Financial Performance - For the fiscal year ending June 30, 2024, the group's attributable profit was HKD 64.3 million, compared to a loss of HKD 19.5 million in the previous year[7]. - The group's revenue for the fiscal year was HKD 133.7 million, slightly down from HKD 136.3 million in the previous fiscal year[7]. - Earnings per share for the fiscal year were HKD 0.0562, a significant improvement from a loss per share of HKD 0.0171 in the previous year[7]. - The group recorded a net profit attributable to shareholders of HKD 1.052 billion for the fiscal year, excluding a loss of HKD 40.9 million from fair value changes of financial instruments[11]. - The group held cash and bank deposits of HKD 1.248 billion as of June 30, 2024, with no outstanding debts, indicating a strong financial position[16]. Dividends - The board proposed a final dividend of HKD 0.015 per share, compared to no dividend in the previous fiscal year, bringing the total dividend for the year to HKD 0.03 per share[8]. - The company declared an interim dividend of HKD 0.015 per share, totaling HKD 17,140,000 distributed to shareholders[171]. - The company plans to distribute a final dividend of HKD 0.015 per share, totaling HKD 17,300,000 to shareholders listed on the register as of October 30, 2024[171]. - The company aims to provide dividends that are consistent and, where appropriate, increase in line with business performance[130]. Visitor Statistics - The number of visitors to Hong Kong for the fiscal year was 42.27 million, a substantial increase from 13.41 million in the previous year[9]. - Visitors from mainland China accounted for 78% of total arrivals, totaling 32.79 million, compared to 10.42 million in the previous year[9]. - In 2023, the number of tourists in Hong Kong rebounded to 52.2% of pre-pandemic levels, with expectations to improve to 69.1% by mid-2024[28]. - The individual travel plan will expand to 59 cities in mainland China, enhancing accessibility for travelers to Hong Kong[28]. Hotel Performance - City Garden Hotel achieved an average room occupancy rate of 100% for the fiscal year, with rental income rising to HKD 87.9 million, a 5.1% increase year-on-year[12]. - Hong Kong Park Lane Hotel reported an average room occupancy rate of 69.1%, up from 50.3% the previous year, with rental income increasing to HKD 357.7 million, a 4.8% year-on-year rise[13]. - Royal Pacific Hotel's average room occupancy rate improved to 83% from 55% last year, with rental income reaching HKD 249.9 million, an 8% increase year-on-year[14]. Sustainability Initiatives - The group was recognized in the top ten of the Greater China Hotel Industry Sustainability Index for two consecutive years, highlighting its commitment to sustainable development[19]. - The group received the "ESG Measures Award - Gold" at the HR Excellence Awards 2023/24, acknowledging its efforts in integrating ESG practices into operations[19]. - The company aims to reduce greenhouse gas emissions by 30% by 2030, having already achieved a reduction of 40.26% as of June 30, 2024, equivalent to planting 202,584 trees[20]. - The company has committed to eliminating all single-use plastic products in its core business by 2035, with a target to provide non-plastic alternatives by April 2024[21]. - The company has installed 72 solar panels at the City Garden Hotel, generating approximately 20,822 kWh of electricity annually, promoting renewable energy development in Hong Kong[20]. Employee Development and Diversity - The group continues to implement a comprehensive talent development strategy, including a successful management trainee program launched in July 2023[17]. - The company has launched the "Sino Women Connect Program" to promote diversity and inclusion among female employees, enhancing their professional skills and confidence[24]. - The group has established a "Diversity and Inclusion Policy" to ensure equal opportunities for all employees, regardless of gender, disability, or other factors[67]. - The average training hours per employee as of June 30, 2024, were 44.42 hours for male employees and 39.35 hours for female employees, reflecting a commitment to employee development[72]. Risk Management and Governance - The group has established a comprehensive risk management framework to monitor environmental, social, and governance-related risks[37]. - The company has adopted a corporate risk management system to assist the board in managing significant risks[113]. - The internal control system is integrated with the risk management framework, ensuring continuous identification and assessment of risks[114]. - The Audit Committee conducted an annual review of the effectiveness of the risk management and internal control systems for the fiscal year ending June 30, 2024[115]. Community Engagement - The company has donated over 53,300 bowls of soup to elderly residents in need since 2011 through its "Love Soup Action" initiative[23]. - The group has recorded over 290 hours of volunteer service in Hong Kong as of June 30, 2024[84]. - The group has actively participated in the "Food Waste Reduction Hong Kong" initiative since 2013, promoting good practices and supporting food donation where feasible[54]. Compliance and Legal Matters - The company has complied with all corporate governance code provisions as of June 30, 2024, according to the Hong Kong Stock Exchange listing rules[88]. - The company has not recorded any incidents of child or forced labor violations as of June 30, 2024, reinforcing its commitment to ethical labor practices[74]. - The group has not identified any significant legal cases related to bribery, extortion, fraud, or money laundering as of June 30, 2024[83]. Shareholder Communication - The company ensures effective communication with shareholders through various channels, including financial reports and regular meetings with analysts and fund managers[125]. - The company’s website features an "Investor Information" section that is regularly updated to provide shareholders with timely information[127]. - The company allows shareholders to choose the language and format of communications, enhancing accessibility and understanding[128].

