Financial Performance - The Group's overall revenue increased by 28.1% to HK$432.5 million for the year ended December 31, 2024, compared to HK$337.7 million in 2023[21] - The Group recorded a loss of HK$227.6 million for the year, a significant decline from a profit of HK$122.9 million in 2023[21] - Total loss attributable to shareholders was HK$182.1 million, compared to a loss of HK$82.3 million in the previous year[21] - Basic loss per share was HK$5.68 cents, up from a loss of HK$2.56 cents in 2023[21] - Revenue for the Year increased by 28.1% to approximately HK$432.6 million, up from HK$337.7 million in 2023[31] - Gross profit for the Year increased by 62.8% to approximately HK$118.6 million, compared to HK$72.9 million in 2023[32] - Loss after tax for the Year was approximately HK$227.6 million, compared to a loss of HK$122.9 million in 2023[45] - Loss attributable to owners of the Company was approximately HK$182.1 million, compared to HK$82.3 million in 2023[45] - Basic loss per share attributable to owners of the Company for the Year was HK$5.68 cents, compared to a loss of HK$2.56 cents in 2023[45] Discontinued Operations - The Group disposed of its loss-making winery and entertainment businesses, resulting in a loss of HK$138.1 million from discontinued operations[16] - The Group incurred a loss for the year from discontinued operations of approximately HK$138.1 million, compared to a restated loss of HK$125.7 million in 2023[41] - The Group's entertainment business in Jeju, South Korea, is sensitive to economic conditions in China, which could lead to a decline in customer spending and adversely affect revenue and cash flows[152] - The Group's entertainment business has been discontinued as of June 2024, and the real estate business will cease operations by December 2024[152][153] Asset and Liability Management - As of December 31, 2024, the Group's total assets were valued at HK$1,673.2 million, and net assets were HK$1,418.9 million[21] - Total assets decreased by 27.0% to approximately HK$1,673.2 million, primarily due to the disposal of the entertainment business in South Korea and impairment of construction in progress[56] - Total liabilities decreased by 57.4% to approximately HK$254.3 million, down from HK$596.7 million in 2023, mainly due to a reduction in other payables and bank borrowings[57] - Cash and cash equivalents increased by 77.3% to approximately HK$357.8 million as of December 31, 2024, up from HK$201.7 million in 2023[52] - Total borrowings decreased by 98.7% to approximately HK$0.8 million, down from HK$59.9 million in 2023, due to the disposal of the wine business in Mainland China[53] Management and Governance - The Board of Directors proposed not to declare any dividends for the year, consistent with 2023[74] - The company has a diverse board with members experienced in finance, property management, and cultural sectors[114][115][116][117][122][125] - The board includes independent directors with significant industry experience, enhancing corporate governance[116][117][122] - The company is focused on expanding its management capabilities through experienced appointments in key positions[114][115][122] - The strategic direction includes leveraging the expertise of newly appointed directors to enhance operational efficiency and market presence[114][115][116][117][122][125] Market Conditions and Risks - The property management market in China has been weak since Q4 2021, impacting the Group's performance[15] - The Group's financial conditions and results of operations may be affected by global economic fluctuations and macroeconomic conditions, with potential impacts from events like pandemics[146][149] - The Group has faced risks related to its general operations, including economic downturns and social environment changes in its markets[145][149] - The company is vulnerable to changes in the regulatory landscape of China's property management services industry and the real estate industry[175] - The company may not be able to collect service fees from customers, potentially resulting in impairment losses on receivables[175] Strategic Focus and Future Outlook - The Company is focusing on strengthening its remaining core businesses and enhancing cash flow and working capital following recent disposals[24] - The Group is committed to environmental conservation and has adopted an ESG policy to pursue sustainable business operations, focusing on air emissions control, waste management, and resource efficiency[136][141] - The Group plans to diversify investments and adjust its business model in response to market uncertainties affecting the wine sector[159] - Future growth may not materialize as planned and is largely affected by changes in China's economic, political, and social conditions and government policies[175] Human Resources - The Group employed a total of 1,567 full-time employees as of December 31, 2024, down from 1,688 in 2023[91] - The management team has a robust educational background, with members holding advanced degrees in finance, law, and business administration[104][113] Compliance and Regulatory Matters - The Group has allocated staff resources to ensure compliance with regulatory requirements and maintain communication with local governments[142][147] - The Group has complied with relevant laws and regulations, including the Securities and Futures Ordinance and the Listing Rules, ensuring ongoing compliance to mitigate risks associated with non-compliance[144][147]

新华联文化旅遊发展股份有限公司(深圳证券交易所股份代号:SZ000620) 新华联文化旅遊发展股份有限公司为新华联控股有限公司( 中国500强企业 )所控股的房地产开发企业,自 1992 年起已开发逾30个大型综合房地产项目。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 4月14日，截至港股收盘，恒生指数上涨2.4%，报21417.4点。新丝路文旅（00472.HK）收报0.21港元/ 股，上涨16.67%，成交量21万股，成交额4.31万港元，振幅11.11%。 最近一个月来，新丝路文旅累计涨幅0%，今年来累计涨幅50%，跑赢恒生指数4.26%的涨幅。 财务数据显示，截至2024年12月31日，新丝路文旅实现营业总收入4.01亿元，同比增长28.08%；归母净 利润-1.69亿元，同比减少121.41%；毛利率27.42%，资产负债率15.2%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.5倍，行业中值-0.16倍。新丝路文旅市盈率-3.17 倍，行业排名第137位；其他百仕达控股（0116 ...

