[Financial Summary](index=1&type=section&id=Financial%20Summary) The Group's financial summary for the year ended March 31, 2025, shows significant revenue growth, a loss attributable to shareholders, a decrease in total assets and net assets, and a stable net debt to revalued net assets ratio FY2025 Financial Summary (HK$ million) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Property Contract Sales (Subsidiaries) | 3,214 | 1,451 | - | | Property Contract Sales (Share of Joint Ventures) | 304 | 387 | - | | **Total Property Contract Sales** | **3,518** | **1,838** | **+91%** | | Revenue | 2,407 | 1,735 | +39% | | Loss Attributable to Company Shareholders | (3,751) | (5,792) | -35% | | Loss Per Share - Basic (HK$) | (2.75) | (4.39) | -37% | | Total Assets | 30,926 | 34,145 | -9% | | Net Assets | 11,693 | 14,684 | -20% | | Equity Attributable to Company Shareholders | 11,688 | 14,451 | -19% | | Net Debt | 14,480 | 16,556 | -13% | | Total Revalued Assets | 41,748 | 44,935 | -7% | | Net Revalued Assets | 22,515 | 25,474 | -12% | | Revalued Equity Attributable to Company Shareholders | 22,398 | 23,375 | -4% | | Gearing Ratio - Net Debt to Revalued Net Assets Ratio | 64% | 65% | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, reflecting its operating results, comprehensive income, and financial position for the year [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) The Group's total revenue increased by 39% year-on-year, but a significant increase in net investment loss and expected credit loss provisions led to a narrowed loss for the year and loss attributable to company shareholders Consolidated Income Statement Key Data (HK$ thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 2,407,331 | 1,735,341 | +39% | | Cost of Sales | (866,956) | (152,821) | +467% | | Gross Profit | 1,540,375 | 1,582,520 | -3% | | Operating Loss | (2,538,740) | (5,759,214) | -56% | | Net Finance Costs | (617,750) | (595,993) | +4% | | Loss Before Income Tax | (3,638,361) | (6,380,252) | -43% | | Loss for the Year | (3,710,607) | (6,181,454) | -40% | | Loss Attributable to Company Shareholders | (3,750,594) | (5,792,196) | -35% | | Basic Loss Per Share (HK$) | (2.75) | (4.39) | -37% | - Net investment loss significantly increased from **HK$ (210,994) thousand** in 2024 to **HK$ (574,181) thousand** in 2025, while the change in expected credit loss significantly decreased from **HK$ (5,860,618) thousand** in 2024 to **HK$ (2,270,023) thousand** in 2025[4](index=4&type=chunk) [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive expense for the year decreased compared to last year, primarily due to changes in debt securities measured at fair value through other comprehensive income, despite increased cash flow hedge losses and exchange differences Consolidated Statement of Comprehensive Income Key Data (HK$ thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Loss for the Year | (3,710,607) | (6,181,454) | -40% | | Total Other Comprehensive Income | 789,760 | 892,125 | -11% | | Total Comprehensive Expense for the Year | (2,920,847) | (5,289,329) | -45% | | Total Comprehensive Expense Attributable to Company Shareholders | (2,956,461) | (4,987,108) | -41% | - The amount transferred to profit or loss after recognizing expected credit loss for debt securities measured at fair value through other comprehensive income decreased from **HK$ 2,419,246 thousand** in 2024 to **HK$ 1,190,819 thousand** in 2025[5](index=5&type=chunk) - Fair value loss on cash flow hedges increased from **HK$ (71,669) thousand** in 2024 to **HK$ (187,109) thousand** in 2025[5](index=5&type=chunk) [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, the Group's total assets and net assets decreased, primarily due to reductions in investment properties and financial investments, but net current liabilities improved Consolidated Balance Sheet Key Data (HK$ thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 21,351,547 | 23,392,884 | -9% | | Current Assets | 9,574,745 | 10,751,769 | -11% | | Total Assets | 30,926,292 | 34,144,653 | -9% | | Current Liabilities | 8,186,622 | 7,228,229 | +13% | | Non-current Liabilities | 11,046,201 | 12,232,042 | -10% | | Total Liabilities | 19,232,823 | 19,460,271 | -1% | | Net Assets | 11,693,469 | 14,684,382 | -20% | | Equity Attributable to Company Shareholders | 11,688,378 | 14,451,428 | -19% | - Investment properties decreased from **HK$ 10,901,144 thousand** in 2024 to **HK$ 10,262,272 thousand** in 2025[6](index=6&type=chunk) - Non-current financial investments decreased from **HK$ 1,091,137 thousand** in 2024 to **HK$ 278,997 thousand** in 2025, and current financial investments decreased from **HK$ 2,407,248 thousand** in 2024 to **HK$ 1,285,766 thousand** in 2025[6](index=6&type=chunk) [Notes to Financial Statements](index=5&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering key accounting policies, segment performance, and specific financial items [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) These consolidated financial statements are prepared under the historical cost convention and Hong Kong Financial Reporting Standards, with fair value revaluation for investment properties, financial assets, and derivative financial instruments, and adopted revised standards had no material impact - The financial statements are prepared on the historical cost basis, except for investment properties, financial assets at fair value through profit or loss and other comprehensive income, and derivative financial instruments, which are revalued at fair value[7](index=7&type=chunk) - The Group adopted amendments to HKAS 1 and HK(IFRIC)-Int 5 from April 1, 2024, which had no material impact on the consolidated financial statements for the current and prior years[8](index=8&type=chunk) [Segment Information](index=6&type=section&id=Segment%20Information) The Group's revenue sources include property sales, leasing, hotel operations, financial investments, and others, segmented by business and geographical area, with financial investments being a major revenue contributor but significantly impacted by investment losses Revenue by Business Segment (HK$ thousand) | Business Segment | 2025 Revenue | 2024 Revenue | | :--- | :--- | :--- | | Property Sales | 1,238,197 | - | | Property Leasing | 131,048 | 129,724 | | Hotel Operations | 369,318 | 366,675 | | Financial Investments | 626,514 | 1,205,467 | | Others | 42,254 | 33,475 | | **Total** | **2,407,331** | **1,735,341** | Contribution to Results by Business Segment (HK$ thousand) | Business Segment | 2025 Contribution to Results | 2024 Contribution to Results | | :--- | :--- | :--- | | Property Sales | 446,794 | (34,323) | | Property Leasing | 79,582 | 91,700 | | Hotel Operations | 177,967 | 179,666 | | Financial Investments | 616,126 | 1,176,382 | | Others | 41,601 | 33,433 | | **Total** | **1,362,070** | **1,446,858** | Revenue and Non-current Assets by Geographical Segment (HK$ thousand) | Region | 2025 Revenue | 2024 Revenue | 2025 Non-current Assets | 2024 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 594,639 | 533,083 | 18,926,332 | 19,773,847 | | Overseas | 1,812,692 | 1,202,258 | 1,971,366 | 2,259,528 | | **Total** | **2,407,331** | **1,735,341** | **20,897,698** | **22,033,375** | [Net Investment Loss](index=8&type=section&id=Net%20Investment%20Loss) Net investment loss significantly decreased this year, primarily due to a