2025年4月30日，居然智家(000785.SZ)发布2025年第一季报。截至2025年4月30日，共有15个机构投资 者披露持有居然智家A股股份，合计持股量达44.80亿股，占居然智家总股本的71.94%。其中，前十大 机构投资者包括北京居然之家投资控股集团有限公司、霍尔果斯慧鑫达建材有限公司、北京金隅集团股 份有限公司、杭州灏月企业管理有限公司、杭州瀚云新领股权投资基金合伙企业(有限合伙)、泰康人寿 保险有限责任公司、武汉商联(集团)股份有限公司、天津睿通投资管理合伙企业(有限合伙)、香港中央 结算有限公司、金鹰科技创新股票A，前十大机构投资者合计持股比例达71.38%。相较于上一季度，前 十大机构持股比例合计下跌了0.66个百分点。 外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即香港中央结算有限公司。 险资方向，本期较上一季未再披露的养老金基金共计1个，即中意资管-工商银行-中意资产-卓越非凡23 号资产管理产品。 公募基金方面，本期较上一期持股增加的公募基金共计4个，包括金鹰科技创新股票A、金鹰核心资源 混合A、金鹰红利价值混合A、金鹰中小盘精选混合A，持股增加占比达0.42%。本期较 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.2 billion for the last quarter[6]. - The company reported a significant increase in revenue for the fiscal year ending December 31, 2024, with a total revenue of $1.2 billion, representing a 15% year-over-year growth[21]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues of approximately $1.32 billion[6]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[21]. - The company reported a net profit margin of 12%, up from 10% in the previous quarter[6]. - Cash flow from operations improved by 18%, totaling $150 million for the quarter[6]. - The group's cash flow from operating activities for the year was HKD 428.6 million, down from HKD 556.1 million in the previous year[161]. - The group's total liabilities as of December 31, 2024, amounted to HKD 14.5 billion, with a debt-to-asset ratio of 58.1%, up from 50.8% in the previous year[162]. - The group's cash and bank deposits, including time deposits, were HKD 1.09 billion, a decrease from HKD 1.68 billion in the previous year[162]. User Growth and Market Expansion - User data showed a growth of 25% in active users, totaling 5 million users by the end of the quarter[6]. - User data showed a 25% increase in active users, reaching 5 million by the end of the fiscal year[21]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[6]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[21]. Product Development and Innovation - New product launches contributed to a 30% increase in sales, with the latest product generating $300 million in revenue[6]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[21]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[6]. - Research and development expenditures increased by 20%, totaling $150 million, to support new technology initiatives[21]. Strategic Acquisitions - The company announced a strategic acquisition of a smaller competitor for $200 million, expected to enhance its product offerings[6]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[21]. Marketing and Brand Awareness - A new marketing strategy is projected to increase brand awareness by 40% over the next year[6]. Customer Satisfaction and Operational Efficiency - Customer satisfaction ratings improved to 90%, reflecting enhanced service delivery and product quality[21]. - The company aims to improve operational efficiency, targeting a 5% reduction in costs through process optimization[21]. Financial Challenges and Losses - The group recorded a consolidated loss attributable to shareholders of HKD 2,597,800,000 for the year ended December 31, 2024, compared to a loss of HKD 1,791,900,000 in the previous fiscal year[22]. - The fair value loss on investments held in Cosmopolitan International Holdings Limited amounted to HKD 946,100,000, impacting the group's financial performance for the year[23]. - The financial expenses for Regal Real Estate Investment Trust reached HKD 640,400,000, up from HKD 611,200,000 in 2023, primarily due to high interbank lending rates[31]. Hotel and Tourism Performance - Hotel revenue net increased by approximately 10.1% compared to 2023, with total gross profit from operations amounting to HKD 687,800,000, a 5.4% increase from HKD 652,300,000 in 2023[22]. - The total number of visitors to Hong Kong reached approximately 44,500,000, a year-on-year increase of 30.9%, but still below the pre-pandemic high of about 79.6%[26]. - The average hotel occupancy rate in Hong Kong for 2024 was 85.0%, an increase of 3.0 percentage points from 2023, while the average room rate decreased by 4.3%[26]. - Regal Airport Hotel achieved a satisfactory operational performance with an average occupancy rate of 59.1%, up 17.0 percentage points from 42.1% in 2023, despite a 6.8% drop in average room rates[27]. - The local tourism market in Hong Kong is showing signs of recovery, with approximately 1,300,000 visitors during the Lunar New Year peak period and a total of about 4,700,000 visitors in January 2025, marking a year-on-year increase of 24.0% and 25.0% respectively[45]. Infrastructure and Economic Outlook - The