Core Viewpoint - The company, Xingye Holdings, has announced a financing lease agreement with Heilongjiang Mudanjiang Nongken Xinneng Thermal Power Co., Ltd. for a total consideration of RMB 100 million, involving the acquisition and leaseback of specified cogeneration equipment and facilities located in Jixi City, Heilongjiang Province, China [1]. Group 1 - The financing lease agreement is set for a duration of 75 months [1]. - The assets involved in the lease include several specified cogeneration equipment and facilities owned by the lessee [1]. - The total consideration for the acquisition of the assets is RMB 100 million [1].

兴业控股(00132)发布公告，于2025年8月5日，公司附属公司绿金租赁与承租人(黑龙江省牡丹江农垦鑫 能热电有限公司)订立融资租赁，以总代价人民币1亿元自承租人取得资产的所有权，该等资产将返租予 承租人，供其使用及占有，期限为七十五个月。 资产1包括承租人位于中国黑龙江省鸡西市的若干指定热电联产设备及设施。资产2包括承租人位于中国 黑龙江省鸡西市的其他若干指定热电联产设备及设施。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 HING YIP HOLDINGS LIMITED 興業控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：00132） 須予披露交易 作為出租人訂立融資租賃 融資租賃及附帶文件 董事會欣然宣佈，綠金租賃訂立融資租賃及附帶文件，其主要條款如下：－ 融資租賃日期 二零二五年八月五日 融資租賃將於本公司遵守上市規則適用規定後生效。 訂約方 (1) 綠金租賃，本公司之附屬公司，作為出租人； 於二零二五年八月五日，本公司之附屬公司綠金租賃與承租人訂立融資租賃，以總代價人民幣 100,000,000元（相當於約港幣109,300,000元）自承租人取得資產之所有權，該等資產將返租予承 租人，供其使用及佔有，期限為七十五個月。 由於融資租賃及附帶文件項下擬進行之交易其中一項適用百分比率超過5%但全部均低於25%， 故訂立融資租賃及附帶文件構成上市規則項下本公司之須予披露交易。 (2) 承租人；及 1 (3) ...

香港恒生指数收涨0.26% 恒生科技指数涨0.67% 智通财经7月14日电，香港恒生指数收涨0.26%，恒生科技指数涨0.67%。欧科云链涨超46%，金涌投资 涨超20%，耀才证券金融涨超14%，蔚来涨超10%；弘业期货跌超5%，申万宏源香港、布鲁可跌超 4%。南向资金全天净买入82.43亿港元。 ...

Group 1 - The core business of the company includes property development and investment, as well as hotel operation and investment holding [2] - The company aims to improve product quality and added value through technological innovation and craft improvement, focusing on diversification and new market exploration [2] - The company has ceased all panel business since December 2011, shifting its focus to hotel investment, management, and real estate project investment and development [2] Group 2 - The company plans to concentrate its real estate investments on commercial properties, hotel properties, industrial carriers, tourism real estate, and health and leisure retirement real estate [2] - The company intends to strengthen its existing hotel management business and competitiveness while introducing strategic partners to explore other related real estate services [2] - The company aims to create value for shareholders through its transformation and strategic focus on the aforementioned real estate projects [2] Group 3 - As of July 11, the company's stock price increased by 21.15% to 0.315 HKD per share, with a trading volume of 14,000 shares and a turnover of 4,289 HKD [1] - The company reported total revenue of 740 million HKD for the year ending December 31, 2024, a decrease of 2.73% year-on-year, while net profit attributable to shareholders was 56.23 million HKD, an increase of 125.46% [1] - The company's current price-to-earnings (P/E) ratio is 7.33, ranking 6th in its industry, which has an average P/E ratio of 3.58 [1]

Financial Performance - The total income of the Group decreased by approximately HK$22,461,000 to approximately HK$798,962,000, representing a slight decrease of 2.7% compared to the previous year[9]. - The operating income of the wellness and elderly care business increased by approximately HK$45,417,000 compared to the previous year[9]. - The financial leasing business's operating income increased by approximately HK$15,389,000, focusing on domestic environmental protection sectors[9]. - The civil explosives business experienced a decrease in operating income of approximately HK$70,882,000 due to reduced market demand and increased competition[9]. - The comprehensive results from continuing operations turned from loss to profit, increasing by approximately HK$105,884,000, representing a substantial increase of approximately 455.4%[10]. - The net profit of the Group was approximately HK$123,999,000 after accounting for other factors, reflecting a decrease of HK$31,937,000[10]. - The financial leasing segment's operating income increased by approximately 4.4% to approximately HK$368,025,000, with 68.5% contributed by clients in the environmental industry[23]. - The civil explosives business experienced a decline in operating income by 26.7% to approximately HK$194,868,000, and operating profit decreased by 33.1% to approximately HK$25,925,000[26]. - For the year ended December 31, 2024, the Group's total revenue decreased by 26.7% to approximately HK$194,868,000, and operating profit fell by 33.1% to approximately HK$25,925,000[28]. - The profit contribution from the discontinued industrial park and property development business decreased by approximately HK$137,821,000 to approximately HK$41,366,000, representing a decline of 76.9% compared to the previous year[29]. - Total rental income from properties decreased by approximately 20.5% to approximately HK$7,647,000, with the occupancy rate of China Holdings Building dropping from approximately 92.40% to approximately 80.0%[30]. - The hotel business reported a turnover of HK$11,440,000, a decrease of approximately 23.7% or HK$3,558,000 compared to last year, while profit increased by 420.8% to HK$5,562,000[31]. - Changhai Power Plant recorded a profit of approximately HK$135,875,000, contributing approximately HK$40,335,000 to the Group, representing a decrease of 21.5% compared to the previous year[32]. Elderly Care Business - The Group added 700 elderly care beds in October 2024, bringing the total to 3,425 beds, an increase of approximately 26.5% year-on-year[14]. - The occupancy rate for elderly care beds was approximately 61.1%, increasing to about 76.8% when excluding the newly added beds[14]. - The Group has 500 elderly care beds under construction, which will increase the total to 3,925 beds upon completion, making it the enterprise with the largest number of operational beds in Foshan[14]. - The Group has 455 medical