Financial Performance - The group's unaudited consolidated revenue for the first half of 2024 was HKD 5.417 billion, an increase of 8.6% compared to HKD 4.989 billion in the same period last year[3]. - The unaudited consolidated operating profit was HKD 130.53 million, a decrease of 6.3% from HKD 139.25 million year-on-year[3]. - The unaudited consolidated profit attributable to shareholders was HKD 57.73 million, down 2.4% from HKD 59.13 million in the previous year[3]. - Gross profit for the same period was HKD 240,971,000, down 16.7% from HKD 289,624,000 in 2023[19]. - The operating profit decreased to HKD 130,533,000, a decline of 6.2% from HKD 139,252,000 in the previous year[19]. - The net profit attributable to the company's shareholders was HKD 57,727,000, a decrease of 2.4% compared to HKD 59,132,000 in 2023[19]. - Segment profit, including share of losses from joint ventures, was 97,038 thousand for the first half of 2024, down from 116,662 thousand in 2023, indicating a decline of about 16.9%[27]. Revenue Breakdown - The revenue from the food biological segment was HKD 4.429 billion, accounting for 81.8% of the group's total revenue, with a year-on-year increase of 15.6%[5]. - Sales of food biological products amounted to HKD 4,357,394,000, up 16.1% from HKD 3,753,369,000 in the previous year[25]. - The tinplate business generated revenue of HKD 979 million, a decrease of 14.7% compared to the previous year, with a segment profit decline of 71.0% to HKD 14.98 million[6]. - The revenue from tinplate products decreased to HKD 979,256,000, down 14.8% from HKD 1,147,796,000 in the prior year[25]. - The property leasing segment reported an occupancy rate of 82.6%, down 8.0% year-on-year, with revenue of HKD 8.65 million, a decrease of 13.5%[7]. - The rental income from property leasing was HKD 8,649,000, down from HKD 9,997,000 in the previous year[25]. Assets and Liabilities - As of June 30, 2024, the group's total assets were HKD 4.703 billion, while total liabilities were HKD 1.913 billion, reflecting a decrease in both compared to the end of 2023[9]. - The group's cash and cash equivalents amounted to HKD 736 million, a decrease of 28.9% from the end of 2023, with 80.7% in RMB[10]. - Total assets as of June 30, 2024, were 4,702,840 thousand, slightly decreased from 4,789,001 thousand as of December 31, 2023, reflecting a reduction of approximately 1.8%[28]. - Total liabilities decreased to 1,913,144 thousand as of June 30, 2024, from 1,993,356 thousand at the end of 2023, a decline of about 4.0%[28]. - The company's total assets less current liabilities stood at HKD 3,370,148,000, a decrease from HKD 3,424,192,000 at the end of 2023[21]. - The net asset value was HKD 2,789,696,000, a slight decrease from HKD 2,795,645,000 at the end of 2023[21]. Cash Flow and Expenditures - The capital expenditure for the first half of 2024 was HKD 23.42 million, with an estimated total capital expenditure for the year projected at HKD 51.90 million[11]. - The cost of acquiring and relocating property, plant, and equipment for the six months ended June 30, 2024, was HKD 23,420,000, a significant decrease from HKD 259,432,000 in the same period of 2023[38]. - The net cash and cash equivalents as of June 30, 2024, were HKD 736,175,000, a decrease of 29.0% from HKD 1,035,928,000 at the end of 2023[21]. - The available bank financing as of June 30, 2024, was HKD 3,303,849,000, slightly down from HKD 3,308,374,000 as of December 31, 2023[44]. Employee and Operational Metrics - The group employed 1,462 full-time employees as of June 30, 2024, a decrease of 3.8% from 1,520 employees at the end of 2023[16]. - The company is focusing on innovation and quality in its food biotechnology business, aiming for sustainable development and market expansion in the Guangdong-Hong Kong-Macao Greater Bay Area[17]. - The group is enhancing its risk management and optimizing core business strategies to ensure stable growth amid global economic uncertainties[17]. Dividends and Shareholder Information - The company maintained a mid-term dividend of HKD 9,076,000, unchanged from the previous year[19]. - The interim dividend declared for the period was 9,076 thousand, consistent with the same amount declared in the previous year[35]. - The board declared an interim dividend of HKD 0.01 per share for 2024, consistent with the interim dividend of HKD 0.01 per share in 2023[47]. Compliance and Governance - The mid-term performance announcement is published on the Hong Kong Stock Exchange website and the company's website[51]. - The board of directors includes three executive directors and three independent non-executive directors[51]. - The announcement date is August 30, 2024, indicating a timely update for shareholders[51]. - The company is committed to ensuring the accuracy of the information provided in the report[51]. - The chairman of the board is Chen Ben Guang, highlighting leadership continuity[51]. - The board composition suggests a balanced governance structure with both executive and independent members[51].

