2025,there was no material breach or non-compliance with the applicable laws and regulations by the Group.ENVIRONMENTAL POLICIES AND PERFORMANCEThe Board has overall respo

112、nsibility for the Groups environmental,social and governance(“ESG”)strategy and reporting.The Board is responsible for the Groups ESG risk management and internal control systems to ensure that the ESG strategies and report requirements are met.The Groups operations at work sites are subject to cert

113、ain environmental requirements pursuant to the laws in Hong Kong,including primarily those in relation to air pollution control,noise control,water pollution control and waste disposal control.The details of ESG performance of the Group are set out in the ESG Report,which can be viewed or downloaded

114、 from the websites of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)and the Company at the same time as the publication of this annual report.RELATIONSHIP WITH CUSTOMERS,SUPPLIERS,SUBCONTRACTORS AND EMPLOYEESCustomersThe Groups customers mainly include main contractors and trading busi

115、ness companies.The main contractors are who contract all or part of the engineering works for building services systems to other subcontractors,such as the Group,and landlords or occasionally property developers(or its consultants).Suppliers and SubcontractorsDuring the year,suppliers of goods and s

116、ervices to the Group were required on a regular basis to enable the Group to continue to carry on its business including(i)subcontractors engaged by the Group to perform the site works;(ii)petroleum and grain oil trading companies for trading business and(iii)suppliers of other miscellaneous goods a

117、nd services required for the Groups business operations.The Group has maintained an internal list of approved suppliers and subcontractors for each category of fitting-out and renovation and A&A works.While engaging subcontractors,the Group generally selects the most suitable subcontractor from the

118、approved list based on their relevant skills and experience,subject to their availability and fee quotations.21 The Group generally maintains multiple suppliers and subcontractors for products and services to avoid over-reliance on certain suppliers and subcontractors.The Group did not experience an

119、y material difficulties in sourcing materials from suppliers or assigning subcontractors during the year.The Group did not have any significant disputes with any of its top five suppliers and subcontractors during the year.EmployeesThe Group recognises employees as valuable assets of the Group.Durin

120、g the year,the Group has complied with the applicable labour laws and regulations and regularly reviewed the existing staff benefits for improvement.The Group uses its best effort to attract and retain appropriate and suitable personnel to serve the Group.The objective of the Groups human resource m

121、anagement is to reward and recognise high performing employees by providing attractive remuneration package.The Group determines the salary of its employees mainly based on each employees qualifications,relevant experience,position and seniority.The Group conducts annual review on salary raises,bonu

122、ses and promotions based on the performance of each employee.The Directors consider that the Group has maintained good relationship with its employees.The Group has not experienced any strikes,work stoppages or labour disputes which affected its operations during the year.The Directors also consider

123、 that the relationship and co-operation between the management team and the employees have been good during the year.FINANCIAL REVIEWRevenueRevenue decrease by approximately HK$188.8 million or approximately 38.5%from approximately HK$489.8 million for the year ended 31 March 2024 to approximately H

124、K$301.0 million for the year ended 31 March 2025,which was mainly due to(i)a decrease in the revenue in construction and engineering related business in Hong Kong and petroleum trading business in Mainland China;after offset by(ii)an increase in bio-energy business in Mainland China,an decrease in r

125、evenue of the construction business caused by an decrease in number of projects undertaken.The petroleum trading business decreased due to our group concentrated resource to support the completion of two bio-energy constructions.In general,the Group recorded a decrease in total revenue during this y

126、ear.Direct CostsDirect costs decreased from approximately HK$486.0 million for the year ended 31 March 2024 to approximately HK$300.3 million for the year ended 31 March 2025,representing a decrease of approximately HK$185.7 million or approximately 38.2%.Such decrease was mainly due to a decrease o

127、f the costs from petroleum trading business in Mainland China and construction and engineering related business in Hong Kong.22 Gross ProfitGross profit of the Group decreased by approximately 80.0%from approximately HK$3.8 million for the year ended 31 March 2024 to approximately HK$0.8 million for

128、 the year ended 31 March 2025.Such decreased was mainly due to a decrease of the revenue from petroleum trading business in Mainland China and construction and engineering related business in Hong Kong.The gross profit margin has decreased during the year.Impairment losses under expected credit loss

129、 model,net of reversalThe Groups impairment loss,net of reversal represents a provision for impairment loss allowance of trade and other receivables and contract assets.The Group recorded impairment loss under expected credit loss model of approximately HK$4.1 million for the year ended 31 March 202