突发！ 新元科技（300472）(300472.SZ)3月27日晚间公告，公司于2025年3月27日收到中国证监会下发的《立案告知书》，因涉嫌信息披露违 法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，证监会决定对公司立案。 新元科技搭建了以北京、天津、安徽、宁夏为中心的智能化高端装备制造基地和工程研发体系，服务网点遍布国内22个省市及地区， 形成南、北、中三方位合理布局，构建国内8小时服务圈。在日本、韩国、捷克、印尼、泰国、印度等国家布有技术服务网点，立足 于世界，服务于全球。 业绩方面，新元科技此前发布业绩预告称，预计2024年实现营业收入1.59亿—1.95亿元；归属于上市公司股东的净利润为亏损3.91亿— 5.58亿元，上年同期为亏损2.02亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 亏损:39,053.12万元-55,790.16万 | 亏损:20,194.82 万 | | 东的净利润 | 元 | 元 | | 扣除非经常性损益 | 亏损:38,013.95 万元 - 54,750.99万 | 亏损:2 ...

Financial Performance - Revenue for the year ended December 31, 2024, increased to HK$432,571,000, up 28.0% from HK$337,740,000 in 2023[5] - Gross profit rose to HK$118,631,000, representing a 62.8% increase compared to HK$72,887,000 in the previous year[5] - Loss for the year attributable to owners of the Company was HK$182,117,000, compared to a loss of HK$82,255,000 in 2023, indicating a significant decline in profitability[10] - Total comprehensive loss for the year was HK$284,316,000, up from HK$155,322,000 in 2023, reflecting increased financial challenges[8] - Basic loss per share for continuing operations was HK$1.33, a decline from a profit of HK$0.20 in the previous year[10] - The Group reported a loss from continuing operations of HK$89,495,000, compared to a profit of HK$2,786,000 in 2023, highlighting operational difficulties[5] - The total loss for the year from discontinued operations amounted to HK$138,115,000, which includes losses of HK$75,868,000 from the entertainment business, HK$42,233,000 from the wine business, and HK$20,014,000 from the real estate integrated resort and cultural tourism business[65] - Loss before taxation was approximately HK$95.6 million, compared to a profit of HK$10.8 million in 2023[122] Assets and Liabilities - Total assets of the Group as of December 31, 2024, amounted to HK$1,673,187,000, a decrease from HK$2,290,535,000 in 2023[55] - Total liabilities of the Group as of December 31, 2024, were HK$254,282,000, down from HK$596,746,000 in 2023, showing a reduction of approximately 57%[57] - Non-current assets decreased to HK$1,030,384,000 from HK$1,421,451,000, indicating a reduction in long-term asset holdings[14] - Total equity decreased from HK$1,693,789,000 in 2023 to HK$1,418,905,000 in 2024, representing a decline of approximately 16.2%[15] - The Group's equity attributable to owners decreased from HK$1,443,523,000 in 2023 to HK$1,419,324,000 in 2024, a decrease of about 1.7%[15] Cash Flow and Liquidity - Cash and cash equivalents increased to HK$357,768,000 from HK$201,745,000, showing improved liquidity[14] - The current ratio increased to 2.9 from 1.7 in 2023, reflecting a smaller decrease in current assets compared to current liabilities[141] - Total borrowings decreased by 98.7% to approximately HK$0.8 million, down from HK$59.9 million in 2023[132] Revenue Segments - Revenue from property management services amounted to HK$432,482,000 in 2024, up from HK$337,656,000 in 2023, indicating a growth of about 28%[41] - Revenue from wine distribution increased to HK$89,000 in 2024 from HK$84,000 in 2023, reflecting a growth of approximately 6%[41] - The property management segment generated a profit of HK$44,220,000 in 2024, up from HK$40,507,000 in 2023, reflecting a growth of about 1.8%[51] Disposals and Strategic Decisions - The Group disposed of subsidiaries Megaluck Company Limited and Huaxia Winery Holding Company Limited to generate cash flows for business expansion[19] - The Group completed the disposal of 72% equity interest in Megaluck Company Limited for KRW 5 billion (approximately HK$28.4 million) on June 24, 2024[156] - The Group sold its wholly owned subsidiary, Huaxia Winery Holding Company Limited, for RMB 130 million (approximately HK$142.4 million), completed on October 31, 2024[157] - The strategic decision to divest these businesses aims to generate cash flow for the expansion of the company's existing operations[62] Impairments and Losses - The impairment loss on property, plant, and equipment was HK$73,054,000, which was not recorded in the previous year, indicating potential asset valuation issues[5] - The impairment loss on completed properties held for sale recognized in 2024 was HK$51,701,000, indicating significant asset write-downs[80] - The impairment losses on various assets, including property and intangible assets, contributed significantly to the overall losses from discontinued operations[74] Corporate Governance and