Core Viewpoint - Dazheng Real Estate (00089) reported a 2.3% year-on-year decrease in revenue for the first half of 2025, amounting to HKD 235 million, alongside a significant increase in shareholder losses of 27.74% year-on-year, totaling approximately HKD 202 million [1] Financial Performance - Revenue decreased by 2.3% to HKD 235 million [1] - Shareholder losses increased by 27.74% year-on-year to approximately HKD 202 million [1] - Loss per share was reported at HKD 0.7 [1] Dividend Information - The company declared an interim dividend of HKD 0.03 per ordinary share [1]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 大生地產發展有限公司 | | 股份代號 | 00089 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月之中期股息 | | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.03 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.03 HKD | | 匯率 | 1 HKD : ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group experienced a slight revenue decrease, a significant increase in loss for the period due to fair value losses, but a notable reduction in underlying loss 2025 Interim Financial Summary | Indicator | June 30, 2025 (HKD Million) | June 30, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 235.0 | 240.6 | -2.3% | | EBITDA excluding fair value loss on investment properties | 78.4 | 85.0 | -7.8% | | Loss for the period | 204.5 | 162.6 | +25.8% | | Fair value loss on investment properties (net of US deferred income tax) | 195.6 | 144.2 | +35.6% | | Underlying loss excluding fair value loss on investment properties and related impact | 8.9 | 18.4 | -51.6% | | Interim dividend per ordinary share | HKD 3 cents | HKD 4 cents | -25.0% | [Condensed Consolidated Financial Information](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Information) This section presents the group's condensed consolidated financial statements, including the statements of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=I.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20-%20Unaudited) For the six months ended June 30, 2025, the group's revenue slightly decreased, while operating loss and loss for the period significantly widened due to a substantial increase in fair value loss on investment properties, with net finance costs decreasing Key Data from Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 234,971 | 240,589 | -2.3% | | Gross profit | 150,742 | 139,090 | +8.4% | | Fair value loss on investment properties | (198,561) | (129,824) | +52.9% | | Operating loss | (143,259) | (69,247) | +106.9% | | Net finance costs | (60,025) | (75,719) | -20.7% | | Loss for the period | (204,531) | (162,567) | +25.8% | | Loss per share (basic and diluted) | HKD (0.70) | HKD (0.55) | +27.3% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=II.%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20-%20Unaudited) Total comprehensive loss for the period widened compared to the prior year, primarily due to an increased loss for the period, partially offset by a narrower fair value change loss on financial assets in other comprehensive income Key Data from Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (204,531) | (162,567) | +25.8% | | Fair value change of financial assets at fair value through other comprehensive income | (646) | (1,276) | -49.3% | | Total comprehensive income for the period | (205,177) | (163,852) | +25.2% | | Total comprehensive income attributable to owners of the Company | (202,394) | (158,896) | +27.4% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=III.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20as%20at%20June%2030%2C%202025%20-%20Unaudited) As of June 30, 2025, the group's total assets and total equity both decreased, primarily due to a reduction in investment property value, while non-current liabilities significantly increased and current liabilities substantially decreased Key Data from Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 11,335,048 | 11,533,101 | -1.7% | | Investment properties | 9,095,152 | 9,294,986 | -2.1% | | Cash and cash equivalents | 146,512 | 123,438 | +18.7% | | Total equity | 8,320,022 | 8,541,246 | -2.6% | | Non-current liabilities | 2,748,056 | 2,348,768 | +17.0% | | Current liabilities | 266,970 | 643,087 | -58.5% | | Total liabilities | 3,015,026 | 2,991,855 | +0.8% | [Notes to the Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the basis of preparation, accounting policies, revenue, segment information, and other key financial items [Basis of Preparation and Accounting Policies](index=6&type=section&id=%28I%29%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial information is prepared under the historical cost convention, in accordance with HKAS 34 "Interim Financial Reporting" and HKFRS, with accounting policies consistent with the 2024 