Financial Performance - For the year ended December 31, 2024, the company's revenue reached HK$110,776,000, representing an increase from HK$101,560,000 in 2023, which is a growth of approximately 11.8%[4] - The basic loss per share for 2024 was HK$0.69, a slight improvement from HK$0.76 in 2023, indicating a reduction in losses[8] - The total loss attributable to equity shareholders of the company for 2024 was HK$7,500,000, compared to HK$8,290,000 in 2023, reflecting a decrease in losses[9] - Revenue increased by approximately HK$9.2 million or 9.1% from approximately HK$101.6 million in FY2023 to approximately HK$110.8 million in FY2024, primarily due to the growth in Hotel Operation revenue[21] - The net loss for FY2024 was approximately HK$7.5 million, a slight improvement from a net loss of approximately HK$8.3 million in FY2023[21] - The gross profit increased by approximately HK$2.8 million or 11.2% from approximately HK$25.5 million in FY2023 to approximately HK$28.3 million in FY2024[31] Revenue Breakdown - Revenue distribution by geographical regions shows that in 2024, 54.6% of revenue came from Canada, while 45.4% came from China[6] - Revenue by business segments in 2024 indicated that hotel operations accounted for 54.6%, property management for 37.1%, and catering management for 8.3%[11] - The company experienced a revenue increase in the hotel operation segment, which grew from 48.1% in 2023 to 54.6% in 2024[11] - Revenue from Hotel Operation increased by approximately HK$4.3 million from approximately HK$56.2 million in FY2023 to approximately HK$60.5 million in FY2024, accounting for approximately 54.6% of total revenue[68] - Revenue from Properties Management increased by approximately 5.9% from approximately HK$38.8 million in FY2023 to approximately HK$41.1 million in FY2024[69] - Revenue from Catering Management rose by approximately 40.9% from approximately HK$6.6 million in FY2023 to approximately HK$9.2 million in FY2024[70] Financial Stability - Total assets decreased by 8.6% from HK$120.4 million in FY2023 to HK$110.0 million in FY2024[21] - The current ratio improved to 1 from 0.15 in FY2023, indicating better short-term financial stability[21] - Shareholders' deficit increased to approximately HK$35.7 million in FY2024 from approximately HK$23.5 million in FY2023[21] - As of December 31, 2024, the Group's net current liabilities were approximately HK$118.0 million, with a current ratio of 0.15 times, compared to net current liabilities of approximately HK$117.3 million and a current ratio of 0.13 times in 2023[49] - The Group incurred a loss of approximately HK$7.5 million for the year ended December 31, 2024, with current liabilities exceeding current assets by approximately HK$118.0 million[103] - The Group has net liabilities of approximately HK$35.7 million, indicating material uncertainty regarding its ability to continue as a going concern[103] Operational Efficiency and Future Outlook - Future outlook remains cautiously optimistic, with management focusing on cost control and operational efficiency to improve profitability[12] - The company aims to continue its market expansion efforts, particularly in the Canadian region, to further enhance revenue streams[6] - The management anticipates continued growth opportunities in the PRC market, driven by economic recovery and business expansion strategies[88] - The Group plans to improve financial positions by reviewing business operations for efficiency and negotiating with creditors to extend repayment periods[106] Governance and Compliance - The Board meets at least four times annually to review business development and overall strategic policies[96] - The Nomination Committee is responsible for reviewing the Board composition and monitoring the appointment and succession planning of directors[112] - The Audit Committee held three meetings in FY2024 to monitor the integrity of financial reporting and review internal control systems[125] - The Remuneration Committee conducted two meetings in FY2024 to review the remuneration packages of directors and senior management[129] - The Company plans to re-appoint Asian Alliance (HK) CPA Limited as the auditor for the financial years ending December 31, 2024, and December 31, 2025, subject to shareholder approval[125] Risk Management - The Board is responsible for evaluating risks and ensuring effective risk management and internal control systems are in place[159] - The Group has established risk management procedures to address significant risks, with strategies including risk retention, avoidance, sharing, and