ANXIANYUANCH：INTERIMREPORT2025.pdf

1、1CONTENTS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025PageCORPORATE INFORMATION2MANAGEMENT DISCUSSION AND ANALYSIS3OTHER INFORMATION10CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS15CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME16CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL P

2、OSITION17CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY19CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS21NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS22GLOSSARY352CORPORATE INFORMATION ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025BOARD OF DIRECTORSExecutive DirectorsMr.Shi

3、Hua(Chairman)Mr.Shi Jun(Chief Executive Officer)Mr.Law Fei Shing(Deputy Chief Executive Officer)Independent Non-executive DirectorsMr.Chan Koon YungMr.Lum Pak SumMs.Hung Wan Fong,JoanneCOMPANY SECRETARYMs.Chan Ka Man KarmenAUDIT COMMITTEEMr.Chan Koon Yung(Committee Chairman)Mr.Lum Pak SumMs.Hung Wan

4、 Fong,JoanneREMUNERATION COMMITTEEMr.Chan Koon Yung(Committee Chairman)Mr.Lum Pak SumMs.Hung Wan Fong,JoanneNOMINATION COMMITTEEMr.Shi Hua(Committee Chairman)Mr.Chan Koon YungMr.Lum Pak SumMs.Hung Wan Fong,JoanneAUTHORISED REPRESENTATIVESMr.Shi HuaMr.Law Fei ShingAUDITORBDO LimitedCertified Public A

5、ccountants25th Floor,Wing On Centre111 Connaught Road CentralHong KongPRINCIPAL BANKERSHong KongCMB Wing Lung Bank LimitedBank of Communications(Hong Kong)LimitedPRCIndustrial and Commercial Bank of China LimitedREGISTERED OFFICEClarendon House2 Church StreetHamilton HM 11,BermudaHEAD OFFICE AND PRI

6、NCIPAL PLACE OF BUSINESS IN HONG KONGRoom 1215,Leighton Centre77 Leighton RoadCauseway Bay,Hong KongPRINCIPAL SHARE REGISTRAR ANDTRANSFER AGENTMUFG Fund Services(Bermuda)Limited4th Floor NorthCedar House41 Cedar AvenueHamilton HM 12,BermudaHONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICETricor Ab

7、acus Limited17/F,Far East Finance Centre16 Harcourt Road,Admiralty,Hong KongSHARE INFORMATIONStock code:00922Board lot:10,000 sharesWEBSITE3MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025MARKET OVERVIEWThe funeral culture in China is profound and long-standin

8、g.“When one is alive,be served with propriety;when dead,be buried with propriety and worshipped with propriety（生，事之以禮；死，葬之以禮，祭之以禮）”,Confucius once said in the Analects of Confucius（語）.This concept of“the same respect for life and death”lays the core value of funeral culture and provides a deep found

9、ation and a source of strength for the development of modern funeral industry.Reports indicated that as early as 2020,the market size of Chinas funeral service industry reached RMB257.7 billion.In addition,professional institutions estimate that Chinas funeral service market will grow steadily in th

10、e future,and the market size will reach RMB411.4 billion by 2026,with an estimated CAGR of 8.1%.Along with the increasing ageing of the population in China,Chinas elderly population aged 60 and above has exceeded 21%of the total population at the end of 2023,and will continue to rise in the next dec

11、ade.According to predictions by the United Nations,the annual death toll in China will rise from 11.10 million to 12.22 million between 2025 and 2030,which will directly promote the increase and evolution of demands for funeral industry.With Chinas socioeconomic development and accelerated urbanizat

12、ion,Chinas average per capita disposable income has been increasing year by year.People gradually lift their pursuit from meeting the basic life requirements to satisfying spiritual needs,along with the constant enrichment of the material and cultural life.Amid such consumption upgrading trend,the d

13、emand for customized and personalized funeral services has gradually emerged.The“Two Sessions”held in 2024 reasserted the importance of funeral and burial reforms,and continuously proposed to standardize the funeral market order,promote the regulated,professional,and diversified development of funer

14、al services,so as to advocate and encourage the industry trends of green funeral and environmentally-friendly funeral.The support and guidance of policies,coupled with the opportunity of digital empowerment brought by the“post-epidemic era”to Chinas funeral market,have driven the upgrading of funera

15、l services and have injected new vitality and room for growth into the funeral market.In summary,driven by structural growth in demand,consumption upgrades,policy support,digital transformation and cultural integration,the funeral and burial industry in the PRC has evolved beyond merely providing tr

16、aditional funeral services to increasingly embrace a“life service”model,showcasing a broad market potential.BUSINESS REVIEW AND OUTLOOKAs one of the pioneers in the funeral and burial industry in the PRC,the Group remains true to its original aspiration of“respecting life and serving life”,continuou

17、sly strives for excellence in the quality of its funeral and burial services,upholds a deep sense of humanistic care,and is committed to providing each customer with a tranquil place of remembrance so that the deceased can rest in peace,the living can send their condolences and every customer can fe

18、el the dignity of life.During the reporting period,the Group and its project companies fully implemented the decisions of the Board of Directors by adhering to the development policy of“stability,practicality,integrity and progress（穩、實、正、進）”.We aligned with development directions and fostered consen

19、sus to effectively address various risks and challenges.We also innovated and sought progress while maintaining stability,and continuously solidified our foundation to accumulate energy for long-term development.Zhejiang Anxian Yuan,as a flagship project,stabilized the development despite the slight

20、 decline in sales during the Period.Under the strong leadership of the Board of Directors,the Group maintained a robust financial condition,with its overall competitiveness continuously enhanced.The Group focused on securing benefits in a scientific manner,striving to advance its high-quality develo

21、pment while maintaining stability.4MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025During the period under review,on the basis of focusing on its core businesses,the Group tapped into the development potential of all project companies and vigorously expanded t

22、he service scope,with positive results achieved.Zhejiang Anxian Yuan,the Groups flagship project,embraced innovation by proposing the concept of“integrating technology into the industry to create a way to send peoples thoughts and condolences”,and launched a 200-square-meter“Unlimited”digital life e

23、xperience space during the Tomb-sweeping Festival.This space utilized the latest high technologies such as holography and AI,and integrated a series of service functions such as personalized farewell ceremonies,AI,healing and blessing,and memorial-day remembrance.Upon its launch,it has received wide

24、spread acclaim from all sectors of society and become a hallmark of the Group that enhances our service and capabilities.It also represents a comprehensive attempt at the funeral reform,triggers a trend toward the digitization of funerals and the empowerment of the industry through“artificial intell

25、igence+”,and broadens the development idea for the future ecological funeral and burial.The Group is dedicated to its mission and actively embraces social responsibility.We organize patriotic education activities in various local programs,commemorating ancestors who made significant contributions to

26、 foster a sense of responsibility and loyalty towards the nation and society,thereby gradually embedding the spirit of patriotism in local communities.During the Period,our projects have constantly engaged in charitable and public welfare initiatives to give back to society,helping us build a positi

27、ve social reputation and enhance our corporate image.Looking forward,the Group will continue to uphold the business philosophy that emphasizes being“people-oriented,culture-based,scientific-minded and service-purposed”,continuously optimize and enhance its operations,striving for steady progress.By

