致：香港交易及結算所有限公司 公司名稱: 晉安實業有限公司 呈交日期: 2025年8月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 第 2 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02292 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 720,000,000 | | 0 | | 720,000,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 720,000,000 | | 0 | | 720,000,000 | | 1. 股份分類 | ...

智通财经APP获悉，截止5月12日收盘，有71只股票创52周新高，其中中国投融资(01226)、晋安实业 (02292)、鸿福堂(01446)创高率位于前3位，分别为122.22%、44.44%、40.30%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | 创高率 | | --- | --- | --- | --- | | 中国投融资(01226) | 1.310 | 4.000 | 122.22% | | 晋安实业(02292) | 0.850 | 1.300 | 44.44% | | 鸿福堂(01446) | 0.470 | 0.470 | 40.30% | | 高雅光学(00907) | 0.310 | 0.335 | 17.54% | | 远大医药(00512) | 8.320 | 8.950 | 16.54% | | 环球信贷集团(01669) | 0.670 | 0.710 | 10.94% | | ＸＬ二南特斯－Ｕ | 14.320 | 14.380 | 10.62% | | (09766) | | | | | 冠轈控股(01872) | 3.430 | 3.620 | 9.37% ...

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

该建议将以该计划形式实行。该计划生效后，计划股份将予以注销及剔除，作为交换条件：(a) 现金选 择︰每持有一股计划股份可获现金0.78港元; (b) 股份选择︰每持有一股计划股份获发一股控股公司股份; 或 (c) 现金选择与股份选择的组合。 现金选择项下每股计划股份的现金代价0.78港元较按联交所所报股 份于最后交易日的收市价每股0.6港元溢价约30.0%。 于公告日期，要约人由王聪德先生直接全资拥有。王聪德先生为要约人的董事，亦为公司控股股东、主 席及一名非执行董事。要约人的其他董事为王逢源先生、王家扬先生及王文扬先生。 智通财经APP讯，晋安实业(02292)及要约人晋安(集团)有限公司联合公布，于2025年5月9日，要约人要 求董事会向计划股东提呈该建议，以建议根据公司法第86条通过计划安排方式私有化该公司，涉及(i)注 销及剔除计划股份，并就此向计划股东支付每股注销及剔除计划股份的现金及╱或股份代价作为代价; (ii)透过向控股公司配发及发行与计划股份(已注销及剔除)数目相同的新股份，将公司已发行股本回复至 紧接注销及剔除计划股份前的数额，该等新股份将自公司账目因上文(i)所述已发行股本削减而产生的进 ...

Financial Performance - The company recorded rental income of approximately HKD 32.4 million for the year ending December 31, 2024, an increase from HKD 31.1 million in 2023, representing a growth of about 4.2%[7] - The company's total revenue for the fiscal year was approximately HKD 37.3 million, reflecting a 5.52% increase from HKD 35.4 million in 2023[36] - The gross profit for the fiscal year was approximately HKD 31.4 million, up from HKD 30.0 million in 2023, indicating a growth of 4.77%[37] - For the fiscal year ending December 31, 2024, the company reported a loss of approximately HKD 96.7 million, compared to a loss of HKD 62.6 million in 2023, primarily due to a fair value loss of investment properties amounting to HKD 116.5 million[30] - The company's distributable reserves as of December 31, 2024, amounted to approximately HKD 372,359,000, compared to HKD 369,353,000 in 2023, reflecting a slight increase of 0.54%[160] Revenue Sources - Office properties contributed approximately HKD 19.1 million or 58.9% of total rental income, while retail properties accounted for approximately HKD 13.3 million or 41.1%[7] - Property management fee income was approximately HKD 4.9 million, up from HKD 4.3 million in 2023, representing an increase of about 13.9%[7] - The property management fee income accounted for approximately 13.2% of total revenue for the year, compared to 12.2% in 2023[7] - The company plans to diversify its revenue sources by exploring opportunities in the financial services and technology sectors[11] Investment Strategy - The company aims to acquire high-quality assets to enhance long-term value and rental income amidst a challenging local property market[8] - The company is exploring new investment opportunities to enhance its portfolio and drive future growth[21] - The company remains vigilant in monitoring market trends and will make strategic adjustments to its asset investment portfolio to optimize returns[11] - The company has no significant capital commitments or major investment plans as of December 31, 2024, indicating a cautious approach to future investments[46] Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition[63] - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience to achieve diversity[69] - The company has maintained good corporate governance standards to ensure the integrity, transparency, and quality of information disclosure[58] - The board acknowledges its responsibility for risk management and internal control systems, ensuring they are effective as of December 31, 2024[134] Risk Management - The company has adopted a risk management policy aimed at ensuring stable business growth and proactively addressing business-related risks[135] - The risk assessment process involves discussions with senior management to identify and evaluate major risk factors based on environmental analysis and external benchmarks[136] - The company aims to ensure all significant risks are identified, assessed, quantified, and managed effectively to maintain financial stability and business growth[137] - The board regularly reviews the necessity of hiring independent professional service providers to audit the risk management and internal control systems[139] Employee Relations - As of December 31, 2024, the group had 16 full-time employees, a decrease from 17 in 2023, with