Financial Performance - The Group's revenue increased by approximately 46% to HK$53,037,000 in 2023 compared to HK$36,381,000 in 2022[10] - The net loss attributable to the owners increased by 5% to HK$28,736,000 in 2023 from HK$27,266,000 in 2022[10] - Basic and diluted loss per share was HK$8.81 in 2023, a 5% increase from HK$8.36 in 2022[10] - Total equity decreased by 10% to HK$252,474,000 in 2023 from HK$280,928,000 in 2022[10] - Gross profit increased by approximately 24% to HK$21,711,000 in 2023, attributed mainly to the hospitality business segment[21] - Other income decreased by 67% to HK$4,491,000, primarily due to the absence of prior year gains on property disposal and government subsidies[22] - The group's net loss increased by 6% to approximately HK$28,900,000, influenced by various factors including a gross profit increase of about HK$4,250,000 and a property sale loss of HK$900,000[25] - Revenue for the year rose by approximately 46% to HK$53,037,000, with gross profit increasing by about 24% to HK$21,711,000, primarily driven by the hospitality sector[25] Assets and Liabilities - As of December 31, 2023, the Group's total assets were approximately HK$417,747,000 and total liabilities were approximately HK$165,273,000[24] - The net asset value per share was approximately HK$0.77 in 2023, down from HK$0.86 in 2022, reflecting a 10% decrease[10] - The Group's total equity as of December 31, 2023, was HK$252,474,000, with a gearing ratio of approximately 4%[75] - The Group's cash and bank balance as of December 31, 2023, was HK$11,690,000, with net current liabilities of HK$80,842,000, resulting in a current ratio of approximately 0.47[72] - As of December 31, 2023, the total borrowings of the Group amounted to HK$129,403,000, a decrease from HK$208,891,000 in 2022[133] Expenses and Costs - Finance costs increased by HK$5,244,000 due to rising HIBOR interest rates since July 2022[23] - Administrative expenses decreased by HK$6,520,000 to HK$29,849,000, mainly due to the absence of unrealized exchange loss on RMB deposits[23] - The finance cost nearly doubled during the year due to high capital costs, despite some bank loans being repaid upon maturity[30] - The segment net loss for the hair styling business increased to HK$1,275,000 compared to a net loss of HK$295,000 the previous year, primarily due to impairment losses and increased costs[42] Hospitality and Tourism - The group's turnover in the hospitality service business increased by 117% to HK$31,393,000, with a segment profit of HK$3,540,000[47] - Average daily rates for the Sheung Wan guesthouse and North Point hostel increased by 73% and 46% respectively compared to 2022, while maintaining a high occupancy rate of about 90%[49] - The overall average daily rate for the hospitality segment increased by 99% year on year, despite the absence of government subsidies received during the pandemic[47] - The hospitality industry's recovery is hindered by staffing shortages, rising energy costs, and high travel costs, despite government initiatives to promote tourism[52][54] - The Group's hospitality service business in Hong Kong is expected to benefit from the resurgence of tourism and government initiatives aimed at boosting the sector[91] Market Conditions and Outlook - The ongoing high interest rate environment, with 11 US interest rate hikes totaling 5.25 percentage points from March 2022 to July 2023, has negatively impacted the real estate market and consumer confidence[29] - The Group anticipates geopolitical tensions and macroeconomic headwinds to impact the global market in 2024, with uncertainties stemming from ongoing conflicts and economic conditions[87][89] - Hong Kong's economy is expected to grow between 2.5% and 3.5% in 2024, while Macau's GDP growth is projected to reach about 10%, recovering to approximately 90% of 2019 levels[91] - The Group maintains a cautious outlook on market recovery due to macroeconomic uncertainties while exploring new business opportunities[94] Share Capital and Dividends - The Directors do not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with 2022 where no dividend was paid[82] - The distributable reserves available for dividend distribution as of December 31, 2023, were