Financial Performance - For the first quarter of 2024, the company's unaudited consolidated revenue was HKD 2,398.67 million, an increase of 3.0% compared to HKD 2,329.72 million in the same period last year[3]. - The company's unaudited consolidated operating profit for the first quarter of 2024 was HKD 51.25 million, a decrease of 5.5% from HKD 54.23 million year-on-year[3]. - The unaudited consolidated profit attributable to shareholders for the first quarter of 2024 was HKD 9.65 million, down 41.1% from HKD 16.37 million in the same period last year[3]. Asset Management - Total assets as of March 31, 2024, were HKD 4,649.09 million, a decrease of 2.9% from HKD 4,789.00 million at the end of December 2023[3]. Business Segments - The food biological business generated revenue of HKD 1,942.00 million in the first quarter of 2024, an increase of 8.7% year-on-year, with a market share of approximately 49% in the live pig market in Hong Kong[7]. - The live pig slaughter volume exceeded 760,000 heads in the first quarter of 2024, representing a year-on-year increase of 16.4%[7]. - The tinplate business produced 69,000 tons of products in the first quarter of 2024, an increase of 9.5% year-on-year, but sales decreased by 4.5% to 63,000 tons[9]. - Revenue from the tinplate business was HKD 453.00 million, a decrease of 16.0% compared to the same period last year, with segment profit down 75.7%[9]. Valuation and Challenges - The company recorded an investment property valuation loss of HKD 0.84 million in the current period, whereas there was no valuation loss in the same period last year[10]. - The company anticipates ongoing challenges in the food biological business due to falling pig prices and fluctuations in demand and raw material prices in the tinplate business[11].

Financial Performance - Revenue for 2023 reached 10,385,807 thousand, an increase of 25.1% compared to 8,311,752 thousand in 2022[30]. - Gross profit for 2023 was 568,992 thousand, slightly up from 558,379 thousand in 2022, indicating a stable gross margin[30]. - Operating profit for 2023 was 278,222 thousand, compared to 277,034 thousand in 2022, showing a marginal increase[30]. - Net profit for the year was 92,777 thousand, down 39.3% from 153,036 thousand in 2022[31]. - Basic earnings per share decreased to 7.3 cents from 14.9 cents in the previous year[30]. - Total comprehensive income for the year was 47,097 thousand, a significant recovery from a loss of 94,906 thousand in 2022[31]. - Pre-tax profit for 2023 was 145,087 thousand HKD, a decrease of 28.5% compared to 203,078 thousand HKD in 2022[65]. - Financing costs increased to 26,324 thousand HKD in 2023 from 19,195 thousand HKD in 2022, representing a rise of 37.5%[65]. - Depreciation expenses rose to 111,333 thousand HKD in 2023, up from 83,650 thousand HKD in 2022, an increase of 33.2%[65]. - The company reported a foreign exchange loss of 15,520 thousand HKD in 2023, compared to a gain of 48,202 thousand HKD in 2022[65]. - The total loss from joint ventures was 127,053 thousand HKD in 2023, compared to 56,436 thousand HKD in 2022, indicating a significant increase of 125.0%[65]. Assets and Liabilities - Non-current assets increased to 2,219,337 thousand from 2,200,745 thousand in 2022, reflecting growth in property, plant, and equipment[32]. - Current assets decreased to 2,569,664 thousand from 2,683,261 thousand in 2022, primarily due to a reduction in cash and cash equivalents[32]. - Total liabilities increased to 1,993,356 thousand from 1,721,256 thousand in 2022, driven by higher bank borrowings[33]. - Total equity remained stable at 2,795,645 thousand, slightly up from 2,783,913 thousand in 2022[33]. - As of December 31, 2023, total assets amounted to HKD 2,795,645,000, with liabilities of HKD 459,651,000[64]. Inventory Management - The total inventory value as of December 31, 2023, was recorded at HKD 486.3 million, accounted for at the lower of cost and net realizable value[23]. - A reversal of inventory impairment amounting to HKD 6.7 million was recognized in the consolidated income statement for the year ended December 31, 2023[23]. - The company experienced a decrease in inventory by 34,303 thousand HKD in 2023, contrasting with an increase of 75,277 thousand HKD in 2022[65]. - Inventory is recorded at the lower of cost and net realizable value, with costs calculated using the weighted average cost method[186][187]. - The net realizable value is estimated as the selling price in the ordinary course of business minus the estimated costs to complete production and sale[188]. - Any impairment losses on inventory are recognized as expenses in the period they occur, and reversals of impairment losses are recognized in the period they are