ST景谷最新一期业绩显示，截至2025一季报，公司营业总收入6259.63万元、同比减少40.24%，归属净 利润1624.39万元，同比减少175.47%，扣非净利润1642.41万元，同比减少174.99%，流动比率1.429、速 动比率0.651、资产负债率75.44%。 天眼查商业履历信息显示，云南景谷林业股份有限公司，成立于1999年，位于普洱市，是一家以从事木 材加工和木、竹、藤、棕、草制品业为主的企业。企业注册资本12980万人民币，实缴资本12980万人民 币。公司法定代表人为吴昱。 金融界消息 截至2025年8月11日收盘，ST景谷（600265）报收于17.96元，下跌4.87%，换手率1.21%， 成交量1.56万手，成交金额2855.29万元。 资金流向方面，今日主力资金净流出1180.19万元，占比成交额41.33%。其中，超大单净流出1216.68万 元、占成交额42.61%，大单净流入36.49万元、占成交额1.28%，中单净流出流入782.58万元、占成交额 27.41%，小单净流入397.61万元、占成交额13.93%。 通过天眼查大数据分析，云南景谷林业股份有限公司共对外投 ...

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 公司名稱: 港譽智慧城市服務控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 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) | 00265 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | HKD | | 0.25 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 400,000,000 | HKD | | 0.25 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 1 ...

Core Viewpoint - The company ST Jinggu (600265) is facing legal disputes related to its subsidiary Huiyin Wood Industry, with significant borrowings occurring around the time of the company's restructuring and performance commitments [1][4][10]. Group 1: Legal Disputes and Borrowings - The total amount involved in the lawsuits against Huiyin Wood Industry is approximately 40.7 million yuan, including principal and interest [1]. - The plaintiffs, Wang Sanquan, Wang Dongxian, and Wang Xinwang, provided loans to Huiyin Wood Industry totaling 37.2 million yuan, 1.5 million yuan, and 2 million yuan respectively, with interest rates of 13.8% and 12% [2][3]. - The lawsuits coincide with the performance commitment period of the restructuring, indicating potential financial distress [1][4]. Group 2: Financial Performance and Restructuring - Huiyin Wood Industry reported revenues of 3.89 billion yuan in 2024, while ST Jinggu's revenue was 4.47 billion yuan, making Huiyin a key revenue source for the parent company [5]. - The acquisition of Huiyin Wood Industry by ST Jinggu for 270 million yuan aimed to enhance the company's competitiveness in the engineered wood products sector [5]. - The company had committed to achieving net profits of 43.53 million yuan, 57.67 million yuan, and 64.04 million yuan for 2023 to 2025, totaling 165 million yuan [6]. Group 3: Financial Challenges and Impairments - In 2024, Huiyin Wood Industry reported a significant loss of 32.46 million yuan, with a performance realization rate of -156.28%, attributed to oversupply in the particleboard industry and declining demand [6][7]. - ST Jinggu had to recognize goodwill impairment of 83.32 million yuan due to Huiyin's poor performance, contributing to a total loss of 72.87 million yuan for the year [7]. - The company is entitled to a performance compensation of 142 million yuan from the original shareholders due to the shortfall in performance commitments [8]. Group 4: Borrowing and Financial Management - ST Jinggu provided 183.9 million yuan in loans to Huiyin Wood Industry to facilitate its acquisition and debt repayment [10]. - Despite receiving substantial financial support from ST Jinggu, Huiyin Wood Industry continued to seek additional loans from private individuals, raising questions about its financial management [11]. - Huiyin's average interest-bearing debt was 218 million yuan in 2022, with interest expenses decreasing from 17.42 million yuan to 12.18 million yuan in 2023 [12][13].

智通财经APP讯，港誉智慧城市服务(00265)发布公告，于2025年4月30日，本公司与东胜房地产订立抵 销协议，本公司已有条件同意以接纳东胜房地产向本公司或指定实体转让该等物业的方式，抵销部分未 结应收款。 由于东胜房地产未能及时结算未结应收款、经本集团多次要求付款，并探讨不同措施以收回未结应收款 后，本公司与东胜房地产同意订立抵销安排。未结应收款来自本集团过往向东胜房地产及/或其关连公 司提供的物业管理;及推广、活动策划及咨询服务。本公司已採取多项措施，以追讨未结应收款，包括 定期以口头及电子方式要求付款，以及组织实体会议。经不断努力，本公司与东胜房地产最终同意将该 等物业转让予本公司或指定实体，作为未结应收款的部分结算。本集团正探讨其余方案，以收回未结应 收款的余额。 除抵销安排外，东胜房地产自2025年1月1日起已以现金结算合共约人民币87万元(相当于约92万港元)。 于紧随完成日期后，未结应收款将减少至约人民币4271万元(相当于约4527万港元)。 本公司已考虑与抵销安排有关的风险。根据抵销协议的条款，倘任何先决条件未能于最后截止日期当日 或之前达成，则本公司有权撤销抵销协议。 董事认为，通过订 ...

Financial Performance - The group recorded revenue of approximately HKD 345.9 million for the fiscal year ending December 31, 2024, an increase of about 1.0% compared to HKD 342.4 million in the previous year[11]. - The group achieved a profit of approximately HKD 48.9 million for the fiscal year, representing an increase of approximately 28.7% from HKD 38.0 million in the previous year[12]. - The company recorded revenue from property management services of approximately HKD 210.3 million in the current year, representing a growth of about 13.2% compared to HKD 185.7 million in the previous year[19]. - The environmental hygiene business recorded revenue of approximately HKD 129.6 million, a decrease from HKD 147.4 million in the previous year, primarily due to a reduction in non-tender contracts[22]. - The comprehensive development business saw a revenue decline to approximately HKD 5.9 million, down about 28.9% from HKD 8.3 million in the previous year[41]. - The gross profit for the year was approximately HKD 97.3 million, an improvement from HKD 85.2 million in the previous year, with a gross margin increase to about 28.1%[47]. - The net profit for the year was approximately HKD 48.9 million, up from HKD 38.0 million in the previous year, primarily due to improved gross profit and effective cost control measures[49]. - The environmental hygiene business's gross profit increased to approximately HKD 32.4 million, with a gross margin improvement to about 25.0%[47]. - The comprehensive development business's gross profit decreased to approximately HKD 5.0 million, but the gross margin improved to about 85.0%[48]. Property Management and Expansion - The total managed building area by the property management group was approximately 8.5 million square meters as of December 31, 2024, a decrease from approximately 11.8 million square meters in the previous year[15]. - The group successfully expanded its property management portfolio, resulting in increased revenue from newly acquired projects during the fiscal year[15]. - The group plans to pursue a robust expansion strategy, considering both acquisition and organic growth opportunities despite challenges from the economic slowdown in China[11]. - The company has entered into an agreement to acquire 47 commercial units in the Zijing Yuhua Center, with a total estimated construction area of approximately 2,563 square meters, expected to be delivered by December 31, 2024[16]. - The planned completion date for the acquisition of the commercial units has been delayed due to the impact of the COVID-19 pandemic and environmental policies in China[16]. - The company is expected to receive a full refund of approximately RMB 22.9 million (equivalent to about HKD 24.3 million) from Dongsheng Real Estate following the termination of the acquisition agreement[16]. Challenges and Strategies - The company faced challenges in collecting service fees due to the ongoing economic situation in China, impacting cash flow[23]. - The company has improved its ability to meet strict service standards set by the Chinese government, which has reduced penalties and partially offset the decrease in contract revenue[22]. - The group aims to enhance operational efficiency and optimize workflows to reduce administrative and operational costs in the coming years[24]. - The company plans to enhance its environmental hygiene services by incorporating advanced cleaning technologies and sustainable practices to meet customer needs[20]. - The group anticipates a recovery in outbound tourism services as China resumes international travel, prompting a reassessment of the surrounding business environment[32]. Corporate Governance and Management - The company operates as an investment holding company with subsidiaries engaged in property management and leasing services, environmental hygiene, integrated development, and diversified tourism products and services[94]. - The company has established procurement procedures to manage its supply chain responsibly, ensuring fair competition in the market[100]. - The