[Corporate Information](index=2&type=section&id=Corporate%20information) This section provides fundamental company details, including board composition, key personnel, and auditor information - The report provides basic company information, including board members, committee structures, company secretary, stock code (**1215**), principal registered office, and auditor (**Ernst & Young**)[2](index=2&type=chunk)[3](index=3&type=chunk) [Report on Review of Interim Condensed Consolidated Financial Information](index=4&type=section&id=Report%20on%20review%20of%20interim%20condensed%20consolidated%20financial%20information) Ernst & Young reviewed the interim financial information for the six months ended June 30, 2024, without expressing an audit opinion, concluding no material misstatements - Auditor Ernst & Young reviewed the company's interim financial information for the six months ended June 30, 2024, in accordance with Hong Kong Standard on Review Engagements 2410, without expressing an audit opinion[4](index=4&type=chunk)[6](index=6&type=chunk) - The auditor found no matters suggesting the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[7](index=7&type=chunk) [Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Interim%20condensed%20consolidated%20financial%20statements) This section presents the company's interim condensed consolidated financial statements, detailing its financial performance and position [Interim Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20profit%20or%20loss) The company achieved a turnaround in the first half of 2024, reporting a profit of approximately **HKD 7.9 million**, driven by increased hotel revenue and reduced finance costs Interim Condensed Consolidated Statement of Profit or Loss (HKD thousands) | Indicator | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 143,797 | 135,076 | +6.5% | | **Gross Profit** | 30,849 | 30,767 | +0.3% | | **Profit/(Loss) Before Tax** | 9,544 | (1,402) | Turnaround to profit | | **Profit/(Loss) for the Period** | 7,925 | (1,169) | Turnaround to profit | | **Basic Earnings/(Loss) Per Share** | 0.06 HK cents | (0.01) HK cents | Turnaround to profit | [Interim Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20comprehensive%20income) The company reported a total comprehensive loss of approximately **HKD 38.3 million** in the first half of 2024, primarily due to other comprehensive losses Interim Condensed Consolidated Statement of Comprehensive Income (HKD thousands) | Indicator | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | | :--- | :--- | :--- | | **Profit/(Loss) for the Period** | 7,925 | (1,169) | | **Other Comprehensive (Loss)/Income for the Period** | (46,272) | 5,522 | | **Total Comprehensive (Loss)/Income for the Period** | (38,347) | 4,353 | [Interim Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20financial%20position) As of June 30, 2024, total assets were approximately **HKD 3.6 billion** and net assets were approximately **HKD 1.89 billion**, with a net current liability position of **HKD 332 million** Interim Condensed Consolidated Statement of Financial Position (HKD thousands) | Indicator | June 30, 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | **Total Non-Current Assets** | 2,360,873 | 2,449,946 | | **Total Current Assets** | 1,239,134 | 1,218,100 | | **Total Assets** | 3,600,007 | 3,668,046 | | **Total Current Liabilities** | 1,570,731 | 1,594,944 | | **Net Current Liabilities** | (331,597) | (376,884) | | **Net Assets** | 1,889,475 | 1,927,822 | | **Total Equity** | 1,889,475 | 1,927,822 | [Interim Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20changes%20in%20equity) Total equity decreased to **HKD 1.89 billion** by June 30, 2024, primarily due to other comprehensive losses from cash flow hedges and foreign currency translation - Total equity decreased by **HKD 38.3 million** in the first half of 2024, primarily due to a **HKD 17.6 million** cash flow hedge loss and a **HKD 28.6 million** exchange difference loss, partially offset by a **HKD 7.9 million** profit for the period[16](index=16&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Interim%20condensed%20consolidated%20statement%20of%20cash%20flows) The company generated **HKD 59.1 million** in net cash from operating activities in H1 2024, with cash and cash equivalents increasing to **HKD 938 million** Interim Condensed Consolidated Statement of Cash Flows (HKD thousands) | Indicator | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | | :--- | :--- | :--- | | **Net Cash Flows from Operating Activities** | 59,109 | 53,385 | | **Net Cash Flows from Investing Activities** | 21,078 | 126,966 | | **Net Cash Flows Used in Financing