nursing beds with an occupancy rate as high as 74.2%[14]. - The wellness and elderly care business segment recorded operating income of approximately HK$202,858,000 for the year ended December 31, 2024, representing a continuous increase of 28.8% compared to the previous year[15]. - The elderly care business turned profitable, achieving an operating profit of approximately HK$9,577,000, which is an increase of 188.2% year-on-year[15]. - The total number of elderly care beds increased to 3,425, a year-on-year increase of approximately 26.5%, with an occupancy rate of about 61.1%[16]. - The company is actively promoting the construction of integrated medical and elderly care facilities and has launched several new departments focusing on geriatric medicine and rehabilitation[15]. - The company has successfully secured inclusion in the "Guangdong Residential Care Service Scheme" to enhance elderly care services for seniors from Hong Kong and Macau[44]. - The company is actively pursuing investments in institutional elderly care business in Hong Kong to facilitate relocation services for seniors from Hong Kong and Macau[44]. - The company aims to expand its elderly care facilities to reach 5,000 beds by the end of 2025, with ongoing negotiations for multiple prospective projects[44]. Corporate Governance - The company emphasizes the importance of corporate governance and has complied with all code provisions under the Corporate Governance Code for the year ended December 31, 2024[53]. - The board of directors comprises six members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[59]. - The Board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[62]. - The Board convened nine meetings in 2024, with all directors achieving a 100% attendance rate[75]. - The chairman, Mr. He Xiangming, and the president, Mr. Fu Weiqiang, are responsible for leading the Board and managing the Group's operations, respectively[80]. - Independent non-executive directors provide diverse experience and ensure checks and balances to protect shareholders' interests[78]. - The Company has mechanisms in place for independent views, allowing directors to seek independent advice at the Company's expense when necessary[77]. - The Board is responsible for corporate governance and aims to increase shareholder value through strategic planning and oversight of management performance[66]. - Each director is required to retire at least once every three years, ensuring regular rotation and fresh perspectives[64]. - The Board reviews its governance policies and practices annually to ensure compliance with legal and regulatory requirements[76]. - The management is authorized to handle day-to-day operations, while the Board focuses on strategic direction and major decisions[66]. - The Company emphasizes the importance of training and continuous professional development for directors and senior management[71]. - The audit committee held four meetings in 2024, with all members achieving a 100% attendance rate[96]. - The audit committee reviewed the 2023 audited financial statements and the interim report for the six months ended June 30, 2024[100]. - The remuneration committee convened three meetings in 2024 to review remuneration plans for directors and senior management[102]. - The company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all directors for the year ended December 31, 2024[90]. - All newly appointed directors received necessary induction and training to understand the company's operations and their responsibilities[87]. - The company encourages continuous professional development for all directors, with participation recorded for the year ended December 31, 2024[88]. - The president is responsible for daily operations and implementing the Board's strategy, ensuring effective coordination among departments[86]. - The audit committee is composed of three independent non-executive directors with extensive experience in accounting, economics, or legal aspects[95]. - The chairman of the audit committee is responsible for reporting meeting results and recommendations to the Board after each meeting[95]. - The company has mechanisms in place to ensure independent opinions and advice are provided to the Board[82]. - The remuneration committee held three meetings during the year with a 100% attendance rate from all members[103]. - The remuneration policy is based on staff responsibilities, qualifications, and performance, ensuring no director determines their own remuneration[104][105]. - The nomination committee reviewed the Board structure and recommended re-election of retiring directors, with a 100% attendance rate in their meeting[111][113]. - As of December 31, 2024, the Board consists of five male members and one female member, with ongoing considerations for enhancing gender diversity[121]. - The Company has a total of 1,232 employees, with a female-to-male ratio of approximately 1.4:1, reflecting a commitment to gender diversity in hiring[122]. - The nomination committee confirmed that all independent non-executive directors comply with independence requirements as per Listing Rules[114]. - The Board Diversity Policy aims to maintain competitive advantage through increased diversity at the Board level[118]. - The nomination committee assessed the effectiveness of the Board Diversity Policy and found it appropriate and effective[120]. - The remuneration received by directors is detailed in the financial statements, ensuring transparency in compensation[105]. - The nomination committee will continue to review the need for achieving higher gender diversity within the Group annually[121]. - The Board has adopted a dividend policy without a predetermined payout ratio, considering factors such as expected financial performance and future expansion plans[123]. - As of December 31, 2024, the company has 1,232 employees, with a gender ratio of approximately 1.4:1 (719 females to 