Group 1 - The core viewpoint of the news is that the commercial property market is showing signs of recovery, with a significant increase in registration numbers and amounts in the first five months of 2025, attributed to previous price declines and favorable market conditions [1][2] - In the first five months of 2025, the total number of commercial property registrations reached 1,861, representing a year-on-year increase of 39.8%, while the registered amount was approximately HKD 25.311 billion, also up by 39.7% [1] - The increase in registration volume is driven by a previous sharp decline in property prices, lower interest rates, and a buoyant stock market, which have attracted more buyers into the market [1] Group 2 - Despite the overall increase in commercial property registrations, shop transactions lagged behind the market, with only 395 registrations in the same period, a modest year-on-year increase of 6.5%, and a registered amount of approximately HKD 6.467 billion, down by 26.7% [2] - The retail sector is experiencing weakness, as indicated by a 2.3% year-on-year decline in retail sales value in April, which has negatively impacted the commercial property market [2] - The company believes that while transaction volumes may continue to rise in the second half of the year due to lower interest rates, the overall transaction amounts may be affected by uncertainties related to trade wars [2] Group 3 - The company suggests that the government should host more high-value economic events and trade activities to revitalize the economy, such as inviting international sports teams and famous artists to perform in Hong Kong [3] - It is recommended that the government increase the investment cap for non-residential properties in the new investment immigration program to HKD 10 million, allowing applicants to invest in larger commercial properties [3]

Financial Performance - The company reported a net loss attributable to equity holders of approximately HKD 26 million for the year ended December 31, 2024, compared to a net loss of HKD 1 million for the year ended December 31, 2023[21]. - The company’s main business is investment holding, with detailed performance analysis by operating segment available in the consolidated financial statements[171]. - The group reported no dividend recommendation for the year ending December 31, 2024, consistent with the previous year[173]. - As of December 31, 2024, the company's distributable reserves amount to HKD 911,523,000, slightly up from HKD 910,209,000 in 2023[190]. Market Conditions - The non-residential property market continued to face challenges, with transaction volumes for industrial units, offices, and retail spaces decreasing by 13%, 10%, and 9% year-on-year, respectively[22]. - The overall economic outlook remains challenging, with the Hong Kong government facing significant fiscal deficits for the fiscal year 2024-2025 due to a sluggish asset market and global economic slowdown[26]. - The commercial property market is showing signs of recovery, with monthly transaction volumes increasing towards the end of 2024, driven by user demand and significant price corrections of 28% to 44% in industrial and commercial properties[31]. Business Operations - Despite the difficult market conditions, the company's property leasing business showed resilience, with revenue and profit (excluding fair value losses on investment properties) recording an increase[23]. - The company's lending business remained profitable in 2024, although the overall credit scale decreased due to new loan amounts not offsetting repayments[25]. - The company aims to leverage synergies with the Midland Group to boost sales and enhance collaboration with its mainland commercial property sector[30]. - The company is committed to rejuvenating its sales team to improve productivity as the market recovers[31]. Corporate Governance - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[48]. - The company emphasizes the importance of corporate governance to enhance shareholder value and protect shareholder interests[43]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the fiscal year ending December 31, 2024[44]. - The chairman and CEO roles are distinctly separated to ensure effective governance[50]. - The board held five meetings during the fiscal year to discuss and approve significant matters, including interim and annual results[52]. Risk Management and Compliance - The audit committee held two meetings during the year to review interim and annual reports, assess the independence of external auditors, and evaluate the effectiveness of internal controls and risk management systems[62]. - The company has established arrangements for stakeholders to raise concerns regarding financial reporting and internal controls, along with a whistleblowing policy[62]. - The risk management and internal control systems have been reviewed for the year ending December 31, 2024, with the board confident in their effectiveness and alignment with the group's environmental, social, and governance performance[80]. Environmental, Social, and Governance (ESG) Initiatives - The company integrates environmental, social, and governance (ESG) considerations into its daily operations, demonstrating its commitment to sustainable business practices[109]. - The board of directors is responsible for overseeing the management of environmental, social, and governance (ESG) matters, ensuring long-term sustainability goals are met[112]. - The company has established sustainable development goals to ensure responsible business operations while generating substantial returns for shareholders[111]. - The company has implemented strict anti-bribery and anti-corruption policies, with training provided to employees on compliance and ethical standards[116]. Employee Relations and Development - The company emphasizes employee well-being and has implemented the "Happy Workplace" program to enhance team belongingness and promote a positive work environment[100]. - The company promotes a diverse and inclusive workplace, strictly enforcing anti-discrimination policies[132]. - The company emphasizes employee training and development through specialized training programs tailored to different job roles and levels[134]. - The employee turnover rate improved from 37% in 2023 to 31% in 2024, indicating a decrease of about 16.2%[154]. Community Engagement - The company has been recognized for 18 consecutive years with the "Caring Company" award by the Hong Kong Council of Social Service, highlighting its commitment to social responsibility[96]. - The company has actively participated in various community service activities, including a Mid-Autumn Festival event in collaboration with the Kowloon City District, providing care packages to underprivileged families[95]. - The company donated approximately HKD 85,600 and provided about 45 hours of volunteer service to support local community development in the reporting year[152]. Technology and Innovation - The company utilizes innovative technology and digital applications, such as VR property viewings, to enhance customer experience[128]. - The company developed a digital learning management system to enhance employee training flexibility, featuring bite-sized online courses and live training capabilities[137].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 356,856,000, a decrease of 10.2% compared to HKD 397,073,000 in 2023[3] - The group reported a loss from operations of HKD 7,333,000, compared to a profit of HKD 22,126,000 in the previous year[3] - The annual loss attributable to equity holders was HKD 26,043,000, significantly higher than the loss of HKD 733,000 in 2023[4] - Basic and diluted loss per share was HKD 1.443, compared to HKD 0.041 in the previous year, showing a substantial increase in losses per share[4] - The company reported a segment loss of HKD 10,603,000 for 2024, compared to a profit of HKD 31,211,000 in 2023[18] - The company’s pre-tax loss for 2024 was HKD 23,362,000, compared to a profit of HKD 5,946,000 in 2023[18] - The group reported a net loss attributable to equity holders of approximately HKD 260 million for the year ended December 31, 2024, compared to a net loss of HKD 1 million for the year ended December 31, 2023, primarily due to significant fair value losses on investment properties in a weak non-residential property market[37] Asset and Liability Management - The total assets decreased to HKD 1,635,768,000 from HKD 1,691,439,000, reflecting a decline of 3.3%[6] - The group’s total liabilities decreased to HKD 524,460,000 from HKD 551,966,000, a reduction of 5.0%[7] - The group’s non-current assets decreased to HKD 983,060,000 from HKD 1,047,118,000, a decline of 6.1%[6] - Total segment assets as of December 31, 2024, amounted to HKD 1,308,806,000, down from HKD 1,450,740,000 in 2023[18] - Total segment liabilities decreased to HKD 125,307,000 in 2024 from HKD 140,420,000 in 2023[18] - The fair value of investment properties decreased to HKD 952,900,000 in 2024 from HKD 1,006,800,000 in 2023, a decline of approximately 5.3%[29] - The asset-to-liability ratio was 33.6% as of December 31, 2024, slightly down from 33.7% in 2023[49] - The current ratio was 2.3, compared to 2.5 in 2023, indicating a decrease in financial resource availability[49] Revenue Streams - Revenue from property agency business was HKD 361,087,000 for 2024, compared to HKD 411,091,000 in 2023, reflecting a decline of 12.2%[15] - Rental income increased to HKD 28,392,000 in 2024 from HKD 27,498,000 in 2023, representing a growth of 3.2%[15] - Interest income from lending activities decreased to HKD 26,983,000 in 2024 from HKD 31,051,000 in 2023, a decline of 13.2%[15] - Other income increased to HKD 12,003,000 from HKD 7,342,000, marking a growth of 63.5%[3] - The company reported a compensation income of HKD 11,417,000 in 2024, which was not present in 2023, indicating a new revenue stream[20] Operational Efficiency - Total operating costs decreased to HKD 30,676,000 in 2024 from HKD 33,787,000 in 2023, a reduction of about 9.3%[21] - Net financing costs remained relatively stable at HKD (16,029,000) in 2024 compared to HKD (16,180,000) in 2023[23] - The group