substantial narrowing of changes in expected credit losses, despite an increase in unrealized losses on financial assets at fair value through profit or loss Net Investment Loss Details (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss - Net unrealized fair value loss | (533,095) | (6,510) | | Financial assets at fair value through other comprehensive income - Change in expected credit loss | (1,727,883) | (5,735,363) | | Financial assets measured at amortized cost - Change in expected credit loss | (542,140) | (125,255) | | Gain on acquisition/disposal of subsidiaries | 15,409 | 29,982 | | Derivative financial instruments - Net unrealized loss | (47,614) | (25,354) | | **Total Net Investment Loss** | **(2,844,204)** | **(6,071,612)** | - The change in expected credit loss for financial assets at fair value through other comprehensive income significantly decreased from **HK$ (5,735,363) thousand** in 2024 to **HK$ (1,727,883) thousand** in 2025[12](index=12&type=chunk) [Other Expenses](index=9&type=section&id=Other%20Expenses) Other expenses for the current year primarily arose from provisions for investments and loans to a joint venture, while last year's expenses were mainly due to a significant impairment provision from a joint venture's development project land being resumed by the government - 2025 expenses represent provisions for investments and loans to a joint venture[14](index=14&type=chunk) - 2024 expenses primarily comprised the share of impairment provision of **HK$ 885,205,000** for a joint venture's Kwu Tung North development project due to land resumption by the government[14](index=14&type=chunk) [Revenue and Expenses by Nature](index=10&type=section&id=Revenue%20and%20Expenses%20by%20Nature) This section details the Group's revenue and expenses by nature, with interest income as a major component and cost of properties and goods sold as the largest expense item Revenue by Nature (HK$ thousand) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Interest income from financial assets at fair value through other comprehensive income | 301,319 | 937,518 | | Interest income from financial assets at fair value through profit or loss | 124,312 | 129,707 | | Interest income from financial assets at amortized cost | 219,400 | 133,268 | | Dividend income | 18,337 | 15,649 | | **Total Revenue** | **663,368** | **1,216,142** | Expenses by Nature (HK$ thousand) | Expense Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of properties and goods sold | 637,805 | 6,069 | | Land and building rental expenses | 816 | 950 | [Net Finance Costs](index=10&type=section&id=Net%20Finance%20Costs) Net finance costs slightly increased this year, primarily due to increased fair value losses on derivative financial instruments (interest rate swaps), partially offset by capitalized interest Net Finance Costs Details (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest (expense) / income | (525,458) | (525,579) | | Other incidental borrowing costs | (59,187) | (58,863) | | Net exchange gain / (loss) on borrowings | 9 | (21) | | Fair value loss on derivative financial instruments (interest rate swaps) | (33,114) | (11,530) | | **Net Finance Costs** | **(617,750)** | **(595,993)** | - Interest expense on long-term bank loans decreased from **HK$ (1,057,373) thousand** in 2024 to **HK$ (1,019,026) thousand** in 2025[15](index=15&type=chunk) - Interest rate swap contracts received decreased from **HK$ 283,665 thousand** in 2024 to **HK$ 252,064 thousand** in 2025[15](index=15&type=chunk) [Income Tax (Expense) / Credit](index=11&type=section&id=Income%20Tax%20%28Expense%29%20%2F%20Credit) The Group recorded an income tax expense this year, contrasting with an income tax credit last year, primarily due to Hong Kong profits tax shifting from a credit to an expense and deferred income tax from a credit to an expense Income Tax (Expense) / Credit Details (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong profits tax | (4,574) | 151,850 | | Overseas profits tax | (28,455) | (1,283) | | Current income tax (expense) / credit | (33,029) | 150,567 | | Deferred income tax (expense) / credit | (39,217) | 48,231 | | **Total Income Tax (Expense) / Credit** | **(72,246)** | **198,798** | - Hong Kong profits tax is provided at a rate of **16.5%**, and overseas profits tax is provided at the prevailing local rates[16](index=16&type=chunk) [Dividends](index=11&type=section&id=Dividends) The Board resolved not to recommend a final dividend for the year ended March 31, 2025, and no interim dividend was declared during the year, consistent with the prior year - The Board resolved not to recommend a final dividend for the year ended March 31, 2025 (2024: nil)[17](index=17&type=chunk) - No interim dividend was declared during the year (2024: nil)[17](index=17&type=chunk) [Loss Per Share](index=11&type=section&id=Loss%20Per%20Share) Basic loss per share for the year was **HK$ (2.75)**, narrowing from **HK$ (4.39)** last year, primarily due to a reduced loss attributable to company shareholders Loss Per Share Calculation (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss Attributable to Company Shareholders | (3,750,594) | (5,792,196) | | Weighted average number of shares in issue | 1,362,057,670 | 1,319,782,288 | | Basic Loss Per Share (HK$) | (2.75) | (4.39) | | Diluted Loss Per Share (HK$) | (2.75) | (4.39) | - Diluted loss per share is equal to basic loss per share as there were no dilutive potential ordinary shares in issue for the current and prior years[21](index=21&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) The Group's trade and other receivables comprise various receivables, with an increase in total trade receivables, most of which are aged within six months - The Group's trade and other receivables include trade receivables, accrued interest receivable, accrued dividend receivable, loans receivable, prepayments, utility, and other deposits[22](index=22&type=chunk) Trade Receivables Ageing Analysis (HK$ thousand) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | 0 to 6 months | 89,498 | 71,719 | | 7 to 12 months | 196 | 3,147 | | Over 12 months | 739 | 2,034 | | **Total** | **90,433** | **76,900** | [Trade and Other Payables](index=12&type=section&id=Trade%20and%20Other%20Payables) The Group's trade and other payables include trade payables, rental and management fee deposits, retention payables for construction costs, lease liabilities, interest payables, and various accrued items, with a significant decrease in total trade payables, most aged within six months - The Group's trade and other payables include trade payables, rental and management fee deposits, retention payables for construction costs, lease liabilities, interest payables, and various accrued items[24](index=24&type=chunk) Trade Payables Ageing Analysis (HK$ thousand) | Ageing | 2025 | 2024 | | :--- | :--- | :--- | | 0 to 6 months | 74,080 | 161,471 | | 7 to 12 months | 6 | 6 | | Over 12 months | 47 | 216 | | **Total** | **74,133** | **161,693** | [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's operating results, segment performance, financial review, employee policy, and future outlook, highlighting property sales growth, hotel business recovery, and financial investment challenges [Results Overview](index=13&type=section&id=Results%20Overview) The Group's revenue grew by **39%** this fiscal year, driven by