employee benefit expenses amounting to approximately HKD 8.3 million, down from HKD 9.0 million in 2023[55] - The company maintained a good relationship with employees, customers, and suppliers, focusing on providing quality service and consumer experience[152] - The gender ratio among employees, including senior management, is approximately 1:2, indicating achieved gender diversity[72] Shareholder Communication - The company is committed to maintaining effective communication with shareholders and potential investors to enhance long-term value[117] - The board adopted a shareholder communication policy on March 8, 2018, ensuring timely and equal access to company information for shareholders[117] - Shareholders are encouraged to participate in the annual general meeting, with arrangements made to facilitate their involvement[126] - The company emphasizes the importance of protecting shareholder privacy and will not disclose shareholder information without consent[129] Audit and Compliance - The audit committee is responsible for monitoring the company's internal control procedures and compliance with legal and regulatory requirements[100] - The company paid HKD 630,000 for audit services and HKD 200,000 for non-audit services, totaling HKD 830,000 for the year ending December 31, 2024[106] - The company confirmed compliance with the standard code of conduct for securities trading by all directors for the year ending December 31, 2024[191] - The company has complied with the disclosure requirements under the Listing Rules regarding related party transactions[177] Share Options and Financing - The company has adopted a share option scheme to incentivize selected participants, with a total of 72,000,000 shares available for issuance, accounting for 10% of the issued shares as of the report date[195] - The company has secured a loan financing of up to HKD 1,000,000,000 from its controlling shareholder, with terms including an unsecured revolving loan of up to HKD 400,000,000 at a rate of HIBOR plus 0.4% and another of up to HKD 600,000,000 at HIBOR plus 2.0%[179] - The loan financing has been extended to December 1, 2026, under the ninth extension agreement, while other key terms remain unchanged[180] Community Engagement - The company has been recognized for its contributions to the community, with board members receiving multiple awards for their service[19] - The company is committed to environmental protection through measures such as energy conservation and recycling initiatives[150] - There were no charitable donations made by the company for the year ending December 31, 2024, mirroring the situation in 2023[156]

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 37,326,000, representing a 5.52% increase from HKD 35,374,000 in 2023[2] - Gross profit increased to HKD 31,422,000, up 4.77% from HKD 29,990,000 in the previous year[3] - Loss before tax for the year was HKD 93,457,000, a 56.40% increase compared to a loss of HKD 59,757,000 in 2023[3] - Profit attributable to the owners of the company, excluding fair value changes of investment properties, was HKD 19,757,000, a 19.00% increase from HKD 16,602,000 in the prior year[2] - The company reported a total loss before tax of HKD 93,457,000 for 2024, compared to a loss of HKD 59,757,000 in 2023, indicating a deterioration in financial performance[20] - The company recorded a loss of approximately HKD 96.7 million for the year ended December 31, 2024, compared to a loss of HKD 62.6 million in 2023, primarily due to a fair value loss of investment properties amounting to HKD 116.5 million[49] - The group experienced a loss attributable to owners of approximately HKD 96.7 million for the year ended December 31, 2024, compared to a loss of HKD 62.6 million in 2023, primarily due to a fair value loss on investment properties of approximately HKD 116.5 million[55] Assets and Liabilities - Total assets decreased to HKD 1,152,038,000 from HKD 1,248,126,000, reflecting a decline of approximately 7.68%[5] - The company’s total equity attributable to owners decreased to HKD 1,131,696,000 from HKD 1,228,439,000, a decline of 7.87%[5] - The company’s total liabilities increased to HKD 20,342,000 in 2024 from HKD 19,687,000 in 2023[22] - As of December 31, 2024, the group's total property value was approximately HKD 1,084.1 million, a decrease from HKD 1,200.6 million in 2023, with office and retail properties in Hong Kong contributing 56.7% and 30.4% respectively[53] Income Sources - Office property rental income rose to HKD 19,062,000 in 2024, up from HKD 17,928,000 in 2023, reflecting an increase of 6.3%[20] - Property management fee income increased significantly to HKD 14,878,000 in 2024, compared to HKD 12,478,000 in 2023, marking a growth of 19.2%[20] - Rental income for the year was approximately