employed 405 full-time employees as of December 31, 2024, down from 480 in 2023[55] Market Conditions and Future Outlook - The non-residential property market continued to face challenges in 2024, with transaction volumes for industrial units, offices, and retail spaces decreasing by 13%, 10%, and 9% year-on-year, respectively[38] - The group maintained a cautious credit policy, resulting in profitability in its lending business despite a reduction in overall credit scale due to repayments exceeding new loan amounts[40] - The company plans to focus on expanding its property investment and lending business segments in the upcoming year[14] - The company is exploring new strategies for market expansion and product development to enhance revenue streams[14] - The company believes that the worst period for the non-residential property market is gradually passing, with monthly transaction volumes showing signs of recovery[45] - The group anticipates potential support for the non-residential property market, with the office market possibly benefiting from improved sentiment in the IPO market and retail spaces seeing increased activity from recovering mainland tourist spending[43] - If interest rates continue to decline, there may be a slight increase in transaction activity in the industrial property market[43] Corporate Governance - The company did not recommend any dividend for the year ending December 31, 2024, consistent with 2023[26] - The board does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[56] - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2024[57] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the year ending December 31, 2024[59] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, confirming alignment with the audited figures[60] Economic Environment - The Hong Kong government is expected to face a significant fiscal deficit in the fiscal year 2024-2025, primarily due to a sluggish asset market and global economic slowdown impacting key revenue sources[41] - Positive factors for the Hong Kong economy include a strong stock market performance in 2024, paving the way for up to 80 new IPOs in 2025, with total fundraising expected to reach HKD 130 to 150 billion[42] - The government is actively promoting major events and tourist attractions to attract more visitors, with the new Kai Tak Sports Park expected to boost tourism and the economy[43] - The number of visitors to Hong Kong reached 4.74 million in January 2025, with approximately 3.73 million from mainland China, marking a post-pandemic high[43] Strategic Initiatives - The company plans to enhance its online platform to provide transparent information on non-residential properties, targeting young buyers and non-traditional investors[46] - The company aims to strengthen collaboration with its affiliated companies to leverage synergies in sales operations[44]

Financial Performance - The company reported a profit attributable to equity holders of HKD 9,504,000 for the six months ended June 30, 2024, down from HKD 17,511,000 for the same period in 2023, representing a decline of approximately 45.5%[3] - For the six months ended June 30, 2024, the company reported revenue of HKD 201,530,000, a decrease of 12.6% compared to HKD 230,519,000 for the same period in 2023[34] - Operating profit for the period was HKD 19,788,000, down from HKD 26,518,000 in the same period last year, representing a decline of 25.5%[34] - The pre-tax profit was HKD 10,974,000, which is a decrease of 43.3% from HKD 19,395,000 in the prior year[34] - The total comprehensive income for the period was HKD 9,291,000, down from HKD 17,404,000, reflecting a decline of 46.6%[34] - Basic and diluted earnings per share were HKD 0.526, compared to HKD 0.970 in the same period last year, indicating a decrease of 45.7%[34] Revenue Sources - The company experienced a 15.8% decline in revenue from real estate agency services during the interim period due to the weak non-residential property market[5] - Agency fees revenue decreased to HKD 171,657 from HKD 203,831, representing a decline of 15.7%[44] - Interest income from lending business increased to HKD 16,479 from HKD 12,940, marking a growth of 27.8%[44] - Revenue from referral agency fees to related companies increased to HKD 20,366,000 for the six months ended June 30, 2024, compared to HKD 8,383,000 for the same period in 2023, representing a growth of 143%[87] Market Conditions - The lack of property sales during the interim period and poor performance in the non-residential property market were the main reasons for the profit decline[3] - The transaction volume in the industrial, retail, and office sectors decreased by approximately 30%, 13%, and 30% year-on-year, respectively[5] - The geopolitical tensions and high interest rates have led to a cautious approach from local banks regarding mortgages for non-residential properties, further impacting investor confidence[5] - The GDP of mainland China is expected to grow by 4.7% in Q2 2024 compared to the same period in 2023, showing a slowdown from the previous quarter[7] Cost Management - The