白花油(00239)发布公告，预期集团于截至2025年6月30日止6个月的公司拥有人应占综合纯利将取得减 少至约为3970万港元，相对于已公布的2024年同期公司拥有人应占综合纯利为4740万港元。董事会认 为，此预期纯利减少主要乃由于集团总收入较2024年同期减少约3780万港元，导致整体盈利能力下降。 上述影响被以下因素部分抵消：评估物业估值导致集团投资物业取得未变现公平值亏损减少至约710万 港元，而2024年同期则为未变现公平值亏损1480万港元;及税务费用减少约470万港元，这主要由于应税 利润的减少所致。 ...

智通财经APP讯，白花油(00239)发布公告，预期集团于截至2025年6月30日止6个月的公司拥有人应占综 合纯利将取得减少至约为3970万港元，相对于已公布的2024年同期公司拥有人应占综合纯利为4740万港 元。董事会认为，此预期纯利减少主要乃由于集团总收入较2024年同期减少约3780万港元，导致整体盈 利能力下降。上述影响被以下因素部分抵消：评估物业估值导致集团投资物业取得未变现公平值亏损减 少至约710万港元，而2024年同期则为未变现公平值亏损1480万港元;及税务费用减少约470万港元，这 主要由于应税利润的减少所致。 ...

PAK FAH YEOW INTERNATIONAL LIMITED 白 花 油 國 際 有 限 公 司 * （於百慕達註冊成立之有限公司） (股份代號: 239) 盈利警告 本公告乃根據上市規則第13.09條及證券及期貨條例第XIVA部下之內幕消息條文 （按上市規則所界定）而發表。 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。 本公司董事會謹此通知本公司各股東及有意投資者，根據對本集團管理賬目初步 作出之評核，預期本集團於截至二零二五年六月三十日止六個月之本公司擁有人 應佔綜合純利將錄得減少至約為 39.7 百萬港元，相對於已公佈之二零二四年同 期本公司擁有人應佔綜合純利為 47.4 百萬港元。 本公司股東及有意投資者於買賣本公司股份時，務請審慎行事。 白花油國際有限公司（「本公司」，連同其附屬公司統稱為「本集團」）茲根據香港聯合 交易所有限公司證券上市規則（「上市規則」）第 13.09 條以及香港法例第 571 章證券及 期貨條例（「證券及期貨 ...

Financial Performance - Total revenue for 2024 was HKD 236.8 million, a decrease of 8.6% from HKD 259.2 million in 2023[17]. - Reported profit decreased by 25.1% to HKD 78.6 million, primarily due to unrealized fair value losses on investment properties amounting to HKD 26 million[17]. - Underlying recurring profit fell by 13.0% to HKD 103.6 million, reflecting challenges in the healthcare business segment[17]. - The healthcare segment's sales revenue decline significantly impacted overall performance, despite strong growth in the treasury investment segment[16]. - Shareholders' equity decreased by 4.3% to HKD 731.9 million, with net asset value per share dropping by 4.5% to HKD 2.35[14]. - The overall comprehensive income attributable to owners for 2024 was approximately HKD 33.7 million, down from HKD 105.6 million in 2023[29]. - Revenue in China decreased by 17.2% to HKD 167.8 million, reflecting a shift in consumer behavior post-border reopening[33]. - Southeast Asia revenue increased by 7.3% to HKD 36.6 million, driven by strong sales growth in the Philippines[34]. - North America recorded double-digit percentage sales growth, primarily due to increased capacity from new machinery purchased last year[35]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.038 per share and a special final dividend of HKD 0.067 per share[16]. - The company proposed a final dividend of HKD 3.8 per share and a special final dividend of HKD 6.7 per share, totaling an annual dividend of HKD 20.0 per share, subject to shareholder approval at the upcoming annual general meeting[127]. - The company has established a dividend policy that allows for dividends to be declared based on operating performance, financial condition, and capital needs, with no preset payout ratio[94]. - The company's reserves available for distribution to shareholders as of December 31, 2024, amounted to HKD 128,689,000, an increase from HKD 112,169,000 in 2023, representing a growth of approximately 14.5%[149]. Business Strategy and Market Challenges - The company faced challenges from geopolitical tensions, high interest rates, and changing consumer behavior, affecting business operations[17]. - The company maintains a diversified business model to navigate market challenges and focus on sustainable long-term growth[17]. - The company aims to expand existing markets and explore new opportunities within the healthcare industry[12]. - The company plans to focus on enhancing e-commerce growth and digital marketing strategies in response to evolving consumer purchasing habits in China[22]. - The rental market in Hong Kong is expected to remain challenging, especially for office and retail properties, with ongoing fluctuations in demand[22]. - The company aims to maintain a prudent asset management strategy to improve occupancy rates and stabilize rental income[22]. Investment Properties and Financial Investments - The investment property segment recorded a higher unrealized fair value loss compared to the previous year, impacting overall profitability[17]. - Property investment segment revenue fell by 5.2% to HKD 9.1 million, reflecting pressure from the rental market, particularly in Hong Kong[26]. - Financial investment segment revenue increased significantly by 134.7% to HKD 10.3 million, benefiting from a higher interest rate environment[26]. - The total valuation of investment properties as of December 31, 2024, is HKD 227,000,000, a decrease of 11.1% from HKD 255,300,000 in 2023[47]. - The unrealized fair value loss on investment properties for 2024 is HKD 26,000,000, compared to HKD 15,400,000 in 2023[47]. Corporate