reversed[188]. Internal Control and Governance - The board is committed to maintaining an effective internal control and risk management system to protect shareholder investments and achieve corporate objectives[10]. - The company has implemented procedures to prevent insider trading and ensure compliance with securities trading regulations[13]. - The company aims to enhance corporate governance and compliance management levels, establishing relevant systems and supervision mechanisms[14]. - The audit committee held four meetings during the year to review the group's full-year performance for 2022, mid-year performance for 2023, and quarterly results[8]. - The audit committee focused on the impact of changes in accounting policies and practices, ensuring compliance with accounting standards, listing rules, and legal requirements[8]. - The company has established an audit department to enhance internal controls and risk management, which will review the effectiveness of these systems annually[137]. - The audit committee will report any significant internal control deficiencies or fraud directly to the board or the audit committee[137]. - The company will assess the effectiveness of its internal control and risk management systems covering the fiscal year ending December 31, 2023[137]. - The board expressed satisfaction with the effectiveness and adequacy of the internal control and risk management systems in place[168]. - The company has arranged appropriate and effective directors' and officers' liability insurance for its directors and senior management[158]. Compliance and Reporting - The independent auditor's report covers the consolidated financial statements for the year ended December 31, 2023[20]. - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[39]. - The company has adopted new and revised Hong Kong Financial Reporting Standards, which do not have a significant impact on the financial statements[42]. - The company has not adopted any new standards or interpretations that were not yet effective during the reporting period[42]. - The company confirmed that it adheres to appropriate accounting policies and has made prudent and reasonable judgments in preparing the financial statements[167]. - The group must prepare interim financial reports in accordance with Hong Kong Accounting Standard No. 34 for the first six months of the fiscal year[185]. Revenue Recognition - Revenue is recognized when control of the product or service is transferred to the customer, excluding VAT or other sales taxes[177]. - The company applies the practical expedient under HKFRS 15, recognizing revenue when the customer obtains and accepts the product, typically within six months of acceptance[179]. - Revenue is classified as income generated from the sale of goods, provision of services, or leasing of the group's assets[199]. Accounting Policies and Estimates - The company has reviewed its accounting policies and estimates, ensuring compliance with the latest standards and guidelines[40]. - The company confirmed that the expected credit loss is measured as the present value of all expected cash shortfalls, with significant deterioration in debtor performance being a key factor[154]. - The current income tax is calculated based on the taxable income for the year, adjusted for any prior year tax liabilities[192]. - The group recognizes provisions when there is a legal or constructive obligation that is expected to result in an outflow of economic benefits[197]. - Impairment losses are recognized when the carrying amount of an asset exceeds its recoverable amount, with specific allocation methods for cash-generating units[183]. - The company has a policy for recognizing interest income using the effective interest method, which reflects the rate that discounts expected future cash flows to the asset's carrying amount[182]. Lease and Rental Income - The group capitalizes lease liabilities at the present value of lease payments discounted at the internal rate of return or incremental borrowing rate[95]. - The fair value of refundable rental deposits is recorded separately from the right-of-use assets, with any difference recognized as additional lease payments[96]. - The group does not separate lease and non-lease components in contracts but accounts for them as a single lease component[94]. - The group recognizes rental income from operating leases based on the relevant accounting policies[99]. - Investment properties are defined as land and/or buildings held to earn rental income and/or for capital appreciation[111]. - The cost of right-of-use assets includes the initial amount of lease liabilities, lease payments made before or at the lease commencement date, and initial direct costs incurred[119].

