"亚洲股神"香港首富李兆基也打眼？香港小轮（集团）：渡轮服 务长期亏损，投资价值无从谈起 导语：股神的作业，不能随便抄。 作者：市值风云 App：布偶 香港四大富豪之一的李兆基，在香港人送外号"亚洲股神"，与李嘉诚多年来 在富豪榜上激烈竞争香港首富的头衔。李兆基曾在 2020 年以 304 亿美元身家超 越李嘉诚，成为当年香港首富。 虽然李兆基的投资版图不止于地产行业，但作为以房地产起家的他，投资风格 依然带有香港地产商人的烙印，偏好具有区域垄断优势或独特竞争优势的企业， 看重其带来的定价能力和长期稳定的现金流。 早在 1970 年代中期，李兆基就开始持续买入香港小轮（集团）（00050.HK， 下称"香港小轮"或"公司"）的股票，看中的正是这家公司拥有的土地资源、 稳定的现金流以及较低的股价。 一、股神青睐的投资标的 香港小轮成立于 1923 年，前身为香港油麻地小轮船公司，航线服务曾是公司的 重要核心业务。最初提供来往中环至深水埗、旺角及油麻地的航线服务，并后 来扩展至新界及离岛。1989 年，公司进行重组，更名为香港小轮集团。 截至 2023 年末，李兆基家族通过恒基兆业地产及其子公司间接持有香港小轮集 ...

Financial Performance - Revenue for the year 2023 was HKD 375 million, an increase of 33% compared to HKD 281 million in 2022[3] - Shareholders' profit attributable decreased significantly to HKD 190 million, down 85% from HKD 1,299 million in the previous year[3] - The proposed final dividend per share is HKD 0.15, a decrease of 80% from HKD 1.00 in 2022[10] - The return on equity (ROE) dropped to 2.7%, down 85% from 18.0% in the previous year[3] - The group recorded a loss of HKD 7.6 million from ferry and shipyard operations, an increase in loss of HKD 2.2 million compared to the previous year[13] - The group reported a profit for the year ending December 31, 2023, with detailed financial statements available on pages 98 to 179 of the annual report[34] - The interim dividend per share is HKD 0.10, consistent with the previous year, and the proposed final dividend is HKD 0.15 per share, totaling HKD 0.25 for the year[34] - The company reported a profit attributable to shareholders of HKD 190,393,000 for the year ended December 31, 2023, compared to HKD 1,299,136,000 in 2022, indicating a significant decrease[93] Assets and Liabilities - The group’s current assets were approximately HKD 3.79 billion, with current liabilities of about HKD 241 million as of December 31, 2023[21] Visitor and Supplier Information - The group anticipates an increase in visitor numbers to Hong Kong, with approximately 1.43 million visitors recorded during the Chinese New Year holiday, of which 1.25 million were from mainland China[16] - The group’s largest supplier accounted for 38.2% of total purchases, while the top five suppliers combined accounted for 55.7%[33] Environmental and Safety Initiatives - The group is actively involved in environmental policies, encouraging suppliers to reduce carbon emissions and energy consumption[26] - The group has implemented safety measures in its shipyard and medical services to ensure employee health and safety[28] - The group actively participates in various environmental protection activities, contributing to climate challenges through sustainable development considerations in property development and investment[56] - The company is committed to aligning its operations with the Hong Kong Climate Action Blueprint 2050, actively adjusting its business operations to meet climate change goals[173] - The company is committed to enhancing climate-related disclosures in response to trends and recommendations from the Hong Kong Stock Exchange[173] Corporate Governance - The board of directors includes several key members, with specific roles and responsibilities outlined in the annual report[34] - The company has established appropriate insurance coverage for potential legal claims against its directors and senior management[39] - The board is committed to maintaining high standards of corporate governance, believing it is fundamental to effective operations and enhancing shareholder value[88] - The company has maintained the required public float as per the Listing Rules[103] - The company has established a whistleblowing policy allowing stakeholders, including employees, to report any actual or suspected misconduct[164] - The company has ensured compliance with corporate governance regulations and has disclosed relevant information in its annual report[135] - The company confirmed compliance with the standards set out in the Listing Rules Appendix C3 for the financial year ending December 31, 2023[162] Board Composition and Diversity - The board consists of nine members, including three executive directors, two non-executive directors, and four independent non-executive directors[120] - The company has maintained a gender diversity policy, achieving a board composition of approximately 89% male and 11% female directors[121] - The board has established a nomination policy to ensure a diverse range of skills and experiences among its members[123] - The company has a gender diversity ratio among its 284 employees, with approximately 59% male and 41% female[123] - The board's independent non-executive directors have confirmed their independence annually[126] Risk Management - The risk management framework involves both top-down and bottom-up approaches to identify and mitigate risks[164] - Major risks identified include business, financial, regulatory, and operational risks, with monitoring strategies reported to the audit committee, which found the risk management and internal control systems to be overall effective and sufficient[168] - The internal audit department has adopted a risk-based approach to include all significant risks in the annual audit plan, assessing the effectiveness of the risk management and internal control systems as of December 31, 2023[166] Community Engagement - Charitable donations made by the group during the year amounted to HKD 68,150, an increase from HKD 18,725 in the previous year[34] - The company is dedicated to community development and giving back to local communities in Hong Kong[120] - Total hours of volunteer activities and community project participation amounted to 596 hours[199] Training and Development - Total training hours for employees reached 4,548 hours[199] - Continuous professional development is facilitated for directors through written materials and seminars on applicable laws and regulations[128] Audit and Compliance - The audit committee reviewed the audited financial statements for the fiscal year ending December 31, 2023, and discussed matters with internal audit and external auditors[102] - The Audit Committee supervises the effectiveness of the group's risk management and internal control systems, including the adequacy of resources and staff qualifications[131] - The audit committee and board are not aware of any matters that could significantly impact the group's financial position or operational performance[168]