HK$14,177,000, after compensating accumulated losses of HK$199,801,000 against contributed surplus of HK$213,978,000[131] - The Company has maintained its authorized share capital without any changes during the review year, and no share options were granted under the approved scheme[118][120] Management and Governance - The Group's management team includes individuals with extensive experience in their respective fields, contributing to the overall strategic direction and operational efficiency[184] - The Group's financial controller and company secretary, Ms. Sze Tak On, has over 30 years of experience in accounting, auditing, and finance, primarily with public companies listed in Hong Kong[187] - The Group's independent non-executive director, Mr. Lau Pui Wing, has over 20 years of experience in accounting, auditing, taxation, and corporate finance[179] Investment Properties - Total rental income from investment properties in Hong Kong and Macau decreased by approximately 27% to HK$2,796,000, attributed to vacancies in a Macau retail shop and a Taikoo Shing property[34] - The valuation loss on investment properties amounted to HK$4,700,000, increasing the segment loss to HK$10,539,000 for the year, with total valuation dropping to HK$114,300,000 as of year-end 2023[34] - Rental income from Macau properties decreased by approximately 35% to HK$1,596,000, mainly due to the early termination of a retail shop lease[36] Strategic Initiatives - The Group plans to focus on attracting and retaining high-quality tenants to ensure a consistent flow of rental income amid uncertain property market recovery[41] - The Group will explore new business opportunities and expand revenue streams, particularly targeting higher-end middle-aged individuals seeking superior hair care services[46] - The Group aims to enhance its hair extension services and collaborate with strategic partners in the hair goods industry as opportunities arise[46]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 53,037,000, an increase of 46% compared to HKD 36,381,000 in 2022[1] - Gross profit for the year was HKD 21,711,000, up from HKD 17,461,000 in the previous year, representing a 24.5% increase[1] - The company reported a loss before tax of HKD 33,129,000, compared to a loss of HKD 27,243,000 in 2022, indicating a 21.7% increase in losses[1] - The total comprehensive loss for the year was HKD 28,454,000, compared to HKD 27,352,000 in 2022, reflecting a 4% increase in comprehensive losses[3] - Basic and diluted loss per share for the year was HKD 8.81, compared to HKD 8.36 in the previous year, indicating a 5.4% increase in loss per share[3] - The group reported a loss before tax of HKD 10,814,000 in 2023, compared to HKD 5,570,000 in 2022, indicating a worsening financial position[33] - The company's net loss increased by 6% to approximately HKD 28,900,000, influenced by a gross profit increase of about HKD 4,250,000 and a property sale loss of HKD 900,000[45] Revenue Breakdown - Revenue from hotel and hospitality services significantly increased to HKD 31,393,000 in 2023, up from HKD 14,437,000 in 2022, representing a growth of 117%[17] - The hair design segment generated revenue of HKD 15,832,000 in 2023, a slight increase from HKD 15,085,000 in 2022[21] - The group’s securities investment revenue decreased to HKD 2,935,000 in 2023 from HKD 3,018,000 in 2022, reflecting a decline of 2.75%[21] - Rental income from investment properties was HKD 2,796,000 in 2023, down from HKD 3,821,000 in 2022, a decrease of 26.8%[21] - Revenue from hair design services increased from HKD 14,440,000 in 2022 to HKD 15,277,000 in 2023, an increase of approximately 5.8%[31] - Total revenue from external customers in Hong Kong decreased from HKD 33,934,000 in 2022 to HKD 51,441,000 in 2023, an increase of approximately 51.5%[28] Asset and Liability Management - Non-current assets decreased from HKD 362,290,000 in 2022 to HKD 345,138,000 in 2023, a decline of 4.7%[5] - Current assets decreased significantly from HKD 168,435,000 in 2022 to HKD 72,609,000 in 2023, a drop of 56.9%[5] - Total liabilities decreased from HKD 300,791,000 in 2022 to HKD 264,296,000 in 2023, a reduction of 12.1%[6] - The company's equity attributable to owners decreased