transfer[169] - The Audit Committee continuously reviews significant risk management and internal controls, considering the adequacy of resources and qualifications of staff[164] - The Group's risk management strategy prioritizes risks based on their impact and occurrence probability, ensuring appropriate responses are in place[167] Shareholder Communication - The Group maintains effective communication with shareholders through annual and interim reports, ensuring transparency via timely updates on its website[185][187] - Shareholders holding at least 5% of voting rights can request the convening of an Extraordinary General Meeting (EGM) if the Board does not act within 21 days[190][194] - The Company emphasizes the importance of general economic conditions and other factors impacting financial performance in its decision-making[188]

公司截至2024年12月31日，*ST东园最新资产负债率为28.88%，在已披露的同业公司中排名第1，较去年同期资产负债率减少68.19个百分点。 2025年4月29日，*ST东园(002310.SZ)发布2024年年报。 公司截至2024年12月31日，*ST东园营业总收入为8.77亿元，较去年同报告期营业总收入增加3.08亿元，同比较去年同期上涨54.07%。截至2024年12月31 日，*ST东园归母净利润为-36.03亿元，较去年同报告期归母净利润增加14.79亿元，实现2年连续上涨。截至2024年12月31日，*ST东园经营活动现金净流入 为-1.04亿元，较去年同报告期经营活动现金净流入增加1.48亿元，实现2年连续上涨。 公司截至2024年12月31日，*ST东园最新总资产周转率为0.05次，较去年同期总资产周转率增加0.03次，同比较去年同期上涨208.78%。截至2024年12月31 日，*ST东园最新存货周转率为11.12次，在已披露的同业公司中排名第18，较去年同期存货周转率增加4.91次，同比较去年同期上涨79.07%。 公司股东户数为7.13万户，前十大股东持股数量为39.07亿股， ...

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 110.8 million, representing a 9.1% increase from HKD 101.6 million in the previous year[2] - Gross profit for the same period was HKD 28.3 million, up 11.2% from HKD 25.5 million, with a gross margin of 25.6%, an increase of 0.5 percentage points[2] - The company reported a loss attributable to shareholders of HKD 7.5 million, compared to a loss of HKD 8.3 million in the previous year[2] - Basic loss per share improved to HKD 0.69 from HKD 0.76 year-on-year[2] - The company reported a total loss of HKD (35,678,000) in 2024 compared to a loss of HKD (23,453,000) in 2023, reflecting a significant increase in losses[5] - The group reported a net loss of approximately HKD 7,496,000 for the year ending December 31, 2024[16] - The pre-tax loss for the year 2024 was reported at HKD 47,649,000, slightly higher than HKD 47,195,000 in 2023, indicating a marginal increase in losses[22] - The income tax expense for the year 2024 was HKD 1,018,000, compared to HKD 856,000 in 2023, reflecting an increase of approximately 18.9%[23] - The group reported a net loss of approximately HKD 7,500,000 for the fiscal year 2024, compared to a net loss of approximately HKD 8,300,000 for the fiscal year 2023[50] Assets and Liabilities - Total non-current assets decreased from HKD 102,751,000 in 2023 to HKD 89,564,000 in 2024, a decline of approximately 12.8%[4] - Current assets increased from HKD 17,629,000 in 2023 to HKD 20,415,000 in 2024, representing a growth of about 15.8%[4] - Total liabilities increased from HKD 134,912,000 in 2023 to HKD 138,369,000 in 2024, an increase of approximately 2.7%[5] - Net current liabilities rose from HKD (117,283,000) in 2023 to HKD (117,954,000) in 2024, indicating a worsening of current financial position[4] - Total equity remained unchanged at HKD 441,350,000 for both 2023 and 2024[5] - Current liabilities exceeded current assets by approximately HKD 117,954,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[16] - The group has a net current liability of approximately HKD 35,678,000, raising concerns about asset realization and debt repayment in normal business operations[16] - The company's total borrowings from direct subsidiaries increased from HKD 41,575,000 in 2023 to HKD 47,754,000 in 2024, an increase of about 14.8%[4] - The company's cash and cash equivalents increased from HKD 9,387,000 in 2023 to HKD 10,189,000 in 2024, a rise of approximately 8.5%[4] - The group’s net current liabilities amounted to approximately HKD 118,000,000 with a current ratio of 0.15 as of December 31, 2024, compared to HKD 117,300,000 and 0.13 in 2023[51] Dividends - The board of directors did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[2] - No dividends were declared or recommended for the year ending December 31, 2024, consistent with the previous year where no dividends were paid[24] - No dividends were declared or recommended for the year ending December 31, 2024, and no dividends were recommended since the end of the reporting period[40] Financial Position and Going Concern - The board believes that the group will have sufficient cash resources to meet its future operational funding and other financing