该期间净亏损主要是由于：(1)该期间集团投资物业的半年度重估出现重估亏绌，于该期间的重估亏绌 (乃非现金的项目)约为港币2.35亿元，相对于2024年同期的重估亏绌则为港币2.5亿元，(2)公司的主要附 属公司—彩星玩具有限公司的表现(彩星玩具，连同其附属公司为"彩星玩具集团")，彩星玩具集团截至 该期间的未经审核收入约港币1.86亿元，相对于2024年同期的收入为港币4.45亿元;预期彩星玩具集团截 至该期间净亏损约港币2600万元，相对于2024年同期净溢利为港币9100万元。 智通财经APP讯，彩星集团(00635)发布公告，集团截至2025年6月30日止六个月未经审核收入约港币 2.61亿元，相对于2024同期的收入为港币5.27亿元;预期集团取得净亏损约港币2.18亿元，相对于2024年 同期为净亏损港币1.15亿元。 ...

本公佈乃彩星集團有限公司（「本公司」，連同其附屬公司為「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)(a)條及香港法例第 571 章證券及期貨條例第 XIVA 部之內幕消息條文（如上市規則所定義）而刊發。 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佈之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 PLAYMATES HOLDINGS LIMITED 彩星集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號：635) 盈利警告 謹此提述本公司日期為二零二五年五月七日之公佈（「上一份公佈」），關於本集 團截至二零二五年三月三十一日止三個月之未經審核業績。 本公司董事會（「董事會」）謹此通知本公司股東及投資者，根據本集團截至二零 二五年六月三十日止六個月（「該期間」）的初步未經審核財務業績，本集團該期 間之未經審核收入約港幣二億六千一百萬元，相對於二零二四同期的收入為港幣五 億二千七百萬元；預期本集團錄得淨虧損約港幣二億一千八百萬元，相對於二零二 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 狀態: 新提交 | | --- | | 截至月份: 2025年7月31日 | 致：香港交易及結算所有限公司 公司名稱: 彩星集團有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00635 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 HKD | | 300,000,000 | 本月底法定/註冊股本 ...

格隆汇8月1日丨彩星集团(00635.HK)宣布，公司将于2025年8月15日(星期五)下午十二时三十分于香港 九龙尖沙咀广东道100号彩星集团大厦11楼举行董事会会议，藉以(其中包括)通过公司及其附属公司截 至2025年6月30日止六个月的中期业绩公布及其刊发，以及考虑派发中期股息(如有)。 ...

承董事會命 吳家欣 公司秘書 香港，二零二五年八月一日 截至本公佈日期，本公司董事會包括以下董事： 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佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 PLAYMATES HOLDINGS LIMITED 彩星集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號：635) 董事會召開日期 彩星集團有限公司(「本公司」)之董事會(「董事會」)謹此宣佈，本公司將於二零 二五年八月十五日(星期五)下午十二時三十分於香港九龍尖沙咀廣東道 100 號彩星 集團大廈 11 樓舉行董事會會議，藉以(其中包括)通過本公司及其附屬公司截至二 零二五年六月三十日止六個月之中期業績公佈及其刊發，以及考慮派發中期股息 (如有)。 陳光輝先生( 主席 )、陳凱倫小姐( 執行董事 )、陳光強先生( 執行董事 )、李嘉士先生 ( 非執行董事 )、羅啟耀先生( 獨立非執行董事 )、柯清輝博士 ( 獨立非執行董事 ) 及詹 德慈先生( 獨立非執行董事 ) * 僅供識別 ...

Group 1 - The core viewpoint of the announcement is that 彩星集团 (Cai Xing Group) reported a significant decline in revenue and profit for the three months ending March 31, 2025, with unaudited revenue of approximately HKD 123 million, down from HKD 261 million in the same period of 2024 [1] - The unaudited profit before tax for the period was approximately HKD 14 million, compared to HKD 91 million in the same period of 2024, indicating a substantial decrease in profitability [1] - The primary reason for the decline was attributed to the performance of its major subsidiary, 彩星玩具集团 (Cai Xing Toy Group), which reported unaudited revenue of approximately HKD 85 million, down from HKD 221 million in the same period of 2024 [1] Group 2 - 彩星玩具集团 experienced an unaudited loss before tax of approximately HKD 12 million, compared to an unaudited profit before tax of HKD 65 million in the same period of 2024 [1] - The revenue decline was influenced by several factors, including the lack of a major film release like "Godzilla X Kong: New Empire" in March 2024, which previously boosted product shipments, and a slowdown in demand for the "Ninja Turtles" product line due to the absence of significant entertainment events [1] - Additionally, the company incurred increased costs for product development, molds, and media production in preparation for upcoming new products, along with a net loss of approximately HKD 6.7 million from listed securities investments, contrasting with a net profit of HKD 12.9 million in 2024 [1]

Financial Performance - For the fiscal year ending December 31, 2024, Playmates Holdings reported a global revenue of HKD 1.0922 billion, a decrease of 14.1% compared to HKD 1.2716 billion in 2023[10] - The operating profit before property revaluation loss was HKD 203 million, down from HKD 324.7 million in the previous year, representing a decline of 37.5%[10] - The group recorded a property revaluation loss of HKD 539.9 million, compared to a loss of HKD 184.1 million in 2023[10] - The net loss attributable to shareholders was HKD 382.3 million, contrasting with a profit of HKD 10.3 million in 2023, resulting in a basic loss per share of HKD 0.1848[10] - The net asset value per share as of December 31, 2024, was HKD 2.71, down from HKD 2.93 in 2023[10] - Global revenue for the toy segment was HKD 931 million, a decrease of 16% from HKD 1.119 billion in the previous year[15] - Gross profit margin for toy sales decreased to 54% from 57% in the previous year, attributed to higher discounts and a shift towards lower-margin products[15] - Operating profit for the toy segment was HKD 94 million, down from HKD 210 million in the previous year[16] - Net profit for the toy segment was HKD 132 million, compared to HKD 224 million in the previous year[16] Property Investment and Management - The property investment and management segment achieved a revenue of HKD 157.4 million, an increase of 1.3% from HKD 155.3 million in 2023[11] - Total rental income from investment properties was HKD 136 million, an increase of 1.8% compared to HKD 133.6 million in the previous year[12] - Overall occupancy rate decreased to 60.3% from 74% in the previous year[12] - The fair value of the group's investment properties was HKD 4.4 billion, down from HKD 4.9 billion in 2023[11] Future Outlook - The company anticipates challenges in 2025 due to the lack of benefits from the "Godzilla x Kong: New Empire" movie, which was expected to drive consumer interest[7] - A new "Power Rangers" product line is set to launch in summer 2025, which is expected to positively contribute to the business in the second half of the year[7] - The company expects the economic growth in Hong Kong to be stimulated by potential interest rate cuts, which may benefit future performance[8] Investment Portfolio - The investment portfolio's fair market value was HKD 109.1 million, an increase from HKD 95.3 million in the previous year, representing 1.8% of total assets[21] - The group recorded a net investment income of HKD 31.5 million in 2024, compared to HKD 12.9 million in 2023, representing a significant increase[22] - Dividend and interest income from the investment portfolio amounted to HKD 59.4 million in 2024, up from HKD 43.7 million in 2023, indicating a growth of approximately 36%[22] Corporate Governance - The audit committee consists of four non-executive directors, ensuring effective oversight of the company's audit and internal controls[86] - The company has adopted the corporate governance code and complies with all applicable provisions, except for the separation of roles between the chairman and CEO[90] - The board consists of three executive directors and four non-executive directors, with three being independent non-executive directors, exceeding the requirement of one-third independence[98] - All independent non-executive directors confirmed their independence according to the listing rules, ensuring effective corporate governance[95] - The company has established a clear remuneration policy for non-executive directors, ensuring no performance-related equity compensation is granted to independent non-executive directors[110] Risk Management - The company has established a risk management and internal control system to identify current risks and implement necessary measures to mitigate them[34] - The board is responsible for maintaining a robust risk management and internal control system to protect shareholder interests and company assets[119] - The risk management framework is integrated into daily business activities, including