Core Viewpoint - *ST Dongjing is undergoing a potential change in control, with a new investor from the equity investment industry planning to acquire a significant stake, leading to a trading suspension for up to two days starting May 28 [2][6]. Group 1: Control Change Announcement - On May 27, *ST Dongjing announced that its control might change due to negotiations with a third-party investor, which could acquire 25% to 29.99% of the voting rights [6][9]. - The current largest shareholders, Ningbo Meishan Free Trade Port Area Blue Ocean Investment Management Center and shareholder Li Qingyue, hold 10.02% and 6.85% of shares, respectively [6][9]. - The company has no controlling shareholder or actual controller as of the 2024 annual report [6][9]. Group 2: Stock Performance - Following the announcement, *ST Dongjing's stock hit the daily limit up, closing at 6.26 yuan per share, with a total market capitalization of 1.524 billion yuan [2][9]. - The stock's trading volume was reported at 131,600 shares, indicating significant investor interest [4]. Group 3: Financial Performance - For the fiscal year 2024, *ST Dongjing reported an audited revenue of 217 million yuan, with a net loss attributable to shareholders of 73.45 million yuan [11]. - The company has been placed under delisting risk warning since March 26 due to financial performance issues, with a daily price fluctuation limit of 5% [11]. Group 4: Management's Future Plans - The management has denied any plans for equity transfer during a recent earnings call, emphasizing a focus on the core crystal oscillator business and efforts to improve operational efficiency and cost control [9][11]. - The company aims to enhance sales resources and R&D investments to maintain growth and seek new business opportunities [11].

19日，沪指盘中窄幅震荡，北证50指数强势拉升；港股午后止跌回升，恒生指数一度翻红。 具体来看，沪指盘中窄幅震荡整理，深证成指、创业板指午后逐渐止跌，北证50指数涨超2%。截至收盘，沪指平收报3367.58点，深证成指跌0.08%报 10171.09点，创业板指跌0.33%报2032.76点，沪深北三市合计成交11191亿元，成交额和此前一日大致相当。 场内超3500股飘红，并购重组概念爆发，金利华电（300069）、天元宠物（301335）、光智科技（300489）等涨停；ST板块亦走强，*ST天喻（300205） 涨超11%，ST香雪（300147）涨近10%；航运概念延续强势，连云港、宁波海运（600798）、南京港（002040）斩获5连板；食品饮料、旅游餐饮等消费 股集体上扬，天味食品、巴比食品（605338）等涨停。值得注意的是，多只高位股继续飙升，*ST亚振（603389）（603389）斩获10连板，成飞集成 （002190）（002190）斩获9连板，利君股份（002651）（002651）9日斩获8个涨停板，中毅达（600610）（600610）再度涨停，年内累计大涨约280%。 港股方面 ...

这意味着，强制性国标实施后，所有的乘用车必须安装自动紧急制动系统（简称AEBS），中国市场汽 车大规模前装AEBS进入倒计时。据悉，AEBS主要由感知（传感器）、决策（中央处理器）和执行 （制动机构）三大模块构成，包括报警和紧急制动两大系统。国联民生证券表示，渗透率提升有望催化 投资机会，从产业链图谱来看，AEBS功能渗透率提升主要催化感知层中摄像头和毫米波雷达、决策层 和执行层的制动系统等标的充分受益。 16日，A股盘中弱势震荡整理，北证50指数逆市上扬；港股盘中走势疲弱，两大股指小幅走低。 具体来看，沪指盘中弱势下探，深证成指、创业板指盘中一度翻红。截至收盘，沪指跌0.4%报3367.46 点，深证成指微跌0.07%报10179.6点，创业板指跌0.19%报2039.45点，上证50指数跌0.86%，北证50指 数涨0.49%，沪深北三市合计成交11242亿元，较昨日减少逾660亿元。 场内约3000股飘红，汽车产业链股爆发，豪恩汽电20%涨停，亚太股份、路畅科技、万安科技等均涨 停；医药板块走高，森萱医药20%涨停，拓新药业、哈三联等连续两日涨停；可控核聚变概念拉升，中 洲特材、常辅股份盘中创出新高；人 ...

