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的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 重續持續關連交易 該等物業管理服務協議 茲提述(i)本公司日期為二零二三年九月二十日及二零二三年九月二十七日之公佈，內 容有關先前麗新文創物業管理服務協議；及(ii)本公司日期為二零二二年七月二十九日 之公佈，內容有關（其中包括）先前創新方文化創意物業管理服務協議。 該等物業管理服務協議 鑒於先前麗新文創物業管理服務協議將於二零二五年七月三十一日屆滿，於二零二五 年七月三十一日，創新方商業管理與麗新文創訂立麗新文創物業管理服務協議，以重 續先前麗新文創物業管理服務協議項下擬進行之持續關連交易，直至二零二六年七月 三十一日止，為期一年。 鑒於先前創新方文化創意物業管理服務協議將於二零二五年七月三十一日屆滿，於 二零二五年七月三十一日，創新方商業管理與創新方文化創意訂立創新方文化創意物 業管理服務協議，以重續先前創新方文化創意物業管理服務協議項下擬進行之持續關 連交易，直至二零二六年七月三十一日止，為期一年 ...

L A I S U N G R O U P 麗新集團 Lai Sun Group © All rights reserved 3 2025 Interim Results Presentation Mar 2025 2025 Interim Results Overview L A I S U N G R O U P 麗新集團 Lai Sun Group © All rights reserved Results summary – stability amid uncertain environment Lai Sun Development Company Limited ("LSD") Stock Code: 488 47.23% 55.60% 63.40% The Lam Family Lai Sun Garment (International) Limited ("LSG") Stock Code: 191 eSun Holdings Limited ("eSun") Stock Code: 571 Lai Fung Holdings Limited ("LFH") Stock Code: 112 ...

Group 1: Company Performance - Hu Shang Ayi's stock surged by 62.48% in the dark market, reflecting strong market optimism for its future as a ready-to-drink beverage company, with projected revenues of 2.199 billion, 3.348 billion, and 3.285 billion RMB for 2022, 2023, and 2024 respectively [1] - Lingbao Gold expects a net profit of no less than 250 million RMB for Q1 2025, driven by increased gold production and improved operational efficiency, indicating strong competitiveness in the gold market [2] - BeiGene reported a total revenue of 8.048 billion RMB for Q1 2025, a 50.2% year-on-year increase, although it still posted a net loss of 94.5 million RMB, showing signs of financial improvement [4] Group 2: Market Reactions and Strategic Moves - Fengqiao Capital has liquidated all its shares in Pop Mart due to the expiration of its first RMB fund, which may impact Pop Mart's short-term stock price but does not undermine its strong fundamentals [3] - Lifen Holdings is in discussions regarding potential share reductions to restore public float, indicating a strategic move to enhance investor confidence, though no binding agreements have been reached yet [5] Group 3: Market Overview - The Hang Seng Index closed at 22,691.88 with a slight increase of 0.13%, while the Hang Seng Tech Index and the National Enterprises Index saw declines of 0.75% and 0.23% respectively, reflecting mixed market sentiments [6]

Financial Performance - The company reported a net loss attributable to shareholders of HKD 164 million, an improvement from the loss of HKD 174.5 million in the previous fiscal period, primarily due to a decrease in fair value losses on investment properties[6]. - Adjusted EBITDA was HKD 247 million, a decline of 53.5% compared to the same period last year, attributed to a decrease in property sales[6]. - Total revenue for the six months ended January 31, 2025, was HKD 647,773,000, down 54.0% from HKD 1,409,290,000 in the previous year[18]. - The company reported a net loss of HKD 181,989,000 for the period, compared to a loss of HKD 202,037,000 in the same period last year[19]. - The company reported a basic and diluted loss per share of HKD 0.495, compared to HKD 0.527 in the previous year[7]. - The company reported a net loss attributable to shareholders of HKD 163,989,000 for the six months ended January 31, 2025, compared to a loss of HKD 174,530,000 in the same period of 2024[26]. - The group recorded revenue of HKD 647.8 million, a significant decrease of approximately 54.0% compared to HKD 1,409.3 million in the same period last year[52]. - The group's gross profit decreased by about 51.4% to HKD 330.6 million from HKD 679.7 million in the previous review period[52]. Property Sales and Revenue - Confirmed property sales and other operations amounted to HKD 134.7 million, down 85.2% year-on-year, mainly due to reduced sales of residential units in Zhongshan and Hengqin[6]. - Property sales revenue significantly decreased to HKD 131,197,000, a decline of 85.4% from HKD 897,917,000 in the prior year[18]. - The property development business recorded confirmed sales of HKD 131.2 million, a significant decline of 85.4% compared to HKD 897.9 million in the previous year[96]. Rental Income and Occupancy - Rental income from the leasing portfolio was HKD 513.1 million, with a stable occupancy rate that increased by 2.3% year-on-year despite a pressured market environment[6]. - Investment property rental income increased slightly to HKD 285,316,000, compared to HKD 280,059,000 in the previous year[18]. - The rental income from the company's leasing portfolio of approximately 5,900,000 square feet in key cities remains stable despite economic headwinds[42]. - The rental income from properties held for rental was HKD 366.3 million, an increase of 4.2% from HKD 351.7 million in the previous year[53]. - The occupancy rate for Shanghai Hong Kong Plaza was 92.5%, down from 96.2% in the previous year, while the occupancy rate for Shanghai Mayflower Life Plaza remained high at 98.2%[65]. - The Guangzhou Li Feng International Center saw a significant increase in rental income by 78.6%, with an occupancy rate of 99.0% for retail