Financial Performance - The group's revenue for the year was approximately HKD 375 million, representing a 33.5% increase compared to the previous year, primarily due to increased interest income[17] - The net profit after tax for the year was approximately HKD 186 million, a decrease of about 86% compared to the same period in 2022, mainly due to the absence of revenue from the "Imperial" joint development project[30] - The earnings per share for the year were HKD 0.53, compared to HKD 3.65 in 2022[30] - For the fiscal year ending December 31, 2023, the company reported a profit of HKD 185,866,000, a significant decrease from HKD 1,299,136,000 in the previous year, representing a decline of approximately 85.7%[40] - Total revenue for the year was HKD 374,605,000, up from HKD 280,632,000 in 2022, indicating an increase of about 33.5%[40] - Operating profit for the year was HKD 174,325,000, slightly down from HKD 176,345,000 in the previous year, reflecting a decrease of approximately 1.1%[40] - Total comprehensive income for the year was HKD 185,725,000, down from HKD 1,302,807,000 in 2022, a decrease of approximately 85.7%[41] Assets and Liabilities - As of December 31, 2023, total assets amounted to HKD 7,048,545,000, a decrease from HKD 7,303,688,000 in the previous year, representing a decline of about 3.5%[42] - The company's net asset value as of December 31, 2023, was HKD 6,964,640,000, down from HKD 7,218,257,000 in 2022, indicating a decrease of approximately 3.5%[42] - The company's total liabilities as of December 31, 2023, were HKD 409,715,000, compared to HKD 53,441,000 in 2022, indicating a significant increase[93] - The group's total liabilities include a rental land price amortization of HKD 1,369,000, consistent with the previous year[62] - The total trade and other receivables as of December 31, 2023, amounted to HKD 57,669,000, up from HKD 53,784,000 in 2022, representing an increase of approximately 7.0%[9] Revenue Segments - The medical beauty clinic AMOUR, opened in August 2022, saw its revenue grow eightfold to HKD 2.76 million by December 2023, although it still reported a loss of HKD 30 million[15] - The revenue from the real estate investment segment was HKD 170,149,000 in 2023, up from HKD 160,034,000 in 2022, indicating a growth of about 6.6%[79] - The healthcare and beauty services segment generated revenue of HKD 166,040,000 in 2023, compared to HKD 123,434,000 in 2022, reflecting a significant increase of approximately 34.4%[79] - The group's rental income from shops in 2023 was approximately HKD 122 million, with full occupancy for "Bright Residence" and "City Center" shops, and an occupancy rate of 89% for "Jiaxian Residence" shops[100] Corporate Governance and Compliance - The group has maintained high corporate governance standards and complied with the Corporate Governance Code during the reporting period[23] - The company did not apply retrospective changes to accounting policies due to the minimal impact of the removal of the offsetting mechanism on its financial results[37] - The group has not adopted any new accounting standards that are not yet effective during the current period, ensuring stability in financial reporting[46] Future Outlook and Developments - The group anticipates an increase in visitors to Hong Kong, benefiting various sectors including retail and hospitality, due to government support and relaxed travel restrictions[22] - The group plans to open a new clinic in "Harbour Plaza" in April 2024, expanding its pain management services with new medical equipment and professional therapists[104] - The local economy is gradually recovering, which is expected to benefit the group's business and support stable development[134] Employee and Operational Metrics - The group’s employee count increased to approximately 284, up from 250 in the previous year, with total employee costs around HKD 130 million[20] - The group has delivered 1,746 residential units to buyers, with 35 remaining units and parking spaces to be sold in batches[125] - The group is gradually expanding its medical specialty business, collaborating with ICON to establish a cancer center in Tsim Sha Tsui, which has been profitable since its mid-year opening[128] Other Financial Metrics - The group received government relief measures amounting to HKD 5,300,000 for the current year, compared to HKD 2,592,000 in the previous year, reflecting increased support due to the pandemic[60] - The total other income for the current period is HKD 83,723,000, down from HKD 150,482,000 in the previous year, indicating a decline of approximately 44.4%[50] - The group’s interest income from financial assets at fair value through profit or loss decreased to HKD 99,096,000 from HKD 110,569,000, a decline of about 10.3%[62] - The company recorded a decrease in interest income from HKD 79,400,000 in 2022 to HKD 10,296,000 in 2023, a decline of about 87.0%[84]

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 242,896,000, representing an increase from HKD 206,766,000 in the same period of 2022, reflecting a growth of approximately 17.5%[13] - For the six months ended June 30, 2023, the group reported a profit of HKD 87,991,000, compared to HKD 65,073,000 for the same period in 2022, representing a year-on-year increase of approximately 35.5%[94] - Total comprehensive income for the period was HKD 92,677,000, up from HKD 69,485,000 in the previous year, indicating a growth of about 33.4%[94] - The net profit for the period was HKD 87,991,000, a 35% increase from HKD 65,073,000 in the previous year[130] - Earnings per share for the period were HKD 0.25, up from HKD 0.18 in the same period last year[130] - Operating profit for the six months was HKD 83,885,000, compared to HKD 76,766,000 in the previous year[111] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 73,775,000, compared to a net cash used of HKD (78,379,000) in the same