智通财经APP获悉，第一上海发布研报称，予中国宏桥(01378)"买入"评级，预测公司2025-2027年的收 入分别为1509亿元/1541亿元/1576亿元人民币；归母净利润分别为213亿元、231亿元和250亿元。该行 给予公司2025年8倍PE估值，目标价为20.5港元，较现价有31%的上涨空间。 电解铝行业存在产能天花板，公司受益于全产业链优势，上游铝土矿公司持续通过合资公司拓展几内亚 铝土矿开发项目，确保集团拥有稳定的铝土矿原材料供应。公司位于山东、印尼氧化铝产能达到约1950 万吨，位于山东、云南的电解铝产能达到约646万吨，一体化优势使公司在周期上行阶段的利润增厚， 有效控制采购和生产流程成本。 电解铝供需两旺持续，氧化铝接近成本价 国内电解铝产能上限政策预计将持续执行，全球电解铝产能增长缓慢，随着国内经济恢复，新能源、新 型制造业铝需求将成为重要增长变量，总需求进一步增长，支撑电解铝价格保持高位。氧化铝由于年初 降价接近行业成本价，如价格过低将带来行业出清，因此下跌空间有限，综合考量公司利润率得到保 障。 分红回购多措并举 公司积极回报股东，2024年公司全年派息每股161港仙，派息率高达6 ...

Core Viewpoint - First Shanghai Securities maintains a "Buy" rating for NetDragon (00777) with a target price of HKD 15, highlighting the stability of its gaming business and the potential market space for its education business [1] Group 1: 2024 Performance - NetDragon is expected to achieve a total revenue of CNY 6.05 billion and a net profit of CNY 310 million in 2024, with performance pressure stemming from adjustments in its two core businesses [2] - The gaming business revenue is projected at CNY 3.94 billion, with a decline in income due to the company's proactive reduction of payment thresholds to expand its user base [2] - Despite revenue challenges, net profit is expected to increase by 17.4% year-on-year, reflecting effective cost control, and the gross margin is anticipated to rise by 3.3 percentage points to 65.2% [2] Group 2: Gaming Business Adjustments - The main IP, "Magic Domain," experienced a revenue decline, but the overall Monthly Active Users (MAU) grew by 10.1%, with the "Magic Domain Interconnected Version" MAU significantly increasing by 37.5%, indicating effective user engagement strategies [2] - The company launched "Magic Domain Rebirth" this year and plans to release a series of new games, including the MMORPG mobile game "Code-Dragon," to enrich its product matrix [2] - The AI + gaming strategy is beginning to show cost reduction and efficiency improvements, suggesting a potential stabilization and recovery in the gaming business [2] Group 3: Education Business Challenges - The education business generated revenue of CNY 2.11 billion, showing a year-on-year decline due to a cyclical adjustment in the overseas education information market [3] - The demand for Interactive Flat Panel Displays (IFPD) has shown temporary weakness, although gross margin improved by 1 percentage point to 26% due to optimized material and transportation costs [3] - While there are short-term pressures from fluctuations in overseas education budgets, the long-term logic of increasing global digital penetration in education remains unchanged, with potential for profitability improvement post-market adjustment [3]

Financial Performance - The total revenue for the fiscal year 2024 reached HKD 3,390,386,000, an increase from HKD 312,875,000 in 2023, representing a significant growth[4] - Gross profit for the year was HKD 219,880,000, compared to HKD 207,434,000 in the previous year, indicating a growth of approximately 6.6%[4] - The operating profit for the year was HKD 25,955,000, a substantial recovery from an operating loss of HKD 62,301,000 in 2023[4] - Net profit attributable to shareholders was HKD 77,974,000, a turnaround from a loss of HKD 10,629,000 in the previous year[4] - The company reported a basic earnings per share of HKD 3.56, compared to a loss per share of HKD 0.65 in 2023[4] - Total comprehensive income for the year was HKD 120,475,000, recovering from a loss of HKD 13,884,000 in the previous year[5] - The company’s financial income for the year was HKD 88,533,000, down from HKD 104,741,000 in 2023[4] - The company recorded other income of HKD 58,616,000 in 2024, a significant increase from a loss of HKD 555,000 in 2023[18] - Tax expenses for 2024 amounted to HKD 8,016,000, down from HKD 15,837,000 in 2023, reflecting a reduction of approximately 49%[20] Assets and Liabilities - Non-current assets totaled HKD 1,289,382,000, slightly increasing from HKD 1,276,562,000 in 2023[6] - Current assets decreased to HKD 3,759,120,000 from HKD 4,340,220,000 in the previous year, reflecting a reduction in cash and bank balances[6] - Current liabilities decreased from HKD 3,051,415,000 in 2023 to HKD 2,391,328,000 in 2024, representing a reduction of approximately 