28、consolidating the existing businesses,exploring brand values,and refining our product strategies and structures,we aim to facilitate the transformation and upgrading of our services.Our priority will be to promote green funerals,guided by ecological conservation principles.We will steadfastly uphold

29、 green funerals as its core principle,emphasizing environmentally friendly practices and land conservation.We will strengthen innovation-driven initiatives,increase investment in research and development,actively expand the funeral service chain,and explore the infinite possibilities enabled by tech

30、nology.This comprehensive approach aims to promote the modernization,ecological sustainability,and humanization of funeral services in China.In response to the opportunities and challenges in the funeral industry,the Group will live up to the mission of the times,continue to adapt to changes,and upg

31、rade its operation and management.All in all,the Group is committed to delivering the most professional and high-quality services in the industry for both society and customers,while achieving solid performance to reward partners and a wide range of investors.CEMETERY BUSINESSThe revenue growth and

32、gross profit ratio are the key measurement used for the assessment of business performance.Set out is the table summarizing the key performance indicators for the Groups business.Six months ended 30 SeptemberKey performance indicatorsDefinition20242023Revenue growthTotal revenue in current Period vs

33、 the last period-25.0%-4.5%Gross profit ratioGross profit over total revenue72.6%72.4%During the Period,the Group remain focused its cemetery business in the PRC.5MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025FINANCIAL REVIEWFor the Period,the Group recorded

34、 net profit of approximately HK$18.2 million(six months ended 30 September 2023:approximately HK$27.2 million)and revenue of approximately HK$102.3 million(six months ended 30 September 2023:approximately HK$136.5 million).The Groups earnings before interest and tax was approximately HK$29.4 million

35、(six months ended 30 September 2023:approximately HK$40.4 million).Decrease in the Groups net profit by approximately HK$9.0 million period-on-period.RevenueTotal revenue and gross profit for the period ended 30 September 2024 decreased to HK$102.3 million(six months ended 30 September 2023:HK$136.5

36、 million)and HK$74.3 million(six months ended 30 September 2023:HK$98.9 million)compared with the previous period respectively.The decrease in revenue and gross profit was mainly due to total number of tombs sold was decreased by 30%.During the Period,of the total revenue of approximately HK$102.3 m

37、illion(six months ended 30 September 2023:approximately HK$136.5 million),sales of tombs and niches amounted to approximately HK$86.7 million(six months ended 30 September 2023:approximately HK$123.2 million).Other income and gains,netThe Group recorded a decrease in other income and gain by approxi

38、mately HK$0.5 million for the Period.Such decrease was mainly due to the drop of bank interest income received amounting to approximately HK$2.6 million(six months ended 30 September 2023:HK$3.5 million).Selling and distribution expensesSelling and distribution expenses decreased from HK$18.2 millio

39、n to HK$12.0 million compared with last period.It was mainly due to selling expense was decreased in promotion expense for developing cemetery market.Administrative expensesAdministrative expenses decreased from HK$44.6 million to HK$36.7 million compared with last period.Such decrease was mainly du

40、e to the decrease in repair and maintenance expenses of cemetery and tomb assets.Finance costsThe Group recorded a decrease in finance costs by approximately HK$0.3 million period-on-period.Such decrease was primarily due to the repayment of bank borrowings for the Period.Profit for the period attri

41、butable to owners of the CompanyAs a result of the reasons mentioned above,profit attributable to owners of the Company for the Period was approximately HK$17.4 million(six months ended 30 September 2023:profit attributable to owners of the Company of approximately HK$26.0 million).6MANAGEMENT DISCU

42、SSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025LIQUIDITY AND FINANCIAL RESOURCESThe Groups business operations were funded by its internal resources and bank borrowings.A summary of the condensed consolidated statement of cash flows for the periods ended 30 September 2024 an

43、d 2023 were as follows:Six months ended 30 September 20242023HK$000HK$000Net cash flows generated from operating activities12,87136,643Net cash flows(used in)/generated from investing activities(45,209)58,219Net cash flows generated from/(used in)financing activities15,441(20,186)NET(DECREASE)/INCRE

44、ASE IN CASH AND CASH EQUIVALENTS(16,897)74,676During the Period,the net decrease in cash equivalents was approximately HK$16.9 million(six months ended 30 September 2023:net increase in cash equivalents of approximately HK$74.7 million).As at 30 September 2024,the cash and cash equivalents of the Gr

45、oup was approximately HK$323.9 million(31 March 2024:approximately HK$339.4 million).The Group had short-term bank borrowings of approximately HK$33.3 million(31 March 2024:approximately HK$17.3 million)and the Group had no long-term bank borrowings(31 March 2024:Nil)as at 30 September 2024.During t

46、he Period,new bank borrowings raised approximately HK$33.3 million and the Group spent approximately HK$17.4 million for repayment of bank borrowings in order to improve the Groups financial position.The current ratio(current assets/current liabilities)of the Group was approximately 3.22 as at 30 Se

47、ptember 2024(31 March 2024:approximately of 3.96).The decrease in current ratio as at 30 September 2024 as compared to 31 March 2024 was mainly due to the increase in current liabilities of the Group.The gearing ratio(total liabilities/total assets)at the end of the Period was 0.25(31 March 2024:0.2

48、3).As at 30 September 2024,the Group recorded net current assets of approximately HK$393.0 million(31 March 2024:approximately HK$436.0 million).It indicated the Group has sufficient working capital to meet its financial obligations.CAPITAL STRUCTUREAs at 30 September 2024,the issued share capital o

49、f the Company was 2,221,363,150 ordinary shares.During the Period,there was no movement of the issued share capital of the Company.Total assets and net assets of the Group as at 30 September 2024 were approximately HK$1,299.4 million(31 March 2024:approximately HK$1,275.1 million)and approximately H

50、K$973.0 million(31 March 2024:approximately HK$978.7 million)respectively.The net assets per share was approximately HK$0.44(31 March 2024:approximately HK$0.44).The decrease in net assets was mainly due to the Group recorded net profit attributable to owners of the Company of HK$17.4 million but of

51、fset dividend payable of HK$28.9 million and unrealized exchange gain on translation of financial statements of foreign operations of approximately HK$5.2 million due to the appreciation in RMB against HK$as at 30 September 2024.7MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDI

52、NTERIM REPORT 2025PLEDGE OF ASSETSAs at 30 September 2024,Anxian Yuan(Zhejiang)pledged certain properties with net carrying value amounting of HK$8,389,000 for interest-bearing bank borrowings(31 March 2024:Nil).(Note 18)As at 31 March 2024,98.38%equity interests in Zhejiang Anxian Yuan was pledged

53、to secure the bank borrowings granted to this subsidiary.(Note 18)LITIGATIONNo significant litigation as at 30 September 2024 was noted.FINANCIAL GUARANTEENo outstanding financial guarantee of the Group as at 30 September 2024 was noted(31 March 2024:Nil).SIGNIFICANT INVESTMENTSThe Group did not hav

54、e significant investment during the Period.MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURESThere were no other material acquisitions and disposals of subsidiaries,associates and joint ventures during the Period.CONTINGENT LIABILITIESAs at 30 September 2024,the Group

