Core Viewpoint - The China Securities Index for Hong Kong Real Estate (CSI Hong Kong Real Estate Index) has shown a decline of 1.97% over the past month, but an increase of 5.51% over the past three months and 1.84% year-to-date [1]. Group 1: Index Performance - The CSI Hong Kong Real Estate Index reported a value of 1462.70 points as of April 29 [1]. - The index is based on a sample of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector [1]. Group 2: Index Holdings - The top ten weighted companies in the CSI Hong Kong Real Estate Index are: - Sun Hung Kai Properties (13.88%) - China Resources Land (12.3%) - Cheung Kong Property (8.74%) - China Overseas Land & Investment (8.05%) - Sino Land (4.68%) - Wharf Real Estate Investment (4.4%) - Henderson Land Development (4.15%) - Longfor Group (3.75%) - China Resources Mixc Lifestyle (3.35%) - Wharf Holdings (3.08%) [1]. Group 3: Market Composition - The CSI Hong Kong Real Estate Index exclusively comprises companies listed on the Hong Kong Stock Exchange, with a 100% representation [2]. - The index is entirely focused on the real estate sector, with a 100% allocation to this industry [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new companies meet the eligibility criteria for inclusion [3].

Group 1 - The core index of the China Securities Index for Hong Kong Stock Connect Real Estate has shown a decline of 6.37% over the past month, an increase of 5.16% over the past three months, and a year-to-date increase of 1.84% [1] - The index is composed of no more than 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector, with a base date of November 14, 2014, and a base point of 3000.0 [1] - The top ten weighted companies in the index include New World Development (13.69%), China Resources Land (13.0%), and Cheung Kong Property (8.51%) among others [1] Group 2 - The market segment of the index's holdings is entirely composed of the Hong Kong Stock Exchange, with a 100.00% allocation [2] - The index's sample is exclusively focused on the real estate industry, with a 100.00% allocation to this sector [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]

Core Points - The CSI Hong Kong Stock Connect Real Estate Index opened high and is currently at 1415.63 points, showing a decline of 7.76% over the past month, an increase of 4.84% over the past three months, and a year-to-date decline of 1.11% [1] - The index consists of up to 50 eligible Hong Kong-listed companies that reflect the overall performance of the real estate sector, with a base date of November 14, 2014, set at 3000.0 points [1] Index Holdings - The top ten weighted companies in the CSI Hong Kong Stock Connect Real Estate Index are: New World Development (13.54%), China Resources Land (12.87%), Cheung Kong Property (8.6%), China Overseas Land & Investment (8.19%), Sino Land (4.62%), Wharf Real Estate Investment (4.34%), Henderson Land Development (4.09%), Longfor Group (3.83%), China Resources Mixc Lifestyle (3.39%), and Wharf Holdings (2.92%) [1] Market Composition - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with the real estate development sector accounting for 78.01%, real estate management for 11.39%, and real estate services for 10.60% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

Land Reserves and Property Development - As of the end of 2024, the group's land reserves in Hong Kong amount to approximately 2.8 million square feet, with about 550,000 square feet located on The Peak[5] - The group's unsold land reserves for development properties in mainland China stand at 1.2 million square meters, primarily consisting of commercial properties due to market oversupply[5] - The total developed and undeveloped inventory amounts to 1.2 million square meters, down from 1.4 million square meters as of December 31, 2023[47] - The group has not directly acquired new land since 2019, leading to a reduction in both sales projects and unsold inventory[47] - The land bank consists of 2.8 million square feet in Hong Kong and 1.2 million square meters in mainland China[129] Financial Performance - The group's revenue decreased by 36% to HKD 12.11 billion, primarily due to a decline in recognized sales from unsold development properties[19] - The operating profit fell by 18% to HKD 5.64 billion, reflecting weak performance across most segments[26] - The basic net profit decreased by 22% to HKD 2.80 billion, with a significant increase in impairment provisions for development properties to HKD 21.25 