company emphasizes the importance of maintaining positive relationships with employees, viewing them as valuable assets for long-term success[99]. - The company has appointed new executive directors, including Mr. Xue Fei and Ms. Hao Ying, effective June 28, 2024[136]. - The company has arranged appropriate directors' liability insurance for its board members during the year[139]. - The independent non-executive directors have confirmed their independence as per the listing rules, and the company still considers them independent as of the report date[140]. - The company has established a robust corporate governance framework and regularly reviews its governance practices to ensure compliance with regulations[178]. Shareholder and Equity Information - The company proposed a share consolidation on October 31, 2024, merging every 50 existing shares into one new share with a par value of HKD 0.25[57]. - Following the share consolidation approved on December 2, 2024, the company's issued share capital became HKD 100 million, divided into 400 million consolidated shares[58]. - Major shareholder Dongsheng Holdings owns approximately 62.09% of the company's shares, totaling 160,465,320 shares[151]. - The total equity held by Dongsheng Holdings includes 157,889,897 shares and convertible securities convertible into 2,575,423 shares as of December 31, 2024[153]. - The total distributable reserves available to equity shareholders as of December 31, 2024, is approximately HKD 109,471,000, down from HKD 183,876,000 in 2023[127]. Employee and Operational Information - The total number of employees as of December 31, 2024, was approximately 2,100, down from about 2,200 in 2023, with employee costs around HKD 98.8 million[72]. - The group provides employee medical insurance and mandatory provident fund plans as part of employee benefits[143]. - The group has no further liability for employee retirement benefits beyond monthly contributions to the retirement plans[144]. - The company encourages senior management to participate in external seminars and internal training to improve their professional knowledge[187]. Risk Management and Compliance - The company aims to maintain a robust and effective risk management and internal control system to safeguard assets and ensure reliable financial reporting[192]. - The audit committee meets at least twice a year to review internal audit findings and report to the board regarding risk management and internal control effectiveness[193]. - The group has established effective risk management and internal control systems to safeguard its assets, with no significant internal control deficiencies identified[194]. - The auditor's fees for statutory audit services amounted to approximately HKD 1.7 million, with an additional HKD 0.03 million for non-audit services[197].

Financial Performance - The group recorded revenue of approximately HKD 345.9 million for the year ended December 31, 2024, representing an increase of about 1.0% compared to HKD 342.4 million in 2023[2]. - Profit attributable to equity holders of the company was approximately HKD 49.1 million, an increase of about 46.6% from HKD 33.5 million in 2023[2]. - Basic and diluted earnings per share were approximately HKD 0.1166, compared to HKD 0.0824 in 2023 (restated)[5]. - Total comprehensive income for the year was HKD 32.2 million, compared to HKD 19.4 million in 2023[6]. - The adjusted profit before tax for the company increased to HKD 53,046,000 in 2024 from HKD 41,723,000 in 2023, marking a growth of around 27%[30]. - The company's profit before tax for 2024 was HKD 49,114,000, compared to HKD 33,499,000 in 2023, representing a year-over-year increase of 46.7%[40]. - The annual profit for the year was approximately HKD 48.9 million, an increase from HKD 38.0 million in 2023, primarily due to a gross profit improvement of about HKD 12.1 million and compensation received of approximately RMB 4.6 million (around HKD 5.0 million) for the termination of a property acquisition[86]. Revenue Segments - The property management segment's revenue increased due to the full-year contribution from several projects acquired in 2023, while the environmental hygiene segment's revenue decreased due to a reduction in non-tender contracts[2]. - Property management services generated revenue of HKD 181,650,000 in 2024, up from HKD 158,461,000 in 2023, indicating a growth of about 14.6%[25]. - Environmental hygiene services revenue decreased to HKD 129,643,000 in 2024 from HKD 147,357,000 in 2023, reflecting a decline of approximately 12%[25]. - Revenue from property management services provided to Dongsheng Real Estate and its subsidiaries contributed approximately HKD 39.3 million in the current year, compared to approximately HKD 48.0 million in 2023[60]. - The group recorded revenue from environmental hygiene services of approximately HKD 129.6 million in the current year, down from HKD 147.4 million in 2023[65]. - Revenue from tourism-related activities was approximately HKD 5.9 million, a decrease of about 28.9% from HKD 8.3 million in the previous year[78]. Assets and Liabilities - Non-current assets decreased from HKD 290.2 million in 2023 to HKD 243.6 million in 2024, primarily due to changes in property, plant, and equipment[7]. - Current assets decreased from HKD 524.6 million in 2023 to HKD 387.0 million in 2024, with cash and cash equivalents dropping significantly from HKD 201.4 million to HKD 86.4 million[7]. - Total assets decreased to HKD 630,643,000 in 2024 from HKD 814,736,000 in 2023, a decline of approximately 22.5%[30]. - The total liabilities increased slightly to HKD 197,092,000 in 2024 from HKD 192,600,000 in 2023, representing an increase of about 2.6%[30]. - The net asset value decreased from HKD 622.1 million in 2023 to HKD 433.6 million in 2024, reflecting a significant reduction in total equity attributable to equity holders[8]. - Trade receivables increased significantly to approximately HKD 158.5 million as of December 31, 2024, from HKD 90.4 million in 2023, mainly due to delayed payments from clients in the environmental hygiene and property management sectors[89]. Dividends and Shareholder Returns - The group did not recommend the payment of a final dividend for the year, consistent with the previous year[2]. - The company did not declare a final dividend for the year, consistent with the previous year[112]. Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[11]. - The company has complied with all applicable corporate governance codes, except for the separation of roles between the Chairman and CEO[114]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors throughout the year[116]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial reporting procedures and internal controls for the year[120]. Strategic Initiatives and Future Outlook - The group emphasized a strategy of "holding profits and ensuring stability" through prudent investment and development strategies[50]. - The group plans to pursue stable expansion strategies, considering acquisition or organic growth opportunities despite challenges from the business environment[51]. - The environmental hygiene business is undergoing a transformation driven by government policies aimed at promoting green and smart development, with investments in advanced cleaning technologies[62]. - The group aims to enhance operational efficiency and reduce administrative and operational costs in future years[66]. - The group is actively seeking acquisition opportunities, particularly in property management, tourism, and environmental services, to enhance its rental portfolio and expand stable income sources[75]. Employee and Operational Metrics - The total employee costs, including directors' remuneration, amounted to HKD 98,770,000 in 2024, slightly down from HKD 98,973,000 in 2023[37]. - The total number of employees as of December 31, 2024, is approximately 2,100, with employee costs around HKD 98.8 million[109].