513 males)[125]. Risk Management and Compliance - The Group has implemented a risk management framework involving the Board, audit committee, and senior management to monitor and control risks[129]. - The Board conducts an annual review of the adequacy of resources and effectiveness of the Group's risk management and internal control systems[136]. - The company has adopted an anti-corruption policy and a whistleblowing policy to address potential improprieties[131]. - Internal audit functions are in place to assist the Board in monitoring risk management and internal control systems[132]. - The Group ensures that inside information is disclosed to the public as soon as practicable, maintaining confidentiality until full disclosure[137]. - The company secretary is Mr. Lo Tai On, who complies with relevant training requirements under the Listing Rules[138]. - The company has committed to maintaining effective ongoing dialogue with shareholders since adopting its communication policy in 2012[158]. - The Group complied with all relevant laws and regulations in Bermuda, mainland China, Hong Kong, and the British Virgin Islands during the year[187]. - There were no significant disputes with suppliers or customers reported during the year[185]. - The Group's financial risk management policies are outlined in Note 5 of the financial statements[173]. - The Group faces various risks including business, operational, and financial management risks[173]. - Events significantly affecting the Group since December 31, 2024, are noted in Note 44 of the financial statements[172]. - The Group's environmental, social, and governance report is available on pages 46 to 89 of the annual report[181]. - The Group is committed to environmental sustainability and compliance with environmental laws and regulations[186]. Company Changes and Communication - The company changed its name from "China Investments Holdings Limited" to "Hing Yip Holdings Limited" effective January 18, 2024[144]. - The stock short name changed to "HING YIP HLDGS" for trading purposes on February 9, 2024, while the stock code remains "00132"[146]. - The corporate website address changed to "http://hingyiphk.quamhkir.com" effective February 6, 2024[149]. - The audit fee for the year ended December 31, 2024, was approximately HK$1,040,000[151]. - The company has established a shareholders' communication policy to ensure timely and relevant information is provided to shareholders[152]. - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting[159]. - The company maintained communication with shareholders through annual and special general meetings held throughout 2024[154]. - The Company presented the annual report and audited financial statements for the year ended December 31, 2024[169]. - The Group's business review and future development discussions are detailed in the Chairman's Statement on pages 4 to 13 of the annual report[171]. - The Group's financial performance analysis with key performance indicators is included in the Chairman's Statement[172]. - The Group maintains good relationships with suppliers and customers, with no material disputes reported in 2024[180]. - The Group's property, plant, and equipment movements are detailed in Note 18 of the financial statements[190]. - The Company did not purchase, sell, or redeem any of its listed securities during the year[191][195]. - The directors of the Company include Mr. He Xiangming (Chairman) and Mr. Fu Weiqiang (President), with Mr. You Guang Wu retiring on 26 June 2024[194][199]. - The consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2024 is detailed on pages 100 to 101 of the annual report[183][188].

Group 1 - The core viewpoint of the news is that Chongqing Brewery has announced its profit distribution plan for 2024, proposing a cash dividend of 0.90 yuan per share, totaling 4.36 billion yuan, despite having a year-end undistributed profit of 9.96 billion yuan [1] - The total cash dividend for the year, including interim distributions, amounts to 11.62 billion yuan, which represents 104.21% of the net profit attributable to shareholders and 116.67% of the undistributed profits [1] - In 2024, Chongqing Brewery achieved an operating income of 146.45 billion yuan and a net profit of 12.22 billion yuan, with a beer business gross margin of 49.71% [1] Group 2 - The company reported a beer sales volume of 2.9749 million kiloliters in 2024, demonstrating a strong performance in the industry [1] - The sales volume of high-end products (priced at 8 yuan and above) reached 1.4572 million kiloliters, a year-on-year increase of 1.37%, accounting for 48.9% of total sales [1] - The company is focusing on non-dining channels, with the proportion of canned products increasing to 26%, up by 3.5 percentage points from 2023 [1] Group 3 - Chongqing Brewery has a strong brand portfolio that includes both local brands such as "Chongqing," "Wusu," and "Dali," as well as international brands like "Carlsberg" and "Brooklyn" [2] - In 2024, the company is implementing the "Jiasu Yangfan" strategy to adapt to external environmental changes, focusing on innovation in products, marketing, and research and development [2] - The company aims to optimize its product structure and enhance supply chain efficiency to achieve high-quality development [2]