spaces[65]. Financial Position and Liquidity - Total cash and bank balances as of January 31, 2025, were approximately HKD 1.78 billion, with undrawn bank financing of about HKD 2.61 billion[6]. - The total borrowings remained stable at HKD 10.07 billion as of January 31, 2025, compared to HKD 9.85 billion on July 31, 2024[6]. - Cash and cash equivalents decreased from HKD 1,014,250,000 to HKD 860,300,000, a decline of about 15.1%[9]. - The company has cash and bank balances of HKD 1,783,300,000 as of January 31, 2025, with undrawn loan facilities of HKD 2,612,100,000[115]. - The company is confident in having sufficient liquidity for current property development and investment financing needs[117]. Cost Management and Expenses - Administrative expenses decreased by 7.8% year-on-year due to active cost control measures[6]. - Financing costs decreased by 17.7% to HKD 259.1 million, as the group successfully refinanced certain borrowings at lower interest rates[6]. - The company incurred tax expenses of HKD 109,254 for the six months ended January 31, 2025, significantly lower than HKD 250,226 in the same period of 2024, indicating a decrease of approximately 56.4%[25]. - The company reported a decrease in bank loan interest expenses to HKD 280,447 for the six months ended January 31, 2025, compared to HKD 352,504 in the same period of 2024, reflecting a decline of approximately 20.5%[23]. Development Projects and Future Plans - The company plans to sell assets worth approximately HKD 2 billion over the next two years[6]. - The Hengqin Innovation Park project has been successfully positioned as a cross-border e-commerce industrial park, featuring diverse facilities[42]. - The company has received government approval to develop eight additional residential buildings for affordable rental housing in the second phase of the Hengqin Innovation Square project[44]. - The company anticipates that the residential units and cultural studios in the Hengqin Innovation Square will contribute to revenue in the upcoming fiscal year[45]. - The company is in discussions regarding potential share reductions to restore public float, which currently remains below the minimum requirement set by the stock exchange[46]. Governance and Shareholding Structure - The board of directors consists of 13 members, including 7 executive directors and 6 independent non-executive directors, ensuring diversity in gender, nationality, and professional background[128]. - The company has complied with all corporate governance codes except for a deviation regarding the attendance of the chairman at the annual general meeting[126]. - The company’s governance structure clearly delineates the responsibilities between the chairman and the CEO[129]. - The company’s governance structure includes significant shareholdings by its directors, reflecting strong insider ownership[136]. - Lin Jianyue's stake in Fong Tak Lee Holdings amounts to 1,116,054,515 shares, representing approximately 63.56% of the total issued shares[139].

Financial Performance - The company reported a net loss attributable to shareholders of HKD 164 million, an improvement from a loss of HKD 174.5 million in the previous fiscal period, primarily due to a decrease in fair value losses on investment properties [4]. - Adjusted EBITDA was HKD 247 million, down 53.5% year-on-year, attributed to a decline in property sales [4]. - Total revenue for the six months ended January 31, 2025, was HKD 647,773,000, a decrease of 54.0% compared to HKD 1,409,290,000 for the same period in 2024 [18]. - The group reported a loss of HKD 181,989,000 for the period, compared to a loss of HKD 202,037,000 in the previous year [24]. - The group’s operating profit was HKD 185,463,000, down from HKD 363,063,000 in the previous year, reflecting a decline of 48.9% [24]. - The company reported a basic loss attributable to shareholders of HKD 163,989,000 for the six months ended January 31, 2025, compared to a loss of HKD 174,530,000 for the same period in 2024 [30]. - Total tax expenses for the period amounted to HKD 109,254,000, a decrease of 56.4% from HKD 250,226,000 in the previous year [28]. - The adjusted EBITDA for the group was approximately HKD 247 million for the six months ended January 31, 2025, down from HKD 530.9 million in the same period last year, representing a decrease of about 53.4% [55]. - The group reported an adjusted net loss attributable to the owners of approximately HKD 160.5 million for the six months ended January 31, 2025, compared to a loss of HKD 100.5 million in the previous year, indicating an increase in loss of about 59.7% [58]. Revenue Sources - Rental income generated from the leasing portfolio was HKD 513.1 million, with a stable occupancy rate that increased by 2.3% compared to the same period last year [4]. - Confirmed property sales and other operations amounted to HKD 134.7 million, a significant decline of 85.2% year-on-year, mainly due to reduced sales of residential units in Zhongshan and Hengqin [4]. - Revenue from property sales was HKD 131,197,000, down 85.4% from HKD 897,917,000 in the previous year [18]. - Hotel and serviced apartment operations generated revenue of HKD 146,813,000, slightly