Core Viewpoint - The company is actively pursuing new projects in line with national energy policies, focusing on the "electricity, heat, hydrogen, and storage" sectors, while also addressing shareholder concerns regarding stock repurchase and market value [1][2][3] Group 1: Stock Performance and Market Position - As of September 19, 2025, the stock price of Suihengyun A (000531) closed at 6.11 yuan, down 3.93% from the previous week [1] - The current market capitalization is 6.363 billion yuan, ranking 69th out of 102 in the electricity sector and 2722nd out of 5153 in the A-share market [1] Group 2: Project Developments - The company has successfully launched the Modern Hydrogen Technology (Guangzhou) Co., Ltd., which focuses on producing core components for hydrogen fuel cell systems [2] - Ongoing projects include the Knowledge City gas power project, Baiyun gas power project, and initiatives in heat and hydrogen energy, which are either under construction or in planning stages [2] Group 3: Shareholder Engagement and Stock Repurchase - The company has previously repurchased 9.597 million shares, costing approximately 59.77 million yuan, and currently has no further plans for stock repurchase or increase in holdings [2][3] - A stock repurchase plan was approved on December 18, 2024, allowing for the purchase of shares at a price not exceeding 8 yuan per share, with a total amount between 50 million and 100 million yuan [3] Group 4: Strategic Focus and Risk Management - The company aims to enhance its internal value by focusing on its core energy business, improving operational efficiency, and exploring investment opportunities for industry transformation [3] - A risk control and compliance committee has been established to promote standardized operations and reduce operational risks [3]

Company News - SF Holding (06936.HK) reported a total revenue of 24.787 billion yuan from its express logistics business in August, representing a year-on-year growth of 7.86% [2] - Guohao Group (00053.HK) announced its annual results for the year ending June 30, 2025, with revenue of 24.4 billion HKD, a year-on-year increase of 9%, and a net profit of 4.03 billion HKD, up 13% year-on-year [2] - Jieli Trading Treasure (08017.HK) launched the Deep Trade AI Agent, an intelligent trading system [2] - Innovent Biologics (01801.HK) received approval from the National Medical Products Administration for Masitinib to be used for blood sugar control in adult patients with type 2 diabetes [2] - Datang New Energy Group (00559.HK) issued a profit warning, expecting an annual net profit of 30 to 35 million HKD [2] - Zhonghuan New Energy (01735.HK) plans to collaborate with Ant Blockchain Technology (Shanghai) in the fields of new energy digital assets and new energy artificial intelligence ecosystem [2] - Fuhong Hanlin (02696.HK) received approval from the European Commission for the HLX14 product for the treatment of osteoporosis in specific populations [2] - Zhaoyan New Drug (06127.HK) subscribed to a financial product from Industrial and Commercial Bank of China worth 40 million yuan [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 857,000 shares at a cost of 551 million HKD, with repurchase prices ranging from 638.5 to 647 HKD [2] - HSBC Holdings (00005.HK) spent approximately 160 million HKD to buy back about 1.49 million shares, with repurchase prices between 106.9 and 107.6 HKD [3] - Shango Holdings (00412.HK) repurchased 3.7 million shares at a cost of approximately 22.623 million HKD, with repurchase prices ranging from 6.08 to 6.2 HKD [3]

公告称，溢利增加主要由于本集团大部分分部表现良好，惟部分业绩被物业发展及投资部及其他分部的 溢利减少所抵销。 智通财经APP讯，国浩集团(00053)发布截至2025年6月30日止年度业绩，该集团取得营业额270.01亿港 元，同比增加4.71%;公司股东应占溢利40.31亿港元，同比增加12.56%;每股盈利12.39港元，拟派发末期 股息每股2.9港元。 ...

Core Viewpoint - Guohao Group (00053.HK) announced a 9% increase in revenue to HKD 24.4 billion for the fiscal year ending June 30, 2025, driven by growth in the hotel and leisure segment and strong sales performance in Singapore's residential projects [1] Revenue Growth - The group's revenue increased by HKD 1.2 billion due to continuous business growth in the hotel and leisure sector [1] - The property development and investment segment contributed an additional HKD 800 million to revenue growth, attributed to strong sales performance and phased recognition of sales in Singapore [1] Profitability - The group recorded an audited net profit attributable to shareholders of HKD 4.0307 billion, representing a 13% increase compared to the previous year [1] - The increase in profit was primarily due to strong performance across most segments, although some profits were offset by declines in the property development and investment segment [1] - Basic earnings per share rose to HKD 12.39, up from HKD 11.01 in the previous year [1]

国浩集团(00053)发布公告，将于2025年12月3日派发截至2025年6月30日止财政年度的末期股息每股2.9 港元。 ...

智通财经APP讯，国浩集团(00053)发布公告，将于2025年12月3日派发截至2025年6月30日止财政年度的 末期股息每股2.9港元。 ...

