股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 港通控股有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00032 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 372,688,206 | | 0 | | 372,688,206 | | 增加 / 減少 (-) | ...

港通控股(00032)公布，该集团预期于2025年上半年取得公司权益持有人应占溢利约4.7亿港元，2024年 同期溢利约2.35亿港元。预期溢利增加主要由于透过损益按公允值计量的金融资产的估计公允值收益净 额约为港币3.2亿元，而2024年同期取得按公允值计入损益的金融资产的公允值收益净额为港币1.168亿 元。 ...

预期溢利增加主要由于透过损益按公允值计量的金融资产的估计公允值收益净额约为港币320.0百万 元，而2024年同期录得按公允值计入损益的金融资产的公允值收益净额为港币116.8百万元。 格隆汇7月31日丨港通控股(00032.HK)公告，集团可能录得公司权益持有人应占集团截至2025年6月30日 止六个月的预期溢利约为港币470.0百万元，而2024年同期则录得溢利为港币235.2百万元。 ...

智通财经APP讯，港通控股(00032)公布，该集团预期于2025年上半年取得公司权益持有人应占溢利约 4.7亿港元，2024年同期溢利约2.35亿港元。预期溢利增加主要由于透过损益按公允值计量的金融资产的 估计公允值收益净额约为港币3.2亿元，而 2024 年同期取得按公允值计入损益的金融资产的公允值收益 净额为港币1.168亿元。 ...

本公告乃由港通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯 合交易所有限公司證券上市規則（「《上市規則》」）第 13.09 條及《證券及期貨條例》 （香港法例第 571 章）第 XIVA 部之內幕消息條文（定義見《上市規則》）而發出。 港通控股有限公司 （於香港註冊成立之有限公司） （股份代號：32） 正面盈利預告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 THE CROSS-HARBOUR (HOLDINGS) LIMITED 承董事會命 董事總經理 楊顯中 香港，2025 年 7 月 31 日 於本公告日期，董事會成員包括執行董事張松橋、楊顯中、袁永誠、黃志強、梁偉輝及 董慧蘭以及獨立非執行董事吳國富、梁宇銘及黃龍德。 本公司董事會（「董事會」）謹此通知本公司股東及潛在投資者，本集團可能錄得本公司權 益持有人應佔本集團截至 2025 年 6 月 30 日止六個月（「本期間」）之預期溢利約為港幣 470.0 百萬元，而 ...

Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2024, was HKD 434.5 million, a decrease of 16.4% compared to HKD 520.0 million in 2023[6]. - Earnings per share decreased to HKD 1.17 from HKD 1.40 in 2023[6]. - The total dividend for the year is HKD 0.42 per share, consistent with 2023, amounting to approximately HKD 156.5 million[7]. - The company's net profit attributable to shareholders for the year ended December 31, 2024, was HKD 434.5 million, a decrease from HKD 520.0 million in 2023, primarily due to the termination of tunnel operations which contributed HKD 295.9 million in profit in 2023[32]. - Total revenue for the year increased by 11.6% to HKD 976.6 million, compared to HKD 875.2 million in 2023, driven by a rise in driving school revenue to HKD 818.5 million from HKD 707.9 million[32]. - The financial management business recorded a net profit of HKD 349.0 million, significantly improved from the previous year, with fair value gains on financial assets amounting to HKD 245.8 million, up from HKD 98.0 million in 2023[33]. Market and Economic Conditions - Hong Kong's GDP grew by 2.6% year-on-year in the first three quarters, with exports increasing by about 10%[8]. - The Hang Seng Index rose by 17.7% in 2024, with average daily turnover increasing by 25.5% to HKD 131.8 billion[8]. - The driving training market is expected to shrink in 2025, with a continued decrease in new drivers[12]. Business Strategy and Operations - The company plans to enhance customer service and training quality in its driving schools to maintain market leadership[12]. - Revenue and profit contributions from the Easy Toll service are expected to increase in 2025, offsetting declines from electronic road pricing[13]. - The company aims to advance smart city initiatives in Hong Kong through expertise in engineering, ICT, IoT, and electronic payment systems[14]. - The group plans to continue a prudent long-term growth strategy while remaining vigilant to future challenges and their impact on performance[18]. Investment and Financial Management - The group's investment portfolio value increased slightly to HKD 5,018.8 million in 2024, up from HKD 4,926.2 million in 2023, reflecting a diversified investment strategy[17]. - The group's investment strategy includes a focus on non-listed funds, equity securities, and debt securities, aiming for diversified investment opportunities[15]. - The group's interest income from banks increased during the year, although overall investment income saw a slight decline due to no further income from debt securities[16]. - The total amount of new financial assets added during the year was HKD 638.1 million, including investments in 34 non-listed funds totaling HKD 375.2 million and 14 listed equity securities totaling HKD 262.9 million[40]. - The total amount of financial assets sold and distributed during the year was HKD 793.0 million, including divestments from 24 non-listed funds totaling HKD 554.3 million and 10 listed equity securities totaling HKD 238.7 million[41]. Employee and Workplace Management - The employee turnover rate decreased to 11.7% in 2024 from 13.8% in 2023, indicating improved employee retention efforts[26]. - The total employee cost for the year was HKD 427.4 million, an increase from HKD 390.6 million in 2023[51]. - The company recognizes employees as its most valuable asset and provides comprehensive compensation and benefits[200]. - The company conducts annual reviews and adjustments of salaries to ensure alignment with performance and shareholder interests[200]. - The company ensures a safe and healthy workplace for all employees[200]. Corporate Governance - The board is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[68]. - The board consists of nine members, including the chairman Zhang Songqiao and managing director