130、5 as compared to impairment credit of HK$5.1 million for the year ended 31 March 2024.Such impairment loss was mainly attributable to the provision of expected credit loss on retention receivables and trade receivables during the year.Selling ExpensesSelling expenses of the Group increased by approx

131、imately HK$0.1 million from approximately HK$2.9 million for the year ended 31 March 2024 to approximately HK$3.0 million for the year ended 31 March 2025.The Groups selling expenses remained stable.Administrative and Other Operating ExpensesAdministrative and other operating expenses of the Group i

132、ncreased by approximately HK$8.8 million from approximately HK$22.5 million for the year ended 31 March 2024 to approximately HK$31.3 million for the year ended 31 March 2025.The groups administrative and other operating expenses increased was due to the completion of two bio-energy factories constr

133、uction caused increased in depreciation of property,plan and equipments,salaries and other operation expenses.Finance CostsFinance costs of the Group increased by approximately HK$5.1 million from approximately HK$1.3 million for the year ended 31 March 2024 to HK$6.4 million for the year ended 31 M

134、arch 2025.Finance costs for the years ended 31 March 2025 and 2024 mainly consisted of interest on lease liabilities,loans which include bank and other borrowings.Such increase was mainly due to an increase in loans during the year.23 Income Tax(Expense)CreditThe Group recorded income tax expense of

135、 approximately HK$5.4 million for the year ended 31 March 2025 as compared to an income tax credit of approximately HK$0.2 million for the year ended 31 March 2024,which was mainly due to the derecognisation of deferred tax assets during the year.Loss for the yearAs a result of the foregoing,loss fo

136、r the year is approximately HK$50.9 million for the year ended 31 March 2025(2024:loss of approximately HK$20.1 million).LIQUIDITY AND FINANCIAL RESOURCESAs at 31 March 2025,the Group had total assets of approximately HK$380.6 million(2024:approximately HK$291.7million),which is financed by total li

137、abilities and shareholders equity(comprising share capital and reserves)of approximately HK$277.3 million(2024:approximately HK$137.3 million)and approximately HK$94.6 million(2024:approximately HK$144.8 million),respectively.The total interest-bearing borrowings and lease liability of the Group as

138、at 31 March 2025 were approximately HK$187.6 million(2024:approximately HK$75.3 million),and current ratio as at 31 March 2025 was approximately 1.0 times(2024:1.2 times).The bank balances and cash of the Group as at 31 March 2025 was approximately HK$39.0 million(2024:approximately HK$23.9 million)

139、.GEARING RATIOThe gearing ratio of the Group as at 31 March 2025 was approximately 181.7%(2024:approximately 48.8%).The increase in gearing ratio was mainly due to an increase in total borrowings during the year.The gearing ratio is calculated based on the total borrowings and lease liability divide

140、d by total equity at the respective reporting date.TREASURY POLICYThe Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the year.The Group strives to reduce exposure to credit risk by performing ongoing

141、 credit assessments and evaluations of the financial status of its customers.To manage liquidity risk,the Board closely monitors the Groups liquidity position to ensure that the liquidity structure of the Groups assets,liabilities and other commitments can meet its funding requirements from time to

142、time.24 CHARGE ON GROUP ASSETSAs at 31 March 2025,the Group pledged bank deposits amounted to approximately HK$6.0 million to a bank as collateral to secure banking facilities granted to the Group(2024:approximately HK$6.0 million).As at 31 March 2025,the Group pledged its life insurance policies of

143、 approximately HK$3.5 million to a bank to secure the banking facilities granted to the Group(2024:approximately HK$3.4 million).As at 31 March 2025,the Group paid a cash collateral of approximately HK$3.5 million(2024:approximately HK$9.2 million)to insurance companies for the issuance of surety bo

144、nds which are included in other receivables,prepayments and deposits.FOREIGN EXCHANGE EXPOSUREThe revenue-generating operations and borrowings of the Group are transacted in Hong Kong dollars and RMB.For the year ended 31 March 2025,there was no significant exposure to foreign exchange rate fluctuat

145、ions and the Group had not maintained any hedging policy against the foreign exchange risk.The management will consider suitable hedging instruments against significant currency exposure should the need arises.CAPITAL STRUCTUREThe shares of the Company were successfully listed on GEM of the Stock Ex

146、change(the“Listing”)on 12 January 2017.The Company successfully transferred the listing of its shares from GEM to the Main Board of the Stock Exchange on 9 May 2019.The capital of the Company only comprises of ordinary shares.As at 31 March 2025,the Companys issued share capital was HK$14.94 million

