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 。 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （ 股 份 代 號 ： 160） 2024-25年度業績公佈 漢國 置 業有 限 公司 （「 本 公司 」 ，連 同其 附 屬公 司 統稱 「本 集 團」 ） 之董 事會 （「 董 事會 」 ）宣 佈本 集 團截 至 2025年3月31日 止年 度 之 綜合 年 度業 績 。 年內 業 績 | | 截至3月31日止年度 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 港幣 千 元 | 港幣 千 元 | | 收入 | 1,012,714 | 1,086,515 | | 物業 發 展 | 528,210 | 5 ...

Financial Performance - The company's revenue for the six months ended September 30, 2024, was HKD 316 million, down from HKD 643 million in 2023, reflecting a significant decline[41]. - Shareholders' net loss amounted to HKD 39 million, compared to a profit of HKD 89 million in the previous year[41]. - Basic loss per share was HKD 0.05, compared to earnings of HKD 0.12 per share in 2023[42]. - For the six months ended September 30, 2024, the group's profit before tax was HKD 12,579 thousand, a significant decrease from HKD 220,117 thousand in the same period of 2023[105]. - The group recorded a loss of HKD 56,474 thousand from investment properties at fair value, compared to a gain of HKD 22,159 thousand in the previous year[105]. - The company reported a loss of HKD 6,447,000 for the period, compared to a profit of HKD 89,720,000 in the previous year, marking a significant decline[126]. - The company’s basic and diluted earnings per share for the period were HKD (0.05), compared to HKD 0.12 in the previous year[125]. - The group reported a pre-tax profit of HKD 17,713,000 for the six months ended September 30, 2024, compared to HKD 21,187,000 in the same period last year[199]. Revenue Breakdown - Revenue from the Qiaochengfang project was HKD 102 million for the six months ended September 30, 2024, down from HKD 188 million in 2023, with a net profit attributable to the group's interest of HKD 29 million[60]. - Property development revenue for the six months ended September 30, 2024, was HKD 53 million, a decrease from HKD 386 million in 2023, primarily due to delays in a residential project in Guangzhou, resulting in deferred sales recognition of approximately HKD 370 million[83]. - Investment property revenue increased to HKD 239 million for the six months ended September 30, 2024, compared to HKD 226 million in 2023, while operating profit decreased to HKD 104 million from HKD 164 million, including a fair value loss of HKD 56 million[88]. - Property sales contributed HKD 386,441,000, while total rental income was HKD 234,991,000[173]. - Revenue for the six months ended September 30, 2024, was HKD 316,428,000, a decrease of 50.7% compared to HKD 642,508,000 for the same period in 2023[125]. Assets and Liabilities - The group's total interest-bearing debt as of September 30, 2024, was approximately HKD 6.556 billion, with 24% classified as current liabilities[69]. - The total value of investment properties as of September 30, 2024, was HKD 15,405 million, up from HKD 15,013 million as of March 31, 2024, with a fair value decrease of HKD 86 million during the period[91]. - The total assets of the company as of September 30, 2024, amounted to HKD 20,423,347,000, with total liabilities of HKD 8,179,369,000[146]. - The company’s total non-current liabilities increased to HKD 6,251,120,000 from HKD 6,065,781,000 as of March 31, 2024[128]. - The group has guaranteed bank credit of HKD 487,500,000 for a joint venture, with HKD 237,500,000 utilized[183]. Cash Flow and Financing - The group's cash flow from operating activities for the six months ended September 30, 2024, was HKD 335,202 thousand, compared to HKD 393,065 thousand in the previous year[105]. - The net cash flow from operating activities after interest and tax payments was HKD 302,421 thousand, down from HKD 376,483 thousand in the same period of 2023[105]. - The net cash flow from financing activities was a net outflow of HKD 316,198,000, compared to an inflow of HKD 43,581,000 in the same period last year[132]. - Cash and bank balances as of September 30, 2024, totaled approximately HKD 1,248 million, a decrease from HKD 1,294 million as of March 31, 2024[94]. - The company has committed but undrawn bank credit facilities totaling approximately HKD 264 million available for operational funding as of September 30, 2024[94]. Market Conditions and Strategic Focus - The company is focusing on expanding its investment portfolio in other regions to generate more recurring income amid a challenging investment environment in China[37]. - The group is facing challenges from geopolitical tensions and a sluggish real estate market in mainland China, with consumer confidence remaining low[55]. - The company is actively exploring opportunities in the Greater Bay Area real estate and proptech sectors, aiming to diversify its geographic strategy amid local challenges[81]. - The group anticipates continued improvement in the property market due to government measures announced in mid-October, including mortgage relaxation and talent immigration plans[56]. - The company is implementing various new plans to enhance rental rates and maintain occupancy levels in the Chinese property market, which remains sluggish[49]. Project Developments - The company expects to recognize sales revenue from the Guangzhou project in the second half of the fiscal year, which is anticipated to significantly improve performance[20]. - The company has successfully obtained the completion certificate for the residential project, allowing for the recognition of approximately HKD 370 million in sales revenue[35]. - Construction of a luxury residential project in Repulse Bay is progressing on schedule, with the group holding a 50% interest[61]. - The group has pre-sold 35 residential units in the newly completed project in Beijing, contributing approximately HKD 370 million in unrecognized contracted sales revenue[60]. - Renovation of the Bauhinia Hotel (Central) is nearing completion, with plans to reopen in 2025, featuring green and sustainable design elements[90]. Equity and Shareholder Information - Shareholders' equity as of September 30, 2024, was HKD 11,463 million, up from HKD 11,060 million as of March 31, 2024[42]. - Shareholders' equity increased to approximately HKD 11.463 billion as of September 30, 2024, up from HKD 11.060 billion as of March 31, 2024, primarily due to the appreciation of RMB-denominated assets[70]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024[156]. - The company recognized a share of profit from an associate of HKD 29,278,000, compared to HKD 14,661,000 in the previous year[125]. - The group increased its contract liabilities by HKD 44,096 thousand, contrasting with a decrease of HKD 109,764 thousand in the same period of 2023[105].