period of 2022[1] - The company reported a decrease in cash and cash equivalents, with a net decrease of HKD (26,954,000) for the six months ended June 30, 2023, compared to a decrease of HKD (759,174,000) in the same period of 2022[1] - Cash and bank balances as of June 30, 2023, were HKD 163,292,000, a significant increase from HKD 115,129,000 as of December 31, 2022, reflecting a growth of 41.8%[31] - The group’s current assets amounted to HKD 3.75 billion, with current liabilities of HKD 310 million, resulting in a current ratio of 12.5 times[167] Investments and Assets - The segment revenue from property investment was HKD 83,773,000 for the six months ended June 30, 2023, up from HKD 77,911,000 in 2022, indicating a growth of about 7.4%[13] - The company recognized a valuation gain from investment properties of HKD 21,196,000 for the six months ended June 30, 2023, compared to HKD 11,570,000 in 2022, marking an increase of approximately 83.5%[16] - The total assets as of June 30, 2023, were HKD 1,800,560,000, compared to HKD 1,691,232,000 as of December 31, 2022, reflecting an increase of approximately 6.5%[26] - The company’s investment properties were valued at HKD 2,465,690,000, an increase from HKD 2,342,305,000, representing a growth of approximately 5.27%[188] Dividends and Shareholder Information - The interim dividend declared was HKD 53,441,000 for the six months ended June 30, 2023, consistent with the same amount declared in 2022[21] - The company declared an interim dividend of HKD 0.10 per ordinary share for the six months ended June 30, 2023, consistent with the previous year[41] - The major shareholder held approximately 33.41% of the company's issued shares as of June 30, 2023, unchanged from December 31, 2022[77] Liabilities and Provisions - The financing activities resulted in a net cash outflow of HKD (408,100,000) for the six months ended June 30, 2023, compared to a net cash outflow of HKD (54,710,000) in the same period of 2022[1] - The current tax provision for the six months ended June 30, 2023, was HKD 5,479,000, down from HKD 8,502,000 in the same period of 2022, indicating a decrease of about 35.5%[19] - The company has not recognized any contingent liabilities as of June 30, 2023, indicating a stable risk profile[35] Operational Highlights - The company continues to explore opportunities for market expansion and new product development, although specific figures were not disclosed in the report[30] - The company expects that the main revenue in the second half will continue to come from rental income and bank deposit interest[125] - The company has completed construction on a residential project in Cheung Sha Wan, with occupancy expected in early 2024[134] Related Party Transactions - The group has complied with the relevant provisions of the Listing Rules regarding related party transactions[84] - Management and administrative fees received from 2OK were HKD 13,000,000 for the period, compared to HKD 30,000,000 in the previous year, indicating a decline of 56.7%[51] - Management and air conditioning fees paid to a related company amounted to HKD 660,000 for the six months ended June 30, 2023, significantly higher than HKD 70,000 in 2022[73] - The group incurred management, air conditioning, and promotion fees of HKD 216,000 to a subsidiary of a major shareholder for the period, compared to HKD 170,000 in 2022, reflecting an increase of approximately 27.1%[77] Employee and Governance - The number of employees in the group was approximately 260, with compensation aligned to market trends and industry standards[169] - The group is focused on maintaining high levels of corporate governance and has complied with the relevant codes and standards[146]

Financial Performance - For the six months ended June 30, 2023, the company reported a profit of HKD 87,991,000, an increase of 35.4% compared to HKD 65,073,000 for the same period in 2022[3]. - The company's operating profit for the same period was HKD 83,885,000, up from HKD 76,766,000, reflecting a growth of 9.1%[3]. - Total comprehensive income for the period was HKD 92,677,000, compared to HKD 69,485,000 in the previous year, representing a year-on-year increase of 33.4%[7]. - Basic earnings per share increased to HKD 0.25 from HKD 0.18, marking a growth of 38.9%[3]. - The total profit before tax for the period was HKD 101,131,000, up from HKD 77,155,000 in the previous year, indicating a growth of around 31.0%[36]. - The group's unaudited consolidated net profit for the six months ended June 30, 2023, was HKD 88 million, a 35% increase compared to the same period in 2022[61]. - Earnings per share were HKD 0.25, up from HKD 0.18 in the previous year[61]. Revenue Growth - The group reported total revenue of HKD 242,896,000 for the six months ended June 30, 2023, compared to HKD 206,766,000 for the same period in 2022, representing an increase of approximately 17.5%[33]. - The real estate development segment generated revenue of HKD 27,617,000, while the real estate investment segment reported revenue of HKD 83,773,000, both showing growth compared to the previous year[33]. - The ferry, shipyard, and related businesses segment achieved revenue of HKD 69,801,000, an increase from HKD 57,638,000 in the prior year, indicating a growth of approximately 21.0%[33]. - The healthcare, medical beauty, and beauty services segment reported revenue of HKD 4,258,000, with no revenue reported in the previous year, marking a new revenue stream for the group[33]. - The securities investment segment generated revenue of HKD 7,719,000, up from HKD 1,189,000 in the previous year, reflecting a significant increase of approximately 548.0%[33]. - Total revenue for the six months ended June 30, 2023, was HKD 171 million, representing a 23% increase year-on-year, primarily due to increased interest income[71]. Asset and Equity Changes - As of June 30, 2023, total assets amounted to HKD 6,994,686,000, a decrease from HKD 7,303,688,000 as of December 31, 2022[9]. - The company's net equity attributable to shareholders decreased to HKD 6,910,665,000 from HKD 7,218,257,000, reflecting a decline of 4.3%[12]. - The