annual report, except for a new amendment on "Lack of Exchangeability" which has no material impact - The condensed consolidated interim financial information is prepared on the historical cost basis, except for investment properties, financial assets at fair value through other comprehensive income, and derivative financial instruments, which are measured at fair value[8](index=8&type=chunk) - The accounting policies are consistent with those adopted in the 2024 annual report, with the adoption of HKAS 21 (Amendment) "Lack of Exchangeability" having no material impact on the group's results and financial position[8](index=8&type=chunk)[9](index=9&type=chunk) [Revenue and Segment Information](index=7&type=section&id=%28II%29%20Revenue%20and%20Segment%20Information) The group's revenue primarily stems from property leasing, property-related services, hotel operations, and catering, with operating segments divided geographically into Hong Kong and the US, where Hong Kong contributes the majority of revenue, but US property leasing revenue declined [Revenue Recognized During the Period](index=7&type=section&id=%28a%29%20Revenue%20Recognized%20During%20the%20Period) Total revenue for the period slightly decreased by 2.3%, primarily due to reduced investment property leasing income, partially offset by a slight increase in hotel and catering operations revenue Revenue Source Analysis (For the Six Months Ended June 30) | Revenue Source | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Property leasing—investment properties | 158,229 | 164,119 | -3.6% | | Property leasing—properties for sale | 13,257 | 13,791 | -3.8% | | Property related services | 14,653 | 14,710 | -0.4% | | Hotel operations | 39,799 | 39,587 | +0.5% | | Catering operations | 9,033 | 8,382 | +7.8% | | **Total revenue** | **234,971** | **240,589** | **-2.3%** | [Operating Segment Analysis](index=7&type=section&id=Operating%20Segment%20Analysis) Hong Kong segment revenue remained stable, but US segment property leasing revenue significantly declined, with Hong Kong's underlying loss narrowing while the US segment shifted from profit to loss, and fair value loss on investment properties primarily originated from Hong Kong - The chief operating decision maker segments the business into two operating segments, Hong Kong and the US, based on geographical location[14](index=14&type=chunk) - There are no sales between operating segments[13](index=13&type=chunk) Segment Revenue (For the Six Months Ended June 30) | Segment | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong total revenue | 210,026 | 209,746 | +0.1% | | US total revenue | 24,945 | 30,843 | -19.2% | | **Total** | **234,971** | **240,589** | **-2.3%** | Segment Results - Underlying Loss (For the Six Months Ended June 30) | Segment Results | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong loss for the period | (191,889) | (201,679) | -4.9% | | US loss/(profit) for the period | (12,642) | 39,112 | Shift to loss | | **Total** | **(204,531)** | **(162,567)** | **+25.8%** | Segment Assets (As at June 30) | Segment Assets | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Hong Kong segment assets | 10,860,914 | 11,041,562 | -1.6% | | US segment assets | 474,134 | 491,539 | -3.5% | | **Total** | **11,335,048** | **11,533,101** | **-1.7%** | [Cost of Sales and Administrative Expenses](index=10&type=section&id=%28III%29%20Cost%20of%20Sales%20and%20Administrative%20Expenses) Total cost of sales and administrative expenses decreased compared to the prior period, primarily due to reduced investment property-related expenses, partially offset by a slight increase in hotel and catering operating expenses Total Cost of Sales and Administrative Expenses (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total cost of sales and administrative expenses | 176,312 | 181,059 | -2.6% | | Investment property related expenses | 29,936 | 34,045 | -12.1% | | Hotel and catering operations related expenses | 36,145 | 35,098 | +3.0% | [Other (Losses)/Gains, Net](index=10&type=section&id=%28IV%29%20Other%20%28Losses%29%2FGains%2C%20Net) Net other losses for the period amounted to HKD 3,357 thousand, primarily due to realized and unrealized losses on derivative financial instruments, contrasting with a gain recorded in the prior period Other (Losses)/Gains, Net (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Dividend income | 652 | 670 | -2.7% | | Net realized and unrealized losses on derivative financial instruments | (3,973) | - | Shift to loss | | Net (loss)/gain on disposal of property, plant and equipment | (36) | 377 | Shift to loss | | **Total** | **(3,357)** | **1,047** | **Shift to loss** | [Finance Income and Costs](index=11&type=section&id=%28V%29%20Finance%20Income%20and%20Costs) Net