Financial Performance and Losses - The company reported a total other losses of HKD 186,638,000 for the year ended December 31, 2023, which includes a write-down of development properties and completed properties held for sale amounting to HKD 178,564,000[4]. - The company recognized an impairment loss of approximately HKD 102,600,000 related to goodwill and an impairment loss of approximately HKD 56,800,000 related to intangible assets[15]. - The company recognized impairment losses on goodwill and intangible assets due to the underperformance of the auction business, which did not generate any profit throughout 2023[19]. - The anticipated rebound in the art market following the reopening of the Hong Kong-China border in early 2023 did not materialize, leading to a decision not to hold the planned autumn auction in 2023[22]. - The company expects no substantial improvement in the financial performance of the auction business or future cash flow estimates for the fiscal year ending December 31, 2024[22]. Property Valuation and Management - The write-down of development properties and completed properties was primarily due to a valuation discrepancy between the company's management assessment and the independent valuation provided by Jones Lang LaSalle[5]. - The estimated value of the properties as of December 31, 2023, is RMB 744,789,000 according to Jones Lang LaSalle's valuation report[6]. - The company’s internal assessment of the commercial value of the properties was higher than the valuation provided by Jones Lang LaSalle, leading to a write-down of HKD 149,667,000 (RMB 135,261,000) for the year ended December 31, 2023[7]. - The valuation methods used by Jones Lang LaSalle for the properties included both comparative and income approaches, ensuring a comprehensive assessment based on market evidence[9]. - The company has maintained consistent valuation assumptions compared to the previous year, with no significant changes noted in the valuation methods or input data[14]. Strategic Initiatives and Future Plans - The company plans to undertake further renovations and improvements to enhance the overall value of the properties located in Xi'an, aiming to position them as premier luxury commercial and office buildings[6]. - The company’s management is focused on enhancing property value through strategic renovations and improvements, leveraging historical sales data for future projections[6]. - The company is committed to ensuring the properties are well-maintained and legally compliant, with existing lease agreements being enforceable and effective[17]. Audit and Reporting - The publication of the annual results for the fiscal year ending December 31, 2023, has been delayed due to additional time needed to address auditor requirements and impairment testing[23]. - The company has initiated valuation procedures to meet auditor requirements, focusing on expected credit loss assessments and impairment testing of intangible assets and goodwill[26]. - The company has updated its audit planning procedures to ensure effective and timely completion of future audit processes[27]. - The company believes the delay in publishing the annual results is a one-time event and has implemented measures to prevent similar occurrences in the future[30]. Art Financing Business - As of December 31, 2023, the company had 22 clients in its art financing business, providing advances secured by their artworks[22]. - The cash-generating unit of the auction business had a recoverable amount based on value in use, calculated using cash flow forecasts approved by management for a five-year financial budget[20].

Financial Performance - The company recorded revenue of approximately HKD 44,500,000 for the year, a decrease of about 96% compared to HKD 1,134,300,000 in 2022[13]. - The company reported a loss of approximately HKD 358,500,000 for the year, compared to a profit of approximately HKD 186,400,000 in 2022[13]. - The decrease in revenue and transition from profit to loss was primarily due to a reduction in customer contract revenue by HKD 1,088,100,000[13]. - The property development segment contributed approximately HKD 6,600,000 in revenue for the year ended December 31, 2023, a significant decrease from HKD 1,090,100,000 in 2022, resulting in a segment loss before tax of approximately HKD 184,500,000 compared to a profit of HKD 479,500,000 in 2022[14]. - The art and culture segment generated revenue of approximately HKD 35,900,000 for the year ended December 31, 2023, down from HKD 37,600,000 in 2022, with a segment loss before tax of approximately HKD 164,300,000 compared to HKD 29,900,000 in 2022[24]. - The wine and trade segment reported revenue of approximately HKD 2,000,000 for the year ended December 31, 2023, a decrease from HKD 6,600,000 in 2022, with a segment loss before tax of approximately HKD 5,200,000 compared to HKD 9,600,000 in 2022[27]. Impairment and Losses - The company recognized impairment losses of HKD 102,600,000 on goodwill, HKD 56,800,000 on intangible assets, and HKD 19,500,000 on property, plant, and equipment[13]. - The group recognized an impairment loss of HKD 178,600,000 on development properties and completed properties held for sale due to their carrying values exceeding fair values[15]. Strategic Initiatives - The company is actively participating in the "Hainan International Cultural and Art Trading Center," which is celebrating its third anniversary and aims to contribute to the construction of a national cultural trade base[6]. - The company plans to complete the Silk Road International Cultural Center by 2026, which is expected to enhance its cultural and artistic business operations[15]. - The company aims to explore new economic developments around the cultural and artistic