机构：中金公司 研究员：Qibin FENG/Gangxian LIU/Xin YANG Investment positives We initiate coverage on S.F. Holding with an OUTPERFORM rating and a target price of HK$50.37. We resume coverage of SF Holding's A-shares (002352) with an OUTPERFORM rating and a target price of Rmb51.87 (based on 7.7x 2025e EV/EBITDA). We initiate coverage of its H-shares (06936) with an OUTPERFORM rating and a target price of Rmb50.37 (based on 7.0x 2025e EV/EBITDA). We are upbeat on the firm's efforts to integrate resources to reduce cost ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue decrease of 9% to HKD 65,193,000, down from HKD 71,886,000 in 2023[10] - The profit attributable to the company's owners decreased by 83% to HKD 4,509,000, compared to HKD 26,788,000 in the previous year[10] - Basic earnings per share were HKD 0.02, down from HKD 0.13 in 2023[10] - The total comprehensive income attributable to the company's owners was HKD 4,884,000, significantly lower than HKD 20,591,000 in 2023[11] - The company confirmed an income tax expense of HKD 2,084,000, compared to an income tax credit of HKD 13,274,000 in 2023[10] - The lending business recorded a revenue decrease of 17% to HKD 51,944,000 in 2024, down from HKD 62,530,000 in 2023[26] - The profit from the lending business decreased by 34% to HKD 45,959,000 in 2024, compared to HKD 69,917,000 in 2023[26] - The group recorded income from securities investments of HKD 1,892,000 in 2024, a significant increase from HKD 152,000 in 2023[18] - The loss from financial assets measured at fair value through profit or loss was HKD 4,620,000 in 2024, compared to HKD 7,121,000 in 2023[19] - The fair value loss of debt instruments measured at fair value through other comprehensive income was HKD 4,418,000 in 2024, down from HKD 17,659,000 in 2023[20] Business Strategy and Outlook - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. to capitalize on opportunities in the Southeast Asian financial market[12] - The company remains cautiously optimistic about its medium to long-term business outlook despite ongoing geopolitical tensions and global trade uncertainties[12] - The company will continue to adopt a prudent approach in managing its business while exploring various investment opportunities[12] - The group remains committed to developing its trading business and actively seeks opportunities to improve performance[25] Impairment and Provisions - The company recorded a provision for impairment losses on receivables of HKD 10,646,000, compared to a reversal of HKD 10,263,000 in 2023[10] - The group confirmed an impairment loss of HKD 10,646,000 on receivables in the lending business for 2024, compared to a reversal of HKD 10,263,000 in 2023[26] - The group’s debt instruments portfolio was fully impaired due to credit risk increases, with an impairment loss of HKD 4,418,000 recognized in 2024[21] - The impairment provision decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024, compared to HKD 486,136,000 in 2023[28] Assets and Liabilities - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[18] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000 as of December 31, 2024, down from HKD 1,253,368,000 in 2023[29] - The net value of the loan portfolio (after impairment provisions) was HKD 524,248,000 as of year-end 2024, compared to HKD 767,232,000 in 2023[29] - 98% of the loan portfolio (after impairment provisions) was secured by collateral, including properties and securities, while 2% was unsecured as of December 31, 2024[29] Governance and Compliance - The company maintained compliance with relevant laws and regulations, with no significant violations reported during the fiscal year 2024[62] - The company has a strong governance structure with various committees overseeing audit, remuneration, and nominations, ensuring compliance and effective management[67][68][70] - The company has established a policy for handling and disclosing inside information to ensure compliance with statutory and listing rules[139] - The company has adopted an anti-fraud and anti-corruption policy in August 2022 to prevent misconduct and ensure ethical business practices[140] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes its commitment to environmental policies and performance, with discussions available on pages 40 to 64 of the annual report[73] - The group has established a governance framework for environmental, social, and