资料显示，丽新发展有限公司始创於一九四七年,为成衣制造商,并於一九七二年杪在香港证券交易所首 次上市。集团业务日渐演变及多元化,其主要业务包括於香港、中国内地及海外之物业发展及投资以及 酒店经营及管理。丽新制衣国际有限公司於香港联合交易所有限公司上市,并持有本集团旗下上巿公司 之主要权益。 最近一个月来，丽新发展累计涨幅28.3%，今年来累计跌幅4.23%，跑输恒生指数27.31%的涨幅。 财务数据显示，截至2025年1月31日，丽新发展实现营业总收入23.45亿元，同比减少16.17%；归母净利 润-1.08亿元，同比增长93.64%；毛利率37%，资产负债率51.84%。 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，综合企业行业市盈率（TTM）平均值为3.62倍，行业中值-0.35倍。丽新发展市盈 率-0.51倍，行业排名第22位；其他金山能源（00663.HK）为1.33倍、天津发展（00882.HK）为5.19倍、 中信股份（00267.HK）为5.42倍、上海实业控股（00363.HK）为5.69倍、祈福生活服务（03686.HK） 为6.36倍。 7月24日，截至港股收盘，恒 ...

2025 Interim Results Presentation Mar 2025 2025 Interim Results Overview Results summary (cont'd) – Key Highlights Resilient rental portfolio •Revenue: down 16% to HK$2,548m •NLAT: loss reduced to HK$118m from loss of HK$1,853m •Adjusted EBITDA1 : down 5% to HK$494m •Adjusted NLAT2 : reduced 23% to HK$412m •NAV: HK$26bn Financial results Hotel revenue steady Recognition of property sales - HK partially offset China Admin expenses reduction Finance costs reduction •Revenue: down 54% to HK$648m •NLAT: loss re ...

Financial Performance - The company reported a net loss attributable to shareholders of HKD 117.8 million, a significant improvement from a loss of HKD 1.85 billion in the previous fiscal period, primarily due to improved fair value changes of investment properties and reduced financing costs[6]. - Adjusted EBITDA was HKD 494.4 million, a decrease of 4.9% compared to the same period last year[6]. - The company reported a loss of HKD 212,183,000 for the six months ended January 31, 2025, compared to a loss of HKD 2,022,650,000 for the same period in 2024, indicating a significant improvement in performance[8]. - Total comprehensive expenses for the period amounted to HKD 414,085,000, down from HKD 2,176,007,000 in the previous year, reflecting a reduction of approximately 81%[8]. - The company reported a foreign exchange adjustment expense of HKD 203,568,000 for the period, compared to HKD 110,426,000 in the previous year, reflecting an increase of approximately 84%[8]. - The company reported a net cash flow from operating activities of HKD 77,503,000 for the six months ended January 31, 2025, compared to a net outflow of HKD 606,234,000 in the same period last year[15]. - The company incurred a loss of HKD 1,853,019,000 during the period, impacting retained earnings significantly[12]. - The company’s total equity attributable to owners was HKD 27,801,266,000 as of January 31, 2025, down from HKD 29,783,594,000 a year earlier[12]. - The company’s adjusted net loss, excluding changes in fair value of investment properties and other non-cash and non-recurring items, was HKD 411.8 million for the six months ended January 31, 2025, compared to HKD 533.2 million in 2024, indicating a reduction of approximately 22.8%[78]. Revenue and Sales - Total revenue for the six months ended January 31, 2025, was HKD 3,038,925 thousand, an increase from HKD 2,547,596 thousand in the same period of 2024, representing a growth of approximately 19.2%[20]. - Confirmed property sales amounted to HKD 617.2 million, down 33.2% year-on-year, attributed to the final sales phase of a project and offset by increased sales from other properties[6]. - The group reported a revenue of HKD 2,547.6 million for the six months ended January 31, 2025, a decrease of 16.2% compared to HKD 3,038.9 million in the previous year[72]. - The group’s revenue from property development and sales decreased by 33.2% to HKD 617.2 million compared to HKD 924.6 million in the previous year[73]. - The group’s revenue from media and entertainment dropped by 42.3% to HKD 103.4 million, down from HKD 179.3 million in the previous year[73]. - The hotel and serviced apartment business generated revenue of HKD 647,300,000 for the six months ending January 31, 2025, representing an increase of approximately 3.9% compared to HKD 623,000,000 in the previous year[165]. Expenses and Costs - Administrative expenses decreased by 8.1% year-on-year due to active cost control measures[6]. - Financing costs decreased to HKD 584.5 million, down 14.0% year-on-year, due to lower interest rates and successful refinancing[6]. - The operating loss for the period was HKD (212,183) thousand, compared to a loss of HKD (2,022,650) thousand in the previous year, indicating a significant improvement[20]. - Interest expenses on bank loans decreased to HKD 599,228,000 from HKD 744,082,000, a reduction of 19.5%[28]. - Restaurant and catering sales generated revenue of HKD 217.8 million, a significant decrease of approximately 23.8% compared to HKD 285.8 million in the same period last year[171]. Assets and Liabilities - Total capital resources as of January 31, 2025, were approximately HKD 3.87 billion, including cash and bank balances of about HKD 1.85 billion[6]. - The company’s total loans remained stable at HKD 24.85 billion as of January 31, 2025, compared to HKD 25.29 billion on July 31, 2024[6]. - Current liabilities increased to HKD 9,242,383,000 from HKD 6,538,733,000, marking an increase of approximately 41%[10]. - The total value of non-current liabilities decreased to HKD 25,057,106,000 from HKD 28,575,141,000, indicating a reduction of approximately 12%[10]. - The company’s cash and cash equivalents stood at HKD 2,549,534,000, down from HKD 2,809,574,000, a decrease of about 9.2%[9]. - The company’s total assets less current liabilities amounted to HKD 56,927,516,000, down from HKD 60,882,721,000, a decrease of approximately 6.5%[10]. Investment and Development - The company plans to sell assets worth approximately HKD 8 billion over the next two years, including HKD 2 billion from a subsidiary[6]. - The company made significant investments in property, plant, and equipment amounting to HKD 51,011,000 during the period[15]. - The company is actively involved in the development of properties, with ongoing projects contributing to its future growth strategy[82]. - The group plans to complete the construction of the Wong Chuk Hang Station Phase 5 residential project in Q1 2026, with a total permitted gross floor area of approximately 71,600 square feet[57]. - The second phase of the Hengqin Innovation Park has made significant progress, with government approval for eight buildings to be developed as affordable rental housing[63]. Market Conditions and Outlook - The Hong Kong retail market remains weak, with local consumption expected to continue to be sluggish due to changing consumer behaviors[53]. - The GDP growth target for mainland China in 2023 is maintained at approximately 5.0%, reflecting ongoing economic challenges[59]. - Despite a weak economy, rental income from a leasing portfolio of approximately 5,900,000 square feet in first-tier cities and the Greater Bay Area remains stable[60]. - The group has adopted a cautious approach to manage costs and recover cash in light of ongoing global economic uncertainties[52]. Property and Rental Income - Rental income from the investment property portfolio was HKD 621 million, with a slight decline in occupancy rates of 0.5% year-on-year[6]. - The rental income for the review period was HKD 621.0 million, a slight decrease from HKD 623.9 million in 2024, with contributions from Hong Kong, London, and mainland China being HKD 222.3 million, HKD 32.8 million, and HKD 365.9 million, respectively[84]. - The occupancy rate for the group's properties in Hong Kong decreased, with notable declines in Cheung Sha Wan Plaza (from 97.3% to 92.1%) and Causeway Bay Plaza Phase II (from 94.9% to 89.0%)[85]. - The rental income from joint venture projects in Hong Kong was HKD 58.0 million, down 15.9% from HKD 69.0 million in the previous year[86]. - The total rental income for the group for the six months ended January 31, 2025, was HKD 621.0 million, a slight decrease from HKD 623.9 million for the same period in 2024, representing a decline of 0.5%[89]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations, with one exception noted[199]. - The chairman of the board was unable to attend the annual general meeting due to prior commitments, with an executive director appointed to chair the meeting[200].