(此乃英文版本之中文翻譯，中英文版本如有歧義或不一致，概以英文版本為準。) 職權範圍 董事會薪酬委員會 3. 委員會之任期 委員會於二零零五年七月一日組成。 於二零二五年九月十九日起生效之修訂版 於二零零五年二月二十五日，國浩集團有限公司（「本公司」）之董事會決議成立 董事會薪酬委員會，由二零零五年七月一日起生效。以下載述委員會之職權範圍 （「職權範圍」）。 1. 委員會名稱 本公司須成立董事會（「董事會」）之董事會薪酬委員會，並名為董事會薪 酬委員會（「委員會」）。 2. 委任委員會成員 1 2.1 委員會將包括董事會可能釐定之本公司董事人數，惟委員會須由本公司 之獨立非執行董事擔任主席，以及委員會之過半數成員將由本公司獨立 非執行董事組成。 2.2 除非董事會另行釐定外，否則最少人數為三人。 2.3 倘若個別成員辭任，不再擔任董事或基於任何其他原因而不再擔任委員 會成員，導致成員人數減至少於最少人數之規定，則董事會須在實際可 行情況下，以及在任何情況下在發生該事件之三個月內，儘快委任新成 員，以符合最少人數之規定。 2.4 成員須從委員會成員中選出一名主席，而該主席為獨立非執行董事。 2.5 委員會主席及 ...

EF001 EF001 其他信息 其他信息 不適用 發行人董事 於本公告日期，國浩集團有限公司之董事會成員包括郭令海先生擔任執行主席；Christian K. NOTHHAFT（羅敬仁）先生擔任執行 董事及行政總裁；郭令山先生擔任非執行董事；黃嘉純先生，銀紫荊星章，太平紳士、Paul J. BROUGH先生及吳麗莎女士擔任獨立 非執行董事。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 國浩集團有限公司 | | 股份代號 | 00053 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止財政年度之末期股息 | | | 公告日期 | 2025年9月19日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The Group achieved strong financial performance in FY2025, with growth in turnover, revenue, operating profit, and profit attributable to shareholders, alongside increased earnings per share and total dividends per share Financial Highlights | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Increase / (Decrease) | | :--- | :--- | :--- | :--- | | Turnover | 27,001 | 25,786 | 5% | | Revenue | 24,443 | 22,526 | 9% | | Operating Profit | 3,746 | 2,940 | 27% | | Profit Attributable to Company Shareholders | 4,031 | 3,581 | 13% | | Earnings Per Share (HKD) | 12.39 | 11.01 | 13% | | Total Dividends Per Share (HKD) | 3.50 | 3.20 | 9% | | Equity Per Share Attributable to Company Shareholders (HKD) | 208.83 | 186.46 | 12% | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The Group's FY2025 consolidated financial statements show significant growth in profit for the year and total comprehensive income, with a robust balance sheet reflecting increases in non-current and net current assets [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) The Group's FY2025 revenue grew 9% to HKD 24.443 billion, operating profit surged 27% to HKD 3.746 billion, and profit attributable to company shareholders increased 13% to HKD 4.031 billion, primarily driven by a significant rise in net other income Key Income Statement Figures | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Turnover | 27,000,595 | 25,785,664 | +5% | | Revenue | 24,443,169 | 22,525,792 | +9% | | Cost of Sales | (14,704,370) | (13,248,232) | +11% | | Net Other Income | 1,747,204 | 1,090,203 | +60% | | Operating Profit | 3,745,980 | 2,939,947 | +27% | | Profit Attributable to Company Shareholders | 4,030,678 | 3,580,943 | +13% | | Basic Earnings Per Share | 12.39 | 11.01 | +13% | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's FY2025 total comprehensive income significantly increased to HKD 9.864 billion, primarily driven by positive changes in fair value reserves for equity investments and foreign exchange differences from overseas financial statements Key Comprehensive Income Figures | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Profit for the Year | 4,597,995 | 3,666,910 | +25% | | Equity investments at fair value through other comprehensive income – net change in fair value reserve | 977,769 | (610,902) | From Negative to Positive | | Exchange differences arising on translation of financial statements of overseas subsidiaries, associates and joint ventures | 4,549,679 | (163,617) | From Negative to Positive | | Total Comprehensive Income for the Year | 9,863,596 | 3,116,011 | +216% | | Total Comprehensive Income Attributable to Company Shareholders | 8,172,730 | 3,005,744 | +172% | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets rose to HKD 146.559 billion and net assets to HKD 86.736 billion, with significant growth in both non-current and net current assets, reflecting an expanded asset base and improved liquidity Key Statement of Financial Position Figures | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 97,715,113 | 88,292,614 | +10.7% | | Current Assets | 48,844,616 | 47,195,367 | +3.5% | | Current Liabilities | (18,201,228) | (21,980,178) | -17.2% | | Net Current Assets | 30,643,388 | 25,215,189 | +21.5% | | Net Assets | 86,735,630 | 79,053,442 | +9.7% | | Total Equity Attributable to Company Shareholders | 68,715,318 | 61,355,090 | +12.0% | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes to the financial statements detail the Group's accounting policies, segment performance, revenue composition, costs and expenses, taxation, dividends, and receivables and payables, providing deeper context for understanding its performance and financial position [Accounting Policies and Basis of Preparation](index=5&type=section&id=Accounting%20Policies%20and%20Basis%20of%20Preparation) The Group's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, primarily on a historical cost basis, with certain investment properties and financial instruments measured at revalued amounts or fair value, using USD as the functional currency and HKD figures for presentation only - Financial statements are prepared in accordance with all applicable Hong Kong Financial Reporting Standards, complying with the Hong Kong Companies Ordinance and the Listing Rules of the Stock Exchange[6](index=6&type=chunk) - Except for investment properties measured at revalued amounts and certain financial instruments at fair value, the financial statements are prepared on a historical cost basis[7](index=7&type=chunk) - The Group's consolidated financial statements are presented in USD, with HKD figures translated at the year-end applicable exchange rate for presentation purposes only[8](index=8&type=chunk) [Amendments