HKD 32.4 million, an increase from HKD 31.1 million in 2023, with office properties contributing about HKD 19.1 million (58.9%) and retail properties contributing about HKD 13.3 million (41.1%)[44] - The group reported property management fee income of approximately HKD 4.9 million, representing 13.2% of total revenue for the year ended December 31, 2024, compared to 12.2% in 2023[51] Cash Flow and Expenses - Cash and bank balances increased to HKD 53,171,000 from HKD 33,306,000, representing a growth of 59.67%[5] - The company incurred total operating expenses of HKD 16,583,000 in 2024, a slight decrease from HKD 17,032,000 in 2023[29] - The company reported tax expenses of HKD 3.286 million for 2024, up from HKD 2.874 million in 2023, with deferred tax expenses decreasing from HKD 832,000 to HKD 321,000[5] - The company has no provisions for overseas profits tax for the year ended December 31, 2024[32] Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2024[34] - The group has not proposed any final dividend for the year ended December 31, 2024, consistent with the previous year[60] - The company will suspend share transfer registration from April 17, 2025, to April 25, 2025, to determine the eligibility of shareholders for the annual general meeting[77] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules appendix C1 and has complied with all relevant provisions as of December 31, 2024[74] - The auditor, PwC, confirmed that the performance figures in this announcement are consistent with the consolidated financial statements for the year ending December 31, 2024[76] - The audit committee, established on December 15, 2017, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[79] Strategic Plans - The company aims to diversify its income sources and enhance market resilience by exploring opportunities in the financial services and technology sectors[47] - The company plans to continue acquiring high-quality assets to enhance long-term value and rental income amidst a challenging local property market[45] Employment and Operations - The group had 16 full-time employees as of December 31, 2024, with employee benefit expenses amounting to approximately HKD 8.3 million[71] - The company has adopted new and revised accounting standards, which it assessed to have no significant impact on its financial position and performance[7] - The group maintained a prudent treasury policy, ensuring a robust liquidity position throughout the review period[57] - The group has not engaged in any major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[72] - There were no purchases, sales, or redemptions of the company's listed securities during the year ending December 31, 2024[75]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 18,566,000, an increase of 5.65% compared to HKD 17,574,000 for the same period in 2023[6]. - Gross profit for the same period was HKD 15,481,000, up from HKD 14,979,000, reflecting a gross margin improvement[6]. - The company reported a loss before tax of HKD 53,618,000, compared to a loss of HKD 15,037,000 in the previous year, indicating a significant increase in losses[6]. - The net loss for the period was HKD 55,221,000, compared to HKD 16,491,000 in the prior year, representing a year-over-year increase of 234.5%[6]. - The company’s basic and diluted loss per share for the period was HKD (7.67), compared to HKD (2.29) in the previous year, highlighting increased financial strain[6]. - The company reported a net cash outflow from investing activities of HKD 38,552,000, compared to HKD 9,281,000 in the previous period, reflecting a significant increase in investment[12]. - The company reported other income of HKD 1,018,000 for the six months ended June 30, 2024, compared to HKD 321,000 for the same period in 2023, showing a substantial increase[26]. - The income tax expense for the six months ended June 30, 2024, was HKD 1,603,000, compared to HKD 1,454,000 for the same period in 2023, reflecting an increase in tax obligations[29]. - The company reported a loss attributable to shareholders of HKD 55,221,000 for the six months ended June 30, 2024, compared to a loss of HKD 16,491,000 for the same period in 2023, representing an increase in loss of 234%[32]. - The basic loss per share for the first half of 2024 was HKD 7.67, compared to HKD 2.29 for the same period in 2023, indicating a significant decline in performance[32]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,192,515,000, down from HKD 1,248,126,000 at the end of 2023[9]. - The company's equity attributable to owners decreased to HKD 1,173,218,000 from HKD 1,228,439,000, reflecting the impact of the net loss[7]. - Total segment assets as of June 30, 2024, amounted to HKD 1,151,505,000, with office properties accounting for HKD 687,183,000 and retail