Financial Performance - The company reported a net loss attributable to shareholders of HKD 117,800,000, a significant improvement from the loss of HKD 1,853,000,000 in the previous fiscal period, primarily due to improved fair value changes of investment properties and increased contributions from joint ventures [4]. - Adjusted EBITDA was HKD 494,400,000, a decrease of 4.9% compared to the same period last year [4]. - Total revenue for the six months ended January 31 was HKD 2,663,176,000, a decrease from HKD 3,139,814,000 in the previous year, representing a decline of approximately 15.2% [16]. - The operating profit for the period was HKD 462,990,000, compared to a loss of HKD 900,443,000 in the previous year, indicating a significant turnaround [16]. - The net loss for the period was HKD 212,183,000, an improvement from a loss of HKD 2,022,650,000 in the prior year [16]. - The fair value gain/loss on investment properties was HKD 121,899,000, compared to a loss of HKD 1,038,597,000 in the previous year, showing a positive shift [16]. - The company reported a total of HKD 249,602,000 in unallocated other income and gains, up from HKD 110,241,000 in the previous year [16]. - Total revenue for the six months ended January 31, 2025, was HKD 2,547,596,000, a decrease of 16% from HKD 3,038,925,000 in the same period of 2024 [19]. - The company reported a loss attributable to shareholders of HKD 117,811,000 for the six months ended January 31, 2025, compared to a loss of HKD 1,853,019,000 for the same period in 2024 [26]. Revenue Breakdown - Rental income from the investment property portfolio was HKD 621,000,000, with a slight decline in occupancy rates of 0.5% year-on-year despite a challenging operating environment [4]. - Confirmed property sales amounted to HKD 617,200,000, down 33.2% year-on-year, attributed to the final sales phase of a project while sales from other properties partially offset this decline [4]. - Hotel business revenue increased by 3.9% to HKD 647,300,000, mainly driven by the performance of the Caravelle Hotel [4]. - The media and entertainment segment generated revenue of HKD 222,090,000, down from HKD 288,648,000, representing a decrease of about 23.1% [16]. - The revenue from the hotel business was HKD 648,068,000, a slight increase from HKD 623,499,000, reflecting a growth of approximately 3.3% [16]. - The restaurant and catering business generated revenue of HKD 217.8 million for the six months ended January 31, 2025, a significant decrease of approximately 23.8% compared to HKD 285.8 million in the same period last year [161]. - The cinema operations recorded revenue of HKD 220.2 million, an increase from HKD 188.9 million in the previous year, with a reduced segment loss of HKD 16.6 million compared to a loss of HKD 55.9 million last year [162]. Cost and Expenses - Financing costs decreased by 14.0% to HKD 584,500,000, due to lower interest rates and reduced average loan balances [4]. - Administrative expenses decreased by 8.1% year-on-year due to active cost control measures [4]. - The company incurred financing costs of HKD 584,523,000, compared to HKD 679,337,000 in the previous year, indicating a reduction of approximately 13.9% [16]. Assets and Liabilities - The total capital resources of the group, excluding certain subsidiaries, were approximately HKD 3,873,400,000, including cash and bank balances of about HKD 1,846,800,000 [4]. - The total loan amount remained stable at HKD 24,845,300,000 as of January 31, 2025, compared to HKD 25,294,300,000 on July 31, 2024 [4]. - Non-current assets decreased from HKD 52,651,825 thousand in July 2024 to HKD 52,158,368 thousand in January 2025, a decline of approximately 0.94% [9]. - Current assets decreased from HKD 14,769,745 thousand in July 2024 to HKD 14,011,531 thousand in January 2025, a decline of approximately 5.14% [11]. - Current liabilities increased significantly from HKD 6,538,849 thousand in July 2024 to HKD 9,242,383 thousand in January 2025, an increase of approximately 41.3% [11]. - Total liabilities increased from HKD 32,307,580 thousand in July 2024 to HKD 31,870,410 thousand in January 2025, a decrease of approximately 1.36% [11]. - The company's equity attributable to owners decreased from HKD 25,810,127 thousand in July 2024 to HKD 25,543,112 thousand in January 2025, a decline of approximately 1.03% [11]. - Cash and cash equivalents decreased from HKD 2,809,574 thousand in July 2024 to HKD 2,549,534 thousand in January 2025, a decline of approximately 9.24% [11]. - The company reported a significant increase in bank loans from HKD 2,509,016 thousand in July 2024 to HKD 5,193,722 thousand in January 2025, an increase of approximately 106.8% [11]. - The total value of non-current liabilities decreased from HKD 28,575,141 thousand in July 2024 to HKD 25,057,106 thousand in January 2025, a decline of approximately 12.5% [11]. - The company's total assets less current liabilities decreased from HKD 60,882,721 thousand in July 2024 to HKD 56,927,516 thousand in January 2025, a decline of approximately 6.5% [11]. Market Conditions and Outlook - The management anticipates continued challenges in the global economic environment, including trade tensions and geopolitical risks, which may impact performance [35]. - The Hong Kong property market remains sluggish, with expectations of low consumer spending due to changing travel habits and economic conditions [36]. - The company plans to adapt to changing consumer behaviors and lifestyles to ensure long-term success amid market challenges [36]. - The company maintains a conservative approach towards existing business and investments due to uncertainties in U.S. interest rates and global economic relations [37]. - The company aims to control costs and recover cash to mitigate challenges posed by the current economic landscape [35]. - The office and retail leasing business in Hong Kong faces weak demand and oversupply, leading to a decline in rental income and property values, with an average occupancy rate maintained at 90% or above [39]. Asset Sales and Development Projects - The group plans to sell assets worth approximately HKD 8,000,000,000 over the next two years, including HKD 2,000,000,000 from a subsidiary [4]. - The Bal Residence project has a total saleable area of approximately 62,148 square feet, with 108 residential units sold as of March 14, 2025, at an average price of HKD 15,171 per square foot [40]. - The 尚柏 project has a total saleable area of approximately 36,720 square feet, with 107 units sold as of March 14, 2025, at an average price of HKD 9,405 per square foot [40]. - The construction of the residential project at Wong Chuk Hang Station Phase 5 is expected to be completed in Q1 2026, while the project at 79 Broadcast Drive, Kowloon Tong, is expected to be completed in H1 2026 [41]. - The company maintains a cautious outlook on the mainland China property market, with a GDP growth target of approximately 5.0% for 2025, reflecting ongoing economic challenges [44]. - The rental income from the leasing portfolio of approximately 5,900,000 square feet in first-tier cities and the Greater Bay Area remains stable despite economic weakness in mainland China [45]. - The 横琴 Innovation Park project has successfully positioned itself as a cross-border e-commerce industrial park, attracting leading domestic e-commerce platforms and technology companies [46]. - The first phase of the Innovation Square project is currently 84% leased, with major tenants including "Lionsgate Entertainment World" and "National Geographic Explorer Center" [49]. - The group plans to sell assets worth approximately HKD 2,000,000,000 over the next two years, primarily from the Zhongshan project and the first phase of Innovation Square [50]. Joint Ventures and Collaborations - The earnings contribution from joint ventures improved, primarily due to stable fair value changes in the China Construction Bank Tower [60]. - The joint venture with China Construction Bank recorded rental income of approximately HKD 114,400,000 for the six months ending January 31, 2025, compared to HKD 114,600,000 in the previous year [85]. - The group’s share of profits from joint ventures was HKD 22 million, a significant improvement from a loss of HKD 341.4 million in the previous year, primarily due to no fair value changes recorded during the review period [170]. Employee and Investor Relations - The group employs approximately 3,700 employees, with competitive salary levels and performance-based bonuses [183]. - The group maintains active communication with investors and stakeholders through various channels, including online meetings and conference calls [184].