billion[19] - Total revenue fell by 36% to HKD 12.115 billion (2023: HKD 18.95 billion), with operating profit decreasing by 18% to HKD 5.644 billion (2023: HKD 6.896 billion) mainly driven by property development[96] - Revenue from property development dropped 74% to HKD 2.255 billion (2023: HKD 8.562 billion), while operating profit fell 61% to HKD 466 million (2023: HKD 1.202 billion)[96] - The net impairment loss on investment properties was HKD 5.999 billion (2023: HKD 1.617 billion), impacting the overall financial performance significantly[99] - Shareholders' attributable loss was HKD 3.224 billion (2023: profit of HKD 0.945 billion), with basic loss per share of HKD 1.05 (2023: earnings of HKD 0.31)[104] - The group's underlying net profit decreased by 22% to HKD 2.798 billion (2023: HKD 3.566 billion) primarily due to a decline in recognized sales and increased impairment provisions for properties in mainland China[95] Hotel Operations - The group operates 16 hotels under the brands Niccolo, Marco Polo, and Moko, with four fully owned and one with a 50% stake; a new hotel under the Hyatt brand is set to open in June 2024[6] - The hotel division experienced a decline in room rates due to increased competition and changing customer preferences[18] - The hotel division's revenue increased by 1% to HKD 610 million, but operating profit decreased by 90% to HKD 11 million[58] - The group plans to introduce the first Hyatt hotel in Central China at Changsha International Finance Center in June 2024[18] Economic Environment and Market Conditions - The overall economic environment remains challenging, with geopolitical risks and trade tensions affecting international capital flows and market sentiment[16] - The central government in mainland China has implemented significant monetary stimulus measures to stabilize the real estate market and promote domestic consumption[17] - Future outlook indicates potential economic volatility due to geopolitical tensions and the effectiveness of fiscal support measures in the mainland real estate sector[23] - The optimized "New Capital Investor Entry Scheme" has sparked strong interest from high-net-worth buyers in luxury properties in Hong Kong[17] Sustainability and Corporate Responsibility - The group has committed to establishing science-based carbon reduction targets and has submitted recent goals for verification to the Science Based Targets initiative (SBTi)[6] - The group received recognition as the third highest fundraising organization for the 2023/24 Community Chest and maintained its position in the Hang Seng Sustainable Development Index with an AA+ ESG rating[7] - The group has been recognized in the Hang Seng Sustainable Development Index series since 2014, highlighting its commitment to sustainable business practices[78] - The group aims to achieve carbon reduction and other environmental goals by 2030, aligning with global carbon neutrality agendas[83] - The group has identified significant climate-related risks, including acute risks from extreme weather events and chronic risks from long-term changes, which could impact operations and increase costs[81] - The group has secured over HKD 20.3 billion in sustainable finance loans to enhance environmental sustainability across various projects[86] Governance and Board Structure - The board consists of 12 directors, with 5 executive directors and 7 independent non-executive directors, ensuring a balanced skill set and diverse perspectives[140] - Female representation on the board is 25%, with 3 women among the 12 directors, reflecting the company's commitment to gender diversity[141] - Independent non-executive directors make up 58% of the board, enhancing independent judgment and governance[149] - The company has adopted a Nomination Policy to ensure a sustainable and diverse board composition, aligning with business needs[152] - The board will review the performance of independent non-executive directors annually to maintain their independence and effectiveness[151] - The company emphasizes the importance of a diverse board for achieving strategic goals and sustainable development[140] Risk Management and Internal Controls - The risk management and internal control committee plays a crucial role in overseeing the effectiveness of the group's risk management and internal control systems[184] - The audit committee is responsible for continuously monitoring and evaluating the effectiveness of the risk management and internal control systems, reporting