Financial Performance - For the fiscal year ending June 30, 2024, the group reported a profit attributable to shareholders of HKD 64.3 million, compared to a loss of HKD 19.5 million in the previous year[2]. - The group's revenue for the fiscal year was HKD 133.7 million, slightly down from HKD 136.3 million in the previous fiscal year[2]. - The earnings per share for the fiscal year was HKD 0.0562, recovering from a loss per share of HKD 0.0171 in the previous year[2]. - The group reported a revenue of HKD 133,693,000 for the year ending June 30, 2024, with a gross profit of HKD 79,048,000, compared to HKD 136,356,000 and HKD 76,123,000 in the previous year[26]. - The net profit attributable to shareholders for the year was HKD 64,305,000, a significant recovery from a loss of HKD 19,487,000 in the previous year[26]. - The pre-tax profit for the year was HKD 64,602,000, a recovery from a loss of HKD 19,200,000 in the previous year[35]. - Basic earnings per share for the year were HKD 64,305,000, compared to a loss of HKD 19,487,000 in the previous year, reflecting a strong turnaround[36]. - The group's net financial income increased to HKD 55,967,000 from HKD 30,004,000 year-on-year[34]. - Trade receivables increased to HKD 32,930,000 from HKD 25,658,000, indicating improved collection efficiency[37]. - Trade payables decreased to HKD 2,355,000 from HKD 3,941,000, showing better cash management[38]. - The group has committed but unrecognized expenditures of HKD 8,577,000 for renovations and equipment purchases, down from HKD 13,997,000[39]. - The group's administrative and other expenses were reduced to HKD 50,284,000 from HKD 51,239,000, reflecting cost control measures[34]. - The group reported a net loss from property, plant, and equipment disposals of HKD 7,000, compared to HKD 2,000 in the previous year[35]. - The group’s other income and losses improved to a loss of HKD 41,737,000 from HKD 43,214,000, indicating a slight recovery[34]. Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.015 per share, totaling HKD 0.03 per share for the fiscal year, compared to no dividend in the previous year[3][4]. - The proposed final dividend is subject to approval at the annual general meeting, with the record date for the proposed dividend being October 30, 2024[40]. - The company will suspend the transfer of shares from October 18, 2024, to October 23, 2024, to determine the list of shareholders eligible to attend the annual general meeting[40]. - The annual report for 2024 will be sent to all shareholders around September 27, 2024, and will be available on the Hong Kong Stock Exchange and the company's website[44]. Visitor Statistics and Tourism - The total number of visitors to Hong Kong for the fiscal year was 42.27 million, a significant increase from 13.41 million in the previous year[5]. - Visitors from mainland China accounted for approximately 78% of total arrivals, totaling 32.79 million, compared to 10.42 million in the previous year[5]. - In 2023, the number of travelers to Hong Kong rebounded to 52.2% of pre-pandemic levels, with expectations to improve to 69.1% in the first half of 2024, indicating a stable recovery in the tourism sector[23]. - The group plans to expand the Individual Visit Scheme to 59 cities in mainland China by March 2024, enhancing travel flexibility for mainland residents[23]. Hotel Performance - The average room occupancy rate for City Garden Hotel was 100%, with rental income of HKD 87.9 million, up 5.1% from the previous year[7]. - The average room occupancy rate for Hong Kong Harbour Grand Hotel was 69.1%, with rental income of HKD 357.7 million, an increase from HKD 247.5 million in the previous year[8]. - The average room occupancy rate for Royal Pacific Hotel was 83%, with rental income of HKD 249.9 million, up from HKD 153.2 million in the previous year[9]. - The hotel received the "Tripadvisor's Travelers' Choice Awards 2024," ranking in the top 10% of hotels globally, affirming its commitment to excellent service[22]. - The hotel welcomed over 2,200 visitors during a two-day open house event in February 2024, celebrating the Lunar New Year with local artists and community initiatives[22]. Environmental and Social Responsibility - The group achieved a 40.26% reduction in greenhouse gas emissions compared to the 2012 baseline, equivalent to planting 202,584 trees, with a target to reduce emissions by 30% by 2030[16]. - The group aims to source 60% of its seafood from sustainable sources by 2025 and 100% by 2030, with 55% of seafood procured as of June 30, 2024, already having environmental labels and certifications[18]. - The group has implemented a waste management policy aiming to eliminate all single-use plastic products by 2035, having already replaced disposable plastic utensils with non-plastic alternatives[17]. - The group received the "ESG Measures Award - Gold" at the 2023/24 HR Excellence Awards, recognizing its comprehensive ESG practices across operations[14]. - The group has been recognized for its efforts in environmental management, receiving the "Hong Kong Environmental Excellence Award" for its outstanding performance in environmental protection[18]. - The group has installed 72 solar panels at the City Garden Hotel, generating approximately 20,822 kWh of electricity annually, promoting renewable energy development in Hong Kong[16]. - The group has donated over 53,300 bowls of soup to elderly individuals in need through its "Love Soup Action" initiative since 2011[19]. - The group continues to support community engagement through various initiatives, including the "Sino Women Connection Program" to promote diversity and inclusion among female employees[20]. - The group has launched a quality service training program that positively impacts customer service experience and employee engagement[13]. Corporate Governance - The company has adopted its own corporate governance code based on the principles and code provisions of the Corporate Governance Code under the Listing Rules, and has complied with all code provisions during the financial year[42]. - The audited consolidated financial statements for the year ended June 30, 2024, have been reviewed by the company's audit committee[43].