needs due within the next twelve months[18] - The group continues to adopt the going concern basis in preparing its consolidated financial statements, reflecting confidence in future cash flow forecasts[18] - The group has implemented measures to improve its financial position, liquidity, and cash flow[18] - The board has taken or will take measures to ensure the successful implementation of plans and cash flow forecasts for at least the next twelve months[18] Revenue Sources - Revenue from hotel operations accounted for approximately 54.6% of total revenue, with hotel occupancy rate stable at 83.9% for 2024, compared to 83.8% for 2023[56] - Revenue from property management for the fiscal year 2024 was approximately HKD 41,100,000, an increase of 5.9% compared to HKD 38,800,000 in fiscal year 2023[57] - Revenue from restaurant management was approximately HKD 9,200,000, representing an increase of about 40.9% from HKD 6,600,000 in fiscal year 2023[58] - Revenue from hotel operations in Canada increased by approximately 7.6%, with an occupancy rate of about 83.9% and an average room rate rising from approximately CAD 310 to CAD 324, an increase of about 4.5%[61] Expenses - Administrative expenses increased by approximately HKD 1,600,000 or 5.8% to about HKD 28,600,000 for the fiscal year 2024, mainly due to increased depreciation expenses from hotel operations[44] - Employee costs for fiscal year 2024 were approximately HKD 47,600,000, a slight increase of about HKD 400,000 from HKD 47,200,000 in fiscal year 2023[59] Audit and Compliance - The independent auditor's report expressed a qualified opinion due to limitations in the scope of the audit regarding the joint venture[36] - The group has not provided sufficient audit evidence to support the fair presentation of the share of losses and impairment losses related to the joint venture[36] Joint Ventures - The carrying value of the group's interest in the joint venture Total Blossom Sdn Bhd was approximately HKD 0 as of December 31, 2023[33] - The group recognized a share of losses from the joint venture amounting to approximately HKD 1,115,000 for the year ending December 31, 2023[33] - Total Blossom's investment property was valued at approximately HKD 0 as of December 31, 2023[34] - The management of Total Blossom wrote off approximately HKD 29,694,000 related to the investment property as of December 31, 2023[35] Accounting Standards - The application of the revised accounting standards did not have a significant impact on the consolidated financial statements for the year[12] - The classification of liabilities as current or non-current is based on rights existing at the end of the reporting period[13] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective[14]

Group 1 - The core point of the article highlights the financial performance and market activity of *ST Dongyuan (002310) as of March 24, 2025, showing a net inflow of main funds amounting to 22.65 million yuan and a stock price increase of 4.95% [1] - The company reported a total operating revenue of 685 million yuan for the third quarter of 2024, reflecting a year-on-year decrease of 61.09% [1] - The net profit attributable to shareholders was approximately 2.28 billion yuan, down 16.71% year-on-year, while the non-recurring net profit showed a slight increase of 0.10% to about 1.95 billion yuan [1] Group 2 - Beijing Oriental Garden Environment Co., Ltd. was established in 1992 and is primarily engaged in public facility management, with a registered capital of approximately 599.93 million yuan [2] - The company has made investments in 148 enterprises and participated in 1,022 bidding projects, indicating a significant level of activity in the industry [2] - The company holds 216 trademark registrations and 323 patents, along with 29 administrative licenses, showcasing its commitment to innovation and compliance [2]

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 500 million, an increase of 8.8% from HKD 460 million for the same period in 2023[1] - Gross profit for the same period was approximately HKD 135 million, representing a 24.0% increase from HKD 109 million in 2023[1] - Gross profit margin improved to 26.9%, up from 23.7% in the previous year, reflecting a 3.2% increase[1] - The company reported a loss attributable to shareholders of approximately HKD 29 million, compared to a loss of HKD 37 million in the same period last year[2] - Basic loss per share was HKD 0.27, compared to HKD 0.34 for the same period in 2023[3] - The group reported a pre-tax loss of HKD 