Core Viewpoint - Hong Kong Ferry (Group) Limited's stock reached a new high of 4.930 HKD, reflecting a 1.65% increase from the previous trading day, indicating positive market sentiment and potential growth in the company's valuation [1] Company Overview - Hong Kong Ferry (Group) Limited was established in 1923 and has a long-standing history in Hong Kong. The company underwent a restructuring in 1989, changing its holding company name to "Hong Kong Ferry (Group) Limited" [1] - The primary business activities of the group include property development and investment, ferry services, shipbuilding, and related businesses. The company currently employs approximately 210 staff members [1] - In response to the future potential of healthcare, Hong Kong Ferry Group launched specialized medical and beauty services in 2022 as part of its diversification strategy [1] Financial Performance - As of August 8, the stock price reached 4.930 HKD, with a peak intraday price also at this level, marking a new high for nearly a year [1] - The net capital inflow for the day was 712,500 HKD, indicating positive investor interest despite unspecified outflows [1]

格隆汇8月1日丨香港小轮(集团)(00050.HK)宣布，公司将于2025年8月19日(星期二)举行董事会会议，藉 以(其中包括)批准刊发公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩公告及考虑 派发中期股息。 ...

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。 HONG KONG FERRY (HOLDINGS) COMPANY LIMITED 香港小 輪（集 團 ）有 限公司 香港，二零二五年八月一日 ( 於香港註冊成立之有限公司 ) (股份代號: 50) 於本公告日期，本公司之執行董事為林高演博士（主席）、李寧先生及李嘉豪先生；非執行董事為 歐肇基先生；以及獨立非執行董事為何厚鏘先生、黃汝璞女士、胡經昌先生及陳惠仁先生。 香港小輪（集團）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將 於二零二五年八月十九日（星期二）舉行董事會會議，藉以（其中包括）批准刊發本公 司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績公告及考慮 派發中期股息。 承董事會命 公司秘書 周東明 董事會召開日期 ...

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: | 香港小輪(集團)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) | 00050 | 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 | | | 356,273,883 | | 0 | | 356,273,883 | | 增加 / 減少 (-) | | | 0 | | ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Core Viewpoint - *ST Zhongrun has announced the removal of its delisting risk warning and other risk warnings, effective June 5, 2025, allowing for a change in its stock trading limits from 5% to 10% [1][3]. Group 1: Company Announcement - *ST Zhongrun will be renamed to Zhongrun Resources, with the stock code remaining as 000506 [1]. - The company received a standard unqualified audit report from Huaxing Accounting Firm for its 2024 financial report, indicating that the issues related to the 2023 audit report have been resolved [3]. - For the fiscal year 2024, Zhongrun Resources reported total revenue of 333 million yuan, a year-on-year increase of 17.17%, but a net loss attributable to shareholders of 127 million yuan compared to a profit of 6.67 million yuan in the previous year [3]. Group 2: Industry Context - The company aims to focus on the precious metals industry chain, particularly gold mining, in response to rising global demand for safe assets [4]. - Following the acquisition by Jiajin Ruining, VGML has shown positive operational trends and plans to enhance production capacity while maintaining cash flow balance [4]. - The company intends to increase exploration efforts within its existing mining rights and has signed agreements to recover exploration rights, aiming to significantly boost resource reserves [4]. Group 3: Market Trends - Several A-share companies have successfully removed ST and *ST designations, indicating a trend of improving fundamentals through various strategies such as focusing on core business and internal control rectification [6]. - As of late May, over 20 listed companies have achieved this status, with expectations for more to follow as they submit applications for risk warning removals alongside their 2024 annual reports [6]. - Experts suggest that the removal of risk warnings marks a new beginning for these companies, emphasizing the need to strengthen core competitiveness and enhance sustainable operational capabilities for long-term development [6].

