Financial Performance - The group's consolidated revenue decreased by 6.5% from approximately HKD 51,800,000 for the year ended December 31, 2023, to approximately HKD 48,400,000 for the year ended December 31, 2024[10]. - Revenue from property investment and management was approximately HKD 33,400,000 and HKD 15,000,000 respectively, compared to HKD 36,400,000 and HKD 15,400,000 in 2023[10]. - Overall gross profit decreased by 2.1% from approximately HKD 32,500,000 in 2023 to approximately HKD 31,800,000 in 2024, while gross profit margin increased from 62.8% to 65.7%[10]. - The group recognized a net fair value loss of approximately HKD 79,500,000 on investment properties for the year ended December 31, 2024, compared to HKD 33,100,000 in 2023[10]. - Loss attributable to owners of the company was approximately HKD 65,800,000 for the year ended December 31, 2024, down from HKD 111,300,000 in 2023[10]. - The group's revenue from continuing operations decreased to approximately HKD 48.4 million for the year ended December 31, 2024, a decline of about 6.5% compared to HKD 51.8 million in the previous year[18]. - The gross profit decreased to approximately HKD 31.8 million, down by about HKD 0.7 million from HKD 32.5 million in the previous year, with a gross margin of 65.7%, up from 62.8%[20]. - Other operating income fell to approximately HKD 1.5 million, a decrease of about HKD 0.7 million from HKD 2.2 million in the previous year, primarily due to a reduction in interest income[21]. - Other operating expenses increased to approximately HKD 50.4 million, up from HKD 31.2 million in the previous year, mainly due to increased impairment losses on property inventory and assets[22]. - The group recorded a loss of approximately HKD 79.5 million from fair value changes of investment properties, compared to a loss of HKD 33.1 million in the previous year[23]. - The total borrowings amounted to approximately HKD 358.1 million, an increase from HKD 344.3 million in the previous year, with certain investment properties valued at approximately HKD 422.6 million mortgaged as collateral[30]. - The debt-to-equity ratio increased to approximately 57.9% from 50.5% in the previous year, primarily due to the net loss incurred during the year[31]. - The company reported its annual performance for the year ending December 31, 2024, with detailed financial statements available on page 74 of the report[49]. - No dividends were recommended for the year ending December 31, 2024[50]. - The company reported no distributable reserves as of December 31, 2024, in compliance with Cayman Islands company law[60]. - The board has decided not to declare a dividend for the year ending December 31, 2024, consistent with the previous year[62]. Property Management and Operations - The occupancy rate of the Future City shopping center reached 93.2% as of December 31, 2024, up from 88.6% in 2023[11]. - Rental income generated from investment properties was approximately HKD 33,400,000 for the year ended December 31, 2024, compared to HKD 36,400,000 in 2023[12]. - The group established Wuhan Future City Property Management Co., Ltd. to manage the Future City shopping center, which has a total leasable area of approximately 55,029 square meters[11]. - The total fair value of the Future City, Future Mansion parking lot, and Zhongshui Longyang Plaza parking lot was approximately HKD 1,036,600,000 as of December 31, 2024, down from HKD 1,051,600,000 in 2023[12]. Corporate Governance and Social Responsibility - The company emphasizes the importance of maintaining good relationships with suppliers and customers to achieve short-term and long-term goals[51]. - The company is committed to enhancing governance, promoting employee welfare, and protecting the environment to fulfill its social responsibilities and achieve sustainable growth[52]. - There were no significant violations of applicable environmental laws or regulations during the review year[53]. - The company strives to maintain high integrity in all business aspects and has implemented various internal control measures and training[54]. - The company has not entered into any significant contracts with directors or related parties during the year[76]. - Major shareholders owning 5% or more of the company's issued share capital will be disclosed in accordance with the Securities and Futures Ordinance[77]. - The audit committee, consisting of independent non-executive directors, reviewed the group's financial statements for the year ending December 31, 2024[83]. - The company has maintained directors' and senior officers' liability insurance during the year[90]. - The board emphasizes sustainable development and corporate social responsibility to enhance corporate image and reduce risks[99]. Employee and Workforce Management - The total number of employees as of December 31, 2024, was approximately 92, with total employee costs for the year amounting to approximately HKD 16.3 million[34]. - The total number of employees decreased from 119 in 2023 to 92 in 2024, indicating a significant change due to the sale of a subsidiary[166]. - The employee distribution by type shows 92 full-time employees and 0 part-time employees in 2024, compared to 119 full-time and 0 part-time in 2023[167]. - The gender distribution of employees in 2024 is 61 males and 31 females, compared to 76 males and 43 females in 2023, reflecting a decrease in both categories[170]. - The employee turnover rate for males in 2024 is 21.79% and for females is 27.91%, indicating a notable difference in retention[182]. - The turnover rate for employees under 30 years old is 20.59%, while for those aged 51 to 60 years old, it is 62.50%, showing a significant variance across age groups[184]. - The company maintained a zero incident record for work-related deaths and zero days lost due to occupational injuries over the past three years, including the 2024 reporting period[191]. - The company adheres to all employment laws and regulations in China and Hong Kong, with no disputes related to salary, compensation, or health benefits reported[165]. - The company provides statutory benefits to all eligible employees, including mandatory provident fund and social insurance, in compliance with local laws[165]. - The employee recruitment and assessment processes are transparent, ensuring equal opportunities regardless of age, race, religion, gender, or disability[165]. - The company is committed to providing a safe and comfortable working environment, continuously improving occupational safety and health management systems[189]. - Employee training participation rate increased to 25.00% in 2024 from 23.53% in 2023[195]. - Average training hours per employee rose to 1.96 hours in 2024, up from 1.41 hours in 2023[196]. - Average training hours for male employees increased to 2.75 hours in 2024 from 2.21 hours in 2023[196]. - Average training hours for female employees recorded at 0.39 hours in 2024, with no data for 2023[196]. - General staff maintained a consistent average training hour of 30.00 in 2024, compared