industry, leveraging its strong parent group background for potential investments and acquisitions[31]. - The company is focused on cultural innovation and technological advancement to navigate the complex market environment[6]. - The company plans to leverage favorable government policies to promote development in the cultural industry and tourism sector[9]. - The company aims to achieve full island closure operations in Hainan by the end of 2025 as part of its strategic goals[6]. Risk Management - The company has implemented a corporate risk management framework to review and update the risks faced by the group, including strategic, operational, and financial risks[32]. - The group has implemented a risk management policy to assess and manage significant risks, including hiring external professionals for annual reviews[36]. - The group has faced risks related to external events, economic downturns, and competition in the property development and auction markets[34]. - The company has established risk management policies to identify, assess, and manage significant risks[176]. - The board is responsible for overseeing the effectiveness of the risk management and internal control systems[176]. Governance and Compliance - The company is committed to compliance and regulatory reporting, with Ms. Hou Yingzhi overseeing these areas as a director[60]. - The company has established a strong governance framework with various committees, including audit and remuneration committees, to ensure effective oversight[55][59]. - The company has adopted a standard code of conduct for securities trading by its directors and senior management, ensuring compliance throughout the fiscal year[137]. - The company has complied with the corporate governance code as per the listing rules during the review period[191]. - The company has established a board diversity policy to enhance governance and achieve business objectives[141]. - The company emphasizes the importance of independent non-executive directors in its governance structure to ensure effective oversight[161]. Shareholder Information - The group reported that the top five customers accounted for 34% of total revenue in the fiscal year, down from 96% in the previous year, with the largest customer contributing 7%[79]. - The group’s top five suppliers represented 30% of total procurement, a decrease from 41% in the previous year, with the largest supplier accounting for 85%[79]. - The company encourages shareholder participation in annual general meetings to facilitate communication with the board[182]. - The board is committed to providing comprehensive and timely information to shareholders for evaluating the company's performance and financial condition[171]. Human Resources - The group employed approximately 94 staff members as of December 31, 2023, down from 107 in 2022[45]. - The gender ratio among employees, including senior management, is approximately 8:1 as of December 31, 2023[141]. - The company has established a positive corporate culture emphasizing integrity and accountability, essential for sustainable growth[136]. Financial Position - As of December 31, 2023, the total cash and cash equivalents amounted to approximately HKD 23,100,000, a decrease of about HKD 79,700,000 from HKD 102,800,000 on December 31, 2022[38]. - The group's capital debt ratio was approximately 148.3% as of December 31, 2023, compared to 117.3% in 2022[39]. - The group’s non-current assets include properties, plant and equipment, and investment properties, with detailed changes reported in the financial statements[86]. - The group has development properties and completed properties held for sale with carrying values of approximately HKD 1,340,011,000 and HKD 1,117,641,000 respectively as of December 31, 2023[199]. Stock Options and Share Capital - The total number of issued shares as of December 31, 2023, is 667,525,230 shares[114]. - The maximum number of shares that can be issued under the 2012 Plan is 47,463,590 shares, representing approximately 7.1% of the total issued shares as of the report date[116]. - The total number of stock options granted and potentially granted under the 2012 Plan is 47,463,590 shares, including 17,750,000 shares that have been granted but not yet exercised, cancelled, or expired[116]. - The company aims to incentivize eligible participants to enhance performance and maintain long-term business relationships through the stock option plan[115]. Board and Management - The board consists of seven members, including four executive directors and three independent non-executive directors[139]. - The company has a strong board of directors, including independent non-executive directors with over 20 years of experience in auditing, cross-border taxation, and project financing[55][56]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee to oversee specific aspects of the company[154]. - The Audit Committee, composed entirely of independent non-executive directors, held two meetings during the fiscal year to review the financial reporting system and internal controls[159].

Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 44,493,000, a significant decrease from HKD 1,134,264,000 in 2022, representing a decline of approximately 96.1%[4] - The company reported a loss before tax of HKD 371,436,000 for 2023, compared to a profit of HKD 397,490,000 in 2022, indicating a turnaround of HKD 768,926,000[4] - The net loss for the year attributable to equity holders was HKD 302,064,000, compared to a profit of HKD 106,448,000 in the previous year, marking a change of HKD 408,512,000[5] - The group reported a net loss of approximately HKD 358,453,000 for the year ending December 31, 2023, with total interest-bearing borrowings amounting to approximately HKD 1,339,549,000[14] - The group reported a loss of approximately HKD 358,500,000 for the year, compared to a profit of approximately HKD 186,400,000 in the previous year[57] Assets and Liabilities - The company's total assets decreased to HKD 3,328,203,000 in 2023 from HKD 3,180,371,000 in 2022, reflecting a growth of approximately 4.6%[7] - Current liabilities increased significantly to HKD 2,493,360,000 in 2023 from HKD 1,366,097,000 in 2022, representing an increase of approximately 83.0%[7] - The total equity attributable to equity holders decreased to HKD 887,417,000 in 2023 from HKD 1,207,091,000 in 2022, a decrease of approximately 26.5%[8] - The total liabilities increased significantly from HKD 354,023,000 in 2022 to HKD 853,596,000 in 2023, more than doubling[55] Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 23,079,000 in 2023 from HKD 102,812,000 in 2022, a decline of approximately 77.6%[7] - As of December 31, 2023, cash and cash equivalents were only about HKD 23,079,000, raising significant doubts about the group's ability to continue as a going concern[14] - The group’s management has prepared a cash flow forecast covering an 18-month period starting from December 31, 2023, which the board believes will provide sufficient operating funds[14] Revenue Breakdown - Revenue from property sales dropped to HKD 6,575,000 in 2023 from HKD 1,090,100,000 in 2022, reflecting a decline of 99.4%[37] - Revenue from external customers in mainland China decreased to HKD 15,338,000 in 2023 from HKD 1,102,828,000 in 2022, a decline of 98.6%[34] - The company’s rental income slightly decreased to HKD 2,496,000 in 2023 from HKD 2,696,000 in 2022, a decline of approximately 7.4%[4] - The total income from rental of investment properties was HKD 35,948,000 in 2023, down from HKD 37,580,000 in 2022[37] Impairment and Write-downs - The company reported a significant impairment loss on goodwill of HKD 102,572,000 in 2023, compared to HKD 24,940,000 in 2022, indicating increased financial strain[4] - The company incurred a loss of HKD 178,564,000 from the write-down of development properties and completed properties held for sale in 2023[41] - The group recognized an impairment loss of HKD 178,600,000 on development properties and completed properties held for sale due to their carrying values exceeding fair values[59] Financing and Debt - The group successfully extended interest-bearing borrowings of approximately HKD 615,418,000 for an additional two and a half years until October 2026[15] - The financing costs totaled HKD 115,104,000 in 2023, an increase from HKD 108,864,000 in 2022[41] - The group's capital debt ratio was approximately 148.3%, up from 117.3% in 2022[69] Corporate Governance and Compliance - The company failed to comply with certain listing rules regarding the number of independent non-executive directors on the board as of August 31, 2023[80] - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial statements for the year ended December 31, 2023[84] Future Plans and Developments - The group plans to accelerate the pre-sale and sale of properties under development and completed properties for sale[15] - The group plans to develop the Silk Road International Cultural Center, which is expected to be completed in 2026, with a total construction area of approximately 260,000 square meters[58] - The group is focusing on the construction, sales, and leasing of the Silk Road International Cultural Center as part of its cautious strategy amid economic recovery efforts in China[66] Shareholder Information - No dividends were paid or proposed to ordinary shareholders for the years ended December 31, 2023, and 2022[45] - The board of directors did not recommend the payment of dividends for the year ended December 31, 2023, consistent with the previous year[78] - The company plans to hold its annual general meeting on June 21, 2024, with a suspension of share transfer registration from June 18 to June 21, 2024[87] - The company will publish its annual report for 2023 by May 24, 2024, on its website and the Hong Kong Stock Exchange website[88] - The company's shares will be suspended from trading on April 2, 2024, and a request has been made to resume trading on April 30, 2024[89]

Financial Performance - For the six months ended June 30, 2023, DTXS Silk Road Investment Holdings recorded revenue of approximately HKD 22.9 million, a significant decrease from HKD 564.2 million for the same period in 2022, resulting in a loss of approximately HKD 15.8 million compared to a profit of HKD 130 million in 2022[6]. - For the six months ended June 30, 2023, the company reported total revenue of HKD 22,884,000, a significant decrease of 96.0% compared to HKD 564,221,000 for the same period in 2022[58]. - The company incurred a loss before tax of HKD 17,482,000, compared to a profit of HKD 270,110,000 in the previous year, indicating a substantial decline in financial performance[58]. - The net loss for the period was HKD 15,843,000, contrasting with a profit of HKD 129,957,000 for the same period last year[58]. - The total comprehensive loss amounted to HKD (49,268,000), compared to a total comprehensive income of HKD 98,154,000 for the same period in 2022[61]. - The loss attributable to equity holders of the company for the period was HKD (8,294,000), a significant decrease from a profit of HKD 82,682,000 in the prior year[61]. - Basic and diluted loss per share for the period was HKD (1.24), compared to earnings per share of HKD 12.39 in the previous year[61]. Segment Performance - The Arts and Culture segment contributed revenue of approximately HKD 18.5 million, up from HKD 17.8 million in 2022, with a segment profit before tax of approximately HKD 8.3 million, recovering from a loss of HKD 3.1 million