Core Viewpoint - The company anticipates a decrease in net profit attributable to shareholders for the six months ending June 30, 2025, to approximately HKD 39.7 million, down from HKD 47.4 million in the same period of 2024 [1] Financial Performance - The expected decline in net profit is primarily due to a reduction in total revenue by approximately HKD 37.8 million compared to the same period in 2024, leading to a decrease in overall profitability [1] - The company recorded a decrease in unrealized fair value losses on investment properties to approximately HKD 7.1 million, compared to HKD 14.8 million in the same period of 2024, partially offsetting the impact of reduced revenue [1] - Tax expenses are expected to decrease by approximately HKD 4.7 million, mainly due to a reduction in taxable profits [1] Cash Flow and Financial Health - The unrealized fair value losses are non-cash in nature, thus having no impact on the company's operating cash flow [1] - The overall financial condition of the company remains stable [1]

Core Viewpoint - The company anticipates a decrease in net profit attributable to shareholders for the six months ending June 30, 2025, to approximately HKD 39.7 million, down from HKD 47.4 million for the same period in 2024 [1] Financial Performance - The expected reduction in net profit is primarily due to a decrease in total revenue of approximately HKD 37.8 million compared to the same period in 2024, leading to a decline in overall profitability [1] - The company reported a reduction in unrealized fair value losses on investment properties to approximately HKD 7.1 million, compared to HKD 14.8 million in the same period of 2024 [1] - Tax expenses decreased by approximately HKD 4.7 million, mainly due to a reduction in taxable profits [1]

Core Viewpoint - The company anticipates a decrease in consolidated net profit attributable to shareholders for the six months ending June 30, 2025, to approximately HKD 39.7 million, down from HKD 47.4 million for the same period in 2024 [1] Financial Performance - The expected decrease in net profit is primarily due to a reduction in total revenue of approximately HKD 37.8 million compared to the same period in 2024, leading to a decline in overall profitability [1] - The company reported a decrease in unrealized fair value losses on investment properties, which reduced to approximately HKD 7.1 million, compared to HKD 14.8 million in the same period of 2024 [1] - Tax expenses decreased by approximately HKD 4.7 million, mainly due to a reduction in taxable profits [1]

Core Viewpoint - The company, White Flower Oil (00239.HK), anticipates a decrease in consolidated net profit attributable to shareholders for the six months ending June 30, 2025, to approximately HKD 39.7 million, down from HKD 47.4 million for the same period in 2024 [1] Financial Performance - The expected decline in net profit is primarily due to a decrease in total revenue of approximately HKD 37.8 million compared to the same period in 2024, leading to a reduction in overall profitability [1] - The company recorded a reduction in unrealized fair value losses on investment properties to approximately HKD 7.1 million, compared to HKD 14.8 million in the same period of 2024, partially offsetting the impact of reduced revenue [1] - Tax expenses decreased by approximately HKD 4.7 million, mainly due to a reduction in taxable profits [1] Cash Flow and Financial Health - The unrealized fair value losses are non-cash in nature, thus having no impact on the company's operating cash flow [1] - The overall financial condition of the company remains stable [1]

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 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00239 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 311,640,000 | | | 0 | | 311,640,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | 311,640,000 | | | 0 | | 311,640,000 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 白花油國際有限公司 (於百慕達註冊成立之有限公司) 呈交日 ...

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]

