香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分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。 (於百慕達註冊成立之有限公司) (股份代號: 163) 於2025年8月15日舉行之 股東週年大會之投票表決結果 茲提述英皇國際集團有限公司（「本公司」）日期為2025年7月22日之通函（「通函」）， 當中載有（其中包括）本公司於2025年8月15日舉行的股東週年大會（「股東週年大會」） 通告（「通告」）。除文義另有所指外，本公告所用詞彙與通函內所界定者具有相同涵義。 全體董事均已親身或透過電子方式出席股東週年大會。本公司已委任本公司之香港股份過 戶登記分處卓佳證券登記有限公司於股東週年大會上就投票表決擔任監票員。於股東週年 大會日期，已發行股份總數為5,516,318,500股，其持股人有權出席股東週年大會並於會上 投票。於股東週年大會上提呈的普通決議案（「決議案」）之投票表決結果如下：– # 第 5 項決議案之全文載於通告內。 董事會欣然宣佈，鑑於各項決議案已獲得超過50%的贊成票，因 此所有決議案 ...

Group 1 - The article provides a list of companies involved in various financial activities such as earnings announcements, shareholder meetings, and new stock activities [2][3] - Several companies are mentioned for their dividend distribution dates, indicating their financial performance and shareholder returns [2][3] - The document highlights companies undergoing stock repurchases and capital increases, which may signal their financial strategies and market positioning [3] Group 2 - The article includes a list of companies that are currently in the process of IPOs, reflecting market interest and potential investment opportunities [2] - Companies like Silver Noble Pharmaceuticals and others are noted for their ongoing stock activities, which may attract investor attention [2] - The document also mentions companies that are resuming trading, indicating a potential recovery or change in market conditions [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Emperor International Holdings Limited 英皇國際集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00163 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 ...

[Corporate Information and Key Dates](index=2&type=section&id=Corporate%20Information%20and%20Key%20Dates) The report provides core corporate details including board members, auditors, and key dates such as the annual results announcement and AGM - The report provides core corporate information as of June 27, 2025, including the list of board and committee members, company secretary, auditors, principal bankers, registered office, and principal place of business[6](index=6&type=chunk)[7](index=7&type=chunk)[11](index=11&type=chunk) - Key dates listed include the annual results announcement date (June 27, 2025) and the Annual General Meeting date (August 15, 2025)[12](index=12&type=chunk)[13](index=13&type=chunk) [Results Summary](index=5&type=section&id=Results%20Summary) This section provides a high-level overview of the company's financial performance, highlighting key revenue and loss figures Results Summary (Continuing Operations) | Metric (Continuing Operations) | 2025 (HK$ Thousand) | 2024 (HK$ Thousand, Restated) | | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | | - Property Development | 641,186 | 141,773 | | - Property Investment | 734,692 | 830,780 | | Fair Value Loss on Investment Properties | (1,540,936) | (1,298,022) | | EBITDA | 454,372 | 558,515 | | **Loss Attributable to Owners of the Company** | **(2,320,872)** | **(2,091,408)** | | Basic Loss Per Share | (0.50) HK$ | (0.57) HK$ | [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's insights into the company's financial performance, market conditions, and business operations [Results](index=6&type=section&id=RESULTS) The Group's total revenue significantly increased to HK$1.38 billion this year, driven by a 352.2% surge in property development sales, yet a substantial fair value loss on investment properties expanded the loss from continuing operations to HK$2.32 billion, with total loss reaching HK$4.74 billion including discontinued operations Revenue Breakdown | Revenue Category | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue (Continuing Operations)** | **1,375,900** | **972,600** | **+41.5%** | | Property Development Sales | 641,200 | 141,800 | +352.2% | | Rental Income | 734,700 | 830,800 | -11.6% | - Despite revenue growth, the loss attributable to owners of the company from continuing operations expanded to **HK$2.32 billion** (2024: HK$2.09 billion) due to fair value losses on investment properties[18](index=18&type=chunk)[22](index=22&type=chunk) - Including losses from discontinued operations (primarily the spin-off of Emperor Entertainment Hotel), the total loss attributable to owners of the company was **HK$4.74 billion**, compared to a loss of HK$2.05 billion in the prior year[18](index=18&type=chunk)[22](index=22&type=chunk) [Market Review](index=6&type=section&id=MARKET%20REVIEW) The Hong Kong property market saw a weak recovery, with policy relaxations and interest rate cuts offering temporary boosts