Service Quality and Management - The group reported a significant focus on enhancing service quality and property management, aiming to create greater value for shareholders and stakeholders [6]. - The property management business has received multiple awards, including recognition as a leading brand in property services in Hebei Province for 2023 [8]. - The company emphasizes a "sustainable profitability" strategy, maintaining a cautious investment and development approach to ensure ongoing profitability [6]. - The group is actively involved in residential and commercial property management, environmental sanitation, and diversified tourism products and services [6]. - The company holds ISO certifications for quality management, environmental management, and occupational health and safety, reflecting its commitment to service excellence [8]. - The group aims to improve service quality and diversity in property management services, aligning with national planning directives [7]. - The company aims to improve service quality and customer satisfaction through enhanced staff training and performance evaluation systems [9]. Financial Performance - Revenue from property management services, including property management and rental income, was approximately HKD 98.6 million, representing a growth of 16.1% compared to HKD 84.9 million in the corresponding period [9]. - The group recorded total revenue of approximately HKD 167.7 million for the period, a decrease of about 1.2% compared to the previous period's revenue of approximately HKD 169.7 million [17]. - The company reported a revenue of HKD 167,741,000 for the six months ended June 30, 2024, a decrease of 1% from HKD 169,698,000 in the same period of 2023 [45]. - Gross profit for the same period was HKD 47,186,000, slightly down from HKD 47,239,000, indicating a stable gross margin [45]. - The company achieved a net profit of HKD 23,832,000, an increase of 15% compared to HKD 20,636,000 in the previous year [45]. - The group recorded a profit of approximately HKD 23.8 million, an increase from HKD 20.6 million in the previous period, aided by reduced provisions for trade receivables [20]. Challenges and Strategic Focus - The company is facing challenges in collecting service fees due to the ongoing economic situation in China, which has affected cash flow and operational efficiency [11]. - The company is adopting a cautious approach towards further investment in expanding its environmental sanitation services until economic conditions improve [11]. - The group is currently evaluating the feasibility of restarting the development project in Zhangjiakou, which has been paused due to economic uncertainties caused by the COVID-19 pandemic [22]. - The group is actively exploring alternative exit strategies to mitigate potential challenges related to the paused development project [22]. Revenue Breakdown - Revenue from property management and leasing services was HKD 98.6 million, accounting for 58.8% of total revenue, compared to HKD 84.9 million (50.0%) in the previous period [17]. - Environmental hygiene services generated revenue of HKD 65.2 million, representing 38.9% of total revenue, down from HKD 80.1 million (47.2%) in the previous period [17]. - Revenue from tourism-related services was approximately HKD 3.9 million, which is a decrease from HKD 4.8 million in the corresponding period [17]. - The company's revenue from property management services increased by 18.4% from HKD 72,007,000 in 2023 to HKD 85,260,000 in 2024 [56]. - Environmental hygiene services revenue decreased by 18.5% from HKD 80,068,000 in 2023 to HKD 65,249,000 in 2024, indicating potential challenges in this segment [56]. Investments and Acquisitions - The group plans to expand its business through organic growth, strategic acquisitions, and partnerships, particularly in property management, tourism, and environmental hygiene services [16]. - The group is actively seeking acquisition opportunities and exploring potential collaborations with target customers to enhance its investment portfolio [16]. - The company has made no disclosures regarding any rights granted to directors for purchasing shares or bonds during the period [38]. Employee and Operational Metrics - The total number of employees as of June 30, 2024, was approximately 2,100, down from 2,200 on June 30, 2023, with employee costs around HKD 48.4 million compared to HKD 50.2 million in the prior period [31]. - The company plans to enhance operational efficiency by optimizing workflows and reducing administrative and operational costs in the coming years [11]. Compliance and Governance - The company has maintained compliance with corporate governance codes throughout the reporting period, except for a deviation regarding the separation of roles of the chairman and CEO [41]. - The audit committee reviewed the interim results, ensuring adherence to applicable accounting standards and sufficient disclosure [42]. Shareholder Information - Major shareholder Dongsheng Property Group holds 10,085,983,816 shares, accounting for 78.05% of the company [39]. - The company did not recommend any interim dividend for the period, consistent with the previous year [80].

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) [Performance Overview](index=1&type=section&id=Performance%20Overview) The Group's revenue slightly decreased, but profit attributable to equity holders significantly increased, mainly due to reduced impairment provisions for receivables and effective cost control measures, while basic and diluted earnings per share decreased, and no interim dividend was recommended Key Financial Data for the Period | Indicator | Current Period (H1 2024) | Corresponding Period (H1 2023) | Change | | :--- | :--- | :--- | :--- | | Revenue | 167.7 Million HKD | 169.7 Million HKD | Decreased by approx. 1.2% | | Profit attributable to equity holders | 24.0 Million HKD | 18.2 Million HKD | Increased by approx. 31.9% | | Basic and diluted EPS | 0.08 HK cents | 0.10 HK cents | Decreased | - Profit growth was primarily driven by a net reduction of approximately **HKD 6.0 million** in impairment provisions for trade receivables and contract assets, along with effective cost control measures leading to reduced selling, general, and administrative expenses. No gain on disposal was recorded during the period[1](index=1&type=chunk) - The Board did not recommend the payment of any interim dividend for the period[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the Group reported revenue of HKD 167.7 million, gross profit of HKD 47.2 million, and profit for the period of HKD 23.8 million, with HKD 24.0 million attributable to equity holders Condensed Consolidated Statement of Profit or Loss (Thousand HKD) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 167,741 | 169,698 | | Cost of sales and services | (120,555) | (122,459) | | Gross profit | 47,186 | 47,239 | | Other income | 3,563 | 2,398 | | Selling, general and administrative expenses | (22,835) | (34,262) | | Profit before tax | 21,442 | 18,495 | | Profit for the period | 23,832 | 20,636 | | Profit attributable to equity holders | 24,017 | 18,159 | | Basic and diluted EPS | 0.08 HK cents | 0.10 HK cents | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2024, the Group's profit for the period was HKD 23.8 million, but due to exchange differences on translation of foreign operations and share of other comprehensive income of an associate, total comprehensive income for the period was HKD 9.6 million, with a comprehensive loss of HKD 10.3 million attributable to equity holders Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand HKD) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit for the period | 23,832 | 20,636 | | Exchange differences on translation of foreign operations | (13,583) | (22,852) | | Exchange differences on translation of share of other comprehensive income of an associate | (647) | (1,192) | | Total comprehensive income (loss) for the period | 9,602 | (3,408) | | Attributable to equity holders | (10,256) | (5,207) | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were HKD 789.6 million, total liabilities were HKD 182.4 million, and net assets were HKD 607.2 million, with non-current assets primarily comprising property, plant and equipment and investment properties, and current assets mainly cash and cash equivalents Consolidated Statement of Financial Position (Thousand HKD) | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 126,911 | 136,179 | | Investment properties | 67,355 | 74,783 | | Investment in an associate | 24,356 | 25,055 | | **Current assets** | | | | Trade receivables | 92,745 | 90,362 | | Contract assets | 59,825 | 41,826 | | Cash and cash equivalents | 230,108 | 201,373 | | **Current liabilities** | | | | Contract liabilities | 22,866 | 26,820 | | Trade payables | 32,211 | 30,071 | | **Non-current liabilities** | | | | Lease liabilities | 36,310 | 41,284 | | **Total equity** | 607,211 | 622,136 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Financial%20Statements) [Accounting Standards](index=7&type=section&id=Accounting%20Standards) This section outlines the amendments to Hong Kong Accounting Standards and Hong Kong Financial Reporting Standards referenced in the preparation of the interim financial statements, covering liability classification, supplier finance arrangements, and lease liabilities in sale and leaseback transactions - The report mentions HKAS 1 (Amendments) regarding classification of liabilities, HK(IFRIC)-Int 5 (Amendments) regarding classification by the borrower of a term loan that contains a clause that gives the lender a right to demand immediate repayment, and HKFRS 7 (Amendments) regarding supplier finance arrangements[7](index=7&type=chunk) [1. General Information](index=7&type=section&id=1.