Activities** | (17,433) | (34,788) | | **Net Increase in Cash and Cash Equivalents** | 62,754 | 145,563 | | **Cash and Cash Equivalents at End of Period** | 938,253 | 853,232 | [Notes to the Interim Condensed Consolidated Financial Information](index=13&type=section&id=Notes%20to%20the%20interim%20condensed%20consolidated%20financial%20information) This section provides detailed notes on the financial statements, covering preparation basis, segment data, revenue, borrowings, and related party transactions [2.1 Basis of Preparation](index=13&type=section&id=2.1%20BASIS%20OF%20PREPARATION) Despite **HKD 332 million** in net current liabilities, management believes the company can continue as a going concern due to sufficient cash, shareholder support, and expected loan renewal - Despite **HKD 331.6 million** in net current liabilities, management believes the company can prepare financial statements on a going concern basis, supported by **HKD 938 million** in cash, a major shareholder's financial support commitment, and expected renewal of a **EUR 175 million** bank loan due in October 2024[20](index=20&type=chunk)[21](index=21&type=chunk)[23](index=23&type=chunk) [3. Segment Information](index=15&type=section&id=3.%20SEGMENT%20INFORMATION) The company operates two main segments: hotel operations and financing business, with all revenue from the hotel segment, which turned profitable in H1 2024 Segment Performance (HKD thousands) | Segment | H1 2024 Revenue (HKD thousands) | H1 2024 Segment Profit/(Loss) (HKD thousands) | H1 2023 Segment Profit/(Loss) (HKD thousands) | | :--- | :--- | :--- | :--- | | **Hotel Operations** | 143,797 | 3,801 | (2,609) | | **Financing Business** | – | (467) | (504) | | **Total** | 143,797 | 3,334 | (3,113) | [4. Revenue, Other Income and Gains](index=17&type=section&id=4.%20REVENUE,%20OTHER%20INCOME%20AND%20GAINS) Total revenue for H1 2024 was **HKD 143.8 million**, entirely from French hotel services, with accommodation contributing **HKD 123.5 million** and F&B **HKD 17.4 million** Revenue Breakdown (HKD thousands) | Revenue Type | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | | :--- | :--- | :--- | | Provision of Accommodation Services | 123,481 | 117,288 | | Provision of Food and Beverage Services | 17,392 | 15,136 | | Other Services | 2,924 | 2,652 | | **Total Revenue from Contracts with Customers** | **143,797** | **135,076** | [12. Interest-Bearing Bank Borrowings](index=23&type=section&id=12.%20INTEREST-BEARING%20BANK%20BORROWINGS) A **EUR 175 million** bank loan, secured by hotel properties, is due on October 14, 2024, with its floating interest rate hedged to fixed via swap contracts - A critical bank loan of **EUR 175 million**, secured by the Group's hotel properties, is due on October 14, 2024[42](index=42&type=chunk) - The company uses interest rate swap contracts to hedge the loan's interest rate risk, converting the floating rate (**EURIBOR + 2.2%**) to a fixed rate (**0.19% + 2.2%**)[42](index=42&type=chunk)[43](index=43&type=chunk) [16. Related Party Transactions and Balances](index=27&type=section&id=16.%20RELATED%20PARTY%20TRANSACTIONS%20AND%20BALANCES) The company provided a loan to an associate, with a net balance of approximately **HKD 107 million** after impairment, and recognized an impairment loss of **HKD 1.5 million** this period - As of June 30, 2024, the outstanding loan balance to an associate was **HKD 106.8 million** (after an impairment provision of **HKD 105 million**)[54](index=54&type=chunk) - An impairment loss of **HKD 1.544 million** was recognized on this loan during the period, compared to **HKD 3.515 million** in the prior period[53](index=53&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20discussion%20and%20analysis) This section provides management's review of business performance, future outlook, and liquidity, highlighting key operational and financial developments [Business Review](index=29&type=section&id=BUSINESS%20REVIEW) In H1 2024, the Group's total revenue grew by **6.5%** to **HKD 143.8 million**, achieving a net profit of **HKD 7.9 million** due to improved hotel performance and reduced costs - The Group turned from a **HKD 1.2 million** loss in the prior period to a **HKD 7.9 million** profit this period, primarily due to increased other income and gains, reduced finance costs from **HKD 24.9 million** to **HKD 20.8 million**, and lower expected credit loss provisions on associate loans from **HKD 3.5 million** to **HKD 1.5 million**[60](index=60&type=chunk) [Hotel Operation](index=31&type=section&id=Hotel%20Operation) Hotel operations revenue increased by **6.5%** to **HKD 143.8 million**, turning a **HKD 2.6 