business planning and internal controls[120] - The board conducted an annual review of the risk management and internal control systems, finding them effective and sufficient without identifying significant issues affecting financial, operational, compliance, and risk management functions[122] Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report outlines the company's performance and measures in these areas for the year ending December 31, 2024[133] - The company is committed to continuous improvement in its environmental, social, and governance performance based on stakeholder feedback[141] - The company has established a corporate social responsibility policy focusing on four pillars: business, employees, community, and environment[137] - The company is actively monitoring climate-related risks and has developed a business continuity plan to mitigate impacts from climate-related disasters[177] Employee Management - The total number of employees at the end of the reporting period was 83[161] - The overall employee turnover rate for 2024 was 15.66%, with male turnover at 19.05% and female turnover at 12.20%[163] - Employee training hours totaled 357, with an average of 4.30 hours per employee, and 59.04% of employees receiving training[170] - The company emphasizes a healthy and safe work environment, with no known violations of safety regulations during the reporting period[164] Shareholder Communication - The company emphasizes the importance of effective communication with shareholders and has a shareholder communication policy that is reviewed annually[127] - The company provides monthly updates on business performance and outlook to all directors, supporting their decision-making responsibilities[100]

Financial Performance - The company's revenue for the year ended December 31, 2024, was USD 140.03 million, a decrease of 10.5% compared to USD 156.00 million in 2023[2] - Gross profit for the same period was USD 82.75 million, down 25.5% from USD 111.00 million in 2023[2] - The company reported a net loss of USD 40.71 million for the year, compared to a profit of USD 120.38 million in 2023, representing a significant decline[3] - Basic and diluted loss per share was USD 2.37, compared to earnings of USD 0.50 per share in the previous year[3] - Total revenue for the year ended December 31, 2024, was HKD 1,092,218,000, a decrease of 14.1% from HKD 1,271,590,000 in 2023[11] - Revenue from toy sales was HKD 931,334,000 in 2024, down 16.1% from HKD 1,109,399,000 in 2023[11] - The property investment and management segment reported a loss before tax of HKD 436,776,000 in 2024, compared to a loss of HKD 92,876,000 in 2023[16][18] - Net income before tax for 2024 was a loss of HKD 382,276,000, compared to a profit of HKD 10,340,000 in 2023[36] Assets and Liabilities - Total assets decreased to USD 589.66 million from USD 634.84 million in 2023, reflecting a decline of approximately 7.1%[4] - Current liabilities decreased to USD 55.02 million from USD 65.41 million in 2023, a reduction of about 15.9%[4] - Total assets as of December 31, 2024, were HKD 6,067,926,000, a decrease from HKD 6,777,605,000 in 2023[20][22] - The total liabilities as of December 31, 2024, were HKD 472,562,000, down from HKD 711,518,000 in 2023[20][22] - The company's asset-to-liability ratio was 2.9% as of December 31, 2024, down from 3.4% in 2023, while the current ratio improved to 3.4 from 2.5[61] Cash and Investments - The company's cash and bank deposits increased slightly to USD 141.40 million from USD 141.00 million in 2023[4] - The company's cash and bank deposits stood at HKD 1,102.89 million as of December 31, 2024, slightly up from HKD 1,094.93 million in 2023[63] - The company recorded net investment income of HKD 31.5 million in 2024, up from HKD 12.9 million in 2023, with dividend and interest income from the investment portfolio amounting to HKD 59.4 million[58] - As of December 31, 2024, the fair value of the investment portfolio was HKD 101.9 million, an increase from HKD 95.3 million in 2023, representing 1.8% of total assets[57] Revenue Sources - Revenue from the Americas, specifically the US, was HKD 653,368,000, down 14.7% from HKD 765,746,000 in 2023[25] - Major customers contributed approximately HKD 283,011,000 and HKD 215,710,000 to total revenue, representing a decrease from HKD 292,271,000 and HKD 262,184,000 in 2023[26] - The global revenue for the toy segment was HKD 931 million, a decrease of 16% from HKD 1.109 billion in 2023, primarily due to lower sales of the "Teenage Mutant Ninja Turtles" toy series[48] Dividends and Shareholder Value - The company declared an interim dividend of HKD 93,060,000 for 2024, consistent with the previous year's HKD 93,150,000[32] - The board declared an interim dividend of HKD 0.015 per share and a special interim dividend of HKD 0.015 per share, payable on April 24, 2025[67] - The company repurchased 2 million shares at prices ranging from HKD 0.56 to HKD 0.57 per share during the year, with the repurchased shares being cancelled to enhance shareholder value[64] Future Outlook and Strategy - The company plans to continue focusing on the development and marketing of new toy products to drive future growth[14] - The company anticipates challenges in 2025 due to the absence of major entertainment events supporting the "Teenage Mutant Ninja Turtles" or "Godzilla x Kong" product lines, while a new "Power Rangers" product line is expected to provide some support in the second half of the year[51] - The company signed a global licensing agreement with Hasbro to produce and distribute "Power Rangers" toys, with the new product line set to ship in summer 2024[54] Operational Metrics - The overall occupancy rate as of December 31, 2024, was 60.3%, down from 74% in 2023[42] - Trade receivables decreased to HKD 138,475,000 in 2024 from HKD 330,521,000 in 2023, indicating a reduction in outstanding customer payments[37] - Trade payables also decreased to HKD 23,274,000 in 2024 from HKD 91,390,000 in 2023, reflecting improved cash management[38] - The gross margin for toy sales decreased to 54% from 57% in 2023, attributed to higher discounts and a shift towards lower-margin products[48] - Research and development expenses increased slightly to HKD 31,535,000 in 2024 from HKD 30,803,000 in 2023, indicating continued investment in innovation[29]