%20General%20Information) The Company is an exempted company incorporated in the Cayman Islands with shares listed on the Stock Exchange, primarily engaged in property management, environmental sanitation, integrated development, and diversified tourism products and services - The Company is an exempted company incorporated in the Cayman Islands with its shares listed on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - The Group is principally engaged in property management and leasing services for residential and commercial properties, environmental sanitation, integrated development, and diversified tourism products and services[8](index=8&type=chunk) - The Group's immediate and ultimate holding company is Orient Victory Real Estate Group Holdings Limited, wholly owned by Mr. Shi Baodong[8](index=8&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2.%20Basis%20of%20Preparation) The interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34, using a historical cost basis except for investment properties measured at fair value, with no significant impact from new/revised HKFRSs - The interim financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) - The adoption of new/revised HKFRSs has no significant impact on the Group’s results and financial position for the current or prior periods[10](index=10&type=chunk) [3. Revenue and Segment Reporting](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Reporting) The Group's total revenue of HKD 167.7 million is primarily derived from property management, environmental sanitation, and tourism-related income, with property management showing significant growth and environmental sanitation revenue decreasing due to contract expiry [Revenue Breakdown](index=8&type=section&id=3.%20(a)%20Revenue) The Group's total revenue for the period was HKD 167.7 million, comprising HKD 85.3 million from property management services, HKD 65.2 million from environmental sanitation services, and HKD 13.3 million from rental income Revenue by Category (Thousand HKD) | Revenue Category | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Property management services | 85,260 | 72,007 | | Environmental sanitation services | 65,249 | 80,068 | | Tourism-related income | 3,928 | 4,775 | | Rental income | 13,304 | 12,848 | | **Total Revenue** | **167,741** | **169,698** | [Segment Reporting (by Business Segment)](index=9&type=section&id=3.%20(b)%20Segment%20Reporting) The Group operates four reportable segments: property management, environmental sanitation, integrated development, and diversified tourism products and services, with property management revenue growing significantly, environmental sanitation revenue declining, and integrated development recording a loss [Segment Results, Assets and Liabilities](index=9&type=section&id=3.%20(b)%20(i)%20Segment%20Results%2C%20Assets%20and%20Liabilities) Property management segment revenue grew by 16.1% to HKD 98.6 million, but segment results decreased; environmental sanitation segment revenue decreased by 18.5% to HKD 65.2 million, but segment results significantly increased; integrated development segment saw declines in both revenue and results Segment Revenue and Results (Thousand HKD) | Segment | H1 2024 Revenue | H1 2023 Revenue | Revenue Change | H1 2024 Segment Results | H1 2023 Segment Results | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management | 98,564 | 84,855 | +16.1% | 8,287 | 14,507 | | Environmental Sanitation | 65,249 | 80,068 | -18.5% | 15,925 | 7,588 | | Integrated Development | 3,928 | 4,775 | -17.7% | (905) | (6,016) | | Diversified Tourism Products and Services | – | – | N/A | (155) | 9,081 | Segment Assets and Liabilities (Thousand HKD) | Segment | June 30, 2024 Segment Assets | December 31, 2023 Segment Assets | June 30, 2024 Segment Liabilities | December 31, 2023 Segment Liabilities | | :--- | :--- | :--- | :--- | :--- | | Property Management | 165,905 | 158,415 | 120,609 | 114,406 | | Environmental Sanitation | 145,385 | 149,598 | 35,035 | 47,033 | | Integrated Development | 215,429 | 228,532 | 24,664 | 27,210 | | Diversified Tourism Products and Services | 1,218 | 4,005 | 564 | 936 | | **Total Assets** | **789,592** | **814,736** | **Total Liabilities** | **182,381** | **192,600** | - Segment results are assessed based on reportable segment profit (loss), which is adjusted profit (loss) before tax, excluding finance costs and head office and corporate income and expenses[13](index=13&type=chunk) [Geographical Information](index=12&type=section&id=3.%20(b)%20(ii)%20Geographical%20Information) All of the Group's external customer revenue is derived from Mainland China, where its non-current assets are also primarily located Geographical Distribution (Thousand HKD) | Region | H1 2024 External Customer Revenue | H1 2023 External Customer Revenue | June 30, 2024 Non-current Assets | December 31, 2023 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | – | – | 1,252 | 1,460 | | Mainland China | 167,741 | 169,698 | 241,221 | 261,001 | | **Total** | **167,741** | **169,698** | **242,473** | **262,461** | - The geographical distribution of customers is based on the location where goods and services are sold or provided, while the geographical distribution of specified assets is based on the physical location of the assets or the location of operations[16](index=16&type=chunk) [Information on Major Customers](index=12&type=section&id=3.%20(b)%20(iii)%20Information%20on%20Major%20Customers) During the period, two major customers contributed 10% or more to total revenue, with Customer B's contribution significantly increasing Major Customer Revenue (Thousand HKD) | Customer | H1 2024 Revenue | H1 2023 Revenue | | :--- | :--- | :--- | | Customer A | 19,369 | 22,562 | | Customer B | 29,196 | – | - Customer A refers to revenue from associated companies controlled by Mr. Shi and Orient Victory Real Estate Development Group Co., Ltd. (95% owned by Mr. Shi) under the property management segment[18](index=18&type=chunk) [4. Finance Costs](index=13&type=section&id=4.%20Finance%20Costs) Total finance costs for the period amounted to HKD 848 thousand, a decrease from HKD 1,439 thousand in the prior period, primarily due to reduced interest on lease liabilities and other loans Finance Costs (Thousand HKD) | Finance Cost Category | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Interest on lease liabilities | 848 | 1,312 | | Interest on other loans | – | 127 | | **Total** | **848** | **1,439** | [5. Profit Before Tax](index=13&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax was HKD 21.4 million, influenced by factors such as staff costs, depreciation and amortization, direct operating expenses for investment properties, impairment provisions for trade receivables, and net exchange gains Items Affecting Profit Before Tax (Thousand HKD) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Staff costs | 48,406 | 50,209 | | Depreciation of property, plant and equipment | 9,402 | 11,848 | | Depreciation of right-of-use assets | 961 | 970 | | Impairment provision for trade receivables | 4,568 | 9,581 | | Impairment provision (reversal) for contract assets | (1,032) | – | | Net exchange gain | (1,868) | (539) | [6. Income Tax](index=14&type=section&id=6.%20Income%20Tax) Income tax for the period was negative HKD 2.39 million, primarily due to the reversal of deferred tax losses and temporary differences, with China corporate income tax accrued at 5% or 25% and no provision for Hong Kong profits tax Income Tax (Thousand HKD) | Tax Category | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Current tax – Corporate income tax | 2,206 | 1,419 | | Deferred tax – Reversal of tax losses and temporary differences | (4,596) | (3,560) | | **Total Income Tax** | **(2,390)** | **(2,141)** | - China corporate income tax is accrued at a rate of **5%** (for small and micro enterprises) or **25%** (for others)[20](index=20&type=chunk) - No provision for Hong Kong profits tax was made as the Group recorded tax losses in both periods[20](index=20&type=chunk) [7. Earnings Per Share](index=14&type=section&id=7.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the period were 0.08 HK cents, a decrease from 0.10 HK cents in the prior period, with certain perpetual convertible securities and share awards not assumed converted due to their anti-dilutive effect Basis for Earnings Per Share Calculation (Thousand HKD) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit attributable to equity holders | 24,017 | 18,159 | | Distributions paid to holders of perpetual convertible securities | (11,613) | – | | Accrued distributions to holders of perpetual convertible securities | (2,100) | (5,054) | | **Profit for basic EPS calculation** | **10,304** | **13,105** | Weighted Average Number of Ordinary Shares (Thousand Shares) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Weighted average number of ordinary shares for basic EPS calculation | 12,922,075 | 12,922,075 | - Diluted earnings per share for the current and corresponding periods did not assume the conversion of certain perpetual convertible securities and the issuance of certain shares under the share award scheme, as their hypothetical conversion and issuance would have an anti-dilutive effect on the presented basic earnings per share amounts[23](index=23&type=chunk) [8. Property, Plant and Equipment](index=15&type=section&id=8.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2024, the carrying amount of machinery and equipment was HKD 3.872 million, primarily comprising assets held under leases Carrying Amount of Machinery and Equipment (Thousand HKD) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Carrying amount of machinery and equipment (held under leases) | 3,872 | 4,236 | [9. Trade Receivables](index=15&type=section&id=9.