Financial Performance - The company reported a profit of HKD 28,801,900 for the six months ending December 31, 2023, compared to a loss of HKD 51,471,809 in the same period last year[15]. - The total comprehensive income attributable to shareholders for the period was a loss of HKD 60,286,888, compared to a gain of HKD 20,401,951 in the prior year[15]. - The group reported a net profit attributable to shareholders of HKD 28.8 million for the six months ended December 31, 2023, compared to a loss of HKD 51.5 million in the same period of 2022[58]. - Revenue for the interim period was HKD 65.7 million, slightly down from HKD 68.2 million in 2022[58]. - The group recorded a profit attributable to shareholders of HKD 28.8 million, with a net profit of HKD 55.7 million after excluding unrealized losses from financial instruments[85]. - The group reported a pre-tax profit of HKD 28,949,413 for the six months ended December 31, 2023, compared to a loss of HKD 51,344,070 in the same period last year[168]. Revenue and Sales - For the six months ending December 31, 2023, the hotel operating revenue was HKD 43,750,000, an increase from HKD 41,376,322 in the same period of 2022, representing a growth of approximately 5.7%[28]. - Food and beverage sales for the same period were HKD 4,520,895, down from HKD 5,063,899, indicating a decrease of about 10.7%[28]. - The total revenue from club operations and hotel management was HKD 7,850,428, slightly up from HKD 7,644,827, reflecting an increase of approximately 2.7%[28]. - Revenue for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel reached HKD 48.7 million, HKD 301.3 million, and HKD 153.4 million respectively, showing significant improvement from the previous year's figures[85]. - Hotel operations revenue for the six months ended December 31, 2023, was HKD 48,711,027, an increase of 4.1% from HKD 46,764,842 in the same period last year[168]. - The group's total revenue for the six months ended December 31, 2023, was HKD 65,755,260, down 3.7% from HKD 68,264,106 in the previous year[168]. Cash Flow and Financial Position - The net cash generated from operating activities was HKD 19,602,059, down from HKD 21,774,958 in the previous year[16]. - The company had cash and cash equivalents of HKD 197,940,150 at the end of the reporting period, a decrease from HKD 542,373,274 at the end of the previous year[16]. - The group had cash and bank deposits of HKD 1.156 billion as of December 31, 2023, with no outstanding debts[62]. - The company has no outstanding debts as of December 31, 2023, indicating a strong financial position[100]. - The total assets less current liabilities amounted to HKD 4,082,757,074, a slight decrease from HKD 4,143,043,962 as of June 30, 2023[104]. Operational Efficiency and Strategy - The company plans to continue its focus on operational efficiency and cost management strategies moving forward[15]. - The group continues to focus on cost control and operational efficiency improvements to enhance guest experiences[61]. - The company plans to continue optimizing its leased properties and hotel operations over the next four years[21]. - The company is closely monitoring market dynamics and managing costs cautiously due to intense industry competition[99]. - The group plans to enhance its products and services continuously to ensure a pleasant experience for guests[99]. Sustainability and Community Engagement - The group was recognized among the top ten in the Greater China Hotel Sustainability Index for its sustainable practices[70]. - The group plans to continue its commitment to sustainable development and employee engagement initiatives[69]. - The Royal Pacific Hotel donated 283 kg of surplus food to local families, demonstrating community engagement[96]. - The group continues to promote sustainable seafood practices in collaboration with the World Wildlife Fund[96]. - The company installed 72 solar panels at the City Garden Hotel to support renewable energy development in Hong Kong[122]. - The company continues to support energy-saving initiatives and has set up electric vehicle charging stations at its hotels[122]. Shareholder Information - The group plans to distribute an interim dividend of HKD 0.015 per share, totaling HKD 17,139,927, compared to no dividend in the previous year[176]. - Basic earnings per share improved to HKD 2.52, compared to a loss of HKD 4.50 per share in the prior year[100]. - Major shareholders include Tamworth Investment Limited with 178,150,243 shares, Strathallan Investment Limited with 119,968,581 shares, and Nippomo Limited with 59,351,666 shares[196][197][198].

Financial Performance - The group reported a net profit attributable to shareholders of HKD 28.8 million for the six months ended December 31, 2023, compared to a loss of HKD 51.5 million in the same period of 2022[3]. - Revenue for the interim period was HKD 65.7 million, slightly down from HKD 68.2 million in 2022[3]. - Earnings per share for the interim period were HKD 0.0252, compared to a loss per share of HKD 0.0450 in the previous year[3]. - Gross profit for the same period was HKD 37,694,834, compared to HKD 35,062,738 in the previous year, reflecting an increase of 7.5%[45]. - The pre-tax profit for the six months ended December 31, 2023, was HKD 28,949,413, compared to a loss of HKD 51,344,070 for the same period in 2022[58]. - The total net financial income for the period was HKD 25,929,698, significantly higher than HKD 10,213,916 in the previous year[56]. - The company reported a significant increase in the share of profits from joint ventures, amounting to HKD 66,227,118 compared to HKD 329,733 in the previous year[56]. Dividends and Assets - The group declared an interim dividend of HKD 0.015 per share, compared to no dividend in 2022[9]. - Total assets less current liabilities amounted to HKD 4,082,757,074 as of December 31, 2023, a slight decrease from HKD 4,143,043,962 as of June 30, 2023[49]. - The company's cash and cash equivalents increased to HKD 1,156,378,271 from HKD 911,594,178 in the previous period, indicating improved liquidity[49]. - The net current assets stood at HKD 1,247,345,560, up from HKD 915,969,772 in the previous period, indicating a stronger short-term financial position[49]. - The group maintains a strong financial position with no outstanding debts as of December 31, 2023[42]. Hotel Operations and Occupancy - The average occupancy rates for the three hotels were 100% for City Garden Hotel, 69.5% for Hong Kong Park Lane Hotel, and 84.7% for Royal Pacific Hotel, showing significant improvement from the previous year's rates[13]. - The hotel industry in Hong Kong has seen a significant recovery with increased occupancy rates and room prices due to the resurgence of business and leisure travel[32]. - Revenue for the hotel operations segment for the six months ended December 31, 2023, was HKD 65,755,260, a decrease of 3.7% from HKD 68,264,106 for the same period in 2022[56]. - The recovery of business and leisure travel has led to a significant increase in hotel demand, with nearly 34 million visitors to Hong Kong in 2023, approaching pre-pandemic levels[12]. - The group is prepared to meet the rising demand for travel as air passenger volumes recover and ticket prices normalize[42]. Sustainability and Community Engagement - The group continues to emphasize sustainable development and community engagement through various employee participation initiatives[20]. - The group was recognized as one of the top ten in the "Hotel Sustainability Index" by the Chinese University of Hong Kong for the second consecutive year, highlighting its commitment to sustainable development in the hotel industry[21]. - The group installed 72 solar panels at the City Garden Hotel to support renewable energy development in Hong Kong[24]. - The group initiated the "Plastic Reduction Action" in April 2018, replacing plastic bottled water with smart water filtration stations and ceasing the use of disposable plastic straws and umbrella bags[25]. - The group donated a total of 283 kilograms of surplus food to local underprivileged families through the Royal Pacific Hotel in collaboration with the Feeding Hong Kong Foundation[25]. - The group actively engages in community service initiatives, including the "Love Soup Action" to provide hot soup to the elderly during winter[27]. Employee Training and Customer Satisfaction - The company has focused on employee training programs, with over 90% of staff participating, resulting in a 10% increase in customer satisfaction[20]. - The group continues to enhance its products and services to ensure a pleasant stay experience for guests[42]. - The group emphasizes the importance of understanding changes in consumer behavior, particularly among mainland Chinese tourists, who account for 78.7% of visitors to Hong Kong[40]. Future Outlook and Strategic Plans - The company’s financial performance reflects a strategic shift and potential for future growth, with ongoing assessments of new products and market expansion strategies[51]. - The company plans to issue its mid-term report on March 12, 2024, detailing all relevant information as per listing rules[73].