from HKD 280,648,000 in 2022 to HKD 252,358,000 in 2023, a decline of 10.1%[6] - Total assets decreased from HKD 530,725,000 in 2022 to HKD 417,747,000 in 2023, a decline of approximately 21.3%[23] - Total liabilities decreased from HKD 249,797,000 in 2022 to HKD 165,273,000 in 2023, a decline of approximately 33.8%[23] Investment and Financing - The company incurred a fair value loss on investment properties of HKD 4,700,000, compared to HKD 2,800,000 in 2022, representing a 67.9% increase in losses[1] - The valuation loss on investment properties amounted to HKD 4,700,000, increasing the segment loss to HKD 10,539,000, with total investment property valuation dropping to HKD 114,300,000[50] - The fair value loss of securities investments increased by 1% to HKD 11,560,000 as of December 31, 2023[65] - The financial assets at fair value through profit or loss amounted to approximately HKD 51,098,000, down from HKD 58,940,000 in the previous year[66] - Interest expense on bank loans rose from HKD 5,193,000 in 2022 to HKD 9,896,000 in 2023, an increase of approximately 90.5%[33] - The company recorded a financing cost increase of HKD 5,244,000 due to rising interest rates since July 2022[46] Corporate Governance and Social Responsibility - The board of directors has the discretion to declare and pay dividends, considering various financial and operational factors, without guaranteeing any specific amount during any designated period[81] - The group has received multiple awards for its commitment to corporate social responsibility, including recognition as a "Caring Company" for 16 consecutive years[90] - The board is committed to maintaining high standards of corporate governance and business ethics, regularly reviewing governance practices to meet stakeholder expectations[91] - The company did not repurchase any of its own shares during the year[96] - The company and its subsidiaries did not purchase or sell any shares of the company during the year[96] Market Outlook and Future Plans - The company plans to focus on operational efficiency and revenue growth in 2024, amid increasing competition and changing consumer preferences[63] - The company aims to explore new business opportunities and expand revenue sources by targeting high-end middle-aged clients seeking quality hair care services[57] - The property market in Hong Kong is expected to gradually recover, with new home sales increasing tenfold in the first five days after the government lifted cooling measures[54] - Global economic uncertainty is expected to continue in 2024 due to geopolitical tensions, including the ongoing conflict between Russia and Ukraine and the recent Israel-Hamas war, which may lead to a significant economic downturn[82] - The Hong Kong economy is projected to grow by 2.5% to 3.5% in 2024, while Macau's GDP growth is expected to reach approximately 10%, recovering to about 90% of 2019 levels[85] - The group anticipates benefiting from the recovery of the tourism sector in Hong Kong and Macau, supported by government initiatives and a series of large-scale events planned for 2024[85]

Financial Performance - Revenue for the six months ended June 30, 2023, was HK$25,425,000, representing a 52% increase from HK$16,737,000 in the same period of 2022[13]. - Gross profit for the same period was HK$10,846,000, up 41% from HK$7,689,000 year-on-year[13]. - Loss before income tax increased to HK$22,240,000, compared to a loss of HK$14,870,000 in the prior year, reflecting a 49% increase in losses[13]. - Total comprehensive income for the period was a loss of HK$21,629,000, compared to a loss of HK$14,252,000 in the previous year[16]. - Basic and diluted loss per share attributable to owners of the Company was HK(6.85) cents, compared to HK(4.55) cents in the same period last year[16]. - The company reported a loss for the period amounting to HK$22,324,000 for the six months ended June 30, 2023[26]. - The Group reported a loss before income tax of HK$22,240,000 for the first half of 2023, compared to a loss of HK$14,870,000 in the same period of 2022[56]. - The Group delivered a net loss of HK$22,240,000, which is a 50% increase from the net loss of HK$14,870,000 in the corresponding period last year[109]. - The