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10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: 華大酒店投資有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00201 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 8,947,051,324 | | 0 | | 8,947,051,324 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 8,947,051,324 | | 0 ...

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9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華大酒店投資有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00201 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 8,947,051,324 | | 0 | | 8,947,051,324 | | 增加 / 減 ...

[Company Information](index=2&type=section&id=Company%20Information) The company's board comprises executive, non-executive, and independent non-executive directors, supported by a company secretary, auditor, lawyer, and key banking partners - The company's board of directors consists of executive directors including Mr. Cheng Kai Man (Chairman), Mr. Hui Wing Ho, Ms. Lau Kam Mei, and Ms. Ng Yuet Ying; non-executive directors including Ms. Lui Fung Mei Yee; and independent non-executive directors including Mr. Chan Kim Fai, Mr. Lam Kwai Cheung, and Mr. Liu Yuk Chor[4](index=4&type=chunk) - The company secretary is Ms. Koo Ching Fun, the auditor is Deloitte Touche Tohmatsu, the legal advisor is Withers LLP, and principal bankers include The Hongkong and Shanghai Banking Corporation Limited and Bank of China (Hong Kong) Limited[4](index=4&type=chunk) [Interim Results Summary](index=3&type=section&id=Interim%20Results%20Summary) This section highlights a **43%** increase in net profit attributable to owners, excluding revaluation and depreciation, and the board's decision not to declare an interim dividend [Interim Results](index=3&type=section&id=Interim%20Results) For the six months ended June 30, 2025, net profit attributable to owners, after tax and before revaluation and depreciation of land, property, and equipment, increased by **43%** year-on-year to **HKD 59.3 million** Net Profit Attributable to Owners (Excluding Revaluation and Depreciation) | Metric | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Net profit | 59,300,000 | 41,600,000 | +43% | [Interim Dividend](index=3&type=section&id=Interim%20Dividend) The board does not recommend an interim dividend for the six months ended June 30, 2025, prioritizing cash flow for unstable hotel market conditions, debt reduction, and London Wood Street Hotel renovations - The board does not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[6](index=6&type=chunk) - Reasons for not distributing dividends include ensuring higher cash flow to navigate challenging economic conditions with high operating and interest costs in the hotel industry; retaining cash to further reduce bank and shareholder loans; and reserving cash for the renovation of the Wood Street Hotel in London[6](index=6&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the group's business operations, financial performance, revenue drivers, cost structure, financing, key achievements, and future strategic outlook [Business Overview](index=4&type=section&id=Business%20Overview) The Group continued its engagement in hotel investment, hotel management, property leasing, and property development, achieving a **43%** year-on-year increase in net profit attributable to owners, excluding revaluation and depreciation - The Group's principal businesses include hotel investment, hotel management, property leasing, and property development[7](index=7&type=chunk) Net Profit Attributable to Owners (Excluding Revaluation and Depreciation) | Metric | For the six months ended June 30, 2025 (HKD) | For the six months ended June 30, 2024 (HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Net profit | 59,300,000 | 41,600,000 | +43% | [Financial Performance](index=4&type=section&id=Financial%20Performance) For the six months ended June 30, 2025, the Group's overall profit significantly increased by **81%**, driven by a **5%** revenue increase and reduced hotel operating and finance costs Key Financial Performance Indicators | Metric | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Profit from hotel operations | 8,631 | 712 | +1,112% | | Profit from property investment | 20,380 | 14,010 | +45% | | Income from securities investment | 25 | – | N/A | | Administrative expenses | (22,205) | (23,159) | -4% | | Finance costs | (17,177) | (23,228) | -26% | | Loss after tax | (15,385) | (32,546) | -53% | | Net profit attributable to owners after tax and before revaluation and depreciation of land, property and equipment | 59,295 | 41,562 | +43% | - Overall profit increased by **81%**, primarily due to a **5%** increase in revenue and a reduction in hotel operating and finance costs[8](index=8&type=chunk) [Revenue Analysis](index=5&type=section&id=Revenue%20Analysis) The Group's total revenue increased by **5%** year-on-year to **HKD 258 million**, driven by a **3%** rise in hotel operations revenue (due to increased room rates) and a **34%** increase in investment property income (from London Royal Scot Hotel rent) Revenue Composition and Changes | Revenue Source | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue from hotel operations | 231,238 | 224,959 | +3% | Increased room rates | | Revenue from investment properties | 25,380 | 19,010 | +34% | Increased rental income from London Royal Scot Hotel | | Other income | 1,640 | 2,182 | -25% | N/A | | **Total** | **258,258** | **246,151** | **+5%** | | - The Group's total revenue increased by **5%** year-on-year, from approximately **HKD 246 million** to approximately **HKD 258 million**[9](index=9&type=chunk) [Hotel Operations Performance](index=6&type=section&id=Hotel%20Operations%20Performance) The Group operates seven hotels and leases one in London, with hotel operations revenue growing by **3%**, while the London Royal Scot Hotel's annual rent increased by **34%** to **GBP 4,737,000**, and most hotels maintained over **90%** average room occupancy - The Group currently owns eight hotels, operating seven and leasing one located in London[10](index=10&type=chunk) Average Room Occupancy Rate of Key Hotels (Jan-Jun 2025) | Hotel Name | Average Room Occupancy Rate (%) | | :--- | :--- | | Ramada Hong Kong Harbour View | 98 | | Ramada Hong Kong Grand | 99 | | Best Western Plus Hotel Hong Kong | 97 | | Grand View Hotel Causeway Bay | 99 | | Best Western Plus Hotel Tsim Sha Tsui | 98 | | Grand View Hotel Bay | 98 | | Shanghai Grand International Hotel | 88 | - The annual rent for the London Royal Scot Hotel successfully increased by **34%**, from **GBP 3,546,000** to **GBP 4,737,000**[11](index=11&type=chunk) [Cost Analysis](index=6&type=section&id=Cost%20Analysis) During the period, hotel service costs decreased by **2%** to **HKD 151.9 million**, administrative expenses (excluding depreciation) decreased by **4%** to **HKD 21 million**, while hotel property depreciation slightly increased Hotel Service Costs | Metric | For the six months ended June 30, 2025 (Million HKD) | For the six months ended June 30, 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Hotel service costs | 151.9 | 154.6 | -2% | Administrative Expenses and Depreciation | Metric | For the six months ended June 30, 2025 (Million HKD) | For the six months ended June 30, 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses (excluding depreciation) | 21.0 | 22.3 | -4% | | Depreciation of hotel properties | 68.2 | 68.0 | +0.3% | [Financing Status](index=7&type=section&id=Financing%20Status) The Group's total debt decreased by **HKD 64 million** to **HKD 636 million**, with the gearing ratio falling to **15%**, and finance costs reduced by **26%** due to lower interest rates, though foreign exchange risk remains Debt Structure and Changes | Metric | As at June 30, 2025 (Million HKD) | As at December 31, 2024 (Million HKD) | Change (Million