governance (ESG) matters, with the board overseeing ESG strategies and performance[153] - The ESG report covers the group's performance, challenges, measures, and plans for the fiscal year 2024, with comparative data from the fiscal year 2023[156] - The total greenhouse gas emissions for the fiscal year 2024 decreased by 4.51% compared to fiscal year 2023, with total emissions amounting to 64.13 tons of CO2 equivalent[171] - The company aims to achieve long-term sustainable development in the communities where it operates by regularly reviewing its environmental goals and measures[167] Employee and Workforce Management - Employee costs for the year amounted to HKD 39,811,000, an increase from HKD 33,427,000 in 2023, with a total of 48 employees at year-end[56] - The employee count decreased from 56 in FY2023 to 48 in FY2024, contributing to the reduction in total water consumption[191] - The company has not identified any significant violations of employment-related laws and regulations during the fiscal year 2024[199] Shareholder Information - As of December 31, 2024, the company had no reserves available for distribution to shareholders[80] - The company’s total issued shares as of December 31, 2024, were 20,385,253,835[94] - The board of directors did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year where no dividend was declared[75] - Revenue from the top five customers accounted for approximately 75% of total revenue, with the largest customer contributing about 32%[81]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 65,193,000, a decrease of 9.4% from HKD 71,886,000 in 2023[2] - The company reported a pre-tax profit of HKD 6,593,000, down 51.2% from HKD 13,514,000 in the previous year[3] - Net profit attributable to shareholders was HKD 4,509,000, a significant drop of 83.2% compared to HKD 26,788,000 in 2023[3] - Total comprehensive income attributable to shareholders for the year was HKD 4,884,000, down 76.3% from HKD 20,591,000 in the prior year[3] - Interest income from lending activities decreased to HKD 49,800,000 from HKD 62,530,000, representing a decline of 20.4%[8] - The company recorded a loss of HKD 4,620,000 on financial assets measured at fair value through profit or loss in 2024, compared to a loss of HKD 7,121,000 in 2023[15] - The company’s other income decreased to HKD 37,680,000 in 2024 from HKD 41,894,000 in 2023, a decline of approximately 10.3%[15] - Profit attributable to the company's owners decreased by 83% to HKD 4,509,000 in 2024, down from HKD 26,788,000 in 2023[29] - Basic earnings per share were HKD 0.02 in 2024, compared to HKD 0.13 in 2023[29] Assets and Liabilities - The company’s total assets increased to HKD 2,231,737,000 from HKD 2,237,511,000, indicating a slight decrease of 0.25%[4] - The company’s total liabilities decreased slightly to HKD 15,125,000 from HKD 25,783,000, a reduction of 41.2%[4] - The total assets of the company increased to HKD 2,270,664,000 in 2024 from HKD 2,278,329,000 in 2023, a slight decrease of about 0.3%[14] - The total liabilities decreased to HKD 54,052,000 in 2024 from HKD 66,601,000 in 2023, a reduction of about 18.9%[14] - The company’s total receivables from interest-bearing loans included HKD 302,902,000 due within one year in 2024, down from HKD 640,230,000 in 2023[23] Employee Costs - Employee costs increased to HKD 39,811,000 from HKD 33,427,000, marking an increase of 19.4%[2] - Employee costs increased to HKD 39,811,000 in 2024 from HKD 33,427,000 in 2023, reflecting an increase of approximately 19.3%[18] Dividends - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[19] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024[28] Impairment and Provisions - The company made a provision for impairment losses on receivables of HKD 10,646,000 in 2024, compared to a reversal of HKD 10,263,000 in 2023[29] - The company’s provision for impairment losses on other receivables decreased to HKD 655,000 in 2024 from HKD 10,764,000 in 2023[29] - The impairment provision for receivables decreased by 25% or HKD 120,301,000 to HKD 365,835,000 as of December 31, 2024[38] - The group has made full impairment on debt instruments due to increased credit risk, with a loss of HKD 4,418,000 recognized in the fiscal year 2024[34] Securities and Investments - The company reported a decrease in the fair value of listed investments from HKD 9,912,000 in 2023 to HKD 