to the board[183] - The group has established internal monitoring functions at all levels to prevent significant errors and omissions[185] - The risk management and internal control system is dynamic and integrated into daily operations, with clear delineation of responsibilities[186] - The group has implemented a whistleblowing policy to allow employees and stakeholders to report concerns confidentially without fear of retaliation[187] Shareholder Communication and Engagement - The company values transparent communication with shareholders and investors, aiming to provide timely and fair disclosure of key information[194] - The company holds at least one annual general meeting to interact directly with shareholders, allowing board members and management to address shareholder inquiries[199] - The company regularly updates its website with investor relations information, including performance announcements and presentations following interim and annual results[198] - The company has established a shareholder communication policy to ensure shareholders have access to clear and understandable information[196] - The company emphasizes shareholder privacy, protected under the Shareholder Communication Policy, and will not disclose shareholder information without consent unless legally required[200]

Core Viewpoint - *ST Xulan's stock price has been under significant pressure, with a continuous decline leading to potential delisting risks due to prolonged low trading prices [1][3][5] Trading Information Summary - As of March 28, 2025, *ST Xulan's stock closed at 0.52 yuan, down 22.39% from the previous week, marking a near one-year low [1] - The stock has appeared on the trading alert list due to a cumulative decline of 12% over three consecutive trading days [2][5] - Large transactions occurred on March 24, 25, and 26, with amounts of 28.99 thousand yuan, 104.19 thousand yuan, and 59.46 thousand yuan respectively [2] Company Announcement Summary - *ST Xulan's stock price has been below 1 yuan for 18 consecutive trading days, facing delisting risks if it remains below this threshold for 20 days [3][5] - The company reported a projected net loss for 2024 between 30 million yuan and 50 million yuan, with potential bad debt provisions reaching up to 9.6 billion yuan [3][5] - Non-operational fund occupation amounts to 7.527 billion yuan, which has not been rectified [3] - The company and its major shareholders are under investigation by the China Securities Regulatory Commission for failing to disclose the 2023 annual report and other violations [3][5]

Group 1 - *ST Aonong (603363.SH) issued its fifth risk warning on March 28, 2025, regarding the potential termination of its stock listing if it fails to meet the criteria set by the Shanghai Stock Exchange for the 2024 fiscal year [1] - *ST Jiayu (300117.SZ) released its tenth risk warning on March 28, 2025, indicating that its stock has closed below 1 yuan for eighteen consecutive trading days, facing the risk of termination of listing [1] - *ST Gongzhi (000584.SZ) announced its fifth risk warning on March 28, 2025, stating that its stock may be terminated if it falls under the conditions specified in the Shenzhen Stock Exchange listing rules for the 2024 fiscal year [1] Group 2 - *ST Furun (600070.SH) issued a risk warning on March 28, 2025, about the potential termination of its stock listing due to its stock price being below 1 yuan and market capitalization below 500 million yuan, having closed below 1 yuan for eleven consecutive trading days [1] - *ST Xulan (000040.SZ) published its tenth risk warning on March 28, 2025, noting that its stock has also closed below 1 yuan for eighteen consecutive trading days, facing termination risk [2] - *ST Pengbo (600804.SH) released a risk warning on March 28, 2025, indicating that if its 2024 financial report receives a qualified opinion, disclaimer, or adverse opinion, the Shanghai Stock Exchange may decide to terminate its listing [2]

业绩报告显示，九龙仓集团的业务包括香港和内地的投资物业、发展物业和酒店。其中，投资物业组合 包括商场、写字楼及服务式住宅，主要位于内地。 九龙仓集团由盈转亏 公司称静待下个周期来临 本报记者 陈婷 赵毅 深圳报道 近期，九龙仓集团（0004.HK）发布2024年年报。报告期内，公司收入受内地发展物业业务影响同比下 降36%，营业盈利同比下降18%。计入投资物业重估减值（约60亿港元）后，九龙仓集团录得股东应占 亏损32.24亿港元，公司2023年盈利9.45亿港元。 但对于内地写字楼市场，九龙仓集团方面则表示："内地写字楼的供应可谓无穷无尽，这是问题症结所 在，业主只能跟着大势走。"并且九龙仓集团方面认为，内地写字楼市场行情暂时不见得会有所改善。 业绩报告显示，2024年，九龙仓集团内地投资物业整体收入同比下降4%至45.71亿港元，营业盈利同比 下降6%至29.83亿港元。报告期内，受持续供应过剩、需求疲弱影响，写字楼的出租率和租金水平继续 承压。 对于整体内地市场的发展前景，九龙集团方面对记者表示，内地政策成效逐步显现，但重建消费者信心 仍然是一大挑战。基于过去几年的大环境，现阶段任何投资都要加倍谨慎。" ...

