华大酒店(00201)及顺豪物业(00219)、顺豪控股(00253)联合公布，预期相比于截至2024年6月30日止六个 月，华大酒店、顺豪物业及顺豪控股各自于2025年中期净溢利的变动大致如下： 华大酒店预计2025年中期公司拥有人应占除税后而未计及重估及折旧的净溢利不少于5900万港元，而 2024年同期取得净溢利4200万港元，同比增加超过40%。 顺豪物业预计2025年中期公司拥有人应占除税后而未计及重估及折旧的净溢利不少于7800万港元，而 2024年同期取得净溢利6100万港元，同比增加超过28%。 顺豪控股预计2025年中期公司拥有人应占除税后而未计及重估及折旧的净溢利不少于3800万港元，而 2024年同期取得净溢利3000万港元，同比增加超过27%。 相比于2024年中期，2025年中期预计公司拥有人应占除税后而未计及重估及非现金折旧净溢利的增加主 要归因于(i)酒店收入增加;(ii)酒店营运成本减少;及(iii)财务成本减少，尽管有此增幅，2025年中期期间 预计顺豪物业及顺豪控股的拥有人应占除税后而计及重估及非现金折旧的净溢利仍比2024年中期期间减 少，原因是物业市场疲弱导致非现金物业 ...

Core Viewpoint - The companies BGI Hotel, Shunhao Properties, and Shunhao Holdings expect significant increases in net profit for the mid-term of 2025 compared to the same period in 2024, driven by improved hotel revenues and reduced operational costs [1][2]. Group 1: Financial Projections - BGI Hotel anticipates a net profit of no less than HKD 59 million for the mid-term of 2025, up from HKD 42 million in 2024, representing an increase of over 40% [1] - Shunhao Properties expects a net profit of no less than HKD 78 million for the mid-term of 2025, compared to HKD 61 million in 2024, indicating an increase of over 28% [1] - Shunhao Holdings projects a net profit of no less than HKD 38 million for the mid-term of 2025, up from HKD 30 million in 2024, reflecting an increase of over 27% [1] Group 2: Factors Influencing Profit Changes - The expected increase in net profit for 2025 is primarily attributed to higher hotel revenues, reduced operational costs, and lower financial costs [2] - Despite the profit increases, Shunhao Properties and Shunhao Holdings are projected to experience a decrease in net profit when accounting for property revaluation and non-cash depreciation due to a weak property market leading to lower non-cash property valuations [2]

順豪物業投資 有限公司 於香港註冊成立之有限公司 (股份代號 : 201) (股份代號 : 219) (股份代號 : 253) 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分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。 華大酒店投資 有限公司 於香港註冊成立之有限公司 順豪控股 有限公司 於香港註冊成立之有限公司 ) 聯合公告 正面盈利預告及盈利警告 本公告乃華大酒店投資有限公司（「華大酒店」）、順豪物業投資有限公司（「順豪物 業」）及順豪控股有限公司（「順豪控股」）（統稱「公司」及連同彼等各自之附屬公 司則統稱「集團」）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 條及香港法例第 571 章證券及期貨條例第 XIVA 部項下内幕消息條文（按上市規則之定 義）聯合刊發。 公司董事會（「董事會」）謹此通知公司股東及潛在投資者，根據集團截至二零二五年 六月三十日止六個月（「二零二五年中期期間」）之未經審核綜合管理帳目的初步評估 及目前可得資料，預期相比於截至二零二四年六月三 ...

董事會會議召開日期 順豪控股有限公司（「本公司」）謹此宣佈，本公司將於二零二五年八月二十二日 （星期五）舉行董事會會議，藉以（其中包括）考慮及批准刊發本公司及其附屬 公司截至二零二五年六月三十日止六個月之中期業績公告，以及考慮派發中期股 息（如有）。 順豪控股有限公司 （於香港註冊成立之有限公司） （股份代號 : 253） 代表 順豪控股有限公司 公司秘書 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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，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 容而引致之任何損失承擔任何責任。 顧菁芬 香港，二零二五年八月十二日 於本公告日期，本公司之董事會成員包括四名執行董事，即鄭啓文先生（主席）、許永浩先生、劉 金眉女士及伍月瑩女士；一名非執行董事，即呂馮美儀女士；以及三名獨立非執行董事，即陳儉 輝先生、林桂璋先生及廖毓初先生。 ...