2,784,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 3,558,000 for the same period in 2023, showing an improvement[17] - The company reported a loss attributable to shareholders of HKD 2,943,000 for the six months ended June 30, 2024, compared to a loss of HKD 3,699,000 for the same period in 2023, indicating a decrease in losses by approximately 20.5%[19] - The net loss for the first half of 2024 decreased to approximately HKD 2,900,000, a reduction of about 20.4% compared to the first half of 2023[45] Revenue Breakdown - Total revenue for the hotel operations segment reached HKD 27,097 million, while property management generated HKD 18,924 million, and restaurant management contributed HKD 3,969 million, leading to a total revenue of HKD 49,990 million[11] - The revenue from hotel accommodation was HKD 8,990 million, and dining services generated HKD 12,177 million, indicating strong performance in these areas[11] - Hotel operations generated revenue of HKD 27,097,000 for the six months ended June 30, 2024, compared to HKD 24,888,000 in 2023, reflecting a growth of about 8.8%[13] - Property management revenue was HKD 18,924,000 for the six months ended June 30, 2024, slightly down from HKD 18,992,000 in 2023, indicating a decrease of approximately 0.4%[13] - The restaurant management segment reported revenue of HKD 3,969,000 for the six months ended June 30, 2024, up from HKD 2,083,000 in 2023, showing a significant increase of around 90.5%[13] - Hotel operations revenue accounted for approximately 54.2% of total revenue, increasing from about HKD 24,900,000 in the first half of 2023 to approximately HKD 27,100,000 in the first half of 2024, representing an increase of about 8.9%[42] - Property management revenue decreased by approximately HKD 100,000 or 0.4% to about HKD 18,900,000 in the first half of 2024, down from approximately HKD 19,000,000 in the first half of 2023[43] - Catering management revenue surged by approximately HKD 1,900,000 or 90.5% to about HKD 4,000,000 in the first half of 2024, compared to approximately HKD 2,100,000 in the first half of 2023[44] Assets and Liabilities - Total assets as of June 30, 2024, were approximately HKD 98,434 million, down from HKD 102,751 million as of December 31, 2023[4] - Current liabilities amounted to HKD 138,655 million, an increase from HKD 134,912 million at the end of 2023[4] - The total assets of the group as of June 30, 2024, amounted to HKD 120,422,000, compared to HKD 120,380,000 as of December 31, 2023, indicating a slight increase[14] - Total liabilities as of June 30, 2024, were HKD 146,709,000, up from HKD 143,833,000 as of December 31, 2023, reflecting an increase of approximately 2.0%[14] - The group’s net current liabilities decreased from approximately HKD 117,300,000 as of December 31, 2023, to approximately HKD 116,700,000 as of June 30, 2024[35] Operational Highlights - The company is focused on expanding its operations in Canada and managing properties in China, indicating a strategic approach to market expansion[6] - The company is actively involved in managing hotels, properties, and dining services, showcasing a diversified business model[11] - The company is investing in new product development and technology to improve customer experience and operational capabilities[15] - The company is implementing measures to reduce operational losses and improve financial performance while exploring new business opportunities[46] - The overall outlook for the Canadian hotel business and Chinese property management remains positive despite potential challenges in certain regions[45] Accounting and Reporting - The company continues to adopt the Hong Kong Financial Reporting Standards, ensuring consistency in accounting policies and methods[9] - The financial statements were prepared based on historical cost, except for financial instruments measured at fair value, reflecting a conservative approach to financial reporting[8] - The company has implemented new accounting policies in accordance with the revised Hong Kong Financial Reporting Standards, effective from January 1, 2024, which will not significantly impact the financial position[9] - The average credit period granted to trade customers is between 0 to 90 days, indicating a stable credit policy[23] - The average credit period for purchases is 0 to 90 days[27] Dividends and Shareholder Communication - The company did not declare an interim dividend for the six months ended June 30, 2024[2] - The company did not declare or recommend any dividends for the interim period ending June 30, 2023[18] - The mid-term performance announcement has been published on the company's website and the Hong Kong Stock Exchange website[51] - The mid-term report for 2024 is expected to be sent to shareholders by September 30, 2024, or earlier[51] - The chairman expressed gratitude to shareholders, business partners, and employees for their continued support and contributions[52]