Financial Performance - Revenue for the fiscal year ending July 31, 2024, was HKD 5,998.9 million, a 22.4% increase compared to HKD 4,901.5 million in the previous year[14] - Gross profit increased significantly to HKD 1,529.9 million, with a gross margin of 26%, up from 15% in the previous year[14] - Operating loss improved to HKD 1,589.4 million, with an operating loss rate of -26%, compared to -47% in the previous year[14] - Net loss attributable to the company's owners was HKD 3,674.7 million, with a net loss rate of -61%, consistent with the previous year[14] - Total equity attributable to the company's owners decreased to HKD 25,810.1 million from HKD 29,783.6 million in the previous year[14] - Net debt increased slightly to HKD 21,149.8 million, with a net debt-to-equity ratio of 82%, up from 70% in the previous year[14] - Earnings per share (EPS) for the year was a loss of HKD 2.528, compared to a loss of HKD 2.448 in the previous year[14] - The company's share price as of July 31, 2024, was HKD 0.660, down from HKD 1.370 in the previous year[14] - The company's market capitalization as of July 31, 2024, was HKD 959.2 million, a significant decrease from HKD 1,991.1 million in the previous year[14] - The company did not declare any dividends for the fiscal year[14] - Adjusted EBITDA increased to HKD 1,151,500,000, up 46.4% year-on-year[15] - Total revenue for the year reached HKD 5,998,900,000, a 22.4% increase compared to the previous year[17] - Gross profit for the year was HKD 1,529,900,000, significantly higher than the previous year's HKD 727,700,000[17] - The company's loss attributable to owners increased to HKD 3,674,700,000, up from HKD 2,966,000,000 in the previous year[18] - Adjusted EBITDA for the group was HKD 1,151.5 million in 2024, compared to HKD 786.6 million in 2023, reflecting a significant improvement[20][21] - The group's operating loss under Hong Kong Financial Reporting Standards was HKD 1,589.4 million in 2024, down from HKD 2,310.2 million in 2023[20] - The company's adjusted net loss attributable to owners was HKD 913.8 million in 2024, compared to HKD 1,025.4 million in 2023, showing a reduction in losses[22][24] - The fair value loss on investment properties held by the group was HKD 817.3 million in 2024, slightly higher than HKD 812.7 million in 2023[20][22] - The impairment loss on properties held by the group was HKD 688.9 million in 2024, significantly lower than HKD 1,353.0 million in 2023[20][22] - The company's equity attributable to owners decreased to HKD 25,810.1 million in 2024 from HKD 29,783.6 million in 2023[24] - The net asset value per share attributable to owners dropped to HKD 17.759 in 2024 from HKD 20.493 in 2023[24] - No final dividend was recommended for the fiscal year ending July 31, 2024, and no interim dividend was declared during the year[25] - Revenue for 2024 increased to 5,998,861 thousand HKD, up 22.4% from 4,901,537 thousand HKD in 2023[162] - Pre-tax loss for 2024 was 3,728,347 thousand HKD, an increase of 6.7% from 3,493,939 thousand HKD in 2023[162] - Annual loss for 2024 was 4,124,618 thousand HKD, up 20.1% from 3,434,712 thousand HKD in 2023[162] - Investment properties decreased to 34,677,018 thousand HKD in 2024 from 35,751,721 thousand HKD in 2023, a decline of 3%[163] - Total assets decreased to 67,421,570 thousand HKD in 2024 from 73,970,016 thousand HKD in 2023, a reduction of 8.9%[163] - Total liabilities decreased to 35,113,990 thousand HKD in 2024 from 37,108,190 thousand HKD in 2023, a decline of 5.4%[163] - Non-controlling interests decreased to 6,497,453 thousand HKD in 2024 from 7,078,232 thousand HKD in 2023, a reduction of 8.2%[163] - Property, plant, and equipment decreased to 5,489,953 thousand HKD in 2024 from 5,987,057 thousand HKD in 2023, a decline of 8.3%[163] - Current assets decreased to 14,769,745 thousand HKD in 2024 from 16,410,094 thousand HKD in 2023, a reduction of 10%[163] - Bank loans classified as non-current liabilities increased to 18,228,586 thousand HKD in 2024 from 15,343,543 thousand HKD in 2023, up 18.8%[163] Rental Income and Property Leasing - Rental income rose to HKD 1,264,200,000, an 8.9% increase year-on-year[15] - The company's office and retail leasing businesses in Hong Kong recorded growth due to renovation and space optimization efforts[29] - Total rental income for the year ending July 31, 2024, reached HKD 1,264.2 million, compared to HKD 1,160.6 million in the previous year, representing an increase of 8.9%[64] - The retail segment in Shanghai Hong Kong Plaza generated HKD 168.5 million in revenue, a slight increase from HKD 164.1 million in the previous year[63] - Guangzhou Mayflower Commercial Plaza's retail revenue increased to HKD 81.3 million from HKD 80.1 million, while office revenue decreased to HKD 8.5 million from HKD 12.3 million[64] - The total rental income from joint venture projects, including China Construction Bank Tower, amounted to HKD 136.0 million, slightly up from HKD 135.9 million in the previous year[65] - Shanghai Mayflower Lifestyle Plaza's retail revenue decreased to HKD 36.4 million from HKD 37.8 million, while parking revenue remained stable at HKD 4.6 million[63] - Guangzhou Lifeng Center's office revenue declined to HKD 99.2 million from HKD 107.0 million, while retail revenue slightly decreased to HKD 16.8 million from HKD 17.2 million[64] - The total rental income from Shanghai Lifeng Skyline Center 2 surged to HKD 49.2 million from HKD 12.0 million, driven by significant growth in both retail and office segments[63] - Guangzhou Lifeng International Center 2 saw a substantial increase in rental income, reaching HKD 43.0 million compared to HKD 10.6 million in the previous year[64] - The total rental income from the Innovation Phase I project in Hengqin rose to HKD 6.7 million from HKD 2.7 million, reflecting a 148.1% increase[64] - The total rental income from the joint venture project Blue Pool Cove (50% basis) decreased to HKD 21.6 million from HKD 24.4 million, primarily due to lower residential unit revenue[65] - The total rental income from the London investment portfolio for the fiscal year ending July 31, 2024, was HK$77.659 million, a 0.7% increase compared to the previous year[67] - The rental income from Leadenhall Street 100 in London increased by 37.4% to HK$64.704 million in 2024, compared to HK$47.082 million in 2023[67] - The rental income from Leadenhall Street 107 in London decreased by 50.9% to HK$12.086 million in 2024, compared to HK$24.606 million in 2023[67] - The rental income from Leadenhall Street 106 in London decreased by 84.1% to HK$869,000 in 2024, compared to HK$5.456 million in 2023[67] - The occupancy rate for the office units in the first phase of Hengqin Innovation Square was 62.0%, generating rental income of HK$3.3 million[66] - The occupancy rate for the cultural workshop units in the first phase of Hengqin Innovation Square was 72.0%, generating rental income of HK$3.5 million[66] - The joint venture with China Construction