Compliance - The roles of board chairman and general management were separated to enhance corporate governance compliance[185] - The Audit Committee has reviewed the Group's accounting principles and internal control systems, confirming compliance with current best practices in Hong Kong[193] - The company has adopted the standard code of conduct for securities transactions, confirming compliance by all directors throughout the year[191] - The Board of Directors comprises six executive directors and three independent non-executive directors, ensuring a balanced governance structure[195] Future Outlook and Investments - The Group has not identified any suitable investment opportunities as of the report date but is actively seeking potential investments[182] - The company plans to use proceeds from recent sales to strengthen its core business, enhance cash flow, and support general working capital for future operations[188] - The Group anticipates that the application of new and amended HKFRSs not yet effective will have no material impact on consolidated financial statements in the foreseeable future[32]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$282,671,000, representing an increase of 109% compared to HK$135,253,000 in the same period of 2023[2]. - Gross profit for the period was HK$68,739,000, compared to HK$37,953,000 in 2023, indicating a gross profit margin improvement[2]. - Loss for the period from continuing operations was HK$52,289,000, up from a loss of HK$18,593,000 in the previous year[3]. - Loss per share attributable to owners of the Company from continuing operations was HK$1.40, compared to HK$0.38 in 2023[3]. - Total comprehensive loss for the period was HK$65,223,000, compared to a loss of HK$107,358,000 in the same period last year[4]. - The overall performance indicates a strong recovery and growth trajectory for the company, particularly in property management services[21]. - Loss before tax increased to approximately HK$49.2 million, compared to HK$16.2 million in the same period last year, due to a loss of approximately HK$32.6 million from the disposal of MegaLuck[108]. - Loss after tax increased by 234.7% to approximately HK$62.2 million, with loss attributable to owners of the Company rising to approximately HK$51.9 million[112]. Revenue Breakdown - Revenue from property management services surged to HK$232,045,000, up from HK$80,195,000, marking an increase of 189% year-over-year[21]. - The sale of completed properties generated HK$15,174,000, compared to HK$11,021,000 in the previous year, reflecting a growth of 38%[21]. - The production and distribution of wine saw a decline in revenue to HK$35,452,000 from HK$43,698,000, a decrease of 19%[21]. - Revenue from continuing operations in the PRC (including Hong Kong) for the six months ended June 30, 2024, was HK$267,497, an increase of 116.2% compared to HK$123,893 in 2023[34]. - Revenue from Australia for the six months ended June 30, 2024, was HK$15,174, an increase from HK$11,021 in 2023, representing a growth of 37.5%[34]. Expenses and Losses - Administrative and other operating expenses increased to HK$50,716,000 from HK$37,241,000 in the previous year[2]. - The loss for the period from discontinued operations was HK$9,939,000, with no loss reported in the previous year[2]. - The company reported a significant decrease in cash used in investing activities, amounting to HK$2,876,000 compared to HK$384,126,000 in the previous year, indicating a strategic shift in investment approach[14]. - Selling and distribution expenses decreased by 26.5% to approximately HK$14.1 million, mainly due to a decline in wine sales[106]. - The company incurred a loss before taxation from discontinued operations amounting to HK$9,939,000 for the six months ended June 30, 2024[45]. Assets and Liabilities - As of June 30, 2024, total assets amounted to HK$1,712,405,000, a decrease of 4.5% from HK$1,792,449,000 as of December 31, 2023[6][7]. - Current assets increased to HK$835,649,000, compared to HK$869,084,000 at the end of 2023, reflecting a decrease of 3.8%[6][7]. - Total equity decreased to HK$1,637,369,000, down 3.3% from HK$1,693,789,000 as of December 31, 2023[7]. - Total liabilities decreased by 19.1% to approximately HK$482.7 million, down from HK$596.7 million as of December 31, 2023[119]. - Non-current liabilities decreased to HK$75,036,000 from HK$98,660,000, indicating a reduction of 24.0%[7]. Cash Flow - The company reported a net cash used in operating