Rights Issue - The total amount raised from the rights issue was approximately HKD 52,800,000, with the net proceeds after expenses being around HKD 52,000,000[4]. - A total of 364,292,398 ordinary shares were issued under the rights issue at an issue price of HKD 0.145 per share[3]. - 126,561,279 shares were allocated to Great Match International Limited and another 126,561,279 shares to Rich Vision Development Limited[3]. - As of March 30, 2023, the net proceeds from the rights issue were fully utilized, with specific allocations including debt repayment and operational costs[4]. - The company reported a net utilization of HKD 52 million from the rights issue proceeds, with significant amounts allocated to employee costs and legal fees[4].

Financial Performance - For the year ended December 31, 2023, the Group's revenue increased by approximately 5.7% to HK$101.6 million from HK$96.1 million in 2022[21]. - The net loss attributable to equity shareholders decreased to approximately HK$8.3 million in 2023, compared to HK$28.3 million in 2022[21]. - Revenue from continuing operations increased by approximately HK$5.5 million or 5.7% from approximately HK$96.1 million for FY2022 to approximately HK$101.6 million for FY2023, mainly due to increased revenue from Properties Management[31]. - Gross profit from continuing operations increased by approximately HK$2.2 million or 9.4% from approximately HK$23.3 million for FY2022 to approximately HK$25.5 million for FY2023, with a gross profit margin of approximately 25.1% for FY2023[32]. - The Group recorded a net loss from continuing operations of approximately HK$8.3 million for FY2023, a significant improvement compared to a loss of approximately HK$24.2 million for FY2022[50][56]. - Total net loss for the year was approximately HK$8.3 million in FY2023, down from approximately HK$28.3 million in FY2022[52][58]. Revenue Breakdown - Revenue from Hotel Operation and Properties Management accounted for approximately 55.3% and 38.2% of total revenue, respectively[21]. - Revenue from Hotel Operation accounted for approximately 55.3% of total revenue, with an increase in hotel occupancy rate to 83.8% in 2023 from 82.8% in 2022, resulting in revenue growth from approximately HK$55.1 million in FY2022 to approximately HK$56.2 million in FY2023[75][81]. - Revenue from Properties Management increased by 7.2% to approximately HK$38.8 million in FY2023, compared to approximately HK$36.2 million in FY2022[76][82]. - Revenue from Catering Management rose by approximately 37.5% to approximately HK$6.6 million in FY2023, up from approximately HK$4.8 million in FY2022[77][83]. Asset and Liability Management - Total assets decreased by 12.3% to HK$120.4 million in 2023 from HK$137.3 million in 2022[12]. - Total liabilities decreased by 5.5% to HK$143.8 million in 2023 from HK$152.2 million in 2022[12]. - As of December 31, 2023, the Group's net current liabilities were approximately HK$117.3 million, with a current ratio of 0.13 times, compared to net current liabilities of approximately HK$103.2 million and a current ratio of 0.22 times in 2022[53][59]. - The Group's total deficit increased to approximately HK$23.5 million as of December 31, 2023, compared to approximately HK$14.9 million as of December 31, 2022[65][69]. Cost Management - Administrative expenses decreased by approximately HK$4.8 million or 15.0% from approximately HK$31.9 million for FY2022 to approximately HK$27.1 million for FY2023[34]. - Finance costs decreased by approximately HK$1.6 million or 34.0% from approximately HK$4.7 million for FY2022 to approximately HK$3.1 million for FY2023[43]. - Staff costs for the Group were approximately HK$47.2 million for FY2023, representing a slight decrease of approximately HK$0.4 million or 0.8% compared to FY2022[78]. - Cost-saving measures are being implemented to control operating, administrative, and corporate costs to reduce working capital requirements[118]. Strategic Initiatives - The Group plans to explore new opportunities in Hotel Operation in Canada and Properties Management in the PRC as the hospitality industry recovers[20]. - Management is committed to pursuing new projects and expanding through various investment methods[20]. - The