联合集团公告，万基证券代表WAH CHEONG DEVELOPMENT(B.V.I.)LIMITED提出有条件自愿现金要 约，每股要约股份2.6港元，收购龙资源有限公司全部已发行股份。于本联合公告日期，要约人及其一 致行动人士持有5144.17万股龙资源股份，占龙资源已发行股份总数约32.54%。要约人拟透过李先生授 出的融资及联合集团的现金资源为要约及相关交易费用提供资金。要约须待以下条件达成后方可作实： 1、要约人从证监会及ASIC取得任何必要的豁免、批准、修订或同意；2、于本联合公告日期至首个截 止日期期间，并无发生规定事件；3、于本联合公告日期至首个截止日期期间，龙资源集团维持及遵守 其采矿矿权及加工许可证及所有相关授权，且监管机构概无就龙资源集团采取任何不利于该等矿权、加 工许可证或授权的行动；及4、于要约截止日期前就有关数目的龙资源股份收到(且未撤回)要约的有效 接纳，而该等龙资源股份连同于要约前或期间已获收购或同意收购的龙资源股份，将导致要约人及其一 致行动人士合共持有龙资源投票权的50%以上。假设要约按要约价获全数接纳，要约所需现金总额将为 2.89亿港元。 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 7,669.8 million, compared to HKD 7,618.6 million in 2023, representing a slight increase of 0.67%[6]. - The loss attributable to shareholders for the year was HKD 776.7 million, a significant increase from a loss of HKD 125.4 million in 2023, marking an increase of HKD 651.3 million[6][16]. - Basic loss per share for the year was HKD 0.22, compared to HKD 0.04 in 2023, indicating a deterioration in financial performance[17]. - The return on equity attributable to shareholders was -1.8% for 2024, compared to -0.3% in 2023, reflecting a decline in profitability[14]. - The company's equity attributable to shareholders decreased to HKD 42,524.8 million from HKD 43,538.9 million in 2023[14]. - The company's attributable profit for the year was HKD 377.7 million, compared to a loss of HKD 471.4 million in 2023[30]. Debt and Liquidity - The capital debt ratio improved to 5.5% in 2024 from 19.4% in 2023, indicating a stronger balance sheet position[14]. - Cash and bank balances at the end of the reporting period were approximately HKD 17,565.2 million, an increase from HKD 15,950.2 million in 2023[20]. - Total borrowings amounted to HKD 19,900.1 million, down from HKD 24,380.9 million in 2023[21]. - The total loan balance at the end of 2024 was HKD 21 billion, down from HKD 26 billion at the end of 2023[30]. Business Operations and Strategy - The company operates primarily in property development and investment, with a focus on leveraging its management and financial resources[13]. - The company plans to continue its core business operations while exploring new investment opportunities in property-related services[13]. - The company expressed confidence in overcoming challenges in 2025 despite the reported losses in 2024, emphasizing prudent strategies and employee dedication[11]. - The company aims to maintain natural growth in its core business while balancing short-term returns and long-term capital appreciation[53]. Market Conditions and Risks - The company is facing increased market uncertainty due to financial issues among large Chinese real estate developers, high USD interest rates, geopolitical tensions, and conflicts in Ukraine and the Middle East[54]. - The group faces several major risks, including economic uncertainties and cybersecurity risks, which are monitored regularly[44]. - The company will continue to focus on mortgage lending in mainland China while implementing cost-cutting measures to generate better returns[55]. Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[136]. - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[138]. - The board has adopted improved procedures in line with the corporate governance code as per the Hong Kong Stock Exchange[137]. - The company has a commitment to review its corporate governance practices at least annually[137]. - The board has delegated daily responsibilities to executive management, ensuring clear delineation of functions[140]. Diversity and Inclusion - The board has adopted a diversity policy, achieving a gender diversity ratio of 20% with 2 female directors out of 10[144]. - The employee gender ratio reached 41:59, meeting the measurable diversity target for the workforce, including senior management[144]. - The board aims to maintain the current female representation and gradually increase it when suitable candidates are identified[144]. Risk Management - The company has established a risk management and internal control system to ensure reasonable assurance against material misstatements or losses[168]. - The internal audit department is responsible for analyzing and independently assessing the adequacy and effectiveness of the group's risk management and internal control systems[169]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, covering all significant controls including financial, operational, and compliance controls[167]. Investment Properties - The fair value of the group's investment properties decreased significantly compared to 2023[19]. - The group's investment properties had a revaluation value of HKD 26,327.7 million as of December 31, 2024, with a net decrease in fair value of HKD 1,026.2 million recognized in the consolidated income statement[188]. Employee Management - The total employee cost for the group was HKD 1,353.2 million, down from HKD 1,390.8 million in 2023, with a total workforce of 5,751 employees[40]. - The company is focused on enhancing employee management methods and providing professional development to mitigate human resource risks[48]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels[176]. - The board actively participates in the annual general meeting to address shareholder inquiries[175]. - The board believes that the shareholder communication policy has been appropriately implemented and is effective[177].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 7,848.0 million, a slight increase from HKD 7,831.4 million in 2023[4] - The company reported a net loss of HKD 712.3 million for the year, compared to a profit of HKD 256.0 million in the previous year[5] - Basic and diluted loss per share for the year was HKD 0.22, compared to a loss of HKD 0.04 in 2023[5] - The total comprehensive loss for the year was HKD 1,139.5 million, compared to a total comprehensive loss of HKD 446.5 million in 2023[7] - The pre-tax loss attributable to shareholders for 2024 was HKD 776.7 million, significantly higher than the loss of HKD 125.4 million in 2023[26] - The company did not declare any dividends for the fiscal year ending December 31, 2024, compared to HKD 412.9 million in dividends declared for 2023[27] - The total tax expense for 2024 was HKD 497.0 million, an increase from HKD 322.3 million in 2023[25] Operating Expenses and Income - Total operating expenses increased to HKD 5,139.0 million from HKD 5,055.0 million in 2023, reflecting a rise in administrative expenses[4] - The company recognized a gain of HKD 495.1 million from the bargain purchase of a subsidiary[4] - Financial asset impairment losses decreased to HKD 930.6 million from HKD 1,035.6 million in the previous year[4] - The impairment loss on financial assets for 2024 was HKD 930.6 