company actively reduced costs, with salary and rental expenses decreasing during the first half of 2024[5] - Corporate expenses for the period were HKD 6,151, reduced from HKD 8,639 in the previous year, indicating a decrease of 28.8%[51] - The company’s operating expenses related to office and branch operations decreased to HKD 5,598,000 for the six months ended June 30, 2024, from HKD 7,421,000 in the same period of 2023, a decrease of about 24.5%[58] Financial Position - The group's cash and cash equivalents as of June 30, 2024, amounted to HKD 202,338,000, down from HKD 219,181,000 as of December 31, 2023[10] - The group's bank loans totaled HKD 380,547,000 as of June 30, 2024, slightly decreasing from HKD 384,225,000 as of December 31, 2023[10] - The group's current ratio is 2.2 as of June 30, 2024, down from 2.5 as of December 31, 2023, indicating a decrease in financial resource availability[12] - The group's return on equity is 0.81% for the six months ended June 30, 2024, compared to 1.50% for the same period in 2023[12] - The total assets as of June 30, 2024, amounted to HKD 1,693,735,000, a slight increase from HKD 1,691,439,000 as of December 31, 2023[35] - Total liabilities decreased to HKD 544,971,000 as of June 30, 2024, from HKD 551,966,000 as of December 31, 2023, a reduction of about 1.3%[55] Lending Business - The lending business maintained profitability, with an increase in the overall credit portfolio and new loan numbers, despite high interest rates[6] - The lending business is operated by Junlian Credit Limited, providing stable income and cash flow for the group[14] - There were no loan impairment losses recorded during the period, consistent with the previous six months[14] - The credit risk assessment for loans is based on the borrower's financial strength, repayment ability, collateral provided, and current market conditions[15] Staffing and Corporate Governance - As of June 30, 2024, the group employed 431 full-time staff, a decrease from 480 as of December 31, 2023[17] - The company has adhered to all corporate governance codes as per the listing rules during the interim period[32] Investment Properties - The group reported a fair value loss of HKD 3.4 million on investment properties during the period[13] - The company reported a loss of HKD 3,400,000 in fair value of investment properties for the six months ended June 30, 2024, compared to a loss of HKD 2,900,000 for the same period in 2023[57] - The company’s investment properties valued at HKD 1,003,400,000 as of June 30, 2024, decreased from HKD 1,006,800,000 as of December 31, 2023, reflecting a decline of approximately 0.2%[64] Shareholder Information - Major shareholders include Luck Gain and Wealth Builder, both holding 1,106,393,428 shares, representing 61.29% of the total shares[25] - The company did not declare an interim dividend for the period, consistent with the previous year[32] - As of June 30, 2024, the company had a total of 126,528,260 share options available for grant under the share option scheme[31]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 截至二零二四年六月三十日止六個月 中期業績公告 鋑聯控股有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本 集團」或「集團」）截至二零二四年六月三十日止六個月（「中期期間」）之未經審核綜合中期業績， 連同比較數字如下： 簡明綜合全面收益表（未經審核） 截至二零二四年六月三十日止六個月 截至六月三十日止六個月 | --- | --- | --- | --- | |------------------------------------------|----------|--------------------------|---------------------| | | 附註 | 二零二四年 港幣千元 | 二零二三年 港幣千元 | | | | | | | 收益 其他 ( 虧損 )/ 收入，淨額 | 3(a) 4 | 201,530 (3,115) | 230,519 4, ...

Financial Performance - The company reported a loss attributable to equity holders of HKD 733,000 for the year ended December 31, 2023, compared to a loss of HKD 3,689,000 in 2022, indicating a narrowing of losses [11]. - The overall market performance in 2023 was significantly worse compared to pre-pandemic levels, with registered transactions down 49%, 47%, and 35% for industrial, office, and retail properties respectively compared to the average from 2015 to 2019 [13]. - The company’s investment properties faced impairment losses due to declining property prices, impacting overall performance [11]. - The group did not recommend any dividend payment for the year ended December 31, 2023, consistent with the previous year [164]. - The group’s financial performance for the year ended December 31, 2023, is detailed in the consolidated income statement [163]. Market Trends and Challenges - The number of registered industrial property transactions decreased from 2,501 in 2022 to 2,063 in 2023, while office registrations slightly fell from 817 to 811, and retail shop registrations dropped from 1,176 to 1,032 [13]. - The company anticipates a slight improvement in the Hong Kong non-residential property market in 2024, although recovery will be constrained by various adverse factors [16]. - The overall non-residential property market is facing challenges, but the group anticipates a slight improvement in transaction volume if market sentiment stabilizes [19]. - The company noted that the anticipated "revenge spending" did not materialize as many Hong Kong residents chose to travel