Governance and Board Structure - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power and expertise[65]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules, ensuring transparency and accountability[64]. - The company has mechanisms in place to ensure the board receives independent opinions and data, allowing for informed decision-making[67]. - The chairman and CEO roles are held by the same individual, but responsibilities are shared with executive directors to maintain a balance of power[64]. - The board will regularly review and monitor its structure to ensure it does not undermine the balance of power within the company[64]. - The company has a clear nomination policy for independent non-executive directors, ensuring compliance with relevant regulations[67]. - The board of directors is responsible for the management and direction of the company, including major acquisitions, capital investments, and dividend policies[68]. Risk Management and Compliance - The group has implemented a robust risk management and internal control system, with the audit committee assisting the board in fulfilling its responsibilities[102]. - The board is responsible for assessing and identifying the nature and extent of risks faced by the group, continuously reviewing and monitoring risk management policies[103]. - A risk assessment report is submitted to the audit committee and the board, covering the group's main risks and corresponding action plans to mitigate these risks[106]. - The company has adopted a whistleblowing policy to promote compliance, ethical behavior, and good corporate governance within the group[107]. - The board has implemented an anti-corruption policy to uphold the highest standards of integrity and ethical conduct in business operations[108]. - The internal audit function is outsourced to a professional firm to assist the board in reviewing the internal control system[110]. Employee and Community Engagement - The total number of employees as of December 31, 2024, is 106, an increase from 102 in 2023[54]. - The company provided around 757 hours of training to employees, including external training related to environmental, social, and governance issues[140]. - The company has expanded its community investment efforts, including fundraising activities and collaborations with charitable organizations[143]. - The company made charitable donations totaling approximately HKD 577,000 during the year, in addition to donating over 23,000 products and providing other items valued at around HKD 18,000[129]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of environmental, social, and governance (ESG) factors in enhancing long-term business value[68]. - The company has set specific and quantifiable goals for greenhouse gas emissions, waste disposal, energy consumption, and water usage in 2023[132]. - The company offset a total of 200 tons of carbon dioxide equivalent, which accounted for 53.1% of its total greenhouse gas emissions, through the purchase and recovery of certified emission reductions[136]. - The company is actively exploring the feasibility of reducing plastic packaging and using biodegradable plastics for selected products[135]. - The company has implemented guidelines for waste management to ensure compliance with relevant laws and minimize environmental impact[135]. - The company has not faced any significant impacts on its operations or financial performance due to non-compliance with relevant environmental laws and regulations during the year[136]. - The company is committed to enhancing its resilience to climate change by identifying related challenges and developing strategies to mitigate and adapt to its impacts[137]. - The company will publish an environmental, social, and governance report alongside its annual report, available on its website[114]. Auditor and Financial Reporting - The independent auditor, Fook Wai Ma Chai & Co., has audited the consolidated financial statements for the year ending December 31, 2024[182]. - The company is responsible for preparing financial statements that are free from material misstatement due to fraud or error, and for maintaining adequate internal controls[191]. - The auditors aim to obtain reasonable assurance that the financial statements are free from material misstatement, which may arise from fraud or error[195]. - The auditors assess the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[197]. - The fair value measurement disclosures for investment properties and leased land and buildings are considered critical audit matters due to the significant estimates and judgments involved[188].