Canadian property sales recognition, partially offset by reduced financial investment interest income, while loss attributable to shareholders narrowed by **35%** due to decreased expected credit loss provisions and investment property fair value losses, all non-cash items - The Group's revenue was **HK$ 2,407 million**, a **39%** year-on-year increase, primarily due to the recognition of property sales revenue from "Landmark on Robson" in Canada[26](index=26&type=chunk) - Loss attributable to company shareholders was **HK$ 3,751 million**, narrowing by **35%** from **HK$ 5,792 million** last year, mainly due to reduced net unrealized fair value losses and expected credit loss provisions for debt securities investments, and fair value losses on investment properties[26](index=26&type=chunk) - Fair value losses and provisions are non-cash items and do not impact the Group's operating cash flow[26](index=26&type=chunk) [Segment Performance](index=13&type=section&id=Segment%20Performance) The Group's business segments showed mixed performance, with significant growth in property sales contracts, a notable increase in hotel occupancy, stable leasing income, and substantial losses in financial investments [Property Sales and Development](index=13&type=section&id=Property%20Sales%20and%20Development) Sales activities significantly increased in the second half of the fiscal year, with attributable contract sales doubling to approximately **HK$ 3.5 billion**, primarily from "The YOHO Hub" project, and the Group's development projects in Hong Kong, Beijing, and Vancouver all made progress - Sales activities significantly increased in the second half of the fiscal year, with attributable contract sales doubling to approximately **HK$ 3.5 billion** (2024: **HK$ 1.8 billion**), primarily from "The YOHO Hub" project[27](index=27&type=chunk) [Hong Kong](index=13&type=section&id=Hong%20Kong%20Property) "The YOHO Hub" residential units in Hong Kong are sold out, with cumulative contract sales of approximately **HK$ 4.8 billion** to be recognized next fiscal year, while "The Peak" and "The Royal" projects continue sales, and the Tuen Mun Lam Tei project is considering expanded development - "The YOHO Hub" residential units were sold out by early May 2025, with cumulative contract sales of approximately **HK$ 4.8 billion**, occupation and satisfaction permits issued, and sales revenue to be recognized in the next fiscal year[28](index=28&type=chunk) - "The Peak" project continues sales, with cumulative contract sales of approximately **HK$ 660 million**[28](index=28&type=chunk) - "The Royal" project recognized sales of two duplex units during the year, with cumulative total sales exceeding **HK$ 3.1 billion**[28](index=28&type=chunk) - The Tuen Mun Lam Tei residential project is applying for land exchange and considering merging with adjacent plots for larger floor area development[29](index=29&type=chunk) [Mainland China](index=14&type=section&id=Mainland%20China%20Property) Sales of residential inventory at "Beijing East Bay" in Tongzhou, Beijing, continue, with approximately **86%** of residential units sold and **99%** delivered, and basement works for commercial buildings completed - Approximately **86%** of "Beijing East Bay" residential units have been sold, with total contract sales of approximately **RMB 5.3 billion**, and approximately **99%** of sold units delivered to buyers[30](index=30&type=chunk) - Basement works for the two commercial buildings have been completed, with design and layout of the superstructure underway[30](index=30&type=chunk) [Canada](index=14&type=section&id=Canada%20Property) The "Landmark on Robson" development in Vancouver is completed and deliveries have commenced, with cumulative residential contract sales of approximately **CAD 252 million**, of which **89%** was recognized during the year, and the Group is actively negotiating other downtown Vancouver residential projects - The "Landmark on Robson" development project is completed, with occupation permits issued in July 2024 and deliveries to buyers commencing in August[31](index=31&type=chunk) - As of March 31, 2025, cumulative residential contract sales were approximately **CAD 252 million**, with approximately **89%** of sales recognized in the profit or loss during the year[31](index=31&type=chunk) - The Group is actively negotiating with urban planning and real estate departments for two joint venture residential development projects on Alberni Street in downtown Vancouver[31](index=31&type=chunk) [Leasing](index=14&type=section&id=Leasing) Leasing income remained stable at **HK$ 131 million** during the year, with the Group securing an international fashion retailer for its Central office building, expected to boost future leasing income, despite recording a net revaluation loss of **HK$ 815 million** on investment properties - Leasing income for the year was **HK$ 131,000,000** (2024: **HK$ 130,000,000**)[32](index=32&type=chunk) - In September 2024, an international fashion retailer leased two floors of prime retail space in the Central office building, expected to increase leasing income in the coming years[32](index=32&type=chunk) - Investment property revaluation recorded a net loss of **HK$ 815,000,000** (2024: gain of **HK$ 43,000,000**)[32](index=32&type=chunk) [Hotels](index=15&type=section&id=Hotels) Hotel operations generated stable revenue and contributed **HK$ 178 million** in profit, achieving a **93%** average occupancy rate (2024: **83%**) through dynamic pricing and enhanced partnerships, with the privatization of hotel subsidiaries expected to streamline operations and reduce administrative costs - During the year, the Group's hotel segment recorded revenue of **HK$ 369,000,000** (2024: **HK$ 367,000,000**) and contributed **HK$ 178,000,000** (2024: **HK$ 180,000,000**) in profit to the Group[33](index=33&type=chunk) - The Group's hotels achieved an average annual occupancy rate of **93%** (2024: **83%**), demonstrating the effectiveness of strategic measures[33](index=33&type=chunk) - In October 2024, the Group completed the privatization plan for its hotel subsidiaries, increasing economic interest from **82.7%** to **99.0%**, which is expected to result in cost savings[34](index=34&type=chunk) [Financial Investments](index=15&type=section&id=Financial%20Investments) As of March 31, 2025, the financial investment portfolio value decreased to **HK$ 1.565 billion**, primarily comprising listed debt securities, with no new additions during the year, generating **HK$ 757 million** in cash flow from disposals and redemptions, while investment income decreased and a net investment loss of **HK$ 2.86 billion** was recorded, mainly due to non-cash fair value losses and expected credit loss provisions - As of March 31, 2025, the Group held financial investments of approximately **HK$ 1,565,000,000** (2024: **HK$ 3,498,000,000**)[35](index=35&type=chunk) - **89%** of the investment portfolio comprised listed debt securities (primarily issued by Chinese real estate companies), with **56%** denominated in USD and **41%** in RMB[35](index=35&type=chunk) - Total proceeds of approximately **HK$ 757,000,000** were realized during the year, enhancing cash flow, while income from the investment portfolio was **HK$ 627,000,000** (2024: **HK$ 1,205,000,000**), primarily decreasing due to expected credit loss