GUANGDONG INV(GGDVY)

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粤海投资(00270) - 提名委员会 – 职权范围

2025-08-25 12:50
(於 香 港註 冊 成立 的有 限 公司 ) (股份代號: 0270) 提名委員會-職權範圍 1. 目的 提名委員會負責(包括但不限於)檢討本公司的董事會(「董事會」)的結構、 人數及組成,物色具備合適資格可擔任本公司董事的人士,研究董事重新 委任及董事繼任計劃,並就上述事宜向董事會作出建議。 3. 秘書 4. 會議 4.1 提名委員會會議程序須受本公司的組織章程細則所載的董事會會議及 議事程序的規則約束。 - 1 - 4.2 提名委員會每年須至少召開一次會議。 4.3 提名委員會會議的通告,須親身通知、口頭通知或書面方式向成員最 後得知之地址或其就此用途向本公司提供之任何其他地址發出。 4.4 提名委員會之會議法定人數為兩位成員。 4.5 成員可以親身出席會議,亦可透過電話會議或其他通訊設備參加會 議,而與會成員均能同時及即時互相溝通。 4.6 會議的決議案須由全體出席的成員過半數表決通過。 4.7 全體成員簽署的書面決議應猶如在提名委員會會議上通過之決議案般 具有效性及效力。 4.8 應發送會議記錄的初稿及最終定稿予所有成員,初稿供成員表達意 見,最終定稿則作為紀錄之用。 4.9 提名委員會的會議紀錄須由 ...
粤海投资(00270) - 董事名单与其角色和职能

2025-08-25 12:49
董事名單與其角色和職能 自 2025 年 8 月 26 日起,粤海投資有限公司董事會及董事委員會的成員 如下: (於 香 港註 冊 成立 的有 限 公司 ) (股份代號: 00270) | | | | 董事委員會 | 審核 | 薪酬 | 提名 | | --- | --- | --- | --- | --- | --- | --- | | 董事會 | | | | 委員會 | 委員會 | 委員會 | | 執行董事 | | | | | | | | 白 | 濤女士 | (主席) | | - | - | C | | 曠 | 虎先生 | (董事總經理) | | - | - | - | | 曾翰南先生 | | (副總經理) | | - | - | - | | 梁元娟女士 | | (財務總監) | | - | - | - | | 非執行董事 | | | | | | | | 王 | 閔先生 | | | - | - | - | | 王蘇榮女士 | | | | - | - | - | | 李文昌先生 | | | | - | - | - | | 獨立非執行董事 | | | | | | | | 陳祖澤博士 | | | | M | C ...
粤海投资(00270) - 委任非执行董事

2025-08-25 12:47
(於香港註冊成立之有限公司) (股份代號:00270) 委任非執行董事 董事會欣然宣佈李文昌先生獲委任為本公司非執行董事,自 2025 年 8 月 26 日起生效。 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告的內容概不負責,對 其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份 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。 於本公告日期,李先生並無擁有任何本公司或其相聯法團根據《證券及期 貨條例》第 XV 部所界定的股份及╱或相關股份的權益。 本公司將與李先生訂立一份委任函。按本公司的組織章程細則規定,李先 生擔任董事的任期將直至彼獲委任後本公司首次股東大會結束時為止,屆 時如符合資格,可膺選連任。如獲重選,彼須最少每三年輪值退任一次及 可重選連任,或直至按照本公司的公司組織章程細則及/或其他適用法例 及規定而需要提早退任為止。 根據本公司的組織章程細則規定,李先生有權收取由本公司股東大會釐定 可能經董事會批准的董事袍金。李先生的酬金(如有)將根據本公司的董 事酬金政策及參考其職責及同類可比較的公司的相若職位所提供的酬金而 釐定。李先生現時並無收取本公司任何酬 ...
粤海投资(00270) - 截至2025年6月30日止六个月的中期股息

2025-08-25 12:45
EF001 其他信息 其他信息 不適用 發行人董事 本公司董事會由四名執行董事白濤女士、曠虎先生、曾翰南先生和梁元娟女士;兩名非執行董事王閔先生和王蘇榮女士;以及四名 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 公告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。 | 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告的內容概不負責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 粤海投資有限公司 | | 股份代號 | 00270 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期(半年期) | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 ...
粤海投资(00270) - 2025 - 中期业绩