55、had no significant contingent liabilities.EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND RELATED HEDGESDuring the Period,the Groups business including revenue and cost of sales were mainly denominated in RMB and the fund raising activities were denominated in HK$and RMB.The PRC subsidiaries of the G

56、roup were operated in the PRC.All transactions,assets and liabilities of the PRC subsidiaries were denominated in RMB and were translated into HK$at year/period end date as foreign operations.The Group currently does have foreign currency hedging policy in respect of foreign currency transactions,as

57、sets and liabilities.The Group also monitors its foreign currency exposure closely and considers hedging significant foreign currency exposure should the need arise.The Group did not have significant exposure to foreign currency risk at 30 September 2024.No foreign currency hedge was made during the

58、 Period.8MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025EMPLOYEE AND REMUNERATION POLICIESAs at 30 September 2024,the Group had 12 employees(including Directors)(31 March 2024:12 employees)and 214 employees(31 March 2024:268 employees)(including part-time and

59、 full-time employees)in Hong Kong and the PRC respectively.The Group regularly reviews remuneration and benefits of employees according to the relevant market practice and individual performance of the employees.The Group also provides provident fund schemes(as the case may be)to its employees depen

60、d on the location of such employees.In addition to basic salary and mandatory provident fund,employees are entitled to other benefits such as share option scheme,of which the Directors may,at their discretion,grant options to employees of the Group.The remuneration policies of the Groups employees a

61、re subject to review regularly.The Group has share option schemes available for directors and employees of the Company or any of its subsidiaries.Total staff costs(including Directors)for the Period amounted to approximately HK$17.7 million(six months ended 30 September 2023:approximately HK$20.7 mi

62、llion),of which contribution to mandatory provident fund were approximately HK$60,000(six months ended 30 September 2023:approximately HK$60,000).No share options were granted during the Period.RIGHTS ISSUE AND USE OF THE NET PROCEEDSOn 25 March 2020,the Company announced that the Board proposed to

63、implement the rights issue on the basis of three rights shares for every two Shares in issue at the subscription price of HK$0.1 per rights share,to raise up to approximately HK$133.3 million before expenses by way of issuing up to 1,332,817,890 rights shares(“Rights Issue”).On 30 July 2020,the Comp

64、any completed the Rights Issue and issued 1,332,817,890 rights shares.The net proceeds from the Rights Issue was approximately HK$131.5 million.Further details of the Rights Issue were set out in the Companys announcements dated 25 March 2020,28 May 2020,29 July 2020,30 July 2020 and 18 September 20

65、20,the Companys circular dated 29 April 2020 and the Companys prospectus dated 8 July 2020(collectively“Rights Issue Documents”).Pursuant to the Companys announcements dated 26 November 2021 and 8 December 2021 in relation to the change in use of proceeds from Rights Issue,in light of the current ma

66、rket conditions,the Board has resolved that it would be in the best interest of the Company and the Shareholders to reallocate the unutilized net proceeds of HK$81,490,000 which was originally allocated for potential strategic investment opportunity(ies)to(i)the repayment of existing debts and payab

67、les,which will allow the Group to lower its gearing ratio,reduce its interest expenses and financing costs and to achieve greater flexibility on the allocation of the Groups internal resources for the daily operation of the Group;and(ii)as general working capital to meet the Groups business developm

68、ent and allow the Group to deploy its financial resources to cope with the economic uncertainties in the future.9MANAGEMENT DISCUSSION AND ANALYSIS ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025The following table sets out the details of the intended use of net proceeds as stated in the Right

69、s Issue Documents,the reallocation of unutilized net proceeds as stated in the Companys announcements dated 26 November 2021 and 8 December 2021,the actual use of net proceeds up to 30 September 2024 and the remaining balance of unutilised net proceeds as at 30 September 2024:Original intended use o

70、f net proceedsIntended use of net proceeds as stated in the Rights Issue Documents(%)Reallocation of unutilized net proceeds as stated in the Companys announcements dated 26 November 2021 and 8 December 2021Actual use of net proceeds up to 30 September 2024Remaining balance of unutilised net proceed

71、s as at 30 September 2024HK$000HK$000HK$000HK$000Potential opportunity(ies)in strategic investment81,490(62%)(81,490)Repayment of existing debts and payables28,891(22%)60,00088,891General working capital21,120(16%)21,49042,610131,501131,501Save as disclosed above,the Company has applied the net proc

72、eeds from the Rights Issue in accordance with the proposed intentions as set out in the Rights Issue Documents.RESULTS AND DIVIDENDThe results of the Group for the Period are set out under the condensed consolidated statement of profit or loss and the condensed consolidated statement of comprehensiv

73、e income on pages 15 and 16 respectively.The Directors have declared an interim dividend of HK0.5 cent per share for the six months ended 30 September 2024(six months ended 30 September 2023:HK0.8 cent per share),which is payable on Tuesday,7 January 2025 to the Shareholders whose names appear on th

74、e registers of members of the Company on Friday,13 December 2024.EVENTS AFTER THE REPORTING PERIODSave as disclosed in this report,no major subsequent events affecting the Group had occurred since the end of the reporting period and up to the date of this report.10OTHER INFORMATION ANXIAN YUAN CHINA

75、 HOLDINGS LIMITEDINTERIM REPORT 2025DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURESAs at 30 September 2024,the interests and short positions of the Directors and the chief executives of the Company(the“Chief Executives”)in the shares,underl

76、ying shares and debentures of the Company or any of its associated corporations within the meaning of Part XV of the SFO,which had been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO,or which were required to be entered in the register referred to

77、therein pursuant to section 352 of the SFO,or which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code,were as follows:Long position in the issued shares of the Company:Name of DirectorNature of interest/CapacityNumber of Shares heldApproximate percentage o

78、f shareholdingNotes(Note 3)Mr.Shi HuaBeneficial Owner25,795,0001.16%Interest of controlled corporation1,273,530,61657.33%1Mr.Shi JunBeneficial Owner30,500,0001.37%Mr.Law Fei ShingBeneficial Owner50,000,0002.25%Interest of controlled corporation1,136,530,61651.16%2Notes:1.1,273,530,616 Shares were re

79、gistered in the name of Master Point Overseas Limited.Master Point Overseas Limited is a company incorporated under the laws of the British Virgin Islands,the entire issued share capital(i.e.50,000 shares)of which is legally and beneficially owned by Mr.Shi Hua.Under the SFO,Mr.Shi Hua was deemed to

80、 be interested in 1,273,530,616 Shares held by Master Point Overseas Limited.As Master Point Overseas Limited held more than 50%of the issued share capital of the Company,Master Point Overseas Limited was associated corporation of the Company within the meaning of Part XV of the SFO.2.1,136,530,616

81、Shares held by Master Point Overseas Limited were subject to a share charge executed by Master Point Overseas Limited as charger in favour of Excel Precise International Limited(“Excel Precise”)as chargee which is owned as to 25%by Mr.Law Fei Shing and 73.5%by True Promise Investments Limited(“True