down from HKD 149,748,000, a decrease of 1.3% [18]. - The hotel and serviced apartment operations generated revenue of HKD 146.8 million for the six months ending January 31, 2025, a slight decrease of approximately 2.0% compared to HKD 149.8 million in the previous year [91]. - The property development business recorded revenue of HKD 131.2 million for the six months ending January 31, 2025, a significant decline of 85.4% from HKD 897.9 million in the previous year [96]. Asset and Liability Management - Total cash and bank balances as of January 31, 2025, were approximately HKD 1.78 billion, with undrawn bank financing of about HKD 2.61 billion [4]. - The total borrowings remained stable at HKD 10.07 billion as of January 31, 2025, compared to HKD 9.85 billion on July 31, 2024 [4]. - Financing costs decreased by 17.7% to HKD 259.1 million, as the group successfully refinanced certain borrowings at lower interest rates [4]. - The group’s total liabilities were HKD 15,893,246,000, compared to HKD 15,763,659,000 in the previous year, indicating a slight increase [22]. - The debt-to-equity ratio as of January 31, 2025, was approximately 69%, up from 65% on July 31, 2024 [47]. - The maturity profile of borrowings includes HKD 1,541,400,000 due within one year, HKD 3,617,100,000 due in the second year, HKD 2,131,300,000 due in the third to fifth years, and HKD 2,776,000,000 due after five years [119]. - 99% of the borrowings are floating rate, with 65% denominated in RMB, 32% in HKD, and 3% in USD [120]. - The group believes it has sufficient liquidity for property development and investment projects based on cash holdings, available bank financing, and recurring cash flows from operations [121]. Property and Project Developments - The company has successfully positioned its Hengqin Innovation Park project as a cross-border e-commerce industrial park, incorporating diverse facilities such as a multi-functional exhibition center and an international school [41]. - The first phase of the Hengqin Innovation Project has achieved full operational status, with approximately 81% of office units leased out [42]. - The commercial area of the first phase is currently 84% leased, with major tenants including popular brands like HeTea and McDonald's [43]. - The second phase of the Hengqin Innovation Project has received government approval for the development of eight affordable rental housing buildings [43]. - The Hengqin Innovation Square project is positioned as a cross-border e-commerce industrial park, attracting leading domestic e-commerce platforms and technology companies [84]. - The first phase of Hengqin Innovation Square has achieved approximately 81% office unit leasing, with expectations of employee numbers expanding from 1,200 to over 3,000 [86]. - The second phase of Innovation Square has received government approval for the development of eight affordable rental housing buildings, addressing the growing demand in the Hengqin commercial ecosystem [88]. Market Conditions and Future Outlook - The company anticipates continued challenges in the global economic landscape, prompting a cautious approach focused on cost control and cash recovery [37]. - The company expects the rental rates in Shanghai to decline due to oversupply and weak demand in the office market [39]. - The company’s strategy emphasizes regional focus and leasing leadership to maintain high occupancy rates amid economic uncertainties [39]. - The group actively sought new tenants and maintained long-term relationships with existing tenants to sustain current occupancy rates amid a challenging economic environment [62]. - The company is focusing on expanding its presence in the Greater Bay Area, leveraging strategic advantages for future growth [83]. Occupancy and Rental Performance - The occupancy rate for Shanghai Hong Kong Plaza was 92.5% for retail and 87.2% for office as of January 31, 2025, compared to 96.2% and 89.7% respectively for the same period in 2024 [63]. - Guangzhou Li Feng International Center saw a significant revenue increase of 78.6% to HKD 30.9 million for the six months ended January 31, 2025, compared to HKD 17.3 million in 2024 [63]. - The rental revenue for Shanghai Mayflower Life Plaza remained stable at HKD 20.4 million, with a slight increase of 0.5% compared to HKD 20.3 million in the previous year [63]. - The occupancy rate for Guangzhou Li Feng Center was 100% for retail and 89.0% for office as of January 31, 2025, compared to 100% and 86.5% respectively for the same period in 2024 [64]. - The rental revenue for the retail segment in Shanghai Hong Kong Plaza was HKD 83.2 million, slightly down from HKD 83.4 million in the previous year [64]. - The rental revenue for the office segment in Shanghai Li Feng Skyline Center increased to HKD 23.5 million, up from HKD 19.4 million in the previous year [64]. - The occupancy rate for the retail segment in Guangzhou Mayflower Commercial Plaza was 95.0% as of January 31, 2025, compared to 90.0% in the previous year [63]. - The total rental revenue for the six months ended January 31, 2025, was HKD 366.3 million, representing a 4.2% increase compared to HKD 351.7 million for the same period in 2024 [63].