21.6%[7] - Non-current liabilities decreased from HKD 133,681,000 in 2023 to HKD 101,146,000 in 2024, a decline of about 24.3%[7] - Total assets minus current liabilities increased from HKD 2,565,367,000 in 2023 to HKD 2,657,174,000 in 2024, reflecting a growth of approximately 3.6%[7] - Net asset value rose from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, an increase of around 5.1%[7] - Total equity increased from HKD 2,431,686,000 in 2023 to HKD 2,556,028,000 in 2024, marking a growth of approximately 5.1%[7] - The company reported a significant increase in reserves from HKD 1,100,566,000 in 2023 to HKD 1,222,294,000 in 2024, which is an increase of about 11.1%[7] - The company’s total assets in 2024 were valued at HKD 5,048,502,000, a decrease from HKD 5,616,782,000 in 2023, representing a decline of about 10.1%[16] Business Operations - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company operates primarily in Hong Kong, China, and France, focusing on securities investment, corporate finance, and property development[8] - The company continues to invest in its strategic business model, focusing on the development of financial services and property and hotel businesses[31] - The financial services segment recorded operating profit that increased approximately threefold compared to 2023, attributed to growth in brokerage commission income and margin loan interest income[36] - The property and hotel division reported an operating loss of HKD 29 million in 2024, slightly worsening from a loss of HKD 28 million in 2023[38] - The group benefited from the completion of the Huangshan project, which led to increased property sales, and the Paris hotel resumed operations after renovations[34][38] - In 2024, the revenue from property sales increased approximately four times compared to 2023, primarily driven by the completion of the Huangshan project[39] - The group's hotel and golf course business revenue rose by 17% in 2024 compared to 2023, mainly due to the temporary closure of a hotel in Paris for urgent roof renovations in the first half of 2023[39] - Other business operations recorded an operating income of HKD 66 million in 2024, a significant increase from an operating loss of HKD 1 million in 2023, mainly due to gains from the sale of a subsidiary[40] Market Conditions - The global economic environment in 2024 was influenced by strong household consumption and government spending, particularly in the US, which remained a key driver of global economic growth[28] - The Hong Kong stock market experienced volatility in 2024 but ended positively, with a notable recovery in trading volume and investor sentiment in the second half of the year[30] - The Hong Kong IPO market showed significant recovery in the second half of 2024, despite a slight 3% decrease in total fundraising compared to 2023, maintaining the fourth position globally[32] - The outlook for the Hong Kong stock market in 2025 is cautiously optimistic, with expected growth driven by supportive monetary policies and the recovery of the Chinese economy[41] - The real estate market in mainland China is expected to continue facing pressure, with recovery dependent on further government support and broader economic stability[42] Governance and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current or prior periods[11] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[9] - The company’s auditor has issued an unqualified opinion on the financial statements for both years, indicating no significant issues were found[10] - The group has adhered to the corporate governance code as of December 31, 2024, with one exception noted[49] - The company believes that having Mr. Lau serve as both Chairman and CEO provides strong and consistent leadership, which is beneficial for long-term business strategy planning and implementation[50] - The board has confirmed that all members have adhered to the standards set forth in the Listing Rules Appendix C3 regarding securities trading by directors for the fiscal year ending December 31, 2024[51] - The auditors, PwC, have confirmed that the preliminary performance announcement aligns with the audited consolidated financial statements for the year ending December 31, 2024[52] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with all necessary listing rule requirements[53] - The current board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[54] Dividends and Shareholder Returns - The board of directors recommended not to declare a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[22] - The company does not plan to declare a final dividend for the year ending December 31, 2024, compared to zero dividends in 2023[45]