abroad, negatively impacting local businesses [12]. - The retail sector in Hong Kong is anticipated to improve with the expansion of the individual visit scheme for mainland residents, although significant short-term reversals are unlikely [18]. Business Operations and Strategy - The company’s non-agency business continued to perform well, with property rental operations maintaining high occupancy rates and a slight increase in rental income due to strong demand in Hong Kong [14]. - The company faced challenges in its lending business due to rising interest rates and market competition, but managed to maintain a low level of non-performing loans through prudent risk management [14]. - The rental demand in Hong Kong was bolstered by the successful recruitment of over 130,000 new applicants under the government’s talent recruitment program [14]. - The group plans to leverage the "New Capital Investor Entry Plan" to provide suitable non-residential property investment opportunities for qualified investors [19]. - If interest rates decline as expected, the group's lending business will benefit, leading to increased demand for mortgage services [21]. Corporate Governance - The board consists of seven members, including four executive directors and three independent non-executive directors [38]. - The company emphasizes strong corporate governance practices to enhance shareholder value and protect shareholder interests [33]. - The board held four regular meetings during the year ending December 31, 2023, to discuss and approve significant matters, including interim and annual results [42]. - The company has established a mechanism to ensure independent views and advice are available to the board when necessary [36]. - The chairman and CEO roles are distinctly separated to ensure effective governance [40]. Risk Management and Compliance - The company has established a risk management and internal control system, with the board responsible for its effectiveness, ensuring reasonable assurance against material misstatements or losses [70]. - The internal audit department reports directly to the audit committee, conducting regular audits to ensure the effectiveness of financial, operational, and compliance controls [71]. - The company has implemented strict anti-bribery and anti-corruption policies, with training provided to employees on compliance and ethical standards [104]. - The company adheres to various laws and regulations, including the Sales of Goods Ordinance and the Estate Agents Ordinance, with no significant violations reported during the fiscal year [115]. - The company has established a whistleblowing policy to allow employees and stakeholders to report unethical behavior confidentially [105]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of sustainability and has integrated environmental, social, and governance (ESG) considerations into its daily operations [97]. - The board of directors is responsible for overseeing the management of environmental, social, and governance (ESG) matters, ensuring long-term sustainability goals are met [104]. - The company has established policies that incorporate ESG management into its business operations, covering various aspects including environmental management and green procurement practices [97]. - The company has been recognized for its contributions to promoting a healthy work-life balance and creating a positive work environment, receiving the "Corporate Wellness Award" for two consecutive years [91]. - The company has identified and reviewed 16 key ESG issues relevant to its operations, ensuring alignment with industry trends and external changes [111]. Employee Development and Community Engagement - The company emphasizes employee development through specialized training programs tailored to different job roles, including frontline and back-office staff [122]. - A digital learning management system has been developed to provide flexible training opportunities for employees, enhancing engagement through bite-sized online courses [124]. - The company has provided internship opportunities for local graduates, encouraging them to explore future career development [89]. - The company donated approximately HKD 134,000 and provided about 81 hours of volunteer service to support local community development in the reporting year [140]. - The company has received multiple awards for corporate social responsibility, including recognition as a "Happy Enterprise" in 2023 [153]. Shareholder Relations and Capital Management - The group emphasizes the importance of maintaining good relationships with key stakeholders, including employees, customers, and shareholders [168]. - The group has adopted a dividend policy that considers operating performance, cash flow, financial condition, and shareholder interests when deciding on dividend payments [165]. - As of December 31, 2023, the company's distributable reserves amounted to HKD 910,209,000, slightly up from HKD 908,961,000 in 2022 [181]. - The company did not purchase, sell, or redeem any of its listed securities during the year ending December 31, 2023 [183]. - Major shareholders include Luck Gain and Wealth Builder, each holding 58.55% of the voting shares as of December 31, 2023 [195].