Financial Performance - Revenue for the year ended July 31, 2024, was HKD 2,192.8 million, an increase from HKD 1,800.5 million in the previous year, representing a growth of 21.8%[5] - Gross profit decreased to HKD 890.0 million, with a gross margin of 40.6%, down from HKD 902.0 million and a gross margin of 50.1% in the prior year[5] - Operating profit significantly improved to HKD 869.6 million, with an operating profit margin of 39.7%, compared to HKD 165.5 million and 9.2% in the previous year[5] - The net loss attributable to shareholders was HKD 267.7 million, a reduction from a loss of HKD 584.7 million, resulting in a net loss margin of -12.2% compared to -32.5%[5] - Adjusted EBITDA increased to HKD 782 million, representing a year-on-year growth of 35.7%[6] - The company reported a net loss attributable to shareholders of HKD 267.7 million, an improvement from the previous fiscal year's loss of HKD 584.7 million[6] - The adjusted EBITDA for the fiscal year ending July 31, 2024, is approximately HKD 782 million, compared to HKD 576.1 million for the previous year, representing a 35.7% increase[13] - The group incurred a loss before tax of HKD 233,944,000, compared to a loss of HKD 430,928,000 in the prior year, indicating an improvement in financial performance[90] - The group reported a net loss of HKD 349,165,000 for the year, an improvement from a loss of HKD 689,353,000 in the previous year[90] Assets and Liabilities - Total assets attributable to shareholders decreased to HKD 12,319.2 million from HKD 12,777.9 million[5] - Net debt stood at HKD 7,996.1 million, down from HKD 8,146.5 million, indicating improved financial leverage[5] - The current ratio improved to 2.3 from 1.7, reflecting better short-term financial health[5] - Total capital resources of the group were approximately HKD 4,787.5 million, including cash and bank balances of about HKD 1,857.1 million[6] - Total borrowings decreased to HKD 9,853.2 million, a reduction of 7.2% year-on-year[6] - The group has total liabilities of HKD 15,763,659,000, down from HKD 17,608,568,000 in the previous year, reflecting a reduction in debt levels[94] - The group holds cash and bank balances of HKD 1,857,100,000, with 78% in RMB, 20% in HKD, and 2% in USD, indicating a diversified currency exposure[86] Rental and Property Income - Rental income from the leasing portfolio was HKD 995.4 million, up 11.3% year-on-year, maintaining stable occupancy rates[6] - The group's rental income for the year ended July 31, 2024, reached HKD 715.7 million, an increase of approximately 11.1% compared to HKD 644.4 million in the previous fiscal year[35] - The total rental income from properties in Guangzhou increased by 305.7% to HKD 43.0 million for the year ended July 31, 2024[38] - The overall rental income from the group's major properties showed a stable performance despite a challenging economic environment and ample market supply[34] Market and Economic Conditions - The geopolitical instability and high inflation pressures continue to pose challenges to the global economic outlook, affecting business activities[18] - The GDP growth target for mainland China in 2024 is approximately 5.0%, reflecting challenges from economic slowdown[19] - In May 2024, mainland China's housing prices fell at the fastest rate in nearly a decade due to oversupply and shrinking demand[19] - The central government has implemented various measures to stabilize the real estate market, including lowering down payment requirements and mortgage rates[19] Development Projects - The group achieved significant breakthroughs in the e-commerce center established by Hengqin Innovation, with the first phase fully operational[6] - The "Hengqin Innovation Park" project has been officially approved, positioning Hengqin as a strategic hub for cross-border e-commerce development[22] - The second phase of the Innovation Park has received government approval for the development of eight residential buildings for affordable rental housing, addressing the growing demand in the area[26] - The group is currently selling remaining units in the Zhongshan Palm Rainbow Garden and cultural studios in the first phase of the Innovation Park, which are expected to contribute to future revenue[26] Employee and Workforce Management - The group employed approximately 1,500 employees as of July 31, 2024, emphasizing the importance of a stable workforce for ongoing success[89] - The employee turnover rate stands at 37%, indicating a focus on attracting, training, and retaining talent[137] - A total of over 48,000 training hours were provided to employees, emphasizing the importance of lifelong learning and skill development[147] - The group conducts performance evaluations biannually in July and December, with outstanding employees receiving promotions and salary increases[148] Environmental, Social, and Governance (ESG) Initiatives - The company has identified nine sustainable development goals that are most relevant to its business operations and has outlined its contributions in the ESG report[101] - The company systematically assesses ESG-related risks and develops risk mitigation plans as part of its broader enterprise risk management process[105] - The group has established qualitative environmental goals for property investment, including reducing energy consumption, greenhouse gas emissions, and waste generation[110] - The company aims to achieve international green building certifications for its properties, with Shanghai Hong Kong Plaza preparing to submit for LEED certification[116] Community Engagement and Social Responsibility - The company actively participates in local community activities, demonstrating its commitment to social welfare and positive community impact[176] - The company donated RMB 10,000 to the Green Beauty Guangzhou Ecological Construction Special Fund and raised RMB 20,000 during a charity walk in Zhongshan[175] - The company has established policies to understand community needs and ensure business activities consider community interests[197] Customer Satisfaction and Quality Management - Customer satisfaction scores for nine surveyed properties in Shanghai, Guangzhou, Hengqin, and Zhongshan exceeded 94%[156] - The latest customer satisfaction score for the Shanghai Ascott Huaihai Road serviced apartment reached 97 points[160] - The company has implemented a standard complaint handling guideline to ensure professional management of customer complaints[157] - The company has obtained various quality management and excellence service certifications for multiple properties, ensuring compliance with industry best practices[155]