Bank recorded rental income of HK$228.9 million in 2024, compared to HK$223.0 million in 2023[66] - The joint venture with Empire Group recorded rental income of HK$43.1 million in 2024, compared to HK$48.8 million in 2023[66] - The total building area of the first phase of Hengqin Innovation Square is 525,881 square feet for office units and 239,143 square feet for cultural workshop units[66] - The total building area of the China Construction Bank Tower is 229,206 square feet, with 18 office floors and 1 bank hall leased to China Construction Bank[71] - The company owns 100% of the properties located at 107, 100, and 106 Leadenhall Street in London[75] - The London Planning and Transportation Committee has granted planning permission for the redevelopment of the Leadenhall properties, which currently have a total built-up area of 344,230 square feet. The redevelopment will include a 57-story building with approximately 1,059,525 square feet of office space and 57,827 square feet of new retail space[76] - The proposed redevelopment of the Leadenhall properties will feature a 360-degree public viewing gallery spanning 25,190 square feet on the 56th and 57th floors[76] - The total internal area of the proposed Leadenhall building is expected to be approximately 1,296,029 square feet, including 153,487 square feet of ancillary facilities[76] - The company holds a 20% interest in the first phase of the Hengqin Innovation Square in mainland China, with all other major rental properties held through the Lai Fung Group[78] - The Shanghai Hong Kong Plaza, a flagship investment property of the Lai Fung Group, has a total gross floor area of approximately 1,188,500 square feet, including 362,100 square feet of office space, 358,000 square feet of serviced apartments, and 468,400 square feet of retail space[79] - The Shanghai Mayflower Lifestyle Plaza, owned 100% by the Lai Fung Group, has a total gross floor area of approximately 320,300 square feet, including basement commercial areas[81] - The Shanghai Kaixin Garden project, located in the Zhongshan Park commercial district, has a total gross floor area of approximately 82,100 square feet, with the Lai Fung Group holding a 95% interest in the commercial portion[82] - The Shanghai Lai Fung Sky Center, a mixed-use redevelopment project, has a total gross floor area of approximately 727,100 square feet and has achieved LEED v4 Gold certification. As of the report date, 83% of the retail space and 47% of the office space have been leased[83] - The Guangzhou Mayflower Commercial Plaza, located above the Guangzhou Park Front subway station, has a total gross floor area of approximately 436,900 square feet and is almost fully leased[84] - Guangzhou Lifeng International Center has a total construction area of approximately 614,600 square feet, with 99% of commercial space and 65% of office space leased as of the report date[86] - Zhongshan Palm Rainbow Garden Rainbow Hui Mall has a total construction area of approximately 181,100 square feet[86] - Hengqin Innovation Phase project is located in the central area of Hengqin, with a 75-minute drive to Hong Kong via the Hong Kong-Zhuhai-Macao Bridge[88] - Hengqin Cooperation Zone implemented a new management system on March 1, 2024, with a 15% corporate income tax rate for qualified industrial enterprises and a 15% personal income tax rate cap for high-end and紧缺人才[89] - In the first half of 2024, the traffic flow at Hengqin Port increased significantly, with over 10,000,000 passenger trips and 1,080,000 vehicle trips, up 44% and 11% year-on-year respectively[90] - Lifeng Group has established an e-commerce center in Hengqin Innovation Phase, positioning it as a cross-border e-commerce and social media development project[91] - Innovation Phase Phase I has a 76% office space occupancy rate, with a major tenant occupying six floors and planning to increase employees from 1,200 to over 3,000[93] - Innovation Phase Phase II has made significant progress, with eight residential buildings approved for development as保障性租赁住房 to meet the growing demand in Hengqin[94] - The occupancy rate of the commercial area in Phase 1 of Innovation Square is approximately 82%[95] - The total confirmed sales revenue for the fiscal year ending July 31, 2024, is HKD 1,529.5 million, with HKD 1,182.3 million from mainland China and HKD 347.2 million from Hong Kong[97][98] - The average selling price per square foot for residential units in Hong Kong is HKD 15,314, generating HKD 316.7 million in revenue[97] - The average selling price per square foot for cultural studio units in Phase 1 of Innovation Square is HKD 4,412, contributing HKD 175.8 million in revenue[98] - The signed but not yet confirmed sales as of July 31, 2024, amount to HKD 284.5 million, with HKD 188.6 million from mainland China and HKD 95.9 million from Hong Kong[101][102] - The total signed but not yet confirmed sales, including joint venture projects, is HKD 451.7 million as of July 31, 2024[101] - The average selling price per square foot for high-rise residential units in Zhongshan Palm Rainbow Garden is HKD 1,644, generating HKD 842.4 million in revenue[98] - The average selling price per square foot for cultural workshop units in Phase 1 of Innovation Square is HKD 2,218, contributing HKD 141.4 million in revenue[98] - The total confirmed sales revenue for joint venture projects in Hong Kong is HKD 128.9 million, with HKD 106.9 million from independent villas and HKD 16.4 million from residential units[99][100] - The signed but not yet confirmed sales for cultural studio units in Phase 1 of Innovation Square is HKD 13.3 million, with an average selling price of HKD 4,542 per square foot[102] - Total contracted sales for the joint venture project "Blue Pool" reached HKD 167.2 million, with 23 independent villas and 605 units sold, covering a sales area of approximately 405,831 sq. ft. at an average price of HKD 18,000 per sq. ft.[104] - The "Xi Zuo" project sold all 209 residential units and 7 commercial units, with average prices of HKD 16,400 and HKD 23,500 per sq. ft. respectively, generating total sales proceeds of approximately HKD 10.2 million[105] - The "Yi Xin" project sold all 138 residential units, with a total sales area of approximately 28,800 sq. ft., and all 4 commercial units were leased out[106] - The "Yi Xing" project sold all 144 residential units, with a total sales area of approximately 45,822 sq. ft. at an average price of HKD 21,300 per sq. ft., and all 6 parking spaces were sold, generating total sales proceeds of approximately HKD 5.7 million[107] - The "Bal Residence" project sold 84 out of 156 residential units, covering a sales area of approximately 28,501 sq. ft. at an average price of HKD 15,303 per sq. ft.[109] - The "Shang Bai" project pre-sold 103 out of 112 residential units, covering a sales area of approximately 32,623 sq. ft. at an average price of HKD 9,368 per sq. ft.