建構更美好生活 年報（英文及中文版）已於本公司網站www.sino.com登載。凡選擇以本公司網站瀏覽所登載之公司通訊 （其中包括但不限於年報、財務摘要報告（如適用）、中期報告、中期摘要報告（如適用）、會議通告、上市文件、 通函及代表委任表格）以代替任何或所有印刷本之股東，均可要求索取年報之印刷本。 目 錄 10 環境、社會及管治報告 58 董事會報告書 77 綜合損益及其他全面收益表 USHERSE 皇家太平洋酒店 此年報（「年報」）備有英文及中文版。已收取英文或中文版年報之股東，均可向本公司主要股票登記處卓佳準誠 有限公司（地址為香港夏慤道16號遠東金融中心17樓）提出書面要求，索取以另一種語言編製的年報版本。 股東可隨時發出書面通知予本公司主要股票登記處，卓佳準誠有限公司，郵寄地址為香港夏慤道16號遠東金融 中心17樓，或透過電郵地址sinohotels1221-ecom@hk.tricorglobal.com，要求更改所選擇收取公司通訊的 語言版本及收取方式（印刷方式或以透過本公司網站之電子方式）。 3 主席報告 49 風險管理報告 72 獨立核數師報告書 78 綜合財務狀況表 80 綜合現金流動表 ...

Financial Performance - The group recorded a loss for the fiscal year, resulting in no final dividend being declared, consistent with the previous fiscal year[3]. - The group reported a loss attributable to shareholders of HKD 19.5 million for the fiscal year ending June 30, 2023, compared to a loss of HKD 92.4 million in the previous year[29]. - Revenue for the fiscal year was HKD 136.3 million, an increase from HKD 128.8 million in the previous fiscal year[29]. - The group reported a loss of HKD 19,487,037 for the year 2023, a significant improvement from a loss of HKD 92,418,031 in 2022[43]. - Other comprehensive income for the year was a loss of HKD 29,092,184, compared to a loss of HKD 92,316,707 in the previous year[43]. - The group's revenue for the year ended June 30, 2023, was HKD 136,355,855, an increase of 5.4% from HKD 128,809,067 in 2022[60]. - The net loss attributable to shareholders for the year was HKD 19,487,037, significantly improved from a loss of HKD 92,418,031 in the previous year[60]. - Financial income increased to HKD 30,080,377 from HKD 4,147,446, marking a substantial rise in financial performance[60]. - The group's total assets decreased to HKD 4,143,043,962 from HKD 4,191,623,183, reflecting a decline of approximately 1.1%[62]. - The group's non-current assets, including property, plant, and equipment, decreased to HKD 3,227,074,190 from HKD 3,350,948,937, a reduction of about 3.7%[62]. - The basic loss per share improved to HKD (1.71) from HKD (8.09) in the previous year, indicating a positive trend in earnings per share[60]. - The group's financial costs increased to HKD (76,582) from HKD (19,355), reflecting higher borrowing costs[60]. - The group reported a pre-tax loss of HKD 19,199,811, a significant improvement from a loss of HKD 92,140,518 in the previous year[70]. - The company reported a basic loss per share of HKD 19,487,037 for the year, compared to a loss of HKD 92,418,031 in the previous year, with a weighted average number of shares issued of 1,142,661,798[87]. - Trade receivables decreased from HKD 3,477,786 in 2022 to HKD 2,845,402 in 2023, while other receivables increased from HKD 11,683,707 to HKD 22,812,347[88]. - The total segment performance amounted to HKD 93,048,630, with other income and losses recorded at HKD (43,213,721)[84]. - The company’s net financial income increased significantly to HKD 30,003,795 from HKD 4,128,091 in the previous year[84]. Visitor Statistics - The total number of visitors to Hong Kong during the fiscal year was 13,412,439, a significant increase from 133,653 in the previous fiscal year, with mainland Chinese visitors accounting for approximately 78%[5]. - In July 2023, the number of inbound travelers reached 3.6 million, the highest level since the outbreak of COVID-19 in 2020[36]. - In the first half of 2023, the total number of visitors to Hong Kong was 12.8 million, which is 36.9% of the pre-pandemic level in 2019[36]. - The hotel occupancy rate and room rates are expected to continue improving as tourist numbers increase[36]. Hotel Performance - Revenue for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel was HKD 93.3 million, HKD 418.2 million, and HKD 177.4 million respectively, showing improvement from the previous fiscal year[7]. - Average room occupancy rates for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel were 100%, 50.3%, and 55% respectively, with significant increases in average room rates of 9.4%, 58.4%, and 25.2%[8][10][11]. Investments - The group holds a 5.14% equity interest in Hong Kong Shanghai Hotels Limited, with a total investment cost of approximately HKD 702.51 million and a fair value of HKD 585.31 million as of June 30, 2023[13]. - The group recorded an unrealized loss of approximately HKD 27.14 million from the fair value change of the investment in Hong Kong Shanghai Hotels Limited during the fiscal year[13]. Environmental Initiatives - The group aims to reduce greenhouse gas emissions by 30% by 2030, having already achieved a reduction of 42.57% as of June 30, 2023, equivalent to planting 214,185 trees[21]. - The group has committed to eliminating single-use plastic products in its core business by 2035, having already reduced the use of over 1.1 million plastic water bottles as of June 30, 2023[24]. - As of June 30, 2023, 57.6% of the seafood procured by the group was from sustainable sources, with a goal of 100% by 2030[26]. - The group was recognized with the "Hong Kong Environmental Excellence Award" for its efforts in environmental protection and energy efficiency[20]. Community Engagement - The group actively participates in community service initiatives, having served over 51,250 needy elderly individuals since 2011[30]. - The group has launched a new high-quality customer service training program for all employees to enhance service levels and promote a culture of excellence[17]. - The group has established a new operations management trainee program to cultivate future industry leaders through various learning opportunities[17]. Future Outlook - The group plans to continue enhancing products and services to ensure a pleasant guest experience[39]. - The group is optimistic about the recovery of the tourism industry following the reopening of borders with mainland China[39]. - The Hong Kong government has implemented promotional activities to boost tourism, including "Hello, Hong Kong!" and "Happy Hong Kong"[54]. Corporate Governance - The company has adopted its own corporate governance code based on the principles and code provisions of the Corporate Governance Code[77]. - The company’s management structure has been deemed effective in promoting operations and business development, with regular reviews to ensure alignment with industry norms[91]. - The company’s audit committee has reviewed the consolidated financial statements for the year ending June 30, 2023[79]. - The company plans to issue its annual report on September 29, 2023, in compliance with the Listing Rules[80]. Accounting and Financial Reporting - The group is evaluating the impact of new accounting guidelines and expects to apply them retrospectively in the financial report for the year ending June 30, 2024[48]. - The company has not recognized any provisions for contracted costs related to renovations and equipment purchases, which amounted to HKD 13,996,897 in 2023 compared to HKD 3,199,935 in 2022[89].