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 (-) | | | | | | | | | | 本月底結存 | | | | 304,368,750 | | 0 | | 304,368,750 | 第 2 頁 共 10 頁 v 1.1.1 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 | | | | 公司名稱: | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、对外投资概述 金财互联控股股份有限公司（以下简称"公司"）于2025年6月6日召开第六届董事会第十二次会议，审议 通过了《关于增资取得无锡福爱尔金属科技有限公司51%股权的议案》，同意公司全资子公司江苏丰东 热技术有限公司（以下简称"江苏丰东"）通过增资方式投资6,719.92万元人民币，取得无锡福爱尔金属 科技有限公司（以下简称"无锡福爱尔"）51%股权。具体内容详见公司于2025年6月7日在指定披露信息 媒体披露的《关于增资取得无锡福爱尔金属科技有限公司51%股权的公告》（公告编号：2025-025）。 二、对外投资进展 近日，无锡福爱尔办理完成了相关工商变更登记与备案手续，并取得了无锡市锡山区数据局颁发的《营 业执照》。具体登记信息如下： 8、主营业务：一般项目：金属制品研发；金属制品销售；金属丝绳及其制品制造；金属丝绳及其制品 销售；黑色金属铸造；有色金属铸造；金属切削加工服务；机械零件、零部件加工；机械零件、零部件 销售；钢压延加工；润滑油销售；货物 ...

Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 71,000,000, an increase of HKD 24,000,000 (+51%) compared to HKD 47,000,000 in 2023[7]. - The net profit of the hotel group increased by HKD 63,000,000 (+151%) to HKD 104,000,000 for the year ended December 31, 2024, compared to HKD 41,000,000 in 2023[11]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[129]. - Hotel revenue for the group was HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[11]. - The company reported a net loss of HKD 313,400,000 for 2024, compared to a net loss of HKD 89,194,000 in 2023, indicating a significant increase in losses[130]. - The gross profit margin decreased to 21.8% in 2024 from 32.0% in 2023, reflecting higher costs associated with services and depreciation[129]. - The company reported a total comprehensive loss of HKD 342,817,000 for 2024, compared to a total comprehensive loss of HKD 25,916,000 in 2023, highlighting significant financial challenges[130]. - The company recorded a fair value loss on investment properties of HKD 312,632,000 in 2024, compared to HKD 93,700,000 in 2023, indicating increased impairment[129]. Revenue Sources - Hotel operating revenue reached HKD 556,086,000, up 13.9% from HKD 488,325,000 in the previous year[181]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% compared to HKD 117,665,000 in 2023[181]. - The majority of hotel service revenue was generated in Hong Kong, totaling HKD 532,050,000, compared to HKD 482,931,000 in 2023[181]. - Revenue from food and beverage sales was recognized at a specific point in time, contributing to the overall hotel operating revenue[183]. Expenses and Costs - Administrative expenses decreased to HKD 67,430,000 in 2024 from HKD 87,181,000 in 2023, showing a reduction of 22.6%[129]. - The company’s total depreciation expense for property, plant, and equipment increased to HKD 165,669,000 from HKD 124,235,000, indicating higher asset utilization or investment[136]. - Employee salaries, including directors' remuneration, rose to HKD 222,385,000 in 2024, up 24.0% from HKD 179,334,000 in 2023[198]. Assets and Liabilities - The company's total assets decreased to HKD 8,952,058,000 in 2024 from HKD 9,570,848,000 in 2023, a decline of 6.5%[131]. - The equity attributable to owners of the company decreased to HKD 4,045,558,000 in 2024 from HKD 4,223,377,000 in 2023, a decline of 4.2%[132]. - As of December 31, 2024, the group's current liabilities exceed current assets by HKD 261,526,000, prompting a review of future liquidity[148]. - The group has approximately HKD 4,571,000,000 in investment properties located in Hong Kong and the UK as of December 31, 2024[118]. Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with two independent directors possessing appropriate professional qualifications[33]. - The board held a total of four meetings in 2024, with attendance rates for executive directors at 100%[38]. - The company has implemented an anti-corruption policy to regulate employee acceptance of benefits and a whistleblowing policy for reporting suspicious or improper conduct[64]. - The company ensures that its financial statements are prepared in compliance with relevant regulations and applicable accounting standards[42]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks, maintaining an effective risk management and internal control system[41]. - The audit committee is responsible for reviewing the effectiveness of the group's risk management and internal control systems, reporting to the board of directors[43]. - The risk management committee was established in 2019, consisting of three executive directors, focusing on business, financial, and property asset management risks[44]. Shareholder Information - The company allows shareholders holding at least 5% of voting rights to request a general meeting[68]. - The company has maintained effective communication channels with shareholders, including printed and electronic communications, and annual general meetings for feedback[72]. - The company has established a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future capital needs[74]. Market Conditions - The future outlook for hotel operations and rental income remains challenging due to weak Chinese economic conditions and high HKD to RMB exchange rates[19]. - The group faces risks related to economic conditions, regulatory changes, and market competition affecting rental income from investment properties[109].