7,108,000 in 2024[26] - As of December 31, 2024, the group's securities investments included a financial asset portfolio valued at HKD 7,108,000, down from HKD 9,912,000 in 2023[31] - The group recorded income from securities investments of HKD 1,892,000 for the fiscal year 2024, a significant increase from HKD 152,000 in 2023[32] - The group recognized a loss of HKD 6,959,000 from securities investments, an improvement compared to a loss of HKD 26,543,000 in 2023[31] - The fair value loss of debt instruments through other comprehensive income was HKD 4,418,000, reduced from HKD 17,659,000 in 2023[33] Business Operations - The lending business generated revenue of HKD 51,944,000, a decrease of 17% from HKD 62,530,000 in 2023[37] - The profit from the lending business fell by 34% to HKD 45,959,000, down from HKD 69,917,000 in 2023, primarily due to a provision for loan impairment losses of HKD 10,646,000[37] - The total loan portfolio decreased by 29% or HKD 363,285,000 to HKD 890,083,000, primarily due to borrower repayments[39] - As of December 31, 2024, 98% of the loan portfolio was secured by collateral, with 2% being unsecured, compared to 99% and 1% respectively in 2023[40] - The group did not generate any income from trade activities during the fiscal year 2024, consistent with 2023[36] Future Plans - The company plans to diversify its business by acquiring 26.8% of Citystate Savings Bank, Inc. in the Philippines, aiming to capitalize on opportunities in the Southeast Asian financial market[48] Financial Ratios - The group’s current assets amounted to HKD 2,008,692,000, with a current ratio of approximately 51.6, indicating strong liquidity[45] - The capital-to-debt ratio was approximately 2%, down from 3% in 2023, reflecting a low level of leverage[47] Governance - The board of directors includes one non-executive director, two executive directors, and four independent non-executive directors[54]

中策資本控股有限公司 CSC Holdings Limited (於香港註冊成立之有限公司) (股份代號: 235) 中期報告 2024 l 75 | --- | --- | --- | --- | |-------|------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | 3 | 公司資料 | | | | 4 | 管理層討論及展望 | | | | 14 | 簡明綜合財務報表審閱報告 | | | | 15 | 簡明綜合損益及其他全面收益表 | | | | 16 | 簡明綜合財務狀況表 | | | | 17 | 簡明綜合權益變動表 | | | | 18 | 簡明綜合現金流量表 | | | | 19 | 簡明綜合財務報表附註 | | | | 36 | 其他資料 | | | 簡稱 於本中期報告內，除文義另有所指外，下列簡稱具有以下涵義： | --- | --- | --- | |--------------------|----- ...

Revenue Performance - Revenue for the six months ended June 30, 2024, was HKD 19,888,000, a decrease of 61.2% compared to HKD 51,267,000 for the same period in 2023[1] - Total revenue for the six months ended June 30, 2024, was HKD 19,888,000, compared to HKD 51,267,000 for the same period in 2023, representing a decrease of approximately 61.2%[11] - The company’s lending business reported a revenue decrease of 69% to HKD 14,662,000 in the first half of 2024, down from HKD 46,587,000 in the same period of 2023, while profit increased by 235% to HKD 15,025,000[34] Financial Losses - The company reported a pre-tax loss of HKD 859,000, significantly improved from a loss of HKD 22,312,000 in the previous year[2] - The total comprehensive loss attributable to owners of the company was HKD 1,582,000, compared to HKD 14,759,000 in the prior period[2] - The company reported a loss before tax of HKD 859,000 for the six months ended June 30, 2024, compared to a loss of HKD 22,312,000 for the same period in 2023, indicating an improvement in financial performance[11] - The company recorded a loss attributable to owners of HKD 1,926,000 for the period, compared to a profit of HKD 11,996,000 in the previous year[27] - The company incurred a loss of HKD 1,926,000 for the six months ended June 30, 2024, compared to a loss of HKD 11,996,000 for the same period in 2023, showing a significant reduction in losses[17] Asset Management - Non-current assets increased to HKD 279,124,000 as of June 30, 2024, from HKD 183,432,000 at the end of 2023, reflecting a growth of 52.1%[3] - Current assets decreased to HKD 1,986,800,000 from HKD 2,094,897,000, a decline of 5.2%[3] - The company's net asset value stood at HKD 2,210,146,000, slightly down from HKD 2,211,728,000 at the end of 2023[3] - The company's receivables from loans amounted to HKD 854,277,000 as of June 30, 2024, compared to HKD 767,232,000 as of December 31, 2023, indicating growth in loan receivables[18] - The total carrying amount of the company's loan