Core Viewpoint - The company announced that its chairman, Guo Baichun, has been arrested on charges of embezzlement and abuse of power, which is a personal matter unrelated to the company [1] Company Operations - The company's production and operations are currently normal, and there has been no change in control [1] - The board of directors is functioning normally, and daily management is handled by the management team [1] - The production and operational activities of the company and its subsidiaries are progressing steadily [1]

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。 （於香港註冊成立之有限公司） （股份代號：89） 承董事會命 大生地產發展有限公司 公司秘書 馬清雯 香港，二零二五年八月十一日 於本公佈當日，董事會由十位董事組成，分別為執行董事馬清偉先生、馬清鏗先生、馬 清揚先生、馬清權先生及馬清秀女士；非執行董事張永銳先生；及獨立非執行董事周國 勳先生、姚紀中先生、陳龍清先生及何志強先生。 董事會召開日期 大生地產發展有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於二零 二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）批准刊發本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績，以及考慮派發中期股息。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 大生地產發展有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00089 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 287,669,676 | | 0 | | 287,669,676 | | 增加 / 減少 (-) | | | 0 | | 0 ...

Core Viewpoint - The monthly stock recommendations from brokerage firms reflect a comprehensive judgment on macroeconomic conditions, industry trends, and individual stock values, serving as an important reference for investors to observe market directions [1] Group 1: Market Analysis - As of June 2, 23 brokerage firms have released their assessments for the A-share market in June, with a total of 157 stocks included in the June "golden stock" list [2] - The top three industries represented in the recommendations are machinery and equipment, electronics, and pharmaceuticals, with 17, 14, and 13 stocks respectively [2] - East Wu Securities indicates that while U.S. tariff disruptions continue, their impact on the market is marginally weakening, suggesting that the overall impact on A-shares is controllable [2] - Zhongtai Securities anticipates some pressure in the market for June but expects a solid bottom, with potential upward options for A-shares in the medium term [2] Group 2: Stock Recommendations - A total of 21 stocks received recommendations from two or more brokerage firms, with Yara International (000893) and Dongpeng Beverage (605499) leading with four recommendations each [3] - Yara International's strengths include a recovering potassium fertilizer industry, successful expansion in production, and favorable tax policies [3] - Dongpeng Beverage reported a first-quarter revenue of 4.85 billion yuan, a year-on-year increase of 39.2%, and a net profit of 960 million yuan, up 53.5% year-on-year [3] Group 3: Performance Metrics - All 21 stocks on the June golden stock list reported profits in the first quarter, with 13 stocks showing a net profit growth of over 10% [4] - Yara International and Wanma Technology both saw their net profits double year-on-year [4] - Wanma Technology's first-quarter revenue grew by 78.24%, with a net profit increase of 237.89%, driven by growth in communication and vehicle networking businesses [4] - Juhua Co. achieved a net profit of 808 million yuan in the first quarter, a 160.64% increase, with a focus on high-quality development in pharmaceutical packaging [4]

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year 2024[2]. - Total revenue for the year ended December 31, 2024, decreased by HKD 5.5 million or 1.1% to HKD 481.6 million compared to HKD 487.1 million in 2023[21]. - The group recorded a consolidated loss of HKD 340.2 million for the year, compared to a loss of HKD 164.4 million in 2023, with a loss per share of HKD 1.16[21]. - EBITDA for the year was HKD 166.9 million, down from HKD 173.4 million in 2023, with a basic loss of HKD 39.0 million compared to HKD 28.3 million in 2023[22]. - Interest expenses increased by HKD 6.1 million due to high interest rates, contributing to the rise in basic loss[22]. - Total equity amounted to HKD 8,541.2 million, down from HKD 8,912.7 million in 2023[22]. - The board proposed a final dividend of HKD 0.05 per ordinary share, down from HKD 0.06 in 2023[23]. - The company declared an interim dividend of HKD 0.04 per share, totaling HKD 11,507,000, down from HKD 17,260,000 in the previous year[50]. - Total dividends for the year amount to HKD 0.09 per share, a decrease from HKD 0.12 per share in the previous year[51]. Business Growth and Strategy - User data showed a growth of 25% in active users, totaling 2 million by the end of the fiscal year[2]. - The company provided a positive outlook, projecting a revenue growth of 10-12% for the next fiscal