Financial Performance - The net profit attributable to the owners of the company for the year ended December 31, 2024, was HKD 71 million, an increase of HKD 24 million (+51%) compared to HKD 47 million in 2023[3]. - Total revenue for the year was HKD 683.973 million, up from HKD 606.035 million in 2023, representing an increase of approximately 12.8%[6]. - The company reported a loss before tax of HKD 293.006 million for the year, compared to a loss of HKD 16.154 million in 2023[6]. - The total comprehensive loss for the year was HKD 342.817 million, significantly higher than the loss of HKD 25.916 million in the previous year[8]. - The company's total assets decreased to HKD 8.952 billion from HKD 9.571 billion in 2023, reflecting a decline of approximately 6.5%[10]. - The company's cash and cash equivalents decreased to HKD 235.119 million from HKD 334.709 million in 2023, a decline of approximately 29.7%[10]. - The company reported a significant increase in administrative expenses, which amounted to HKD 67.430 million compared to HKD 87.181 million in the previous year[6]. - The company experienced a fair value loss on investment properties of HKD 312.632 million, compared to HKD 93.700 million in 2023[6]. - The basic loss per share for the year was HKD 68.84, compared to HKD 18.62 in 2023, indicating a worsening in per-share performance[6]. - The total financial costs for 2024 were HKD 64,989,000, slightly up from HKD 63,175,000 in 2023[21]. Revenue Sources - Hotel operating revenue increased to HKD 556,086,000 in 2024, up 13.9% from HKD 488,325,000 in 2023[18]. - Property rental income rose to HKD 127,887,000, a 8.7% increase from HKD 117,665,000 in the previous year[18]. - Total revenue for the year 2024 reached HKD 683,973,000, an increase of 12.8% from HKD 606,035,000 in 2023[14]. - The total revenue of the hotel group increased by 16% from approximately HKD 452,000,000 to approximately HKD 526,000,000[38]. - The rental income from commercial properties was HKD 128,000,000, an increase from HKD 118,000,000 in 2023[39]. Dividends and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with no dividend in 2023[4]. - The company did not declare any dividends for the year 2024, consistent with the previous year[23]. Operational Challenges - The company experienced a significant decline in hotel service performance at the Best Western Hotel Tsim Sha Tsui, with revenue dropping to HKD 53,177,000 from HKD 57,624,000[18]. - The hotel business and rental income face ongoing challenges, with management focusing on increasing revenue and controlling costs[46]. - Future prospects are impacted by the weak Chinese economy and high HKD to RMB exchange rates, affecting tourist behavior[45]. Acquisitions and Investments - The company acquired Jessville Manor in Hong Kong for HKD 207,000,000, with a construction area of 12,288 square feet[44]. - The company completed the acquisition of Jessville Manor for a total consideration of HKD 207,000,000 on April 15, 2024, which constitutes a major transaction requiring shareholder approval[48]. - The company successfully increased the annual rent of the Royal Scot Hotel in London by 34% to GBP 4,737,000[43]. Governance and Compliance - The audit committee reviewed the group's audited financial performance for the year ending December 31, 2024[53]. - The company has adopted the standard code of conduct for securities trading, with all directors confirming compliance throughout the year[51]. - The chairman and CEO positions are held by the same individual, which the board believes provides consistent leadership and cost savings[50]. - The financial statements for the year ending December 31, 2024, have been agreed upon by the auditors, Deloitte[54]. - The board of directors consists of four executive directors, one non-executive director, and three independent non-executive directors as of March 14, 2025[56]. Debt and Financial Position - The overall debt of the group was HKD 1,060,000,000, with a debt-to-asset ratio of 13%[41]. - The company plans to retain funds to ensure a more stable cash flow due to challenging economic conditions and high operational costs[29]. - The average hotel occupancy rate remained above 90% during the year[43].