Yang Xianzhong, ensuring a diverse composition[72]. - The independent non-executive directors have confirmed no significant interests or relationships that could impair their independent judgment[73]. - The company emphasizes the importance of effective risk management and internal control systems as part of its governance framework[68]. - The board conducts annual reviews of corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[67]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the company's environmental, social, and governance (ESG) performance for the year ending December 31, 2024, in accordance with the Main Board Listing Rules[147]. - The company has adopted a comprehensive Corporate Social Responsibility policy focusing on workplace, operational practices, community, and environment[149]. - The company has established a dedicated team to identify climate impacts and solutions, focusing on reducing greenhouse gas emissions[152]. - The company aims to accelerate low-carbon transformation in response to the government's climate action plan for carbon neutrality by 2050[152]. - The company has set new greenhouse gas emission targets as part of its operational decarbonization roadmap[152]. Risk Management - The company faces various risks including strategic risks from poor decision-making and market changes, which are regularly reviewed by the executive committee[52]. - The financial management business is exposed to price fluctuations of listed and unlisted equity investments, influenced by global economic and geopolitical risks[53]. - The company is committed to enhancing risk monitoring and management mechanisms across all business segments[55]. - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder investments[120]. - The internal audit function provides three reports annually on identified major risk areas to the audit committee[121].

Financial Performance - The group recorded a profit attributable to shareholders of HKD 434.5 million for the year ended December 31, 2024, a decrease of 16.4% compared to HKD 520.0 million in 2023 [4]. - Earnings per share for the year were HKD 1.17, down from HKD 1.40 in 2023 [4]. - Total revenue for the year was HKD 976.6 million, an increase from HKD 875.2 million in 2023, driven by customer contract revenue of HKD 795.1 million, up from HKD 684.3 million [8]. - Operating profit for the year was HKD 574.7 million, compared to HKD 386.8 million in 2023, reflecting improved financial management operations [8]. - The group's total comprehensive income for the year was HKD 522.5 million, down from HKD 586.3 million in 2023 [13]. - The profit before tax from continuing operations for 2024 was HKD 563,163,000, an increase of 65.9% compared to HKD 339,406,000 in 2023 [42]. - The profit from discontinued operations for 2024 was HKD 3,442,000, a significant decrease from HKD 294,430,000 in 2023 [46]. Revenue and Dividends - The group proposed a final dividend of HKD 0.24 per share, maintaining the total annual dividend at HKD 0.42 per share, consistent with 2023 [5]. - Total revenue for 2024 reached HKD 976,551,000, an increase of 11.6% compared to HKD 875,164,000 in 2023 [28]. - Revenue from driving school courses amounted to HKD 781,269,000, up from HKD 670,465,000, reflecting a growth of 16.6% [28]. - The company declared an interim dividend of HKD 0.18 per share for both 2024 and 2023, totaling HKD 67,084,000 [56]. - The proposed final dividend for 2024 is HKD 0.24 per share, consistent with 2023, amounting to HKD 89,445,000 [56]. - The total dividends payable for the year amount to HKD 156,529,000, unchanged from the previous year [56]. Assets and Liabilities - Non-current assets decreased to HKD 4,484.2 million from HKD 4,670.1 million in 2023, primarily due to a reduction in property, plant, and equipment [15]. - Current assets increased to HKD 4,113.2 million from HKD 3,845.7 million in 2023, with cash and bank deposits remaining stable at HKD 2,767.4 million [15]. - The group's total liabilities decreased to HKD 713.0 million from HKD 828.9 million in 2023, indicating improved financial stability [15]. - The net asset value increased to HKD 7,684,303,000 in 2024 from HKD 7,413,033,000 in 2023, representing a growth of 3.7% [17]. - The company's total assets less current liabilities rose to HKD 7,883,381,000 in 2024, compared to HKD 7,686,853,000 in 2023, marking an increase of 2.6% [17]. - The company's equity attributable to shareholders increased to HKD 7,494,805,000 in 2024 from HKD 7,215,185,000 in 2023, a growth of 3.9% [17]. Segment Performance - Reported segment revenue for 2024 was HKD 976,128,000, an increase of 11.8% from HKD 873,978,000 in 2023 [36]. - Pre-tax profit from reportable segments reached HKD 683,737,000 in 2024, up 50.9% from HKD 453,459,000 in 2023 [36]. - Total reportable segment assets increased to HKD 8,556,527,000 in 2024, compared to HKD 8,477,781,000 in 2023, reflecting a growth of 0.9% [36]. - Reportable segment liabilities decreased to HKD 839,874,000 in 2024 from HKD 1,009,515,000 in 2023, a reduction of 