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% growth year-over-year[7]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[22]. - Revenue for the year 2024 reached HKD 423 million, an increase of 12.8% compared to HKD 375 million in 2023[41]. - The group's revenue for the year was approximately HKD 420 million, representing a year-on-year increase of 12.9% due to higher income from ferry services, shipyards, and healthcare services[72]. - Shareholders' profit attributable decreased to HKD 164 million, down 13.7% from HKD 190 million in the previous year[41]. - Basic earnings per share for 2024 were HKD 0.46, a decline of 13.2% from HKD 0.53 in 2023[41]. User Engagement and Market Expansion - User data showed a rise in active users to 500,000, up from 400,000 in the previous year, indicating a 25% increase[7]. - The company is exploring new market segments, targeting G demographics to diversify its customer base and increase market share[34]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[7]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing user experience[7]. Strategic Outlook - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[8]. - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[25]. - Financial guidance for the upcoming fiscal year includes an EBITDA margin target of H%, reflecting improved operational efficiencies[36]. Research and Development - The company is investing HKD 50 million in research and development for new technologies aimed at improving operational efficiency[7]. - The company is investing in R&D for new technologies, allocating $D million towards innovative solutions aimed at enhancing user experience[28]. Sustainability Initiatives - The board emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% by 2025[7]. - The company aims to reduce greenhouse gas emissions by 30% by 2030 compared to the 2021 baseline[83]. - The company is actively managing climate-related risks and opportunities, aiming to reduce its carbon footprint in line with the Hong Kong Climate Action Blueprint 2050[81]. - During the reporting year, the company installed rainwater collection systems, preventing 2,228 liters of wastewater from entering the harbor[84]. Corporate Governance - The company is committed to high standards of corporate governance, adhering to the Corporate Governance Code[131]. - The board promotes a corporate culture of integrity, growth, care, and collaboration aligned with the company's core values[132]. - The board of directors consists of nine members, including three executive directors, two non-executive directors, and four independent non-executive directors[139]. - The company has adopted a board diversity policy, emphasizing gender, age, professional experience, and ethnicity to enhance performance quality[141]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to company information for shareholders[190]. - The company has established effective communication systems for shareholders and investors to access financial information via its website[190]. - Shareholders can submit inquiries to the board through the company secretary, who will forward them for consideration[196]. Employee Engagement and Training - The company provided approximately 4,410 hours of training to employees during the reporting year[86]. - The total employee cost for the year was approximately HKD 141 million, with the number of employees increasing to around 300 from 284 in the previous year[75]. - The company employs 300 staff members, with a gender distribution of approximately 58% male and 42% female, indicating workforce diversity[142]. Risk Management - The company has established a risk management and internal control system, which is reviewed annually by the audit committee to ensure effectiveness[179]. - Major risks identified include business, financial, regulatory, environmental, social, governance, and operational risks, with corresponding mitigation strategies reported to the audit committee[185]. - The internal audit department incorporates a risk-based approach in its annual audit plan, ensuring all identified major risks are included[182]. Dividend Policy - The company plans to maintain its current dividend policy, reflecting stability in its financial performance[95]. - The interim dividend per share is HKD 0.10, consistent with the previous year, and the proposed final dividend is HKD 0.15, also unchanged from the prior year, leading to a total annual dividend of HKD 0.25[95].

Financial Performance - The group's basic profit for the year ended December 31, 2024, was HKD 158 million, an increase of approximately 10% compared to the same period last year[3]. - The after-tax consolidated profit for the period was approximately HKD 160 million, a decrease of about 14% compared to the after-tax consolidated profit of HKD 185 million for the same period in 2023[3]. - Revenue for the year was HKD 422.91 million, up from HKD 374.61 million in 2023, representing an increase of approximately 12.9%[4]. - Operating profit decreased to HKD 134.94 million from HKD 174.33 million, reflecting a decline of about 22.6%[4]. - Earnings per share for the year were HKD 0.46, down from HKD 0.53 in 2023, indicating a decrease of approximately 13.2%[4]. - Total comprehensive income for the year was HKD 177.71 million, slightly down from HKD 185.73 million in 2023[5]. - The pre-tax profit for 2024 was HKD 163,875,000, a