increase in net loss was mainly attributed to a fair value loss of HK$4,745,000 on financial assets at fair value through profit or loss and a fair value loss of HK$4,700,000 on investment properties[109]. Assets and Liabilities - As of June 30, 2023, total assets less current liabilities decreased to HK$278,644,000 from HK$300,791,000 as of December 31, 2022, representing a decline of approximately 7.36%[22]. - Net current liabilities increased to HK$79,733,000 as of June 30, 2023, compared to HK$61,499,000 as of December 31, 2022, indicating a rise of approximately 29.6%[22]. - The company's net assets decreased to HK$259,299,000 as of June 30, 2023, down from HK$280,928,000 at the end of 2022, reflecting a decline of about 7.7%[22]. - Cash and bank balances fell to HK$9,304,000 as of June 30, 2023, from HK$15,088,000 as of December 31, 2022, a decrease of approximately 38.5%[22]. - Total equity attributable to the owners of the company decreased to HK$258,935,000 as of June 30, 2023, down from HK$280,648,000 at the end of 2022, a decline of approximately 7.7%[22]. - Financial assets at fair value through profit or loss decreased to HK$52,450,000 as of June 30, 2023, from HK$58,940,000 as of December 31, 2022, a decrease of about 11%[22]. - The Group's consolidated total assets were HK$506,608,000 as of June 30, 2023, down from HK$530,725,000 at the end of 2022[60]. - The carrying amount of specified non-current assets as of June 30, 2023, was HK$355,677,000, slightly down from HK$356,834,000 as of December 31, 2022[69]. Segment Performance - Segment revenue for Hair Styling increased to HK$8,849,000 in 2023 from HK$6,650,000 in 2022, representing a growth of 33%[56]. - Hospitality Services segment revenue rose to HK$13,505,000 in 2023, up from HK$6,562,000 in 2022, marking a 105% increase[56]. - The Property Investments segment reported a loss of HK$7,478,000 in 2023, compared to a loss of HK$2,292,000 in 2022[56]. - The hair styling business reported a turnover of HK$8,849,000, representing a 33% increase year-on-year, with service income up 36% and product sales down 14%[115]. - The hospitality service segment achieved a turnover of HK$13,505,000, a 106% increase compared to the previous year, while segment profit decreased by 16% to HK$1,532,000[120]. Cash Flow and Financing - For the six months ended June 30, 2023, the net cash used in operating activities was HK$7,019,000, compared to HK$5,403,000 for the same period in 2022, indicating an increase in cash outflow[34]. - The net cash generated from investing activities was HK$13,491,000 for the six months ended June 30, 2023, contrasting with a cash outflow of HK$39,000 in the same period of 2022[34]. - The net cash used in financing activities increased to HK$12,256,000 in the first half of 2023 from HK$6,598,000 in the prior year[34]. - Total finance costs recognized in profit or loss for the six months ended June 30, 2023, amounted to HK$5,232,000, up from HK$1,633,000 in 2022, indicating a rise of 220%[74]. Market and Economic Outlook - The Macau property market is expected to remain subdued in the second half of 2023 due to interest rate hikes and a weakening global economy[114]. - The Group anticipates overall growth to pick up in the second half of 2023, driven by an increase in leisure visitors alongside essential travel[169]. - The economic outlook remains challenged by high inflation, interest rate hikes, and geopolitical tensions, impacting global economic recovery[164]. - The International Monetary Fund slightly raised the global economic growth forecast for 2023 from 2.8% to 3%, indicating that China is expected to be a key driver of global economic growth[164]. Corporate Governance and Shareholding - The company has complied with the Code on Corporate Governance Practices during the review period, with some deviations noted[198]. - Mr. TSANG Chiu Mo Samuel serves as both Executive Chairman and Chief Executive Officer, which is a deviation from the recommended separation of roles[199]. - As of June 30, 2023, ST (79) Investment Limited holds 88,275,577 shares, representing 27.07% of the total shareholding[187]. - The company maintains a register of substantial shareholders as required under Section 336 of the SFO[185].