properties for HKD 452,441,000[24]. - The total liabilities as of June 30, 2024, were HKD 19,297,000, with segment liabilities for office properties at HKD 14,129,000 and retail properties at HKD 4,422,000[24]. - The company reported total liabilities of HKD 9,726,000 as of June 30, 2024, down from HKD 11,017,000 as of December 31, 2023, indicating a decrease of 11.7%[42]. Cash Flow and Liquidity - Cash and bank balances increased to HKD 43,412,000 from HKD 33,306,000, showing a positive cash flow trend[9]. - Operating cash flow for the period was HKD 8,897,000, an increase from HKD 8,129,000 in the previous period, representing an increase of 9%[12]. - Cash and bank balances at the end of the period stood at HKD 43,412,000, up from HKD 26,067,000, indicating a growth of 66.8%[12]. - The current ratio as of June 30, 2024, was 4.3, up from 3.2 as of December 31, 2023, indicating improved liquidity[56]. - The group had no borrowings as of June 30, 2024, maintaining a debt-free status[56]. Revenue Breakdown - Office property rental income increased to HKD 9,524,000 from HKD 8,925,000, marking a rise of 6.7%[21]. - Retail property rental income rose slightly to HKD 6,604,000 from HKD 6,573,000, showing an increase of 0.5%[21]. - Property management fee income increased to HKD 6,569,000 from HKD 6,182,000, which is a growth of 6.3%[21]. - The total segment revenue for office properties was HKD 9,524,000, for retail properties was HKD 6,604,000, and for property management was HKD 2,438,000, contributing to a total of HKD 22,697,000 before inter-segment eliminations[23]. - Rental income for the six months ended June 30, 2024, was approximately HKD 16.1 million, an increase from HKD 15.5 million in 2023, with office property rental contributing about 59.1%[52]. Cost Management - Administrative expenses decreased to HKD 4,817,000 from HKD 5,404,000, suggesting improved cost management[6]. - The total operating expenses for the six months ended June 30, 2024, were HKD 7,902,000, slightly down from HKD 7,999,000 in the previous year[27]. - Employee benefit expenses for the six months ended June 30, 2024, were approximately HKD 3.9 million, down from HKD 4.2 million for the same period in 2023[65]. Market Conditions and Future Outlook - The real estate industry continues to face challenges due to high global inflation and interest rates, impacting rental income, particularly in the office and retail sectors[53]. - The group emphasizes prudent financial management as a key factor for success and aims to invest in resilient portfolios to generate stable recurring income[54]. - The group plans to explore potential tenants, buyers, and investors while focusing on acquiring quality properties in strategic locations to enhance asset value and rental income[54]. - The company anticipates no significant impact on its financial position from the adoption of new accounting standards in the upcoming periods[19]. - The management is currently evaluating the potential impacts of new accounting standards that will take effect in future periods[19]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules appendix C1, ensuring compliance as of June 30, 2024[72]. - All directors have adhered to the standard code of conduct for securities trading as per listing rules appendix C3 during the six months ending June 30, 2024[73]. - The audit committee, established on December 15, 2017, has reviewed the unaudited interim consolidated financial information for the six months ending June 30, 2024[75].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 18,566,000, representing a 5.64% increase from HKD 17,574,000 in the same period of 2023[1] - Gross profit for the same period was HKD 15,481,000, up 3.35% from HKD 14,979,000 year-on-year[1] - Loss before tax for the six months was HKD (53,618,000), a significant increase of 256.57% compared to HKD (15,037,000) in the previous year[1] - Profit attributable to the owners of the company, excluding fair value changes of investment properties, was HKD 10,079,000, a 19.39% increase from HKD 8,442,000 in 2023[1] - The company reported a net loss of HKD 55,221,000 for the six months ended June 30, 2024, compared to a net loss of HKD 16,491,000 for the same period in 2023[13] - The company reported a significant fair value loss on investment properties of HKD (65,300,000) compared to HKD (24,933,000) in the previous year[2] - The basic loss per share for the six months ended June 30, 2024, was HKD 0.0767, a significant increase from a loss of HKD 0.0229 per share in 2023[28] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 1,192,515,000, down from HKD 1,248,126,000 as of December 31, 2023[3] - Total liabilities decreased slightly to HKD 19,297,000 from HKD 19,687,000[5] - The total segment assets for office properties were HKD 