decrease from HKD 190,393,000 in 2023, representing a decline of approximately 13.5%[30]. Revenue Breakdown - Total revenue for the year 2024 reached HKD 591.53 million, an increase from HKD 470.85 million in 2023, representing a growth of approximately 25.6%[16]. - Revenue from ferry, shipyard, and related businesses increased to HKD 179.42 million in 2024, compared to HKD 166.04 million in 2023, reflecting a growth of approximately 8.1%[16]. - The healthcare, medical beauty, and beauty services segment reported a revenue of HKD 40.21 million in 2024, significantly up from HKD 14.08 million in 2023, marking an increase of about 185.5%[16]. - The rental income from retail shops for the year 2024 was approximately HKD 125 million, with full occupancy for "嘉賢居" and "城中匯" shops, and a 95% occupancy rate for "亮賢居" shops[44]. Asset and Equity Position - Non-current assets totaled HKD 3.51 billion, compared to HKD 3.50 billion in 2023, showing a marginal increase[7]. - Current assets increased to HKD 3.87 billion from HKD 3.79 billion, reflecting a growth of approximately 2.1%[7]. - The company's total equity attributable to shareholders was HKD 7.06 billion, up from HKD 6.97 billion in 2023, representing an increase of about 1.3%[7]. - The group’s current assets were HKD 3.867 billion and current liabilities were HKD 228 million as of December 31, 2024, resulting in a current ratio of 17 times[52]. - As of December 31, 2024, the group's shareholders' equity rose by approximately 1.3% to HKD 7.063 billion, mainly due to recognized property leasing profits[52]. Expenses and Costs - Employee costs totaled HKD 140,678,000 in 2024, compared to HKD 114,901,000 in 2023, reflecting an increase of about 22.5%[5]. - The depreciation expense for 2024 was HKD 18,059,000, slightly down from HKD 18,240,000 in 2023, a decrease of about 1%[5]. - The company recognized an impairment loss of HKD 19.43 million across its segments in 2024, slightly down from HKD 19.61 million in 2023[20]. - Other income decreased to HKD 69.76 million in 2024 from HKD 83.72 million in 2023, a decline of approximately 16.7%[21]. Segment Performance - The segment profit for property investment was HKD 76.51 million in 2024, down from HKD 123.69 million in 2023, indicating a decline of about 38.1%[19]. - The company reported a total loss of HKD 9.24 million in the property development segment for 2024, worsening from a loss of HKD 0.72 million in 2023[19]. - Securities investment segment profit improved to HKD 16.37 million in 2024, compared to a loss of HKD 2.25 million in 2023, showing a turnaround[19]. - The group recorded a loss of HKD 8 million in the ferry and shipyard business, which increased by 4% compared to the previous year[48]. Future Outlook and Strategy - The group anticipates that its main revenue in 2025 will continue to come from property rental income and bank deposit interest[59]. - The group plans to adopt a flexible leasing policy to retain existing tenants and attract new ones[59]. - The group has adjusted its strategy to seek stable rental income by considering leasing the entire "Ying On" project[58]. - The group plans to expand the AMOUR clinic's operational area to provide higher quality medical beauty services[49]. - The group has signed a memorandum of understanding for a mid-term lease for all 262 residential units in the "映岸" project, pending government approval[47]. Tax and Dividend Information - The current tax provision for Hong Kong profits tax was HKD 9,027,000 for 2024, down from HKD 12,361,000 in 2023, indicating a reduction of approximately 27.5%[25]. - The total dividend payable to equity shareholders for 2024 was HKD 89,068,000, unchanged from 2023[28]. - The company plans to distribute a final dividend of HKD 0.15 per share for 2024, consistent with the previous year[28]. Market Conditions - The Hong Kong private residential property prices are expected to decline by approximately 7.1% year-on-year in 2024, marking three consecutive years of decline[57]. - The Hong Kong government has announced measures to relax mortgage loan limits, adjusting the maximum mortgage ratio for residential properties to 70%[57]. - The rental demand for private residential properties in Hong Kong is projected to increase, with rents expected to rise by approximately 3.9% year-on-year in 2024[58]. - The Hong Kong government has implemented various talent schemes, resulting in approximately 180,000 talents and their families moving to Hong Kong by the end of 2024[58]. Governance and Compliance - The group has complied with the corporate governance code as per the Listing Rules for the year ending December 31, 2024[61]. - The group holds ample cash with no borrowings, positioning itself to wait for new investment opportunities[59].