finance costs significantly decreased, primarily benefiting from a substantial reduction in interest expenses on bank loans Finance Income and Costs (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 1,118 | 1,395 | -19.8% | | Interest expense on bank loans | (61,143) | (77,114) | -20.7% | | **Net finance costs** | **(60,025)** | **(75,719)** | **-20.7%** | [Income Tax Expense](index=11&type=section&id=%28VI%29%20Income%20Tax%20Expense) Income tax expense for the period significantly decreased, primarily due to a shift from deferred income tax liability to income in the US, offsetting the increase in Hong Kong profits tax Income Tax Expense (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Current income tax—Hong Kong profits tax | (2,894) | (1,541) | +87.8% | | Current income tax—US tax | (18) | (13) | +38.5% | | Deferred income tax—Hong Kong | (1,248) | (1,698) | -26.5% | | Deferred income tax—US | 2,913 | (14,349) | Shift to income | | **Income tax expense for the period** | **(1,247)** | **(17,601)** | **-92.9%** | - The Hong Kong profits tax rate is **16.5%**, and overseas subsidiaries had no estimated assessable profits for the period, except for minimum US state tax[22](index=22&type=chunk) [Loss Per Share](index=12&type=section&id=%28VII%29%20Loss%20Per%20Share) Both basic and diluted loss per share for the period were HKD 0.70, widening from the prior period, reflecting the increased loss for the period Loss Per Share (For the Six Months Ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Basic and diluted loss per share | (0.70) | (0.55) | +27.3% | - Diluted loss per share is equal to basic loss per share as there are no potential dilutive ordinary shares[25](index=25&type=chunk) [Dividends](index=12&type=section&id=%28VIII%29%20Dividends) The Board has declared an interim dividend of HKD 3 cents per ordinary share, a decrease from the prior period Interim Dividends Declared (For the Six Months Ended June 30) | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Interim dividend per ordinary share | HKD 3 cents | HKD 4 cents | -25.0% | | Total dividends declared | 8,630 | 11,507 | -25.0% | [Trade and Other Receivables](index=12&type=section&id=%28IX%29%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade receivables increased, primarily comprising rent and management fee receivables, with most due within 30 days Ageing Analysis of Net Trade Receivables (As at June 30) | Ageing | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 2,071 | 1,450 | +42.8% | | 31 to 60 days | 215 | 367 | -41.4% | | 61 to 90 days | 257 | - | New | | Over 90 days | 173 | - | New | | **Total** | **2,716** | **1,817** | **+49.5%** | - Trade receivables primarily consist of rent and management fees, with no credit period for lease receivables and a 30-day credit period for management fee receivables[28](index=28&type=chunk) [Trade and Other Payables](index=13&type=section&id=%28X%29%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade payables decreased, with the majority due within 30 days Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | 0 to 30 days | 6,327 | 8,362 | -24.3% | | 31 to 60 days | 403 | 179 | +125.1% | | 61 to 90 days | 349 | 15 | +2226.7% | | Over 90 days | - | 16 | Zeroed out | | **Total** | **7,079** | **8,572** | **-17.4%** | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review of the group's performance, financial position, and future outlook, including operational highlights and financial resources [Performance Review](index=14&type=section&id=Performance) The group's interim total revenue slightly decreased, with core property leasing stable but US leasing revenue down, while hotel and catering revenue slightly rose, and comprehensive loss widened due to increased fair value loss on investment properties, though underlying loss narrowed due to reduced interest expenses - Total revenue decreased by **2.3%** to **HKD 235.0 million**, with core property leasing business remaining stable, but US operations leasing revenue declined by **3.6%**, while hotel and catering operations revenue slightly increased by **1.8%**[30](index=30&type=chunk) - Comprehensive loss expanded to **HKD 204.5 million**, with loss per share at **HKD 0.70**, primarily due to an increase in fair value loss on investment properties (net of US deferred income tax) to **HKD 195.6 million**[30](index=30&type=chunk) - Excluding fair value losses, EBITDA was **HKD 78.4 million**, and underlying loss narrowed to **HKD 8.9 million**, mainly benefiting from a **HKD 16.0 million** reduction in interest expenses, though offset by decreased profit contribution from US operations[31](index=31&type=chunk) - Investment property valuation decreased by **2.1%** to **HKD 9,095.2 million**, and total