provisions[35](index=35&type=chunk) - A net investment loss of **HK$ 2,860,000,000** (2024: **HK$ 6,102,000,000**) was recognized in profit or loss, mainly comprising fair value losses and expected credit loss provisions, both non-cash items[35](index=35&type=chunk) [Financial Review](index=16&type=section&id=Financial%20Review) As of March 31, 2025, the Group's total assets and net assets decreased, but the gearing ratio remained stable at **64%**, with all debt denominated in HKD, hedged against interest rate fluctuations via interest rate swaps, and a well-distributed repayment schedule, with most debt secured - The Group's total assets were approximately **HK$ 30.9 billion** (2024: **HK$ 34.1 billion**), and net assets were **HK$ 11.7 billion** (2024: **HK$ 14.7 billion**)[37](index=37&type=chunk) - Total revalued assets were **HK$ 41.7 billion** (2024: **HK$ 44.9 billion**), and net revalued assets were **HK$ 22.5 billion** (2024: **HK$ 25.5 billion**)[37](index=37&type=chunk) - Net debt was **HK$ 14.5 billion** (2024: **HK$ 16.6 billion**), with a gearing ratio (net debt to revalued net assets ratio) of approximately **64%** (2024: **65%**)[37](index=37&type=chunk) - All the Group's borrowings are denominated in HKD and hedged against HIBOR fluctuations through interest rate swap contracts, from which **HK$ 252 million** was received during the year[38](index=38&type=chunk) - Debt repayment periods are distributed over different times, with a maximum of **4 years**, of which **45%** is repayable within two to five years, **23%** within one to two years, and **32%** within one year[38](index=38&type=chunk) - Secured debt accounts for **81%**, with property assets totaling **HK$ 22.4 billion** net book value pledged to banks[38](index=38&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group employed approximately **250** staff, with a remuneration package aligned with job nature and experience levels, including basic salaries, annual bonuses, share options, provident funds, and other benefits - As of March 31, 2025, the Group employed approximately **250** staff (2024: **240**)[39](index=39&type=chunk) - The remuneration package includes basic salaries, annual bonuses, share options, provident funds, and other benefits, commensurate with job nature and experience levels[39](index=39&type=chunk) [Future Outlook](index=16&type=section&id=Future%20Outlook) The Group is optimistic about the Hong Kong property market and hotel business outlook, expecting government policies and major events to boost the market, while prudently managing finances, monitoring market interest rates, and preparing to reallocate capital at opportune moments - The Hong Kong government's comprehensive removal of demand-side management measures for property transactions, relaxation of mortgage ratios, and talent admission schemes and new capital investor entrant scheme are expected to boost the local residential property market[40](index=40&type=chunk) - With increasing visitor arrivals, the hotel business outlook is optimistic, with occupancy rates comparable to pre-pandemic levels, and government promotional activities and the opening of Kai Tak Sports Park will further enhance Hong Kong's attractiveness[41](index=41&type=chunk) - The Group will reallocate capital within its development pipeline at appropriate opportunities, closely monitor market interest rate changes, and seek to enter into new interest rate swap contracts to protect against interest rate exposure[41](index=41&type=chunk) - Management will continue to maintain a prudent financial approach, striving to mitigate negative impacts amidst an uncertain economic environment[42](index=42&type=chunk) [Other Information](index=17&type=section&id=Other%20Information) This section contains other important company information regarding dividends, share transfer registration, securities transactions, corporate governance, and board composition, highlighting the company's efforts in compliance and corporate governance [Dividends Reiteration](index=17&type=section&id=Dividends%20Reiteration) The Board resolved not to recommend a final dividend for the year ended March 31, 2025, and no interim dividend was declared during the year - The Board resolved not to recommend a final dividend for the year ended March 31, 2025 (2024: nil)[43](index=43&type=chunk) - No interim dividend was declared during the year (2024: nil)[43](index=43&type=chunk) [Closure of Register of Members](index=17&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for attending and voting at the Annual General Meeting, the company will suspend share transfer registration from August 20 to August 25, 2025 - The company will suspend share transfer registration from Wednesday, August 20, 2025, to Monday, August 25, 2025[44](index=44&type=chunk) - No transfers of the company's shares will be registered, nor will shares be allotted and issued upon the exercise of subscription rights attached to outstanding share options granted by the company during this period[44](index=44&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the year, neither the company nor any of its subsidiaries redeemed, purchased, or sold any of the company's listed securities, nor were any treasury shares sold on-market - The company did not redeem any of its shares during the year[45](index=45&type=chunk) - Neither the company nor any of its subsidiaries purchased or sold any of the company's listed securities during the year, nor were any treasury shares sold on-market during the year[45](index=45&type=chunk) [Standard Code for Directors' Securities Transactions](index=18&type=section&id=Standard%20Code%20for%20Directors%27%20Securities%20Transactions) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules, and all directors confirmed full compliance for the year ended March 31, 2025 - The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[46](index=46&type=chunk) - All directors confirmed full compliance with the required standards set out in the Standard Code for the year ended March 31, 2025[46](index=46&type=chunk) [Corporate Governance Code](index=18&type=section&id=Corporate%20Governance%20Code) During the year, the company adopted and complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - During the year, the company adopted the principles of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules and complied with its applicable code provisions[47](index=47&type=chunk) [Board Composition and Changes](index=18&type=section&id=Board%20Composition%20and%20Changes) Due to the appointment of a female non-executive director, the number of independent non-executive directors temporarily fell below Listing Rules requirements; the company applied for a waiver and actively sought candidates, ultimately appointing Mr. Ma Ho Fai as an independent non-executive director on July 2, 2025, restoring compliance - Following the appointment of a female non-executive director on December 31, 2024, the number of independent non-executive directors fell below the minimum one-third of the Board members as required by Listing Rule 3.10A[48](index=48&type=chunk) - The company applied to The Stock Exchange of Hong Kong Limited for a waiver from strict compliance with Listing Rules 3.10A and 3.11 until June 30, 2025[48](index=48&type=chunk) - Mr. Ma Ho Fai was appointed as an independent non-executive director of the company, effective July 2, 2025, after which the company will comply with Listing Rule 3.10A[48](index=48&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's annual results for the year ended March 31, 2025 - The Audit Committee has reviewed the Group's annual results for the year ended March 31, 2025[49](index=49&type=chunk)