to Accounting Policies](index=6&type=section&id=Amendments%20to%20Accounting%20Policies) During the current accounting period, the Group first adopted several amendments to Hong Kong Financial Reporting Standards issued by the HKICPA, including revisions to liability classification, lease liabilities in sale and leaseback transactions, and disclosures for cash flow statements and financial instruments - The Group has adopted amendments to HKAS 1 regarding the classification of liabilities as current or non-current and non-current liabilities with covenants[10](index=10&type=chunk) - The Group has adopted amendments to HKFRS 16 regarding lease liabilities in sale and leaseback transactions[10](index=10&type=chunk) - The Group has adopted amendments to HKAS 7 regarding cash flow statements and HKFRS 7 regarding financial instrument disclosures[10](index=10&type=chunk) [Segment Reporting](index=7&type=section&id=Segment%20Reporting) The Group operates four reportable segments: Proprietary Investments, Property Development and Investment, Hotels and Leisure, and Financial Services, along with other businesses, each independently managed and contributing significantly to FY2025 revenue and operating profit [Segment Business Activities and Operations](index=7&type=section&id=Segment%20Business%20Activities%20and%20Operations) The Group's four core business segments include Proprietary Investments (trading and strategic investments in global financial markets), Property Development and Investment (residential and commercial property development and leasing in Singapore, China, Malaysia, and Hong Kong), Hotels and Leisure (hotel management and gaming operations in the UK and Spain), and Financial Services (commercial banking, insurance, fund management, etc.) Segment Business Activities and Operations Overview | Segment | Business Activities | Operations | | :--- | :--- | :--- | | Proprietary Investments | Debt, equity and direct investments, treasury operations, investment advisory and management services | Subsidiaries and joint ventures | | Property Development and Investment | Development of residential and commercial properties in Singapore, China, Malaysia and Hong Kong, holding properties for rental income | Subsidiaries, associates and joint ventures | | Hotels and Leisure | Owning, leasing or managing hotels, operating gaming and leisure businesses in the UK and Spain | Subsidiaries | | Financial Services | Commercial and retail banking, Islamic banking, investment banking, insurance, fund management, etc | Associates | [Reported Segment Revenue and Profit/Loss](index=8&type=section&id=Reported%20Segment%20Revenue%20and%20Profit%2FLoss) In FY2025, Proprietary Investments, Property Development and Investment, Hotels and Leisure, and Financial Services segments all achieved positive operating profit, with Proprietary Investments contributing the most, while Property Development and Investment saw a decrease in profit before tax Reported Segment Revenue and Profit/Loss (2025) | Segment | 2025 Turnover (HKD Thousand) | 2025 Revenue from External Customers (HKD Thousand) | 2025 Reported Segment Operating Profit (HKD Thousand) | 2025 Profit Before Tax (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Proprietary Investments | 788,243 | 1,230,817 | 2,645,274 | 2,403,247 | | Property Development and Investment | 11,178,508 | 11,178,508 | 1,509,354 | 258,379 | | Hotels and Leisure | 11,595,359 | 11,595,359 | 1,690,159 | 1,102,951 | | Financial Services | - | - | - | 1,485,364 | | Other | 438,485 | 438,485 | 58,442 | 9,953 | | **Total** | **27,000,595** | **24,443,169** | **5,903,229** | **5,259,894** | Reported Segment Revenue and Profit/Loss (2024) | Segment | 2024 Turnover (HKD Thousand) | 2024 Revenue from External Customers (HKD Thousand) | 2024 Reported Segment Operating Profit (HKD Thousand) | 2024 Profit Before Tax (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Proprietary Investments | 4,448,504 | 1,188,632 | 2,119,904 | 1,849,986 | | Property Development and Investment | 10,385,021 | 10,385,021 | 1,735,206 | 437,992 | | Hotels and Leisure | 10,427,094 | 10,427,094 | 1,189,593 | 593,379 | | Financial Services | - | - | - | 1,350,391 | | Other | 525,045 | 525,045 | 239,299 | 183,771 | | **Total** | **25,785,664** | **22,525,792** | **5,284,002** | **4,415,519** | [Reconciliation of Reported Segment Revenue, Finance Costs, and Interest Income](index=10&type=section&id=Reconciliation%20of%20Reported%20Segment%20Revenue%2C%20Finance%20Costs%2C%20and%20Interest%20Income) The Group performed inter-segment eliminations for revenue, finance costs, and interest income to derive consolidated figures, ensuring accuracy in the financial statements Reconciliation of Segment and Consolidated Figures | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Reported Segment Revenue | 24,537,799 | 22,631,070 | | Elimination of Inter-segment Revenue | (94,630) | (105,278) | | **Consolidated Revenue** | **24,443,169** | **22,525,792** | | Reported Finance Costs | 2,157,249 | 2,344,055 | | Elimination of Inter-segment Finance Costs | (68,702) | (80,556) | | **Consolidated Finance Costs** | **2,088,547** | **2,263,499** | | Reported Interest Income | 672,096 | 683,267 | | Elimination of Inter-segment Interest Income | (68,702) | (80,556) | | **Consolidated Interest Income** | **603,394** | **602,711** | [Turnover and Revenue](index=11&type=section&id=Turnover%20and%20Revenue) The Group's FY2025 turnover increased 5% to HKD 27.001 billion and revenue grew 9% to HKD 24.443 billion, primarily driven by increased revenue from hotels and leisure, property sales, and rental