equity decreased to **HKD 8,320.0 million**[31](index=31&type=chunk) [Dividend Policy](index=14&type=section&id=Dividends) The Board has declared an interim dividend of HKD 3 cents per ordinary share, a decrease from the prior period - The Board declared an interim dividend of **HKD 3 cents** per ordinary share (2024: HKD 4 cents)[32](index=32&type=chunk) [Outlook](index=14&type=section&id=Outlook) The global economic and political environment remains uncertain, but a clearer picture is expected after US tariff policy meetings; Hong Kong benefits from interest rate cuts and talent attraction schemes, boosting residential leasing demand and positively impacting the property market, with an anticipated economic recovery, stable GDP, and favorable outlook for mainland China, while low and stable interest rates will benefit the group's performance - The global economic and political environment remains highly unpredictable, with a clearer picture expected after the US tariff policy meeting[33](index=33&type=chunk) - Hong Kong benefits from recent significant interest rate cuts and government talent attraction schemes, leading to a surge in residential leasing demand and positively impacting property market absorption and stability[33](index=33&type=chunk) - Hong Kong's economy is expected to recover, with GDP remaining stable, and mainland China's GDP outlook is more favorable compared to other parts of the world[34](index=34&type=chunk) - The group holds a more positive view on the outlook for the remainder of the year, with low and stable interest rates expected to benefit performance, and will continue to pursue a prudent policy[34](index=34&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) The group's business review indicates a rebound in Hong Kong residential property leasing income, offset by declines in industrial and commercial property leasing, while hotel occupancy rates rose but average daily room rates fell, and the US office leasing market remained weak with decreasing rents and occupancy [Hong Kong Operations](index=16&type=section&id=Hong%20Kong%20Operations) Hong Kong gross rental income slightly decreased, with residential property leasing income rebounding but offset by declines in industrial and commercial property leasing, while hotel room and catering revenue increased, and hotel occupancy rates rose despite a decrease in average daily room rates - Hong Kong gross rental income slightly decreased by **0.4%** to **HKD 146.5 million**, with residential property leasing income rebounding, but industrial and commercial property leasing income declined[36](index=36&type=chunk) - Hotel room and catering revenue increased by **1.8%** to **HKD 48.8 million**; the average occupancy rates for The Jervois and The Figo increased to **83.1%** and **93.5%** respectively[36](index=36&type=chunk) - The average daily room rates for The Jervois and The Figo decreased to **HKD 1,067** and **HKD 1,250** respectively[36](index=36&type=chunk) - The increase in occupancy rates for both hotels was primarily due to an increase in mainland visitors attending sports and concert events in Hong Kong[36](index=36&type=chunk) [US Operations](index=16&type=section&id=US%20Operations) Gross rental income for Montgomery Plaza in the US significantly decreased by 19.2%, with office occupancy rates falling, reflecting a persistent downward trend in San Francisco's financial district rents and occupancy that is unlikely to reverse in the short term - Gross rental income for Montgomery Plaza in the US decreased by **19.2%** to **HKD 24.9 million**[37](index=37&type=chunk) - Montgomery Plaza's office occupancy rate decreased from **65%** to **45%**[37](index=37&type=chunk) - Rents and occupancy rates in San Francisco's financial district continue to decline, a trend unlikely to reverse in the short term[37](index=37&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=Liquidity%20and%20Financial%20Resources) The group's total bank borrowings slightly increased, and total equity decreased, leading to a rise in the net gearing ratio; the group closely monitors cash flow and funding needs, possessing sufficient committed bank facilities, thus maintaining a sound financial position Key Data on Liquidity and Financial Resources (As at June 30) | Indicator | 2025 (HKD Million) | December 31, 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total bank borrowings | 2,658.3 | 2,629.7 | +1.1% | | Outstanding long-term bank loans | 2,603.6 | 2,479.7 | +5.0% | | Total equity | 8,320.0 | 8,541.2 | -2.6% | | Net gearing ratio (total liabilities to equity ratio) | 32.0% | 30.8% | +1.2 percentage points | - The group closely reviews and monitors its cash flow position and funding requirements to ensure sound financial flexibility