5月2日，截至港股收盘，恒生指数上涨1.74%，报22504.68点。大方广瑞德（00755.HK）收报0.77港元/ 股，上涨18.46%，成交量4万股，成交额3.08万港元，振幅0.0%。 行业估值方面，地产行业市盈率（TTM）平均值为4.67倍，行业中值-0.15倍。大方广瑞德市盈率-0.14 倍，行业排名第238位；其他百仕达控股（01168.HK）为0.28倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.22倍、中奥到家（01538.HK）为2.76倍、瑞森生活服务（01922.HK） 为2.82倍。 资料显示，大方广瑞德集团有限公司是国内知名的房地产开发企业,香港主板上市公司(0755.Hk)。从 1994年至今,历经二十余年的迅速发展,证大地产依托完备的建设、运营、管理能力和独立的策划开发、 招商设计、营运、物业管理团队,形成了以上海为中心,辐射全国5大区域、15座城市的国内业务版图,同 时形成了跨界欧洲、大洋洲、非洲的全球化战略布局。 公司多次荣获中国房地产开发企业100强、中国商业地产10强、中国物业管理企业品牌价值50强等荣 誉。证大地产以兼具住宅、写 ...

Financial Performance - The company reported a revenue of approximately HKD 261,379,000 for the year ending December 31, 2024, a decrease of HKD 118,721,000 compared to HKD 380,100,000 for the year ending December 31, 2023[7]. - The company incurred a loss attributable to shareholders of approximately HKD 803,155,000, compared to a profit of HKD 89,504,000 for the previous year, resulting in a basic loss per share of HKD 5.40[7]. - Revenue for the year ended December 31, 2024, was HKD 204,651,000, a decrease of 30.5% compared to HKD 294,455,000 in 2023[161]. - Gross profit for the same period was HKD 76,554,000, down 56.9% from HKD 177,443,000 in the previous year[161]. - The company reported a loss from continuing operations of HKD 838,202,000, compared to a profit of HKD 9,168,000 in 2023[161]. - The total loss for the year was HKD 808,923,000, a significant decline from a profit of HKD 26,246,000 in the previous year[161]. - The company recorded a total loss of HKD 808,923,000 for the year ended December 31, 2024, compared to a profit of HKD 26,246,000 in 2023, representing a significant decline[163]. - Loss attributable to owners from continuing operations was HKD 832,434,000, while profit from discontinued operations was HKD 29,279,000, indicating a shift in operational performance[163]. - The company's earnings per share from continuing operations was HKD (5.60), down from HKD 0.49 in the previous year, reflecting a negative trend in profitability[163]. - Total comprehensive loss for the year was HKD 731,501,000, compared to a comprehensive income of HKD 59,329,000 in 2023, highlighting a substantial downturn[164]. Operational Highlights - The commercial and hotel operations generated revenue of approximately RMB 117,316,000 (equivalent to approximately HKD 127,311,000) during the year, with an average occupancy rate of 62% for hotels and an average rental rate of 61% for commercial properties[10]. - The hotel operations segment, which was terminated, generated revenue of HKD 56,728,000, down from HKD 85,645,000 in the previous year[22]. - The property leasing, management, and agency services segment reported revenue of HKD 202,976,000, a decrease from HKD 294,455,000 in the previous year, primarily due to the cancellation of several property leasing and management projects[20]. - The total managed property area reached 1,043,614 square meters, generating revenue of RMB 91,343,000 (approximately HKD 99,125,000) for the year[11]. Asset Management and Financial Position - The group’s net asset value as of December 31, 2024, was approximately HKD 397,000,000, down from HKD 1,249,000,000 a year earlier[17]. - The group’s capital-to-debt ratio improved from 1.60 times to 0.47 times, indicating a stronger capital structure[17]. - The group confirmed a net impairment loss of approximately HKD 673,000 on financial assets and receivables from former subsidiaries, compared to a net impairment reversal of approximately HKD 469,000,000 in the previous year[18]. - The group’s total borrowings as of December 31, 2024, were approximately HKD 211,000,000, with no loans due within one year[17]. - The company’s total equity attributable to owners decreased to HKD 397,379,000 from HKD 1,122,337,000, reflecting a deterioration in financial health[166]. Strategic Initiatives - The company completed a significant asset sale in 2024 to alleviate debt burdens and transition towards a lighter operational model[8]. - The company is focusing on enhancing its commercial and hotel management capabilities while optimizing its capital structure and exploring restructuring options with key creditors[8]. - The company plans to cautiously advance its property development business while closely monitoring market dynamics[9]. - The company aims to cultivate new growth points by focusing on upgrading existing projects and exploring new market opportunities[9]. - The group anticipates a recovery in the real estate market by 2025, driven by continued policy easing and a resilient consumer market[15]. Governance and Management - The company has a diverse board with members holding various academic and professional qualifications, enhancing its governance and strategic decision-making capabilities[52]. - The company is focused on enhancing its corporate governance through