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，並明確表示概不就因本公佈全部或 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。 CENTURY LEGEND (HOLDINGS) LIMITED （於百慕達註冊成立之有限公司） 00079 （股份代號： ） 截至二零二三年六月三十日止六個月之 中期業績公佈 中期業績 世紀建業（集團）有限公司（「本公司」）董事會（「董事會」）謹此提呈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合業績。 未經審核綜合業績已由本公司審核委員會審閱。 簡明綜合全面收入報表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 港幣千元 港幣千元 收益 5 25,425 16,737 銷售成本 (14,579) (9,048) ...

Financial Performance - Revenue for 2022 was HK$36,381,000, a slight decrease of 0.3% compared to HK$36,492,000 in 2021[10]. - Loss attributable to owners increased by 118% to HK$27,266,000 from HK$12,491,000 in the previous year[10]. - Basic and diluted loss per share both rose to HK$8.36, up 118% from HK$3.83 in 2021[10]. - Total equity decreased by 9% to HK$280,928,000 from HK$308,280,000 in 2021[10]. - Net asset value per share fell by 9% to HK$0.86 from HK$0.95 in the previous year[10]. - Total assets as of December 31, 2022, were HK$530,725,000, down from HK$547,198,000 in 2021[20]. - Total liabilities increased to HK$249,797,000 from HK$238,918,000 in 2021[20]. - The Group's net loss increased by 91% to approximately HK$27,333,000, influenced by various factors including a fair value loss on financial assets of HK$11,410,000 and an unrealized RMB exchange loss of HK$7,735,000[22][24]. Revenue Sources - Total revenue decreased by approximately 0.3% to HK$36,381,000, despite a 20% increase in hospitality services income, due to losses in the hair styling business and reduced rental income from investment properties[26][30]. - Gross profit for the year increased approximately 37% to HK$17,461,000, primarily due to reduced depreciation on right-of-use assets in the hospitality business segment[26][30]. - Other income rose by 86% to HK$13,438,000, mainly from a gain on the disposal of warehouse property of HK$7,462,000 and increased government subsidies of HK$2,022,000[27][31]. - Total rental income from Hong Kong and Macau investment properties decreased by approximately 11% to HK$3,821,000, attributed to vacancy periods and rental concessions[32][35]. - Rental income from Hong Kong properties decreased by approximately 4% to HK$1,374,000, with an investment yield of about 5%[36]. - Macau property rental income decreased by approximately 15% to HK$2,447,000, resulting in an average yield of about 4%[37]. - Turnover from the hair styling business decreased by approximately 8% to HK$15,085,000, with a net loss increasing to HK$295,000[40]. - Hospitality service business turnover increased by 20% to HK$14,437,000, with segment profit of HK$3,721,000[46]. Costs and Expenses - Finance costs increased by HK$2,253,000 due to rising HIBOR interest rates during the year[28][31]. - Administrative expenses increased by HK$7,233,000 to HK$36,369,000, largely due to an unrealized exchange loss on RMB deposits of HK$7,735,000[28][31]. - The valuation loss on investment properties was HK$2,800,000, increasing the segment loss to HK$7,076,000, with total valuation dropping to HK$128,200,000 as of year-end 2022[32][35]. - Total staff costs for the year ended December 31, 2022, amounted to approximately HK$11,710,000, a decrease from HK$12,512,000 in 2021[77][81]. Market Conditions - The US Federal Reserve raised interest rates by a total of 450 basis points in 2022 to combat inflation, which peaked at 9.1% year-on-year in June 2022[21]. - The company faced higher financial costs due to the high interest environment and incurred unrealized exchange losses from substantial RMB deposits[21]. - The ongoing geopolitical tensions, including the Russian-Ukraine war, contributed to rising energy prices and inflationary pressures globally[21]. - The outlook for 2023 is expected to be more stable with a projected GDP growth of approximately 3.5% in Hong Kong and up to 44% in Macau following significant economic disruptions due to the pandemic[84][86]. Strategic Initiatives - The Group plans to implement renovation plans for existing hotel properties with a focus on sustainability to maintain competitive advantage[54]. - The Group has resumed exploring project