portfolio increased by 5% to HKD 1,316,940,000 as of June 30, 2024, compared to HKD 1,253,368,000 at the end of 2023[35] Expenses and Costs - Employee costs increased to HKD 20,332,000 from HKD 15,522,000, representing a rise of 30.5%[1] - Other expenses decreased to HKD 15,909,000 from HKD 25,404,000, a reduction of 37.4%[1] - The financing costs for the six months ended June 30, 2024, were HKD 808,000, up from HKD 289,000 in the same period of 2023, suggesting increased borrowing costs[13] - The company’s financing costs increased to HKD 808,000 from HKD 289,000 in the previous year due to lease liabilities[41] Impairment and Credit Losses - The impairment loss on receivables for the six months ended June 30, 2024, was HKD 2,651,000, a decrease from HKD 49,019,000 in the same period of 2023, reflecting improved asset quality[15] - The company recorded a decrease in impairment losses on receivables to HKD 2,651,000 from HKD 48,683,000 in the previous year[39] - The company's impairment provision for expected credit losses decreased by 5% or HKD 23,473,000 to HKD 462,663,000 as of June 30, 2024, from HKD 486,136,000 at the end of 2023[35] - The company has not recognized any impairment losses on debt instruments measured at fair value through other comprehensive income during the first half of 2024, compared to an impairment loss of HKD 336,000 in the same period of 2023[32] Dividends and Shareholder Returns - The company did not declare any dividends for the interim period, consistent with the previous year[16] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[26] Market and Business Strategy - The company maintained a cautious approach to managing its business amid a challenging operating environment influenced by high interest rates and geopolitical tensions[27] - The company continues to seek and evaluate business opportunities in the global commodity market to improve trade business performance[33] - The company plans to explore new business and investment opportunities to enhance its business scale and diversify its revenue base[42] Other Financial Metrics - The company reported a loss per share of HKD 0.01 for the current period, compared to HKD 0.06 in the previous year[2] - The weighted average number of ordinary shares for calculating basic loss per share remained constant at 20,385,254 for both periods[17] - The current ratio improved to approximately 55.8 from 51.3 at the end of 2023[40] - The company's equity attributable to owners was HKD 2,210,146,000, a slight decrease from HKD 2,211,728,000 at the end of 2023[40] - The fair value of listed equity securities held by the company was HKD 9,258,000 as of June 30, 2024, down from HKD 9,912,000 as of December 31, 2023[24] - The company did not record any income from its securities investments during the period, similar to the previous year, and reported an unrealized loss of HKD 548,000[29]

Environmental Impact - The company reported a total greenhouse gas emissions of 67.16 tons of CO2 equivalent for the fiscal year 2023, an increase from 58.44 tons in 2022, reflecting a 14.8% rise [18]. - The nitrogen oxides (NOx) emissions decreased to 1.13 kg in 2023 from 1.28 kg in 2022, showing a reduction of 11.7% [15]. - The company maintained a total harmless waste density of 0.01 tons per employee for both fiscal years 2023 and 2022, indicating consistent waste management practices [22]. - The total amount of paper waste generated was 0.50 tons in 2023, slightly up from 0.48 tons in 2022, representing a 4.2% increase [23]. - The company aims to reduce total harmless waste density by 2025, using the baseline of 0.01 tons per employee recorded in the fiscal year 2021 [22]. - The company has implemented measures to encourage recycling of office waste, including ink cartridges and electronic equipment, to minimize environmental impact [21]. - The company’s direct greenhouse gas emissions (Scope 1) increased to 28.65 tons of CO2 equivalent in 2023 from 20.97 tons in 2022, marking a 36.5% increase [18]. - The company’s indirect greenhouse gas emissions (Scope 2) rose to 38.51 tons of CO2 equivalent in 2023 from 37.47 tons in 2022, a 2.8% increase [18]. - The total greenhouse gas emissions intensity increased from 1.17 tons of CO2 equivalent per employee in 2022 to 1.20 tons in 2023, with a long-term goal to reduce this intensity by the fiscal year ending December 31, 2025 [38]. - The company