泛海集团（00129.HK）：截至5月31日，公司及子公司未能按期偿还债务合计328.13亿元，其中境内债 券47.37亿元，其他有息债务280.76亿元。 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$1,583 million, representing a 76% increase compared to HK$901 million in 2023[77]. - The group recorded a 76% increase in revenue to HK$1,583 million for the first half of the fiscal year, primarily due to the sale of the "Landmark on Robson" property in Canada[116]. - The company reported a total of HKD 10,618,156 in financial assets measured at fair value as of September 30, 2024[181]. - The company reported a dividend income of HKD 9,760 million for the six months ending September 30, 2024[44]. - The company reported a basic loss per share of HK$0.29, down from HK$0.69, reflecting a 58% reduction in losses[77]. - Loss attributable to shareholders decreased to HK$386 million, a 58% improvement from a loss of HK$916 million in the previous year[77]. - The company reported a net loss of HK$335,345 for the period, an improvement from a net loss of HK$979,938 in the same period last year[164]. - Total comprehensive expenses for the period amounted to HK$383,961,000, down from HK$2,604,258,000 in the previous year[143]. Assets and Liabilities - The company's non-current assets were valued at HKD 14,946,009,000, while current assets totaled HKD 20,488,522,000[37]. - Total assets as of September 30, 2024, decreased by 2% to HK$33,347 million compared to HK$34,145 million on March 31, 2024[114]. - Total liabilities as of September 30, 2024, amounted to HK$15,868 million, down 4% from HK$16,556 million[114]. - The debt-to-equity ratio was approximately 63% as of September 30, 2024, compared to 65% on March 31, 2024[133]. - The net asset value as of September 30, 2024, was HK$14,300,421,000, a decrease from HK$14,684,382,000 as of March 31, 2024[146]. - The estimated tax provision for the period was calculated at a rate of 16.5%, consistent with the previous year[11]. Financial Investments - The total value of financial investments as of September 30, 2024, was HKD 13,179,349,000, with a fair value of HKD 2,617,533,000[26]. - The company holds financial investments of approximately HK$3,094,000,000, with 81% in listed debt securities, primarily issued by Chinese real estate companies[157]. - The company held five major debt securities with a total value of HKD 1,058,375,000 as of September 30, 2024[28]. - The group held 39 debt securities as of September 30, 2024, with a fair value representing approximately 2.8% of the group's revalued total assets[47]. - The fair value of financial assets measured at fair value through other comprehensive income is HKD 1,051,217,000, with a 36% increase in fair value under different probability scenarios[4]. Credit Losses and Risks - The expected credit loss for the same period was HKD 119,457,000, with significant contributions from various notes issued by property companies[7]. - The expected credit loss recognized in the profit and loss account for the period was HKD 158,918, with significant changes in credit quality[181]. - The company is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[192]. Operational Highlights - Approximately 85% of residential units in the "Beijing Dongwan" project have been sold, generating a total contract sales amount of about RMB 5.3 billion[97]. - The average hotel occupancy rate increased to 88% from 84% in the previous year, although revenue from hotel operations decreased to HK$158 million from HK$174 million[127]. - The hotel business is steadily recovering with expectations to return to pre-pandemic levels due to increased visitor numbers in Hong Kong[139]. - The company has initiated a privatization plan for its hotel subsidiary, which became effective in October 2024, aimed at streamlining operations and reducing administrative costs[104]. Cash Flow and Financing - Cash generated from operating activities was HKD 705,497, compared to a cash outflow of HKD 544,464 in the same period last year[170]. - The company’s cash and cash equivalents at the end of the period were HKD 533,993, down from HKD 838,702 at the end of the previous period[170]. - The company benefits from low interest costs due to previous interest rate hedging efforts, alleviating financing cost burdens[162]. - The company has a total of HKD 1,273,731,000 in financial assets measured at amortized cost and related interest receivables as of March 31, 2024[197]. Shareholder Information - The company has a total of 1,319,782,288 issued and fully paid shares as of September 30, 2024[53]. - The company announced a restructuring plan involving the exchange of every 20 shares of Pan Hai Hotel for 3 new shares of the company and a cash payment of HKD 0.70[58].

Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 1,582.9 million, a 76% increase from HKD 900.8 million in the same period of 2023[4] - The company reported a loss attributable to shareholders of HKD 386.1 million, a 58% improvement compared to a loss of HKD 915.8 million in the prior year[4] - Basic loss per share improved to HKD (0.29) from HKD (0.69), reflecting a 58% reduction in losses[4] - The company’s gross profit for the period was HKD 911.6 million, compared to HKD 824.3 million in the previous year, indicating a positive trend in profitability[4] - The company reported a significant increase in overseas revenue, which reached HKD 1,299,463,000, compared to HKD 644,974,000 in the previous year, marking an increase of approximately 100.8%[27] - The company reported a 76% increase in revenue to HKD 1,583,000,000 for the first half of the fiscal year, compared to HKD 901,000,000 in the same period last year, primarily due to the recognition of property sales from "Landmark on Robson" in Canada[49] - Loss attributable to shareholders decreased by 58% to HKD 386,000,000, down from HKD 916,000,000 in the previous year, mainly due to reduced expected credit loss provisions on debt securities and profits from property sales[49] Assets and Liabilities - Total assets decreased by 2% to HKD 33,347 million from HKD 34,145 million[3] - The company's total assets as of September 30, 2024, were HKD 33,346,930,000, compared to HKD 34,144,653,000 as of March 31, 2024[22] - The total liabilities stood at HKD 19,046,509,000, with borrowings accounting for HKD 17,065,286,000[22] - Non-current assets were valued at HKD 21,841,810,000, a slight decrease from HKD 22,033,375,000 as of March 31, 2024[28] - The asset-liability ratio, calculated as net debt to revalued net assets, improved to 63% from 65%[3] - The group's debt ratio was approximately 63% as of September 30, 2024, down from 65% as of March 31, 2024[64] Investment Performance - The net loss from investments amounted to HKD 336,429,000, compared to a loss of HKD 1,580,015,000 in the previous period, indicating an improvement in investment performance[31] - Investment property fair value loss was HKD 239.3 million, compared to a gain of HKD 176.9 million in the previous year[4] - Interest income from listed investments recorded HKD 66,715,000, an increase from HKD 51,808,000 in the previous year, while interest income from unlisted