Investment Rating - The report maintains a "Buy" rating for the company [2][6][18] Core Views - The company's gross margin has rebounded from its lowest point, and it is actively acquiring land in core cities, with nearly 80% of new land reserves acquired since 2022 [6][5] - The company reported a 2024 revenue of HKD 142.99 billion, a year-on-year increase of 6.4%, with property development contributing 97% of total revenue [6][5] - The company has a strong financial position, maintaining green status on the three red lines, with a financing cost that has reached a new low [6][5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: HKD 134.43 billion - 2024: HKD 142.99 billion - 2025E: HKD 149.85 billion - 2026E: HKD 157.19 billion - 2027E: HKD 172.28 billion [5][7] - The net profit attributable to the parent company is forecasted as: - 2023: HKD 5.04 billion - 2024: HKD 4.80 billion - 2025E: HKD 5.06 billion - 2026E: HKD 5.33 billion - 2027E: HKD 5.88 billion [5][7] - The company’s earnings per share (EPS) are projected to be: - 2023: HKD 2.36 - 2024: HKD 2.21 - 2025E: HKD 2.33 - 2026E: HKD 2.45 - 2027E: HKD 2.71 [5][7] Sales and Land Acquisition - The company’s total sales for 2024 were HKD 133.5 billion, a decrease of 29.3% year-on-year, with a sales return rate of 102% [6][5] - The land acquisition amount for 2024 was HKD 55.6 billion, down 52% year-on-year, with a land acquisition to sales ratio of 42% [6][5] - The company’s land reserves as of the end of 2024 amounted to 12.43 million square meters, with a sellable value of HKD 221 billion [6][5] Dividend and Shareholder Returns - The company declared a dividend of HKD 1.2 per share for 2024, maintaining a high dividend payout ratio of 52% and a dividend yield of 7.2% [6][5]

Investment Rating - The investment rating for the company is "Buy" with a market price of HKD 16.24 and a sector rating of "Outperform" [2]. Core Views - The company has shown steady revenue growth with a slight decline in net profit. The gross margin has rebounded, and cash on hand has increased by double digits. The company maintains a strong strategic focus on core cities in first and second-tier areas, which lays a solid foundation for future high-quality development. Despite the ongoing industry sales slump, the company has demonstrated resilience in both sales and land acquisition, leading to a maintained "Buy" rating [5]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of RMB 1429.9 billion, a year-on-year increase of 6.4%. The net profit attributable to shareholders was RMB 48.0 billion, a decrease of 4.6%. The proposed cash dividend is HKD 1.2 per share, with a payout ratio of 47% [4][5]. - The gross margin for 2024 was 13.3%, an increase of 2.2 percentage points year-on-year. The net profit margin and attributable net profit margin were 4.5% and 3.4%, respectively, both showing slight declines [8][11]. Revenue and Profit Forecast - The company has adjusted its revenue forecasts for 2025-2026 due to the current industry conditions. Expected revenues for 2025, 2026, and 2027 are RMB 1478 billion, RMB 1383 billion, and RMB 1351 billion, with year-on-year growth rates of 3%, -6%, and -2%, respectively. The net profit for the same years is projected to be RMB 50 billion, RMB 50 billion, and RMB 51 billion, with growth rates of 3%, 1%, and 2% [5][7]. Cash and Debt Management - As of the end of 2024, the company held cash of RMB 572.6 billion, a year-on-year increase of 12%. The interest-bearing debt was RMB 845.0 billion, up 5.7%. The net debt ratio stood at 26.6%, and the cash-to-short-term debt ratio was 9.35X, indicating a strong liquidity position [8][18][21]. Sales and Market Position - The company ranked seventh in the industry for sales in 2024, with a sales amount of RMB 1335 billion, a decline of 29.4% year-on-year. The sales area was 611 million square meters, also down 29.3%. The sales price per square meter was RMB 20,500, a decrease of 1.1% [23][31][25]. - The sales return rate reached 102%, an increase of 4 percentage points from the previous year, indicating effective cash collection [8]. Land Acquisition - The company acquired land worth RMB 530 billion in 2024, a decrease of 40% year-on-year, ranking sixth in the industry for land acquisition. The land acquisition intensity was 40%, which, despite a decline, remains relatively high [38][44].