year[2]. - New product launches contributed to a 30% increase in sales in the last quarter, with three major products introduced[2]. - Market expansion efforts have led to a 20% increase in market share in Southeast Asia[2]. - The company is considering strategic acquisitions to further enhance its product offerings and market presence[2]. - The company plans to increase its marketing budget by 25% to support new product launches and brand awareness[2]. - A new partnership with a leading tech firm is expected to drive innovation and improve service delivery[2]. Real Estate and Property Management - The core property leasing business remained stable, with gross leasing income slightly down by 0.1% year-on-year[21]. - Rental income from Hong Kong properties increased by 4.5%, offset by a decline in rental income from the US business[21]. - The gross rental income in Hong Kong was HKD 292.9 million, an increase of HKD 12.5 million or 4.5% compared to the previous year[27]. - The gross rental income for Montgomery Plaza in the US was HKD 57.3 million in 2024, a decrease of HKD 12.8 million or 18.3% from the previous year[28]. - Approximately 25% of the company's revenue comes from hotel operations, which face high fixed costs for daily operations and maintenance[151]. - The hotel occupancy rate has declined to approximately 60%-70% due to increased competition from more affordable overseas travel destinations and changing consumption patterns of mainland tourists[151]. - The company is implementing a diversified business strategy targeting local and mainland Chinese markets to improve occupancy rates[151]. Risk Management and Compliance - The company is committed to integrity and ethical values, with the board overseeing the effectiveness of the internal control system[142]. - The company faces high interest rate risk due to floating rate bank loans, which are influenced by the Hong Kong Interbank Offered Rate and the US Secured Overnight Financing Rate[148]. - The company is implementing prudent liquidity risk management by maintaining sufficient cash reserves and negotiating credit lines to ensure financial stability[148]. - The company is assessing the effectiveness of its risk management and internal control systems annually, focusing on financial, compliance, and operational functions[146]. - The company has established mechanisms to ensure the board receives independent views and opinions, including the appointment of independent non-executive directors to committees[100]. - The company has maintained compliance with relevant laws and regulations throughout the year[80]. Environmental, Social, and Governance (ESG) - The company has established an environmental, social, and governance (ESG) working group to align with new regulatory requirements and monitor climate-related risks and opportunities[150]. - The company aims to reduce its total greenhouse gas emissions by 10% by the fiscal year 2032, using the fiscal year 2022 as a baseline[182]. - The company has implemented systematic processes to manage environmental, social, and governance (ESG) matters[178]. - The group identified 23 key sustainability topics impacting the environment and society through its operations[169]. - The ESG report was prepared following the principles of materiality, quantification, and consistency, ensuring meaningful comparisons with previous years[168]. - The company has established various channels for stakeholder engagement to enhance communication and trust[176]. - The company is committed to promoting water conservation awareness among tenants and customers[193]. - The company has not reported any violations of applicable environmental laws and regulations during the reporting year[179]. Corporate Governance - The company has adopted corporate governance practices to protect shareholder interests and enhance group performance, complying with the Hong Kong Stock Exchange's corporate governance code[93]. - The board consists of five executive directors, one non-executive director, and four independent non-executive directors, ensuring compliance with independence requirements[96]. - The company has established multiple committees, including the Audit Committee, Compensation Committee, and Nomination Committee, with specific written terms of reference for each[109]. - The company encourages all directors to participate in ongoing professional development, providing internal training sessions and materials[106]. - The company has appointed PwC as the independent auditor and approved their remuneration and terms of engagement[113]. - The board will review ESG performance and progress towards goals at least once a year[167].