Financial Performance - The company's consolidated revenue for the year ended December 31, 2023, was HKD 10.39 billion, an increase of 25.0% from HKD 8.31 billion in 2022[13]. - Consolidated operating profit was HKD 278.22 million, a slight increase of 0.4% compared to HKD 277.03 million in 2022[23]. - Shareholders' profit attributable to the company was HKD 65.92 million, a decrease of 51.4% from HKD 135.67 million in 2022[23]. - Basic earnings per share were HKD 0.073, down 51.0% from HKD 0.149 in 2022[23]. - Net profit for 2023 was HKD 92,777, a decrease of 39.3% from HKD 153,036 in 2022[42]. - The profit for the year was HKD 92,777, a decrease of 39.3% from HKD 153,036 in 2022[89]. - The total comprehensive income for the year amounted to HKD 47,097, compared to a loss of HKD 94,906 in the previous year[89]. - The company reported a total equity of HKD 2,795,645,000, slightly up from HKD 2,783,913,000 in the previous year[100]. Dividends - The company declared an interim dividend of HKD 0.01 per share, consistent with 2022, and proposed a final dividend of HKD 0.02 per share, also unchanged from the previous year[23]. - The board proposed a final dividend of HKD 0.02 per share for the fiscal year 2023, subject to shareholder approval at the annual general meeting[25]. - The proposed final dividend per share increased to 2.0 cents in 2023 from 1.5 cents in 2022, representing a growth of 33.3%[120]. Revenue Segments - The food and biological business segment reported revenue of HKD 8.12 billion, a year-on-year increase of 48.2%, with segment profit rising 33.9% to HKD 204 million[20]. - Revenue from Mainland China was HKD 9,064,873 in 2023, representing a growth of 33.5% from HKD 6,794,760 in 2022[88]. - The group’s revenue from Hong Kong was HKD 809,087 in 2023, up from HKD 528,200 in 2022, marking a growth of 53.2%[88]. - Sales of food biological products amounted to HKD 7,933,711,000, up 50% from HKD 5,296,634,000 in the previous year[100]. - The tinplate segment generated revenue of HKD 2,250,537,000, a decrease of 20% from HKD 2,816,329,000 in 2022[100]. Assets and Liabilities - Total assets as of December 31, 2023, were HKD 4.789 billion, while total liabilities decreased to HKD 1.993 billion, resulting in a net current asset value increase from HKD 962 million to HKD 1.205 billion[34]. - The company’s net current assets increased to HKD 1,204,855,000 from HKD 962,005,000, reflecting a growth of 25.3%[100]. - Total assets minus current liabilities rose to HKD 3,424,192,000, compared to HKD 3,162,750,000 in 2022, indicating an increase of 8.3%[100]. - The group’s total non-current assets in 2023 were HKD 2,133,433, slightly up from HKD 2,115,337 in 2022[88]. Cash Flow and Financing - The company reported a net cash position of HKD 122 million as of December 31, 2023, a decrease of 47.7% from the previous year[35]. - Cash and cash equivalents as of December 31, 2023, were HKD 1,036 million, a decrease of 14.5% from the previous year[60]. - The company’s total cash and cash equivalents were 1,035,928 thousand HKD in 2023, down from 1,211,631 thousand HKD in 2022, a decrease of 14.5%[125]. - The utilized bank financing amount was 1,164,667,000 TWD in 2023, compared to 1,228,182,000 TWD in 2022[163]. - The amount drawn from bank financing was 733,608,000 TWD in 2023, down from 913,486,000 TWD in 2022[163]. Market Conditions and Outlook - The outlook for 2024 indicates potential opportunities and challenges due to a complex international environment and geopolitical tensions, but the company anticipates further recovery in the Chinese economy[17]. - The company faced challenges in the pig farming sector due to low prices and disease outbreaks, leading to increased losses from joint ventures in this area[20]. Strategic Initiatives - The company acquired a 51% stake in Guangdong Yuhai Food Co., Ltd. to enhance its fresh food distribution and retail operations in mainland China[15]. - The company purchased a retail property in Chai Wan to expand its retail business in Hong Kong[15]. - The group plans to invest approximately HKD 37.14 million in capital expenditures for 2024[61]. - The group has strengthened its research and tracking of the foreign exchange market to mitigate risks associated with the fluctuating RMB to USD exchange rate[64]. Employee and Operational Metrics - The company’s workforce increased by 84 employees to a total of 1,520, with 245 employees in Hong Kong and 1,275 in mainland China[41]. - The group’s slaughter volume exceeded 3.09 million heads in 2023, representing a 118.0% increase year-on-year[53].