Financial Performance - For the six months ended December 31, 2022, the group reported a loss attributable to shareholders of HKD 51.5 million, compared to a loss of HKD 55.5 million in the same period of 2021[32]. - The group's revenue for the interim period was HKD 68.2 million, an increase from HKD 62.3 million in 2021[32]. - The net loss attributable to shareholders for the six months ended December 31, 2022, was HKD 51,471,809, an improvement of 7.3% compared to a loss of HKD 55,501,408 in the same period of 2021[51]. - Total comprehensive income for the period was HKD 20,401,951, a significant recovery from a total comprehensive loss of HKD 169,523,282 in the previous year[87]. - The company reported a pre-tax loss of HKD 51,344,070 for the six months ended December 31, 2022, compared to a pre-tax loss of HKD 55,312,159 in the same period of 2021, showing an improvement of about 7.9%[120]. - The company reported a loss of HKD 51,471,809 for the six months ended December 31, 2022, compared to a loss of HKD 55,501,408 for the same period in 2021, indicating a 6% improvement in performance[87]. Revenue and Occupancy - The group’s total revenue for the six months ended December 31, 2022, was HKD 68,264,106, compared to HKD 62,320,849 in 2021, indicating an increase of approximately 9.4%[120]. - Revenue from hotel operations at City Garden Hotel for the six months ended December 31, 2022, was HKD 46,764,842, up from HKD 43,203,961 in 2021, reflecting a growth of about 5.9%[120]. - Room revenue for the six months ended December 31, 2022, was HKD 41,376,322, an increase of 6.9% from HKD 37,954,297 for the same period in 2021[132]. - Average occupancy rates for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel were 100%, 37.6%, and 42.7% respectively, compared to 100%, 31.7%, and 65.7% in 2021[36]. - The revenue for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel for the interim period was HKD 46.7 million, HKD 152.8 million, and HKD 70.8 million respectively[36]. Assets and Liabilities - As of December 31, 2022, the total assets less current liabilities amounted to HKD 4,212,025,134, an increase from HKD 4,191,623,183 as of June 30, 2022, representing a growth of approximately 0.49%[75]. - Current assets as of December 31, 2022, were HKD 888,016,259, an increase from HKD 855,392,776 as of June 30, 2022, representing a growth of approximately 3.67%[75]. - Current liabilities increased to HKD 25,764,679 as of December 31, 2022, from HKD 14,718,530 on June 30, 2022, representing a significant rise of approximately 75.00%[75]. - The company's total liabilities, including trade and other payables, decreased to HKD 23,293,250 from HKD 13,253,819 as of June 30, 2022, indicating a 75% increase in liabilities[101]. Cash Flow and Financial Management - The net cash generated from operating activities for the six months ended December 31, 2022, was HKD 21,774,958, compared to HKD 10,495,346 for the same period in 2021, representing an increase of approximately 107.8%[106]. - The company's cash flow management remains robust, with a focus on minimizing credit risk through established credit policies[96]. - The company plans to continue monitoring its receivables closely to mitigate credit risk and improve cash flow management strategies[96]. - The group’s cash flow from financing activities for the six months ended December 31, 2022, was HKD 470,605,662, compared to a cash outflow of HKD 274,629,426 in the same period of 2021[106]. Sustainability and Community Engagement - The group has installed 72 solar panels at City Garden Hotel, promoting renewable energy in Hong Kong[19]. - The group emphasizes sustainable development and environmental management, focusing on climate change and biodiversity conservation[19]. - The group aims to eliminate single-use plastic products in its core business by 2035, having already replaced plastic bottled water with smart filtration stations since 2018[43]. - The group served over 330 elderly residents in various districts of Hong Kong through its "Love Soup Action" community service program during the six months ending December 31, 2022[22]. - The company plans to source 60% of its seafood from sustainable sources by 2025 and aims for 100% by 2030, with over 50% of seafood currently having eco-labels and certifications[64]. Corporate Governance - The company has established a compliance committee to enhance corporate governance, which meets bi-monthly to review compliance with ongoing connected transactions and provide regulatory updates[187]. - All directors confirmed compliance with the company's securities trading code during the six months ending December 31, 2022[188]. - The company has adhered to all code provisions applicable to the six months ending December 31, 2022, as per the Listing Rules, although the roles of Chairman and CEO are currently held by the same individual[189]. - The audit committee is responsible for reviewing the company's financial reporting and ensuring compliance with accounting standards[199]. - The remuneration committee includes independent non-executive directors and is tasked with overseeing executive compensation[197]. Market Outlook - The business environment is expected to gradually normalize with the full reopening of borders between mainland China and Hong Kong in February 2023[13]. - The outlook for Hong Kong remains positive, driven by national strategies such as the "14th Five-Year Plan" and the "Belt and Road Initiative," positioning Hong Kong as a strong hub for cross-border trade and leisure tourism[68]. - The group is encouraged by the gradual recovery of travel demand and overseas cruise activities, leading to an improved operating environment in 2023[152].