Financial Performance - The total contracted sales amount for the year ended December 31, 2024, was approximately RMB 103.36 billion, a decrease of about RMB 34.6 billion or 25.1% compared to the previous fiscal year[4]. - The total revenue for the year ended December 31, 2024, was approximately RMB 142.99 billion, an increase of about RMB 8.56 billion or 6.4% compared to the previous fiscal year[6]. - The profit attributable to equity holders for the year ended December 31, 2024, was approximately RMB 4.80 billion, a decrease of about RMB 231 million or 4.6% compared to the previous fiscal year[4]. - The basic earnings per share for the year ended December 31, 2024, was RMB 2.38[4]. - The gross profit for the year ended December 31, 2024, was approximately RMB 18.97 billion, compared to RMB 14.92 billion in the previous fiscal year[6]. - The total comprehensive income for the year ended December 31, 2024, was approximately RMB 6.35 billion[7]. - The company's total revenue for the year was reported at 36.02 billion, compared to 35.10 billion in the previous year, reflecting a growth of approximately 2.6%[10]. - The company's total revenue for the year was approximately RMB 142,986.28 million, representing an increase of about RMB 8,556.31 million (approximately 6.4%) compared to the previous fiscal year[54]. - Gross profit for the year was approximately RMB 18,972.44 million, an increase of about RMB 4,055.98 million (approximately 27.2%) year-over-year[54]. - The profit attributable to equity holders decreased by approximately RMB 230.87 million (approximately 4.6%) to about RMB 4,803.84 million compared to the previous fiscal year[54]. Cash Flow and Assets - The cash collection from property development for the year ended December 31, 2024, totaled approximately RMB 135.74 billion[4]. - Total assets decreased from 427.28 billion to 412.48 billion, a decline of approximately 3.5%[9]. - Total liabilities decreased from 336.34 billion to 309.98 billion, a decline of approximately 7.8%[11]. - Net asset value increased from 90.94 billion to 102.50 billion, an increase of approximately 12.5%[11]. - Cash and cash equivalents increased from 54.16 billion to 57.26 billion, an increase of approximately 5.0%[9]. - The company's total inventory and other assets amounted to RMB 270.92 billion in 2024, up from RMB 247.03 billion in 2023, marking an increase of about 10%[44]. - As of December 31, 2024, the group's cash and bank balances were approximately RMB 57,259.15 million, an increase from approximately RMB 54,161.32 million as of December 31, 2023[76]. Liabilities and Equity - The company's equity attributable to shareholders increased from 21.46 billion to 25.56 billion, an increase of approximately 19.5%[11]. - The company's total liabilities to total assets ratio improved from 78.7% to 75.1%[11]. - The debt to equity ratio decreased to 87.6% from 93.2% due to an increase in non-controlling interests[78]. - Total borrowings amounted to approximately RMB 33,746.90 million, with about 94.1% of borrowings subject to floating rates[77]. - Financial guarantees for property buyers decreased to approximately RMB 43,317.95 million from approximately RMB 77,444.07 million, primarily due to a reduction in new property projects launched[79]. Dividends - The company proposed a final dividend of HKD 1.2 per share, payable in cash or in new shares[3]. - Proposed final dividend for the year ending December 31, 2024 is HKD 1.2 per share, totaling approximately HKD 2,420,613,000 (around RMB 2,241,585,000)[38]. - Final dividend for the previous fiscal year was HKD 1.3 per share, totaling RMB 2,248,509,000, an increase from RMB 2,080,819,000 in the prior year[39]. - The total cash dividend paid in 2024 was RMB 652,259,000, an increase from RMB 381,279,000 in 2023[39]. - The total dividend paid in shares for 2024 was RMB 1,596,250,000, compared to RMB 1,699,540,000 in 2023[39]. - The company plans to seek shareholder approval for the proposed final dividend at the upcoming annual general meeting[38]. Market and Sales Performance - The company reported a decrease in the cumulative contracted sales area of approximately 1.616 million square meters or 24.3% compared to the previous fiscal year[4]. - The cumulative contracted sales amount attributable to shareholders was approximately RMB 103.36 billion, a decrease of about 25.1% compared to the previous fiscal year[58]. - The cumulative contracted sales area attributable to shareholders was