16.8% [36]. - The financial management segment recorded a net profit of HKD 349.0 million, significantly improved from the previous year, driven by fair value gains of HKD 245.8 million from financial assets [69]. Investment and Financial Management - The company aims to diversify its investment portfolio, focusing on non-listed funds, equity securities, and debt securities to enhance shareholder returns [64]. - The total amount of new financial assets added during the year was HKD 638.1 million, including investments in 34 non-listed funds totaling HKD 375.2 million and 14 listed equity securities totaling HKD 262.9 million [76]. - The total amount of financial assets sold and distributed during the year was HKD 793.0 million, including divestments from 24 non-listed funds totaling HKD 554.3 million and 10 listed equity securities totaling HKD 238.7 million [77]. - The fair value of the Diversified Absolute Return Fund (DARF) held by the group was HKD 653.1 million as of December 31, 2024, representing a fair value loss of HKD 20.5 million for the year [78]. - The group held a total of 49 non-listed funds with a total fair value of HKD 3,090.6 million, accounting for 36.0% of the group's total assets [79]. Market Outlook and Challenges - The driving training market is expected to shrink in 2025 due to a decrease in new students, influenced by a challenging business environment [61]. - The revenue from electronic road toll services is expected to decline further, but contributions from smart city projects are anticipated to increase in 2025 [62]. Corporate Governance - The company has complied with the Corporate Governance Code as per the Main Board Listing Rules, except for the absence of formal appointment letters for directors, which deviates from the code's C.3.3 provision [86]. - All directors have confirmed adherence to the Standard Code of Conduct for Securities Transactions throughout the year, as stipulated in the Corporate Governance Code [87]. - There were no purchases, sales, or redemptions of the company's shares by the company or any of its subsidiaries during the year [88].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 470,185,000, an increase of 14.4% compared to HKD 410,955,000 for the same period in 2023[5] - Operating profit for the same period was HKD 303,173,000, up 32.3% from HKD 229,113,000 in 2023[5] - Profit attributable to equity shareholders from continuing operations was HKD 231,970,000, representing a 32% increase from HKD 175,929,000 in the previous year[5] - The company reported a profit of HKD 235,172,000, compared to HKD 422,658,000 for the same period in 2023, representing a decrease of approximately 44.4%[20] - Total comprehensive income for the six months ended June 30, 2024, was HKD 236,178,000, down from HKD 420,212,000 in the previous year, indicating a decline of about 43.7%[20] - Reported segment revenue for the six months ended June 30, 2024, was HKD 469,897,000, an increase of 14.5% compared to HKD 410,004,000 in 2023[39] - Reported segment profit before tax for the same period was HKD 326,788,000, up 23.9% from HKD 263,546,000 in 2023[40] Earnings and Dividends - The company reported a basic and diluted earnings per share of HKD 0.63, down from HKD 1.13 in the same period last year[5] - The company declared dividends of HKD 22,361,000 during the current fiscal year, consistent with the previous year[20] - The company declared an interim dividend of HKD 0.06 per share for the first quarter, totaling HKD 22,361,000, consistent with the previous year[66] Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, were HKD 7,806,255,000, compared to HKD 7,686,853,000 at the end of 2023[14] - The net asset value increased to HKD 7,573,276,000 from HKD 7,413,033,000 at the end of 2023[14] - The company’s total liabilities decreased to HKD 730,837,000 from HKD 828,992,000 at the end of 2023[11] - The company’s cash and cash equivalents amounted to HKD 2,677,142,000, a decrease from HKD 2,764,791,000 at the end of 2023[11] - As of June 30, 2024, total equity attributable to shareholders was HKD 7,339,557,000, an increase from HKD 7,168,722,000 as of June 30, 2023, representing a growth of about 2.4%[20] Cash Flow and Investments - The company’s cash and cash equivalents decreased by HKD 83,045,000 during the six months ended June 30, 2024, compared to an increase of HKD 336,439,000 in the same period of 2023[23] - Operating cash flow for the six months ended June 30, 2024, was HKD 9,139,000, significantly lower than HKD 30,996,000 for the same period in 2023, reflecting a decline of approximately 70.6%[23] - The company reported a decrease in cash generated from investment activities, totaling HKD 72,235,000 for the six months ended June 30, 2024, compared to HKD 413,646,000 in the same period of 2023[23] - The company incurred financial costs of HKD 9,358,000, which is an increase of 52.5% compared to HKD 6,143,000 in 2023[40] Segment Performance - Revenue from driving school operations increased to HKD 379,908,000 in 2024 from HKD 320,574,000 in 2023, reflecting a growth