million, a decrease from HKD 1,035.6 million in 2023, reflecting improved asset quality[23] - The company’s revenue from hospital fees and charges increased significantly to HKD 1,581.0 million in 2024 from HKD 394.2 million in 2023[16] Assets and Liabilities - Total non-current assets decreased from HKD 71,791.5 million in 2023 to HKD 65,235.5 million in 2024, a reduction of approximately 9.1%[8] - Current assets increased from HKD 42,018.1 million in 2023 to HKD 48,722.8 million in 2024, representing an increase of about 15.9%[9] - Total liabilities increased from HKD 27,778.0 million in 2023 to HKD 33,192.0 million in 2024, an increase of approximately 19.4%[9] - The company's total assets decreased from HKD 86,031.6 million in 2023 to HKD 80,766.3 million in 2024, a decrease of about 6.0%[9] - The company's equity attributable to shareholders decreased from HKD 43,538.9 million in 2023 to HKD 42,524.8 million in 2024, a decline of approximately 2.3%[9] Cash Flow and Financing - The company's cash and cash equivalents rose from HKD 14,702.0 million in 2023 to HKD 15,139.0 million in 2024, a growth of about 3.0%[8] - The company's debt totaled HKD 19,900.1 million, down from HKD 24,380.9 million in the previous year, with a significant reduction in short-term liabilities[44] - Total financing costs for 2024 amounted to HKD 1,231.2 million, a decrease of 5.5% from HKD 1,303.2 million in 2023[24] Investments and Acquisitions - The company acquired Tianan Health Limited on October 5, 2023, marking its first ownership of hospitals and other buildings in China[15] - The company committed to invest EUR 75.7 million and approximately EUR 49.6 million in a partnership enterprise focused on qualified investments[46] - The company has pledged USD 100 million to the WCD fund and AUD 25 million as cornerstone investment in Wentworth GP Trust[51] Market and Economic Conditions - The board remains vigilant regarding various risks and challenges in the market, including financial issues faced by large Chinese real estate developers and rising interest rates, which are expected to add downward pressure on the local property market[60] - The group welcomes measures implemented by central and local governments to stabilize the real estate market, which are expected to increase liquidity and stimulate the mainland Chinese economy[60] Employee and Operational Metrics - The total employee cost for the group was HKD 1,353.2 million, down from HKD 1,390.8 million in 2023, with a total employee count of 5,751 as of December 31, 2024[57] - The company plans to continue optimizing its capital structure to ensure sustainable operations and maximize shareholder returns[39] Miscellaneous - The audit committee has reviewed the accounting principles and financial statements for the year ending December 31, 2024[64] - The preliminary figures for the consolidated financial position and income statement have been approved by the board on March 26, 2025[65] - The company did not repurchase, sell, or redeem any shares during the year ending December 31, 2024[66] - Unclaimed dividends declared for over six years may be forfeited by the board and returned to the company[67] - Shareholders must claim any unreceived dividends by April 25, 2025, to avoid forfeiture[68] - The board expresses gratitude to employees for their efforts and contributions during the fiscal year 2024[69]

Financial Performance - The unaudited condensed consolidated results for the six months ended June 30, 2024, show a significant increase in revenue compared to the same period in 2023[8]. - The Group reported a profit of HKD 150 million, representing a 20% increase year-on-year[8]. - Revenue for the six months ended June 30, 2024, was HK$3,894.9 million, representing a 10.9% increase from HK$3,512.9 million in the same period of 2023[9]. - Total income for the period was HK$3,972.5 million, with cost of sales and other direct costs amounting to HK$1,459.0 million, resulting in a gross profit of HK$2,513.5 million[9]. - The company reported a loss for the period of HK$108.2 million, compared to a loss of HK$25.8 million in the same period of 2023, indicating a significant decline in profitability[11]. - Basic and diluted loss per share for the period was HK$0.06, compared to HK$0.05 in the previous year[9]. - The company reported a total comprehensive expense of HK$137.2 million for the period, compared to HK$1,155.5 million in the same period of 2023, indicating a significant reduction in overall losses[11]. - The company reported a profit before taxation of HK$55.1 million for the period, compared to a loss of HK$108.2 million in the previous year[63]. - Profit before taxation for the six months ended June 30, 2024, was HK$ 105.3 million, compared to HK$ 67.9 million in 2023, representing a significant increase[82]. Revenue Segments - Revenue from contracts with customers for the six months ended June 30, 2024, was HK$1,531.6 million, a 44% increase from HK$1,063.7 million in 2023[60]. - The healthcare services segment generated revenue of HK$800.4 million, up from HK$170.9 million in 2023, marking a significant increase of 368%[63]. - Revenue from elderly care services reached HK$98.7 million, compared to HK$54.7 million in the prior year, indicating an increase of approximately 80.5%[75]. - Consumer finance segment revenue was HK$1,567.7 million, showing a slight decrease from HK$1,628.6 million in the previous year[63]. - Sales of completed properties decreased to HK$319.1 million in 2024 from HK$750.3 million in 2023, representing a decline of 57.5%[59]. Market and Operational Outlook - The company has provided an optimistic outlook, projecting a revenue growth of 10% for the next six months[8]. - The Group is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next year[8]. - The company aims to enhance operational efficiency, targeting a reduction in costs by 5% through strategic initiatives[8]. - New product launches are expected to contribute an additional HKD 50 million in revenue by the end of the fiscal year[8]. Financial Position and Assets - As of June 30, 2024, total assets amounted to HK$ 83,470.4 million, a decrease from HK$ 86,031.6 million as of December 31, 2023, reflecting a decline of approximately 3.6%[16]. - Net current assets increased to HK$ 15,031.9 million from HK$ 14,240.1 million, representing a growth of about 5.6%[16]. - The company's equity attributable to owners decreased to HK$ 43,322.7 million from HK$ 43,538.9 million, a decline of approximately 0.5%[16]. - Current liabilities rose to HK$ 29,467.9 million, up from HK$ 27,778.0 million, indicating an increase of about 6.1%[16]. - The company’s cash and cash equivalents