company reported cash and bank balances of HKD 1,803,302,000, down from HKD 1,972,726,000, indicating a decrease of 8.6%[9]. - The company’s non-current assets totaled HKD 3,538,411,000, compared to HKD 3,627,506,000 at the end of 2022, showing a decline of 2.4%[9]. - As of June 30, 2023, the group's equity decreased by 4% to HKD 6.91 billion compared to December 31, 2022, primarily due to rental income recognition and property revaluation gains[79]. Liabilities and Financial Position - The company’s total liabilities decreased from HKD 1,085,431,000 to HKD 1,020,000,000, a reduction of approximately 6.0%[9]. - The group's current assets were HKD 3.757 billion and current liabilities were HKD 310 million, resulting in a current ratio of 12.5 times, a decrease attributed to increased trade and other payables[81]. - Trade receivables at the end of the reporting period amounted to HKD 56.7 million, compared to HKD 53.8 million at the end of 2022[57]. - Trade payables at the end of the reporting period were HKD 164.5 million, an increase from HKD 115.9 million at the end of 2022[59]. Segment Performance - Reported segment profit for real estate development was HKD 1,833,000, down from HKD 21,612,000 in the same period last year, representing a decrease of approximately 91.5%[36]. - Real estate investment segment profit increased to HKD 61,175,000 from HKD 51,404,000 year-on-year, marking a growth of about 19.5%[36]. - The profit from other segments surged to HKD 45,653,000 compared to HKD 8,581,000 in the previous year, reflecting a significant increase of approximately 431.5%[36]. - The group recorded a loss of HKD 3.9 million in the ferry, shipyard, and related businesses, compared to a loss of HKD 0.4 million in the same period last year[67]. - The company recorded a net loss of HKD (17,537,000) in the healthcare and beauty services segment, with no losses reported in the same period last year[36]. Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[3]. - The group expects the Hong Kong economy to recover, driven by government initiatives to enhance competitiveness and attract talent and businesses[70]. - The group expects that the main revenue for the second half of the year will continue to come from rental income from shops and interest from bank deposits[77]. - The property market in Hong Kong is expected to be subdued in the second half of the year due to rising mortgage costs and limited opportunities for interest rate cuts by the Federal Reserve[76]. Accounting Policies and Compliance - The group has decided to change its accounting policies to comply with new guidelines from the Hong Kong Institute of Certified Public Accountants regarding the cancellation of the MPF-long service payment offset mechanism[23]. - The group is currently assessing the impact of the new accounting guidelines, but has not yet completed a full evaluation, making it difficult to estimate the effect on the interim financial report[23]. - The group has not adopted any new standards or interpretations that have not yet come into effect during the current accounting period, indicating a stable accounting approach[22]. - The group’s operations are primarily based in Hong Kong, and thus, no geographical segment information is provided, focusing on internal reporting for resource allocation and performance assessment[29].

Financial Performance - The group's net profit after tax for the year ended December 31, 2022, was approximately HKD 1.299 billion, an increase of about 999% compared to the same period in 2021[1]. - Earnings per share for the year was HKD 3.65, compared to HKD 0.33 in 2021[1]. - The company's revenue for 2022 was HKD 281 million, representing a 15% increase from HKD 244 million in 2021[25]. - Shareholders' profit attributable to the company surged to HKD 1,299 million, a remarkable increase of 999% compared to HKD 118 million in the previous year[25]. - The total dividend declared for the year was HKD 445 million, marking a 400% increase from the previous year[25]. - Shareholders' equity rose to HKD 7,218 million, reflecting a 20% growth from HKD 6,005 million in 2021[25]. - Basic earnings per share increased to HKD 3.65, a 999% rise from HKD 0.33 in the prior year[25]. - The dividend payout ratio improved to 2.9 times, up 123% from 1.3 times in the previous year[25]. - Return on equity reached 18.0%, an increase of 800% from 2.0% in 2021[25]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2022, consistent with the previous year, and a special dividend of HKD 1.00 per share, which was not paid in 2021[2]. - The group plans to distribute a final dividend of HKD 0.15 per share for the year ending December 31, 2022, consistent with the previous year[101]. Property and Revenue Generation - The rental income from commercial properties was approximately HKD 113 million for the year[38]. - The joint venture project "Imperial Court" successfully delivered 1,738 residential units, contributing to the company's revenue[28]. - The group has delivered 1,738 residential units from the "Empire" project, generating recognized revenue from property sales[39]. - The "Ying On" redevelopment project will provide approximately 100,698 square feet of residential floor area, with interior decoration currently in progress and expected completion in early 2024[39]. - The group anticipates that rental income from shops and malls will be a major source of revenue in 2023, following the revenue recognition from the "Empire" residential units[42]. - The group's revenue for the year was approximately HKD 281 million, representing a 15% increase compared to the previous year, primarily due to increased property sales, leasing, and interest income[72]. Losses and Challenges - The ferry and shipyard business recorded a loss of HKD 5.4 million, a decline from a profit of HKD 8.6 million in the previous year, primarily due to the lack of government subsidies for maintenance and repair costs[39]. - The group incurred a loss of HKD 16.9 million from securities investments due to fluctuations in the fair value of certain financial assets[39]. Corporate Governance and Risk Management - The