to residential sales, while the retail sector faced challenges from changing consumption patterns and a strong HKD - The Hong Kong property market has not yet seen a strong recovery, but the removal of cooling measures and interest rate cuts positively impacted new residential sales, while talent admission schemes also stimulated housing demand[19](index=19&type=chunk)[23](index=23&type=chunk) - The local retail market was affected by changing consumption patterns and a strong Hong Kong dollar, leading local residents to prefer overseas spending, with commercial leasing and office demand continuing to slow[20](index=20&type=chunk)[23](index=23&type=chunk) [Business Review](index=6&type=section&id=BUSINESS%20REVIEW) The Group's core businesses are property development and investment, with strong sales from projects like `One Jardine's Lookout` and `SouthSky` contributing significantly to revenue, while its over 2.4 million sq ft investment property portfolio maintained high occupancy in Hong Kong [Property Sales](index=7&type=section&id=Property%20Sales) Property sales performed strongly this year, with `One Jardine's Lookout` fully pre-sold for approximately HK$950 million, and `SouthSky` and `Central 8` contributing HK$470 million and HK$160 million in sales revenue respectively - The `One Jardine's Lookout` project in Happy Valley received an enthusiastic market response, with all units having signed sales agreements totaling approximately **HK$951 million**, and related revenue is expected to be recognized in the first half of the next fiscal year[27](index=27&type=chunk)[29](index=29&type=chunk) - The `SouthSky` project in Aberdeen delivered **75 units** this year, recognizing sales revenue of **HK$473 million**[32](index=32&type=chunk)[33](index=33&type=chunk) - The `Central 8` project in Mid-Levels delivered **28 units** this year, recognizing sales revenue of **HK$165 million**[35](index=35&type=chunk)[36](index=36&type=chunk) [Rental Income](index=10&type=section&id=Rental%20Income) The Group's diversified investment property portfolio, totaling over 2.4 million sq ft across Hong Kong, Mainland China, Macau, and London, maintained over 90% occupancy in Hong Kong, with HK$1.24 billion in property sales strengthening its financial position - The Group's investment properties in Hong Kong maintained an occupancy rate of over **90%**, including several high-quality commercial and retail properties such as Emperor Group Centre and The Pulse[45](index=45&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - During the year, the Group completed multiple property sales in Hong Kong, covering commercial, retail, residential, and industrial units, with a total consideration of approximately **HK$1.242 billion**, and net proceeds used to strengthen its financial position[47](index=47&type=chunk)[49](index=49&type=chunk) - The Group holds significant investment properties outside Hong Kong, including Emperor Group Centre in Beijing, Emperor Nam Van Centre in Macau, and several properties on Oxford Street in London[53](index=53&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk) [Prospects](index=12&type=section&id=PROSPECTS) The Group anticipates continued challenges in retail and office leasing due to global interest rate uncertainties, but will adapt its property launch schedule to capitalize on Hong Kong's limited land supply and housing demand - Facing global interest rate uncertainties, the Group will closely monitor the market and adjust the launch schedule of development projects as appropriate to seize opportunities in the residential market[60](index=60&type=chunk)[62](index=62&type=chunk) - Retail and office leasing businesses are expected to continue facing challenges, and the Group will maintain business stability through close communication with tenants and flexible strategy adjustments[61](index=61&type=chunk)[63](index=63&type=chunk) [Financial and Other Information](index=13&type=section&id=FINANCIAL%20AND%20OTHER%20INFORMATION) The Group executed significant capital maneuvers this year, including the spin-off of Emperor Entertainment Hotel via a special interim dividend and a rights issue raising HK$456 million, which, despite reducing net assets, aimed to strengthen its financial position, resulting in a net gearing ratio of 44.4% - The company declared a special interim dividend by way of distribution in specie of its shares in Emperor Entertainment Hotel (296.HK), after which Emperor Entertainment Hotel ceased to be a subsidiary of the Group[65](index=65&type=chunk)[67](index=67&type=chunk) - The company