and liquidity[38](index=38&type=chunk) - The group has sufficient committed bank facilities to meet current and future business needs, maintaining a sound financial position[38](index=38&type=chunk) [Capital Expenditure](index=16&type=section&id=Capital%20Expenditure) Capital expenditure for the period significantly decreased, but capital commitments increased, primarily for additions to property, plant and equipment, property improvements, and construction works, expected to be funded by future operating income, bank borrowings, and other financing avenues Capital Expenditure and Commitments (As at June 30) | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Capital expenditure during the period | 1.3 | 10.6 | -87.7% | | Capital commitments | 15.0 | 13.6 | +10.3% | - Capital expenditure and commitments primarily relate to additions to property, plant and equipment, property improvements, and construction works[39](index=39&type=chunk) - These commitments are expected to be funded by future operating income, bank borrowings, and other applicable financing avenues[39](index=39&type=chunk) - There were no significant changes in the group's capital structure[40](index=40&type=chunk) [Financial Policies and Objectives](index=17&type=section&id=Financial%20Policies%20and%20Objectives) The group's financial policies aim to enhance financial operations management and reduce borrowing costs, maintain adequate cash levels, and consider diverse funding sources to ensure cost-effectiveness and efficiency of financial resources - Financial policies aim to strengthen the management of financial operations and reduce borrowing costs[41](index=41&type=chunk) - Maintain adequate levels of cash and cash equivalents to meet short-term funding needs[41](index=41&type=chunk) - Consider various funding sources to utilize financial resources in the most cost-effective and efficient manner[41](index=41&type=chunk) [Foreign Currency Exchange Risk](index=17&type=section&id=Foreign%20Currency%20Exchange%20Risk) The group's loans and cash are primarily denominated in HKD and USD and repaid in their respective currencies, thus posing no significant foreign exchange fluctuation risk, with no foreign currency hedging activities undertaken during the period - The group's loans and cash are primarily denominated in HKD and USD, with principal and interest repaid in their respective loan currencies, thus posing no significant foreign exchange fluctuation risk[42](index=42&type=chunk) - As of June 30, 2025, the group had no foreign currency hedging activities[43](index=43&type=chunk) [Pledged Bank Borrowings and Assets](index=17&type=section&id=Pledged%20Bank%20Borrowings%20and%20Assets) The group's total bank borrowings amount to HKD 2,658.3 million, secured by certain investment properties, land and buildings, and their rental income, and the group has entered into fixed interest rate swap contracts to stabilize funding costs - Total pledged bank borrowings amounted to **HKD 2,658.3 million**, secured by investment properties and land and buildings with a total carrying amount of **HKD 7,686.2 million**, along with their rental income[44](index=44&type=chunk) - Interest on bank borrowings is calculated at floating rates (spread plus HIBOR or SOFR)[44](index=44&type=chunk) - A fixed interest rate swap contract with a notional principal value of **HKD 200 million** and a fixed interest rate of **3.06%** was entered into in April 2025 to stabilize funding costs[44](index=44&type=chunk) Maturity Profile of Long-Term Bank Loans (As at June 30) | Maturity Period | 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Within one year | 87,077 | 360,540 | | In the second year | 1,853,478 | 1,834,951 | | In the third to fifth years | 663,085 | 284,253 | | **Total** | **2,603,640** | **2,479,744** | [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no significant contingent liabilities or guarantees - As of June 30, 2025, the group had no significant contingent liabilities or guarantees[46](index=46&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group employed 265 full-time employees, offering competitive remuneration and benefits, with directors' remuneration recommended by the Remuneration Committee, and the company has not adopted any share option scheme - As of June 30, 2025, the group employed a total of **265** full-time employees (2024: 257 employees)[48](index=48&type=chunk) - Employees enjoy competitive remuneration levels, with benefits including discretionary bonuses, insurance, medical schemes, and a Mandatory Provident Fund Scheme[48](index=48&type=chunk) - Directors' remuneration is recommended by the Remuneration Committee based on operating results, individual duties and performance, and market