the expertise of its independent directors[52]. - The board includes members with teaching roles at prestigious universities, indicating a strong connection to academic research and industry trends[48][49]. - The company has confirmed the independence of all independent non-executive directors, ensuring their ability to act without conflicts of interest[97]. - The company has adopted the corporate governance code and has complied with all applicable provisions as of December 31, 2024[101]. Future Outlook and Challenges - The company is facing multiple uncertainties related to going concern, which were highlighted in the auditor's report[153]. - The company plans to review its investment property portfolio and adjust its investment strategy to improve cash flow, indicating a proactive approach to financial management[180]. - The company aims to control administrative costs and save on capital expenditures as part of its strategy to manage financial responsibilities[181]. - The company has undertaken measures to seek alternative financing methods to meet its financial obligations and operational expenditures[181]. Compliance and Regulatory Matters - The company has established compliance procedures to ensure adherence to applicable laws and regulations, with external legal advisors engaged for oversight[98]. - The company has not entered into any management or administrative contracts related to its overall business for the year 2024[76]. - The company has not established any significant contracts involving directors or their related entities during the fiscal year ending December 31, 2024[78].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 204,651,000, a decrease of 30.5% compared to HKD 294,455,000 in 2023[3] - Gross profit for the same period was HKD 76,554,000, down 56.9% from HKD 177,443,000 in the previous year[3] - Loss from continuing operations was HKD 838,202,000, compared to a profit of HKD 9,168,000 in 2023, representing a significant decline[3] - The company reported a total comprehensive loss of HKD 731,501,000 for the year, compared to a comprehensive income of HKD 59,329,000 in 2023[5] - The company reported a net loss attributable to shareholders of approximately HKD 808,923,000 for the year ending December 31, 2024[11] - The company reported a net loss attributable to owners of the company for the year ended December 31, 2024, amounting to HKD 803,155,000, compared to a profit of HKD 89,504,000 for the previous year[33] - The loss attributable to shareholders for the year was approximately HKD 803,155,000, compared to a profit of HKD 89,504,000 for the previous year, resulting in a basic loss per share of HKD 5.40[49] Assets and Liabilities - Total assets decreased to HKD 952,445,000 in 2024 from HKD 4,890,860,000 in 2023, indicating a substantial reduction in asset base[6] - Total liabilities also decreased to HKD 555,066,000 from HKD 3,642,265,000, reflecting a significant reduction in financial obligations[7] - Current liabilities exceeded current assets by approximately HKD 20,213,000 as of December 31, 2024[11] - Trade receivables decreased from HKD 111,219,000 in 2023 to HKD 41,130,000 in 2024, a reduction of approximately 63.0%[35] - Net trade receivables after loss provisions were HKD 34,407,000 in 2024, down from HKD 96,626,000 in 2023, representing a decline of about 64.3%[35] - The total liabilities for trade and other payables decreased from HKD 1,174,279,000 in 2023 to HKD 300,297,000 in 2024, a reduction of approximately 74.5%[40] Cash Flow and Liquidity - The company’s cash and bank balances decreased to HKD 58,428,000 from HKD 122,665,000 in the previous year, indicating a decline in liquidity[6] - The company’s liquidity ratio improved from approximately 0.37 times as of December 31, 2023, to approximately 0.94 times as of December 31, 2024[60] - Cash and cash equivalents increased by HKD 3,827,000 in 2024, compared to an increase of HKD 4,034,000 in 2023[46] Revenue Streams - Property sales revenue for 2024 reached HKD 1,675,000, compared to HKD 0 in 2023, marking a significant increase[17] - Rental, management, and agency service income for 2024 was HKD 202,976,000, down from HKD 294,455,000 in 2023, representing a decrease of approximately 31.0%[20] - The company’s total revenue from property leasing, management, and agency services for the year is approximately HKD 202.98 million, down from HKD 294.46 million in 2023, primarily due to the withdrawal from several loss-making projects[62] Operational Changes - The hotel business segment has been terminated, and comparative figures in the consolidated income statement have been restated accordingly[15] - The company continues to implement measures to control administrative costs and save on capital expenditures[12] - The company has reduced its workforce to