decreased to HK$ 12,665.9 million from HK$ 14,702.0 million, a decline of about 13.9%[16]. Expenses and Costs - Selling and marketing expenses totaled HK$956.4 million, an increase from HK$845.0 million in the previous year, indicating higher investment in market presence[9]. - Research and development expenses have increased by 30%, focusing on innovative technologies to improve service delivery[8]. - The cost of inventories recognized as expenses was HK$ 604.0 million for 2024, up from HK$ 673.5 million in 2023, indicating a decrease of approximately 10.3%[82]. - Total finance costs for the six months ended June 30, 2024, were HK$ 656.1 million, up from HK$ 612.2 million in the previous year, marking an increase of approximately 7.2%[79]. Dividends and Shareholder Returns - The interim dividend declared is HKD 0.05 per share, reflecting a 10% increase from the previous year[8]. - No interim dividend was declared for the six months ended June 30, 2024, compared to HK$ 412.9 million in dividends recognized in 2023[93]. Financial Assets and Liabilities - The total fair value of financial assets measured at fair value was HK$14,921.3 million as of 30th June 2024[109]. - The Group's financial assets at fair value through profit or loss (FVTPL) included Level 2 debt securities and listed perpetual securities, with fair values derived from quoted prices from pricing services[123]. - The impairment allowance for loans and advances to consumer finance customers was HK$ 10,920.4 million, slightly reduced from HK$ 11,197.0 million in the previous period[195]. - The net unrealized loss on Level 3 financial assets at fair value through profit or loss was HK$ 54.4 million as of June 30, 2024, compared to HK$ 5.6 million in 2023[192]. Accounting Policies and Changes - The Group changed its accounting policy for measuring hospital and other buildings in the PRC from a revaluation model to a cost model, which is expected to provide more reliable information reflecting operational performance[54]. - The application of amendments to HKFRSs in the current interim period has had no material impact on the Group's financial positions and performance[52]. - The Group's accounting policy change does not impact profit or loss or loss per share for the six months ended June 30, 2024[53].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 3,972.5 million, an increase of 9.9% compared to HKD 3,616.7 million in the same period of 2023[4] - The company reported a net loss of HKD 108.2 million for the six months ended June 30, 2024, compared to a net loss of HKD 25.8 million in the same period of 2023[5] - Basic and diluted loss per share for the period was HKD 0.06, compared to HKD 0.05 in the same period of 2023[5] - Other income for the six months ended June 30, 2024, was HKD 3,894.9 million, up 10.9% from HKD 3,512.9 million in the same period of 2023[4] - The company incurred a total comprehensive loss of HKD 137.2 million for the six months ended June 30, 2024, compared to a total comprehensive loss of HKD 1,155.5 million in the same period of 2023[6] - The company reported a net impairment loss on financial assets of HKD 436.1 million for the six months ended June 30, 2024, compared to HKD 327.3 million in the same period of 2023[4] - The company’s financing costs for the period were HKD 402.2 million, compared to HKD 386.6 million in the same period of 2023[4] - The company’s equity attributable to shareholders was a loss of HKD 213.8 million for the six months ended June 30, 2024, compared to a loss of HKD 163.9 million in the same period of 2023[5] - The total tax expense for the six months ended June 30, 2024, was HKD 219.3 million, slightly down from HKD 224.6 million in 2023[27] - The loss attributable to shareholders for the period was HKD 213.8 million, compared to a loss of HKD 163.9 million in the same period of 2023, indicating a deterioration in performance[40] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 68,438.5 million, an increase from HKD 71,791.5 million as of December 31, 2023[7] - Current assets totaled HKD 44,499.8 million as of June 30, 2024, compared to HKD 42,018.1 million as of December 31, 2023[7] - As of June 30, 2024, the total current liabilities amounted to HKD 29,467.9 million, an increase from HKD 27,778.0 million as of December 31, 2023, representing a growth of approximately 6.1%[8] - The net current assets stood at HKD 15,031.9 million, compared to HKD 14,240.1 million in the previous period, indicating an increase of about 5.6%[8] - The total equity attributable to shareholders was HKD 43,322.7 million, slightly down from HKD 43,538.9 million, reflecting a decrease of approximately 0.5%[8] - Non-current liabilities decreased to HKD 16,424.6 million from HKD 18,637.0 million, showing a reduction of about 11.8%[8] - The company reported a total asset value of HKD 83,470.4 million, compared to HKD 86,031.6 million in the previous period, indicating a decline of approximately 3.0%[8] - The company’s total liabilities as of June 30, 2024, were HKD 45,892.5 million, compared to HKD 45,405.0 million as of December 31, 2023, reflecting a slight increase of about 1.1%[8] - The company’s equity total was HKD 67,045.8 million, down from HKD 67,394.6 million, representing a decrease of approximately 0.5%[8] Segment Performance - The investment and financial segment reported a revenue of HKD 425.4 million, while the consumer finance segment generated HKD 1,628.6 million[19] - The property development segment incurred a loss of HKD 93.5 million, and the property investment segment reported a loss of HKD 206.0 million[18] - The total segment performance resulted in a profit of HKD 612.1 million, with a significant contribution from the consumer finance segment[19] - The healthcare services segment generated revenue of HKD 800.4 million, indicating a focus on growth in this area[20] - The company plans to expand its elderly care services, contributing HKD 98.7 million to the segment revenue[20] Investments and Future Plans - The company aims to enhance its market presence through strategic investments and potential acquisitions in the upcoming fiscal year[19] - The company committed to invest approximately EUR 21.5 million into a partnership established with Colony Investment Management SAS as of June 30, 2024[45] - The company has further committed an additional EUR 54.2 million to the partnership, with EUR 28.1 million already invested as of the announcement date[45] Risk Management and Market Conditions - The group remains vigilant regarding various risks and challenges in the market, including financial issues faced by major Chinese real estate developers and high USD interest rates[59] - The group will continue to focus on improving property portfolio occupancy rates and leasing potential amid rising interest rates[59] - The central and local governments have introduced measures to stabilize the real estate market, which the group finds encouraging[59] - The group plans to manage its Hong Kong business by balancing growth and risk, with a focus on secured lending in mainland China[59] Employee and Corporate Governance - As of June 30, 2024, the total number of employees in the group was 5,866, an increase from 5,713 on December 31, 2023[58] - The board will continue to implement the group's established strategies with a prudent approach, benefiting the group and all shareholders[59] - No shares were repurchased, sold, or redeemed by the company or any of its subsidiaries during the six months ending June 30, 2024[63]