Financial Performance - The group's underlying net profit decreased to HKD 2.798 billion (2023: HKD 3.566 billion), equivalent to HKD 0.92 per share (2023: HKD 1.17 per share), primarily due to a reduction in recognized sales from property development in mainland China and an increase in impairment provisions to HKD 2.018 billion (2023: HKD 1.855 billion) [4] - The group recorded a loss attributable to shareholders of HKD 3.224 billion (2023: profit of HKD 0.945 billion), with a basic loss per share of HKD 1.05 (2023: basic earnings of HKD 0.31) [4] - Group revenue fell by 36% to HKD 12.115 billion (2023: HKD 18.95 billion), with operating profit decreasing by 18% to HKD 5.644 billion (2023: HKD 6.896 billion) [15] - The company reported a net loss of HKD 2,611 million for the year, compared to a profit of HKD 1,105 million in 2023 [47] - The group reported a total loss before tax of HKD 6,316 million for the fiscal year ending December 31, 2024, compared to a profit of HKD 2,195 million in the previous year [56] Revenue Breakdown - Revenue from property development in mainland China decreased to RMB 1.4 billion (2023: RMB 2.6 billion), with unrecognized sales at year-end dropping to RMB 0.6 billion (2023: RMB 2.3 billion) [7] - The overall revenue from investment properties fell by 4% to HKD 45.71 billion, with operating profit declining by 6% to HKD 29.83 billion [8] - Development property revenue plummeted by 74% to HKD 2.255 billion (2023: HKD 8.562 billion), with operating profit down 61% to HKD 466 million (2023: HKD 1.202 billion) [15] - The logistics infrastructure segment's overall revenue decreased by 7% to HKD 2.205 billion, with operating profit down 17% to HKD 315 million [10] - The investment property segment reported a revenue of HKD 4,644 million, down from HKD 4,843 million in the previous year, reflecting a decrease of about 4.1% [56] Impairment and Expenses - The net impairment loss on investment properties was HKD 59.9 billion (2023: HKD 16.17 billion) as of December 31, 2024 [17] - Other net expenses amounted to HKD 2.271 billion (2023: HKD 1.6 billion), primarily due to impairment provisions for mainland development properties [19] - The company recorded an impairment provision of HKD 16.04 billion for properties developed in mainland China, compared to HKD 4.89 billion in 2023 [71] - The group reported a net other expenses of HKD 22,731 million in 2024, compared to HKD 16,000 million in 2023, an increase of approximately 42.7% [70] Taxation and Equity - The group recorded a tax credit of HKD 3.705 billion (2023: tax expense of HKD 1.09 billion), mainly due to the reversal of deferred tax provisions related to past revaluation surpluses [22] - Shareholders' equity decreased by 4% to HKD 136.8 billion as of December 31, 2024, compared to HKD 143 billion in December 2023, equivalent to HKD 44.77 per share [26] - The group's total tax expense for the year was HKD 3.705 billion, compared to HKD 1.09 billion in 2023 [72] Assets and Liabilities - Total assets decreased to HKD 190,039 million in 2024 from HKD 204,877 million in 2023, reflecting a decline of 7.2% [49] - Total operating assets fell by 7% to HKD 179.6 billion, down from HKD 192.8 billion in December 2023, with real estate, logistics, and investment assets accounting for 69%, 8%, and 23% respectively [27] - Net debt decreased by 9% to HKD 7.1 billion, with a net debt to total equity ratio of 5.0% [34] Future Outlook and Strategy - The group expects significant economic fluctuations due to geopolitical tensions, trade wars, and changes in U.S. Federal Reserve interest rates [11] - The group will continue to focus on core competencies and prudent financial management to drive development amid complex market conditions [12] Dividends - The group declared a total dividend of HKD 0.40 per share for the fiscal year 2024, unchanged from 2023 [5] - The total declared and paid dividend per share for 2024 was HKD 0.40, totaling HKD 1.222 billion, consistent with the previous year [75] Employment and Compensation - The company employed approximately 6,400 staff as of December 31, 2024, with compensation based on market trends and performance [43] Meeting and Shareholder Information - The annual general meeting of Kowloon Warehouse Group Limited is scheduled for May 13, 2025, at 11:15 AM [82] - Share transfer documents must be submitted by May 7, 2025, at 4:30 PM to participate in the annual general meeting [83] - The record date for shareholders is set for May 8, 2025 [82]

