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].

Financial Performance - For the six months ended January 31, 2023, the company reported a loss of HKD 77.4 million compared to a profit of HKD 5.4 million in the same period of 2022[1]. - Operating profit decreased to HKD 46.7 million from HKD 81.9 million year-on-year[1]. - The share of losses from joint ventures was HKD 30.7 million, down from a profit of HKD 87.3 million in the previous year[1]. - The company reported a revenue of HKD 2,467,443,000 for the six months ended January 31, 2023, a decrease of 9.3% compared to HKD 2,719,500,000 for the same period last year[23]. - Gross profit for the same period was HKD 918,256,000, down from HKD 967,059,000, reflecting a decline of 5.0%[23]. - The operating loss increased significantly to HKD 883,290,000 from HKD 118,992,000, indicating a substantial deterioration in operational performance[23]. - The net loss attributable to the company's owners was HKD 1,360,823,000, compared to HKD 479,936,000 in the previous year, representing an increase of 184.5%[23]. - Basic and diluted loss per share was HKD 1.397, compared to HKD 0.548 for the same period last year[23]. - The company reported a total loss before tax of HKD 1,475,670,000, compared to HKD 514,378,000 in the previous year[23]. - The company reported a significant decrease in total comprehensive income, with a loss of HKD 1,525,869,000 compared to a loss of HKD 643,361,000 in 2022[30]. Assets and Liabilities - As of January 31, 2023, the company held cash and bank balances of approximately HKD 5,617.2 million, with unutilized financing of HKD 3,416.4 million[3]. - The company's total bank loans amounted to HKD 21,746.1 million, with a capital-to-debt ratio of approximately 64%[4]. - Total liabilities decreased from HKD 12,498,726,000 as of July 31, 2022, to HKD 10,520,964,000 as of January 31, 2023, representing a reduction of approximately 15.9%[43]. - The company's bank loans increased significantly from HKD 1,525,333,000 to HKD 5,658,623,000, marking an increase of 271.5%[43]. - The net value of current assets was HKD 8,144,468,000, slightly down from HKD 8,262,131,000 in the previous year[43]. - The company's equity attributable to owners increased from HKD 32,794,297,000 to HKD 32,183,381,000, a decrease of approximately 1.9%[43]. Revenue Streams - Property development and sales revenue was HKD 615,404,000, down 29.3% from HKD 874,091,000 in the previous year[30]. - Hotel business revenue increased to HKD 422,948,000 from HKD 335,993,000, representing a growth of 25.8%[30]. - Media and entertainment revenue rose to HKD 178,037,000, up 19.5% from HKD 148,877,000 in 2022[30]. - The company’s restaurant and dining product sales reached HKD 263,127,000, an increase from HKD 223,940,000 in 2022[30]. - The cinema operations generated revenue of HKD 100,133,000, up from HKD 115,130,000 in the previous year[30]. Market Conditions and Future Outlook - The retail leasing market has shown signs of recovery since early 2023, benefiting from the resurgence of tourism, although rental prices are still under pressure due to economic instability and rising interest rates[61]. - The group anticipates that the leasing market will continue to face challenges, with expected increases in vacancy rates and suppressed rental prices in the short term[61]. - The Hong Kong residential property market shows resilience with strong demand, and two projects, Bal Residence and Tai Keng Ling, are expected to add approximately 71,800 sq ft and 42,200 sq ft to the group's development portfolio upon completion in the first half of 2024[62]. - The group maintains a cautious and flexible approach to seize new development opportunities amid economic uncertainties, with China's GDP growth target set at around 5% for 2023[65]. - The group anticipates Hong Kong's GDP growth to be between 3.5% and 5.5% for 2023, following a contraction of 3.5% in 2022[89]. Shareholder and Investment Activities - The group completed a rights issue in January 2023, issuing 484,442,943 shares at a subscription price of HKD 1.64 per share, raising approximately HKD 776,600,000[57]. - The privatization plan for Media Asia Group was approved, with 264,022,268 new shares issued and cash consideration of approximately HKD 194.3 million paid to shareholders[73]. - The company completed a rights issue in January 2023, raising approximately HKD 776.6 million, which has been fully utilized to repay outstanding bank loans[102]. Operational Efficiency - The company employed around 4,200 employees as of January 31, 2023, maintaining competitive salary levels and performance-based promotions[12]. - The management actively engages in investor relations, conducting virtual meetings and presentations to communicate financial performance and business strategies[14]. - The group maintains strict control over its accounts receivable, with a focus on reducing credit risk through credit management policies[55]. Foreign Exchange and Interest Rates - Approximately 83% of the company's loans are floating rate, while 16% are fixed rate[4]. - The group recorded a net foreign exchange loss of HKD 50,473,000 for the six months ended January 31, 2023, compared to a gain of HKD 53,378,000 in the same period of 2022[52]. - Interest expenses on bank loans rose significantly to HKD 476,753,000, an increase of 85.0% from HKD 257,614,000[80].