Financial Performance - The company's revenue for the first half of 2023 reached HKD 4,989,459,000, a 47.6% increase compared to HKD 3,379,641,000 in the same period last year[6]. - Operating profit for the same period was HKD 139,252,000, reflecting a 7.7% increase from HKD 129,249,000 year-on-year[7]. - Shareholders' profit attributable to the company decreased by 4.7% to HKD 59,132,000, down from HKD 62,051,000 in the previous year[7]. - The fresh food segment generated revenue of HKD 3,831,666,000, accounting for 76.8% of total revenue, with a year-on-year increase of 114.2%[9]. - The fresh food segment's profit increased by 53.0% to HKD 59,845,000, compared to HKD 39,104,000 in the previous year[9]. - The tinplate business saw a revenue decline of 27.4% to HKD 1,147,796,000, with a segment profit decrease of 26.6% to HKD 51,639,000[12]. - The property leasing business reported a rental income of HKD 9,997,000, a decrease of 7.4% year-on-year, but achieved a segment profit increase of 6.1% to HKD 5,178,000[14]. - Net profit for the period was HKD 71,736, slightly down from HKD 72,084, indicating a decrease of 0.5%[36]. - The company reported a profit of HKD 59,132,000 for the six months ended June 30, 2023, compared to HKD 62,051,000 for the same period in 2022, reflecting a decrease of approximately 4.9%[42]. - The company reported a total comprehensive income of HKD (16,004) for the period, compared to HKD (45,139) in the previous year, indicating an improvement[37]. - Total comprehensive income for the period was a loss of HKD 24,237,000, compared to a loss of HKD 47,265,000 in the previous year, indicating an improvement[44]. Assets and Liabilities - The group's total assets as of June 30, 2023, were HKD 4,816,424,000, with total liabilities of HKD 2,076,956,000, representing a decrease of HKD 67,582,000 and HKD 23,137,000 respectively compared to the end of 2022[17]. - Total assets as of June 30, 2023, were HKD 5,542,424, a decrease from HKD 5,537,006 as of December 31, 2022[39][40]. - Non-current assets increased to HKD 2,307,867 from HKD 2,200,745, showing a growth of 4.9%[39]. - Current liabilities decreased to HKD 1,584,851 from HKD 1,721,256, a reduction of 7.9%[40]. - The total liabilities increased to HKD 2,076,956,000 from HKD 2,100,093,000 at the end of 2022, indicating a reduction of 1.1%[59]. - Cash and cash equivalents amounted to HKD 937,644,000, a decrease of 22.6% from the end of 2022, with 81.3% in RMB and 3.8% in USD[18]. - Cash and cash equivalents decreased to HKD 937,644,000 as of June 30, 2023, from HKD 1,211,631,000 as of December 31, 2022, a decline of 22.5%[75]. - Business receivables increased to HKD 448,548,000 as of June 30, 2023, from HKD 382,941,000 as of December 31, 2022, representing a rise of 17.1%[71]. - Business payables decreased to HKD 133,174,000 as of June 30, 2023, from HKD 188,941,000 as of December 31, 2022[81]. - The group reported a total of HKD 985,292,000 in business and other payables as of June 30, 2023, compared to HKD 969,461,000 as of December 31, 2022[81]. Capital Expenditure and Investments - Capital expenditure for the first half of 2023 was HKD 259,432,000, significantly up from HKD 98,238,000 in the same period of 2022[19]. - The group anticipates total capital expenditure for 2023 to be approximately HKD 336,040,000[19]. - The group has committed a total investment of RMB 100 million (approximately HKD 108,460,000) in a limited partnership focused on non-listed companies in the food and agriculture sectors[20]. - The total cost of acquiring and relocating property, plant, and equipment was HKD 259,432,000 for the six months ended June 30, 2023, compared to HKD 98,238,000 in 2022, indicating a substantial increase of 164.5%[67]. - The company invested HKD 244,429,000 in property, plant, and equipment during the period, compared to HKD 97,078,000 in the previous year, indicating a focus on expansion[46]. Dividends and Shareholder Returns - The company announced an interim dividend of HKD 0.01 per share, consistent with the previous year[8]. - The company declared dividends amounting to HKD 18,152,000 for the period, compared to HKD 13,614,000 in the previous year, representing an increase of approximately 33.5%[42]. - The board has declared an interim dividend of HKD 0.01 per share for 2023, consistent with the previous year[134]. - The final dividend for the previous fiscal year was approved at HKD 0.02 per ordinary share, totaling HKD 18,152,000, an increase from HKD 13,614,000 in the prior year[86]. Operational Strategies and Market Position - The company maintained a market share of approximately 47% in the live pig supply market, contributing to overall profitability[10]. - The company