687,183,000, while retail properties accounted for HKD 452,441,000 as of June 30, 2024[14] - Accounts receivable increased to HKD 381,000 as of June 30, 2024, from HKD 239,000 as of December 31, 2023[24] Revenue Sources - Office property rental income for the six months ended June 30, 2024, was HKD 9,524,000, up from HKD 8,925,000 in 2023, reflecting an increase of 6.70%[10] - Retail property rental income for the same period was HKD 6,604,000, slightly up from HKD 6,573,000, indicating a growth of 0.47%[10] - Property management fee income increased to HKD 6,569,000 for the six months ended June 30, 2024, compared to HKD 6,182,000 in 2023, marking a rise of 6.26%[10] - Rental income for the six months ended June 30, 2024, was approximately HKD 16.1 million, an increase from HKD 15.5 million in 2023, with office property rental contributing about 59.1%[26] - Property management fee income was approximately HKD 2.4 million for the six months ended June 30, 2024, compared to HKD 2.1 million in 2023, representing about 13.1% of total revenue[26] Cash Flow and Expenses - Cash and bank balances increased to HKD 43,412,000 from HKD 33,306,000 in the previous period[3] - Administrative expenses decreased to HKD (4,817,000) from HKD (5,404,000) year-on-year[2] - Bank interest income for the six months ended June 30, 2024, was HKD 985,000, significantly higher than HKD 321,000 in 2023, representing an increase of 206.53%[17] - Employee benefit expenses for the six months ended June 30, 2024, were approximately HKD 3.9 million, down from HKD 4.2 million in the same period of 2023[39] - Total expenses related to direct operating expenses of investment properties increased to HKD 425,000 in 2024 from HKD 113,000 in 2023[5] Dividends and Financial Strategy - The company did not declare or pay any dividends for the six months ended June 30, 2024[20] - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[32] - The company continues to adopt a prudent financial management strategy to maintain a healthy liquidity position throughout the review period[30] - There were no significant contingent liabilities or capital commitments as of June 30, 2024, maintaining a stable financial position[33][34] - The company has no major investment plans or significant acquisitions as of June 30, 2024, indicating a cautious approach to capital allocation[35][40] Future Outlook and Market Position - The company provided a future outlook with a revenue guidance of $600 million for Q3 2024, representing a 20% increase[46] - New product launches contributed to 30% of total revenue, indicating strong market demand[46] - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[46] - Market expansion efforts have led to a 10% increase in market share in the Asia-Pacific region[46] - The company is exploring potential acquisitions to strengthen its product portfolio and market presence[46] - A new strategic partnership was announced, expected to generate an additional $20 million in revenue over the next year[46] - The gross margin improved to 45%, up from 40% in the previous quarter[46] - Operating expenses were reduced by 5%, contributing to overall profitability[46]

Environmental Sustainability - The company recorded a carbon footprint of 0.68 kg per kWh of electricity sold in 2022 according to the Hong Kong Electric's sustainability report[2]. - The company has not reported any significant hazardous or non-hazardous waste during the reporting period, promoting a paperless office environment[1]. - The company encourages a paperless work environment by implementing measures such as default double-sided printing and allowing employees to use personal devices for meetings[1]. - The company is committed to integrating sustainable development principles into its business strategy and daily operations[115]. Financial Performance - For the year ended December 31, 2023, revenue was approximately HKD 35.4 million, a decrease of 5.71% from HKD 37.5 million in 2022[120]. - Gross profit for the same period was approximately HKD 30.0 million, down from HKD 32.0 million in 2022, reflecting a decline of 6.41%[121]. - The loss before tax increased to approximately HKD 59.8 million in 2023, compared to a loss of HKD 35.7 million in 2022, marking a 67.44% increase in losses[120]. - The net profit attributable to the company's owners, excluding changes in fair value of investment properties, was approximately HKD 16.6 million, down 8.84% from HKD 18.2 million in 2022[120]. - The group recorded rental income of approximately HKD 31.1 million for the year ended December 31, 2023, a slight decrease from HKD 33.5 million in 2022[171]. - Of the total rental income, approximately HKD 17.9 million or 57.6% came from office properties, while HKD 13.2 million or 42.4% came from retail properties[171]. - Property