Financial Performance - The company reported a net loss attributable to shareholders of HKD 267.7 million, an improvement from the previous fiscal year's loss of HKD 584.7 million[2]. - Adjusted EBITDA increased to HKD 782 million, representing a year-on-year growth of 35.7%[2]. - The total revenue for the group was HKD 2,285,763 thousand in 2024, up from HKD 1,896,845 thousand in 2023, indicating an increase of approximately 20.5%[11]. - The operating profit for the year was HKD 869,633 thousand, a significant increase from HKD 165,513 thousand in the previous year[12]. - The company reported a loss of HKD 349,165 thousand for the year, an improvement from a loss of HKD 689,353 thousand in 2023[12]. - The total tax expense for the year was HKD 583,109,000, up from HKD 258,425,000 in 2023, marking an increase of approximately 125%[21]. - The net loss attributable to the company's owners was approximately HKD 267,700,000, a significant reduction from HKD 584,700,000 in the previous fiscal year[32]. - The adjusted net loss attributable to the company's owners, excluding fair value gains/losses on investment properties and other non-cash and non-recurring items, was HKD 332,000,000[37]. Revenue Sources - Rental income generated from the leasing portfolio was HKD 995.4 million, up 11.3% year-on-year, maintaining stable occupancy rates[2]. - Property sales revenue rose to HKD 1,182,350 thousand in 2024, compared to HKD 887,025 thousand in 2023, reflecting a growth of 33.3%[12]. - Rental income from investment properties increased by 11.1% to HKD 715.7 million, with hotel and serviced apartment operations contributing positively[32]. - The hotel and serviced apartment operations contributed revenue of HKD 279.7 million for the year ending July 31, 2024, representing an increase of approximately 11.8% compared to HKD 250.2 million in 2023[53]. Cost Management - Administrative expenses decreased by 26.4% year-on-year due to effective cost control measures[2]. - Other operating expenses net decreased by 39.2% year-on-year[2]. - The company reported a decrease in depreciation expenses for property, plant, and equipment from HKD 142,928,000 in 2023 to HKD 103,701,000 in 2024, a reduction of approximately 27.5%[16]. Assets and Liabilities - Total assets minus current liabilities increased to HKD 26,027,552 thousand in 2024 from HKD 25,899,365 thousand in 2023, representing a growth of 0.5%[5]. - Total assets decreased from HKD 30,117,758,000 in 2023 to HKD 28,466,883,000 in 2024, representing a decline of approximately 5.5%[14]. - The total liabilities decreased from HKD 17,608,568,000 in 2023 to HKD 15,763,659,000 in 2024, representing a decline of about 10.5%[14]. - The total borrowings decreased to HKD 9,853.2 million, down 7.2% year-on-year[2]. - The group has approximately HKD 4,787.5 million in total funding resources, including cash and bank balances of about HKD 1,857.1 million[2]. Market Conditions - The company noted a challenging global economic outlook due to geopolitical tensions, trade disputes, and inflationary pressures, which may continue to impact growth and business activity[26]. - The real estate sector remains sluggish, with property prices in mainland China experiencing the fastest decline in nearly a decade as of May 2024, prompting government measures to stabilize the market[27]. - The company expressed cautious optimism regarding long-term business prospects in mainland China, particularly in the vibrant Greater Bay Area[27]. Development Projects - The e-commerce center established in Hengqin has achieved significant breakthroughs, with the first phase fully operational[2]. - The second phase has made significant progress, particularly in the development of affordable rental housing, with local government approval for eight additional buildings[2]. - The first phase of the Hengqin Innovation Park has opened, with about 76% of office units leased, including a major tenant expected to increase its workforce from 1,200 to over 3,000[29]. - The second phase of the Hengqin Innovation Park has received government approval for eight buildings to be developed as affordable rental housing, addressing the growing demand in the commercial ecosystem[29]. Financial Health - The group’s cash flow forecast indicates sufficient operational funding for the next 12 months, supported by available unused loan financing and recurring cash flows from operations[7]. - The company has no proposed final dividend for the year ended July 31, 2024, consistent with the previous year[26]. - The debt-to-equity ratio as of July 31, 2024, was approximately 65%, slightly up from 64% in 2023, indicating a cautious approach to financial management[30]. - The net debt to equity ratio was approximately 65% as of July 31, 2024, compared to 64% in the previous year[68]. Investor Relations - The company has established an active communication strategy with investors, including regular meetings with analysts and institutional investors[72]. - The audit committee, composed of four independent non-executive directors, has reviewed the consolidated financial performance for the year ending July 31, 2024[73]. - The preliminary financial results for the year ending July 31, 2024, have been verified by the company's auditor, Ernst & Young, ensuring consistency with the consolidated financial statements[74]. - The annual general meeting is scheduled for December 13, 2024, with the annual report to be published in mid-November 2024[75].