Financial Performance - For the fiscal year ending July 31, 2022, the group recorded revenue of HKD 5,093,700,000, a decrease from HKD 5,986,800,000 in the previous year, primarily due to reduced property sales[14]. - Gross profit for the same period was HKD 1,544,000,000, compared to HKD 1,318,000,000 in the previous year, indicating an increase in gross profit margin[14]. - Total revenue for the year ended July 31, 2022, was HKD 5,093.7 million, a decrease of 14.9% compared to HKD 5,986.8 million in 2021[16]. - The company reported a net loss attributable to shareholders of approximately HKD 1,966.9 million for the year, a slight improvement from HKD 2,088.1 million in 2021[16]. - The loss per share narrowed to HKD 2.133 from HKD 3.034 in the previous year[16]. - The company reported a revenue of HKD 5,093.7 million for the year ending July 31, 2022, a decrease of 14.9% from HKD 5,986.8 million in the previous year[56]. - Gross profit increased to HKD 1,544.0 million, resulting in a gross margin of 30%, up from 22% in the previous year[56]. - The net debt-to-equity ratio rose to 62% as of July 31, 2022, compared to 47% a year earlier[56]. - The company recorded an operating loss of HKD 1,144.3 million, with an operating loss margin of -22%[56]. - Adjusted net loss attributable to shareholders was HKD 1,671.7 million, compared to HKD 947.3 million in the previous year[56]. Property Development and Investment - The company is involved in property management and development projects, with 100% ownership in several key properties, including the Ocean One in Hong Kong[9]. - Future outlook includes continued focus on property investment and expansion in the hospitality sector, aiming to leverage existing assets for growth[12]. - The group successfully acquired three residential projects during the fiscal year, including a building in Ho Man Tin with a total construction area of approximately 46,100 square feet, providing about 79 residential units[28]. - The group plans to develop a high-quality luxury residential project on a site in Kowloon Tong with a maximum permitted construction area of approximately 71,600 square feet, offering around 46 medium to large units[28]. - Construction for the Bal Residence and Yuen Long projects is on schedule, expected to complete in Q4 2023 and Q1 2024, respectively, adding approximately 71,800 square feet and 42,200 square feet to the group's development portfolio[29]. - The group remains optimistic about the long-term prospects of the Hong Kong residential property market, driven by strong demand and limited supply[28]. - The group is actively seeking suitable land acquisition opportunities to replenish its development land reserves[28]. - The company has a total of 1,685.5 million in overall revenue from various projects, indicating a strong performance in the property development sector[127]. Rental Income and Leasing - The rental income performance of the leasing portfolio, approximately 4,500,000 square feet, remained stable for the year ending July 31, 2022[35]. - The group's rental income for the fiscal year was HKD 1,241.6 million, a decrease of 3.6% from HKD 1,287.3 million in the previous year[70]. - Rental income from Hong Kong, London, and mainland China was HKD 465.3 million, HKD 84.7 million, and HKD 691.6 million respectively[70]. - The total rental income for the Group for the year ended July 31, 2022, was HKD 465.3 million, a decrease from HKD 527.1 million in 2021, representing a decline of 11.7%[79]. - The Group's rental income from commercial properties in Cheung Sha Wan Plaza for the year ended July 31, 2022, was HKD 120.9 million, down from HKD 149.8 million in 2021, a decrease of 19.3%[79]. - The Group's rental income from office spaces in Cheung Sha Wan Plaza for the year ended July 31, 2022, was HKD 125.3 million, down from HKD 136.2 million in 2021, a decrease of 8.5%[79]. - The rental income from the joint venture with China Construction Bank for the year ended July 31, 2022, was approximately HKD 239.4 million, down from HKD 264.5 million in 2021, representing a decrease of 9.8%[77]. - The rental income from the joint venture with Imperial Group for the year ended July 31, 2022, was approximately HKD 79.4 million, an increase from HKD 56.0 million in 2021, representing an increase of 41.1%[77]. Market Outlook and Challenges - The global economic outlook has worsened, with rising recession risks due to high inflation and increased borrowing costs[22]. - The rental market is under pressure, with expectations of rising vacancy rates and suppressed rental prices due to economic uncertainties[25]. - The company anticipates continued challenges in the retail sector, with consumer sentiment likely to be affected by the economic outlook and interest rate hikes[25]. - The company plans to continue a prudent and flexible approach to