data[48](index=48&type=chunk) - The Company has not adopted any share option scheme[49](index=49&type=chunk) [Material Investments and Future Plans](index=18&type=section&id=Material%20Investments%20and%20Future%20Plans) There were no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the period, and the group will continue to enhance and modernize its real estate portfolio while closely monitoring economic developments to review business plans - For the six months ended June 30, 2025, there were no material investments held, nor any material acquisitions or disposals of subsidiaries, associates, and joint ventures[50](index=50&type=chunk) - The group will continue its efforts to enhance and modernize its real estate portfolio[51](index=51&type=chunk) - The group will closely monitor economic developments and regularly review business plans for material investments and capital assets[51](index=51&type=chunk) [Share-Related Matters](index=18&type=section&id=Share-Related%20Matters) This section covers the declaration of interim dividends, record date arrangements, and the absence of share repurchases, sales, or redemptions during the period [Interim Dividend and Record Date](index=18&type=section&id=Interim%20Dividend%20and%20Record%20Date) The Board resolved to declare an interim dividend of HKD 3 cents per ordinary share, payable on September 29, 2025, to shareholders registered on the share register as of September 12, 2025 - The Board resolved to declare an interim dividend of **HKD 3 cents** per ordinary share (2024: HKD 4 cents)[52](index=52&type=chunk) - The dividend will be paid on September 29, 2025, to shareholders registered on the Company's share register at the close of business on September 12, 2025[52](index=52&type=chunk) [Repurchase, Sale or Redemption of the Company's Shares](index=19&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) During the period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's shares - During the period, the Company did not redeem any of its shares[53](index=53&type=chunk) - Neither the Company nor any of its subsidiaries repurchased or sold any of the Company's shares during the period[53](index=53&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) The Company complies with the Listing Rules' Corporate Governance Code, though the Chairman and Chief Executive roles are combined, which the Board believes facilitates effective strategic planning and implementation, with power and authority balance assured, and all directors confirm compliance with the standard code for securities transactions by directors - The Company complies with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for the combined roles of Chairman and Chief Executive[54](index=54&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive provides strong and consistent leadership, facilitating strategic planning and implementation, with an adequate balance of power and authority assured[54](index=54&type=chunk) - All directors confirm compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, during the period[54](index=54&type=chunk) [Independent Review](index=19&type=section&id=Independent%20Review) The Audit Committee has reviewed this interim financial information, which was also reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410, with no disagreements - The Audit Committee has reviewed the group's principal accounting policies and the condensed consolidated interim financial information, with no disagreements[55](index=55&type=chunk) - The condensed consolidated interim financial information is unaudited but has been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410[55](index=55&type=chunk) [Publication of Interim Report](index=20&type=section&id=Interim%20Report) The 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and published on the HKEX website and the Company's website - The 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders in due course[56](index=56&type=chunk) - The Interim Report will be published on the HKEX website and the Company's website at www.tsld.com[56](index=56&type=chunk) [Board Composition](index=20&type=section&id=By%20Order%20of%20the%20Board) As of the date of this announcement, the Board comprises ten directors, including five executive directors, one non-executive director, and four independent non-executive directors - The Board comprises ten directors, including five executive directors (Mr. Ma Ching Wai, Mr. Ma Ching Hang, Mr. Ma Ching Yeung, Mr. Ma Ching Kuen, and Ms. Ma Ching Sau), one non-executive director (Mr. Cheung Wing Yui), and four independent non-executive directors (Mr. Chow Kwok Hoon, Mr. Yiu Kai Chung, Mr. Chan Lung Ching, and Mr. Ho Chi Keung)[57](index=57&type=chunk)

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]