investments rose to HKD 30,061,000 from HKD 53,942,000[35] Revenue Sources - Revenue from property sales was HKD 1,005,840,000, while property leasing generated HKD 59,102,000, and hotel operations contributed HKD 158,305,000[19] - The contribution from property sales to overall performance was HKD 390,417,000, while the contribution from hotel operations was HKD 66,083,000[19] - Rental income for the period was HKD 59 million, down from HKD 67 million in the previous year, with a net loss of HKD 266 million recorded from property revaluation[58] - The hotel segment recorded revenue of HKD 158 million, contributing HKD 66 million in profit, with an average occupancy rate of 88%[60] Operational Highlights - The company continues to sell five development projects located in Hong Kong, Beijing, and Vancouver, achieving a contract sales amount of approximately HKD 906,000,000 from April to October 2024, compared to HKD 810,000,000 in the same period last year[50] - The residential development project "汇都" in Hong Kong has achieved a contract sales amount of approximately HKD 2 billion as of October 31, 2024, with received payments of about HKD 1.1 billion[51] - The "宝峰" project in Hong Kong has recorded a cumulative contract sales total of approximately HKD 470 million, with 16 units sold[51] - In Beijing's Tongzhou, the "北京•东湾" project has sold about 85% of its residential units, totaling a contract sales amount of approximately RMB 5.3 billion[54] - The Vancouver "Landmark on Robson" redevelopment project has achieved contract residential sales of approximately CAD 240 million, with about 70% recognized in the interim profit and loss account[56] Cost and Expenses - The company incurred a depreciation expense of HKD 66,325,000 during the reporting period[19] - The net financing costs for the period were HKD 313,535,000, contributing to a pre-tax loss of HKD 298,107,000[19] - The net financing costs amounted to HKD (313,535,000) for the first half of 2024, compared to HKD (266,021,000) in the same period last year[37] - The company reported a current tax expense of HKD (49,596,000) for the first half of 2024, compared to a tax credit of HKD 1,068,000 in the previous year[38] - Deferred tax credit for the first half of 2024 was HKD 12,358,000, compared to HKD 25,952,000 in the same period last year[38] Employee and Dividend Information - The group employed approximately 240 employees as of September 30, 2024, maintaining the same number as of March 31, 2024[67] - The company did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[39] - The group does not recommend an interim dividend for the six months ending September 30, 2024, consistent with the previous year[70] Market Conditions - The sales transactions in Hong Kong have significantly rebounded due to the government's full withdrawal of property market restrictions and recent interest rate cuts[68] - The group benefits from low interest costs due to previous interest rate hedging efforts, alleviating financing cost burdens[68] - The hotel business is steadily recovering with expectations to return to pre-pandemic levels, supported by increased visitor numbers and government promotional activities[68] Securities Transactions - There were no repurchases or sales of the company's listed securities during the period[71]

Financial Performance - The company reported property sales of approximately HKD 25 billion, with 75% of units sold in the "Royal Peak" project as of March 31, 2024[3]. - The net loss attributable to shareholders was HKD 5.792 billion, compared to a profit of HKD 801 million in the previous year[22]. - Revenue for the year was HKD 1,735,341, a decrease from HKD 2,072,777 in the previous year, reflecting a decline in property sales and rental income[36]. - The total comprehensive loss for the year was HKD 5,289,329, compared to a comprehensive income of HKD 3,563,602 in the previous year[44]. - The group recorded revenue of HKD 1,735 million for the fiscal year, down from HKD 2,073 million in the previous year, resulting in a loss attributable to shareholders of HKD 5,792 million compared to a profit of HKD 801 million in the prior year[101]. Assets and Liabilities - Total assets amounted to HKD 34.145 billion, a decrease of 10% from HKD 37.899 billion in 2023[22]. - The company’s revalued total assets stood at HKD 44.935 billion, down 6% from HKD 47.881 billion in 2023[22]. - Total non-current assets decreased from HKD 24,603,769 to HKD 23,392,884, with investment properties slightly increasing to HKD 10,901,144[30]. - The company’s total liabilities increased from HKD 5,018,348 to HKD 7,228,229, indicating a rise in trade and other payables[31]. - The company’s equity attributable to shareholders decreased from HKD 19,438,536 thousand in 2023 to HKD 14,451,428 thousand in 2024, a drop of approximately 25.6%[48]. Debt and Financing - The company’s net debt increased by 7% to HKD 16.556 billion from HKD 15.533 billion in the previous year[22]. - The net debt amounted to HKD 16.6 billion, an increase from HKD 15.5 billion in the previous year, with a debt ratio of approximately 65% as of March 31, 2024, compared to 52% in 2023[101]. - Approximately 44% of the company's debt, totaling about HKD 7.71 billion, was hedged against fluctuations in the Hong Kong Interbank Offered Rate[20]. - The net financing costs increased to HKD 595,993 from HKD 410,088, indicating higher borrowing costs[43]. Investment and Sales - The company experienced a significant increase in property contract sales from subsidiaries, rising by 769% to HKD 1.451 billion[22]. - The company achieved contract sales of approximately HKD 1.8 billion from five development projects across Hong Kong, Beijing, and Vancouver, a significant increase from HKD 600 million in the previous year[85]. - The residential portion of the "Beijing Dongwan" project, which covers 2,360,000 square feet, has sold approximately 83% of its units, generating a total contract sales amount of about RMB 5.2 billion[88]. - The company reported a significant investment loss of HKD 6,101,594, compared to a loss of HKD 1,516,065 in the previous year[36]. Operational Aspects - The company employed around 240 staff members, maintaining the same number as in 2023[9]. - The company anticipates further recovery in the tourism sector with the completion of the third runway at the airport by the end of 2024[10]. - The company is actively negotiating with local city planning departments regarding two joint residential development projects located on Alberni Street in downtown Vancouver[89]. - The company plans to adopt new accounting standards, which are not expected to have a significant impact on future reporting periods[34]. Cash Flow and Dividends - The company did not declare a final dividend for the year ending March 31, 2024, consistent with the previous year[60]. - The group has over HKD 4.3 billion in cash and undrawn bank financing as of March 31, 2024, compared to HKD 7.5 billion in the previous year[101]. - The company’s cash flow hedge showed a fair value loss of HKD 11,530, contrasting with a gain of HKD 17,984 in the previous year[43]. Market Conditions - The company’s trade receivables increased to HKD 76,900,000 from HKD 67,026,000 in the previous year, indicating a rise in credit risk management[80]. - The management maintains a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment[111].

