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8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 順豪控股有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 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) | 00253 | 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 | | | 304,368,750 | | 0 | | 304,368,750 | | 增加 / 減少 (-) | | | | | | | | ...

Core Viewpoint - The company Sierte (002538.SZ) is under investigation for information disclosure violations, leading to a significant drop in its stock price and raising concerns about its financial integrity [2][3]. Group 1: Investigation and Regulatory Actions - The China Securities Regulatory Commission (CSRC) has decided to investigate Sierte for suspected violations of information disclosure laws [2]. - Following the announcement, Sierte's stock price fell by 7.71%, closing at 5.03 yuan per share, with a total market capitalization of 4.293 billion yuan [2]. - The company has previously issued non-standard opinions on its 2023 and 2024 annual reports due to potential fictitious transactions affecting its financial statements [2][3]. Group 2: Financial Performance and Anomalies - In the first half of 2025, Sierte reported total revenue of 2.183 billion yuan, a year-on-year increase of 7.15%, but its net profit decreased by 43.60% to 95 million yuan [6]. - The company has experienced significant fluctuations in its financial performance, with a net profit decline of 75.79% in 2023, adjusted to 131 million yuan from an initial 1.22 billion yuan [5]. - The company's total assets as of June 30, 2025, were 6.326 billion yuan, a decrease of 0.92% from the beginning of the year [7]. Group 3: Management and Internal Issues - Allegations against former management personnel, including Huang Xili, involve embezzlement and fraudulent activities that have led to significant financial discrepancies [3][4]. - The company has indicated that the ongoing investigation may further impact its financial statements, necessitating potential adjustments based on the final conclusions of the investigation [3][4]. - Independent directors have expressed concerns regarding the authenticity of the company's financial reports due to the unresolved nature of the embezzlement case [5].

Core Viewpoint - The company, Si Er Te (002538), is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its financial reporting and operations [1][2]. Group 1: Regulatory Actions - On September 1, the company received a notice from the CSRC regarding the initiation of a case due to alleged information disclosure violations [1]. - The company had previously received a corrective action decision from the Anhui Securities Regulatory Bureau in April, highlighting issues with its subsidiary's labor engineering business and accounting practices from 2021 to 2023 [2]. Group 2: Financial Performance - For the first half of 2025, the company reported total revenue of 2.183 billion yuan, a year-on-year increase of 7.15%, but a significant decline in operating profit and net profit, down 40.92% and 43.60% respectively [3]. - The total assets at the end of the reporting period were 6.326 billion yuan, a decrease of 0.92% from the beginning of the year, while the equity attributable to shareholders was 5.306 billion yuan, down 0.11% [3]. Group 3: Internal Control and Management Issues - The company has acknowledged issues with internal controls, particularly related to former management personnel who allegedly fabricated costs to misappropriate funds, leading to a police report for suspected embezzlement [2]. - Two board members expressed concerns over the accuracy and completeness of the financial report due to ongoing investigations, indicating potential undisclosed transactions that could further impact financial statements [4].

司尔特突发！ 9月1日晚间，司尔特（002538）公告称，公司当日收到中国证监会对公司送达的《立案告知书》，公司 因涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司进行立案。 公司表示，目前公司生产经营活动正常，该事项不会对公司生产经营产生重大影响。 司、温州某建设工程有限公司、福建某建设集团有限公司的劳务工程业务及陕西某建设集团有限公司的 台车掘进业务不真实，成本费用核算不符合企业会计准则，导致公司定期报告披露不准确，违反了《上 市公司信息披露管理办法》第三条第一款的规定。 据悉，2023年底，公司管理层在日常管理过程中发现金某辉、黄某利等部分原管理人员存在虚构成本、 费用套取公司资金的情况并向宁国市公安局以涉嫌职务侵占犯罪报案，公司已于2024年1月18日进行相 关信息披露。2025年1月—3月，安徽监管局对公司及全资子公司贵州路发实业有限公司进行现场检查并 发现《决定书》所述违规问题。 随后，公司发布了相关整改报告。包括更正《决定书》明确载明事项导致的会计差错，追溯调整财务数 据；对内部控制进行具体整改等。 在2025年半年报中，公司及董事会特别提示：公司已根据《决定书》的相关认定，对202 ...