[Performance Summary](index=4&type=section&id=%E6%91%98%E8%A6%81) The company's H1 2024 revenue grew 4.8% to HKD 132.47 million, with underlying recurring profit up 4.5%, though reported profit fell 15.3% due to expanded fair value losses on investment properties [Performance Highlights](index=4&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) H1 2024 revenue reached a record HKD 132.47 million, up 4.8%, with underlying recurring profit increasing 4.5%, but reported profit declined 15.3% due to expanded fair value losses on investment properties H1 2024 Performance Summary | Metric | H1 2024 (HK$'000) | H1 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 132,468 | 126,414 | +4.8% | | Reported Profit | 47,407 | 55,993 | -15.3% | | Underlying Recurring Profit | 61,710 | 59,054 | +4.5% | | EPS (Reported) | 15.2 HK cents | 18.0 HK cents | -15.6% | | EPS (Underlying) | 19.8 HK cents | 18.9 HK cents | +4.8% | | Total Dividend Per Share | 9.5 HK cents | 8.5 HK cents | +11.8% | - The primary reason for the decline in reported profit was the expanded fair value losses on investment properties[5](index=5&type=chunk)[8](index=8&type=chunk) - Underlying recurring profit, excluding unrealized fair value changes of financial assets and investment properties, better reflects the Group's core business performance[6](index=6&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) H1 2024 total revenue grew 4.8% to HKD 132.47 million, driven by strong treasury and property investment segments, while healthcare saw moderate growth and reported profit fell 15.3% due to expanded investment property fair value losses Revenue by Business Segment (Six Months Ended June 30) | Business Segment | 2024 (HK$'000) | 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Healthcare | 123,442 | 120,942 | +2.1% | | Property Investment | 4,752 | 4,334 | +9.6% | | Treasury Investment | 4,274 | 1,138 | +275.6% | | **Total** | **132,468** | **126,414** | **+4.8%** | Reconciliation of Underlying Recurring Profit to Reported Profit (Six Months Ended June 30) | Item | 2024 (HK$'000) | 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Underlying Recurring Profit | 61,710 | 59,054 | +4.5% | | Unrealized Fair Value Changes of Financial Assets | 481 | 532 | - | | Unrealized Fair Value Changes of Investment Properties | (14,784) | (3,593) | - | | **Reported Profit** | **47,407** | **55,993** | **-15.3%** | [Operating Review](index=8&type=section&id=%E7%87%9F%E9%81%8B%E5%9B%9E%E9%A1%A7) The Group's three business segments showed varied performance, with healthcare growing moderately, property investment revenue up but incurring losses from valuation declines, and treasury investment significantly boosted by higher interest rates [Healthcare](index=8&type=section&id=%E9%86%AB%E7%99%82%E4%BF%9D%E5%81%A5) Healthcare segment revenue grew 2.1% to HKD 123.44 million, with strong growth in North America and Southeast Asia offsetting a slight decline in Greater China, while segment profit increased 4.5% Healthcare Segment Revenue by Region (Six Months Ended June 30) | Region | 2024 (HK$'000) | 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Greater China (Mainland, Hong Kong, Macau) | 95,660 | 98,560 | -2.9% | | Southeast Asia | 24,108 | 20,287 | +18.8% | | North America | 3,495 | 1,882 | +85.7% | | Other Regions | 179 | 213 | -16.0% | | **Total Segment Revenue** | **123,442** | **120,942** | **+2.1%** | - Segment profit increased by **4.5%** year-on-year to **HKD 76.97 million**[11](index=11&type=chunk) [Property Investment](index=9&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) Property investment revenue grew 9.6% to HKD 4.75 million due to UK rent increases, but segment results turned to a HKD 10.76 million loss from expanded fair value losses in Hong Kong and Singapore Property Investment Segment Revenue by Region (Six Months Ended June 30) | Region | 2024 (HK$'000) | 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong (Office & Residential) | 1,723 | 1,883 | -8.5% | | Singapore (Industrial) | 158 | 159 | -1.0% | | United Kingdom (Retail/Residential) | 2,871 | 2,292 | +25.3% | | **Total Segment Revenue** | **4,752** | **4,334** | **+9.6%** | - The segment recorded a loss of **HKD 10.76 million**, primarily due to increased unrealized fair value losses on investment properties[14](index=14&type=chunk)[15](index=15&type=chunk) [Treasury Investment](index=10&type=section&id=%E8%B2%A1%E8%B3%87%E6%8A%95%E8%B3%87) Treasury investment segment revenue, primarily interest income, surged 275.6% to HKD 4.27 million, with underlying recurring segment profit up 67.4%, driven by higher bank deposits and favorable interest rates Treasury Investment Segment Performance (Six Months Ended June 30) | Metric | 2024 (HK$'000) | 2023 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Segment Revenue | 4,274 | 1,138 | +275.6% | | Underlying Recurring Segment Profit | 3,713 | 2,218 | +67.4% | | Segment Result (Profit) | 4,194 | 2,750 | +52.5% | [Financial Review](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group maintains a robust financial position with a 0.5% gearing ratio and 4.4x current ratio, despite increased staff costs and operating expenses, and a 6.1% decline in investment property valuation - Staff costs increased by **11.3%** year-on-year to **HKD 20.87 million**, primarily reflecting annual salary increments[19](index=19&type=chunk) - Other operating expenses increased by **29.1%** year-on-year to **HKD 14.01 million**, mainly due to higher advertising and promotion expenses[20](index=20&type=chunk) - The investment property portfolio valuation was **HKD 240 million** as of June 30, 2024, a **6.1%** decrease from end-2023, mainly due to the weak Hong Kong office market[25](index=25&type=chunk) - The Group maintained an extremely low gearing ratio of **0.5%** and a current ratio of **4.4 times**, indicating