plans that were on hold due to the pandemic, including the addition of a boutique hotel in Yau Ma Tei to its hospitality portfolio[90]. - The company plans to introduce new branded products to increase sales and is optimistic about the government's new Consumption Voucher Scheme boosting product sales[49]. - The Group is considering leveraging technology to address hiring challenges in a tight labor market, allowing staff to focus more on customer service[90]. Corporate Governance and Compliance - The company is committed to corporate governance and compliance with the Listing Rules[158]. - The Group has complied with all relevant laws and regulations impacting its operations during the year[102]. - The company has a diverse board with extensive experience in various sectors, including finance, marketing, and hotel management[167][174][175][176][177]. Shareholder Information - The total number of ordinary shares available for issue under the share option scheme is 29,347,742 shares, representing 9% of the issued share capital as of the date of the annual report[119]. - The company has not disclosed any other interests or short positions in shares by its Directors and Chief Executives as of the reporting date[196]. - The largest customer accounted for 4% of the Group's sales, while the five largest customers combined represented 10% of total sales[146][148]. - The largest supplier constituted 41% of the Group's purchases, and the five largest suppliers combined accounted for 89% of total purchases[146][148].

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，並明確表示概不就因本公佈全部或 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。 CENTURY LEGEND (HOLDINGS) LIMITED （於百慕達註冊成立之有限公司） 00079 （股份代號： ） 截至二零二二年十二月三十一日止年度末期業績 世紀建業（集團）有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司 （統稱「本集團」）截至二零二二年十二月三十一日止年度之綜合業績，連同截至二 零二一年十二月三十一日止年度之比較數字，茲列如下： 綜合全面收入報表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 港幣千元 港幣千元 收益 3 36,381 36,492 收益成本 (18,920) (23,700) 毛利 17,461 12,792 其他收入 3 13,438 7,212 按公平值計入損益之財務資產之 公平值（虧損）╱收益 (11,410) 122 投資物業之公平值（虧損）╱收益 (2,800) 900 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$16,737,000, a decrease of 8.5% compared to HK$18,293,000 for the same period in 2021[13] - Gross profit increased to HK$7,689,000, up 21.2% from HK$6,343,000 in the previous year[13] - Loss before income tax for the period was HK$14,870,000, compared to a loss of HK$1,290,000 in the same period last year, indicating a significant decline in performance[13] - Total comprehensive income for the period was a loss of HK$14,252,000, compared to a loss of HK$545,000 in the prior year[15] - Basic and diluted loss per share attributable to the owners of the Company was HK(4.55) cents, compared to HK(0.10) cents in the previous year[15] - Other income for the period was HK$3,002,000, slightly down from HK$3,184,000 in the previous year[13] - Administrative expenses increased to HK$17,900,000, up from HK$14,265,000 in the same period last year, reflecting a rise of 25.5%[13] - Fair value loss on financial assets was HK$6,028,000, compared to a gain of HK$5,198,000 in the previous year, indicating a negative shift in asset valuation[13] - The Company reported a total loss attributable to owners of HK$14,848,000, compared to a loss of HK$337,000 in the previous year[15] Assets and Liabilities - As of June 30, 2022, total assets less current liabilities amounted to HK$308,649,000, a decrease of 5% from HK$324,913,000 as of December 31, 2021[21] - Net current liabilities increased to HK$51,441,000 from HK$38,117,000, reflecting a deterioration in liquidity position[21] - The company's net assets decreased to HK$294,028,000, down 4.6% from HK$308,280,000 at the end of 2021[21] - Cash and bank balances dropped significantly to HK$15,556,000, a decline of 43.7% from HK$27,596,000[21] - Trade payables decreased to HK$193,000 from HK$259,000, indicating improved management of payables[21] - Total equity attributable to the owners of the Company was HK$293,703,000, down from HK$307,933,000, reflecting a loss for the period[21] Cash Flow - For the six months ended June 30, 2022, the net cash