[Performance Summary](index=1&type=section&id=Group%20Performance) [Group Performance Summary](index=1&type=section&id=Group%20Performance%20Summary) For the six months ended June 30, 2025, the Group turned from profit to loss, recorded an underlying net loss of **HKD 86 million**, primarily due to increased impairment provisions for development properties. After accounting for revaluation losses on investment properties, loss attributable to shareholders expanded to **HKD 199 million**. The Board decided not to declare an interim dividend Key Interim Performance Indicators | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Underlying Net (Loss)/Profit | Loss HKD 86 million | Profit HKD 74 million | | Group Loss Attributable to Shareholders | HKD 199 million | HKD 8 million | | Basic Loss Per Share | HKD 0.28 | HKD 0.01 | | Interim Dividend | Nil | Nil | - The primary reason for the performance decline was a doubling of the share of impairment provisions for development properties to **HKD 211 million**, compared to the same period last year's **HKD 103 million**[2](index=2&type=chunk) - Net revaluation losses on investment properties expanded to **HKD 113 million**, further exacerbating the Group's loss[2](index=2&type=chunk) [Business Review](index=1&type=section&id=Business%20Review) [Market Environment](index=1&type=section&id=Market%20Environment) During the period, Hong Kong's consumer market remained sluggish, with pressure on retail and hospitality sectors, though visitor arrivals increased by **12%** year-on-year and retail sales showed signs of stabilization. The Mainland China market faced continued adversity and intense competition in the hotel sector due to weak economic growth and subdued consumer sentiment - Hong Kong's consumer market remained sluggish, coupled with the trend of Hong Kong residents traveling abroad, posing significant pressure on the local retail and hotel industries[5](index=5&type=chunk) - Despite the weak market, Hong Kong's visitor arrivals increased by **12%** year-on-year in the first half, and retail sales in May also grew by **2.4%** year-on-year, showing initial signs of stabilization[5](index=5&type=chunk) - Weak economic growth and subdued consumer sentiment in Mainland China, coupled with intense competition among regional attractions, intensified operational pressure on the hotel industry[6](index=6&type=chunk) [Segment Business Performance](index=2&type=section&id=Segment%20Business%20Performance) All business segments faced challenges. Hong Kong hotel operations, despite higher occupancy, performed poorly. Investment properties saw declines in both revenue and profit due to cautious spending. Mainland China hotel operations experienced revenue decreases due to market weakness and increased competition. Development property sales were slow, leading to significant impairment provisions - Hong Kong hotel operations (The Murray, Marco Polo Hotels) recorded higher occupancy rates but overall underperformed, requiring capital investment to enhance competitiveness[7](index=7&type=chunk) - Investment property revenue and operating profit decreased by **22%** and **23%** respectively, with a revaluation loss of **HKD 113 million** recorded[8](index=8&type=chunk) - Mainland China hotel (Niccolo Suzhou) experienced declines in both room and non-room revenue due to market weakness and pricing pressure[9](index=9&type=chunk) - Development property sales were slow, with only **RMB 19 million** in contracted sales recorded during the period, and an impairment provision of **HKD 211 million** made[10](index=10&type=chunk) [Outlook](index=3&type=section&id=Outlook) [Market Outlook and Group Strategy](index=3&type=section&id=Market%20Outlook%20and%20Group%20Strategy) The Group anticipates that while Hong Kong's retail and tourism sectors show signs of recovery, their foundation remains fragile, and Mainland China's luxury hotel industry will continue to be affected by economic downturn and cautious consumer spending. To address these challenges, the Group's strategic focus is on enhancing operational efficiency, service quality, and optimizing its asset portfolio, leveraging a robust balance sheet to navigate market changes - Hong Kong's consumer sentiment is expected to remain fragile, with competition from surrounding regions continuing to lead to consumer outflow[11](index=11&type=chunk) - Mainland China's economic growth is projected to remain sluggish, and the hotel industry will face intense domestic competition and challenges from consumer outflow to outbound tourism[11](index=11&type=chunk) - The Group's strategic focus is on enhancing operational efficiency, service quality, and optimizing its asset portfolio, leveraging a robust balance sheet to seek long-term growth opportunities[11](index=11&type=chunk) [Financial Review](index=4&type=section&id=Financial%20Review) [Review of 2025 Interim Results](index=4&type=section&id=Review%20of%202025%20Interim%20Results) The Group's total revenue increased by **5%** year-on-year to **HKD 654 million**, but operating profit significantly decreased by **40%** to **HKD 125 million**. The results turned from profit to loss, recording a net loss attributable to shareholders of **HKD 199 million**, primarily due to increased impairment provisions for development properties and revaluation losses on investment properties Group Revenue and Operating Profit Overview (HKD Million) | Indicator | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 654 | 623 | +5% | | Operating Profit | 125 | 209 | -40% | Performance by Business Segment (HKD Million) | Business Segment | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | :--- | | **Hotels** | Revenue | 426 | 422 | | | Operating Loss | (29) | (43) | | **Investment Properties** | Revenue | 96 | 123 | | | Operating Profit | 85 | 111 | | **Development Properties** | Revenue | 58 | 8 | | | Operating (Loss)/Profit | (1) | 74 | - Loss attributable to associates expanded to **HKD 155 million**, primarily due to impairment provisions of **HKD 178 million** for their development properties[18](index=18&type=chunk) Reconciliation of Underlying Net Profit to Loss Attributable to Shareholders (HKD Million) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Underlying Net (Loss)/Profit | (86) | 74 | | Share of Net Revaluation Loss on Investment Properties | (113) | (82) | | **Loss Attributable to Shareholders** | **(199)** | **(8)** | [Financial Position and Liquidity](index=5&type=section&id=Review%20of%20Financial%20Position%2C%20Liquidity%2C%20Financial%20Resources%20and%20Commitments) Despite recording a loss, the Group's financial position remains robust. Shareholders' equity increased to **HKD 14.6 billion** due to investment revaluation surplus. The Group's total assets are approximately **HKD 16.1 billion**, with **80%** located in Hong Kong. At period-end, the Group held net cash of **HKD 167 million** and possessed sufficient standby credit facilities and a liquid equity investment portfolio - As at June 30, 2025, shareholders' equity increased to **HKD 14.597 billion**, primarily due to an investment revaluation surplus of **HKD 596 million**[21](index=21&type=chunk) - The Group's total assets were **HKD 16.09 billion**, with Hong Kong assets accounting for **80%** and