[Company Information](index=1&type=section&id=Company%E8%B3%87%E6%96%99) This section details Shun Ho Holdings Limited's corporate information, including directors, registered office, bankers, auditors, and legal advisors - The chapter details Shun Ho Holdings Limited's essential corporate contacts, including its board of directors, registered office, principal bankers, auditors, and legal firms[1](index=1&type=chunk)[2](index=2&type=chunk) [Financial Highlights and Management Discussion](index=3&type=section&id=Financial%E6%91%98%E8%A6%81%E8%88%87%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96) [Interim Results](index=3&type=section&id=Interim%E6%A5%AD%E7%B8%BE) Net profit attributable to owners, before revaluation and depreciation, increased **25%** to **HKD 30 million** for the period Core Net Profit Performance | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners (Before Revaluation & Depreciation) | 30,000,000 | 24,000,000 | +25% | [Interim Dividend](index=3&type=section&id=Interim%E8%82%A1%E6%81%AF) The Board decided not to declare an interim dividend for the period to preserve cash flow amid challenging economic conditions - To navigate the challenging economic environment, the Board decided not to declare an interim dividend for 2024, consistent with the prior year's policy[4](index=4&type=chunk) [Business Performance Review](index=3&type=section&id=Management%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) The Group's hotel business revenue grew **36%** and total revenue **27%**, while commercial property rental income remained stable [Hotel Business](index=3&type=section&id=Hotel%E6%A5%AD%E5%8B%99) Hotel business revenue grew **36%** to **HKD 260 million**, with Wah Da Hotel Group's core net profit surging **132%** to **HKD 42 million** Hotel Business Financial Performance | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | Change | | :--- | :--- | :--- | :--- | | Hotel Business Revenue | 260,000,000 | 191,000,000 | +36% | | Wah Da Hotel Core Net Profit | 42,000,000 | 18,000,000 | +132% | - The increase in Wah Da Hotel Group's profit is primarily due to a **41%** rise in hotel income and the absence of opening expenses, maintenance, and renovation costs for the Grand Bay Hotel[8](index=8&type=chunk) [Commercial Property Rental Income](index=5&type=section&id=Commercial%E7%89%A9%E6%A5%AD%E7%A7%9F%E9%87%91%E6%94%B6%E5%85%A5) Commercial property rental income remained stable at **HKD 60 million**, with London's Royal Scot Hotel annual rent increasing **34%** from H2 2024 - Commercial property rental income remained stable at **HKD 60 million** compared to the prior year[11](index=11&type=chunk) - Management successfully increased the annual rent for London's Royal Scot Hotel by **34%**, from **GBP 3.546 million** to **GBP 4.737 million**, with the new rental income to be reflected in the second half of 2024[10](index=10&type=chunk) [Liquidity and Financial Position](index=5&type=section&id=Liquidity) As of June 30, 2024, total debt was **HKD 1.078 billion**, with a stable **13%** gearing ratio, but floating-rate loans pose foreign exchange risk Financial Position Overview | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Total Debt | 1,078,000,000 | 1,075,000,000 | | Gearing Ratio (vs. Capital Employed) | 13% | 13% | | Debt-to-NAV Ratio (vs. Revalued NAV) | 7% | 7% | - The Group's employee count increased from **562** to **622**[12](index=12&type=chunk) [Key Business Achievements](index=6&type=section&id=Key%E6%A5%AD%E5%8B%99%E6%88%90%E7%B8%BE) The Group maintained over **90%** hotel occupancy, increased total revenue by **27%** to **HKD 320 million**, and completed a major Hong Kong property acquisition - During the period, the Group's average hotel occupancy rate consistently exceeded **90%**[13](index=13&type=chunk) - The Group's total revenue increased by **27%** to **HKD 320 million**[13](index=13&type=chunk) - On April 15, 2024, the Group completed the acquisition of Jessville Manor on Pok Fu Lam Road, Hong Kong, for **HKD 207 million**[13](index=13&type=chunk) [Future Outlook](index=7&type=section&id=Outlook%E6%9C%AA%E4%BE%86) Future hotel and rental income prospects are challenging due to a weak Chinese economy, high HKD exchange rate, and trade war, with management focused on revenue and cost control - Weakness in the Chinese economy and a high Hong Kong dollar exchange rate against the RMB may lead to a slow recovery in Chinese tourist