CONTENTS 目錄 2 Corporate Information 公司資料 5 Financial Highlights 財務概要 7 Chief Executive Officer's Statement 行政總裁報告 13 Management Discussion and Analysis 管理層討論及分析 31 Biographies of Board of Directors and Senior Management 董事會及高級管理層履歷 36 Corporate Governance Report 企業管治報告 64 Report of the Directors 董事會報告 79 Independent Auditor's Report 獨立核數師報告 90 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 92 Consolidated Statement of Financial Position 綜合財務狀況表 95 Consolidated Statement ...

Group 1 - The core point of the article is that Hong An Real Estate announced its unaudited contract sales figures for the three months ending June 30, 2025, amounting to approximately HKD 697 million [1] - The total contract sales practical area achieved by the company and its joint ventures is approximately 25,600 square feet [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表聲明，並明確表示，概不就因本公佈全部或任何部分 內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 WANG ON PROPERTIES LIMITED 宏安地產有限公司 （於百慕達註冊成立之有限公司） （股份代號：1243） 截至二零二五年三月三十一日止年度 全年業績公佈 | 全年財務摘要 | | | | | --- | --- | --- | --- | | | 截至 | 截至 | | | | 二零二五年 | 二零二四年 | | | | 三月三十一日 | 三月三十一日 | | | | 止年度 | 止年度 | 變動 | | | 百萬港元 | 百萬港元 | | | 合約銷售額（包括合營企業） | 3,349 | 1,708 | +96% | | 收入 | 1,255 | 298 | +321% | | 毛利 | 139 | 74 | +88% | | 發展中物業淨額及 | | | | | 持作出售物業之撇減 | (229) | (692) | -67% | | （附註） 應佔合營企業之溢利及虧損 | (3 ...

Group 1 - Hong An Real Estate (01243) and Hong An Group (01222) announced the sale of 20% stakes in joint ventures Fortune Harbour and Mega Hope for approximately HKD 87.24 million, with expected losses of about HKD 203 million from the transaction [1][2] - After the completion of the sale, Wickert Investments and Ever Sonic Enterprises will directly own 15% of the issued shares in Fortune Harbour and Mega Hope respectively [1] - A framework agreement was established on June 12, 2025, between ADPF Member, Prime Resonance, and Hong An Real Estate to form a new joint venture for potential business collaboration [1] Group 2 - The business collaboration involves activities related to properties in Hong Kong, primarily focused on student accommodation, including acquisition, financing, development, and leasing [2] - Following the successful collaboration on the "Rixin She" project, Hong An Group and Hong An Real Estate Group agreed to explore further joint investment opportunities in student accommodation projects [2] - The collaboration aims to leverage Hong An Real Estate's expertise in property investment and management alongside AG partners' experience as property investors [2]

Revenue Performance - The Group's revenue for the six months ended September 30, 2024, was approximately HK$441.7 million, a significant increase of 54% compared to HK$286.7 million for the same period in 2023[30]. - Revenue from property sales rose by approximately 65.6%, from HK$258.4 million in the previous year to HK$427.9 million, primarily due to the delivery of the residential project LARCHWOOD[17]. - The total revenue breakdown indicates that sales of properties accounted for 97% of total revenue, while asset management fees and rental income made up 3% and 0% respectively[16]. - The increase in revenue was primarily driven by the successful delivery of a residential project, which obtained the occupation permit during the reporting period[17]. - The Group achieved total contracted sales of approximately HK$1,247 million during the reporting period, an increase of about 86.1% compared to HK$670 million in the same period last year[96]. Asset Management and Rental Income - Asset management fees contributed HK$12.98 million, accounting for 3% of total revenue, down from HK$26.19 million (9%) in the prior period[16]. - Rental income decreased to HK$0.83 million, representing only 0% of total revenue, compared to HK$2.04 million (1%) in the previous year[16]. - Revenue from asset management services decreased by approximately 50.4% from approximately HK$26.2 million for the six months ended 30 September 2023 to approximately HK$13.0 million for the Reporting Period[70]. Project Developments - The residential project LARCHWOOD achieved total contracted sales of approximately HK$842.3 million, with HK$404.8 million recognized as revenue during the Reporting Period[73]. - Of the 187 residential units in LARCHWOOD, 