of 18.5%[30] - The group’s revenue from electronic road tolling services decreased by 75.0% in the first half of 2024, primarily due to the full implementation of the EasyPass system starting January 2024[96] - The financial management segment recorded a net profit of HKD 169.3 million in the first half of 2024, significantly up from the previous year, with fair value gains from financial assets contributing HKD 116.8 million[101] Economic Environment - Hong Kong's GDP grew by 2.7% and 3.3% in the first and second quarters of 2024, respectively, compared to a growth rate of 4.3% in the fourth quarter of 2023[92] - The total value of goods exported and imported in the first five months of 2024 increased by 12.5% and 7.4% year-on-year, respectively[92] - Retail sales in April and May 2024 decreased by 14.7% and 11.4% year-on-year, reflecting changes in consumer behavior[92] - The company anticipates that the business environment in Hong Kong will stabilize, with economic recovery expected to continue in the second half of 2024[92] Accounting and Compliance - The report is unaudited, but KPMG has conducted a review in accordance with the relevant standards[26] - The financial report is prepared in accordance with the applicable disclosure requirements of the Hong Kong Stock Exchange and the Hong Kong Financial Reporting Standards[28] - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[28] - The interim report has been reviewed by the audit committee and KPMG, ensuring adherence to accounting principles and internal controls[134] Investment Portfolio - The group's investment portfolio includes 52 private equity funds as of June 30, 2024, down from 55 funds as of December 31, 2023[56] - The total fair value of non-listed funds held as of June 30, 2024, was HKD 2,959.7 million, accounting for 34.7% of total assets[112] - The total fair value of equity securities held was HKD 1,165.9 million, representing 13.7% of total assets[113] - The company has diversified its investment portfolio by investing in various non-listed funds across different industries and regions, while also selling interests in five non-listed funds and some US-listed equity securities to enhance financial resources for future investment opportunities[97]

[2024 Interim Results Announcement](index=1&type=section&id=2024%20Interim%20Results%20Announcement) [Group Performance Overview](index=1&type=section&id=Group%20Performance%20Overview) The Group's profit attributable to shareholders fell 44.4% to HK$235.2 million due to the cessation of its tunnel business | Metric | H1 2024 (HK$ million) | H1 2023 (HK$ million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to shareholders | 235.2 | 422.7 | -44.4% | | Earnings per share (HK$) | 0.63 | 1.13 | -44.3% | - The decrease in profit was mainly due to the termination of the tunnel operation business in August 2023, which contributed **HK$246.7 million** in H1 2023[41](index=41&type=chunk) - The company paid a Q1 interim dividend of **HK$0.06 per share** on July 12, 2024, and will pay a Q2 interim dividend of **HK$0.06 per share** on September 16, 2024[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Total revenue grew 14.4% to HK$470.2 million, but total profit for the period fell 40.1% due to discontinued operations | Metric | For the six months ended June 30, 2024 (HK$ thousand) | For the six months ended June 30, 2023 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 470,185 | 410,955 | +14.4% | | Operating profit | 303,173 | 229,113 | +32.3% | | Profit before tax | 294,660 | 233,889 | +26.0% | | Profit from continuing operations | 272,345 | 213,657 | +27.5% | | Profit from discontinued operations | 3,202 | 246,729 | -98.7% | | Profit for the period | 275,547 | 460,386 | -40.1% | | Profit attributable to equity shareholders of the Company | 235,172 | 422,658 | -44.4% | | Basic and diluted earnings per share (HK$) | 0.63 | 1.13 | -44.3% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income decreased by 39.6% to HK$276.5 million, impacted by discontinued operations | Metric | For the six months ended June 30, 2024 (HK$ thousand) | For the six months ended June 30, 2023 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 275,547 | 460,386 | -40.1% | | Other comprehensive income for the period | 1,002 | (2,477) | From loss to profit | | Total comprehensive income for the period | 276,549 | 457,909 | -39.6% | | Total comprehensive income attributable to equity shareholders of the Company | 236,178 | 420,212 | -43.8% | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's financial position remained solid with growth in net current assets, net assets, and total equity | Metric | June 30, 2024 (HK$ thousand) | December 31, 2023 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 4,412,350 | 4,670,100 | -5.5% | | Current assets | 4,124,742 | 3,845,745 | +7.2% | | Current liabilities | 730,837 | 828,992 | -11.9% | | Net current assets | 3,393,905 | 3,016,753 | +12.5% | | Total assets less current liabilities | 7,806,255 | 7,686,853 | +1.6% | | Net assets | 7,573,276 | 