Hong Kong International Airport's three-runway system is expected to be completed by 2024, aiming to handle 120,000,000 passengers and 10,000,000 tons of cargo annually by 2035[44]. - The company expresses confidence in the resilience of the Hong Kong economy and its potential to regain growth momentum as local economic conditions improve[46]. - The Hong Kong economy is anticipated to benefit from a series of support measures from the central government as it integrates further into the national development strategy[44]. Shareholder Information and Corporate Governance - The company has no current investments in aircraft but is open to reinvesting in this area if suitable opportunities arise[43]. - The board has decided not to recommend a final dividend for the year ending December 31, 2024, to ordinary shareholders[178]. - The company will hold its 2025 Annual General Meeting on June 10, 2025[179]. - The register of ordinary shareholders will be closed from June 5, 2025, to June 10, 2025, to determine eligibility for voting at the AGM[180]. - The company has received annual confirmations of independence from four current independent non-executive directors[182].

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佈之內容概不負責，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佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 (股份代號：78) (債務股份代號：5425) 於截至二零二四年十二月三十一日止年度，本集團錄得股東應佔綜合虧損港幣 2,597,800,000元，而於上一個財政年度錄得之虧損為港幣1,791,900,000元。 於年度內，本集團在香港之酒店業務營運表現持續穩定，酒店收入淨額較二零 二三年增加約10.1%。本集團自經營業務之毛利總額為港幣687,800,000元，較 二零二三年達致之港幣652,300,000元增加約5.4%。 另一方面，由於香港利率於二零二四年仍維持於相對高位，令致融資成本開支 依然龐大。此外，誠如早前所闡述，本集團自二零一五年起已於 Cosmopolitan International Holdings Limited 四海國際集團有限公司(本公司之同系上市附屬公 司，主要在中國從事物業發展業務)直接持有重大投資，以作為其核心策略資 產組合之一部分。於四海所持之投資一直列為按公平值計入 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2024, representing a 15% year-over-year growth[4]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023, representing an increase in loss of approximately 109.5%[12]. - Revenue for the six months ended June 30, 2024, was HKD 863.4 million, an increase from HKD 776.4 million for the same period in 2023[54]. - The total comprehensive loss for the period was HKD 1,695.9 million, compared to HKD 890.9 million for the same period in 2023[55]. - The company reported a loss of HKD 1,665.0 million for the six months ended June 30, 2024, compared to a loss of HKD 1,599.2 million in the same period last year[58]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD 1.84, compared to HKD 0.91 for the same period in 2023[54]. Operational Highlights - User data showed a 20% increase in active users, reaching 1.2 million by the end of the reporting period[4]. - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with the average room revenue (RevPAR) rising by 9.2% year-on-year[13]. - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%[13]. - The average occupancy rate for the Regal Airport Hotel was 55.1%, with average room revenue and property income net increasing by 50.3% and 87.8%, respectively, compared to the same period in 2023[14]. - The group anticipates improved revenue from the Regal Airport Hotel due to several large events planned for the second half of the year[14]. Strategic Initiatives - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next quarter[4]. - New product launches are expected to contribute an additional $50 million in revenue by the end of 2024[4]. - Market expansion efforts include entering two new international markets, which are anticipated to generate $20 million in additional revenue[4]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[4]. - The management emphasized a focus on sustainability initiatives, aiming to reduce operational costs by 5% through green technologies[4]. Financial Position - Cash flow from operations increased by 25%, totaling $80 million, providing a strong liquidity position for future investments[4]. - The company's net asset value dropped to HKD 9,357.4 million, a decrease of 15.7% from HKD 11,110.5 million[57]. - The total liabilities decreased to HKD 16,792.0 million, down from HKD 17,408.1 million, reflecting a reduction of 3.5%[57]. - The company's cash and bank balances decreased to HKD 228.6 million from HKD 578.1 million, a decline of 60.5%[56]. - The asset-liability ratio increased to 55.4% as of June 30, 2024, compared to 50.8% as of December 31, 2023[49]. Management and Governance - Professor Luo Wenyu has been an independent non-executive director since 2012, with extensive experience in decision sciences and economics, previously serving as a professor at The Chinese University of Hong Kong[7]. - Mr. Liang