Financial Performance - The group's unaudited consolidated net profit for the six months ended June 30, 2024, was HKD 87.5 million, unchanged from the same period in 2023, with earnings per share also remaining at HKD 0.25[2] - The group's attributable profit, excluding changes in the fair value of investment properties, increased by approximately 28% to HKD 85.5 million compared to the same period last year[2] - Revenue for the six months ended June 30, 2024, was HKD 211.1 million, a 23% increase compared to the same period last year, driven by growth in ferry, shipyard, and related businesses, as well as healthcare and beauty services[9] - For the six months ended June 30, 2024, the company reported total revenue of HKD 210,743,000, an increase from HKD 171,269,000 in the same period of 2023, representing a growth of approximately 22.9%[32] - The operating profit for the same period was HKD 72,436,000, down from HKD 83,885,000 in 2023, indicating a decrease of about 13.7%[32] - The profit before tax was HKD 95,617,000, compared to HKD 101,131,000 in the previous year, reflecting a decline of approximately 5.0%[32] - The net profit for the period was HKD 87,480,000, slightly down from HKD 87,991,000 in 2023, showing a decrease of about 0.6%[33] - The total comprehensive income for the period was HKD 97,750,000, an increase from HKD 92,677,000 in the previous year, representing a growth of approximately 5.8%[33] - The total profit from reported segments for the six months ended June 30, 2024, was HKD 72,436,000, down from HKD 83,885,000 in 2023, a decrease of 13.4%[47] Revenue Sources - Gross rental income from shops and malls was HKD 63 million, representing a 6% increase year-on-year[4] - The medical beauty brand AMOUR saw a revenue increase of approximately 280% compared to the same period last year, with prepaid ticket sales amounting to HKD 12 million as of June 30, 2024[7] - The ferry, shipyard, and related businesses generated revenue of HKD 89,543,000, up 28.3% from HKD 69,801,000 in the previous year[43] - Healthcare, medical beauty, and beauty services revenue rose significantly to HKD 19,083,000 from HKD 4,258,000, marking a growth of 348.5%[43] - The group expects that the main revenue sources for the second half of the year will continue to be rental income from shops and malls, as well as interest from bank deposits[8] Assets and Liabilities - As of June 30, 2024, the group's equity increased by approximately 1% to HKD 7 billion, primarily due to recognized property leasing profits and net amounts after dividend distribution[10] - The group's current assets amounted to HKD 3.84 billion, while current liabilities were HKD 227 million, resulting in a current ratio of 16.9 times, attributed to an increase in trade and other receivables and a decrease in trade and other payables[10] - The company reported a net asset value of HKD 7,008,949,000 as of June 30, 2024, compared to HKD 6,964,640,000 at the end of 2023, reflecting a growth in equity[35] - Total liabilities decreased from HKD 240,726,000 to HKD 227,377,000, indicating improved financial stability[35] - The company’s retained earnings as of June 30, 2024, stood at HKD 5,265,448,000, up from HKD 5,229,293,000 at the end of 2023, showing positive profit retention[36] Corporate Governance - The company has maintained high levels of corporate governance and complied with the relevant codes as of June 30, 2024[16] - The audit committee reviewed the interim financial report for the six months ended June 30, 2024, which was unaudited but reviewed by KPMG without any amendments[18] - The company did not purchase, sell, or redeem any of its listed securities during the review period[14] - There were no arrangements for directors or senior executives to benefit from purchasing shares, warrants, or bonds of the company or any other entity[15] Dividends and Shareholder Information - The company declared dividends amounting to HKD 53,441,000 for the current fiscal year, indicating a commitment to returning value to shareholders[36] - The company declared an interim dividend of HKD 0.10 per share, totaling HKD 35,627,000 for the six months ended June 30, 2024, consistent with the previous year[53] - As of June 30, 2024, the total equity held by directors and senior executives includes 119,017,090 shares held by Mr. Li Ning, representing 33.41% of the total issued shares[25] - Major shareholders include 恒基兆業地產有限公司 and its subsidiaries, holding a combined 33.41% of the issued shares[30] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (8,246) thousand, a significant decrease from HKD 73,775 thousand in the same period of 2023[38] - The net cash generated from investing activities was HKD 54,118 thousand, compared to HKD 307,371 thousand in the previous year, indicating a decline in investment cash flow[38] - The company reported a significant increase in cash outflows for financing activities, totaling HKD (57,435) thousand, compared to HKD (408,100) thousand in the previous year[38] Future Outlook - The group plans to continue expanding its medical specialty services, including the establishment of a cancer center in collaboration with ICON[7] - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming periods[32] - The group expects to recognize future revenue of HKD 12,289,000 from shipyard contracts and HKD 13,657,000 from healthcare services within the next twelve months[46]