证券时报网讯，第一上海证券研报指出，1）理想汽车三季度业绩符合预期：公司2024年三季度实现车 辆销售收入413.2亿元，同比增长22.9%，环比增长36.3%。 2024年三季度汽车总交付量为15.3万辆，同比增长45.4%。 三季度车辆毛利率提升至20.9%。 新产品L6抬升整体销量，平均月销量达到25000台，进一步扩大20万元及以上的国内新能源汽车市场份 额。 2）新智驾方案全量推送：公司7月底发布了基于端到端和视觉语言模型的全新自动驾驶技术架构，9月 进行万人规模测试。 10月公司向理想MEGA和理想L系列车型推送OTA6.4更新。 目前公司交付30万以上车型中，选择ADmax版本用户达到70%，L6高配版本用户率达到30%。 3）积极备战纯电车型：公司于145个城市拥有479家零售中心，于221个城市运营436家售后维修中心及 理想汽车授权钣喷中心，投入使用894座理想超充站，配备4286个充电桩，为纯电车型发布打好基础。 纯电车型将成为明年主要增量，公司20万以上市占率有望进一步提升。 使用自由现金流折现对公司进行估值，求得永续增长率为3%，维持买入评级。 校对：刘星莹 ...

Financial Performance - For the six months ended June 30, 2024, the company recorded a net profit attributable to shareholders of approximately HKD 66 million and a basic earnings per share of HKD 3.02, compared to a net loss of approximately HKD 2 million and a basic loss per share of HKD 0.12 for the same period in 2023[17]. - The company's revenue for the first half of 2024 was approximately HKD 209,000,000, representing a 33% increase compared to the same period in 2023, driven by growth in hotel operations and property sales[19]. - The group reported a total revenue of HKD 208.743 million for the six months ended June 30, 2024, with a gross profit of HKD 105.155 million, resulting in an operating profit of HKD 34.485 million, a significant improvement from an operating loss of HKD 25.858 million in the previous year[29]. - The net profit for the period was HKD 66.108 million, compared to a loss of HKD 3.404 million in the same period last year, with basic and diluted earnings per share both at HKD 0.0302[29]. - The group reported a total comprehensive income of HKD 28.094 million for the period, compared to a comprehensive loss of HKD 26.916 million in the previous year[30]. Market Conditions - The average daily market turnover during the period decreased by 4%, reflecting continued pressure on trading and corporate financing activities due to low demand[17]. - The company's financial services segment, including brokerage and underwriting, faced significant challenges due to high inflation, recession risks, and geopolitical conflicts, resulting in a volatile market environment[17]. - The overall environment for financial service providers in Hong Kong remains particularly challenging due to high interest rates and concerns over corporate profitability[17]. - The company anticipates a challenging global economic environment in the second half of 2024, influenced by geopolitical issues and inflationary pressures[18]. Business Segments - The financial services division reported an operating profit of approximately HKD 10,000,000, a slight decrease from the same period in 2023, primarily due to a decline in brokerage and underwriting commission income[20]. - The property and hotel division recorded an operating loss of HKD 25,000,000, a 59% increase in losses compared to the same period in 2023, mainly due to fair value losses on investment properties[22]. - Revenue from the hotel and golf course business increased by 37% compared to the same period in 2023, primarily due to growth in room revenue from the hotel in Paris[23]. - The company confirmed some sales from properties located in Huangshan, although there were slight valuation losses on other property projects, indicating a challenging market environment[17]. Economic Outlook - The global economic outlook remains cautiously optimistic, with central banks facing challenges from inflation and geopolitical tensions, impacting economic growth[16]. - The Chinese economy showed slight signs of stabilization in the real estate market, supported by government stimulus measures aimed at easing liquidity conditions[16]. Financial Position - The company’s net asset value increased by 1% to approximately HKD 2,464,000,000 as of June 30, 2024, compared to HKD 2,432,000,000 as of December 