Subao was appointed as an executive director in 2023, bringing over 29 years of experience in accounting and corporate finance to the company[8]. - The company’s board of directors has undergone changes, with no additional disclosures required under the listing rules[122]. - The audit committee has reviewed the accounting standards and practices, ensuring adherence to financial reporting requirements for the six months ending June 30, 2024[130]. Investment and Development - The company is investing $30 million in new technology development to enhance operational efficiency[4]. - The group is managing four Regal Hotels in mainland China, with a new hotel under development in Chengdu to be managed upon completion[17]. - The group has a diversified property portfolio, including completed properties and hotels in Hong Kong, as well as a renovation project in Lisbon, Portugal, and a historic building in London, UK[18]. - The company has completed the acquisition of a redevelopment property in Kowloon with a total site area of 431 square meters, intended for commercial/residential development[26]. - The renovation project in Lisbon has been completed, and the related usage permit was issued in August 2024, with plans to market the residential units and shops[29]. Market Conditions and Economic Outlook - The Hong Kong government forecasts economic growth of 2.5% to 3.5% for the year, with significant events planned to attract high-spending tourists[20]. - The "Individual Travel Scheme" has expanded to 59 cities, including all provincial capitals in China, which is expected to boost local hotel, retail, and dining markets[20]. - The company is closely monitoring market conditions to plan the sale of remaining units in the luxury residential development project, Regal Hill, which includes 24 garden houses and 136 apartment units[18]. - The group is closely monitoring the market environment in Tianjin to develop appropriate sales plans for the remaining office units[42]. Financial Assistance and Guarantees - The company provided financial assistance to its associates, with a total loan amount of HKD 4,623.0 million as of June 30, 2024[124]. - The total amount of bank financing guaranteed by the company for its associates is HKD 2,157.5 million[124]. - The group has provided guarantees for bank financing totaling HKD 1,881.4 million, an increase of 10.5% from HKD 1,703.1 million as of December 31, 2023[101].

Financial Performance - The company reported a loss attributable to shareholders of HKD 1,599.2 million for the six months ended June 30, 2024, compared to a loss of HKD 762.6 million in the same period of 2023, representing an increase of 109.7%[3] - Revenue for the six months ended June 30, 2024, was HKD 863.4 million, an increase of 11.2% from HKD 776.4 million in the same period of 2023[2] - Gross profit increased by 32.4% to HKD 311.0 million, up from HKD 234.9 million year-on-year[2] - The operating loss before depreciation, financing costs, and tax increased significantly by 627.5% to HKD 734.8 million, compared to HKD 101.0 million in the previous year[2] - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023, representing an increase in loss of approximately 109.5%[5] - The overall gross profit from operating activities for the six-month period was HKD 311,000,000, reflecting a year-on-year growth of 32.4%[5] - The company reported a gross loss of HKD 1,037.0 million for the six months ended June 30, 2024, compared to a loss of HKD 412.1 million in 2023[48] - The company reported a pre-tax loss of HKD 1,666.8 million for the six months ended June 30, 2024, compared to a loss of HKD 833.2 million in the same period of 2023[59] - Total comprehensive loss for the period was HKD (1,695.9) million, up from HKD (890.9) million in the prior year, reflecting a 90.5% increase in total losses[50] Asset and Equity Changes - The net asset value per share decreased to HKD 8.35 from HKD 10.23, reflecting a decline of 18.4%[2] - The adjusted net asset value per share also decreased by 8.7% to HKD 19.21 from HKD 21.03[2] - Non-current assets decreased to HKD 22,638.4 million as of June 30, 2024, from HKD 23,605.5 million as of December 31, 2023, a decline of 4.1%[51] - Current assets dropped significantly to HKD 3,511.0 million from HKD 4,913.2 million, a decrease of 28.5%[52] - The company's total equity attributable to equity holders of the parent decreased to HKD 9,357.4 million from HKD 11,110.5 million, a decline of 15.7%[52] Cash Flow and Financial Health - The net cash flow from operating activities for the review period was HKD 124.3 