million** loss into a **HKD 3.8 million** profit, driven by Paris tourism recovery and Olympic effects Hotel Operating Metrics | Operating Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Occupancy** | 78.9% | 72.9% | | **Average Room Rate** | €545 | €559 | | **RevPAR** | €430 | €408 | [Equity Investment and Other Investment](index=32&type=section&id=Equity%20Investment%20and%20Other%20Investment) The company is managing two investment recovery matters, including a loan to an associate in pre-restructuring and a **HKD 97.8 million** convertible bond with **HKD 35 million** already recovered - The pledged assets related to the loan to an associate are undergoing court-approved pre-restructuring procedures, with the company awaiting further developments[69](index=69&type=chunk) - A settlement agreement has been reached for the matured convertible bonds (**HKD 97.8 million** principal), with **HKD 35 million** recovered to date and **HKD 62.8 million** outstanding[71](index=71&type=chunk)[72](index=72&type=chunk) [Prospects](index=33&type=section&id=PROSPECTS) The company faces challenges from inflation and geopolitics while planning hotel renovations, negotiating the **EUR 175 million** loan renewal, and exploring new business investment opportunities - A core task involves negotiating the renewal of the **EUR 175 million** bank loan due in October 2024[73](index=73&type=chunk) - The Board is reviewing a proposal for Phase II renovation of the remaining hotel rooms and internal facilities at the Paris Marriott Hotel[73](index=73&type=chunk) - The Board will continue to review its asset portfolio and explore investment opportunities in new business segments to enhance shareholder returns[73](index=73&type=chunk) [Liquidity and Financial Resources](index=35&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2024, the Group held **HKD 938 million** in cash, with **HKD 332 million** in net current liabilities and a debt-to-asset ratio of **40.4%** Liquidity and Financial Resources | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Cash and Bank Balances** | Approx. HKD 938 million | Approx. HKD 884 million | | **Net Current Liabilities** | Approx. HKD 332 million | Approx. HKD 377 million | | **Debt-to-Asset Ratio** | 40.4% | 41.0% | [Shareholding and Corporate Governance](index=36&type=section&id=Shareholding%20and%20Corporate%20Governance) This section details major shareholder interests, the share option scheme, and the company's corporate governance practices and compliance [Persons Holding 5% or More Interests in Shares and Underlying Shares](index=36&type=section&id=PERSONS%20HOLDING%205%25%20OR%20MORE%20INTERESTS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) The report lists major shareholders holding **5%** or more of the company's shares, including Mr. Sun Yongfeng, Jia Liang Investment, and Mr. Zhang Heyi Major Shareholder Interests | Shareholder Name | Shareholding Percentage | | :--- | :--- | | Mr. Sun Yongfeng and his spouse Ms. Meng Ya | 15.65% | | Jia Liang Investment Limited | 14.61% | | Mr. Zhang Heyi | 10.96% | | Mr. Hu Yishi | 10.17% | | Ms. Lu Xiaomei | 5.89% | | Mr. Du Shuanghua | 5.54% | [Share Option Scheme](index=37&type=section&id=SHARE%20OPTION%20SCHEME) A new 10-year share option scheme was adopted in 2022, with no options granted or exercised to date, and **10%** of issued shares available for issuance - No share options have been granted since the 2022 share option scheme became effective, with the total number of shares available for issuance under the scheme representing **10%** of the company's issued shares[51](index=51&type=chunk)[52](index=52&type=chunk)[83](index=83&type=chunk) [Corporate Governance Report](index=38&type=section&id=CORPORATE%20GOVERNANCE%20REPORT) The company generally complies with corporate governance codes, with a noted deviation being the absence of a Chairman, whose duties are shared by executive directors - The company deviated from Corporate Governance Code provisions C.2.1 and F.2.2 during the reporting period, primarily due to the absence of a Chairman position[84](index=84&type=chunk)

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，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAI YUAN HOLDINGS LIMITED 開源控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：1215） 截至二零二四年六月三十日止六個月之 中期業績公告 業 績 開源控股有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然公佈，本公司及其附 屬公司（「本集團」）截至二零二四年六月三十日止六個月（「本期間」）之中期業績， 連同去年同期之比較數字如下： – 1 – 簡明綜合中期損益表 截至二零二四年六月三十日止六個月 | --- | --- | --- | --- | |--------------------------------------------|---------|------------------------------------------------------|---------------------------| | | | 截至六月三十日止六個月 ...