168 units have been sold, representing approximately 89.8% of the total[73]. - The FINNIE project, launched in August 2024, achieved total contracted sales of approximately HK$377.2 million, with 61 out of 90 units sold, representing approximately 67.8%[73]. - The ALTISSIMO project in Ma On Shan recorded contracted sales of approximately HK$280 million, with all residential units sold[102]. - The PHOENEXT project in Wong Tai Sin achieved total contracted sales of approximately HK$723.8 million, with 150 out of 230 units sold, representing about 65.2%[102]. Financial Position and Liabilities - The Group's financial position remains stable, with a focus on enhancing asset management services and exploring new market opportunities[30]. - The Group's financial liabilities include interest-bearing bank loans and derivatives, with fair values assessed at each reporting date[49]. - As of September 30, 2024, the Group's total assets less current liabilities were approximately HK$5,855.0 million, compared to approximately HK$6,014.3 million as of March 31, 2024[153]. - Aggregate bank borrowings amounted to approximately HK$3,427.2 million as of September 30, 2024, compared to approximately HK$3,988.7 million as of March 31, 2024[153]. - The gearing ratio improved to approximately 62.3% as of September 30, 2024, down from approximately 73.4% as of March 31, 2024[153]. Profitability and Expenses - The Group recorded a profit of approximately HK$96.9 million attributable to owners of the parent, a decrease from HK$267.7 million in the same period last year[94]. - Selling and distribution expenses for the Reporting Period amounted to approximately HK$87.4 million, representing an increase of approximately 25.0% compared to HK$69.9 million for the six months ended 30 September 2023[105]. - Administrative expenses for the Reporting Period amounted to approximately HK$56.5 million, reflecting an increase of approximately 3.9% from HK$54.4 million in the previous reporting period[105]. - Finance costs increased to approximately HK$103.3 million for the Reporting Period, up from approximately HK$80.7 million for the six months ended 30 September 2023, primarily due to rising borrowing costs and the completion of LARCHWOOD[105]. Future Outlook and Strategy - The management remains optimistic about future revenue growth, supported by ongoing projects and potential new developments[30]. - The Group is actively exploring different channels to increase its land banks, including public tenders and old building acquisitions[88]. - The Group continues to seek opportunities to increase land reserves through public tenders and acquisition of old buildings for future development[120]. - The anticipated completion year for several projects includes 2025 for multiple residential and commercial developments, with a total approximate area of 705,500 sq.ft.[110]. Cash Flow and Treasury Management - The Group's treasury policy aims to ensure sufficient cash flow for operational needs, including construction costs and land purchases[190]. - Cash and bank balances decreased to approximately HK$596.4 million as of September 30, 2024, down from approximately HK$722.7 million as of March 31, 2024[153]. - The Group's total loans, including other loans, amounted to HK$3,966,330,000 as of September 30, 2024, down from HK$4,714,804,000 as of March 31, 2024[184]. Investment Properties and Occupancy - The Group's investment properties portfolio has a total asset value of not less than HK$6.7 billion, including joint ventures[89]. - The overall occupancy rate of the Group's investment properties was approximately 88%, including the recently launched Sunny House Kai Tak[144]. - The property "Sunny House Kai Tak" offers 720 rooms with a total of 1,424 beds and has an occupancy rate exceeding 99%[170].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 WANG ON PROPERTIES LIMITED 宏 安 地 產 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：1243） 截至二零二四年九月三十日止六個月之未經審核中期業績公佈 | 中期財務摘要 | | | | | --- | --- | --- | --- | | | 截至 | 截至 | | | | 二零二四年 | 二零二三年 | | | | 九月三十日 | 九月三十日 | | | | 止六個月 | 止六個月 | 變動 | | | 百萬港元 | 百萬港元 | | | 訂約銷售額（包括合營企業） | 1,247 | 670 | 86% | | 收入 | 442 | 287 | 54% | | 毛利 | 93 | 80 | 16% | | 母公司擁有人應佔溢利 | 97 | 268 | (64%) | | （港仙） 每股盈利 | | | | | —基本及攤薄 ...

Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 325,850,000, a decrease of 84.1% compared to HKD 2,047,932,000 in 2023[20] - Revenue from property sales was HKD 258,613,000, down 87.8% from HKD 1,971,145,000 in the previous year[22] - The company reported a loss before tax of HKD 735,805,000 compared to a profit of HKD 217,886,000 in 2023[20] - The company recorded a net loss of HKD 742,073,000 for the year, compared to a profit of HKD 210,854,000 in 2023[20] - Total income from customer contracts was HKD 294,829,000, down 85.2% from HKD 1,988,156,000 in the previous year[22] - The company recorded a loss attributable to equity holders of HKD 733 million, a 447% decline from a profit of HKD 211 million in the prior year[48] - Core loss per share was HKD 0.28, a 91% decrease from HKD 3.19 in the previous year[48] - The company reported a total comprehensive loss of HKD 725,061,000 for the year, compared to a comprehensive income of HKD 212,812,000 in the previous year[51] Assets and Liabilities - As of March 31, 2024, the total book value of the group's investment properties in Hong Kong is approximately HKD 71,000,000, a decrease from HKD 147,000,000 in 2023, primarily due to the sale of two investment properties during the fiscal year[3] - As of March 31, 2024, the group's total assets less current liabilities amount to approximately HKD 6,014,300,000, down from HKD 7,327,300,000 in 2023, with a current ratio of approximately 1.4 times[10] - The total liabilities increased to HKD 3,875,617,000 from HKD 2,418,746,000, reflecting a rise of 60.41%[53] - The net asset value decreased by 16% to HKD 4,447 million from HKD 5,283 million[48] - The group’s cash and bank balances as of March 31, 2024, are approximately HKD 722,700,000, compared to HKD 869,200,000 in 2023[10] - The total bank borrowings as of March 31, 2024, are approximately HKD 3,988,700,000, with a debt ratio of approximately 73.4%, up from 59.4% in 2023[16] Operational Highlights - The overall occupancy rate of the group's investment properties exceeds 97%, with the exception of the property "日新舍啟德," which is currently undergoing renovation and is expected to reopen in the third quarter of 2024[7] - The group has entered into sale agreements for five retail shops at 天生樓 for a total consideration of approximately HKD 87,500,000, with a profit of about HKD 2,800,000 recognized in the financial statements[7] - The group is actively seeking opportunities to increase land reserves through various channels, including public tenders and old building acquisitions[2] - The group expects its property management business to expand due to the increased delivery of "The Met" series projects, continuing to invest in professional management teams and advanced management technologies[9] Cash Flow and Financing - The group has implemented plans to alleviate liquidity pressure and improve cash flow, ensuring sufficient operational funding for the next 12 months[71] - The group’s cash flow forecast covers at least 12 months from the reporting date, with management confident in meeting financial obligations[71] - The company has successfully refinanced bank loans totaling HKD 717,788,000 and secured new loans of HKD 261,000,000[55] - The company received a revolving loan of HKD 250,000,000 from its parent company, which was increased to HKD 500,000,000 in June 2024[57] Market and Strategic Outlook - The group anticipates a challenging year in 2024, maintaining a cautious approach to business development and financial status to achieve stable returns for stakeholders[152] - The group aims to accelerate the pre-sale and sale of developed and completed properties to expedite the recovery of outstanding sales proceeds[70] - The company will continue to explore new investment opportunities while closely monitoring market changes and seeking strategic partnerships to enhance asset management and property development[174] Corporate Governance and Sustainability - The group emphasizes the importance of sustainable development and corporate governance, implementing high standards of ethics, transparency, and accountability[157] - The group received a commendable four-star rating in the GRESB assessment and ranked third among peers, highlighting its commitment to integrating ESG principles into all development projects[154] - The audit committee, composed of four independent non-executive directors, has been established to review and approve the consolidated financial statements for the fiscal year ending March 31, 2024[165] Employee and Community Engagement - As of March 31, 2024, the group has 145 employees, an increase from 128 in 2023, with compensation based on individual performance and experience[146] - The group actively participates in community activities, including the "Festival Visit Program" to support underprivileged families living in subdivided flats[155]

智通财经APP讯，宏安地产(01243)发布公告，黄静娴女士因其他事业发展而提呈辞任执行董事，自2024年4月1日起生效。因此，黄女士将终止担任公司常务委员会的成员，自2024年4月1日起生效。 黄女士亦已提呈辞任公司的公司秘书、根据联交所证券上市规则第3.05条的公司的授权代表及公司条例(香港法例第622章)第16部规定的代表公司于中国香港接受法律程序文件及通知的授权代表，自2024年4月1日起生效。 张展华先生已获委任为公司的公司秘书、根据上市规则第3.05条的公司的授权代表及公司条例(香港法例第622章)第16部规定的代表公司于中国香港接受法律程序文件及通知的授权代表，自2024年4月1日起生效。 ...