%20Trade%20Receivables) As of June 30, 2024, net trade receivables were HKD 92.7 million, a slight increase from the end of 2023, with impairment provisions of HKD 14.4 million; property management customers typically pay upon immediate invoicing, while other segments have credit terms of 1 to 90 days Trade Receivables Breakdown (Thousand HKD) | Source of Trade Receivables | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Third parties | 57,328 | 55,450 | | Related companies | 49,855 | 45,087 | | **Total** | **107,183** | **100,537** | | Impairment provision | (14,438) | (10,175) | | **Net Amount** | **92,745** | **90,362** | Trade Receivables Ageing Analysis (Thousand HKD) | Ageing | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 90 days | 28,111 | 38,492 | | 91 to 180 days | 34,880 | 23,077 | | 181 to 365 days | 24,369 | 23,237 | | Over 365 days | 5,385 | 5,556 | | **Total** | **92,745** | **90,362** | [10. Trade Payables](index=16&type=section&id=10.%20Trade%20Payables) As of June 30, 2024, total trade payables were HKD 32.2 million, a slight increase from the end of 2023, primarily from third parties, with all trade payables expected to be settled within one year Trade Payables Breakdown (Thousand HKD) | Source of Trade Payables | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Third parties | 29,352 | 29,892 | | Related parties | 2,859 | 179 | | **Total** | **32,211** | **30,071** | Trade Payables Ageing Analysis (Thousand HKD) | Ageing | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Within 90 days | 14,554 | 13,495 | | 91 to 180 days | 2,491 | 2,515 | | 181 to 365 days | 4,276 | 3,173 | | Over 365 days | 10,890 | 10,888 | | **Total** | **32,211** | **30,071** | [11. Share Capital](index=17&type=section&id=11.%20Share%20Capital) As of June 30, 2024, the Company's authorized share capital was HKD 100 million, with issued and fully paid share capital of HKD 64.61 million, and the number of shares remained unchanged Share Capital Structure (Thousand Shares/Thousand HKD) | Share Capital Category | June 30, 2024 (Thousand Shares) | June 30, 2024 (Thousand HKD) | December 31, 2023 (Thousand Shares) | December 31, 2023 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.005 par value each) | 20,000,000 | 100,000 | 20,000,000 | 100,000 | | Issued and fully paid share capital (ordinary shares of HKD 0.005 par value each) | 12,922,075 | 64,610 | 12,922,075 | 64,610 | [12. Interim Dividend](index=17&type=section&id=12.%20Interim%20Dividend) The Board did not recommend the payment of any interim dividend for the period - The Board did not recommend the payment of any interim dividend for the period (corresponding period: nil)[29](index=29&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview and Business Review](index=18&type=section&id=Industry%20Overview%20and%20Business%20Review) The Group adheres to its core values of "people-oriented, sincere service" and a "prudent and sustainable" strategy, with main businesses including property management, environmental sanitation, integrated development, and diversified tourism products and services - The Group adheres to its corporate core values of "people-oriented, sincere service" and places great emphasis on a "prudent and sustainable" strategy to maintain sustainable profitability through cautious investment and development strategies[30](index=30&type=chunk) - The Group is principally engaged in property management and leasing services for residential and commercial properties, environmental sanitation, integrated development, and diversified tourism products and services[30](index=30&type=chunk) [Property Management Business](index=18&type=section&id=Property%20Management%20Business) Driven by national policies, the property management industry continues to grow; Gangyu Property Group achieved a 16.1% revenue increase to HKD 98.6 million by enhancing service quality, strengthening staff training, and securing five new projects, despite a reduction in total contracted gross floor area due to six contract expirations - National policies continue to promote the healthy development of the property management industry, emphasizing improved service quality and diversity[31](index=31&type=chunk) - Gangyu Property Group obtained ISO 9001, ISO 14001, and ISO 45001 certifications and received multiple industry awards[32](index=32&type=chunk) - Revenue from property management business for the period was approximately **HKD 98.6 million**, an increase of approximately **16.1%**[33](index=33&type=chunk) - Gangyu Property Group successfully secured five new projects, but the expiration of six service contracts led to a reduction of **4.4 million square meters** in total contracted gross floor area, with the total contracted gross floor area under management being approximately **7.4 million square meters** as of June 30, 2024[33](index=33&type=chunk) [Environmental Sanitation Business](index=21&type=section&id=Environmental%20Sanitation%20Business) The Chinese government's supportive policies and rising industry standards have led the Group to upgrade services with advanced technology and win new projects; despite revenue decline to HKD 65.2 million due to contract expiry and client deductions, cost control measures significantly improved gross margin, and government policies are expected to alleviate delayed payment challenges - The Chinese government has implemented various policies to support the environmental sanitation industry, including promoting investment and construction of urban and rural environmental protection infrastructure, strengthening government procurement service reforms in key areas such as urban and rural community public services and public health services, and accelerating the improvement of waste collection and treatment systems to promote the construction of smart waste classification facilities[34](index=34&type=chunk) - The Company invested in purchasing environmental vehicles in the second half of 2023 to meet stricter industry standards and higher environmental regulations[34](index=34&type=chunk) - Revenue from environmental sanitation services for the period was approximately **HKD 65.2 million**, a decrease from **HKD 80.1 million** in the corresponding period, primarily due to the expiry of one service project and client service fee deductions[35](index=35&type=chunk) - The Group significantly improved the gross margin of its environmental sanitation services business for the period by optimizing personnel, outsourcing some work to subcontractors, and implementing cost-saving measures to reduce fuel consumption and operating costs[35](index=35&type=chunk) - The Hebei Provincial Government held an urban management conference, requiring all local municipal, county, and district governments to prioritize and ensure timely payment for key environmental sanitation services, including waste collection, transfer, treatment, and sewage treatment, which is expected to accelerate the collection of long-overdue payments[36](index=36&type=chunk) [Integrated Development Business](index=23&type=section&id=Integrated%20Development%20Business) Integrated development business includes tourism scenic area operation, management, promotion, event planning, and consulting services; tourism-related income declined due to adverse weather, increased competition, and lack of unique products, while demand for promotion, event planning, and consulting services significantly dropped, with no revenue recognized in the period [Tourism-related Income](index=23&type=section&id=Tourism-related%20Income) Tumen Tourism's tourism-related income was approximately HKD 3.9 million, a decrease from the prior year, mainly affected by adverse weather, high shopping mall vacancy rates, and increased competition from nearby self-operated villagers Tourism-related Income (Thousand HKD) | Revenue Category | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Tourism-related income | 3,928 | 4,775 | - The decrease in Tumen Tourism's revenue was due to adverse weather conditions, high shopping mall vacancy rates, increased competition from nearby self-operated villagers, and a lack of unique and competitive products from certain merchants[38](index=38&type=chunk) - Tumen Tourism has implemented an event planning strategy involving active participation of all staff in scenic area performances, which attracts customer traffic while reducing operating costs by eliminating the need to hire external performers[38](index=38&type=chunk) [Promotion, Event Planning and Consulting Services](index=24&type=section&id=Promotion%2C%20Event%20Planning%20and%20Consulting%20Services) Demand for promotion, event planning, and consulting services significantly decreased during the period, with no revenue recognized, primarily due to changes in the sales and marketing strategies of a major client - The Group did not recognize any revenue from providing promotion, event planning, and consulting services during the period, mainly due to changes in the sales and marketing strategies of Orient Victory Real Estate Development Group Co., Ltd. and its subsidiaries (the Group's major clients for promotion, event planning, and consulting services) since 2023[40](index=40&type=chunk) [Diversified Tourism Products and Services Business](index=24&type=section&id=Diversified%20Tourism%20Products%20and%20Services%20Business) The Group recorded no revenue in the diversified tourism products and services segment during the current and corresponding periods, primarily due to focusing on other businesses, and will re-evaluate the business environment to