Financial Performance - The company reported a loss of HKD 202,037,000 for the six months ended January 31, 2024, compared to a loss of HKD 222,578,000 for the same period in 2023, indicating an improvement in performance [21]. - Total comprehensive expenses for the period amounted to HKD 273,139,000, down from HKD 370,330,000 in the previous year, reflecting a reduction of approximately 26.2% [21]. - The company experienced a foreign exchange loss of HKD 71,102,000 during the reporting period, compared to a loss of HKD 123,966,000 in the previous year [21]. - The company reported a decrease in reserves from HKD 11,122,731 as of July 31, 2023, to HKD 10,896,064 as of January 31, 2024, a decline of about 2.04% [29]. - The company’s total liabilities decreased from HKD 2,268,708 as of July 31, 2023, to HKD 2,992,051 as of January 31, 2024, indicating a reduction of approximately 31.83% [29]. - The company reported a net loss attributable to the company's owners for the six months ended January 31, 2024, was HKD 174.5 million, slightly improved from a loss of HKD 176.9 million in the prior year [112]. - The basic and diluted loss per share for the period was HKD 0.527, compared to HKD 0.535 in the previous year, showing a marginal improvement [49]. Revenue and Profitability - Total revenue for the six months ended January 31, 2024, was HKD 1,409,290,000, representing an increase from HKD 1,002,365,000 in the same period last year, a growth of approximately 40.5% [41]. - Gross profit for the period was HKD 679,747,000, up from HKD 474,844,000, indicating a gross margin improvement [49]. - Operating profit increased significantly to HKD 363,063,000 from HKD 189,902,000, reflecting a growth of approximately 91.1% [49]. - The total revenue from property management operations was HKD 1,129,231,000, an increase from HKD 750,306,000 in the previous period [66]. - Revenue from theme park operations was HKD 71,688,000, up from HKD 9,878,000 in the previous period [66]. - The property development business recorded revenue of HKD 897.9 million for the six months ended January 31, 2024, a significant increase of 57.4% compared to HKD 570.5 million in the same period last year [173]. Cash Flow and Liquidity - The company recorded cash and cash equivalents of HKD 1,193,734 as of January 31, 2024, down from HKD 1,599,442 as of July 31, 2023, indicating a decrease of about 25.38% [37]. - The net cash outflow from operating activities for the six months ended January 31, 2024, was HKD 450,681, compared to HKD 506,991 for the same period in the previous year, reflecting a reduction of approximately 11.09% [36]. - The net cash flow from operating activities for the six months ended January 31, 2024, was HKD 167,392,000, an improvement from a cash outflow of HKD 192,160,000 in the previous period [56]. - The net cash flow used in investing activities was HKD (337,553,000), a decrease from HKD 1,096,250,000 in the previous period [57]. - The net cash flow used in financing activities was HKD (280,520,000), compared to HKD (1,411,081,000) in the previous period [58]. - As of January 31, 2024, the company had cash on hand of approximately HKD 2,151,600,000 and undrawn loan facilities of HKD 3,091,800,000 [130]. Shareholder and Ownership Structure - The company’s major shareholder, Lisheng Development Limited, holds a 55.08% stake, indicating significant control over the company [2]. - The company has not disclosed any other entities or individuals holding 5% or more voting rights in the shareholder register as of January 31, 2024 [4]. - The company’s net asset value attributable to shareholders was HKD 12,551,200,000, with a slight decrease in net asset value per share from HKD 38.60 to HKD 37.92 [134]. Cost Management and Operational Efficiency - The company’s executive directors and management have had their salaries reduced by 5% to 70% effective February 1, 2024, as part of cost management measures [12]. - The company incurred interest income of HKD 20,542 for the six months ended January 31, 2024, down from HKD 30,196 in the prior year, a decrease of about 32.06% [34]. - The company incurred interest expenses of HKD 352,504,000 for bank loans during the six months ended January 31, 2024, compared to HKD 245,026,000 in the previous year [90]. Market and Economic Conditions - The average exchange rate for RMB during the reporting period depreciated by approximately 3.0% compared to the previous year [116]. - The company is facing challenges in the office leasing business due to economic slowdown in China, leading to a slight increase in vacancy rates and a decrease in rental prices [124]. - The company maintains a cautious optimism regarding the long-term sustainability of the business environment in China, particularly in the Greater Bay Area [102]. Future Outlook and Development - The company is optimistic about the ongoing development of the Hengqin-Macau cooperation zone, which is expected to enhance tourism and contribute to long-term performance [83]. - New properties, including the second phase of the Hengqin Innovation Center, are expected to contribute to revenue in the upcoming fiscal year [125]. - The group plans to consider expanding its land reserves based on macroeconomic conditions and existing business in first-tier cities and the Greater Bay Area [104].