Financial Performance - Total revenue for the year 2024 was HKD 236.8 million, a decrease of 8.6% from HKD 259.2 million in 2023[6] - Reported profit decreased by 25.1% to HKD 78.6 million, primarily due to unrealized fair value losses on investment properties amounting to HKD 26 million[6] - Basic recurring profit fell by 13.0% to HKD 103.6 million[6] - Total revenue for the year ended December 31, 2024, was HKD 236,800,000, a decrease of 8.6% from HKD 259,200,000 in 2023, primarily due to weak performance in healthcare and property investment segments[14] - Healthcare segment revenue decreased by 11.3% to HKD 217,367,000, with a notable decline in sales from China, which dropped 17.2% to HKD 167,797,000[17][18] - Reported profit decreased by 25.1% to HKD 78,600,000, largely due to unrealized fair value losses on investment properties, which increased to HKD 23,900,000 from HKD 6,900,000 in 2023[15][16] - The property investment segment recorded a revenue of HKD 9,111,000, down 5.2% from HKD 9,612,000, with a significant loss of HKD 18,500,000 compared to HKD 7,100,000 in the previous year[21][22] - The financial investment segment saw a substantial increase in revenue by 134.7% to HKD 10,281,000, driven by higher interest income from increased term deposits[25] - Basic earnings per share decreased to HKD 25.2 from HKD 33.7, reflecting a 25.2% decline[15] - The company reported a net profit of HKD 78,629,000 for 2024, compared to HKD 105,039,000 in 2023, reflecting a decrease of 25.2%[58] - The company's profit attributable to equity holders decreased to HKD 78,629,000 in 2024 from HKD 105,039,000 in 2023, representing a decline of approximately 25.2%[70] - Basic and diluted earnings per share fell to HKD 0.252 in 2024 from HKD 0.337 in 2023, a decrease of about 25.3%[70] Dividends - Proposed final dividend of HKD 0.038 per share and special final dividend of HKD 0.067 per share, pending approval at the upcoming annual general meeting[7] - The company reported a total of HKD 62,328,000 in dividends for 2024, slightly down from HKD 63,886,000 in 2023, a decrease of about 2.4%[69] - The company has proposed a special final dividend of HKD 0.067 per share for 2024, down from HKD 0.082 per share in 2023, a decrease of approximately 18.3%[82] Market and Segment Performance - The healthcare segment remains the main revenue source despite a slowdown in sales post-pandemic, prompting a shift towards digital marketing and online sales channels[8] - The treasury investment segment performed well due to higher interest rates, helping to offset challenges faced by other segments[9] - Future focus will be on enhancing e-commerce growth and digital marketing strategies in the Chinese market, while also expanding in Southeast Asia[11] - The Hong Kong leasing market is expected to remain challenging, particularly for office and retail properties, with ongoing demand fluctuations[11] - The company maintains a cautious approach to asset management to improve occupancy rates and stabilize rental income[11] - Southeast Asia revenue increased by 7.3% to HKD 36,600,000, driven by strong sales growth in the Philippines[19] - The company remains optimistic about the Southeast Asian market outlook for 2025, despite potential challenges in the U.S. market due to higher import tariffs[20] - Revenue from the North America region increased significantly to HKD 11,907,000 in 2024 from HKD 7,294,000 in 2023, a growth of 63.5%[60] Asset and Liability Management - The total valuation of investment properties decreased by 11.1% to HKD 227,000,000, primarily due to a weakening office investment market in Hong Kong[32] - The company maintained a debt-to-equity ratio of 0.6% and a current ratio of 16.2 times as of December 31, 2024[33] - Non-current assets decreased to HKD 504,113,000 from HKD 590,191,000, representing a decline of 14.6%[41] - Current assets increased to HKD 339,241,000 from HKD 317,274,000, an increase of 6.9%[41] - Current liabilities decreased significantly to HKD 20,887,000 from HKD 44,185,000, a reduction of 52.8%[41] - The net asset value of the company was HKD 731,908,000, down 4.4% from HKD 765,183,000 in 2023[41] - The company reported a decrease in investment properties from HKD 255,264,000 to HKD 227,040,000, a decline of 11.0%[41] - The company’s long-term liabilities related to deferred tax decreased from HKD 51,015,000 to HKD 42,328,000, a decrease of 17.0%[41] - The company's total liabilities decreased to HKD 12,497,000 in 2024 from HKD 20,498,000 in 2023, a reduction of about 39.0%[73] Operational Efficiency - Total employee costs slightly decreased by 1.6% to HKD 43,300,000, primarily due to a reduction