approximately 332 employees as of December 31, 2024, down from 485 employees in 2023[66] Financial Strategy - The company plans to review its investment property portfolio and adjust investment strategies to improve cash flow[12] - The company will seek alternative financing methods if necessary to meet its financial obligations and future operating expenses[12] - The company is focusing on enhancing its commercial management capabilities and optimizing its capital structure to address key debt risks[50] - The company plans to enter a new phase of light asset development focused on operational management services after completing the sale of certain assets[58] Impairments and Provisions - The impairment loss on development properties for 2024 was HKD 39,279,000, compared to HKD 8,117,000 in 2023, indicating a significant increase in impairment[22] - The company confirmed a provision for financial guarantee contracts of HKD 430,524,000 for the year ending December 31, 2024, compared to HKD 174,497,000 for the previous year[49] - The company has recognized a net impairment loss of approximately HKD 673,000 on financial assets and receivables from former subsidiaries for the year[61] Corporate Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[10] - The company has adopted the corporate governance code as per the listing rules and has ensured compliance as of December 31, 2024[74] - The independent auditor confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with the Hong Kong Financial Reporting Standards[77] Shareholder Information - The company did not recommend any dividend distribution for the years ended December 31, 2024, and 2023[31] - The company’s issued ordinary shares decreased from 14,879,351,515 shares to 148,793,515 shares following a capital restructuring effective March 11, 2025[48] - The company completed a capital reorganization on March 11, 2025, reducing the number of issued shares from 14,879,351,515 to 148,793,515, with a corresponding credit of approximately HKD 294.611 million to the contributed surplus account[71]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 102,795 thousand, a decrease of 26% compared to HKD 138,551 thousand in 2023[3] - Gross profit for the same period was HKD 40,483 thousand, down from HKD 74,045 thousand, reflecting a significant decline[3] - Loss from continuing operations before tax was HKD 622,739 thousand, compared to a loss of HKD 203,601 thousand in the previous year[3] - The total comprehensive loss for the period was HKD 652,339 thousand, compared to HKD 104,721 thousand in 2023, indicating a worsening financial position[6] - The company reported a loss attributable to owners of the company from continuing operations of HKD 569,942 thousand, compared to HKD 202,792 thousand in the previous year[5] - The basic and diluted loss per share from continuing operations was HKD 3.83, compared to HKD 1.37 in the previous year[5] - The company reported a total comprehensive loss of HKD (649,373) thousand for the period, reflecting significant financial challenges[10] - The company reported a loss before tax of HKD 605,326,000 for the six months ended June 30, 2024, compared to a loss of HKD 187,936,000 for the same period in 2023[36] - The loss attributable to shareholders was approximately HKD 552,529,000, an increase of about 195% compared to a loss of HKD 187,127,000 in the same period last year[64] - Basic loss per share was HKD 3.71, compared to HKD 1.26 in the same period of 2023[64] Assets and Liabilities - Non-current assets totaled HKD 556,543 thousand as of June 30, 2024, a significant decrease from HKD 3,831,433 thousand at the end of 2023[7] - Current assets amounted to HKD 3,789,056 thousand, compared to HKD 1,059,427 thousand at the end of 2023, showing a substantial increase[7] - Total equity attributable to owners decreased to HKD 472,964 thousand as of June 30, 2024, from HKD 1,122,337 thousand as of December 31, 2023, reflecting a significant decline[10] - Cumulative losses increased to HKD (2,113,043) thousand as of June 30, 2024, compared to HKD (1,560,514) thousand as of December 31, 2023, indicating worsening financial performance[10] - Total liabilities rose to HKD 3,811,985 thousand as of June 30, 2024, up from HKD 3,642,265 thousand as of December 31, 2023, showing an increase in financial obligations[9] - The total current liabilities increased to HKD 3,793,807 thousand as of June 30, 2024, compared to HKD 2,865,543 thousand as of December 31, 2023, indicating a rise in short-term financial pressures[9] - The total assets and liabilities amounted to HKD 4,345,599 thousand as of June 30, 2024, down from HKD 4,890,860 thousand as of December 31, 2023, indicating a reduction in overall financial size[9] - As of June 30, 2024, total borrowings amounted to HKD 1,745 million, with