HKD) | | :--- | :--- | :--- | :--- | | Bank loans | 301 | 345 | -44 | | Shareholder loans | 335 | 355 | -20 | | **Total debt** | **636** | **700** | **-64** | | Gearing ratio | 15% | 17% | -2% | Finance Costs | Metric | For the six months ended June 30, 2025 (Million HKD) | For the six months ended June 30, 2024 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Total interest expense | 17.2 | 23.2 | -26% | | Interest expense on bank loans | 8.2 | 10.8 | -24% | | Interest expense on shareholder loans | 9.0 | 12.4 | -27% | - The decrease in finance costs was primarily due to lower interest rates[17](index=17&type=chunk) - The Group's bank loans are primarily denominated in HKD and GBP, bearing interest at floating rates, thus exposing the Group to foreign exchange risk[17](index=17&type=chunk) [Key Business Achievements](index=8&type=section&id=Key%20Business%20Achievements) Despite visitor numbers and per capita spending not fully recovering, the Group maintained over **90%** average hotel occupancy, achieved a **5%** total revenue increase, successfully raised London Royal Scot Hotel's annual rent by **34%**, and plans renovation for London Wood Street Hotel Overnight Visitor Arrivals to Hong Kong Data | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | Pre-pandemic H1 2019 | | :--- | :--- | :--- | :--- | | Overnight visitor arrivals (persons) | Approx. 11.3 million | 10.6 million | 15 million | | Per capita spending by Mainland Chinese visitors (HKD) | Below 5,100 | N/A | 6,000 | - The Group's average hotel occupancy rate consistently exceeded **90%**[19](index=19&type=chunk) - The Group's hotel revenue increased by **3%** to **HKD 231 million**, and total revenue increased by **5%** to **HKD 258 million**[19](index=19&type=chunk) - The annual rent for the London Royal Scot Hotel successfully increased by **34%** from **GBP 3,546,000** to **GBP 4,737,000**[20](index=20&type=chunk) - The London Wood Street Hotel (former police headquarters) has been approved for renovation into a luxury hotel with approximately **216** rooms[20](index=20&type=chunk) [Future Outlook](index=9&type=section&id=Future%20Outlook) The Group holds eight hotels and the London Wood Street Hotel renovation project, facing challenges from a weak Chinese economy and expensive HKD against RMB, but multi-entry visa policies in other major Chinese cities offer encouraging prospects, with management focused on increasing revenue and controlling costs - The Group holds eight revenue-generating hotels (six in Hong Kong, one in Shanghai, and one in London) and the renovation project for the Wood Street Hotel in London[21](index=21&type=chunk) - The future outlook faces challenges from a weak Chinese economy and an expensive HKD against RMB, leading more Mainland Chinese visitors to opt for overnight stays in the Greater Bay Area and day trips to Hong Kong[21](index=21&type=chunk) - The further implementation of multi-entry visa policies in other major Chinese cities is expected to bring encouraging prospects for the future[21](index=21&type=chunk) - Management will continue efforts to increase revenue and control costs to address challenges in hotel operations and rental income[21](index=21&type=chunk) [Disclosures Relating to Listed Securities](index=9&type=section&id=Disclosures%20Relating%20to%20Listed%20Securities) This section details the absence of listed securities transactions by the company, outlines directors' interests, and identifies major shareholders and their respective holdings [Purchase, Sale or Redemption of Listed Securities](index=9&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[22](index=22&type=chunk) [Directors' Interests in Listed Securities](index=10&type=section&id=Directors%27%20Interests%20in%20Listed%20Securities) As of June 30, 2025, Chairman Mr. Cheng Kai Man held a **71.09%** equity interest in the Company through his controlled entities and had controlling interests in associated corporations like Magnificent Hotel Investments Limited, Magnificent Realty Investment Holdings Limited, and Magnificent Assets Holdings Limited Directors' Interests in the Company's Shares | Director's Name | Capacity | Nature of Interest | Number of Shares/Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Cheng Kai Man | Interest in controlled corporation | Corporate | 6,360,585,437 | 71.09 | - Mr. Cheng Kai Man holds controlling interests in Magnificent Hotel Investments Limited, Good Taylor Limited, South Point Investments Limited, Magnificent Network Development Limited, and Jetco Construction Company Limited, which collectively hold **71.09%** of the Company's shares[23](index=23&type=chunk) Directors' Interests in Shares of Associated Corporations | Director's Name | Name of Associated Corporation | Capacity | Nature of Interest | Number of Shares/Underlying Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | :--- | | Cheng Kai Man | Magnificent Hotel Investments Limited | Beneficial owner and interest in controlled corporation | Personal and Corporate | 385,395,999 | 66.48 | | Cheng Kai Man | Magnificent Realty Investment Holdings Limited | Beneficial owner and interest in controlled corporation | Personal and Corporate | 226,454,825 | 74.40 | | Cheng Kai Man | Magnificent Assets Holdings Limited | Beneficial owner | Personal | 2 | 100.00 | [Major Shareholders](index=12&type=section&id=Major%20Shareholders) As of June 30, 2025, Magnificent Hotel Investments Limited and its associated companies (including Omnico Company Inc., Magnificent Realty Investment Holdings Limited, and Magnificent Assets Holdings (BVI)) collectively held **71.09%** of the Company's shares as the largest shareholder, with Alef United Holdings Limited and its concert parties holding **9.89%** Major Shareholders' Shareholding | Shareholder Name | Capacity | Number of Shares/Underlying Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Magnificent Hotel Investments Limited | Beneficial owner and interest in controlled corporation | 6,360,585,437 | 71.09 | | Omnico Company Inc. | Interest in controlled corporation | 6,360,585,437 | 71.09 | | Magnificent Realty Investment Holdings Limited | Interest in controlled corporation | 6,360,585,437 | 71.09 | | Magnificent Assets Holdings (BVI) | Interest in controlled corporation | 6,360,585,437 | 71.09 | | Li Pui Ling | Interest of spouse | 6,360,585,437 | 71.09 | | Jetco | Beneficial owner | 2,978,198,581 | 33.29 | | Alef United Holdings Limited | Beneficial owner and interest of parties acting in concert | 885,094,524 | 9.89 | | Credit Suisse Trust Limited | Interest in controlled corporation | 885,094,524 | 9.89 | | Hashim Majed Hashim A. | Interest in controlled corporation | 885,094,524 | 9.89 | | North Salomon Limited | Interest in controlled corporation | 885,094,524 | 9.89 | | Saray Capital Limited | Interest in controlled corporation | 885,094,524 | 9.89 | | Saray Value Fund SPC | Beneficial owner and interest of parties acting in concert | 885,094,524 | 9.89 | | Shobokshi Hussam Ali H. | Interest in controlled corporation | 885,094,524 | 9.89 | - Magnificent Hotel Investments Limited, Omnico, Magnificent Realty Investment Holdings Limited, and Magnificent Assets Holdings (BVI) are deemed to have an interest in **71.09%** of the Company's shares due to their direct or indirect interests in Magnificent Hotel Investments Limited[28](index=28&type=chunk) - Alef United Holdings Limited and Saray Value Fund SPC, along with other parties acting in concert, collectively hold a **9.89%** equity interest in the Company[29](index=29&type=chunk) [Review Report and Corporate Governance](index=14&type=section&id=Review%20Report%20and%20Corporate%20Governance) This section details the independent review of interim results, the company's compliance with corporate governance codes, and the auditor's review report on the condensed consolidated financial statements [Independent