activities of HK$21,306,000 for the six months ended June 30, 2024, compared to HK$14,502,000 for the same period in 2023[14]. - Cash and cash equivalents at the end of the period were HK$175,473,000, down from HK$242,291,000 at the end of June 2023, representing a decrease of 27.5%[14]. - The company experienced a net cash decrease of HK$30,557,000 in the first half of 2024, compared to a much larger decrease of HK$349,253,000 in the same period of 2023[14]. Corporate Governance and Management - The company is committed to high standards of corporate governance, complying with applicable laws and regulations throughout the period, except for a deviation from code provision C.2.1[185]. - The chairman and CEO roles are currently held by Mr. Ma Chenshan, which the Board believes ensures consistent leadership and effective strategic planning[188]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the unaudited condensed consolidated interim financial information for the period[192]. - The company is actively managing its board composition to enhance governance and oversight[165]. Strategic Initiatives - The Company aims to enhance its market presence and explore new strategies for growth in the upcoming periods[2]. - The Group is actively seeking new business opportunities to diversify income sources and enhance long-term growth potential amid global economic uncertainties[143]. - The Group plans to withdraw from remaining long-term loss-making projects to raise funds and strengthen its core business, aiming for improved profitability[159][161].

Financial Performance - For the six months ended 30 June 2024, the company reported a loss attributable to owners of HK$51,947,000, compared to a loss of HK$12,195,000 for the same period in 2023, representing an increase in loss of approximately 326%[9] - The loss from continuing operations for the period was HK$44,790,000, significantly higher than the loss of HK$12,195,000 in the previous year, indicating a deterioration in operational performance[15] - The Group recorded a loss of approximately HK$62.2 million for the six months ended June 30, 2024, compared to a loss of HK$18.6 million for the same period in 2023[55] - Loss attributable to shareholders was HK$51.9 million, with a basic loss per share of HK1.62 cents, compared to a loss of HK$12.2 million and HK0.38 cents per share in the previous year[55] - The loss before taxation for the period was HK$59,148,000, significantly higher than the loss of HK$16,178,000 in the same period last year[101] - Total comprehensive loss for the period was HK$ (65,223,000) in 2024, compared to HK$ (107,358,000) in 2023, showing a decrease of 39%[70] Revenue and Growth - Revenue for the six months ended June 30, 2024, was HK$282.7 million, a significant increase from HK$135.3 million in the same period of 2023, representing a growth of approximately 108.7%[66] - Revenue from property management services surged to HK$232,045,000 in 2024, compared to HK$80,195,000 in 2023, marking an increase of 189.5%[93] - The sale of completed properties generated HK$15,174,000 in 2024, up from HK$11,021,000 in 2023, reflecting a growth of 37.5%[93] - The winery business in Mainland China experienced an 18.9% year-on-year revenue decline to HK$35.5 million, continuing to record losses since 2022[38][47] - Total revenue from external customers for the six months ended June 30, 2024, was HK$283,475,000, compared to HK$135,253,000 in 2023, representing a 109.5% increase[101] Asset and Liability Management - Total assets and net assets as of June 30, 2024, were valued at HK$2,120.0 million and HK$1,637.4 million, respectively[55] - Non-current assets decreased from HK$ 1,421,451,000 as of December 31, 2023, to HK$ 1,284,392,000 as of June 30, 2024, a reduction of approximately 10%[72] - Current liabilities decreased from HK$ 498,086,000 as of December 31, 2023, to HK$ 407,636,000 as of June 30, 2024, a decrease of about 18%[72] - Total liabilities decreased by 19.1% to approximately HK$482.7 million, compared to HK$596.7 million on 31 December 2023[174] - Total equity decreased from HK$ 1,693,789,000 as of December 31, 2023, to HK$ 1,637,369,000 as of June 30, 2024, a decrease of approximately 3%[74] Operational Changes and Strategic Adjustments - The company completed the sale of 72% of its subsidiary, Megaluck Company Limited, for a total cash consideration of 5 billion Korean won (approximately HK$28.4 million), with the transaction finalized on 24 June 2024[27] - The