[Management Discussion and Analysis](index=1&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's financial performance and operational highlights across its key business segments, including property, toys, and investments [Overview](index=1&type=section&id=Overview) In H1 2024, the Group's total revenue increased by 23.3% to HK$527 million, driven by strong performance in the toy business, but a significant HK$250 million revaluation loss on investment properties led to a net loss of HK$160 million attributable to owners, despite maintaining an interim dividend of HK$0.015 per share Key Financial Indicators for H1 2024 | Indicator | 2024 H1 (HK$ Thousand) | 2023 H1 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Group Revenue | 526,666 | 427,006 | +23.3% | | Gross Profit | 324,137 | 259,934 | +24.7% | | Net (Loss)/Gain on Revaluation of Investment Properties | (249,529) | 4,123 | N/A | | Operating (Loss)/Profit | (121,081) | 120,219 | N/A | | (Loss)/Profit Attributable to Owners of the Company | (159,880) | 96,291 | N/A | | (Loss)/Earnings Per Share (HK Cents) | (7.72) | 4.65 | N/A | | Interim Dividend Per Share (HK Cents) | 1.50 | 1.50 | Unchanged | [Property Investment and Management](index=2&type=section&id=Property%20Investment%20and%20Management) The Property Investment and Management segment's revenue slightly increased by 3.3% to HK$79.3 million, but a HK$249.5 million net revaluation loss on investment properties (compared to a HK$4.1 million gain last year) resulted in an operating loss of HK$190 million for the segment Property Investment and Management Segment Performance | Indicator | 2024 H1 (HK$ Thousand) | 2023 H1 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 79,339 | 76,792 | | Net (Loss)/Gain on Revaluation of Investment Properties | (249,529) | 4,123 | | Segment Operating (Loss)/Profit | (190,320) | 58,800 | [Property Investment](index=3&type=section&id=(a)%20Property%20Investment) The Group's investment property portfolio, primarily Hong Kong commercial, residential, and industrial properties, has a total fair value of HK$4.7 billion, with total rental income increasing 3.9% to HK$68.5 million, though overall occupancy decreased from 74% to 68% - Key investment properties include Star Group Centre on Canton Road, several residential units in Mid-Levels on Macdonnell Road, and Star Industrial Building in Tuen Mun. Overseas properties constitute **8.3%** of the portfolio's fair value[3](index=3&type=chunk) - Total rental income amounted to **HK$68.5 million**, representing a **3.9% increase** compared to the same period last year[3](index=3&type=chunk) - The overall occupancy rate for investment properties was approximately **68%**, a decrease from **74%** at the end of 2023[3](index=3&type=chunk) [Property Management](index=5&type=section&id=(b)%20Property%20Management) Property management services, handled by Savills, generated HK$10.8 million in revenue during the period, a slight decrease of 0.9% from the prior year - Property management business revenue was **HK$10.8 million**, a **0.9% year-on-year decrease**[7](index=7&type=chunk) [Playmates Toys](index=5&type=section&id=Playmates%20Toys) Playmates Toys demonstrated strong performance with global revenue surging 28% year-on-year to HK$445 million, primarily driven by the successful launch of "Godzilla x Kong" toys offsetting a decline in "Teenage Mutant Ninja Turtles" sales due to high base effects, while gross margin improved from 54% to 56% and operating profit grew 21.7% to HK$68.4 million Playmates Toys Segment Performance | Indicator | 2024 H1 (HK$) | 2023 H1 (HK$) | | :--- | :--- | :--- | | Global Revenue | 445 million | 347 million | | Gross Margin | 56% | 54% | | Operating Profit | 68.4 million | 56.2 million | - The second half of the year is expected to face challenges from tight household budgets and a high comparative base from last year's "Teenage Mutant Ninja Turtles" movie release, but the company remains optimistic about the long-term prospects of "Teenage Mutant Ninja Turtles" and new brands under development for 2025/2026[9](index=9&type=chunk) [Brand Overview](index=6&type=section&id=Brand%20Overview) Core brands continue to evolve with expanding product lines, including Paramount's ongoing production of a "Teenage Mutant Ninja Turtles: Mutant Mayhem" movie sequel and animated series, sustained toy sales driven by the successful "Godzilla x Kong: The New Empire" film, and a new agreement with Hasbro for "Power Rangers" toys launching in Fall 2025 - "Teenage Mutant Ninja Turtles": A movie sequel and the spin-off animated series "Tales of The Teenage Mutant Ninja Turtles" are in production, with the latter set to premiere in **August 2024**[10](index=10&type=chunk) - "Godzilla x Kong": As a major global licensee, the product line is being expanded to meet strong sales driven by the movie[11](index=11&type=chunk) - "Power Rangers": A global licensing agreement has been signed with Hasbro, with plans to launch a new series of toy products in **Fall 2025**[12](index=12&type=chunk) [Portfolio Investments](index=7&type=section&id=Portfolio%20Investments) The portfolio investment business primarily invests in highly liquid listed equities, with a fair value of HK$98.4 million at period-end, representing 1.5% of the Group's total assets, and recorded a net investment gain of HK$18.5 million and dividend and interest income of HK$32.2 million during the period - As of June 30, 2024, the fair value of the investment portfolio was **HK$98.4 million**, a slight increase from **HK$95.3 million** at the end of 2023[13](index=13&type=chunk) - The investment portfolio includes Hong Kong and overseas listed securities, with top ten holdings comprising technology and consumer giants such as NVIDIA, Amazon, Apple, Microsoft, and Tencent Holdings[13](index=13&type=chunk) Portfolio Investment Income | Item | 2024 H1 (HK$ Thousand) | 2023 H1 (HK$ Thousand) | | :--- | :--- | :--- | | Net Investment Gain | 18,500 | 17,400 | | Dividend and Interest Income | 32,200 | 18,900 | [Condensed Consolidated Financial Information](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Information) This section presents the Group's condensed consolidated financial statements, including the income statement, comprehensive income, balance sheet, cash flow, equity changes, and related notes [Condensed Consolidated Income Statement](index=7&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2024, the Group reported revenue of HK$527 million, a 23.3% year-on-year increase, but a significant HK$250 million revaluation loss on investment properties led to an operating loss of HK$121 million and a net loss attributable to owners of HK$160 million, with a basic loss per share of HK$0.0772 Summary of Condensed Consolidated Income Statement | Item (HK$ Thousand) | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Revenue | 526,666 | 427,006 | | Gross Profit | 324,137 | 259,934 | | Net (Loss)/Gain on Revaluation of Investment Properties | (249,529) | 4,123 | | Operating (Loss)/Profit | (121,081) | 120,219 | | (Loss)/Profit for the Period | (114,899) | 139,039 | | (Loss)/Profit Attributable to Owners of the Company | (159,880) | 96,291 | [Condensed Consolidated Statement of Comprehensive Income](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Building on a period loss of HK$115 million, the total comprehensive loss for the period amounted to HK$126 million after accounting for a HK$10.94 million exchange loss arising from the translation of overseas subsidiaries Summary of Condensed Consolidated Statement of Comprehensive Income | Item (HK$ Thousand) | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (114,899) | 139,039 | | Other Comprehensive Income | (10,936) | 915 | | Total Comprehensive (Loss)/Income for the Period | (125,835) | 139,954 | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets decreased to HK$6.387 billion from HK$6.778 billion at the end of 2023, primarily due to investment property revaluation losses, with total liabilities at HK$544 million, net assets at HK$5.843 billion, and cash and bank balances increasing to HK$1.15 billion Summary of Condensed Consolidated Statement of Financial Position | Item (HK$ Thousand) | 2024 H1 | 2023 H2 | | :--- | :--- | :--- | | Non-current Assets | 4,878,545 | 5,139,842 | | Current Assets | 1,508,301 | 1,637,763 | | **Total Assets** | **6,386,846** | **6,777,605** | | Current Liabilities | 488,951 | 650,665 | | Non-current Liabilities | 54,750 | 60,853 | | **Total