2025-08-25 12:43
[Unaudited Financial Summary](index=1&type=section&id=Unaudited%20Financial%20Summary) The company's unaudited financial summary for the six months ended June 30, 2025, shows a slight revenue decrease but growth in profit before tax and profit attributable to owners Unaudited Financial Summary for the Six Months Ended June 30 | Metric | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 9,428,291 | 9,486,866 | -0.6 | | Profit Before Tax | 4,105,084 | 3,848,913 | +6.7 | | Profit/(Loss) Attributable to Owners of the Company | 2,681,733 | 2,410,985 | +11.2 | | Earnings Per Share - Basic | HK$ 41.02 cents | HK$ 36.88 cents | +11.2 | | Interim Dividend Per Share | HK$ 26.66 cents | HK$ 23.97 cents | +11.2 | - The company completed the payment of a special dividend by way of a distribution in specie of Guangdong Land Holdings Limited shares on January 21, 2025[3](index=3&type=chunk) [Consolidated Financial Information](index=2&type=section&id=Consolidated%20Financial%20Information) This section presents the condensed consolidated financial statements, including statements of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue from continuing operations slightly decreased, but profit before tax and profit attributable to owners increased, primarily due to significant finance cost savings Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 9,428,291 | 9,486,866 | -0.6 | | Gross Profit | 5,246,448 | 5,307,492 | -1.1 | | Profit Before Tax | 4,105,084 | 3,848,913 | +6.7 | | Profit for the Period | 2,972,014 | 2,665,782 | +11.5 | | Profit Attributable to Owners of the Company (Continuing Operations) | 2,698,784 | 2,473,445 | +9.1 | | Profit Attributable to Owners of the Company (Discontinued Operations) | (17,051) | (62,460) | +72.7 | | Basic Earnings Per Share (Continuing Operations) | HK$ 41.28 cents | HK$ 37.83 cents | +9.1 | | Basic Earnings Per Share (Discontinued Operations) | HK$ (0.26) cents | HK$ (0.95) cents | +72.6 | - Finance costs significantly decreased from **HK$492,799 thousand** in 2024 to **HK$341,461 thousand** in 2025, effectively boosting profit before tax[5](index=5&type=chunk) - Losses from discontinued operations significantly narrowed from **HK$118,025 thousand** in 2024 to **HK$21,267 thousand** in 2025[5](index=5&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased, primarily due to a shift from a loss to a substantial gain in exchange differences on translation of foreign operations Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 2,972,014 | 2,665,782 | +11.5 | | Exchange differences on translation of foreign operations - Subsidiaries | 754,910 | (387,431) | N/A | | Exchange differences on translation of foreign operations - Associates | 55,733 | (25,157) | N/A | | Other comprehensive income for the period, net of tax | 854,096 | (406,255) | N/A | | Total Comprehensive Income for the Period | 3,826,110 | 2,259,527 | +69.3 | | Attributable to Owners of the Company | 3,324,696 | 2,121,850 | +56.7 | | Attributable to Non-controlling Interests | 501,414 | 137,677 | +264.2 | - Exchange differences on translation of foreign operations shifted from a negative value of **HK$412,588 thousand** in 2024 to a positive value of **HK$810,643 thousand** in 2025, driving comprehensive income growth[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets significantly decreased due to the Guangdong Land distribution, but equity attributable to owners of the company increased, and net current assets declined Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (Audited, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 75,799,887 | 74,846,936 | +1.3 | | Total Current Assets | 21,297,597 | 60,748,467 | -64.9 | | Total Assets | 97,097,484 | 135,595,403 | -28.4 | | Total Current Liabilities | (17,992,857) | (55,737,907) | +67.7 | | Net Current Assets | 3,304,740 | 5,010,560 | -34.1 | | Net Assets | 55,849,970 | 56,675,473 | -1.4 | | Equity Attributable to Owners of the Company | 42,177,713 | 41,658,024 | +1.2 | | Non-controlling Interests | 13,672,257 | 15,017,449 | -8.9 | - Total assets decreased by approximately **HK$38.498 billion**, primarily due to the disposal of Guangdong Land Holdings Limited during the period[52](index=52&type=chunk) - Equity attributable to owners of the company increased by approximately **HK$520 million**, influenced by profit for the period, exchange differences on translation of foreign operations, and special dividend distribution[52](index=52&type=chunk) [Notes to the Interim Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) This section provides detailed notes on the interim financial information, covering accounting policies, segment information, revenue, expenses, and other financial disclosures [1. Basic Information and Accounting Policies](index=7&type=section&id=1.