Group plans to withdraw from long-term loss-making projects to strengthen its core business and improve profitability in the second half of 2024[55] - The Group has not engaged in any significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[41] - The entertainment business was discontinued in June 2024, impacting overall revenue and receivables[148] Cost Management and Expenses - The Group's administrative and other operating expenses included an impairment loss of HK$50.7 million, compared to HK$37.2 million in the previous period[66] - Selling and distribution expenses decreased to HK$14.1 million from HK$19.2 million year-on-year, indicating improved cost management[66] - Administrative and other operating expenses rose by 36.2% to approximately HK$50.7 million, up from HK$37.2 million for the six months ended June 30, 2023, primarily due to increased expenses from property management services[172] Cash Flow and Financial Stability - Cash and cash equivalents decreased from HK$ 201,745,000 as of December 31, 2023, to HK$ 175,473,000 as of June 30, 2024, a decline of approximately 13%[72] - The net cash outflow from operating activities was HK$5,026,000, while net cash inflow from financing activities was HK$5,462,000, resulting in a net increase in cash and cash equivalents of HK$436,000[123] - The Group expects to have sufficient resources to meet its debt commitments and operational funding needs barring unforeseen circumstances[172] Employee and Workforce Management - The Group employed a total of 1,777 full-time employees as of 30 June 2024, an increase from 1,688 on 31 December 2023[181] Other Financial Metrics - The average credit period granted to trade customers is 180 days, with total trade receivables amounting to HK$151,069,000[143] - The average credit period for trade customers remains between 30 to 180 days[160] - The Group's total trade payables decreased to HK$107.8 million as of 30 June 2024, down from HK$126.6 million as of 31 December 2023[14]

Financial Performance - Overall revenue for the Group increased by 27.0% to HK$469.2 million in 2023, up from HK$369.5 million in 2022[22]. - The Group recorded a net loss of approximately HK$122.9 million in 2023, compared to a profit of HK$171.7 million in 2022[22]. - Loss attributable to shareholders was HK$82.3 million in 2023, an improvement from a loss of HK$112.5 million in 2022[22]. - Basic loss per share was HK2.56 cents in 2023, compared to a loss of HK3.51 cents in 2022[22]. - The Group recorded a gross profit of approximately HK$108.9 million, representing a 26.4% increase from HK$86.2 million in 2022, mainly due to the new property management business generating approximately HK$72.9 million in gross profit[35]. - The Group incurred a loss before tax of approximately HK$133.2 million, an improvement from a loss of HK$141.1 million in 2022[51]. - The Group recognized impairment losses of approximately HK$46.3 million on intangible assets and HK$51.7 million on completed properties held for sale due to unfavorable market conditions[49][50]. - Selling and distribution expenses decreased by 49.1% to approximately HK$33.6 million, down from HK$66.1 million in 2022, with selling and distribution expenses as a percentage of revenue decreasing to 7.2%[38]. - Administrative and other operating expenses increased by 48.2% to approximately HK$126.6 million, primarily due to the new property management segment[39]. Business Segments - The Group's winery business revenue increased by 3.6% to approximately HK$86.7 million in 2023, compared to HK$83.7 million in 2022[15]. - The Group acquired 100% equity in "Yuehao Property," contributing HK$337.7 million to revenue and a net profit of approximately HK$40.5 million[20]. - The Sydney Opera Residences Project recognized income of approximately HK$43.6 million in 2023, down from HK$285.8 million in 2022[17]. - The Group's two businesses in Jeju, South Korea, remain stagnant, with potential plans for disposal if suitable opportunities arise[16]. - The Group's total revenue increased by 27.0% to approximately HK$469.2 million for the year, up from HK$369.5 million in 2022, primarily driven by the new property management segment contributing approximately HK$337.7 million[33]. Assets and Liabilities - As of December 31, 2023, the Group's total assets were valued at HK$2,290.5 million and net assets at HK$1,693.8 million[22]. - The Group's total assets increased by 6.8% to approximately HK$2,290.5 million, driven by goodwill