Mainland China assets for **12%**[22](index=22&type=chunk) Equity Investment Portfolio (HKD Million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **By Industry** | | | | Property | 2,633 | 2,171 | | Others | 418 | 334 | | **By Geography** | | | | Hong Kong | 1,745 | 1,498 | | Overseas | 1,306 | 1,007 | | **Total** | **3,051** | **2,505** | - At period-end, the Group held net cash of **HKD 167 million** and had total standby credit facilities of **HKD 1.333 billion**, of which **HKD 429 million** had been utilized[28](index=28&type=chunk)[29](index=29&type=chunk) - Net cash inflow from operating activities was **HKD 94 million**, and net cash inflow from investing activities was **HKD 44 million**[30](index=30&type=chunk) [Human Resources](index=7&type=section&id=Human%20Resources) As at June 30, 2025, the Group employed approximately **1,100** staff. Remuneration policy is based on job responsibilities and market trends, with discretionary performance bonuses linked to individual and Group performance - As at June 30, 2025, the Group employed approximately **1,100** staff[32](index=32&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=8&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue was **HKD 654 million**, a year-on-year increase. However, due to fair value changes in investment properties, increased other net expenses, and expanded losses from associates, a pre-tax loss of **HKD 189 million** was recorded, with loss attributable to shareholders at **HKD 199 million** Consolidated Statement of Profit or Loss Summary (HKD Million) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 654 | 623 | | Operating Profit | 125 | 209 | | Fair Value Changes of Investment Properties | (113) | (82) | | Share of Post-tax Results of Associates | (155) | (113) | | (Loss)/Profit Before Tax | (189) | 3 | | **Loss Attributable to Company Shareholders** | **(199)** | **(8)** | [Consolidated Statement of Comprehensive Income](index=9&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) During the period, despite an operating loss of **HKD 211 million**, other comprehensive income recorded a positive value due to a **HKD 596 million** gain from fair value changes in equity investments, resulting in a total comprehensive income of **HKD 405 million** for the period Consolidated Statement of Comprehensive Income Summary (HKD Million) | Item | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Loss for the Period | (211) | (17) | | Fair Value Changes of Equity Investments | 596 | (421) | | Other Comprehensive Income for the Period | 616 | (430) | | **Total Comprehensive Income for the Period** | **405** | **(447)** | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the Group's total assets were **HKD 16.09 billion**, total liabilities were **HKD 1.39 billion**, and net assets were **HKD 14.7 billion**. Shareholders' equity increased from end-2024 to **HKD 14.597 billion** Consolidated Statement of Financial Position Summary (HKD Million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current Assets** | 14,530 | 14,325 | | Investment Properties | 4,833 | 4,946 | | Hotel Properties, Plant and Equipment | 6,425 | 6,504 | | Equity Investments | 3,051 | 2,505 | | **Current Assets** | 1,560 | 1,476 | | **Total Assets** | **16,090** | **15,801** | | **Total Liabilities** | (1,390) | (1,471) | | **Net Assets** | **14,700** | **14,330** | | **Shareholders' Equity** | 14,597 | 14,217 | [Notes to Interim Financial Information](index=11&type=section&id=Notes%20to%20Unaudited%20Interim%20Financial%20Information) [Principal Accounting Policies and Basis of Preparation](index=11&type=section&id=Principal%20Accounting%20Policies%20and%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with Hong Kong Accounting Standard 34, with accounting policies consistent with the 2024 annual financial statements. The Group adopted amendments to Accounting Standard 21 during the period, but assessed no significant impact on its financial position - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[36](index=36&type=chunk) - Except for the adoption of Accounting Standard 21 (Revised), the accounting policies used are consistent with the 2024 annual financial statements, and this revision has no significant impact on the Group[36](index=36&type=chunk)[37](index=37&type=chunk) [Segment Information](index=12&type=section&id=Segment%20Information) The Group's operating segments are classified into four sectors: Hotels, Investment Properties, Development Properties, and Investments. During the period, the Development Properties segment recorded the largest loss of **HKD 202 million**, while the Investments segment contributed a profit of **HKD 70 million**. Hotel business losses narrowed, and investment property profits declined - The Group identified four reportable operating segments: Hotels, Investment Properties, Development Properties, and Investments[39](index=39&type=chunk) Segment Performance Analysis (For the six months ended June 30, 2025, HKD Million) | Segment | Revenue | Operating Profit/(Loss) | Profit/(Loss) Before Tax | | :--- | :--- | :--- | :--- | | Hotels | 426 | (29) | (29) | | Investment Properties | 96 | 85 | (28) | | Development Properties | 58 | (1) | (202) | | Investments | 70 | 70 | 70 | | **Group Total** | **654** | **125** | **(189)** | [Other Disclosures](index=18&type=section&id=Other%20Disclosures) [Corporate Governance and Securities Transactions](index=18&type=section&id=Corporate%20Governance%20and%20Securities%20Transactions) During the reporting period, the Company complied with all applicable provisions of the Corporate Governance Code, with the sole exception of the roles of Chairman and Chief Executive Officer being held by the same individual, which the Board believes contributes to efficient execution of long-term strategies. Furthermore, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - The Company complied with the Corporate Governance Code, with a deviation where the Chairman and Chief Executive Officer roles are held by the same person, an arrangement the Board considers more effective[56](index=56&type=chunk) - During the financial period under review, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[57](index=57&type=chunk)