7,413,033 | +2.2% | | Total equity attributable to equity shareholders of the Company | 7,339,557 | 7,215,185 | +1.7% | [Notes to the Financial Information](index=7&type=section&id=Notes%20to%20the%20Financial%20Information) This section details the Group's accounting policies, revenue sources, segment reporting, and other financial breakdowns [General Information and Basis of Preparation](index=7&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The Group's principal activities are investment holding, driving schools, financial management, and electronic toll collection - The Company's principal activity is investment holding, with subsidiaries in driving schools, financial management, and securities investment, and a joint venture in electronic toll collection facilities[10](index=10&type=chunk) - The interim financial report is prepared in accordance with **HKAS 34** and the applicable disclosure requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - This interim financial report is unaudited but has been reviewed by **KPMG** in accordance with HKSRE 2410[11](index=11&type=chunk) [Changes in Accounting Policies](index=8&type=section&id=Changes%20in%20Accounting%20Policies) The adoption of new Hong Kong Financial Reporting Standards had no material impact on the Group's financial position - The amendments to Hong Kong Financial Reporting Standards effective in this accounting period had **no material impact** on the Group's results and financial position[13](index=13&type=chunk) [Revenue and Segment Reporting](index=8&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's revenue is primarily from driving schools and financial management, with the latter showing significant profit growth **Revenue from Contracts with Customers by Service (HK$ thousand):** | Service | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Course fees from driving school operations | 379,908 | 320,574 | | Consultancy and management fees from electronic toll collection facilities | 2,400 | 2,400 | **Other Interest Income (HK$ thousand):** | Source | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Interest income from interest-bearing instruments | 3,590 | 3,570 | | Bank interest income | 64,326 | 47,785 | **Total Revenue (HK$ thousand):** | Total Revenue | 470,185 | 410,955 | **Reportable Segment Profit Before Tax (HK$ thousand):** | Segment | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Driving school operations | 154,274 | 133,369 | | Electronic toll collection facilities operations | 3,223 | 13,212 | | Financial management | 169,291 | 116,965 | | Total | 326,788 | 263,546 | - The profit before tax for the electronic toll collection facilities segment **decreased significantly** due to reduced administrative fee income following the full implementation of HKeToll[19](index=19&type=chunk)[39](index=39&type=chunk)[44](index=44&type=chunk) [Other Net Income](index=12&type=section&id=Other%20Net%20Income) Other net income increased significantly, driven by fair value gains on financial assets, particularly listed equity securities **Other Net Income (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Fair value changes of financial assets at FVTPL | 116,806 | 73,464 | | - Unlisted fund investments | 58,909 | 53,240 | | - Listed equity securities | 116,839 | 93,316 | | - Unlisted equity securities | (58,953) | - | | - Debt securities | 11 | (58,881) | | Net gain on disposal of property, plant and equipment | 73 | 127 | | Total | 116,879 | 73,591 | [Details of Profit Before Tax](index=12&type=section&id=Details%20of%20Profit%20Before%20Tax) Finance costs and depreciation increased, while impairment losses on financial assets were reduced to zero **Items Deducted in Profit Before Tax (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Finance costs (interest on lease liabilities) | 9,358 | 6,143 | | Depreciation | 47,829 | 42,076 | | Impairment loss on financial assets | - | 16,602 | | Contributions to defined contribution retirement scheme | 5,046 | 4,665 | | Salaries, wages and other benefits | 172,699 | 153,786 | | Cost of inventories consumed | 5,336 | 3,830 | [Income Tax](index=13&type=section&id=Income%20Tax) Total income tax for H1 2024 was HK$22.3 million, an increase from the prior year due to higher Hong Kong Profits Tax **Income Tax (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 22,715 | 19,205 | | Deferred tax | (400) | 1,027 | | Total | 22,315 | 20,232 | - Hong Kong Profits Tax is calculated at a rate of **16.5%**, with one subsidiary qualifying for a rate of **8.25%** on its first two million of assessable profits[23](index=23&type=chunk) [Discontinued Operations](index=13&type=section&id=Discontinued%20Operations) The Western Harbour Tunnel Company Limited's franchise expired in August 2023, leading to a 98.7% drop in profit from this discontinued operation - The franchise of Western Harbour Tunnel Company Limited (a **50%-owned associate**) expired on August 1, 2023, and its operations are classified as discontinued[24](index=24&type=chunk) **Profit for the Year from Discontinued