of approximately HK$314.3 million from the acquisition of a new subsidiary[67]. - Total liabilities decreased by 78.4% to approximately HK$596.7 million, down from HK$334.5 million in 2022, mainly due to increased payables and bank loans for the wine business[68]. - The current ratio decreased to 1.7 as of December 31, 2023, compared to 4.4 in 2022, reflecting a decrease in current assets and an increase in current liabilities[75]. - Total borrowings (excluding lease liabilities) increased by 319.1% to approximately HK$59.9 million, up from HK$14.3 million in 2022, primarily due to bank loans for the wine business[64]. Cash Flow and Capital Expenditure - The Group has over HK$200 million in cash and more than HK$170 million in sustainable real estate and commercial properties, expected to enhance performance in 2024[26]. - The Group's cash and cash equivalents decreased by 63.6% to approximately HK$201.7 million as of December 31, 2023, down from HK$554.7 million in 2022[63]. - Total capital expenditure for the year amounted to approximately HK$402.7 million, significantly higher than HK$12.2 million in 2022, mainly for the acquisition of a subsidiary and property, plant, and equipment[65]. Employee and Workforce - The Group employed a total of 1,688 full-time employees as of December 31, 2023, a significant increase from 353 in 2022[106]. - The remuneration policy for employees is reviewed annually based on individual performance, with a stock option plan in place for certain participants[112]. - The group continues to expand its workforce significantly, indicating growth and potential market expansion strategies[112]. Strategic Outlook - Looking ahead to 2024, the Group aims to integrate wine, resorts, high-end commercial and residential properties, and property management into a comprehensive cultural tourism and property management service[27]. - Future outlook remains cautious due to ongoing legal matters, but no specific guidance has been provided[114]. - The company is adjusting its development strategy to invest in regions with more stable political environments to mitigate risks[166]. Legal and Compliance - The company is currently evaluating the potential financial impact of ongoing litigation, but it is deemed too early for any provisions to be made[114]. - The court dismissed the Global King lawsuit on November 10, 2023, concluding the litigation without any financial provisions made in the accounts[114]. - The Group has allocated resources to ensure ongoing compliance with regulatory requirements to mitigate risks associated with non-compliance[151]. Market Conditions and Risks - The entertainment business in Jeju, South Korea, is sensitive to economic conditions in China, which significantly affects customer spending and demand for services[162]. - The real estate business in Sydney, Australia, is highly dependent on the local property market performance, with downturns potentially affecting business results[163]. - The wine business in China faces risks from macroeconomic volatility, which may result in decreased product demand and increased inventory pressure[169][170]. - Government policies restricting extravagant consumption have negatively impacted the high-end wine market, prompting the company to innovate and adjust its product mix[169][170]. - Intense competition from e-commerce and imported products continues to challenge the wine industry, necessitating enhanced brand awareness and product quality to maintain market leadership[169][170]. - Food safety risks throughout the supply chain could materially impact the business if not effectively managed, potentially damaging corporate reputation[173][181]. Corporate Governance and ESG - The Group has adopted an environmental, social, and governance (ESG) policy to pursue sustainable business operations and minimize environmental impacts[144]. - The Group has implemented environmental, social, and governance (ESG) policies to ensure sustainable operations and compliance with applicable laws[149]. - The management team consists of experienced professionals with backgrounds in finance, law, and corporate governance, enhancing strategic decision-making capabilities[123][124][125]. Shareholder Information - No dividends were proposed for the year, consistent with the previous year[87]. - The company has not disclosed any new product or technology developments in the current report[115]. - The company did not conduct any capital raising activities during the year[200].