in management and employee bonus provisions[28] - Other operating expenses rose by 15.6% to HKD 28,200,000, with advertising and promotional expenses being the main contributor[29] - Financial costs decreased by 5.0% to HKD 584,000, attributed to lower bank loan balances despite an increase in interest rates[30] - Tax expenses decreased by 19.7% to HKD 19,100,000, mainly due to a decline in taxable operating profits from subsidiaries[31] - Operating profit for 2024 was HKD 98,347,000, down 23.9% from HKD 129,421,000 in 2023[58] Governance and Compliance - The company has adopted all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules[85] - The company has ensured compliance with the Standard Code for Securities Transactions by Directors during the year ending December 31, 2024[86] - The board of directors includes the chairman and CEO, Mr. Yan Wei Shan, and two other executive directors, ensuring a balance of power[87]

® : : 3 際 面 7日 TE 限 公 有 (於百慕邊註冊成立之有限公司) 股份代號:239 司* 中期報告 2024 3 本中期報告採用環保紙印製 ** 国际娱别 目 錄 2 公司資料 3 摘要 5 管理層討論及分析 | --- | --- | --- | --- | --- | |-------|--------------------------------------|-------|-------|-------| | | | | | | | 14 | 簡明中期財務資料的獨立核數師審閱報告 | | | | | 16 | 簡明綜合全面收益表 | | | | | 18 | 簡明綜合財務狀況表 | | | | | 20 | 簡明綜合權益變動表 | | | | | 21 | 簡明綜合現金流量表 | | | | | 22 | 簡明中期財務資料註釋 | | | | | 38 | 權益披露及其他資料 | | | | | | | | | | 公司資料 中環廣場42樓 | --- | --- | |---------------------------------------------------------- ...

Financial Performance - Revenue increased by 4.8% year-on-year to HKD 132,468,000, setting a new historical high[2] - Reported profit decreased by 15.3% to HKD 47,407,000, primarily due to fair value losses on investment properties[2] - Underlying recurring profit rose by 4.5% to HKD 61,710,000[2] - Basic earnings per share decreased by 15.6% to HKD 15.2 cents, while underlying recurring earnings per share increased by 4.8% to HKD 19.8 cents[2] - Total operating profit for the group was HKD 68,297,000 for the six months ended June 30, 2024, compared to HKD 60,883,000 for the same period in 2023, indicating an increase of 12.3%[11] - The group reported a net profit of HKD 55,993,000 for the six months ended June 30, 2024, compared to HKD 47,407,000 for the same period in 2023, reflecting a growth of 17.9%[11] - Reported profit for the six months was HKD 47,407,000, a decrease of 15.3% from HKD 55,993,000 in 2023, primarily due to unrealized fair value losses on investment properties[28] Dividends - Total dividends per share increased by 11.8% to HKD 9.5 cents[2] - The interim dividend declared is HKD 0.03 per share, totaling HKD 9,349,000, consistent with the previous year[18] - The special interim dividend is HKD 0.065 per share, amounting to HKD 20,257,000, an increase from HKD 0.055 per share in the previous year[18] Assets and Liabilities - The total assets of the group as of June 30, 2024, amounted to HKD 935,067,000, up from HKD 907,465,000 as of December 31, 2023, representing a growth of 3.1%[12] - The group’s total liabilities increased to HKD 183,657,000 as of June 30, 2024, from HKD 142,282,000 as of December 31, 2023, marking a rise of 29.1%[12] - Shareholders' equity decreased by 1.8% to HKD 751,410,000[7] - Net asset value per share decreased by 2.0% to HKD 2.41[7] - The group's accounts receivable decreased to HKD 15,353,000 as of June 30, 2024, from HKD 27,470,000 as of December 31, 2023, representing a decline of approximately 44%[20] - Total liabilities decreased to HKD 17,924,000 as of June 30, 2024, compared to HKD 21,970,000 as of December 31, 2023[23] - The total amount of accounts payable increased to HKD 16,311,000 as of June 30, 2024, from HKD 20,498,000 as of December 31, 2023[23] Segment Performance - The healthcare segment reported external sales revenue of HKD 123,442,000 for the six months ended June 30, 2024, compared to HKD 120,942,000 for the same period in 2023, reflecting a growth of 1.2%[11] - The healthcare segment's operating profit was HKD 76,974,000 for the six months ended June 30, 2024, compared to HKD 73,666,000 for the same period in 2023, showing an increase of 4.9%[11] - Healthcare segment revenue grew by 2.1% to HKD 123,442,000, while property investment revenue increased by 9.6% to HKD 4,752,000, and financial investment revenue surged by 275.6% to HKD 4,274,000[27] - The healthcare segment's profit increased by 4.5% to HKD 76,974,000, with revenue from North America rising significantly by 85.7% to HKD 3,495,000[30][31] - Property investment segment revenue increased by 9.6% to HKD 4,752,000, driven by higher rental income in the UK, although offset by a decrease in rental income in Hong Kong[32] - The property investment segment