completed a rights issue, issuing approximately **1.84 billion** rights shares at HK$0.25 per share on the basis of one rights share for every two existing shares, raising net proceeds of approximately **HK$456 million** for working capital expansion and business development[66](index=66&type=chunk)[68](index=68&type=chunk) Financial Metrics | Financial Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Assets | HK$ 16.943 Billion | HK$ 21.608 Billion | | Net Assets Per Share | HK$ 3.1 | HK$ 5.9 | | Cash and Bank Balances | HK$ 0.640 Billion | HK$ 1.494 Billion | | Total External Borrowings | HK$ 17.234 Billion | HK$ 20.213 Billion | | Net Gearing Ratio | 44.4% | 40.2% | - As of March 31, 2025, the Group had pledged assets with a carrying value of **HK$31.186 billion** as collateral for bank financing[75](index=75&type=chunk)[78](index=78&type=chunk) [Biographies of Directors and Senior Management](index=15&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the backgrounds, experiences, and appointments of the company's board members and senior management, including executive and independent non-executive directors - This chapter provides detailed biographies of the company's board members and senior management, including their backgrounds, experience, and appointments within and outside the Group, such as Ms. Luk Siu Man, Non-executive Director and Chairperson, Mr. Yeung Ching Lung, Executive Director and Vice Chairperson, Ms. Fan Man Seung, Executive Director and Managing Director, and several Independent Non-executive Directors[83](index=83&type=chunk)[86](index=86&type=chunk)[89](index=89&type=chunk) [Directors' Report](index=19&type=section&id=Directors%27%20Report) The Directors' Report covers key corporate actions, including the declaration of a special interim dividend through the spin-off of Emperor Entertainment Hotel and significant related party transactions - This year, the company declared a special interim dividend by way of distribution in specie of Emperor Entertainment Hotel shares, but the Board does not recommend the payment of any final dividend (2024: HK$0.003 per share)[99](index=99&type=chunk)[104](index=104&type=chunk) - As of March 31, 2025, Dr. Albert Yeung Sau Shing is deemed to hold approximately **74.71%** of the company's shares through a private discretionary trust established by him, making him the ultimate controlling shareholder of the company[142](index=142&type=chunk)[143](index=143&type=chunk)[156](index=156&type=chunk) - The report details several significant related party transactions, including ongoing leasing agreements and financial services agreements with other members of the Emperor Group, as well as major disposals of Accurate Choice Developments Limited (for **HK$1.14 billion**) and King Hero Investments Limited (for **HK$79.8 million**) to related parties[160](index=160&type=chunk)[163](index=163&type=chunk)[174](index=174&type=chunk) [Corporate Governance Report](index=37&type=section&id=Corporate%20Governance%20Report) The company reports full compliance with the Corporate Governance Code, highlighting its board composition with a majority of independent non-executive directors and outlining key risk management strategies - The company reported full compliance with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the current financial year[205](index=205&type=chunk) - The Board of Directors comprises six directors, including one non-executive director, two executive directors, and three independent non-executive directors, with the number of independent non-executive directors exceeding one-third of the Board, ensuring independence[213](index=213&type=chunk)[216](index=216&type=chunk) Key Risks and Mitigation Strategies | Key Risk | Mitigation Strategies/Control Measures | | :--- | :--- | | **Changes in Social, Economic, and Political Environment** | Closely monitor macroeconomic changes and adjust business strategic plans | | **Investment Strategy Risk** | Manage investment decisions through rigorous risk-return assessment, due diligence, and project monitoring | | **Sustainability of Rental Income** | Maintain a balanced and high-quality tenant portfolio, ensure property market competitiveness through timely renovations, and collaborate closely with tenants | | **Business/Portfolio Concentration in Hong Kong** | Achieve geographical diversification through investments in Macau, Mainland China, and London, and maintain a diversified property type portfolio | | **Property Development Risk** | Actively participate in land auctions, implement sound bidding policies, strictly