Financial Performance - Revenue for the year ended December 31, 2023, was HK$469,181,000, an increase of 27% from HK$369,452,000 in 2022[15]. - Gross profit for 2023 was HK$108,860,000, up from HK$86,157,000 in 2022, reflecting a gross margin improvement[15]. - Loss for the year decreased to HK$122,944,000 in 2023 from HK$171,741,000 in 2022, representing a 28% reduction in losses[16]. - Basic loss per share improved to HK$2.56 in 2023 compared to HK$3.51 in 2022[15]. - Total comprehensive loss for the year was HK$155,322,000, down from HK$331,375,000 in the previous year, indicating a significant reduction[16]. - The Group recorded a loss before tax of approximately HK$133.2 million (2022: loss of HK$141.1 million) during the Year[120]. - Loss attributable to owners of the Company was approximately HK$82.3 million (2022: loss of HK$112.5 million), with a basic loss per share of HK2.56 cents (2022: loss of HK3.51 cents)[121]. - The Group recorded a loss of approximately HK$122.9 million, an improvement from a loss of HK$171.7 million in 2022[168]. Assets and Liabilities - The audited consolidated results for the year ended December 31, 2023, show total assets of HK$1,792,449,000, a decrease from HK$1,886,963,000 in 2022, representing a decline of approximately 5%[5]. - Current liabilities increased to HK$498,086,000 in 2023 from HK$257,788,000 in 2022, marking a significant rise of about 93%[5]. - Cash and cash equivalents decreased sharply to HK$201,745,000 in 2023 from HK$554,705,000 in 2022, reflecting a decline of approximately 64%[5]. - The company's total equity decreased to HK$1,693,789,000 in 2023 from HK$1,810,227,000 in 2022, a reduction of about 6.4%[6]. - Non-current assets totaled HK$1,421,451,000 in 2023, up from HK$1,011,525,000 in 2022, representing an increase of approximately 40%[5]. - Segment assets totaled HK$2,257,609,000 as of December 31, 2023, with unallocated assets amounting to HK$32,926,000, leading to consolidated total assets of HK$2,290,535,000[34]. - Total liabilities decreased by 78.4% to approximately HK$596.7 million, primarily due to increased payables in the new segment and a bank loan for the wine business[122]. Revenue Streams - Revenue from the sale of completed properties decreased significantly to HK$43,632,000 in 2023 from HK$285,753,000 in 2022, representing a decline of 85.7%[49]. - Revenue from the production and distribution of wine increased slightly to HK$86,715,000 in 2023 from HK$83,699,000 in 2022, a growth of 3.7%[49]. - The entertainment business generated revenue of HK$1,178,000 in 2023, with no revenue reported in 2022[49]. - The property management segment reported revenue of HK$337,656,000 in 2023, with no revenue reported in 2022[47]. - Revenue generated from the entertainment business was approximately HK$1.2 million, marking its first contribution in the Year[1]. Expenses and Costs - Selling and distribution expenses decreased significantly to HK$33,627,000 from HK$66,109,000, showing improved cost management[15]. - Administrative and other operating expenses increased by 48.2% to approximately HK$126.6 million, mainly attributable to the New Segment[4]. - Total staff costs rose to HK$59,009,000 in 2023, compared to HK$37,133,000 in 2022, marking a 59% increase[82]. - Other revenue, gains, and losses amounted to HK$20,040,000 in 2023, compared to HK$22,199,000 in 2022[15]. Impairments and Losses - Impairment losses on intangible assets totaled HK$46,345,000 in 2023, with no such losses reported in 2022[15]. - The Group recognized impairment losses on completed properties held for sale of approximately HK$51.7 million during the Year (2022: Nil) based on a business valuation prepared by an independent professional valuer[120]. - Impairment loss on property, plant, and equipment recognized during the Year was approximately HK$2.1 million, reflecting the fair value assessment of the entertainment business[6]. - The company reported an accumulated impairment loss of HK$46,345,000 for intangible assets during the year[101]. Governance and Compliance - The Board consists of four executive directors and three independent non-executive directors, ensuring effective governance[175]. - The Company has complied with all applicable corporate governance code provisions, with a noted deviation from code provision C.2.1[178]. - The Group's auditor confirmed that the financial figures align with the consolidated financial statements for the year[174]. Future Outlook - The Group plans to explore the potential disposal of its South Korean business if suitable opportunities arise[135]. - The Group aims to integrate wine, resorts, and property management into a comprehensive cultural tourism service provider by 2024[142]. - For the Year 2024, the budgeted capital expenditure is approximately HK$20.0 million, primarily for the construction of winery factories[121].