in the previous year[7]. - The Wine and Trade segment reported revenue of approximately HKD 4.4 million, an increase from HKD 3 million in 2022, with a segment profit before tax of approximately HKD 8 million, recovering from a loss of HKD 4.1 million in the previous year[10]. - The Property Development segment did not contribute any revenue, down from HKD 543.4 million in 2022, with a segment loss before tax of approximately HKD 25.4 million compared to a profit of HKD 298.5 million in the previous year[13]. - The wine and trade segment generated revenue of HKD 4,385 thousand, a decrease from HKD 3,048 thousand in the previous year[78][81]. - The property development segment reported a pre-tax loss of HKD (25,354) thousand, contrasting with a profit of HKD 298,517 thousand in the same period of 2022[78][81]. Cash Flow and Liquidity - As of June 30, 2023, the group's bank balances and cash totaled approximately HKD 12.2 million, a decrease of approximately HKD 90.6 million from HKD 102.8 million as of December 31, 2022[16]. - The company’s cash and cash equivalents significantly decreased to HKD 12,195,000 from HKD 102,812,000 at the end of 2022, indicating liquidity challenges[62]. - For the six months ended June 30, 2023, the net cash flow used in operating activities was HKD (57,949) thousand, a significant decrease from HKD 367,643 thousand in the same period of 2022[68]. - The total cash and cash equivalents decreased by HKD 88,881 thousand, compared to an increase of HKD 249,921 thousand in the prior year[68]. Debt and Liabilities - The group's outstanding secured borrowings amounted to approximately HKD 1,450.9 million as of June 30, 2023, down from HKD 1,519.3 million as of December 31, 2022[16]. - The capital debt ratio as of June 30, 2023, was approximately 122.8%, an increase from 117.3% as of December 31, 2022[17]. - The group’s total liabilities included a repayment of interest-bearing loans of HKD (13,509) thousand, reflecting a strategic focus on debt management[68]. - The company’s bank loans totaled HKD 1,252,749,000 as of June 30, 2023, down from HKD 1,311,736,000 as of December 31, 2022[106]. Employee and Management - The group had approximately 102 employees as of June 30, 2023, a slight decrease from 107 employees as of December 31, 2022[21]. - Employee costs decreased to HKD 11,511,000, down 45.0% from HKD 20,890,000 in the prior year, indicating cost-cutting measures[58]. - Total compensation for key management personnel for the six months ended June 30, 2023, was HKD 1,208,000, significantly lower than HKD 5,055,000 for the same period in 2022[122]. - The board has made changes in executive roles, with new appointments aimed at enhancing financial management and operational strategies[53]. Shareholder Information - The total number of issued shares as of June 30, 2023, was 667,525,230[32]. - The major shareholder, 大唐西市國際控股, held approximately 74.10% of the company's shares as of June 30, 2023[33]. - The company’s major shareholders include individuals with significant stakes, such as Mr. Lu Jianzhong with approximately 50.60%[36]. - The weighted average number of ordinary shares in issue for the six months ended June 30, 2023, remained unchanged at 667,525,230 shares[99]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the listing rules during the reporting period[51]. - The company did not grant any share options under the 2012 scheme for the six months ended June 30, 2023[46]. - The group has not recognized any provisions for potential liabilities related to non-compliance issues, based on legal advice received[115]. Future Plans and Developments - The company plans to focus on completing and delivering existing projects, including the Silk Road International Cultural Center, while exploring opportunities in the cultural industry and international art trading platforms[14]. - The establishment of an Arts and Culture Central Business District in Xi'an aims to provide comprehensive services for art and collectibles, enhancing collaboration with cultural partners[9]. - The company launched its first digital asset (NFT) in Hong Kong, receiving positive feedback and is in discussions to expand this business model[8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：620） 截至二零二三年六月三十日止六個月之中期業績 大唐西市絲路投資控股有限公司（「本公司」）之董事會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核中期業績，連同比較 數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 港幣千元 港幣千元 （未經審核） （未經審核） 收益 來自客戶合約之收益 4 4,390 546,476 預付委託方款項之利息收入 4 17,218 16,246 ...

Financial Performance - The total revenue for the year ended December 31, 2022, was approximately HKD 1,134,300,000, an increase of about 956.1% compared to HKD 107,400,000 in 2021[13] - The profit attributable to the owners of the company for the year was approximately HKD 186,400,000, compared to a loss of HKD 34,400,000 in the previous year[13] - The property development segment contributed approximately HKD 1,090,100,000 in revenue and approximately HKD 479,500,000 in profit before tax, significantly up from HKD 48,500,000 and HKD 4,800,000 respectively in 2021[14] - The increase in revenue and profit is primarily attributed to the rise in property sales during the year[13] - The total sales value of properties sold in 2022 amounted to approximately RMB 933.4 million (equivalent to about HKD 1,088.2 million) from two commercial buildings and several commercial areas[15] Dividend Policy - The company did not recommend the payment of a dividend for the year ended December 31, 2022[8] - The group did not recommend any dividend for the fiscal year ending December 31, 2022, consistent with the previous year[61] Business Strategy and Development - The company plans to focus on "cultural + technology" industry development and actively engage in the operation