天眼查商业履历信息显示，重庆渝开发股份有限公司，成立于1992年，位于重庆市，是一家以从事房地 产业为主的企业。企业注册资本84377.0965万人民币，实缴资本84377.0965万人民币。公司法定代表人 为陈业。 通过天眼查大数据分析，重庆渝开发股份有限公司共对外投资了13家企业，参与招投标项目933次，知 识产权方面有商标信息62条，此外企业还拥有行政许可126个。 渝开发最新一期业绩显示，截至2025一季报，公司营业总收入7704.03万元、同比减少1.64%，归属净利 润1.80亿元，同比增长786.39%，扣非净利润2063.24万元，同比增长47.45%，流动比率2.044、速动比率 0.597、资产负债率42.61%。 金融界消息 截至2025年7月30日收盘，渝 开 发（000514）报收于5.74元，下跌2.71%，换手率5.05%， 成交量42.59万手，成交金额2.48亿元。 来源：金融界 资金流向方面，今日主力资金净流出3753.11万元，占比成交额15.12%。其中，超大单净流出1485.08万 元、占成交额5.98%，大单净流出2268.04万元、占成交额9.14%，中单净流出流 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Financial Performance - The group's consolidated revenue decreased by 14% to HKD 1.354 billion, down from HKD 1.579 billion in the previous year[13] - Hotel revenue fell to HKD 874 million, compared to HKD 952 million in the previous year, resulting in an operating loss of HKD 55 million[14] - Investment property income decreased to HKD 199 million from HKD 242 million, with operating profit dropping to HKD 171 million from HKD 213 million[14] - Development property revenue declined to HKD 152 million from HKD 238 million, but operating profit increased to HKD 166 million from HKD 28 million due to the reversal of previously overestimated costs[14] - The group recorded a basic net profit of HKD 83 million, a significant improvement from a loss of HKD 201 million in the previous year, primarily due to a reduction in impairment provisions for development properties[13] - Revenue decreased by 14% to HKD 1,354 million in 2024, compared to HKD 1,579 million in 2023[30] - Operating profit slightly decreased by 1% to HKD 404 million in 2024, from HKD 408 million in 2023[30] - Basic net profit improved to HKD 83 million in 2024, a 141% increase from a loss of HKD 201 million in 2023[29] - Total assets decreased by 6% to HKD 15,801 million in 2024, down from HKD 16,896 million in 2023[30] - Hotel revenue in Hong Kong fell by 8% to HKD 874 million in 2024, compared to HKD 952 million in 2023[30] - Investment property income decreased by 18% to HKD 199 million in 2024, down from HKD 242 million in 2023[30] - Development property revenue decreased by 36% to HKD 152 million in 2024, compared to HKD 238 million in 2023[31] - The group recorded a loss attributable to shareholders of HKD 70 million for the year, compared to a loss of HKD 107 million in 2023, resulting in a loss per share of HKD 0.10, down from HKD 0.15 in 2023[38] Assets and Liabilities - The total assets of the group amounted to HKD 15.8 billion, with a net asset value per share of HKD 20.06[15] - The group's total assets decreased to HKD 15.8 billion, down from HKD 16.9 billion in 2023, with operating assets totaling HKD 15.37 billion, compared to HKD 16.29 billion in 2023[41] - The group's cash inflow netted HKD 199 million, with a cash net position of HKD 66 million, improving from a net debt position of HKD 145 million at the end of the previous year[15] - The group's cash net position improved to HKD 66 million, compared to a net debt of HKD 145 million in 2023, consisting of HKD 431 million in cash and HKD 365 million in bank borrowings[48] Dividends - The group declared an interim dividend of HKD 0.05 per share, compared to no dividend in the previous year[14] - The group declared a dividend of HKD 0.05 per share for 2024, not applicable in 2023[30] - The interim dividend of HKD 0.05 per share will be paid on April 23, 2025, replacing the final dividend[160] Market Outlook - The group is in the final stages of exiting the mainland China property development market, with only unsold and slow-selling inventory remaining[5] - The outlook for 2025 anticipates continued challenges due to geopolitical and economic uncertainties, although new stimulus measures from the central government may provide hope for gradual market recovery[17] Corporate Governance - The board of directors emphasizes robust corporate governance as crucial for the company's long-term sustainable development, ensuring transparency and accountability to stakeholders[71] - The company has applied the principles of the Corporate Governance Code for the fiscal year ending December 31, 2024, with one exception noted in section C.2.1[71] - The board consists of nine members, including one executive director, two non-executive directors, and six independent non-executive directors, with all directors committed to their responsibilities[75] - The board held a total of five meetings during the fiscal year, with all directors actively participating in the decision-making process[75] - The company has adopted a Nomination Policy to guide the selection and evaluation of directors, ensuring a structured approach to board composition[80] - The board consists of two-thirds independent non-executive directors, enhancing independent opinions in decision-making[83] - The board diversity policy aims for a balanced composition, currently with 11% female representation after the appointment of a female director[86] - Independent non-executive directors have confirmed their independence annually, ensuring they can provide unbiased opinions[84] - The board's age distribution shows 56% are aged 66-75, indicating a wealth of experience[90] - The nomination policy emphasizes a balanced skill set and diversity in board members to meet business needs[92] - The board regularly reviews its composition to ensure it aligns with the company's operational requirements[87] - The company has a 100% ethnic Chinese board composition, reflecting its market focus[90] - The board has established a constructive relationship between independent non-executive directors and other board members to enhance governance[83] - The nomination committee assesses the contributions of directors up for re-election, ensuring continued effectiveness[84] - The company encourages gender diversity in senior management and board positions through regular recruitment and promotion practices[86] Risk Management - The company confirmed its responsibility for risk management and internal control systems to protect the interests of shareholders, with a focus on environmental, social, and governance risks[114] - The audit committee is authorized to continuously monitor and assess the effectiveness of the risk management and internal control systems, reporting to the board[117] - The risk management and internal control committee conducts an annual review based on the COSO framework, ensuring all business units self-assess their risk management activities[120] - The company confirmed the effectiveness of its risk management and internal control systems for the fiscal year ending December 31, 2024, covering financial, operational, compliance, and risk management aspects[124] - The company maintains a robust framework for managing risks across various business operations, supported by internal audit and corporate governance functions[114] Environmental and Social Responsibility - The group has implemented various strategies to mitigate environmental impact, including effective energy and resource management, waste recycling, and waste reduction practices[62] - The group achieved ISO 14001 environmental management system certification for its hotels, demonstrating commitment to environmental standards[62] - No environmental violations were reported during the reporting period, indicating compliance with applicable environmental laws and regulations[62] - The group has not recorded any work-related fatalities in 2024, reflecting a commitment to workplace safety[64] - The group has established a zero-tolerance policy towards corruption, fraud, extortion, and money laundering, ensuring compliance with relevant laws[60] - The group actively engages with stakeholders to enhance governance and social value, integrating sustainability into business strategies[59] - The company integrates environmental, social, and governance considerations into its supplier selection process, adhering to a "Green Procurement Policy" to prioritize local suppliers when feasible[68] - The company actively participates in local community activities, including education and environmental protection initiatives, and supports the "School Activation" program with various career-related events[69] Shareholder Communication - The company has established a shareholder communication policy to ensure timely and fair disclosure of key information to