31, 2023[19]. - As of June 30, 2024, the group raised secured bank loans amounting to approximately HKD 159 million, down from HKD 184 million as of December 31, 2023, while cash reserves stood at approximately HKD 252 million, down from HKD 342 million[24]. - The capital-to-debt ratio decreased to 6.5% as of June 30, 2024, compared to 7.6% as of December 31, 2023[24]. - Total liabilities, including accounts payable and other payables, amounted to HKD 2,405,611,000 as of June 30, 2024, down from HKD 2,602,267,000 as of December 31, 2023, reflecting a decrease of about 7.6%[60]. Operational Efficiency - The company plans to enhance digitalization and automation in financial services to improve customer experience and operational efficiency[18]. - The company will maintain strict cost control and prudent risk management measures in response to ongoing uncertainties in the recovery path[18]. Employee and Management - The group employed 543 staff as of June 30, 2024, a decrease from 568 staff a year earlier, with total employee costs for the six months amounting to approximately HKD 97 million[28]. - Total remuneration for key management increased to HKD 7,114,000 for the six months ended June 30, 2024, compared to HKD 6,913,000 in the previous year, reflecting a growth of approximately 2.9%[74]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code, except for the deviation regarding the roles of the chairman and CEO being held by the same person[88]. - The Audit Committee has reviewed the unaudited consolidated interim results for the six months ending June 30, 2024, prior to board approval[91].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 208,743,000, an increase of 32.8% compared to HKD 157,072,000 for the same period in 2023[2] - The gross profit for the same period was HKD 105,155,000, slightly up from HKD 104,634,000, resulting in a gross margin of 50.4%[2] - Operating profit for the first half of 2024 was HKD 34,485,000, a significant recovery from an operating loss of HKD 25,858,000 in the previous year[2] - The net profit attributable to shareholders for the period was HKD 66,261,000, compared to a loss of HKD 1,931,000 in the same period last year[2] - Basic and diluted earnings per share for the first half of 2024 were both HKD 3.02, a turnaround from a loss of HKD 0.12 per share in the previous year[2] - The group recorded a net profit from the sale of subsidiaries amounting to HKD 65,946,000 for the six months ended June 30, 2024[14] - The group reported a financial income of HKD 31,784,000, contributing to a profit before tax of HKD 66,269,000[11] - For the six months ended June 30, 2024, the company recorded a net profit attributable to shareholders of approximately HKD 66,000,000 and basic earnings per share of HKD 3.02, compared to a net loss of HKD 2,000,000 and a loss per share of HKD 0.12 for the same period in 2023[25] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 5,328,062,000, a decrease from HKD 5,617,782,000 as of December 31, 2023[4] - The company's total liabilities decreased to HKD 2,864,421,000 from HKD 3,185,096,000 at the end of 2023, improving the net asset value to HKD 2,463,641,000[5] - The total assets of the group as of June 30, 2024, amounted to HKD 5,328,062,000, with financial services holding HKD 3,600,229,000 in assets[13] - The net asset value of the company increased by 1% to approximately HKD 2,464,000,000 as of June 30, 2024, compared to HKD 2,432,000,000 as of December 31, 2023[25] - Accounts receivable as of June 30, 2024, totaled HKD 202,865,000, a decrease of 21.5% from HKD 258,420,000 as of December 31, 2023[19] - Total payables and other payables amounted to HKD 2,580,622,000 as of June 30, 2024, down from HKD 2,853,093,000 as of December 31, 2023, reflecting a decrease of 9.5%[21] - The company reported a significant decrease in payables to securities clients, which amounted to HKD 2,113,670,000 as of June 30, 2024, compared to HKD 2,355,177,000 at the end of 2023[22] Business Segments - For the six months ended June 30, 2024, the group reported total revenue of HKD 208,743,000, with financial services contributing HKD 78,650,000, property development HKD 54,940,000, property investment and hotel operations HKD 