Group 1 - The company received corrective measures from the Shenzhen Securities Regulatory Bureau due to inaccurate financial data in its 2023 performance forecast related to the Xianghe Xiaoci Cultural Development Co., Ltd. project [1] - The company failed to disclose financial assistance provided to Hunan Bochuang High-tech Industrial Co., Ltd. from November 2021 to August 2023, violating disclosure regulations [1] - The company engaged in related party transactions with Shenzhen Yongtaisheng Construction Engineering Co., Ltd. without timely review and disclosure, constituting non-operating fund occupation [2] Group 2 - The company recognized revenue from certain engineering projects before contract signing and settlement, indicating inadequate internal control over revenue accounting [2] - Errors were found in the aging calculation of accounts receivable in the 2022 semi-annual report, failing to consider the impact of unaccepted commercial acceptance bills on customer credit [2] - The Shenzhen Securities Regulatory Bureau mandated the company to take effective corrective measures and submit a written rectification report within 30 days of receiving the decision [3]

2025年4月26日，*ST东晶(002199.SZ)发布2025年一季报。 公司截至2025年3月31日，*ST东晶营业总收入为5075.90万元，在已披露的同业公司中排名第36。截至 2025年3月31日，*ST东晶归母净利润为-1472.33万元，在已披露的同业公司中排名第35。截至2025年3 月31日，*ST东晶经营活动现金净流入为-439.81万元，在已披露的同业公司中排名第27，较去年同报告 期经营活动现金净流入减少644.82万元，同比较去年同期下降314.52%。 公司股东户数为2.22万户，前十大股东持股数量为1.19亿股，占总股本比例为49.01%，前十大股东持股 情况如下： 公司截至2025年3月31日，*ST东晶最新资产负债率为54.92%，在已披露的同业公司中排名第28，较上 季度资产负债率增加1.93个百分点，较去年同期资产负债率增加11.10个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 宁波梅山保税港区蓝海投控投资管理中心(有限合伙) | 10.02% | | N | 华金证券 东吴证券尊选1号FOF单一资产管理计划- ...

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 146,000,000, an increase of HKD 49,000,000 (+51%) compared to HKD 97,000,000 in 2023[6]. - The hotel business generated revenue of HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[12]. - The net profit attributable to shareholders from the hotel group was HKD 104,000,000, up HKD 63,000,000 (+151%) from HKD 41,000,000 in 2023[12]. - The overall profit of the hotel group increased mainly due to a 16% rise in hotel revenue, from approximately HKD 452,000,000 to approximately HKD 526,000,000[14]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[136]. - The company reported a loss before tax of HKD 288,063,000 for 2024, compared to a loss of HKD 11,822,000 in 2023, indicating a significant decline in performance[136]. - The net loss for the year was HKD 308,457,000, which is a substantial increase from the net loss of HKD 84,862,000 in the previous year, reflecting a worsening financial situation[136]. - The company's basic loss per share for 2024 was HKD 56.67, compared to HKD 14.26 in 2023, highlighting increased losses on a per-share basis[136]. - The company reported a total comprehensive loss of HKD 308,457,000 for the year ended December 31, 2024, compared to a loss of HKD 84,862,000 in the previous year, indicating a significant increase in losses[141]. Dividends and Retained Earnings - The company decided not to declare a final dividend for the year ended December 31, 2024, due to the challenging economic environment and high operational costs[7]. - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[84]. - The company reported a retained profit of HKD 1,246,109,000 as of December 31, 2024, compared to HKD 1,167,353,000 in 2023, reflecting an increase of approximately 6.8%[86]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future funding needs[78]. Operational Costs and Expenses - Administrative expenses decreased by 23% to HKD 65,996,000 from HKD 85,980,000 in 2023[11]. - Hotel operating costs surged by 29% due to increased staffing, wages, and operational expenses related to newly renovated hotels[18]. - The company’s financial costs increased by 2% to HKD 61,478,000 from HKD 60,043,000 in 2023[11]. - The company incurred administrative expenses of HKD 5,431,000 payable to the hotel group for services provided at cost[100]. Assets and Liabilities - Non-current assets decreased to HKD 9,258,032,000 in 2024 from HKD 9,529,563,000 in 2023, indicating a reduction in asset value[138]. - Current liabilities increased to