Core Viewpoint - The company Si Er Te is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its financial reporting and operations [1][2]. Group 1: Investigation Details - On September 1, Si Er Te announced that it received a notice from the CSRC regarding the initiation of an investigation due to suspected information disclosure violations [2]. - As of September 1, the company's stock price was 5.45 yuan per share, with a total market capitalization of 4.7 billion yuan [1]. - The company has approximately 45,000 shareholders as of the end of the second quarter [1]. Group 2: Company Operations and Impact - Si Er Te stated that it does not have any other undisclosed significant matters and that its production and operational activities are normal, indicating that the investigation will not have a major impact on its operations [4]. - The company has not yet received a final conclusion from the CSRC regarding the investigation, and the outcome will depend on the CSRC's findings [4]. Group 3: Previous Violations and Management Issues - The CSRC's Anhui bureau previously imposed administrative measures on Si Er Te due to issues related to false labor project business and improper cost accounting from 2021 to 2023, which led to inaccurate disclosures in periodic reports [5]. - The company reported that some former management personnel were involved in fabricating costs and misappropriating company funds, leading to a police report for suspected embezzlement [5]. - The ongoing investigation may reveal additional fictitious transactions that could further impact the company's financial statements for the first half of 2025 [6]. Group 4: Company Profile - Si Er Te specializes in the research, production, sales, and service of various fertilizers, including phosphate fertilizers, specialized soil testing fertilizers, organic fertilizers, and new types of fertilizers [6]. - The company focuses on reducing chemical fertilizer usage while improving quality and efficiency, utilizing soil testing and improvement as key strategies [6].

Core Viewpoint - The company Sierte (002538) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged violations of information disclosure laws, which may impact its financial reporting and operations [1][2]. Group 1: Regulatory Actions - On September 1, the company announced it received a "Notice of Investigation" from the CSRC due to suspected violations of information disclosure regulations [1]. - In April, the company received a corrective action decision from the Anhui Securities Regulatory Bureau, citing issues related to its subsidiary's labor engineering business and accounting practices from 2021 to 2023 [4]. Group 2: Financial Performance - For the first half of the year, the company reported total revenue of 2.183 billion yuan, a year-on-year increase of 7.15% [6]. - The company experienced a significant decline in profitability, with operating profit down 40.92% to 126 million yuan and net profit down 43.60% to 95 million yuan compared to the same period last year [6]. - Total assets at the end of the reporting period were 6.326 billion yuan, a decrease of 0.92% from the beginning of the year [6]. Group 3: Management and Internal Controls - The company's board members expressed concerns regarding the accuracy and completeness of the financial report due to ongoing investigations into potential fraudulent activities by former management [6]. - The company has initiated corrective measures, including adjustments to financial data and improvements to internal controls following the findings of the regulatory authorities [5].

Group 1 - The core point of the article is that Sierte (002538.SZ) has received a notice from the China Securities Regulatory Commission (CSRC) regarding a formal investigation for suspected violations of information disclosure, with potential implications for the company's financial reporting [1][3] - As of the announcement date, Sierte reported that there are no other undisclosed significant matters, and its production and operational activities are normal, indicating that the investigation is not expected to have a major impact on its operations [3][4] - In the first half of 2025, Sierte achieved total operating revenue of 2.183 billion yuan, representing a year-on-year increase of 7.15%, while the net profit attributable to shareholders decreased by 43.60% to 95 million yuan [4] Group 2 - On September 1, Sierte's stock price fell by 1.98%, closing at 5.45 yuan per share, reflecting market reactions to the investigation news [5][6] - The company's market capitalization is reported at 4.652 billion yuan, with a price-to-earnings ratio of 19.56 [6]

智通财经APP讯，顺豪控股(00253)发布截至2025年6月30日止6个月中期业绩，集团总收入3.34亿港元， 同比增长4.62%;股东应占亏损7937.6万港元，同比扩大46.9%;每股亏损32.83港仙。 ...