Financial Highlights [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2024, revenue grew 23% to HKD 210,743 thousand, operating profit declined 13.6%, and net profit remained stable | Indicator | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 210,743 | 171,269 | +23.0% | | Direct Costs | (130,787) | (106,181) | +23.2% | | Gross Profit | 79,956 | 65,088 | +22.8% | | Other Income | 34,824 | 36,906 | -5.6% | | Other Net Income | 6,318 | 3,773 | +67.5% | | Fair Value Gain on Investment Properties | 2,020 | 21,196 | -90.5% | | Distribution and Selling Expenses | (3,877) | (5,297) | -26.8% | | Administrative Expenses | (45,115) | (35,917) | +25.6% | | Other Operating Expenses | (1,690) | (1,864) | -9.4% | | Operating Profit | 72,436 | 83,885 | -13.6% | | Profit Before Tax | 95,617 | 101,131 | -5.4% | | Taxation | (8,137) | (13,140) | -38.1% | | Profit for the Period | 87,480 | 87,991 | -0.6% | | Profit Attributable to Equity Holders of the Company | 89,596 | 90,027 | -0.5% | | Earnings Per Share (HKD) | 0.25 | 0.25 | 0.0% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2024, total comprehensive income rose 5.5% to HKD 97,750 thousand, mainly from increased revaluation reserves for financial assets | Indicator | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 87,480 | 87,991 | -0.6% | | Net Change in Revaluation Reserve for Securities | 10,270 | 4,686 | +119.2% | | Total Comprehensive Income for the Period | 97,750 | 92,677 | +5.5% | | Total Comprehensive Income Attributable to Equity Holders of the Company | 99,866 | 94,713 | +5.4% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets less current liabilities, net assets, and total equity all showed modest growth | Indicator | June 30, 2024 (thousand HKD) | December 31, 2023 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Investment Properties | 2,490,790 | 2,488,690 | +0.1% | | Interests in Associates | 5,150 | 6,370 | -19.1% | | Interests in Joint Ventures | 673,429 | 700,385 | -3.9% | | Other Financial Assets | 120,853 | 107,189 | +12.7% | | **Current Assets** | | | | | Inventories | 1,803,028 | 1,802,140 | +0.05% | | Trade and Other Receivables | 183,222 | 164,130 | +11.6% | | Cash and Bank Balances | 1,860,554 | 1,825,434 | +1.9% | | **Current Liabilities** | | | | | Trade and Other Payables | (198,302) | (212,823) | -6.9% | | **Net Assets** | 7,008,949 | 6,964,640 | +0.6% | | **Total Equity Attributable to Equity Holders of the Company** | 7,017,002 | 6,970,577 | +0.7% | Notes to the Financial Statements [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial report follows HKAS 34 and HKFRS amendments, with no material impact on the Group's financial position - The interim financial report is prepared in accordance with HKAS 34 and complies with the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[5](index=5&type=chunk) - The Group has applied several amendments to HKFRS, including HKAS 1 (Amendments) and HKFRS 16 (Amendments), which had no material impact on the results or financial position for the current or prior accounting periods[6](index=6&type=chunk) [Segment Reporting](index=6&type=section&id=Segment%20Reporting) The Group operates five segments: property development, property investment, ferry/shipyard, healthcare, and securities investment, primarily in Hong Kong - The Group has five reportable segments: property development, property investment, ferry, shipyard and related businesses, healthcare, medical aesthetics and beauty services, and securities investment[7](index=7&type=chunk) - No geographical segment information is provided as substantially all business revenue and operating profit are derived from Hong Kong[7](index=7&type=chunk) [Overview of Operating Segments](index=6&type=section&id=Overview%20of%20Operating%20Segments) - Operating segments include property development (developing and selling properties), property investment (rental income from properties), ferry, shipyard and related businesses (dangerous goods vehicle ferry services, vessel repair, sightseeing cruise sales), healthcare, medical aesthetics and beauty services, and securities investment (dividends, interest, and other income from listed securities)[7](index=7&type=chunk) [Segment Revenue Analysis](index=7&type=section&id=Segment%20Revenue%20Analysis) | Segment | For the six months ended June 30, 2024 (Revenue from external customers, thousand HKD) | For the six months ended June 30, 2023 (Revenue from external customers, thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development | – | 32 | -100% | | Property Investment | 87,045 | 83,773 | +3.9% | | Ferry, Shipyard and Related Businesses | 88,923 | 69,159 | +28.6% | | Healthcare, Medical Aesthetics and Beauty Services | 18,954 | 4,258 | +345.1% | | Securities Investment | 4,185 | 7,719 | -45.8% | | Others | 46,460 | 43,234 | +7.5% | | **Total** | **245,567** | **208,175** | **+17.9%** | - Revenue from the healthcare, medical aesthetics and beauty services segment grew significantly by **345.1%**, while ferry, shipyard and related businesses revenue increased by **28.6%**[10](index=10&type=chunk) [Segment Results Analysis](index=8&type=section&id=Segment%20Results%20Analysis) | Segment | For the six months ended June 30, 2024 (Reported segment profit/(loss), thousand HKD) | For the six months ended June 30, 2023 (Reported segment profit/(loss), thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Property Development | (2,966) | 1,833 | -261.8% | | Property Investment | 45,416 | 61,175 | -25.8% | | Ferry, Shipyard and Related Businesses | (2,975) | (3,865) | +23.0% | | Healthcare, Medical Aesthetics and Beauty Services | (17,087) | (17,537) | +2.6% | | Securities Investment | 4,500 | (3,374) | +233.5% | | **Total** | **26,888** | **38,232** | **-29.7%** | - The securities investment segment turned from loss to profit, recording a **HKD 4,500 thousand profit**, an increase of **233.5%**[12](index=12&type=chunk) - Property investment segment profit decreased by **25.8%**, mainly due to lower fair value gains on investment