approximately 5.048 million square meters, a decrease of about 24.3% compared to the previous fiscal year[58]. - The majority of the group's revenue and performance is derived from the Chinese market, with assets primarily located within China[28]. - The total delivered property construction area was approximately 6.99 million square meters, a decrease of about 1.53 million square meters from the previous fiscal year[55]. - The company aims to expand its market presence by increasing its land reserves and project developments across various cities in China[61]. Operational Efficiency and Costs - The sales cost rose from approximately RMB 119,513.52 million to RMB 124,013.84 million, an increase of about RMB 4,500.32 million[66]. - Total borrowing costs decreased from approximately RMB 3,386.35 million to RMB 2,997.80 million, attributed to a slight decline in average financing rates[68]. - Administrative expenses increased from approximately RMB 2,851.39 million to approximately RMB 4,979.93 million, an increase of approximately RMB 2,128.54 million[70]. - Sales expenses decreased from approximately RMB 4,308.01 million to approximately RMB 3,721.69 million, a reduction of approximately RMB 586.32 million[71]. Future Plans and Strategies - The company plans to expand its market presence and invest in new technologies to drive future growth[12]. - The company plans to focus on innovation in product technology to enhance core competitiveness in 2025[91]. - The company aims to increase R&D investment to lead product upgrades and maintain market competitiveness[92]. - The company intends to accelerate the construction of a centralized procurement platform to reduce costs and enhance operational efficiency[94]. - The company aims to actively respond to market dynamics and prioritize development as its primary task by 2025[95]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance throughout the year, ensuring shareholder rights and enhancing transparency[105]. - The audit committee has reviewed the company's consolidated financial statements for the year[107]. - The financial statements comply with the disclosure requirements of the Hong Kong Companies Ordinance and the Listing Rules[15].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 32,753,303, an increase of 34.5% compared to RMB 24,359,190 for the same period in 2023[9]. - Gross profit for the same period was RMB 3,902,749, representing a gross margin of approximately 11.9%[9]. - Net profit for the period was RMB 1,436,478, slightly up from RMB 1,421,853 in the previous year, indicating a growth of 1.0%[9]. - Basic earnings per share for the period was RMB 47.30, down from RMB 80.09 in the previous year, reflecting a decrease of 41.0%[12]. - Total comprehensive income for the period reached RMB 1,436,478,000, compared to RMB 619,410,000 in the previous period, reflecting a significant increase[21]. - Profit attributable to equity holders decreased by approximately RMB 467.07 million (or approximately 36.4%) to about RMB 817.07 million, compared to RMB 1,284.14 million in the same period last year[101]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 459,180,149, an increase from RMB 427,277,513 as of December 31, 2023[15]. - The total liabilities increased to RMB 363,033,038 thousand from RMB 336,338,644 thousand, reflecting a rise of approximately 7.9%[17]. - The equity attributable to the company's equity holders was RMB 21,851,486 thousand as of June 30, 2024, compared to RMB 21,456,479 thousand at the end of 2023, marking an increase of about 1.8%[17]. - The group’s net debt increased to approximately RMB 43,958.55 million, resulting in a net debt-to-equity ratio of 45.72%, up from 33.64% as of December 31, 2023[1]. - The debt ratio (total borrowings to total equity) rose to approximately 96.9% from 93.2% as of December 31, 2023, due to an increase in interest-bearing borrowings and loans from indirect holding companies[2]. Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 49,217,544, a decrease from RMB 54,161,319 at the end of 2023[15]. - Net cash used in operating activities was RMB (3,411,876,000), a decrease from RMB 33,639,003,000 in the same period last year[24]. - The company incurred financing activities net cash outflow of RMB (2,268,153,000), compared to RMB (13,925,184,000) in the previous period[24]. - The company reported a net cash inflow from investing activities of RMB 811,866,000, contrasting with a cash outflow of RMB (9,663,691,000) in the prior period[24]. Revenue Sources - Property development revenue was RMB 31,010,852,000, up 36.5% from RMB 22,743,526,000 year-on-year[34]. - The company’s property management and related services generated revenue of RMB 1,742,451,000, an increase of 7.8% from RMB 1,615,664,000 in the previous year[34]. - The total contract sales amount for the first half of 2024 was RMB 5,087.28 million, compared to RMB 7,473.07 million in the same period last year[108]. Expenses and Costs - The company’s administrative expenses increased to RMB 926,748 from RMB 512,518, reflecting a rise of 80.9% year-on-year[9]. - The total financing cost of RMB 4,100,323,000, down 28.3% from RMB 5,718,259,000 in the previous year[37]. - Sales costs rose from approximately RMB 20,644.75 million to approximately RMB 28,850.55 million, an increase of approximately RMB 8,205.80 million[119]. Market and Strategic Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[8]. - The company is focusing on expanding its market presence and enhancing its land reserves to support future growth[110]. - The company anticipates gradual market stabilization and the emergence of a new equilibrium due to ongoing policy optimization on both supply and demand sides[151]. Shareholder Information - The company has issued a total of 1,895,684,126 ordinary shares as of June 30, 2024[48]. - Major shareholder Yinan holds 1,046,812,743 shares, representing 55.22% of the issued share capital[164]. - The board has resolved not to declare an interim dividend for this period, consistent with the previous year[177]. Corporate Governance - The company adheres to high standards of corporate governance, ensuring shareholder rights and enhancing corporate value[178]. - The Audit Committee, composed entirely of independent non-executive directors, reviews financial data and internal control systems[181].

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 建发国际集团（1908）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------|--------------------| | 股票数据 | | | 8[T月ab27le日_S收t盘oc价kI（nf港o元]） | 12.10 | | 52 周股价波动（港元） | 10.42-20.87 | | 总股本（百万股） | 2017 | | 总市值（亿港元） | 244 | | 相关研究 | | | [《Ta建b发le国_R际e集p团o（rtI0n1f9o0] | 8.HK）2023年年度业 | | 绩点评：聚力前行，高质成长》 | 2024.03.26 | | 《建发国际集团（01908.HK | ）2023年中期业 | | 绩点评：经营业绩高速增长，销售刷新目标业 | | | 绩》2023.09.10 | | 市场表现 [Table_QuoteInfo] | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable growth in settlement scale and has improved its sales ranking despite market challenges. The overall operational status remains robust, supported by ample land reserves in core first- and second-tier cities and a significant advantage in financing costs. The profit forecast for 2024-2026 is maintained, with expected net profits of 5.32 billion, 6.45 billion, and 7.83 billion CNY, respectively, corresponding to EPS of 2.89, 3.50, and 4.25 HKD. The current stock price reflects a PE ratio of 4.2, 3.5, and 2.8 for the respective years, indicating a strong performance outlook [3][4]. Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 32.75 billion CNY, a year-on-year increase of 34.5%. The property development revenue reached 31.01 billion CNY, up 36.4%, primarily due to a large settlement volume. The net profit was 817 million CNY, a decrease of 36.4% year-on-year, attributed to a decline in settlement gross margin and increased inventory impairment provisions [3][4]. - The company reported a sales amount of 50.87 billion CNY in the first half of 2024, with a year-on-year decrease of 31.9%. However, it ranked 7th in total sales amount for the first half of 2024, indicating a rise in ranking despite the decline in sales [3][4]. - As of the end of the first half of 2024, the company had a land reserve of approximately 14.45 million square meters, with major holdings in cities like Hangzhou, Shanghai, and Xiamen. The debt structure is healthy, with a debt-to-asset ratio of 79.06% and a net debt ratio of 45.72%. The average financing cost decreased to 3.65% [3][4]. Financial Forecasts - The company’s projected financials for 2024-2026 include: - Revenue: 147.12 billion CNY in 2024, 162.56 billion CNY in 2025, and 176.38 billion CNY in 2026, with year-on-year growth rates of 9.4%, 10.5%, and 8.5% respectively [4][5]. - Net Profit: Expected to be 5.32 billion CNY in 2024, 6.45 billion CNY in 2025, and 7.83 billion CNY in 2026, with growth rates of 22.7%, 21.1%, and 21.4% respectively [4][5]. - EPS: Projected at 2.89 HKD in 2024, 3.50 HKD in 2025, and 4.25 HKD in 2026 [4][5].