82、Promise”),a company which in turn is wholly-owned by Mr.Law Fei Shing.Accordingly,Mr.Law Fei Shing and True Promise were deemed to be interested in the 1,136,530,616 Shares in which Excel Precise was interested under the SFO.3.The percentages are calculated based on the total number of ordinary shar

83、es of the Company in issue as at 30 September 2024 which was 2,221,363,150.Save as disclosed above,as at 30 September 2024,so far as was known to the Directors,none of the Directors or the Chief Executives had an interest or short position in any shares,underlying shares or debentures of the Company

84、 or any of its associated corporations(within the meaning of Part XV of the SFO)as recorded in the register of interests required to be kept by the Company pursuant to section 352 of the SFO,or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.11OTHER INFORMATION

85、 ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARESAs at 30 September 2024,so far as is known to the Directors and according to the register kept by the Company under Section 336 of the SFO,the following Shareho

86、lders,other than a Director or Chief Executive Officer,had an interest or short position in the Companys shares and underlying shares which would fall to be disclosed to the Company under the provisions of the Divisions 2 and 3 of Part XV of the SFO,or who was directly or indirectly,interested in 5%

87、or more of the nominal value of any class of share capital carrying rights to vote in all circumstances at general meetings of any member of the Group.Long position in the issued shares of the Company:Name of ShareholderNature of interest/CapacityNumber of Shares heldApproximate percentage of shareh

88、oldingNotes(Note 3)Master Point Overseas LimitedBeneficial Owner1,273,530,61657.33%1Excel Precise International LimitedPerson having a security interest in shares1,136,530,61651.16%2True Promise Investments LimitedInterest of controlled corporation1,136,530,61651.16%2Notes:1.The interest of Master P

89、oint Overseas Limited is also disclosed as the interest of Mr.Shi Hua,the beneficial owner of Master Point Overseas Limited,in the above section headed“DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES”.2.The interests of Excel Precise and Tr

90、ue Promise are also disclosed as the interest of Mr.Law Fei Shing in the above section headed“DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES”.3.The percentages are calculated based on the total number of ordinary shares of the Company in i

91、ssue as at 30 September 2024 which was 2,221,363,150.Save as disclosed above,as far as was known to the Directors,no other person(not being a Director or Chief Executive)had an interest or short position in the Companys shares or underlying shares which would fall to be disclosed to the Company unde

92、r the provisions of the Divisions 2 and 3 of Part XV of the SFO,or which was recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO.OTHER INTERESTS DISCLOSEABLE UNDER THE SFOSave as disclosed above,so far as is known to the Directors,there was no other person

93、who had interest or short position in the Shares and underlying Shares that is discloseable under section 336 of the SFO.12OTHER INFORMATION ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025SHARE OPTION SCHEMEDuring the Period,the Company adopted a share option scheme(the“Share Option Scheme”)on

94、 28 August 2018(the“Adoption Date”).The purpose of the Share Option Scheme is to provide incentives or rewards to eligible persons who contribute to the success of the Groups operations.Eligible persons of the Share Option Scheme include any full-time or part-time employee of the Company or any memb

95、ers of the Group,including any Executive,Non-executive Director and Independent Non-executive Director,adviser,consultant of the Company or any the subsidiaries.The total number of shares which may be issued upon the exercise of all options to be granted under the Share Option Scheme and other schem

96、es must not,in aggregate,exceed 10%of the shares in issue as at the Adoption Date as altered by the capital reorganisation undertook by the Company which became effective on 29 August 2018(the“Scheme Mandate Limit”).The total number of shares issued and to be issued upon exercise of the options gran

97、ted to a participant under the Share Option Scheme and other schemes(including both exercised and outstanding options)in any 12-month period must not exceed 1%of the shares in issue from time to time.Where any further grant of options to a participant(the“Further Grant”)would result in the shares is

98、sued and to be issued upon exercise of all options granted and to be granted under the Share Option Scheme and other schemes to such participant(including exercised,cancelled and outstanding options)in the 12-month period up to and including the date of the Further Grant representing in aggregate ov

99、er 1%of the shares in issue from time to time,the Further Grant must be separately approved by the shareholders in general meeting with such participate and his close associates(as defined in the Listing Rules)(or his associates(as defined in the Listing Rules)if the participant is a connected perso

100、n)abstaining from voting.Notwithstanding the foregoing,the Company may not grant any option if the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and other schemes exceeds 30%of the shares in issue from time

101、 to time.The Board may,at its discretion,invite any eligible persons to take up options at a price calculated as mentioned below.Upon acceptance of the option,the eligible person shall pay HK$1.00 to the Company by way of consideration for the grant.The option will be offered for acceptance for a pe

102、riod of 28 days from the date on which the option is granted.The Share Option Scheme will be valid and effective for a period of ten years commencing on the date of approval of the Share Option Scheme(i.e.28 August 2018),after which period no further options may be granted but the provisions of the

103、Share Option Scheme shall remain in full force and effect in all other respects and options granted during the life of the Share Option Scheme may continue to be exercisable in accordance with their terms of issue.The exercise price for the shares subject to options will be a price determined by the

104、 Board and notified to each participant and must be at least the highest of(i)the closing price of the shares as stated in the Stock Exchanges daily quotations sheet on the date of grant of the options,which must be a trading day;and(ii)the average closing price of the shares as stated in the Stock

105、Exchanges daily quotations sheets for the five trading days immediately preceding the date of grant of the options.All share-based compensation will be settled in equity.The Group has no legal or constructive obligation to repurchase or settle the options other than by issuing shares.The share optio

106、ns do not confer rights on the holders to dividends or to vote at Shareholders meetings.The directors of the Company confirm that the Share Option Scheme is in compliance with Chapter 17 of the Listing Rules.During the Period and up to the date of this report,no option had been granted by the Compan

107、y under the Share Option Scheme.No share option was outstanding as at 30 September 2024.13OTHER INFORMATION ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025PURCHASE,SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANYDuring the Period,neither the Company nor any of its subsidiaries had purcha

108、sed,sold or redeemed any of the Companys listed securities.COMPETING BUSINESSAs at 30 September 2024,none of the Directors,substantial shareholders of the Company and their respective associates(as defined in the Listing Rules)has any interest in a business which competes or is likely to compete,eit

109、her directly or indirectly,with the business of the Group.CHANGES IN INFORMATION OF DIRECTORSPursuant to Rule 13.51B(1)of the Listing Rules,the change in the information of the Directors of the Company required to be disclosed since the publication of 2024 annual report of the Company up to the date

110、 of approval of this interim report is set out below:(i)Mr.Lum Pak Sum was appointed as an independent non-executive director of Wai Hung Group Holdings Limited(stock code:3321)with effect from 9 October 2024.Save as disclosed above,there is no other change in the information of the Directors of the

111、 Company required to be disclosed pursuant to Rule 13.51B(1)of the Listing Rules.CORPORATE GOVERNANCE PRACTICESThe Company is committed to ensuring a high standard of corporate governance in the interests of the shareholders and devotes considerable effort to maintain high level of business ethics a

112、nd corporate governance practices.The Company has complied with all the applicable code provisions set out in the Corporate Governance Code(the“CG Code”)contained in Appendix C1 of the Listing Rules throughout the six months ended 30 September 2024.The Board will keep reviewing and updating such pra