make appropriate arrangements - The Group recorded no revenue in this segment during the current and corresponding periods, mainly due to the Group's focus on other businesses (such as property management and environmental sanitation)[41](index=41&type=chunk) - Based on the recent resumption of outbound tourism, the Group will re-evaluate the surrounding business environment and make appropriate arrangements for this business segment to achieve the overall best interests of the Company and its shareholders[41](index=41&type=chunk) [Future Outlook](index=24&type=section&id=Future%20Outlook) The Group plans to expand its business through organic growth, new project bids, strategic acquisitions, and partnerships, prioritizing projects with minimal capital requirements to mitigate liquidity risks, and actively seeking acquisition opportunities in property management, tourism, and environmental services - The Group plans to expand its business through organic growth, securing new projects through bidding, strategic acquisitions, and partnerships[43](index=43&type=chunk) - This expansion strategy aligns with the Group's asset-light investment model, prioritizing projects with minimal capital and working capital requirements, which minimizes liquidity risk and provides greater flexibility in investment management[43](index=43&type=chunk) - The Group is actively seeking acquisition opportunities, particularly in the property management, tourism, and environmental services segments, and exploring potential collaboration opportunities with target clients[43](index=43&type=chunk) [Financial Analysis](index=25&type=section&id=Financial%20Analysis) During the period, the Group's total revenue slightly decreased, but gross margin improved; property management revenue increased but gross profit decreased, while environmental sanitation revenue decreased but gross profit significantly increased; profit for the period rose due to reduced impairment provisions and cost control [Operating Performance (by Nature of Revenue)](index=25&type=section&id=Operating%20Performance) The Group's total revenue for the period was approximately HKD 167.7 million, a year-on-year decrease of 1.2%, with property management revenue increasing, environmental sanitation revenue decreasing, and integrated development revenue declining Analysis by Nature of Revenue (Thousand HKD) | Revenue Nature | H1 2024 | Share (%) | H1 2023 | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Property management and leasing related services | 98,564 | 58.8 | 84,855 | 50.0 | | Environmental sanitation services | 65,249 | 38.9 | 80,068 | 47.2 | | Tourism-related income | 3,928 | 2.3 | 4,775 | 2.8 | | **Total** | **167,741** | **100.0** | **169,698** | **100.0** | - The Group recorded revenue of approximately **HKD 167.7 million** for the period, a decrease of approximately **1.2%** compared to the corresponding period last year[44](index=44&type=chunk) - Property management business revenue increased, mainly due to increased revenue from planning, promotion, and operation management businesses since November 2023, and the full recognition of revenue from five new public facility construction projects undertaken by the Group in the second half of 2023[44](index=44&type=chunk) - Environmental sanitation business revenue decreased, primarily due to the expiry of one service project and client service fee deductions as the Group failed to meet the client's strict service satisfaction standards[44](index=44&type=chunk) [Gross Profit and Gross Margin](index=26&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit for the period was approximately HKD 47.2 million, with gross margin increasing from 27.8% to 28.1%; property management gross profit and margin decreased, environmental sanitation gross profit and margin significantly increased, and integrated development gross profit decreased but margin slightly increased Total Gross Profit and Gross Margin (Thousand HKD) | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Gross Profit** | **47,200** | **47,200** | **Stable** | | **Total Gross Margin** | **28.1%** | **27.8%** | **+0.3 percentage points** | Segment Gross Profit and Gross Margin (Thousand HKD) | Segment | H1 2024 Gross Profit | H1 2023 Gross Profit | Gross Profit Change | H1 2024 Gross Margin (%) | H1 2023 Gross Margin (%) | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Management | 25,600 | 28,900 | -3.3 Million HKD | 26.0 | 34.1 | -8.1 percentage points | | Environmental Sanitation | 18,100 | 14,100 | +4.0 Million HKD | 27.7 | 17.6 | +10.1 percentage points | | Integrated Development | 3,500 | 4,200 | -0.7 Million HKD | 89.7 | 88.9 | +0.8 percentage points | - The decrease in gross profit and gross margin for the property management business was due to competitive bidding prices for new projects, primarily in public facility projects, and an increase in direct labor costs of approximately **HKD 2.8 million**[46](index=46&type=chunk) - The increase in gross profit and gross margin for the environmental sanitation business was mainly due to a reduction in staff costs of approximately **HKD 3.5 million**[46](index=46&type=chunk) [Profit for the Period](index=27&type=section&id=Profit%20for%20the%20Period) Profit for the period was approximately HKD 23.8 million, an increase from the prior period, primarily driven by a net reduction of approximately HKD 6.0 million in impairment provisions for trade receivables and contract assets, and effective cost control measures reducing selling, general, and administrative expenses Profit for the Period (Thousand HKD) | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Profit for the period | 23,800 | 20,600 | +3.2 Million HKD | - The increase in profit for the period was due to (i) a net reduction of approximately **HKD 6.0 million** in impairment provisions for trade receivables and contract assets; and (ii) effective cost control measures leading to reduced selling, general, and administrative expenses[47](index=47&type=chunk) - Unlike 2023, the Group did not record any gain on disposal during the period[47](index=47&type=chunk) [Asset Structure](index=28&type=section&id=Asset%20Structure) The Group's assets primarily include property, plant and equipment, investment properties, investments in associates, inventories, trade receivables, contract assets, and cash equivalents; property, plant and equipment mainly relate to tourism and environmental sanitation businesses, while trade receivables and contract assets increased, and cash and cash equivalents slightly decreased - Property, plant and equipment and right-of-use assets totaled approximately **HKD 150.6 million**, mainly referring to properties and other equipment of tourism scenic areas and cultural attractions owned by Tumen Tourism, and vehicles and other equipment for the Group's environmental sanitation business[48](index=48&type=chunk) - Investment properties of approximately **HKD 67.4 million** represent the fair value of right-of-use assets for non-residential properties in Shijiazhuang City and Xingtai City, Hebei Province, China, leased by the Group from property owners to earn rental income[48](index=48&type=chunk) - Investment in an associate of approximately **HKD 24.4 million** refers to the Group's **40% equity interest** in Zhangjiakou Dakun Zhifang Real Estate Development Co., Ltd., whose development project was suspended due to economic uncertainties brought by the COVID-19 pandemic[49](index=49&type=chunk)[50](index=50&type=chunk) - Trade receivables of approximately **HKD 92.7 million** slightly increased, mainly due to delayed payments from specific clients in the environmental sanitation and property management segments facing cash flow difficulties[50](index=50&type=chunk) - Contract assets of approximately **HKD 59.8 million** represent trade receivables yet to be invoiced, particularly from the environmental sanitation business, as these clients are government departments with strict procedures for verifying the Group's completed works[51](index=51&type=chunk) - Time deposits with original maturity over three months and cash and cash equivalents totaled approximately **HKD 258.9 million**, with the slight decrease mainly due to (i) payments of approximately **HKD 3.9 million** for vehicle and equipment purchases during the period; and (ii) distributions of approximately **HKD 24.2 million** paid to holders of perpetual convertible securities during the period[52](index=52&type=chunk) [Liability Structure](index=31&type=section&id=Liability%20Structure) The Group's liabilities primarily include trade payables, contract liabilities, other payables, and lease liabilities; total trade payables and contract liabilities slightly decreased, mainly due to the scaled-down environmental sanitation and integrated development segments, while other payables and lease liabilities also slightly declined - Trade payables and contract liabilities totaled approximately **HKD 55.1 million**, with the decrease mainly attributable to the scaled-down environmental sanitation segment and promotion, event planning, and consulting services under the integrated development segment during the period[53](index=53&type=chunk) - Other payables of approximately **HKD 64.8 million** mainly include prepayments and deposits for property management and environmental sanitation businesses, accrued salaries and retirement contributions, and consideration payable for the acquisition of Tumen Tourism[54](index=54&type=chunk) - Lease liabilities of approximately **HKD 43.4 million** primarily include lease liabilities for right-of-use assets of non-residential properties leased by the Group from property owners to earn rental income, and finance lease obligations for