Financial Performance - The Group recorded a loss of approximately HK$2.4 million for the year ended December 31, 2023, a significant reduction from a loss of approximately HK$41.1 million for the preceding year, primarily due to increased revenue and gross profit from the Paris Marriott Hotel[10]. - Revenue from the hotel operation segment increased by approximately 91.3% to approximately HK$293.6 million for the year, compared to approximately HK$153.5 million for the preceding year, driven by the full availability of 192 rooms after renovations[11]. - The gross profit from the hotel operation segment was approximately HK$9.0 million for the year, a turnaround from a gross loss recorded in the preceding year[10]. - The loss for the year was approximately HK$2.4 million, a decrease of approximately 94.2% from the loss of approximately HK$41.1 million in the preceding year[34]. - The hotel operation segment generated revenue of approximately HK$293.6 million, mainly due to the Paris Marriott Hotel, which resumed full operations after renovations[41]. - The Paris Marriott Hotel achieved an occupancy rate of 76.2% in 2023, up from 46.3% in 2022, with an average room rate of €570 compared to €509 in the previous year[50]. - The Group recorded a profit of approximately HK$9,000,000 from the hotel operations segment for the year, a turnaround from a loss of approximately HK$51,000,000 in the previous year[48]. Credit Loss Provisions - The provision for expected credit loss on the loan granted to an associate increased to approximately HK$8.2 million for the year, compared to approximately HK$3.5 million in the preceding year[18]. - The Group recorded a provision for expected credit loss from unsecured convertible bonds of approximately HK$11.3 million for the year[10]. - The provision for expected credit loss on loans to an associate was approximately HK$8.2 million for the year, compared to approximately HK$3.5 million in the previous year[32]. - The provision for expected credit loss on convertible bonds was approximately HK$11.3 million for the year, whereas there was no provision in the previous year[33]. - The expected credit loss (ECL) provision for outstanding principal as of December 31, 2023, was approximately HK$11.3 million, compared to HK$0 in 2022[88][91]. - The expected credit loss (ECL) for the Group was assessed at RMB97.5 million (approximately HK$106.0 million) as of December 31, 2023[67]. - The expected credit loss (ECL) provision on pledged assets was approximately HK$8,200,000 for the year, compared to approximately HK$3,500,000 in the previous year[56]. Asset and Liability Overview - The total non-current assets of the Group as of December 31, 2023, amounted to approximately HK$2,449.9 million, reflecting an increase of approximately 0.4% from HK$2,440.1 million in the previous year[39]. - The total current assets of the Group as of December 31, 2023, were approximately HK$1,218.1 million, representing an increase of approximately 3.5% from HK$1,176.4 million in the previous year[39]. - The total current liabilities of the Group as of December 31, 2023, amounted to approximately HK$1,594.9 million, an increase of approximately 1,623.1% from HK$92.6 million in the previous year, primarily due to the reclassification of a bank loan[40]. - The total non-current liabilities decreased to approximately HK$145,300,000 as of December 31, 2023, down about 90.9% from HK$1,593,400,000 as of December 31, 2022, due to the same reclassification of the bank loan[43]. - The Group had net current liabilities of approximately HK$376.8 million as of December 31, 2023, a significant change from net current assets of approximately HK$1,083.9 million in the previous year[105][106]. - Outstanding bank loans and other borrowings amounted to approximately HK$1,502.7 million as of December 31, 2023, compared to HK$1,450.1 million as of December 31, 2022[105][106]. - The Group's gearing ratio was approximately 41.0% as of December 31, 2023, slightly up from 40.1% in the previous year[105][106]. Governance and Management - The Company has complied with the corporate governance code provisions throughout the year ended December 31, 2023, with certain deviations noted[140]. - The Board is responsible for formulating strategic business development and reviewing the Group's business performance[151]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the required standards[145]. - Continuous efforts are made to enhance the Group's internal control policy and procedures in line with local and international developments[139]. - The Board's composition and responsibilities are designed to ensure effective leadership and control of the Group[146]. - The Board held a total of five meetings and general meetings for the year ended December 31, 2023[159]. - The Company aims to increase female representation on the Board and in the workforce[180]. Directors and Board Composition - The Board currently comprises two executive Directors and four independent non-executive Directors, with no Chairman appointed during the Year[150]. - A female independent non-executive Director was appointed on January 1, 2023, to enhance gender diversity on the Board[179]. - The independent directors bring a wealth of knowledge from their previous roles in listed companies, contributing to the company's strategic direction[136]. - The Board includes members with significant experience in various industries, including steel manufacturing and asset management, which may provide valuable insights for market expansion[125][130]. - The Audit Committee consists of four independent non-executive Directors and met four times during the year to discuss interim and annual results[185][193]. Audit and Risk Management - The Audit Committee reviewed the integrity of the Company's annual report and accounts, focusing on compliance with accounting standards and legal requirements[192]. - The Audit Committee discussed the sufficiency and efficiency of risk management and the internal control system[197]. - The internal control and risk management systems were reviewed for adequacy and efficiency[198]. - The management will provide detailed analyses and supporting documents to the audit committee if there are any doubts regarding the financial statements and internal control systems[198].

Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 293,620,000, a significant increase of 91% compared to HKD 153,519,000 in the previous year[3]. - The gross profit for the same period was HKD 70,493,000, compared to a gross loss of HKD 794,000 in the previous year, indicating a turnaround in profitability[3]. - The company recorded a net loss of HKD 2,397,000 for the year, a substantial improvement from a net loss of HKD 41,116,000 in the prior year, reflecting a reduction in losses by approximately 94%[3]. - The hotel operations segment reported a profit of HKD 8,956,000, compared to a loss of HKD 51,044,000 in the previous year, indicating a turnaround in performance[29]. - Total pre-tax profit for the group was HKD 861,000, a recovery from a pre-tax loss of HKD 48,939,000 in the previous year[29]. - The company recorded a loss attributable to ordinary equity holders of approximately HKD 2.4 million, a significant reduction of about 94.2% from a loss of HKD 41.1 million in the previous year[58]. - Basic and diluted loss per share for the year was HKD 0.02, compared to HKD 0.32 in the previous year[60]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 3,668,046,000, slightly up from HKD 3,616,583,000 in the previous year[8]. - The company's cash and cash equivalents increased to HKD 884,192,000 from HKD 700,237,000, representing a growth of approximately 26%[7]. - Non-current assets totaled HKD 2,449,946,000, a marginal increase from HKD 2,440,146,000 year-over-year[7]. - The company’s total liabilities decreased significantly to HKD 1,740,224,000 from HKD 1,686,937,000, indicating improved financial stability[8]. - As of December 31, 2023, the group's current liabilities exceeded current assets by HKD 376,844,000[16]. - Current liabilities surged by approximately 1,623.1% to about HKD 1,594.9 million, primarily due to the reclassification of a EUR 175 million bank loan[61]. - The group's net current liabilities were approximately HKD 376,800,000 as of December 31, 2023, compared to approximately HKD 1,083,900,000 as of December 31, 2022[93]. Revenue Segments - Revenue from accommodation services increased to HKD 252,549,000 in 2023 from HKD 133,974,000 in 2022, marking an increase of 88%[35]. - The total revenue from external customers in France was HKD 293,620,000, up from HKD 153,519,000 in the previous year, indicating strong market performance[31]. - The hotel operations segment generated revenue of approximately HKD 293,600,000, an increase of about 91.3% compared to last year's HKD 153,500,000, primarily due to the recovery of the Paris Marriott Hotel after renovations[62]. Cash Flow and Financing - The group had cash and cash equivalents of HKD 884,192,000, sufficient to cover operational cash outflows for the next twelve months[16]. - The group is negotiating the renewal of a EUR 175,000,000 bank loan due in October 2024, with adequate collateral from hotel properties in France[16]. - The group expects stable operating cash inflows for the year ending December 31, 2024, sufficient to meet working capital needs[16]. - The total financing costs increased to HKD 43,784,000 in 2023 from HKD 46,293,000 in 2022, a decrease of about 5.4%[37]. Impairment and Credit Losses - The company has recognized an impairment provision of HKD 11,337,000 for overdue convertible bonds, reflecting ongoing risk management strategies[3]. - The expected credit loss provision for pledged assets was approximately HKD 8,200,000 this year, compared to HKD 3,500,000 last year[69]. - The expected credit loss model reflects the overall dynamics of credit quality deterioration or improvement, with a default probability range of 6.16% to 32.6% and a loss given default rate of 61.5%[87]. Corporate Governance - The company has established a Compensation Committee responsible for proposing compensation policies for all directors and senior management[108]. - The Nomination Committee is tasked with reviewing the structure, size, and composition of the Board of Directors[109]. - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with the standard code[110]. Future Outlook and Strategy - The company plans to continue its focus on hotel operations and financing, aiming for further market expansion and potential new product developments in the upcoming year[11]. - The Paris Marriott Hotel is expected to benefit from high demand during the 2024 Paris Olympics, although its outlook is affected by various economic and geopolitical factors[87]. - The company is considering a proposal for a second phase renovation of the Paris Marriott Hotel's remaining rooms and facilities[87]. - The group will continue to explore investment opportunities in new business segments to enhance stakeholder returns[91].