monitor project costs, and diversify risks through joint venture structures | | **Cybersecurity** | Establish an IT security committee, conduct regular system scans and patching, filter malicious emails, and provide relevant training | | **Financing Costs and Liquidity** | Implement strict cash and treasury management, maintain diversified financing channels, and foster good relationships with banks | [Independent Auditor's Report](index=65&type=section&id=Independent%20Auditor%27s%20Report) The auditor issued a "disclaimer of opinion" due to insufficient audit evidence regarding the Group's ability to continue as a going concern, primarily stemming from significant overdue bank borrowings and covenant breaches - **The auditor issued a "disclaimer of opinion" on the audit report.** This was due to the inability to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the Group's ability to continue as a going concern[370](index=370&type=chunk)[371](index=371&type=chunk)[374](index=374&type=chunk) - The basis for the disclaimer of opinion is that the Group incurred a loss of **HK$4.84 billion** during the year, and as of March 31, 2025, bank borrowings totaling **HK$16.6 billion** were overdue and/or in breach of loan agreement terms, which may cast significant doubt on the Group's ability to continue as a going concern[373](index=373&type=chunk)[375](index=375&type=chunk) - Although management has formulated several plans (such as financial restructuring with banks and disposal of specific properties) to improve liquidity, these plans are still in preliminary stages and lack definitive agreement support, thus the auditor could not assess the likelihood of success of these plans or the appropriateness of the going concern assumption[377](index=377&type=chunk)[378](index=378&type=chunk)[381](index=381&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's comprehensive financial performance and position, including the statement of profit or loss, financial position, cash flows, and detailed notes [Consolidated Statement of Profit or Loss](index=69&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's total revenue reached HK$1.38 billion this year, but high property sales costs and a HK$1.54 billion fair value loss on investment properties resulted in a HK$2.32 billion loss from continuing operations, with the total annual loss reaching HK$4.84 billion after including HK$2.52 billion from discontinued operations Consolidated Statement of Profit or Loss | Item (HK$ Thousand) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | | Gross Profit | 472,508 | 714,110 | | Fair Value Change on Investment Properties | (1,540,936) | (1,298,022) | | Loss Before Tax (Continuing Operations) | (2,356,463) | (2,121,769) | | **Loss for the Year (Continuing Operations)** | **(2,320,872)** | **(2,091,408)** | | (Loss) Profit from Discontinued Operations | (2,520,057) | 62,831 | | **Total Loss for the Year** | **(4,840,929)** | **(2,028,577)** | | **Loss Attributable to Owners of the Company** | **(4,743,204)** | **(2,046,666)** | [Consolidated Statement of Financial Position](index=71&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HK$37.39 billion, total liabilities HK$20.44 billion, and net assets HK$16.94 billion, with a significant net current liability of HK$13.08 billion due to HK$18.82 billion in current liabilities, indicating severe short-term liquidity pressure Consolidated Statement of Financial Position | Item (HK$ Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **37,385,204** | **46,587,839** | | - Non-current Assets | 31,646,813 | 39,074,069 | | - Current Assets | 5,738,391 | 7,513,770 | | **Total Liabilities** | **20,442,192** | **23,040,697** | | - Current Liabilities | 18,820,063 | 9,377,739 | | - Non-current Liabilities | 1,622,129 | 13,662,958 | | **Net Current Liabilities** | **(13,081,672)** | **(1,863,969)** | | **Net Assets** | **16,943,012** | **23,547,142** | | **Total Equity** | **16,943,012** | **23,547,142** | - Due to overdue bank borrowings or breaches of terms, a significant portion of previously non-current bank borrowings (**HK$16.6 billion**) was reclassified as current liabilities, causing current liabilities to surge from **HK$9.38 billion** to **HK$18.82 billion**, which is the primary reason for liquidity pressure[398](index=398&type=chunk)[433](index=433&type=chunk) [Consolidated Statement of Cash Flows](index=75&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group generated HK$1.18 billion in net cash from operating activities and HK$420 million from investing activities this year, but