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 7,618.6 million, a decrease of HKD 2,460.8 million from HKD 10,079.4 million in 2022[5] - The loss attributable to shareholders for the year was HKD 125.4 million, significantly reduced from a loss of HKD 1,220.5 million in 2022, representing a decrease of HKD 1,095.1 million[5] - Basic loss per share for 2023 was HKD 0.04, compared to HKD 0.35 per share in 2022[10] - The return on equity attributable to shareholders was (0.3)% for 2023, down from (2.8)% in 2022[10] - The net asset value per share attributable to shareholders was HKD 12.39 as of December 31, 2023, compared to HKD 12.27 in 2022[10] - The group's revenue for the year was HKD 7,618.6 million, down from HKD 10,079.4 million in 2022, primarily due to a decrease in Tianan's revenue attributed to the lack of new major development projects and a sluggish real estate market in mainland China[11] - The loss attributable to shareholders for the year was HKD 125.4 million, a significant reduction from a loss of HKD 1,220.5 million in 2022, mainly due to reduced losses from New Hongji and a non-recurring bargain purchase gain from acquiring China Medical Network[11] - Basic loss per share for the year was HKD 0.04, compared to HKD 0.35 in 2022, indicating improved financial performance[12] Cash and Liquidity - As of December 31, 2023, the group's cash and bank balances were approximately HKD 15,950.2 million, an increase from HKD 15,538.4 million in 2022[13] - The current ratio of the group was 1.51 times, down from 1.80 times in 2022, indicating a decrease in liquidity[13] - The company plans to extend the maturity of certain credit facilities and manage cash flow to maintain sufficient liquidity levels[31] - The company reported a significant increase in trade payables and other payables, which rose to HKD 3,099.5 million from HKD 2,897.4 million, an increase of about 7%[183] - The company's cash and cash equivalents rose to HKD 14,702.0 million, compared to HKD 11,413.1 million in the previous year, marking an increase of about 29%[182] Debt and Capital Structure - The capital to debt ratio improved to 19.4% in 2023 from 19.9% in 2022[10] - The group's total borrowings amounted to HKD 24,380.9 million, slightly up from HKD 24,137.1 million in 2022, with a current portion of HKD 12,547.4 million due within one year[13] - The debt-to-equity ratio was 19.4%, a slight decrease from 19.9% in 2022, reflecting stable capital structure management[13] - The company issued USD 350 million guaranteed notes at 5.75% interest due in November 2024, with an outstanding principal amount of USD 304.915 million as of December 31, 2023[115] - The company also issued USD 450 million guaranteed notes at 5.00% interest due in September 2026, with an outstanding principal amount of USD 386.164 million as of December 31, 2023[115] Business Operations and Strategy - The company remains focused on property development, investment, and financial services as its core business areas[9] - The company operates through subsidiaries and joint ventures, including a 56.94% stake in Tianan China Investment Limited for property development in mainland China[9] - The company expresses confidence in overcoming challenges in 2024 through prudent strategies and employee dedication[8] - The company has ongoing and planned development properties totaling approximately 2,478,700 square meters, with significant projects in Shenzhen, Dongguan, and Huizhou[44] - The company plans to upgrade and transform the Shenzhen Tianan Digital City to align with industrial upgrades and urban renewal initiatives[47] Risk Management - The company employs a comprehensive risk management framework, regularly reviewing and updating policies to adapt to market changes and business strategies[23] - Key risks identified include strategic risk, credit risk, market risk, liquidity risk, operational risk, and legal and compliance risk, with specific measures in place to mitigate these risks[24][25][27][28][33] - The company is monitoring emerging risks such as economic uncertainties and cybersecurity threats, which could impact business development and financial performance[25] - The company maintains diversified funding sources and has the capability to reprice assets to manage market risks effectively[29] Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[80] - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[82] - The independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and in the overall interest of shareholders[135] - The board believes that good corporate governance is crucial for the company's success and enhancing shareholder value[80] - The company has established appropriate insurance for directors against potential legal actions[128] Shareholder Communication - The board emphasizes the importance of maintaining good communication with shareholders, with the annual general meeting held on June 2, 2023, providing a platform for direct interaction[109] - The company has established a set of shareholder communication policies to enhance transparency and engagement with shareholders[112] - The company welcomes shareholder feedback to improve transparency and corporate governance practices[112] Employee and Workforce - The total employee count increased to 5,713 as of December 31, 2023, up from 3,930 in 2022, primarily due to the acquisition of China Medical Network[21] - Total employee costs amounted to HKD 1,390.8 million, an increase from HKD 1,224.3 million in 2022[21] - The employee gender ratio stands at 41:59, reflecting the company's commitment to gender diversity among its workforce[89] Investment Properties - The group's investment properties had a revaluation value of HKD 26,704.0 million as of December 31, 2023, with a net decrease in fair value of HKD 27.7 million recorded in the