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 397,073,000, a decrease of 11.8% from HKD 450,083,000 in 2022[3] - Operating profit increased to HKD 22,126,000, compared to HKD 7,941,000 in the previous year, reflecting a significant improvement[3] - The company reported a net loss of HKD 1,695,000 for the year, an improvement from a loss of HKD 3,652,000 in 2022[4] - Basic and diluted loss per share for the year was HKD 0.041, compared to HKD 0.204 in the previous year[4] - The company reported a loss of HKD 26,700,000 from the fair value of investment properties[22] - The group reported a loss attributable to equity holders of HKD 733,000 for the year ended December 31, 2023, a decrease from a loss of HKD 3,689,000 in 2022[51] Assets and Liabilities - Total assets decreased to HKD 1,691,439,000 from HKD 1,820,524,000, indicating a reduction of 7.1%[8] - Total liabilities decreased to HKD 551,966,000 from HKD 679,398,000, a reduction of 18.7%[10] - The company’s equity totalled HKD 1,139,473,000, slightly down from HKD 1,141,126,000 in 2022[10] - The total assets as of December 31, 2023, amounted to HKD 1,450,740,000, with liabilities totaling HKD 140,420,000[27] - Reported segment assets decreased to HKD 1,450,740,000 in 2023 from HKD 1,589,878,000 in 2022, a decline of approximately 8.7%[29] - Reported segment liabilities decreased to HKD 140,420,000 in 2023 from HKD 209,228,000 in 2022, a decline of approximately 32.9%[30] Revenue Breakdown - Revenue from agency fees was HKD 338,524,000, down from HKD 389,058,000, a decline of 12.9%[19] - Interest income from lending operations was HKD 31,051,000, down from HKD 35,375,000, a decrease of 12.3%[19] - The property agency business generated revenue of HKD 118,086,000, while the commercial property segment contributed HKD 81,546,000, and the industrial property segment brought in HKD 138,892,000[22] - The total segment performance for 2023 was HKD 31,211,000, compared to HKD 30,181,000 in 2022, indicating a slight increase[27] - Interest income for the year was HKD 31,051,000, while rental income was HKD 27,498,000[22] Cost Management - The company incurred corporate expenses of HKD 9,978,000 in 2023, a decrease from HKD 25,484,000 in 2022[27] - Other operating costs decreased significantly to HKD 33,787,000 in 2023 from HKD 50,519,000 in 2022, a reduction of approximately 33.1%[33] - Net financing costs increased to HKD (16,180,000) in 2023 from HKD (10,185,000) in 2022, representing an increase of approximately 58.9%[36] Market Outlook - The group anticipates a cautious outlook for the Hong Kong non-residential property market in 2024, expecting slight improvement but still facing several adverse factors[56] - Positive factors include potential interest rate cuts by the US Federal Reserve in 2024, which could enhance liquidity and boost investor demand[57] - The new capital investment scheme allows applicants to invest at least HKD 30 million in eligible assets, including non-residential properties, which may stimulate market activity[57] - The group’s non-residential property transactions may benefit from the increase in mortgage loan limits from 50% to 60%[57] Corporate Governance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[73] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2023, confirming alignment with the audited figures[76] - The board of directors did not recommend a final dividend for the year ending December 31, 2023, consistent with the previous year[72] Employee and Operational Insights - As of December 31, 2023, the company employed 480 full-time employees, a decrease from 577 in 2022[71] - The company provides various employee benefits, including education allowances and medical benefits, and conducts regular training programs[71] - The company’s collection team regularly reviews the loan portfolio to monitor default risks and ensures timely repayments[69] - The company maintains a diversified customer base to reduce credit risk by managing borrower relationship concentration[69] Investment and Financing - The group completed the sale of a wholly-owned subsidiary for HKD 33,500,000, resulting in a profit of approximately HKD 7,000,000[65] - The group’s lending business is expected to benefit from a decrease in interest rates, which may increase demand for mortgage loans[59] - The group aims to improve financial performance through strict cost control despite a challenging sales environment[59] - The group recognized a fair value loss of HKD 26,700,000 on investment properties during the year, compared to HKD 11,300,000 in 2022[67]