72,344,000, and other businesses HKD 2,809,000[11] - The group experienced a segment profit of HKD 52,665,000, with financial services generating HKD 9,568,000, while property development and hotel operations reported a loss of HKD 19,846,000[11] - The financial services division reported an operating profit of approximately HKD 10,000,000, a slight decrease from the same period in 2023, primarily due to reduced brokerage and underwriting commission income[26] - The property and hotel division recorded an operating loss of HKD 25,000,000, a 59% increase in losses compared to the same period in 2023, mainly due to fair value losses on investment properties[28] - Revenue from the hotel and golf course business increased by 37% compared to the same period in 2023, primarily due to growth in room revenue from the Paris hotel[29] - The company confirmed the sale of equity interests in subsidiaries, contributing approximately HKD 66,000,000 to other business profits, which recorded an operating profit of HKD 68,000,000 for the period[30] Market Conditions - The global economic outlook remains cautiously optimistic, with central banks facing challenges such as inflation and geopolitical tensions, impacting market stability[23] - The Chinese economy shows signs of slight recovery in the real estate market, supported by government stimulus measures, although consumer confidence remains weak[23] - The Hong Kong financial sector faces significant pressure from global economic instability and increased regional competition, with ongoing government measures aimed at revitalizing economic activity[23] - The company anticipates a challenging global economic environment in the second half of 2024, influenced by geopolitical issues and trade tensions between the US and China[31] - The economic growth in Hong Kong is expected to slow down, reflecting ongoing uncertainties in both local and external developments[31] Corporate Governance and Compliance - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[36][37] - The company’s audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, prior to board approval[40] - The company has confirmed compliance with the standard code regarding securities trading by directors during the reporting period[41] Future Strategies - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[6] - The financial results reflect a strong recovery trajectory, positioning the company favorably for upcoming market opportunities[6] - The company has maintained strict cost control and prudent risk management measures in light of expected market volatility[32] - The company is committed to advancing digitalization and automation in financial services to enhance customer experience and operational efficiency[32] - The group did not experience significant impacts from the new and revised Hong Kong Financial Reporting Standards adopted on January 1, 2024[8] Dividends - The board has proposed not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year where no dividend was declared[18] - The board has proposed not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year[34]

Financial Performance - For the year ended December 31, 2023, the company recorded a net loss attributable to shareholders of approximately HKD 11 million, a decrease of 80% compared to a net loss of HKD 56 million in 2022[10]. - Basic loss per share for 2023 was HKD 0.65, down 81% from HKD 3.58 in 2022[10]. - The company's operating revenue was approximately HKD 313 million, an 8% decrease compared to the previous year, primarily due to declines in securities brokerage and healthcare business revenues[20]. - The financial services division experienced a significant operating profit decline of 75% compared to the previous year, mainly due to a 24% drop in brokerage commission income[21]. - The company reported a net loss of HKD 10,629,000, an improvement from a loss of HKD 56,044,000 in the previous year[82]. - The total comprehensive loss for the year amounted to HKD 13,884,000, down from HKD 180,109,000 in the previous year, indicating a decrease of about 92.3%[164]. - The company reported a significant increase in cash flow from investing activities, totaling HKD 114,893,000 in 2023, compared to HKD 86,713,000 