[111] - The company holds 100% equity in the Wong Chuk Hang project, which covers an area of approximately 95,600 square feet with a total gross floor area of about 636,200 square feet. The project is expected to provide around 825 residential units with a total investment of approximately HKD 18 billion. Construction is ongoing and is expected to be completed in Q4 2025[112] - The Broadcast Drive 79 project in Hong Kong, with a site area of approximately 23,900 square feet, is planned to develop into a high-quality luxury residential project offering around 46 medium to large units, including 2 detached villas. The total investment is approximately HKD 2.3 billion, with construction expected to be completed in H1 2026[115] - The Kotewall Road 1 and 1A project involves the redevelopment of two adjacent buildings into a luxury residential project with a total gross floor area of approximately 55,200 square feet, providing around 27 medium to large residential units. The total investment is approximately HKD 1.9 billion, with construction expected to be completed in Q4 2027[116] - The Waterloo Road 116 project in Hong Kong is being redeveloped into a residential project with a total gross floor area of approximately 46,600 square feet, offering around 85 residential units. The total investment is approximately HKD 1.1 billion, with construction expected to be completed in Q3 2028[

Financial Performance - The company reported a loss attributable to shareholders of HKD 3,674,700,000, while operating loss narrowed to HKD 1,589,400,000 from HKD 2,310,200,000 in the previous fiscal year[1]. - Adjusted EBITDA increased to HKD 1,151,500,000, representing a year-on-year growth of 46.4%[1]. - The company reported a significant decrease in property, plant, and equipment depreciation from HKD 392,869,000 in 2023 to HKD 341,362,000 in 2024, a reduction of about 13%[13]. - The company recorded a net impairment loss on receivables of HKD 17,746,000 in 2024, compared to HKD 32,552,000 in 2023, reflecting a decrease of about 45%[13]. - The company reported a tax expense of HKD 396,271,000 for 2024, compared to a tax credit of HKD 59,227,000 in 2023, reflecting a significant change in tax position[21]. - The company reported a significant reduction in total assets from HKD 62,849,242 thousand to HKD 60,882,721 thousand, a decrease of approximately 3.1%[4]. - The company reported a net loss attributable to shareholders of approximately HKD 3,674,700,000, an increase from HKD 2,966,000,000 in the previous year[43]. - The adjusted net loss, excluding fair value losses on investment properties and other non-cash and non-recurring items, was approximately HKD 913.8 million for the year ended July 31, 2024, compared to HKD 1,025.4 million for the previous year, showing a decrease of 10.9%[48]. Revenue and Sales - Total revenue for 2024 reached HKD 6,243,954,000, an increase from HKD 5,075,973,000 in 2023, representing a growth of approximately 23%[14]. - The company achieved a total of HKD 2,630,984,000 in revenue from mainland China and Macau for 2024, up from HKD 1,981,296,000 in 2023, marking an increase of around 33%[14]. - Revenue from property sales increased to HKD 1,529,479,000 in 2024, up from HKD 946,639,000 in 2023, representing a growth of 61.5%[16]. - The group reported a total of 18 contracted residential units in Bal Residence, with a total sales revenue of HKD 94.0 million[75]. - The total confirmed sales revenue for the year ending July 31, 2024, was HKD 1,529,500,000, an increase from HKD 946,600,000 in 2023, representing a growth of approximately 61.5%[74]. Assets and Liabilities - Total liabilities decreased significantly from HKD 11,120,774 thousand to HKD 6,538,849 thousand, a reduction of approximately 41.0%[4]. - The company's net current assets increased to HKD 8,230,896 thousand from HKD 5,289,320 thousand, reflecting a growth of about 55.0%[4]. - Non-current assets decreased to HKD 52,651,825 thousand from HKD 57,559,922 thousand, a decline of approximately 8.3% year-over-year[4]. - Current assets also saw a decrease, totaling HKD 14,769,745 thousand compared to HKD 16,410,094 thousand, representing a drop of about 9.9%[4]. - The total assets for 2024 were HKD 56,681,622,000, down from HKD 60,154,247,000 in 2023, indicating a decrease of approximately 6%[14]. Market and Economic Conditions - The global economic outlook remains uncertain due to geopolitical tensions and inflationary pressures, impacting business activities[27]. - Hong Kong's property market shows signs of recovery, with visitor numbers increasing to approximately 21 million in the first half of 2024, a 64% year-on-year growth[28]. - The office and retail leasing sectors continue to face challenges due to oversupply and reduced demand, but the company is focused on optimizing its tenant portfolio[28]. - The Chinese government has implemented measures to stabilize the real estate market, including lowering down payment requirements and mortgage rates, aiming to boost market confidence[31]. Property Development and Sales - The company has sold 84 out of 156 units at Bal Residence and pre-sold 103 out of 112 units at 尚柏, with estimated proceeds of HKD 436,200,000 and HKD 305,600,000 respectively[1]. - The construction of Shang Pak in Yuen Long is expected to be completed by the end of 2024, with a total saleable area of approximately 36,720 square feet and 112 residential units; as of October 15, 2024, 103 units have been pre-sold, totaling 32,623 square feet at an average price of HKD 9,368 per square foot[29]. - The "Huang Zhu Keng" project is expected to provide approximately 825 residential units, with a total investment of HKD 18 billion, and is projected to be completed in Q4 2025[82]. - The "Broadcast Road 79" project is planned to develop approximately 46 residential units, with a total investment of HKD 2.3 billion, and is expected to be completed in the first half of 2026[83]. Rental Income and Leasing - Rental income from investment properties rose to HKD 1,264,200,000, an increase of 8.9% year-on-year[1]. - The rental income from mainland China properties increased by 11.8% to HKD 714,100,000 from HKD 638,700,000[52]. - The occupancy rate for the group's properties in Hong Kong improved, with notable increases at Cheung Sha Wan Plaza (96.9%) and Lai Sun Commercial Centre (98.9%) compared to the previous year[52]. - The overall occupancy rate for the group's properties in London showed a decline, particularly at Leadenhall Street 107, which dropped to 47.8%[52]. Strategic Initiatives and Future Outlook - The company plans to continue reviewing and reallocating resources across its business segments as needed[1]. - Future outlook indicates a focus on market expansion and new product development strategies[9]. - The group plans to continue expanding its property portfolio and enhancing rental income through strategic acquisitions and developments[54]. - The company aims to leverage its integrated media platform to capture opportunities in the entertainment market while seeking collaboration and investment opportunities[36].