numbers, with more visitors opting for day trips within the Greater Bay Area[14](index=14&type=chunk) - The US-China trade war and declining import/export volumes in Hong Kong have impacted international trading company tenants in the Group's office buildings, putting pressure on occupancy rates[14](index=14&type=chunk) [Significant Matters and Corporate Governance](index=7&type=section&id=Significant%E4%BA%8B%E9%A0%85%E8%88%87%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) [Significant Acquisition](index=7&type=section&id=The%E9%9B%86%E5%9C%98%E4%B9%8B%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC) On April 15, 2024, the Group completed the acquisition of Jessville Manor in Hong Kong for **HKD 207 million**, constituting a major transaction - The Group completed the acquisition of Jessville Manor on April 15, 2024, for a total consideration of **HKD 207 million**[15](index=15&type=chunk) [Directors' and Major Shareholders' Interests](index=8&type=section&id=Directors%E6%96%BC%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A) This section details directors' and major shareholders' interests in the company and its associates, with Chairman Mr. Cheng Kai Man holding approximately **74.40%** as the controlling shareholder - Chairman Mr. Cheng Kai Man, as the controlling shareholder, holds a total of **226,454,825** shares in the company, personally and through his controlled entities, representing approximately **74.40%** of the total share capital[17](index=17&type=chunk) - The ultimate holding company, Trillion Resources (BVI), beneficially owns and is deemed to own a total interest in **216,608,825** shares, representing **71.20%**[20](index=20&type=chunk)[21](index=21&type=chunk) [Corporate Governance](index=11&type=section&id=Corporate%E7%AE%A1%E6%B2%BB) The company largely complied with the Corporate Governance Code, with the Chairman also serving as CEO for consistent leadership, and all directors adhered to securities transaction standards - One deviation from the Corporate Governance Code exists: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Cheng Kai Man, which the Board believes provides robust leadership and cost savings[23](index=23&type=chunk) - Ms. Cheng Wai Kwan retired as an Executive Director of the company on May 24, 2024[25](index=25&type=chunk) [Condensed Consolidated Financial Statements](index=13&type=section&id=Condensed%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Independent Review Report](index=13&type=section&id=Independent%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) Deloitte Touche Tohmatsu reviewed the Group's condensed consolidated financial statements for the period, issuing an unmodified report consistent with HKAS 34 - The auditor, Deloitte, issued an unmodified review conclusion on the interim financial statements[27](index=27&type=chunk)[29](index=29&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=Condensed%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group reported a **HKD 107 million** loss for the period, primarily due to a **HKD 92.23 million** fair value loss on investment properties, despite a **27%** increase in total revenue to **HKD 320 million** Condensed Consolidated Statement of Profit or Loss Summary | Metric | Six Months Ended June 30, 2024 (HKD '000) | Six Months Ended June 30, 2023 (HKD '000) | | :--- | :--- | :--- | | Total Revenue | 319,575 | 251,033 | | (Loss) Profit Before Tax | (98,835) | 6,983 | | (Loss) Profit for the Period | (106,520) | 1,488 | | (Loss) Profit Attributable to Owners of the Company | (54,034) | 3,069 | | Basic (Loss) Earnings Per Share | (22.35) HK cents | 1.27 HK cents | [Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Condensed%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 were **HKD 9.736 billion** and total equity **HKD 8.358 billion**, with a shift from net current assets to a **HKD 92.99 million** net current liability Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2024 (HKD '000) | December 31, 2023 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 9,523,425 | 9,485,741 | | Current Assets | 212,226 | 373,141 | | Current Liabilities | 305,214 | 288,034 | | Net Current (Liabilities) Assets | (92,988) | 85,107 | | Total Equity | 8,357,564 | 8,478,028 | [Condensed Consolidated Statement of Cash Flows](index=21&type=section&id=Condensed%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash from operations improved to **HKD 