income from properties - The Company's principal activities are investment holding and investment management, while its subsidiaries' principal activities include proprietary investments, property development and investment, and hotels and leisure[16](index=16&type=chunk) Revenue Breakdown | Revenue Category | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue from Property Sales | 9,292,401 | 8,796,385 | +5.6% | | Revenue from Hotels and Leisure | 11,573,481 | 10,412,804 | +11.1% | | Interest Income | 603,394 | 602,711 | +0.1% | | Dividend Income | 857,777 | 806,214 | +6.4% | | Rental Income from Properties | 1,559,082 | 1,283,313 | +21.5% | | Revenue from Goods Sold | 438,359 | 524,967 | -16.5% | | Other | 118,675 | 99,398 | +19.4% | | **Total Revenue** | **24,443,169** | **22,525,792** | **+8.5%** | | Proceeds from Disposal of Securities Investments | 2,557,426 | 3,259,872 | -21.5% | | **Total Turnover** | **27,000,595** | **25,785,664** | **+4.7%** | [Net Other Income](index=11&type=section&id=Net%20Other%20Income) The Group's FY2025 net other income surged 60% to HKD 1.747 billion, primarily due to a significant increase in realized and unrealized net gains from trading financial assets and a shift from loss to gain in derivative financial instruments Net Other Income Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Realized and Unrealized Net Gains from Trading Financial Assets | 1,476,965 | 999,379 | +47.8% | | Realized and Unrealized Net Gains / (Losses) from Derivative Financial Instruments | 14,067 | (69,880) | From Loss to Gain | | Other Exchange Gains | 154,854 | 87,653 | +76.7% | | Gain / (Loss) on Disposal of Subsidiaries | 66,811 | (3,365) | From Loss to Gain | | Gain on Derecognition of Lease Liabilities Related to Lease Termination | 100,101 | - | New | | **Total** | **1,747,204** | **1,090,203** | **+60.3%** | [Profit Before Tax for the Year](index=12&type=section&id=Profit%20Before%20Tax%20for%20the%20Year) The Group's FY2025 profit before tax was HKD 5.260 billion, influenced by decreased finance costs, increased staff costs, and changes in other items such as depreciation, amortization, and impairment losses [Finance Costs](index=12&type=section&id=Finance%20Costs) The Group's total borrowing costs in FY2025 decreased 10.7% year-on-year to HKD 2.165 billion, with reduced capitalized borrowing costs leading to a 7.7% year-on-year decrease in consolidated finance costs to HKD 2.089 billion Finance Costs Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans and Other Borrowings | 1,624,660 | 1,928,730 | -15.8% | | Interest on Lease Liabilities | 440,172 | 393,499 | +11.9% | | Other Borrowing Costs | 99,984 | 100,646 | -0.7% | | **Total Borrowing Costs** | **2,164,816** | **2,422,875** | **-10.7%** | | Less: Total Borrowing Costs Capitalized | (76,269) | (159,376) | -52.1% | | **Consolidated Finance Costs** | **2,088,547** | **2,263,499** | **-7.7%** | - Borrowing costs were capitalized at annual interest rates ranging from **2.62% to 5.08%** (2024: 3.88% to 5.08%)[19](index=19&type=chunk) [Staff Costs](index=12&type=section&id=Staff%20Costs) The Group's total staff costs in FY2025 increased 14.8% to HKD 4.242 billion, primarily due to higher salaries, wages, other benefits, defined contribution retirement scheme contributions, and social security expenses Staff Costs Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 3,796,250 | 3,315,056 | +14.5% | | Contributions to Defined Contribution Retirement Schemes | 127,120 | 115,976 | +9.6% | | Social Security Costs | 286,355 | 229,281 | +24.9% | | **Total** | **4,242,294** | **3,695,265** | **+14.8%** | [Other Items](index=13&type=section&id=Other%20Items) The Group's other items in FY2025 include depreciation, amortization, impairment losses, and net rental income; net impairment losses increased, mainly due to goodwill impairment and higher provisions for properties under development, though some impairment losses on right-of-use assets, other properties, and intangible assets were reversed [Depreciation and Amortization](index=13&type=section&id=Depreciation%20and%20Amortization) The Group's total depreciation expenses in FY2025 amounted to HKD 843 million and amortization expenses to HKD 1.816 billion, both increasing from the previous year, reflecting asset utilization and intangible asset consumption Depreciation and Amortization Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Depreciation of Other Property, Plant and Equipment | 531,246 | 467,166 | +13.7% | | Depreciation of Right-of-Use Assets | 311,302 | 256,392 | +21.4% | | Amortization of Customer Relationships, Licenses and Brands | 12,324 | 15,781 | -21.9% | | Amortization of Gaming Licenses and Brands | 447 | 515 | -13.2% | | Amortization of Bass Strait Oil and Gas Concession | 33,998 | 44,112 | -22.9% | | Amortization of Other Intangible Assets | 134,829 | 202,223 | -33.3% | [Impairment Losses](index=13&type=section&id=Impairment%20Losses) The Group's net impairment losses in FY2025 totaled HKD 1.609 billion, primarily comprising HKD 92.3 million for goodwill impairment and HKD 900.9 million for provisions for foreseeable losses on properties under development and held for sale, while some casino asset impairments were reversed Impairment Losses Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Net Impairment Loss Recognized on Other Property, Plant and Equipment | 35,937 | 25,800 | +39.3% | | Net Impairment Loss Recognized on Intangible Assets | 2,630 | 18,171 | -85.5% | | Net Impairment Loss Recognized on Right-of-Use Assets | (738) | 31,126 | From Positive to Negative | | Net Impairment Loss Recognized on Goodwill | 92,251 | - | New | | Net Impairment and Provision for Foreseeable Losses on Properties Under Development and Held for Sale | 900,880 | 847,562 | +6.3% | - The Group conducted impairment tests on right-of-use assets, other properties, and intangible assets of certain casinos, recognizing impairment expenses, but also reversed impairments for some assets due to better-than-expected performance[22](index=22&type=chunk)[23](index=23&type=chunk) - Goodwill impairment loss of **HKD 92.3 million** and intangible asset impairment loss of **HKD 18.3 million** were recognized for Manuka Health New Zealand Limited, primarily based on value-in-use estimates[24](index=24&type=chunk) [Net Rental Income](index=13&type=section&id=Net%20Rental%20Income) The Group's total rental income from investment properties in FY2025 increased 21.5% to HKD 1.559 billion, and after deducting direct expenses, net rental income grew 26.1% to HKD 1.202 billion Net Rental Income Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Rental Income from Investment Properties | (1,559,082) | (1,283,313) | +21.5% | | Less: Direct Expenses | 357,561 | 330,630 | +8.1% | | **Net Rental Income** | **(1,201,521)** | **(952,683)** | **+26.1%** | [Taxation](index=16&type=section&id=Taxation) The Group's total taxation in FY2025 decreased 11.5% year-on-year to HKD 662 million, mainly due to changes in overseas current tax and deferred tax, and the first-time recognition of Pillar Two income tax of HKD 13.3 million Taxation Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Current Tax - Hong Kong Profits Tax | - | 1,304 | -100% | | Current Tax - Overseas | 151,871 | 236,855 | -35.8% | | Pillar Two Income Tax | 13,298 | - | New | | Deferred Tax | 510,028 | 510,450 | -0.1% | | **Total Taxation** | **661,899** | **748,609** | **-11.5%** | - The Group has retrospectively applied amendments to HKAS 12, not recognizing deferred tax arising from Pillar Two model rules, but has recognized a supplementary tax liability of **HKD 13.298 million**[27](index=27&type=chunk)[28](index=28&type=chunk) [Dividends](index=17&type=section&id=Dividends) The Group proposes a final dividend of HKD 2.90 per share for FY2025, bringing the total annual dividend to HKD 3.50 per share, a 9.4% increase from the previous year Dividend Information | Dividend Type | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend (Per Share) | 0.60 HKD | 0.50 HKD | +20% | | Proposed Final Dividend (Per Share) | 2.90 HKD | 2.70 HKD | +7.4% | | **Total Dividends Payable / Paid for the Year** | **1,151,384** | **1,050,730** | **+9.6%** | - Proposed final dividend of **HKD 954 million**, calculated based on 329,051,373 ordinary shares in issue, payable on December 3, 2025, subject to approval at the Annual General Meeting[29](index=29&type=chunk)[36](index=36&type=chunk) [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) The Group's basic earnings per share for FY2025 was HKD 12.39, a 13% increase from the previous year, consistent with diluted earnings per share due to no potential dilutive ordinary shares during the year Earnings Per Share Figures | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 12.39 | 11.01 | +13% | | Diluted Earnings Per Share | 12.39 | 11.01 | +13% | - Basic earnings per share is calculated based on profit attributable to company shareholders of **HKD 4.031 billion** and a weighted average of **325,224,511** ordinary shares in issue during the year[31](index=31&type=chunk) - There were no potential dilutive ordinary shares outstanding during the year, thus diluted earnings per share is equal to basic earnings per share[32](index=32&type=chunk) [Trade and Other Receivables](index=18&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables increased to HKD 3.038 billion, with trade receivables surging 59.2% to HKD 1.907 billion, primarily concentrated within one month Trade and Other Receivables Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables | 1,906,988 | 1,197,902 | +59.2% | | Other Receivables, Deposits and Prepayments | 1,036,094 | 832,764 | +24.4% | | Interest Receivables | 68,827 | 87,005 | -20.9% | | **Total** | **3,037,908** | **2,143,510** | **+41.7%** | Trade Receivables Ageing Analysis | Trade Receivables Ageing | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within One Month | 1,829,707 | 1,049,122 | | One to Three Months | 54,564 | 83,546 | | Over Three Months | 22,717 | 65,234 | [Trade and Other Payables](index=19&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables increased to HKD 5.999 billion, with trade payables growing 26.8% to HKD 1.161 billion and a significant increase in derivative financial instrument payables Trade and Other Payables Breakdown | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Trade Payables | 1,161,425 | 915,748 | +26.8% | | Other Payables and Accrued Operating Expenses | 4,455,999 | 4,618,735 | -3.5% | | Derivative Financial Instruments (at Fair Value) | 241,351 | 44,744 | +439.4% | | Amounts Due to Fellow Subsidiaries | 136,964 | 98,750 | +38.7% | | **Total** | **5,999,052** | **5,681,358** | **+5.6%** | Trade Payables Ageing Analysis | Trade Payables Ageing | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within One Month | 614,023 | 304,307 | | One to Three Months | 462,537 | 525,170 | | Over Three Months | 84,865 | 86,271 | [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) The Management Discussion and Analysis section reviews the Group's FY2025 financial performance and segment results, outlining its financial position, risk management strategies, and future outlook, highlighting overall growth, strong core business performance, and