Financial Performance - For the fiscal year ending July 31, 2023, the company reported total revenue of HKD 2,467,443,000, a decrease of 45,152,000 compared to the previous year[5]. - The company anticipates a revenue increase to HKD 3,038,925,000 for the fiscal year ending July 31, 2024, reflecting a growth of approximately 23.1%[5]. - The operating loss for the fiscal year ending July 31, 2023, was HKD 1,475,670,000, while the projected operating loss for the fiscal year ending July 31, 2024, is expected to be HKD 1,913,639,000[5]. - The company reported a net loss of HKD 1,525,869,000 for the fiscal year ending July 31, 2023, with a projected net loss of HKD 2,022,650,000 for the fiscal year ending July 31, 2024[5]. - The total revenue for the six months ended January 31, 2024, was HKD 3,038,925,000, an increase from HKD 2,467,443,000 for the same period in 2023, representing a growth of approximately 23.1%[11]. - The company reported a loss attributable to shareholders of HKD 1,853,019,000 for the six months ended January 31, 2024, compared to a loss of HKD 1,360,823,000 for the same period last year, reflecting an increase in loss of approximately 36.3%[17]. - The company reported a total comprehensive loss for the period was (2,022,650) thousand HKD, compared to (1,525,869) thousand HKD in the previous year, reflecting increased financial challenges[54]. Revenue Sources - Revenue from property sales reached HKD 924,597,000, up from HKD 600,158,000, indicating a growth of 54% year-over-year[11]. - Hotel business revenue increased to HKD 622,996,000 from HKD 421,473,000, reflecting a growth of 47.7%[11]. - Revenue from restaurant and catering sales was HKD 285,840,000, up from HKD 262,619,000, marking an increase of 8.8%[11]. - The media and entertainment segment generated revenue of HKD 179,300,000, a slight increase of 1.9% from HKD 176,000,000[101]. - The cinema operations segment saw a decline in revenue to HKD 188,900,000, down 28.2% from HKD 263,100,000 in the previous year[101]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives for the upcoming fiscal year[5]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[5]. - The company plans to invest in new technologies to improve operational efficiency and customer experience in the coming fiscal year[5]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9]. - The group is actively pursuing new development opportunities, including residential projects with a total construction area of approximately 46,600 square feet and 55,200 square feet[110]. Financial Position - The total assets of the company were reported at HKD 73,970,016,000 as of July 31, 2023[8]. - Total liabilities decreased to HKD 6,748,763,000 from HKD 11,120,774,000, indicating improved liquidity[44]. - Current assets increased to HKD 8,745,393,000 from HKD 5,289,320,000, showing a strong asset position[44]. - The total equity attributable to the company's owners was HKD 27,801,266,000, down from HKD 29,783,594,000, reflecting a decrease in retained earnings[44]. - The company’s total liabilities decreased to HKD 8,193,203, down from HKD 8,358,249 as of July 31, 2023[58]. Cash Flow and Financing - The company reported a net cash flow from operating activities of (606,234) thousand HKD for the six months ended January 31, 2024, compared to (1,022,477) thousand HKD for the same period in 2023, indicating an improvement[48]. - New bank loans amounted to 6,370,642 thousand HKD, slightly up from 6,244,882 thousand HKD in the prior year, showing continued financing activity[48]. - The company repaid bank loans totaling (5,672,364) thousand HKD, compared to (1,860,313) thousand HKD in the previous period, indicating a higher focus on debt reduction[48]. - The net debt ratio as of January 31, 2024, was approximately 80%, up from 70% as of July 31, 2023[147]. - The company’s total cash and bank deposits amounted to HKD 4,414 million as of January 31, 2024, excluding certain subsidiaries[147]. Market Conditions - The global GDP growth in 2023 was stronger than expected, primarily due to the post-COVID recovery, but geopolitical tensions and high interest rates are hindering global recovery[85]. - The Hong Kong market is projected to grow between 2.5% and 3.5% in 2024, despite facing challenges such as high interest rates and low consumer confidence[86]. Property Development - The company plans to consider expanding its land reserves based on macroeconomic conditions and existing business risks in first-tier cities and the Greater Bay Area[94]. - The company opened two new cinemas in Hong Kong, enhancing its cinema network and market position[95]. - The company has invested approximately HKD 18 billion in the development project at Wong Chuk Hang Station, which is expected to provide around 825 residential units upon completion in Q4 2025[185]. - The project at 79 Broadcast Drive, Kowloon Tong, has a planned construction area of approximately 71,600 square feet, with an investment of approximately HKD 2.3 billion, expected to be completed in the first half of 2026[186]. Investment and Joint Ventures - The company’s investment in joint ventures amounted to (30,000) thousand HKD, up from (5,050) thousand HKD, indicating increased investment activity[48]. - The joint venture with China Construction Bank recorded rental income of approximately HKD 114.6 million, up from HKD 111.8 million in 2023, representing a growth of 2.5%[155]. - The joint venture with Empire Group recorded rental income of approximately HKD 23.4 million for the same period, slightly down from HKD 23.9 million in 2023, reflecting a decrease of 2.1%[155]. Challenges and Risks - The group anticipates challenges in the office leasing market due to economic uncertainties and rising vacancy rates[107]. - Despite the increase in rental income, the company faced challenges due to the economic slowdown in China, leading to a slight increase in vacancy rates and a decrease in rental prices[114]. - The company’s investment properties experienced a fair value decrease compared to the same period last year, contributing to the increased loss[149].

