上海紫江新材料科技股份有限公司 审 计 报 告 众环审字（2025）3600271号 目 录 起始页码 审计报告 财务报表 合并资产负债表 1 合并利润表 3 合并现金流量表 4 合并股东权益变动表 5 资产负债表 8 利润表 10 现金流量表 11 股东权益变动表 12 财务报表附注 15 财务报表附注补充资料 124 审 计 报 告 众环审字（2025）3600271 号 上海紫江新材料科技股份有限公司全体股东： 一、审计意见 我们审计了上海紫江新材料科技股份有限公司（以下简称"紫江新材"）财务报表，包括 年 1-3 月、2024 年度、2023 年度的合并及公司利润表、合并及公司现金流量表、合并及公 司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 紫江新材 2025 年 3 月 31 日、2024 年 12 月 31 日、2023 年 12 月 31 日合并及公司的财务状 况以及 2025 年 1-3 月、2024 年度、2023 年度合并及公司的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了 ...

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公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： ● 会议召开时间：2025年05月30日（星期五）15:00-17:00 ● 会议问题征集：投资者可于2025年05月30日前访问网址https://eseb.cn/1oBUuGIK45G或使用微信扫描 下方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的 问题进行回答。 ■ 湖南白银股份有限公司（以下简称"公司"）已于2025年4月10日在巨潮资讯网上披露了《2024年年度报 告》及《2024年年度报告摘要》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情 况，公司定于2025年05月30日（星期五）15:00-17:00 在"价值在线"（www.ir-online.cn）举办湖南白银股 份有限公司2024年业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 1.会议召开时间：2025年05月30日（星期五）15:00-17:00 2.会议召开地点：价值 ...

Summary of Key Points Core Viewpoint - ST Lingnan is facing significant financial difficulties, including an inability to repay its convertible bonds, a substantial decline in revenue, and potential delisting risks due to low stock prices [1][3]. Trading Information - On May 23, ST Lingnan's stock closed at 2.08 yuan, up 5.05%, with a turnover rate of 3.71%, trading volume of 593,200 shares, and a transaction value of 122 million yuan [1]. - The fund flow on the same day showed a net inflow of 6.318 million yuan from institutional investors, while retail investors experienced a net outflow of 7.1108 million yuan [1][3]. Company Announcements - The company announced that it is unable to repay the "Lingnan Convertible Bonds" on time, with current cash insufficient to cover principal and interest payments, leading to a credit rating downgrade to C [1][3]. - For the year 2024, the company reported a revenue of 861.8366 million yuan, a year-on-year decline of 59.55%, and a net loss attributable to shareholders of 984.3298 million yuan [1]. - In the first quarter of 2025, the company reported a revenue of 67.5991 million yuan, a year-on-year decline of 77.85%, with a net loss of 66.3973 million yuan [1]. - The company is facing ongoing operational risks, with the 2024 audit report issued with a qualified opinion [1]. - Assets pledged for the "Lingnan Convertible Bonds" include equity in fundraising project companies and receivables, but these face liquidity and uncertainty risks [1]. - There is a risk of stock delisting if the closing price remains below 1 yuan for 20 consecutive trading days [1]. - The company is also dealing with numerous lawsuits, with newly disclosed litigation and arbitration matters involving approximately 174.1336 million yuan as of May 9, 2025 [1].

公司截至2025年3月31日，*ST东易最新资产负债率为166.71%，在已披露的同业公司中排名第23，较上 季度资产负债率增加8.82个百分点，较去年同期资产负债率增加69.58个百分点。 公司截至2025年3月31日，*ST东易最新毛利率为36.74%。 公司截至2025年3月31日，*ST东易摊薄每股收益为-0.05元，在已披露的同业公司中排名第18。 公司截至2025年3月31日，*ST东易最新总资产周转率为0.11次，较去年同期总资产周转率减少0.05次， 同比较去年同期下降32.30%。截至2025年3月31日，*ST东易最新存货周转率为3.62次。 公司股东户数为1.98万户，前十大股东持股数量为2.23亿股，占总股本比例为53.11%，前十大股东持股 情况如下： 2025年4月29日，*ST东易(002713.SZ)发布2025年一季报。 公司截至2025年3月31日，*ST东易营业总收入为1.67亿元，在已披露的同业公司中排名第14，较去年同 报告期营业总收入减少2.73亿元，同比较去年同期下降62.05%。截至2025年3月31日，*ST东易归母净利 润为-1889.24万元，在已披露的同 ...