Financial Performance - Revenue decreased by 1.1% to HKD 481.6 million for the year ended December 31, 2024, compared to HKD 487.1 million in 2023[3] - The loss for the year was HKD 340.2 million, which includes a fair value loss on investment properties of HKD 301.2 million, compared to a loss of HKD 164.4 million in 2023[3] - Basic loss per share increased to HKD 1.16 from HKD 0.65 in the previous year[4] - The group recorded a basic loss of HKD 39.0 million after excluding fair value losses on investment properties, compared to HKD 28.3 million in 2023[3] - Total revenue for the year ended December 31, 2024, was HKD 481,554,000, a decrease of 1.04% from HKD 487,063,000 in 2023[14] - The company reported a total loss of HKD 340,186,000 for the year, with a loss of HKD 263,755,000 from Hong Kong operations and HKD 76,431,000 from the United States[18] - Basic earnings before tax for property leasing and related services showed a loss of HKD 34,770,000, while hotel and restaurant operations reported a loss of HKD 4,208,000[18] - The group recorded a consolidated loss of HKD 340.2 million for the year, compared to a loss of HKD 164.4 million in 2023, with a loss per share of HKD 1.16[31] - Excluding the fair value loss on investment properties, the group's EBITDA for the year was HKD 166.9 million, down from HKD 173.4 million in 2023[32] Dividends - Proposed final dividend per ordinary share is HKD 0.05, down from HKD 0.06 in 2023[3] - The company declared an interim dividend of HKD 11,507,000 (HKD 0.04 per share) for 2024, down from HKD 17,260,000 (HKD 0.06 per share) in 2023[26] - Proposed final dividend for 2024 is HKD 14,383,000 (HKD 0.05 per share), compared to HKD 17,260,000 (HKD 0.06 per share) in 2023[27] - The total proposed final dividend is HKD 0.05 per share, down from HKD 0.06 per share in 2023, resulting in a total distribution of HKD 0.09 per share for the fiscal year, compared to HKD 0.12 per share in 2023[58] Assets and Liabilities - Total assets decreased to HKD 11.53 billion from HKD 11.89 billion in 2023[7] - Non-current assets decreased to HKD 11.27 billion from HKD 11.63 billion in 2023[7] - Long-term bank loans increased significantly to HKD 2.12 billion from HKD 1.07 billion in 2023[9] - Total liabilities increased slightly to HKD 2.99 billion from HKD 2.98 billion in 2023[9] - The total equity decreased by HKD 371.5 million to HKD 8,541.2 million as of December 31, 2024[40] - The net debt-to-equity ratio increased to 30.8% from 28.9% in 2023[40] - As of December 31, 2024, the group's bank borrowings secured by investment properties and land amounted to HKD 2,629.7 million, an increase from HKD 2,562.0 million in 2023[46] - The group's long-term bank loans due within one year are HKD 360.5 million, a decrease from HKD 1,143.2 million in 2023[47] Revenue Sources - Revenue from property leasing was HKD 350,164,000, with HKD 292,877,000 from Hong Kong and HKD 57,287,000 from the United States[18] - Total revenue for the year ended December 31, 2023, was HKD 487,063,000, with contributions of HKD 416,953,000 from Hong Kong and HKD 70,110,000 from the United States[19] - The gross rental income from Montgomery Plaza in the US decreased by HKD 12.8 million or 18.3% to HKD 57.3 million[39] - The core property leasing business remained stable, with gross rental income slightly down by 0.1% year-on-year, while rental income from Hong Kong properties increased by 4.5%[31] Capital Expenditures - Capital expenditures for the year totaled HKD 15,788,000, with HKD 10,715,000 in Hong Kong and HKD 5,073,000 in the United States[18] - Capital expenditure for the year was HKD 36,470,000, with HKD 20,565,000 in Hong Kong and HKD 15,905,000 in the US[19] - Capital expenditure for 2024 was HKD 15.8 million, down from HKD 36.5 million in 2023[41] Accounting and Auditing - The company has not adopted any new accounting standards that would have a significant impact on its financial statements[13] - The company is evaluating the impact of upcoming accounting standards effective from January 2026 and January 2027[13] - The financial auditor reported no reservations regarding the financial statements for the