HKD 484,744,000 in 2024 from HKD 249,206,000 in 2023, suggesting a rise in short-term financial obligations[138]. - Total equity decreased to HKD 8,222,788,000 in 2024 from HKD 8,560,036,000 in 2023, reflecting a decline in the company's net worth[139]. - The group reported a current liability exceeding current assets by HKD 218,397,000 as of December 31, 2024, indicating liquidity considerations[158]. Investment Properties - The company’s investment properties were revalued as of December 31, 2024, with an impairment of approximately HKD 313,000,000 recognized in the consolidated income statement[88]. - The company reported a fair value loss on investment properties of HKD 312,632,000 for 2024, compared to a loss of HKD 93,700,000 in 2023, indicating significant impairment[136]. - As of December 31, 2024, the carrying value of investment properties is HKD 4,571,490,000, a decrease from HKD 4,685,260,000 in 2023[190]. - The group’s investment properties are measured using the fair value model, with valuations conducted by independent professional valuers[189]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, emphasizing high-quality board composition and transparency to shareholders[32][33]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with the listing rules[35]. - The company encourages continuous professional development for all directors, with all participating in relevant training sessions in 2024[43]. - The company has mechanisms in place for directors to seek independent professional advice when necessary, with costs covered by the company[37]. Market and Economic Conditions - The group faces risks related to economic conditions, regulatory changes, and market competition that could impact financial performance[115]. - The group continuously evaluates geopolitical prospects and economic developments in different countries to align its hotel portfolio with its risk tolerance[117]. - The company’s operational and market conditions, along with its financial status, are continuously assessed to inform future strategies and decisions[79]. Revenue Streams - The hotel division's operating expenses are significant, leading to a market margin of only about 30% to 40% of total hotel revenue[117]. - Revenue from food and beverage sales was HKD 16,404,000, significantly up from HKD 7,450,000 in the prior year[198]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% from HKD 117,665,000 in 2023[194]. - The revenue from the Shanghai Huamei International Hotel surged to HKD 24,036,000 from HKD 5,394,000, indicating a significant growth in this market[198].

Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 146 million, an increase of HKD 49 million (+51%) compared to HKD 97 million in 2023[3]. - Total revenue for the year was HKD 683.973 million, up from HKD 606.035 million in 2023, representing an increase of approximately 12.8%[6]. - The company's loss before tax for the year was HKD 288.063 million, compared to a loss of HKD 11.822 million in the previous year[6]. - The company reported a total comprehensive loss of HKD 337.248 million for the year, significantly higher than the loss of HKD 44.121 million in 2023[8]. - The company's basic loss per share for the year was HKD 56.67, compared to HKD 14.26 in the previous year[6]. - Basic loss per share for 2024 was HKD 289,919,000, significantly higher than HKD 72,968,000 in 2023[24]. - The net loss attributable to shareholders after tax was HKD 289.9 million, a 297% increase from HKD 72.97 million in 2023[33]. Revenue Sources - Hotel operating revenue increased to HKD 556,086,000 in 2024, up 13.9% from HKD 488,325,000 in 2023[18]. - Property rental income rose to HKD 127,887,000, a 8.7% increase from HKD 117,665,000 in the previous year[18]. - Total revenue for the year 2024 reached HKD 683,973,000, a 12.8% increase from HKD 606,035,000 in 2023[14]. - The overall profit of the hotel group increased by 16%, from approximately HKD 452 million to approximately HKD 526 million[37]. - The rental income from commercial properties was HKD 128 million, an increase from HKD 118 million in 2023[38]. - Total assets in Hong Kong generated revenue of HKD 618,426,000, an increase of 9.2% from HKD 566,077,000 in 