financing activities resulted in a HK$2.45 billion net cash outflow, primarily for bank loan repayments, leading to an HK$850 million net decrease in cash and cash equivalents, ending the period with HK$640 million Consolidated Statement of Cash Flows | Item (HK$ Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,179,053 | 535,705 | | Net Cash from Investing Activities | 422,892 | 2,176,366 | | Net Cash from Financing Activities | (2,454,975) | (3,525,447) | | **Net Decrease in Cash and Cash Equivalents** | **(853,030)** | **(813,376)** | | Cash and Cash Equivalents at Beginning of Period | 1,479,449 | 2,311,133 | | **Cash and Cash Equivalents at End of Period** | **639,588** | **1,479,449** | [Notes to the Consolidated Financial Statements](index=78&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the Group's financial position and performance, covering key accounting policies, significant judgments, and estimates, with particular focus on going concern uncertainties, investment property valuations, bank borrowings, and related party transactions - **Material Uncertainty Related to Going Concern (Note 3.1.1):** The note explicitly states that as of March 31, 2025, the Group had **HK$16.6 billion** in bank borrowings that were overdue or in breach of terms, which constitutes a material uncertainty regarding its ability to continue as a going concern; management is addressing liquidity risks through financial restructuring negotiations with banks, property disposals, and cost control measures[433](index=433&type=chunk)[435](index=435&type=chunk)[438](index=438&type=chunk) - **Valuation of Investment Properties (Note 15):** The fair value of the Group's investment properties decreased from **HK$34.39 billion** to **HK$29.79 billion**, with a net decrease in fair value of **HK$1.80 billion** recorded during the year, which is one of the primary factors contributing to the Group's loss[743](index=743&type=chunk) - **Bank Borrowings (Note 33):** As of March 31, 2025, total bank borrowings of **HK$16.6 billion** were entirely classified as current liabilities due to being overdue or in default, whereas only HK$6.43 billion was current in the prior year[861](index=861&type=chunk) [Five-year Financial Summary](index=194&type=section&id=Five-year%20Financial%20Summary) This section provides a condensed overview of the Group's key financial performance and position metrics over the past five fiscal years, highlighting trends in revenue, losses, assets, and liabilities Five-year Financial Summary | Item (HK$ Thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 1,375,878 | 1,761,815 | 1,210,682 | 2,329,324 | 1,317,082 | | **Loss for the Year** | (4,840,929) | (2,028,577) | (2,201,586) | (739,642) | (870,286) | | **Loss Attributable to Owners of the Company** | (4,743,204) | (2,046,666) | (2,141,983) | (469,329) | (767,448) | | **Total Assets** | 37,385,204 | 46,587,839 | 51,128,055 | 54,705,505 | 60,249,122 | | **Total Liabilities** | (20,442,192) | (23,040,697) | (25,319,733) | (25,938,002) | (30,846,341) | | **Equity Attributable to Owners of the Company** | 16,943,012 | 21,607,927 | 23,887,196 | 26,765,814 | 27,069,470 | [Summary of Properties](index=195&type=section&id=Summary%20of%20Properties) This section provides a detailed listing of the Group's principal property portfolio as of March 31, 2025, including investment properties, investment properties under development, and properties held for sale - This chapter details the Group's principal property portfolio as of March 31, 2025, including investment properties, investment properties under development, and properties held for sale, with the list covering key information such as property location, usage, floor area, Group's interest, and land lease terms[1023](index=1023&type=chunk)[1031](index=1031&type=chunk)[1034](index=1034&type=chunk)

Core Viewpoint - The financial crisis faced by Emperor International (HK.00163) is highlighted by Deloitte's rare warning of "significant uncertainty regarding going concern," as the company grapples with a staggering HKD 16.6 billion in overdue bank loans and only HKD 639 million in cash remaining, leading to a dramatic 98% drop in market value from its peak [1][3][4]. Group 1: Company Background and Historical Context - Yang Shoucheng, the founder of Emperor International, began his business journey in 1964 with a watch shop and later expanded into real estate and entertainment, establishing a diversified empire [2][3]. - The turning point for Yang came in 1973 when he integrated his watch and jewelry business with real