two years ended December 31, 2023, and December 31, 2024[16] Employment and Operations - The group has maintained a full-time employee count of 261 as of December 31, 2024, up from 253 in 2023[51] - The group continues to modernize its real estate portfolio and will closely monitor economic developments for future investment plans[54] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2024[53] - The group has no significant contingent liabilities or guarantees as of December 31, 2024, consistent with 2023[49] - The group has no foreign currency hedging activities as of December 31, 2024[45] - The group’s financial policy aims to strengthen financial operations and reduce borrowing costs, ensuring sufficient cash and cash equivalents for short-term needs[43] - The group has not repurchased any of its shares during the year[56]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 240,589,000, an increase of 4.9% compared to HKD 230,280,000 for the same period in 2023[8] - Gross profit for the same period was HKD 139,090,000, up from HKD 131,489,000, reflecting a gross margin improvement[8] - The company reported a loss of HKD 162,567,000 for the six months ended June 30, 2024, compared to a profit of HKD 146,523,000 in the prior year[9] - The basic and diluted loss per share for the period was HKD 0.55, compared to earnings of HKD 0.43 per share in the previous year[8] - Other comprehensive loss for the period was HKD 1,285,000, compared to a loss of HKD 581,000 in the same period last year[9] - Total sales costs and administrative expenses rose to HKD 181,059,000 for the six months ended June 30, 2024, up from HKD 172,591,000 in the same period of 2023, indicating an increase of about 4.3%[39] - Financial costs netted at HKD (75,719,000) for the six months ended June 30, 2024, compared to HKD (62,284,000) in the previous year, representing an increase of approximately 21.7%[42] - Other net income for the six months ended June 30, 2024, was HKD 1,047,000, down from HKD 3,729,000 in the same period of 2023, indicating a decline of approximately 71.9%[41] - Declared interim dividend per ordinary share was HKD 0.04 for the six months ended June 30, 2024, down from HKD 0.06 in 2023, reflecting a decrease of 33.3%[45] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 11,731,008,000, a decrease from HKD 11,890,984,000 as of December 31, 2023[7] - Total equity decreased to HKD 8,728,792,000 from HKD 8,912,700,000, indicating a decline in shareholder value[7] - The company’s total liabilities increased to HKD 3,002,216,000 from HKD 2,978,284,000, indicating a rise in financial obligations[7] - Non-current assets totaled HKD 11,480,199,000, slightly down from HKD 11,627,376,000[6] - The company's total liabilities were HKD 4,278,284,000, with current liabilities at HKD 1,660,263,000 and non-current liabilities at HKD 1,318,021,000[34] - The group’s current liabilities net value as of June 30, 2024, was HKD 604,241,000, a significant decrease from HKD 1,396,655,000 at the end of 2023, indicating improved liquidity management[15] - Long-term bank loans secured amounted to HKD 2,201,668,000, with HKD 323,133,000 due within one year[35] - The total interest paid during the financing activities was HKD (84,575,000), compared to HKD (62,767,000) in the previous year, reflecting increased borrowing costs[12] Cash Flow - For the six months ended June 30, 2024, the net cash generated from operating activities was HKD 72,526,000, a decrease of 2.5% from HKD 74,467,000 in the same period of 2023[12] - The net cash used in investing activities was HKD (6,236,000), an improvement from HKD (10,181,000) in the previous year, indicating a reduction in investment outflows[12] - The net cash used in financing activities was HKD (78,622,000), slightly higher than HKD (78,589,000) in the prior year, reflecting stable financing costs[12] - As of June 30, 2024, cash and cash equivalents decreased to HKD 96,023,000 from HKD 119,861,000 at the end of the previous year, representing a decline of 19.9%[12] Investment and Capital Expenditures - Capital expenditures for the six months ended June 30, 2024, amounted to HKD 10,572,000, compared