Liabilities** | **543,701** | **711,518** | | **Net Assets** | **5,843,145** | **6,066,087** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the period, net cash generated from operating activities significantly improved to HK$169 million from HK$40.49 million in the prior year, cash flow from investing activities remained largely stable, while financing activities resulted in a net cash outflow of HK$148 million due to loan repayments and dividend payments, with cash and cash equivalents at period-end totaling HK$504 million Summary of Condensed Consolidated Statement of Cash Flows | Item (HK$ Thousand) | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 168,952 | 40,487 | | Net Cash Generated from Investing Activities | 3,429 | 38,858 | | Net Cash Used in Financing Activities | (147,886) | (86,030) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 24,495 | (6,685) | [Condensed Consolidated Statement of Changes in Equity](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, total equity attributable to owners of the company decreased by HK$233 million to HK$5.261 billion from HK$5.494 billion at the beginning of the year, primarily due to a total comprehensive loss of HK$171 million for the period and dividend payments and share repurchases totaling HK$62.27 million - Equity attributable to owners of the company decreased from **HK$5.494 billion** at the beginning of the year to **HK$5.261 billion** at period-end[21](index=21&type=chunk) - Key factors contributing to the decrease in equity include a total comprehensive loss of **HK$171 million** for the period, dividend payments of **HK$62.09 million**, and share repurchases of **HK$0.174 million**[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=15&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes to the financial statements, covering specific explanations and data breakdowns for key items such as basis of preparation, accounting policies, segment information, revenue, dividends, commitments, and related party transactions [Revenue and Segment Information](index=15&type=section&id=III.%20Revenue%20and%20Segment%20Information) The Group's revenue is categorized into three business segments: toy business, property investment and management, and investment business, with the toy business being the primary revenue source, accounting for 84.5% of total revenue, and the Americas being the largest market, contributing over 63% of revenue Revenue by Business Segment (HK$ Thousand) | Segment | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Toy Business | 445,141 | 347,231 | | Property Investment and Management | 79,339 | 76,792 | | Investment Business | 2,186 | 2,983 | | **Total** | **526,666** | **427,006** | Revenue by Geographical Region (HK$ Thousand) | Region | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Hong Kong | 81,629 | 79,072 | | Americas | 335,288 | 240,952 | | Europe | 90,536 | 80,498 | | Other Asia Pacific | 18,825 | 25,678 | | Others | 388 | 806 | | **Total** | **526,666** | **427,006** | [Dividends](index=24&type=section&id=VII.%20Dividends) The Board resolved to declare an interim dividend of HK$0.015 per share for 2024, consistent with the prior year, totaling approximately HK$31.05 million, payable on September 27, 2024 - An interim dividend of **HK$0.015 per share** was declared, consistent with the same period in 2023[38](index=38&type=chunk) [Share Capital](index=30&type=section&id=XV.%20Share%20Capital) For the six months ended June 30, 2024, the company repurchased and cancelled 310,000 of its own shares on the Stock Exchange for a total consideration of HK$0.174 million, reducing the issued share capital to 2,069,690,000 shares - During the period, the company repurchased **310,000 shares** for a total consideration of **HK$0.174 million**, at a price of **HK$0.56 per share**[50](index=50&type=chunk) - All repurchased shares have been cancelled, reducing the number of issued shares to **2,069,690,000**[49](index=49&type=chunk)[50](index=50&type=chunk) [Information Required by Listing Rules](index=35&type=section&id=Information%20Required%20by%20Listing%20Rules) This section provides disclosures mandated by the Listing Rules, including details on liquidity, share-based incentive plans, director and major shareholder interests, and corporate governance compliance [Liquidity and Financial Resources](index=35&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a sound financial position, with its gearing ratio (total bank borrowings/total tangible assets) decreasing to 2.8% as of June 30, 2024, from 3.4% at the year-end, and the current ratio improving from 2.5 to 3.1, supported by ample cash and bank balances of HK$1.15 billion, predominantly in USD Key Financial Ratios | Ratio | 2024 H1 | 2023 H2 | | :--- | :--- | :--- | | Gearing Ratio | 2.8% | 3.4% | | Current Ratio | 3.1 | 2.5 | - As of June 30, 2024, cash and bank balances totaled **HK$1.15 billion**, with approximately **93%** (**HK$1.068 billion**) denominated in USD[63](index=63&type=chunk) [Share Award Scheme](index=36&type=section&id=Share%20Award%20Scheme) The Company itself has not adopted any share award scheme, but its non-wholly owned subsidiary, Playmates Toys, adopted one in May 2023 with an authorized limit of 118 million shares, though no awards have been granted under the scheme since its adoption - The Company had no share award scheme during the period[64](index=64&type=chunk) - No share awards have been granted, vested, cancelled, or lapsed under the subsidiary Playmates Toys' share award scheme since its adoption[66](index=66&type=chunk) [Share Options](index=38&type=section&id=Share%20Options) The Company itself has no share option scheme; its subsidiary Playmates Toys' "2018 Playmates Toys Scheme" terminated in May 2023, ceasing new grants, but existing options remain valid, with no options granted, exercised, cancelled, or lapsed during the period - The Company had no share option scheme during the period[68](index=68&type=chunk) - The subsidiary Playmates Toys' 2018 Share Option Scheme has terminated, with no changes to any share options during the period[71](index=71&type=chunk)[73](index=73&type=chunk) [Directors' and Major Shareholders' Interests](index=40&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) The report discloses directors' and major shareholders' interests in the company's shares, with Mr. Chan Chun Hoo, Thomas, considered a controlling shareholder, holding a combined 65.25% of the company's shares personally and through his company, TGC Assets Limited - Major shareholder Mr. Chan Chun Hoo, Thomas, is deemed to be interested in **1,350,400,000 shares** of the company, representing **65.25%** of the issued share capital[76](index=76&type=chunk) - TGC Assets Limited beneficially holds **1,078,400,000 shares**, representing **52.10%** of the issued share capital[76](index=76&type=chunk) [Repurchase, Sale or Redemption of Shares](index=42&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the reporting period, the company repurchased and cancelled **310,000** of its own shares on the Stock Exchange for a total consideration of **HK$0.174 million**, at a repurchase price of **HK$0.56 per share** - The company repurchased **310,000 shares** at a price of **HK$0.56 per share** during the period[77](index=77&type=chunk) [Compliance with Corporate Governance Code](index=43&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with most provisions of the Corporate