estate, leading to significant profits from property development [2][3]. - After facing a major setback during the 1983 Hong Kong dollar crisis, Yang rebuilt his empire in the 1990s, expanding into various sectors including entertainment, where he developed a network of stars and invested in major films [3][4]. Group 2: Financial Crisis and Key Metrics - Emperor International has reported six consecutive years of losses, accumulating a total loss of HKD 13.8 billion, with a current stock price of HKD 0.201, representing a 98% decline in market value from its peak [3][4]. - Approximately 80% of the company's assets are concentrated in prime commercial real estate in Hong Kong, which has become a liability amid a significant downturn in the property market [4]. - The Hong Kong property market has seen residential prices drop by 23% since their peak in 2021, while commercial real estate has faced even steeper declines, with vacancy rates for prime office spaces reaching 12.3% and rental income dropping by 38% [4]. Group 3: Crisis Causes and Strategic Missteps - The crisis was exacerbated by Emperor International's deep ties with Evergrande, leading to significant investments in real estate that became trapped during a market downturn [4]. - In 2023, despite the entertainment division facing severe challenges, the company made a risky decision to invest nearly HKD 5 billion in real estate, resulting in low occupancy rates and insufficient rental income to cover loan interest [4][5]. - The company's attempts to liquidate assets to manage debt have included selling properties at steep discounts, with expectations of further price reductions in a frozen market [5]. Group 4: Industry Implications - The situation reflects the broader challenges faced by the traditional "real estate + entertainment" business model in Hong Kong, highlighting the risks associated with excessive leverage and market dependency [5].

Core Viewpoint - Hong Kong developer Emperor International has revised its debt restructuring plan, seeking to extend the loan maturity period [1] Group 1 - The company is facing challenges in its current debt obligations and is actively working to modify its financial strategy [1] - The proposed changes aim to provide the company with more flexibility in managing its debts and improving its financial stability [1] - This move reflects broader trends in the real estate sector in Hong Kong, where developers are increasingly looking for ways to navigate financial pressures [1]

Core Viewpoint - The financial troubles of Emperor International (00163.HK), a subsidiary of Emperor Group, have come to light, with a reported loss exceeding 4 billion HKD and overdue loans amounting to 16.6 billion HKD, raising concerns about the company's future and its impact on related businesses [2][6]. Financial Performance - Emperor International reported a total revenue of 1.376 billion HKD from continuing operations for the fiscal year ending March 31, 2025, with property development sales revenue increasing by 352.2% to 641 million HKD, primarily driven by sales from specific projects [3]. - The company recorded a loss attributable to shareholders of 23.21 billion HKD from continuing operations, and a total loss of 47.43 billion HKD, compared to a loss of 20.47 billion HKD in the previous year [4]. Debt Situation - As of March 31, 2025, Emperor International had 16.605 billion HKD in overdue bank loans, which could lead to immediate repayment demands from banks, classifying these loans as current liabilities [6]. - The overdue loans not only increase financial costs due to penalties but also severely impact the company's credit rating, making future financing more difficult and expensive [6]. Impact on Related Businesses - The financial crisis at Emperor International has negatively affected the stock prices of other Emperor Group companies, with significant declines observed in Emperor Jewelry, Emperor Entertainment Hotel, and Emperor Cultural Industry [7]. - Emperor Cultural Industry reported a total revenue decline to 243 million HKD for the six months ending December 31, 2024, down from 267 million HKD in the previous year, with a net loss of 56.8 million HKD [8]. Strategic Adjustments - Emperor International is attempting to offload non-performing assets, including the distribution of shares in Emperor Entertainment Hotel as a special dividend, which will remove these assets from its balance sheet [5]. - The company has also been adjusting its cinema operations, closing underperforming locations while opening new ones in more promising areas [9].