Review](index=14&type=section&id=Independent%20Review) The interim results for the six months ended June 30, 2025, were reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410 and by the Group's audit committee - The interim results are unaudited but have been reviewed by Deloitte Touche Tohmatsu in accordance with Hong Kong Standard on Review Engagements 2410[31](index=31&type=chunk) - The interim results and interim report have been reviewed by the Group's audit committee[31](index=31&type=chunk) [Corporate Governance](index=15&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined under Mr. Cheng Kai Man, an arrangement the board believes provides consistent leadership and cost savings, and all directors confirmed compliance with the Model Code for Securities Transactions - The Company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules of the Stock Exchange, save for one deviation[32](index=32&type=chunk) - Deviation from code provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and performed by Mr. Cheng Kai Man, which the board believes provides strong and consistent leadership, facilitates strategy implementation, and achieves significant cost savings[32](index=32&type=chunk) - All directors have confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules throughout the period[33](index=33&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=16&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Financial%20Statements) Deloitte Touche Tohmatsu reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410, finding no matters suggesting non-compliance with Hong Kong Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410[36](index=36&type=chunk) - The review concluded that nothing has come to the reviewer's attention that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[37](index=37&type=chunk) - As the scope of a review is substantially less than that of an audit, no audit opinion has been expressed[36](index=36&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's total revenue grew to **HKD 256.6 million**, with gross profit significantly increasing to **HKD 34.036 million**, and despite lower finance and administrative costs, increased impairment of investment properties and income tax expense resulted in a reduced loss for the period of **HKD 15.385 million** Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Total revenue | 256,643 | 243,969 | | Cost of sales | (2,105) | (1,641) | | Other service costs | (151,896) | (154,585) | | Depreciation of property, plant and equipment | (68,222) | (67,640) | | Gross profit | 34,036 | 19,722 | | Fair value loss on investment properties | (5,000) | (5,000) | | Administrative expenses | (22,205) | (23,159) | | Finance costs | (17,177) | (23,228) | | Loss before tax | (8,731) | (29,483) | | Income tax expense | (6,654) | (3,063) | | Loss for the period | (15,385) | (32,546) | | Basic loss per share (HK cents) | (0.17) | (0.36) | [Condensed Consolidated Statement of Comprehensive Income](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The loss for the period was **HKD 15.385 million**, but a positive foreign exchange difference of **HKD 121.2 million** from translating overseas operations resulted in a total comprehensive income of **HKD 93.545 million**, a significant improvement from the prior period's total comprehensive expense Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Loss for the period | (15,385) | (32,546) | | Fair value loss on equity investments at fair value through other comprehensive income | (12,292) | (908) | | Exchange differences arising from translation of overseas operations | 121,222 | (13,773) | | Other comprehensive income (expense) for the period | 108,930 | (14,681) | | Total comprehensive income (expense) for the period | 93,545 | (47,227) | | Total comprehensive income (expense) attributable to owners of the Company | 93,732 | (47,041) | - Exchange differences arising from the translation of overseas operations amounted to **HKD 121.2 million**, significantly improving the total comprehensive income for the period[40](index=40&type=chunk) [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased to **HKD 5.025 billion**, with investment properties and property, plant, and equipment as major non-current assets; current liabilities exceeded current assets, resulting in a net current liability of **HKD 498.8 million**, while total equity grew to **HKD 4.2305 billion** Key Data from Condensed Consolidated Statement of Financial Position | Metric | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Property, plant and equipment | 3,613,123 | 3,633,234 | | Investment properties | 1,117,145 | 1,030,990 | | Total non-current assets | 4,831,395 | 4,777,882 | | Bank balances and cash | 174,354 | 203,139 | | Total current assets | 194,187 | 224,446 | | Total current liabilities | 693,064 | 761,854 | | Net current liabilities | (498,877) | (537,408) | | Total assets less current liabilities | 4,332,518 | 4,240,474 | | Equity attributable to owners of the Company | 4,224,058 | 4,130,326 | | Total equity | 4,230,507 | 4,136,962 | | Deferred tax liabilities | 100,885 | 102,506 | - Current liabilities exceeded current assets by **HKD 498.8 million**, but the board has carefully considered future liquidity and prepared the financial statements on a going concern basis, supported by internal financial resources, refinanced bank loans, and the immediate holding company's agreement not to demand repayment of amounts due[41](index=41&type=chunk)[49](index=49&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the Company increased from **HKD 4.1303 billion** to **HKD 4.2241 billion**, primarily driven by a positive foreign exchange difference of **HKD 121.2 million** from translating overseas operations, despite the loss for the period and fair value loss on equity investments Key Data from Condensed Consolidated Statement of Changes in Equity | Metric | As at January 1, 2025 (Thousand HKD) | Loss for the period (Thousand HKD) | Exchange differences (Thousand HKD) | Fair value loss on equity investments (Thousand HKD) | As at June 30, 2025 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 4,130,326 | (15,198) | 121,222 | (12,292) | 4,224,058 | | Non-controlling interests | 6,636 | (187) | – | – | 6,449 | | **Total** | **4,136,962** | **(15,385)** | **121,222** | **(12,292)** | **4,230,507** | - Exchange differences arising from the translation of overseas operations, amounting to **HKD 121.2 million**, were the primary contributor to the increase in equity for the period[43](index=43&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was **HKD 70.094 million**, net cash used in investing activities was **HKD 1.827 million**, and net cash used in financing activities was **HKD 105.384 million**, resulting in a net decrease in cash and cash equivalents of **HKD 37.117 million** and an ending balance of **HKD 174.354 million** Key Data from Condensed Consolidated Statement of Cash Flows | Metric | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Net cash from operating activities | 70,094 | 61,969 | | Net cash used in investing activities | (1,827) | (7,278) | | Net cash used in financing activities | (105,384) | (212,400) | | Net decrease in cash and cash equivalents | (37,117) | (157,709) | | Cash and cash equivalents at end of period | 174,354 | 149,742 | - Net cash outflow from financing activities primarily included bank loan repayments of **HKD 99.882 million** and repayments of amounts due to the immediate holding company of **HKD 26.831 million**, offset by new bank loans of **HKD 32 million**[46](index=46&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=25&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the basis of preparation, significant accounting policies, revenue breakdown, segment information, finance costs, income tax, loss for the period, dividends, loss