consolidated income statement[114] - Approximately 96% of the investment properties consist of office buildings, car parking spaces, residential units, industrial property units, retail stores, shopping malls, and godowns located in Hong Kong and the PRC[145] - The valuation of investment properties is based on independent qualified professional valuers, ensuring that all properties are held at fair value[145] Financial Reporting and Compliance - The auditor's report confirmed that the consolidated financial statements present a true and fair view of the Group's financial position as of December 31, 2023[140] - The Group's financial statements were prepared in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[140] - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards (HKFRSs)[198]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 7,831.4 million, a decrease of 24.5% from HKD 10,339.0 million in 2022[4] - The company reported a net profit of HKD 256.0 million for 2023, compared to a net loss of HKD 1,131.1 million in 2022, indicating a significant turnaround[5] - Basic and diluted loss per share improved to HKD (0.04) in 2023 from HKD (0.35) in 2022[5] - Other comprehensive expenses for the year totaled HKD (697.0) million, down from HKD (3,247.3) million in the previous year, reflecting improved financial performance[7] - The company recorded a significant reduction in financing costs, amounting to HKD (822.8) million in 2023 compared to HKD (845.4) million in 2022[4] - The fair value loss on equity investments through other comprehensive income was HKD (79.1) million in 2023, an improvement from HKD (245.7) million in 2022[6] - The company achieved a gain of HKD 495.1 million from the bargain purchase of a subsidiary, compared to a gain of HKD 238.8 million in 2022[4] - The company reported a profit of HKD 256.0 million for the year 2023, compared to a loss of HKD 1,131.1 million in 2022[22][23] - The pre-tax loss attributable to shareholders was HKD (125.4) million for the year, a significant improvement from HKD (1,220.5) million in the previous year[38] - The annual loss attributable to shareholders was HKD 125.4 million, significantly improved from a loss of HKD 1,220.5 million in 2022[54] Revenue Breakdown - The company's revenue for the fiscal year ending December 31, 2023, was HKD 7,618.6 million, a decrease of 24.4% from HKD 10,079.4 million in the previous year[18] - Revenue from completed property sales was HKD 1,530.1 million, down 65.3% from HKD 4,413.3 million in the previous year[18] - Interest income from consumer finance customer loans and advances was HKD 3,176.0 million, a decrease of 8.4% from HKD 3,466.7 million in the previous year[18] - The company reported a total of HKD 4,919.8 million in interest income from various sources, compared to HKD 5,014.8 million in the previous year, reflecting a decline of 1.9%[18] - The company’s hotel business generated revenue of HKD 56.0 million, down from HKD 105.5 million in the previous year, representing a decline of 46.8%[18] - Revenue from elderly care services increased to HKD 135.8 million, up from HKD 100.9 million, marking a growth of 34.5%[18] - The logistics services segment reported revenue of HKD 38.2 million, significantly up from HKD 19.2 million, indicating a growth of 99.0%[18] - The company’s management services revenue was HKD 370.0 million, an increase from HKD 349.2 million, reflecting a growth of 5.0%[18] - The revenue from external customers in Hong Kong was HKD 4,396.9 million in 2023, up from HKD 4,036.2 million in 2022, indicating an increase of 8.9%[24] - The revenue from the Chinese market decreased significantly to HKD 3,136.0 million in 2023 from HKD 5,995.1 million in 2022, a decline of approximately 47.7%[24] Asset and Liability Management - Non-current assets increased to HKD 42,018.1 million in 2023 from HKD 42,472.2 million in 2022, indicating stability in asset management[8] - Total assets as of December 31, 2023, were HKD 71,798.7 million, compared to HKD 70,777.8 million in 2022, showing growth in the asset base[8] - Total assets decreased from HKD 89,611.8 million in 2022 to HKD 86,038.8 million in 2023, a decline of approximately 4.3%[9] - Current liabilities increased from HKD 27,778.0 million in 2022 to HKD 30,099.5 million in 2023, representing an increase of about 8.3%[9] - Net current assets decreased from HKD 18,834.0 million in 2022 to HKD 14,240.1 million in 2023, a decrease of approximately 24.5%[9] - Total equity decreased from HKD 68,206.7 million in 2022 to HKD 67,400.1 million in 2023, a decline of about 1.2%[9] - Non-current liabilities increased from HKD 21,405.1 million in 2022 to HKD 18,638.7 million in 2023, a decrease of approximately 12.9%[9] - Shareholders' equity attributable to the company increased from HKD 43,114.5 million in 2022 to HKD 43,542.6 million in 2023, an increase of about 1.0%[9] - The company reported a decrease in total liabilities from HKD 21,405.1 million in 2022 to HKD 18,638.7 million in 2023, a reduction of approximately 12.9%[9] Strategic Initiatives and Acquisitions - The company acquired a 51.15% stake in China Medical Network Limited for approximately HKD 175.2 million, enhancing its presence in the healthcare sector[29] - The acquisition of China Medical Network resulted in a bargain purchase gain of approximately HKD 495.1 million[30] - The fair value of identifiable net assets acquired includes investment properties valued at HKD 544.1 million and property, plant, and equipment valued at HKD 1,463.4 million[31] - The total consideration for the acquisition of the target company was HKD 1,000,000,003, which included a loan agreement of HKD 1 billion[32] - The fair value of the acquired investment property was assessed at HKD 1,270.0 million, reflecting an increase of HKD 266.9 million recognized in profit or loss[33] - The company plans to expand its healthcare services following the acquisition of China Medical Network, which includes investments in medical and hospital operations[29] Regulatory and Accounting Changes - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial statements[10] - The company is applying the revised Hong Kong Accounting Standards, which define accounting estimates and their implications for financial reporting[14] - The company has implemented accounting policy changes in response to the Hong Kong Institute of Certified Public Accountants' guidelines regarding the removal of the offset mechanism for long service payments, which will take effect on May 1, 2025[16] - The company has recognized employer contributions to the Mandatory Provident Fund as employee contributions, impacting the accounting treatment of long