million, down from HKD 201.1 million in 2023[43] - The company's cash and bank deposits, along with time deposits, totaled HKD 1,140.0 million as of June 30, 2024, down from HKD 1,684.9 million at the end of 2023[44] - The company reported cash and cash equivalents of HKD 228.6 million, down from HKD 578.1 million, a decrease of 60.5%[52] - The company's financing costs increased to HKD 511.8 million for the six months ended June 30, 2024, up from HKD 413.1 million in the same period of 2023, representing a 23.9% increase[65] - The group's interest expenses for the period amounted to HKD 449.9 million, up from HKD 366.2 million in 2023[43] Operational Highlights - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with the average revenue per available room (RevPAR) rising by 9.2% year-on-year[6] - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%[6] - The average occupancy rate for the Regal Airport Hotel was 55.1%, with average revenue per available room and property income net increasing by 50.3% and 87.8%, respectively, compared to the same period in 2023[7] - The average occupancy rate for the five Regal Hotels was 65.6%, a decrease from 66.8% in the same period last year, while the average room rate increased by 12.4%, leading to a 10.4% year-on-year increase in total revenue from available rooms[10] - The net property income for the five Regal Hotels reached HKD 164,900,000, up 21.1% from HKD 136,200,000 in the same period last year[10] Strategic Initiatives - The company remains optimistic about the recovery of the hotel business, particularly with upcoming large-scale events in Hong Kong expected to boost revenue[4] - The company is actively planning to sell non-core assets to enhance liquidity and financial strength[4] - The company has entered into multiple interest rate swap transactions to convert part of its floating-rate bank loans to fixed rates, aiming to reduce financial costs in the short term[15] - The company is closely monitoring market conditions to align with its planned sales strategies for remaining valuable properties, including 4 garden houses and 81 apartment units[30] Governance and Management - The board of directors includes key members such as Mr. Luo Xurui (Chairman and CEO) and Ms. Luo Baowen (Vice Chairman and Managing Director)[76] - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[76] - The company is led by experienced individuals with significant industry expertise, enhancing strategic decision-making[76]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[4]. - Total revenue for the year ended December 31, 2023, was HKD 1,792.2 million, a decrease from HKD 1,831.1 million in 2022, representing a decline of approximately 2.1%[154]. - Gross profit for the same period was HKD 652.3 million, down from HKD 857.8 million in 2022, indicating a decrease of about 24%[154]. - The company reported a net loss attributable to equity holders of HKD 1,791.9 million for 2023, compared to a loss of HKD 358.3 million in 2022, reflecting an increase in losses of approximately 400%[154]. - The operating loss for the year was HKD 800.3 million, a significant decline from a profit of HKD 12.2 million in the previous year[154]. - The company experienced a fair value loss on financial assets of HKD 914.2 million, compared to a loss of HKD 93.7 million in 2022, marking a substantial increase in losses[154]. - The company declared a basic and diluted loss per share of HKD 2.12 for 2023, compared to HKD 0.53 in 2022[154]. - The company’s total comprehensive loss for the year was HKD 1,790.8 million, compared to HKD 549.9 million in 2022, indicating a significant increase in total losses[155]. Market Expansion and Strategy - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of the year[4]. - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[4]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 15% to $575 million[4]. - A new strategic partnership has been established, expected to generate an additional $20 million in revenue within the next six months[4]. - The company is exploring potential acquisitions to strengthen its portfolio, with a budget of $100 million allocated for this purpose[4]. Corporate Governance - The company emphasizes its commitment to financial transparency and accountability, as evidenced by the diverse backgrounds of its board members in finance and corporate governance[11]. - The board of directors remains committed to enhancing shareholder value through dividends, with a proposed increase of 5% in the upcoming payout[4]. - The company has a strong focus on corporate governance, with multiple independent