Core Viewpoint - The company, Emperor International, reported a significant financial loss for the fiscal year ending March 31, 2025, with a total revenue of HKD 13.76 billion and a loss attributable to shareholders of HKD 47.43 billion, raising concerns about its overdue bank loans totaling HKD 16.6 billion [1][2][6]. Financial Performance - Emperor International has experienced continuous losses for six consecutive years, accumulating a total loss of HKD 138.12 billion since 2020, with the latest fiscal year recording the highest loss of HKD 47.43 billion [2][3]. - The total revenue for the fiscal year 2025 was HKD 1.375 billion, compared to HKD 972.55 million in 2024, indicating a year-on-year increase [3]. - The company reported a gross profit of HKD 472.51 million for 2025, down from HKD 714.11 million in 2024 [3]. Debt Situation - As of March 31, 2025, Emperor International had HKD 16.6 billion in overdue bank loans, which have been classified as current liabilities due to potential immediate repayment demands from banks [6][8]. - The company is currently negotiating with banks for a financial restructuring plan to alleviate liquidity risks and improve its financial situation [8]. Market Conditions - The Hong Kong property market has not shown significant recovery despite some positive influences such as the lifting of market suppression measures and interest rate cuts, with ongoing weak consumer confidence affecting local retail and commercial leasing [4][5]. - The company noted that while there has been a slight recovery in the sale of new residential properties, the overall market remains sluggish [3][4]. Management Response - Emperor International is taking proactive measures to manage administrative and operational costs while planning to enhance liquidity through the sale of investment properties and rental income over the next 12 months [8]. - The company has a strong asset base and established relationships with banks, which are expected to facilitate the financial restructuring process [8].

Group 1: Company Developments - Emperor International, under the Yang family, reported a significant financial crisis with HKD 16.6 billion in overdue bank loans, leading to a rare "disclaimer of opinion" from Deloitte on its financial statements, causing a sharp decline in stock price [1][17][18] - New World Development announced a refinancing deal worth HKD 88.2 billion to extend debt maturities to 2028, providing temporary relief from financial distress [1][16] - The resignation of Zheng Zhi Gang, the third-generation successor of the Cheng family, marks a significant leadership change, following his previous resignation from executive roles [1][3] Group 2: Financial Performance - New World Development reported a shareholder loss of approximately HKD 19.68 billion for the fiscal year 2024 and a further loss of over HKD 6.6 billion in the first half of fiscal year 2025 [11][12] - Emperor International faced a substantial loss of HKD 4.743 billion for the fiscal year 2025, a 131.7% increase in losses compared to the previous year, primarily due to fair value losses on investment properties [20][21] Group 3: Market Context - Both companies are experiencing crises that reflect broader challenges in the Hong Kong real estate market, including rising interest rates and a shift from a landlord to a service provider model [24] - The residential market in Hong Kong shows signs of weak recovery, with a slight increase in property prices, while the commercial sector continues to face oversupply and declining demand [24]

Group 1: Film Industry - The film "Ne Zha" (also known as "Ne Zha 2") has achieved a total box office of 15.445 billion yuan and 324 million viewers, breaking 113 records and earning 308 milestone achievements, marking it as a legendary film in history [1] Group 2: Financial Performance of Emperor Group - Emperor International reported a significant loss of 4.743 billion HKD for the fiscal year 2024/2025, an increase of 131.75% year-on-year, leading to a sharp decline in its stock prices [2] - The company faced overdue bank loans totaling 16.6 billion HKD, raising concerns about its ability to continue as a going concern, which contributed to the stock price drop of its subsidiaries [2] Group 3: Luxury Goods Market - Louis Vuitton's new concept "Louis Ship" has opened in Shanghai, attracting significant public interest, with all exhibition slots fully booked before July [3] - Despite a 3% year-on-year revenue decline reported by LVMH in Q1 2025, the exhibition aims to drive sales by incorporating retail space within the venue [3] Group 4: Market Activity of IFBH Limited - IFBH Limited, the parent company of IF Coconut Water, saw overwhelming demand during its IPO, with a subscription level exceeding 2600 times, and its stock price rose by 42.09% on the first trading day, reaching a market capitalization of 10.53 billion HKD [4] - The company aims to leverage the capital raised for brand development, market expansion, and innovation, which could lead to sustained growth if challenges are effectively managed [4]