per share, property details, receivables, payables, bank loans, share capital, related party transactions, pledges of assets, and fair value measurement of financial instruments [Basis of Preparation](index=25&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are presented in HKD, prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, and despite current liabilities exceeding current assets, the board prepared them on a going concern basis, supported by internal financial resources, refinanced bank loans, and holding company support - These condensed consolidated financial statements are presented in HKD and prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules of The Stock Exchange of Hong Kong Limited[47](index=47&type=chunk) - As at June 30, 2025, the Group's current liabilities exceeded its current assets by **HKD 498.8 million**, but the board believes the Group has financial resources to fund its operations, including internal financial resources and refinanced bank loans, and the immediate holding company has agreed not to demand repayment of amounts due, thus preparing the statements on a going concern basis[49](index=49&type=chunk) [Principal Accounting Policies](index=26&type=section&id=Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, applying all amendments to Hong Kong Financial Reporting Standards issued by the HKICPA, which had no significant impact on the financial position or performance - These condensed consolidated financial statements are prepared on the historical cost basis, except for investment properties and certain financial instruments which are measured at fair value where applicable[50](index=50&type=chunk) - The amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants that are effective for the current interim period have been applied for the first time, but they have had no significant impact on the Group's financial position and performance and/or disclosures[51](index=51&type=chunk) [Revenue](index=27&type=section&id=Revenue) The Group's total revenue primarily comprises hotel operations revenue (**HKD 231.2 million**), property rental income (**HKD 25.38 million**), and dividend income (**HKD 25 thousand**), with hotel service revenue mainly from room rentals and ancillary services, and Hong Kong being the largest market contributor Revenue Source Analysis | Revenue Source | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Revenue from hotel operations | 231,238 | 224,959 | | Property rental income | 25,380 | 19,010 | | Dividend income | 25 | – | | **Total revenue** | **256,643** | **243,969** | Analysis of Revenue by Hotel Service Category | Type of goods or services | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Room rental income and other ancillary services | 223,334 | 218,166 | | Food and beverages | 7,904 | 6,793 | | **Total** | **231,238** | **224,959** | | **Geographical distribution of markets** | | | | Hong Kong | 218,879 | 214,436 | | People's Republic of China | 12,359 | 10,523 | | **Total** | **231,238** | **224,959** | [Segment Information](index=28&type=section&id=Segment%20Information) The Group's operating and reportable segments include hotel services, property investment, and securities investment, with hotel services showing growth in both revenue and results, notably from Best Western Plus Hotel Hong Kong and Ramada Hong Kong Harbour View, and a significant increase in Wood Street Hotel's asset value - The Group's operating and reportable segments include hotel services (eight hotels), property investment, and securities investment[53](index=53&type=chunk)[54](index=54&type=chunk) Segment Revenue and Results | Segment | Revenue for the six months ended June 30, 2025 (Thousand HKD) | Revenue for the six months ended June 30, 2024 (Thousand HKD) | Results for the six months ended June 30, 2025 (Thousand HKD) | Results for the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Hotel services | 231,238 | 224,959 | 8,631 | 712 | | Property investment | 25,380 | 19,010 | 20,380 | 14,010 | | Securities investment | 25 | – | 25 | – | | **Total** | **256,643** | **243,969** | **29,036** | **14,722** | Segment Assets | Segment | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Hotel services | 3,579,714 | 3,604,343 | | －Wood Street Hotel | 447,475 | 404,384 | | Property investment | 1,117,145 | 1,030,990 | | Securities investment | 79,912 | 92,204 | | **Total segment assets** | **4,776,771** | **4,727,537** | Segment Liabilities | Segment | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Hotel services | 30,118 | 40,495 | | Property investment | 15,914 | 14,378 | | Securities investment | 1 | 1 | | **Total segment liabilities** | **46,033** | **54,874** | [Finance Costs](index=32&type=section&id=Finance%20Costs) Total finance costs for the period amounted to **HKD 17.177 million**, a **26%** decrease from the prior period, primarily due to lower interest expenses on bank loans and amounts due to the immediate holding company Composition of Finance Costs | Source of Interest | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Bank loans | 8,195 | 10,764 | | Amounts due to immediate holding company | 8,982 | 12,464 | | **Total** | **17,177** | **23,228** | [Income Tax Expense](index=33&type=section&id=Income%20Tax%20Expense) Income tax expense for the period was **HKD 6.654 million**, a **117%** increase year-on-year, mainly from current tax in Hong Kong and the UK, with the Group not expecting to pay top-up tax under Pillar Two rules Composition of Income Tax Expense | Source of Tax | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Current tax: Hong Kong | 3,933 | 2,260 | | Current tax: United Kingdom | 4,231 | 2,459 | | Underprovision in prior years: Hong Kong | 111 | – | | Deferred tax | (1,621) | (1,656) | | **Total** | **6,654** | **3,063** | - Hong Kong profits tax rate is **16.5%**[63](index=63&type=chunk) - The Group expects its consolidated annual revenue to be less than **EUR 750 million**, thus not requiring payment of top-up tax under Pillar Two rules[64](index=64&type=chunk) [Loss for the Period](index=34&type=section&id=Loss%20for%20the%20Period) The loss for the period was **HKD 15.385 million**, after deducting **HKD 69.109 million** in depreciation of property, plant, and equipment and including **HKD 1.23 million** in bank deposit interest income Key Adjustments to Loss for the Period | Item | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 384 | 381 | | Depreciation of property, plant and equipment | 69,109 | 68,541 | | Interest income from bank deposits | (1,230) | (2,718) | | Loss on disposal of property, plant and equipment | 12 | 741 | [Dividends](index=34&type=section&id=Dividends) For the six months ended June 30, 2025, the board of directors resolved not to declare or recommend any interim dividend - No dividends were declared or paid to shareholders for the six months ended June 30, 2025, and 2024[67](index=67&type=chunk) - The board of directors resolved not to declare or recommend any interim dividend for the six months ended June 30, 2025, and 2024[67](index=67&type=chunk) [Loss Per Share](index=34&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share narrowed to **0.17 HK cents** from **0.36 HK cents** in the prior period, with no diluted loss per share presented due to the absence of potential ordinary shares Basic Loss Per Share | Metric | For the six months ended June 30, 2025 (HK cents) | For the six months ended June 30, 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (0.17) | (0.36) | - Basic loss per share is calculated based on the loss for the period attributable to owners of the Company of **HKD 15.198 million** and **8.947 billion** ordinary shares in issue during the period[68](index=68&type=chunk) - No diluted loss per share is presented as there were no potential ordinary shares in issue during the period or prior