directors holding significant qualifications and memberships in professional accounting bodies[11]. - The board includes independent non-executive directors with extensive experience in finance and management, such as Ms. Jan Li-Chuan and Mr. Wong Chi-Keung, both having over 41 years of experience in their respective fields[11]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to fulfill different functions authorized by the board[138]. Operational Efficiency - The company has implemented cost-cutting measures, aiming to reduce operational expenses by 10%[4]. - The company is focused on enhancing its operational efficiency through the expertise of its financial and operational leaders[10]. - The company continues to explore new strategies for growth and development, guided by the insights of its experienced board members[11]. Financial Position - The group’s debt as of December 31, 2023, was HKD 14,483.3 million, up from HKD 13,831.2 million in 2022, resulting in a debt-to-asset ratio of 50.8%[95]. - The company's net asset value decreased from HKD 13,391.4 million in 2022 to HKD 11,110.5 million in 2023, a decline of approximately 17.0%[158]. - The total equity attributable to shareholders decreased from HKD 11,326.6 million in 2022 to HKD 9,193.6 million in 2023, a decline of approximately 18.8%[160]. - The company reported a significant reduction in cash and bank balances from HKD 601.8 million in 2022 to HKD 578.1 million in 2023, a decrease of approximately 3.4%[156]. Investment and Development - The company is involved in various investment and business operations, including hotel ownership, management, and property development through joint ventures[71]. - The company has ongoing property development projects and investments, including residential and commercial developments in various locations in Hong Kong and mainland China[71]. - The company is managing a total of four Favour hotels in mainland China, with a new hotel in Chengdu under development[20]. - The company has signed an agreement to sell two Airbus aircraft for a total consideration of USD 44,500,000, with the sale expected to be completed by the end of April 2024[23]. Tourism and Market Conditions - The total number of visitors to Hong Kong in 2023 was approximately 34,000,000, reflecting a year-on-year increase of 55 times, but only reaching about 55% of pre-pandemic levels[14]. - The Hong Kong economy is improving but has not yet fully recovered to pre-pandemic levels, facing challenges from reduced global demand and tightening credit conditions[24]. - The Hong Kong government is actively enhancing the city's appeal as a major tourist destination, with over 80 large events held in the first half of 2023, benefiting tourism, hotels, and retail sectors[24]. Financial Assistance and Loans - The company provided financial assistance to its associates, with a total loan amount of HKD 2,448.8 million to 百富控股有限公司, and total bank financing amounting to HKD 5,458.5 million[122]. - The total financial assistance and bank guarantees provided to associated companies amounted to HKD 5,458,500,000 and HKD 4,502,300,000, representing 19.1% and 15.8% of the group's total assets of HKD 28,518,700,000 as of December 31, 2023[124]. Risk Management and Compliance - The company has implemented a comprehensive risk management and internal control system, which was reviewed for effectiveness during the year[148]. - The company continues to monitor its financial commitments and ensure compliance with regulatory requirements[121]. - The company has established policies to ensure timely and fair disclosure of insider information in compliance with applicable laws and regulations[149].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,791.9 million for the year, compared to a loss of HKD 358.3 million in the previous fiscal year, representing an increase of 400.1%[3]. - Revenue for the year was HKD 1,792.2 million, a decrease of 2.1% from HKD 1,831.1 million in the previous year[2]. - Gross profit decreased by 24.0% to HKD 652.3 million from HKD 857.8 million year-on-year[2]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,791,900,000 for the year ended December 31, 2023, compared to a loss of HKD 358,300,000 in the previous fiscal year[7]. - The net loss attributable to equity holders for the year was HKD 1,931.6 million, significantly higher than the loss of HKD 411.3 million in 2022, resulting in a basic and diluted loss per share of HKD 2.12[55]. - The group's financing costs increased to HKD 969.0 million from HKD 463.5 million in the previous year, contributing to the overall