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 316 million, a decrease from HKD 643 million in 2023, reflecting a decline of approximately 50.9%[3] - The net loss attributable to shareholders was HKD 39 million, compared to a profit of HKD 89 million in 2023, indicating a significant downturn[3] - Basic loss per share was HKD 0.05, down from earnings of HKD 0.12 per share in 2023[4] - The group reported a revenue of HKD 316,428,000 for the six months ended September 30, 2024, a decrease from HKD 642,508,000 in the same period of 2023, representing a decline of approximately 50.7%[20] - The gross profit for the same period was HKD 188,654,000, down from HKD 359,601,000, indicating a decrease of about 47.5%[20] - The group recorded a loss of HKD 6,447,000 for the period, compared to a profit of HKD 89,720,000 in the previous year, reflecting a significant decline in profitability[20] - The group's profit before tax for the six months ended September 30, 2024, was HKD 12,579,000, indicating a decrease compared to the previous period[57] - The company reported a total revenue of HKD 642,508,000 for the six months ended September 30, 2023, with a profit before tax of HKD 220,117,000, highlighting a significant year-over-year performance difference[59] Shareholder Equity and Dividends - Shareholders' equity as of September 30, 2024, was HKD 11,463 million, an increase from HKD 11,060 million as of March 31, 2024[4] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024, consistent with 2023[5] - Total equity attributable to the company increased to HKD 11,782,881,000 as of September 30, 2024, compared to HKD 11,332,869,000 as of March 31, 2024, reflecting a growth of approximately 3.95%[48] - The group’s total equity as of September 30, 2024, was approximately HKD 11.463 billion, an increase from HKD 11.060 billion on March 31, 2024, primarily due to the appreciation of RMB-denominated assets[97] Market Conditions and Strategies - The rental market in China remains weak due to oversupply and low market sentiment, but the company is implementing new strategies to improve occupancy rates[11] - The company anticipates that the renovation of the Bao Hsien Hotel in Central will stimulate revenue and profit growth within the next three to six months[12] - The group anticipates that the economic environment will remain challenging due to high interest rates and geopolitical tensions, impacting future performance[14] - The real estate market in Guangzhou saw a 40% increase in sales following the removal of purchase restrictions, although the momentum is not expected to sustain due to low consumer confidence[15] - The group is exploring opportunities in the Greater Bay Area for real estate and proptech, aiming to diversify and balance profitability amid local challenges[17] - The company is focusing on expanding its investment portfolio in other regions to generate more recurring income amid unfavorable conditions in its primary market[10] Investment and Assets - The investment property portfolio is regularly measured at fair value, reflecting losses due to weak market conditions in China and Hong Kong, while the Japanese investment portfolio shows better performance[13] - The group's non-current assets totaled HKD 16,985,833,000 as of September 30, 2024, compared to HKD 16,541,148,000 as of March 31, 2024, indicating growth in asset value[36] - The total assets as of September 30, 2024, were not explicitly stated but are implied to be significant given the equity figures reported[48] - The investment property portfolio's market value as of September 30, 2024, was HKD 15.405 billion, an increase from HKD 15.013 billion on March 31, 2024, with mainland China properties valued at HKD 9.736 billion and Hong Kong properties at HKD 5.254 billion[94] - The group has pledged properties with a total book value of approximately HKD 16.189 billion as collateral to secure certain bank loans[99] Financial Obligations and Liabilities - The total liabilities decreased from HKD 8,067,988,000 as of March 31, 2024, to HKD 8,179,369,000 as of September 30, 2024, reflecting a slight increase in financial obligations[40][44] - As of September 30, 2024, the group's total interest-bearing debt was approximately HKD 6.556 billion, with about 24% classified as current liabilities, and cash and bank balances totaled approximately HKD 1.248 billion[96] - The debt-to-equity ratio as of September 30, 2024, was 45%, a slight decrease from 46% on March 31, 2024[97] Operational Performance - The average occupancy rate of the investment property portfolio in mainland China was 72%, down from 75% in 2023, with a total floor area of approximately 446,000 square meters across six major projects[89] - The Hong Kong property management and parking management business contributed revenue of HKD 24 million, down from HKD 30 million in 2023, with an operating loss of HKD 1.3 million compared to a profit of HKD 4.2 million in 2023[95] - The group incurred financial expenses of HKD 135,871,000, excluding interest on lease liabilities, during the six months ended September 30, 2024[57] - The total tax expense for the six months ended September 30, 2024, was HKD 19,026,000, a significant decrease from HKD 130,397,000 in the same period of 2023[72] Employee and Governance - As of September 30, 2024, the company employed approximately 340 employees, a decrease from about 370 employees as of March 31, 2024[100] - The company has adhered to the corporate governance code, with the exception of the requirement for directors to retire at least once every three years[105] - The audit committee has held regular meetings, with at least two meetings per year to review the financial reporting process and internal controls[107]

Financial Performance - The net profit attributable to shareholders is HKD 4,600,000, a significant decrease from HKD 153,400,000 in 2023, with basic earnings per share at HKD 0.0063 compared to HKD 0.2130 in 2023[44]. - The company's revenue for the fiscal year 2024 increased by 4% to HKD 1,087,000,000, compared to HKD 1,049,000,000 in 2023[146]. - The operating profit before revaluation decreased to HKD 132,100,000 from HKD 111,100,000 in the previous year, while profit attributable to ordinary shareholders dropped to HKD 4,600,000 from HKD 153,400,000[146]. - As of March 31, 2024, total shareholders' equity was approximately HKD 11.06 billion, a decrease from HKD 11.66 billion in 2023, primarily due to reduced profits and currency depreciation[86]. - The company's total equity as of March 31, 2024, was HKD 11,060,000,000, down from HKD 11,663,000,000 as of March 31, 2023[129]. - The net asset value per share decreased to HKD 15.35 from HKD 16.19 year-over-year[129]. Audit and Governance - The company reported a total audit service fee of HKD 3,106,000 and non-audit services fee of HKD 364,000, totaling HKD 3,470,000 for the year[33]. - The board held a total of 4 meetings during the year ending March 31, 