machinery and equipment in the environmental sanitation segment[54](index=54&type=chunk) [Liquidity and Financial Resources](index=32&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a prudent financial policy, funding operations and investments with internal resources; the current ratio is approximately 3.8, and the gearing ratio is not applicable due to the absence of bank and other borrowings - The Group maintains a prudent financial policy, strictly controlling its cash and risk management, and funded its operations and investments with internal resources during the period[55](index=55&type=chunk) Liquidity Indicators | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 3.8 | 3.8 | | Gearing Ratio | Not Applicable | Not Applicable | [Foreign Exchange Risk](index=32&type=section&id=Foreign%20Exchange%20Risk) Most of the Group's transactions are denominated and settled in RMB, and exchange rate fluctuations impact net assets; no derivative financial instruments were used to hedge foreign exchange risk during the period - Most of the Group's subsidiaries operate in China, with the majority of transactions denominated and settled in Renminbi[56](index=56&type=chunk) - Exchange rate fluctuations will affect the Group's net assets due to currency translation required in preparing the Group's consolidated accounts. During the period, the Group did not use derivative financial instruments to hedge its foreign exchange risk[56](index=56&type=chunk) [Capital Commitments](index=32&type=section&id=Capital%20Commitments) As of June 30, 2024, the Group's capital commitments related to equity securities investments amounted to approximately HKD 16.0 million Capital Commitments (Thousand HKD) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Capital commitments for equity securities investments | 16,000 | 16,500 | [Significant Acquisitions, Investments and Disposals](index=32&type=section&id=Significant%20Acquisitions%2C%20Investments%20and%20Disposals) The Group had no significant investments, acquisitions, or disposals of subsidiaries and associates during the period - The Group had no significant investments, significant acquisitions, or disposals of subsidiaries and associates during the period[57](index=57&type=chunk) [Pledge of Assets](index=32&type=section&id=Pledge%20of%20Assets) As of June 30, 2024, and December 31, 2023, the Group had no assets pledged - As of June 30, 2024, and December 31, 2023, the Group had no assets pledged[58](index=58&type=chunk) [Significant Contingent Liabilities](index=32&type=section&id=Significant%20Contingent%20Liabilities) As of June 30, 2024, and December 31, 2023, the Group had no significant contingent liabilities - As of June 30, 2024, and December 31, 2023, the Group had no significant contingent liabilities[59](index=59&type=chunk) [Number of Employees and Remuneration](index=33&type=section&id=Number%20of%20Employees%20and%20Remuneration) As of June 30, 2024, the Group had approximately 2,100 employees, with staff costs of about HKD 48.4 million, providing benefits such as medical insurance, MPF schemes, and China retirement plans Number of Employees and Remuneration | Indicator | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Total number of employees | 2,100 | 2,200 | | Staff costs (including directors' emoluments) | 48.4 Million HKD | 50.2 Million HKD | - In addition to salaries, the Group also provides other employee benefits to all employees, such as employee medical insurance and Mandatory Provident Fund schemes[60](index=60&type=chunk) [Interim Dividend (Management Discussion and Analysis)](index=33&type=section&id=Interim%20Dividend%20(Management%20Discussion%20and%20Analysis)) The Board did not recommend the payment of any interim dividend for the period - The Board did not recommend the payment of any interim dividend for the period (corresponding period: nil)[61](index=61&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Events After Reporting Period](index=34&type=section&id=Events%20After%20Reporting%20Period) The Company completed its name change in the Cayman Islands and Hong Kong on July 10 and August 1, 2024, respectively, from "Orient Victory Smart Urban Services Holding Limited" to "Gangyu Smart Urban Services Holding Limited" - The Company issued its Certificate of Change of Name in the Cayman Islands on July 10, 2024, and the Registrar of Companies in Hong Kong issued the Certificate of Registration of Alteration of Name of Registered Non-Hong Kong Company on August 1, 2024, confirming the change of the Company's English name from 'Orient Victory Smart Urban Services Holding Limited' to 'Gangyu Smart Urban Services Holding Limited' and its Chinese name from '東勝智慧城市服務控股有限公司' to '港譽智慧城市服務控股有限公司', both effective from July 10, 2024[62](index=62&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, except for a deviation from code provision C.2.1 (separation of roles of Chairman and Chief Executive), but the Board believes power is balanced and management is sound - The Company has complied with all applicable code provisions set out in the Corporate Governance Code in Appendix C1 of the Listing Rules during the period, save for a deviation from code provision C.2.1 of the Corporate Governance Code[63](index=63&type=chunk) - Although the responsibilities of the Company's former Chairman and former Chief Executive Officer were vested in Mr. Shi Baodong, all major decisions were made after consulting the Board. The Board believes that the power is adequately balanced, and the existing corporate arrangements maintain the Company's sound management status[63](index=63&type=chunk) [Model Code for Securities Transactions by Directors](index=34&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code in Appendix C3 of the Listing Rules for directors' securities transactions, and all directors confirmed compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' dealings in the Company's securities[64](index=64&type=chunk) - Specific enquiries have been made to all Directors, who have confirmed their compliance with the required standards set out in the Model Code throughout the period. The Company has not identified any non-compliance with the Model Code by its employees[64](index=64&type=chunk)[65](index=65&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of its shares listed on the Stock Exchange during the period - During the period, the Company did not redeem any of its shares listed on the Stock Exchange, and neither the Company nor any of its subsidiaries purchased or sold any such shares[66](index=66&type=chunk) [Constitutional Documents](index=35&type=section&id=Constitutional%20Documents) The Company adopted new amended and restated Articles of Association by special resolution at the AGM on June 28, 2024, to comply with the latest regulatory requirements - The new amended and restated Memorandum and Articles of Association were adopted by special resolution at the Company's Annual General Meeting held on June 28, 2024[67](index=67&type=chunk) - The amendments aim to align the Memorandum and Articles of Association with the latest regulatory requirements concerning the expansion of the paperless listing mechanism and mandatory electronic dissemination of corporate communications by listed issuers[67](index=67&type=chunk) [Audit Committee and Review of Interim Results](index=35&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviews and oversees financial reporting and internal controls; the interim results for the period were reviewed by the Committee, which found applicable accounting standards adopted and sufficient disclosures made - The Audit Committee currently comprises three independent non-executive Directors and is primarily responsible for reviewing and overseeing the Group's financial reporting process and internal controls[68](index=68&type=chunk) - The Group's interim results for the period are unaudited but have been reviewed by the Audit Committee. The Audit Committee is of the opinion that applicable accounting standards have been adopted and the applicable requirements of the Listing Rules have been complied with, and that adequate disclosures have been made in the preparation of the relevant results[68](index=68&type=chunk) [Publication of Interim Results and Interim Report](index=36&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement is published on the Company's and Stock Exchange's websites, and the interim report will be dispatched to shareholders and published on the websites in due course - This interim results announcement is published on the Company's website (www.gycsfw.com.cn) and the Stock Exchange's website (www.hkexnews.hk)[69](index=69&type=chunk) - The Company's interim report for the period, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the aforementioned websites in due course[69](index=69&type=chunk) [Acknowledgement](index=36&type=section&id=Acknowledgement) The Board extends its sincere gratitude to shareholders, business partners, and employees - The Board extends its sincere gratitude to shareholders and business partners for their continuous support, and to employees for their dedicated service, contributions, and efforts during the period[70](index=70&type=chunk)