来源：金融界 资金流向方面，今日主力资金净流入5132.27万元，占比成交额28.98%。其中，超大单净流入1652.74万 元、占成交额9.33%，大单净流入3479.53万元、占成交额19.65%，中单净流出流出1251.33万元、占成 交额7.07%，小单净流出3880.95万元、占成交额21.91%。 天眼查商业履历信息显示，东易日盛家居装饰集团股份有限公司，成立于1996年，位于北京市，是一家 以从事电信、广播电视和卫星传输服务为主的企业。企业注册资本41953.698万人民币，实缴资本 27195.3万人民币。公司法定代表人为陈辉。 通过天眼查大数据分析，东易日盛家居装饰集团股份有限公司共对外投资了21家企业，参与招投标项目 77次，知识产权方面有商标信息193条，专利信息192条，此外企业还拥有行政许可19个。 金融界消息 截至2025年4月30日收盘，*ST东易（002713）报收于4.25元，上涨4.94%，换手率10.25%， 成交量42.05万手，成交金额1.77亿元。 *ST东易最新一期业绩显示，截至2025一季报，公司营业总收入1.67亿元、同比减少62.05%，归属净利 润1889 ...

Financial Performance - The Group's revenue for the year ended December 31, 2024, was HK$47,286,000, an increase of HK$402,000 or 1% compared to HK$46,884,000 in 2023[11] - The loss for the year amounted to HK$74,752,000, a significant decline from a profit of HK$264,999,000 in 2023[11] - Loss per share was HK6.03 cents, compared to earnings per share of HK21.36 cents in the previous year[11] - The fair value loss of investment properties was HK$67,862,000, contrasting with a fair value gain of HK$259,453,000 in the prior year[13] - Finance costs increased by HK$15,884,000, primarily due to higher costs associated with other borrowings raised in the second half of the previous year[13] - Total assets decreased from HK$2,603,968,000 in the previous year to HK$2,431,092,000[20] - Net asset value declined from HK$1,822,751,000 to HK$1,742,069,000[20] - Total equity decreased from HK$1,822,751,000 in 2023 to HK$1,742,069,000 in 2024, a decrease of about 4.4%[24] - Cash and bank balances decreased from HK$130,495,000 in 2023 to HK$68,355,000 in 2024, a decline of about 47.6%[24] Assets and Liabilities - The Group's bank borrowings amounted to HK$100,000,000, with discussions for renewal ongoing as needed[20] - Total liabilities decreased from HK$781,217,000 as of December 31, 2023, to HK$689,023,000 as of December 31, 2024, representing a reduction of approximately 11.8%[24] - The ratio of total liabilities to total assets improved to approximately 28% in 2024 from 30% in 2023[24] - The carrying value of investment properties increased from HK$1,270,000,000 in 2023 to HK$1,294,000,000 in 2024, an increase of approximately 1.9%[23] - The gearing ratio remained stable at 26% for both 2023 and 2024[24] Property Management and Development - The Group's commercial properties at Harbour Crystal Centre recorded an average occupancy rate of approximately 90%[18] - The shopping arcade, Laneway, is currently under refurbishment and is expected to open in 2025[19] - The expected completion and grand opening of Laneway (formerly Concord Square) in the second half of 2025 is a significant milestone for the Group, with pre-leasing efforts aimed at securing anchor tenants[47] - The retail property leasing market in Hong Kong is expected to remain challenging throughout 2025, with continued pressure on rental rates and occupancy levels[46] Strategic Outlook - The Group aims to maintain the same total rental income from investment properties as last year[41] - Objectives for 2025 include reviewing management systems and cost structures to improve efficiency and reduce expenses[43] - Interest rates are projected to decrease in 2025, albeit at a more measured pace than previously anticipated, which should support property capital values and improve investment sentiment in Hong Kong's real estate sector[48] - The Group is well-positioned to benefit from gradual economic improvements and strategic developments while maintaining a disciplined approach to potential acquisitions[48] - The Group anticipates a year of growth driven by key strategic developments despite broader market challenges[46] Corporate Governance - The Company had three Independent Non-Executive Directors (INEDs) for the majority of 2024, complying with the Listing Rules requirements[66] - Mr. Cheng Chi Kin was appointed as an INED on 16th April 2024, restoring compliance with the minimum number of INEDs after the passing of Mr. Choi Kin Man[65] - The Board held five meetings during the year ended 31st December 2024, ensuring regular discussions on overall strategy and financial performance[67] - All INEDs confirmed their independence annually, in line with Rule 3.13 of the Listing Rules[66] - The Company Secretary assists in preparing meeting agendas and ensuring compliance with applicable rules and regulations[74] - Directors are entitled to seek external independent professional advice at the Company's