Financial Performance - Revenue for the six months ended January 31, 2024, was HKD 1,409,290,000, an increase of 40.6% compared to HKD 1,002,365,000 for the same period in 2023[2] - Operating profit for the same period was HKD 363,063,000, up 91.1% from HKD 189,902,000 in the previous year[2] - The company reported a loss attributable to owners of the company of HKD 202,037,000, a slight improvement from a loss of HKD 222,578,000 in the prior year[2] - Basic and diluted loss per share was HKD 0.527, compared to HKD 0.535 for the same period last year[8] - The company experienced a total comprehensive expense of HKD 273,139,000, compared to HKD 370,330,000 in the prior year[16] - The company reported a loss attributable to shareholders of HKD 174,530,000 for the six months ended January 31, 2024, compared to a loss of HKD 176,944,000 for the same period in 2023[21] Assets and Liabilities - Non-current assets totaled HKD 22,823,139,000, a decrease from HKD 23,007,187,000 as of July 31, 2023[5] - Current assets amounted to HKD 6,339,173,000, down from HKD 7,110,571,000 in the previous period[5] - Total assets less current liabilities were HKD 26,166,455,000, an increase from HKD 25,899,365,000[6] - The company’s total liabilities as of January 31, 2024, were HKD 16,170,261,000[39] - The company’s current liabilities as of January 31, 2024, were HKD 1,343,588,000, a decrease from HKD 1,730,450,000 as of July 31, 2023[25] Revenue Sources - Revenue from property sales was HKD 897,917,000, up from HKD 570,476,000, representing a 57.3% increase year-over-year[45] - Rental income from investment properties increased to HKD 280,059,000 from HKD 252,059,000, marking an 11.1% growth[45] - Rental income increased by 18.5% to HKD 501.5 million, while property sales surged by 57.4% to HKD 897.9 million, contributing to the overall revenue growth[71] Development Projects - The group is currently developing the second phase of the Hengqin Innovation Project, which is expected to provide 1,585,000 square feet of office space and commercial facilities[51] - Approximately 83% of the leasable area in the first phase of the Hengqin Innovation Project has been leased, contributing significantly to the group's rental income[51] - The group anticipates that the ongoing development of the Hengqin-Macau cooperation zone will enhance its long-term performance[51] Economic Environment - The geopolitical tensions and high-interest rates are expected to continue impacting global economic recovery, affecting the group's business environment[48] - The group faced challenges in the office leasing business due to economic slowdown, leading to a slight increase in vacancy rates and a decrease in rental prices[49] - The hotel business in mainland China showed significant recovery after the relaxation of COVID-19 restrictions, despite ongoing economic slowdowns[77] Cash and Financing - As of January 31, 2024, the company had cash on hand of approximately HKD 2,151,600,000 and undrawn loan facilities of HKD 3,091,800,000, with a debt-to-equity ratio of 63%[61] - The total borrowings of the company as of January 31, 2024, amount to HKD 9,998,400,000, a decrease of HKD 619,800,000 from July 31, 2023[144] - The company maintains a net debt to equity ratio of approximately 63% as of January 31, 2024[144] Occupancy and Leasing - The occupancy rates for major properties as of January 31, 2024, included 96.2% for Shanghai Hong Kong Plaza and 100.0% for Shanghai Mayflower Life Plaza[78] - The average occupancy rate for the Shanghai Huaxin Hotel was 78.3%, with an average room rate of HKD 426[110] - The average occupancy rate for the Shanghai Kai Xin Garden reached 95%, with a total building area of approximately 82,100 square feet[89] Strategic Initiatives - The group plans to expand its market presence through strategic acquisitions and new developments in key urban areas[86] - The company is actively discussing potential share sales by core related parties to restore public float levels, which currently remain below the minimum requirements[61] - The group is actively pursuing new leasing opportunities in the Shanghai Kai Xin Garden, which recently received LEED Gold certification[83] Governance and Management - The board consists of seven executive directors and six independent non-executive directors, ensuring a diverse governance structure[161] - The group employs approximately 1,700 staff, with competitive salary levels and performance-based promotions[157] - The group actively engages in investor relations, maintaining communication with analysts and institutional investors through various meetings[159]