properties[12](index=12&type=chunk)[13](index=13&type=chunk) - Losses from ferry, shipyard and related businesses decreased by **23.0%**, and losses from healthcare, medical aesthetics and beauty services also slightly narrowed[12](index=12&type=chunk) [Reconciliation of Reported Segment Profit](index=8&type=section&id=Reconciliation%20of%20Reported%20Segment%20Profit) | Indicator | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Reported segment profit from external customers | 26,888 | 38,232 | | Other profit from external customers | 45,548 | 45,653 | | Interest on lease liabilities | (218) | (149) | | Share of profits of associates and joint ventures (net) | 23,399 | 17,395 | | **Profit Before Tax in Consolidated Statement of Profit or Loss** | **95,617** | **101,131** | - Share of profits of associates and joint ventures (net) significantly increased from HKD 17,395 thousand to **HKD 23,399 thousand**, a **34.5%** increase[13](index=13&type=chunk) [Other Financial Information](index=9&type=section&id=Other%20Financial%20Information) This section details other net income, profit before tax components, taxation, dividend policy, EPS, and trade receivables/payables [Other Net Income](index=9&type=section&id=Other%20Net%20Income) | Item | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Fair value changes of other financial assets designated at FVTPL | 3,394 | (4,408) | +177.0% | | Miscellaneous income | 2,632 | 1,962 | +34.1% | | Income from sale of parts | 296 | 481 | -38.4% | | Net (loss)/gain on exchange | (4) | 5 | -180.0% | | Construction cost adjustment | – | 5,239 | -100% | | Gain on lease modification | – | 494 | -100% | | **Total** | **6,318** | **3,773** | **+67.5%** | - The fair value change of other financial assets designated at fair value through profit or loss turned from a loss to a gain, which is the primary reason for the significant increase in other net income[14](index=14&type=chunk) [Components of Profit Before Tax](index=9&type=section&id=Components%20of%20Profit%20Before%20Tax) | Item | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Amortisation of land lease premiums | 685 | 685 | | Cost of inventories | 10,287 | 9,383 | | Depreciation – owned property, plant and equipment | 5,463 | 5,174 | | Depreciation – right-of-use assets | 3,474 | 4,456 | | Dividend income from listed investments | (1,329) | (1,229) | | Interest income | (48,418) | (48,774) | - Interest income and dividend income from listed investments are significant positive contributors to profit before tax[15](index=15&type=chunk) [Taxation](index=9&type=section&id=Taxation) | Item | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Current tax – Hong Kong Profits Tax provision for the period | 3,427 | 5,479 | | Deferred tax – origination and reversal of temporary differences | 4,710 | 7,661 | | **Total Taxation** | **8,137** | **13,140** | - Total tax expense decreased by **38.1%** year-on-year, mainly due to reductions in Hong Kong Profits Tax provision and deferred tax[17](index=17&type=chunk) - Hong Kong Profits Tax provision is calculated at an estimated annual effective tax rate of **16.5%**, with some subsidiaries applying a two-tiered tax rate (8.25% for the first HKD 2 million of assessable profits)[19](index=19&type=chunk) [Dividends](index=10&type=section&id=Dividends) | Dividend Type | For the six months ended June 30, 2024 (thousand HKD) | For the six months ended June 30, 2023 (thousand HKD) | | :--- | :--- | :--- | | Final dividend in respect of prior financial year approved and paid during the interim period (HKD 0.15 per share) | 53,441 | 53,441 | | Interim dividend declared and paid after the interim period (HKD 0.10 per share) | 35,627 | 35,627 | | Special dividend in respect of prior financial year approved and paid during the interim period (HKD 0.00 per share) | – | 356,274 | | **Total** | **89,068** | **445,342** | - No special dividend was distributed this period, whereas a special dividend of **HKD 1.00 per share** was distributed in the prior period, leading to a significant decrease in total dividends paid[19](index=19&type=chunk) [Earnings Per Share](index=10&type=section&id=Earnings%20Per%20Share) | Indicator | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :--- | :--- | :--- | | Profit attributable to equity holders (thousand HKD) | 89,596 | 90,027 | | Number of ordinary shares in issue | 356,273,883 | 356,273,883 | | **Basic and Diluted Earnings Per Share (HKD)** | **0.25** | **0.25** | - Basic and diluted earnings per share remained consistent with the prior period at **HKD 0.25**, as there were no potentially dilutive ordinary shares during the period[19](index=19&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) | Item | June 30, 2024 (thousand HKD) | December 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | **Non-current** | | | | Instalment receivables | 84,700 | 88,489 | | Other receivables and prepayments | 2,481 | 2,481 | | **Current** | | | | Trade receivables (net of loss allowance) | 68,450 | 57,669 | | Instalment receivables | 2,447 | 2,480 | | Other receivables and prepayments | 82,861 | 77,426 | | Amounts due from joint ventures | 31,911 | 29,035 | | **Total Current Trade and Other Receivables** | **183,222** | **164,130** | | Ageing of Trade Receivables (net of loss allowance) | June 30, 2024 (thousand HKD) | December 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | Current | 39,976 | 30,397 | | Overdue 1 to 3 months | 26,278 | 26,082 | | Overdue over 3 months but less than 12 months | 1,957 | 1,173 | | Overdue over 12 months | 239 | 17 | | **Total** | **68,450** | **57,669** | - Total current trade receivables increased by **11.6%**, with current trade receivables growing by **31.5%**[20](index=20&type=chunk)[22](index=22&type=chunk) - Amounts due from related companies totaled **HKD 66,947 thousand**, which are unsecured, interest-free, and repayable on demand[20](index=20&type=chunk) [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) | Ageing of Trade Payables | June 30, 2024 (thousand HKD) | December 31, 2023 (thousand HKD) | | :--- | :--- | :--- | | Current or due within one month | 111,503 | 131,004 | | Due after one month but within three months | 1,002 | 1,265 | | Due after three months but within twelve months | – | – | | Over twelve months | 16 | 2 | | **Total** | **112,521** | **132,271** | - Total trade payables decreased by **14.9%**, primarily due to a reduction in amounts due within one month[23](index=23&type=chunk) - Amounts due to related companies totaled **HKD 23,600 thousand**, which are unsecured, interest-free, and repayable within 30-45 days or on demand[23](index=23&type=chunk) Management Discussion and Analysis [Interim Results and Dividends](index=13&type=section&id=Interim%20Results%20and%20Dividends) For H1 2024, consolidated net profit after tax and EPS remained stable, with an interim dividend of HKD 0.10 per share | Indicator | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :--- | :--- | :--- | | Consolidated Net Profit After Tax | HKD 87.5 million | HKD 87.5 million | | Earnings Per Share | HKD 0.25 | HKD 0.25 | | Underlying Profit Attributable to Shareholders (excluding fair value changes of investment properties) | HKD 85.5 million | HKD 66.8 million (estimated) | | Interim Dividend (per share) | HKD 0.10 | HKD 0.10 | - Excluding fair value changes of investment properties, the Group's underlying profit attributable to shareholders increased by approximately **28%** compared to the prior period[24](index=24&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) Operating profit was driven by property rentals and bank interest, with growth in property investment and healthcare, and reduced ferry losses - The Group's operating profit primarily stems from shop and mall rental income and bank deposit interest, with no borrowings[25](index=25&type=chunk) [Property Development and Investment Business](index=13&type=section&id=Property%20Development%20and%20Investment%20Business) - Gross rental income from shops and malls was **HKD 63 million**, a **6%** year-on-year increase, with high occupancy rates for major shops, including "The Reach," "The Vantage," and "The Avenue," which are fully leased[26](index=26&type=chunk) - Two residential units were sold in "The Regent" joint venture development, with remaining units and car parking spaces continuing to be offered for sale[27](index=27&type=chunk) - The "The Shore" redevelopment project has obtained its occupation permit, interior decoration is largely complete, and some units may be converted to rental properties to increase recurring income[28](index=28&type=chunk) [Ferry, Shipyard and Related Businesses](index=14&type=section&id=Ferry%2C%20Shipyard%20and%20Related%20Businesses) - The ferry, shipyard and related businesses recorded a **HKD 3 million loss**, a **23%** year-on-year reduction, benefiting from increased fares for dangerous goods vehicle ferry services and the recovery of the "Bauhinia Victoria Harbour Cruise" business[29](index=29&type=chunk) [Healthcare, Medical Aesthetics and Beauty Services](index=14&type=section&id=Healthcare%2C%20Medical%20Aesthetics%20and%20Beauty%20Services) - Revenue for the medical aesthetics brand AMOUR medical aesthetics clinic increased by approximately **280%** year-on-year, with prepaid package receipts reaching **HKD 12 million**[30](index=30&type=chunk) - The Group is actively expanding its medical specialist business, establishing a cancer center in collaboration with ICON, and operating its own "Comprehensive Medical Specialist Centre," with steadily improving performance[30](index=30&type=chunk) - Pain management medical services have been launched, introducing advanced medical equipment and a professional team, which has been well-received by customers[30](index=30&type=chunk) [Outlook](index=14&type=section&id=Outlook) Global economic uncertainty persists, impacting Hong Kong's residential market, though the rental market remains robust, with government initiatives expected to boost tourism - Global economic uncertainty is heightened by central bank interest rate policy adjustments (ECB, BoE rate cuts; BoJ rate hike) and the US presidential election[31](index=31&type=chunk) - Hong Kong's residential property market saw increased transactions after demand-side management measures were lifted but has recently softened due to high interest rates; the residential rental index rose approximately **4%** year-on-year, expected to continue in H2[32](index=32&type=chunk) - The Hong Kong government's promotion of event economy, increased Individual Visit Scheme cities for mainland visitors, and talent schemes are expected to boost tourism, hotel, catering, and retail sectors, though local catering and retail face challenges from cross-border