Financial Performance - The group recorded an increase in revenue of approximately HKD 115.4 million and profit of about HKD 10.1 million for the fiscal year ending December 31, 2023[8]. - Total revenue for the company reached approximately HKD 342.4 million in 2023, reflecting a growth of about 50.8% from HKD 227.0 million in 2022[44]. - The company recorded revenue from property management services of approximately HKD 185.7 million, an increase of approximately 17.9% from HKD 157.5 million in the previous year[15]. - Revenue from environmental hygiene services increased significantly to approximately HKD 147.4 million, up approximately 261.3% from HKD 40.8 million in the previous year[19]. - The gross profit for the year was approximately HKD 7.3 million, an improvement from HKD 2.9 million in 2022, primarily due to effective cost control and resource utilization[23]. - The company reported a net profit from continuing operations of approximately HKD 38.0 million in 2023, an increase of about HKD 16.2 million compared to HKD 21.8 million in 2022[49]. Business Expansion and Strategy - The total contracted gross floor area of the property management group reached approximately 11.8 million square meters as of December 31, 2023, compared to 8.8 million square meters in 2022[11]. - The area under management increased to approximately 11.0 million square meters in 2023, up from 7.9 million square meters in 2022[11]. - The group successfully added 15 new public building property management projects during the year, contributing to an increase in property management revenue[11]. - The company has diversified its business focus to include property management and environmental hygiene services since 2021[8]. - The company aims to expand its business through strategic acquisitions in overseas markets, particularly in property management, tourism, and environmental services[32]. Operational Efficiency and Challenges - The company anticipates challenges due to extended collection periods for customer service fees, which may impact cash flow and operational efficiency[19]. - The company plans to enhance operational efficiency and optimize workflows to reduce administrative and operational costs in the future[19]. - The group anticipates ongoing challenges in the Chinese economy, including stagnant private investment and declining consumer confidence, which may affect future project developments[52]. - The group has paused its development projects due to economic uncertainties and is considering the potential returns and capital investment needs before proceeding[52]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and transparency, as evidenced by the roles of its independent directors[90][94]. - The board of directors consists of seven members, including the chairman and CEO, ensuring a balance of executive and independent non-executive directors[199]. - The company has established an audit committee responsible for reviewing and supervising the financial reporting process and internal controls[181]. - The company emphasizes good corporate governance principles, focusing on accountability and transparency to shareholders[196]. Shareholder and Stakeholder Value - The company is committed to creating greater value for shareholders and stakeholders by improving service quality and environmental hygiene[7]. - The company will not declare a final dividend for the year, consistent with the previous year[69]. - The total distributable reserves available to equity shareholders as of December 31, 2023, is approximately HKD 183,876,000, down from HKD 207,374,000 in 2022[142]. Environmental and Social Responsibility - The company is committed to sustainable development and has implemented various measures to reduce environmental impact, including energy-saving and waste management policies[102]. - The company has a comprehensive privacy protection program in place to safeguard customer data[109]. Employee Management - The total number of employees as of December 31, 2023, is 2,184, a decrease from approximately 2,312 in 2022[64]. - Employee costs, including director remuneration, amounted to approximately HKD 99.0 million in 2023, compared to approximately HKD 56.7 million in 2022[64]. - The company aims to attract and retain skilled talent aligned with its corporate culture through training and development programs[106]. Connected Transactions and Compliance - The company confirmed compliance with the disclosure requirements under Chapter 14A of the Listing Rules regarding continuing connected transactions[177]. - The framework agreement and new framework agreement transactions are subject to reporting, annual review, announcement, circular, and independent shareholder approval due to the annual cap exceeding 10 million HKD[175]. - The company’s independent non-executive directors reviewed the continuing connected transactions and confirmed they were conducted in the ordinary course of business and on normal commercial terms[177].

Financial Performance - The company reported a net profit of HKD 37,969,000 for the year ended December 31, 2023, compared to HKD 27,915,000 in 2022, representing a year-over-year increase of approximately 36.2%[4]. - The company’s basic and diluted earnings per share for continuing operations were HKD 0.17 in 2023, compared to HKD 0.03 in 2022, marking a significant increase of 466.7%[4]. - The profit attributable to equity holders from continuing operations was approximately HKD 33.5 million, up from HKD 23.7 million in the previous year, mainly due to a turnaround in the environmental hygiene business from a loss of HKD 4.0 million to a profit of HKD 8.4 million[56]. - The group reported a pre-tax profit of HKD 41.7 million, compared to HKD 25.0 million in the previous year, showcasing significant growth in profitability[58]. - The company reported total revenue of HKD 342,371,000 for 2023, compared to HKD 226,967,000 in 2022, marking an overall increase of 50.8%[38]. Revenue Growth - Revenue from property management services increased to HKD 158,461,000 in 2023, up from HKD 136,057,000 in 2022, reflecting a growth of about 16.5%[17]. - The environmental sanitation services segment generated revenue of HKD 147,357,000 in 2023, a significant increase from HKD 40,800,000 in 2022, indicating a growth of approximately 261.5%[17]. - The company recognized total revenue of HKD 342,371,000 for the year 2023, compared to HKD 226,967,000 in 2022, representing an increase of about 50.8%[17]. - Revenue from continuing operations for 2023 was HKD 342,371,000, an increase from HKD 226,967,000 in 2022, representing a growth of 50.8%[25]. - The environmental hygiene business generated revenue of approximately HKD 147.4 million, a significant increase of about 261.3% from HKD 40.8 million in the previous year[96]. Asset and Liability Management - Total assets less current liabilities amounted to HKD 674,836,000 in 2023, compared to HKD 666,813,000 in 2022, showing a slight increase of about 1.5%[1]. - The total liabilities decreased from HKD 145,007,000 in 2022 to HKD 139,900,000 in 2023, a reduction of approximately 3.8%[1]. - The company’s cash and cash equivalents were HKD 201,373,000 as of December 31, 2023, down from HKD 205,857,000 in 2022, a decrease of approximately 2.4%[1]. - The group’s net asset value increased to HKD 622.1 million from HKD 606.3 million year-on-year, reflecting a solid financial position[45]. - The company’s prepayments, deposits, and other receivables decreased to approximately HKD 131.1 million from HKD 229.4 million in the previous year, mainly due to the return of land and repayment of advances[199]. Operational Efficiency - The group achieved a gross profit of HKD 85.2 million, up from HKD 68.5 million in the previous year, reflecting improved operational efficiency[58]. - The gross profit margin decreased from approximately 30.2% for the year ended December 31, 2022, to about 24.9% for the current year, a decline of approximately 5.3 percentage points[187]. - The property management business recorded a gross profit decrease from approximately HKD 61.2 million to about HKD 58.0 million, with a gross profit margin reduction of 7.7 percentage points to approximately 31.2%[189]. - The environmental sanitation business saw a significant increase in gross profit from approximately HKD 2.5 million to about HKD 19.8 million, with a gross profit margin improvement from approximately 6.0% to 13.5%[146]. - The group plans to continue expanding its service scope and optimizing workflows to reduce administrative and operational costs in future years[116]. Strategic Initiatives - The company plans to continue expanding its environmental sanitation services and diversify its tourism-related offerings in the coming years[18]. - The group plans to expand its leasing-related services by acquiring 47 commercial units in the Zijing Yuhua Center, with an estimated total building area of approximately 2,563 square meters[115]. - The group aims to adopt a light asset investment model to reduce liquidity risks and enhance investment management flexibility[107]. - The group is actively seeking acquisition opportunities in overseas markets to diversify its business portfolio and enhance its investment returns[124]. - The group aims to leverage local rural resources and cultural heritage to accelerate the new rural tourism model as outlined in the Shijiazhuang "14th Five-Year" cultural and tourism development plan[118]. Challenges and Risks - The group faced challenges with extended collection periods for customer service fees, impacting cash flow and operational efficiency[98]. - The group anticipates further challenges due to ongoing economic conditions in China, which have not fully recovered this year[98]. - The group did not record any revenue from the diversified tourism products and services segment this year, consistent with the previous year[143]. - The group continues to operate its promotional, event planning, and consulting services, contributing approximately HKD 1.0 million in revenue, a decline from HKD 20.4 million in the previous year[187]. - The company recorded no profit from discontinued operations after selling its diversified tourism products and services business in Hong Kong on August 30, 2022[192].