reported a loss of HKD 10,763,000, a significant increase from a loss of HKD 180,000 in 2023, mainly due to unrealized fair value losses[33] Market Outlook - The group remains cautiously optimistic about the second half of 2024 despite potential valuation fluctuations in the property investment segment[1] - The group maintains a cautious outlook for the second half of 2024, focusing on growth opportunities in the healthcare segment despite economic uncertainties[48] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with most provisions, except for the separation of roles between the chairman and CEO[53] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power[54] - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance during the reporting period[55] - The audit committee, composed of three independent non-executive directors, reviewed the interim financial information for the six months ending June 30, 2024[56] - The board of directors includes three executive directors and three independent non-executive directors, ensuring diverse perspectives[57] Other Information - The group is currently evaluating the potential impact of new and revised Hong Kong Financial Reporting Standards that will take effect on January 1, 2024, but has not yet estimated their effects on performance and financial position[9] - The company will suspend the handling of shareholder registration from October 2, 2024, to October 4, 2024, to qualify for interim and special interim dividends[50] - No arrangements were made during the period for directors to purchase shares or bonds of the company or any other entity for personal gain[51] - The company did not buy, sell, or redeem any of its listed securities during the period[52] - The group has pledged investment properties valued at HKD 104,648,000 as collateral for bank borrowings, which is a decrease from HKD 107,184,000 in the previous year[26] - The group’s deferred tax liabilities increased to HKD 13,173,000 from HKD 12,008,000 year-on-year[6] - Employee costs rose by 11.3% to HKD 20,871,000 (2023: HKD 18,746,000), reflecting annual salary increases[37] - Other operating expenses increased by 29.1% to HKD 14,009,000 (2023: HKD 10,849,000), with advertising and promotion expenses contributing to the rise[38] - The group's investment property portfolio was valued at HKD 239,678,000 as of June 30, 2024, a decrease of 6.1% from HKD 255,264,000 as of December 31, 2023[41] - The capital-to-equity ratio was 0.5% as of June 30, 2024, compared to 0.6% as of December 31, 2023, indicating prudent financial management[42]

Financial Performance - The group reported a comprehensive income statement for the year ending December 31, 2023, with detailed financial performance outlined on pages 39 and 40[26]. - The company reported a total comprehensive income attributable to owners of HKD 24,123,000 for the year[86]. - The company reported a net profit of HKD 105,039,000 for the year, reflecting a significant contribution to retained earnings[117]. - The total comprehensive income attributable to the owners of the company for the year is HKD 105,638,000, after accounting for other comprehensive losses[117]. - Cash generated from operations for the year ended December 31, 2023, was HKD 152,286,000, compared to HKD 50,095,000 in 2022, representing a significant increase[87]. - Net cash generated from operating activities was HKD 147,899,000, up from HKD 39,920,000 in the previous year[87]. - The company’s cash and cash equivalents increased to HKD 262,660,000 as of December 31, 2023, from HKD 146,875,000 at the beginning of the year[87]. - The company’s total assets as of December 31, 2023, were HKD 707,225,000, slightly down from HKD 707,722,000 at the beginning of the year[86]. - The company’s total assets as of December 31, 2023, amount to HKD 749,601,000, indicating a stable financial position[117]. - The company’s liabilities as of the same date are recorded at HKD 37,283,000, showing a manageable debt level[117]. - The company’s retained earnings increased to HKD 447,718,000 as of December 31, 2023, from HKD 441,506,000 at the beginning of the year[86]. Dividends and Shareholder Communication - The group has established a dividend policy, which allows for the declaration and recommendation of dividends to be determined by the board based on operational performance, financial condition, and capital needs[7]. - The company paid dividends totaling HKD 47,629,000 during the year, compared to HKD 24,585,000 in the previous year[87]. - The company declared a proposed final dividend of HKD 25,555,000 and a special final dividend of HKD 11,842,000[117]. - The total amount distributed to owners