of digital cultural and artistic products[11] - The company aims to enhance its competitiveness in the real economy, improve technology innovation conversion capabilities, and strengthen project management and execution[11] - The company aims to explore more collaboration opportunities and develop cultural industries in Hainan and Xi'an, including participation in international art trading platforms and the issuance of digital art collectibles[24] - The company is committed to high-quality development and will continue to adapt to market changes and challenges[11] Operational Performance - The art and culture segment generated revenue of approximately HKD 37.6 million in 2022, a decrease from HKD 49.1 million in 2021, with a segment loss before tax of approximately HKD 29.9 million[16] - The wine and trade segment reported revenue of approximately HKD 6.6 million in 2022, down from HKD 9.9 million in 2021, but the loss before tax decreased to approximately HKD 9.6 million from HKD 29 million[22] - The company plans to commence leasing activities in the second quarter of 2023 following the completion of the first phase of the commercial area, which is expected to generate stable rental income[24] Risk Management - The company has established a multi-layer internal approval system to closely monitor the recoverability of its loan portfolio, including regular reviews of collateral and communication with clients[20] - The company has implemented a risk management policy to assess and manage significant risks, including hiring external professionals for annual reviews[30] - The company faces strategic risks, including adverse external events and the inability to respond timely, as well as competition in the property development and auction markets[26] - The group is exposed to operational risks, including project completion delays and potential damage or theft of consigned artworks[32] Financial Position - As of December 31, 2022, the total cash and cash equivalents amounted to approximately HKD 102,800,000, an increase of about HKD 74,700,000 from HKD 28,100,000 on December 31, 2021[30] - The group's capital debt ratio was approximately 117.3% as of December 31, 2022, down from 142.1% in 2021[31] - The group reported a foreign exchange loss of approximately HKD 56,700,000 for the year ended December 31, 2022, compared to a gain of HKD 17,400,000 in 2021[34] - The group's contingent liabilities included potential claims of approximately HKD 900,000 related to non-compliance issues, down from HKD 2,400,000 in 2021[36] - As of December 31, 2022, the group's capital commitments were approximately HKD 725,100,000, a decrease from HKD 870,800,000 in 2021[37] - The group had outstanding mortgage borrowings of approximately HKD 1,519,300,000 as of December 31, 2022, reduced from HKD 1,659,100,000 in 2021[30] Corporate Governance - The board consists of eight members, including five executive directors and three independent non-executive directors[116] - The company has adopted a board diversity policy to enhance governance and achieve sustainable development, with a commitment to appoint a female director by December 31, 2024[118] - The board is responsible for leading and monitoring the company, ensuring effective decision-making and accountability[123] - The independent non-executive directors provide independent judgment and opinions on strategic decisions and risk management[120] - The company has implemented a framework for strong governance and effective risk management systems[113] Shareholder Engagement - The company emphasizes timely and transparent communication with shareholders, maintaining a dedicated website for financial reports and shareholder communications[147] - Shareholders are encouraged to participate in annual general meetings to communicate with the board, with provisions for written inquiries to the company secretary[148] - The company has a structured approach to shareholder rights, allowing for written requests to propose resolutions at general meetings[149] Environmental, Social, and Governance (ESG) Initiatives - The company submitted its 2022 Environmental, Social, and Governance (ESG) report, complying with all "comply or explain" provisions as of December 31, 2022[156] - The report covers the company's overall environmental and social performance in property development, e-commerce, and wine operations for the fiscal year 2022[157] - The company aims to achieve environmental sustainability and promote diversity and inclusion in the workplace as part of its sustainable development strategy[173] - The board is responsible for the overall sustainability of the company and reviews the annual ESG report at least once a year[166] Sustainability Efforts - The group achieved a total greenhouse gas emission of 586.60 tons of CO2 equivalent (tCO2e) during the reporting period, a decrease of 3.42% compared to 607.37 tCO2e in 2021[187] - The annual greenhouse gas emission intensity was 0.52 tCO2e per HKD 1,000 revenue, a significant reduction of nearly 91% from 5.66 tCO2e in 2021[187] - The group implemented effective dust control measures at construction sites, including water mist spraying and vehicle wheel cleaning, to minimize dust generation[185] - The group has adopted a waste management plan to separate and recycle construction waste, aligning with local regulations[194] - The group aims to reduce overall emission intensity by 10% within 10 years, targeting 2031[195]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：620） 截至二零二二年十二月三十一日止年度之全年業績 大唐西市絲路投資控股有限公司（「本公司」）之董事會（「董事會」）公佈本公司及其附屬公 司（統稱「本集團」）截至二零二二年十二月三十一日止年度之全年業績，連同比較數字如 下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 港幣千元 港幣千元 收益 來自客戶合約之收益 5 1,096,684 65,822 預付委託方款項之利息收入 5 34,884 39,158 租金總收入 5 2,696 2,424 ...