shareholders[138] - The company holds at least one annual general meeting to facilitate direct interaction with shareholders and address their questions[141] - The company has reviewed the effectiveness of its shareholder communication policy, which is deemed to be effectively implemented[143] Audit and Compliance - The audit committee held three meetings in 2024, reviewing the external auditor's annual audit plan and approving their remuneration[112] - The company has engaged KPMG as the auditor for the fiscal year, with an audit fee of HKD 2 million for both the current and previous year[130][135] - The audit committee is satisfied with KPMG's work and recommends their reappointment for the fiscal year 2025, pending shareholder approval[135] - The company has adopted a set of securities trading codes that exceed the standards set by the Listing Rules, ensuring compliance and integrity[100] - All directors have complied with the standards set by the company's securities trading codes during the fiscal year[101] - The company has implemented measures to ensure the confidentiality of insider information before public disclosure, including limiting the number of employees with access[126] - The audit committee will continue to monitor compliance with legal and regulatory requirements, ensuring the company adheres to governance standards[112] Employee and Director Information - The group employed approximately 1,200 employees as of December 31, 2024, with compensation based on job responsibilities and market trends, including performance bonuses[56] - The total annual remuneration for directors is set at HKD 80,000 for directors, HKD 50,000 for the chairman of the audit committee, and HKD 40,000 for audit committee members[96] - All directors participated in continuous professional development during the fiscal year, attending seminars and reading relevant materials[98] - The company provides indemnity to its directors for costs and liabilities incurred in the execution of their duties, with insurance coverage in place[172] - The company has a strong board of directors with extensive experience in finance and management, including members with over 30 years in the financial and securities industry[184][186] - The company’s management team is composed of experienced professionals from the hotel and property management sectors[189] - The company has a commitment to transparency in disclosing shareholdings and interests of its directors[192][196] - The company’s board members have diverse backgrounds, including legal, financial, and engineering expertise, which supports strategic decision-making[184][188] - Major shareholders include Kowloon Warehouse Property Investment Limited and Wheelock and Company Limited, each holding 506,946,196 shares, representing 71.53% of total issued shares[198] - Harson Investment Limited holds 57,054,375 shares, accounting for 8.05% of total issued shares[198] - The retirement benefits plan for Hong Kong employees is a defined contribution plan, with contributions made by both the company and employees based on a percentage of employee salaries[199] - The company's obligations for mainland China employees are limited to mandatory contributions to social insurance and housing funds as regulated by the Chinese government[199]

Financial Performance - The group recorded a loss attributable to shareholders of HKD 70 million for the year 2024, compared to a loss of HKD 107 million in 2023[19]. - The basic earnings per share for 2024 was HKD 0.12, an improvement from a loss of HKD 0.28 per share in 2023[3]. - The group’s basic net profit for 2024 was HKD 83 million, a significant recovery from a loss of HKD 201 million in 2023[19]. - The company reported a net loss of HKD 63 million for 2024, significantly improved from a net loss of HKD 202 million in 2023, representing a reduction of 68.8%[38]. - The company reported a total comprehensive loss of HKD 108 million for 2024, compared to a total comprehensive loss of HKD 896 million in 2023, indicating a significant improvement[38]. Revenue and Profitability - Revenue decreased by 14% to HKD 1.354 billion in 2024, down from HKD 1.579 billion in 2023[13]. - Total revenue for the year ended December 31, 2024, was HKD 1,354 million, a decrease of 14.3% compared to HKD 1,579 million in 2023[36]. - Operating profit for 2024 was HKD 404 million, slightly down from HKD 408 million in 2023, indicating a stable performance despite revenue decline[52]. - The hotel segment in Hong Kong experienced a revenue decline of 8% to HKD 874 million, resulting in an operating loss of HKD 55 million[13]. - Investment property revenue also saw a decline, with rental income dropping to HKD 199 million in 2024 from HKD 242 million in 2023[52]. Assets and Liabilities - Total assets amounted to HKD 15.80 billion, a decrease from HKD 16.89 billion in 2023, with operating assets totaling HKD 15.37 billion[21]. - Total liabilities decreased to HKD 1,471 million in 2024 from HKD 2,458 million in 2023, a decline of 40.0%[40]. - The total operating assets decreased to HKD 15,370 million in 2024 from HKD 16,290 million in 2023, a reduction of 5.6%[49]. - The company’s total liabilities decreased to HKD 15,370 million in 2024 from HKD 16,290 million in 2023, reflecting a strategic reduction in debt[49]. - As of December 31, 2024, shareholders' equity decreased to HKD 14.21 billion, down from HKD 14.32 billion in 2023, equivalent to HKD 20.06 per share[20]. Investment Properties - The group recorded a revaluation loss of HKD 153 million on investment properties for 2024, compared to a gain of HKD 94 million in 2023[19]. - The group's investment property income fell by 18% to HKD 199 million, with operating profit decreasing by 20% to HKD 171 million[13]. - Investment properties totaled HKD 4.94 billion, a decrease from HKD 5.09 billion in 2023[24]. - The fair value change of investment properties resulted in a loss of HKD 153 million in 2024, compared to a gain of HKD 94 million in 2023[36]. Cash Flow and Financial Position - The net cash position as of December 31, 2024, was HKD 66 million, compared to a net debt of HKD 145 million in 2023[28]. - The group recorded a net cash inflow from operating activities of HKD 224 million, down from HKD 278 million in 2023[30]. - The company’s cash and cash equivalents increased to HKD 431 million in 2024 from HKD 381 million in 2023, an increase of 13.1%[40]. - The company maintains a standby credit facility of HKD 1.34 billion, with HKD 365 million already utilized[29]. Future Outlook - The group expects 2025 to be a year of mixed opportunities and challenges, influenced by geopolitical and economic uncertainties[10]. - Planned capital and development expenditures for the coming years total HKD 312 million, primarily for property development[31]. Tax and Dividends - The company’s tax expense for 2024 was HKD 39 million, compared to HKD 5 million in 2023, indicating a substantial increase in tax liabilities[55]. - The interim dividend declared is HKD 0.05 per share, amounting to HKD 35 million based on 708 million issued ordinary shares[57]. Corporate Governance - The company’s board believes that having the same individual serve as both chairman and CEO is more effective for long-term strategy planning and execution[63].