company has established an audit committee consisting of four independent non-executive directors to oversee risk management and internal controls[61]. - The internal audit department has adopted a risk-based approach in its annual audit plan, assessing the effectiveness of the risk management and internal control systems as of December 31, 2022[67]. - The company is committed to continuous evaluation of its risk management processes and has shared key audit findings with the internal risk management team[67]. - The board of directors includes experienced members with extensive backgrounds in banking and real estate development, enhancing corporate governance[55]. - The company has a proactive strategy for identifying and managing risks related to achieving organizational goals[66]. - The company is focused on maintaining effective and sufficient risk management and internal control systems, as confirmed by the audit committee[67]. - The company has a clear governance structure with designated committees for nominations, remuneration, and audit, ensuring accountability[60]. Employee and Training Initiatives - The total employee cost for the year was approximately HKD 99 million, with around 250 employees, an increase from 200 employees in the previous year[75]. - The group provided approximately 4,344 training hours for employees during the year, with 20% of training focused on safety-related topics[89]. Environmental and Social Responsibility - The group aims to reduce greenhouse gas emissions by 30% by 2030 compared to the 2021 baseline, in response to climate change challenges[83]. - The group installed a third rainwater collection system during the year, which will be used for vehicle washing, floor cleaning, and irrigation[86]. - The group successfully avoided 1,924 liters of wastewater from being discharged into the harbor through its onshore sewage treatment system in the ferry business[86]. - The group has maintained a high level of business ethics, considering the needs of stakeholders to sustain positive long-term partnerships[87]. - The total charitable donations made by the group during the year amounted to HKD 18,725, an increase from HKD 14,340 in the previous year[103(A)]. Shareholding and Ownership Structure - As of December 31, 2022, the major shareholder, 恒基兆業地產有限公司, holds 119,017,090 shares, representing approximately 33.41% of the total issued shares[122]. - 李寧先生 holds 119,017,090 shares, which is 33.41% of the total issued shares, and is considered a major shareholder due to family trust arrangements[124]. - The company has a total of 119,017,090 shares held by multiple entities, indicating significant ownership concentration[123]. Board Composition and Diversity - The board consists of 8 male directors and 1 female director, achieving gender diversity with males representing approximately 89% and females 11%[1]. - The company has a total of 248 employees, with male employees making up 68% and female employees 32%[1]. - The board diversity policy was approved in August 2013 and revised in December 2018, focusing on gender, age, professional experience, and ethnicity[1]. - The nomination policy aims to identify and assess candidates for board positions, ensuring a diverse range of skills and experiences[1]. Compliance and Transparency - The company has established appropriate insurance coverage for potential legal claims against its directors and senior management[120]. - The board of directors' remuneration details are included in the financial statements, ensuring transparency in compensation[107]. - The company has not entered into any significant transactions or arrangements that would provide substantial benefits to its directors outside of disclosed related party transactions[107]. - The company maintains a register of interests in shares as required by the Securities and Futures Ordinance[108]. - The company has a clear governance structure with independent confirmations of director independence as per listing rules[107]. Audit and Financial Oversight - The Audit Committee is responsible for reviewing annual and interim results, overseeing financial reporting standards, and discussing financial reports with external auditors[196]. - The Audit Committee supervises the effectiveness of the group's risk management and internal control systems, including accounting and reporting functions[196]. - The Audit Committee held two meetings during the year, reviewing the annual performance and financial statements for the year ended December 31, 2021, and providing recommendations to the board[189].

Financial Performance - The company's net profit after tax for the year ended December 31, 2022, was approximately HKD 1.299 billion, an increase of about 999% compared to the same period in 2021[2]. - Earnings per share for the year was HKD 3.65, compared to HKD 0.33 in 2021[11]. - The operating profit for the year was HKD 176.345 million, slightly up from HKD 169.945 million in the previous year[11]. - The total revenue for the year was HKD 280.632 million, compared to HKD 244.197 million in 2021, reflecting a growth of approximately 15%[11]. - The company reported a pre-tax profit of HKD 1.356 billion, compared to HKD 138.603 million in the previous year[11]. - The total comprehensive income for the year included other comprehensive income of HKD 150.482 million[11]. - The company’s total income was HKD 461,436,000 in 2022, up from HKD 392,574,000 in 2021, indicating a growth of approximately 17.5%[41]. - The deferred tax for 2022 was HKD 58,433,000, significantly higher than HKD 13,771,000 in 2021, marking an increase of about 324%[40]. - The current tax provision for the year was HKD 28,468,000, compared to HKD 30,040,000 in the previous year, showing a decrease of around 5.2%[40]. - The company’s other income, including interest income and government grants, amounted to HKD 150,482,000 in 2022, up from HKD 82,203,000 in 2021, reflecting an increase of approximately 83%[45]. - The group reported a net loss of HKD 23,057,000 from the fair value changes of other financial assets in 2022, compared to a loss of HKD 7,632,000 in 2021, indicating a