expense under established procedures[76] - The Board's responsibilities include approving annual and interim results, significant contracts, and corporate governance matters[70] - The Board currently has one female Director out of seven Directors, achieving a gender diversity of 14.3%[84] - The Company targets to maintain at least the current level of female representation on the Board, with the ultimate goal of increasing the proportion of female members over time[84] - The Board conducted an annual review of the implementation and effectiveness of the Board Diversity Policy and is satisfied with its proper implementation[86] Committees and Director Responsibilities - The Board has established various committees, including a Nomination Committee, Remuneration Committee, Audit Committee, and Executive Committee, each with specific written terms of reference[98] - The Nomination Committee specifies the process and criteria for the selection and recommendation of candidates for directorship[91] - The Nomination Committee is chaired by an Independent Non-Executive Director (INED) and consists entirely of INEDs, ensuring a balanced composition for effective independent judgment[102] - The Remuneration Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[109] - The Audit Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[117] Risk Management and Internal Controls - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, and to assist in achieving the Group's objectives[145] - The internal audit function reports to the Chairman of the Board and the Audit Committee, providing independent appraisal of the adequacy and effectiveness of the Group's risk management and internal control systems[152] - The Audit Committee reviewed the internal audit plan and reports prepared by the Internal Audit Function[124] - The Audit Committee recommended the annual review of the Group's risk management and internal control systems[129] - The Company has established systems and procedures to identify, evaluate, and manage risks associated with different business activities[146] Shareholder Communication and Dividend Policy - The Board recognizes the importance of good communication with Shareholders, disseminating information through various formal channels including interim and annual reports[158] - The Company has established a Shareholders' Communication Policy to facilitate effective communication with Shareholders[166] - The Board conducted a review of the implementation and effectiveness of the Shareholders Communication Policy during the year[168] - The Board has adopted a Dividend Policy aimed at providing reasonable and sustainable returns to Shareholders while maintaining financial stability[173] - The ability to pay dividends is dependent on the dividends received from subsidiaries and associates, as the Company is a holding company[174] Environmental Sustainability - The Group is committed to long-term environmental sustainability and aims to reduce operational impacts on the environment[197] - The environmental policies include minimizing paper and electricity consumption, reducing waste, and promoting electronic communication[198]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of 0.86% compared to HKD 46,884,000 in 2023[4] - The net loss for the year was HKD 74,752,000, compared to a profit of HKD 264,999,000 in the previous year, indicating a significant decrease in profitability[5] - Basic loss per share for 2024 was HKD 6.03, compared to earnings of HKD 21.36 per share in 2023[28] - The fair value loss on investment properties was HKD 67,862,000, compared to a fair value gain of HKD 259,453,000 in the previous year[31] - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of HKD 402,000 or 1% compared to HKD 46,884,000 in 2023[29] Asset and Equity Changes - Total assets decreased to HKD 2,297,944,000 from HKD 2,567,827,000, reflecting a decline of 10.52%[7] - The total equity decreased to HKD 1,742,069,000 from HKD 1,822,751,000, a decline of 4.41%[7] - The company's cash and cash equivalents dropped to HKD 68,355,000 from HKD 130,495,000, a decrease of 47.6%[7] - Total assets decreased from HKD 2,603,968,000 in 2023 to HKD 2,431,092,000 in 2024[32] - The total liabilities decreased from HKD 781,217,000 in 2023 to HKD 689,023,000 in 2024, with a debt-to-asset ratio of approximately 28%[33] Income Sources - Other income decreased to HKD 10,894,000 from HKD 