to 28.00 in 2023[196]. - The company has not faced any labor lawsuits or allegations during the 2024 reporting period, consistent with 2023[198]. - The company adheres strictly to labor laws and employment regulations in China and Hong Kong, ensuring a safe and harmonious work environment[198]. - The company continues to support employee development through internal and on-the-job training programs[195]. - The company has established regular communication with employee representatives to discuss working conditions and safety issues[198]. Environmental, Social, and Governance (ESG) Initiatives - The group is committed to environmental, social, and governance (ESG) principles, focusing on reducing negative environmental impacts[97]. - The company operates in real estate-related businesses, including property development and management in Wuhan, China[97]. - The company prioritizes employee well-being by implementing health and wellness programs and promoting professional growth[100]. - The company aims to create long-term value for stakeholders through strong relationships and open dialogue[100]. - The company maintains the same environmental, social, and governance (ESG) management framework as the previous reporting period[102]. - The board regularly reviews and discusses annual environmental goals to ensure progress and compliance[103]. - The company adheres to the Hong Kong Stock Exchange's ESG reporting guidelines to fulfill its sustainable development objectives[103]. - Indirect CO2 emissions from the Hong Kong office increased by 7.82% to 11.31 tons in 2024, compared to 10.49 tons in 2023[119]. - Indirect CO2 emissions from Wuhan decreased by 21.50% to 2,517.10 tons in 2024, down from 3,206.30 tons in 2023[119]. - Total indirect CO2 emissions decreased by 21.40% to 2,528.41 tons in 2024, compared to 3,216.79 tons in 2023[119]. - CO2 emissions per employee in the Hong Kong office decreased by 33.59% to 0.87 tons in 2024, down from 1.31 tons in 2023[119]. - CO2 emissions per employee in Wuhan increased by 10.28% to 31.86 tons in 2024, compared to 28.89 tons in 2023[119]. - The company aims to reduce indirect CO2 emissions in both Wuhan and Hong Kong offices by 1% to 2% in the coming year[121]. - The company reported no violations of environmental laws or regulations in 2024, consistent with 2023 performance[118]. - The company plans to reduce overall paper consumption by 2% to 3% in the coming year[123]. - The company has not received any complaints regarding noise pollution during the reporting period, maintaining performance from 2023[121]. - The company has not received any complaints regarding wastewater discharge during the reporting period, consistent with 2023 performance[121]. - The electricity consumption in Hong Kong office increased by 11.04% to 17,131 kWh in 2024 from 15,428 kWh in 2023[128]. - Total electricity consumption decreased by 16.59% to 4,704,470.27 kWh in 2024 from 5,640,512.19 kWh in 2023[128]. - Water consumption in Wuhan significantly decreased by 79.07% to 17,287 cubic meters in 2024 from 82,656.36 cubic meters in 2023[131]. - The paper usage in Hong Kong office reduced by 66.67% to 12,000 sheets in 2024 from 36,000 sheets in 2023[133]. - The company aims to reduce electricity consumption by 1-2% under normal operating conditions in the coming year[128]. - The company plans to maintain the downward trend in water consumption and achieve an overall reduction of 1-2% in the coming year[132]. - The company has not reported any unreasonable resource usage during the reporting period[127]. - The company has implemented various measures to promote efficient use of resources, including electricity, water, and paper[127]. - The company has not received any environmental violation warnings or complaints during the reporting period[136]. - The company continues to support all possible measures for reduction, reuse, and recycling of resources[136]. - The board has identified global warming and reduction of paper usage as the two most significant climate issues impacting the company[137]. - The company has implemented policies to effectively utilize electricity to reduce indirect CO2 emissions, acknowledging that CO2 emissions are a primary cause of global warming[138]. - The management team plays a critical role in reviewing and responding to climate-related risks and opportunities, ensuring the implementation of board-established policies[139]. - The company has identified extreme weather events such as typhoons and heavy rain as acute physical risks that could lead to economic losses and increased operating costs[142]. - Measures have been established to mitigate the negative impacts of extreme weather, including securing equipment and notifying customers of potential delays[144]. - Long-term physical risks include increased electricity demand and operating costs due to prolonged high temperatures, which could lead to higher employee health risks[146]. - The company is exploring new technologies and sustainable materials to address transition risks associated with moving to a low-carbon system[150]. - The company aims to expand its product and service range to meet the growing demand for environmentally friendly options, addressing market and reputational risks[150]. - The company has set recent targets to demonstrate its commitment to carbon reduction efforts, responding to legal and policy risks related to stricter carbon reduction regulations[150]. - The company recognizes the need for increased transparency in carbon emissions reporting to maintain reputation and avoid potential stock price declines[150]. - The company recognizes climate change as a strategic business risk and integrates climate-related risks and opportunities into its overall business strategy[154]. - The company aims to reduce greenhouse gas emissions by 1-2% in the coming year through monitoring employee energy-saving behaviors[158]. - Indirect greenhouse gas emissions from electricity usage decreased by 21.40%, from 3,216.79 tons in 2023 to 2,528.41 tons in 2024[156]. - The company has implemented policies to reduce electricity consumption and plans to invest in more energy-efficient equipment and procedures in the near future[159]. - The company is actively seeking logistics partners that utilize electric vehicles or similar methods to minimize their carbon footprint[161]. - The company has updated its climate scenario analysis assessment method based on TCFD recommendations, evaluating climate risks and opportunities under two integrated scenarios[154]. - The company aims to enhance long-term resilience by comprehensively assessing, managing, and monitoring climate risks that may impact its operations[154]. - The company has established effective strategies and measures to manage significant climate risks affecting its value chain[154]. - The company continues to monitor key indicators, particularly greenhouse gas emissions, to assess climate-related risks[154]. - The company has taken measures to encourage employees to use water more efficiently to reduce consumption[160].