is actively seeking new market opportunities and enhancing product competitiveness through innovation and supply chain management[13]. - The group plans to optimize its capital layout and structure in the fresh food business, aiming to enhance resource allocation quality and efficiency[29]. - The group aims to strengthen its risk management and adjust operational strategies to ensure sustainable business development amid global economic pressures[30]. - The company continues to focus on expanding its fresh food and tinplate product segments as part of its growth strategy[54]. Employee and Management Costs - Employee costs rose to HKD 164,574,000 for the six months ended June 30, 2023, compared to HKD 132,230,000 in 2022, marking an increase of 24.4%[61]. - The total remuneration for key management personnel for the six months ended June 30, 2023, was HKD 2,043,000, an increase from HKD 1,613,000 in 2022[108]. - The group’s short-term employee benefits for key management personnel increased to HKD 1,623,000 in 2023 from HKD 1,365,000 in 2022[108]. - The group's retirement benefit expenses for the six months ended June 30, 2023, amounted to HKD 12,494,000, an increase from HKD 11,176,000 for the same period in 2022[98]. Compliance and Governance - The company has maintained compliance with the Corporate Governance Code as per the listing rules during the six months ending June 30, 2023[120]. - The company has confirmed that all directors complied with the standard code of conduct for securities transactions during the six months ending June 30, 2023[121]. - The group maintained a strong compliance monitoring system for its financial covenants, ensuring no violations were reported[79]. - The group had no breaches of covenants related to drawn credit facilities as of June 30, 2023[79]. Financing and Borrowings - The available bank financing amount for working capital and business financing was HKD 3,452,334,000, an increase from HKD 2,850,332,000 at the end of 2022[18]. - The total bank borrowings as of June 30, 2023, were HKD 865,883,000, a slight decrease from HKD 913,486,000 as of December 31, 2022[78]. - Unsecured borrowings from a related company amounted to HKD 32,538,000 due within one year and HKD 63,334,000 due after one year, with interest rates of 3.0%[84]. - The outstanding principal for Loan Financing 1 as of June 30, 2023, is HKD 100 million[131]. - The outstanding principal for Loan Financing 2 as of June 30, 2023, is HKD 400 million[132]. - The outstanding principal for Loan Financing 3 as of June 30, 2023, is HKD 550 million[133].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於香港註冊成立的有限公司) (股份代號: 01203) 截至2023年6月30日止六個月 之中期業績公告 粵海廣南（集團）有限公司（「本公司」）之董事（「董事」）會（「董事會」） 欣然提呈本公司及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月之 中期業績。 截至 6 月 30 日止六個月未經審核之財務摘要 2023年 2022年 千港元 千港元 變動 收入 4,989,459 3,379,641 47.6% ...

Corporate Governance - The board held a total of twelve meetings during the year ended December 31, 2022[1] - The nomination committee held two meetings to assess the board's structure and diversity policy during the year ended December 31, 2022[14] - The company aims to enhance corporate governance and transparency by publishing unaudited quarterly financial information during the fiscal year ended December 31, 2022[17] - The company emphasizes the importance of a diverse board for achieving strategic goals and sustainable development[6] - The company has established a clear organizational structure with designated authority and responsibility boundaries[18] Financial Performance - Total revenue for 2022 was HKD 8,311,752 thousand, a significant increase from HKD 4,855,567 thousand in 2021, reflecting a growth of approximately 71.5%[46] - Gross profit for 2022 was HKD 558,379 thousand, compared to HKD 463,453 thousand in 2021, indicating a gross margin improvement[46] - Operating profit for 2022 reached HKD 277,034 thousand, up from HKD 155,302 thousand in 2021, representing an increase of 78.3%[46] - The net profit attributable to equity holders for 2022 was HKD 135,673 thousand, compared to HKD 54,062 thousand in 2021, marking an increase of 150.5%[46] - Basic and diluted earnings per share for 2022 were both 14.9 cents, compared to 6.0 cents in 2021, reflecting a substantial increase[46] Assets and Equity - Total assets as of December 31, 2022, amounted to HKD 3,162,750 thousand, compared to HKD 3,038,448 thousand in 2021, showing growth in asset base[50] - The company reported a total equity of HKD 2,783,913 thousand as of December 31, 2022, down from HKD 2,908,329 thousand in 2021, indicating a decrease in total equity[51] - The company's total equity as of December 31, 2022, was HKD 2,783,913,000, compared to HKD 