113、ctices from time to time to ensure compliance with legal and commercial standards.AUDIT COMMITTEE REVIEWThe Audit Committee has been established with written terms of reference in compliance with Rules 3.21 and 3.22 of the Listing Rules and code provision D.3.3 of the CG Code,for the purposes of,amo

114、ng others,reviewing and providing supervision over the Groups financial reporting process,internal controls and risk management system.The Audit Committee currently comprises three Independent Non-executive Directors,namely Mr.Chan Koon Yung,Mr.Lum Pak Sum and Ms.Hung Wan Fong,Joanne.Mr.Chan Koon Yu

115、ng is the chairman of the Audit Committee.The Audit Committee has reviewed the accounting principles and policies adopted by the Group and has discussed and reviewed the internal controls and financial reporting matters of the Group,including the review of the unaudited consolidated interim results

116、of the Group and interim report of the Company for the six months ended 30 September 2024,with the management of the Company and has no disagreement with the accounting treatments adopted.14OTHER INFORMATION ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025COMPLIANCE WITH THE MODEL CODE FOR SECU

117、RITIES TRANSACTIONSThe Company had adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules(the“Model Code”)as its own code of conduct for securities transactions by the Directors.The Company had made specific enquiry to all the

118、 Directors and they had confirmed compliance with the Model Code throughout the Period.No incident of non-compliance was noted by the Company during the Period.SUFFICIENCY OF PUBLIC FLOATBased on the information that is publicly available to the Company and within the knowledge of the directors of t

119、he Company,as at 30 September 2024 and the date of this report,the Company has maintained the prescribed minimum public float as required under the Listing Rules.CLOSURE OF REGISTERS OF MEMBERSThe registers of members will be closed on Friday,13 December 2024 for the purpose of determining the entit

120、lement of the Shareholders to the interim dividend and no transfer of shares will be effected on that date.In order to qualify for the interim dividend,all share transfers accompanied by the relevant share certificates and transfer forms must be lodged for registration with the Companys branch share

121、 registrar and transfer office in Hong Kong,Tricor Abacus Limited at 17/F,Far East Finance Centre,16 Harcourt Road,Admiralty,Hong Kong before 4:30 p.m.on Thursday,12 December 2024.The interim dividend is payable on Tuesday,7 January 2025 to the Shareholders whose names appear on the registers of mem

122、bers of the Company on Friday,13 December 2024.APPRECIATIONThe Board would like to thank the management of the Group and all our staff for their hard work and dedication,as well as its shareholders,for their support to the Group.By order of the BoardAnxian Yuan China Holdings LimitedShi HuaChairmanH

123、ong Kong,26 November 202415CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedSix months ended 30 September20242023NotesHK$000HK$000REVENUE5102,307136,483Cost of sales(28,035)(37,618)Gross profit74,

124、27298,865Other income and gains,net53,7984,332Selling and distribution expenses(12,028)(18,186)Administrative expenses(36,683)(44,619)Finance costs7(298)(623)PROFIT BEFORE INCOME TAX629,06139,769Income tax expense9(10,825)(12,588)PROFIT FOR THE PERIOD18,23627,181Profit for the period attributable to

125、:Owners of the Company17,38226,014Non-controlling interests8541,16718,23627,181EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY FOR THE PERIODBasic and diluted(HK cents)110.781.1716CONDENSED CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOMEFor the six months ended 30 September 2024ANX

126、IAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedSix months ended 30 September20242023HK$000HK$000PROFIT FOR THE PERIOD18,23627,181OTHER COMPREHENSIVE INCOME/(LOSS)Items that may be reclassified subsequently to profit or loss:Exchange differences on translation of financial statements of f

127、oreign operations5,417(45,617)Change in fair value of equity investments at fair value through other comprehensive income6(86)OTHER COMPREHENSIVE INCOME/(LOSS)FOR THE PERIOD,NET OF TAX5,423(45,703)TOTAL COMPREHENSIVE INCOME/(LOSS)FOR THE PERIOD23,659(18,522)Total comprehensive income/(loss)for the p

128、eriod attributable to:Owners of the Company22,614(18,003)Non-controlling interests1,045(519)23,659(18,522)17CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITIONAs at 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedAudited30 September 202431 March 2024NotesHK$000HK$000

129、NON-CURRENT ASSETSProperty,plant and equipment1266,48768,698Right-of-use assets121,9652,979Intangible assets12409,549408,445Goodwill12,39212,328Equity investments1,0541,048Cemetery assets13237,484197,911Loan to non-controlling shareholder16206202Total non-current assets729,137691,611CURRENT ASSETSIn

130、ventories14237,203240,059Trade receivables152,0631,009Prepayments,deposits and other receivables6,5792,610Loan to non-controlling shareholder16452414Cash and cash equivalents323,904339,428Total current assets570,201583,520CURRENT LIABILITIESTrade payables1729,14336,456Other payables and accruals12,9

131、8711,249Contract liabilities25,72026,898Interest-bearing bank borrowings1833,26717,296Lease liabilities288420Tax payables46,90355,161Dividends payable10(b)28,878Total current liabilities177,186147,480NET CURRENT ASSETS393,015436,040TOTAL ASSETS LESS CURRENT LIABILITIES1,122,1521,127,65118CONDENSED C

132、ONSOLIDATED STATEMENT OFFINANCIAL POSITIONAs at 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedAudited30 September 202431 March 2024NotesHK$000HK$000NON-CURRENT LIABILITIESContract liabilities39,61239,580Lease liabilities28Deferred tax liabilities109,583109,372Total n

133、on-current liabilities149,195148,980NET ASSETS972,957978,671EQUITYShare capital19222,136222,136Reserves714,565720,829Equity attributable to owners of the Company936,701942,965Non-controlling interests36,25635,706TOTAL EQUITY972,957978,67119CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITYFor the

134、six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedAttributable to owners of the CompanyShare capitalShare premium*Equity investments at FVTOCI reserve*Contributed surplus reserve*Statutory reserve fund*Exchange fluctuation reserve*Other reserve*Retained

135、profits*TotalNon-controlling interestsTotal equityHK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000At 1 April 2024222,136151,136(1,513)47,32356,953(61,006)(10,687)538,623942,96535,706978,671Profit for the Period17,38217,38285418,236Other comprehensive income/(loss)for the Period:Exc

136、hange differences on translation of financial statements of foreign operations5,2265,2261915,417Change in fair value of equity investments at fair value through other comprehensive income(“FVTOCI”)666Total comprehensive income/(loss)for the Period5,23217,38222,6141,04523,659Final dividend approved i

137、n respect of previous financial year of HK1.3 cents(note 10(b)(28,878)(28,878)(28,878)Dividend paid to non-controlling interests in subsidiaries(495)(495)At 30 September 2024222,136151,136(1,513)18,44556,953(55,774)(10,687)556,005936,70136,256972,957*These reserve accounts comprise the consolidated

138、reserves as at 30 September 2024 in the condensed consolidated statement of financial position.20CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITYFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedAttributable to owners of the CompanyShare capi