Financial Performance - The Group's consolidated statement of profit or loss indicates a significant increase in revenue, with a year-on-year growth of 25%[11] - Revenue for the six months ended June 30, 2023, was HK$135,076,000, a significant increase from HK$45,345,000 in the same period of 2022, representing a growth of 197%[18] - Gross profit for the period was HK$30,767,000, compared to a gross loss of HK$18,319,000 in the previous year, indicating a turnaround in profitability[18] - Loss before tax decreased to HK$1,402,000 from HK$27,730,000 year-over-year, showing an improvement of 94.94%[18] - Loss for the period was HK$1,169,000, a substantial reduction from HK$22,056,000 in the prior year, reflecting a decrease of 94.69%[21] - Total comprehensive income for the period was HK$4,353,000, compared to a total comprehensive loss of HK$75,002,000 in the same period last year, marking a significant recovery[21] - The company reported a basic and diluted loss per share of HK(0.01) cents for the period, a significant improvement from HK(0.17) cents in the previous year[18] - The total comprehensive income for the six months ended June 30, 2023, was HK$4,353,000, compared to a total comprehensive loss of HK$75,002,000 for the same period in 2022[26] - The company recorded a loss before tax of HK$1,402,000 for the six months ended June 30, 2023, an improvement from a loss of HK$27,730,000 in the same period of 2022[30] - The Group recorded a loss of approximately HK$1.2 million for the Period, a decrease of approximately 94.7% from the loss of approximately HK$22.1 million for the same period in 2022[166] Cash and Assets - Cash and cash equivalents increased to HK$853,232,000 as of June 30, 2023, up from HK$700,237,000 at the end of 2022, representing a growth of 21.85%[23] - Total assets as of June 30, 2023, were HK$3,666,339,000, compared to HK$3,616,583,000 at the end of 2022, indicating an increase of 1.38%[23] - Net current assets rose to HK$1,115,404,000 from HK$1,083,872,000, reflecting an increase of 2.91%[23] - The Group's total non-current assets as of June 30, 2023, amounted to approximately HK$2,446.4 million, an increase of approximately 0.3% from HK$2,440.1 million as of December 31, 2022[168] - The total current assets of the Group as of June 30, 2023, amounted to approximately HK$1,220.0 million, representing an increase of approximately 3.7% from HK$1,176.4 million as of December 31, 2022[168] - Net assets as of June 30, 2023, were approximately HK$1,935.0 million, compared to HK$1,930.6 million as of December 31, 2022[200] - Outstanding bank loans and other borrowings amounted to approximately HK$1,482.1 million as of June 30, 2023, compared to HK$1,450.1 million as of December 31, 2022[200] - The gearing ratio as of June 30, 2023, was approximately 40.4%, slightly up from 40.1% as of December 31, 2022[200] User and Market Growth - User data shows an increase in active users by 15% compared to the previous period, reaching a total of 1.2 million users[11] - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 20%[11] - New product launches are expected to contribute an additional 10% to revenue in the upcoming fiscal year[11] - The company is focusing on market expansion in Southeast Asia, targeting a 30% increase in market share by the end of 2024[11] Corporate Governance and Compliance - The management has emphasized the importance of corporate governance and compliance with regulatory standards[11] - The interim financial information for the six months ended June 30, 2023, has been prepared in accordance with HKAS 34 Interim Financial Reporting[37] - The accounting policies adopted are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2022[41] - Amendments to HKAS 1 require the disclosure of material accounting policy information, which is expected to affect the Group's annual consolidated financial statements[45] Research and Development - Research and development expenses have increased by 12%, reflecting the company's commitment to innovation[11] Dividends and Shareholder Returns - An interim dividend of $0.05 per share has been declared, reflecting a commitment to returning value to shareholders[11] - The board does not recommend the payment of an interim dividend for the Period, consistent with the same period in 2022[159] Segment Performance - For the six months ended June 30, 2023, the hotel operation segment generated revenue of HK$135,076,000, a significant increase from HK$45,345,000 in the same period of 2022, representing a growth of 197%[55][59] - The total segment loss for the hotel operation and money lending segments combined for the first half of 2023 was HK$3,113,000, compared to a total loss of HK$33,028,000 for the same period in 2022, indicating a reduction in losses by approximately 91%[55][56] - The revenue from rendering accommodation services rose to HK$117,288,000 in the first half of 2023, compared to HK$40,372,000 in 2022, marking an increase of 190%[62] - The money lending segment reported a loss of HK$504,000 for the first half of 2023, compared to a loss of HK$369,000 in the same period of 2022, indicating a slight increase in losses[55][56] Financial Instruments and Fair Value - The fair value of financial assets at fair value through profit or loss as of June 30, 2023, was HK$95,853,000, a decrease from HK$97,109,000 as of December 31, 2022[149] - The fair value of derivative financial instruments as of June 30, 2023, was HK$67,706,000, compared to HK$80,382,000 as of December 31, 2022[149] - The Group's corporate finance team is responsible for determining policies and procedures for fair value measurement of financial instruments, reporting directly to the chief financial officer[140] - The fair values of cash and cash equivalents, trade receivables, and other short-term financial instruments approximate their carrying amounts due to short-term maturities[137] Future Plans and Strategy - The company plans to explore potential mergers and acquisitions to enhance its market position and product offerings[11] - The Board plans to review the Group's portfolio to restructure and enhance asset quality[199] - The Group aims to explore investment opportunities in new business segments to improve returns for stakeholders[199] - The Group maintains a conservative treasury approach with tight cash management controls[200]

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，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAI YUAN HOLDINGS LIMITED 開源控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：1215） 截至二零二三年六月三十日止六個月之 中期業績公告 業績 開源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本公司及其附 屬公司（「本集團」）截至二零二三年六月三十日止六個月（「本期間」）之中期業績， 連同去年同期之比較數字如下： ...