2024, with the remuneration committee meeting once and the audit committee meeting twice[32]. - The internal audit system is designed to minimize operational risks and ensure compliance with applicable laws and regulations, providing reasonable assurance against material misstatements[34]. - The audit committee reviewed the effectiveness of the internal control and risk management systems, which were deemed reasonable and effective[19]. - The company has a policy in place to remind directors and relevant employees to comply with insider information regulations[35]. - The company is committed to maintaining high standards of corporate governance and continuously reviewing and improving its governance practices[200]. - The board believes that the company has adhered to the applicable principles of the corporate governance code as per the Stock Exchange Listing Rules, with some disclosed deviations[200]. Board Diversity and Remuneration - The company emphasizes the importance of maintaining a diverse board composition and is actively seeking suitable candidates to enhance diversity[16]. - The board is satisfied with the current level of diversity among its members but acknowledges room for improvement in gender diversity[16]. - The remuneration of executive directors is linked to individual performance and the group's overall performance, subject to annual review by the remuneration committee[6]. - The company’s governance report indicates that the company secretary has participated in no less than 15 hours of relevant professional training during the year[21]. Property and Investment - The property sales and rental income from the Qiaochengfang project amounted to HKD 270,000,000 for the year ending March 31, 2024, down from HKD 359,000,000 in 2023[48]. - The average occupancy rate for the investment property in the Chongqing Hanguo Center was 84% for the year, unchanged from 2023[49]. - The average occupancy rate for the office building in the northern new district was approximately 69% for the year, down from 80% in 2023[59]. - The average occupancy rate of the serviced apartments at the Bao Xuan Hotel remained stable at around 90%[75]. - The group continues to focus on property development and investment in major cities in mainland China, including Shenzhen, Guangzhou, and Chongqing, as well as in Hong Kong and Japan[52]. - The group holds a 20% interest in the Qiaochengfang project, which includes residential apartments, offices, and a shopping mall[48]. - The group has acquired five hotel properties in Osaka and Tokyo for a total cash consideration of approximately HKD 286,000,000, funded by internal resources and bank mortgage loans[64]. - The group aims to generate sufficient recurring rental income to cover operational expenses, including administrative costs, financial costs, and dividends[52]. - The group managed 26 parking lots as of March 31, 2024, with a total of approximately 1,810 parking spaces, a decrease from 2,090 spaces in the previous year[84]. - The total revenue from property and parking management for the year ending March 31, 2024, was HKD 46 million, up from HKD 38 million in the previous year, indicating a year-on-year growth of approximately 21.1%[84]. Future Outlook and Strategy - The company is actively addressing market challenges by repositioning projects to attract new tenants, including the launch of the HONKWORK shared workspace[130]. - The company is optimistic about future growth, with expectations for the Guangzhou project sales and occupancy rates to improve due to government stimulus measures[143]. - The company aims to diversify risks and seek opportunities overseas to expand its recurring income[148]. - The company anticipates a healthy growth rate of 5% for the Chinese economy, despite ongoing structural adjustments and challenges[149]. - The company is focusing on enhancing its financial management capabilities, with a new executive director appointed in April 2024 to oversee overall financial strategies[174]. - The company is exploring new strategies for market expansion and product development to adapt to changing market conditions[165]. - The company is committed to maintaining profitability in the real estate sector despite the challenges posed by the current market environment[165]. Community Engagement and Leadership - The company is actively involved in community service and governance, with board members participating in various public service roles[171]. - The company has been involved in various non-profit and charitable organizations, enhancing its community engagement[192]. - The company has established strong relationships with major shareholders and affiliated companies, enhancing its market position[157][175]. - The company has a strong leadership team with extensive experience in finance and real estate, including executives with over 30 years of industry experience[170][174]. - The independent non-executive director has over 40 years of experience in accounting, financial management, and multinational business[183]. - The finance director has over 30 years of experience in accounting and finance, holding a bachelor's degree in accounting from City University of Hong Kong[186]. - The company has appointed a new independent non-executive director with extensive experience in commercial property management and development[185]. - The independent non-executive director has successfully established new diplomatic and economic ties between California and the Asia-Pacific region[191]. - The company is focused on maintaining global best practices in managing its investment portfolio[192]. - The company has a strong leadership team with diverse backgrounds in real estate, finance, and international business[193].

Financial Performance - For the fiscal year ending March 31, 2024, the company's revenue increased by 4% to HKD 1,086,515,000 compared to HKD 1,049,421,000 in 2023[1] - The operating profit before revaluation was HKD 132,073,000, up from HKD 111,119,000 in the previous year[1] - The profit attributable to equity holders decreased significantly to HKD 4,573,000 from HKD 153,423,000 in 2023, reflecting the challenging market conditions in China[1][11] - Revenue for the year ended March 31, 2024, was HKD 1,086,515,000, an increase of 3.5% from HKD 1,049,421,000 in 2023[19] - Gross profit for the same period was HKD 581,345,000, up from HKD 556,219,000, reflecting a gross margin improvement[19] - The company reported a net profit of HKD 25,927,000 for the year, a significant decrease of 83.4% compared to HKD 156,392,000 in 2023[25] - The company experienced a net loss from fair value changes of investment properties amounting to HKD 141,123,000, compared to a loss of HKD 56,016,000 in the previous year[19] - The company anticipates a healthier economic growth of 5% in