Governance Code during the reporting period, with one deviation from Code Provision C.2.1 regarding the separation of Chairman and Chief Executive Officer roles, as no CEO position exists and daily operations are jointly managed by executive directors, which the Board deems appropriate - There is a deviation from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not segregated, and no Chief Executive Officer has been appointed[78](index=78&type=chunk) [Company Information](index=44&type=section&id=Company%20Information) This section provides essential company details, including board members, company secretary, registered and principal office addresses, auditors, legal advisors, principal bankers, share registrars, and the company's stock code (635) and official website [Basic Company Information](index=44&type=section&id=Company%20Information) This section provides essential company details, including board members, company secretary, registered and principal office addresses, auditors, legal advisors, principal bankers, share registrars, and the company's stock code (635) and official website - The Chairman and Executive Director is **Chan Kwong Fai**[83](index=83&type=chunk) - The company's shares are listed on The Stock Exchange of Hong Kong Limited under stock code **635**[83](index=83&type=chunk)

[Management Discussion and Analysis](index=1&type=section&id=管理層討論及分析) [Overview](index=1&type=section&id=概覽) For the six months ended June 30, 2024, the Group's revenue increased by 23.3% year-on-year, but a significant deficit from investment property revaluation led to an operating loss, with loss attributable to owners of the Company reaching HKD 160 million, basic loss per share of 7.72 HK cents, and interim dividend maintained at 1.50 HK cents per share Key Financial Data for the Six Months Ended June 30 | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Group Revenue | 526,666 | 427,006 | | Toys Business Revenue | 445,141 | 347,231 | | Property Investment and Management Business Revenue | 79,339 | 76,792 | | Investment Business Revenue | 2,186 | 2,983 | | Gross Profit | 324,137 | 259,934 | | Net (Deficit)/Surplus from Investment Property Revaluation | (249,529) | 4,123 | | Operating (Loss)/Profit | (121,081) | 120,219 | | (Loss)/Profit Before Income Tax | (80,414) | 144,531 | | (Loss)/Profit Attributable to Owners of the Company | (159,880) | 96,291 | | (Loss)/Earnings Per Share (HK cents) | (7.72) | 4.65 | | Interim Dividend Per Share (HK cents) | 1.50 | 1.50 | [Property Investment and Management](index=1&type=section&id=物業投資及管理) The property investment and management segment's turnover increased by 3.3% year-on-year to HKD 79.3 million, but a net deficit of HKD 249.5 million from investment property revaluation resulted in an operating loss of HKD 190.3 million for the segment, reversing last year's profit, while the Group remains optimistic about long-term property investment prospects - Property investment and management segment turnover increased by **3.3% to HKD 79.3 million** (2023: HKD 76.8 million)[2](index=2&type=chunk) - Net deficit from investment property revaluation was **HKD 249.5 million** (2023: net surplus of HKD 4.1 million)[2](index=2&type=chunk) - Segment operating loss (including property revaluation) was **HKD 190.3 million** (2023: profit of HKD 58.8 million)[2](index=2&type=chunk) [Property Investment](index=2&type=section&id=(a)%20物業投資) The Group's investment property portfolio includes commercial, residential, and industrial properties in Hong Kong, along with overseas properties accounting for 8.3% of total fair value, with total rental income growing 3.9% to HKD 68.5 million, but overall occupancy rate decreased to 68% - Total investment property rental income was **HKD 68.5 million**, a **3.9% increase** year-on-year (2023: HKD 65.9 million)[3](index=3&type=chunk) - Overall occupancy rate for investment properties was approximately **68%** (December 31, 2023: 74%)[3](index=3&type=chunk) - Overseas investment properties accounted for **8.3%** of the Group's total investment property portfolio fair value (December 31, 2023: 8.1%)[3](index=3&type=chunk) [Commercial Properties](index=2&type=section&id=(i)%20商業) Hong Kong's retail sector faced challenges in the first half of 2024, impacting commercial property demand, though Canton Road is still considered a long-term prime shopping district - Hong Kong's retail sector faced significant challenges in the first half of 2024 due to changing spending patterns of inbound tourists and increased outbound travel by local consumers[4](index=4&type=chunk) - Canton Road is expected to remain one of Hong Kong's prime shopping districts in the long term[4](index=4&type=chunk) [Residential Properties](index=2&type=section&id=(ii)%20住宅) Hong Kong's residential property market was affected by high interest rates and economic downturn, but renovation work on Mid-Levels units is expected to enhance their long-term value - In the first half of 2024, Hong Kong's residential property market was impacted by high interest rates and a sluggish economic environment[5](index=5&type=chunk) - Internal renovation and refurbishment works for Mid-Levels units, commenced in 2021, are expected to enhance property value in the long term[5](index=5&type=chunk) [Industrial Properties](index=2&type=section&id=(iii)%20工業) Playmates Industrial Building received conditional approval for conversion to commercial use in January 2020, and the Group is monitoring economic conditions to determine project scale - Playmates Industrial Building received conditional planning approval for conversion to commercial use on January 3, 2020[6](index=6&type=chunk) - The Group will continue to monitor the economic environment to determine the building's conversion and project scale[6](index=6&type=chunk) [Property Management](index=2&type=section&id=(b)%20物業管理) Property management business revenue slightly decreased by 0.9% to HKD 10.8 million, with comprehensive management services provided by Savills, and the Group remains optimistic about long-term property investment prospects, balancing its portfolio for capital appreciation and recurring income growth - Property management business segment revenue decreased by **0.9% to HKD 10.8 million** (2023: HKD 10.9 million)[7](index=7&type=chunk) - Savills Property Management Limited manages Playmates Group Building and Playmates Industrial Building[7](index=7&type=chunk) - The Group remains optimistic about the long-term prospects of property investment and will balance its investment property portfolio to achieve capital appreciation and recurring income growth[7](index=7&type=chunk) [Playmates Toys](index=3&type=section&id=彩星玩具) Playmates Toys' global turnover increased by 28% year-on-year to HKD 445 million, driven by the successful relaunch of "Godzilla x Kong: The New Empire" movie-related products, partially offset by declining "Teenage Mutant Ninja Turtles" toy sales, with gross margin improving to 56%, operating profit growing to HKD 68.4 million, and net profit reaching HKD 91.5 million - Global turnover was **HKD 445 million**, a **28% increase** from the same period last year (2023: HKD 347 million)[8](index=8&type=chunk) - The successful relaunch of the "Godzilla x Kong" series partially offset the decline in "Teenage Mutant Ninja Turtles" toy sales[8](index=8&type=chunk) - Toy sales gross margin improved to **56%** (2023: 54%), primarily due to