Financial Performance - The company reported a revenue of HKD 3,038,925, an increase of 23.1% compared to HKD 2,467,443 in the same period last year[9]. - Gross profit for the period was HKD 1,071,579, up 16.7% from HKD 918,256 year-on-year[9]. - The operating loss for the six months ended January 31, 2024, was HKD 900,443, slightly higher than the loss of HKD 883,290 in the previous year[9]. - The pre-tax loss increased to HKD 1,913,639 from HKD 1,475,670, representing a year-on-year increase of 29.7%[9]. - The total comprehensive loss for the period was HKD 2,176,007, compared to HKD 1,629,141 in the previous year, reflecting a 33.6% increase[10]. - The company reported a loss attributable to owners of the company of HKD 1,853,019, compared to HKD 1,360,823 in the previous year, marking a 36.2% increase[9]. - The basic and diluted loss per share was HKD 1.275, compared to HKD 1.397 in the previous year[9]. - The company reported a significant increase in bank loans, totaling HKD 19,681,227,000, up from HKD 15,343,543,000, reflecting a growth of 28.5%[12]. - The company’s financing costs were reported at HKD 679,337,000, compared to HKD 560,889,000 in the previous year, reflecting an increase of 21.1%[17]. - The company reported a net loss attributable to shareholders of approximately HKD 1,853.0 million, compared to HKD 1,360.8 million in 2023, primarily due to a decrease in the fair value of investment properties[71]. Assets and Liabilities - Non-current assets totaled HKD 55,998,787, down from HKD 57,559,922 as of July 31, 2023[11]. - Current assets decreased to HKD 15,494,156 from HKD 16,410,094, indicating a decline of 5.6%[11]. - Non-current liabilities rose to HKD 30,054,635,000 from HKD 25,987,416,000, indicating a growth of approximately 15.9%[12]. - The total assets minus current liabilities amounted to HKD 64,744,180,000, compared to HKD 62,849,242,000 in the previous year[12]. - The equity attributable to the owners of the company decreased to HKD 27,801,266,000 from HKD 29,783,594,000, a decline of approximately 6.6%[12]. - The total liabilities increased to HKD 64,744,180,000 from HKD 62,849,242,000, indicating a rise of approximately 3%[12]. Revenue Streams - The total revenue for the period ending January 31, 2024, was HKD 3,139,814,000, an increase from HKD 2,559,065,000 in the previous year[17]. - Property sales revenue reached HKD 924,597,000, up from HKD 600,158,000, marking a significant increase of 54%[45]. - Hotel business revenue increased to HKD 622,996,000 from HKD 421,473,000, reflecting a growth of 47.7%[45]. - The revenue from property management fees rose to HKD 112,809,000, compared to HKD 97,664,000, indicating an increase of 15.4%[45]. - The revenue from restaurant and catering sales was HKD 285,840,000, compared to HKD 262,619,000, showing an increase of 8.8%[45]. - The company reported an increase in revenue from theme park operations to HKD 9,878,000, up from HKD 8,781,000, a growth of 12.5%[45]. Development Projects - The company is developing two residential projects, with one project expected to provide approximately 85 residential units and another expected to provide about 27 units[34]. - The construction of the Wong Chuk Hang Station Phase 5 residential project is ongoing, with completion expected in Q4 2025[34]. - The company anticipates the completion of the Yuen Long project in the second quarter of 2024, adding approximately 42,200 square feet to its development portfolio[57]. - The luxury residential development at Wong Chuk Hang Station is projected to cost approximately HKD 18 billion and provide around 825 units, with completion expected in Q4 2025[182]. - The project at 79 Broadcast Drive is planned to offer about 46 units with a total investment of approximately HKD 2.3 billion, expected to complete in the first half of 2026[184]. Market Outlook and Strategy - The company anticipates that the local GDP growth in Hong Kong for 2024 will be between 2.5% and 3.5%[32]. - The company plans to maintain a prudent and flexible approach to seize new development opportunities[35]. - The company is actively expanding its land reserves, considering macroeconomic conditions and existing business risks in first-tier cities and the Greater Bay Area[62]. - The company aims to expand its land reserves and manage its financial situation prudently amid a challenging economic environment[95]. - The global economic outlook remains challenging due to inflation and geopolitical tensions, leading to a gradual slowdown in GDP growth[81]. Operational Highlights - The company has implemented rigorous credit control measures for its accounts receivable, ensuring low credit risk exposure[50]. - The company’s office and retail leasing business in Hong Kong has shown significant growth due to ongoing tenant mix optimization and property renovations[56]. - The company has formed a strategic alliance with Alibaba's Youku for joint production and investment in films and TV series, enhancing its content creation capabilities[92]. - The company opened two new cinemas in Hong Kong, enhancing its cinema network and market position[64]. - The company is investing in original high-quality film productions, including the action film "Kowloon Walled City: Siege" directed by Zheng Baorui[65]. Sales and Contracts - The company has sold all 209 residential units and 7 commercial units at the Happy Build project, with parking space sales generating approximately HKD 10,200,000[58]. - The company has sold all 605 units of the Blue Tongue project, generating total sales proceeds of approximately HKD 204.1 million from 75 parking spaces sold as of March 22, 2024[84]. - The "Blue Tang Ao" project has sold all 605 units with a total saleable area of approximately 405,831 square feet, achieving an average selling price of HKD 18,000 per square foot[150]. - The "Bal Residence" project has sold 47 units with a saleable area of approximately 16,024 square feet, at an average price of HKD 15,454 per square foot, with renovations expected to complete by the end of March 2024[156]. - The group has 100% ownership of the "Yixing" project, which has sold all 144 units with a total saleable area of approximately 45,822 square feet, at an average price of HKD 21,300 per square foot[154].

Financial Performance - Total revenue for the year 2023 was HKD 4,901,537,000, a decrease of 3.8% from HKD 5,093,703,000 in 2022[17]. - The group reported a total operating loss of HKD 2,965,960,000 for 2023, compared to a loss of HKD 1,966,921,000 in 2022[25]. - The annual loss attributable to the company's owners was HKD 3,434,712 thousand, compared to HKD 2,323,585 thousand in the previous year, marking a year-over-year increase of approximately 47.9%[60]. - The gross profit for the year was HKD 727,728 thousand, down from HKD 1,544,023 thousand, indicating a significant decline in profitability[60]. - The operating loss for the year was HKD 2,310,163 thousand, compared to a loss of HKD 1,144,342 thousand in the previous year, representing an increase in losses[60]. - The company reported a net loss attributable to shareholders of approximately HKD 2,966 million for the year ended July 31, 2023, compared to HKD 1,966.9 million in 2022, reflecting an increase in losses due to reduced property sales and increased financing costs[74]. Revenue Breakdown - Revenue from property investment decreased by 6.5% to HKD 1,160.6 million, while property development and sales dropped by 43.8% to HKD 946.6 million[73]. - The hotel business saw a significant increase in revenue, rising by 50.4% to HKD 977.7 million, and restaurant and catering sales increased by 31.6% to HKD 552.6 million[73]. - The group's media and entertainment segment reported revenue of HKD 36,101 thousand for 2023, down from HKD 42,728 thousand in 2022, reflecting a decrease of approximately 15.5%[12]. - The restaurant and catering sales business generated revenue of HKD 552.6 million for the year ended July 31, 2023, an increase of approximately 31.6% compared to HKD 419.9 million in the previous year[171]. - The film and television production and distribution segment recorded a revenue of HKD 113.1 million, down from HKD 184.6 million in 2022, with a loss of HKD 48.6 million, slightly improved from a loss of HKD 52.8 million in the previous year[190]. Assets and Liabilities - Total assets of the group as of 2023 amounted to HKD 60,154,247,000, down from HKD 64,239,886,000 in 2022[14]. - The total liabilities decreased from HKD 40,987,500 thousand in 2022 to HKD 36,861,826 thousand in 2023, a reduction of approximately 10.3%[2]. - Non-current liabilities decreased from HKD 27,409,408 thousand in 2022 to HKD 25,987,416 thousand in 2023, a reduction of approximately 5.2%[2]. - The company's equity attributable to shareholders decreased to HKD 29,783.6 million from HKD 32,794.3 million year-on-year, with net asset