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 48,432,000, a decrease of about 6.5% compared to HKD 51,780,000 in 2023[2] - The net loss for the year was approximately HKD 65,785,000, a reduction of about 40.9% from HKD 111,332,000 in 2023[2] - The company reported a pre-tax loss of HKD 85,648,000 for the year, compared to HKD 108,809,000 in 2023[4] - Basic and diluted loss per share for the year was HKD 2.10, improved from HKD 3.56 in 2023[4] - The group reported a decrease in financial expenses from HKD 45,200,000 in 2023 to HKD 42,370,000 in 2024[22] - The company reported a loss attributable to owners of approximately HKD 65,800,000, an improvement from HKD 111,300,000 in the previous year[37] - The group recorded a loss attributable to owners of approximately HKD 65,800,000, a decrease from HKD 111,300,000 in the previous year[59] Assets and Liabilities - Total assets as of December 31, 2024, were approximately HKD 1,069,099,000, down about 13.1% from HKD 1,229,839,000 in 2023[2] - The debt-to-equity ratio increased to approximately 57.9% in 2024 from 50.5% in 2023[2] - Total liabilities decreased to HKD 467,602,000 in 2024 from HKD 573,440,000 in 2023[7] - The asset-to-liability ratio as of December 31, 2024, is approximately 57.9%, up from 50.5% in the previous year, primarily due to the net loss incurred during the year[62] - Total borrowings as of December 31, 2024, amount to approximately HKD 358,100,000, an increase from HKD 344,300,000 as of December 31, 2023[61] Revenue Segmentation - Total revenue and external sales for the property investment segment amounted to HKD 33,354,000, while the property management segment generated HKD 15,078,000, leading to a combined total of HKD 48,432,000[20] - The group's total revenue for the fiscal year ending December 31, 2023, was HKD 51,780,000, with the property investment segment contributing HKD 36,405,000 and the property management segment contributing HKD 15,375,000[21] - Rental income from investment properties totaled approximately HKD 33,400,000, down from HKD 36,400,000 in the previous year[37] - Rental income from investment properties for the year ended December 31, 2024, is approximately HKD 33,400,000, down from HKD 36,400,000 in the previous year, representing a decrease of about 8.2%[39] Fair Value and Investment Properties - The fair value loss on investment properties was HKD 79,456,000, significantly higher than HKD 33,111,000 in the previous year[4] - The group experienced a fair value loss on investment properties of HKD 79,456,000, contributing to a total pre-tax loss of HKD 85,648,000 for the year[20] - The net fair value loss on the revaluation of multiple investment properties was approximately HKD 79,500,000, compared to HKD 33,100,000 in the previous year[37] - The group's total fair value of investment properties as of December 31, 2024, is approximately HKD 1,036,600,000, a decrease from HKD 1,051,600,000 as of December 31, 2023[39] Corporate Governance and Compliance - The audit committee, composed of independent non-executive directors, reviewed the consolidated financial performance for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards[74] - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance for the year ending December 31, 2024[70] - The company has maintained its adherence to corporate governance codes, with specific deviations noted regarding the roles of the chairman and CEO being held by the same individual[71] - The independent auditor has verified that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[75] Future Outlook and Strategic Initiatives - The company is actively seeking potential projects that align with its core business, particularly in infrastructure-related sectors, in response to the complex operating environment[67] - The group has implemented cost control measures in selling and administrative expenses, while also managing capital expenditures to alleviate cash flow pressures[16] Dividend Policy - The company does not recommend the payment of any final dividend for the year ended December 31, 2024[26] - The board has decided not to declare any dividends for the year ending December 31, 2024, consistent with the previous year[68] Employee and Operational Metrics - The total number of employees as of December 31, 2024, is approximately 92, with total employee costs for the year amounting to approximately HKD 16,300,000[65]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 25,954,000, a decrease of 13.5% compared to HKD 30,166,000 for the same period in 2023[8]. - The company reported a loss before tax of HKD 42,574,000, compared to a loss of HKD 30,010,000 in the previous year, indicating a significant increase in losses[8]. - The loss for the period was HKD 36,433,000, compared to a loss of HKD 30,358,000 in the same period last year, indicating worsening financial performance[9]. - The total comprehensive loss for the period was HKD 50,833,000, down from HKD 70,784,000 in the previous year, showing a reduction in overall losses[9]. - The company reported a basic and diluted loss per share of HKD 1.16, compared to HKD 0.97 in the previous year[8]. - The company incurred a loss of HKD 1,200,379 million in the previous period, indicating a significant