significant increase in losses[50]. - Basic earnings per share for the year amounted to HKD 1,299,136,000, compared to HKD 118,249,000 in 2021, reflecting a substantial increase in profitability[57]. - The group recorded a loss of HKD 16.9 million from securities investments due to market downturns[90]. Revenue and Investment - The company recognized a significant gain from its 50% stake in the "Emperor" joint venture project, contributing to the substantial increase in profit[2]. - In 2022, the total revenue from property investment was HKD 160,034,000, compared to HKD 147,200,000 in 2021, reflecting an increase of approximately 8.5%[41]. - The profit from property development and investment in 2022 was HKD 98,928,000, a decrease from HKD 148,036,000 in 2021, representing a decline of about 33.3%[42]. - The company plans to continue expanding its real estate development and investment activities in the coming year[19]. - The company plans to continue expanding its property investment portfolio, focusing on increasing rental income and exploring new market opportunities[41]. - The group’s gross rental income from shops was approximately HKD 113 million in 2022, with full occupancy for "Liangxianju" and "Chengzhonghui" shops, and an occupancy rate of 89% for "Jiayuanju" shops[68]. - The joint venture project "Imperial Court" has delivered 1,738 residential units, confirming revenue from property sales[69]. - The "Ying'an" development project in Cheung Sha Wan is expected to complete indoor decoration by early 2024, providing approximately 100,698 square feet of residential floor area[70]. Dividends and Shareholder Equity - The group proposed a final dividend of HKD 0.15 per share and a special dividend of HKD 1.00 per share, totaling HKD 356,274,000 for the special dividend alone[56]. - Shareholders' equity increased by approximately 20% to HKD 7.218 billion, driven by confirmed property sales and rental profits[74]. - The group plans to distribute a final dividend of HKD 0.15 per share and a special dividend of HKD 1.00 per share, totaling HKD 1.25 for the year[86]. - The company will distribute a special dividend of HKD 1 per share to shareholders as part of its centenary celebrations[98]. Assets and Liabilities - The company’s total assets as of December 31, 2022, were reported at HKD 1,232,000,000, compared to HKD 1,170,000,000 in 2021, showing an increase of about 5.3%[40]. - The group’s total liabilities related to trade and other payables were projected to be settled within one year, with trade payables amounting to HKD 16,172,000 in 2022, slightly down from HKD 16,527,000 in 2021[62]. - The group’s cash and cash equivalents increased to HKD 115,129,000 in 2022, compared to HKD 96,381,000 in 2021, indicating improved liquidity[63]. - As of December 31, 2022, the group's current assets were approximately HKD 3.907 billion, with current liabilities of about HKD 231 million, resulting in a current ratio of 16.9 times[93]. - Non-current assets amounted to HKD 3,627,506,000, an increase from HKD 3,091,734,000 in the previous year, representing a growth of approximately 17.3%[126]. - Current assets totaled HKD 3,907,115,000, compared to HKD 3,177,496,000 last year, indicating a year-on-year increase of about 23.0%[126]. - Total assets less current liabilities reached HKD 7,303,688,000, up from HKD 6,084,318,000, reflecting a growth of around 20.0%[126]. - Net assets amounted to HKD 7,218,257,000, compared to HKD 6,004,518,000 in the previous year, showing an increase of approximately 20.2%[126]. - The company reported a significant increase in current liabilities, with trade and other payables at HKD 183,927,000, compared to HKD 163,882,000 last year, marking an increase of about 12.6%[126]. Operational Insights - The group’s operating profit primarily derived from rental income from shops and markets during the review year[67]. - The total employee cost for the year was approximately HKD 99 million, with the number of employees increasing to about 250 from 200 in the previous year[112]. - The ferry and related businesses recorded a loss of HKD 5.4 million, a decline from a profit of HKD 8.6 million in 2021, primarily due to the lack of government subsidies for maintenance[71]. - The AMOUR medical beauty clinic opened in August, occupying 12,000 square feet, offering high-quality personalized medical beauty services[91]. - The company is expanding its medical and aesthetic services to provide a variety of quality healthcare offerings[107]. Regulatory and Compliance - The company has implemented new accounting policies regarding contract losses, which may impact future financial reporting[17]. - The company has implemented new accounting policies that clarify the assessment of contracts and their associated costs, which may impact future financial reporting[36]. - The company has adopted the "Standard Code" for securities trading by directors, confirming compliance for the fiscal year ending December 31, 2022[117]. - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and comply with the applicable disclosure requirements of the Listing Rules[127]. - The impact of revised Hong Kong Financial Reporting Standards has been reflected in the financial statements for the current accounting period[128]. - The company has not adopted any new standards or interpretations that are not yet effective during the reporting period[129]. - The audit committee reviewed the financial performance for the year ending December 31, 2022, with no differing opinions noted[116]. Market Outlook - The easing of COVID-19 restrictions is expected to boost local consumption and aid economic recovery as travel increases[97]. - The Hong Kong government has allocated HKD 30 billion to establish a "Co-Investment Fund" to attract corporate investments, enhancing the region's competitiveness[113]. - The Hong Kong private healthcare expenditure reached HKD 88.1 billion in the 2019/2020 fiscal year, indicating significant growth potential in the healthcare sector[107]. - The company plans to continue seeking suitable retail investments and is monitoring appropriate land for development purposes[114].