2023[20]. Expenses and Costs - The company's administrative expenses decreased to HKD 65.996 million from HKD 85.980 million in the previous year, a reduction of approximately 23.2%[6]. - Administrative expenses (excluding depreciation) decreased to HKD 62 million from HKD 82 million in 2023, a reduction of 24%[39]. - The company reported a significant increase in operating costs by 29%, attributed to rising employee numbers and costs related to cleaning and laundry[42]. - Financial costs increased slightly to HKD 61,478,000 in 2024 from HKD 60,043,000 in 2023[21]. Assets and Liabilities - The company's total assets decreased to HKD 9.039 billion from HKD 9.653 billion in 2023, a decline of approximately 6.4%[10]. - The company's cash and cash equivalents decreased to HKD 234.982 million from HKD 334.479 million in 2023, a reduction of about 29.6%[10]. - The overall debt of the group was HKD 1,016 million, slightly down from HKD 1,036 million in 2023, with a debt-to-equity ratio of 12%[40]. - Trade receivables decreased to HKD 15,197,000 in 2024 from HKD 23,630,000 in 2023[25]. Dividends - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with no dividend declared in 2023[4]. - The group did not declare any dividends for the year 2024, consistent with the previous year[23]. Market Conditions and Challenges - The company is facing challenges due to weak economic conditions in China and high exchange rates, affecting the number of Chinese travelers visiting Hong Kong[44]. - The majority of tenants in the company's office buildings are international trading companies, which are currently experiencing difficulties due to the US-China trade war and declining import/export volumes in Hong Kong[44]. - The group experienced a significant decline in performance from several hotel services, with the best-performing hotel, the Grand Hotel Tsim Sha Tsui, reporting a revenue drop of 7.5%[18]. - The hotel and rental income outlook remains challenging, prompting management to focus on increasing revenue and controlling costs[45]. Acquisitions and Renovations - The company acquired Jessville Manor in Hong Kong for HKD 207,000,000, with a building area of 12,288 square feet, translating to HKD 21,112 per square foot[47]. - The acquisition of Jessville Manor was completed on April 15, 2024, following shareholder approval[47]. - The renovation of Wood Street Police Headquarters in London is set to transform it into a luxury hotel with approximately 216 rooms, restaurants, and bars[43]. - The management successfully increased the annual rent of the Royal Scot Hotel in London by 34% to GBP 4.737 million, reflecting in the second half of 2024[42]. Governance and Compliance - The audit committee has reviewed the group's audited financial performance for the fiscal year ending December 31, 2024[52]. - The company has complied with the corporate governance code, except for the chairman also serving as the CEO, which the board believes provides consistent leadership[49].

Financial Performance - The net profit attributable to shareholders, excluding revaluation and depreciation of land, properties, and equipment, for the six months ended June 30, 2024, was HKD 61,000,000, an increase of HKD 12,000,000 (+25%) compared to HKD 49,000,000 for the same period in 2023[2][4]. - Total revenue for the six months ended June 30, 2024, was HKD 319,575,000, an increase of 27.2% compared to HKD 251,033,000 for the same period in 2023[30]. - The company reported a net loss of HKD 104,053,000 for the six months ended June 30, 2024, compared to a profit of HKD 3,544,000 in the same period last year[30]. - Basic loss per share was HKD (18.15), a significant decline from HKD 1.79 in the previous year[30]. - Total comprehensive loss for the period was HKD 117,371,000, compared to a comprehensive income of HKD 57,256,000 in the prior year[31]. - The group reported a pre-tax loss of HKD 96,368,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,039,000 for the same period in 2023[47]. Revenue Breakdown - Hotel revenue for the group was HKD 260,000,000 for the six months ended June 30, 2024, representing a 36% increase from HKD 191,000,000 for the same period in 2023[7]. - The total revenue of the Huada Hotel Group