Financial Performance - The group recorded a basic net profit of HKD 74 million for the first half of 2024, compared to a loss of HKD 75 million in 2023[3]. - Revenue decreased by 7% to HKD 623 million, while operating profit increased by 14% to HKD 209 million[10]. - The hotel segment experienced a 7% decline in revenue to HKD 422 million, resulting in an operating loss of HKD 43 million[10]. - Investment property income rose by 2% to HKD 123 million, with operating profit increasing by 3% to HKD 111 million[11]. - The group reported a loss attributable to shareholders of HKD 8 million for the period, compared to a loss of HKD 12 million in 2023, resulting in a loss per share of HKD 0.01[15]. - The underlying net loss for 2024 was HKD 74 million, an improvement from a loss of HKD 75 million in 2023, while the revaluation loss on investment properties was HKD 82 million[16]. - The net loss for the period was HKD 17 million, an improvement from a net loss of HKD 33 million in the same period of 2023[29]. - The company's basic and diluted loss per share for the six months ended June 30, 2024, was HKD 8 million, compared to HKD 12 million for the same period in 2023[46]. Asset and Liability Management - Shareholders' equity decreased by 3% to HKD 13.89 billion as of June 30, 2024, down from HKD 14.32 billion at the end of 2023, primarily due to a revaluation loss of HKD 420 million[17]. - Total assets amounted to HKD 15.70 billion, a decrease from HKD 16.89 billion at the end of 2023, with operating assets at HKD 15.43 billion[18]. - The group held a liquidity portfolio of listed equity investments valued at HKD 2.10 billion, down from HKD 2.52 billion at the end of 2023, representing 13% of total assets[21]. - The company's total liabilities decreased to HKD 1,712 million as of June 30, 2024, from HKD 2,458 million in the previous year[30]. - The total amount of trade and other receivables as of June 30, 2024, was HKD 119 million, a decrease from HKD 143 million as of December 31, 2023[47]. - The total amount of trade and other payables as of June 30, 2024, was HKD 975 million, down from HKD 1,375 million as of December 31, 2023[48]. Investment and Development - The group recognized an impairment provision of HKD 1.03 billion for development properties, a decrease from HKD 3.49 billion in 2023[7]. - The remaining development property assets had a book value of approximately RMB 1.5 billion (equivalent to HKD 1.6 billion), accounting for about 10% of the group's total assets[7]. - The group plans to incur capital and development expenditures totaling HKD 500 million over the next few years, primarily for property development[26]. - The investment segment achieved a profit of HKD 69 million, consistent with the previous year's performance[38]. - The development property segment recorded a loss of HKD 1 million, an improvement from a loss of HKD 88 million in the same period last year[38]. Cash Flow and Financial Activities - The group recorded a net cash inflow from operating activities of HKD 25 million, compared to HKD 132 million in 2023, while investment activities resulted in a net cash outflow of HKD 10 million[25]. - Operating cash inflow for the six months ended June 30, 2024, was HKD 227 million, an increase from HKD 209 million in 2023[32]. - The company incurred financial expenses of HKD 126 million for the six months ended June 30, 2024, compared to HKD 122 million in the same period of 2023[28]. - Financial expenses totaled HKD 10 million, down from HKD 21 million, indicating a 52.4% decrease[43]. Governance and Compliance - The company has adopted a set of rules governing the conduct of its directors in securities trading, ensuring compliance with the standards set by the Listing Rules[57]. - The company’s board believes that having the same individual serve as both Chairman and CEO is beneficial for long-term strategy planning and execution[56]. - The company’s governance practices comply with the applicable codes, with the exception of the separation of roles between the Chairman and CEO[56]. - The unaudited interim financial information for the six months ending June 30, 2024, has been reviewed by the audit committee without any discrepancies noted[55]. Market Outlook - The outlook for the local tourism and retail sectors remains challenging due to economic and geopolitical factors[8].