Financial Performance - The group's underlying net profit increased by 9% to HKD 1.979 billion, compared to HKD 1.81 billion in the previous year, primarily due to a reduction in property impairment provisions to HKD 560 million from HKD 1.033 billion [2]. - The group reported a loss attributable to shareholders of HKD 26.373 billion, compared to a profit of HKD 6.969 billion in the previous year, after accounting for non-cash impairment losses on investment properties [2][11]. - Group revenue decreased by 14% to HKD 7.032 billion (2023: HKD 8.133 billion) and operating profit decreased by 2% to HKD 3.085 billion (2023: HKD 3.139 billion) [13]. - The net loss for the period was HKD 2,558 million, compared to a profit of HKD 735 million in the same period last year, indicating a significant downturn [38]. - The group reported a total comprehensive loss of HKD 7,631 million for the period, compared to a loss of HKD 5,420 million in 2023 [38]. Revenue Breakdown - Revenue from the development properties segment decreased by 2% to HKD 305 million, while operating profit surged by 113% to HKD 179 million [5]. - Overall revenue from the mainland investment properties segment fell by 4% to HKD 2.326 billion, with operating profit declining by 6% to HKD 1.551 billion [6]. - Investment property income decreased by 5% to HKD 2.364 billion (2023: HKD 2.488 billion) and operating profit decreased by 6% to HKD 1.573 billion (2023: HKD 1.679 billion) due to soft rental rates in mainland shopping malls and offices [12]. - Development property revenue fell by 25% to HKD 2.028 billion (2023: HKD 2.688 billion), but operating profit increased to HKD 387 million (2023: HKD 54 million) with an overall operating margin of 19% (2023: 2%) due to the completion of a project in Hangzhou [12]. - The hotel segment's revenue decreased by 2% to HKD 291 million, with operating profit plummeting by 73% to HKD 12 million [8]. Dividends and Shareholder Returns - The interim dividend remains unchanged at HKD 0.20 per share, with a total payout of HKD 610 million, consistent with the previous year [3]. - The company's interim dividend declared was HKD 0.20 per share, totaling HKD 611 million, consistent with the previous year [59]. Debt and Financial Position - The group maintains a low debt ratio of 6.2%, with most borrowings denominated in RMB to mitigate the impact of high U.S. interest rates [4]. - Net debt increased by 11% to HKD 8.7 billion, with a debt-to-equity ratio of 6.2% [27]. - The group recognized a tax expense of HKD 2,985 million for the period, compared to HKD 676 million in 2023, influenced by deferred tax adjustments [56]. - The average effective borrowing interest rate decreased to 3.9% for the period, compared to 4.9% in 2023 [54]. Market Conditions and Outlook - The business outlook remains uncertain due to economic instability, geopolitical risks, and challenges in the mainland real estate market, prompting the group to adopt a cautious financial strategy [10]. - The mainland China market contributed HKD 5,028 million in revenue, down from HKD 5,876 million in the previous year, indicating a decline of about 14.4% [51]. Assets and Investments - Total operating assets decreased by 7% to HKD 178.7 billion, with real estate, logistics, and investment assets accounting for 69%, 10%, and 21% respectively [22]. - Long-term investments valued at HKD 37.7 billion, with a fair value loss of HKD 4.9 billion during the period [25]. - The fair value change of equity investments resulted in a loss of HKD 4,920 million for the period, compared to a loss of HKD 4,224 million in the previous year [38]. Employee and Management Information - The group employed approximately 5,700 staff as of June 30, 2024, with around 1,000 in management roles [36]. - The annual remuneration for the chairman is set at HKD 350,000 for 2024, an increase from HKD 300,000 in 2023 [87]. - The annual remuneration for directors (excluding the chairman) is now HKD 300,000, up from HKD 250,000 in 2023 [87]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the chairman and CEO roles being held by the same individual, deemed appropriate for strategic execution [76]. - All directors have adhered to the company's securities trading code during the reporting period [77].