period[68](index=68&type=chunk) [Property, Plant and Equipment and Investment Properties](index=35&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Investment%20Properties) During the period, **HKD 3.017 million** was spent on property, plant, and equipment acquisitions, with a **HKD 12 thousand** loss on disposal, while investment properties experienced a **HKD 5 million** fair value decrease, with a total carrying amount of approximately **HKD 1.09 billion**, valued by independent professional valuers using the income approach Changes in Property, Plant and Equipment and Investment Properties | Item | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 3,017 | 10,496 | | Loss on disposal of property, plant and equipment | 12 | 741 | | Fair value decrease on investment properties | 5,000 | 5,000 | - Investment properties are stated at fair value, assessed by independent professional valuers using the income approach, with a total carrying amount of approximately **HKD 1.09 billion**[69](index=69&type=chunk) - The valuation methodology considers current market rental levels for existing leases and future reversionary income, capitalizing the rental income[70](index=70&type=chunk) [Trade and Other Receivables](index=36&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **HKD 9.072 million**, a decrease from year-end, with trade receivables primarily comprising amounts not yet due, and a typical credit period of **30 to 60 days** Trade and Other Receivables | Item | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade receivables (customer contracts) | 5,951 | 8,361 | | Other receivables | 3,121 | 2,776 | | **Total** | **9,072** | **11,137** | Ageing Analysis of Trade Receivables | Ageing | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Not yet due | 5,728 | 8,162 | | 0-30 days | 49 | 104 | | 31-60 days | 174 | 94 | | 61-90 days | – | 1 | - The Group grants credit terms of **30 to 60 days** to travel agents and certain customers of its hotels[71](index=71&type=chunk) [Trade and Other Payables and Accruals](index=37&type=section&id=Trade%20and%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total trade and other payables and accruals amounted to **HKD 39.685 million**, a decrease from year-end, with accrued staff costs and rental deposits being major components Trade and Other Payables and Accruals | Item | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade payables | 4,324 | 5,031 | | Interest payable | 202 | 278 | | Other payables | 3,006 | 1,129 | | Legal and professional fees payable | 1,461 | 2,349 | | Rental deposits received | 12,008 | 10,638 | | Accrued staff costs | 6,219 | 16,031 | | Other accruals | 12,465 | 11,960 | | **Total** | **39,685** | **47,416** | Ageing Analysis of Trade Payables | Ageing | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0-30 days | 4,317 | 5,024 | | 31-60 days | 6 | 6 | | 61-90 days | 1 | 1 | [Bank Loans](index=38&type=section&id=Bank%20Loans) As of June 30, 2025, the Group's total secured bank loans amounted to **HKD 301.3 million**, a decrease from year-end, with all loans bearing floating interest rates at an effective annual rate of **5.19%** Bank Loan Status | Item | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Secured bank loans | 301,298 | 345,152 | | Repayable within one year | 251,298 | 227,152 | | Bank loans containing a repayment on demand clause | 50,000 | 118,000 | - All of the Group's bank loans are floating rate loans, with an effective annual interest rate of **5.19%** (December 31, 2024: **6.25%**)[73](index=73&type=chunk) [Share Capital](index=39&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued and fully paid ordinary share capital remained consistent with year-end, totaling **8.947 billion** shares with a nominal value of **HKD 841.9 million** Ordinary Share Capital | Item | Number of Shares (Thousand shares) | Nominal Value (Thousand HKD) | | :--- | :--- | :--- | | Issued and fully paid ordinary shares (as at June 30, 2025) | 8,947,051 | 841,926 | [Related Party Transactions and Balances](index=39&type=section&id=Related%20Party%20Transactions%20and%20Balances) The Group engaged in various related party transactions, including short-term lease and interest expenses paid to its immediate holding company, and corporate management fee income received, with outstanding balances of **HKD 329.5 million** owed to the immediate holding company and **HKD 5.088 million** owed to Mr. Cheng Kai Man at period-end Related Party Transactions During the Period | Transacting Party | Type of Transaction | For the six months ended June 30, 2025 (Thousand HKD) | For the six months ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | :--- | | Magnificent Hotel Investments Limited and its subsidiaries | Short-term lease expenses | 520 | 520 | | Magnificent Hotel Investments Limited and its subsidiaries | Interest expense | 8,982 | 12,464 | | Magnificent Hotel Investments Limited and its subsidiaries | Corporate management fee income for administrative facilities provided | 2,323 | 2,307 | | Magnificent Realty Investment Holdings Limited | Corporate management fee income for administrative facilities provided | 75 | 75 | | Mr. Cheng Kai Man | Rental income from Mr. Cheng Kai Man | 420 | 420 | | Key management personnel | Remuneration | 6,651 | 6,684 | Related Party Balances at Period-End | Item | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Amounts due to immediate holding company | 329,541 | 347,390 | | Amounts due to Mr. Cheng Kai Man | 5,088 | 7,487 | - Amounts due to the immediate holding company are unsecured, bear interest at **5.20%** per annum, and are repayable on demand[75](index=75&type=chunk) [Pledges of Assets](index=40&type=section&id=Pledges%20of%20Assets) As of June 30, 2025, the Group's bank loan facilities were secured by investment properties, hotel properties, shares of certain subsidiaries, property rental income, and an insurance assignment for one investment property Carrying Value of Pledged Assets | Pledged Assets | As at June 30, 2025 (Thousand HKD) | As at December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Investment properties | Approx. 1,043,000 | 995,000 | | Hotel properties | Approx. 1,468,000 | 1,493,000 | | Net assets of certain subsidiaries pledged as security for shares | Approx. 713,000 | 629,000 | - Other pledges include assignments of property rental income from certain subsidiaries and an insurance assignment for one investment property[75](index=75&type=chunk) [Fair Value Measurement of Financial Instruments](index=41&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's financial assets, such as equity investments at fair value through other comprehensive income, are measured at fair value and classified as Level 1, determined by quoted prices in active markets, while the carrying amounts of other financial assets and liabilities approximate their fair values Financial Assets Measured at Fair Value | Financial Assets | Fair Value as at June 30, 2025 (Thousand HKD) | Fair Value as at December 31, 2024 (Thousand HKD) | Fair Value Hierarchy | | :--- | :--- | :--- | :--- | | Equity investments at fair value through other comprehensive income | 79,912 | 92,204 | Level 1 | - Level 1 fair value measurements are derived from unadjusted quoted prices in active markets for identical assets or liabilities[78](index=78&type=chunk) - The directors of the Company consider that the carrying amounts of other financial assets and financial liabilities recorded at amortised cost approximate their fair values[77](index=77&type=chunk)

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8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: | 華大酒店投資有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 FF301 FF301 III.已發行股份及/或庫存股份變動詳情 | 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) | 00201 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 8,947,051,324 | | 0 | ...