financial challenge[13]. - The company reported a loss attributable to owners of approximately HKD 36,400,000, an increase from HKD 30,400,000 in the same period last year, mainly due to fair value losses on investment properties[67]. Assets and Equity - Total assets as of June 30, 2024, were HKD 1,183,841,000, down from HKD 1,229,839,000 at the end of 2023[10]. - The company's equity attributable to owners decreased to HKD 605,566,000 from HKD 656,399,000, reflecting a decline in shareholder value[10]. - Cash and cash equivalents decreased to HKD 9,991,000 from HKD 12,566,000, indicating a reduction in liquidity[10]. - Trade receivables as of June 30, 2024, amounted to HKD 10,975 million, an increase from HKD 9,304 million as of December 31, 2023, representing an increase of 17.93%[38]. - As of June 30, 2024, the total debt amounted to approximately HKD 361,500,000, up from HKD 344,300,000 at the end of 2023[69]. - The debt-to-asset ratio increased to 58.0% from 50.5% as of December 31, 2023, while the current ratio was 1.08, slightly up from 1.04[70]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 25,954 million, with external sales of HKD 17,867 million and HKD 8,087 million from other segments[24]. - The company's revenue for the six months ended June 30, 2024, decreased to approximately HKD 26,000,000, down from approximately HKD 30,200,000 for the same period in 2023, primarily due to a decline in rental income from the Future City and property management revenue[58]. - Rental income from Future City for the six months ended June 30, 2024, was approximately HKD 17,400,000, compared to HKD 18,900,000 for the same period in 2023, with an average occupancy rate of 89.8%[55]. - Revenue from property management services for the six months ended June 30, 2024, was approximately HKD 8,100,000, down from approximately HKD 10,900,000 for the same period in 2023[57]. Investment Properties - The fair value loss on investment properties was HKD 24,565,000, a significant decline from a gain of HKD 1,395,000 in the previous year[8]. - The investment property revaluation resulted in a loss of HKD 24,565 million, impacting overall financial performance[24]. - The fair value of investment properties decreased by approximately HKD 24,565 million for the six months ended June 30, 2024, compared to a fair value gain of HKD 1,395 million in the same period of 2023[37]. - The fair value change of investment properties resulted in a loss of approximately HKD 24,600,000, compared to a gain of HKD 1,400,000 in the previous period[62]. Operational Costs - The company incurred finance costs of HKD 20,924 million for the six months ended June 30, 2024, down from HKD 22,516 million in the same period of 2023, representing a decrease of 7.07%[27]. - The total employee costs for the period were HKD 10,062 million, a decrease from HKD 11,221 million in the previous year, indicating a reduction of 10.35%[31]. - Administrative expenses decreased from approximately HKD 25,300,000 to about HKD 13,900,000, primarily due to reduced administrative costs in the property investment business[64]. - Financial expenses decreased from approximately HKD 22,500,000 to about HKD 20,900,000, attributed to a reduction in borrowing interest expenses by about HKD 1,500,000[65]. - Sales cost decreased from approximately HKD 13,100,000 to about HKD 8,200,000, primarily due to effective cost control measures[59]. Corporate Governance and Shareholder Communication - The company has complied with the corporate governance code, with some deviations justified by the board[84]. - The audit committee consists of independent non-executive directors and is responsible for reviewing the financial reporting process and internal controls[95]. - The company has established various communication channels with shareholders and investors, including printed annual reports and interim reports as required by listing rules[96]. - Shareholders can present suggestions and exchange views with the board at the annual general meeting[96]. - The company's website provides the latest and important information about the group[96]. - The website also serves as a communication platform for shareholders and stakeholders[96]. - The company's share transfer registration office handles share registration and related matters for shareholders[96]. Future Outlook - The company plans to closely monitor domestic and international political and economic developments and will actively seek potential projects aligned with its core business, including infrastructure-related ventures[71]. - The company has actively sought potential projects compatible with its main business to support further development[54]. - The company has not adopted any new accounting standards that would significantly impact its financial reporting during this period[20]. - The company has no significant investments or capital asset agreements as of the report date, but will consider future investment opportunities[91]. - No major acquisitions or disposals of subsidiaries, associated companies, or joint ventures occurred during the period[93]. - The company will propose a new share option plan at the next annual general meeting following the expiration of the previous plan on June 17, 2023[76].