107 million**, but investing activities had a **HKD 226 million** outflow due to property acquisition, reducing cash and equivalents to **HKD 185 million** Condensed Consolidated Statement of Cash Flows Summary | Metric | Six Months Ended June 30, 2024 (HKD '000) | Six Months Ended June 30, 2023 (HKD '000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 106,642 | 42,746 | | Net Cash Used in Investing Activities | (226,013) | (1,300) | | Net Cash Used in Financing Activities | (28,727) | (55,534) | | Net Decrease in Cash and Cash Equivalents | (148,098) | (14,088) | | Cash and Cash Equivalents at End of Period | 184,817 | 281,317 | [Notes to the Financial Statements](index=23&type=section&id=Condensed%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 and Principal Accounting Policies](index=23&type=section&id=Basis%E5%9F%BA%E6%BA%96%E8%88%87%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) These condensed consolidated financial statements adhere to HKAS 34, with directors deeming the going concern basis appropriate despite net current liabilities, given available resources and consistent accounting policies - The directors consider the preparation of financial statements on a going concern basis appropriate, given the Group's financial resources, despite a net current liability of **HKD 92,988,000** at period-end[38](index=38&type=chunk) [Revenue and Segment Information](index=25&type=section&id=Revenue%E8%88%87%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) Total revenue was **HKD 320 million**, with hotel services contributing **HKD 260 million** and property investment **HKD 59.82 million**, both segments reporting losses due to fair value changes and operational shifts Segment Revenue and Results | Segment | Revenue (HKD '000) | Segment Results (HKD '000) | | :--- | :--- | :--- | | Hotel Services | 259,757 | (1,066) | | Property Investment | 59,818 | (34,276) | | Securities Investment | – | – | [Earnings Per Share and Dividends](index=32&type=section&id=Earnings%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E8%88%87%E8%82%A1%E6%81%AF) Basic loss per share was **22.35 HK cents**, based on a **HKD 54.03 million** loss attributable to owners, with no dividends declared or paid during the period - Basic loss per share was **22.35 HK cents**, compared to earnings per share of **1.27 HK cents** in the prior year[53](index=53&type=chunk) - The Board resolved not to declare an interim dividend for 2024[52](index=52&type=chunk) [Analysis of Assets and Liabilities](index=32&type=section&id=Assets%E8%88%87%E8%B2%A0%E5%82%B5%E9%A0%85%E7%9B%AE%E5%88%86%E6%9E%90) The Group acquired **HKD 207 million** in investment properties and recognized a **HKD 92.23 million** fair value decrease, with total pledged bank loans at **HKD 1.025 billion** at **5.80%** effective annual interest - A fair value decrease of **HKD 92,232,000** on investment properties was recognized in the statement of profit or loss[55](index=55&type=chunk) - The Group acquired investment properties for a consideration of **HKD 207,000,000**[55](index=55&type=chunk) - As of June 30, 2024, total pledged bank loans amounted to **HKD 1,024,589,000** at an effective annual interest rate of **5.80%**[60](index=60&type=chunk)[61](index=61&type=chunk)

[Financial Results](index=1&type=section&id=Financial_Results) [Results Highlights](index=1&type=section&id=Results_Highlights) The Group's net profit before revaluation and depreciation increased, but after fair value losses, it recorded a net loss attributable to owners, reversing from a prior period profit - Net profit attributable to owners before revaluation and depreciation of land, property, and equipment was **HKD 30 million**, an increase of **HKD 6 million (25%)** from **HKD 24 million** in the prior period[1](index=1&type=chunk)[20](index=20&type=chunk) Key Performance Indicators | Indicator | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Profit (Loss) Attributable to Owners of the Company** | (HKD 54.034 million) | HKD 3.069 million | | **Basic (Loss) Earnings Per Share** | (22.35 HK cents) | 1.27 HK cents | [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, showing increased total revenue but a net loss due to investment property fair value changes, with a shift to a net current liability position [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed_Consolidated_Income_Statement) Total revenue increased by 27.3% to HKD 319.6 million, driven