current liabilities exceeding current assets by HKD 2,211 million[15] - The total liabilities to related companies decreased to HKD 16,519,000 from HKD 18,664,000, a decline of about 11.51%[53] Cash Flow and Liquidity - Cash flow from operating activities for the six months ended June 30, 2024, was HKD 91,227 thousand, a decrease from HKD 268,635 thousand for the same period in 2023[11] - The company’s cash and cash equivalents at the end of the period were HKD 46,357 thousand, down from HKD 86,808 thousand at the end of 2023, reflecting liquidity challenges[11] - The company recognized a gain of HKD 41,863 thousand from the sale of a subsidiary during the reporting period[3] - The company expects significant impact on operating performance for the year ending December 31, 2024, due to high interest and refinancing costs[17] - The group expects to improve its liquidity situation by terminating liabilities of HKD 3,157,000,000 related to the sold subsidiaries by June 30, 2024[71] Revenue Breakdown - Property sales revenue for the six months ended June 30, 2024, was HKD 918,000,000, a decrease from HKD 1,132,000,000 for the same period in 2023, representing a decline of approximately 19%[33] - Revenue from hotel operations, property management, and agency services for the six months ended June 30, 2024, was HKD 85,246,000, down from HKD 126,207,000 in 2023, indicating a decrease of about 32.5%[33] - Rental income for the six months ended June 30, 2024, was HKD 46,124,000, compared to HKD 67,545,000 for the same period in 2023, reflecting a decline of approximately 31.7%[33] - Revenue from property leasing, management, and agency services was approximately HKD 101,877,000, down from HKD 137,419,000 in the same period of 2023, mainly due to the cancellation of several leasing and management projects[73] - Hotel operations generated revenue of HKD 29,493,000, a decline from HKD 56,333,000 in the same period of 2023, attributed to decreased income from the Qingdao Himalaya Hotel[74] Financial Obligations and Guarantees - The group has defaulted on borrowings totaling HKD 871 million, classified as current liabilities, due to failure to meet repayment schedules[17] - The group has committed to guarantees for loans and related interest payable to certain lenders of related companies, with a maximum amount of HKD 1,056,507,000 as of June 30, 2024[57] - The financial guarantee provision related to loans and interest payable to former subsidiaries was HKD 688,669,000 as of June 30, 2024, compared to HKD 309,866,000 as of December 31, 2023[79] - The group recognized a financial guarantee loss provision of HKD 374,885,000 for the six months ended June 30, 2024, compared to no provision for the same period in 2023[58] Operational Challenges and Future Outlook - The group anticipates continued pressure on the national real estate market in the second half of 2024, with a weak investment performance expected throughout the year[70] - The ability to continue as a going concern depends on generating operational cash flow and securing additional financing sources[20] - The company continues to focus on commercial and hotel management, property management, and property development services as its core business areas[65] - The company aims to enhance its capital structure and improve project profitability while maintaining stable cash flow and robust business operations[65] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial information for the six months ended June 30, 2024, and believes the company has complied with all applicable accounting standards[90] - The company has adopted a standard code for directors' securities transactions and all directors confirmed compliance during the six-month period ending June 30, 2024[91] - The company has not purchased, sold, or redeemed any of its listed securities during the period[93]

Financial Performance - Revenue from continuing operations for the six months ended June 30, 2024, was HKD 102,795,000, a decrease of 26% from HKD 138,551,000 in the same period of 2023[1] - Gross profit for the same period was HKD 40,483,000, down 45% from HKD 74,045,000 year-on-year[1] - Loss before tax from continuing operations was HKD 622,739,000, compared to a loss of HKD 203,601,000 in the previous year[1] - The total comprehensive loss for the period was HKD 652,339,000, significantly higher than HKD 104,721,000 in the prior year[5] - The company reported a basic and diluted loss per share from continuing operations of HKD (3.83) compared to HKD (1.37) in the previous year[3] - The company reported a loss attributable to owners of the company from continuing operations of HKD (569,942,000), compared to HKD (202,792,000) in the prior year[3] - The company reported a loss before tax of HKD (200,427) million for the six months ended June 30, 