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 25,594,000, a decrease of about 15.5% compared to HKD 30,166,000 for the same period in 2023[3] - Gross profit increased by approximately 3.6% to HKD 17,696,000, with a gross profit margin rising by approximately 11.6 percentage points to about 68.2% compared to the same period in 2023[3] - The net loss for the period was approximately HKD 36,433,000, compared to a net loss of approximately HKD 30,358,000 for the same period in 2023[3] - The group reported a loss before tax of HKD 42,574,000, compared to a loss before tax of HKD 30,010,000 for the same period in 2023[4] - Basic and diluted loss per share was HKD (1.16) compared to HKD (0.97) for the same period in 2023[4] - The group reported a total loss before tax of HKD 42,574,000 for the six months ended June 30, 2024, compared to a loss of HKD 30,010,000 for the same period in 2023, reflecting an increase in losses of approximately 42%[14] - The group incurred a total loss of HKD 36,433,000 attributable to equity holders for the six months ended June 30, 2024, compared to a loss of HKD 30,358,000 for the same period in 2023, representing an increase of about 20%[20] - The group reported a loss attributable to owners of the company of approximately HKD 36,400,000 for the six months ended June 30, 2024, compared to a loss of HKD 30,400,000 for the same period in 2023[37] Assets and Liabilities - Total assets as of June 30, 2024, were approximately HKD 1,183,841,000, down from HKD 1,229,839,000 as of December 31, 2023[3] - The group’s total liabilities were approximately HKD 578,275,000, slightly up from HKD 573,440,000 as of December 31, 2023[7] - The group’s equity attributable to owners was approximately HKD 605,566,000, down from HKD 656,399,000 as of December 31, 2023[6] - The total debt as of June 30, 2024, was approximately HKD 361,500,000, an increase from HKD 344,300,000 as of December 31, 2023[38] - The asset-liability ratio increased to 58.0% as of June 30, 2024, compared to 50.5% as of December 31, 2023[39] Revenue Segments - Total revenue for the property investment segment was HKD 17,867,000 for the six months ended June 30, 2024, compared to HKD 19,219,000 for the same period in 2023, representing a decrease of approximately 7%[14] - The total revenue for the property management segment was HKD 8,087,000 for the six months ended June 30, 2024, down from HKD 10,947,000 in the same period of 2023, indicating a decline of about 26%[14] - The group's revenue for the six months ended June 30, 2024, decreased to approximately HKD 26,000,000 from HKD 30,200,000 for the same period in 2023, primarily due to a decline in rental income from the Future City[28] Expenses - Administrative expenses decreased to HKD 13,884,000 from HKD 25,270,000 in the same period last year[4] - The group’s financial expenses decreased to HKD 20,924,000 for the six months ended June 30, 2024, from HKD 22,516,000 in the same period of 2023, showing a reduction of approximately 7%[16] - The group’s employee costs, including directors' remuneration, were HKD 10,062,000 for the six months ended June 30, 2024, down from HKD 11,221,000 in the same period of 2023, indicating a decrease of about 10%[18] - Other operating income decreased to approximately HKD 200,000 for the six months ended June 30, 2024, from HKD 1,100,000 for the same period in 2023[31] - Administrative expenses decreased to approximately HKD 13,900,000 for the six months ended June 30, 2024, from HKD 25,300,000 for the same period in 2023, mainly due to reduced expenses in property investment operations[34] Dividends and Shareholder Information - The group did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[19] - The board has decided not to declare an interim dividend for the current period, consistent with the previous period[44] - The company will publish its mid-term report at an appropriate time, which will be sent to shareholders and made available on the stock exchange and the company's website[50] Fair Value and Investments - The group recorded a fair value loss on investment properties of approximately HKD 24,565,000[3] - The group reported a fair value loss of HKD 24,565,000 from investment properties for the six months ended June 30, 2024, compared to a gain in the previous period[14] - The fair value of the Future City shopping center was approximately HKD 988,200,000 as of June 30, 2024, with rental income generated during the period amounting to approximately HKD 17,400,000[26] Employee and Governance - As of June 30, 2024, the total number of employees was approximately 114, with total employee costs around HKD 10,100,000, compared to HKD 11,200,000 for the same period ending June 30, 2023[43] - The company has maintained compliance with applicable corporate governance codes, with some deviations noted[48] - The board believes that having the same individual serve as both chairman and CEO enhances operational efficiency and execution of business strategy[47] Market Outlook and Strategy - The group will continue to closely monitor domestic and international political and economic developments, adapting to market trends and making prudent decisions[40] - The company is actively seeking potential projects aligned with its core business, including infrastructure-related ventures[40] - The audit committee has reviewed the group's unaudited consolidated financial performance for the period[49] - The company has not engaged in any buybacks or repurchases of its ordinary shares during the period[45] - There were no significant contingent liabilities or commitments as of June 30, 2024, and December 31, 2023[41]

目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論及分析 | 4 | | 董事及高級管理人員履歷詳情 | 10 | | 董事會報告書 | 13 | | 環境、社會及管治報告 | 22 | | 企業管治報告書 | 49 | | 獨立核數師報告 | 62 | | 綜合損益表 | 67 | | 綜合損益及其他全面收益表 | 68 | | 綜合財務狀況報表 | 69 | | 綜合權益變動表 | 71 | | 綜合現金流量報表 | 72 | | 綜合財務報表附註 | 74 | | 財務概要 | 153 | | 物業資料 | 154 | 目錄 1 中國城市基礎設施集團有限公司 二零二三年年報 目錄 公司資料 董事會 執行董事 李朝波先生 （主席兼行政總裁） 季加銘先生 非執行董事 張貴卿先生 獨立非執行董事 吳志豪先生 郭堅華先生 鄺美雲女士 審核委員會 吳志豪先生 （委員會主席） 郭堅華先生 鄺美雲女士 薪酬委員會 郭堅華先生 （委員會主席） 吳志豪先生 鄺美雲女士 提名委員會 郭堅華先生 （委員會主席） 吳志豪先生 鄺美雲女士 公司秘書 陳愷賢先生 公司授權代表 李 ...