13,358,000, representing a decline of 18.43%[4] - Total fixed rental income from investment properties for 2024 was HKD 41,063,000, a slight increase from HKD 40,366,000 in 2023, representing a growth of 1.73%[16] - Property management fee income for 2024 was HKD 5,023,000, down from HKD 5,168,000 in 2023, indicating a decrease of 2.81%[16] - Total revenue from Hong Kong and China for the year was HKD 47,286,000, compared to HKD 46,315,000 in 2023, reflecting an increase of 2.09%[17] - Major client A contributed HKD 8,474,000 in rental income for 2024, up from HKD 8,239,000 in 2023, showing a growth of 2.86%[18] Impairment and Valuation - The company recognized a net impairment reversal of HKD 607,000 from the expected credit loss model, compared to HKD 1,445,000 in the previous year[4] - The fair value of investment properties slightly decreased to HKD 2,266,120,000 from HKD 2,269,160,000, a marginal decline of 0.14%[7] Operational Insights - The average occupancy rate for commercial properties at Hong Kong Crystal Center was about 90%[30] - The company plans to open the renovated shopping mall in 2025[30] - The completion and opening of the renovated shopping mall, 联薈 (formerly known as 协和广场), is anticipated in the second half of 2025, marking an important milestone for the group[45] Strategic Outlook - The group expects the Hong Kong retail property leasing market to remain challenging in 2025, with rental prices and occupancy rates under pressure[45] - The group plans to maintain a cautious strategy regarding potential acquisitions while capitalizing on development opportunities[45] Corporate Governance - The auditors provided an unqualified opinion for the financial years, indicating no significant issues were raised during the audit process[9] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are yet to be effective, indicating a conservative approach to financial reporting[12] - The company expects that the application of new standards will not have a significant impact on the consolidated financial statements in the foreseeable future[12] Employee and Dividend Information - The number of employees as of December 31, 2024, was 30, a decrease from 31 in 2023[43] - No dividend was declared for the year ending December 31, 2024[24] - The board does not recommend declaring any dividends for the year ending December 31, 2024[47] Miscellaneous - The group did not grant any loans to borrowers during the year[36] - As of December 31, 2024, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[38] - The group had no significant investments representing over 5% of total assets as of December 31, 2024[39] - There were no significant contingent liabilities as of December 31, 2024[40] - There were no significant events affecting the group after the fiscal year-end and up to the announcement date[42] - The company has not repurchased, sold, or redeemed any of its shares during the fiscal year ending December 31, 2024[55] - Any unclaimed dividends declared after six years may be forfeited by the board of directors and returned to the company[56] - Shareholders must contact the company's share registrar by April 17, 2025, to claim any unclaimed dividends[57]

Financial Performance - Revenue for the six months ended June 30, 2024, increased to HK$24,213,000, representing a growth of 6.25% compared to HK$22,788,000 in the same period of 2023[7]. - Other income decreased to HK$6,503,000, down 12.16% from HK$7,407,000 in the previous year[7]. - Operating loss before changes in fair value of investment properties was HK$2,570,000, a significant decline from a profit of HK$12,503,000 in the same period last year[7]. - Loss from changes in fair value of investment properties amounted to HK$12,790,000, compared to a gain of HK$6,046,000 in 2023[7]. - Loss for the period was HK$17,037,000, contrasting with a profit of HK$14,507,000 in the prior year[7]. - Basic loss per share for the period was HK$1.37, compared to earnings per share of HK$1.17 in the same period of 2023[7]. - Finance costs for the period were HK$17,668,000, with no finance costs reported in the previous year[7]. - The company reported a loss of HK$17,037,000 for the six months ended June 30, 2024, compared to a profit of HK$14,507,000 in the same period of 2023, indicating a significant decline in performance[4]. - Other comprehensive expenses for the period totaled HK$2,760,000, which is an increase from HK$1,860,000 in