Financial Performance - The group recorded a basic net profit of HKD 74 million for the six months ended June 30, 2024, compared to a loss of HKD 75 million in 2023[2]. - Revenue decreased by 7% to HKD 623 million, while operating profit increased by 14% to HKD 209 million compared to HKD 183 million in 2023[10]. - The hotel segment's revenue fell by 7% to HKD 422 million, resulting in an operating loss of HKD 43 million, compared to a profit of HKD 15 million in 2023[11]. - Investment property income increased by 2% to HKD 123 million, with operating profit rising by 3% to HKD 111 million compared to HKD 108 million in 2023[11]. - Development property revenue decreased by 64% to HKD 8 million, but operating profit increased to HKD 74 million from a loss of HKD 13 million in 2023[12]. - The group reported a net loss attributable to shareholders of HKD 8 million, compared to a loss of HKD 12 million in 2023, after accounting for investment property revaluation losses of HKD 82 million[9]. - The group’s investment properties experienced a revaluation loss of HKD 82 million, compared to a gain of HKD 63 million in 2023[13]. - Basic net profit/(loss) for the six months ended June 30, 2024, was HKD 74 million (2023: HKD -75 million) while the attributable loss from investment property revaluation was HKD 82 million (2023: HKD 63 million)[17]. - Shareholders' attributable loss for the period was HKD 8 million (2023: HKD 12 million), with a loss per share of HKD 0.01 (2023: HKD 0.02) based on 708.8 million issued ordinary shares[16]. - The net loss for the period was HKD 17 million, an improvement from a loss of HKD 33 million in the previous year[30]. - The group reported a fair value change in equity investments of HKD (421) million, compared to HKD (349) million in the previous year[30]. - The group reported a net loss attributable to shareholders of HKD 80 million, compared to a loss of HKD 120 million in the previous year[46]. Financial Position - Shareholders' equity decreased by 3% to HKD 13.89 billion (2023: HKD 14.32 billion), equivalent to HKD 19.60 per share (2023: HKD 20.22 per share) due to a loss of HKD 4.21 billion from investment revaluation[18]. - Total assets amounted to HKD 15.70 billion (2023: HKD 16.89 billion), with total operating assets at HKD 15.43 billion (2023: HKD 16.29 billion)[19]. - The group's net debt as of June 30, 2024, was HKD 130 million (2023: HKD 145 million), with a total equity to debt ratio of 0.9% (2023: 1.0%) indicating a stable financial position[24]. - The value of the equity investments at market price was HKD 2.11 billion (2023: HKD 2.52 billion), representing 13% of total assets (2023: 15%)[22]. - Total assets decreased to HKD 15,703 million as of June 30, 2024, down from HKD 16,896 million at the end of 2023[32]. - Non-current assets, including investment properties, amounted to HKD 14,241 million, a decrease from HKD 15,243 million in the previous year[32]. - The group’s net assets stood at HKD 13,991 million, down from HKD 14,438 million in the previous year[32]. - Total liabilities decreased to HKD 1,712 million from HKD 2,458 million, indicating a reduction in financial obligations[32]. Cash Flow and Expenses - The group recorded a net cash inflow from operating activities of HKD 25 million (2023: HKD 132 million), primarily from dividend income[26]. - Net financial expenses decreased to HKD 10 million (2023: HKD 21 million) primarily due to a reduction in bank loans[15]. - Total financial expenses decreased to HKD 10 million from HKD 21 million, a reduction of 52.4%[44]. - The group’s tax expense for the period was HKD 20 million, slightly down from HKD 22 million in the previous year[45]. Operational Insights - The recovery of inbound tourism in Hong Kong remains slow, with challenges including unfavorable exchange rates and increased regional competition[3]. - The outlook for the hotel and retail sectors in Hong Kong is challenging due to economic and geopolitical factors, with potential additional burdens from proposed hotel rental taxes starting January 2025[8]. - Pre-sale deposits and receipts decreased to HKD 72 million (2023: HKD 78 million), reflecting a decline in sales activity[24]. - The group plans to incur a total capital and development expenditure of HKD 500 million in the coming years, primarily for property development in mainland China[27]. - As of June 30, 2024, the group has approximately 1,200 employees, with performance bonuses awarded based on individual contributions and overall company performance[28]. Corporate Governance - The group has decided not to declare any interim dividend for the six months ended June 30, 2024, consistent with 2023[3]. - The board believes that having the same individual serve as both Chairman and CEO is more effective for long-term strategy planning and execution[49]. - The board consists of experienced members, with more than half being independent non-executive directors, ensuring balanced power and authority distribution[49].

Financial Performance - The group's consolidated revenue increased by 39% to HKD 1.579 billion, compared to HKD 1.139 billion in 2022[32]. - Revenue for 2023 increased by 39% to HKD 1,579 million compared to HKD 1,139 million in 2022[36]. - Total revenue for the year 2023 was HKD 1,579 million, an increase of 38.7% compared to HKD 1,139 million in 2022[172]. - The hotel segment reported a revenue of HKD 952 million in 2023, compared to HKD 577 million in 2022, marking a 65% increase[182]. - Revenue from the hotel segment increased to HKD 952 million in 2023, compared to HKD 577 million in 2022, marking a 65% growth[187]. - The investment property segment generated a revenue of HKD 242 million, up from HKD 217 million in the previous year, reflecting an 11% growth[182]. - The group’s revenue from property sales rose to HKD 238 million in 2023, compared to HKD 193 million in 2022, indicating a 23.3% increase[187]. - Operating profit surged by 1,307% to HKD 408 million from HKD 29 million in the previous year[36]. - The group's operating profit for 2023 was HKD 408 million, a substantial increase from HKD 29 million in 2022[179]. - Operating profit before depreciation, interest, and tax for 2023 was HKD 622 million, up from HKD 257 million in 2022, representing a growth of 142.4%[172]. - The net loss for the year was HKD 202 million, compared to a net loss of HKD 227 million in the previous year, indicating a reduction in losses by 11.0%[173]. Asset and Debt Management - Total assets amounted to HKD 16.9 billion, with a net asset value per share of HKD 20.22[33]. - Total assets decreased by 10% to HKD 16,896 million from HKD 18,849 million in 2022[36]. - The group's total assets decreased to HKD 16,896 million in 2023 from HKD 18,849 million in 2022, a decline of approximately 10%[184]. - The net debt decreased to HKD 0.145 billion, with a debt ratio of 1% of total equity, down from 3% in 2022[33]. - The net debt ratio improved to 1.0%, down from 3.0% in the previous year, reflecting a 2.0 percentage point decrease[36]. - As of December 31, 2023, the group has a net debt of HKD 145 million, down from HKD 464 million in 2022, reflecting a reduction of approximately 69%[50]. - The total equity-to-debt ratio is 1% in 2023, compared to 3% in 2022, indicating a decrease in leverage[50]. - The company’s total liabilities decreased to HKD 2,458 million in 2023 from HKD 