Core Insights - The company reported a total revenue of HKD 257 million for the six months ending June 30, 2025, representing a year-on-year increase of 5.19% [1] - The loss attributable to shareholders narrowed to HKD 15.198 million, a reduction of 53.03% compared to the previous year [1] - Basic loss per share was HKD 0.017 [1] Revenue Breakdown - Revenue from hotel operations increased by 3% to HKD 231 million [1] - The company currently operates seven hotels and leases one hotel located in London [1]

Group 1 - The company reported total revenue of HKD 257 million for the six months ending June 30, 2025, representing a year-on-year increase of 5.2% [1] - Gross profit amounted to HKD 34.036 million, showing a significant year-on-year increase of 72.6% [1] - The loss attributable to the company's owners was HKD 15.198 million, an improvement from a loss of HKD 32.36 million in the same period last year [1] - Basic loss per share was HKD 0.017 [1]

Group 1 - The core viewpoint of the article highlights that Huada Hotel (00201) reported a total revenue of HKD 257 million for the six months ending June 30, 2025, representing a year-on-year increase of 5.19% [1] - The company recorded a loss attributable to shareholders of HKD 15.198 million, which narrowed by 53.03% compared to the previous year [1] - The basic loss per share was reported at HKD 0.17 [1] Group 2 - The group currently operates eight hotels, with seven in operation and one hotel located in London being leased [1] - Revenue from operating hotels increased by 3% to HKD 231 million [1]

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) For the six months ended June 30, 2025, net profit attributable to owners of the company before revaluation and depreciation increased by 43% to HK$59.3 million, while the after-tax loss significantly narrowed [Performance Overview](index=1&type=section&id=Performance%20Overview) For the six months ended June 30, 2025, net profit attributable to owners of the company before revaluation and depreciation increased by 43% to HK$59.3 million, while the after-tax loss significantly narrowed Key Financial Indicators | Indicator | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | Change | | :--- | :--- | :--- | :--- | | Net profit attributable to owners of the company after tax and before revaluation and depreciation of land, property, and equipment | 59,295 | 41,562 | +43% | | Loss after tax and non-controlling interests | (15,198) | (32,360) | -53% (Loss narrowed) | [Interim Dividend](index=1&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend an interim dividend for the six months ended June 30, 2025[5](index=5&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The Group's financial statements for the period show increased revenue and gross profit, a narrowed loss, and growth in total assets less current liabilities and total equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total revenue increased to HK$256.6 million, gross profit significantly improved, and the loss for the period narrowed to HK$15.4 million from HK$32.5 million in the prior year Summary of Condensed Consolidated Statement of Profit or Loss | Indicator | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Total Revenue | 256,643 | 243,969 | | Gross Profit | 34,036 | 19,722 | | Loss Before Tax | (8,731) | (29,483) | | Loss for the Period | (15,385) | (32,546) | | Basic Loss Per Share (HK cents) | (0.17) | (0.36) | [Condensed Consolidated Statement of Total Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Total%20Comprehensive%20Income) Total comprehensive income for the period turned from a loss of HK$47.2 million in the prior year to a gain of HK$93.5 million, primarily due to positive exchange differences from overseas operations Summary of Condensed Consolidated Statement of Total Comprehensive Income | Indicator | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Loss for the Period | (15,385) | (32,546) | | Exchange differences arising from translation of overseas operations | 121,222 | (13,773) | | Total comprehensive income (expense) for the period | 93,545 | (47,227) | | Total comprehensive income (expense) attributable to owners of the company | 93,732 | (47,041) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to HK$4,332.5 million, net current liabilities decreased, and total equity grew to HK$4,230.5 million Summary of Condensed Consolidated Statement of Financial Position | Indicator | As of June 30, 2025 (HK$ thousands) | As of December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Non-current assets | 4,831,395 | 4,777,882 | | Current assets | 194,187 | 224,446 | | Current liabilities | 693,064 | 761,854 | | Net current liabilities | (498,877) | (537,408) | | Total assets less current liabilities | 4,332,518 | 4,240,474 | | Equity attributable to owners of the company | 4,224,058 | 4,130,326 | | Total equity | 4,230,507 | 4,136,962 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, principal accounting policies, and specific breakdowns of revenue, segments, finance costs, income tax, loss, dividends, loss per share, and receivables/payables [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules of The Stock Exchange of Hong Kong Limited - Financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules[9](index=9&type=chunk) - Financial information for the year ended December 31, 2024, has been delivered to the Companies Registry, with an unqualified auditor's report[9](index=9&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20Principal%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value; amendments to HKFRS accounting standards were first applied this period with no significant impact on financial position or performance - Financial statements are prepared on a historical cost basis, with investment properties and some financial instruments measured at fair value[10](index=10&type=chunk) - Amendments to HKFRS accounting standards were first applied this period, with no significant impact on financial position or performance[12](index=12&type=chunk) [3. Revenue](index=6&type=section&id=3.%20Revenue) Total revenue primarily comprises hotel operations revenue of HK$231.2 million, property rental income of HK$25.4 million, and dividend income of HK$25 thousand Revenue Source Analysis | Revenue Source | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Hotel Operations Revenue | 231,238 | 224,959 | | Property Rental Income | 25,380 | 19,010 | | Dividend Income | 25 | - | | **Total Revenue** | **256,643** | **243,969** | [4. Segment Information](index=7&type=section&id=4.%20Segment%20Information) The Group's operating and reportable segments include hotel services, property investment, and securities investment, with revenues of HK$231.2 million, HK$25.4 million, and HK$25 thousand, respectively - The chief operating decision maker is the Chairman of the Company, and segment information is used for resource allocation and performance assessment[14](index=14&type=chunk) - Operating segments include **8** hotel services, property investment, and securities investment[15](index=15&type=chunk) Segment Revenue and Results | Segment | Revenue as of June 30, 2025 (HK$ thousands) | Revenue as of June 30, 2024 (HK$ thousands) | Results as of June 30, 2025 (HK$ thousands) | Results as of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | :--- | :--- | | Hotel Services | 231,238 | 224,959 | 8,631 | 712 | | Property Investment | 25,380 | 19,010 | 20,380 | 14,010 | | Securities Investment | 25 | - | 25 | - | [5. Finance Costs](index=8&type=section&id=5.