during the year was HKD 47,680,000, which includes interim and special dividends[117]. - The board has adopted a shareholder communication policy to ensure effective and ongoing communication with shareholders[21]. Risk Management and Internal Controls - The group has implemented effective risk management mechanisms and internal control systems as of December 31, 2023[19]. - The group regularly reviews internal policies related to supply chain management to minimize environmental and social risks[17]. - The board is responsible for preparing the consolidated financial statements, ensuring compliance with applicable regulations and accounting principles[11]. Supplier and Customer Relationships - The group maintains strong relationships with suppliers, with the top five suppliers accounting for approximately 84.0% of total procurement value during the year[15]. - The top five distributors accounted for approximately 61.9% of the group's total revenue during the year[55]. - The top five customers accounted for 61.9% of the total revenue, with the largest customer contributing 16.4%[72]. - The group has established partnerships with major distributors ranging from several years to over 30 years[55]. - The group has established guidelines for selecting and introducing new suppliers and/or new products[16]. Employee Training and Compensation - The group provided approximately 585 hours of training to employees during the year[50]. - The group is committed to maintaining a competitive compensation policy for employees[8]. Financial Assets and Accounting Policies - The group continues to recognize financial assets if it retains the majority of risks and rewards associated with the transferred financial assets[128]. - Financial assets classified at amortized cost include accounts receivable, other receivables, bank balances, and cash[130]. - The group applies a simplified approach to calculate expected credit losses for accounts receivable and notes receivable, establishing a provision matrix based on historical credit loss experience[142]. - The expected credit loss over the entire lifetime of financial instruments considers all possible default events that may occur during the expected term[166]. - Financial assets measured at fair value through profit or loss include equity securities, debt securities, private equity funds, and mutual funds[132]. - The group assumes that financial instruments' credit risk significantly increases if contractual payments are overdue by more than 30 days[141]. - The group will reclassify affected financial assets in the first interim report period following a change in its business model for managing financial assets[129]. - The group recognizes any subsequently recovered amounts from written-off financial assets in profit or loss[144]. - The group evaluates whether the credit risk of financial instruments has significantly increased since initial recognition by comparing default risk at settlement date with that at initial recognition[168]. - The group’s accounting policies for impairment testing and recognition are consistent with those applied at the end of the financial year[185]. Revenue Recognition - The group confirms revenue when the right to receive dividends from financial assets is established and the amount can be reliably measured[197]. - The group’s performance obligations are fulfilled when control of the goods is transferred to the customer, which may occur at the time of delivery or when the customer obtains control[198]. - The group recognizes contract liabilities until they are confirmed as revenue, typically requiring customers to pay in full or in part before delivery of goods[179]. - The group’s contract assets are presented when goods are transferred to customers before payment is received, excluding amounts presented as receivables[200]. - Any significant estimation differences in variable costs will be analyzed and considered in the current estimates and assessments[178]. - The group provides rebates to selected customers and discounts to selected chain stores, estimating variable costs based on agreed rebate percentages and estimated annual sales[178]. Corporate Governance - The board believes that the current structure provides sufficient power balance and safeguards against any potential conflicts of interest[59]. - The group did not purchase, sell, or redeem any of its listed shares during the year[187]. - The group does not have any provisions for preferential rights for existing shareholders regarding the issuance of new shares[188]. - The group held its annual general meeting on June 7, 2023, where all resolutions were passed by shareholders[20].