Profit and Loss Performance - Group's underlying net profit increased by 9% to HKD 1.979 billion, primarily due to a reduction in development property provisions to HKD 564 million (2023: HKD 1.033 billion)[3] - The group reported a loss of HKD 2.637 billion due to investment property revaluation impairments and other unrealized accounting losses (2023: profit of HKD 696 million)[3] - Group's underlying net profit increased by 9% to HKD 1.979 billion (2023: HKD 1.811 billion), primarily due to reduced impairment provisions for development properties[13] - Group revenue decreased by 14% to HKD 7.032 billion (2023: HKD 8.13 billion), with operating profit down 2% to HKD 3.085 billion (2023: HKD 3.139 billion)[14] - Investment property revaluation impairment amounted to HKD 4.481 billion (2023: HKD 356 million), leading to a group loss attributable to shareholders of HKD 2.637 billion (2023: profit of HKD 696 million)[15][21] - Basic and diluted loss per share for the six months ended June 30, 2024, is HKD 0.86, compared to a profit of HKD 0.23 in the same period in 2023[35] - Revenue for the six months ended June 30, 2024, is HKD 7,032 million, down from HKD 8,130 million in the same period in 2023[36] - Net loss for the six months ended June 30, 2024, is HKD 2,558 million, compared to a net profit of HKD 735 million in the same period in 2023[36] - Total comprehensive loss for the six months ended June 30, 2024, is HKD 7,631 million, compared to HKD 5,420 million in the same period in 2023[38] - Group total revenue declined to HKD 7,032 million in H1 2024 from HKD 8,130 million in H1 2023, a decrease of 13.5%[43] - Group total operating profit fell to HKD 3,085 million in H1 2024 from HKD 3,139 million in H1 2023, a slight decrease of 1.7%[43] - Group total revenue decreased to HKD 7,032 million in 2024 from HKD 8,130 million in 2023, a decline of 13.5%[44] Property Development and Sales - Mainland China development property contracted sales dropped to RMB 700 million (2023: RMB 1.4 billion), with unsold inventory at 1.3 million square meters (2023: 1.4 million square meters)[8] - Development property revenue fell 25% to HKD 2.028 billion (2023: HKD 2.688 billion), but operating profit rose to HKD 387 million (2023: HKD 54 million), with a gross margin improvement to 19% (2023: 2%)[14] - Signed sales contracted by 41% to HKD 1.066 billion (2023: HKD 1.808 billion), with Hong Kong sales down 13% to HKD 300 million and mainland China sales down 48% to RMB 699 million[22] - Unrecognized sales decreased by 74% to RMB 575 million (December 2023: RMB 2.275 billion)[22] - Development properties segment revenue dropped to HKD 2,028 million in H1 2024 from HKD 2,688 million in H1 2023, a decrease of 24.6%[43] - Development properties segment operating profit increased to HKD 387 million in H1 2024 from HKD 54 million in H1 2023, a significant rise of 616.7%[43] - Revenue from property development sales dropped to HKD 2,028 million in 2024 from HKD 2,688 million in 2023, a decrease of 24.6%[44] Investment Properties - Mainland China investment property revenue decreased by 4% to HKD 2.326 billion, with operating profit down 6% to HKD 1.551 billion[7] - Investment property profit decreased by 5% to HKD 1.207 billion (2023: HKD 1.275 billion), while development property loss narrowed to HKD 462 million after deducting impairment provisions of HKD 564 million (2023: HKD 1.033 billion)[13] - Investment properties portfolio decreased to HKD 633 billion, representing 35% of total operating assets, with Hong Kong and Mainland China properties valued at HKD 180 billion and HKD 453 billion respectively[25][26] - Investment properties segment revenue decreased to HKD 2,364 million in H1 2024 from HKD 2,480 million in H1 2023, a decline of 4.7%[43] - Investment properties segment operating profit decreased to HKD 1,573 million in H1 2024 from HKD 1,679 million in H1 2023, a decline of 6.3%[43] Logistics and Infrastructure - Logistics infrastructure revenue fell by 12% to HKD 1.073 billion, with operating profit down 39% to HKD 123 million, impacted by reduced throughput in Hong Kong[11] - Logistics revenue decreased by 12% to HKD 1.073 billion (2023: HKD 1.221 billion), with operating profit down 39% to HKD 123 million (2023: HKD 203 million)[14] - Logistics segment revenue fell to HKD 1,073 million in H1 2024 from HKD 1,221 million in H1 2023, a reduction of 12.1%[43] - Logistics segment operating profit dropped to HKD 123 million in H1 2024 from HKD 203 million in H1 2023, a decrease of 39.4%[43] - Revenue from logistics decreased to HKD 1,073 million in 2024 from HKD 1,221 million in 2023, a decline of 12.1%[44] Financial Position and Debt - The group maintains a low