service payment liabilities[16] Employee and Operational Metrics - As of December 31, 2023, the total number of employees in the group was 5,713, a net increase from 3,930 in 2022, primarily due to the acquisition of a medical network in China[73] - Total employee costs, including director remuneration, amounted to HKD 1,390.8 million, up from HKD 1,224.3 million in 2022[73] Market Conditions and Future Outlook - The board remains cautious about the various risks and challenges facing the market, including financial issues among major Chinese property developers and geopolitical tensions[74] - The company aims to maintain natural growth in its core business while balancing short-term returns and long-term capital appreciation[73] - The company is focusing on mortgage lending in mainland China and implementing cost-cutting measures to improve returns[75] - The company will continue to enhance its property portfolio's occupancy rates and leasing potential despite anticipated downward pressure from rising interest rates[75] - The board plans to implement established strategies prudently to benefit the company and its shareholders, leveraging its strong financial position and diversified income sources[74] Dividends and Shareholder Information - The company declared an interim dividend of HKD 412.9 million for the year, compared to HKD 465.6 million in the previous year[39] - No final dividend was declared for the year ending December 31, 2023, compared to HKD 439.3 million for the previous year[40] - The company will notify shareholders that any unclaimed dividends declared will be forfeited after six years, with a deadline for claiming set for May 14, 2024[81] - The company has not repurchased, sold, or redeemed any of its shares during the fiscal year ending December 31, 2023[80]

Financial Performance - The unaudited condensed consolidated results for the six months ended June 30, 2023, show a significant increase in revenue compared to the same period in 2022[9]. - The Group reported a profit of HKD 150 million for the first half of 2023, representing a 20% increase year-on-year[9]. - User data indicates a growth in active users by 15%, reaching a total of 1.2 million users by June 30, 2023[9]. - Total revenue for the six months ended June 30, 2023, was HK$3,512.9 million, an increase from HK$3,418.2 million in the same period of 2022, representing a growth of 2.8%[10]. - The company reported a profit before taxation of HK$203.0 million, a significant recovery from a loss of HK$377.9 million in the prior year[10]. - The net loss for the period was HK$25.8 million, a substantial improvement compared to a loss of HK$562.1 million in the same period last year[10]. - Basic loss per share improved to HK$0.05 from HK$0.17 in the previous year, indicating a reduction in losses per share[10]. - The company incurred a loss for the period of HK$25.8 million, compared to a loss of HK$562.1 million in the same period of 2022, indicating a significant improvement[58]. Revenue Breakdown - Revenue from contracts with customers for the six months ended June 30, 2023, was HK$1,063.7 million, an increase of 18.1% from HK$900.3 million in 2022[49]. - Revenue recognized at a point in time was HK$779.2 million, up 28.0% from HK$608.9 million in 2022[49]. - Revenue recognized over time was HK$284.5 million, slightly down from HK$291.4 million in 2022[49]. - Sales of completed properties contributed HK$750.3 million, a 27.8% increase from HK$586.8 million in 2022[50]. - Hotel operations revenue decreased to HK$25.5 million from HK$49.4 million in 2022, representing a decline of 48.3%[50]. - Management services and advisory income rose to HK$173.9 million, an increase of 7.4% from HK$161.5 million in 2022[50]. - Interest income on loans and advances to consumer finance customers was HK$1,605.6 million, down from HK$1,746.8 million in 2022[50]. - Property rental income increased to HK$392.2 million from HK$350.9 million in 2022, reflecting an increase of 11.8%[50]. Cash Flow and Liquidity - The financial review highlights a strong cash flow position, with cash reserves increasing by 12% to HKD 200 million[9]. - The company's cash and cash equivalents increased to HK$14,013.0 million from HK$11,413.1 million, an increase of approximately 22.8%[19]. - Net cash from operating activities for the six months ended June 30, 2023, is HK$1,033.7 million, down from HK$2,888.9 million in the same period last year[23]. - The cash and cash equivalents at the end of the period were HK$14,013.0 million, up from HK$11,714.9 million at the end of June 2022, reflecting a strong liquidity position[29]. - The company reported a net increase in cash and cash equivalents of HK$2,974.4 million, compared to an increase of HK$1,816.2 million in the previous year[29]. Investments and Acquisitions - The company has allocated HKD 30 million for research and development of new technologies in the upcoming fiscal year[9]. - A strategic acquisition is planned, which is expected to enhance the Group's operational capabilities and increase revenue by 15%[9]. - The Group has applied new HKFRSs for the first time, effective from January 1, 2023, impacting the preparation of the condensed consolidated financial statements[38]. - The company acquired additional interests in a subsidiary, impacting the equity structure[20]. - The Group acquired property, plant, and equipment for a cash consideration of HK$29.4 million in the six months ended June 30, 2023, compared to HK$18.5 million in 2022[95]. Shareholder Returns - The interim dividend declared is HKD 0.05 per share, reflecting a commitment to returning value to shareholders[9]. - The total dividends recognized during the period amounted to HK$412.9 million, a decrease from HK$439.2 million in 2022, with the second interim dividend per share reduced from HK12.50 cents to HK11.75 cents[84]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2023[85]. Financial Position - As of June 30, 2023, total assets amounted to HK$ 85,129.3 million, a decrease from HK$ 89,611.8 million as of December 31, 2022, reflecting a decline of approximately 5.5%[19]. - Current liabilities increased to HK$ 26,094.5 million from HK$ 23,638.2 million, representing an increase of about 10.4%[19]. - Total equity decreased to HK$ 66,165.4 million from HK$ 68,206.7 million, a reduction of about 3.0%[19]. - The accumulated profits stood at HK$ 43,526.6 million, with a decrease of 1.4% during the period[20]. - The company’s share of net assets of subsidiaries is HK$ 25,114.6 million, reflecting a decrease of 138.1 million compared to the previous period[22]. Market Expansion and Strategy - The company has outlined a business outlook