房地产 2024 年 08 月 27 日 公 司 半 年 报 点 评 建发国际集团(1908.HK) 结算端利润承压，拿地进取土储优化 推荐（维持） 事项： 股价：12.7 港元 主要数据 行业 房地产 公司网址 www.cndintl.com 大股东/持股 建发房产/55.2% 实际控制人 厦门市国有资产监督管理委员会 总股本(百万股) 2017 流通 A 股(百万股) 0 流通 B/H 股(百万股) 2017 总市值（亿元） 233.81 流通 A 股市值(亿元) 0 每股净资产(元) 11.5 资产负债率(%) 79.06 行情走势图 相关研究报告 【平安证券】建发国际集团（1908.HK）*年报点评*收 入利润双增长，投销优于同业*推荐20240324 【平安证券】建发国际集团（1908.HK）*首次覆盖报 告*"新闽系"房企标杆，彰显逆周期本色*推荐20230814 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pingan.co ...

房地产 上 市 公 司 2024 年 08 月 23 日 建发国际集团 (01908) ——业绩下滑，拿地积极，资金优势明显 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 22 日 | | 收盘价（港币） | 12.66 | | 恒生中国企业指数 | 6224.24 | | 52 周最高/最低（港币） | 22.50/11.24 | | H 股市值（亿港币） | 255.37 | | 流通 H 股（百万股） | 2,017.18 | | 汇率（人民币/港币） | 1.0940 | 一年内股价与基准指数对比走势： -42% -22% -2% 18% HSCEI 建发国际集团 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsrese ...

事件 2024 年 8 月 22 日建发国际集团发布 2024 上半年业绩报告，1H24 实现营业收入 327.53 亿元，同比+34.5%；实现归母净利润 8.17 亿元，同比-36.4%。 点评 营收稳步增长，毛利率等多因素导致业绩下滑：公司营收增长主 要由开发业务（占总收入的 94.7%）的增长带动，1H24 开发业务 收入 310.1 亿元，同比+36.4%。而归母净利润同比下滑主要因为： ①房地产市场下行，交付项目毛利率下滑，1H24 公司毛利率 11.92%,同比下降 3.33pct；②计提存货减值（计入管理费用），1H24 管理费用 9.26 亿元，同比增加 4.14 亿元；③结算项目权益比例 下降，1H24 公司净利润 14.4 亿元，同比+1.2%，其中少数股东损 益 6.19 亿元，同比增加 4.81 亿元。 销售排名稳步增长，深耕带动市占率提升：1H24 公司全口径销售 额 660 亿元，同比-31%（百强房企整体同比-42%）；权益销售额 509 亿元，同比-32%；行业排名升至第 7（2023 年全年居第 8）。积极 抓经营性现金流，1H24 全口径回款 647 亿元，回款率 98% ...