Financial Performance - For the six months ended June 30, 2022, DTXS Silk Road Investment Holdings recorded revenue of approximately HKD 564.2 million, a significant increase from HKD 78.5 million for the same period in 2021[6]. - The profit for the same period reached approximately HKD 130 million, compared to HKD 6.8 million in the previous year, primarily due to increased property sales[6]. - The total revenue for the same period was HKD 564,221,000, compared to HKD 78,547,000 in the previous year, indicating a substantial increase of 619%[69]. - The company achieved a profit before tax of HKD 270,110,000, up from HKD 19,350,000 year-on-year, marking an increase of 1,396%[69]. - The net profit for the period was HKD 129,957,000, compared to HKD 6,810,000 in the prior year, reflecting a growth of 1,810%[69]. - The company’s total assets as of June 30, 2022, were HKD 3,374,854,000, an increase from HKD 3,222,081,000 at the end of the previous year[87]. - The company’s cash and cash equivalents rose to HKD 234,418,000 from HKD 28,124,000, showing a significant increase of 733%[87]. - The company reported a significant increase in income tax expenses, totaling HKD 140,153,000 compared to HKD 12,540,000, an increase of 1,117.73%[144]. Revenue Breakdown - The property development segment contributed approximately HKD 543.4 million in revenue, up from HKD 47.9 million in the same period of 2021, with a segment profit of approximately HKD 298.5 million compared to HKD 23.1 million previously[14]. - Revenue from property sales amounted to HKD 543,407,000, compared to HKD 47,910,000 in the previous year, indicating a growth of approximately 1,134%[123]. - The art and culture segment generated revenue of approximately HKD 17.8 million, down from HKD 27.8 million in the previous year, with a segment loss of approximately HKD 3.1 million compared to a profit of HKD 15 million in 2021[7]. - The wine and trade segment reported revenue of approximately HKD 3 million, slightly up from HKD 2.9 million in the previous year, but incurred a segment loss of approximately HKD 4.1 million compared to HKD 8.8 million in 2021[10]. - The auction and related services segment generated revenue of HKD 21,000, down from HKD 5,533,000, indicating a decline of about 99%[123]. Cash Flow and Assets - The net cash flow from operating activities for the six months ended June 30, 2022, was HKD 367,643,000, compared to a negative cash flow of HKD 463,100,000 in the same period last year[96]. - The total cash and cash equivalents increased by HKD 249,921,000, compared to a decrease of HKD (150,635,000) in the previous year[96]. - As of June 30, 2022, the total equity attributable to equity holders of the company was HKD 1,325,420,000, up from HKD 1,224,227,000 at the end of the previous year[93]. - The company’s reserves included approximately HKD 872,427,000 as of June 30, 2022, compared to HKD 813,801,000 at the end of the previous year[93]. - The company’s total assets in Mainland China as of June 30, 2022, were HKD 351,342,000, compared to HKD 368,911,000 at the end of 2021[120]. Shareholder Information - As of June 30, 2022, the total number of issued shares of the company was 667,525,230 shares[36]. - Mr. Lu Jianzhong holds 503,156,570 shares, representing approximately 75.38% of the total shareholding[1]. - Datang Xishi International Holdings Limited owns 494,660,570 shares, accounting for 74.10% of the total shareholding[40]. - The company has a total of 111,187,538 related shares potentially to be sold to Datang Xishi International Holdings under a put option agreement[3]. - The shares held by Datang Xishi International Holdings are pledged to third-party lenders as collateral[34]. Debt and Liabilities - The outstanding secured borrowings as of June 30, 2022, were approximately HKD 1.574 billion, down from HKD 1.659 billion as of December 31, 2021[18]. - The group's capital debt ratio as of June 30, 2022, was approximately 111.1%, down from 142.1% as of December 31, 2021[19]. - The company has capital commitments of HKD 960,246,000, an increase from HKD 870,769,000 as of December 31, 2021[173]. - Total liabilities decreased to HKD 630,029,000 from HKD 648,824,000, with current liabilities at HKD 628,851,000[159]. - Interest-bearing loans totaled HKD 1,573,930,000, down from HKD 1,659,062,000 as of December 31, 2021[165]. Business Strategy and Development - The company is establishing an art central business district in Xi'an, aimed at providing comprehensive services for art and collectibles, and is expected to create synergies with the Silk Road International Cultural Center[9]. - The company plans to enhance its wine distribution channels and promotional activities in Hong Kong, mainland China, and Europe to increase profitability and brand awareness[13]. - The company is focusing on cultural industry development, including art trading and digital assets like NFTs and digital artworks[17]. - The company has adjusted its auction business model and marketing strategies in response to challenges posed by the COVID-19 pandemic, including the organization of online auctions[8]. Corporate Governance - The company’s board is committed to maintaining high standards of corporate governance, which is crucial for enhancing corporate value and accountability to shareholders[65]. - The company has not proposed any interim dividend for the six months ended June 30, 2022[29]. - The company did not recommend an interim dividend for the period, consistent with the previous year[145].