management fee income was approximately HKD 4.3 million, representing 12.2% of total revenue for the year, up from 10.8% in 2022[171]. Governance and Compliance - The board of directors does not recommend any dividend payment for the year ending December 31, 2023, consistent with the previous year[4]. - The company has established a nomination committee to review the board's structure and diversity at least once a year[27]. - The company established a remuneration committee to recommend overall remuneration policies for all directors and senior management, ensuring no director determines their own remuneration[36]. - The audit committee held two meetings during the year to review the group's annual and interim performance[42]. - The audit committee is responsible for monitoring the company's internal control procedures and corporate governance responsibilities[39]. - The company has implemented a policy to ensure compliance with legal and regulatory requirements, which is monitored by the audit committee[40]. - The company is committed to ensuring that all related party transactions are conducted on normal commercial terms and are subject to annual review by the audit committee[41]. - The company acknowledges the importance of protecting shareholder privacy and will not disclose shareholder information without consent, except as required by law[71]. - The board is responsible for preparing the consolidated financial statements to accurately reflect the group's financial position and performance for the year ending December 31, 2023[72]. - The board believes that the consolidated financial statements provide a fair, clear, and understandable assessment as required by statutory disclosures[72]. Risk Management - The board has established a risk management policy aimed at ensuring stable business growth and addressing business-related risks proactively[76]. - The company has a framework for risk management procedures to ensure all significant risks are identified, assessed, and managed effectively[77]. - The board regularly reviews the effectiveness of the risk management and internal control systems, confirming their adequacy for the year ending December 31, 2023[83]. - The board has delegated risk management responsibilities to the audit committee, which oversees the management's implementation of risk management systems[75]. - The company faces risks related to fluctuations in the fair value of investment properties, which may differ from actual realizable values[90]. - The company is susceptible to impacts from sudden outbreaks of infectious diseases, which can negatively affect operations and rental income[91]. Shareholder Relations - The board of directors is committed to maintaining ongoing dialogue with shareholders and potential investors to enhance long-term shareholder value[57]. - The company’s dividend policy will be determined by the board based on profitability, cash flow, financial condition, capital requirements, and other relevant factors[70]. - The group has not proposed any final dividend for the year ending December 31, 2023, consistent with the previous year[100]. - The group’s distributable reserves as of December 31, 2023, are approximately HKD 369,353,000, compared to HKD 367,520,000 in 2022[104]. Management and Leadership - The company has a strong leadership team with diverse backgrounds in finance, law, and property management, enhancing strategic planning capabilities[197]. - The executive director has over 30 years of experience in property investment and related activities, overseeing overall administrative work[196]. - The independent non-executive director has over 31 years of auditing and accounting experience, contributing to the company's financial oversight[196]. - The chairman has received multiple social awards for contributions to the community, reflecting the company's commitment to social responsibility[195]. - The company aims to enhance its operational management and market development strategies through experienced leadership[195]. - The executive director has been with the company since 1992, indicating strong institutional knowledge and continuity in management[196]. Market Conditions - The real estate industry faces challenges due to high global inflation and interest rates, impacting economic growth and creating uncertainty in growth prospects[172]. - The group's business performance is sensitive to the economic conditions and consumer confidence in Hong Kong, which may impact the real estate market[93]. - The company emphasizes prudent financial management as a key factor for success and is prepared to seize new opportunities despite market challenges[172]. - The company will focus on investing in a resilient portfolio to generate stable recurring income and create value for shareholders[172].