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 798,962,000, a decrease of 2.8% from HKD 821,423,000 in 2023[3] - Gross profit increased to HKD 343,399,000, up 8.6% from HKD 316,097,000 in the previous year[3] - The net profit attributable to the company’s owners for the year was HKD 60,717,000, compared to HKD 26,930,000 in 2023, representing a significant increase[4] - Basic earnings per share for continuing and discontinued operations rose to HKD 3.55 cents, up from HKD 1.57 cents in the prior year[4] - The company reported a profit from continuing operations of HKD 82,633,000 for 2024, a significant recovery from a loss of HKD 23,251,000 in 2023[18] - The health and elderly care business reported a profit of HKD 9,577,000, a turnaround from a loss of HKD 10,854,000 in 2023[18] - The discontinued operations reported a profit of HKD 41,366,000 in 2024, down from HKD 179,187,000 in 2023[27] - Basic and diluted earnings per share for the year were based on a profit attributable to shareholders of HKD 60,717,000, compared to HKD 26,930,000 in 2023[31] Revenue Breakdown - Revenue from the health and elderly care business increased to HKD 202,858,000 in 2024, up 28.8% from HKD 157,441,000 in 2023[18] - Financing leasing business revenue rose to HKD 368,025,000, compared to HKD 352,636,000 in the previous year, reflecting a growth of 4.4%[18] - The revenue from the civil explosives business decreased by 26.7% to approximately HKD 194,868,000, with operating profit declining by 33.1% to about HKD 25,925,000[52] - The technology business's revenue decreased by 32.7% to approximately HKD 14,124,000, with a shift from a profit of about HKD 1,092,000 to a loss of approximately HKD 1,400,000[50] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 5,720,492,000, an increase from HKD 5,445,425,000 in 2023[6] - Total assets increased to HKD 7,484,410,000 in 2024, up from HKD 6,982,900,000 in 2023[20] - The financing leasing business accounted for HKD 4,990,099,000 in assets, an increase from HKD 4,688,050,000 in the previous year[20] - The total liabilities for continuing operations were HKD 4,739,314,000, compared to HKD 4,520,453,000 in 2023, indicating a rise of 4.8%[22] - Non-current liabilities increased to HKD 3,883,247,000 from HKD 3,326,128,000 in the previous year[6] Cash Flow and Expenses - The company’s cash and bank balances improved to HKD 717,173,000, up from HKD 592,181,000 in 2023[5] - Financial expenses totaled HKD 78,427,000 in 2024, up from HKD 65,838,000 in 2023, with bank loan interest increasing to HKD 47,469,000 from HKD 38,826,000[23] - The estimated taxable profit for the year resulted in a tax expense of HKD (51,811,000) for 2024, compared to HKD (37,001,000) in 2023[24] - The company incurred total employee costs of HKD 177,918,000 in 2024, a decrease from HKD 197,815,000 in 2023[29] Dividends and Shareholder Information - A special dividend of HKD 0.42 per share was approved, totaling approximately HKD 7,192,000, with a proposed final dividend of HKD 0.58 per share amounting to about HKD 9,932,000[30] - The company will suspend share transfer registration from June 23, 2025, to June 26, 2025, to determine eligibility for attending the 2025 Annual General Meeting and voting[64] - The company will suspend share transfer registration from July 7, 2025, to July 9, 2025, to determine eligibility for receiving the proposed final dividend for the year ending December 31, 2024[65] Corporate Governance - The company has adopted all provisions of the corporate governance code as per the Hong Kong Stock Exchange Listing Rules and has complied with them for the year ending December 31, 2024[67] - All directors confirmed compliance with the standard code for securities trading for the year ending December 31, 2024[68] - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2024[69] - The financial statements for the year ending December 31, 2024, have been audited by the company's auditor, KPMG, who has agreed with the figures presented[70] Future Outlook and Strategy - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming fiscal year[3] - The company expects that the adoption of new Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[10] - The company has not applied the newly issued Hong Kong Financial Reporting Standards that are not yet effective, indicating a cautious approach to upcoming regulatory changes[9] - The group aims to expand its elderly care business, targeting 5,000 beds by the end of 2025, with ongoing projects and partnerships in Guangdong Province[59] - The technology sector will focus on investment and acquisitions to support strategic development, with an emphasis on establishing a project database[60] - In the financing leasing business, the group will continue to focus on green financing and optimize environmental leasing products while exploring new business areas[61]

[Corporate Information](index=2&type=section&id=Corporate%20Information) The report details key corporate information, including management, board members, registered office, and principal business locations - The report provides a list of key management personnel, including executive and non-executive directors, committee members, as well as core corporate information such as the company's registered office, principal place of business, principal bankers, and auditors[2](index=2&type=chunk)[3](index=3&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Overall Performance Review](index=4&type=section&id=RESULTS) The Group's H1 2024 total revenue grew **12.2%** to **HK$411 million**, with operating profit from continuing operations up **45%** to **HK$111 million**, and net profit significantly increased to **HK$107 million** driven by business growth and a **HK$49.03 million** gain from subsidiary disposal Key Financial Indicators for H1 2024 | Indicator | H1 2024 (HK$ Million) | YoY Change | | :--- | :--- | :--- | | **Total Revenue** | 411 | +12.2% | | **Operating Profit from Continuing Operations** | 111 | +45% | | **Special Gain from Disposal of Subsidiary** | 49 | N/A | | **Net Profit** | 107 | +109.1% | - The Group adheres to its '1+X' industrial system, with wellness elderly care as its core business, supported by technology, finance leasing, and civil explosives businesses[5](index=5&type=chunk) [Segment Business Review](index=5&type=section&id=BUSINESS%20REVIEW) During the reporting period, key business segments showed mixed performance, with wellness elderly care and civil explosives achieving strong operating profit growth of **264%** and **106.9%** respectively, finance leasing growing **23.5%**, and hotel business turning profitable, while technology business faced declining revenue and increased losses, and property investment saw reduced rental income due to market weakness [Wellness Elderly Care Business](index=5&type=section&id=WELLNESS%20ELDERLY%20CARE%20BUSINESS) Wellness elderly care revenue grew **31.5%** to **HK$96.9 million**, turning profitable with **HK$7.68 million** operating profit (up **264%**), driven by a **23%** increase in beds and **88%** occupancy Key Indicators for Wellness Elderly Care Business | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | HK$96.9 million | +31.5% | | **Operating Profit** | HK$7.68 million | +264% (Turned Profitable) | | **Institutional Care Beds** | 2,708 | +23% | | **Institutional Occupancy Rate** | 88% | Improved | | **Medical Care Beds** | 461 | +54% | | **Medical Care Occupancy Rate** | 72% | Improved | [Finance Leasing Business](index=6&type=section&id=FINANCE%20LEASING%20BUSINESS) Despite headwinds, finance leasing grew steadily, with profit up **23.5%** to **HK$87.61 million**, by focusing on municipal environmental protection Key Indicators for Finance Leasing Business | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Profit for the Period** | HK$87.61 million | +23.5% | - The company's strategy focuses on becoming a leading domestic environmental specialized finance leasing company, continuously deepening its presence in the municipal environmental protection sector[12](index=12&type=chunk) [Technology Business](index=6&type=section&id=TECHNOLOGY%20BUSINESS) Technology business faced challenges, with operating revenue down **37.2%** to **HK$3.08 million** and operating loss increasing **16.2 times** to **HK$5.3 million**, due to weak market conditions and delayed subsidies Key Indicators for Technology Business | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | HK$3.08 million | -37.2% | | **Operating Loss** | HK$5.3 million | Loss expanded by 16.2 times | - The company is actively expanding into industrial internet and medical-elderly care technology industries, strengthening government-enterprise cooperation, and has secured the Foshan SME Digitalization Assessment Project[14](index=14&type=chunk)[17](index=17&type=chunk) [Civil Explosives Business](index=7&type=section&id=CIVIL%20EXPLOSIVES%20BUSINESS) Civil explosives business achieved counter-cyclical growth, with operating revenue up **9.3%** to **HK$112 million** and operating profit surging **106.9%** to **HK$22 million**, driven by market expansion and innovation Key Indicators for Civil Explosives Business | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | HK$111.72 million | +9.3% | | **Operating Profit** | HK$21.99 million | +106.9% | [Investments in Properties and Industrial Parks](index=8&type=section&id=INVESTMENTS%20IN%20PROPERTIES%20AND%20INDUSTRIAL%20PARKS) The Group disposed of **72%** of Zhongyan Taike, realizing a **HK$49.03 million** gain, while other property rental income fell **26.8%** to **HK$3.63 million** due to market weakness, with occupancy rates declining - Completed the disposal of a **72%** equity stake in Zhongyan Taike, generating a special gain of approximately **HK$49.03 million**, with this business reclassified as discontinued operations[21](index=21&type=chunk) - Affected by market weakness, total rental income from other properties decreased by **26.8%** YoY, and Zhongkong Building's occupancy rate declined from **93.0%** to approximately **81.9%**[22](index=22&type=chunk) [Hotel Business](index=8&type=section&id=HOTEL%20BUSINESS) Hotel business transitioned to a full-lease model, securing stable rental income; despite a **10.6%** revenue contraction, it turned profitable with **HK$2.57 million** profit, up **273.9%** YoY Key Indicators for Hotel Business | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Revenue** | Decreased by approx. HK$0.782 million | -10.6% | | **Profit for the Period** | HK$2.57 million | +273.9% (Turned Profitable) | [Profit from Investments in an Associate](index=9&type=section&id=PROFIT%20FROM%20INVESTMENTS%20IN%20AN%20ASSOCIATE) Associate company's operating performance was comparable to prior period, contributing **HK$26.52 million** profit to the Group, a slight **2.7%** YoY decrease Profit from Investments in an Associate | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | **Profit Contribution** | HK$26.52 million | -2.7% | [Financial Position Analysis](index=9&type=section&id=FINANCIAL%20POSITION%20AND%20ANALYSIS) As of June 30, 2024, total assets were **HK$7.75 billion**, liabilities **HK$5.93 billion**, and debt-to-asset ratio decreased to **76.5%**; cash increased to **HK$1.1 billion** due to subsidiary disposal, enhancing liquidity, and a **HK$166 million** convertible bond maturity was extended Financial Position Summary (As of June 30, 2024) | Indicator | June 30, 2024 (HK$ Billion) | December 31, 2023 (HK$ Billion) | | :--- | :--- | :--- | | **Total Assets** | 7.749 | 9.756 | | **Total Liabilities** | 5.927 | 7.636 | | **Debt-to-Asset Ratio** | 76.5% | 78.3% | | **Net Assets** | 1.823 | 2.119 | | **Bank Balances and Cash** | 1.103 | 0.592 | | **Current Ratio** | 1.04 times | 1.15 times | - The Group has extended the maturity date of its outstanding convertible bonds with a principal amount of **HK$166 million** by three years to October 13, 2027, which helps maintain future liquidity[28](index=28&type=chunk) - During the period, a foreign exchange loss of approximately **HK$4.61 million** was recorded due to the depreciation of RMB against HKD; the Board believes RMB will remain stable in the long term despite short-term depreciation pressure, thus no hedging is currently required[29](index=29&type=chunk)[30](index=30&type=chunk) - As of June 30, 2024, the Group's total pledged assets amounted to approximately **HK$4.39 billion**, primarily finance lease receivables, used as collateral