2,784,408,000 at the end of 2021, showing a slight decrease[54] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to HKD 1,211,631 thousand in 2022 from HKD 969,210 thousand in 2021, reflecting improved liquidity[50] - The operating cash flow for 2022 was HKD 203,078,000, significantly higher than HKD 81,195,000 in 2021, indicating improved operational efficiency[57] - The net increase in cash and cash equivalents was HKD 290,899 thousand, up from HKD 59,452 thousand in the prior year, showcasing significant liquidity improvement[58] Investments and Acquisitions - The acquisition of Yuehai Food Zhuhai was identified as a key audit matter due to its significant impact on the consolidated financial statements[27] - The company acquired 100% of the equity of Guangdong Food (Zhuhai) for a consideration of RMB 186.1 million (equivalent to HKD 208.4 million) as of December 31, 2022[38] - The acquisition resulted in goodwill of HKD 60.5 million, which represents the excess of the consideration paid over the fair value of identifiable net assets acquired[38] Financial Liabilities and Costs - The company experienced a significant increase in financing costs, which rose to HKD 19,195,000 in 2022 from HKD 704,000 in 2021[57] - Bank borrowings increased significantly to HKD 611,158 thousand in 2022 from HKD 271,628 thousand in 2021, indicating a strategic move to leverage debt for growth[58] - Non-current liabilities from bank borrowings rose to HKD 217,586 thousand in 2022, up from HKD 72,207 thousand in the previous year, reflecting increased long-term financing[71] Taxation and Deferred Tax - The company reported a significant increase in deferred tax assets and liabilities, with the assessment of their recoverability conducted at each reporting period end[198] - Deferred tax assets are only recognized if it is probable that sufficient taxable profits will be available to utilize the tax benefits[198] - The current tax liabilities and deferred tax liabilities are presented separately, with no offsetting allowed[199] Inventory and Cost Management - The company reported a decrease in inventory increase to HKD 75,277,000 in 2022 from HKD 152,375,000 in 2021, suggesting better inventory management[57] - Inventory is recorded at the lower of cost and net realizable value, with any impairment losses recognized in the period they occur[173] Accounting Policies and Standards - The company has not adopted any new accounting standards that would significantly impact the financial reporting for the current or prior periods, ensuring consistency in financial statements[62] - The group recognizes right-of-use assets at cost, which includes the initial amount of lease liabilities and any initial direct costs incurred[96] - The group measures expected credit losses as a probability-weighted estimate of credit losses, calculated as the present value of all expected cash shortfalls[158]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (於香港註冊成立的有限公司) (股份代號: 01203) 截至2022年12月31日止年度 之全年業績公告 截至 12 月 31 日止年度之財務摘要 2022年 2021年 千港元 千港元 變動 收入 8,311,752 4,855,567 71.2% 經營溢利 277,034 155,302 78.4% ...

Financial Performance - For the nine months ended September 30, 2022, the company's unaudited consolidated revenue was HKD 5,814,620,000, an increase of 76.9% compared to HKD 3,286,849,000 in the same period last year[3] - The operating profit for the same period was HKD 226,383,000, reflecting a 99.8% increase from HKD 113,279,000 year-on-year[3] - The profit attributable to shareholders was HKD 122,247,000, which is a 130.2% increase compared to HKD 53,105,000 in the previous year[3] Assets and Equity - The total assets as of September 30, 2022, were HKD 4,396,781,000, a 3.4% increase from HKD 4,250,775,000 at the end of 2021[3] - The equity attributable to shareholders decreased by 4.9% to HKD 2,549,021,000 from HKD 2,679,224,000[3] Business Segments - The fresh food business generated revenue of HKD 3,488,146,000, a significant increase of 238.6% year-on-year[7] - The fresh food segment's profit increased by 56.3% to HKD 94,908,000 despite a loss of HKD 26,606,000 from two joint ventures[7] - The tinplate business produced 221,000 tons of products, a decrease of 8.0%, while sales were 226,000 tons, down 6.6% year-on-year[9] - The tinplate segment recorded revenue of HKD 2,312,139,000, a slight increase of 3.1%, with segment profit rising by 104.0% to HKD 122,196,000[9] Market Challenges - The company anticipates ongoing challenges due to price fluctuations in pork and demand variability in the tinplate sector[11]