encourages employees to use public transportation to reduce carbon emissions [17]. Financial Performance - The group's revenue decreased by 78% to HKD 71,886,000 for the fiscal year ending December 31, 2023, compared to HKD 323,579,000 in 2022, primarily due to reduced interest income from lending activities and a temporary halt in commodity trading with European clients [30]. - The group reported a profit attributable to owners of the company of HKD 26,788,000 for the fiscal year, a turnaround from a loss of HKD 189,249,000 in 2022, mainly due to a reversal of impairment losses on receivables amounting to HKD 10,263,000 compared to an impairment of HKD 209,397,000 last year [30]. - The group's securities investments included a portfolio valued at HKD 9,912,000 as of December 31, 2023, down from HKD 17,033,000 in 2022, with income from this portfolio recorded at HKD 152,000, a decrease from HKD 540,000 in the previous year [32]. - The group experienced a net loss of HKD 7,121,000 from its financial assets measured at fair value through profit or loss during the fiscal year, compared to a net loss of HKD 8,086,000 in 2022 [35]. - The group's debt instruments measured at fair value through other comprehensive income amounted to HKD 4,418,000 as of December 31, 2023, with no income generated from this portfolio during the fiscal year [36]. - The company reported a net loss of HKD 17,659,000 in fair value of debt instruments for the year, an improvement from a loss of HKD 41,883,000 in 2022 [78]. - The total comprehensive income for the year ended December 31, 2023, was HKD 26,788 thousand, with a net loss on debt instruments measured at fair value of HKD (17,659) thousand [150]. - The company’s accumulated losses increased to HKD (1,086,741) thousand as of December 31, 2023 [150]. - Basic earnings per share were HKD 0.13, compared to a loss per share of HKD 0.93 in 2022 [198]. - The total comprehensive income attributable to owners was HKD 20,591,000, compared to a total comprehensive loss of HKD 223,831,000 in the previous year, which included a net fair value loss on debt securities of HKD 17,659,000 [199]. Employee and Training Metrics - In the fiscal year 2023, the percentage of male employees increased to 22% from 4% in 2022, while female employees rose to 24% from 12% [55]. - The age group of 41 to 50 years saw a significant increase in employment, with 48% in 2023 compared to 17% in 2022 [55]. - The average training hours per employee for males was 8.75 hours in 2023, up from 6.92 hours in 2022, while for females it was 3.54 hours, an increase from 5.16 hours [61]. - The percentage of trained senior management employees was 58% in 2023, compared to 61% in 2022, while other employees trained dropped to 12% from 15% [61]. - The percentage of trained employees is calculated by dividing the total number of trained employees during the reporting period by the total number of employees at the end of the reporting period [92]. - The average training hours by category are calculated by dividing the total training hours for specific category employees during the reporting period by the number of employees in that specific category at the end of the reporting period [93]. Compliance and Ethical Standards - The company emphasizes ethical standards and compliance with laws, providing a total of 12 hours of anti-corruption training for directors and employees in 2023 [73]. - The group has a zero-tolerance policy towards corruption, bribery, extortion, fraud, and money laundering, with disciplinary actions for violations including termination of employment [101]. - The group has implemented policies to ensure financial integrity and compliance with anti-money laundering and counter-terrorist financing laws [102]. - The company has implemented a structured supplier evaluation process focusing on quality, environmental performance, and ethical standards [65]. - The group has not found any violations of child labor and forced labor laws during the fiscal year 2023 [94]. - There were no significant violations of health and safety laws reported during the fiscal year 2023, nor any product recalls due to safety concerns [67]. Business Strategy and Outlook - The group adopted a cautious and prudent approach to manage its business amid geopolitical tensions, high inflation, and market uncertainties, reflecting a challenging operating environment [30]. - The