China, with rising export and trade surplus, suggesting potential recovery in the market[14] - The company acknowledges a reduction in short-term returns but remains optimistic about long-term prospects, citing opportunities arising from the current crisis[22] - The company anticipates facing greater downward pressure in the short term due to ongoing adjustments in China's economic structure[41] Asset and Liability Management - The total value of non-current assets decreased slightly to HKD 16,541,148,000 from HKD 16,654,773,000 year-over-year[7] - Current liabilities decreased to HKD 2,002,207,000 from HKD 2,384,370,000, reflecting improved financial management[7] - As of March 31, 2024, the company's total equity was HKD 11,060,000,000, down from HKD 11,663,000,000 as of March 31, 2023, representing a decrease of approximately 5.2%[30] - Non-current liabilities increased to HKD 6,065,781,000 in 2024 from HKD 5,908,235,000 in 2023, marking an increase of approximately 2.7%[43] - As of March 31, 2024, the group has net current assets of HKD 858,000,000, including HKD 1,157,000,000 in properties for sale and HKD 1,294,000,000 in cash and bank balances[46] - The group has bank loans due within one year amounting to HKD 1,714,000,000[46] - The directors believe the group has sufficient working capital for at least the next twelve months, considering the ability to refinance existing loans and promote property pre-sales[46] - As of March 31, 2024, total assets amounted to HKD 19,400,857,000, with property development contributing HKD 1,456,754,000 and property investment contributing HKD 15,605,312,000[60] - Total liabilities reached HKD 8,067,988,000, with liabilities from property development at HKD 1,172,341,000 and property investment at HKD 1,910,188,000[60] Investment and Development Strategy - The company acquired five hotel properties in Tokyo and Osaka as part of its overseas market expansion strategy, capitalizing on favorable financing conditions and a recovering tourism market[5] - The company plans to reopen the Central Hotel in Hong Kong by the end of 2024, featuring the first 100% solar panel façade in Hong Kong, enhancing its environmental reputation[13] - The company sold 77 out of 80 available units in its Nanhai project during the 2023/2024 fiscal year, indicating strong demand despite overall market challenges[13] - The company is focusing on the Greater Bay Area business, which is expected to drive development through consumer demand[20] - The company plans to relaunch its flagship hotel in Hong Kong by the end of this year and expects to sell its joint venture project in South Bay by the end of 2025[23] - The company is taking measures to streamline its investment portfolio and resource allocation in preparation for the next growth phase[23] - The group is developing a luxury residential project in Repulse Bay, with a site area of approximately 1,967 square meters[122] - The group is in the process of selling a hotel property in Japan for approximately JPY 1,872,500,000 (about HKD 93,600,000), expected to complete by July 31, 2024[90] Revenue Sources and Performance - For the fiscal year ending March 31, 2024, the total revenue from external customers was HKD 1,086,515,000, with property development contributing HKD 592,595,000, property investment HKD 436,170,000, and parking management and others HKD 57,750,000[56] - The adjusted profit before tax for the fiscal year ending March 31, 2024, was HKD 72,241,000[57] - The total revenue for the fiscal year ending March 31, 2023, was HKD 1,049,421,000, with property development contributing HKD 579,625,000, property investment HKD 419,377,000, and parking management and others HKD 50,419,000[58] - The adjusted profit before tax for the fiscal year ending March 31, 2023, was HKD 299,195,000[58] - Total revenue from customer contracts for the year ended March 31, 2024, was HKD 642,762,000, an increase from HKD 632,137,000 in 2023, representing a growth of approximately 1%[71] - Total rental income from other sources for the year ended March 31, 2024, was HKD 443,753,000, compared to HKD 417,284,000 in 2023, reflecting an increase of about 6.3%[75] - The group recorded revenue of HKD 46,000,000 from property and parking management for the year ending March 31, 2024, compared to HKD 38,000,000 in the previous year[125] Market Conditions and Outlook - The company has noted that the Hong Kong market is showing signs of recovery, with expectations for passenger traffic at the airport to return to pre-pandemic levels by the end of 2024[22] - The company anticipates that the real estate market will recover and mature, with a projected increase in urbanization in China from 65% to 80% over the next decade, leading to increased demand for housing[21] - The group has maintained a diversified customer base for trade receivables, with total trade receivables at HKD 7,480,000 as of the reporting date, down from HKD 10,884,000 in 2023[81] - The average occupancy rate for the Hong Kong and Guangzhou properties was approximately 83%, down from 93% in 2023[98] - The average overall occupancy rate for the Shenzhen Han Guo City Commercial Center reached 68% in the fiscal year, up from 63% in 2023[102] - The average occupancy rate for the hotel in Tsim Sha Tsui was approximately 88% for the year ending March 31, 2024, up from 72% in 2023[120] - The average occupancy rate for the Chongqing Han Guo Center was approximately 69% for the fiscal year, compared to 80% in 2023[105] - The Chongqing Jin Shan Commercial Center maintained an average occupancy rate of 84% for the fiscal year, consistent with the previous year[106] Dividend and Shareholder Returns - Earnings per share for the year ended March 31, 2024, was HKD 0.0063, a significant decline from HKD 0.2130 in the previous year, indicating a decrease of approximately 97.0%[34] - The final dividend per share declared was HKD 0.0625, reduced from HKD 0.1250 in the previous year, reflecting a decrease of 50.0%[34] - Proposed final dividend per ordinary share for the year ended March 31, 2024, is HKD 0.0625, down from HKD 0.125 in 2023, reflecting a reduction of 50%[80] Operational Efficiency - The group recorded a deferred tax expense of HKD 13,623,000 for the year ended March 31, 2024, compared to a deferred tax benefit of HKD 653,000 in 2023[77] - The cost of properties sold for the year ended March 31, 2024, was HKD 299,310,000, slightly down from HKD 308,788,000 in 2023, indicating a decrease of about 3.8%[74] - The group did not recognize any government subsidies in 2024, while it received HKD 3,095,000 in subsidies in 2023, reflecting a complete withdrawal of such support[75] - The group recorded a total income of HKD 593,000,000 from property development, up from HKD 580,000,000 in 2023, with a contribution to profit of HKD 264,000,000[93] Corporate Governance and Compliance - The audit committee regularly reviews the group's financial reporting procedures and internal controls, with meetings held at least twice a year[138] - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the fiscal year ending March 31, 2024[140] - The group has no significant foreign exchange risk as of March 31, 2024, with no foreign exchange contracts or other hedging instruments in place[131]