Financial Performance - The Group recorded a loss of approximately HK$41.1 million for the year, a significant reduction from the loss of approximately HK$164.4 million in the preceding year, representing a decrease of about 75%[11]. - The Group's revenue for the year ended December 31, 2022, amounted to approximately HK$153.5 million, representing an increase of approximately 63.4% from approximately HK$93.9 million for the preceding year[25]. - The Group recorded a loss for the year of approximately HK$41.1 million, a decrease of approximately 75.0% from the loss of approximately HK$164.4 million for the preceding year[33]. - The Group's gross loss decreased due to the increase in revenue, contributing to the overall reduction in loss for the year[33]. - The provision for expected credit loss on the loan and interest receivables from the associate decreased to approximately HK$3.5 million, down from approximately HK$103.6 million in the preceding year[33]. - The fair value gain from the three-year convertible bonds was approximately HK$0.4 million, compared to a fair value loss of approximately HK$9.6 million for the preceding year[27]. Hotel Operations - Revenue from the Paris Marriott Hotel increased due to the lifting of lockdown measures and a surge in international travel, benefiting from the "revenge travel" trend[12]. - The Paris Marriott Hotel experienced a rebound in occupancy, average daily rate, and revenue per available room, with strong demand leading to increased guestroom prices[12]. - The average room rate for the Paris Marriott Hotel increased to €509 from €351 in the previous year, contributing to the revenue growth[49]. - The occupancy rate for the Paris Marriott Hotel decreased to 46.3% from 66.2% in the previous year[49]. - The Paris Marriott Hotel underwent renovations, which were initially scheduled to complete in June 2022 but were delayed to late October 2022 due to labor shortages[41]. - The Paris Marriott Hotel expects a significant rise in room rates during the recovery in 2023, with demand for hotel rooms from international travelers anticipated to sustain at 2022 levels, paving the way for a full recovery to pre-pandemic levels in 2019[65][69]. Investment and Impairment - The Group recorded an expected credit loss provision of approximately HK$3.5 million on loans and interest receivables from its associate during the year[13]. - The Group had a 37.125% equity interest in the associate, which continued to operate at a loss, leading to a total impairment provision of approximately HK$137.5 million in the preceding year[13]. - The Group did not record any share of loss from the associate for the year, as the investment had been fully provided for impairment[33]. - The Group's investment in the associate resulted in an impairment provision of approximately HK$137.5 million, covering the investment impairment and expected credit loss provisions[26]. - The Group sought legal advice and initiated proceedings to recover overdue interest and principal amounting to approximately HK$201.5 million from an associate[52]. Assets and Liabilities - The total non-current assets of the Group as of December 31, 2022, amounted to approximately HK$2,440.1 million, representing a decrease of approximately 9.6% from approximately HK$2,698.5 million as of December 31, 2021[34]. - The total current assets of the Group as of December 31, 2022, amounted to approximately HK$1,176.4 million, representing an increase of approximately 15.7% from approximately HK$1,016.7 million as of December 31, 2021[34]. - Total current liabilities increased by approximately 44.2% to approximately HK$92.6 million from approximately HK$64.2 million as of December 31, 2021[38]. - The Group's cash and bank balance as of December 31, 2022, was approximately HK$700.2 million, down from HK$871.7 million in 2021[81][84]. - The Group's outstanding bank loans and other borrowings amounted to approximately HK$1,450.1 million as of December 31, 2022, a decrease from HK$1,516.8 million in 2021[81][84]. - The Group's gearing ratio as of December 31, 2022, was approximately 40.1%, slightly down from 40.8% in 2021[81][84]. Corporate Governance - The Board is responsible for formulating strategic business development and monitoring the business performance of the Group[126]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2022, with certain deviations noted[114]. - The Board is committed to maintaining high standards of corporate governance and will continue to monitor and revise policies as necessary[115]. - The Company has adopted a code of conduct regarding Directors' securities transactions that meets the required standards[119]. - The