group aims to achieve a stable return for its shareholders by continuously developing its business model to reduce operational risks [45]. - The company maintains a cautious optimism regarding its medium to long-term business outlook, despite ongoing geopolitical tensions and market uncertainties [200]. - Management plans to continue a prudent approach in managing the business and seeks new business and investment opportunities that are expected to bring long-term benefits [200]. - The company is evaluating investment opportunities in target companies within the financial sector to expand its business scale and diversify its revenue base [200]. Asset and Liability Management - Non-current assets increased significantly to HKD 183,432,000 from HKD 50,435,000, representing a growth of 264% year-over-year [117]. - Current assets decreased slightly to HKD 2,094,897,000 from HKD 2,189,628,000, a decline of approximately 4.3% [117]. - Cash and cash equivalents rose to HKD 1,312,947,000, up from HKD 1,005,561,000, marking an increase of 30.5% [117]. - Total liabilities decreased from HKD 48,039,000 to HKD 40,818,000, a reduction of about 15% [117]. - The net value of current assets was HKD 2,054,079,000, down from HKD 2,141,589,000, reflecting a decrease of approximately 4.1% [117]. - The total assets minus current liabilities increased to HKD 2,237,511,000 from HKD 2,192,024,000, an increase of about 2.1% [117]. - The company reported a significant increase in deferred tax assets to HKD 6,276,000 from HKD 1,315,000, a growth of 376% [117]. - Trade and other receivables decreased to HKD 127,183,000 from HKD 140,638,000, a decline of approximately 9.6% [117]. - The company has maintained goodwill at HKD 4,000,000, unchanged from the previous year [117]. - The company has recognized a new financial asset at fair value through other comprehensive income amounting to HKD 4,418,000, which was not present in the previous year [117].

Financial Performance - The company reported a revenue decrease of 78% to HKD 71,886,000 in the fiscal year 2023, down from HKD 323,579,000 in 2022, primarily due to reduced interest income from lending activities and a temporary halt in commodity trading with European clients[4]. - The company achieved a profit attributable to shareholders of HKD 26,788,000 in fiscal year 2023, compared to a loss of HKD 189,249,000 in 2022, mainly due to a reversal of impairment losses on receivables amounting to HKD 10,263,000[4]. - Total revenue for the year ended December 31, 2023, was HKD 71,886,000, a significant decrease from HKD 323,579,000 in 2022, representing a decline of approximately 77.8%[43]. - The company reported a profit of HKD 26,788,000 for the year ended December 31, 2023, a significant recovery from a loss of HKD 189,249,000 in the previous year[73]. - Basic earnings per share for the year were HKD 0.13, compared to a loss per share of HKD 0.93 in the previous year[35]. - The total comprehensive income attributable to shareholders was HKD 20,591,000, a recovery from a total comprehensive loss of HKD 223,831,000 in 2022[35]. Revenue Sources - Interest income increased by 374% to HKD 38,269,000, driven by higher cash reserves and rising bank deposit rates[33]. - Interest income from lending activities dropped to HKD 62,530,000 in 2023, down from HKD 123,523,000 in 2022, a decrease of 49.3%[43]. - Dividend income decreased to HKD 152,000 in 2023 from HKD 540,000 in 2022, reflecting a decline of 71.8%[43]. - Commission and fee income from securities brokerage fell to HKD 1,889,000 in 2023, compared to HKD 3,869,000 in 2022, a decline of 51.1%[43]. - The company’s interest income from banks rose to HKD 38,269,000 in 2023 from HKD 8,076,000 in 2022, an increase of approximately 373.5%[69]. Asset and Liability Management - The company's capital-to-debt ratio was approximately 3% in fiscal year 2023, up from 2% in 2022, with total liabilities of HKD 66,601,000 and equity attributable to shareholders of HKD 2,211,728,000[15]. - The company's total assets decreased slightly to HKD 2,237,511,000 from HKD 2,192,024,000 in the previous year[36]. - Total liabilities decreased to HKD 66,601,000 in 2023 from HKD 48,926,000 in 2022, a reduction of about 31.5%[91]. - The total amount of receivables, net of impairment provisions, was HKD 767,232,000 in 2023, down from HKD 1,020,598,000 in 2022, indicating a decrease of approximately 