Operations (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Management fee from an associate | - | 1,250 | | Share of profit of an associate | 3,202 | 245,479 | | Total | 3,202 | 246,729 | [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share for H1 2024 decreased to HK$0.63, reflecting the impact of discontinued operations **Earnings Per Share (HK$):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Basic and diluted | 0.63 | 1.13 | | From continuing operations, basic and diluted | 0.62 | 0.47 | | From discontinued operations, basic and diluted | 0.01 | 0.66 | - Basic and diluted EPS are calculated based on the profit attributable to ordinary equity shareholders of **HK$235,172,000** and a weighted average of **372,688,000** ordinary shares in issue[26](index=26&type=chunk) [Dividends](index=14&type=section&id=Dividends) The company declared and paid Q1 and Q2 interim dividends of HK$0.06 per share, consistent with the prior year **Dividends Payable to Equity Shareholders During the Interim Period (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | First quarterly interim dividend (HK$0.06 per share) | 22,361 | 22,361 | | Second quarterly interim dividend (HK$0.06 per share) | 22,361 | 22,361 | | Total | 44,722 | 44,722 | **Dividends Payable to Equity Shareholders in Respect of the Previous Financial Year (HK$ thousand):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Final dividend (HK$0.24 per share) | 89,445 | 89,445 | [Other Financial Assets](index=15&type=section&id=Other%20Financial%20Assets) The Group's total financial assets stood at HK$4,807.1 million, primarily composed of unlisted funds and listed equity securities **Total Other Financial Assets (HK$ thousand):** | Category | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Non-current financial assets | 3,724,428 | 3,942,069 | | Current financial assets | 1,082,698 | 984,143 | | Total | 4,807,126 | 4,926,212 | - The unlisted fund investments comprise **52 private equity funds** with a diversified portfolio across various industries and regions[33](index=33&type=chunk) **Fair Value and Gains of Listed Equity Securities (HK$ thousand):** | Category | Fair Value at June 30, 2024 | Fair Value at Dec 31, 2023 | Net Fair Value Gain in H1 2024 | Net Fair Value Gain in H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Equity securities listed in Hong Kong | 819,412 | 726,966 | 92,446 | 58,276 | | Equity securities listed outside Hong Kong | 262,964 | 256,866 | 24,393 | 35,040 | [Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) Trade and other receivables increased significantly to HK$335.8 million due to consideration receivable from the sale of unlisted fund investments **Trade and Other Receivables (HK$ thousand):** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Trade receivables (net of allowance for doubtful debts) | 13,268 | 12,780 | | Consideration receivable | 255,094 | - | | Other receivables | 14,016 | 14,553 | | Deposits and prepayments | 101,037 | 88,029 | | Less: non-current portion | (47,610) | (44,880) | | Total | 335,805 | 70,482 | - The consideration receivable of **HK$255,094,000** primarily arose from the disposal of partnership investments in five unlisted funds[35](index=35&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables decreased to HK$73.3 million as of June 30, 2024, indicating sound liability management **Trade and Other Payables (HK$ thousand):** | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Trade payables | 7,597 | 7,279 | | Other payables and accruals | 65,675 | 123,176 | | Total | 73,272 | 130,455 | [Business Review and Outlook](index=18&type=section&id=Business%20Review%20and%20Outlook) This section reviews the performance of the Group's main business segments and discusses the economic environment and future outlook [Economic Review and Outlook](index=18&type=section&id=Economic%20Review%20and%20Outlook) Hong Kong's economy continued to recover in H1 2024, driven by net exports, with further recovery expected in H2 - Hong Kong's GDP grew by **2.7% and 3.3%** in Q1 and Q2 2024 respectively, with net exports as the main growth driver[37](index=37&type=chunk) - Total retail sales fell by **14.7% and 11.4%** year-on-year in April and May 2024, and investment sentiment was cautious due to high interest rates[37](index=37&type=chunk) - Looking ahead, Hong Kong's business environment is stable, and the economy is expected to continue its recovery in H2 2024, with potential interest rate cuts by major central banks improving investment sentiment[37](index=37&type=chunk) [Driving School Operations](index=18&type=section&id=Driving%20School%20Operations) The driving school business saw an 18.5% increase in operating revenue, driven by higher demand for non-motorcycle training - Revenue from driving school operations increased by **18.5%** year-on-year to **HK$379.9 million**, with a **16.1%** increase in the number of non-motorcycle driving courses[38](index=38&type=chunk)[44](index=44&type=chunk) - Profit before tax for driving school operations increased by **15.7%** to **HK$154.3 million**, though the market may stagnate in the second half of the year[38](index=38&type=chunk)[44](index=44&type=chunk) [Electronic Toll Collection Facilities Operations](index=18&type=section&id=Electronic%20Toll%20Collection%20Facilities%20Operations) While total revenue from HKeToll increased, a sharp decline in administrative fee income led to a significant drop in the Group's share of profit - The full implementation of HKeToll since January 2024 led to a **24.4% increase** in total HKeToll revenue but a **75.0% decrease** in administrative fee income from electronic toll collection[39](index=39&type=chunk) - The Group's share of profit from the joint venture, Autotoll (BVI) Limited, was **HK$0.8 million**, a sharp decrease from **HK$10.9 million** in the prior year[44](index=44&type=chunk) [Financial Management Business](index=18&type=section&id=Financial%20Management%20Business) The financial management segment recorded a net profit of HK$169.3 million, mainly from fair value gains on financial assets - The Group disposed of five unlisted funds and some US-listed equity securities, reinvesting part of the proceeds into Japanese-listed equity securities[40](index=40&type=chunk) - The financial management segment recorded a net profit of **HK$169.3 million** in H1 2024, primarily contributed by a net fair value gain of **HK$116.8 million** on FVTPL financial assets[42](index=42&type=chunk) **Financial Management Segment Key Income (HK$ million):** | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net fair value gain on FVTPL financial assets | 116.8 | 73.5 | | Portfolio dividend and interest income | 23.3 | 25.5 (Estimated) | | Bank interest income | 44.4 | 31.4 | | Impairment loss on interest-bearing instruments | 0 | 16.6 | | Financial management segment profit before tax | 169.3 | 117.0 | *Note: 2023 portfolio dividend and interest income is estimated as HK$21.9 million from listed equity securities + HK$3.6 million from interest-bearing instruments = HK$25.5 million* - As of June 30, 2024, the Group's investment portfolio was valued at **HK$4,807.1 million**, a decrease from **HK$4,926.2 million** at December 31, 2023[40](index=40&type=chunk)[47](index=47&type=chunk) - During the period, **HK$250.8 million** of financial assets were added, and **HK$487.7 million** were disposed of[48](index=48&type=chunk) - The Diversified Absolute Return Fund (DARF) had a fair value of **HK$681.2 million**, representing **8.0%** of total assets, and recorded a fair value loss of **HK$12.4 million** during the period[49](index=49&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintained a strong liquidity position with bank balances and deposits of HK$2,677.1 million and no bank borrowings **Bank Balances and Deposits (HK$ million):** | Date | Amount | | :--- | :--- | | June 30, 2024 | 2,677.1 | | December 31, 2023 | 2,764.8 | - The Group had **no bank borrowings** as of June 30, 2024[51](index=51&type=chunk) [Employees](index=21&type=section&id=Employees) The Group had 656 employees, with total staff costs increasing to HK$177.7 million in the first half of 2024 - The Company and its subsidiaries had a total of **656 employees**[52](index=52&type=chunk) **Total Staff Costs (HK$ million):** | Period | Amount | | :--- | :--- | | H1 2024 | 177.7 | | H1 2023 | 158.5 | [Corporate Governance](index=22&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code during the period, with a noted deviation regarding directors' appointment letters - The Company complied with the code provisions of the Corporate Governance Code in Appendix C1 of the Main Board Listing Rules, except for a deviation regarding directors' letters of appointment (Code C.3.3)[53](index=53&type=chunk) - All directors have confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers and the Company's adopted code of conduct[54](index=54&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the period[55](index=55&type=chunk)

Financial Performance - The company reported a net profit attributable to shareholders of HKD 520.0 million for the year ended December 31, 2023, compared to a loss of HKD 445.3 million in 2022, marking a significant turnaround [5]. - Earnings per share for the year were HKD 1.40, compared to a loss per share of HKD 1.19 in the previous year [5]. - Total revenue increased by 25.1% to HKD 875.2 million in 2023, up from HKD 699.7 million in 2022, driven by higher income from driving schools and financial management services [36]. - The financial management segment recorded a net profit of HKD 162.4 million, a substantial improvement from a loss of HKD 861.0 million in the previous year [37]. - Income from driving schools rose by 20.4% to HKD 670.5 million, attributed to increased demand for driving courses and higher average class fees [39]. - The company declared a final dividend of HKD 0.24 per share, maintaining the total annual dividend at HKD 0.42 per share, consistent with 2022, amounting to a total dividend payout of approximately HKD 156.5 million [6]. Market Environment - The company anticipates