2024, compared to a profit of HKD 43,027 million in the same period of 2023[26] - For the six months ended June 30, 2024, the company reported a loss attributable to owners of HKD 569,942,000, compared to a loss of HKD 202,792,000 for the same period in 2023[33] Assets and Liabilities - Non-current assets decreased to HKD 556,543,000 from HKD 3,831,433,000 as of December 31, 2023[6] - Current assets increased to HKD 3,789,056,000 from HKD 1,059,427,000 as of December 31, 2023[6] - Total liabilities amounted to HKD 3,811,985,000, up from HKD 3,642,265,000 at the end of 2023[8] - As of June 30, 2024, total equity attributable to the company's owners was HKD 473 million, with current liabilities exceeding current assets by HKD 2.211 billion[11] - Total borrowings amounted to HKD 1.745 billion, including current liabilities of HKD 1.275 billion, with HKD 218 million and related interest of HKD 85 million being unsecured[11] - The total amount of defaulted borrowings classified as current liabilities was HKD 871 million[12] - The total assets classified as held for sale amounted to HKD 3,131,215,000 as of June 30, 2024[47] - The liabilities classified as held for sale totaled HKD 3,156,951,000 as of June 30, 2024[48] Cash Flow and Financing - The group had cash and bank balances totaling HKD 115 million as of June 30, 2024[11] - The group failed to repay borrowings totaling HKD 653 million and related interest of HKD 309 million to a financial institution as of June 30, 2024[12] - The group anticipates significant impact on operating performance for the year ending December 31, 2024, due to high interest and refinancing costs[12] - The company has commitments for development and investment properties amounting to HKD 67,202,000 as of June 30, 2024, compared to HKD 66,022,000 as of December 31, 2023[55] - The company is actively seeking alternative financing methods to meet its financial obligations and operational expenditures[67] Revenue Breakdown - Property sales revenue for the six months ended June 30, 2024, was HKD 918 million, a decrease of 19% from HKD 1,132 million in the same period of 2023[24] - Revenue from property leasing, management, and agency services was approximately HKD 101,877,000, down from HKD 137,419,000 in the same period of 2023, mainly due to the cancellation of several leasing and management projects[69] - Hotel operations revenue was HKD 29,493,000, a decrease from HKD 56,333,000 in the same period of 2023, primarily due to a decline in income from the Qingdao Himalaya Hotel[70] - Revenue from discontinued operations for the six months ended June 30, 2024, was HKD 29,493,000, compared to HKD 56,333,000 for the same period in 2023[49] Operational Challenges - The group recorded a pre-tax loss of HKD 623 million from discontinued operations for the six months ended June 30, 2024[11] - There is significant uncertainty regarding the group's ability to continue as a going concern, dependent on successful negotiations with lenders and timely collection of service fees from property development projects[13] - The company anticipates continued pressure on the national real estate market in the second half of 2024, with investment performance expected to remain weak[65] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial information for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards[79] - The company has adopted the corporate governance code as per the listing rules and has taken measures to ensure compliance[81] Employee and Operational Metrics - The group employed approximately 594 employees as of June 30, 2024, an increase from 485 employees as of December 31, 2023[72] - The company is focusing on enhancing its commercial management capabilities and brand value through strategic adjustments in business layout and increased promotional efforts[60] Future Outlook - The company plans to enter a new phase of light asset development, focusing on team development and operational management services as core business[65] - The company aims to enhance its capital structure and optimize asset allocation while controlling localized risks to achieve long-term stable development[65]