Financial Performance - For the fiscal year ending June 30, 2022, the group reported a loss attributable to shareholders of HKD 92.4 million, compared to a loss of HKD 95.3 million in the previous year[9]. - The group's revenue for the fiscal year was HKD 128.8 million, an increase from HKD 112.3 million in the previous fiscal year[9]. - The loss per share for the fiscal year was HKD 0.809, slightly improved from HKD 0.834 in the previous year[9]. - Due to the loss recorded, the board decided not to declare a final dividend for the fiscal year, resulting in no dividends being paid for the entire year[10]. - The group recorded an unrealized loss of approximately HKD 80.586 million from the fair value change of its investment in Hong Kong Shanghai Hotels Limited for the fiscal year[19]. - As of June 30, 2022, the group had cash and bank deposits of HKD 839 million and no outstanding debts, indicating a strong financial position[20]. - As of June 30, 2022, the distributable reserves available to shareholders amount to HKD 2,022,818,864[189]. Hotel Operations - The number of visitors to Hong Kong during the fiscal year was 133,653, a significant decrease compared to 2.45 million in the pre-pandemic year of 2019/2020[11]. - The group implemented a two-year bulk leasing arrangement for hotel rooms and facilities to stabilize revenue during the pandemic[13]. - The Royal Pacific Hotel signed a three-month contract to serve as a community isolation facility, generating guaranteed income from the government[13]. - The group continued to control costs and improve operational efficiency while enhancing service quality during challenging times[13]. - The group’s hotel portfolio includes City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel, which faced significant challenges due to COVID-19 restrictions[11]. - City Garden Hotel achieved an average room occupancy rate of 100% for the fiscal year, up from 92.8% in the previous year, with rental income increasing by 4.5% to HKD 76.2 million[15]. - Hong Kong Park Lane Hotel's average room occupancy rate was 26.1%, a slight increase from 19.5% last year, but rental income decreased by 3.4% to HKD 81 million[16]. - Royal Pacific Hotel reported an average room occupancy rate of 70.9%, significantly up from 33.5% last year, with rental income soaring by 76% to HKD 157.7 million[17]. - The group has signed a new four-year lease agreement effective from August 1, 2022, to further stabilize operations[13]. Sustainability Initiatives - The group aims to reduce greenhouse gas emissions by 30% from 2012 levels by 2030, having already achieved a 36.9% reduction as of June 30, 2022[21]. - The group plans to source 60% of its seafood from sustainable sources by 2025 and 100% by 2030, with 50% of seafood currently having eco-labels and certifications[25]. - The group has installed 72 solar panels at City Garden Hotel to promote renewable energy[21]. - Over 90% of the lighting in hotels has been upgraded to high-efficiency fixtures, contributing to energy savings and reduced carbon emissions[45]. - The group has established long-term greenhouse gas reduction targets to minimize its carbon footprint and enhance operational energy efficiency[44]. - The total greenhouse gas emissions for the year ended June 30, 2022, amounted to 7,303.27 tons of CO2 equivalent, an increase from 6,943.45 tons in the previous year, representing a year-over-year increase of approximately 5.2%[46]. - The company has achieved a 16.8% reduction in greenhouse gas emissions compared to the baseline year of 2012, equivalent to planting 185,600 trees[47]. - The company has reduced single-use plastic consumption by 72% as of June 30, 2022, with a new target to eliminate single-use plastics in core operations by 2035[55]. - The waste recycling program has seen a significant increase in plastic recycling, with 1,624 kg of plastic recycled in the year ended June 30, 2022, compared to 130 kg in the previous year[59]. - The group aims to reduce water consumption by 20% by 2030, with a current reduction of 56.54% as of June 30, 2022, compared to the baseline year of 2018[63]. Community Engagement - The group has delivered nearly 50,000 servings of hot soup to underprivileged individuals and families since 2011 as part of its community support initiatives[26]. - The group launched a community telemedicine service in March 2022, serving 300 residents in Tai O and Lantau Island, providing medical consultations and herbal soup packages[28]. - The group celebrated the 10th anniversary of the Tai O Heritage Hotel in 2022, launching various activities to commemorate this milestone[27]. - The group has been recognized for its community care efforts, receiving the "Caring Company" logo from the Hong Kong Council of Social Service for 13 consecutive years[26]. - The group’s volunteers provided approximately 390 hours of service in Hong Kong during the fiscal year ending June 30, 2022[97]. - The group distributed about 2,100 servings of warm soup to those in need during the period from October 2021 to March 2022[101]. - The group has partnered with food aid organizations since 2011, distributing over 67,000 hot meal boxes to needy individuals and families during a six-month initiative starting in April 2021[102]. Corporate Governance - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[104]. - The group emphasizes high levels of corporate governance practices and procedures, adhering to the applicable rules for the fiscal year ending June 30, 2022[103]. - The company has implemented a customized corporate governance code, ensuring compliance with the Hong Kong Stock Exchange's listing rules[105]. - The company has established four committees under the board, including the remuneration committee, nomination committee, audit committee, and compliance committee, to oversee various functions[108]. - The board is responsible for appointing any person to fill vacancies or as new members, ensuring candidates have the necessary experience and skills[110]. - The company has adopted a board diversity policy to support strategic goals and sustainable development, considering various factors for new appointments and reappointments[120]. - The remuneration policy ensures that employee compensation, including executive directors and senior management, is determined based on skills, knowledge, responsibilities, and performance, with no individual director participating in setting their own pay[116]. - The company has implemented a nomination policy since January 1, 2019, ensuring fair and transparent nominations for board members based on required skills and diverse perspectives[119]. Risk Management - The company has implemented a comprehensive enterprise risk management system to identify, assess, and report risks that may impact achieving strategic goals[159]. - The risk management framework is regularly reviewed and updated to ensure its continued relevance and effectiveness, adhering to international standards such as ISO 31000:2018[161]. - The group employs a "three lines of defense" risk governance model, overseen by the Board of Directors, Audit Committee, and Risk and Control Committee[162]. - The internal audit department conducts independent assessments of operational monitoring across business units[129]. - The company has established a risk classification system to identify, categorize, and document various risks[168]. - The group communicates and consults with stakeholders at all stages of the risk management process to address emerging risks promptly[166]. - The internal audit department regularly reports on the overall risk status and significant risks to the Audit Committee[170]. - The group closely monitors global and local economic conditions and government policy changes to mitigate risks related to visitor numbers[175]. Employee Management - The total number of employees decreased to 360 from 398 in the previous year, representing a decline of approximately 9.5%[74]. - The percentage of male employees as of June 30, 2022, was 27.4%, down from 42.5% the previous year, indicating a significant shift in gender representation[75]. - The total training hours for male employees decreased to 5,780.59 hours in 2022 from 6,359.67 hours in 2021, a reduction of about 9.1%[82]. - The average training hours per employee for females decreased to 24.34 hours in 2022 from 30.47 hours in 2021, reflecting a decline of approximately 20.1%[82]. - The group recorded 16 workplace injuries in the year ending June 30, 2022, resulting in a total of 1,000 lost workdays, compared to 12 injuries and 494 lost workdays in the previous year, indicating an increase in workplace incidents[79]. - The percentage of employees receiving training remained at 100% for both male and female employees in 2022, consistent with the previous year[82]. - The group’s employee wellness programs include various activities for family and mental health, demonstrating a commitment to employee well-being[77]. - The group has established a self-improvement development program called "GROW" to train junior employees in supervisory skills, indicating a focus on internal talent development[81]. Compliance and Ethics - The group has established a confidential reporting mechanism for employees to report unethical behavior, reinforcing its commitment to integrity and anti-corruption policies[95]. - The group has not identified any significant cases of violations related to bribery, extortion, fraud, or money laundering for the fiscal year ending June 30, 2022[96]. - The company maintains a code of conduct to prevent bribery and conflicts of interest[123]. - The company is committed to maintaining confidentiality regarding insider information and has established reporting channels for potential insider information risks[137].