loss[54]. - The adjusted pre-tax loss for the group in 2023 was HKD 1,951.1 million, compared to a loss of HKD 445.3 million in 2022, indicating a significant increase in losses[69]. - The loss attributable to equity holders of the parent company was HKD 1,791.9 million in 2023, compared to a loss of HKD 358.3 million in 2022, marking a substantial increase in losses[69]. Hotel Operations - The average hotel occupancy rate in Hong Kong for 2023 was 82.0%, an increase of 16.0 percentage points year-on-year, with average room revenue (RevPAR) rising by 62.3%[9]. - Three Regal Hotels and two Regal Residence Hotels experienced a significant rebound in business operations, with property revenue net total increasing by approximately 221.7% compared to the previous year[5]. - The group’s investment in Regal Airport Hotel is expected to generate strong recurring income in the coming years due to increased events at the AsiaWorld-Expo and the opening of the new passenger terminal[10]. - The total revenue for the hotel operations and management segment in 2023 was HKD 1,676.5 million, an increase from HKD 1,647.0 million in 2022, representing a growth of approximately 1.7%[69]. - Revenue from hotel operations and management services increased to HKD 1,611.2 million in 2023 from HKD 1,580.1 million in 2022, representing a growth of about 2.0%[75]. Asset Management and Investments - The company incurred a fair value loss of HKD 770.9 million related to its investment in Cosmopolitan International Holdings Limited, which had no immediate impact on cash flow[3]. - Fair value losses on financial assets amounted to HKD 770,900,000, mainly related to investments in Cosmopolitan International Holdings Limited, reflecting a decline in market price[7]. - The group’s financial assets investment business recorded a net loss due to a weak local stock market[43]. - The financial asset investment segment's revenue decreased to HKD 14.2 million in 2023 from HKD 23.9 million in 2022, a decline of about 40.5%[69]. Property Development - The group has ongoing property development projects in Hong Kong, including commercial/residential projects and a significant luxury residential development in Shatin[17]. - The group sold a total of 4 garden houses and 8 apartment units in the Favour Mountain project, with significant remaining value in unsold units[17]. - The residential project "Shang Zhu" has sold all units, while 8 garden houses in "Fuhao Yuting" are still available for sale[32]. - The group currently manages a total of four Favour hotels in mainland China, with a new hotel in Chengdu under development[15]. - The Chengdu project has a total floor area of approximately 495,000 square meters, with residential unit sales generating total revenue of approximately RMB 2,048,300,000 (HKD 2,211,500,000) from nearly all units sold[39]. Financial Position - The group's total assets attributable to equity holders amounted to HKD 9,193.6 million, with an adjusted net asset value per share of HKD 21.03 if revalued at market value[45]. - The group's debt, after deducting cash and bank deposits, was HKD 14,483.3 million, up from HKD 13,831.2 million in 2022, resulting in a debt-to-asset ratio of 50.8%, compared to 45.7% in the previous year[48]. - The total assets, adjusted for the market value of hotel properties in Hong Kong, were HKD 40,901.0 million, leading to a debt-to-asset ratio of 35.4%, an increase from 33.2% in 2022[48]. - Total liabilities increased from HKD 16,380.6 million in 2022 to HKD 17,408.2 million in 2023, an increase of approximately 6.3%[62]. - The company's total non-current liabilities rose from HKD 9,026.1 million in 2022 to HKD 13,975.8 million in 2023, an increase of approximately 54.1%[62]. Corporate Governance - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring compliance with accounting standards[87]. - The company has adhered to the corporate governance code as per the Stock Exchange's listing rules, with no separation of roles between the chairman and CEO[87]. - The board of directors did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[51]. - The annual general meeting is scheduled for June 13, 2024, to discuss the financial results and other matters[52].

富豪酒店國際控股有限公司 legal Hotels International Holdings Limited (於百慕連註冊成立之有限公司) (股份代號 : 78) 2023 中期報告 目錄 2 公司資料 3 董事簡介 7 主席報告書 13 管理層之討論及分析 22 簡明綜合財務報表 22 簡明綜合損益表 23 簡明綜合全面收益表 24 簡明綜合財務狀況表 26 簡明綜合資本變動表 28 簡明綜合現金流量表 30 簡明綜合財務報表附註 55 其他資料 64 中期財務資料審閱報告 公司資料 | --- | --- | |----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------| | | | | 董事 | 核數師 | | 執行董事 羅旭瑞（主席兼行政總裁） 羅寶文（副主席兼董事總經理） | 安永會計師事務 ...