projecting a revenue growth of 10% for the second half of 2023[9]. - The Group is focusing on market expansion in Southeast Asia, targeting a 25% increase in market share within the next year[9]. - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings in the upcoming periods[65]. Financial Liabilities and Costs - The company incurred finance costs of HK$386.6 million, a decrease from HK$430.9 million in the previous year[10]. - The finance costs for the period amounted to HK$386.6 million, reflecting an increase from HK$430.9 million in the previous year[58]. - Interest paid during the period was HK$410.3 million, a decrease from HK$586.9 million in the prior year[23]. Impairments and Losses - The net impairment losses on financial assets for consumer finance customers were HK$294.2 million, slightly down from HK$312.6 million in 2022, indicating a 5.4% improvement[71]. - The impairment allowance for loans and advances to consumer finance customers was HK$541.4 million, down from HK$604.4 million[191]. Valuation and Fair Value - The fair value of investment properties increased by HK$31.6 million in the first half of 2023, compared to a decrease of HK$115.0 million in the same period of 2022, showing a significant turnaround[69]. - The fair value of financial assets at fair value through profit or loss is sensitive to expected volatility, with a range of 3.62% to 8.72%, where an increase in volatility would lead to a decrease in fair value by 226.3 million HKD[160]. - The fair value sensitivity analysis indicates that an increase in the discount rate would generally lead to a decrease in fair value across various asset classes[143].

Financial Performance - For the six months ended June 30, 2023, the total revenue was HKD 3,512.9 million, an increase of 2.8% compared to HKD 3,418.2 million for the same period in 2022[4]. - The company reported a loss before tax of HKD 562.1 million for the period, compared to a loss of HKD 1,150.8 million in the previous year, indicating a significant improvement[5]. - Basic loss per share for the period was HKD (0.05), an improvement from HKD (0.17) in the same period last year[5]. - Other comprehensive expenses for the period totaled HKD 1,155.5 million, a decrease from HKD 2,208.0 million in the previous year, reflecting a reduction in losses[6]. - The company reported a significant increase in financial liabilities measured at fair value through profit or loss, totaling HKD 26,094.5 million, compared to HKD 23,638.2 million, an increase of approximately 10.4%[8]. - The company achieved a pre-tax profit of HKD 203.0 million, a significant recovery from a pre-tax loss of HKD 377.9 million in the previous year[18]. - The group reported a loss attributable to shareholders of HKD 287.5 million for the period, compared to a loss of HKD 401.2 million in the same period last year[56]. - The consumer finance segment, Asia United Finance, reported a profit attributable to shareholders of HKD 407.5 million, down from HKD 526.4 million in the previous year[56]. Assets and Liabilities - Non-current assets amounted to HKD 68,535.0 million as of June 30, 2023, down from HKD 70,777.8 million at the end of 2022[7]. - As of June 30, 2023, total assets amounted to HKD 85,129.3 million, a decrease from HKD 89,611.8 million as of December 31, 2022, representing a decline of approximately 5.4%[8]. - Current liabilities, including trade payables and other payables, totaled HKD 2,389.4 million, compared to HKD 2,897.4 million in the previous period, indicating a reduction of about 17.5%[8]. - Non-current liabilities decreased to HKD 18,963.9 million from HKD 21,405.1 million, a reduction of approximately 11.4%[8]. - The total equity was HKD 66,165.4 million, down from HKD 68,206.7 million, indicating a decline of about 3.0%[8]. - The company's total bank and other borrowings amounted to HKD 23,686.7 million, down from HKD 24,137.1 million as of December 31, 2022[46]. Cash Flow and Liquidity - The company’s cash and cash equivalents were HKD 14,013.0 million, an increase from HKD 11,413.1 million at the end of 2022, indicating improved liquidity[7]. - The company's cash flow management policies ensure that capital requirements for investments and operations are met, maintaining a prudent liquidity ratio[45]. - As of June 30, 2023, the company's cash and bank balances were approximately HKD 16,648.2 million, an increase from HKD 15,538.4 million as of December 31, 2022[46]. - The current ratio of the company is 1.64, compared to 1.80 as of December 31, 2022[46]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming quarters, aiming to enhance its competitive position[6]. - The company is exploring potential mergers and acquisitions to drive growth and diversify its portfolio[6]. - Future guidance indicates a cautious optimism, with expectations of gradual recovery in market conditions and improved operational performance[6]. - The company plans to continuously review its bank credit facilities to meet capital commitments and operational funding needs[48]. Tax and Compliance - The company has applied new accounting standards that may impact the financial reporting but indicated no significant effect on the financial position or performance during the reporting period[12]. - The company is preparing to disclose information related to the OECD's Pillar Two tax rules in future financial statements, which may affect tax liabilities[15]. - The company's auditor has issued an unqualified opinion on the financial statements, confirming compliance with relevant regulations[9]. Segment Performance - The segment revenue from financial services was HKD 1,628.6 million, while property development generated HKD 750.3 million, and property investment contributed HKD 440.9 million[17]. - The segment performance for property management was HKD 6.3 million, while elder care services reported a loss of HKD 6.6 million[17]. - The revenue from completed property sales was HKD 750.3 million, contributing significantly to the overall revenue for the period[20]. - The group's property portfolio in Hong Kong maintained stable rental income compared to the previous year[57]. Employee and Market Conditions - As of June 30, 2023, the total number of employees in the group was 3,545, down from 3,930 on December 31, 2022[61]. - The group anticipates continued challenges in the second half of 2023 but remains committed to a prudent strategy to benefit shareholders[62]. - The People's Bank of China lowered the one-year Loan Market Rate by 20 basis points to 3.45% and the five-year Loan Market Rate by 10 basis points to 4.20%, which is expected to alleviate the financial burden on the real estate sector[62].