Financial Performance - For the six months ended September 30, 2023, the company's revenue was HKD 643 million, a slight increase from HKD 629 million in the same period of 2022, while net profit attributable to shareholders decreased to HKD 89 million from HKD 114 million[8]. - The basic earnings per share for the period were HKD 0.12, down from HKD 0.16 in 2022, and total equity attributable to shareholders decreased to HKD 11.253 billion from HKD 11.663 billion[8]. - Revenue for the six months ended September 30, 2023, was HKD 642,508,000, an increase of 2.3% compared to HKD 629,084,000 in 2022[62]. - Gross profit for the same period was HKD 359,601,000, up from HKD 347,076,000, reflecting a gross margin improvement[62]. - Net profit for the period decreased to HKD 89,720,000 from HKD 115,917,000, representing a decline of 22.6% year-over-year[65]. - The company recorded a total comprehensive loss of HKD 336,501,000 for the period, compared to a loss of HKD 847,730,000 in the previous year[65]. - The group’s profit before tax for the six months ended September 30, 2023, was HKD 21,187,000, a decrease from HKD 22,550,000 in the same period of 2022, representing a decline of approximately 6.1%[102]. - Total tax expenses for the period amounted to HKD 130,397,000, an increase of 33.8% compared to HKD 97,415,000 in the previous year[105]. Revenue Sources - The property development segment generated revenue of HKD 386 million, compared to HKD 394 million in 2022, with a pre-tax profit of HKD 194 million, up from HKD 173 million[11]. - The company reported a confirmed revenue of HKD 188 million from its 20% stake in the Qiaochengfang project, down from HKD 229 million in 2022, with attributable profit of HKD 15 million[14]. - Revenue from property management and parking services in Hong Kong increased to HKD 30 million, up from HKD 23 million in 2022[22]. - The company’s total revenue from property development, investment, and management for the six months was HKD 642,508,000, with property development contributing HKD 386,441,000[85]. - The revenue from mainland China was HKD 542,520,000, slightly up from HKD 532,268,000 in the previous year, indicating a growth of 1.4%[93]. - The company’s total rental income from other sources was HKD 234,991,000, which includes HKD 206,058,000 from property investment[94]. Investment Activities - Investment-related income for the period was HKD 226 million, an increase from HKD 212 million in 2022, with a pre-tax profit of HKD 164 million, up from HKD 138 million[16]. - The company plans to expand into the Japanese property investment market, seizing favorable market opportunities[16]. - The company acquired interests in three hotel properties in Japan for a total cash consideration of HKD 192 million, funded by internal resources and bank mortgage loans[20]. - In September 2023, the company completed the acquisition of a hotel property in Osaka, Japan, for JPY 899,800,000 (approximately HKD 47,700,000)[127]. - The acquisition is intended to hold the property as an investment to generate rental income[127]. Financial Position - Total assets as of September 30, 2023, were HKD 18,397,823,000, up from HKD 17,784,752,000 as of March 31, 2023[69]. - Current liabilities decreased to HKD 1,549,415,000 from HKD 2,384,370,000, indicating improved liquidity[69]. - The group held cash and bank balances totaling approximately HKD 1,812,000,000 as of September 30, 2023, up from HKD 1,752,000,000 as of March 31, 2023, primarily due to cash generated from property sales[54]. - The total equity attributable to shareholders was approximately HKD 11,253,000,000 as of September 30, 2023, down from HKD 11,663,000,000 as of March 31, 2023, mainly due to the depreciation of net asset value in RMB[54]. - The total liabilities increased to HKD 8,497,276,000 as of September 30, 2023, from HKD 8,292,605,000 as of March 31, 2023[92]. Debt and Financing - As of September 30, 2023, the total interest-bearing debt of the group was approximately HKD 6,335,000,000, an increase from HKD 6,153,000,000 as of March 31, 2023[54]. - The debt-to-equity ratio as of September 30, 2023, was 40%, compared to 37% as of March 31, 2023[55]. - The group has committed but undrawn bank credit facilities totaling approximately HKD 670,000,000 available for operational funding as of September 30, 2023[54]. - The company entered into a domestic loan agreement for a maximum principal of RMB 450 million, primarily for refinancing existing bank financing and general operating funds[36]. - The company has a maximum principal of HKD 100 million under an overseas loan agreement, intended for refinancing inter-company loans[40]. - A loan agreement for HKD 737 million was established to refinance an existing syndicate loan of HKD 727.5 million and provide general operating funds[40]. - The company secured a loan of HKD 1.525 billion to refinance existing loans of approximately HKD 1.141 billion and for general corporate operating funds[44]. Operational Updates - The construction project at Honghui Tower is progressing smoothly, with the first batch of residential units launched for pre-sale in October 2023[13]. - The company is undergoing renovations at the Bauhinia Hotel (Central) to transform it into a luxury serviced apartment and hotel, expected to be completed by mid-2024[20]. - The company anticipates a challenging year ahead due to high interest rates and a sluggish economic recovery in mainland China[23]. - The company has an unrecognized contracted sales amounting to HKD 119 million, expected to be recognized in the second half of the year[13]. Shareholder Information - The board of directors did not recommend an interim dividend for the six months ended September 30, 2023[9]. - The company did not declare an interim dividend for the six months ended September 30, 2023, compared to no dividend declared in the same period of 2022[108]. - As of September 30, 2023, the company had no major shareholders or other individuals holding any interests or short positions in its shares[33]. Employee and Management - The group employed approximately 360 employees as of September 30, 2023, unchanged from March 31, 2023[59]. - Management compensation for the six months ended September 30, 2023, was HKD 16,777,000, an increase from HKD 14,223,000 in the same period of 2022, reflecting a rise of approximately 18.0%[121].