a robust capital structure and liquidity [Financial Performance](index=20&type=section&id=Financial%20Performance) The Group's FY2025 consolidated profit attributable to shareholders increased 13% to HKD 4.031 billion, profit before tax grew 19% to HKD 5.260 billion, and revenue rose 9% to HKD 24.4 billion, primarily driven by strong performance in the Hotels and Leisure and Property Development and Investment segments - The Group recorded audited consolidated profit attributable to shareholders of **HKD 4.0307 billion**, an increase of **13%** from the previous year[37](index=37&type=chunk) - Basic earnings per share was **HKD 12.39**, compared to **HKD 11.01** last year[37](index=37&type=chunk) - The Group's audited consolidated profit before tax increased **19%** to **HKD 5.2599 billion**[37](index=37&type=chunk) - The Group's revenue increased **9%** to **HKD 24.4 billion**, primarily due to revenue growth in the Hotels and Leisure and Property Development and Investment segments[37](index=37&type=chunk) [Business Review](index=20&type=section&id=Business%20Review) The Group's business segments showed varied performance in FY2025: Proprietary Investments benefited from trading gains and dividend income, Property Development and Investment saw strong performance in Singapore but challenges in China, Hotels and Leisure continued to grow and optimize operations, Financial Services delivered steady results, while other businesses declined [Proprietary Investments](index=20&type=section&id=Proprietary%20Investments) In FY2025, the Proprietary Investments segment recorded a profit before tax of HKD 2.403 billion, primarily driven by realized and unrealized gains from trading financial assets and dividend income, with the Group focusing on fundamentally sound quality companies despite market volatility - The Proprietary Investments segment recorded a profit before tax of **HKD 2.4033 billion**, primarily due to realized and unrealized gains from trading financial assets and dividend income[38](index=38&type=chunk) - The investment strategy prioritizes capital allocation to fundamentally sound quality companies to mitigate short-term volatility caused by macroeconomic factors[38](index=38&type=chunk)[39](index=39&type=chunk) [Treasury Division](index=21&type=section&id=Treasury%20Division) The Group's Treasury Division maintained a cautious approach, effectively controlling net interest expenses and foreign exchange risks despite ongoing market volatility - The Group's Treasury Division maintained a cautious approach, with net interest expenses and foreign exchange risks remaining under control[40](index=40&type=chunk) [Property Development and Investment](index=21&type=section&id=Property%20Development%20and%20Investment) GuocoLand's FY2025 revenue increased 5% to HKD 11.386 billion, primarily driven by strong residential sales in Singapore and higher rental income from investment properties, though China property development faced challenges and recognized provisions for foreseeable losses - GuocoLand's revenue increased **5%** to **SGD 1.9164 billion** (approximately **HKD 11.386 billion**), primarily due to sustained growth in property development and property investment businesses[41](index=41&type=chunk) - Most Singapore residential development projects were sold and recognized in phases, and some residential units in the Chongqing, China project were delivered, but China property development recognized a provision for foreseeable losses of **SGD 81.8 million** (approximately **HKD 486 million**)[41](index=41&type=chunk) - Investment property revenue increased **22%** to **SGD 281.1 million** (approximately **HKD 1.6701 billion**), mainly from increased rental income from Guoco Tower and Guoco Midtown in Singapore[41](index=41&type=chunk) - Overall profit attributable to shareholders decreased **17%** to **SGD 107.1 million** (approximately **HKD 636.3 million**), primarily as Singapore's growth was offset by losses in China[43](index=43&type=chunk) [Hotels and Leisure](index=22&type=section&id=Hotels%20and%20Leisure) The Hotels and Leisure segment performed strongly, with The Clermont Hotel Group achieving post-tax profit growth despite London market challenges by optimizing operations through scale strategy and cost control; The Rank Group Plc saw gaming net revenue grow 8% and operating profit surge 128%, benefiting from continuous technology investment and cross-channel brand growth [The Clermont Hotel Group (CHG)](index=22&type=section&id=The%20Clermont%20Hotel%20Group%20(CHG)) CHG recorded a post-tax profit of GBP 43.8 million (approximately HKD 447.6 million) in FY2025; despite challenges in the London hotel market, CHG outperformed by increasing room occupancy, controlling costs, and investing in infrastructure and IT - CHG recorded a post-tax profit of **GBP 43.8 million** (approximately **HKD 447.6 million**), compared to **GBP 39.2 million** (approximately **HKD 385.9 million**) last year[46](index=46&type=chunk) - CHG successfully managed price pressures and drove strong revenue growth by implementing a scale strategy to increase room occupancy, while offsetting rising labor and energy costs through cost control[46](index=46&type=chunk) - CHG has increased investments in hotel infrastructure and IT projects, introducing new revenue management and procurement systems, and boosting investment in automation and AI technologies[46](index=46&type=chunk)[47](index=47&type=chunk) [The Rank Group Plc (Rank)](index=23&type=section&id=The%20Rank%20Group%20Plc%20(Rank)) Rank Group's FY2025 gaming net revenue increased 8% to GBP 795.4 million (approximately