used in operating activities was HK$5,403,000, compared to HK$51,000 in the same period of 2021[30] - The net cash used in investing activities decreased significantly to HK$39,000 from HK$2,668,000 year-on-year[30] - The net cash used in financing activities was HK$6,598,000, slightly down from HK$6,949,000 in the previous year[30] - Cash and cash equivalents decreased to HK$15,556,000 as of June 30, 2022, from HK$16,657,000 in the previous year[30] Segment Performance - Segment revenue for Hair Styling decreased to HK$6,650,000 in 2022 from HK$8,264,000 in 2021, a decline of 19.5%[49] - Hospitality Services segment revenue increased to HK$6,562,000 in 2022 from HK$5,921,000 in 2021, a growth of 10.8%[49] - Property Investments segment revenue decreased to HK$1,983,000 in 2022 from HK$2,141,000 in 2021, a decline of 7.4%[49] - Securities Investments segment revenue remained relatively stable at HK$1,540,000 in 2022 compared to HK$1,535,000 in 2021[49] Economic and Market Conditions - Hong Kong's GDP contracted by 3.9% and 1.3% in Q1 and Q2 2022 respectively, due to strict COVID-19 measures impacting economic activities[106] - The Group's operations faced challenges due to the COVID-19 pandemic in Hong Kong and Macau, affecting overall performance in 1H 2022[106] - The Group anticipates a positive market sentiment in the retail sector for the second half of 2022, contingent on no further serious COVID-19 outbreaks[114] - The Group maintains a cautious outlook on economic recovery in Hong Kong and Macau due to ongoing COVID-19 infections and potential reintroduction of restrictions[161][164] Strategic Initiatives - The Group aims to expand its business operations by collaborating with local renowned architects and interior designers to explore new projects as the economy revives[132] - The Group plans to adjust its business model in response to the evolving post-COVID-19 consumer behavior and market conditions[162][164] - The Group's new e-platform is in the final stages of fine-tuning, aimed at enhancing online shopping capabilities[119] Corporate Governance - The company complied with the Code on Corporate Governance Practices during the review period, with some deviations noted[189] - The Audit Committee reviewed the accounting principles and practices adopted by the Group and discussed risk management and internal controls[193] - All directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2022[194]

Financial Performance - The Group's revenue increased by approximately 3% to HK$36,492,000 in 2021, driven by the full-year operation of the North Point guesthouse, which contributed a 33% increase in its segment revenue[26] - The net loss attributable to the owners decreased by 48% to HK$12,491,000 in 2021, compared to HK$24,063,000 in 2020[12] - Basic and diluted loss per share improved by 48% to HK$3.83 in 2021 from HK$7.38 in 2020[12] - Total revenue increased by approximately 3% to HK$36,492,000, driven by the full-year operation of the North Point hotel, which contributed a revenue increase of about 33%[28] - The group's net loss decreased by 44% to approximately HK$14,312,000, attributed to a fair value gain of HK$900,000 from investment properties and a reduction in financing costs by HK$2,001,000[28] Assets and Liabilities - Total equity decreased by 4% to HK$308,280,000 in 2021 from HK$322,012,000 in 2020[12] - The Group's total assets as of December 31, 2021, were HK$547,198,000, down from HK$572,298,000 in 2020[23] - Total liabilities decreased to HK$238,918,000 in 2021 from HK$250,286,000 in 2020[23] - As of December 31, 2021, the group's net asset value was approximately HK$308,280,000, with total assets and total liabilities at approximately HK$547,198,000 and HK$238,918,000 respectively[31] - The Group's total borrowings amounted to HK$201,783,000, a decrease from HK$204,371,000 in 2020[127][131] Investment Properties - The Group experienced a fair value gain on investment properties of HK$900,000 in 2021, compared to no gain in 2020[25] - The valuation of investment properties increased by HK$900,000 to HK$131,000,000 during the year under review[33] - Total