Financial Performance - Basic earnings per share for the six months ended September 30, 2023, were HKD 0.12, down from HKD 0.16 in 2022[1] - Net profit attributable to shareholders for the six months was HKD 89,000,000, down from HKD 114,000,000 in 2022[6] - The group reported a profit of HKD 89,720,000 for the six months ended September 30, 2023, down from HKD 115,917,000 in the same period last year, representing a decrease of approximately 22.5%[137] - Total revenue for the six months ended September 30, 2023, was HKD 629,084,000, with external sales contributing HKD 394,047,000[87] - Total revenue for the period was HKD 642,508,000, compared to HKD 629,084,000 in the previous year, indicating a slight increase of about 2%[137] - The group's profit before tax for the six months ended September 30, 2023, was HKD 146,728,000, up from HKD 90,884,000 in the same period of 2022, indicating a 61.5% growth[66] - The pre-tax profit for the period was HKD 213,332,000, reflecting a significant performance[87] Assets and Liabilities - As of September 30, 2023, total equity was HKD 11,253,000,000, a decrease from HKD 11,663,000,000 as of March 31, 2023[1] - The total liabilities decreased from HKD 2,384,370,000 to HKD 1,549,415,000, indicating improved financial stability[26] - The total current assets decreased to HKD 3,415,540,000 from HKD 3,514,349,000[26] - The total non-current assets as of September 30, 2023, amount to HKD 16,531,698,000, slightly down from HKD 16,654,773,000 as of March 31, 2023[26] - The total interest-bearing debt as of September 30, 2023, was approximately HKD 6,335,000,000, with about 11% classified as current liabilities[102] - The group's net debt as of September 30, 2023, was approximately HKD 4,523,000,000, with a debt-to-equity ratio of 40%, up from 37% as of March 31, 2023[77] Property Development and Investment - Revenue from property development in mainland China for the six months was HKD 386,000,000, compared to HKD 394,000,000 in 2022, with a corresponding profit before tax of HKD 194,000,000[7] - The company has entered into a joint venture to invest in hotel properties in Japan, acquiring interests in three hotels in Osaka and Tokyo for a total cash consideration of HKD 192,000,000[17] - The company is actively pursuing property investments, including the acquisition of hotel properties in Japan, to expand its portfolio[43] - The company acquired a 50% stake in a development site in South Bay Road for HKD 393,000,000, which will be developed into a luxury residential project[133] Occupancy and Rental Income - The average occupancy rate of the mainland property investment portfolio reached 75%, up from 74% in 2022[10] - The average occupancy rate of the Hong Kong investment portfolio was approximately 95%, an increase from 86% in 2022[12] - Revenue from the Qiaochengfang project in Shenzhen was HKD 188,000,000, down from HKD 229,000,000 in 2022, with a net profit attributable to the group of HKD 15,000,000[9] - The average occupancy rate for the Han Guo City Commercial Center in Shenzhen improved to 70% from 63% year-on-year, indicating a recovery in rental income[142] - The company’s investment property income increased to HKD 29,072,000 from HKD 25,164,000, reflecting a growth of approximately 11.4%[137] Market Conditions and Challenges - The company anticipates a challenging business environment to continue into next year due to high interest rates and slow economic recovery in mainland China[20] - The company is facing a challenging real estate market in mainland China, with concerns over consumer confidence and high youth unemployment rates impacting future outlook[46] - The vacancy rate for prime office space in Hong Kong is nearing 12%, the highest level since the 1980s[21] - The company is preparing for another challenging year, with inflationary pressures expected to persist alongside high interest rates[22] - Despite economic challenges, there are optimistic signs with strong consumer spending and gradual recovery in the travel industry[47] Financial Management and Strategy - The company is adjusting its management and strategies to adapt to high interest rates, aiming to enhance returns from its existing investment portfolio while reducing risks[126] - Future strategies include addressing market uncertainties and exploring new business opportunities to enhance growth prospects[46] - The company plans to finance property acquisitions and developments through internal resources and bank loans, with repayment terms aligned with asset lifespans[104] Dividends and Shareholder Information - The group did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[69] - The company declared a final dividend of HKD 0.125 per share, approved at the annual general meeting on August 31, 2023[98] - The company has no plans to declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[122] Taxation - The estimated taxable profit in Hong Kong for the year was calculated at a tax rate of 16.5%, with a portion subject to a lower rate of 8.25%[96] - Total tax expense for the six months ended September 30, 2023, was HKD 130,397,000, compared to HKD 97,415,000 in the previous year, representing a year-over-year increase of approximately 33.8%[149] - Deferred tax in other regions for the current period was HKD 122,306,000, up from HKD 103,600,000 in the previous year, indicating a growth of about 17.9%[149] Corporate Governance - The company has adopted a code of conduct for securities trading by its directors, confirming compliance for the six months ended September 30, 2023[84] - The chairman's continuity is deemed crucial for the group's operations, leading to a deviation from corporate governance guidelines regarding rotation of the chairman[109] - The company’s organizational articles do not mandate directors to retire every three years, but it ensures compliance with corporate governance guidelines regarding director rotation[119] - The company’s audit committee has reviewed the financial reporting procedures and internal controls for the six months ended September 30, 2023[111]

Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of HKD 1,049 million, a slight decrease from HKD 1,106 million in the previous year[15] - Shareholders' profit for the year was HKD 153 million, up from HKD 92 million in the previous year, indicating a significant increase of 66%[15] - Basic earnings per share increased to HKD 0.21 from HKD 0.13, reflecting a growth of 61.5%[15] - The company's total equity as of March 31, 2023, was HKD 11,663 million, down from HKD 12,264 million the previous year[15] - The net asset value per share decreased to HKD 16.19 from HKD 17.02, a decline of 4.9%[15] - The company plans to distribute a final dividend of HKD 0.125 per share, consistent with the previous year's dividend[16] - The debt-to-equity ratio was reported at 59% for 2023, compared to 61% in 2022, indicating a slight improvement in financial leverage[9] - The decline in revenue was primarily attributed to a decrease in property sales recognized during the year[15] Investment Properties and Projects - The company recognized fair value gains from investment properties during the year, contributing to the increase in shareholders' profit[15] - The company continues to focus on expanding its investment properties portfolio, with ongoing projects in mainland China[15] - The Beijing South Road project in Guangzhou has a total floor area of approximately 77,700 square meters, with 162 residential units expected to be launched for pre-sale in early 2024[21] - The Ya Yao Oasis project in Foshan has delivered property units generating revenue of HKD 580 million for the fiscal year ending March 31, 2023, compared to HKD 633 million in 2022[24] - The Qiao Cheng Fang project in Shenzhen generated property sales and rental income of HKD 359 million for the fiscal year ending March 31, 2023, down from HKD 601 million in 2022[28] Occupancy Rates - The average occupancy rate of the Han Guo Building in Guangzhou was approximately 93% for the year, down from 98% in 2022[22] - The occupancy rate of the Han Guo City Commercial Center in Shenzhen increased to 68% as of March 31, 2023, up from 64% a year earlier[25] - The Chongqing Han Guo Center achieved an average occupancy rate of 80% for the fiscal year, down from 88% in 2022[30] - The Chongqing Jinshan Commercial Center reported an average occupancy rate of 84% for the year, up from 75% in 2022[31] - The average occupancy rate of the Bao Xuan Hotel in Central Hong Kong was approximately 80%, while the serviced apartments maintained an occupancy rate of over 70%[36] - The average occupancy rate of the boutique hotel in Tsim Sha Tsui increased to approximately 72% for the year ending March 31, 2023, compared to 64% in 2022[38] - The average rental rate for the commercial/office