management team aims to seize opportunities for market expansion and stable returns for shareholders as the Chinese economy recovers[25]. - The Group is actively considering developing new business opportunities to enhance cash flow and reviewing existing investments[123]. - A loan agreement for facilities of up to HK$50 million from the Controlling Shareholder is being sought to provide ongoing financial support[123]. Corporate Governance - The Board of Directors comprises seven members with diverse backgrounds, meeting at least four times annually to review business development and strategic policies[105]. - The Board has established various committees, including the Remuneration Committee, Audit Committee, and Nomination Committee, to enhance corporate governance practices[121]. - The Nomination Committee is responsible for reviewing the Board composition and ensuring a balance of expertise and skills[125]. - The Audit Committee held four meetings in 2023 to monitor the integrity of financial reporting and review internal control and risk management systems[139]. - The Remuneration Committee conducted two meetings in 2023 to review the remuneration packages of directors and senior management[143]. Risk Management - Management is responsible for designing and monitoring the risk management and internal control system to safeguard the Group's assets[180]. - The Group has established risk management procedures to address significant business risks and conducts annual reviews of changes in the business environment[181]. - Risks are assessed and prioritized based on their impact and occurrence opportunity, with relevant management strategies applied accordingly[182]. - For the year ended December 31, 2023, the Group engaged an external advisory firm for internal audit, confirming no significant deficiencies in the internal control system[187]. - The Group's risk management and internal control system was deemed reasonably effective and adequate, covering all material controls including financial, operational, and compliance controls[188].

Financial Statements Submission - The financial statements for the year ended December 31, 2023, have been submitted to the Companies Registry as required by the Hong Kong Companies Ordinance[3] - The company will submit the financial statements for the year ended December 31, 2022, and will also submit the financial statements for the year ended December 31, 2023, at the appropriate time[3] Audit Findings - The auditor's report indicated that sufficient and appropriate audit evidence was not obtained regarding the interests and receivables from an associate company[5]

Financial Performance - Revenue from continuing operations for the year ended December 31, 2023, was approximately HKD 101.6 million, representing a 5.7% increase from HKD 96.1 million in 2022[3] - Gross profit for the year was HKD 25.5 million, up 9.4% from HKD 23.3 million in the previous year, with a gross margin of 25.1% compared to 24.2% in 2022[3] - The loss attributable to shareholders from continuing operations decreased to HKD 8.3 million from HKD 24.2 million in 2022, indicating a significant improvement[3] - Basic loss per share from continuing operations was HKD 0.76, a reduction from HKD 2.21 in the previous year[3] - Total comprehensive expenses for the year amounted to HKD 8.6 million, down from HKD 31.1 million in 2022[7] - For the year ending December 31, 2023, the group reported a loss from continuing operations of approximately HKD 8,290,000[30] - The group generated total revenue of HKD 101,560,000 in 2023, an increase from HKD 96,055,000 in 2022, representing a growth of approximately 5.2%[33] - The group reported a net loss from continuing operations of approximately HKD 8,290,000 for the fiscal year ending December 31, 2023[61] - The net loss from continuing operations for fiscal year 2023 was approximately HKD 8,300,000, a decrease from approximately HKD 24,200,000 in fiscal year 2022[75] Operational Highlights - Hotel operations revenue was HKD 56,200,000 in 2023, up from HKD 55,108,000 in 2022, reflecting a growth of about 2%[33] - Revenue from property management for fiscal year 2023 was approximately HKD 38,800,000, an increase of 7.2% from about HKD 36,200,000 in fiscal year 2022[85] - Revenue from food and beverage management increased by approximately 37.5% to about HKD 6,600,000 in fiscal year 2023 from approximately HKD 4,800,000 in fiscal year 2022[86] - The company has ceased its cryptocurrency investment operations as of the end of 2022, focusing on hotel operations in Canada and