in 2022[171]. Market Conditions - The Hang Seng Index fell by 14% in 2023, closing at 17,047 points, indicating underperformance compared to major overseas markets[13]. - The company anticipates that the economic growth in China for 2023 will reach approximately 5%, despite challenges in the post-pandemic recovery[14]. - The financial services sector faced significant challenges due to a slowdown in initial public offerings and secondary market activities[13]. - The average daily market turnover decreased by 16%, reflecting a sluggish secondary market, while the total funds raised from initial public offerings fell by 56% to HKD 46 billion[21]. Business Operations - The company's property and hotel business experienced a moderate recovery in 2023, primarily due to the relaxation of pandemic control measures[13]. - The company’s hotel in Paris was closed for about six months due to emergency roof repairs but is expected to gradually resume operations in the second half of 2023[13]. - The property and hotel division recorded an operating loss of HKD 28 million, a 64% decrease from the previous year, attributed to increased sales from the Huangshan property and fair value gains from investment properties[23][26]. - The company achieved a fair value gain of approximately HKD 21 million from investment properties in 2023, compared to a valuation loss in 2022, reflecting a recovery in commercial activities post-COVID[26]. Financial Position - As of December 31, 2023, the company raised bank and other loans amounting to HKD 184 million, a decrease from HKD 237 million in 2022, while holding cash reserves of approximately HKD 342 million, up from HKD 253 million in 2022[29]. - The total assets of the company as of December 31, 2023, were HKD 5,616,782,000, down from HKD 5,900,789,000 in 2022[82]. - The total equity of the company increased to HKD 2,431,686,000 from HKD 2,379,470,000 in 2022, reflecting a growth of 2.19%[82]. - The company reported a net financial income of HKD 68,269,000, up from HKD 32,853,000, highlighting effective financial strategies[162]. Corporate Governance - The board consists of four executive directors and six non-executive directors, with five of the non-executive directors being independent, representing over one-third of the board[88]. - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2023, except for the separation of roles between the chairman and CEO, which is discussed in detail in the report[90]. - The company has implemented a board diversity policy, considering various factors such as gender, age, and professional experience in the selection process[94]. - The company regularly reviews its corporate governance practices to align with international and local best practices[87]. Risk Management - The company emphasizes the importance of maintaining effective internal controls and risk management systems to safeguard assets and ensure compliance with regulations[114]. - The company’s risk management system includes risk identification, assessment, management measures, and control procedures, with a formal Risk Committee established to oversee these processes[115]. - The Audit Committee held four meetings during the reporting year to review the financial statements and ensure compliance with applicable accounting standards[108]. Shareholder Communication - The company has established a policy for timely and transparent communication with shareholders, which is published on its website[124]. - The board has reviewed the implementation and effectiveness of the corporate communication policy during the year[131]. - Shareholders holding at least 5% of total voting rights can request the board to convene a special general meeting[127]. Accounting Policies - The company has adopted new accounting standards effective January 1, 2023, which are expected to have no significant impact on the financial statements for the current and future periods[179]. - The group has adhered to the Hong Kong Financial Reporting Standards in preparing its financial statements[135]. - The accounting policy change regarding the offset arrangement for long service payment plans will take effect on May 1, 2025, as per the revised ordinance issued by the Hong Kong government[184].