increased by 36%, from approximately HKD 182,000,000 to approximately HKD 246,000,000 during the reporting period[9]. - Customer contracts revenue reached HKD 259,757,000, up 36.3% from HKD 190,509,000 year-over-year[30]. - The company’s rental income and related services for the six months ended June 30, 2024, amounted to HKD 252,270,000, up from HKD 188,518,000 in the same period last year[45]. - The property investment segment generated revenue of HKD 59,818,000 for the six months ended June 30, 2024, a slight decrease of 1.1% from HKD 60,479,000 in the previous year[47]. Expenses and Costs - The administrative expenses (excluding depreciation) for the period were HKD 28,500,000, a decrease from HKD 55,100,000 for the same period in 2023[10]. - The company reported a depreciation expense of HKD 82,458,000 for property, plant, and equipment, compared to HKD 49,320,000 in the previous year[38]. - The group incurred finance costs of HKD 31,732,000 for the six months ended June 30, 2024, compared to HKD 26,510,000 for the same period in 2023[54]. Assets and Liabilities - As of June 30, 2024, the group's total debt was HKD 1,037,000,000, maintaining a debt-to-equity ratio of 12%[11]. - The group’s total assets were revalued at HKD 14,490,000,000 as of June 30, 2024, down from HKD 14,570,000,000 at the end of 2023[11]. - The total liabilities of the group as of June 30, 2024, were HKD 1,336,765,000, slightly down from HKD 1,342,026,000 as of December 31, 2023[52]. - The company’s total equity as of June 30, 2024, was HKD 8,442,665,000, down from HKD 8,560,036,000 at the end of 2023[34]. Shareholder Information - As of June 30, 2024, major shareholders include Omnico with 350,043,999 shares, representing 60.38% ownership, and Shunhao Holdings with 383,685,999 shares, representing 66.18% ownership[19]. - Mercury Fast, a wholly-owned subsidiary of Huada Hotel, holds 68,139,510 shares, accounting for 11.75% of the total shares[20]. - Li Peiling is deemed to have an interest in 385,395,999 shares, which is 66.48% due to her spouse's holdings[21]. Corporate Governance - The independent review of the interim results for the six months ending June 30, 2024, was conducted by Deloitte, ensuring compliance with Hong Kong accounting standards[22]. - The company has adhered to the corporate governance code, with the chairman also serving as the CEO, which the board believes provides consistent leadership[23]. - The company has adopted the standard code of conduct for securities trading, confirming compliance by all directors during the reporting period[24]. - There were changes in the board of directors, with Zheng Huijun resigning from executive positions after the annual general meeting on May 24, 2024[25]. Market Conditions - Approximately 11 million overnight visitors came to Hong Kong, with 7 million from China, compared to 15 million in the same period in 2019[12]. - The group has nine revenue-generating hotels, facing challenges due to a weak Chinese economy and high exchange rates affecting the recovery of Chinese tourist numbers[13]. - The group is focused on increasing revenue and controlling costs amid challenges in the hotel and rental income sectors[13]. Cash Flow and Investments - The company incurred a net cash outflow from investing activities of HKD 226,013,000, compared to HKD 1,300,000 in the prior period[39]. - The company’s cash and cash equivalents decreased by HKD 148,047,000, resulting in an ending balance of HKD 184,638,000[39]. - The company purchased property, plant, and equipment amounting to HKD 12,985,000 for the six months ended June 30, 2024, compared to HKD 4,424,000 for the same period in 2023[60]. Foreign Exchange and Risks - The company’s bank loans are primarily denominated in HKD and GBP, exposing it to foreign exchange risks[11]. - The company experienced a foreign exchange loss of HKD 13,773,000 due to currency translation differences[31]. Employee Information - The group’s employee count increased to 622 as of June 30, 2024, up from 562 at the end of 2023[11]. - The total compensation for key management personnel increased to 10,649 thousand HKD for the six months ended June 30, 2024, up from 9,666 thousand HKD in the prior period[67].