for bank borrowings[29](index=29&type=chunk) [Outlook](index=11&type=section&id=OUTLOOK) Facing global uncertainties, the Group will deepen its '1+X' industrial structure to become a leading technology-driven wellness and elderly care service provider in the Greater Bay Area, with strategic plans for each business segment - Overall Strategy: Adhere to the '1+X' industrial structure, with wellness elderly care as the core business, supported by technology, finance leasing, and civil explosives, aiming to become a leading technology-driven wellness and elderly care service provider in the Greater Bay Area[31](index=31&type=chunk) - Wellness Elderly Care Business: Aims to achieve **5,000** beds by the end of the '14th Five-Year Plan' period, actively pursuing investments in Hong Kong institutional elderly care, and expanding into the mainland elderly care market for Hong Kong and Macau seniors[33](index=33&type=chunk)[34](index=34&type=chunk) - Technology Business: Focus on industrial internet and health technology, identifying investment and M&A targets[35](index=35&type=chunk) - Finance Leasing Business: Deepen municipal environmental finance leasing and plan to seize opportunities in large-scale medical equipment upgrades to expand into medical equipment finance leasing[36](index=36&type=chunk)[37](index=37&type=chunk) - Civil Explosives Business: Promote the implementation of bulk explosive production capacity to achieve parallel sales of packaged and bulk explosives, and enhance energy efficiency, cost reduction, and overall efficiency through technological transformation[39](index=39&type=chunk) [Disclosure of Interests and Other Information](index=14&type=section&id=Disclosure%20of%20Interests%20and%20Other%20Information) [Directors' and Major Shareholders' Interests](index=14&type=section&id=DIRECTORS%27%20INTEREST%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) The report discloses directors' and major shareholders' interests, with Chairman Mr. He Xiangming holding **0.08%** and major shareholders collectively holding approximately **84.18%** of the company's shares - Director Mr. He Xiangming holds **1,441,000** ordinary shares of the company, representing approximately **0.08%** of the total share capital[42](index=42&type=chunk)[43](index=43&type=chunk) - Major shareholders Glories Holdings (HK) Limited, Prize Rich Inc., and Guangdong Nanhai Holding Group Co., Ltd. are deemed to hold **1,441,439,842** shares/underlying shares of the company, representing approximately **84.18%** of the total share capital[45](index=45&type=chunk) [Dividend Policy](index=16&type=section&id=INTERIM%20DIVIDEND) The Board resolved not to declare an interim dividend for H1 2024, but the company approved and paid a special dividend of **HK$0.42 cents** per share on July 24, 2024 - The Board resolved not to declare an interim dividend for 2024[49](index=49&type=chunk) - The company paid a special dividend of **HK$0.42 cents** per share on July 24, 2024[50](index=50&type=chunk) [Connected Transaction](index=18&type=section&id=CONNECTED%20TRANSACTION) A key connected transaction involved extending the maturity of **HK$166 million** convertible bonds with major shareholder Prize Rich by three years to October 13, 2027 - The company reached an agreement with controlling shareholder Prize Rich to extend the maturity date of **HK$166 million** convertible bonds from October 13, 2024, by three years to October 13, 2027[57](index=57&type=chunk) [Additional Information on the Group's Finance Leasing Business](index=19&type=section&id=Additional%20Information%20on%20the%20Group%27s%20Finance%20Leasing%20Business) [Business Model and Client Base](index=19&type=section&id=Business%20Model%20and%20Client%20Base) Finance leasing operates in China, offering sale-and-leaseback and direct leases, primarily targeting the environmental protection sector, with **77** enterprise clients, **61** of which are environmental firms contributing **66%** of segment revenue - Business models include sale-and-leaseback and direct leases[59](index=59&type=chunk) - Key target clients are in the environmental protection sector (wastewater treatment, waste incineration, new energy power generation, etc.), with plans to focus on state-owned municipal environmental projects in Foshan and the Greater Bay Area[59](index=59&type=chunk) - As of June 30, 2024, transactions were conducted with **77** enterprises, of which approximately **61** are environmental sector companies, contributing about **66%** of the segment's operating revenue (approximately **HK$189.1 million**)[59](index=59&type=chunk) [Risk Management and Internal Controls](index=20&type=section&id=Risk%20Management%20and%20Internal%20Controls) Facing strong regulation, the Group established a professional finance leasing team and a stringent risk management system covering the entire project lifecycle, with detailed credit risk assessment and internal controls to mitigate bad debt risk - Established a seven-step, full-lifecycle risk assessment and review process, including project initiation, investigation and evaluation, review and decision-making, project implementation, loan disbursement, post-lease monitoring, and risk early warning[63](index=63&type=chunk) - Implemented continuous post-lending monitoring, including monthly off-site checks and quarterly on-site inspections, to monitor lessees' operational and financial conditions[65](index=65&type=chunk) - Established a three-tier risk early warning mechanism (general, medium, significant risk) and formulated response plans for different risk signals, including adjusting credit arrangements, demanding rent repayment, or even taking legal action[67](index=67&type=chunk) [Condensed Consolidated Financial Statements](index=24&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2024, revenue was **HK$411 million** (up **12.2%**), profit before tax rose to **HK$134.1 million** due