rental income from Hong Kong and Macau investment properties amounted to HK$4,303,000, an increase of approximately 1% compared to the previous year[32] - The average yield from Macau properties was recorded at about 5%, despite a 4% decrease in rental income to HK$2,827,000 due to vacancies and early termination of tenancies[37] - The group's Hong Kong investment properties achieved nearly 100% occupancy, supported by a resilient local residential market and modest price increases[38] Operational Performance - The property management segment experienced a substantial revenue drop, offsetting some of the gains from the guesthouse operations[26] - Turnover for the hospitality service segment increased by 33% to HK$11,982,000, but the segment loss rose to HK$5,635,000 due to increased operational costs and reduced rental concessions[48] - The hair styling business segment turnover increased by 7% to HK$16,314,000, but the net loss increased to HK$108,000 due to the absence of government subsidies and decreased rental concessions[43] - The occupancy rate of the two hostels averaged 90% in 2021, compared to 85% in the previous year, while the average room rate dropped by approximately 2%[49] Government Support and Subsidies - Government subsidies received decreased to HK$244,000 in 2021 from HK$2,167,000 in 2020[25] - Other income decreased by 37% to HK$7,212,000, primarily due to a reduction in government subsidies by HK$1,923,000 and a decrease in unrealized exchange gains on RMB deposits by HK$2,452,000[30] Digital Transformation and Initiatives - The Group is focusing on digital transformation initiatives, including contactless check-in and AI analytics, to enhance guest experience in response to changing customer demands[54] - The Group is exploring digital transformation initiatives, including non-contact check-in and AI systems, to enhance guest experience[57] Strategic Planning and Future Outlook - The Group is committed to Environmental, Social, and Governance initiatives, including waste and energy management, as part of its strategic priorities[54] - The Group anticipates that as the business environment in Hong Kong stabilizes, the prices of securities investments will gradually reflect their intrinsic value[56] - The Group is looking to capitalize on opportunities to convert Renminbi holdings to reap exchange gains amid increasing international trade demand[85] - The Group is exploring potential hotel operations in neighboring cities to mitigate reliance on a single geographical market[86] Share Capital and Governance - The Board of Directors did not recommend the payment of a final dividend for the year ended December 31, 2021, consistent with the previous year[76] - The total number of ordinary shares available for issue under the share option scheme is 29,347,742 shares, representing 9% of the issued share capital[116] - The maximum entitlement of each eligible participant under the share option scheme must not exceed 1% of the shares in issue in any 12-month period unless approved by shareholders[116] - The remaining life of the share option scheme is 7 years, expiring on May 29, 2029[118] Employee and Management Information - Total staff costs (excluding Directors' emoluments) for the year ended December 31, 2021, amounted to approximately HK$12,512,000, an increase from HK$11,396,000 in 2020[75] - Employee remuneration packages are reviewed annually based on performance appraisals and business performance, with additional benefits including medical insurance and performance-related bonuses[109] - The Company has a diverse management team with expertise across various sectors, including finance, human resources, and corporate affairs[179] Shareholder Information - The Group's largest customer accounted for 4% of sales, while the five largest customers combined represented 12% of total sales[140][143] - The largest supplier accounted for 38% of purchases, and the five largest suppliers combined represented 87% of total purchases[140][143] - The company has disclosed substantial shareholders' interests and short positions as required under Section 336 of the SFO[195]