expand land reserves and manage financial conditions[52]. - The company is closely monitoring the market situation in mainland China, where the Guangzhou May Flower Cinema ceased operations in October 2022 due to economic uncertainties[43]. Cinema and Entertainment Operations - The cinema operations segment saw a significant increase in revenue, rising by 81.6% to HKD 385.0 million[16]. - The cinema operations in Hong Kong are gradually recovering post-COVID-19, with a maximum capacity of 85% allowed since May 19, 2022[41]. - The company remains cautiously optimistic about long-term entertainment demand despite challenges in the business environment[41]. - The new MCL Cinemas Plus+ Hollywood Cinema opened in July 2022, with another cinema expected to start operations in Q2 2023 and a third in Q3 2023[43]. - Upcoming events include concerts featuring popular artists, which are expected to boost revenue in the coming months[47]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors and a dedicated audit committee to ensure compliance and transparency[7]. - The company's public float remains below 25% of its total issued shares, and it is considering measures to restore compliance with the Hong Kong Stock Exchange listing rules[51].

Financial Performance - Revenue for the six months ended January 31, 2022, was HKD 2,719,500, a decrease of 0.9% from HKD 2,745,371 in the same period last year[4]. - Gross profit increased to HKD 967,059, compared to HKD 618,140 in the previous year, reflecting a significant improvement[4]. - The operating loss for the period was HKD 118,992, a substantial reduction from the loss of HKD 628,521 in the prior year[4]. - The net loss for the period was HKD 643,361, down from HKD 1,532,368 in the same period last year, indicating improved financial performance[6]. - Other comprehensive income for the period was HKD 296,762, compared to HKD 1,988,406 in the previous year, showing a decrease[6]. - The company reported a fair value gain of HKD 82,843 from investment properties, a recovery from a loss of HKD 363,382 in the previous year[4]. - Financing costs increased to HKD 482,392 from HKD 369,546, reflecting higher borrowing costs[4]. - The company’s basic and diluted loss per share improved to HKD 0.548 from HKD 1.784 in the previous year[4]. - The total comprehensive loss for the period was HKD 346,599, compared to a gain of HKD 456,038 in the same period last year[6]. Assets and Liabilities - Non-current assets totalled HKD 61,632,862 thousand as of January 31, 2022, compared to HKD 61,235,515 thousand as of July 31, 2021, reflecting a slight increase of 0.65%[8]. - Current assets increased to HKD 22,258,417 thousand from HKD 21,802,583 thousand, representing a growth of 2.09%[10]. - Current liabilities rose significantly to HKD 12,805,252 thousand, up from HKD 8,851,869 thousand, indicating an increase of 44.4%[10]. - The net current asset value decreased to HKD 9,453,165 thousand from HKD 12,950,714 thousand, a decline of 26.3%[10]. - Total liabilities increased to HKD 43,980,468 thousand from HKD 42,984,703 thousand, showing a rise of 2.32%[10]. - The company's goodwill decreased to HKD 260,849 thousand from HKD 274,423 thousand, a reduction of 4.9%[8]. - Cash and cash equivalents decreased to HKD 6,178,117 thousand from HKD 8,284,797 thousand, a decline of 25.4%[10]. - The investment in joint ventures was HKD 7,047,743 thousand, slightly down from HKD 7,124,459 thousand, a decrease of 1.08%[8]. - The total equity attributable to owners of the company increased to HKD 35,130,229 thousand from HKD 34,149,314 thousand, an increase of 2.87%[10]. Revenue Breakdown - The total revenue for the company was HKD 42,984,703, with a loss of HKD 643,361 reported[12]. - Revenue from property development and sales for the six months ended January 31, 2022, was HKD 858,861,000, down from HKD 1,219,993,000 in the previous year, reflecting a decrease of approximately 29.6%[26]. - The hotel business reported revenue of HKD 335,552,000 for the current period, compared to HKD 289,317,000 in the previous year, marking an increase of about 16.0%[26]. - The media and entertainment segment generated revenue of HKD 147,244,000, a decrease from HKD 163,534,000 in the previous year, representing a decline of approximately 9.9%[26]. - The restaurant and food product sales business saw an increase in revenue to HKD 248,945,000 from HKD 172,069,000, reflecting a growth of about 44.5%[26]. Future Plans and Strategies - The company plans to focus on market expansion and new product development to drive future growth[4]. - Future guidance indicates a focus on improving operational efficiency and exploring potential acquisitions[13]. - The company aims to enhance user data analytics capabilities to drive growth[13]. - New technology initiatives are being prioritized to stay competitive in the