Financial Performance - The company reported a profit attributable to equity holders of HKD 17,511,000 for the six months ended June 30, 2023, compared to HKD 437,000 for the same period in 2022, indicating a significant improvement in performance [5]. - The improvement in performance was attributed to effective cost control measures and capital gains from property investments [6]. - For the six months ended June 30, 2023, the company reported revenue of HKD 230,519,000, a decrease of 12.1% compared to HKD 262,325,000 for the same period in 2022 [55]. - The operating profit for the same period was HKD 26,518,000, significantly up from HKD 3,619,000 in 2022, representing an increase of 632.5% [55]. - The net profit for the period was HKD 17,404,000, compared to HKD 469,000 in the previous year, marking a substantial increase of 3,607.4% [55]. - Basic and diluted earnings per share for the period were HKD 0.970, compared to HKD 0.024 in 2022, reflecting a significant improvement [55]. - The company reported a total comprehensive income of HKD 17,511,000 for the period, compared to a loss of HKD 107,000 in the previous year [59]. - The company did not declare an interim dividend for the period, consistent with the previous year [49]. Revenue and Sales - Retail sales in Hong Kong increased by 21% in the first half of 2023, although they remain 15% lower than pre-pandemic levels in 2019 [7]. - The company’s rental income rose to HKD 13,748,000, compared to HKD 12,328,000 in the previous year, reflecting a growth of 11.5% [65]. - External customer revenue from property agency business was HKD 74,141,000, while the total external customer revenue across all segments was HKD 230,519,000 for the six months ended June 30, 2023 [67]. - Total revenue for the six months ended June 30, 2023, was HKD 239,558,000, an increase from HKD 230,519,000 in the same period last year, representing a growth of approximately 3.5% [67]. Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 1,764,990,000, down from HKD 1,820,524,000 at the end of 2022, a decrease of 3.1% [56]. - The total liabilities decreased to HKD 606,442,000 from HKD 679,398,000, a reduction of 10.7% [57]. - The group's bank loans totaled HKD 392,403,000 as of June 30, 2023, down from HKD 449,951,000 as of December 31, 2022 [23]. - The group's debt-to-equity ratio was 33.9% as of June 30, 2023, compared to 39.4% as of December 31, 2022 [25]. - The group's current ratio was 2.3 as of June 30, 2023, down from 2.9 as of December 31, 2022 [25]. Market Conditions and Outlook - The company anticipates challenges in the business environment, including geopolitical tensions and rising interest rates, which may suppress market sentiment [14]. - The GDP of mainland China grew by 6.3% in the second quarter of 2023 compared to the same period in 2022, indicating potential economic recovery that could benefit Hong Kong's economy [16]. - The group expects an influx of overseas talent to create new demand for residential properties in Hong Kong in the second half of 2023 [19]. - The group anticipates that the rental market will benefit from the influx of overseas talent, potentially increasing the prices and occupancy rates of serviced apartments [19]. Employee and Shareholder Information - As of June 30, 2023, the company employed 544 full-time employees, a decrease from 577 employees as of December 31, 2022 [33]. - The company’s major shareholder, Luck Gain, holds 1,057,053,428 shares, representing approximately 58.55% of the total issued shares [41]. - The total equity held by the company's directors and senior management includes 1,075,053,428 shares, accounting for 59.55% of the voting shares [41]. - The company provides discretionary bonuses and stock options based on performance, alongside other employee benefits such as education allowances and medical benefits [33]. - The company has a stock option plan in place for its directors, with details disclosed in the interim report [36]. Financial Management and Governance - The company maintained compliance with all corporate governance codes during the interim period [52]. - The company regularly offers internal and external training and development programs for employee growth [33]. - The company’s directors have not engaged in any arrangements to purchase shares or securities of the company during the interim period [39]. - The company’s equity structure indicates a significant concentration of ownership among a few key individuals, which may impact governance and decision-making [41]. Investment and Property Valuation - The company reported a fair value loss on investment properties of HKD 2,900,000 for the current period, compared to a loss of HKD 201,000 in the previous year [81]. - The total value of investment properties as of June 30, 2023, was HKD 1,030,600,000, down from HKD 1,060,500,000 at the end of 2022, reflecting a decrease of about 2.8% [95]. - The estimated market rent for investment properties ranged from HKD 28.8 to HKD 39.6 per square foot as of June 30, 2023, compared to HKD 28.8 to HKD 40.3 per square foot at the end of 2022 [98].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 截至二零二三年六月三十日止六個月 中期業績公告 鋑聯控股有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司及其附屬公司（統稱「本 集團」或「集團」）截至二零二三年六月三十日止六個月（「中期期間」）之未經審核綜合中期業績， 連同比較數字如下： 簡明綜合全面收益表（未經審核） 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 港幣千元 港幣千元 收益 3(a) 230,519 262,325 其他收入，淨額 4 4,350 1,512 員工成本 (117,730) (121,307) 回贈 (42,431) (82,569) 廣告及宣傳開支 (3,786) (5,092) ...