Financial Performance - The net profit attributable to owners before tax and excluding revaluation and depreciation for the six months ended June 30, 2024, was HKD 61 million, an increase of HKD 12 million from HKD 49 million for the same period in 2023[1]. - Total revenue for the six months ended June 30, 2024, was HKD 319,575 thousand, compared to HKD 251,033 thousand for the same period in 2023, representing a growth of approximately 27.3%[1]. - The company reported a loss of HKD 104,053 thousand for the period, compared to a profit of HKD 3,544 thousand in the same period last year, indicating a substantial decline in profitability[2]. - The basic loss per share for the period was HKD (18.15), compared to earnings per share of HKD 1.79 in the previous year, highlighting a significant downturn in earnings performance[2]. - The group reported a loss before tax of HKD 96,368,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,039,000 for the same period in 2023[11]. - The company reported a net loss attributable to shareholders of HKD 92,837,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,162,000 for the same period in 2023[18]. Revenue and Income Sources - Hotel operating revenue for the six months ended June 30, 2024, was HKD 259,757,000, an increase of 36.3% compared to HKD 190,509,000 for the same period in 2023[9]. - Revenue from hotel operations increased by 36% to HKD 260,000,000 for the six months ended June 30, 2024, up from HKD 191,000,000 in the previous year[25]. - Property rental income decreased slightly to HKD 59,818,000 for the six months ended June 30, 2024, from HKD 60,479,000 in the previous year, representing a decline of 1.1%[11]. - The group’s total income from securities investment was nil for the six months ended June 30, 2024, down from HKD 45,000 in the same period of 2023[11]. - Rental income from the Royal Scot Hotel in London was GBP 1,768,000, with an annual rent increase of 34% from GBP 3,546,000 to GBP 4,737,000[27][31]. Expenses and Costs - The gross profit margin for the period was HKD 56,890 thousand, with a significant decrease in administrative expenses to HKD 30,573 thousand from HKD 55,099 thousand in the previous year[1]. - Financial costs increased to HKD 31,732,000 for the six months ended June 30, 2024, from HKD 26,510,000 in the previous year, marking a rise of 19.3%[12]. - Depreciation of property, plant, and equipment increased significantly to HKD 82,458,000 for the six months ended June 30, 2024, compared to HKD 49,320,000 in the previous year, reflecting a rise of 67.2%[16]. - The company’s administrative expenses decreased by 47% to HKD 30,573,000 for the six months ended June 30, 2024, compared to HKD 57,187,000 in the previous period[24]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 9,567,873 thousand, a slight increase from HKD 9,529,563 thousand as of December 31, 2023[5]. - The company's current liabilities decreased to HKD 42,949 thousand from HKD 53,562 thousand, reflecting improved liquidity management[5]. - The total equity attributable to owners decreased to HKD 7,234,492 thousand from HKD 7,336,798 thousand, reflecting the impact of the current period's losses on shareholder value[5]. - The group’s total debt as of June 30, 2024, was HKD 1,037 million, with a debt-to-asset ratio of 12%[29]. Operational Highlights - Average hotel occupancy rate exceeded 90%, with hotel revenue increasing by 36% to HKD 260 million[31]. - The group acquired Jessville Manor for HKD 207 million, with a construction area of 12,288 square feet[31]. - The group operates nine income-generating hotels, facing challenges due to weak Chinese economy and high exchange rates[32]. - The company holds a 71.09% stake in Huada Hotel Investment Co., which operates nine hotels, contributing significantly to its hotel investment portfolio[25]. - The group employed 622 staff as of June 30, 2024, up from 562 staff at the end of 2023[29]. Future Outlook - Future prospects for hotel and rental income remain challenging, with management focusing on revenue growth and cost control[32]. - The group did not declare or recommend any interim dividends for the six months ended June 30, 2024, and June 30, 2023[17]. - The company did not declare an interim dividend for the six months ended June 30, 2024, due to challenging economic conditions and high operational costs[22].