building in Jordan increased to 96% as of March 31, 2023, up from 88% in the previous year[38] Market Outlook and Strategy - The company anticipates that the real estate market in mainland China will stabilize in the medium term due to supportive monetary measures and increased confidence among consumers[43] - The company remains cautiously optimistic about the global market while being vigilant about external threats and volatility[43] - The company is benefiting from the resumption of cross-border travel with mainland China, particularly in the hotel and tourism sectors[43] Corporate Governance - The board of directors emphasized a commitment to sustainable practices, aiming for a 50% reduction in carbon emissions by 2025[55] - The board of directors is committed to maintaining high standards of corporate governance and continuously reviewing and improving governance practices[68] - All directors confirmed compliance with the standard code of conduct for securities trading during the year[69] - The board held four meetings during the review year to discuss business development, operational performance, and financial status[73] - Three out of seven directors are independent non-executive directors, meeting the requirement of at least one-third independence[75] - The company has mechanisms in place to ensure independent opinions are obtained from the board, with independent non-executive directors confirming their independence[74] - The chairman and CEO roles are separated to ensure clear division of responsibilities[76] Shareholder Communication and Meetings - The company maintains a shareholder communication policy to ensure effective communication with all shareholders, with regular disclosures through interim reports, annual reports, and announcements[121] - The board of directors encourages shareholder attendance at the annual general meeting, with notices sent at least 20 business days in advance[121] - The company will hold its annual general meeting on August 31, 2023, with a suspension of share transfer registration from August 28 to August 31, 2023[149] Financial Management - The company has adopted a dividend policy that considers sufficient cash reserves to meet operational needs and future business growth, without guaranteeing any specific dividend amount for any period[114] - The internal audit system is designed to minimize operational risks and ensure compliance with applicable laws and regulations, with the audit committee reviewing its effectiveness during the year[109] - The company has pledged properties with a total book value of approximately HKD 15,902,000,000 as collateral for bank credit[137] - The company employed approximately 360 employees as of March 31, 2023, with compensation based on market conditions and individual performance[139] Risks and Challenges - The company continues to face risks related to the property market in mainland China, including policy changes and currency fluctuations[142] - The company maintains a prudent financing and financial policy, managing its funding needs primarily on a short to medium-term basis[136] Related Party Transactions - The company paid management fees of HKD 14,375,000 to Jianye Industrial, an increase from HKD 13,746,000 in the previous year[175] - The company has entered into a framework agreement with Jianye Construction for a construction project with a total contract amount not exceeding HKD 757,800,000[181] - Payments made to Jianye Construction for the aforementioned project amounted to HKD 19,674,000 for the year ending March 31, 2023[181] - The company has also contracted Jianye Construction for renovation works at a total contract amount not exceeding HKD 96,300,000[181] - Payments made to Jianye Construction for the renovation project totaled HKD 13,186,000 for the year ending March 31, 2023[181]

Financial Performance - For the fiscal year ending March 31, 2023, the group recorded consolidated revenue of HKD 1,049,000,000, a slight decrease from HKD 1,106,000,000 in the previous year[17]. - The net profit attributable to shareholders increased to HKD 153,000,000, compared to HKD 92,000,000 in the previous year, reflecting a significant growth of 66.3%[17]. - Basic earnings per share rose to HKD 0.21, up from HKD 0.13 in the previous year, indicating a 61.5% increase[17]. - The company's revenue for the year ended March 31, 2023, was HKD 1,049,421,000, a decrease of 5.2% compared to HKD 1,106,278,000 in the previous year[33]. - Gross profit for the same period was HKD 556,219,000, down from HKD 593,097,000, reflecting a decline of 6.2%[33]. - The net profit attributable to the company's owners increased significantly to HKD 153,423,000, compared to HKD 91,693,000 in the previous year, representing a growth of 67.3%[33]. - The total comprehensive income for the year ended March 31, 2023, was a loss of HKD 546,536,000, compared to a profit of HKD 392,368,000 for the previous year[48]. - The company reported a loss attributable to non-controlling interests of HKD 511,007,000 in 2023, compared to a loss of HKD 35,529,000 in 2022[48]. Asset and Equity Management - The group's total equity as of March 31, 2023, was HKD 11,663,000,000, down from HKD 12,264,000,000 a year earlier, representing a decrease of 4.9%[3]. - The total value of non-current assets increased to HKD 16,654,773,000 from HKD 16,416,000, reflecting a growth of 1.5%[35]. - The company's net asset value decreased to HKD 11,876,517,000 in 2023 from HKD 12,513,107,000 in 2022, a decline of about 5.1%[50]. - The total equity attributable to the owners of the company was HKD 11,663,129,000 in 2023, down from HKD 12,264,190,000 in 2022, reflecting a decrease of about 4.9%[50]. Revenue Streams - Revenue from property development was HKD 579,625,000, while property investment generated HKD 419,377,000, leading to total revenue of HKD 1,049,421,000[85]. - The group recorded revenue from property unit deliveries of HKD 580 million for the year ended March 31, 2023, compared to HKD 633 million in 2022, reflecting a decrease of approximately 8.4%[22]. - The property and parking management segment recorded revenue of HKD 38,000,000, an increase from HKD 35,000,000 in the previous year, reflecting a growth of 8.6%[15]. - Total revenue from property sales was HKD 632,973,000, with property management income contributing HKD 38,367,000[92]. Occupancy and Leasing Performance - The average occupancy rate for the hotel business improved to approximately 72% from 64% in the previous year, showing recovery post-pandemic[13]. - The average occupancy rate for the boutique hotel was approximately 80%, down from 82% in 2022, while the serviced apartments maintained an average occupancy rate of over 70%[26]. - The average occupancy rate of the Chongqing Jinshan Commercial Center improved to 84% from 75% in the previous year, indicating a recovery in leasing performance[39]. - The average occupancy rate of the Han Guo Zuo Dun Center increased to 96% from 88% in the previous year, showing strong demand for commercial space[41]. Debt and Liabilities - The company has seen a significant reduction in current liabilities, decreasing to HKD 2,384,370,000 from HKD 4,153,193,000, a decline of 42.6%[35]. - Non-current liabilities increased to HKD 5,908,235,000 in 2023 from HKD 3,872,220,000 in 2022, representing a growth of approximately 52.5%[50]. - Interest-bearing bank loans rose significantly to HKD 4,561,621,000 in 2023 from HKD 2,419,303,000 in 2022, marking an increase of approximately 88.6%[50]. - The net debt as of March 31, 2023, was approximately HKD 4,401,000,000, an increase of 19.2% from HKD 3,693,000,000 in 2022, resulting in a debt ratio of 37% compared to 30% in the previous year[129]. Market Outlook and Strategic Initiatives - The group anticipates that the Hong Kong economy will benefit from the return of tourists and local consumption growth, with a projected GDP growth of 2.7% in the first quarter of 2023[31]. - The group plans to launch pre-sales of residential units in early 2024, indicating ongoing market expansion efforts[7]. - The group is implementing an asset enhancement program to optimize the hotel and serviced apartment business, with renovation plans expected to be completed by 2024[26]. - The group is maintaining a cautious optimism regarding global market improvements while remaining vigilant about external threats and market volatility[31]. Governance and Compliance - The audit committee has been regularly meeting since its establishment, with at least two meetings held annually to review and monitor the financial reporting process and internal controls of the group[149]. - The consolidated financial statements for the year ended March 31, 2023, have been agreed upon by the company's auditor, Ernst & Young[149]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[151].