market[13]. - The company plans to expand its market presence and invest in new product development[13]. Market Conditions and Economic Outlook - The economic outlook remains uncertain due to factors such as the ongoing COVID-19 pandemic and geopolitical tensions, particularly between Russia and Ukraine[82]. - The Hong Kong economy showed a strong growth of 6.4% after a contraction of 6.5% in 2020, driven by global demand recovery and effective pandemic control[83]. - The luxury residential market in Hong Kong continues to attract wealthy buyers and investors, reflecting confidence in the market's future[84]. - The management remains cautiously optimistic about the future prospects of the Greater Bay Area in southern China[82]. Property Development and Projects - The group successfully acquired three residential projects to replenish its development land reserves, including a site in Ho Man Tin with a total construction area of approximately 46,100 sq ft[87]. - The construction of the Heng On Street and Tai Keng Leng projects is on schedule, expected to complete in Q4 2023 and Q1 2024, adding a total construction area of approximately 106,200 sq ft to the group's portfolio[88]. - The average selling price of residential units at Blue Tongue Hill is approximately HKD 18,000 per sq ft, with 604 units sold[88]. - The group maintains a cautious and flexible approach to seize development opportunities as the economy recovers[91]. Rental Income and Property Management - The group's rental income for the review period was HKD 644.2 million, a decrease of 2.5% compared to HKD 660.9 million in the previous year[122]. - Rental income from Hong Kong properties was HKD 241.6 million, down 9.0% from HKD 265.6 million the previous year, with a notable decline in occupancy rates[124]. - In London, rental income decreased by 23.3% to HKD 42.9 million from HKD 55.9 million, with significant drops in occupancy rates for key properties[124]. - Rental income from mainland China increased by 6.0% to HKD 359.7 million, up from HKD 339.4 million, driven by strong performance in Shanghai[124]. - The overall performance indicates a strategic focus on enhancing property management and optimizing rental income across various segments[136].

Financial Performance - For the fiscal year ending July 31, 2021, the company reported a revenue of HKD 5,986,800,000, an increase from HKD 5,213,500,000 in 2020, representing a growth of approximately 14.8%[13] - The gross profit for the same period was HKD 1,318,000,000, down from HKD 1,628,600,000 in 2020, indicating a decline of about 19.0%[13] - Total revenue for the year ended July 31, 2021, was HKD 5,986.8 million, an increase of HKD 773.3 million or 14.8% compared to HKD 5,213.5 million in 2020[16] - The company reported a net loss attributable to shareholders of approximately HKD 2,088.1 million, narrowing from HKD 2,934.8 million in 2020[19] - The loss per share decreased to HKD 3.034 from HKD 4.292 in the previous year[16] - The company's attributable equity as of July 31, 2021, was HKD 34,149.3 million, down from HKD 34,970.2 million a year earlier[19] - The net asset value per share decreased slightly to HKD 55.791 from HKD 57.218 in the previous year[19] - The company does not recommend the payment of a final dividend for the year ended July 31, 2021, compared to no dividend in 2020[20] - The company's market capitalization as of July 31, 2021, was HKD 3,250.2 million, down from HKD 5,060.5 million in the previous year[55] - The debt-to-equity ratio increased to 47% from 46% year-over-year[55] - The current ratio improved to 2.5 from 1.3 in the previous year, indicating better short-term liquidity[55] - The company reported no dividends for the year, maintaining a dividend yield of 0%[55] Revenue Sources - The increase in revenue was primarily driven by property sales in mainland China, although hotel operations and media and entertainment revenues were negatively impacted by the ongoing COVID-19 pandemic[13] - Property development and sales revenue increased by HKD 813.1 million or 48.1%, reaching HKD 2,503.3 million compared to HKD 1,690.2 million in the previous year[16] - The rental income from the leasing portfolio of approximately 4,500,000 square feet in first-tier cities and the Greater Bay Area remained stable during the review period[32] - The group's rental income for the fiscal year was HKD 1,287,300,000, a slight decrease of 0.9% compared to HKD 1,299,400,000 in the previous year[70] - The total rental income for the year ending July 31, 2021, was HKD 1,287.3 million, slightly down from HKD 1,299.4 million in the previous year, reflecting a decrease of 0.9%[80] Property Development and Sales - The group successfully acquired the Wong Chuk Hang Station Phase 5 property development project, covering approximately 95,600 square feet of land and an estimated 