Core Viewpoint - Shunhao Holdings (00253.HK) reported a total revenue of HKD 334 million for the six months ending June 30, 2025, representing a year-on-year increase of 5% [1] Financial Performance - The gross profit amounted to HKD 73.69 million, reflecting a year-on-year increase of 30% [1] - The loss attributable to the company's owners was HKD 79.38 million, compared to a loss of HKD 54.03 million in the same period last year [1] - The basic loss per share was HKD 0.3283 [1]

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%B8%83) [Performance Summary](index=1&type=section&id=%E6%A5%AD%E7%B8%BE) Net profit attributable to owners before tax, revaluation, and depreciation rose **30%** to **HK$39 million** for the six months ended June 30, 2025 Net Profit Attributable to Owners of the Company Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Company Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | 38,646 | 29,622 | +30% | [Interim Dividend](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[4](index=4&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) Total revenue grew **4.6%** to **HK$334,338 thousand** for the six months ended June 30, 2025, but loss before tax expanded to **HK$135,077 thousand**, resulting in a **HK$147,561 thousand** loss for the period Key Figures from Condensed Consolidated Statement of Profit or Loss | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Revenue | 334,338 | 319,575 | | Gross Profit | 73,691 | 56,890 | | Impairment Loss on Fair Value of Investment Properties | (154,800) | (92,232) | | Administrative Expenses | (30,842) | (31,270) | | Finance Costs | (25,542) | (33,503) | | Loss Before Tax | (135,077) | (98,835) | | Loss for the Period | (147,561) | (106,520) | | Loss Attributable to Owners of the Company | (79,376) | (54,034) | | Basic Loss Per Share (HK cents) | (32.83) | (22.35) | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%B8%BD%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Other comprehensive income of **HK$121,222 thousand** from foreign operations' exchange differences significantly reduced total comprehensive expense to **HK$26,238 thousand** for the six months ended June 30, 2025, from **HK$120,464 thousand** in the prior year Key Figures from Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the Period | (147,561) | (106,520) | | Exchange Differences Arising from Translation of Foreign Operations | 121,222 | (13,773) | | Other Comprehensive Income (Expense) for the Period | 121,323 | (13,944) | | Total Comprehensive Expense for the Period | (26,238) | (120,464) | | Total Comprehensive Income (Expense) Attributable to Owners of the Company | (32,433) | (59,430) | [Condensed Consolidated Statement of Financial Position](index=4&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, 2025, total assets less current liabilities were **HK$8,861,491 thousand**, a slight decrease from December 31, 2024, with non-current assets primarily comprising property, plant and equipment, and investment properties Key Figures from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 9,115,643 | 9,213,584 | | Current Assets | 228,427 | 266,941 | | Current Liabilities | 482,579 | 528,467 | | Net Current Liabilities | (254,152) | (261,526) | | Total Assets Less Current Liabilities | 8,861,491 | 8,952,058 | | Equity Attributable to Owners of the Company | 4,013,125 | 4,045,558 | | Total Equity | 8,108,973 | 8,135,211 | | Non-current Liabilities | 752,518 | 816,847 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation](index=5&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the HKEX Listing Rules, consistent with the statutory annual consolidated financial statements for the year ended December 31, 2024 - Financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules[8](index=8&type=chunk) - Financial information for the year ended December 31, 2024, has been delivered to the Companies Registry, with an unqualified auditor's report[8](index=8&type=chunk) [Significant Accounting Policies](index=5&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) These condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value, with consistent accounting policies and no material impact from HKFRS amendments - Financial statements are prepared on a historical cost basis, excluding investment properties and some financial instruments[9](index=9&type=chunk) - Accounting policies adopted for the period are consistent with the prior year, and amendments to HKFRS have no material impact on financial position and performance[9](index=9&type=chunk)[11](index=11&type=chunk) [Revenue](index=6&type=section&id=3.