Financial Performance - For the six months ended December 31, 2021, the group reported a loss attributable to shareholders of HKD 55.5 million, compared to a loss of HKD 45.5 million in the same period of 2020[10]. - The group's revenue for the interim period was HKD 62.3 million, an increase from HKD 52.3 million in 2020[10]. - The loss per share for the interim period was HKD 0.0486, compared to HKD 0.0398 in the previous year[10]. - The company reported a net loss of HKD 169,523,282 in total comprehensive income for the six months ended December 31, 2021, compared to a loss of HKD 69,340,786 in the same period of 2020[32]. - The total comprehensive loss for the period was HKD 169,523,282, which included a loss of HKD 55,501,408 attributable to retained earnings[34]. - The pre-tax loss for the six months ended December 31, 2021, was HKD 55,312,159, compared to a loss of HKD 49,127,901 in the same period of 2020[46]. - The company incurred a loss of HKD 45,483,667 during the period, reflecting challenges in the market[34]. Revenue and Occupancy - City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel reported revenues of HKD 43.2 million, HKD 133.6 million, and HKD 78.4 million respectively, compared to HKD 37.6 million, HKD 81.2 million, and HKD 37.1 million in 2020[13]. - Average occupancy rates for City Garden Hotel, Hong Kong Park Lane Hotel, and Royal Pacific Hotel were 100%, 31.7%, and 65.7% respectively, compared to 85.6%, 18.5%, and 26.5% in 2020[13]. - Hotel operations revenue from City Garden Hotel amounted to HKD 43,203,961, up from HKD 37,684,726 in the previous year, reflecting a growth of 14.0%[42]. - The revenue from customer contracts recognized over time was HKD 20,086,131, compared to HKD 17,964,383 in the prior year, indicating an increase of 11.8%[39]. Cash and Liquidity - As of December 31, 2021, the group had cash and bank deposits of HKD 892.1 million with no outstanding debts, resulting in a debt-to-equity ratio that is not applicable due to net cash position[15]. - Cash and bank deposits as of December 31, 2021, amounted to HKD 892,210,000, with no outstanding debt, indicating a strong liquidity position[28]. - The company's cash and cash equivalents decreased by HKD 274,629,426, resulting in an ending balance of HKD 20,833,890 as of December 31, 2021[35]. - The company reported a net cash inflow from operating activities of HKD 10,495,346 for the six months ended December 31, 2021, compared to a net outflow of HKD 15,157,099 in the same period of 2020[35]. Environmental and Community Initiatives - The group collected 11.5 tons of food waste for recycling during the six months ending December 31, 2021[21]. - The group aims to reduce single-use plastic consumption by 50% by 2022, using 2017 as the baseline[21]. - The group installed nearly 70 solar panels at City Garden Hotel to promote renewable energy[20]. - The group continues to support community initiatives, serving over 500 elderly individuals in various communities during the six months ending December 31, 2021[23]. - The group has implemented various environmental management measures, including energy-saving initiatives and waste management programs[19]. Corporate Governance - The company established a remuneration committee to formulate and recommend remuneration policies for all directors and senior management, ensuring transparency and regular meetings[73]. - The nomination committee is responsible for reviewing the board's structure and composition, providing recommendations for changes to align with corporate strategy, and ensuring the independence of non-executive directors[74]. - The audit committee reviewed the company's accounting policies and practices, ensuring effective financial reporting and risk management, with a minimum of four meetings held annually[75]. - The compliance committee was formed to enhance corporate governance, meeting bi-monthly to review compliance with ongoing connected transactions and provide regulatory updates[76]. - The company complied with all provisions of the corporate governance code as per the Listing Rules, with a focus on effective management structure and oversight[78]. Market Conditions and Future Outlook - The effective recovery of the hotel business will depend on the relaxation of travel restrictions and the resumption of international travel[12]. - The operational conditions of the hotels are expected to remain challenging, with effective recovery dependent on the relaxation of travel restrictions[28]. - The company remains vigilant regarding market developments and is prepared to manage current challenges while seizing opportunities[28]. - The management will continue to prudently manage resources to prepare for current challenges and capitalize on favorable opportunities[28]. - The company has a strong focus on new technologies to mitigate operational impacts from the ongoing pandemic[28].