Board currently comprises two executive Directors and four independent non-executive Directors, with no Chairman appointed during the Year[125]. - The Company will publish an announcement once a Chairman appointment has been made in accordance with the Listing Rules[118]. Committees and Meetings - The Audit Committee consists of four independent non-executive directors, with Mr. Tam Sun Wing serving as the Chairman[166]. - The Audit Committee held four meetings during the year to discuss and approve interim and annual results, as well as review internal control procedures[174]. - The Remuneration Committee was established on March 21, 2005, and consists of one executive Director and four independent non-executive Directors[176]. - The Remuneration Committee held three meetings during the year, focusing on reviewing significant changes in human resources policies and determining remuneration packages for Directors and senior management[183]. - The Nomination Committee held two meetings during the year ended 31 December 2022, with full attendance from all members[195]. Employee and Remuneration - The Group had a total employee remuneration of approximately HK$7.7 million for the year ended December 31, 2022, a decrease of about 1.3% from approximately HK$7.8 million in the previous year[91]. - The Group's remuneration policies are regularly reviewed to ensure alignment with market levels, including bonuses and participation in a share option scheme[91]. - The Company is committed to performance-based remuneration, aligning it with corporate goals and objectives resolved by the Board[177]. Risk Management - The Group operates in multiple currencies including Euro, Renminbi, US Dollar, and Hong Kong Dollar, exposing it to foreign currency risks[92]. - The Group's management regularly monitors foreign exchange risks and will consider hedging arrangements when appropriate[92]. - The Company emphasizes the adequacy of resources and staff qualifications in its risk management and internal control systems[174].

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 KAI YUAN HOLDINGS LIMITED 開源控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：1215） 有關截至二零二二年十二月三十一日止年度 之末期業績公告之補充公告 茲提述開源控股有限公司（「本公司」）日期為二零二三年三月二十七日之全年業績 公告（「業績公告」）。除另行界定者外，本公告所用詞彙與上述公告所界定者具有 相同涵義。 本公司謹此補充工作範圍及核數師進行之程序如下： 核數師對業績公告進行之程序 本集團核數師安永會計師事務所已就載於業績公告內本集團截至二零二二年十 二月三十一日止年度之綜合財務狀況報表、綜合損益及其他全面收益表及其相關 ...

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，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAI YUAN HOLDINGS LIMITED 開源控股有限公司 （於百慕達註冊成立之有限公司） 1215 （股份代號： ） 截至二零二二年十二月三十一日止年度之 末期業績公告 業績 開源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本公司及其 附屬公司（「本集團」）截至二零二二年十二月三十一日止年度（「本年度」）之綜合業 績，連同截至二零二一年十二月三十一日止年度（「去年度」）之比較數字如下： ...

Impairment and Credit Losses - The company recognized an impairment provision of approximately HKD 103,600,000 for loans and receivables to joint ventures as of December 31, 2021[2]. - The expected credit loss provision for the relevant loans and receivables was zero during the corresponding period in 2020[4]. - Expected credit losses reached RMB 86,964,000 (approximately HKD 103,600,000) as of December 31, 2021, leading to an impairment provision for financial assets of about HKD 103,600,000[23]. - The company engaged an independent valuation firm to assess the expected credit losses related to the financial assets[12]. - The expected credit loss model categorizes financial assets into three stages based on credit risk conditions[14]. Joint Venture Operations - The commercial production of the main products from the joint venture was delayed due to COVID-19 and extreme weather conditions, with completion of the facilities in July 2021[9]. - The joint venture's main business activities include the production and sale of chemical products, with a 37.125% equity stake held by the company[9]. - The company plans to adjust the product portfolio of the joint venture's original pharmaceutical intermediates due to competitors' breakthroughs in production technology[10]. - The joint venture group faced significant losses and unpaid debts, raising doubts about its ability to continue as a going concern[16]. Financial Position and Assets - The estimated orderly liquidation value of the pledged assets was RMB 150,600,000 (approximately HKD 179,500,000) as of December 31, 2021[19]. - The unpaid construction costs related to the pledged assets amounted to RMB 38,893,506.90 (approximately HKD 46,400,000) as of December 31, 2021[22]. - As of December 31, 2021, the group's contracted debt exposure amounted to RMB 198,670,684.93 (approximately HKD 236,700,000)[23]. - The exchange rate set for RMB to HKD is 1.00 RMB to 1.1918 HKD[25].