to HKD 18,287,000 for the same period in 2023, showing a reduction of approximately 42.3%[26] - Total capital commitments for investment properties and property, plant, and equipment amounted to HKD 15,585,000 as of June 30, 2024, compared to HKD 19,291,000 as of December 31, 2023, a decrease of about 19.5%[46] Shareholder Information - The issued and paid-up ordinary shares stood at 287,670,000 shares, with a total share capital of HKD 417,321,000[35] - Major shareholders include Kam Chaan Company with 138,998,248 shares, representing 48.32% of total shares[72] - As of June 30, 2024, the major shareholders of the company include 金運投資有限公司 with 6,738,664 shares and Montgomery Securities Nominee Limited with 2,922,190 shares, representing a total equity interest in the company[73] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, although the roles of Chairman and CEO are held by the same individual, which the board believes provides consistent leadership[75] - The audit committee reviewed the interim financial data for the six months ending June 30, 2024, with no differing opinions noted from the external auditor[76] Risk Management - The group continues to face various financial risks, including foreign exchange risk and liquidity risk, with no changes in risk management policies since the end of last year[18] - There are no foreign currency hedging activities as of June 30, 2024[60] Operational Performance - Revenue from property leasing was HKD 164,119,000, while hotel operations and related services generated HKD 39,587,000 and HKD 8,382,000 respectively, indicating a strong performance in these segments[22] - The average occupancy rates for the hotels were 75.5% and 91.0%, down from 81.4% and 96.3% respectively in the previous year[55] - The company continues to modernize its real estate portfolio and will closely monitor economic developments[67]

Revenue Performance - Revenue increased by 4.5% to HKD 240.6 million for the six months ended June 30, 2024, compared to HKD 230.3 million for the same period in 2023[1] - The group's revenue for the six months ended June 30, 2024, was HKD 240,589,000, an increase of 4.8% compared to HKD 230,280,000 for the same period in 2023[9] - Revenue from property leasing was HKD 164,119,000, up from HKD 157,575,000, representing a growth of 4.9%[9] - Total revenue for the six months ended June 30, 2023, was HKD 230,280,000, with a breakdown of HKD 199,325,000 from property leasing and related services, and HKD 30,955,000 from hotel operations[12] - Total revenue increased by HKD 10.3 million or 4.5% to HKD 240.6 million for the six months ended June 30, 2024, compared to HKD 230.3 million in the same period last year[21] Financial Losses - The basic loss for the period was HKD 162.6 million, compared to a profit of HKD 146.5 million for the same period in 2023[2] - The company reported a net loss attributable to shareholders of HKD 158.2 million for the period, compared to a profit of HKD 123.6 million in the previous year[3] - The group recorded a consolidated loss of HKD 162.6 million for the six months ended June 30, 2024, compared to a profit of HKD 146.5 million in the same period last year[21] - Basic loss per share was HKD 0.55, compared to earnings of HKD 0.43 per share in the previous year[21] Dividends - The company declared an interim dividend of HKD 0.04 per share, down from HKD 0.06 per share in 2023[1] - The interim dividend declared is HKD 0.04 per ordinary share, down from HKD 0.06 per share in 2023[37] Asset and Liability Changes - Total assets decreased to HKD 11.73 billion as of June 30, 2024, from HKD 11.89 billion as of December 31, 2023[4] - Non-current liabilities increased significantly to HKD 2.15 billion, up from HKD 1.32 billion at the end of 2023[5] - Cash and cash equivalents decreased to HKD 96.0 million from HKD 108.4 million at the end of 2023[4] - The company’s total equity decreased to HKD 8.73 billion from HKD 8.91 billion at the end of 2023[5] - The net current liabilities as of June 30, 2024, were HKD 604,241,000, a significant decrease from HKD 1,396,655,000 as of December 31, 2023[9] - The total liabilities due within one