636,200 square feet of construction area, expected to provide around 1,050 residential units[27] - As of October 17, 2021, all 605 units of the Blue Tongue project have been sold at an average price of approximately HKD 18,000 per square foot, with total sales proceeds from parking spaces amounting to approximately HKD 206.9 million[28] - The group has sold and delivered all 209 residential units and 7 commercial units of the Happy Build project, with total sales proceeds from parking spaces reaching approximately HKD 10.2 million[29] - The group anticipates that the residential units at the Heng On Street project will begin pre-sales in the first half of 2022, adding approximately 106,200 square feet to its development portfolio[28] - The confirmed sales revenue for the year ending July 31, 2021, was HKD 2,503,300,000, representing a 48.3% increase from HKD 1,690,200,000 in 2020[116] - The total sales revenue from projects in Mainland China amounted to HKD 2,275,500,000, contributing significantly to the overall sales[116] Market Outlook and Strategy - The outlook for the company's business remains cautiously optimistic, particularly in the Greater Bay Area of Southern China[22] - The group remains optimistic about the long-term prospects of the Chinese business environment, supported by stable economic growth and government policies[31] - The group plans to continue its cautious and flexible approach to seize development opportunities as the economy recovers[29] - The company plans to continue expanding its market presence in both Hong Kong and Mainland China, focusing on new developments and joint ventures[124] - The group is actively pursuing new strategies for market expansion and product development to enhance its competitive position[124] Financial Management - The group has secured a five-year secured term loan and revolving credit facility with 19 top banks, amounting to HKD 7,440,000,000, which is approximately 207% of the total financing amount of HKD 3,600,000,000[48] - The company issued USD 250,000,000 of secured notes in July 2021 and an additional USD 250,000,000 in September 2021 to enhance financial liquidity[48] - The group completed a subscription of 33,834,900 new shares in August 2021, raising approximately HKD 235,200,000, which has been used to repay certain bank loans[49] - The company announced a rights issue at a subscription price of HKD 3.43 per share, raising a net amount of approximately HKD 1,093,800,000, with HKD 600,000,000 allocated for loan repayment[49] - As of July 31, 2021, the group's consolidated cash and bank deposits amounted to HKD 10,610,400,000, with a net debt ratio of approximately 47%[51] - The capital debt ratio, excluding certain groups, is approximately 32%, indicating a stable financial position[51] Cinema and Entertainment Operations - The cinema operations of the group were significantly impacted by COVID-19, with theaters in Hong Kong required to suspend operations for a total of 105 days during the fiscal year[40] - The group has opened three new cinema locations, including K11 Art House, which features 12 screens and a total of 1,708 seats, marking Hong Kong's first IMAX laser projection cinema[41] - The cinema operations recorded a revenue of HKD 212 million for the year ended July 31, 2021, down from HKD 229.3 million in 2020, with a loss of HKD 151.7 million compared to a loss of HKD 515.2 million in the previous year, indicating a significant reduction in losses[177] - The group remains cautiously optimistic about long-term entertainment demand and will continue to evaluate business opportunities to maintain its market position as a leading multi-screen cinema operator in Hong Kong[40] Hospitality and Restaurant Business - The hotel and serviced apartment business generated revenue of HKD 621.2 million for the year ending July 31, 2021, a decrease from HKD 673.3 million in 2020[164] - The restaurant business generated revenue of HKD 443.1 million for the year ending July 31, 2021, compared to HKD 421.8 million in the previous year[161] - The group currently operates 22 restaurants in Hong Kong and mainland China, with various Michelin-starred establishments[161] - The Ocean Park Marriott Hotel in Hong Kong achieved an occupancy rate of 82.4% with a revenue contribution of HKD 230.5 million from 471 rooms[170] - The Shanghai Ascott Huaihai Road serviced apartments had an occupancy rate of 90.2% and generated HKD 104.5 million in revenue from 310 units[170] Employee and Operational Management - The company employs around 4,400 full-time employees, maintaining competitive salary levels and performance-based promotions[197] - The company offers various employee benefits, including stock option plans and medical insurance[197] - The company has a strong focus on maintaining a stable employee team as a key to its ongoing success[197]