Financial Performance - For the six months ended June 30, 2024, the group reported cumulative contract sales amounting to approximately RMB 50.87 billion, a decrease of about 31.9% compared to the same period last year[3]. - The group's revenue for the period was approximately RMB 32,753.30 million, representing an increase of about 34.5% year-on-year[3]. - The property development segment generated revenue of approximately RMB 31,010.85 million, reflecting a growth of approximately 36.4% compared to the previous year[3]. - The profit attributable to equity holders of the company was approximately RMB 817.07 million, a decrease of about 36.4% year-on-year[3]. - Basic earnings per share for the period were RMB 0.4730, with the board deciding not to declare an interim dividend[3]. - The group achieved cash collections from property development of approximately RMB 64.7 billion during the period[3]. - Other income for the period was approximately RMB 409.13 million, compared to RMB 641.89 million in the previous year[5]. - The group recorded a loss of RMB 1.369 million from changes in the fair value of investment properties[5]. - Administrative expenses increased to RMB 926.75 million from RMB 512.52 million in the previous year[5]. - The total revenue for the six months ended June 30, 2023, was CNY 1,408,741,000, an increase from CNY 1,378,623,000 for the same period in 2022, representing a growth of approximately 2.2%[7]. - Net profit attributable to equity holders for the six months ended June 30, 2023, was CNY 817,068,000, compared to CNY 1,284,140,000 for the same period in 2022, indicating a decrease of about 36.4%[7]. - Basic earnings per share for the six months ended June 30, 2023, was CNY 47.30, down from CNY 80.09 in the same period of 2022, reflecting a decline of approximately 41.0%[7]. - Diluted earnings per share for the six months ended June 30, 2023, was CNY 42.95, compared to CNY 74.40 for the same period in 2022, a decrease of around 42.4%[7]. Assets and Liabilities - Total assets increased to 459.18 billion RMB from 427.28 billion RMB, representing a growth of approximately 7.46% year-over-year[9]. - Non-current assets, including property, plant, and equipment, rose to 409.07 billion RMB, up from 390.97 billion RMB, indicating a growth of about 4.66%[9]. - Current assets totaled 422.42 billion RMB, compared to 391.26 billion RMB, reflecting an increase of approximately 7.97%[9]. - The company's cash and cash equivalents increased to 54.16 billion RMB from 49.22 billion RMB, marking a growth of around 10.00%[9]. - The total liabilities decreased slightly to 36.76 billion RMB from 36.76 billion RMB, showing stability in the company's financial structure[9]. - The company's equity attributable to owners of the parent company was 18.98 billion RMB, down from 19.15 billion RMB, a decrease of about 0.89%[9]. - The investment properties remained stable at 1.67 billion RMB, showing no significant change compared to the previous year[9]. - The company reported a deferred tax asset of 7.05 billion RMB, down from 7.65 billion RMB, indicating a decrease of approximately 7.84%[9]. - The total financial assets increased to 41.83 billion RMB from 46.86 billion RMB, reflecting a decrease of about 10.73%[9]. - The company has a total of 6.71 billion RMB in land purchase deposits, down from 9.07 billion RMB, indicating a decrease of approximately 26.00%[9]. Market Conditions - The real estate market demand remains weak, with national new commodity housing sales amounting to RMB 471.33 billion in the first half of 2024, a year-on-year decline of 25.0%[77]. - The industry is experiencing structural changes, with demand shifting from "just need" to "improvement" and a focus on "residential attributes" rather than "financial attributes"[77]. - The market concentration is expected to continue to increase, with resources further aggregating towards leading real estate companies[77]. - The company anticipates a prolonged recovery process in the industry due to various uncertainties in the market environment[77]. Future Outlook - The company is focused on maintaining a strong balance sheet while exploring potential market expansions and new product developments[12]. - Future outlook includes strategic initiatives aimed at enhancing operational efficiency and exploring mergers and acquisitions opportunities[12]. - The company plans to expand its market presence and enhance its land reserves in key cities, focusing on areas with high demand[86]. - The company is actively pursuing new strategies for market expansion and product development to improve future performance[86]. Investment Properties - The carrying value of investment properties is RMB 1,668,273,000, compared to RMB 1,308,134,000 on December 31, 2023, reflecting an increase of approximately 27.6%[42]. - The fair value of investment properties as of June 30, 2024, is RMB 627,000,000, down from RMB 630,000,000 on December 31, 2023[42]. - The valuation technique for investment properties involves direct capitalization of rental income, with market monthly rents and capitalization rates being key factors[46]. - The capitalization rate for investment properties in the Nanning area ranges from 3.5% to 7.0% as of June 30, 2024, consistent with the previous period[47]. - The valuation of investment properties is conducted semi-annually by independent qualified valuers, ensuring accuracy and compliance with market conditions[44]. Shareholder Information - The company did not declare an interim dividend for this period, consistent with the previous year[35]. - The group plans to issue 121,493,505 ordinary shares under the scrip dividend scheme, reflecting ongoing shareholder engagement and capital management strategies[75]. - The issued share capital of the company as of June 30, 2024, is HKD 189,568,412.6, comprising 1,895,684,126 shares[115]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to enhance corporate value and transparency[147]. - The audit committee has reviewed the unaudited consolidated financial statements for the period, finding them in compliance with applicable accounting standards and requirements[148].