Financial Performance - Total revenue for the year ended December 31, 2021, was approximately HKD 107.4 million, a decrease of 44.4% from HKD 193.1 million in 2020[12] - The company reported a loss attributable to owners of approximately HKD 33.7 million, compared to a profit of HKD 32.6 million in 2020[12] - The group recorded a loss of approximately HKD 34.4 million for the year ended December 31, 2021, compared to a profit of approximately HKD 30.2 million in 2020[22] - The arts and culture segment contributed approximately HKD 49.1 million in revenue, down from HKD 75.5 million in 2020, with a segment profit before tax of approximately HKD 23.6 million, down from HKD 49.3 million[23] - The wine and trade segment generated approximately HKD 9.9 million in revenue, a significant decrease from HKD 107.7 million in 2020, and recorded a segment loss before tax of approximately HKD 29 million[24] - The property development segment contributed approximately HKD 48.5 million in revenue, up from HKD 10 million in 2020, with a segment profit before tax of approximately HKD 4.8 million, compared to a loss of HKD 4.4 million in 2020[26] Dividend Policy - The company does not recommend the payment of a dividend for the year ended December 31, 2021[12] - The board does not recommend the payment of dividends for the year ended December 31, 2021, consistent with the previous year[77] - The company has adopted a dividend policy that considers financial performance, retained earnings, and capital expenditure needs before declaring dividends[77] - The board will review the dividend policy as necessary, considering applicable laws and regulations[77] Strategic Development - The company is nearing completion of two office buildings in the DTXS Silk Road International Financial Center project, with one building already sold[15] - The Hainan International Cultural and Art Trading Center commenced operations in June 2021, seeking development cooperation opportunities in various fields[15] - The company plans to continue the development of digital cultural and artistic products, leveraging technologies for authentication, traceability, and digital asset transactions[15] - The company aims to complete the remaining construction and sales of properties in the DTXS Silk Road International Financial Center project[16] - The focus will be on the "one heart, two bodies" strategy, emphasizing the international cultural and art trading center and the cultural tourism complex[16] - The company is committed to enhancing its digital economy and cultural industry, aiming for significant growth and strength in its operations[16] - The year 2022 is seen as a critical year for transformation and upgrading, aligning with national development goals[16] - The group plans to develop a comprehensive cultural and artistic operation center in Xi'an, with a total construction area of approximately 260,000 square meters[27] - The group aims to explore cooperation opportunities and focus on cultural product development amidst ongoing economic challenges and the impact of COVID-19[28] Risk Management - The group faces various risks, including strategic, operational, financial, and compliance risks, and has implemented a risk management policy to address these challenges[33] - The group's capital debt ratio as of December 31, 2021, was approximately 142.1%, significantly up from 44.8% in 2020[36] - The group has established a risk management policy to identify, assess, and manage significant risks, with senior management reviewing these risks at least once a year[189] - The board of directors is responsible for assessing and determining the nature and extent of risks while overseeing the effectiveness of the risk management and internal control systems, reviewed at least annually[189] - An external consulting firm has been engaged to conduct an annual review of the internal control system, with risk management and internal control reports submitted to the audit committee at least annually[189] Shareholder Communication - The company emphasizes timely, accurate, and transparent communication with shareholders and has adopted a shareholder communication policy available on its website[190] - The company maintains ongoing dialogue with shareholders, particularly through annual general meetings and other shareholder meetings[190] - Shareholders have the right to submit written inquiries to the board and are encouraged to participate in shareholder meetings[192] - Shareholders can propose resolutions at shareholder meetings if they represent at least 5% of the voting rights or a minimum of 100 shareholders[193] Corporate Governance - The company has complied with the corporate governance code as stipulated by the Hong Kong Stock Exchange[149] - The board consists of eight members, including five executive directors and three independent non-executive directors[152] - The company has established four board committees: audit, remuneration, nomination, and investment committees, each with defined responsibilities[163] - The independent non-executive directors confirmed their independence as per the listing rules[156] - The audit committee held two meetings during the fiscal year, reviewing the financial reporting system and internal control systems[167] - The remuneration committee also conducted two meetings, reviewing the remuneration of directors and senior management, with recommendations submitted to the board for approval[168] - The nomination committee is tasked with reviewing the composition of the board and establishing procedures for the nomination and appointment of directors[169] - The company has adopted a remuneration policy that ensures transparency and prevents conflicts of interest in the determination of director remuneration[168] Employee Management - The group had approximately 109 employees as of December 31, 2021, down from 125 in 2020[39] - The group is focused on enhancing employee productivity through performance-based compensation and incentives[39] - Employee contributions are highly valued, and the group regularly reviews compensation and benefits to attract and retain talent[72] - All directors are required to participate in ongoing professional development to ensure they contribute informed and relevant insights to the board[161] Financial Position - As of December 31, 2021, the total cash and cash equivalents amounted to approximately HKD 28,100,000, a decrease of about HKD 165,300,000 from HKD 193,400,000 as of December 31, 2020[35] - The foreign exchange gains from overseas operations for the year ended December 31, 2021, were approximately HKD 17,400,000, down from HKD 41,700,000 in 2020[38] - The group's contingent liabilities as of December 31, 2021, included potential claims from property buyers amounting to approximately HKD 2,400,000 and guarantees provided to banks totaling approximately HKD 537,400,000[42] - The group's capital commitments as of December 31, 2021, were approximately HKD 870,800,000, a decrease from HKD 1,343,600,000 in 2020[43] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and reflect a true and fair view of the group's financial position as of December 31, 2021[183]