property management in China[12] - The company expects continued growth in hotel operations and property management, leveraging opportunities from the recovery of the Chinese economy[92] Financial Position - Non-current assets as of December 31, 2023, totaled HKD 102.8 million, a decrease from HKD 108.6 million in 2022[9] - Current liabilities increased to HKD 134.9 million from HKD 131.9 million in the previous year, resulting in a net current liability position[10] - Current liabilities exceeded current assets by approximately HKD 117,283,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[30] - The current liabilities net amount and current ratio as of December 31, 2023, were approximately HKD 117,300,000 and 0.13 times, respectively, compared to approximately HKD 103,200,000 and 0.22 times in the previous year[78] Cost Management - The group plans to implement cost-saving measures to control operating, administrative, and corporate costs, aiming to reduce working capital requirements[31] - Employee costs totaled HKD 47,195,000 in 2023, slightly down from HKD 47,584,000 in 2022, indicating a focus on cost management[39] - Administrative expenses decreased from approximately HKD 31,900,000 in fiscal year 2022 to approximately HKD 27,100,000 in fiscal year 2023, a reduction of about 15.0%[68] Tax and Liabilities - The company’s tax rate for its Chinese subsidiaries was 25%, with some subsidiaries benefiting from reduced rates between 5% to 15%[40] - The company reported a credit loss provision of HKD 12,478,000 against trade receivables in 2023, down from HKD 19,444,000 in 2022, reflecting improved credit quality[46] - The company's deferred tax expense for the year was HKD 5,187,000 in 2023, compared to a deferred tax credit of HKD 4,728,000 in 2022, indicating a shift in tax position[40] - The income tax expense for fiscal year 2023 was approximately HKD 6,200,000, while fiscal year 2022 had a tax credit of about HKD 4,100,000[74] Dividends and Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[3] - The board of directors did not recommend any final dividend for the fiscal year ending December 31, 2023, maintaining a long-term dividend policy of at least 30% of net profit[63] - The annual report for fiscal year 2023 is expected to be sent to shareholders by April 30, 2024, or earlier[100] Accounting Standards and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards for the year, which did not significantly impact its financial position or performance[13] - The application of the revised Hong Kong Accounting Standard No. 8 did not have a significant impact on the group's consolidated financial statements for the year[16] - The application of the revised Hong Kong Accounting Standard No. 12 regarding deferred tax assets and liabilities did not have a significant impact on the group's consolidated financial statements for the year[18] - The implementation of the revised Hong Kong Accounting Standard No. 12 related to international tax reform did not have a significant impact on the group's consolidated financial statements for the year[20] - The application of the revised Hong Kong Accounting Standard No. 1 regarding the disclosure of accounting policies did not have a significant impact on the group's financial position and performance, but affected the disclosure of accounting policies in the consolidated financial statements[23] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and expects no significant impact from these standards on the consolidated financial statements in the foreseeable future[28] Impairment and Losses - The group recognized a reversal of impairment losses of approximately HKD 1,400,000 in fiscal year 2023, compared to an impairment loss provision of approximately HKD 16,900,000 in fiscal year 2022[69] - The impairment loss on intangible assets decreased by approximately HKD 5,000,000 or 96.2% to about HKD 200,000 in the fiscal year 2023 from approximately HKD 5,200,000 in fiscal year 2022[70] - The goodwill impairment loss for fiscal year 2023 was approximately HKD 1,200,000, compared to zero in fiscal year 2022, due to poor performance of a cash-generating unit in the property management segment[71] - The group's share of losses from an associate company, Total Blossom, was approximately HKD 1,115,000 for the fiscal year ending December 31, 2023[55] - Total Blossom's investment property was written off, with a value of approximately HKD 29,694,000 as of December 31, 2022, and subsequently reduced to zero by December 31, 2023[56]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, increased