debt ratio of 6.2%, with most borrowings denominated in RMB to mitigate the impact of high US interest rates[5] - Net debt increased by 11% to HKD 8.7 billion, with a net debt to total equity ratio of 6.2%, maintaining a low level[29] - Available credit facilities and issued debt securities totaled HKD 347 billion, with HKD 193 billion utilized, and HKD 116 billion of liabilities secured by properties and equipment with a total book value of HKD 393 billion[30] - The company's average effective borrowing rate decreased to 3.9% in 2024 from 4.9% in 2023[48] Dividends and Shareholder Returns - The first interim dividend remains unchanged at HKD 0.20 per share, with a total payout of HKD 611 million (2023: HKD 611 million)[4] - The company declared an interim dividend of HKD 0.20 per share, totaling HKD 611 million, unchanged from 2023[49] - The interim dividend ex-date is set for August 27, 2024, with the payment date on September 12, 2024[56] Operating Assets and Liabilities - Total operating assets (excluding bank deposits, cash, certain financial and deferred tax assets) decreased by 7% to HKD 1,787 billion, with Hong Kong, Mainland China, and overseas assets accounting for 51%, 44%, and 5% respectively[24] - Development properties assets decreased by 4% to HKD 358 billion, with Hong Kong and Mainland China properties valued at HKD 299 billion and HKD 59 billion respectively[27] - Long-term investments totaled HKD 377 billion, with listed equities accounting for HKD 300 billion, primarily held for long-term capital growth and/or reasonable dividend income[28] - Total assets as of June 30, 2024, are HKD 190,012 million, down from HKD 204,877 million as of December 31, 2023[39] - Total liabilities as of June 30, 2024, are HKD 50,147 million, down from HKD 56,674 million as of December 31, 2023[39] - Net assets as of June 30, 2024, are HKD 139,865 million, down from HKD 148,203 million as of December 31, 2023[39] Operating Cash Flow and Expenditure - Operating cash inflow before working capital changes was HKD 2.3 billion, with a net cash inflow from operating activities of HKD 500 million, and a net cash outflow from investing activities of HKD 700 million, mainly due to net purchases of long-term investments[31] - Total capital and development expenditure for 2024 is HKD 2,387 million, with HKD 1,099 million in Hong Kong and HKD 1,142 million in Mainland China[32] - Future fiscal year's major expenditure is estimated at HKD 21.425 billion, with HKD 7.432 billion already committed and HKD 13.993 billion not yet committed[33] Employee and Operational Costs - The company employs approximately 5,700 people, with about 1,000 in management roles[34] - Employee costs decreased to HKD 817 million in 2024 from HKD 825 million in 2023, a decline of 1.0%[46] - Total depreciation and amortization decreased to HKD 352 million in 2024 from HKD 356 million in 2023, a slight decline of 1.1%[46] - Net other expenses decreased to HKD 864 million in 2024 from HKD 997 million in 2023, a decline of 13.3%[47] Payables and Trade Liabilities - Trade payables decreased to HKD 748 million from HKD 883 million, with a notable reduction in the 0-30 days category from HKD 345 million to HKD 240 million[53] - Rent and customer deposits decreased to HKD 1,391 million from HKD 1,354 million[53] - Construction cost payables decreased to HKD 3,931 million from HKD 4,851 million[53] - Payables to associates increased to HKD 8,023 million from HKD 8,013 million[53] - Payables to joint ventures increased to HKD 2,005 million from HKD 1,823 million[53] - Other payables decreased to HKD 2,748 million from HKD 2,920 million[53] - Total group payables decreased to HKD 18,846 million from HKD 19,844 million[53] Audit and Compliance - The company's unaudited interim financial data for the six months ended June 30, 2024, was reviewed by the audit committee with no differing opinions[54] - The company did not purchase, sell, or redeem any of its listed securities during the financial period[56] Regional Performance - Hong Kong property sales saw a temporary boost post-stamp duty removal, with Mount Nicholson selling a unit for HKD 600 million at HKD 131,000 per square foot[6] - Operating profit in Hong Kong decreased to HKD 1,166 million in 2024 from HKD 1,301 million in 2023, a decline of 10.4%[45] - Operating profit in Mainland China increased to HKD 1,865 million in 2024 from HKD 1,736 million in 2023, a growth of 7.4%[45] Hotel Segment - Hotel segment revenue decreased by 2% to HKD 291 million, with operating profit down 73% to HKD 12 million[10] - The group opened a new hotel under the Park Hyatt brand in Changsha, marking the first non-self-operated hotel owned by the group since the 1980s[10]