Sales Performance - As of the report date, 543 out of 547 units of the "Altissimo" project have been sold, generating total sales proceeds of approximately HK$7.1 billion, with the Group holding a 40% equity interest[5]. - The "Met. Azure" project has sold 319 units, resulting in total sales proceeds of approximately HK$1.6 billion as of the report date[15]. - The "LADDER Dundas" commercial property has achieved total sales proceeds of approximately HK$616.9 million, with all units and signage sold as of the report date[17]. - The "Larchwood" project has sold 105 out of 187 units, with total sales proceeds amounting to approximately HK$572.1 million as of the report date[19]. Acquisitions and Developments - The Group completed the acquisition of a site at Nos. 18-20 Sze Shan Street for approximately HK$940.6 million, with a total site area of approximately 41,700 square feet planned for redevelopment into a residential project with commercial space[23]. - In June 2023, the Group acquired a site at Nos. 3-9 Finnie Street for HK$412 million, with a total site area of approximately 4,200 square feet, also planned for redevelopment into a residential project with commercial space[26]. - The Group has formed a joint venture with APG, holding a 50% equity interest, which currently includes 6 projects in various stages of development[6]. - The Group has completed the consolidation of ownership for an urban redevelopment project at Ap Lei Chau, with a site area of approximately 6,600 square feet planned for redevelopment into a residential project with commercial spaces[27]. - The Group is actively seeking to increase land reserves through public tenders and acquisitions of old building rights for future development[94]. Financial Performance - The Group's revenue for the six months ended 30 September 2023 was approximately HK$286.7 million, a decrease of 77.3% compared to approximately HK$1,260.8 million for the same period in 2022[28]. - Profit attributable to owners of the parent for the same period was approximately HK$267.7 million, compared to approximately HK$67.6 million in the previous year, reflecting a significant increase[28]. - Finance costs increased to approximately HK$80.7 million, up from approximately HK$50.2 million in the prior period, primarily due to rising interest rates[28]. - Share of profits and losses from joint ventures amounted to approximately HK$376.0 million, a substantial increase from approximately HK$108.0 million in the same period last year[28]. - Revenue from property development recognized during the reporting period was approximately HK$258.4 million, significantly lower than approximately HK$1.3 billion in the previous year[29]. Dividends and Shareholder Returns - The Group does not recommend the payment of any interim dividend for the six months ended 30 September 2023, consistent with the previous year[28]. - The basic earnings per share for the six months ended 30 September 2023 is HK$0.0176, based on a profit attributable to owners of the parent of HK$267.7 million[116]. Market Conditions and Economic Outlook - Property prices and transaction volumes rebounded early this year, but sentiment was dampened by interest rate hikes and geographic tensions, leading to a drop in monthly transactions from the second half of the year[57][58]. - The Chief Executive's latest policy address proposed measures to relax property market restrictions, including halving the buyer's stamp duty for new residential properties and shortening the special stamp duty holding period from three years to two years[58]. - The Group will adopt a cautious and prudent approach towards business development and financial positions amid existing uncertainties in the international and domestic economy[62]. Sustainability and Corporate Governance - The Group is committed to sustainability and actively participates in corporate social responsibility activities, including collaborations with local universities[64]. - The Company is committed to maintaining high standards of corporate governance, emphasizing transparency, accountability, integrity, and independence[174]. - The Company has established an audit committee to review and supervise financial reporting procedures and internal controls[156]. Employee and Operational Insights - As of September 30, 2023, the Group had 149 employees in Hong Kong, an increase from 128 employees as of March 31, 2023[73]. - The Group provides discretionary bonuses, medical insurance, and a defined contribution to the Mandatory Provident Fund for eligible employees[73]. Financial Position and Assets - As of September 30, 2023, the Group's total assets less current liabilities were approximately HK$7.467 billion, compared to approximately HK$7.327 billion as of March 31, 2023, reflecting an increase[85]. - The current ratio as of September 30, 2023, was approximately 1.3 times, down from approximately 1.5 times as of March 31, 2023[85]. - The Group's cash and bank balances were approximately HK$510.4 million as of September 30, 2023, a decrease from approximately HK$869.2 million as of March 31, 2023[85]. - Non-current assets totaled HK$6,558,896,000 as of September 30, 2023, an increase from HK$6,109,196,000 as of March 31, 2023[186]. Joint Ventures and Partnerships - The Group has formed a joint venture with Angelo, Gordon & Co., L.P. for the acquisition and operation of a property in Kowloon, Hong Kong, which will be rebranded as "Sunny House" and is expected to offer 720 rooms, reopening in Q1 2024[104]. - The Group has partnered with Kohlberg Kravis Roberts & Co. L.P. to own two commercial properties, both of which have high occupancy rates, with "Lake Silver" fully let and "The Parkside" over 97% occupied[98]. - The Group is engaged as the asset manager in multiple joint ventures, leveraging its resources and networks in the Hong Kong market[127].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 WANG ON PROPERTIES LIMITED 宏 安 地 產 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：1243） 截至二零二三年九月三十日止六個月之 未經審核中期業績公佈 中期財務摘要 截至九月三十日止六個月 二零二三年 二零二二年 變動 （未經審核） （未經審核） 百萬港元 百萬港元 收入 287 1,261 -77% 毛利 80 189 -58% 母公司擁有人應佔溢利 268 68 +294% ...