year are HKD 323,133 thousand, while liabilities due in the second year are HKD 55,338 thousand[33] Investment Properties - The fair value loss on investment properties was HKD 129.8 million, compared to a gain of HKD 130.6 million in the previous year[2] - The group reported a total loss of HKD 162,567,000 for the period, with a significant loss attributed to investment property fair value changes amounting to HKD 129,824,000[11] - As of June 30, 2024, the valuation of investment properties was HKD 9,492.8 million, a decrease of HKD 128.7 million or 1.3% from HKD 9,621.5 million as of December 31, 2023[21] - The total carrying amount of investment properties and land and buildings was HKD 8,037.6 million as of June 30, 2024, down from HKD 8,102.4 million as of December 31, 2023[31] Capital Expenditures - Capital expenditures for the period totaled HKD 10,572,000, with HKD 8,223,000 spent in Hong Kong and HKD 2,349,000 in North America[11] - Capital expenditures for the six months ended June 30, 2024, amounted to HKD 18,287,000, with HKD 8,962,000 in Hong Kong and HKD 9,325,000 in North America[12] - Capital expenditure for the first half of 2024 was HKD 10.6 million, down from HKD 18.3 million in the same period last year[27] Financial Costs - The group’s financial costs for the period were HKD 77,114,000, reflecting the impact of financing activities on overall performance[11] - Total interest expenses for the period were HKD 77.1 million, an increase of HKD 14.3 million or 22.7% compared to HKD 62.8 million in the previous year[21] - The net financial cost for the six months ended June 30, 2024, was HKD (75,719,000), an increase from HKD (62,284,000) in the same period of 2023[16] Employment and Operations - The group employed a total of 257 full-time employees as of June 30, 2024, with competitive compensation levels and performance-based rewards[34] - The average occupancy rates for the hotels were 75.5% and 91.0%, down from 81.4% and 96.3% respectively in the previous year[25] - The group expects a moderate recovery in the residential leasing market in 2024[25] Financial Review and Compliance - The interim financial data for the six months ending June 30, 2024, has been reviewed by the external auditor without any differing opinions[41] - The group’s management has confirmed that the accounting policies used in preparing the interim financial data are consistent with those applied in the annual report for the year ended December 31, 2023[9] Strategic Plans - The group plans to secure new loan financing to replace loans maturing within one year, indicating a proactive approach to managing financial resources[9] - The group continues to modernize its real estate portfolio and will closely monitor economic developments for future investment plans[36] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ending June 30, 2024[35] - The group has no significant contingent liabilities or guarantees as of June 30, 2024[31] Segment Revenue - The total segment revenue from Hong Kong was HKD 209,746,000, while North America contributed HKD 30,843,000, leading to a total segment revenue of HKD 240,589,000[11]

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 15% year-over-year growth[2]. - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[42]. - The company's total revenue for the year increased by HKD 47.2 million or 10.7% to HKD 487.1 million, compared to HKD 439.9 million in 2022[84]. - The hotel and restaurant business revenue rose by HKD 35.4 million or 49.3%, contributing to the overall revenue growth[84]. - The company recorded a consolidated loss of HKD 164.4 million for the year ended December 31, 2023, compared to a consolidated profit of HKD 385.5 million in 2022, resulting in a loss per share of HKD 0.65[63]. - The basic loss for 2023 was HKD 28.3 million, a decline from a profit of HKD 36.5 million in 2022, primarily due to a significant increase in interest expenses[85]. - Total interest expenses for the year were HKD 145.7 million, up HKD 74.5 million or 104.6% from HKD 71.2 million in 2022[85]. Market Expansion and Strategy - The total number of residential units sold increased by 20%, with 150 