Financial Performance - The company reported a revenue of HKD 901 million for the six months ended September 30, 2023, a decrease of 17% compared to HKD 1,083 million in the same period of 2022[7]. - The loss attributable to shareholders was HKD 916 million, compared to a profit of HKD 39 million in the previous year, primarily due to reduced investment income and increased provisions for expected credit losses[10]. - The company reported a net loss for the period of HKD 979,938,000, compared to a profit of HKD 23,252,000 in the same period of 2022, reflecting a significant decline in financial performance[37]. - The company reported a total loss before tax of HKD 1,006,958,000 for the six months ended September 30, 2023[78]. - Total comprehensive expenses for the period amounted to HKD 2,604,258,000, an increase from HKD 1,620,958,000 year-on-year[39]. Assets and Liabilities - Total assets decreased by 5% to HKD 36,157 million from HKD 37,899 million as of March 31, 2023[7]. - The total asset value as of September 30, 2023, was approximately HKD 36.2 billion, down from HKD 37.9 billion as of March 31, 2023[26]. - The company's total liabilities as of September 30, 2023, were HKD 18,787,324, an increase from HKD 17,925,017 as of March 31, 2023[79]. - The company's equity attributable to shareholders decreased to HKD 17,015,801,000 from HKD 19,438,536,000[44]. - Current liabilities rose to HKD 6,896,752,000, up from HKD 5,018,348,000, primarily due to increased borrowings[44]. Debt and Financing - Net debt increased by 4% to HKD 16,199 million from HKD 15,533 million[7]. - The company's debt ratio increased to approximately 58% as of September 30, 2023, compared to 52% as of March 31, 2023[26]. - The company has a debt repayment distribution where 23% of debts are due within one to two years, and 45% are due within two to five years[28]. - The company successfully refinanced HKD 2,480,000,000 of loans due within one year into new five-year term loans[27]. - The current portion of long-term bank loans due within one year increased to HKD 5,603,331,000 as of September 30, 2023, compared to HKD 3,871,662,000 as of March 31, 2023[119]. Investment and Development Projects - The company has five development projects on the market, with a total floor area of approximately 1,900,000 square feet, generating a contract sales amount of about HKD 830 million during the period[10]. - The company is currently in the planning and land exchange stage for development projects with an additional floor area of approximately 1,400,000 square feet in Hong Kong and Vancouver[10]. - The residential development project "汇都" achieved a contract sales amount of HKD 4.1 billion as of September 30, 2023, with five residential buildings completed and undergoing renovation, expected to be finished by mid-2024[16]. - The "皇第" project, in which the company holds a 20% stake, has sold 75% of its units, totaling approximately HKD 2.5 billion in cumulative sales as of September 30, 2023[16]. - The "Landmark on Robson" redevelopment project in Vancouver has a contract sales amount of approximately CAD 230 million as of September 30, 2023[19]. Financial Investments - Financial investments as of September 30, 2023, amounted to approximately HKD 5.396 billion, down from HKD 7.656 billion as of March 31, 2023, with 83% in listed debt securities[22]. - The company reported a net investment loss of HKD 1.58 billion for the period, primarily due to provisions for expected credit losses, while fair value losses were HKD 1.438 billion[22]. - The group reported a net fair value loss of HKD 2,439,406,000 during the six months ended September 30, 2023[66]. - The fair value of financial assets measured at fair value through profit or loss was HKD 1,452,914,000 as of September 30, 2023[66]. - The group’s financial assets measured at fair value through other comprehensive income amounted to HKD 842,197,000 as of September 30, 2023[59]. Operational Performance - Hotel revenue increased by 140% to HKD 174 million, with occupancy rates rising to approximately 80% compared to 50% in the previous year[23]. - Rental income for the period was HKD 67 million, a decrease from HKD 79 million in the previous year, while revaluation gains recorded HKD 164 million, up from HKD 69 million[20]. - The company’s operational segments include property sales, leasing, hotel operations, and financial investments, with a focus on maximizing returns across these areas[76]. - The company reported a significant increase in financial investments, with a total of HKD 3,886,836,000 compared to HKD 6,039,865,000 in the previous period[41]. - The company recognized revenue from customer contracts of HKD 249,132 for the six months ended September 30, 2023, compared to HKD 176,046 in the previous year, representing an increase of 41.5%[82]. Employee and Governance - The company employed approximately 230 staff as of September 30, 2023, down from 240 as of March 31, 2023, indicating a slight reduction in workforce[33]. - The company did not recommend an interim dividend for the six months ended September 30, 2023, consistent with the previous year[95]. - The audit committee reviewed the unaudited interim results for the six months ended September 30, 2023[152]. - The company has adopted and complied with the corporate governance code principles during the period[151]. - The company has fully complied with the standard code of conduct for securities transactions during the period[150].

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。 ASIA STANDARD INTERNATIONAL GROUP LIMITED 泛海國際集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：129） 截至二零二三年九月三十日止六個月 中期業績公佈 財務摘要 （除另有註明外，金額以百萬港元列示） 截至九月三十日止六個月 二零二三年 二零二二年 變動 收入 901 1,083 -17% 本公司股東應佔（虧損）╱溢利 (916) 39 不適用 每股（虧損）╱盈利－基本（港元） (0.69) 0.03 不適用 二零二三年 二零二三年 九月三十日 三月三十一日 資產總值 36,157 37,899 -5% ...

Financial Performance - The company reported a profit attributable to shareholders of HKD 801 million for the fiscal year, compared to a loss of HKD 884 million in the previous year, marking a significant turnaround [11]. - Revenue decreased by 17% to HKD 2,073 million from HKD 2,510 million year-on-year [7]. - The group recorded revenue of HKD 2,073,000,000 for the fiscal year, a decrease from HKD 2,510,000,000 in the previous year, while turning a profit of HKD 801,000,000 compared to a loss of HKD 884,000,000 in the prior year [20]. - Gross profit for the same period was HKD 1,967 million, down from HKD 2,427 million, reflecting a decline of 18.9% [63]. - The operating profit turned positive at HKD 819 million, compared to an operating loss of HKD 801 million in the previous year [63]. - The income from the investment portfolio for the year was HKD 1,716,000,000, down from HKD 2,209,000,000 in 2022, while net investment losses were HKD 1,516,000,000 compared to HKD 3,405,000,000 in the previous year [34]. Asset and Debt Management - Total assets increased by 8% to HKD 37,899 million, while net assets rose by 22% to HKD 19,974 million [7]. - The group’s total assets as of March 31, 2023, were approximately HKD 37,900,000,000, up from HKD 35,000,000,000 in 2022, with a net asset value of HKD 20,000,000,000 compared to HKD 16,400,000,000 in 2022 [37]. - The debt-to-equity ratio improved significantly, with net debt decreasing by 4% to HKD 15,533 million, and the debt-to-revalued asset ratio dropping from 64% to 52% [7]. - The net debt amounted to HKD 15,500,000,000, a decrease from HKD 16,200,000,000 in 2022, with a net debt to revalued net asset ratio of approximately 52% compared to 64% in the previous year [38]. - As of March 31, 2023, 70% of the debt was secured, with a net book value of HKD 22,900,000,000 in property assets pledged to banks [46]. Development Projects - The company achieved a cumulative contract sales amount of RMB 4.8 billion for a residential development project in Tongzhou, Beijing, with approximately 95% of pre-sale units delivered during the fiscal year [11]. - The company plans to launch two new development projects in the second half of 2023, including a large residential project in Hung Shui Kiu and a high-end residential project in Mid-Levels [11]. - The group is developing a residential project in Yuen Long with 1,025 units, which has recently received pre-sale approval and is expected to launch soon [28]. - The group is progressing with the redevelopment of