a healthy financial position[26](index=26&type=chunk) [Outlook](index=14&type=section&id=%E5%B1%95%E6%9C%9B) Despite an uncertain economic outlook, the Group remains cautiously optimistic for H2 2024, focusing on innovation and market expansion for healthcare growth, while prudently managing property investments amidst valuation pressures - The Group maintains a cautiously optimistic outlook for H2 2024, aiming to capitalize on growth opportunities in core markets to drive sustained growth in the healthcare segment[32](index=32&type=chunk) - The property investment segment is expected to face ongoing valuation volatility due to real estate market fluctuations, but the Group will focus on prudent management to secure stable rental income[32](index=32&type=chunk) [Condensed Interim Financial Information](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Independent Auditor's Review Report](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E7%8D%A8%E7%AB%8B%E6%95%B8%E5%B8%AB%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Auditors Fuyue Mazars CPA Limited reviewed the Group's condensed interim financial information, concluding no material non-compliance with HKAS 34 'Interim Financial Reporting' - The auditors issued an unqualified review report on the interim financial information[37](index=37&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2024, revenue grew 4.8% to HKD 132.47 million, but operating profit and profit attributable to owners declined 15.3% to HKD 47.41 million due to expanded investment property revaluation losses Summary of Condensed Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Item | 2024 (HK$'000) | 2023 (HK$'000) | | :--- | :--- | :--- | | Revenue | 132,468 | 126,414 | | Operating Profit | 60,883 | 68,297 | | Profit Before Tax | 60,443 | 67,863 | | **Profit for the Period Attributable to Owners** | **47,407** | **55,993** | | **Basic Earnings Per Share** | **15.2 HK cents** | **18.0 HK cents** | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2024, total assets increased to HKD 935.07 million, while total equity slightly decreased by 1.8% to HKD 751.41 million, with a notable increase in cash and bank balances Summary of Condensed Consolidated Statement of Financial Position | Item | As at June 30, 2024 (HK$'000) | As at December 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Non-current Assets | 543,454 | 590,191 | | Current Assets | 391,613 | 317,274 | | **Total Assets** | **935,067** | **907,465** | | Current Liabilities | 90,003 | 44,185 | | Non-current Liabilities | 93,654 | 98,097 | | **Total Liabilities** | **183,657** | **142,282** | | **Total Equity** | **751,410** | **765,183** | [Condensed Consolidated Statement of Cash Flows](index=22&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) H1 2024 net cash from operating activities surged 44.4% to HKD 88.18 million, leading to a net increase in cash and cash equivalents of HKD 76.09 million, with the period-end balance reaching HKD 338.69 million Summary of Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Item | 2024 (HK$'000) | 2023 (HK$'000) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 88,181 | 61,051 | | Net Cash Used in Investing Activities | (11,207) | (631) | | Net Cash Used in Financing Activities | (883) | (572) | | **Net Increase in Cash and Cash Equivalents** | **76,091** | **59,848** | | **Cash and Cash Equivalents at End of Period** | **338,689** | **229,463** | [Notes to the Condensed Interim Financial Information](index=23&type=section&id=%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E8%A8%BB%E9%87%8B) The notes detail accounting policies, segment information, dividends, EPS, and asset/liability specifics, highlighting healthcare as the core revenue source, declared interim dividends, and fair value changes in investment properties - Operating segment information indicates that the healthcare segment contributed the vast majority of revenue and segment results[48](index=48&type=chunk) - The Directors declared an interim dividend of **3.0 HK cents** per share and a special interim dividend of **6.5 HK cents** per share, totaling **9.5 HK cents** per share[56](index=56&type=chunk)[55](index=55&type=chunk) - Fair value changes of investment properties primarily resulted from revaluation losses on properties in Hong Kong and the United Kingdom[57](index=57&type=chunk) [Disclosure of Interests and Other Information](index=39&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Directors' and Chief Executives' Interests in Securities](index=39&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E6%AC%8A%E7%9B%8A) As of June 30, 2024, Mr. Ngan Wai Shan and Mr. Ngan Fook Wah held 30.46% and 23.51% of shares respectively, with Mr. Jonathan William Brooke holding 12.00% as a substantial shareholder Major Directors' Shareholdings | Director's Name | Total Number of Shares Held | Percentage of Issued Shares | | :--- | :--- | :--- | | Mr. Ngan Wai Shan | 94,912,322 | 30.46% | | Mr. Ngan Fook Wah | 73,274,799 | 23.51% | - Substantial shareholder Mr. Jonathan William Brooke held **37,397,500 shares**, representing **12.00%** of the issued shares[75](index=75&type=chunk)[77](index=77&type=chunk) [Corporate Governance](index=42&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company adheres to the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined, though the Board believes sufficient balance of power is maintained through other directors and the Audit Committee - The company complies with the Corporate Governance Code, with a deviation where the roles of Chairman and Chief Executive Officer are combined and held by the same individual, Mr. Ngan Wai Shan[83](index=83&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim financial information and report[85](index=85&type=chunk)

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]