the previous year, reflecting a worsening in fair value changes of equity instruments[4]. - Total comprehensive expense for the period amounted to HK$19,797,000, contrasting with a total comprehensive income of HK$10,997,000 for the same period in 2023, highlighting a negative shift in overall financial health[4]. Assets and Liabilities - Current assets decreased to HK$265,794,000 as of June 30, 2024, down from HK$298,227,000 at the end of 2023, indicating a reduction in liquidity[10]. - Net current assets also fell to HK$233,944,000 from HK$262,086,000, reflecting a decline in the company's short-term financial position[10]. - Total equity decreased to HK$1,802,954,000 as of June 30, 2024, down from HK$1,822,751,000 at the end of 2023, showing a reduction in shareholder value[12]. - Non-current liabilities were reported at HK$724,343,000, a slight decrease from HK$745,076,000, indicating a minor improvement in long-term debt management[12]. - The fair value of investment properties was reported at HK$2,259,580,000, down from HK$2,269,160,000, suggesting a decline in asset valuation[11]. - Cash and cash equivalents decreased to HK$112,881,000 from HK$130,495,000, indicating a reduction in available cash resources[10]. - The company maintained its share capital at HK$681,899,000, with reserves decreasing to HK$1,121,055,000 from HK$1,140,852,000, reflecting changes in retained earnings and other reserves[12]. Cash Flow and Financing - Net cash generated from operating activities decreased to HK$2,977,000 for the six months ended June 30, 2024, compared to HK$15,864,000 in the same period of 2023, representing an 81.2% decline[19]. - Net cash from investing activities was HK$13,240,000 for the six months ended June 30, 2024, significantly lower than HK$84,351,000 in the previous year, indicating a decrease of 84.3%[19]. - Cash and cash equivalents at the end of the period were HK$112,881,000, down from HK$207,415,000 at the end of June 2023, reflecting a 45.5% reduction[19]. - The company incurred interest paid of HK$13,796,000 during the period, with new loans from other borrowings amounting to HK$185,000,000 and repayments of HK$205,000,000[19]. - The Group's total liabilities decreased to HK$27,960,000 as of June 30, 2024, from HK$34,289,000 on December 31, 2023, indicating a reduction of approximately 18.5%[96]. Strategic Focus and Future Outlook - The company is focusing on enhancing its investment property portfolio and exploring new market opportunities for future growth[6]. - Management indicated plans for strategic expansion and potential acquisitions to strengthen market position[6]. - The Group anticipates signs of recovery in the Hong Kong retail property market towards the end of 2024, supported by expected interest rate cuts in the latter half of the year[172]. - The expected rental income from the refurbishment of Concord Square (to be renamed Laneway) is projected to support significant revenue growth in 2025[172]. - The Group will closely monitor market trends and adjust leasing strategies to capitalize on any improvements in the retail market[172]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, with certain deviations summarized in the report[179]. - The company confirmed that all Directors fully complied with the required standards set out in the Model Code regarding securities transactions throughout the review period[184]. - The reasons for deviations in corporate governance practices were documented in the Corporate Governance Report in the Annual Report for the financial year ended December 31, 2023[182]. - The company has adopted the Model Code as its code of conduct for securities transactions by Directors[184]. - The company’s audit committee is required to have a minimum of three members as per Listing Rules, which was not met prior to the recent appointment[184]. Employment and Human Resources - As of June 30, 2024, the Group employed 30 persons, a decrease from 31 as of December 31, 2023[172]. - The remuneration of the Chairman and Executive Director, Mr. Patrick Lee Seng Wei, and Executive Director, Mr. Tao Tsan Sang, was increased by approximately 3% effective from January 1, 2024, compared to 2023[185]. - The monthly salary of the Chief Executive and Executive Director, Mr. Lee Shu Yin, was also increased by approximately 3% effective from January 1, 2024, with a bonus of HK$160,000 for the year ended December 31, 2023[185].