continued economic recovery in Hong Kong for 2024, but faces external challenges such as global economic slowdown and geopolitical tensions [7]. - The Hang Seng Index closed at 17,047 points for 2023, reflecting a decline of 13.8% over the year, indicating a challenging market environment [7]. - The overall business environment and investment portfolio of the company are expected to be impacted by high interest rates and ongoing geopolitical conflicts, posing risks to financial performance [7]. Driving School Operations - The driving school segment saw a significant increase in revenue due to a rise in demand for non-motorcycle driving training courses, benefiting from the recovery of driving test services [8]. - The driving school business recorded a 20% increase in revenue, attributed to a 17% rise in non-motorcycle training course numbers and improved average class fees [18]. - The company plans to enhance customer service and training quality in its driving schools while maintaining an active marketing strategy to retain market leadership [8]. Investment Portfolio - The group's investment portfolio increased slightly to HKD 4,926.2 million in 2023, up from HKD 4,459.0 million in 2022, with 92 investments in total [14]. - The company held an investment portfolio with a book value of HKD 4,926.2 million as of December 31, 2023, up from HKD 4,459.0 million in 2022 [41]. - The group plans to diversify investments, including non-listed funds and equity securities outside Hong Kong, to enhance portfolio diversification [14]. Risk Management - The company is committed to enhancing risk monitoring and management mechanisms across all business segments [52]. - The financial management business faces price volatility risks from listed and unlisted equity investments, influenced by global economic and geopolitical factors [50]. - Credit risk is primarily associated with listed debt investments and interest-bearing instruments, affected by economic conditions and market fluctuations [52]. - Joint ventures in tunnel operations face risks from natural disasters and operational interruptions, with management implementing insurance and emergency plans [52]. - Regulatory risks in electronic toll collection operations include changes in government policies and compliance with licensing regulations [52]. Corporate Governance - The board emphasizes the importance of high corporate governance standards to protect shareholder interests and enhance corporate value [58]. - The company has established a culture of integrity and honesty among its directors and employees, promoting sustainable development [58]. - The board is responsible for leading and monitoring the company, balancing the interests of a wide range of stakeholders [60]. - The company has a structured approach to risk management and internal controls, ensuring transparency and accountability [58]. - The board conducts annual reviews of corporate governance policies and practices, ensuring compliance with the Corporate Governance Code [57]. Environmental, Social, and Governance (ESG) Initiatives - The group has identified significant environmental, social, and governance (ESG) issues and integrated them into its operations, focusing on sustainable development and stakeholder expectations [122]. - A dedicated team has been established to accelerate low-carbon transformation, aiming to reduce greenhouse gas emissions and set new targets for operational decarbonization [123]. - The company aims to reduce its greenhouse gas emission intensity by 3% over the next five years, using 2021 as the baseline year [133]. - The company has set a goal to improve energy efficiency and reduce electricity consumption through various initiatives, including the use of energy-efficient lighting [145]. - The company is committed to reducing greenhouse gas emissions and has integrated climate change factors into its business strategy [151]. Employee Management - The employee turnover rate increased to 36% in 2023 from 34% in 2022, primarily due to intensified competition for technical personnel [25]. - The total employee cost for the year was HKD 390.6 million, up from HKD 324.1 million in 2022 [49]. - Approximately 68.80% of employees participated in training programs in 2023, with an average training duration of 14.72 hours per employee [166]. - The company promotes work-life balance by providing social and recreational activities for employees [162]. - The company emphasizes equal employment opportunities and prohibits discrimination based on age, race, gender, or other personal characteristics [161]. Community Engagement - The company made a total of HKD 231,500 in charitable donations in 2023, supporting various sectors including arts, health, sports, and social welfare [184]. - The company encourages employee participation in community activities, including charitable fundraising and volunteer work [183]. - The company has resumed participation in public community activities following the lifting of pandemic restrictions, promoting road safety through sponsorships [184].