increased sales proportion in the US market, reduced inventory discounts, and lower product development expenses as a percentage of sales[8](index=8&type=chunk) - Operating profit was **HKD 68.4 million** (2023: HKD 56.2 million), and net profit was **HKD 91.5 million** (2023: HKD 87 million)[8](index=8&type=chunk) - Global household spending budgets are expected to be tight in the second half, but the "Tales of The Teenage Mutant Ninja Turtles" animated series and "Godzilla x Kong" product lines are anticipated to provide support[8](index=8&type=chunk) [Brand Overview](index=3&type=section&id=品牌概覽) The Group actively develops new products to align with major brand content releases, including "Teenage Mutant Ninja Turtles" movie sequels and animated series, "Godzilla x Kong" movie-driven product expansion, and a global licensing agreement with Hasbro for "Power Rangers" toys - "Teenage Mutant Ninja Turtles": Paramount Pictures and Nickelodeon Movies are producing a movie sequel and two seasons of "Tales of The Teenage Mutant Ninja Turtles" (premiering August 2024), and the Group is actively developing new products to complement these releases[9](index=9&type=chunk) - "Godzilla x Kong": The movie, released in Spring 2024, achieved impressive global box office results, driving strong toy sales, and the Group is developing and expanding its current product line[10](index=10&type=chunk) - "Power Rangers": A global licensing agreement with Hasbro grants the Group rights to produce and distribute "Power Rangers" toys, with plans to launch "Mighty Morphin Power Rangers" toy products in Fall 2025[11](index=11&type=chunk) [Portfolio Investments](index=4&type=section&id=組合投資) The Group engages in portfolio investments in listed shares, aiming for returns through capital appreciation, dividends, and interest income, with prudent guidelines and monitoring, recording a net investment gain of HKD 18.5 million and dividend and interest income of HKD 32.2 million in the first half of 2024 - The Group recorded a net investment gain of **HKD 18.5 million** in the first half of 2024[13](index=13&type=chunk) - Dividend and interest income from the investment portfolio amounted to **HKD 32.2 million** in the first half of 2024[13](index=13&type=chunk) - The Group will continue to exercise caution, monitor and adjust its investment portfolio, and observe developments in major global economies and securities markets[13](index=13&type=chunk) [Condensed Consolidated Financial Information](index=5&type=section&id=簡明綜合財務資料) [Condensed Consolidated Income Statement](index=5&type=section&id=簡明綜合收益表) For the six months ended June 30, 2024, Group revenue increased to HKD 527 million and gross profit to HKD 324 million, but a net deficit of HKD 249.5 million from investment property revaluation resulted in an operating loss of HKD 121 million, with loss attributable to owners of the Company at HKD 160 million Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 526,666 | 427,006 | | Cost of sales | (202,529) | (167,072) | | Gross profit | 324,137 | 259,934 | | Marketing and license expenses | (91,651) | (59,278) | | Selling and distribution expenses | (31,725) | (24,856) | | Administrative expenses | (72,313) | (59,704) | | Net (deficit)/surplus from investment property revaluation | (249,529) | 4,123 | | Operating (loss)/profit | (121,081) | 120,219 | | Net other income | 48,651 | 33,309 | | Finance costs | (7,984) | (8,997) | | (Loss)/Profit before income tax | (80,414) | 144,531 | | Income tax expense | (34,485) | (5,492) | | (Loss)/Profit for the period | (114,899) | 139,039 | | (Loss)/Profit attributable to owners of the Company | (159,880) | 96,291 | | (Loss)/Profit attributable to non-controlling interests | 44,981 | 42,748 | | Basic (loss)/earnings per share (HK cents) | (7.72) | 4.65 | | Diluted (loss)/earnings per share (HK cents) | (7.72) | 4.65 | [Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=簡明綜合全面收益表) For the six months ended June 30, 2024, the Group recorded a loss for the period of HKD 114.9 million, with negative other comprehensive income due to exchange differences on translation of overseas subsidiaries, resulting in a total comprehensive loss attributable to owners of the Company of HKD 170.8 million Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | (Loss)/Profit for the period | (114,899) | 139,039 | | Other comprehensive income: | | | | - Exchange differences on translation of overseas subsidiaries | (10,936) | 915 | | Total comprehensive income for the period | (125,835) | 139,954 | | Total comprehensive income attributable to owners of the Company | (170,816) | 97,206 | | Total comprehensive income attributable to non-controlling interests | 44,981 | 42,748 | [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=簡明綜合財務狀況表) As of June 30, 2024, the Group's total assets less current liabilities decreased to HKD 5.898 billion from HKD 6.127 billion on December 31, 2023, primarily due to a reduction in investment property value, while net current assets increased, and total equity stood at HKD 5.843 billion Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | June 30, 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Investment properties | 4,675,356 | 4,933,614 | | Other property, plant and equipment | 135,017 | 139,337 | | Right-of-use assets | 6,970 | 8,789 | | Goodwill | 5,976 | 5,976 | | Prepayments | 9,130 | - | | Deferred tax assets | 46,096 | 52,126 | | **Current assets** | | | | Inventories | 51,932 | 58,886 | | Trade receivables | 135,613 | 330,521 | | Deposits paid, other receivables and prepayments | 64,528 | 45,759 | | Tax recoverable | 7,892 | 12,340 | | Financial assets at fair value through profit or loss | 98,438 | 95,324 | | Cash and bank balances | 1,149,898 | 1,094,933 | | **Current liabilities** | | | | Bank loans | 172,200 | 217,175 | | Trade payables | 58,478 | 91,390 | | Deposits received, other payables and accrued charges | 169,353 | 218,908 | | Provisions | 47,183 | 65,413 | | Lease liabilities | 4,159 | 3,987 | | Tax payable | 37,578 | 53,792 | | **Net current assets** | **1,019,350** | **987,098** | | **Total assets less current liabilities** | **5,897,895** | **6,126,940** | | **Non-current liabilities** | | | | Bank loans | 6,800 | 10,400 | | Lease liabilities | 4,117 | 6,250 | | Long service payment obligations | 2,087 | 1,938 | | Deferred tax liabilities | 41,746 | 42,265 | | **Net assets** | **5,843,145** | **6,066,087** | | **Total equity** | **5,843,145** | **6,066,087** | [Notes to the Condensed Consolidated Financial Information](index=9&type=section&id=簡明綜合財務資料附註) [1. Basis of Preparation and Accounting Policies](index=9&type=section&id=一、%20編製基準及會計政策) These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure provisions of the HKEX Listing Rules, consistent with accounting policies used in the 2023 annual financial statements - These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure provisions of the Listing Rules of the Stock Exchange[18](index=18&type=chunk) - The accounting policies adopted in the preparation of these condensed consolidated financial statements are consistent with those applied in the annual financial statements for the year ended December 31, 2023[18](index=18&type=chunk) [2. Changes in Accounting Policies](index=9&type=section&id=二、%20會計政策之變動) Certain HKFRS amendments issued by the HKICPA became effective for the first time in the current accounting period but had no