Financial Performance - The revenue from continuing operations for the year ended December 31, 2023, was approximately HKD 51,780,000, a decrease of about 21.1% compared to HKD 65,593,000 in 2022[3] - The net loss for the year was approximately HKD 111,332,000, a reduction of about 2.5% from the net loss of HKD 114,216,000 in 2022[3] - The gross profit for the year was HKD 32,508,000, slightly down from HKD 33,225,000 in 2022[5] - Basic and diluted loss per share from continuing operations was HKD 3.56, compared to HKD 3.43 in 2022[6] - The company reported a total loss of HKD 111,332,000 for the year ended December 31, 2023[22] - The group's consolidated revenue decreased by 21.1% to approximately HKD 51,800,000 for the year ended December 31, 2023, down from approximately HKD 65,600,000 in the previous year[43] - Overall gross profit decreased by 2.2% to approximately HKD 32,500,000, with a gross profit margin increase from 50.7% to 62.8%[43] - The loss from continuing operations for the year 2023 was HKD 111,332,000, a slight improvement from the loss of HKD 114,216,000 in 2022, representing a decrease of approximately 2.5%[31] Assets and Liabilities - Total assets as of December 31, 2023, were approximately HKD 1,229,839,000, down about 12.3% from HKD 1,402,305,000 in 2022[3] - The total liabilities decreased to HKD 573,440,000 in 2023 from HKD 609,841,000 in 2022[11] - The company's equity attributable to owners decreased to HKD 656,399,000 from HKD 792,464,000 in 2022[10] - The debt-to-equity ratio increased to approximately 50.5% as of December 31, 2023, compared to 44.2% in 2022[3] - The debt-to-asset ratio increased to approximately 50.5% as of December 31, 2023, compared to 44.2% in 2022, primarily due to the net loss incurred during the year[72] - Total borrowings, including bank loans and other loans, were approximately HKD 344.3 million as of December 31, 2023, down from HKD 367.7 million in 2022[70] Income and Expenses - Financial expenses decreased to HKD 45,200,000 in 2023 from HKD 75,436,000 in 2022, primarily due to reduced interest expenses on bank loans[23] - The income tax expense for the year was HKD 2,523,000, compared to HKD 16,889,000 in the previous year[23] - Other comprehensive expenses for the year totaled HKD 24,733,000, down from HKD 108,434,000 in 2022[8] - Total employee costs decreased to HKD 17,153,000 in 2023 from HKD 24,088,000 in 2022, reflecting a reduction of about 28.9%[26] - Administrative expenses decreased by approximately 18.1% to HKD 29,800,000, mainly due to reductions in legal, professional fees, and employee costs[64] - Other operating income decreased to approximately HKD 2,200,000 from HKD 4,600,000 in the previous year, primarily due to a reduction in government subsidies[59] Investment Properties - The fair value loss on investment properties was HKD 33,111,000, significantly higher than the loss of HKD 3,936,000 in 2022[5] - The group recorded a net fair value loss of investment properties amounting to approximately HKD 33,100,000 for the year ended December 31, 2023, compared to HKD 3,900,000 in the previous year[43] - The total fair value of the group's investment properties was approximately HKD 1,051,600,000 as of December 31, 2023, down from HKD 1,121,400,000 in the previous year[46] - The rental income generated from investment properties was approximately HKD 36,400,000, a slight decrease from HKD 36,800,000 in the previous year[46] - The total revenue from investment properties rental income was HKD (36,405,000) in 2023, slightly down from HKD (36,754,000) in 2022, indicating a decrease of about 0.9%[26] Discontinued Operations - The group’s discontinued operations included a hotel business segment, which was terminated during the year ended December 31, 2022[19] - The loss from discontinued operations for the year 2022 was HKD 6,963,000, which was fully attributed to the hotel business that was deemed unprofitable[28] Future Outlook and Strategy - The company is actively seeking potential projects compatible with its main business to support further development[42] - The management is actively seeking potential projects aligned with the company's main business, particularly in infrastructure-related sectors, amid a complex operating environment[76] Other Information - The group has not adopted the newly issued but not yet effective Hong Kong Financial Reporting Standards, which are expected to have no significant impact on future financial statements[15] - The total number of employees as of December 31, 2023, was approximately 119, with total employee costs for the year amounting to about HKD 17.2 million[75] - The current ratio was 1.04 as of December 31, 2023, down from 1.77 in 2022[72] - The company did not recommend any dividends for the years ended 2023 and 2022[29] - The company will not declare a dividend for the year ended December 31, 2023, consistent with the previous year[77] - The consolidated financial statements for the year ending December 31, 2023, have been verified by Tianjian International Certified Public Accountants, confirming the accuracy of the reported figures[88] - The annual report containing all financial and related information will be published on the Hong Kong Stock Exchange website and the company's website at an appropriate time[89]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 30,166,000, a decrease of 20.0% compared to HKD 38,060,000 in the same period of 2022[6] - Gross profit for the same period was HKD 17,081,000, down 14.7% from HKD 20,023,000 year-on-year[6] - The company