units sold in the past year, compared to 125 units in the previous year[2]. - The company plans to expand its market presence by launching two new residential projects in the next fiscal year, expected to generate an additional HKD 500 million in revenue[2]. - The company has set a performance guidance of 10% revenue growth for the upcoming fiscal year, driven by new project launches and market expansion[2]. - The company is exploring potential acquisition opportunities to further diversify its portfolio and enhance market competitiveness[2]. - The company is expanding its market presence in D regions, aiming to capture a larger share of the market[42]. - Recent acquisitions are expected to enhance the company's capabilities and drive future growth, with an estimated contribution of $E million to revenue[42]. Operational Efficiency and Investments - The company has invested HKD 100 million in new technology for property management, aiming to enhance operational efficiency and customer satisfaction[2]. - The company is investing in R&D, allocating $F million towards the development of new technologies and products[42]. - The company has implemented cost-saving measures, projected to reduce operational expenses by H% over the next year[42]. Corporate Governance and Compliance - The board is responsible for preparing consolidated financial statements based on the going concern principle, ensuring they reflect the true and fair financial position of the company and group[25]. - The company has maintained a shareholder communication policy to ensure timely access to comprehensive and understandable information for shareholders and investors[37]. - The audit committee confirmed that the risk management and internal control systems are adequate and effective[138]. - The company has implemented measures to enhance the confidentiality of insider information and comply with relevant regulations[139]. - The company is actively monitoring regulatory compliance risks related to mandatory building inspections and safety improvements[138]. Sustainability and ESG Initiatives - The company has implemented new sustainability initiatives, aiming to reduce carbon emissions by 20% over the next five years[2]. - The company has established an ESG team to develop actions in line with new regulatory requirements and to implement sustainability strategies across its properties[128]. - The company is implementing energy-saving, water-saving, recycling, and waste reduction measures to minimize environmental impact[128]. - The board evaluates and manages risks related to environmental, social, and governance (ESG) factors annually, ensuring continuous implementation of policies[185]. - The company identified 23 key sustainability topics impacting its operations, including air emissions, water consumption, and employee development[190]. Stakeholder Engagement - The company engages with a wide range of stakeholders, including employees, tenants, suppliers, investors, and regulatory bodies, to strengthen communication and trust[199]. - Various channels have been established for stakeholders to express their opinions on business operations and sustainability management[200]. - Stakeholder feedback was collected through an online survey to assess the importance of various ESG topics, leading to a prioritization matrix[192]. Financial Position and Equity - Total equity as of December 31, 2023, was HKD 8,912.7 million, down from HKD 9,115.1 million in 2022[64]. - The total equity decreased by HKD 202.4 million to HKD 8,912.7 million, down from HKD 9,115.1 million in 2022[94]. - The debt-to-equity ratio as of December 31, 2023, was 28.9%, compared to 28.2% in 2022[94]. Board and Management - The attendance record for board meetings shows that all executive directors attended 100% of the meetings held during the year[23]. - The board has reviewed the implementation and effectiveness of the diversity policy for board members during the year, concluding it has been properly implemented and is effective[20]. - The board has established an ESG working group to assist in developing and implementing the company's ESG strategies and policies[184].