Financial Performance - The company recorded a revenue of approximately HKD 380.1 million for the year ended December 31, 2023, a decrease of HKD 16.5 million compared to HKD 396.6 million for the year ended December 31, 2022[7]. - The profit attributable to shareholders was approximately HKD 89.5 million, a significant decrease from HKD 2.88 billion in the previous year, resulting in a basic earnings per share of HKD 0.60 compared to HKD 19.38 in 2022[7]. - The group recorded a pre-tax loss of HKD 52 million for the year ended December 31, 2023[174]. - The net profit for the year was HKD 26,246,000, a significant decline of 99.1% compared to HKD 2,878,338,000 in 2022[188]. - Total revenue for the year ended December 31, 2023, was HKD 380,100,000, a decrease of 4.0% from HKD 396,621,000 in 2022[187]. - Gross profit increased to HKD 257,535,000, up 57.0% from HKD 163,978,000 in the previous year[187]. - The total comprehensive income for the year was HKD 59,329,000, down from HKD 2,981,602,000 in the previous year[188]. - The company reported a financial asset impairment reversal of HKD 441,343,000 compared to a loss of HKD 22,175,000 in 2022[187]. Revenue Sources - The main sources of income during the year were property leasing, management services, and hotel operations, with overall revenue showing improvement due to the easing of COVID-19 restrictions[8]. - The commercial and hotel operations generated a total revenue of approximately RMB 328,068,000 (equivalent to about HKD 363,470,000) with an average commercial occupancy rate of 64% and hotel occupancy rate of 68%[14]. - The property leasing, management, and agency services segment generated revenue of HKD 294.46 million, up from HKD 268.99 million in 2022, indicating stability[27]. - The hotel operations segment saw revenue increase to HKD 85.65 million from HKD 79.25 million in 2022, attributed to higher occupancy rates post-pandemic[28]. Market Conditions - The commercial real estate market showed signs of recovery in major cities, with stabilized rental prices for commercial streets and a rebound in shopping center rents, although office rental demand declined[10]. - The overall economic vitality in the domestic market has improved, but the recovery remains unstable, with a notable decline in long-term housing demand[10]. - The company aims to enhance its commercial capabilities in new consumption and scenarios to explore new development opportunities[20]. Strategic Focus - The company plans to focus on property development, hotel management, and property management services as key business areas, while cautiously advancing existing projects in response to market conditions[11]. - The company aims to cultivate new growth drivers by actively seeking market opportunities and refining its core competitive advantages in property development and management[11]. - The company’s strategic focus includes integrating quality resources to create a stable profit center for service group development[11]. Financial Management - The company is enhancing capital structure and cash flow management through loan extensions and debt restructuring to alleviate repayment pressure[11]. - The group has defaulted on borrowings totaling HKD 687 million and related interest of HKD 337 million[175]. - The total amount of defaulted borrowings classified as current liabilities is HKD 895 million[175]. - The company is actively seeking investors and negotiating property project sales or joint developments, with a relatively optimistic investor sentiment in the post-COVID-19 recovery phase[37]. - The group plans to complete a debt restructuring agreement by the end of 2024, having initiated discussions with related companies in Q1 2024 and advancing to detailed discussions in Q2 2024[43]. Governance and Management - The company is focused on expanding its market presence and enhancing its investment strategies through the expertise of its newly appointed directors[67][68][70][74]. - The board of directors includes a diverse group of professionals with backgrounds in finance, real estate, and management, which is expected to contribute to the company's strategic direction[67][70][74]. - The company aims to strengthen its governance and oversight through the expertise of its independent directors, ensuring compliance and risk management[70][74]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations[123]. Employee and Operational Changes - The group employed approximately 485 staff as of December 31, 2023, down from 592 in 2022, reflecting ongoing cost management efforts[30]. - The group reduced administrative expenses by approximately 40% or HKD 81 million in the fiscal year 2023 through organizational restructuring and relocating its Hong Kong headquarters[37]. Risks and Uncertainties - The company faced significant risks and uncertainties, which are discussed in the management analysis section of the annual report[84]. - The audit committee acknowledges significant uncertainties regarding the company's ability to continue as a going concern, primarily due to defaulted loans and the inability to obtain sufficient supporting information[160]. Future Outlook - The company plans to control administrative costs and seek alternative financing methods to meet existing financial obligations and future operating expenses[160]. - The company aims to accelerate the construction and pre-sale of its development projects, including the Haimen project, to generate cash flow as projected[161].