Financial Performance - For the six months ended June 30, 2023, the company reported a revenue of HK$135,253,000, a decrease of 46% compared to HK$250,081,000 in the same period of 2022[28]. - The gross profit for the period was HK$37,953,000, down 30% from HK$54,749,000 year-over-year[28]. - The loss for the period was HK$18,593,000, significantly improved from a loss of HK$123,428,000 in the previous year[29]. - Total comprehensive loss for the period amounted to HK$107,358,000, compared to HK$210,939,000 in the same period last year[29]. - The company reported a basic and diluted loss per share of HK$0.38 for the period[28]. - The loss attributable to owners of the company for the period was HK$12,195,000, a significant improvement from HK$73,318,000 in the previous year[138]. - Loss from operating activities rose to HK$20,796,000 from HK$17,493,000, an increase of about 13.2% year-over-year[120]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HK$242,291,000 as of June 30, 2023, down from HK$554,705,000 at the end of 2022[30]. - The total cash and cash equivalents at the end of the period decreased to HK$242,291,000 in 2023 from HK$541,098,000 in 2022, representing a decline of approximately 55.2%[56]. - The company reported a net decrease in cash and cash equivalents of HK$349,253,000 for the period, compared to a decrease of HK$68,365,000 in the previous year, highlighting increased cash outflows[56]. - The net cash used in operating activities was HK$14,502,000, compared to HK$32,474,000 generated in the same period of 2022, indicating a significant decline in cash flow from operations[56]. - The net cash used in investing activities increased to HK$384,126,000 in 2023 from HK$3,176,000 in 2022, reflecting a substantial rise in investment expenditures[56]. - The net cash generated from financing activities was HK$49,375,000 in 2023, a recovery from the net cash used of HK$97,663,000 in 2022, suggesting improved financing conditions[56]. - The company’s cash and bank balances at the end of the period were HK$242,291,000, down from HK$541,098,000 in the previous year, reflecting a significant liquidity contraction[56]. Assets and Liabilities - Non-current assets totaled HK$1,437,838,000, an increase from HK$1,011,525,000 at the end of 2022[30]. - The total equity of the company as of June 30, 2023, was HK$1,748,094,000, compared to HK$1,810,227,000 at the end of 2022[30]. - The total segment assets as of June 30, 2023, amounted to HK$1,037,061,000, a decrease from HK$1,634,431,000 as of December 31, 2022[114]. - Trade receivables as of June 30, 2023, were HK$99,635,000, down from HK$270,910,000 at the end of 2022[30]. - Trade payables totaled HK$93,269,000 as at 30 June 2023, compared to HK$30,241,000 as at 31 December 2022, indicating a significant increase[168]. Revenue Streams - Revenue from the entertainment business for the six months ended June 30, 2023, was HK$339,000, while the production and distribution segment generated HK$135,253,000, indicating a diversified revenue stream[66]. - Revenue from external customers for the six months ended June 30, 2023, was HK$250,081,000, an increase from HK$135,253,000 in the same period of 2022, representing an 85% growth[90]. - The segment revenue from property management services was HK$80,195,000 for the six months ended June 30, 2023, compared to HK$0 in the same period of 2022, indicating a new revenue stream[105]. - The revenue from the production and distribution of wine was HK$43,698,000 for the six months ended June 30, 2023, down from HK$47,720,000 in the same period of 2022, reflecting a decline of approximately 4.3%[105]. Investments and Acquisitions - The company acquired a new property management business in May 2023, which is expected to contribute positively to future revenues[28]. - The group acquired property, plant, and equipment at a total cost of approximately HK$11,097,000, up from HK$3,209,000, marking an increase of about 245%[126]. - The gain on disposal of property, plant, and equipment was HK$69,000, a recovery from a loss of HK$1,921,000 in the previous year[126]. - The company is exploring potential mergers and acquisitions to accelerate growth and market presence[196]. Operational Insights - The company has identified operating segments based on its products and services, which are assessed by senior management for performance evaluation and resource allocation[86]. - The Group has four reportable segments: real estate development, wine production, entertainment business, and property management services, which guide resource allocation and performance evaluation[109]. - The segment results reflect the loss incurred or profit earned by each segment without allocation of central administration expenses, which is crucial for performance assessment[112]. - The average credit period for trade customers remains between 30 to 180 days, consistent with the previous year[141]. - The average credit period on purchases of goods remained stable at 90 days as of both 30 June 2023 and 31 December 2022[168]. Future Outlook - Future outlook remains positive with expectations of continued growth in user engagement and revenue streams[196]. - The company is focusing on market expansion strategies to enhance its competitive position[196]. - New product development initiatives are underway, aimed at diversifying the product portfolio[196]. - Ongoing investments in technology and innovation are prioritized to improve operational efficiency[196]. Compliance and Governance - The unaudited interim financial statements were prepared in accordance with the applicable disclosure requirements of the Hong Kong Stock Exchange, ensuring compliance with regulatory standards[59]. - Key management personnel remuneration for the six months ended June 30, 2023, is under review, with amounts to be disclosed in future reports[200].

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