to a **HK$49.03 million** gain from subsidiary disposal, and profit for the period was **HK$107.1 million** (up **109.1%**), with basic EPS of **HK$3.68 cents** Condensed Consolidated Statement of Profit or Loss Summary (For the Six Months Ended June 30, 2024) | Item (HK$ Million) | H1 2024 | H1 2023 (Restated) | | :--- | :--- | :--- | | **Revenue (Continuing Operations)** | 411.0 | 366.2 | | **Gross Profit** | 178.8 | 134.4 | | **Gain on Disposal of Subsidiary** | 49.0 | - | | **Profit Before Tax (Continuing Operations)** | 134.1 | 61.5 | | **Profit for the Period (Continuing Operations)** | 114.8 | 41.5 | | **(Loss)/Profit from Discontinued Operations** | (7.7) | 9.7 | | **Profit for the Period** | 107.1 | 51.2 | | **Profit Attributable to Owners of the Company** | 62.9 | 8.9 | | **Basic Earnings Per Share** | 3.68 HK cents | 0.52 HK cents | [Condensed Consolidated Statement of Financial Position](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets were **HK$7.75 billion**, liabilities **HK$5.93 billion**, and debt-to-asset ratio decreased to **76.5%**; cash increased to **HK$1.1 billion** due to subsidiary disposal, enhancing liquidity, and a **HK$166 million** convertible bond maturity was extended Condensed Consolidated Statement of Financial Position Summary | Item (HK$ Million) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Non-current Assets** | 4,948.9 | 4,800.4 | | **Current Assets** | 2,800.4 | 4,955.3 | | *Assets Held for Sale* | *0* | *2,772.8* | | **Total Assets** | **7,749.3** | **9,755.7** | | **Current Liabilities** | 2,683.4 | 4,310.3 | | *Liabilities Held for Sale* | *0* | *1,807.6* | | **Non-current Liabilities** | 3,243.3 | 3,326.1 | | **Total Liabilities** | **5,926.7** | **7,636.4** | | **Total Equity** | **1,822.6** | **2,119.3** | [Condensed Consolidated Statement of Cash Flows](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, operating activities had a **HK$168.2 million** net cash outflow, investing activities a **HK$498.6 million** net inflow (including **HK$564.6 million** from subsidiary disposal), and financing activities a **HK$75.64 million** net inflow, leading to a **HK$406 million** increase in cash to **HK$956 million** Condensed Consolidated Statement of Cash Flows Summary (For the Six Months Ended June 30, 2024) | Item (HK$ Million) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Net Cash Outflow from Operating Activities** | (168.2) | (373.6) | | **Net Cash Inflow/(Outflow) from Investing Activities** | 498.6 | (262.4) | | *Of which: Net Cash Inflow from Disposal of Subsidiaries* | *564.6* | *N/A* | | **Net Cash Inflow from Financing Activities** | 75.6 | 923.9 | | **Net Increase in Cash and Bank Balances** | 406.0 | 287.9 | | **Cash and Bank Balances at Beginning of Period** | 567.6 | 999.3 | | **Cash and Bank Balances at End of Period** | 956.0 | 1,179.2 | [Notes to the Condensed Consolidated Financial Statements](index=33&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Segment Information](index=38&type=section&id=Note%205.%20SEGMENT%20INFORMATION) The Group operates six segments, with finance leasing as the largest contributor (**HK$189.1 million** revenue, **HK$87.61 million** results), followed by civil explosives (**HK$111.7 million** revenue, **HK$21.99 million** results), while wellness elderly care turned profitable, and technology business incurred losses Segment Results (For the Six Months Ended June 30, 2024) | Segment | Revenue (HK$ Million) | Segment Results (HK$ Million) | | :--- | :--- | :--- | | **Finance Leasing Business** | 189.1 | 87.6 | | **Civil Explosives Business** | 111.7 | 22.0 | | **Wellness Elderly Care Business** | 96.9 | 7.7 | | **Hotel Business** | 6.6 | 2.6 | | **Property Investment** | 3.6 | (3.2) | | **Technology Business** | 3.1 | (5.3) | | **Total** | **411.0** | **111.4** | [Discontinued Operations](index=48&type=section&id=Note%209.%20DISCONTINUED%20OPERATIONS) The Group completed the disposal of **72%** of Zhongyan Taike on March 1, 2024, reclassifying it as discontinued operations, which incurred a **HK$7.66 million** loss pre-disposal, with related assets and liabilities totaling **HK$2.77 billion** and **HK$1.81 billion** respectively - The Group completed the disposal of a **72%** equity stake in Zhongyan Taike on March 1, 2024, with this business (industrial park and property development) classified as discontinued operations[137](index=137&type=chunk)[139](index=139&type=chunk) Profit or Loss from Discontinued Operations (For the Six Months Ended June 30, 2024) | Item (HK$ Million) | Amount | | :--- | :--- | | **Revenue** | 16.1 | | **Loss Before Tax** | (7.1) | | **Loss for the Period** | (7.7) | [Borrowings](index=72&type=section&id=Note%2019.%20BORROWINGS) As of June 30, 2024, total borrowings slightly increased to **HK$5.29 billion** (from **HK$5.15 billion**), with bank loans at **HK$5.1 billion** and **HK$4.14 billion** secured, primarily by finance lease receivables, with most borrowings in RMB Borrowings Structure (As of June 30, 2024) | Item (HK$ Million) | Amount | | :--- | :--- | | **Bank Loans** | 5,103.9 | | **Loans from Direct Holding Company** | 136.0 | | **Other Loans** | 49.4 | | **Total Borrowings** | **5,289.3** | | **Of which: Secured** | 4,137.2 | | **Of which: Unsecured** | 1,152.1 | [Disposal of Subsidiaries](index=88&type=section&id=Note%2027.%20DISPOSAL%20OF%20SUBSIDIARIES) The Group completed the disposal of **72%** of Zhongyan Taike Group on March 1, 2024, for **HK$1.058 billion**, resulting in a **HK$49.03 million** gain and **HK$565 million** net cash inflow, after accounting for net assets disposed of (**HK$1.268 billion**) and other adjustments Gain/Loss Calculation on Disposal of Subsidiaries | Item (HK$ Million) | Amount | | :--- | :--- | | **Cash Consideration** | 1,057.5 | | **Net Proceeds from Disposal** | 1,027.8 | | **Net Assets Disposed Of** | (1,268.4) | | **De-recognition of Non-controlling Interests** | 355.1 | | **Reclassification Adjustment on Reserves** | (65.5) | | **Gain on Disposal of Subsidiaries** | **49.0** | - This disposal generated a net cash inflow of **HK$565 million**[240](index=240&type=chunk) [Events After Reporting Period](index=94&type=section&id=Note%2030.