Financial Performance - For the six months ended June 30, 2024, the company reported a loss of HKD 17,037,000 compared to a profit of HKD 14,507,000 in the same period of 2023, representing a year-over-year decline of 217.5%[1] - Total comprehensive loss for the period amounted to HKD 19,797,000, compared to a comprehensive income of HKD 10,997,000 in the previous year, indicating a significant deterioration in overall financial performance[2] - The company reported a basic loss per share of HKD 1.37 for the current period, compared to earnings per share of HKD 1.17 in the prior year[1] - The company reported a net loss attributable to shareholders of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period of 2023[15] - The group reported a loss of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period last year[18] Asset and Equity Changes - Non-current assets decreased from HKD 2,305,741,000 as of December 31, 2023, to HKD 2,293,353,000 as of June 30, 2024, reflecting a reduction of approximately 0.5%[3] - Current assets decreased from HKD 298,227,000 to HKD 265,794,000, a decline of about 10.9% over the six-month period[4] - The company's total equity decreased from HKD 1,822,751,000 to HKD 1,802,954,000, a reduction of approximately 1.1%[4] - Total assets decreased from HKD 2,603,968,000 as of December 31, 2023, to HKD 2,559,147,000 as of June 30, 2024[20] - The group's net asset value decreased from HKD 1,822,751,000 as of December 31, 2023, to HKD 1,802,954,000 as of June 30, 2024[20] Revenue and Income - Total revenue from Hong Kong and China for the six months ended June 30, 2024, was HKD 24,213,000, compared to HKD 22,219,000 for the same period in 2023, reflecting a growth of 8.9%[10] - Fixed rental income from investment properties increased to HKD 20,504,000 for the six months ended June 30, 2024, up from HKD 18,878,000 in the same period of 2023, representing an increase of 8.7%[9] - Other income decreased to HKD 6,503,000 for the six months ended June 30, 2024, down from HKD 7,407,000 in the same period of 2023, a decline of 12.2%[11] - The company's bank interest income decreased to HKD 2,398,000 for the six months ended June 30, 2024, from HKD 2,772,000 in the same period of 2023, a decrease of 13.5%[11] Expenses and Liabilities - The company’s financing costs totaled HKD 17,668,000, compared to HKD 6,176,000 in the previous year, indicating a significant increase of 186.5%[1] - The total expenses for income tax for the six months ended June 30, 2024, were HKD 1,289,000, down from HKD 3,169,000 in the same period of 2023, a reduction of 59.3%[13] - The company reported direct operating expenses for investment properties generating rental income of HKD 4,540,000 for the six months ended June 30, 2024, down from HKD 6,283,000 in the same period of 2023, a decrease of 27.8%[13] - The company’s liabilities decreased from HKD 745,076,000 to HKD 724,343,000, a reduction of about 2.8%[4] - Total liabilities decreased from HKD 781,217,000 as of December 31, 2023, to HKD 756,193,000 as of June 30, 2024[20] Cash and Cash Equivalents - The company’s cash and cash equivalents decreased from HKD 130,495,000 to HKD 112,881,000, a decline of approximately 13.5%[3] - Cash and bank deposits amounted to HKD 112,881,000 as of June 30, 2024, down from HKD 130,495,000 as of December 31, 2023[20] Dividends and Share Activity - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[14] - The board has decided not to declare an interim dividend for the six months ending June 30, 2024, maintaining a prudent approach to retain adequate funds for future business development opportunities[29] - The company has not repurchased, sold, or redeemed any of its shares during the six months ending June 30, 2024[33] Market Outlook and Strategy - The retail property market in Hong Kong is expected to face challenges in the foreseeable future, but signs of recovery are anticipated as the year-end approaches, supported by expected interest rate cuts in the second half of 2024[28] - The anticipated interest rate cuts are expected to boost overall economic conditions in Hong Kong, increasing disposable income and stimulating retail consumption[28] - The renovation of the Harmony Square, to be renamed as "Union Square," is nearing completion, which is expected to increase leasing activity and interest from potential tenants, supporting significant revenue growth in 2025[28] - The company will closely monitor acquisition opportunities in the retail commercial property market, preparing to act on significantly discounted assets that align with its long-term strategy[28] Internal Controls and Governance - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing internal controls and financial reporting matters[32]