Revenue Growth - In 2023, the revenue from the healthcare segment reached HKD 245,165,000, an increase from HKD 139,452,000 in 2022, representing a growth of 76.0%[19] - The property investment segment reported revenue of HKD 9,612,000 in 2023, up 34.8% from HKD 7,132,000 in 2022[19] - The UK retail/residential segment saw a significant revenue increase of 74.1%, from HKD 3,057,000 in 2022 to HKD 5,323,000 in 2023[3] - Revenue from the China region was HKD 210,207,000 in 2023, up from HKD 105,673,000 in 2022, indicating a growth of about 99%[22] - Southeast Asia contributed HKD 35,067,000 in revenue for 2023, compared to HKD 26,670,000 in 2022, reflecting a growth of approximately 31%[22] - The group's operating revenue for 2023 reached HKD 259,158,000, a significant increase from HKD 147,200,000 in 2022, representing a growth of approximately 76%[27] - The total revenue for the year 2023 was HKD 259,158,000, an increase of approximately 76% from HKD 147,200,000 in 2022[73] - The healthcare division's revenue rose by 75.8% to HKD 245,165,000 in 2023, with notable contributions from the Chinese market, which saw a 100% increase in sales[119][121] Profitability - The company reported a net profit of HKD 105,039,000 for the year 2023, a significant increase from HKD 29,955,000 in 2022[19][21] - The company's profit attributable to equity holders increased significantly to HKD 105,039,000 in 2023 from HKD 29,955,000 in 2022, representing a substantial growth[40] - Reported profit surged by 250.7% to HKD 105,039,000 compared to HKD 29,955,000 in the previous year[102] - The group reported a net operating profit of HKD 129,421,000 for 2023, significantly higher than HKD 38,414,000 in 2022, marking an increase of approximately 236%[73] - The underlying recurring profit increased by 195.9% to HKD 119,078,000 in 2023, compared to HKD 40,243,000 in 2022, reflecting strong sales momentum post-border reopening[113] Expenses and Liabilities - The total operating expenses for 2023 were HKD 24,424,000, down from HKD 27,832,000 in 2022, representing a decrease of approximately 12%[31] - The total liabilities increased from HKD 115,911,000 in 2022 to HKD 142,282,000 in 2023[21] - The company’s total liabilities increased to HKD 20,498,000 in 2023 from HKD 11,313,000 in 2022, indicating a rise in financial obligations[47] - Employee costs increased by 27.1% to HKD 44,035,000, primarily due to annual salary adjustments and special bonuses for management, aligning with better financial results compared to 2022[43] Dividends - The company declared an interim dividend of 3.0 HK cents per share in 2023, up from 2.3 HK cents in 2022, and a special interim dividend of 5.5 HK cents, which was not declared in the previous year[39] - The company plans to propose a final dividend of HKD 0.038 per share and a special final dividend of HKD 0.082 per share, compared to HKD 0.030 per share in 2022 for the special dividend[62] - The company plans to distribute a total dividend of HKD 20.5 per share, up 125.3% from HKD 9.1 per share in the previous year[105] Assets and Investments - The total assets of the company as of December 31, 2023, amounted to HKD 907,465,000, compared to HKD 823,136,000 in 2022[19][21] - Non-current assets in China decreased to HKD 462,247,000 in 2023 from HKD 479,523,000 in 2022, a decline of about 4%[23] - The group's investment properties had a book value of approximately HKD 107,184,000 as of December 31, 2023, compared to HKD 109,976,000 in 2022, reflecting a decrease of about 2%[54] - The valuation of the group's investment properties decreased by 3.7% to HKD 255,264,000 as of December 31, 2023, down from HKD 264,937,000 in 2022[89] Strategic Focus - The company plans to focus on high-demand markets like Hong Kong, which may lead to reduced production for other markets[2] - The company aims to enhance its brand strength in China through increased online advertising and promotional activities[121] - The company acknowledges ongoing economic uncertainties but remains optimistic about stable prospects for 2024, driven by operational excellence and strategic investments[110] - The company plans to maintain a prudent investment strategy despite fluctuations in property valuations, focusing on sustainable growth and long-term value creation[110] Employee and Workforce - The group employed 102 staff as of December 31, 2023, an increase from 95 staff in 2022, indicating a growth in workforce[71] Taxation - The actual tax rate for the year was 18.5%, down from 20.7% in 2022, reflecting changes in deductible expenses and non-taxable income[38] - The group's tax expenses increased significantly from HKD 7,815,000 to HKD 23,767,000 due to higher taxable operating profits[87]