147、 and the number of its issued ordinary shares was 1,494,000,000 of HK$0.01 each.CAPITAL COMMITMENTSAs at 31 March 2025,the Group have total capital commitment approximately HK$98,801,000(2024:HK$185,554,000).25 LITIGATION(i)On 5 March 2021,Bondway Development Limited,a customer of the Group,commence

148、d civil proceedings in the High Court of the Hong Kong Special Administrative Region(the“High Court”)against Ample Construction Company Limited(“Ample Construction”),an indirect wholly-owned subsidiary of the Company,as the 2nd defendant,for water seepage damage from the fitting out project in a sum

149、 of not less than HK$267,000.Ample Construction has filed a defence dated 30 June 2021 into court.During the year ended 31 March 2025,Ample Construction received the court judgment and had paid HK$1,150,000 to Bondway Development Limited,the case has been settled.(ii)On 20 September 2021,PKNG Develo

150、pment and Project Management Limited(“PKNG”),a customer of the Group,commenced civil proceedings against Ample Construction in the District Court.According to the Statement of Claim,PKNG claims the sum of approximately HK$6,283,000 for the possession of the 6 post-dated cheques.On 17 December 2021,t

151、he Group submitted the defence and counterclaim against PKNG for the sum of HK$6,000,000.The said proceedings are currently ongoing.As at 31 March 2025,Ample Construction had not received any judgement in relation to the said proceedings.The Directors expected that it is unlikely that Ample Construc

152、tion will be responsible for the claimed sum and thus no provision had been made.(iii)On 14 April 2022,Ample Construction commenced civil proceedings against Workshop Decoration Engineering Co.,Ltd(“Workshop”),a sub-contractor of the Group,in the District Court.Ample Construction has made a claim ag

153、ainst Workshop for the sum of approximately HK$1,552,000 for defects and non-performance of the works under the works contract.Workshop did not file any Acknowledgement of Service for the Writ of Summons.The Group hence applied for and was granted Default Judgment.Interlocutory Judgment was obtained

154、.The said proceeding is now ongoing pending the application for assessment of damages.26 SEGMENT INFORMATIONSegmental information is presented for the Group as disclosed on Note 6 to the consolidated financial statements.LAPSED PLACING OF CONVERTIBLE BONDS UNDER GENERAL MANDATEOn 26 February 2025,th

155、e Company entered into a placing agreement(the“Placing Agreement”)with VC Brokerage Limited(the“Placing Agent”),pursuant to which the Company proposed to offer for subscription,and the Placing Agent agreed to procure subscriptions for,the convertible bonds in the principal amount of up to HK$37,000,

156、000 on a best effort basis to not less than six(6)placees who are independent third parties.The Company was informed by the Placing Agent that after using its best effort to procure subscriptions for the convertible bonds,the placing was unsuccessful due to market conditions.The Placing Agreement ha

157、s lapsed and become null and void.For details,please refer to the announcements of the Company dated 26 February 2025 and 21 March 2025.DISCLOSEABLE TRANSACTIONS1.LAND USE RIGHTS TRANSFER AGREEMENT(“LAND ACQUISITION”)On 29 March 2024,Standard Bio(Juancheng)Co.,Ltd.(“Standard Bio(Juancheng)”)and the

158、Juancheng County Natural Resources and Planning Bureau(as transferor)have entered into the land use rights transfer agreement,pursuant to which the Juancheng County Natural Resources and Planning Bureau has agreed to transfer the land use rights of a piece of land with an area of 70,808 sq.m.located

159、 north of Weiwu Road and east of Shuijiaodi,Beijie Village,Juancheng County,Heze City,Shandong Province,the PRC to Standard Bio(Juancheng)at a total consideration of RMB10,630,000.27 2.ANAEROBIC FACILITIES CONSTRUCTION AGREEMENT(“ANAEROBIC FACILITIES CONSTRUCTION”)On 13 September 2023,Standard Bio(J

160、uye)Co.,Ltd.(“Standard Bio(Juye)”)and Hebei Wansheng Environmental Construction Co.,Ltd.(“Wansheng Environmental”)(as contractor)have entered into the anaerobic facilities construction agreement,pursuant to which Standard Bio(Juye)has agreed to engage Wansheng Environmental for the provision of cons

161、truction services for the construction work in relation to anaerobic facilities at a total contract sum of RMB25,105,850.3.CONSTRUCTION AGREEMENT(“CONSTRUCTION”)On 9 September 2023,Standard Bio(Juye)and Shandong Tengde Construction Group Co.,Ltd.(“Shandong Tengde”)(as contractor)have entered into th