Financial Performance - The company recorded revenue of approximately HKD 78.5 million for the six months ended June 30, 2021, a decrease of 46.5% compared to HKD 147.4 million for the same period in 2020[6]. - Profit for the period reached approximately HKD 68 million, significantly up from HKD 26.9 million in the same period last year[6]. - Total revenue for the period was HKD 78,547,000, a decline of 46.8% compared to HKD 147,382,000 in the previous year[72]. - Revenue from customer contracts for the six months ended June 30, 2021, was HKD 56,330,000, a decrease of 51.3% from HKD 115,822,000 in the same period of 2020[72]. - The group reported a pre-tax profit of HKD 20,358,000 for the six months ended June 30, 2021, compared to HKD 18,557,000 for the same period in 2020, an increase of 9.7%[124]. - The company reported a basic earnings per share of HKD 0.55 for the period, down from HKD 4.14 in the previous year[78]. - The company recorded a total tax expense of HKD 12,540,000 for the six months ended June 30, 2021, compared to a tax credit of HKD 1,620,000 for the same period in 2020[128]. - Total comprehensive income for the period was HKD 13,203,000, compared to HKD 16,208,000 in the previous year, reflecting a decrease of 18.4%[77]. Segment Performance - The arts and culture segment generated revenue of approximately HKD 27.8 million, down from HKD 44.7 million in the previous year, with a segment profit before tax of HKD 15 million compared to HKD 28.3 million[7]. - The auction business faced challenges due to COVID-19, leading to a decrease in commission income to approximately HKD 13.5 million compared to the previous year[8]. - The wine and trade segment was restructured, contributing revenue of approximately HKD 2.9 million, a significant drop from HKD 102.4 million, with a segment loss before tax of HKD 8.8 million compared to a loss of HKD 0.8 million in the prior year[10]. - The property development segment reported revenue of approximately HKD 47.9 million, a substantial increase from HKD 0.3 million, with a profit before tax of HKD 23.1 million compared to a loss of HKD 2.1 million in the previous year[15]. - The wine and trade segment reported a loss of HKD 8,802,000 for the six months ended June 30, 2021, highlighting challenges in this area[103]. Cash Flow and Financial Position - As of June 30, 2021, the group's cash and bank balances totaled approximately HKD 39,400,000, a decrease of about HKD 154,000,000 from HKD 193,400,000 on December 31, 2020[19]. - The net cash flow used in operating activities for the six months ended June 30, 2021, was HKD (463,100,000), compared to HKD (72,217,000) for the same period in 2020, indicating a significant increase in cash outflow[88]. - The company reported a net cash outflow from investing activities of HKD (101,980,000) for the six months ended June 30, 2021, compared to HKD (241,212,000) in the previous year, showing a decrease in cash used for investments[88]. - Financing activities generated a net cash inflow of HKD 414,445,000 for the six months ended June 30, 2021, a substantial increase from HKD 39,171,000 in the same period of 2020[88]. - The company's total non-current liabilities, including interest-bearing loans and deferred tax liabilities, stood at HKD 412,993,000 as of June 30, 2021[83]. - The company's net asset value increased to HKD 1,251,985,000 as of June 30, 2021, compared to HKD 1,241,716,000 at the end of 2020, indicating a positive trend in asset management[83]. Shareholding and Corporate Governance - Datang Xishi International Holdings Limited holds 383,473,032 shares, representing approximately 57.34% of the total issued shares[1]. - The major shareholder, Mr. Lü Jianzhong, owns approximately 50.60% of Datang Xishi Cultural Industry Investment Group Limited[1]. - The company has a significant concentration of ownership, with Datang Xishi International Holdings and its affiliates controlling approximately 74.10% of the shares[44]. - The shareholding structure indicates a high level of control by a few major shareholders, which may impact corporate governance and decision-making[46]. - The company has granted put options to Ion Tech, which could affect future share distribution depending on the exercise of these options[48]. Business Development and Future Plans - The company is developing a cultural and arts center in Xi'an, which will include a comprehensive range of functions for art and collectibles[9]. - The company plans to establish various distribution channels and promotional activities for its wine business in Hong Kong, mainland China, and Europe[14]. - The company is confident in completing the development of the Silk Road International Cultural Center, which will include three office buildings and a shopping mall[16]. Employee and Management Information - The company employed approximately 133 staff members as of June 30, 2021, an increase from 125 on December 31, 2020[25]. - The company appointed a new CEO with an annual salary of HKD 2,700,000 effective September 1, 2021[69]. - Total compensation for key management personnel was HKD 3,487,000 for the period, down from HKD 5,492,000 in the previous year, indicating a decrease of 36.5%[184]. Risks and Liabilities - The group recorded foreign exchange gains of approximately HKD 6,400,000 from overseas operations for the six months ended June 30, 2021, down from HKD 41,700,000 for the previous period[24]. - The group’s contingent liabilities included potential claims of approximately HKD 2,100,000 related to non-compliance issues and guarantees totaling approximately HKD 538,200,000[26]. - The group does not anticipate facing claims based on the guarantees provided and has not recognized any provisions for potential liabilities[179].