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 380,100,000, a decrease of 4.3% from HKD 396,621,000 in 2022[3] - Gross profit increased to HKD 257,535,000, up 57.0% from HKD 163,978,000 in the previous year[3] - The net profit for the year was HKD 26,246,000, a significant decline from HKD 2,878,338,000 in 2022[3] - Basic and diluted earnings per share decreased to HKD 0.60 from HKD 19.38 in the prior year[3] - The group reported a significant increase in financing costs, amounting to HKD 134,468 thousand in 2023, compared to HKD 166,706 thousand in 2022[24] - For the year ended December 31, 2023, the company reported a pre-tax loss of HKD 51,929,000 compared to a profit of HKD 2,793,560,000 in 2022, indicating a significant decline in performance[26] - The group recorded a pre-tax loss of HKD 52,000,000 for the year ended December 31, 2023[89] Assets and Liabilities - Total assets decreased to HKD 4,890,860,000 from HKD 6,526,021,000, reflecting a decline of 25.1%[6] - Total liabilities decreased to HKD 3,642,265,000 from HKD 5,336,755,000, a reduction of 31.7%[7] - The company’s total equity increased to HKD 1,248,595,000 from HKD 1,189,266,000, an increase of 4.9%[6] - Current liabilities exceeded current assets by HKD 1,806,000,000 as of December 31, 2023[89] - Total borrowings amounted to HKD 1,769,000,000, including current borrowings of HKD 1,174,000,000[89] Cash Flow and Financing - Cash and bank balances decreased to HKD 122,665,000 from HKD 151,834,000, a decline of 19.2%[6] - The company incurred a financing cost of HKD 239,926,000 in 2023, down from HKD 975,712,000 in 2022, a reduction of approximately 75%[32] - The group is focusing on optimizing its capital structure and improving cash flow through debt restructuring and loan extensions to alleviate repayment pressure[55] - The group is committed to implementing plans to improve liquidity and restructure existing borrowings[91] Defaulted Loans and Financial Obligations - The total amount of defaulted loans and related interest as of December 31, 2023, is HKD 1,306,000,000, which includes HKD 687,000,000 in principal and HKD 337,000,000 in interest from defaulted lenders[12] - The company has defaulted on loans totaling RMB 1,181,000,000 (approximately HKD 1,271,000,000) related to former subsidiaries, which may lead to significant financial obligations if repayments are demanded[15] - The company has classified a total of HKD 895,000,000 in defaulted loans as current liabilities as of December 31, 2023[12] - The group has defaulted on borrowings totaling HKD 687,000,000 and related interest of HKD 337,000,000[90] Revenue Segments - The group reported segment revenue for property sales at HKD 48,377 thousand in 2023, down from HKD 85,645 thousand in 2022, while hotel business revenue decreased to HKD 79,246 thousand from HKD 296,067 thousand[24] - Revenue from property sales was zero in 2023, down from HKD 48,377,000 in 2022, indicating a complete halt in this segment[28] - Hotel business revenue increased to HKD 85,645,000 in 2023 from HKD 79,246,000 in 2022, representing a growth of approximately 5.5%[28] - Property leasing, management, and agency income rose to HKD 294,455,000 in 2023 from HKD 268,998,000 in 2022, an increase of about 9.5%[28] Operational Strategies - The company is actively negotiating with lenders to avoid immediate repayment demands on defaulted loans and is seeking acceptable resolutions regarding the Qingdao defaulted loans[15] - The company plans to utilize bank deposits of HKD 6,112,000 to partially repay the Qingdao defaulted loans[15] - The group is focused on controlling administrative costs and saving capital expenditures to improve its financial situation[71] - The group is committed to enhancing its core project brand strength and profitability to cultivate stable profit contribution centers[64] Market Outlook - The company anticipates that its operating performance for the fiscal year ending December 31, 2024, will be significantly impacted due to high interest rates and refinancing costs[13] - The group anticipates that the real estate industry will remain in an adjustment phase in 2024, with ongoing policy optimization expected to boost market expectations[64] Accounting and Audit - The independent auditor expressed an inability to provide an opinion on the consolidated financial statements due to insufficient audit evidence[88] - The group anticipates no significant impact from newly adopted accounting standards on its financial policies for the current or future periods[19] - The group has not adopted several new accounting standards expected to have no significant impact on its operations in the foreseeable future[21]