162、e construction agreement,pursuant to which Standard Bio(Juye)has agreed to engage Shandong Tengde for the provision of land construction and development services for the construction work pursuant to the construction agreement at a total contract sum of RMB31,795,467.53.The Company should have compl

163、ied with the relevant reporting and announcement requirements under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules”)in respect of each of the Construction,the Anaerobic Facilities Construction and the Land Acquisition,which co

164、nstituted a discloseable transaction,as and when such obligations arose.The Company did not comply with the announcement requirement under Chapter 14 of the Listing Rules due to a misunderstanding amongst the operations team of the Group that each of the Construction,the Anaerobic Facilities Constru

165、ction and the Land Acquisition was in the ordinary and usual course of business of the Group and part of the day-to-day business activities of the Group.The Board has implemented certain remedial actions and measures for the avoidance of future occurrence of non-compliance of the Listing Rules.For d

166、etails,please refer to the announcement of the Company dated 27 June 2024.FUTURE PLANS FOR MATERIAL INVESTMENTS AND ACQUISITION OF CAPITAL ASSETSSave as disclosed in this report,the Group did not have other future plans for material investments or acquisition of capital assets as of 31 March 2025.SI

167、GNIFICANT INVESTMENTS HELD,MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURESDuring the year ended 31 March 2025,the Group did not have any significant investments held,nor did the Group have any material acquisitions or disposals of subsidiaries,associates or joint ve

168、ntures.28 CONTINGENT LIABILITIESCertain customers of construction contracts undertaken by the Group require Ample Construction to issue guarantees for the performance of contract works in the form of surety bonds of approximately HK$11,484,800(2024:approximately HK$26,362,000)at 31 March 2025.The Co

169、mpany and Ample Construction have unconditionally and irrevocably agreed to indemnify the insurance company that issued such surety bonds for claims and losses the insurance company may incur in respect of the surety bonds.The surety bonds will be released when the contracts are completed or substan

170、tially completed pursuant to the relevant contract.As at 31 March 2025,the Group paid a cash collateral of approximately HK$3,456,000(2024:approximately HK$9,216,000)to insurance companies for the issuance of surety bonds which are included in other receivables,prepayments and deposits.EMPLOYEES AND

171、 REMUNERATION POLICIESAs at 31 March 2025,the Group employed a total of 102 employees(2024:77 employees).The staff costs,including Directors emoluments,of the Group were approximately HK$24.8 million for the year ended 31 March 2025(2024:approximately HK$21.6 million).The Group promotes individuals

172、based on their performance and development potential in the positions held.In order to attract and retain high quality staff,competitive remuneration package is offered to employees(with reference to market norms and individual employees performance,qualification and experience).On top of basic sala

173、ries,bonuses may be paid with reference to the Groups performance as well as individual employees performance.Other staff benefits include provision of retirement benefits,medical benefits and sponsorship of training courses.Share incentives may also be granted to eligible employees by reference to

174、the Groups performance as well as individual employees contribution.FINAL DIVIDENDSThe Board does not recommend the payment of final dividend for the year ended 31 March 2025(2024:Nil).The Board is not aware of any arrangement pursuant to which a shareholder has waived or agreed to waive any dividen

175、ds.EVENTS AFTER THE REPORTING PERIODThe Directors are not aware of any other significant event requiring disclosure that has taken place subsequent to 31 March 2025 and up to the date of this report.29 CORPORATE GOVERNANCE PRACTICEThe Company acknowledge the need and importance of corporate governan

176、ce as one of the key elements in creating shareholders value.The Company is also committed to achieving a high standard of corporate governance that can protect and promote the interests of all shareholders and enhancing corporate value and accountability of the Company.Accordingly,the Company has a

177、dopted sound corporate governance principles that emphasise a quality Board,effective internal control,stringent disclosure practices,transparency and accountability to all stakeholders.The Company has applied the principles and code provisions in Corporate Governance Code(the“CG Code”)set out in Pa

178、rt 2 of Appendix C1 to the Listing Rules.Up to the date of this announcement,to the best knowledge of the Board,the Company has complied with all the code provisions in the CG Code except for the deviation from the code provision C.2.1,F.2.2 and C.1.8 of the CG Code as explained below:Code provision

179、 C.2.1 of the CG Code stipulates that the roles of chairman and chief executive officer should be separate and should not be performed by the same individual.As Mr.Liu Zhancheng(“Mr.Liu”)performs the roles of Chairman and Chief Executive Officer,the Company has deviated from this Code Provision from