%20%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, total revenue was **HK$334,338 thousand**, primarily from hotel operating and property rental income, with hotel revenue being the largest contributor Revenue Stream Details | Revenue Stream | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hotel Operating Revenue | 268,032 | 259,757 | | Property Rental Income | 66,281 | 59,818 | | Dividend Income | 25 | - | | **Total Revenue** | **334,338** | **319,575** | [Segment Information](index=7&type=section&id=4.%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments include hotel services, property investment, and securities investment, with hotel services showing positive segment results while property investment recorded a significant loss for the six months ended June 30, 2025 - The Chairman of the Company is the chief operating decision maker, and segment information is used for resource allocation and performance assessment[13](index=13&type=chunk) - Operating and reportable segments include hotel services (9 hotels), property investment (3 major properties), and securities investment[14](index=14&type=chunk) Segment Revenue and Results | Segment | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Segment Results (2025) (HK$ thousand) | Segment Results (2024) (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Hotel Services | 268,032 | 259,757 | 9,353 | (1,066) | | Property Investment | 66,281 | 59,818 | (90,487) | (34,276) | | Securities Investment | 25 | - | 25 | - | | **Total** | **334,338** | **319,575** | **(81,109)** | **(35,342)** | [Finance Costs](index=9&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, total finance costs were **HK$25,542 thousand**, primarily from bank loan interest, representing a **23.8%** year-on-year decrease Finance Costs Details | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Loans | 23,819 | 31,657 | | Interest on Amounts Due to a Fellow Subsidiary | 1,723 | 1,846 | | **Total Finance Costs** | **25,542** | **33,503** | [Income Tax Expense](index=9&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, income tax expense was **HK$12,484 thousand**, mainly from current tax in Hong Kong and the UK, increasing by **62.4%** year-on-year Income Tax Expense Details | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Tax - Hong Kong | 9,410 | 7,070 | | Current Tax - United Kingdom | 4,231 | 2,459 | | Underprovision in Prior Years (Hong Kong) | 111 | - | | Deferred Tax | (1,268) | (1,844) | | **Total Income Tax Expense** | **12,484** | **7,685** | - Hong Kong profits tax rate is **16.5%**, while China and UK profits tax are recognized based on management's estimated weighted average annual income tax rate[16](index=16&type=chunk)[17](index=17&type=chunk) [Loss for the Period Has Been Arrived at After Charging (Crediting) Items](index=10&type=section&id=%E6%9C%AC%E6%9C%9F%E8%99%A7%E6%90%8D%E7%B6%93%E5%B7%B2%E6%89%A3%E9%99%A4(%E8%A8%88%E5%8F%8A)%E4%BB%A5%E4%B8%8B%E9%A0%85%E7%9B%AE) For the six months ended June 30, 2025, the loss for the period included **HK$83,192 thousand** in depreciation of property, plant and equipment and credited **HK$1,487 thousand** in interest income from bank deposits Loss for the Period Has Been Arrived at After Charging (Crediting) Items | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Right-of-Use Assets | 384 | 381 | | Depreciation of Property, Plant and Equipment | 83,192 | 82,458 | | Interest Income from Bank Deposits | (1,487) | (2,981) | | Loss on Disposal of Property, Plant and Equipment | 82 | 2,497 | [Loss Per Share](index=10&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, basic loss per share expanded to **32.83 HK cents** from **22.35 HK cents** in the prior period, primarily due to an increase in loss attributable to owners of the company Loss Per Share Data | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HK$ thousand) | 79,376 | 54,034 | | Number of Shares