Financial Performance - For the fiscal year ending July 31, 2023, the group recorded revenue of HKD 1,800,500,000, a decrease of approximately 28.4% compared to HKD 2,515,800,000 in the previous fiscal year[12] - Property sales revenue decreased by 45.4% to HKD 887,000,000 from HKD 1,624,700,000, significantly impacting overall performance[13] - The net loss attributable to shareholders was approximately HKD 584,700,000, compared to a net loss of HKD 134,500,000 in the previous fiscal year, indicating a substantial increase in losses[15] - The loss per share was HKD 1.766, compared to HKD 0.406 in the previous year, reflecting the increased financial strain[16] - The group's gross profit decreased by 30.4% to HKD 902,000,000 from HKD 1,296,900,000, highlighting challenges in maintaining profitability[12] - The company reported a loss attributable to owners of HKD 584.7 million for the year ended July 31, 2023, compared to a loss of HKD 134.5 million in the previous year, representing a significant increase in losses[17] - The net asset value attributable to owners decreased from HKD 14,606.4 million as of July 31, 2022, to HKD 12,777.9 million as of July 31, 2023, reflecting a decline of approximately 12.5%[19] - The company did not recommend the payment of a final dividend for the year ended July 31, 2023, consistent with the previous year[20] Rental Income and Property Management - Rental income increased by 2.2% to HKD 894,600,000 from HKD 875,100,000, showing resilience in this segment[13] - The rental income from the leasing portfolio of approximately 5,900,000 square feet remained stable despite a weak performance during the year[24] - The average exchange rate of the Renminbi depreciated by about 7.3% compared to the previous year, but rental income in Renminbi increased significantly by 10.3% to RMB 800.8 million[44] - The occupancy rate for the Shanghai Hong Kong Plaza retail segment improved to 91.5% from 87.2% in the previous year, while the office segment increased to 90.8% from 85.9%[45] - The rental revenue from the Hengqin Innovation Phase I increased significantly by 113.7% to HKD 130.8 million in 2023, compared to HKD 61.2 million in 2022[49] - The rental revenue from the Guangzhou Richbond Plaza decreased by 21.7% to HKD 21.3 million in 2023, down from HKD 27.2 million in 2022[49] - The total rental revenue for the year ended July 31, 2023, was HKD 894.6 million, representing a 2.2% increase from HKD 875.1 million in the previous year[47] Development Projects - The first phase of the Hengqin Innovation Project has achieved approximately 83% leasing of available rental space, with major tenants including themed indoor experience centers and various entertainment facilities[25] - The company is currently developing the second phase of the Hengqin Innovation Project, which is expected to provide a total area of 2,519,900 square feet for commercial and entertainment facilities[25] - New properties expected to contribute to revenue include the Hengqin Harrow School and additional office and serviced apartment buildings in the second phase of the Innovation Park[29] - The group has completed all residential units in the Shanghai Wuliqiao project, with 13 parking spaces still available for sale[26] Financial Position and Debt - As of July 31, 2023, the company had cash on hand of approximately HKD 2,471.7 million, down from HKD 4,142.6 million the previous year[33] - The net debt to equity ratio increased to 64% from 53% in the previous year, indicating a higher leverage position[33] - The total borrowings of the group as of July 31, 2023, amounted to HKD 10,618,200,000, a decrease of HKD 1,321,500,000 compared to HKD 11,939,700,000 as of July 31, 2022[102] - The capital debt ratio, defined as net debt to net asset value, was approximately 64% as of July 31, 2023, compared to 53% in the previous year[102] Environmental, Social, and Governance (ESG) Initiatives - The report covers the group's performance in environmental, social, and governance (ESG) aspects from August 1, 2022, to July 31, 2023[121] - The board emphasizes the importance of ESG issues for long-term business success and has approved the group's environmental goals, which will be reviewed annually[123] - The group identifies ten sustainable development goals that are most relevant to its business and outlines contributions in the report[121] - The company aims to reduce energy consumption, greenhouse gas emissions, and waste generation as part of its environmental sustainability goals[135] - The company has implemented an environmental management system and standards across its property portfolio to enhance environmental performance[140] - The company has received various green building certifications, including ISO 14001:2015 and LEED certifications for several properties[140] Employee and Workplace Policies - The employee turnover rate for the group was reported at 47% as of July 31, 2023[170] - The total training hours provided by the company exceeded 27,000 hours, emphasizing the importance of continuous learning and skill enhancement for employees[184] - The company has established effective policies and complaint mechanisms to promote a diverse and inclusive workplace, ensuring employee confidentiality[173] - The company provides various non-monetary benefits, including vaccination leave, additional holidays, and annual health check-ups, to enhance employee well-being[176] - The company actively implements health and safety measures, including regular safety training and the appointment of safety officers on construction sites[180] Customer Satisfaction and Feedback - The company maintains a high customer satisfaction rate, with all properties in Shanghai, Guangzhou, and Zhongshan achieving satisfaction scores of 97% or above in customer surveys[197] - The company received a total of 43 complaints across properties in Guangzhou, Zhongshan, and Shanghai during the reporting year[199] - Customer satisfaction score reached 80% based on the latest data collected from a survey sent to customers after check-out in May 2023[200] - The company has established a customer feedback system, including a suggestion box and a customer service hotline, to understand customer expectations[199]