Financial Performance - For the fiscal year ending June 30, 2021, the group reported a loss attributable to shareholders of HKD 95.3 million, compared to a loss of HKD 76.3 million in the previous year[8]. - The group's revenue for the fiscal year was HKD 112.3 million, down from HKD 160.7 million in the previous fiscal year, representing a decline of approximately 30%[8]. - The loss per share for the fiscal year was HKD 0.0834, compared to HKD 0.0675 in the previous year[8]. - Due to the loss recorded, the board decided not to declare a final dividend for the fiscal year, and no interim dividend was declared either[9]. - There were no significant changes compared to the annual report for the year ending June 30, 2020, aside from the aforementioned matters[14]. Visitor Statistics - The number of visitors to Hong Kong dropped by 99.6% year-on-year to 86,554, with visitors from mainland China decreasing by 99.7% to 49,420[10]. Hotel Operations - The group implemented a two-year bulk leasing arrangement for hotel rooms and facilities to mitigate the impact of the pandemic[11]. - The group focused on attracting local guests with promotional offers and long-term stay packages during the pandemic[11]. - Despite the ongoing pandemic, hotel occupancy rates improved in the second half of the fiscal year as the situation in Hong Kong generally improved[11]. - The average room occupancy rate for City Garden Hotel was 92.8% for the fiscal year, compared to 41.7% in the previous year, with rental income of HKD 68 million, a decrease of 45.8% year-on-year[15]. - The average room occupancy rate for Hong Kong Harbour Grand Hotel was 19.5%, down from 34.8% the previous year, with rental income of HKD 59.9 million, a decrease of 27.2% year-on-year[15]. - The average room occupancy rate for Royal Pacific Hotel was 30.5%, down from 44% the previous year, with rental income of HKD 42.2 million, a decrease of 36.8% year-on-year[15]. Financial Stability - The group remains financially stable and is prepared to seize opportunities during the economic recovery[11]. - The fair value of the investment in Hong Kong Shanghai Hotels Limited was approximately HKD 690.3 million as of June 30, 2021, with unrealized gains of HKD 98.4 million recorded for the fiscal year[15]. - The total investment cost for Hong Kong Shanghai Hotels Limited was approximately HKD 702.51 million[15]. - The group held cash and bank deposits totaling HKD 954.54 million as of June 30, 2021, with no outstanding debts[15]. Sustainability Initiatives - The group committed to sourcing 60% of seafood from sustainable sources by 2025, with 50% of seafood supplied as of June 30, 2021, already having eco-labels and certifications[20]. - The group launched a meal donation program in August 2020, providing 3,000 hot meal boxes to underprivileged families[22]. - The group initiated a "Plastic Reduction Action" in April 2018, aiming to reduce single-use plastics by 50% by 2022 based on 2017 levels[20]. - The group has installed solar panels at City Garden Hotel to promote renewable energy in Hong Kong[19]. - The total greenhouse gas emissions for the year ended June 30, 2021, were 6,943.45 tons of CO2 equivalent, a decrease from 8,672.12 tons in the previous year, representing a reduction of approximately 20%[42]. - Scope 1 emissions increased to 434.58 tons of CO2 equivalent for the year ended June 30, 2021, compared to 41.10 tons in the previous year, indicating a significant rise due to expanded reporting[42]. - Scope 2 emissions decreased to 6,439.83 tons of CO2 equivalent from 8,511.70 tons, reflecting a reduction of about 24%[42]. - The company aims to reduce electricity consumption by 30% by 2030, using 2012 levels as a baseline[45]. - Over 90% of the lighting in hotels has been upgraded to energy-efficient fixtures, contributing to improved energy efficiency[41]. - The company has set a target to reduce greenhouse gas emissions by 30% from 2012 levels by 2030[43]. - The greenhouse gas emissions intensity was reported at 0.02 tons of CO2 equivalent per guest night, down from 0.04 tons in the previous year[42]. - The group aims to reduce water consumption by 20% from 2018 levels by 2030 through various water-saving measures[59]. - The group actively participates in recycling programs, including aluminum capsule recycling and waste oil collection, with a total of 3,120 liters of waste oil recycled in the year ended June 30, 2021[54]. Employee Management - The total number of employees decreased from 579 to 398 from June 30, 2020, to June 30, 2021, representing a reduction of approximately 31.2%[66]. - Employee turnover rates increased significantly, with male turnover rising to 42.5% and female turnover to 55.8% as of June 30, 2021, compared to 28.4% and 25.2% respectively in the previous year[67]. - The average training hours per employee increased to 28.14 hours for males and 30.47 hours for females in 2021, compared to 24.88 and 28.41 hours in 2020, respectively[72]. - The group has maintained a zero record for work-related fatalities over the past three years, with no significant violations of health and safety regulations reported[69]. - The group has established an internal risk and safety team to promote a safe working environment and achieve the goal of "zero accidents"[69]. Corporate Governance - The board consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[98]. - The company adheres to a customized corporate governance code, complying with all provisions of the Hong Kong Stock Exchange Listing Rules[96]. - The board is responsible for the company's future development direction, overall strategy, and financial performance assessment[100]. - The company emphasizes high levels of corporate governance practices and internal control measures to enhance financial performance and shareholder value[97]. - The company has established four board committees: the Remuneration Committee, Nomination Committee, Audit Committee, and Compliance Committee, each with defined responsibilities[103]. Risk Management - The company has established a risk management system to assist the board in fulfilling its risk management responsibilities[114]. - The internal audit department conducts annual risk assessments and develops a three-year internal audit plan for approval by the audit committee[118]. - The company conducts an annual self-assessment of internal controls based on the COSO framework to evaluate the effectiveness of current monitoring measures[119]. - The risk management function continuously reviews and optimizes the enterprise risk management framework and proposes amendments to the risk and control committee and audit committee[150]. - The group conducts a comprehensive risk assessment annually and a mid-term assessment semi-annually to update the execution progress of risk treatment plans[159]. Community Engagement - The group has conducted over 360 soup distribution events under the "Warm Soup Action" initiative, providing over 47,390 servings of soup to elderly residents since its inception in 2011[92]. - The group has been involved in the "Soap Hope Project" since 2015, recycling discarded hotel soap to promote employment for local women in Hong Kong[93]. - The "Food Donation Program" has been in collaboration with food aid organizations since 2011, distributing carefully prepared meals to local underprivileged families weekly[95]. - The group has dedicated approximately 625 hours to volunteer services in Hong Kong as of June 30, 2021[90]. Compliance and Transparency - The company maintains high transparency and regularly communicates with shareholders to ensure they have access to comprehensive and understandable information[137]. - The company emphasizes the importance of protecting shareholder privacy and will not disclose shareholder information without consent[142]. - The company's website is regularly updated with investor information and complies with listing rules for timely disclosures[144]. - The company has established a comprehensive risk management system to identify, assess, and report risks that may affect its strategic goals[148].