consumption[32](index=32&type=chunk) - The Group anticipates that major revenue in H2 will continue to come from shop and mall rentals and bank deposit interest[32](index=32&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) Group revenue increased 23% to HKD 211 million, driven by ferry and healthcare, with stable net profit, growing shareholder equity, and a strong liquidity ratio [Performance Review](index=15&type=section&id=Performance%20Review) - For the six months ended June 30, 2024, the Group's revenue was **HKD 211 million**, a **23%** increase from the prior period, primarily due to increased revenue from ferry, shipyard and related businesses and healthcare, medical aesthetics and beauty services[32](index=32&type=chunk) - The Group's consolidated net profit after tax was **HKD 87.5 million**, consistent with the prior period[32](index=32&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) - As of June 30, 2024, the Group's shareholder equity increased by approximately **1%** to **HKD 7 billion** from December 31, 2023, mainly due to recognized property lease profits and deducted dividends paid[33](index=33&type=chunk) - Current assets were **HKD 3.847 billion**, current liabilities were **HKD 227 million**, and the liquidity ratio increased to **16.9 times**, primarily due to increased trade and other receivables and decreased payables[33](index=33&type=chunk) [Capital and Gearing Ratios and Financial Management](index=16&type=section&id=Capital%20and%20Gearing%20Ratios%20and%20Financial%20Management) - The Group has no bank borrowings, thus no capital and gearing ratios are presented; financing and treasury matters are centrally managed, primarily denominated in HKD[34](index=34&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) The Group employed approximately 300 staff as of June 30, 2024, with market-based remuneration and comprehensive benefits - The Group employs approximately **300 staff**, with remuneration determined by market trends and industry salary levels[35](index=35&type=chunk) - Employee benefits include medical insurance, retirement protection schemes, staff training, and education allowances[35](index=35&type=chunk) Other Information [Share Registrar](index=16&type=section&id=Share%20Registrar) Share transfer registration will be suspended from September 11-12, 2024, to ensure interim dividend entitlement - The company will temporarily suspend share transfer registration on September 11 and September 12, 2024[36](index=36&type=chunk) - To ensure entitlement to the interim dividend, all share transfer documents must be lodged with the share registrar by 4:30 p.m. on September 10, 2024[36](index=36&type=chunk) [Dealings in Listed Securities](index=16&type=section&id=Dealings%20in%20Listed%20Securities) Neither the company nor its subsidiaries engaged in listed securities transactions, and no directors or associates benefited from dealing in shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the review period[36](index=36&type=chunk) - No directors, chief executives, or their spouses or children under 18 years of age obtained any benefits from purchasing shares, share options, bonds, or warrants of the company or any other body corporate during the period[37](index=37&type=chunk) [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The company upholds high corporate governance, complying with the Listing Rules' Code, with all directors meeting securities transaction standards - The company has complied with the provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[38](index=38&type=chunk) - All directors met the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2024[39](index=39&type=chunk) - The company has also adopted written guidelines, no less exacting than the Model Code, for relevant employees regarding their dealings in the company's securities[39](index=39&type=chunk) [Committee Reports](index=17&type=section&id=Committee%20Reports) The Audit Committee reviewed the interim financial report without objection, confirmed by KPMG, and the Remuneration Committee met in May - The Audit Committee has reviewed the unaudited interim financial report for the six months ended June 30, 2024, and has no disagreement[40](index=40&type=chunk) - The interim financial report was reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, and an unmodified review report was issued[40](index=40&type=chunk) - The Remuneration Committee held a meeting in May 2024, comprising three independent non-executive directors and two executive directors[41](index=41&type=chunk) [Forward-Looking Statements and Report Publication](index=18&type=section&id=Forward-Looking%20Statements%20and%20Report%20Publication) This announcement contains forward-looking statements, with actual results potentially differing due to risks, and interim results are published online - Forward-looking statements in this announcement are based on the Board's current beliefs, assumptions, and expectations, and actual results may differ materially due to risks, uncertainties, and other uncontrollable factors[43](index=43&type=chunk) - The interim results announcement has been published on the company's website (www.hkf.com) and the HKEXnews website (www.hkexnews.hk)[44](index=44&type=chunk) - The company's 2024 interim financial report will be dispatched to shareholders and published on the aforementioned websites in due course[44](index=44&type=chunk)