Financial Performance - Revenue increased by 124.9% year-on-year to HKD 126,414,000 compared to HKD 56,202,000 in the same period last year[3][9] - The group's underlying recurring profit surged by 659.0% to HKD 59,054,000 from HKD 7,779,000 year-on-year[3][11] - Reported profit for the first half of 2023 was HKD 55,993,000, a significant turnaround from a loss of HKD 2,207,000 in the same period last year[4][10] - Earnings per share for reported profit was HKD 0.18, compared to a loss of HKD 0.007 per share in the previous year[10] - Total comprehensive income attributable to owners for the period was approximately HKD 71,899,000, compared to a loss of HKD 12,418,000 in the previous year[12] - The company reported a profit of HKD 2,750,000 in the financial investment segment, compared to a loss of HKD 4,110,000 in 2022[20] - The group recorded a net revaluation loss of HKD 5,293,000 for investment properties in the UK, compared to a loss of HKD 4,101,000 for the same period last year[31] - The operating profit for the period was HKD 68,297, compared to HKD 1,189 in the previous year, indicating a substantial improvement[47] - The group reported a profit of HKD 55,993 for the period, a significant recovery from a loss of HKD 2,207 in the same period last year[47] - The total comprehensive income attributable to the company's owners for the six months ended June 30, 2023, was HKD 71,899,000, compared to a loss of HKD 12,418,000 in the same period of 2022[103] Revenue Segmentation - The healthcare segment generated revenue of HKD 120,942,000, reflecting a 128.0% increase from the previous year's figures[9][11] - The property investment segment reported revenue of HKD 4,334,000, up 39.0% from the previous year[9][11] - The financial investment segment saw a dramatic increase in revenue to HKD 1,138,000, a rise of 3,824.1% year-on-year[9][11] - Healthcare segment revenue increased by 128.0% to HKD 120,942,000 compared to HKD 53,055,000 in 2022[13] - Profit from the healthcare segment surged by 296.7% to HKD 73,666,000 from HKD 18,571,000 in 2022[13] - Property investment revenue increased by 39.0% to HKD 4,334,000 from HKD 3,118,000 in 2022[16] - Income from financial investments surged by 3,824.1% to HKD 1,138,000 from HKD 29,000 in 2022[19] Market Performance - Sales in the Chinese market rose by 176.2%, driven by the reopening of cross-border travel and improved consumer sentiment[13] - Southeast Asia sales grew significantly, attributed to aggressive advertising campaigns in the Philippines and strong performance in Singapore[14] - The company expects continued sales momentum in the Chinese market for the remainder of the fiscal year[5] - The company anticipates continued sales momentum in the Chinese market for the remainder of the year, driven by strong local demand and a tight labor market in Hong Kong[88] Assets and Liabilities - The group’s total assets as of June 30, 2023, amounted to HKD 913,561, an increase from HKD 823,136 at the end of the previous year[43] - The group’s total liabilities were reported at HKD 115,911, compared to HKD 96,840 at the end of the previous year, indicating an increase in financial obligations[43] - The group’s total liabilities included bank borrowings due within one year amounting to HKD 5,488,000 as of June 30, 2023, slightly down from HKD 5,496,000 as of December 31, 2022[62] - The total accounts payable and other payables as of June 30, 2023, amounted to HKD 14,501,000, an increase from HKD 12,231,000 as of December 31, 2022[63] Cash Flow and Dividends - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 61,051,000, compared to HKD 8,685,000 in the same period of 2022[110] - The company paid dividends amounting to HKD 17,452,000 during the reporting period[109] - The company declared an interim dividend of HKD 0.03 per share and a special interim dividend of HKD 0.055 per share, totaling HKD 26,489,000, compared to HKD 7,168,000 in the previous year[70] - The company proposed a final dividend of HKD 0.038 per share, totaling HKD 11,842,000, and a special dividend of HKD 0.03 per share, totaling HKD 9,349,000, which was approved by shareholders on June 7, 2023[125] Employee and Operational Metrics - Employee costs increased by 9.3% to HKD 18,746,000 from HKD 17,158,000 in 2022[23] - The workforce increased to 99 employees as of June 30, 2023, up from 95 employees at the end of 2022, indicating growth in operational capacity[87] - New machinery will be purchased and installed to enhance production capacity in response to market demand[88] Financial Management - The group’s financial costs decreased slightly to HKD 434 from HKD 457 in the previous year, showing improved cost management[44] - Other operating expenses decreased by 17.6% to HKD 10,849,000 compared to HKD 13,166,000 in 2022, reflecting a lower percentage of total revenue at 8.6% versus 23.4% in 2022[54] - The company has maintained sufficient cash and marketable securities to meet its short-term liabilities and operational needs[83] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with the code provisions during the reporting period, except for certain deviations[141] - The audit committee, composed of three independent non-executive directors, reviewed the interim financial information for the six months ended June 30, 2023[143] - The company has ensured that external auditors are present at the annual general meeting to address questions regarding audit work and independence, although unforeseen events prevented their attendance at the last meeting[142] - The company confirmed that all directors complied with the standards set out in the securities trading code during the reporting period[143]