in Issue (thousands) | 241,766 | 241,766 | | Basic Loss Per Share (HK cents) | (32.83) | (22.35) | - No potential ordinary shares were outstanding during the period or prior period, thus diluted loss per share is not presented[19](index=19&type=chunk) [Trade and Other Receivables](index=11&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E5%B8%B3%E6%AC%BE%EF%BC%88%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%EF%BC%89) As of June 30, 2025, total trade and other receivables decreased to **HK$13,022 thousand** from **HK$15,454 thousand** on December 31, 2024, with the Group granting 30 to 60 days credit to hotel travel agents and certain customers Trade and Other Receivables Details | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables (from contracts with customers) | 6,999 | 10,088 | | Lease Receivables | 2,534 | 2,250 | | Other Receivables | 3,489 | 3,116 | | **Total** | **13,022** | **15,454** | Ageing Analysis of Trade and Lease Receivables | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Not yet due | 9,280 | 12,139 | | Overdue (0-30 days) | 80 | 104 | | Overdue (31-60 days) | 173 | 94 | | Overdue (61-90 days) | - | 1 | | **Total** | **9,533** | **12,338** | [Trade and Other Payables and Accruals](index=11&type=section&id=10.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E5%B8%B3%E6%AC%BE%E5%8F%8A%E9%A0%90%E6%8F%90%E5%B8%B3%E6%AC%BE) As of June 30, 2025, total trade and other payables and accruals decreased to **HK$49,498 thousand** from **HK$60,590 thousand** on December 31, 2024 Trade and Other Payables and Accruals Details | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 4,748 | 5,288 | | Other Payables and Accruals | 44,750 | 55,302 | | **Total** | **49,498** | **60,590** | Ageing Analysis of Trade Payables | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0-30 days | 4,740 | 5,281 | | 31-60 days | 7 | 6 | | 61-90 days | 1 | 1 | | **Total** | **4,748** | **5,288** | [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Performance](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) [Hotel Business](index=12&type=section&id=1.%20%E9%85%92%E5%BA%97%E6%A5%AD%E5%8B%99) Hotel business revenue grew **3%** to **HK$268 million**, with Grand Hotel Group's net profit attributable to owners increasing **43%**, and Royal Scot Hotel's annual rent rising **34%** - The Group's hotel operating revenue was **HK$268 million**, a **3%** year-on-year increase[24](index=24&type=chunk) - The Group owns nine hotels, totaling approximately 3,042 rooms, making it one of Hong Kong's largest hotel groups[24](index=24&type=chunk) Net Profit Attributable to Owners of Grand Hotel Group | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of Grand Hotel Group Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | 59,295 | 41,562 | +43% | - Grand Hotel Group's total revenue increased by **5%** year-on-year to approximately **HK$258 million**[27](index=27&type=chunk) - The annual rent for Royal Scot Hotel in London increased by **34%** from **GBP3,546,000** to **GBP4,737,000**[27](index=27&type=chunk) [Commercial Property Rental Income](index=14&type=section&id=2.%20%E5%95%86%E6%A5%AD%E7%89%A9%E6%A5%AD%E7%A7%9F%E9%87%91%E6%94%B6%E5%85%A5) Commercial property rental income totaled **HK$66 million**, a **10%** increase year-on-year, with Hong Kong commercial properties at 633 King's Road and Shun Ho Commercial Building achieving **91%** and **77%** occupancy rates respectively - Commercial property rental income was **HK$66 million**, a **10%** year-on-year increase[28](index=28&type=chunk) Occupancy Rate of Hong Kong Commercial Properties | Property | Occupancy Rate | | :--- | :--- | | 633 King's Road | 91% | | Shun Ho Commercial Building | 77% | [Liquidity](index=14&type=section&id=%E8%B3%87%E9%87%91%E6%B5%81%E5%8B%95) As of June 30, 2025, the Group's overall debt decreased to **HK$955 million** from **HK$1,060 million** on December 31, 2024, with a gearing ratio of **12%**, while facing foreign exchange risks and employing 647 staff Overall Debt and Gearing Ratio | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Overall Debt (HK$ thousand) | 955,000 | 1,060,000 | | Gearing Ratio | 12% | 13% | - Bank loans primarily bear interest at floating rates denominated in HKD and GBP, exposing the Group