%20Finance%20Costs) Total finance costs decreased to HK$17.2 million from HK$23.2 million in the prior year, primarily comprising interest on bank loans and amounts due to immediate holding company Analysis of Finance Costs | Interest Source | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Bank Loans | 8,195 | 10,764 | | Amounts due to immediate holding company | 8,982 | 12,464 | | **Total Finance Costs** | **17,177** | **23,228** | [6. Income Tax Expense](index=9&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense significantly increased to HK$6.7 million from HK$3.1 million in the prior year, primarily due to current taxation in Hong Kong and the UK Components of Income Tax Expense | Tax Source | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Hong Kong current tax | 3,933 | 2,260 | | UK current tax | 4,231 | 2,459 | | Under-provision in prior years (Hong Kong) | 111 | - | | Deferred tax | (1,621) | (1,656) | | **Total Income Tax Expense** | **6,654** | **3,063** | - Hong Kong profits tax rate remains at **16.5%**, while China and UK profits tax rates are recognized based on the estimated weighted average annual income tax rate[18](index=18&type=chunk) [7. Loss for the Period](index=9&type=section&id=7.%20Loss%20for%20the%20Period) The loss for the period was HK$15.4 million, after deducting depreciation expenses of HK$69.1 million and including bank deposit interest income of HK$1.2 million Adjustments to Loss for the Period | Item | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 384 | 381 | | Depreciation of property, plant and equipment | 69,109 | 68,541 | | Interest income from bank deposits | (1,230) | (2,718) | | Loss on disposal of property, plant and equipment | 12 | 741 | [8. Dividends](index=10&type=section&id=8.%20Dividends) For the six months ended June 30, 2025, the Board resolved not to declare or recommend an interim dividend, consistent with the prior year - The Board does not declare or recommend an interim dividend for the six months ended June 30, 2025[20](index=20&type=chunk) [9. Loss Per Share](index=10&type=section&id=9.%20Loss%20Per%20Share) Basic loss per share narrowed to 0.17 HK cents from 0.36 HK cents in the prior year, primarily due to a reduction in loss attributable to owners of the company Loss Per Share Calculation | Indicator | As of June 30, 2025 | As of June 30, 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the company (HK$ thousands) | 15,198 | 32,360 | | Shares in issue (shares) | 8,947,051,000 | 8,947,051,000 | | Basic loss per share (HK cents) | (0.17) | (0.36) | - No potential ordinary shares existed during the period or prior period, thus diluted loss per share is not presented[22](index=22&type=chunk) [10. Trade and Other Receivables](index=10&type=section&id=10.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased to HK$9.1 million from HK$11.1 million as of December 31, 2024 Components of Trade and Other Receivables | Item | As of June 30, 2025 (HK$ thousands) | As of December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Trade receivables (customer contracts) | 5,951 | 8,361 | | Other receivables | 3,121 | 2,776 | | **Total** | **9,072** | **11,137** | - The Group grants credit terms of **30 to 60 days** to hotel travel agents and certain customers[23](index=23&type=chunk) [11. Trade and Other Payables and Accruals](index=11&type=section&id=11.%20Trade%20and%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total trade and other payables and accruals decreased to HK$39.7 million from HK$47.4 million as of December 31, 2024 Components of Trade and Other Payables and Accruals | Item | As of June 30, 2025 (HK$ thousands) | As of December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Trade payables | 4,324 | 5,031 | | Other payables and accruals | 35,361 | 42,385 | | **Total** | **39,685** | **47,416** | [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's overall performance, interim dividend policy, detailed analysis of revenue, hotel performance, costs, financing, key business achievements, and future outlook [Overall Performance](index=12&type=section&id=Overall%20Performance) Net profit attributable to owners of the company before revaluation and depreciation increased by 43% to HK$59.3 million, driven by higher revenue and reduced hotel operating and finance costs - Net profit attributable to owners of the company after tax and before revaluation and depreciation of land, property, and equipment was **HK$59.3 million**, representing a **43% year-on-year increase**[25](index=25&type=chunk) - The overall increase in profit was primarily due to a **5% increase in revenue** and a reduction in hotel operating and finance costs[28](index=28&type=chunk) Segment Profit and Loss | Indicator | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | Change | | :--- | :--- | :--- | :--- | | Hotel Operations Profit | 8,631 | 712 | +1,112% | | Property Investment Profit | 20,380 | 14,010 | +45% | | Securities Investment Income | 25 | - | Not applicable | | Loss After Tax | (15,385) | (32,546) | -53% | [Interim Dividend Policy and Rationale](index=12&type=section&id=Interim%20Dividend%20Policy%20and%20Rationale) The Board does not recommend an interim dividend to ensure higher cash flow for challenging economic conditions, high operating and interest costs, and to retain cash for debt reduction and the London Wood Street Hotel renovation - Not distributing an interim dividend aims to ensure higher cash flow to cope with unstable hotel industry conditions[27](index=27&type=chunk) - Cash is retained to further reduce bank debt and shareholder loans[27](index=27&type=chunk) - Cash is retained for the renovation project of the London Wood Street Hotel[27](index=27&type=chunk) [Performance Analysis](index=13&type=section&id=Performance%20Analysis) This section analyzes the Group's revenue, hotel performance, and cost structure, highlighting key drivers and changes during the period [Revenue Analysis](index=13&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 5% year-on-year to HK$258.3 million, driven by a 3% growth in hotel operations revenue and a 34% growth in investment property income Revenue Composition and Changes | Revenue Source | As of June 30, 2025 (HK$ thousands) | As of June 30, 2024 (HK$ thousands) | Change | Reason | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations Revenue | 231,238 | 224,959 | +3% | Increased room rates | | Investment Property Income | 25,380 | 19,010 | +34% | Increased rental income from London Royal Scot Hotel | | Other Income | 1,640 | 2,182 | -25% | Not applicable | | **Total** | **258,258** | **246,151** | **+5%** | | [Hotel Performance](index=13&type=section&id=Hotel%20Performance) The Group operates seven hotels and leases one in London, with hotel operations revenue increasing by 3% and the annual rent for London Royal Scot Hotel successfully rising by 34% to £4.737 million - The Group currently owns **eight hotels**, operating seven and leasing one located in London[30](index=30&type=chunk) - Hotel operations revenue increased by **3%** to **HK$231.0 million**[30](index=30&type=chunk) - The annual rent for the London Royal Scot Hotel successfully increased by **34%** to **£4.737 million**[31](index=31&type=chunk) Average Room Occupancy Rate from January to June 2025 | Hotel Name | Average Room Occupancy Rate (%) | | :--- | :--- | | Ramada Hong Kong Harbour View | 98 | | Ramada Hong Kong Grand | 99 | | Best Western Plus Hotel Hong Kong | 97 | | Grand View Hotel Causeway Bay | 99 | | Best Western Plus Hotel Tsim Sha Tsui | 98 | | Grand View Hotel Bay | 98 | | Shanghai Grand View International Hotel | 88 | [Cost Analysis](index=14&type=section&id=Cost%20Analysis) Hotel services cost (operating cost) for the period was HK$151.9 million, a 2% year-on-year decrease; administrative expenses (excluding depreciation) were HK$21 million, and hotel property depreciation was HK$68.2 million Changes in Key Cost Items | Cost Type | As of June 30, 2025 (HK$ millions) | As of June 30, 2024 (HK$ millions) | Change | | :--- | :--- | :--- | :--- | | Hotel Services Cost (Operating Cost) | 151.9 | 154.6 | -2% | | Cost of Sales (Food & Beverage) | 2.1 | 1.6 | +31% | | Administrative Expenses (excluding depreciation) | 21.0 | 22.3 | -6% | | Hotel Property Depreciation | 68.2 | 68.0 | +0.2 | [Financing Activities](index=15&type=section&id=Financing%20Activities) The Group's total debt decreased by HK$64 million to HK$636 million, the gearing ratio fell to 15%, and finance costs decreased by 26% to HK$17.2 million due to lower interest rates Overall Debt Analysis | Debt Type | As of June 30, 2025 (HK$ millions) | As of December 31, 2024 (HK$ millions) | Change (HK$ millions) | | :--- | :--- | :--- | :--- | | Bank Loans | 301 | 345 | -44 | | Shareholder Loans | 335 | 355 | -20 | | **Total Debt** | **636** | **700** | **-64** | - The gearing ratio decreased from **17%** to **15%**[36](index=36&type=chunk) - Total finance costs were **HK$17.2 million**, a **26% year-on-year decrease**, primarily due to lower interest rates[37](index=37&type=chunk) - The Group's bank loans are primarily denominated in HKD and GBP with floating interest rates, exposing it to foreign exchange risk[38](index=38&type=chunk) [Key Business Achievements](index=16&type=section&id=Key%20Business%20Achievements) Overnight visitor arrivals to Hong Kong recovered but remain below pre-pandemic levels, with declining per capita spending by Chinese tourists. The Group's average hotel occupancy consistently exceeded 90%, total revenue grew by 5%, and the London Royal Scot Hotel's annual rent successfully increased by 34% - Approximately **11.3 million overnight visitors** arrived in Hong Kong, with **75%** being Chinese tourists, still below pre-pandemic levels[39](index=39&type=chunk) - Per capita spending by Chinese tourists remained below **HK$5,100**, lower than the pre-pandemic **HK$6,000**[39](index=39&type=chunk) - The Group's average hotel occupancy rate consistently exceeded **90%**[39](index=39&type=chunk) - The annual rent for the London Royal Scot Hotel successfully increased by **34%** to **£4.737 million**[40](index=40&type=chunk) - The London Wood Street Hotel has been approved for renovation into a luxury hotel with approximately **216 rooms**[40](index=40&type=chunk) [Outlook](index=16&type=section&id=Outlook) The Group holds eight hotels and a London renovation project; future hotel operations and rental income face challenges from a weak Chinese economy and expensive HKD against RMB, but the "multiple-entry visa" policy in major Chinese cities may offer encouragement, with management continuing efforts to increase revenue and control costs - The Group holds **eight revenue-generating hotels** (six in Hong Kong, one in Shanghai, one in London) and the London Wood Street Hotel renovation project[41](index=41&type=chunk) - A weak Chinese economy and an expensive HKD against RMB led more Chinese tourists to stay in the Greater Bay Area and visit Hong Kong as day-trippers[41](index=41&type=chunk) - The implementation of a "multiple-entry visa" policy in other major Chinese cities may offer encouragement for future prospects[41](index=41&type=chunk) - Management will continue efforts to increase revenue and control costs to address challenges[42](index=42&type=chunk) [Corporate Governance](index=17&type=section&id=Corporate%20Governance) This section outlines the company's compliance with corporate governance codes, the Model Code, audit committee review, and the composition of the Board of Directors [(a) Compliance with Corporate Governance Code](index=17&type=section&id=(a)%20Compliance%20with%20Corporate%20Governance%20Code) The company has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, with one deviation: the Chairman and Chief Executive Officer roles are combined and held by Mr. Cheng Kai Man, which the Board believes facilitates strong leadership, strategic execution, and cost savings - The company has complied with the Corporate Governance Code, but the combined roles of Chairman and Chief Executive Officer (held by Mr. Cheng Kai Man) constitute a deviation[44](index=44&type=chunk) - The Board believes the combined role facilitates strong leadership, strategic execution, and significant cost savings[44](index=44&type=chunk) [(b) Compliance with Model Code](index=17&type=section&id=(b)%20Compliance%20with%20Model%20Code) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance during the period - All Directors confirmed compliance with the Model Code set out in Appendix C3 of the Listing Rules during the period[45](index=45&type=chunk) [Review by Audit Committee](index=17&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee has reviewed the Group's unaudited financial results for the six months ended June 30, 2025 - The Audit Committee has reviewed the Group's unaudited financial results for the six months ended June 30, 2025[46](index=46&type=chunk) [Board of Directors](index=17&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises four executive directors (including the Chairman), one non-executive director, and three independent non-executive directors - The Board of Directors includes **four executive directors** (Mr. Cheng Kai Man as Chairman), **one non-executive director**, and **three independent non-executive directors**[48](index=48&type=chunk) [Other Information](index=16&type=section&id=Other%20Information) This section confirms that no listed securities of the company were purchased, sold, or redeemed during the period [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[43](index=43&type=chunk)

Core Viewpoint - The companies BGI Hotel, Shunhao Properties, and Shunhao Holdings anticipate significant increases in net profit for the mid-2025 period compared to the same period in 2024, driven by improved hotel revenues and reduced operational costs [1][2] Group 1: Financial Projections - BGI Hotel expects a net profit of no less than HKD 59 million for mid-2025, up from HKD 42 million in 2024, representing an increase of over 40% [1] - Shunhao Properties anticipates a net profit of no less than HKD 78 million for mid-2025, compared to HKD 61 million in 2024, reflecting an increase of over 28% [1] - Shunhao Holdings projects a net profit of no less than HKD 38 million for mid-2025, up from HKD 30 million in 2024, indicating an increase of over 27% [1] Group 2: Factors Influencing Profit Changes - The expected increase in net profit for mid-2025 is primarily attributed to higher hotel revenues, reduced operational costs, and lower financial costs [2] - Despite the profit increases, Shunhao Properties and Shunhao Holdings are expected to see a decrease in net profit when accounting for property revaluation and non-cash depreciation due to a weak property market leading to declines in non-cash property valuations [2]

Core Viewpoint - The companies BGI Hotel, Shunhao Properties, and Shunhao Holdings expect significant increases in net profit for the mid-term of 2025 compared to the same period in 2024, driven by improved hotel revenues and reduced operational costs [1][2]. Group 1: Financial Projections - BGI Hotel anticipates a net profit of no less than HKD 59 million for the mid-term of 2025, up from HKD 42 million in 2024, representing an increase of over 40% [1] - Shunhao Properties expects a net profit of no less than HKD 78 million for the mid-term of 2025, compared to HKD 61 million in 2024, indicating an increase of over 28% [1] - Shunhao Holdings projects a net profit of no less than HKD 38 million for the mid-term of 2025, up from HKD 30 million in 2024, reflecting an increase of over 27% [1] Group 2: Factors Influencing Profit Changes - The expected increase in net profit for 2025 is primarily attributed to higher hotel revenues, reduced operational costs, and lower financial costs [2] - Despite the profit increases, Shunhao Properties and Shunhao Holdings are projected to experience a decrease in net profit when accounting for property revaluation and non-cash depreciation due to a weak property market leading to lower non-cash property valuations [2]