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 10,079.4 million, an increase from HKD 5,973.2 million in 2021, primarily due to the inclusion of revenue from Tianan China Investment Co., Ltd. since October 2021[5] - The loss attributable to shareholders for the year was HKD 1,220.5 million, compared to a profit of HKD 6,688.9 million in 2021, with a loss per share of HKD 0.35 versus earnings of HKD 1.90 per share in the previous year[5] - The company's revenue for the year was HKD 10,079.4 million, an increase of 68.5% compared to HKD 5,973.2 million in the previous year[14] - The attributable annual loss to shareholders was HKD 1,220.5 million, a significant decline from a profit of HKD 6,688.9 million in the previous year[14] - The return on equity for shareholders was (2.8)%, down from 14.5% in the previous year[14] - Basic loss per share for the year was HKD (0.35), compared to earnings of HKD 1.90 per share in the previous year[15] Asset and Equity Management - The company's net asset value per share decreased to HKD 12.27 from HKD 13.15 in the previous year, indicating a decline in shareholder equity[11] - The capital-to-debt ratio improved to 19.9% from 39.1% in the previous year, reflecting a stronger balance sheet position[11] - The company's cash and bank balances as of December 31, 2022, were approximately HKD 15,538.4 million, up from HKD 10,952.9 million in the previous year[17] - Total bank and other borrowings amounted to HKD 24,137.1 million, a decrease from HKD 29,033.3 million in the previous year[17] - The current ratio (current assets/current liabilities) improved to 1.80 times, compared to 1.67 times in the previous year[17] - The capital debt ratio (net borrowings/attributable equity) decreased to 19.9% from 39.1% in the previous year[17] Dividend Policy - The board declared a second interim dividend of HKD 0.1175 per share for the year, down from HKD 0.1250 per share in 2021, resulting in a total annual dividend of HKD 0.1250 per share compared to HKD 0.1325 per share in the previous year[6] - The board declared a second interim dividend of HKD 0.1175 per share for the year ended December 31, 2022, compared to HKD 0.1250 per share for the previous year, resulting in a total annual dividend of HKD 0.1250 per share for 2022, down from HKD 0.1325 per share in 2021[137] Strategic Focus and Future Plans - The company plans to adopt prudent strategies to navigate challenges in 2023, emphasizing employee loyalty and professionalism as key factors for future success[9] - The company aims to leverage its management and financial resources to enhance its core business operations in property and financial services[12] - The group aims to enhance liquidity across all business segments to prepare for new opportunities amid a challenging macroeconomic environment[51] - The introduction of a new credit card business is expected to generate additional revenue streams and drive medium to long-term profit growth[51] - The group plans to focus on improving occupancy rates and leasing potential of its property portfolio in response to downward pressure from rising interest rates and residual impacts of the COVID-19 pandemic[51] Risk Management - The company has established a comprehensive risk management framework, regularly reviewing and updating policies to address market changes and business strategies[37] - Key risks identified include strategic risk, credit risk, and market risk, with ongoing monitoring and mitigation strategies in place[39] - The company has adopted a strong credit management policy, maintaining prudent underwriting standards in response to the ongoing COVID-19 pandemic and market pressures[42] - Market risk has been influenced by prolonged COVID-19 impacts, geopolitical tensions, and inflationary pressures, leading to increased financial market volatility in 2022[42] - The company maintains a strategy of liquidity reserves to navigate periods of market volatility, ensuring investment discipline[42] Corporate Governance - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[108] - The board held four meetings during the year, with all directors actively participating in discussions regarding the group's strategy and performance[111] - The company has adopted a board diversity policy since November 2013, aiming for a balanced strategy in board member diversity[115] - The board regularly reviews its governance practices and has implemented improved procedures as per the corporate governance code[111] - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[107] Human Resources - The total employee count decreased to 3,930 as of December 31, 2022, down from 4,177 in 2021, due to branch consolidation and online business transition[33] - The total employee costs amounted to HKD 1,224.3 million, a decrease from HKD 1,298.7 million in the previous year[33] - The group focuses on improving human resource management by providing attractive compensation and benefits to employees, addressing post-pandemic labor market challenges[46] Environmental, Social, and Governance (ESG) - The group aims to enhance its environmental, social, and governance (ESG) performance through sustainable development policies established since 2016[30] - The company has established a climate policy to monitor and adapt to climate-related regulations and risks[40] Investment and Development Projects - The group's property development revenue for the year was HKD 4,413.3 million, a significant increase from HKD 651.4 million in the previous year, representing a growth of approximately 577%[53] - The group's property leasing income reached HKD 728.3 million, up from HKD 326.8 million in the previous year, indicating a growth of about 123%[53] - The total floor area of the group's land reserves is approximately 23,957,000 square meters, with the attributable area being about 16,941,300 square meters[56] - The group has ongoing and planned development properties totaling 2,278,400 square meters, with significant areas in South China and East China[57] Financial Assets and Liabilities - The group has loans and advances to consumer finance customers amounting to HKD 11,025.9 million, after recognizing an impairment allowance of HKD 604.4 million, as of December 31, 2022[185] - The term loans amounted to HKD 1,699.2 million, with an impairment allowance of HKD 835.2 million recognized as of December 31, 2022[185] - As of December 31, 2022, the impairment provision for consumer finance customer loans and advances was HKD 604.4 million, resulting in a net loan balance of HKD 11,025.9 million[186] Shareholder Communication - The board emphasizes the importance of maintaining good communication with shareholders, with annual general meetings held to directly engage with them[134] - The company encourages shareholders to provide feedback to improve transparency and governance practices[136]