reported a loss before tax of HKD 30,010,000, improving from a loss of HKD 60,420,000 in the previous year, representing a 50.3% reduction[6] - The company recorded a total comprehensive loss of HKD 70,784,000 for the period, compared to HKD 117,270,000 in the previous year, showing an improvement of 39.5%[8] - For the six months ended June 30, 2023, the company reported a total comprehensive loss of HKD 70,784,000, compared to a total comprehensive loss of HKD 117,270,000 for the same period in 2022, representing a decrease of approximately 39.6%[15] - The company reported a loss attributable to owners of approximately HKD 30,400,000, a decrease from HKD 58,500,000 for the same period in 2022, reflecting improved financial performance[82] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 1,322,587,000, down from HKD 1,402,305,000 at the end of 2022, indicating a decrease of 5.7%[10] - The company's equity attributable to owners decreased to HKD 721,680,000 from HKD 792,464,000, reflecting a decline of 8.9%[10] - Cash and cash equivalents decreased to HKD 14,047,000 from HKD 17,084,000, a decline of 17.9%[10] - The company’s total equity as of June 30, 2023, was HKD 721,680,000, a decrease from HKD 897,844,000 as of June 30, 2022, representing a decline of approximately 19.6%[15] - Total debt as of June 30, 2023, was approximately HKD 371,600,000, an increase from HKD 341,900,000 as of December 31, 2022[85] - The debt-to-asset ratio increased to 49.6% from 44.2% as of December 31, 2022, indicating a higher leverage position[86] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD 14,356,000, compared to HKD 5,638,000 for the same period in 2022, indicating a worsening cash flow situation[18] - The company recorded a net cash inflow from financing activities of HKD 16,945,000 for the six months ended June 30, 2023, down from HKD 55,979,000 in the same period of 2022, reflecting a decrease of approximately 69.7%[18] - The company’s investment activities generated a net cash inflow of HKD 14,000 for the six months ended June 30, 2023, compared to HKD 101,307,000 in the same period of 2022, indicating a significant decrease in investment cash flow[18] Operational Changes - The company has terminated its hotel business segment, which was not profitable, to better allocate resources to other segments[26] - The hotel business was classified as discontinued operations due to ongoing losses, allowing the group to better allocate resources to other segments[43] - The group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[45] - The company did not report any new product launches or technological advancements during the period[20] Revenue Breakdown - Total revenue for the property investment segment was HKD 19,219,000, while the property management segment generated HKD 10,947,000, leading to a total revenue of HKD 30,166,000 for the group[30] - Rental income from investment properties for the period was approximately HKD 19,200,000, down from HKD 21,800,000 for the same period in 2022, representing a decrease of about 11.9%[71] - Revenue from property management decreased to approximately HKD 10,900,000 from HKD 16,300,000, a decline of about 33.3% year-on-year[71] Cost Management - Administrative expenses increased to HKD 25,270,000 from HKD 23,236,000, marking an increase of 8.8%[6] - Employee costs decreased to HKD 11,221,000 from HKD 13,685,000 year-on-year, indicating cost management efforts[41] - The group's total sales cost for continuing operations decreased to approximately HKD 13,100,000 from HKD 18,200,000, a reduction of about 28.5%[72] - The overall gross profit margin for continuing operations increased to 56.6% from 52.6% in the same period last year, indicating improved profitability[73] Shareholder Information - Major shareholder LIHL holds 728,912,000 shares, representing 23.30% of the company's issued share capital as of June 30, 2023[98] - China Financial International Investment Limited (CFIIL) holds 698,079,429 shares, accounting for 22.32% of the company's issued share capital[98] - The company’s major shareholders include Good Outlook Investments Limited, holding 215,683,681 shares (6.89%)[98] Governance and Compliance - The company has adopted a new share option plan to replace the expired 2013 plan, which will be proposed at the next annual general meeting[94] - The company has maintained compliance with the corporate governance code, with the chairman also serving as the CEO, which the board believes enhances operational efficiency[103] - The company’s governance structure includes a board composed of two executive directors, one non-executive director, and three independent non-executive directors, ensuring adequate checks and balances[103] Future Outlook - The company aims to seek business opportunities to maintain market competitiveness and create value for shareholders in 2023, focusing on infrastructure-related projects[87] - The company has not disclosed specific future outlook or guidance in the provided documents[6] - As of the report date, the group has not signed any agreements for significant investments or capital assets, nor does it have any future plans regarding major investments or capital assets[111]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 2349 （股份代號： ） 截至二零二三年六月三十日止六個月未經審核中期業績公佈 摘要 30,166,000 38,060,000 － 於本期間，營業額約為 港元，而二零二二年同期錄得約 港元。該減少主要由於本期間來自物業管理業務的營業額減少所致。 14.7% 17,081,000 － 毛利於本期間減少約 至 港元及毛利率與二零二二年同期相比 4 56.6% 增加約 個百分點至約 。 1,395,000 － 本集團之投資物業錄得公平值收益約 港元。 30,358,000 － 本集團期間虧損淨額約 港元，於二零二二年同期錄得虧損淨額約 58,455,000 港元。 ...