3月7日，昔日上海滩大佬戴志康名下位于上海市浦东新区芳甸路599弄15号的别墅，被一位刘姓用户以1.44亿元的价格成功竞拍，较9000万元的 起拍价溢价约60%，折合单价21.14万元/平方米。 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 194,884,000, a slight decrease of 0.15% compared to HKD 195,177,000 in 2022[6] - Gross profit increased to HKD 106,900,000, up 16.6% from HKD 91,656,000 in the previous year[6] - Loss before tax for the period was HKD 187,936,000, significantly improved from a loss of HKD 495,500,000 in 2022[6] - Total comprehensive loss for the period was HKD 104,721,000, compared to HKD 371,257,000 in the same period last year[8] - The company reported a net loss of HKD 187,127,000 for the six months ended June 30, 2023, compared to a net loss of HKD 469,246,000 for the same period in 2022, indicating a reduction in losses[12] - The basic and diluted loss per share for the period was HKD 1.26, an improvement from HKD 3.15 in the previous year[6] - The loss attributable to shareholders was approximately HKD 187,127,000, a reduction of about 60% compared to a loss of HKD 469,246,000 in the previous year[66] Assets and Liabilities - Non-current assets decreased to HKD 4,167,443,000 from HKD 4,382,739,000 at the end of 2022[10] - Current assets decreased to HKD 1,955,814,000 from HKD 2,143,282,000 at the end of 2022[10] - Total liabilities decreased to HKD 5,038,712,000 from HKD 5,336,755,000 at the end of 2022[11] - The company's equity attributable to owners decreased to HKD 890,455,000 from HKD 985,310,000 at the end of 2022[11] - Total assets as of June 30, 2023, amounted to HKD 6,123,257,000, a decrease of 6.2% from HKD 6,526,021,000 as of December 31, 2022[36] - Total segment assets as of June 30, 2023, amounted to HKD 4,659,366,000, with property leasing and management services accounting for HKD 3,218,412,000[34] Cash Flow and Financing - The company reported a significant reduction in financing costs to HKD 333,076,000 from HKD 458,344,000 in the previous year[6] - The company's cash and cash equivalents decreased by HKD 68,836,000 during the period, ending at HKD 86,808,000[14] - Operating cash flow for the six months ended June 30, 2023, was HKD 22,827,000, a significant improvement from a cash outflow of HKD 334,182,000 in the same period of 2022[14] - The company’s interest paid increased significantly to HKD 257,110,000 in 2023 from HKD 80,810,000 in 2022, reflecting higher financing costs[14] - The group reported a financing cost of HKD 333,076,000 for the six months ended June 30, 2023, down from HKD 458,344,000 in the same period of 2022[35] - The group had no taxable profits in Hong Kong for the periods ended June 30, 2023, and June 30, 2022, thus no provision for Hong Kong profits tax was made[37] Borrowings and Defaults - The company is facing defaults on borrowings totaling HKD 1,335,000,000, which includes HKD 643,000,000 from a financial institution and HKD 208,000,000 from a related company[18] - The group has committed to indemnify lenders for borrowings totaling HKD 1,056,507,000 and related interest as of June 30, 2023[57] - The group is actively negotiating with financial institutions to restructure existing loans and secure funding for ongoing property construction[20] - The group has frozen bank deposits of HKD 12,000,000 to repay the defaulted loans[19] - The group reported receivables from former subsidiaries of HKD 1,361,842,000 as of June 30, 2023, an increase from HKD 1,281,285,000 as of December 31, 2022[54] Segment Performance - Total segment revenue for the six months ended June 30, 2023, was HKD 195,835,000, with property sales contributing HKD 1,132,000, property leasing and management services contributing HKD 138,370,000, and hotel business contributing HKD 56,333,000[33] - The property sales segment reported revenue of approximately HKD 1,132,000, a significant decrease from HKD 14,507,000 in the same period last year, primarily due to a reduction in the area of projects deliverable to buyers[85] - The property leasing, management, and agency services segment maintained stable revenue at approximately HKD 137,419,000, compared to HKD 136,489,000 in the previous year[86] - The hotel operations segment saw an increase in revenue to HKD 56,333,000, up from HKD 44,181,000 in the same period last year, attributed to a recovery in occupancy rates post-COVID-19[87] Strategic Initiatives - The group aims to control administrative costs and save on capital expenditures while exploring alternative financing methods to meet its financial obligations[83] - The company is focusing on risk reduction, stable operations, innovation promotion, and development as guiding principles for its strategic transformation[77] - The company plans to enhance its commercial capabilities in new consumption and new scenarios to seek new development opportunities[78] - The group is seeking potential investors for joint development or acquisition of its projects[83] Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards and regulations[105] - All directors have adhered to the standards set forth in the Securities Trading Code during the six months ended June 30, 2023[106] - The board believes the company has complied with the Corporate Governance Code during the six months ended June 30, 2023[107]

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，概不會就本公告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 SHANGHAI ZENDAI PROPERTY LIMITED 上 海 証 大 房 地 產 有 限 公司 （於百慕達註冊成立之有限公司） 755 （股份代號： ） 截至二零二三年六月三十日止六個月 中期業績公告 中期簡明綜合收益表 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 6 194,884 195,177 收入 (87,984) (103,521) 銷售成本 106,900 91,656 毛利 106,783 1,894 其他收入、收益及支出 – (4,825) 金融資產減值虧損淨額 (20,171) (31,231) 銷售及市場推廣支出 (48,372) (95,220) 行政支出 – 570 出售投資物業之收益 7 (333,076) (458,344) ...