Financial Performance - Total revenue increased by 10.7% to HKD 487.1 million for the year ended December 31, 2023, compared to HKD 439.9 million in 2022[25]. - The group reported a loss of HKD 164.4 million for the year, including a fair value loss on investment properties of HKD 136.0 million, compared to a profit of HKD 385.5 million in 2022[25]. - Basic loss after excluding property revaluation impacts was HKD 28.3 million, compared to a basic profit of HKD 36.5 million in 2022[25]. - The company reported a loss attributable to shareholders of HKD 185,656,000 for 2023, compared to a profit of HKD 360,115,000 in 2022, indicating a significant decline in profitability[26]. - The company reported a total comprehensive loss of HKD 165,046,000 for the year, compared to a comprehensive income of HKD 383,552,000 in 2022, indicating a substantial downturn[40]. - The company recorded a consolidated loss of HKD 164.4 million in 2023, compared to a profit of HKD 385.5 million in 2022, marking a significant decline[65]. - The basic and diluted loss per share for the year was HKD 0.65, compared to earnings per share of HKD 1.25 in the previous year[26]. Revenue Sources - Core property leasing business saw a slight increase in gross rental income by 2.9% year-on-year[3]. - Revenue from hotel and catering business increased by HKD 35.4 million or 49.3%[3]. - Hotel operations revenue increased to HKD 86.6 million in 2023 from HKD 57.8 million in 2022, representing a growth of 49.8%[50]. - The hotel room revenue and food and beverage revenue for 2023 amounted to HKD 107.1 million, an increase of HKD 35.4 million or 49.3% compared to HKD 71.7 million in 2022[116]. - The office rental income for Montgomery Plaza in 2023 was HKD 70.1 million, a decrease of HKD 3.4 million or 4.6% from 2022[96]. Assets and Liabilities - The total assets as of December 31, 2023, were HKD 11,890,984,000, down from HKD 12,133,849,000 in 2022, showing a decrease of approximately 2%[29]. - The company's non-current assets, including investment properties, decreased to HKD 9,621,524,000 from HKD 9,857,923,000, a decline of about 2.4%[29]. - The net current liabilities increased to HKD 1,396,655,000 in 2023 from HKD 820,403,000 in 2022, indicating a significant rise in short-term financial obligations[31]. - The total liabilities decreased to HKD 2,978.3 million in 2023 from HKD 3,018.7 million in 2022[71]. - The company’s non-current liabilities, including long-term bank loans, decreased to HKD 1,318.0 million in 2023 from HKD 1,904.2 million in 2022[71]. - The total equity attributable to shareholders decreased to HKD 8,912,700,000 from HKD 9,115,120,000, reflecting a decline of approximately 2.2%[29]. - Total equity decreased by HKD 202.4 million to HKD 8,912.7 million, down from HKD 9,115.1 million in 2022[117]. Financial Management - The group aims to maintain sufficient cash and cash equivalents to meet short-term funding needs[10]. - The group will continue to review its property portfolio and manage resources to ensure sufficient internal funding for financial obligations[10]. - The company has refinanced long-term bank loans amounting to HKD 1,018,391,000, extending the maturity to December 2026, which enhances liquidity[31]. - The total interest expense for the year was HKD 145.7 million, an increase of HKD 74.5 million or 104.6% compared to HKD 71.2 million in 2022[112]. - Financial costs increased significantly to HKD 145,743,000 from HKD 71,225,000 in the previous year, representing an increase of approximately 104%[86]. Future Outlook - The economic outlook for Hong Kong is expected to improve with government initiatives to attract international capital and talent[5]. - The company expects a moderate recovery in the leasing market for retail and residential units in 2024, driven by new leases and renewals[69]. - The company anticipates that Hong Kong interest rates may start to decline in the second half of 2024, potentially boosting economic growth[67]. Dividends and Capital Expenditures - Proposed final dividend of HKD 0.06 per share, consistent with the previous year[25]. - Capital expenditures for the year were HKD 36,470,000, up from HKD 46,935,000 in the previous year, reflecting a decrease of approximately 22%[79][81]. - The capital expenditure for the year ended December 31, 2023, was HKD 36.5 million, down from HKD 46.9 million in 2022[98]. Miscellaneous - There were no significant investments or acquisitions of subsidiaries, associates, or joint ventures during the year ended December 31, 2023[123]. - The auditors confirmed that the preliminary performance announcement figures were consistent with the group's consolidated financial statements for the year ended December 31, 2023[129].