139、talShare premium*Equity investments at FVTOCI reserve*Contributed surplus reserve*Statutory reserve fund*Exchange fluctuation reserve*Other reserve*Retained profits*TotalNon-controlling interestsTotal equityHK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000At 1 April 2023222,136151,1

140、3625898,41449,366(28,683)(10,687)488,386970,32636,3811,006,707Profit for the period26,01426,0141,16727,181Other comprehensive income/(loss)for the period:Exchange differences on translation of financial statements of foreign operations(43,931)(43,931)(1,686)(45,617)Change in fair value of equity inv

141、estments at FVTOCI(86)(86)(86)Total comprehensive income/(loss)for the period(44,017)26,014(18,003)(519)(18,522)Final dividend approved in respect of previous financial year of HK1.5 cents(33,320)(33,320)(33,320)At 30 September 2023222,136151,13625865,09449,366(72,700)(10,687)514,400919,00335,862954

142、,86521CONDENSED CONSOLIDATED STATEMENT OFCASH FLOWSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025UnauditedSix months ended 30 September 2024Six months ended 30 September 2023HK$000HK$000Net cash flows generated from operating activities12,87136,643Net

143、 cash flows(used in)/generated from investing activities(45,209)58,219Net cash flows generated from/(used in)financing activities15,441(20,186)NET(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS(16,897)74,676Cash and cash equivalents at beginning of period339,428283,409Effect of foreign exchange rat

144、e changes,net1,373(13,661)CASH AND CASH EQUIVALENTS AT END OF PERIOD323,904344,424ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTSCash and bank balances323,904344,42422NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITED

145、INTERIM REPORT 20251.CORPORATE AND GROUP INFORMATIONAnxian Yuan China Holdings Limited is a limited liability company incorporated in Bermuda and domiciled in Hong Kong.The registered office of the Company is located at Clarendon House,2 Church Street,Hamilton HM 11,Bermuda.The Companys principal pl

146、ace of business in Hong Kong is Room 1215,Leighton Centre,77 Leighton Road,Causeway Bay,Hong Kong.During the Period,the Group principally engaged in the cemetery business in the PRC.The Directors of the Company consider the ultimate holding company of the Company to be Master Point Overseas Limited,

147、a company incorporated in the British Virgin Islands and the controlling shareholder of the Company is Mr.Shi Hua,the Chairman and Executive Director,as at 30 September 2024.2.1 BASIS OF PREPARATIONThe unaudited condensed consolidated financial statements for the Period have been prepared in accorda

148、nce with HKAS 34“Interim Financial Reporting”issued by the HKICPA and the applicable disclosure requirements of the Listing Rules.These financial statements have been prepared under the historical cost convention,except for equity investments which were stated at fair value.They are presented in HK$

149、,which is also the functional currency of the Company and all values are rounded to the nearest thousand except when otherwise indicated.These financial statements do not include all the information and disclosures required in the annual financial statements,and should be read in conjunction with th

150、e Groups annual financial statements for the year ended 31 March 2024.2.2 AMENDED HKFRSs ADOPTED BY THE GROUPExcept as described below,the accounting policies used in the unaudited condensed consolidated financial statements for the Period are the same as those followed in the preparation of the Gro

151、ups annual financial statements for the year ended 31 March 2024.In the Period,the Group has applied for the first time the following amendments and interpretation issued by the HKICPA that are relevant for the preparation of the Groups unaudited condensed consolidated financial statements.The HKICP

152、A has issued a number of amended HKFRSs that are first effective and relevant to the current accounting period of the Group:Amendments to HKAS 1Classification of Liabilities as Current or Non-currentAmendments to HKAS 1Non-current Liabilities with CovenantsHK Interpretation 5(Revised)Presentation of

153、 Financial Statements Classification by the Borrower of a Term Loan that Contains a Repayment on Demand ClauseAmendments to HKFRS 16Lease Liability in a Sale and LeasebackAmendments to HKAS 7 and HKFRS 7 Supplier Finance ArrangementsThe application of the above amended HKFRSs in the Period has had n

154、o material effect on the amounts reported in the unaudited condensed consolidated financial statements and/or disclosures set out in these financial statements.23NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM

155、 REPORT 20252.3 NEW OR AMENDED HKFRSs ISSUED BUT NOT YET EFFECTIVEThe following new or amended HKFRSs,potentially relevant to the Groups unaudited condensed consolidated financial statements,have been issued,but are not yet effective and have not been early adopted by the Group.Amendments to HKAS 21

156、Lack of Exchangeability1HKFRS 18Presentation and Disclosure in Financial Statements11 Effective for annual periods beginning on or after 1 January 2025The Group has already commenced an assessment of the impact of adopting the above new or amended HKFRSs to the existing standards to the Group.The Di

157、rectors anticipate that the application of new or amended HKFRSs will have no material impact on the Groups financial performance and positions and/or the disclosures to the unaudited condensed consolidated financial statements of the Group.3.SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATESIn prepari

158、ng these condensed consolidated financial statements,the significant judgements made by management in applying the Groups accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Groups annual financial statements for the year ended 31 March 2024.4

159、.OPERATING SEGMENT INFORMATIONFor management purposes,the Group has only one reportable operating segment which is the cemetery business.Since this is the only reportable operating segment of the Group,no further operating segment analysis thereof is presented.Geographical information(a)Disaggregate

160、d revenue from external customersUnauditedSix months ended 30 September20242023HK$000HK$000The PRC102,307136,483The revenue information above is based on the location of the customers.24NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA

161、 HOLDINGS LIMITEDINTERIM REPORT 20254.OPERATING SEGMENT INFORMATION(CONTINUED)Geographical information(Continued)(b)Non-current assetsUnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Hong Kong189350The PRC727,688690,011727,877690,361Non-current assets information above is based on t

162、he locations of the assets and excludes financial instruments.Information about major customersNo revenue from a single customer accounted for 10%or more of the Groups revenue during the six months ended 30 September 2024(six months ended 30 September 2023:Nil).5.REVENUE,OTHER INCOME AND GAINSDisagg

163、regation of revenue from contracts with customersIn the following table,revenue is disaggregated by major products and services and timing of revenue recognition.The Group has only one reportable operating segment which is the cemetery business in the PRC,and the disaggregated geographic information

164、 of revenue has been set out in note 4(a)above.UnauditedSix months ended30 September20242023HK$000HK$000Revenue by products and servicesSales of tombs and niches86,712123,160Management fee income4,8252,054Burial services10,77011,269102,307136,483Timing of revenue recognitionA point in time86,712123,

165、160Over time15,59513,323102,307136,483Other income and gains,netBank interest income2,5663,547Written back impairment of loan to a non-controlling shareholder660Others5727853,7984,33225NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA

166、HOLDINGS LIMITEDINTERIM REPORT 20256.PROFIT BEFORE INCOME TAXThe Groups profit before income tax is arrived at after charging:UnauditedSix months ended30 September20242023HK$000HK$000Cost of inventories sold recognised as expense18,87628,640Cost of services provided4,1533,671Employee benefit expense