Financial Performance - The group's unaudited consolidated net profit after tax for the six months ended June 30, 2022, was HKD 65 million, a decrease of 4% compared to the same period last year. Earnings per share were HKD 0.18, down from HKD 0.19 in the previous year[6]. - The group's revenue for the six months ended June 30, 2022, was HKD 139 million, an increase of 22% compared to the same period last year, primarily due to the sale of parking spaces[18]. - The company reported revenue of HKD 138,947,000 for the six months ended June 30, 2022, representing an increase of 21.6% compared to HKD 114,289,000 in the same period of 2021[52]. - Total revenue for the six months ended June 30, 2022, was HKD 206,766,000, an increase from HKD 194,585,000 in the same period of 2021, representing a growth of approximately 6.0%[84]. - The operating profit for the same period was HKD 76,766,000, down 24.4% from HKD 101,539,000 year-on-year[52]. - The net profit attributable to equity shareholders was HKD 65,073,000, a decrease of 4.2% from HKD 68,037,000 in the previous year[56]. - The company reported a pre-tax profit of HKD 77,155,000, compared to HKD 76,780,000 in the previous year[93]. - The company incurred administrative expenses of HKD 26,452,000, an increase from HKD 24,672,000 in the previous year[52]. - The company recorded other income of HKD 39,683,000, down 17.0% from HKD 47,816,000 in the previous year[52]. - The valuation gain on investment properties was HKD 11,570,000, significantly lower than HKD 35,502,000 in the same period last year[52]. - Total comprehensive income attributable to equity shareholders was HKD 69,485,000, slightly up from HKD 68,823,000 in the previous year[56]. Revenue Segments - The group recorded a loss of HKD 400,000 from ferry and related businesses, a significant decline from a profit of HKD 16.9 million in the same period last year[11]. - Real estate development segment generated revenue of HKD 27,617,000 for the six months ended June 30, 2022, compared to HKD 19,000 in the same period of 2021, indicating a significant increase[84]. - Real estate investment segment reported revenue of HKD 77,911,000, up from HKD 73,708,000 year-on-year, reflecting a growth of about 5.9%[84]. - The ferry, shipyard, and related businesses segment earned HKD 57,638,000, down from HKD 77,471,000 in the previous year, showing a decline of approximately 25.6%[84]. - Securities investment segment revenue decreased to HKD 1,189,000 from HKD 3,813,000, a decline of about 68.9%[84]. - Other income for the six months ended June 30, 2022, was HKD 42,411,000, compared to HKD 39,574,000 in the same period of 2021, representing an increase of approximately 4.6%[84]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.10 per share, consistent with the previous year[6]. - The interim dividend declared was HKD 35,627,000, unchanged from the previous year[103]. - As of June 30, 2022, the total equity held by directors included 150,000 shares by Dr. Lin, representing approximately 0.04% of the total issued shares[41]. - Major shareholders include 恒基兆業地產有限公司 and its subsidiaries, holding approximately 33.41% of the total issued shares[48]. - The group’s major shareholder, 恒地, holds approximately 33.41% of the issued share capital as of June 30, 2022[164]. Assets and Liabilities - The group's total equity as of June 30, 2022, was HKD 6.021 billion, a slight increase of 0.3% compared to December 31, 2021[19]. - The group's non-current assets amounted to HKD 95,499,000, while current assets were HKD 8,110,003,000, resulting in total assets less current liabilities of HKD 1,096,788,000[38]. - The group's total liabilities included non-current liabilities of HKD 1,209,052,000, leading to a net liability position of HKD (112,264,000) as of June 30, 2022[38]. - The company's cash and cash equivalents decreased to HKD 329,819 thousand as of June 30, 2022, down from HKD 690,026 thousand at the beginning of the year, representing a decline of about 52.2%[67]. - The company's total liabilities included trade and other payables of HKD 17,639,000 (unaudited) as of June 30, 2022, up from HKD 16,527,000 (audited) as of December 31, 2021[127]. - The company's inventory increased to HKD 1,460,105 thousand from HKD 1,340,088 thousand, marking a rise of approximately 9%[62]. Corporate Governance - The board confirmed compliance with the Corporate Governance Code as of June 30, 2022, ensuring high standards of corporate governance[29]. - The company has adopted written guidelines for employees regarding the trading of the company's securities, ensuring compliance with the standards set forth in the Corporate Governance Code[30]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the review period[27]. - The company has not participated in any arrangements allowing directors or senior executives to benefit from purchasing shares or bonds of the company or any other entity[28]. - The audit committee reviewed the interim financial report for the six months ended June 30, 2022, with no differing opinions noted[32]. - The company's financial report is prepared in accordance with the Hong Kong Financial Reporting Standards and has been reviewed by KPMG[70]. Future Outlook - The group expects a favorable performance for the full year, with residential units from the "Imperial Residence" project to be delivered in the second half of the year, contributing to revenue recognition[17]. - The group plans to diversify into the medical beauty business, with a new clinic opening in Tsim Sha Tsui in mid-August, offering various beauty and light medical services[14]. - The group is collaborating with an international oncology care medical group to provide cancer treatment services, aiming to increase market share[17].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% year-over-year growth[3] - The company's revenue for 2021 was HKD 244 million, representing a 17.3% increase from HKD 208 million in 2020[25] - Shareholders' profit attributable to the company surged to HKD 118 million in 2021, a 337.0% increase from HKD 27 million in 2020[25] - Basic earnings per share rose to HKD 0.33, marking a 371.4% increase compared to HKD 0.07 in the previous year[25] - The group recorded a profit of HKD 8.6 million from ferry and shipyard operations, an improvement compared to a loss of HKD 17.9 million in 2020[41] - The group's revenue for the year was approximately HKD 244 million, representing a 17% increase compared to the previous year, primarily due to increased earnings from the shipyard[49] User Engagement and Market Expansion - User data showed a rise in active users by 20%, reaching 500,000 users by the end of the fiscal year[3] - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[3] - A new marketing strategy is being implemented, expected to increase brand awareness by 30% over the next year[3] Future Outlook - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[3] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing customer experience[3] - The group expects a favorable performance in 2022, barring unforeseen circumstances, and plans to distribute a special dividend of HKD 1 per share to celebrate its 100th anniversary[44] Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at improving operational efficiency[3] - The group plans to invest several times the initial amount in the medical beauty sector over the next few years[44] Environmental, Social, and Governance (ESG) Initiatives - The board