%20EVENT%20AFTER%20REPORTING%20PERIOD) Post-reporting period, Lujin Leasing signed new finance lease agreements exceeding **RMB265 million** in environmental and public utility sectors, and entered a debt disposal agreement to resolve **RMB362 million** in overdue lease payments by taking over pledged assets - Since July 2024, Lujin Leasing has signed multiple new finance lease agreements totaling over **RMB265 million**, primarily with clients in industries such as heating, wastewater treatment, and water supply[249](index=249&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk)[253](index=253&type=chunk) - On July 31, 2024, Lujin Leasing entered into a debt disposal framework agreement to offset approximately **RMB362 million** in outstanding principal and interest from two lessees by taking over pledged assets[250](index=250&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 411,025,000, an increase of 12.2% compared to HKD 366,229,000 for the same period in 2023[1] - Gross profit for the same period was HKD 178,771,000, representing a gross margin of 43.5%, compared to HKD 134,352,000 and a gross margin of 36.7% in 2023[1] - The net profit attributable to the company's owners for the period was HKD 62,942,000, a significant increase from HKD 8,893,000 in the previous year[2] - The company reported total comprehensive income of HKD 44,262,000, compared to a loss of HKD 85,015,000 in the same period last year[2] - Basic earnings per share for continuing operations was HKD 3.68, up from HKD 0.52 in the prior year[2] - Total segment profit for the six months ended June 30, 2024, was HKD 111,399,000, compared to HKD 76,806,000 in the previous year, reflecting a growth of 45.0%[11] - The company reported a loss of HKD 7,663,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,628,000 for the same period in 2023, indicating a significant decline in performance[22] Revenue Breakdown - Financing leasing consulting service revenue was HKD 39,599,000, down 4.9% from HKD 41,627,000 year-on-year[9] - Revenue from civil explosives business blasting engineering increased significantly to HKD 24,515,000, up 25.7% from HKD 19,510,000 in the previous year[9] - The health and elderly care business service revenue rose to HKD 50,376,000, a 14.0% increase from HKD 44,091,000 in the prior year[9] - The financing leasing segment reported revenue of HKD 189,083,000, up 9.8% from HKD 173,031,000 year-on-year[11] - The civil explosives business generated total revenue of HKD 111,720,000, an increase of 9.5% from HKD 102,236,000 in the same period last year[11] - The revenue from the health and elderly care business reached approximately HKD 96,897,000, marking a year-on-year increase of 31.5%[53] Assets and Liabilities - Non-current assets totaled HKD 4,948,913,000 as of June 30, 2024, compared to HKD 4,800,403,000 at the end of 2023[3] - Current assets increased to HKD 2,800,413,000 from HKD 2,182,497,000 in the previous year[3] - The company's total equity attributable to owners was HKD 1,060,322,000, up from HKD 980,032,000 at the end of 2023[4] - Total liabilities decreased to HKD 3,243,315,000 from HKD 3,326,128,000 in the previous year[4] - The total assets of the group as of June 30, 2024, were HKD 6,034,231,000, an increase from HKD 5,793,885,000 at the end of 2023[13] - The total liabilities held for sale amounted to HKD 1,807,561,000, including lease liabilities of HKD 1,047,323,000 and borrowings of HKD 564,585,000[30] Cash Flow and Expenses - The company incurred a total financial expense of HKD 39,240,000 for the six months ended June 30, 2024, compared to HKD 28,961,000 for the same period in 2023, reflecting an increase of approximately 35.4%[19] - The company’s bank interest income rose to HKD 6,851,000 for the six months ended June 30, 2024, compared to HKD 4,184,000 in the previous year, marking an increase of about 63.8%[18] - Cash flow from operating activities showed a net inflow of HKD 3,733,000 for the six months ended June 30, 2024, compared to an outflow of HKD 8,049,000 in the previous year[28] Dividends and Shareholder Returns - The company declared a special dividend of HKD 7,192,000 for the fiscal year 2023, calculated based on 1,712,329,142 shares at HKD 0.42 per share[33] - The company has approved a special dividend of HKD 0.42 per share for shareholders registered on July 9, 2024, compared to zero in 2023[66] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[32] Business Developments and Strategies - The company has not disclosed any new product developments or market expansion strategies during this reporting period[1] - The company completed the sale of a 72% stake in Zhongyan Taike Construction Co., Ltd. for approximately HKD 1,063,000,000 on March 1, 2024, which will result in the discontinuation of its property development business[23] - The company is expanding its elderly care services and facilities, with ongoing construction of an additional 1,200 elderly care beds[53] - The company is focusing on environmental financing leasing, aiming to become a leading specialized company in this sector in China[54] Risk Management and Governance - The company has established financial risk management policies to ensure all payables are settled within credit terms[44] - The company is committed to improving its risk management system to reduce non-performing asset rates in its financing leasing operations[64] - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and financial reports for the six months ending June 30, 2024[70] - The company adheres to the corporate governance code and has complied with all relevant regulations during the reporting period[68]