3,515 million in 2022, a decrease of 30.1%[174]. Investment and Property Management - Hotel revenue surged by 65% to HKD 0.952 billion, recovering operating profit to HKD 26 million from a loss of HKD 240 million in 2022[32]. - Investment property income rose to HKD 0.242 billion, with operating profit increasing to HKD 0.213 billion from HKD 0.189 billion in 2022[33]. - The value of investment properties reached HKD 5.099 billion, compared to HKD 5.005 billion in 2022[47]. - The total investment properties' fair value increased to HKD 106.08 billion in 2023 from HKD 104.9 billion in 2022, showing a growth of approximately 1.1%[184]. - The group has exited the mainland property development market, retaining only unsold inventory with slow sales[25]. - The group made an impairment provision of HKD 697 million in response to a sluggish commercial property market[40]. - Remaining development property assets totaled approximately RMB 1.6 billion (equivalent to HKD 1.8 billion), accounting for about 10% of the group's assets[40]. Governance and Compliance - The board of directors consists of eight members, including one executive director, two non-executive directors, and five independent non-executive directors, ensuring effective governance[65]. - The group has maintained compliance with all applicable principles of the Corporate Governance Code throughout the fiscal year ending December 31, 2023[62]. - The company has adopted a Nomination Policy to guide the selection and appointment of directors, emphasizing the importance of skills and experience[69]. - The company has established a comprehensive risk management and internal control system to ensure compliance with laws and regulations, aiming to provide reasonable assurance against material misstatements or losses[90]. - The audit committee confirmed that the risk management and internal control systems are effective and sufficient, ensuring compliance with the Corporate Governance Code[97]. - The company has adopted an Anti-Corruption Policy as part of its corporate governance framework, demonstrating a commitment to the highest standards of business ethics[105]. - The company has established a Whistleblowing Policy to allow employees and stakeholders to report concerns confidentially without fear of retaliation[92]. Sustainability and Social Responsibility - The group is committed to sustainable development, integrating environmental, social, and governance factors into business decision-making processes[56]. - The group achieved ISO 14001 certification for environmental management systems at its Hong Kong hotels, indicating a commitment to environmental protection and compliance with applicable laws[58]. - The group has implemented various measures to reduce environmental impact, including effective energy and resource management, waste recycling, and energy-saving initiatives, contributing to the goal of reducing greenhouse gas emissions by 2030[58]. - The group actively participates in local community activities, supporting initiatives in education, environmental protection, and youth development[61]. - The group has received ISO 45001 certification for occupational health and safety management systems, demonstrating its commitment to achieving zero work-related injuries[59]. - The group has not recorded any work-related fatalities in 2023, reflecting its adherence to safety regulations and policies[59]. Shareholder Communication and Relations - The company has adopted a Shareholder Communication Policy to ensure timely and fair disclosure of key information to shareholders[106]. - The company emphasizes the importance of constructive and transparent communication with shareholders to create higher value[106]. - The company ensures shareholder privacy is protected under the Shareholder Communication Policy, disclosing information only with consent unless legally required[106]. - The company has reviewed the implementation and effectiveness of the Shareholder Communication Policy during the year[106]. - The 2023 Annual General Meeting was held on May 4, 2023, with all directors in attendance[107]. - The next Annual General Meeting is scheduled for May 3, 2024, encouraging all shareholders to vote on resolutions presented[108]. Risk Management - The company employs a risk management framework to identify and address current and foreseeable risks across its operations[152]. - The company aims to ensure that its risk management strategies align with its strategic objectives and risk tolerance levels[90]. - The group faces financial risks related to interest rates, foreign currencies, equity prices, and credit, with detailed management policies outlined in the financial statements[159]. - The group has conducted a climate risk assessment and scenario analysis to identify significant physical and transition risks and opportunities[159]. - The group has implemented a climate change policy statement to enhance climate resilience, including energy optimization and renewable energy adoption[159]. Employee and Director Information - The employee count stands at approximately 1,200 as of December 31, 2023, with compensation determined by job responsibilities and market trends[55]. - The total remuneration for the five highest-paid employees was HKD 12 million in 2023, up from HKD 10 million in 2022[194]. - All directors participated in continuous professional development during the fiscal year, attending seminars and reading relevant materials[80]. - The remuneration for directors in the fiscal year ending December 31, 2023, is set at HKD 70,000 per year for directors and HKD 30,000 for audit committee members[78].

Financial Performance - The group reported a loss attributable to shareholders of HKD 107 million for 2023, compared to a loss of HKD 197 million in 2022[2]. - The basic loss per share was HKD 0.15, an improvement from HKD 0.28 in the previous year[13]. - The net loss for the year was HKD 202 million, a slight improvement from a net loss of HKD 227 million in 2022[29]. - Total comprehensive loss for the year amounted to HKD 896 million, compared to HKD 544 million in 2022, indicating a significant increase in losses[29]. - The total tax provision for the year was HKD 49 million, up from HKD 21 million in the previous year, with a tax rate of 16.5% applied in Hong Kong and 25% in mainland China[48]. - The company reported a basic and diluted loss per share of HKD 107 million for the year, compared to a loss of HKD 197 million in the previous year, with 708.8 million shares issued in both years[49]. Revenue and Profitability - Total revenue increased by 39% to HKD 1.579 billion, up from HKD 1.139 billion in 2022[9]. - Revenue for the year ended December 31, 2023, was HKD 1,579 million, an increase of 38.7% compared to HKD 1,139 million in 2022[28]. - Hotel revenue surged by 65% to HKD 952 million, with operating profit of HKD 26 million, compared to a loss of HKD 240 million in 2022[9]. - Operating profit before depreciation, interest, and tax for 2023 was HKD 622 million, up from HKD 257 million in 2022, representing a growth of 142.4%[28]. - The investment property segment reported a profit of HKD 213 million, up from HKD 189 million in the previous year, reflecting a growth of 12.6%[38]. - The development property segment incurred a loss of HKD 646 million in 2023, compared to a loss of HKD 231 million in 2022, indicating a