Financial Performance - The group reported a loss attributable to equity holders of HKD 3,689,000 for the year ended December 31, 2022, compared to a profit of HKD 49,839,000 in 2021, indicating a significant decline in financial performance [9]. - The group faced a valuation loss of approximately HKD 11,300,000 due to the revaluation of investment properties during the reporting period [13]. - The group did not recommend any dividend payment for the year ended December 31, 2022, consistent with the previous year [166]. - As of December 31, 2022, the company's distributable reserves amounted to HKD 908,961,000, a decrease from HKD 1,248,399,000 in 2021 [183]. Market Conditions - The non-residential property market in Hong Kong saw a substantial drop in transaction volume, with office registrations falling by 38.8% to 817 transactions, industrial property registrations down by 34.3% to 2,501 transactions, and retail property registrations decreasing by 34.2% to 1,176 transactions in 2022 [11]. - The overall economic environment in Hong Kong was adversely affected by COVID-19 restrictions, leading to a 3.5% decline in local GDP and a significant impact on the retail sector [10]. - The Hong Kong non-residential property market is gradually recovering, driven by factors such as the reopening of borders with mainland China and the local economic recovery [14]. - The group anticipates an improvement in the non-residential property market performance in 2023, despite ongoing market risks such as rising interest rates [18]. Business Strategy - The group's lending business, Junlian Credit Limited, experienced growth in both revenue and operating profit despite the challenging economic environment, demonstrating resilience in its financial performance [13]. - The group plans to capitalize on property investment opportunities during the market adjustment period by acquiring properties at lower prices to strengthen its investment portfolio [13]. - The group plans to enhance property rental rates and occupancy to improve returns on its property investment portfolio [18]. - The group aims to deepen collaboration with related companies to increase referral commissions from residential unit sales [18]. - The group expects an increase in loan demand as the local economy recovers [18]. Corporate Governance - The board consists of eight members, including four executive directors and four independent non-executive directors [37]. - The company emphasizes integrity, transparency, accountability, and independence in its corporate governance practices [32]. - The company has been compliant with the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year ending December 31, 2022 [33]. - The company has established a written mechanism to ensure the board receives independent views and advice when necessary [35]. - The company has arranged appropriate liability insurance for its directors to cover responsibilities arising from corporate activities [36]. Stakeholder Engagement - The company engages with various stakeholders through multiple channels, including annual general meetings and surveys, to understand their expectations and needs [107]. - The company emphasizes the importance of stakeholder feedback to continuously improve its environmental, social, and governance (ESG) management and performance [96]. - The company has established procedures for shareholders to propose candidates for the board of directors, which are published on its website [83]. - The company allows qualified shareholders to request the board to convene a special general meeting if they hold at least 10% of the paid-up capital [80]. Environmental, Social, and Governance (ESG) Initiatives - The company received the "Waste Reduction Certificate (Good Level)" and "Energy Saving Certificate (Good Level)" from the Environmental Campaign Committee, recognizing its contributions to environmental protection [86]. - The company has been awarded the "Caring Company" logo for 16 consecutive years by the Hong Kong Council of Social Service, acknowledging its commitment to social care [89]. - The company provided over 100 food packages to low-income families in collaboration with St. James' Settlement to assist those affected by the pandemic [90]. - The company emphasizes environmental management and compliance with applicable environmental laws and regulations, aiming to minimize its carbon footprint [130]. Employee Relations and Development - The company emphasizes a people-centric approach in its human resources strategy, ensuring a respectful and productive work environment [119]. - The company has a zero-tolerance policy towards any form of harassment and strictly enforces anti-discrimination policies [120]. - The company organizes various employee activities and wellness programs to foster a harmonious workplace and enhance team collaboration [120]. - The company has established clear career growth paths and conducts semi-annual and annual evaluations based on various performance factors [125]. Risk Management - The board is responsible for establishing effective risk management and internal control systems to manage risks rather than eliminate them [70]. - The risk committee assists the board in determining the group's risk levels and management strategies [70]. - The company has established arrangements for stakeholders to raise concerns regarding financial reporting and internal controls [51]. - The company is committed to monitoring and evaluating its diversity policy to ensure its effectiveness [59]. Community Engagement - The group focuses on community investment in areas such as education, environment, and health [173]. - The company donated over HKD 154,000 to the Hong Kong Charity Fund to support local community development [141]. - The company actively participated in community activities, including the "Smoke-Free Hiking" event, promoting a healthy lifestyle and environmental protection [91].