167、(excluding Directors and chief executives remuneration(note 8):Wages and salaries15,30818,297Amortisation of intangible assets*1,1271,512Amortisation of cemetery assets*3,8813,795Depreciation Property,plant and equipment4,0193,716 Right-of-use assets#1,2861,276Exchange losses,net9722,210Loss on disp

168、osal of property,plant and equipment,net412*Amortisations of intangible assets and cemetery assets for the Period are included in“Cost of sales”in the condensed consolidated statement of profit or loss.#The depreciation of right-of-use assets of HK$810,000(six months ended 30 September 2023:HK$799,0

169、00)and HK$476,000(six months ended 30 September 2023:HK$477,000)are included in“Selling and distribution expenses”and“Administrative expenses”respectively.7.FINANCE COSTSAn analysis of finance costs is as follows:UnauditedSix months ended30 September20242023HK$000HK$000Interest on lease liabilities9

170、22Interest on interest-bearing bank borrowings509765Less:Interest capitalised(220)(164)29862326NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 20258.DIRECTORS AND CHIEF EXECUTIVES REMUNERATIONDirectors

171、and chief executives remuneration for the Period,disclosed pursuant to the Listing Rules,section 383(1)(a),(b),(c)and(f)of the Hong Kong Companies Ordinance and Part 2 of the Companies(Disclosure of Information about Benefits of Directors)Regulation,is as follows:UnauditedSix months ended30 Septembe

172、r20242023HK$000HK$000Fees252234Other emoluments:Salaries,allowances and benefits in kind2,1142,178Pension scheme contributions18182,1322,1962,3842,430(a)Independent Non-executive DirectorsSalaries,allowances and benefits in kindHK$000Six months ended 30 September 2024Mr.Chan Koon Yung84Mr.Lum Pak Su

173、m84Ms.Hung Wan Fong,Joanne84252Six months ended 30 September 2023Mr.Chan Koon Yung78Mr.Lum Pak Sum78Ms.Hung Wan Fong,Joanne78234There were no other emoluments payable to the Independent Non-executive Directors during the Period(six months ended 30 September 2023:Nil).27NOTES TO THE CONDENSED CONSOLI

174、DATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 20258.DIRECTORS AND CHIEF EXECUTIVES REMUNERATION(CONTINUED)(b)Executive Directors and Non-executive DirectorSalaries,allowances and benefits in kindPension scheme contributionsTotal r

175、emunerationHK$000HK$000HK$000Six months ended 30 September 2024Executive Directors:Mr.Shi Hua780780Mr.Shi Jun6609669Mr.Law Fei Shing66096692,100182,118Non-executive Director:Mr.Wang Hongjie(Resigned on 30 April 2024)14142,114182,132Six months ended 30 September 2023Executive Directors:Mr.Shi Hua7807

176、80Mr.Shi Jun6609669Mr.Law Fei Shing66096692,100182,118Non-executive Director:Mr.Wang Hongjie78782,178182,196There was no arrangement under which a Director or the chief executive waived or agreed to waive any remuneration during the Period(six months ended 30 September 2023:Nil).28NOTES TO THE CONDE

177、NSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 20259.INCOME TAX EXPENSEThe Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which subsidiaries of the Group are

178、 domiciled and operate.Pursuant to the rules and regulations of Bermuda,the Company is not subject to any income tax in that jurisdiction(six months ended 30 September 2023:Nil).No provision for Hong Kong profits tax has been made as the Group had no assessable profits derived from or earned in Hong

179、 Kong during the Period(six months ended 30 September 2023:Nil).Provision for the PRC current income tax is based on the statutory rate of 25%(six months ended 30 September 2023:25%)of the assessable profits of the PRC subsidiaries of the Group as determined in accordance with the PRC Corporate Inco

180、me Tax Law.The major components of income tax expense are as follows:UnauditedSix months ended30 September20242023HK$000HK$000Current tax PRC Corporate Income Tax Tax in the PRC for the period9,44812,528PRC dividend withholding tax1,5531,862Deferred tax(176)(1,802)Total income tax expenses for the p

181、eriod10,82512,58810.DIVIDENDThe Directors have declared an interim dividend of HK0.5 cent per share for the six months ended 30 September 2024(six months ended 30 September 2023:HK0.8 cent per share),which is payable on Tuesday,7 January 2025 to the Shareholders whose names appear on the registers o

182、f members of the Company on Friday,13 December 2024.(a)Dividend attributable to the Period:UnauditedSix months ended30 September20242023HK$000HK$000Interim dividend of HK0.5 cent(2023:HK0.8 cent)per share declared11,10717,771The interim dividend was proposed after the end of the relevant financial p

183、eriod and has not been recognized as a liability at the end of the relevant financial period.29NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 202510.DIVIDEND(CONTINUED)(b)At a meeting held on 21 June 2

184、024,the Directors proposed a final dividend of HK1.3 cents per ordinary share for the year ended 31 March 2024(31 March 2023:HK1.5 cents),which was estimated to be HK$28,878,000 at the time calculated on the basis of the ordinary share in issue as at 31 March 2024.The final dividend was approved by

185、Shareholders at the annual general meeting on 9 September 2024.11.EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANYThe calculation of the basic earnings per share is based on the profit for the Period attributable to owners of the Company of HK$17,382,000(six months ended 30 Septem

186、ber 2023:HK$26,014,000),and the weighted average number of ordinary shares of 2,221,363,000(six months ended 30 September 2023:2,221,363,000)in issue during the Period.For the six months ended 30 September 2024,there was no dilutive potential ordinary shares(six months ended 30 September 2023:Nil)an

187、d hence the diluted earnings per share is the same as basic earnings per share.12.MOVEMENTS IN PROPERTY,PLANT AND EQUIPMENT,RIGHT-OF-USE ASSETS AND INTANGIBLE ASSETSDuring the Period,the Group acquired items of property,plant and machinery with a cost of HK$1,493,000(six months ended 30 September 20

188、23:HK$2,461,000).Items of property,plant and machinery with a net carrying value of HK$11,000 were disposed of during the Period(six months ended 30 September 2023:HK$38,000),resulting in a loss on disposal of HK$4,000(six months ended 30 September 2023:loss of HK$12,000).Certain properties with net

189、 carrying value amounting of HK$8,389,000 were pledged for the banking facilities granted by the banks at the end of the Period(31 March 2024:Nil).In addition,the Group has entered into new lease agreements during the Period.Right-of-use assets amounted to HK$436,000(six months ended 30 September 20

190、23:HK$865,000)has been recognised for the Period accordingly.No additions to intangible assets was made during the Period(six months ended 30 September 2023:Nil).30NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTER

191、IM REPORT 202513.CEMETERY ASSETSUnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Leasehold lands56,61017,678Landscape facilities180,874180,233237,484197,911During the Period,the Group acquired leasehold lands in PRC at a cost of HK$41,033,000(31 March 2024:Nil).14.INVENTORIESUnaudit

192、edAuditedAs atAs at30 September31 March20242024HK$000HK$000Inventories Tombs237,203240,059As at 30 September 2024,inventories of approximately HK$195,666,000(31 March 2024:HK$176,124,000)are expected to be recovered in more than one year.15.TRADE RECEIVABLESAn aging analysis of the trade receivables