by hotel operations, but a net fair value loss on investment properties led to a current period loss of HKD 106.5 million, reversing from a prior period profit Summary of Consolidated Income Statement (HKD thousands) | Item | 1H 2024 | 1H 2023 | | :--- | :--- | :--- | | **Total Revenue** | 319,575 | 251,033 | | **Gross Profit** | 56,890 | 89,637 | | **Net Fair Value Loss on Investment Properties** | (92,232) | - | | **Profit (Loss) Before Tax** | (98,835) | 6,983 | | **Profit (Loss) for the Period** | (106,520) | 1,488 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed_Consolidated_Statement_of_Comprehensive_Income) The period recorded a total comprehensive expense of HKD 120.5 million, a significant contrast to the prior period's total comprehensive income of HKD 54.57 million, primarily due to the net loss and foreign exchange losses from overseas operations - Total comprehensive (expense) income for the period was **(HKD 120.5 million)**, compared to an income of **HKD 54.57 million** in the prior period, primarily due to the current period's loss and a shift from positive to negative exchange differences on overseas operations[3](index=3&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed_Consolidated_Statement_of_Financial_Position) As of June 30, 2024, total assets were HKD 9.736 billion, stable from the period start, but liquidity shifted from net current assets to net current liabilities of HKD 92.99 million, primarily due to reduced bank balances and increased current bank loans, with total equity slightly decreasing to HKD 8.358 billion Summary of Statement of Financial Position (HKD thousands) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | 9,735,651 | 9,858,882 | | **Total Liabilities** | 1,377,087 | 1,380,854 | | **Total Equity** | 8,357,564 | 8,478,028 | | **Net Current (Liabilities) Assets** | (92,988) | 85,107 | [Notes to the Financial Statements](index=5&type=section&id=Notes_to_the_Financial_Statements) This section details the basis of preparation, significant accounting policies, and disclosures for key items such as revenue, segment information, finance costs, taxation, and earnings per share, noting consistency with prior year policies and no material impact from new standard amendments [Basis of Preparation and Significant Accounting Policies](index=5&type=section&id=Basis_of_Preparation_and_Accounting_Policies) The interim financial statements are prepared in accordance with HKAS 34, with consistent accounting policies and methods as the 2023 annual financial statements, and new HKFRS amendments applied during the period had no material impact on financial position - These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[5](index=5&type=chunk) - The accounting policies adopted for the current period are consistent with those presented in the 2023 annual financial statements, and newly issued amendments to standards had no material impact on the Group[6](index=6&type=chunk)[7](index=7&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue_and_Segment_Information) The Group's total revenue is primarily from hotel operations and property rentals, with hotel operating revenue growing 36% to HKD 260 million, driving overall revenue growth; however, the hotel services segment recorded an operating loss, and property investment segment performance significantly declined due to fair value losses on investment properties Analysis of Revenue Sources (HKD thousands) | Revenue Source | 1H 2024 | 1H 2023 | | :--- | :--- | :--- | | **Hotel Operating Revenue** | 259,757 | 190,509 | | **Property Rental Income** | 59,818 | 60,479 | | **Dividend Income** | - | 45 | | **Total** | **319,575** | **251,033** | Segment Results (HKD thousands) | Segment | 1H 2024 Results | 1H 2023 Results | | :--- | :--- | :--- | | **Hotel Services** | (1,066) | 30,674 | | **Property Investment** | (34,276) | 58,918 | | **Securities Investment** | - | 45 | [Notes on Key Financial Items](index=9&type=section&id=Notes_on_Key_Financial_Items) This section provides detailed breakdowns of finance costs, income tax, and earnings per share, noting that finance costs increased to HKD 33.5 million due to higher bank loan interest, resulting in a basic loss per share of 22.35 HK cents for the period - Finance costs increased to **HKD 33.5 million** from **HKD 28.01 million** in the prior period, primarily due to higher interest on bank loans[11](index=11&type=chunk) - Basic loss per share