Financial Performance - The company recorded a consolidated loss attributable to shareholders of HKD 762.6 million for the six months ended June 30, 2023, compared to a profit of HKD 138.3 million in the same period of 2022, representing a significant decline [3]. - Revenue for the period was HKD 776.4 million, a decrease of 25.3% from HKD 1,039.9 million in the same period last year [2]. - Gross profit fell to HKD 234.9 million, down 62.2% from HKD 621.2 million year-on-year [2]. - Core business net loss attributable to shareholders, excluding fair value changes and depreciation (non-cash items), was HKD 234.4 million for the period [6]. - The group recorded a comprehensive profit of HKD 105.2 million for the six months ending June 30, 2023, down from HKD 613.1 million in the same period last year [10]. - Core business loss for the group was HKD 14.8 million, primarily due to rising financing costs from increased HIBOR rates [10]. - The group reported a pre-tax loss of HKD 833.2 million, compared to a profit of HKD 136.6 million in the prior year [60]. - The group’s net loss attributable to equity holders was HKD 762.6 million, compared to a profit of HKD 138.3 million in the previous year [60]. - The company reported a basic loss per share of HKD 762.6 million for the six months ended June 30, 2023, compared to a profit of HKD 138.3 million for the same period in 2022 [68]. Revenue and Occupancy Trends - The overall revenue from the hotel business in Hong Kong remained significantly below the levels of the same period in 2022, primarily due to changes in revenue structure related to quarantine operations [3]. - The average occupancy rate and average room rate for hotel operations showed gradual improvement in July and August 2023, indicating a positive trend [5]. - Average hotel occupancy rate in Hong Kong increased from 63.0% in 2022 to 80.0% in 2023, with RevPAR rising by 59.1% [7]. - Hotel operations and management revenue decreased to HKD 681.2 million from HKD 959.4 million, a decline of approximately 29.0% year-over-year [62]. Economic and Market Conditions - Global economic growth is expected to slow to 2.1% in 2023, down from 3.1% in the previous year [7]. - Hong Kong's GDP grew by 2.9% in Q1 2023 but slowed to 1.5% in Q2, indicating a slower-than-expected recovery [7]. - The Hong Kong government has revised its economic growth forecast for 2023 from 3.5%-5.5% to 4.0%-5.0%, reflecting a cautious outlook for the business environment in the second half of the year [16]. Financing and Cash Flow - The loss during the review period was primarily attributed to a sharp increase in financing costs due to rising interest rates and fair value losses on financial assets [3]. - Interest expenses for the period amounted to HKD 366,200,000, compared to net interest income of HKD 2,200,000 in 2022 [43]. - The group's financing costs increased significantly to HKD 413.1 million from HKD 145.0 million, marking an increase of approximately 184.5% year-over-year [65]. - The group reported a net cash flow from operating activities of HKD 201,100,000 during the review period, compared to HKD 17,300,000 in 2022 [43]. Asset and Liability Management - The adjusted net asset value per share is HKD 21.93, reflecting a decrease of 3.0% from HKD 22.61 as of December 31, 2022 [2]. - The total net asset value attributable to equity holders of the parent company is HKD 10,438.9 million, with an adjusted net asset value per share of HKD 21.93 [41]. - The group's total liabilities, after deducting cash and bank balances, were HKD 14,147.7 million, up from HKD 13,831.2 million as of December 31, 2022 [44]. - The asset-liability ratio as of June 30, 2023, was 48.0%, an increase from 45.7% as of December 31, 2022 [44]. Property and Development Projects - The group is currently converting some residential units in The Queens project into rental units to generate recurring income due to increasing demand for serviced apartments [14]. - The group is undertaking a commercial/residential redevelopment project in Sham Shui Po, with a total floor area of approximately 3,691 square meters planned for development [21]. - The group manages four Regal Hotels in mainland China, with a new hotel in Chengdu under development [12]. - The hotel project at 2 Yan Ka Street, Mong Kok, has a total floor area of approximately 6,529 square meters (70,278 square feet) and opened in March 2019, currently operated by P&R [31]. Corporate Governance and Compliance - The company has adhered to corporate governance codes as per the Hong Kong Stock Exchange regulations during the reporting period [76]. - The company has maintained a rigorous monitoring system for its accounts receivable, with no significant concentration of credit risk [71].