Financial Performance - The total revenue for the year 2023 was HKD 312,875,000, a decrease of 8.5% compared to HKD 342,183,000 in 2022[3] - The operating loss for 2023 was HKD 62,301,000, improved from a loss of HKD 97,247,000 in 2022[3] - The net financial income for 2023 increased to HKD 68,269,000, compared to HKD 32,853,000 in 2022, reflecting a significant improvement[3] - The loss attributable to shareholders for 2023 was HKD 9,869,000, a substantial reduction from HKD 59,387,000 in 2022, indicating a positive trend[3] - The basic and diluted loss per share for 2023 was HKD 0.65, improved from HKD 3.58 in 2022[3] - The company reported a net loss of HKD 555,000 in 2023 compared to a net loss of HKD 30,594,000 in 2022, indicating a significant improvement in performance[36] - The company reported a total tax expense of HKD 15,837,000 in 2023, compared to a tax credit of HKD 5,007,000 in 2022, indicating a shift from a tax benefit to a tax expense[38] - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[46] - For the fiscal year ending December 31, 2023, the company reported a net loss attributable to shareholders of approximately HKD 11,000,000, a decrease of 80% compared to a net loss of HKD 56,000,000 in 2022[60] - The basic loss per share for 2023 was HKD 0.65, down from HKD 3.58 in 2022, reflecting an 81% reduction[60] Assets and Liabilities - Total non-current assets decreased to HKD 1,276,562,000 in 2023 from HKD 1,320,228,000 in 2022[13] - Current assets totaled HKD 4,340,220,000 in 2023, down from HKD 4,580,561,000 in 2022[13] - Total liabilities decreased to HKD 3,051,415,000 in 2023 from HKD 3,362,043,000 in 2022, indicating improved financial health[13] - The net asset value for 2023 was HKD 2,431,686,000, slightly up from HKD 2,379,470,000 in 2022[14] - The total assets as of 2023 amounted to HKD 5,616,782,000, slightly down from HKD 5,900,789,000 in 2022[40] - The total liabilities decreased to HKD 2,853,093,000 in 2023 from HKD 3,150,436,000 in 2022, indicating a reduction of approximately 9.4%[51] Revenue Segments - The financial services segment reported a revenue of HKD 156,780,000, down from HKD 183,501,000 in 2022, indicating a decrease of about 14.6%[42] - The property development segment experienced a loss of HKD 18,069,000, compared to a loss of HKD 19,809,000 in 2022, showing an improvement[42] - The company’s revenue from the sale of investment properties was HKD 5,000 in 2023, compared to a loss of HKD 129,000 in 2022, showing a recovery in this segment[36] - Property sales revenue increased by 78% in 2023 compared to 2022, mainly driven by contributions from the Huangshan project[75] Operational Efficiency - The company incurred a depreciation expense of HKD 40,432,000 in 2023, down from HKD 43,085,000 in 2022, reflecting a decrease of approximately 6%[36] - The company’s employee costs amounted to HKD 203,051,000 in 2023, slightly down from HKD 209,701,000 in 2022, reflecting a decrease of about 3%[36] - The company plans to focus on strict cost control and prudent risk management to navigate uncertainties in the recovery path[77] - The company launched its first fixed income fund in April 2023 and aims to further develop its financial services business[77] - The company is committed to enhancing digitalization and automation in financial services to improve customer experience and operational efficiency[77] Market Environment - The Hang Seng Index fell by 14% in 2023, closing at 17,047 points, reflecting a challenging market environment[65] - The company anticipates a cautious optimism for the economic outlook in 2024, with expected growth in Hong Kong's economy gradually returning to pre-pandemic levels[71] - The company noted that the hospitality and property sectors faced various uncertainties, but there was a moderate recovery due to the easing of pandemic-related restrictions[72] Other Information - The company is engaged in various sectors including securities investment, corporate finance, and property development, indicating a diversified business model[16] - The company has not adopted any new accounting standards that have not yet come into effect, and the impact of new standards is still being assessed[27] - The company has not engaged in any significant acquisitions or disposals during the year[85] - The board of directors currently consists of four executive directors and one non-executive director, along with five independent non-executive directors[99] - Detailed performance announcements are available on the Hong Kong Stock Exchange website[98]