significant impact on the Group's results or financial position for current or prior periods, and the Group has not applied any new standards or interpretations not yet effective - Certain amendments to Hong Kong Financial Reporting Standards issued by the HKICPA had no significant impact on the Group's results or financial position for the current or prior periods[19](index=19&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[19](index=19&type=chunk) [3. Revenue and Segment Information](index=9&type=section&id=三、%20收入及分部資料) The Group identifies three reportable segments: property investment and management, investment, and toys, with total revenue of HKD 526.7 million in the first half of 2024, primarily from toy sales and stable growth in property investment rental income, while segment results show a loss for property investment and management and a profit for the toys business - The Group presents three reportable segments: property investment and management business, investment business, and toys business[20](index=20&type=chunk) Revenue by Source (For the six months ended June 30) | Revenue Source | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Toy sales | 445,141 | 347,231 | | Property management income | 10,804 | 10,882 | | Investment property rental income | 68,535 | 65,910 | | Dividend income | 507 | 1,036 | | Interest income | 1,679 | 1,947 | | **Total revenue** | **526,666** | **427,006** | [3.1 Segment Results, Assets and Liabilities](index=10&type=section&id=三．一%20分部業績、資產及負債) Segment results show the property investment and management business recorded an operating loss of HKD 190.3 million in the first half of 2024, while the toys business achieved an operating profit of HKD 68.21 million, with property investment and management assets and liabilities, though still the largest portion of total assets, both decreasing Segment Operating (Loss)/Profit (For the six months ended June 30) | Segment | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | (190,320) | 58,760 | | Investment business | 2,161 | 2,958 | | Toys business | 68,210 | 55,888 | | **Total segment operating (loss)/profit** | **(119,949)** | **117,606** | Reportable Segment Assets (As at June 30) | Segment | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | 4,850,717 | 5,093,657 | | Investment business | 58,552 | 105,254 | | Toys business | 1,427,864 | 1,518,396 | | **Total reportable segment assets** | **6,337,133** | **6,717,307** | Reportable Segment Liabilities (As at June 30) | Segment | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | 216,365 | 272,871 | | Toys business | 256,063 | 352,957 | | **Total reportable segment liabilities** | **472,428** | **625,828** | [3.2 Geographical Segment Information](index=15&type=section&id=三．二%20地區分部資料) The Group's revenue from external customers primarily originates from the Americas, followed by Europe and Hong Kong, while designated non-current assets are mainly concentrated in Hong Kong Revenue from External Customers (For the six months ended June 30) | Region | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 81,629 | 79,072 | | Americas | 335,288 | 240,952 | | Europe | 90,536 | 80,498 | | Other Asia Pacific (excluding Hong Kong) | 18,825 | 25,678 | | Others | 388 | 806 | | **Total** | **526,666** | **427,006** | Specified Non-current Assets (As at June 30) | Region | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 4,381,865 | 4,629,707 | | Americas (USA) | 183,320 | 185,413 | | Europe | 198,159 | 190,739 | | Other Asia Pacific (excluding Hong Kong) | 69,105 | 81,857 | | **Total** | **4,832,449** | **5,087,716** | [3.3 Major Customers](index=15&type=section&id=三．三%20主要客戶) In the first half of 2024, two customers each accounted for over 10% of the Group's total revenue, a decrease from four major customers in the same period of 2023 - Two customers accounted for over **10%** each of the Group's total revenue, approximately **HKD 157,994,000** and **HKD 102,552,000** respectively[31](index=31&type=chunk) - In the same period of 2023, four customers each accounted for over **10%** of total revenue[31](index=31&type=chunk) [4. Net Other Income](index=16&type=section&id=四、%20其他收入淨額) Net other income significantly increased to HKD 48.651 million in the first half of 2024, primarily driven by a substantial rise in interest income from Playmates Toys treasury and net gains from financial assets at fair value through profit or loss Net Other Income (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Net gains from financial assets at fair value through profit or loss | 18,516 | 17,357 | | Playmates Toys treasury — Interest income | 29,811 | 15,692 | | Playmates Toys treasury — Dividend income | 240 | 217 | | Others | 84 | 43 | | **Total** | **48,651** | **33,309** | [5. (Loss)/Profit Before Income Tax](index=16&type=section&id=五、%20除所得稅前（虧損）╱溢利) The loss before income tax was primarily impacted by cost of inventories sold, marketing and license expenses, administrative expenses, and the deficit from investment property revaluation, with overall expenses increasing despite a decrease in interest expenses, leading to a pre-tax loss (Loss)/Profit Before Income Tax Deducted/(Credited) Items (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 184,619 | 147,480 | | Product development and tooling expenses | 10,638 | 11,656 | | Royalty expenses | 58,936 | 50,149 | | Directors' and employees' remuneration | 39,857 | 30,558 | | Depreciation | 6,336 | 6,636 | | Interest expenses | 6,565 | 7,952 | | Net exchange gains | (315) | (3,953) | [6. Income Tax Expense](index=17&type=section&id=六、%20所得稅支出) Income tax expense significantly increased to HKD 34.485 million in the first half of 2024, primarily due to higher Hong Kong profits tax and overseas taxes, partially offset by deferred tax movements, and the Group holds unrecognized accumulated tax losses with no expiry date Income Tax Expense (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 15,565 | 9,377 | | Overseas tax | 12,897 | 5,716 | | Underprovision in prior years — overseas | - | 243 | | Current period tax | 28,462 | 15,336 | | Deferred tax | 6,023 | (9,844) | | **Income tax expense** | **34,485** | **5,492** | - As of June 30, 2024, the Group's accumulated unrecognized tax losses amounted to **HKD 4,368,000** (December 31, 2023: HKD 6,869,000), and these tax losses have no expiry date[34](index=34&type=chunk) [7. Dividends](index=17&type=section&id=七、%20股息) The Board resolved to pay an interim dividend of 1.5 HK cents per share, consistent with last year, payable on September 27, 2024, and the Group also paid a second interim dividend and a special interim dividend for the previous financial year during the interim period, totaling HKD 62.091 million Interim Dividends (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Interim dividend of 1.5 HK cents per share | 31,045 | 31,050 | - The Board resolved to pay an interim dividend of **1.5 HK cents per share**, payable on **September 27, 2024**, to shareholders whose names appear on the register of members on **September 10, 2024**[35](index=35&type=chunk) Dividends Paid for the Previous Financial Year During the Interim Period (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Second interim dividend of 1.5 HK cents per share | 31,046 | 31,072 | | Special interim dividend of 1.5 HK cents per share | 31,045 | 31,071 | | **Total** | **62,091** | **62,143** | [8. (Loss)/Earnings Per