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[1]. - The company reported a net profit margin of 15%, up from 12% in the previous year[1]. - Total assets increased to $1 billion, reflecting a 10% growth compared to the previous fiscal year[1]. - The group recorded a consolidated loss attributable to shareholders of HKD 358.3 million for the year ended December 31, 2022, an improvement from a loss of HKD 494.4 million in the previous fiscal year[25]. - For the six months ended June 30, 2022, the group reported an unaudited consolidated profit of HKD 138.3 million, primarily due to increased revenue from hotel operations, particularly from six hotels, including the newly opened Regal Airport Hotel in December 2021[25]. - The group's gross profit for the review year was HKD 857,800,000, compared to HKD 235,500,000 in 2021, while operating profit before depreciation, financing costs, and taxes was HKD 636,000,000, up from HKD 228,000,000 in 2021[28]. - The group recorded a net loss in its financial asset investment business due to adverse market conditions, particularly in the Hong Kong stock market[161]. - The net cash flow from operating activities for the year was HKD 209.5 million, compared to HKD 174.3 million in the previous year[166]. Revenue and Growth Projections - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $550 million[1]. - New product launches included a premium hotel service, expected to contribute an additional $50 million in revenue[1]. - User data showed a 15% increase in active users, reaching 2 million users by the end of the fiscal year[1]. - Market expansion plans include entering two new countries, aiming for a 5% market share within the first year[1]. - A new marketing strategy was introduced, focusing on digital channels, projected to increase customer engagement by 25%[1]. Investments and Acquisitions - The company completed a strategic acquisition of a local competitor for $100 million, expected to enhance market presence[1]. - The company is investing $30 million in technology development to enhance customer experience and operational efficiency[1]. - The group has no immediate plans for significant investments or capital assets beyond those disclosed in the chairman's report[130]. - The company is engaged in joint ventures for various development projects, enhancing its market presence and operational capacity[100][101][104]. Hotel Operations and Market Conditions - The average hotel occupancy rate in Hong Kong for 2022 was 66.0%, an increase of 3.0 percentage points from 2021, while the average revenue per available room (RevPAR) rose by 29.7%[32]. - Regal Airport Hotel, which opened in December 2021, generated significant operational revenue as a quarantine facility until late September 2022[33]. - Following the end of the quarantine hotel program in late September 2022, the hotel market in Hong Kong faced increased competition as previously designated quarantine hotels returned to normal operations[37]. - The group’s hotel operations revenue was affected during the transition period as they prepared to resume normal business operations[27]. Real Estate Development - The company has ongoing property development projects, including luxury residential developments in Hong Kong and mixed-use projects in mainland China[101][104][118][124]. - The new hotel project at Hong Kong International Airport has a site area of approximately 6,650 square meters and a total gross floor area of 33,700 square meters, featuring 1,208 rooms and suites[131]. - The residential development project at 160 Queen's Road West consists of 130 residential units with a total gross floor area of approximately 5,826 square meters, and the occupancy permit was issued in August 2022[132]. - The luxury residential project "富豪‧山峯" has a total gross floor area of approximately 32,474 square meters, with 136 apartment units and 24 garden houses, generating total sales of HKD 4,300,800,000, including completed sales of HKD 3,422,300,000[147]. Financial Position and Debt - As of December 31, 2022, the group's cash and bank deposits totaled HKD 1,744.5 million, down from HKD 2,233.7 million in the previous year[167]. - The group's debt as of December 31, 2022, was HKD 13,831.2 million, an increase from HKD 12,979.5 million in 2021, resulting in a debt-to-asset ratio of 45.7%[167]. - The total value of properties pledged as collateral for bank loans was HKD 20,394.7 million as of December 31, 2022[171]. - The group has secured waivers from banks regarding breaches of interest coverage ratios for certain loans, allowing them to remain classified as current liabilities[169]. Shareholding and Governance - The board of directors includes a mix of executive and independent non-executive members, ensuring governance and oversight[188][191]. - The company has established indemnity provisions for its directors and has purchased directors' liability insurance for protection[193]. - The overall shareholding structure demonstrates a strong concentration of ownership among key executives, particularly Mr. Luo Xurui[197]. Market Outlook and Economic Conditions - The company anticipates a strong recovery in the tourism industry in 2023 due to pent-up demand, with over 30 major international events planned in Hong Kong[48]. - The company believes that the worst financial impacts from the current economic conditions have likely passed[49]. - The company is well-prepared for business recovery as the economic situation in Hong Kong normalizes[50].