value per share dropping from HKD 33.847 to HKD 20.493[77]. - The net debt ratio increased to approximately 70% as of July 31, 2023, up from 62% a year earlier[70]. Investment and Development - The company is currently developing the second phase of the Hengqin Innovation Square project, which is expected to provide approximately 1,585,000 sq ft of office space and commercial facilities[55]. - The construction of residential projects Bal Residence and Tai Keng Ling is on schedule, expected to add approximately 71,800 sq ft and 42,200 sq ft to the development portfolio upon completion in H1 2024[46]. - The company has completed renovations and space optimization projects to enhance the competitiveness of its major leasing properties in Hong Kong and London[45]. - The company is actively expanding its portfolio with new projects and developments in key locations, enhancing its market presence in the Greater Bay Area[123]. - The company plans to consider expanding its land reserves based on macroeconomic conditions and existing business risks in first-tier cities and the Greater Bay Area[56]. Market Conditions - The overall economic environment remains weak, with a recession risk heightened by geopolitical tensions and high inflation impacting investor confidence[42]. - The leasing market continues to face pressure, with expectations of rising vacancy rates and suppressed rental prices due to deteriorating business sentiment[43]. - The company maintains a diversified customer base, reducing credit risk, with accounts receivable being interest-free[32]. Shareholder Actions - The company completed a rights issue, issuing 484,442,943 shares at a subscription price of HKD 1.64 per share, raising approximately HKD 777,000,000[38]. - The company did not declare a final dividend for the year ending July 31, 2023, consistent with the previous year[40]. Impairments and Losses - The group reported a significant impairment loss of HKD 858,000,000 on development properties in 2023, compared to HKD 310,187,000 in 2022[21]. - The company reported a net loss from investment properties of HKD (812,687) thousand in 2023, compared to a net gain of HKD 226,415 thousand in 2022, indicating a significant downturn[8]. - The impairment of property, plant, and equipment was recorded at HKD 16,372 thousand, compared to HKD 2,452 thousand in the previous year, showing a substantial increase in impairment losses[12]. Cash Flow and Financing - The group issued secured notes totaling USD 500 million and HKD 385 million, with fixed interest rates ranging from 4.9% to 5.25%[194]. - The group's total bank loans were approximately HKD 21,344.4 million, with HKD 6,000.8 million due within one year[200]. - The group capitalized HKD 1,585,407,000 in financing costs related to construction projects in 2023, compared to HKD 1,198,152,000 in 2022[23]. Property Sales and Performance - The confirmed revenue from property sales for the year ended July 31, 2023, was HKD 946.6 million, a decrease of 43.8% from HKD 1,685.5 million in 2022[131]. - The average selling price for residential units in the Hong Kong market was 21,382 HKD per square foot, contributing to a revenue of 59.6 million HKD from 8 units sold[128]. - The average selling price for residential units in the mainland China market was 14,000 HKD per square foot, with a total revenue of 41.1 million HKD from 1 unit sold in Shanghai[128].

Financial Performance - Total revenue for the six months ended January 31, 2023, was HKD 42,984,703, a decrease of 1.5% compared to the previous period[1]. - For the six months ended January 31, 2023, the total revenue was HKD 2,604,217, a decrease from HKD 2,809,354 in the same period of 2022, representing a decline of approximately 7.3%[13]. - Total revenue for the six months ended January 31, 2023, was HKD 2,467,443,000, a decrease of 9.2% from HKD 2,719,500,000 for the same period in 2022[19]. - The group recorded a revenue of HKD 2,467,400,000 for the six months ending January 31, 2023, a decrease from HKD 2,719,500,000 in the same period last year[80]. - The group’s revenue for the six months ended January 31, 2023, was HKD 216.2 million, a decrease of 10.6% compared to HKD 241.6 million for the same period in 2022[156]. Losses and Expenses - The operating loss for the period was HKD 1,525,869, compared to an operating loss of HKD 643,361 in the previous year, indicating a significant increase in losses[13]. - The company reported a net loss before tax of HKD 1,475,670 for the six months ended January 31, 2023, compared to a net loss before tax of HKD 514,378 for the same period in 2022, reflecting a worsening financial position[13]. - The company reported a loss attributable to shareholders of HKD 1,360,823,000 for the period, compared to a loss of HKD 479,936,000 for the same period last year[27]. - The net loss attributable to shareholders for the same period was approximately HKD 1,360.8 million, compared to a loss of HKD 479.9 million in 2022, with a loss per share of HKD 1.397[82][84]. - Total comprehensive loss for the period was HKD 1,629,141, compared to HKD 346,599 in the prior year, indicating a significant increase in overall losses[170]. Cash Flow and Liquidity - Net cash flow used in operating activities was HKD (1,022,477), an improvement from HKD (2,467,376) in the prior year[4]. - Cash and cash equivalents at the end of the period were HKD 4,079,734, down from HKD 6,178,117 a year earlier[6]. - The company incurred a net cash outflow from financing activities of HKD (875,472), compared to a net inflow of HKD 1,219,119 in the previous year[4]. - New bank loans raised during the period amounted to HKD 6,244,882, significantly higher than HKD 779,976 in the prior year[4]. - The company’s total liabilities as of January 31, 2023, were HKD 4,381,885,000, reflecting an increase in financial obligations[34]. Assets and Liabilities - The company’s total liabilities decreased to HKD 35,130,229, down from HKD 36,000,000 in the previous year[1]. - The company’s equity attributable to owners was HKD 5,463,477, a decrease from HKD 5,500,000 in the previous year[1]. - The company’s retained earnings stood at HKD 24,809,875, reflecting a decrease of 1.9% from the previous period[1]. - The total assets of the group for the reporting period were not detailed, but the company continues to adopt revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on financial performance[10]. - The company reported a total equity of HKD 40,987,500,000, with a loss of HKD 1,525,869,000 during the six-month period ending January 31, 2023[176]. Market and Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[5]. - The group has not disclosed specific future outlook or guidance in the provided documents, indicating a cautious approach amid current market conditions[12]. - The company continues to focus on its core business segments, including theme park operations and media and entertainment, despite the financial challenges faced[13]. - The company is actively monitoring the London property market and has submitted a revised proposal for the redevelopment of three properties on Leadenhall Street, aiming for higher sustainability standards[57]. - The company is exploring new development opportunities to further enhance its market presence and financial performance[157]. Property and Investment Performance - The hotel business revenue increased to HKD 421,473,000, up 25.6% from HKD 335,552,000 in the previous year[19]. - Property sales revenue decreased to HKD 600,158,000, down 30.1% from HKD 858,861,000 in the previous year[19]. - The company has sold all 144 residential units at Yat Sing, with a total saleable area of approximately 45,822 square feet and an average selling price of HKD 21,300 per square foot[59]. - The company acquired a 15% stake in a company developing an 18-hole golf course in Tai Po, Hong Kong, viewed as a unique investment opportunity due to the limited number of golf courses in the region[63]. - The company holds 100% ownership of several key properties, including the Guangzhou Fubon Plaza and the Guangzhou Li Feng Center[129][132]. Share Options and Capital Management - The company has a total of 122,821,216 shares available for grant under the 2015 share option plan, which will not grant any further options after its termination[178]. - The 2022 share option plan allows for the issuance of up to 149,185,459 shares, representing 10% of the total issued shares[178]. - The newly adopted 2022 share option scheme allows for the grant of 33,103,344 shares, representing 10% of the issued shares as of January 31, 2023[189]. - The total number of unexercised share options as of January 31, 2023, is 1,170,000 shares[193]. - The new share option plan approved by shareholders aims to attract and retain qualified participants, including directors and employees, to enhance performance goals[197].