to foreign exchange risk[30](index=30&type=chunk) - The Group has a total of 647 employees, with remuneration and benefits determined by market conditions[30](index=30&type=chunk) [Key Business Achievements](index=15&type=section&id=%E9%87%8D%E9%BB%9E%E6%A5%AD%E5%8B%99%E6%88%90%E7%B8%BE) The Group achieved **5%** total revenue growth to **HK$334 million**, maintaining over **90%** average hotel occupancy, and securing a **34%** increase in Royal Scot Hotel's annual rent - Hong Kong overnight visitor arrivals reached approximately **11.3 million**, a **6.6%** year-on-year increase, but remained below pre-pandemic levels[31](index=31&type=chunk) - Per capita spending by Chinese tourists remains below pre-pandemic levels, with tourism recovery affected by the expensive HKD against RMB and declining per capita spending[31](index=31&type=chunk) - The Group's average hotel occupancy rate consistently exceeded **90%**, with hotel revenue growing **3%** and total revenue growing **5%**[31](index=31&type=chunk) - The annual rent for Royal Scot Hotel in London successfully increased by **34%** from **GBP3,546,000** to **GBP4,737,000**[32](index=32&type=chunk) - Wood Street Hotel in London has been approved for renovation into a luxury hotel with approximately 216 rooms[32](index=32&type=chunk) [Outlook](index=15&type=section&id=%E5%B1%95%E6%9C%9B%E6%9C%AA%E4%BE%86) The Group holds nine revenue-generating hotels and the London Wood Street Hotel renovation project, but future hotel and rental income face challenges from China's weak economy, expensive HKD against RMB, and US-China trade tensions, though multi-entry visa policies in major Chinese cities offer potential encouragement - The Group owns nine revenue-generating hotels and the London Wood Street Hotel renovation project[33](index=33&type=chunk) - Tourism recovery is affected by China's weak economy and the expensive HKD against RMB, with Chinese tourists tending towards day trips to the Greater Bay Area[33](index=33&type=chunk) - Commercial property occupancy rates are impacted by the US-China trade war and declining Hong Kong import/export volumes[33](index=33&type=chunk) - Management will continue efforts to increase revenue and control costs to address challenges in hotel business and rental income[34](index=34&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=15&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[35](index=35&type=chunk) [Corporate Governance](index=16&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) [Compliance with Corporate Governance Code](index=16&type=section&id=(a)%20%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation where the Chairman and Chief Executive are the same person, an arrangement the Board believes ensures stable leadership and cost savings - The company complied with the Corporate Governance Code, but the Chairman and Chief Executive are the same person, Mr. Cheng Kai Man, deviating from Code Provision C.2.1[36](index=36&type=chunk) - The Board believes this dual role ensures stable and consistent leadership for the company and significantly reduces costs[36](index=36&type=chunk) [Compliance with Model Code](index=16&type=section&id=(b)%20%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the period - The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the period[37](index=37&type=chunk) [Review by Audit Committee](index=16&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E4%B9%8B%E5%AF%A9%E9%96%B1) The Audit Committee reviewed the Group's unaudited financial results for the six months ended June 30, 2025 - The Audit Committee reviewed the Group's unaudited financial results for the six months ended June 30, 2025[38](index=38&type=chunk) [Board of Directors Information](index=16&type=section&id=%E6%96%BC%E6%9C%AC%E5%85%AC%E5%91%8A%E6%97%A5%E6%9C%9F%EF%BC%8C%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E5%8C%85%E6%8B%AC) As of the announcement date, the Board comprises four executive directors (including Chairman Mr. Cheng Kai Man), one non-executive director, and three independent non-executive directors - The Board of Directors includes four executive directors (Mr. Cheng Kai Man as Chairman), one non-executive director, and three independent non-executive directors[39](index=39&type=chunk)