Financial Performance - The group's consolidated revenue decreased by 12.6% from approximately HKD 75,100,000 in 2021 to approximately HKD 65,600,000 in 2022[10]. - The overall gross profit fell by 19.0% from about HKD 41,000,000 in 2021 to approximately HKD 33,200,000 in 2022, with a gross profit margin decline from 54.6% to 50.7%[10]. - The loss attributable to the company's owners was approximately HKD 114,200,000 in 2022, compared to HKD 167,100,000 in 2021, with a basic loss per share of HKD 0.0365[10]. - For the year ended December 31, 2022, the group's revenue from continuing operations increased to approximately HKD 65,600,000, a 2.0% increase from approximately HKD 64,300,000 in the previous year[27]. - Rental income from investment properties for the year was approximately HKD 36,800,000, down from approximately HKD 39,700,000 in the previous year[27]. - Revenue from property management decreased to approximately HKD 18,200,000, compared to approximately HKD 24,700,000 in the previous year, representing a decline of about 26.5%[19][27]. - The group recorded a loss of approximately HKD 3,900,000 from fair value changes in its investment property portfolio for the year[34]. - The group recorded an income tax expense of approximately HKD 16.9 million for the year, compared to an income tax credit of about HKD 19.1 million in the previous year, mainly due to a decrease in deferred tax credits from fair value losses on investment properties[39]. - Loss attributable to the owners of the company decreased from approximately HKD 167.1 million to about HKD 114.2 million[40]. Real Estate and Development - Revenue from real estate development was approximately HKD 10,600,000, generated from the sale of 32 parking spaces in Wuhan[13]. - The occupancy rate of the Future City shopping center was 89.4% as of December 31, 2022, down from 95.0% in the previous year[14]. - The group plans to actively seek development opportunities in real estate, infrastructure, and renewable energy sectors in 2023[6]. - The total construction area of completed projects as of December 31, 2022, was 322,595 square meters, with Future City, Future Mansion, and Zhongshui Longyang Plaza contributing significantly[26]. - The group decided to terminate its hotel operations due to unprofitability, allowing better resource allocation to other segments[20]. Capital Structure and Financial Management - The company completed the acquisition of Precious Palace Enterprises Limited for approximately HKD 795,000,000 and subsequently sold it for HKD 840,000,000 in 2022[15]. - The group aims to optimize its capital structure and business portfolio to maximize shareholder value[6]. - As of December 31, 2022, the group's total cash and bank balances were approximately HKD 17.1 million, a decrease of about HKD 0.3 million from the previous year[41]. - Total borrowings, including bank loans and other loans, decreased from approximately HKD 613.5 million to about HKD 367.7 million, with no convertible bonds or promissory notes outstanding[42]. - The debt-to-equity ratio improved to approximately 44.2% from 95.1% in the previous year, primarily due to a reduction in borrowings and convertible bonds[45]. - Financial expenses for continuing operations decreased from approximately HKD 95.9 million to about HKD 75.4 million, primarily due to a reduction in actual interest expenses on convertible bonds by approximately HKD 13.4 million[38]. Employee and Governance - The total employee cost for the year was approximately HKD 24.1 million, with a total headcount of about 141 employees as of December 31, 2022[49]. - The company aims for steady recovery and stable business performance in 2023, actively seeking opportunities to maintain market competitiveness and create shareholder value[50]. - The company has established various internal control measures and training to ensure compliance with applicable laws and regulations[76]. - The company maintained directors' and senior officers' liability insurance during the year[120]. - The company continues to provide statutory benefits to all eligible employees, including mandatory provident fund and social insurance[178]. - The company is committed to investing in employee training and development to enhance skills and capabilities[196]. Environmental, Social, and Governance (ESG) - The group continues to focus on environmental, social, and governance (ESG) goals, aiming to create long-term value for stakeholders[132]. - The board of directors is responsible for setting ESG goals and monitoring their implementation, with the management team tasked with executing approved strategies[134]. - The group adheres to the Hong Kong Stock Exchange's ESG reporting guidelines and aims for sustainable business practices[132]. - The total indirect carbon dioxide emissions for 2022 were 2,329.85 tons, a decrease of 26.62% compared to 3,175.08 tons in 2021[151]. - The company has implemented policies to reduce carbon emissions and has supported reforestation initiatives[172]. - The company has taken measures to educate and guide tenants on rational water usage, despite not being able to directly control their water consumption[174]. - The company has not received any fines or warnings related to emissions from government authorities in 2022, consistent with 2021[150]. - The company has implemented energy-saving measures in its hotels, such as card-activated energy switches in guest rooms[74]. Shareholder Information - Li Chaobo holds 728,912,000 shares, representing 23.30% of the company[97]. - Ji Jiaming holds 100,000,000 shares, representing 3.20% of the company[97]. - Major shareholders include LIHL with 728,912,000 shares (23.30%) and CFIIL with 698,079,429 shares (22.32%) as of December 31, 2022[106]. - The company has a total of 312,827,854 share options available for issuance, accounting for approximately 10% of the issued share capital as of June 30, 2022[101]. - The company has not issued any new share options during the year[100]. Compliance and Legal - The company has complied with public float requirements as per listing rules[116]. - The company maintained compliance with all employment laws and regulations in China and Hong Kong, with no disputes regarding wages or benefits during the reporting period[179]. - There were no significant violations of applicable environmental laws or regulations during the review year[75].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） 2349 （股份代號： ） 截至二零二二年十二月三十一日止年度 全年業績公佈 摘要 65,593,000 － 本年度來自持續經營業務的營業額約 港元，而於二零二一年錄得 64,331,000 2.0% 約 港元，增幅約 。 114,216,000 － 本集團於本年度之虧損淨額約 港元，較二零二一年錄得約 167,111,000 31.7% 港元減少約 。 1,402,305,000 － 於二零二二年十二月三十一日，本集團總資產錄得約 港元，較二 2,678,160,000 47.6% 零二一年十二月三十一日約 港元減少約 。 44.2% － 於二零二二年十二月三十一日，資產負債比率約 ，而二零二一年錄得約 ...