deterioration in performance[38]. - The group's operating profit for 2023 was HKD 408 million, significantly higher than HKD 29 million in 2022, representing a remarkable increase of approximately 1,303.4%[44]. Assets and Liabilities - Total assets amounted to HKD 16.89 billion, down from HKD 18.84 billion in 2022, with operating assets (excluding cash and deferred tax assets) at HKD 16.29 billion[16]. - Non-current assets totaled HKD 15,243 million as of December 31, 2023, down from HKD 15,945 million in 2022[32]. - Current assets decreased to HKD 1,653 million in 2023 from HKD 2,904 million in 2022, reflecting a decline of 42.9%[32]. - Total liabilities decreased to HKD 2,458 million in 2023 from HKD 3,515 million in 2022, a reduction of 30.1%[32]. - Net assets as of December 31, 2023, were HKD 14,438 million, down from HKD 15,334 million in 2022, indicating a decrease of 5.8%[32]. Investment and Development - The group recorded an impairment provision of HKD 697 million for development properties due to a sluggish commercial property market[6]. - The group plans to incur capital and development expenditures totaling HKD 600 million over the next few years, primarily for property development[25]. - Investment properties reached HKD 5.09 billion, compared to HKD 5.005 billion in 2022, including the base shopping mall of Marco Polo Hong Kong[18]. - The value of equity investments at market price was HKD 2.52 billion, down from HKD 3.19 billion in 2022, with a net loss of HKD 670 million recorded[19]. Cash Flow and Financial Position - The group's net cash inflow from operating activities was HKD 278 million, a turnaround from a cash outflow of HKD 147 million in 2022[24]. - The group's net debt as of December 31, 2023, was HKD 145 million, down from HKD 464 million in 2022, with a total equity-to-debt ratio of 1%[21]. - Net financial expenses decreased to HKD 38 million from HKD 43 million in the previous year[12]. - The total depreciation expense for the group was HKD 214 million in 2023, slightly down from HKD 228 million in 2022, a decrease of approximately 6.1%[44]. Market Outlook and Strategic Considerations - The group anticipates continued uncertainty in the hotel and retail sectors in Hong Kong and mainland China for 2024, despite expected recovery in passenger traffic[7]. - The board will review the dividend policy based on future development prospects and financial needs[26]. - The company maintained a credit policy allowing a payment period of up to 60 days for core business operations[50]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the fiscal year[54]. Governance and Oversight - The board of directors consists of experienced members, ensuring balanced power and authority distribution[53]. - The company’s financial performance for the year has been reviewed by the audit committee, with no discrepancies noted[52].

Financial Performance - The group's revenue increased by 25% to HKD 673 million, compared to HKD 538 million in 2022, with operating profit reaching HKD 183 million, up from a loss of HKD 30 million in 2022[14]. - Hotel revenue surged by 106% to HKD 454 million, compared to HKD 222 million in 2022, with operating profit rising to HKD 15 million from a loss of HKD 164 million[15]. - Investment property income rose by 19% to HKD 121 million, with operating profit increasing by 20% to HKD 108 million, supported by improved rental income[10]. - The group recorded a basic net loss of HKD 75 million, narrowing from HKD 86 million in 2022, while the loss attributable to shareholders was HKD 12 million, compared to HKD 136 million in 2022[6][13]. - The total comprehensive loss for the period was HKD 439 million, compared to a loss of HKD 380 million in 2022[34]. - The group reported a basic and diluted loss per share of HKD 0.02, compared to HKD 0.19 in the previous year[33]. - The total net profit before tax for the group was HKD 11 million, a significant improvement from a loss of HKD 179 million in the same period last year[43]. Assets and Liabilities - Total assets were HKD 17.86 billion, a decrease from HKD 18.84 billion at the end of 2022[22]. - Shareholders' equity decreased by 3% to HKD 14.71 billion as of June 30, 2023, down from HKD 15.12 billion at the end of 2022, primarily due to group losses and property revaluation losses[21]. - The group's total liabilities decreased to HKD 293 million from HKD 464 million at the end of 2022, maintaining a low debt-to-equity ratio of 2%[28]. - The total value of equity investments at market price was HKD 2.843 billion, down from HKD 3.192 billion at the end of 2022, reflecting a loss of HKD 349 million in the investment portfolio[26]. - Cash and cash equivalents decreased to HKD 455 million as of June 30, 2023, down from HKD 1,089 million at the beginning of the year[38]. - Trade receivables as of June 30, 2023, totaled HKD 116 million, compared to HKD 141 million as of December 31, 2022[52]. - Trade payables as of June 30, 2023, amounted to HKD 1,440 million, a decrease from HKD 1,668 million as of June 30, 2022[53]. Operational Highlights - The group recorded a net cash inflow from operating activities of HKD 132 million, compared to a cash outflow of HKD 200 million in 2022, primarily due to property sales and reduced construction payments[30]. - Operating cash inflow was HKD 209 million, with a net cash outflow from financing activities of HKD 338 million[38]. - The planned capital and development expenditures for the coming years total HKD 700 million, mainly related to property development commitments[31]. - The group operates four reportable segments: hotels, investment properties, development properties, and investments, with performance evaluated based on operating profit and contributions from joint ventures[42]. Market Conditions - The number of visitors to Hong Kong in the first half of 2023 reached only 37% of pre-pandemic levels in 2019, while retail sales recovered to 85%[8]. - The group faced a significant impairment provision of HKD 349 million for development properties due to market weakness, impacting overall performance[12][13]. - Development property revenue decreased by 84% to HKD 22 million, with an operating loss of HKD 13 million, attributed to a decline in recognized sales[15]. Shareholder Information - Major shareholders include Kowloon Warehouse Holdings with 506,946,196 shares, representing 71.53% of the total issued shares[66]. - Harson Investment Limited holds 57,054,375 shares, accounting for 8.05% of the total issued shares[66]. - WAC controls over one-third of the voting rights at the shareholders' meeting of Kowloon Warehouse Holdings[67]. - HSBC Trustee controls over one-third of the voting rights at WAC's shareholders' meeting[68]. Governance and Compliance - The company has complied with all principles of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and CEO[61]. - The unaudited interim financial information for the six months ended June 30, 2023, has been reviewed by the audit committee without any discrepancies[60]. - The company has not adopted any new accounting standards that are not yet effective during the current accounting period, ensuring consistency in financial reporting[39]. - The company confirmed that there were no significant impacts on its performance or financial position from the adoption of revised accounting standards effective from January 1, 2023[39].