Financial Performance - The company's total revenue for the first half of 2023 was approximately HKD 157,000,000, representing a 10% decrease compared to the same period in 2022[35]. - For the six months ended June 30, 2023, the company recorded a net loss attributable to shareholders of approximately HKD 2,000,000, a 94% decrease compared to a net loss of approximately HKD 33,000,000 in the same period of 2022[32]. - The financial services division reported an operating profit decrease of 58% compared to the same period in 2022, primarily due to a reduction in brokerage and underwriting income[37]. - The operating loss for the six months ended June 30, 2023, was HKD 25,858,000, an improvement from an operating loss of HKD 36,082,000 in the same period of 2022[66]. - The company reported a total comprehensive loss of HKD 26,916,000 for the six months ended June 30, 2023, compared to a total comprehensive loss of HKD 111,690,000 in the same period of 2022[74]. Revenue Breakdown - Revenue from property development increased by 71% compared to the same period in 2022, attributed to increased sales following the easing of pandemic control measures[38]. - The hotel and golf course business experienced an 11% decrease in revenue compared to the same period in 2022, mainly due to temporary closure for renovations of a hotel in Paris[40]. - Total revenue for the group was HKD 175,337,000, with financial services contributing HKD 93,536,000 and property investment and hotel operations contributing HKD 61,373,000[89]. Assets and Liabilities - The company's total net asset value decreased by 1% from approximately HKD 2,380,000,000 as of December 31, 2022, to approximately HKD 2,352,000,000[35]. - Total non-current assets decreased to HKD 1,266,674,000 as of June 30, 2023, from HKD 1,320,228,000 as of December 31, 2022, representing a decline of approximately 4.1%[49]. - Current assets totaled HKD 4,353,807,000 as of June 30, 2023, down from HKD 4,580,523,000 as of December 31, 2022, indicating a decrease of about 4.9%[49]. - Total liabilities decreased to HKD 3,132,881,000 as of June 30, 2023, from HKD 3,362,043,000 as of December 31, 2022, a reduction of approximately 6.8%[49]. - The company's equity totaled HKD 2,352,954,000 as of June 30, 2023, slightly down from HKD 2,380,013,000 as of December 31, 2022, representing a decrease of about 1.1%[50]. Cash Flow and Financing - Net cash generated from operating activities was HKD 5,552,000 for the six months ended June 30, 2023, significantly lower than HKD 24,242,000 for the same period in 2022, reflecting a decline of approximately 77%[52]. - The net cash used in financing activities was HKD 34,734,000 for the six months ended June 30, 2023, compared to HKD 73,494,000 for the same period in 2022, indicating a reduction of approximately 52.8%[52]. - The company raised secured and unsecured bank loans amounting to approximately HKD 176 million and HKD 45 million, respectively[15]. - The company's cash reserves increased to approximately HKD 263 million, up from HKD 253 million as of December 31, 2022[15]. Employee and Operational Metrics - The total employee cost for the six months ended June 30, 2023, was approximately HKD 95,000,000, a decrease from HKD 107,000,000 in the same period of 2022[65]. - The company employed 568 staff as of June 30, 2023, an increase from 556 staff as of June 30, 2022[65]. - The company aims to enhance employee performance through competitive compensation and benefits, alongside training programs to improve professional knowledge and skills[65]. Strategic Initiatives - The company plans to continue its digital transformation in financial services to enhance customer experience and operational efficiency[9]. - The company launched a fixed income fund in April 2023 and aims to further develop its fund management business[12]. - The company plans to implement a proposed public offering to improve its financial position, pending shareholder approval[41]. Risk Management and Governance - The overall economic environment remains challenging due to high interest rates and geopolitical tensions, impacting the company's recovery path[34]. - The company continues to focus on risk mitigation strategies to navigate the volatile business environment[34]. - The company maintains a strong governance structure, with the Chairman and CEO roles held by the same individual, Mr. Lao Yuan Yi, to ensure effective leadership[195]. - The company has not made any changes to its risk management policies since the year-end[182].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 第一上海投資有限公司 （於香港註冊成立之有限公司） （股份代號：227） 截至二零二三年六月三十日止六個月之 未經審計中期業績公告 業績 第一上海投資有限公司（「本公司」）董事會（「董事會」）謹此提呈本公司及其附屬公 司（統稱為「本集團」）截至二零二三年六月三十日止六個月之未經審計綜合業績連 同去年同期之比較數字如下： 簡明綜合損益表 未經審計 截至六月三十日止六個月 二零二三年 二零二二年 附註 港幣千元 港幣千元 營業額 4 157,072 175,337 銷售成本 (52,438) (76,399) 毛利 104,634 98,938 其他（虧損）╱收益淨額 5 (3,339) 6,541 銷售、一般及行政費用 (127,153) (141,561) 營運虧損 4及6 (25,858) (36,082) 財務收入 47,221 10,761 ...