Financial Performance - The Group's revenue for the year ended December 31, 2023, was HK$46,884,000, an increase of HK$8,505,000 or 22% compared to HK$38,379,000 in 2022[10]. - The profit for the year amounted to HK$264,999,000, a turnaround from a loss of HK$43,701,000 in 2022[10]. - Earnings per share were HK21.36 cents, compared to a loss per share of HK3.52 cents in the previous year[10]. - The fair value gain of investment properties was HK$259,453,000, compared to a fair value loss of HK$27,457,000 in the previous year[12]. - Total assets rose from HK$1,741,114,000 in 2022 to HK$2,603,968,000 in 2023, with net assets increasing from HK$1,554,105,000 to HK$1,822,751,000[20]. - The Group's gearing ratio (net debt over total equity) was 26% as of December 31, 2023, compared to a negative 10% in 2022[21]. - A significant rise in the Group's revenue is projected for 2025[47]. Asset and Liability Management - The Group's total assets increased from HK$1,741,114,000 in the previous year to HK$2,603,968,000[18]. - Total liabilities increased from HK$187,009,000 as of December 31, 2022, to HK$781,217,000 as of December 31, 2023, representing a ratio of total liabilities to total assets of approximately 30%[21]. - The Group had cash and bank balances of HK$130,495,000 as of December 31, 2023, down from HK$147,668,000 in 2022[21]. Property Management and Development - The average occupancy rate of commercial properties at Harbour Crystal Centre was approximately 99%[16]. - The recently acquired shopping arcade, Concord Square, is under refurbishment and expected to operate in late 2024[17]. - The disposed properties in Billion Centre recorded a 100% average occupancy rate during the six months held by the Group[17]. - The refurbishment of Concord Square is expected to be completed by year-end, leading to new rental lease signings later this year, with a mild uplift in total rental revenue expected for the current year[47]. - Concord Square, which primarily serves the local community in Tsuen Wan, is expected to perform well upon reopening[48]. Corporate Governance - The Board held six meetings during the year to discuss overall strategy and financial performance[65]. - All Independent Non-Executive Directors (INEDs) confirmed their independence, meeting the guidelines set out in Rule 3.13 of the Listing Rules[64]. - The Company has established a mechanism for Directors to seek external independent professional advice at the Company's expense[74]. - The Board's functions and management responsibilities are formalized and reviewed regularly to ensure compliance with existing regulations[68]. - The Company has a policy for handling conflicts of interest among Directors during Board meetings[73]. - The Board currently has one female Director out of six Directors, achieving a gender diversity representation of 16.7%[83]. - The Company aims to maintain at least the current level of female representation on the Board and gradually increase it as suitable candidates are identified[83]. Risk Management - The Group adopts a comprehensive risk management framework, regularly reviewing and updating policies to respond to market changes and business strategies[187]. - Financial risks include market risk, credit risk, and liquidity risk, with market risk further divided into interest rate risk, foreign currency risk, and other price risks[191]. - Operational risks are mitigated through robust internal controls, clear lines of responsibility, and effective internal reporting systems[192]. - The Group's business and profitability growth are affected by uncertainties in the property market, including supply and demand, government interventions, and interest rate changes[193]. Shareholder Engagement - The Company actively engages with shareholders through various formal channels, including interim and annual reports, announcements, and circulars[158]. - The AGM serves as a valuable forum for direct communication between the Board and shareholders, with key committee chairmen available to answer questions[159]. - The Company has established procedures for shareholders to propose resolutions and request extraordinary general meetings, ensuring active participation[165][166]. Sustainability Initiatives - The Group is committed to long-term sustainability, aiming to reduce environmental impacts by minimizing paper and electricity consumption and promoting electronic communication[198].