Financial Performance - The group's unaudited consolidated revenue for the six months ended September 30, 2022, was HKD 629 million, a slight increase from HKD 608 million in the previous year[17]. - Shareholders' net profit for the same period was HKD 114 million, down from HKD 122 million year-on-year, with a related net profit of HKD 103 million after excluding fair value gains from investment properties[17]. - Basic earnings per share were HKD 0.16, compared to HKD 0.17 in the previous year[18]. - The group's equity attributable to shareholders decreased to HKD 11.377 billion from HKD 12.264 billion as of March 31, 2022, primarily due to exchange rate differences[18]. - The total comprehensive income for the six months ended September 30, 2022, was a loss of HKD 796,647,000, compared to a profit of HKD 237,712,000 in the previous year[86]. - The net profit for the period was HKD 115,917 million, down from HKD 122,193 million, which is a decline of about 5.2%[76]. - The profit before tax for the six months ended September 30, 2022, was HKD 213,332 million, compared to HKD 216,513 million in the previous year, reflecting a decrease of approximately 1.0%[76]. - Gross profit for the same period was HKD 347,076 million, slightly down from HKD 349,818 million, indicating a decrease of about 0.8%[76]. Property Development and Investment - Property development revenue for the six months was HKD 394 million, up from HKD 377 million in the previous year, with a pre-tax profit of HKD 173 million compared to HKD 213 million[20]. - The group recorded property sales revenue of HKD 394 million for the period, with contracted but unrecognized sales amounting to RMB 293 million expected to be recognized in the second half of the fiscal year[23]. - Investment property revenue remained stable at HKD 212 million, with a pre-tax profit of HKD 138 million, up from HKD 86 million in the previous year[25]. - The group’s share of profit from the Qiaochengfang project was HKD 17 million, down from HKD 22 million year-on-year, with recognized revenue of RMB 200 million[24]. - The group’s property development segment reported a profit of HKD 173,303,000, while the property investment segment reported a profit of HKD 138,276,000 for the six months ended September 30, 2022[109]. Cash Flow and Debt - The group held cash and bank balances totaling approximately HKD 1,771,000,000 as of September 30, 2022, a decrease from HKD 1,877,000,000 as of March 31, 2022[68]. - The total interest-bearing debt of the group was approximately HKD 5,643,000,000, an increase from HKD 5,570,000,000 as of March 31, 2022[68]. - Approximately 39% of the total debt was classified as current liabilities, down from 56% as of March 31, 2022[68]. - The net interest-bearing debt as of September 30, 2022, was approximately HKD 3,872 million, resulting in a debt-to-equity ratio of 33%, up from 30% as of March 31, 2022[69]. - New bank loans amounted to HKD 1,272,234,000, significantly higher than HKD 187,214,000 in the previous year[91]. Market Conditions and Strategy - The group continues to promote the sale of remaining property units despite a sluggish property market[23]. - The company anticipates a cautious optimism regarding the local economy due to increased public housing supply and large-scale infrastructure projects[39]. - The company provided rental concessions to certain retail tenants in mainland China due to the impact of COVID-19 restrictions[32]. Shareholder Information - Dr. Wang holds 502,262,139 shares, representing 69.72% of the company's issued shares[49]. - Lucky Year Finance Limited owns 490,506,139 shares, accounting for 68.09% of the total issued shares[49]. - The company has no major shareholders or other individuals with recorded interests in the company's shares as of September 30, 2022[51]. Corporate Governance - The group’s financial performance for the six months ended September 30, 2022, was reviewed by the audit committee, although it remains unaudited[66]. - The company has adopted a revised terms of reference for the remuneration committee, which deviates from the corporate governance code[65]. - The board did not recommend an interim dividend for the six months ended September 30, 2022, maintaining a conservative approach[142]. Operational Highlights - The total floor area of completed investment properties in Hong Kong is approximately 474,000 square feet, with an average occupancy rate of 86% as of September 30, 2022, compared to 85% in 2021[27]. - The total floor area of completed investment properties in mainland China is approximately 446,000 square meters, with an average occupancy rate of 63% as of September 30, 2022, up from 67% in 2021[29]. - The retail segment's average occupancy rate in mainland China is 92%, while the office units have been leased at 57%[32]. - The company manages 23 parking lots with approximately 2,050 parking spaces as of September 30, 2022, unchanged from March 31, 2022[34]. Financial Commitments - The group has committed but undrawn bank credit facilities amounting to approximately HKD 797,000,000 available for operational funding[68]. - The group’s capital commitments for property development costs amounted to HKD 189,078,000, a decrease from HKD 264,610,000 as of March 31, 2022[154].