Share](index=18&type=section&id=八、%20每股（虧損）╱盈利) For the six months ended June 30, 2024, both basic and diluted loss per share were 7.72 HK cents, reflecting the loss attributable to owners of the Company of HKD 159.88 million and the weighted average number of ordinary shares outstanding during the period, with no significant dilutive effect due to the absence of potential ordinary shares - Basic (loss)/earnings per share was **(7.72) HK cents** (2023: profit of 4.65 HK cents)[37](index=37&type=chunk) - Basic (loss)/earnings per share is calculated based on the loss attributable to owners of the Company of **HKD 159,880,000** and the weighted average number of ordinary shares outstanding during the period of **2,069,760,000** shares[37](index=37&type=chunk) - Diluted (loss)/earnings per share is equal to basic (loss)/earnings per share, as there were no potential ordinary shares during the period[37](index=37&type=chunk) [9. Trade Receivables](index=19&type=section&id=九、%20應收貿易賬項) As of June 30, 2024, net trade receivables significantly decreased to HKD 135.6 million from HKD 330.5 million on December 31, 2023, with the largest portion of receivables aged zero to sixty days Trade Receivables (As at June 30) | Item | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 165,398 | 353,732 | | Less: Provision for customer discounts | (29,785) | (23,211) | | **Net** | **135,613** | **330,521** | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 60 days | 105,528 | 254,223 | | 61 to 90 days | 29,057 | 71,745 | | 91 to 180 days | 525 | 4,250 | | Over 180 days | 503 | 303 | | **Total** | **135,613** | **330,521** | - The Group typically transacts with toys business customers on an open account basis with credit terms of **60 to 90 days**, or by sight or usance letters of credit[38](index=38&type=chunk) [10. Trade Payables](index=19&type=section&id=十、%20應付貿易賬項) As of June 30, 2024, total trade payables decreased to HKD 58.478 million from HKD 91.39 million on December 31, 2023, with the majority of payables aged zero to thirty days Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 57,407 | 91,315 | | 31 to 60 days | 259 | 66 | | Over 60 days | 812 | 9 | | **Total** | **58,478** | **91,390** | [11. US Dollar Equivalents](index=19&type=section&id=十一、%20美元等值) US dollar equivalent figures provided in the report are for reference only, calculated using an exchange rate of HKD 7.8 to USD 1 as of June 30, 2024 - US dollar equivalent figures are for reference purposes only[40](index=40&type=chunk) - The exchange rate used is **HKD 7.8 to USD 1** as of June 30, 2024[40](index=40&type=chunk) [Financial Review](index=20&type=section&id=財務分析) The Group's property investment and management business provided stable income, though overall occupancy decreased, while the seasonal toys business saw reduced trade receivables and inventories at period-end, and the Group's gearing ratio and liquidity ratio both improved, with ample cash and bank balances primarily denominated in USD - The property investment and management business provided a relatively stable source of income for the period, with an overall occupancy rate of **68%** (December 31, 2023: 74%)[41](index=41&type=chunk) - The toys business is subject to industry seasonality, with trade receivables of **HKD 133,954,000** (December 31, 2023: HKD 328,827,000) and inventories of **HKD 51,932,000** (December 31, 2023: HKD 58,886,000)[41](index=41&type=chunk) - The gearing ratio was **2.8%** (December 31, 2023: 3.4%), and the liquidity ratio was **3.1** (December 31, 2023: 2.5)[41](index=41&type=chunk) - Cash and bank balances amounted to **HKD 1,149,898,000** (December 31, 2023: HKD 1,094,933,000), of which **HKD 1,068,200,000** was denominated in US dollars[41](index=41&type=chunk) [Repurchase, Sale or Redemption of Shares](index=20&type=section&id=購回、出售或贖回股份) The Company repurchased 310,000 shares on the Stock Exchange at HKD 0.56 per share during the period, holding no treasury shares for the six months ended June 30, 2024 - The Company repurchased **310,000 shares** on the Stock Exchange at a price of **HKD 0.56 per share**[42](index=42&type=chunk) - As of June 30, 2024, the Company held no treasury shares for the six months ended[42](index=42&type=chunk) [Corporate Governance](index=20&type=section&id=企業管治) For the six months ended June 30, 2024, the Company adopted and complied with the principles of the Corporate Governance Code in Appendix C1 of the Listing Rules, except for the non-segregation of Chairman and Chief Executive roles, which the Board deems appropriate for effective management and oversight of the Group's business and operations - The Company has adopted the principles of Part 2 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with all applicable code provisions[43](index=43&type=chunk) - Code Provision C.2.1 stipulates that the roles of chairman and chief executive should be separate, and while the Company has no designated chief executive, the Board considers the current structure appropriate to ensure effective management and oversight of the Group's business and operations[43](index=43&type=chunk) - Further information on the Company's corporate governance practices will be included in the Corporate Governance Report in the Company's annual report for the year ended December 31, 2024[44](index=44&type=chunk) [Audit Committee](index=21&type=section&id=審核委員會) The Audit Committee has reviewed the Group's accounting standards and practices with management, discussing matters related to internal controls and financial reporting, including the unaudited condensed consolidated financial information for the six months ended June 30, 2024 - The Audit Committee has reviewed the Group's accounting standards and practices with management[45](index=45&type=chunk) - Discussions covered matters related to internal controls and financial reporting, including the review of the unaudited condensed consolidated financial information for the six months ended June 30, 2024[45](index=45&type=chunk) [Closure of Register of Members](index=21&type=section&id=暫停辦理股份過戶登記) The Company will suspend its register of members from September 9 to September 10, 2024, to determine eligible shareholders for the interim dividend, requiring transfer documents to be submitted by 4:30 p.m. on September 6, 2024, with the interim dividend payable on September 27, 2024 - The Company's register of members will be closed from **September 9, 2024, to September 10, 2024** (both dates inclusive)[46](index=46&type=chunk) - To ensure eligibility for the declared dividend, all transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's share registrar by **4:30 p.m. on September 6, 2024**[46](index=46&type=chunk) - The interim dividend will be paid on **September 27, 2024**, to shareholders whose names appear on the Company's register of members on **September 10, 2024**[46](index=46&type=chunk) [Board of Directors and Representatives](index=21&type=section&id=董事會成員及代表) As of the announcement date, the Company's Board of Directors comprises Mr. Chan Kwong Fai as Chairman, two executive directors, one non-executive director, and three independent non-executive directors - Board members include: Chairman Mr. Chan Kwong Fai, Executive Directors Ms. Chan Hoi Lun and Mr. Chan Kwong Keung, Non-executive Director Mr. Li Ka Sze, Independent Non-executive Directors Mr. Law Kai Yiu, Dr. Ko Ching Fai, and Mr. Tang Wing Yung[46](index=46&type=chunk)