emphasized the importance of environmental, social, and governance (ESG) initiatives, committing to reduce carbon emissions by 25% over the next five years[3] - The group has set a greenhouse gas reduction target of 30% by 2030 compared to 2021, with initiatives including the installation of 100 solar panels with a capacity of 44.5 kW[61] - The group has implemented stricter internal standards for ferry services, using diesel with only 0.001% sulfur content since January 2020 to reduce air pollution[61] - The group has introduced a rainwater collection system to conserve resources, using collected rainwater for vehicle washing and irrigation[63] - The company aims to reduce energy consumption by 30% by 2030 compared to the 2021 baseline[193] - The company targets a 30% reduction in greenhouse gas emissions by 2030 compared to the 2021 baseline[194] Corporate Governance - The board is committed to maintaining high standards of corporate governance and compliance with the Corporate Governance Code[119] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[125] - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific matters[143] - The audit committee reviewed the audited financial statements for the year ending December 31, 2021, ensuring compliance with internal controls and financial reporting[113] Shareholder Communication - The company has a shareholder communication policy to ensure timely and equal access to information regarding overall performance[174] - Shareholders can submit inquiries to the board through the company secretary, ensuring communication channels are open[181] - The company provides a website for shareholders to access financial information and announcements[174] Employee Engagement and Development - The total employee cost for the year was approximately HKD 87 million, with the number of employees remaining stable at around 200[53] - Employee training hours totaled 4,021, with an employee turnover rate of 15.5%[191] - The group encourages employee development through internal and external training opportunities to maximize their potential[65] Community Engagement - The company initiated 30 community programs during the reporting period[191] - Charitable donations made by the group during the year amounted to HKD 14,340, an increase from HKD 5,600 in the previous year[75] Risk Management - The company has a robust risk management and internal control system, monitored by the Audit Committee[144] - Major risks identified during the year include business risk, financial risk, regulatory and compliance risk, and operational risk, with corresponding monitoring strategies reported to the audit committee[168] Performance Indicators - The company identified 31 key performance indicators (KPIs) classified as "high" and "medium" importance by the Hong Kong Stock Exchange[200] - High importance KPIs include total number of employees, employee turnover rate, and occupational health and safety measures[200] - Medium importance KPIs include the number of suppliers by region and the percentage of trained employees[200]

Financial Performance - The group's unaudited profit after tax for the six months ended June 30, 2021, was HKD 68 million, an increase of 275% compared to the same period in 2020[5] - Earnings per share were HKD 0.19, compared to HKD 0.05 in the same period last year[5] - The group's revenue for the six months ended June 30, 2021, was HKD 114 million, a 9% increase from the previous year, primarily due to increased income from the shipyard business[16] - The group recorded a profit of HKD 16.9 million from ferry, shipyard, and related businesses, compared to a loss of HKD 4.1 million in the same period last year[12] - The net profit attributable to equity shareholders was HKD 68,037,000, compared to HKD 18,164,000 in the previous year, reflecting a year-on-year growth of 274.5%[54] - Total comprehensive income for the period was HKD 68,823,000, compared to a loss of HKD 20,104,000 in the same period last year, showcasing a strong turnaround[58] - The net profit before tax for the six months ended June 30, 2021, was HKD 76,780,000, up from HKD 25,790,000 in the previous year[101] Revenue Sources - The group sold approximately 1,680 residential units in the "Imperial Bay" project, accounting for 95% of the total, with a total sales amount of approximately HKD 8.2 billion[8] - The group expects to continue generating revenue primarily from shop rental income in the second half of the year[14] - Revenue from the ferry, shipyard, and related businesses reached HKD 77,471,000, up 75.8% from HKD 44,045,000 in the previous year[90] - The property investment segment generated revenue of HKD 73,708,000, slightly increasing from HKD 73,292,000 year-on-year[90] - The group reported a significant increase in other income, which rose to HKD 47,816,000 from HKD 27,184,000, marking a growth of 76.3%[89] Assets and Liabilities - The group's current assets were HKD 2.58 billion, with current liabilities of HKD 174 million, resulting in a current ratio of 14.8 times[18] - The group's equity increased by 0.3% to HKD 59.888 billion as of June 30, 2021[17] - The company’s total liabilities were reported at HKD 5,655,081,000, leading to a net liability position of HKD 99,196,000 for the joint venture[37] - The company reported a total equity of HKD 5,987,679 as of June 30, 2021, compared to HKD 5,972,297 at the end of 2020, reflecting a slight increase of about 0.3%[63] - The company’s inventory increased to HKD 1,281,186 from HKD 1,231,195, indicating a rise of about 4.1%[63] Compliance and Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange's listing rules[26] - The company has adopted written guidelines for employees regarding securities trading to ensure compliance with the standards set forth in the listing rules[27] - The company’s audit committee reviewed the interim financial report for the six months ending June 30, 2021, which was unaudited but reviewed by KPMG[29] - The company has complied with the relevant provisions of the Listing Rules regarding related party transactions[165] Shareholder Information - As of June 30, 2021, the company’s directors held a total of 123,331,040 shares, representing approximately 33.41% of the total issued shares[41] - Major shareholders include 恒基兆業地產有限公司 and its subsidiaries, holding approximately 33.41% of the issued shares[46] - The company has not received any notifications regarding other interests or short positions in its shares as of June 30, 2021[50] Future Outlook - The company plans to continue expanding its market presence and exploring new strategies for growth in the upcoming periods[47] - The group anticipates that the residential market will remain stable, with private residential prices increasing by 3.4% in the first half of the year[14] Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 11,660, compared to HKD 4,435 in the previous year, showing an increase of approximately 163.5%[71] - The net cash generated from investing activities was HKD 322,014, a significant increase from HKD 40,345 in the prior year[71] - The company received HKD 600,000,000 from joint ventures during the six months ending June 30, 2021[119] Dividends - The company declared an interim dividend of HKD 0.10 per share, consistent with the previous year[110] - The company paid dividends amounting to HKD 53,441 during the period, down from HKD 99,757 in the previous year, representing a decrease of approximately 46.4%[71]