180、 8 June 2021.However,the Board believes that vesting the roles of both Chairman and Chief Executive Officer in Mr.Liu has the benefit of ensuring consistent and continuous planning and execution of the Companys strategies.The Board considers that the balance of power and authority,accountability and

181、 independent decision-making under the present arrangement will not be impaired in light of the diverse background and experience of the independent non-executive Directors,and the composition of the Board which comprises three independent non-executive Directors and three executive Directors also p

182、rovides added independence to the Board.However,it is the long-term objective of the Company to have these two roles performed by separate individuals when suitable candidates are identified.Code provision F.2.2 of the CG Code provides that the chairman of the board of directors of a listed issuer s

183、hould attend the annual general meeting.Mr.Liu,the chairman of the Board,was unable to attend the annual general meeting held on 9 September 2024(“2024 Annual General Meeting”)due to other engagement.Mr.Xu Jing,an executive Director,acted as chairman of the 2024 Annual General Meeting.Code provision

184、 C.1.8 of the CG Code provides that an issuer should arrange appropriate insurance cover in respect of legal action against its Directors.During the year ended 31 March 2025,the Company did not arrange any insurance for the Directors.Each Directors possesses the requisite qualification and experienc

185、e to fulfill his/her duty for the Company.The Company estimates that the risk of any event for which any Directors shall take responsibility in the reasonably foreseeable future is remote.Therefore,the Company has not arranged appropriate insurance cover for the Directors.30 MODEL CODE FOR SECURITIE

186、S TRANSACTION BY DIRECTORSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Companies(the“Model Code”)set out in Appendix C3 to the Listing Rules as the code of conduct regarding securities transactions by Directors.After making specific enquiries,all Director

187、s have fully complied with the required standards set out in the Model Code and there was no event of non-compliance throughout the year.PURCHASE,SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANYNeither the Company nor any of its subsidiaries has purchased,sold or redeemed any of the Companys l

188、isted securities(including sale of treasury shares)during the year ended 31 March 2025.AUDIT COMMITTEEThe Audit Committee comprises of three independent non-executive Directors was established on 23 December 2016.The chairman of the Audit Committee is Dr.Su Lixin and other members include Mr.Liang R

189、ongjin and Dr.Yan Bing,all of whom are independent non-executive Directors.The written terms of reference of the Audit Committee are posted on the website of the Stock Exchange and on the Companys website.The Company has complied with Rule 3.21 of the Listing Rules in that at least one of the member

190、s of the Audit Committee(which must comprise a minimum of three members and must be chaired by an independent non-executive Director)is an independent non-executive Director who possesses appropriate professional qualifications or accounting related financial management expertise.The primary duties

191、of the Audit Committee are mainly to review the financial information and reporting process,internal control procedures and risk management system,audit plan and relationship with external auditors and arrangements to enable employees of the Company to raise,in confidence,concerns about possible imp

192、roprieties in financial reporting,internal control or other matters of the Company.During the year,the Audit Committee held two meetings including to,amongst others,review and comment on the Companys 2024 annual results,2024 interim results as well as the Companys internal control procedures and ris

193、k management system.The Groups consolidated financial statements for the year ended 31 March 2025 have been reviewed by the Audit Committee.The Audit Committee is of the opinion that the consolidated financial statements of the Group for the year ended 31 March 2025 comply with applicable accounting

194、 standards,Listing Rules and that adequate disclosures have been made.31 REVIEW OF THIS ANNUAL RESULTS ANNOUNCEMENT The figures in respect of the Groups consolidated statement of financial position,consolidated statement of profit or loss and other comprehensive income and the related notes thereto

195、for the year ended 31 March 2025 as set out in this announcement have been agreed by the Groups auditor,Asian Alliance(HK)CPA Limited,to the amounts set out in the Groups audited consolidated financial statements for the year.The work performed by Asian Alliance(HK)CPA Limited in this respect did no

196、t constitute an assurance engagement and consequently no opinion or assurance has been expressed by Asian Alliance(HK)CPA Limited on this announcement.APPRECIATIONThe Company would like to thank the Groups customers,suppliers,business partners for their support.The Company would also like to offer t

197、he highest gratitude to its shareholders for their devotion and the Groups employees for their loyalty and contributions made during the year.By order of the BoardStandard Development Group LimitedLiu ZhanchengChairman and Executive DirectorHong Kong,30 June 2025 As at the date of this announcement,the Board comprises Mr.Liu Zhancheng and Mr.Xu Jing as executive Directors;and Dr.Su Lixin,Mr.Liang Rongjin and Dr.Yan Bing as independent non-executive Directors.*For identification purpose only