193、 as at the end of the Period,based on the invoice date and net of loss allowance,is as follows:UnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Within 60 days20927961 to 180 days1,142Over 1 year7127302,0631,00931NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six mont

194、hs ended 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 202516.LOAN TO NON-CONTROLLING SHAREHOLDERDuring the year ended 31 March 2021,Anxian Yuan(Zhejiang),a wholly-owned subsidiary of the Group,granted a loan to non-controlling shareholder of Yin Chuan Fu Shou Yuan,the subsidiary

195、 of the Group,with principal amount of RMB3,000,000(equivalent to approximately of HK$3,550,000).This loan is interest-bearing at 1%per annum with an effective interest rate of 4.64%per annum.The loan and the accrued interest are repayable in five years annually and secured by 30%equity interests of

196、 Yin Chuan Fu Shou Yuan held by this non-controlling shareholder.UnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Carrying value less loss allowance recognisedAnalysed into:Current452414Non-current20620265861617.TRADE PAYABLESAn aging analysis of the trade payables as at the end of

197、Period,based on the invoice date,is as follows:UnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Within 90 days1,28618,73091 to 180 days8303,363181 to 365 days17,1843,205Over 1 year9,84311,15829,14336,45632NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ende

198、d 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 202518.INTEREST-BEARING BANK BORROWINGSUnauditedAs at 30 September 2024Effective interest rate(%)Repayment datesHK$000CurrentCurrent portion of bank loans secured(note(a)4.50May 202533,267AuditedAs at 31 March 2024Effective interest

199、 rate(%)Repayment datesHK$000CurrentCurrent portion of long-term bank loans guaranteed and secured(note(b)4.75July 202417,296UnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Based on the repayment schedules and analysed into:Bank loans repayable:Within one year33,26717,296Notes:(a)A

200、s at 30 September 2024,the Groups bank loans amounting to HK$33,267,000 are secured certain properties with net carrying amounting of HK$8,389,000 which pledged by a subsidiary.(b)As at 31 March 2024,the Groups bank loans amounting to HK$17,296,000 are secured by 98.38%equity interests in a subsidia

201、ry of the Company and properties owned by a related company in which one of the Executive Directors has control,together with the rental income receivables from these properties.(c)All borrowings are denominated in RMB.33NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended

202、 30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 202519.SHARE CAPITALUnauditedAuditedAs atAs at30 September31 March20242024HK$000HK$000Issued and fully paid:2,221,363,000(31 March 2024:2,221,363,000)ordinary shares222,136222,136A summary of movements in the Companys share capital i

203、s as follows:Number of sharesNominal value(000)HK$000At 31 March 2024 and 30 September 20242,221,363222,13620.CAPITAL COMMITMENTSThe Group had no material capital commitment at the end of the Period(31 March 2024:Nil).34NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTSFor the six months ended

204、30 September 2024ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 202521.RELATED PARTY TRANSACTIONSIn addition to the transactions and balances detailed elsewhere in these financial statements,the Group had the following transactions with related parties during the Period.(a)Other transactions with

205、related partiesUnauditedSix months ended30 September20242023HK$000HK$000Consultancy fee to a related company in which one of the Executive Directors has control(notes(i)and(ii)396396Rental payment to a related company in which one of the Executive Directors has control(notes(i)and(iii)484484Carpark

206、fee to a related company in which a close family member of one of the Executive Directors has control(notes(i)and(iv)3030Note:(i)These transactions constitute de minimis transactions under Rule 14A.76(1)(c)of Chapter 14A of the Listing Rules and are therefore fully exempted from all disclosure requi

207、rements.(ii)These transactions related to consultancy fee paid to a related party in which one of the executive directors has control.(iii)These rental expenses related to rental payment to related party in which one of the executive directors has control.(iv)These carpark expenses related to carpar

208、k payment to related party in which a close family member of one of the executive directors has control.(b)Compensation of key management personnel of the GroupThe Directors are of the opinion that the key management are those persons having the authority and responsibility for planning,directing an

209、d controlling the activities of the Group,directly or indirectly,and are defined as the Executive Directors,Non-executive Directors and the Chief Executive Officer of the Company.Details of the key management remuneration are set out in note 8 to the condensed consolidated financial statements.22.EV

210、ENTS AFTER THE REPORTING DATEThere was no event occurring after the reporting date to be disclosed by the Group up to the approval date of the condensed consolidated financial statements.23.APPROVAL OF THE FINANCIAL STATEMENTSThese financial statements were approved and authorised for issue by the B

211、oard on 26 November 2024.35GLOSSARY ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025In this interim report,the following expressions shall have the following meanings unless the context otherwise requires:Anxian Yuan(Zhejiang)安賢園（浙江）投資管理有限公司(in English,for identification purpose,Anxian Yuan(Zhe

212、jiang)Investment Management Company Limited),a limited liability company established under the laws of the PRCBoardthe board of DirectorsCG Codethe Corporate Governance Code as set out in Appendix C1 of the Listing RulesChairmanthe chairman of the BoardChief Executive Officerthe chief executive offi

213、cer of the CompanyCompany/Anxian YuanAnxian Yuan China Holdings Limited,a company incorporated in the Bermuda with limited liability and the issued Shares are listed on the Stock ExchangeCompany SecretaryThe company secretary of the CompanyDirector(s)the director(s)of the CompanyExecutive Director(s

214、)the executive Director(s)Groupthe Company and its subsidiariesHKASthe Hong Kong Accounting Standards issued by the HKICPAHKFRS(s)the Hong Kong Financial Reporting Standards,collectively includes all applicable individual Hong Kong Financial Reporting Standards,HKAS and Interpretations issued by the

215、 HKICPAHKICPAthe Hong Kong Institute of Certified Public AccountantsHong Kongthe Hong Kong Special Administrative Region of the PRCIndependent Non-executive Director(s)the independent non-executive Director(s)Listing Rulesthe Rules Governing the Listing of Securities on the Stock ExchangeModel Codet

216、he Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing RulesNon-executive Director(s)the non-executive Director(s)36GLOSSARY ANXIAN YUAN CHINA HOLDINGS LIMITEDINTERIM REPORT 2025Periodthe six months ended 30 September 2024PRCthe Peoples Repu

217、blic of China,which for the purpose of this report exclude Hong Kong,the Macau Special Administrative Region of the PRC and TaiwanSFOthe Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong)Share(s)the ordinary share(s)of HK$0.1 each in the share capital of the CompanyShareholder(s)

218、holder(s)of the Share(s)Stock ExchangeThe Stock Exchange of Hong Kong LimitedYin Chuan Fu Shou Yuan銀川福壽園人文紀念園有限公司(in English,for identification purpose,Yin Chuan Fu Shou Yuan Humanistic Cultural Memorial Park Co.Ltd.),a limited liability company established under the laws of the PRCZhejiang Anxian Yuan浙江安賢陵園有限責任公司(in English,for identification purpose,Zhejiang Anxian Yuan Company Limited),a limited liability company established under the laws of the PRCHK$Hong Kong dollars,the lawful currency of Hong KongRMBRenminbi,the lawful currency of PRC%per cent