Employee and Compensation - As of December 31, 2023, the group had 17 full-time employees, with employee benefits expenses amounting to approximately HKD 9.0 million, a slight increase from HKD 8.9 million in 2022[1]. Financial Performance - The group recorded a gross profit of approximately HKD 30.0 million for the year ended December 31, 2023, compared to HKD 32.0 million in 2022[21]. - The group reported a loss attributable to owners of approximately HKD 62.6 million for the year ended December 31, 2023, compared to a loss of HKD 39.0 million in 2022, primarily due to a fair value loss of investment properties of approximately HKD 79.2 million[21]. - For the year ended December 31, 2023, the total revenue was HKD 35,374,000, a decrease of 5.71% from HKD 37,517,000 in 2022[59]. - The gross profit for the same period was HKD 29,990,000, down 6.41% from HKD 32,045,000 in 2022[59]. - The loss before tax increased to HKD 59,757,000, representing a 67.44% increase from a loss of HKD 35,688,000 in 2022[59]. - The net loss attributable to shareholders was HKD 62,631,000, compared to a loss of HKD 38,966,000 in the previous year[61]. - The company reported a net loss for the year of HKD 62.6 million, compared to a net loss of HKD 38.97 million in 2022, indicating a worsening financial performance[100]. Revenue and Income - Rental income for the year ended December 31, 2023, was approximately HKD 31.1 million, a decrease from HKD 33.5 million in 2022, reflecting a slower-than-expected recovery in the Hong Kong real estate market[39]. - Property management fee income was approximately HKD 4.3 million for the year ended December 31, 2023, compared to HKD 4.1 million in 2022, accounting for about 12.2% of total revenue[39]. - The company reported a total revenue of HKD 8,168,000 from inter-segment property management fees, down from HKD 8,685,000 in 2022[97]. - The total segment revenue for the year ended December 31, 2023, was HKD 43.5 million, with inter-segment revenue of HKD 8.2 million deducted, resulting in total revenue of HKD 35.4 million[100]. - The total revenue for the year ended December 31, 2023, was HKD 35.4 million, down from HKD 37.5 million in 2022, reflecting a decrease of approximately 2.1 million due to the slow recovery of the Hong Kong real estate market[120]. Assets and Liabilities - The group's total property value was approximately HKD 1,200.6 million as of December 31, 2023, down from HKD 1,280.0 million in 2022[20]. - The total assets as of December 31, 2023, were HKD 1,248,126,000, down from HKD 1,309,860,000 in 2022[62]. - The investment properties decreased to HKD 1,200,560,000 from HKD 1,279,793,000 in 2022[62]. - The total liabilities as of December 31, 2023, were HKD (19,687,000), compared to HKD (18,790,000) in 2022[77]. - The company’s non-current assets (excluding deferred tax assets) located in Hong Kong amounted to HKD 1,211,012,000 as of December 31, 2023, down from HKD 1,290,513,000 in 2022[78]. Cash and Financial Position - The company reported a cash and bank balance of HKD 33,306,000, an increase from HKD 17,409,000 in the previous year[62]. - As of December 31, 2023, the company's cash and bank balances amounted to approximately HKD 33.3 million, an increase from HKD 17.4 million in 2022[121]. - The company's current ratio as of December 31, 2023, was approximately 3.2, compared to 1.7 in 2022, indicating improved liquidity[121]. - The company maintained a prudent financial management strategy, ensuring a robust liquidity position throughout the review period[123]. Investment Properties - The company has maintained 38 investment properties as of December 31, 2023, unchanged from 2022[40]. - The fair value loss on investment properties for the year ended December 31, 2023, was approximately HKD 79.2 million, up from HKD 57.2 million in 2022[91]. - The company incurred direct operating expenses of HKD 287,000 for investment properties generating rental income, significantly reduced from HKD 814,000 in 2022[82]. Corporate Governance and Dividends - The group did not recommend any dividend payment for the year ended December 31, 2023, consistent with 2022[37]. - The group has adopted the corporate governance code as outlined in Appendix C1 of the listing rules[15]. Future Outlook and Challenges - The company anticipates challenges in the real estate industry due to high global inflation and interest rates, which may hinder economic growth[114]. - The company is focused on investing in a resilient portfolio to generate stable recurring income and create value for shareholders[132]. Miscellaneous - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2023[2]. - The company did not receive any government subsidies for the year ended December 31, 2023, compared to HKD 432,000 in 2022 from the employment retention scheme[106]. - The company has no provisions for impairment of receivables as of December 31, 2023, and 2022[87]. - There were no significant contingent liabilities reported for the year ended December 31, 2023[134]. - The company did not provide any financial assistance or guarantees to its subsidiaries as of December 31, 2023[129]. - The company has not experienced any significant events from January 1, 2023, to the date of the announcement[130]. - The company has extended the maturity date of its unsecured revolving loan financing to January 2, 2025, to support its property investment activities and financial services expansion[118]. - The weighted average number of ordinary shares issued remained constant at 720,000,000 shares for both 2023 and 2022[138]. - The basic loss per share increased to HKD 8.70 in 2023 from HKD 5.41 in 2022[138].