Financial Performance - The company's revenue for the first half of 2022 was HKD 3,379,641,000, an increase of 78.4% compared to HKD 1,894,942,000 in the same period last year[14]. - Operating profit rose to HKD 129,249,000, reflecting a 96.0% increase from HKD 65,940,000 year-on-year[14]. - Shareholders' profit attributable to the company was HKD 62,051,000, up 31.6% from HKD 47,146,000 in the previous year[12]. - Basic earnings per share increased to HKD 0.068, a 30.8% rise from HKD 0.052 in the same period last year[12]. - Gross profit for the same period was HKD 292,818,000, up 58.4% from HKD 185,172,000 year-on-year[43]. - The net profit attributable to the company's shareholders was HKD 62,051,000, a 31.5% increase from HKD 47,146,000 in the prior year[43]. - The company reported a consolidated profit before tax of HKD 93,212,000, up from HKD 60,025,000 in the previous year, indicating a growth of 55.2%[80]. Revenue Breakdown - Fresh food business revenue accounted for 52.9% of total revenue, amounting to HKD 1,788,677,000, a significant increase of 242.5% year-on-year[16]. - Revenue from tinplate business accounted for 46.8% of the group's total revenue, with total revenue of HKD 1,580,164,000, an increase of HKD 218,167,000 or 16.0% year-on-year[20]. - Fresh food sales surged to HKD 1,719,719,000, a remarkable increase of 272.5% from HKD 461,524,000 in the prior year[76]. - Sales of tinplate products amounted to HKD 1,580,164,000, up 16.0% from HKD 1,361,997,000 in the previous year[79]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.010 per share, unchanged from the previous year[13]. - The group declared an interim dividend of HKD 9,076,000 for the period, maintaining the same dividend per share of 1.0 cent as in the previous year[115]. Assets and Liabilities - Total assets as of June 30, 2022, were HKD 4,245,357,000, a slight decrease of 0.1% from HKD 4,250,775,000 at the end of 2021[8]. - Total liabilities increased to HKD 1,480,180,000 from HKD 1,342,446,000 at the end of 2021, representing an increase of 10.3%[82]. - Shareholders' equity decreased by 1.2% to HKD 2,648,134,000 from HKD 2,679,224,000 at the end of 2021[8]. - The company's inventory increased to HKD 575,813,000, compared to HKD 478,919,000 in the previous year, marking a rise of 20.2%[52]. Cash Flow and Financing - The group’s cash and cash equivalents as of June 30, 2022, were HKD 756,550,000, a decrease of 21.9% from the end of 2021[25]. - The cash used in operating activities for the six months ended June 30, 2022, was HKD (114,741,000), compared to HKD (53,756,000) for the same period in 2021, indicating a significant increase in cash outflow[62]. - The company’s financing activities generated a net cash inflow of HKD 24,879,000 for the six months ended June 30, 2022, compared to HKD 169,237,000 in the same period of 2021[62]. - The group’s available bank financing as of June 30, 2022, was HKD 2,756,405,000, an increase from HKD 2,018,038,000 at the end of 2021[27]. Operational Highlights - The company processed over 530,000 live pigs in the first half of 2022, contributing to new profit growth points[15]. - The group successfully opened a slaughterhouse in Nanhai, Foshan, contributing to stable operations and profitability in the fresh food sector[38]. - The group plans to strengthen its fresh food business by investing in an integrated supply chain platform, focusing on the Guangdong-Hong Kong-Macao Greater Bay Area[37]. Strategic Initiatives - The group aims to enhance its operational efficiency and profitability through strategic adjustments in response to economic challenges, including the impact of the COVID-19 pandemic[38]. - The company continues to implement a performance-based bonus incentive mechanism for management, linking bonuses to net cash inflow and after-tax profit[35]. - The group is committed to exploring new business models, including e-commerce and new retail strategies, to drive growth in the fresh food sector[37]. Employee and Operational Costs - Employee costs increased to HKD 132,230,000 for the six months ended June 30, 2022, compared to HKD 107,412,000 in the previous year, reflecting a rise of about 23.1%[87]. - Research and development expenses surged to HKD 59,756,000 in the first half of 2022, up from HKD 17,786,000 in the same period of 2021, marking an increase of approximately 236.5%[87]. Other Financial Metrics - The company recorded a foreign exchange loss of HKD 109,316,000 during the period, impacting overall comprehensive income negatively[57]. - The company reported a tax expense of HKD 21,128,000 for the six months ended June 30, 2022, compared to HKD 6,023,000 in the same period of 2021, representing an increase of approximately 251.5%[87]. - The total comprehensive income for the period was a loss of HKD 45,139,000, a significant decline from a gain of HKD 72,342,000 in the previous year[49].