was **22.35 HK cents**, calculated based on the loss attributable to owners of **HKD 54.034 million** and 241.8 million issued shares[15](index=15&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management_Discussion_and_Analysis) Management reviewed the period's business performance, highlighting strong hotel revenue growth and over 90% occupancy, while maintaining a robust financial position and low gearing despite economic challenges, and will continue to focus on cost control and revenue enhancement amidst a cautious market outlook [Business Review and Performance](index=12&type=section&id=Business_Review) Hotel business performed strongly with revenue up 36% to HKD 260 million and average occupancy over 90%, while commercial property rental income remained stable at HKD 60 million, and the annual rent for Royal Scot Hotel in London was successfully increased by 34%, expected to contribute in the second half - The Group's hotel operating revenue was **HKD 260 million**, a **36% increase** compared to the prior period[21](index=21&type=chunk) - The Group's average hotel occupancy rate consistently exceeded **90%+**[28](index=28&type=chunk) - The annual rent for the Royal Scot Hotel in London was successfully increased by **34%** from **GBP 3,546,000** to **GBP 4,737,000**, with the new rental income to be reflected in the second half of 2024[24](index=24&type=chunk)[28](index=28&type=chunk) [Liquidity and Gearing](index=14&type=section&id=Liquidity_and_Gearing) The Group maintains a robust financial structure with total debt of HKD 1.078 billion, and both the gearing ratio (relative to capital employed) at 13% and the gearing ratio (relative to fully revalued net assets) at 7% remained stable from the period start Gearing Ratios | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Debt** | HKD 1.078 billion | HKD 1.075 billion | | **Gearing Ratio (relative to capital employed)** | 13% | 13% | | **Gearing Ratio (relative to fully revalued net assets)** | 7% | 7% | [Significant Acquisitions and Outlook](index=15&type=section&id=Acquisitions_and_Outlook) During the period, the Group acquired Jessville Manor in Pok Fu Lam, Hong Kong, for HKD 207 million; looking ahead, management anticipates ongoing challenges from a weak Chinese economy, strong Hong Kong dollar, and US-China trade tensions, particularly impacting office property occupancy, and will continue efforts to increase revenue and control costs - On April 15, 2024, the Group acquired Jessville Manor at 128 Pok Fu Lam Road, Hong Kong, for a consideration of **HKD 207 million**[29](index=29&type=chunk) - The future prospects for hotel operations and rental income continue to face challenges, primarily from a weak Chinese economy, the strong Hong Kong dollar, and the impact of the US-China trade war on trade company tenants[30](index=30&type=chunk) [Other Disclosures](index=12&type=section&id=Other_Disclosures) This section covers dividend policy, securities transactions, and corporate governance practices, noting the Board's decision not to declare an interim dividend to conserve cash, and the company's compliance with most corporate governance code provisions, despite the Chairman and CEO roles being combined for consistent leadership and cost savings [Interim Dividend](index=12&type=section&id=Interim_Dividend) Given the challenging economic environment, market instability, and high operating costs, the Board decided not to recommend an interim dividend for the six months ended June 30, 2024, to conserve funds and safeguard the Group's cash flow - The Board does not recommend an interim dividend for the six months ended June 30, 2024, consistent with the prior period[19](index=19&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate_Governance) The Audit Committee reviewed the unaudited financial results for the period, and the company complied with all Corporate Governance Code provisions, except for the combined roles of Chairman and CEO (held by Mr. Cheng Kai Man), which the Board believes provides strong leadership and cost savings - The Audit Committee has reviewed the Group's unaudited financial results for the six months ended June 30, 2024[34](index=34&type=chunk) - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive should not be performed by the same individual; Mr. Cheng Kai Man currently holds both positions, which the Board believes provides strong and consistent leadership[35](index=35&type=chunk)