the Empire Landmark Hotel in Vancouver, with a total floor area of 400,000 square feet, expected to be completed in the first half of 2024 [29]. - The company has increased the plot ratio for its joint residential development project in Kwu Tung by 20% to better utilize land resources [11]. Hotel and Tourism Business - The hotel business showed continuous improvement as travel restrictions were lifted, contributing positively to the overall performance [11]. - Hotel and tourism revenue increased by 120% to HKD 167,000,000, compared to HKD 76,000,000 in the previous year, indicating recovery from the pandemic [33]. - The group owns and operates five "Royal View" brand hotels located in prime areas of Hong Kong, targeting business travelers and visitors from mainland China [17]. - The group anticipates a recovery in the hotel and tourism business due to increased visitor numbers, although the extent is limited by local airlines' operational challenges [48]. Environmental, Social, and Governance (ESG) Initiatives - The group aims to integrate ESG principles into its operations and management to contribute to a more sustainable future [67]. - The group has identified key ESG issues through stakeholder engagement, focusing on reducing greenhouse gas emissions and waste management [77]. - The group reported a reduction in Scope 1 greenhouse gas emissions from 285 tons to 123 tons, a decrease of approximately 57.4% [81]. - The total energy consumption increased from 18,287,000 kWh to 19,668,000 kWh, reflecting a rise of about 7.6% [86]. - Water consumption decreased from 121,908 cubic meters to 109,761 cubic meters, a reduction of approximately 10% [86]. - The company is committed to achieving carbon neutrality by 2050 as part of its response to climate change [92]. - The company has implemented various environmental measures in property development to comply with local regulations and achieve green building certification [88]. Corporate Governance - The board consists of six executive directors and three independent non-executive directors, with the chairman and CEO being different individuals [126]. - The board held four meetings during the year, with attendance rates of 100% for most directors [131]. - The company emphasizes transparency, accountability, and fairness in its corporate governance standards [125]. - The board has reviewed its corporate governance policies and practices during the year [127]. - The company has complied with the corporate governance code, except for one instance where an independent non-executive director was unable to attend the annual general meeting [144]. Employee Management - The company employed approximately 240 staff as of March 31, 2023, down from 260 in 2022, with a compensation package aligned with job nature and experience levels [47]. - Employee turnover rate increased significantly to 77% in 2023 from 34% in 2022, with a total of 190 employees leaving the company [105]. - The average training hours per employee increased for females to 35-45 hours in 2023, while males remained at 30-40 hours [107]. - The total number of employees decreased from 256 to 241, a reduction of approximately 5.9% year-over-year [103]. - The company has provided extensive training programs for employees, including health and safety, food safety, and COVID-19 prevention measures [97].

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告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。 ASIA STANDARD INTERNATIONAL GROUP LIMITED 泛海國際集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：129） 截至二零二三年三月三十一日止年度 業績公佈 及建議修訂現有公司細則 財務摘要 （除另有註明外，金額以百萬港元列示） 二零二三年 二零二二年 變動 收入 2,073 2,510 -17% 本公司股東應佔溢利╱（虧損） 801 (884) 不適用 每股盈利╱（虧損）－基本（港元） 0.61 (0.67) 不適用 資產總值 37,899 35,022 +8% ...

Financial Performance - The company reported revenue of HKD 1,083 million for the six months ended September 30, 2022, a decrease of 15% compared to HKD 1,278 million in the same period last year[20]. - Profit attributable to shareholders was HKD 39 million, down 73% from HKD 147 million in the previous year[20]. - Basic earnings per share decreased to HKD 0.03, a 73% decline from HKD 0.11 in the prior year[20]. - Total revenue for the six months ended September 30, 2022, was HKD 1,083,353,000, a decrease of 15.2% from HKD 1,277,931 in 2021[52]. - The net profit for the period was HKD 23,252, down 80.8% from HKD 121,279 in 2021[54]. - The company reported a net loss of HKD (1,514,948,000) for the period, compared to a net loss of HKD (1,620,958,000) in the previous year, indicating an improvement in financial performance[69]. - The company reported a total comprehensive expense of HKD (4,576,461,000) for the period, compared to HKD (4,959,510,000) in the previous year, showing a decrease in overall expenses[65]. Assets and Liabilities - Total assets amounted to HKD 33,842 million, reflecting a 3% decrease from HKD 35,022 million[20]. - The group's total assets were approximately HKD 33.8 billion as of September 30, 2022, compared to HKD 35 billion on March 31, 2022[35]. - The group's net asset value decreased by 10% to HKD 14,789 million from HKD 16,410 million[20]. - The company's net assets decreased to HKD 14,789,151 from HKD 16,410,109 at the end of March 2022[59]. - The company's total liabilities increased to HKD 30,692,753,000 as of September 30, 2022, from HKD 29,626,172,000 as of March 31, 2022, indicating a growth of 3.6%[177]. - The company's total borrowings as of September 30, 2022, were HKD 17,741,315,000, slightly up from HKD 17,311,375,000 as of March 31, 2022[177]. Cash Flow and Financing - The net cash used in operating activities was HKD (217,339,000), a significant improvement from HKD (1,058,758,000) in the previous year[62]. - The net cash generated from financing activities was HKD 466,599,000, compared to HKD 912,902,000 in the prior year, reflecting a decrease in financing inflows[62]. - The company's interest paid decreased slightly to HKD (251,714,000) from HKD (256,980,000) in the previous year, indicating stable interest expenses[62]. - The net interest expense for the six months ended September 30, 2022, was HKD 160,677,000, an increase from HKD 149,086,000 in the previous year, reflecting higher long-term bank loan interest expenses of HKD 205,577,000 compared to HKD 149,171,000[139]. Investments and Financial Assets - The group's financial investments amounted to HKD 4,499 million as of September 30, 2022, down from HKD 6,811 million on March 31, 2022[33]. - The total financial investments at fair value as of September 30, 2022, were HKD 4,328,155,000, compared to HKD 5,760,392,000 as of March 31, 2022, representing a decrease of about 25%[100]. - The company reported a total credit loss of HKD 933,566,000 for the period[91]. - The company recognized expected credit losses for financial instruments based on three stages, with significant increases in credit risk leading to full expected credit loss recognition[84]. - The company’s total expected credit loss recognized in profit or loss for the period was HKD 615,590,000[92]. Real Estate and Development - The company has sold approximately 75% of residential units in its Beijing project, with total sales reaching RMB 4.7 billion[23]. - The company is progressing with the construction of two commercial buildings, with foundation work currently underway[23]. - The project located in Yuen Long has a floor area of 520,000 square feet, with foundation works completed and superstructure construction underway[28]. - The company plans to launch sales for a new residential project in the first quarter of 2023[27]. Market Conditions and Management Outlook - The management anticipates challenges ahead due to inflationary pressures triggered by the Ukraine war and the subsequent interest rate hikes in the U.S. and Hong Kong[43]. - The hotel business is beginning to recover as inbound quarantine requirements are relaxed, with the government working to restore full border access[44]. - The group maintains a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment[44]. Shareholder Information - The major shareholder, Pan Zheng, holds 684,865,276 shares, accounting for 51.89% of the issued shares[191]. - Pan Zheng's control over Huihan Holdings Limited (60.61%) influences the equity held in the company[191]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2022, consistent with the previous year[142].