25%[100]. Impairment and Provisions - The company confirmed an impairment loss of HKD 11,519,000 on debt instruments measured at fair value through other comprehensive income, compared to HKD 7,301,000 in 2022[7]. - The company made a provision for impairment of receivables amounting to HKD 10,263,000 in 2023, compared to HKD 209,397,000 in 2022, indicating a significant reduction in impairment losses[77]. - The impairment provision for receivables decreased by 4% to HKD 486,136,000 in 2023 from HKD 507,116,000 in 2022[110]. Business Operations - The company continues to engage primarily in investment securities, trading, lending, and securities brokerage businesses as of December 31, 2023[104]. - The company’s loan portfolio was 99% secured by collateral as of December 31, 2023, with HKD 640,230,000 due within one year[11]. - The company’s commodity trading activities generated no revenue in fiscal year 2023, down from HKD 188,301,000 in 2022, with a profit of HKD 11,010,000 attributed to interest income from cash deposits[24]. Future Outlook - The group maintains a cautiously optimistic outlook on its medium to long-term business prospects despite geopolitical tensions and ongoing conflicts, including the Russia-Ukraine war and recent Israel-Hamas conflicts[134]. - The management will continue to adopt a prudent and rigorous approach to managing the group's business and seek new business and investment opportunities that are anticipated to bring long-term benefits[134]. - The group is evaluating multiple investment opportunities involving target companies in the financial industry to strengthen and diversify its business and revenue base[134].

以下為本集團收入及業績按經營分類劃分之分析資料，乃根據呈報予主要營運決策人員以 作出分配資源及評估分類表現之資料而作出。本集團亦根據此作出分類之基準安排及組成。 21 中策資本控股有限公司 • 2023 中期報告 中策資本控股有限公司 • 2023 中期報告 20 截至二零二二年六月三十日止六個月 4. 分類資料（續） | --- | --- | --- | --- | --- | |----------|-------|--------------|-------|---------------------------| | (21,280) | | 626 (19,023) | | 4,449 (35,228) | | | | | | 315 223 (24,937) (12,955) | | | | | | (72,582) (31,768) | | | | | | (104,350) | 開支、融資成本及所得稅抵免（開支）所產生之虧損╱賺取之溢利。 4. 分類資料（續） • 所有負債均分配至經營分類，惟不包括若干其他應付款項及租賃負債。 | --- | --- | --- | |----------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CSC HOLDINGS LIMITED 中 策 資 本 控 股 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：235） 截至二零二三年六月三十日止六個月之 中期業績 中策資本控股有限公司（「本公司」）之董事會（「董事會」）謹此公佈本公司及其附屬 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核簡明綜合 業績連同比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 收入 3 51,267 258,750 貿易收入 – 188,301 利息收入 50,284 67,831 佣金、手續費收入及其他 983 2,618 ...

Financial Performance - The company reported a retained profit of HKD 38,600,000 as of December 31, 2022, compared to HKD 42,953,000 in 2021[15]. - Revenue from the top five customers accounted for approximately 78% of total revenue, with the largest customer contributing about 58%[14]. - The company recorded a revenue decrease of 24% to HKD 323,579,000 in the fiscal year 2022, down from HKD 423,994,000 in 2021[52]. - The loss attributable to the company's owners decreased by 95% to HKD 189,249,000, compared to HKD 3,583,297,000 in the previous year[52]. - The total comprehensive expenses amounted to HKD 223,831,000, down from HKD 3,535,049,000 in the previous year[48]. - Basic loss per share for the year was HKD 0.93, compared to HKD 17.58 in 2021[52]. - The group recorded a significant decrease in income from its securities investments, with a drop from HKD 987,000 in the previous year to HKD 540,000 in the current year[66]. - The group's trading business revenue decreased to HKD 188,301,000 in FY2022 from HKD 222,394,000 in FY2021, while profit increased to HKD 3,614,000 from HKD 180,000[78]. - The lending business revenue decreased by 18% to HKD 123,723,000 in FY2022 from HKD 150,330,000 in FY2021, with a loss of HKD 92,210,000 compared to a profit of HKD 123,434,000 in FY2021[88]. - The brokerage business revenue decreased by 14% to HKD 11,015,000 in 2022 from HKD 12,799,000 in 2021, with commission income dropping by 37% to HKD 3,869,000[102]. Corporate Governance - The company has maintained a high standard of business ethics and corporate governance across all operations[5]. - The board consists of eight members, including three executive directors and four independent non-executive directors, ensuring a balanced composition[8]. - The company has a policy to evaluate the independence of non-executive