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2023, was HKD 97 million, a decrease of 23% from HKD 225 million in 2022[5]. - The operating profit from hotel operations decreased by 39% to HKD 80.9 million, down from HKD 132.4 million in the previous year[5]. - The net profit from property investments dropped significantly by 86% to HKD 19.1 million, compared to HKD 134.1 million in 2022[5]. - Total revenue for the year ended December 31, 2023, was HKD 606,035,000, a slight decrease from HKD 612,687,000 in 2022[74]. - The company reported a loss before tax of HKD 11,822,000 in 2023 compared to a profit of HKD 692,561,000 in 2022[74]. - The group reported a loss attributable to owners of HKD 72,968,000 for the year ended December 31, 2023, compared to a profit of HKD 482,146,000 for the year ended December 31, 2022[137]. Revenue Breakdown - Total revenue from hotel operations for 2023 was HKD 488,325,000, an increase from HKD 462,692,000 in 2022, representing a growth of approximately 5.3%[57]. - Rental income from properties decreased to HKD 117,665,000 in 2023 from HKD 149,953,000 in 2022, a decline of about 21.5%[57]. - Food and beverage revenue recognized at a point in time was HKD 7,450,000, down from HKD 38,936,000[37]. - The majority of hotel service revenue came from Hong Kong, totaling HKD 482,931,000, compared to HKD 443,515,000 in the previous year, reflecting a growth of about 8.9%[59]. - Revenue from the Chinese market significantly decreased to HKD 5,394,000 in 2023 from HKD 19,177,000 in 2022, a drop of approximately 71.8%[59]. Expenses and Costs - Administrative expenses rose by 47% to HKD 85.98 million, compared to HKD 58.36 million in the previous year[5]. - Financial costs surged by 142% to HKD 60.04 million, up from HKD 24.8 million in 2022[5]. - The total tax expense incurred by the company was HKD 73,040,000 in 2023, compared to HKD 41,227,000 in 2022, which is an increase of approximately 77.5%[117]. - The depreciation expense for property, plant, and equipment was HKD 124,235,000 in 2023, up from HKD 104,012,000 in 2022, representing an increase of about 19.4%[110]. Cash Flow and Financing - Cash and cash equivalents at the end of the year increased to HKD 334.48 million from HKD 286.68 million in 2022[13]. - The company experienced a net cash outflow from financing activities of HKD 103.79 million, compared to an inflow of HKD 316.92 million in 2022[13]. - New bank loans added during the year amounted to HKD 98.25 million, a significant decrease from HKD 2.06 billion in the previous year[13]. Investment Properties - As of December 31, 2023, the carrying value of investment properties is HKD 4,685,260,000, a decrease from HKD 4,732,940,000 in 2022[35]. - The fair value of investment properties was assessed by independent valuers, with the valuation methodology based on the income approach, considering current rental income and potential future income[133]. - The fair value of investment properties at the end of 2023 was HKD 4,685,260,000, down from HKD 4,732,940,000 in 2022, reflecting a decrease of 1.0%[150]. - The group recognized a fair value loss of HKD 93,700,000 for investment properties in 2023, compared to a loss of HKD 13,324,000 in 2022, indicating a significant increase in losses[150]. Dividends - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, due to various operational challenges[5]. - The company did not declare or propose any dividends to ordinary shareholders for the years ended December 31, 2023, and December 31, 2022[118]. Employee Compensation - The total compensation for executive directors amounted to HKD 25,306,000 for the year ended December 31, 2023[91]. - Total employee compensation, including directors' remuneration, increased to HKD 178,916,000 in 2023 from HKD 146,840,000 in 2022, reflecting a rise of approximately 21.9%[110]. Tax and Deferred Tax - Deferred tax liabilities increased to HKD 21,177,000 from HKD 5,374,000, indicating a significant rise in tax obligations[97]. - The group confirmed a deferred tax liability of HKD 0 for undistributed profits from its Chinese subsidiaries, a decrease from HKD 328,000 in 2022[116]. - Deferred tax assets and liabilities are calculated based on the expected tax rates applicable at the time of asset realization or liability settlement[49]. Stock Options and Governance - The granting of stock options to directors, senior executives, or major shareholders requires approval from independent non-executive directors[200]. - If the board proposes to grant stock options that result in the issuance of shares exceeding 0.1% of the issued shares, shareholder approval is required[200]. - The total value of stock options granted must exceed HKD 5,000,000 based on the closing price on the grant date, necessitating further shareholder approval[200]. - All related parties must abstain from voting on the stock option grants at the shareholders' meeting[200].