HKD 8.129 billion), and operating profit surged 128% to GBP 67 million (approximately HKD 684.7 million), driven by growth across business units, continuous technology investment, and strong cross-channel brand performance - Rank's gaming net revenue increased **8%** to **GBP 795.4 million** (approximately **HKD 8.1291 billion**), and operating profit increased **128%** to **GBP 67 million** (approximately **HKD 684.7 million**)[49](index=49&type=chunk) - Grosvenor and Mecca cross-channel brands saw gaming net revenue grow **22%** and **11%** respectively, benefiting from continuous technology investment to provide seamless and customized cross-channel experiences[49](index=49&type=chunk) - With the introduction of casino law reforms, Grosvenor's business will benefit from increased gaming machine allocations and the launch of sports betting operations[50](index=50&type=chunk) [Financial Services](index=24&type=section&id=Financial%20Services) Hong Leong Financial Group's FY2025 profit before tax increased 4% to HKD 10.978 billion, primarily driven by increased contributions from its banking and insurance segments, though the capital group's contribution declined - Hong Leong Financial Group's profit before tax was **MYR 6.1027 billion** (approximately **HKD 10.9783 billion**), an increase of **4%** from the previous year[51](index=51&type=chunk) - Hong Leong Banking Group's profit before tax increased **4%** to **MYR 5.3603 billion** (approximately **HKD 9.6428 billion**), primarily due to higher revenue and increased impairment loss reversals[51](index=51&type=chunk) - HLA Holdings Group's profit before tax increased **10%** to **MYR 667.2 million** (approximately **HKD 1.2002 billion**), primarily due to improved insurance services performance[52](index=52&type=chunk) - Hong Leong Capital Group's profit before tax decreased **36%** to **MYR 78.5 million** (approximately **HKD 141.2 million**), primarily due to lower contributions across all business segments[52](index=52&type=chunk) [Other Businesses](index=24&type=section&id=Other%20Businesses) Manuka Health New Zealand Limited's performance declined due to the loss of a major client and ongoing price pressure, yet maintained high gross margins; Bass Strait oil and gas operations saw a slight improvement, benefiting from increased hydrocarbon extraction - Manuka Health New Zealand Limited's performance declined from the previous year, primarily due to the loss of a major client and ongoing price pressure in core international markets[53](index=53&type=chunk) - Bass Strait oil and gas operations recorded a slight improvement in performance, primarily due to increased hydrocarbon extraction[53](index=53&type=chunk) [Discussion of Group Financial Position](index=25&type=section&id=Discussion%20of%20Group%20Financial%20Position) The Group maintains a robust financial position with continuous growth in total equity and net assets, controlled net debt levels, ample liquidity, and undrawn borrowing facilities, while managing market risks through interest rate and foreign exchange contracts [Capital Management](index=25&type=section&id=Capital%20Management) As of June 30, 2025, the consolidated total equity attributable to company shareholders was HKD 68.7 billion, net debt was HKD 13.7 billion, and the equity-to-debt ratio was 83:17, indicating a robust capital structure - Consolidated total equity attributable to company shareholders was **HKD 68.7 billion**[54](index=54&type=chunk) - Net debt was **HKD 13.7 billion** (total bank and other borrowings less cash and short-term funds and trading financial assets)[54](index=54&type=chunk) - The equity-to-debt ratio was **83:17**[54](index=54&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total cash and short-term funds and trading financial assets were primarily denominated in USD, HKD, and SGD, with total bank and other borrowings of HKD 39.3 billion and approximately HKD 13.7 billion in undrawn borrowing facilities - Total cash and short-term funds and trading financial assets were primarily denominated in **USD (37%)**, **HKD (25%)**, and **SGD (14%)**[55](index=55&type=chunk) - Total bank and other borrowings amounted to **HKD 39.3 billion**, primarily denominated in **SGD (76%)**[55](index=55&type=chunk) - The Group had committed but undrawn borrowing facilities of approximately **HKD 13.7 billion**[56](index=56&type=chunk) [Interest Rate Risk](index=25&type=section&id=Interest%20Rate%20Risk) The Group manages interest rate risk by reducing overall debt costs and exposure to interest rate fluctuations, with approximately 79% of bank and other borrowings at floating rates, and utilizes interest rate contracts as appropriate - The Group manages interest rate risk by reducing overall debt costs and exposure to interest rate fluctuations, utilizing interest rate contracts as appropriate[57](index=57&type=chunk) - Approximately **79%** of bank and other borrowings were at floating rates, and **21%** at fixed rates[57](index=57&type=chunk) - The notional amount of outstanding interest rate contracts was **HKD 3.9 billion**[57](index=57&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) The Group periodically enters into foreign exchange contracts (primarily OTC derivatives) for hedging foreign exchange risk and investment purposes, with total outstanding foreign exchange contracts amounting to HKD 4 billion as of June 30, 2025 - The Group periodically enters into foreign exchange contracts, primarily for hedging foreign exchange risk and investment purposes[58](index=58&type=chunk) - The total notional amount of outstanding foreign exchange contracts was **HKD 4 billion**, used to hedge foreign currency equity investments[59](index=59&type=chunk) [Equity Price Risk](index=25&type=section&id=Equity%20Price%20Risk) The Group maintains an investment portfolio primarily consisting of publicly listed equities and adheres to asset allocation limits to manage equity price risk - The Group maintains an investment portfolio primarily consisting of publicly listed equities and adheres to asset allocation limits[60](index=60&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) The Other Information section covers the Group's human resources, future outlook, securities transactions, corporate governance compliance, financial data review, and share transfer registration arrangements, providing supplementary information on the Group's operations and governance [Human Resources and Training](index=26&type=section&id=Human%20Resources%20and%20Training) The Group employs approximately 10,900 staff, committed to continuous training for capability enhancement, and regularly reviews remuneration policies, incentivizing employees through bonuses, awards, and share incentive schemes to align their interests with shareholders - The Group employs approximately **10,900** staff and is committed to providing continuous training programs[61](index=61&type=chunk) - Employee remuneration policies are regularly reviewed, with bonuses and other awards linked to the Group's financial performance and individual employee performance[61](index=61&type=chunk) - The Group has a share incentive scheme to grant share options and/or free shares to eligible employees, aligning their long-term interests with those of shareholders[61](index=61&type=chunk) [Group Outlook](index=26&type=section&id=Group%20Outlook) The Group anticipates continued global economic uncertainty and volatility, but its diversified portfolio across regions and industries mitigates risks. It will maintain a robust balance sheet, invest in its businesses, and adopt prudent cost and capital management strategies, closely monitoring market changes to ensure resilience - The global economic environment is expected to remain uncertain and volatile, but the Group's diversified portfolio across regions and industries can mitigate some risks[62](index=62&type=chunk) - The Group will maintain a robust balance sheet, continuously support and invest in its businesses, and remain vigilant for new investment opportunities[62](index=62&type=chunk) - The management team adopts a prudent approach to navigate complex situations, implementing cautious cost and capital management, and enhancing efficiency[62](index=62&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the year ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[63](index=63&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Hong Kong Stock Exchange Listing Rules throughout the year - The Company has complied with all applicable provisions of the HKEX Code throughout the year[64](index=64&type=chunk) [Review of Financial Information](index=27&type=section&id=Review%20of%20Financial%20Information) The Board's Audit and Risk Management Committee has reviewed the Company's adopted accounting principles and practices, discussed financial reporting matters with auditors and management, and the financial information in the annual results announcement has been agreed with external auditor KPMG - The Board's Audit and Risk Management Committee has reviewed the Company's adopted accounting principles and practices and discussed financial reporting matters with the auditors and management[65](index=65&type=chunk) - The financial information in the annual results announcement has been agreed with the Group's external auditor KPMG, consistent with the amounts in the audited financial statements[65](index=65&type=chunk) [Suspension of Share Transfer Registration](index=27&type=section&id=Suspension%20of%20Share%20Transfer%20Registration) To ascertain shareholders' entitlement to attend and vote at the Annual General Meeting, share transfer registration will be suspended from November 11 to 14, 2025; for entitlement to the proposed final dividend, it will be suspended on November 21, 2025 - To ascertain shareholders' entitlement to attend and vote at the Annual General Meeting, share transfer registration will be suspended from November 11 to 14, 2025[66](index=66&type=chunk) - To ascertain shareholders' entitlement to the proposed final dividend, share transfer registration will be suspended on November 21, 2025[66](index=66&type=chunk) [By Order of the Board](index=27&type=section&id=By%20Order%20of%20the%20Board) The announcement was issued by Company Secretary Lo Sze Man on September 19, 2025, listing the Board members including the Executive Chairman, Executive Director and Chief Executive Officer, Non-Executive Director, and Independent Non-Executive Directors - The announcement was issued by Company Secretary Lo Sze Man on September 19, 2025[67](index=67&type=chunk) - Board members include Executive Chairman Mr. Kwek Leng Hai, Executive Director and Chief Executive Officer Mr. Christian K. NOTHHAFT, Non-Executive Director Mr. Kwek Leng San, and Independent Non-Executive Directors Mr. Wong Ka Chun, Mr. Paul J. BROUGH, and Ms. Ng Lai Sha[67](index=67&type=chunk)

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。 承董事會命 公司秘書 盧詩曼 香港，二零二五年九月八日 於本公告刊發日期，董事會成員包括郭令海先生擔任執行主席； Christian K. NOTHHAFT （羅敬仁）先生 擔任執行董事及行政總裁；郭令山先生擔任非執行董事；黃嘉純先生， 銀紫荊星章，太平紳士 、 Paul J. BROUGH 先生及吳麗莎女士擔任獨立非執行董事。 董事會會議日期 國浩集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，董事會會議將於 二零二五年九月十九日（星期五）舉行，以考慮及批准（其中包括）發佈本公司及其附 屬公司截至二零二五年六月三十日止年度之全年業績公告及建議宣派末期股息（如有）。 ...