by approximately HK$0.9 million or 2.0% to approximately HK$46.0 million compared to HK$45.1 million for the same period in 2022[19]. - Gross profit for the same period increased by approximately HK$0.9 million or 9.0% to approximately HK$10.9 million, driven by better control on direct costs in Hotel Operation[20]. - The Group's revenue increased by approximately HK$900,000 or 2.0% from about HK$45,100,000 in 1H2022 to approximately HK$46,000,000 in 1H2023, primarily due to the new food and beverage management segment contributing about HK$2,100,000[22]. - Gross profit rose by approximately HK$900,000 or 9.0% from about HK$10,000,000 in 1H2022 to approximately HK$10,900,000 in 1H2023, mainly driven by improved cost control in the hotel business[22]. - Loss before tax improved to HK$3,558,000, a reduction of 58% from HK$8,539,000 in the previous year[89]. - Loss for the period from continuing operations was HK$3,699,000, down from HK$8,548,000 in 2022, indicating a significant improvement[89]. Expenses and Liabilities - Administrative expenses increased by approximately HK$1.2 million or 8.2% from approximately HK$14.7 million in 1H2022 to approximately HK$15.9 million in 1H2023[21]. - Staff costs increased by approximately HK$1.9 million or 9.0% from about HK$21,100,000 in 1H2022 to approximately HK$23,000,000 in 1H2023, mainly due to higher occupancy rates in the hotel operation business[42]. - Total liabilities decreased by 6.2% to HK$142.7 million from HK$152.2 million at the end of 2022[16]. - The current ratio decreased to 1 from 0.14 at the end of 2022, indicating a significant decline in liquidity[16]. - The quick ratio also decreased to 2 from 0.14 at the end of 2022, further highlighting liquidity challenges[16]. Assets and Equity - Total assets as of June 30, 2023, were HK$124.1 million, a decrease of 9.6% from HK$137.3 million at the end of 2022[16]. - Shareholder's equity was reported at negative HK$18.6 million as of June 30, 2023, compared to negative HK$14.9 million at the end of 2022[16]. - Non-current assets totaled HK$106,710,000 as of June 30, 2023, slightly down from HK$108,584,000 at the end of 2022[93]. - Current assets decreased to HK$17,382,000 from HK$28,727,000, reflecting a decline of approximately 39.3%[93]. - Total equity as of June 30, 2023, was HK$ (18,587,000), down from HK$ (14,866,000) at the end of 2022, showing a decline in shareholder equity[95]. Cash Flow and Financing - For the six months ended June 30, 2023, net cash from operating activities was HK$2,372,000, compared to a cash outflow of HK$3,331,000 in the same period of 2022[108]. - Net cash used in investing activities amounted to HK$3,415,000, a significant increase from HK$23,000 in the prior year[108]. - Net cash used in financing activities was HK$9,416,000, compared to HK$2,219,000 in the same period of 2022, primarily due to a repayment of bonds totaling HK$9,000,000[108]. - The total net decrease in cash and cash equivalents for the period was HK$10,459,000, compared to a decrease of HK$5,573,000 in the previous year[108]. - Cash and cash equivalents at the end of the period stood at HK$8,599,000, down from HK$19,137,000 at the beginning of the period[108]. Market and Business Outlook - The management team anticipates increased market potential and business opportunities with the recovery of the economies in China and Canada[58]. - The Group aims to explore new business opportunities to deliver stable returns to shareholders[58]. Corporate Governance and Compliance - The Company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2023[71]. - The Company is committed to enhancing corporate governance practices to protect shareholders' interests and improve transparency[75]. - The Audit Committee reviewed the unaudited condensed financial statements for the six months ended June 30, 2023, ensuring compliance with accounting principles[87]. Accounting Policies and Standards - The Group's financial statements for the six months ended June 30, 2023, were prepared in accordance with the historical cost basis, except for certain financial instruments measured at fair value[126]. - The application of new and amended HKFRSs during the interim period had no material impact on the Group's financial positions and performance[128]. - The Group will disclose information regarding its exposure to Pillar Two income taxes in future financial statements once the legislation is enacted[135]. - The Group's interim report for 2023 is prepared in compliance with the updated accounting standards and reflects the necessary disclosures[142].