directors annually[12]. - The company has not entered into any service contracts with directors that cannot be terminated within one year without compensation[21]. - The company encourages all directors to participate in continuous professional development to enhance their knowledge and skills[195]. - The company provides timely updates on regulatory and business environment developments to assist directors in fulfilling their duties[195]. - Internal briefings and professional development are arranged for directors as needed[195]. - The company has maintained independence assessments as part of its governance practices[196]. - The corporate governance report was published on March 28, 2023, reflecting the company's commitment to transparency[198]. - The company has implemented measures to ensure compliance with corporate governance standards[200]. - The company actively monitors and updates its governance practices in line with regulatory changes[195]. - The company emphasizes the importance of ongoing education for its board members to adapt to evolving market conditions[195]. Investment Strategy and Market Conditions - The company is committed to long-term, stable, and sustainable growth while considering environmental, social, and governance factors[5]. - The management adopted a prudent and rigorous approach in managing the business amid market uncertainties and complexities[52]. - The company’s investment strategy focuses on capital appreciation and dividend/interest income for long-term securities investments[53]. - The overall market conditions were influenced by factors such as the energy crisis from the Russia-Ukraine war and inflationary pressures[52]. - The group is evaluating investment opportunities in target companies within the financial industry, including an insurance company in Hong Kong, to expand and diversify its business and revenue base[59]. - The management maintains a cautious and prudent approach in managing the group's business amid global economic uncertainties, including inflation and geopolitical tensions[59]. - The group plans to announce further developments regarding investment opportunities to shareholders as they arise[59]. Impairment and Financial Assets - The impairment loss provision for receivables increased to HKD 209,397,000 from HKD 20,347,000[52]. - The net impairment loss recognized for the fiscal year 2022 was HKD 209,397,000, primarily related to credit risk assessments of certain defaulted and non-defaulted loans[158]. - The group recognized an impairment loss of HKD 7,301,000 on debt instruments due to increased credit risk, compared to an impairment loss of HKD 253,348,000 in the previous year[142]. - The net loss from financial assets measured at fair value through profit or loss was HKD 8,086,000 for the fiscal year, significantly reduced from HKD 3,674,811,000 in the previous year[66]. - The impairment provision increased by 98% to HKD 507,116,000 as of December 31, 2022, compared to HKD 256,541,000 in the previous fiscal year[80]. Shareholder Information - The largest shareholder, Dr. Zheng, holds 3,397,540,000 shares, representing approximately 16.67% of the issued shares[167]. - Another significant shareholder, Mr. Sun, owns 1,680,000,000 shares, accounting for approximately 8.24% of the issued shares[167]. - The board does not recommend the payment of a final dividend for the year ended December 31, 2022, compared to no dividend in 2021[155]. Employee and Operational Information - The company had 50 employees as of December 31, 2022, with total employee costs amounting to HKD 29,512,000, slightly down from HKD 30,537,000 in 2021[106]. - The total amount of the loan portfolio was HKD 1,527,714,000, remaining relatively stable compared to HKD 1,491,216,000 in 2021, with a net value of HKD 1,020,598,000 after impairment provisions[99]. - The group held current assets of HKD 2,189,628,000 at the end of the fiscal year 2022, down from HKD 3,026,378,000 in 2021, with a current ratio of approximately 45.6 compared to 4.1 in the previous year[104]. - The company changed its English name from "China Strategic Holdings Limited" to "CSC Holdings Limited" and its Chinese name from "中策集團有限公司" to "中策資本控股有限公司" effective November 1, 2022[110]. - The company did not pledge any assets as of December 31, 2022, compared to HKD 3,096,000 in bank deposits pledged for credit financing in the previous year[113].