%20Basic%20Information%20and%20Accounting%20Policies) The company completed the distribution in specie of Guangdong Land shares on January 21, 2025, reclassifying its business as discontinued operations and restating 2024 comparative figures, with interim financial information prepared under HKAS 34 and Appendix D2 of the Listing Rules - On January 21, 2025, the company distributed **1,261,799,423 shares** of Guangdong Land to its shareholders, representing approximately **99.9%** of the company's holdings in Guangdong Land[10](index=10&type=chunk) - The consolidated results of Guangdong Land were presented as discontinued operations for the period from January 1, 2025, to January 21, 2025, with comparative figures for the corresponding period in 2024 restated[10](index=10&type=chunk) - The interim financial information complies with Hong Kong Accounting Standard 34 and the disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=8&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) During this interim period, the Group adopted revised Hong Kong Financial Reporting Standards, including amendments to HKAS 21, but these changes had no significant impact on financial position or performance - The Group has applied the revised Hong Kong Financial Reporting Standards issued by the HKICPA, which are mandatorily effective for annual periods beginning on or after January 1, 2025[13](index=13&type=chunk) - The application of the revised standards had no significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures in this interim financial information[13](index=13&type=chunk) [3. Operating Segment Information](index=8&type=section&id=3.%20Operating%20Segment%20Information) The Group is organized into seven reportable operating segments based on products and services: water resources, property investment, department store operations, power generation, hotel operations and management, roads and bridges, and other, with performance assessed by segment profit from continuing operations [Segment Description](index=8&type=section&id=Segment%20Description) The Group's seven operating segments include water resources, property investment, department store operations, power generation, hotel operations and management, roads and bridges, and an "Other" segment providing treasury and corporate services, with segment performance assessed based on adjusted profit before tax from continuing operations - The Group has seven reportable operating segments: water resources, property investment, department store operations, power generation, hotel operations and management, roads and bridges, and the "Other" segment[14](index=14&type=chunk) - Segment performance is assessed based on the measure of reportable segment profit/(loss) from continuing operations, which is adjusted profit/(loss) before tax from continuing operations[15](index=15&type=chunk) [Segment Revenue and Results](index=10&type=section&id=Segment%20Revenue%20and%20Results) Water resources remain the primary revenue and profit contributor, property investment saw significant growth, department store operations revenue sharply declined but turned profitable, while power generation and roads and bridges revenue decreased, and hotel operations and management revenue grew but profit declined Major Segment Revenue and Results (For the Six Months Ended June 30) | Segment | 2025 Revenue (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | Revenue Change (%) | 2025 Results (HK$ Thousand) | 2024 Results (HK$ Thousand) | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Resources | 7,153,052 | 7,051,438 | +1.4 | 3,402,202 | 3,421,332 | -0.6 | | Property Investment | 810,718 | 778,698 | +4.1 | 479,589 | 425,405 | +12.7 | | Department Store Operations | 216,529 | 389,592 | -44.4 | 23,891 | (9,387) | N/A | | Power Generation | 610,859 | 629,462 | -3.0 | 84,580 | 77,302 | +9.4 | | Hotel Operations and Management | 336,393 | 315,188 | +6.7 | 51,438 | 60,216 | -14.5 | | Roads and Bridges | 300,740 | 322,488 | -6.8 | 221,187 | 225,158 | -1.8 | | Other | - | - | N/A | (16,023) | (62,418) | +74.3 | - Department store operations revenue significantly decreased by **44.4%**, but successfully turned profitable, from a loss of **HK$9,387 thousand** in 2024 to a profit of **HK$23,891 thousand** in 2025[17](index=17&type=chunk) - Hotel operations and management segment revenue increased by **6.7%**, but segment results decreased by **14.5%**[18](index=18&type=chunk) [Segment Assets and Liabilities](index=13&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, water resources segment assets and liabilities both increased, while property investment, department store operations, hotel operations and management, and roads and bridges segments saw decreases in both assets and liabilities, with total assets and liabilities significantly declining due to the Guangdong Land distribution Major Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (HK$ Thousand) | 2024 Assets (HK$ Thousand) | Asset Change (%) | 2025 Liabilities (HK$ Thousand) | 2024 Liabilities (HK$ Thousand) | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Resources | 53,608,445 | 52,149,340 | +2.8 | 10,504,828 | 11,119,142 | -5.5 | | Property Investment | 16,923,632 | 16,994,202 | -0.4 | 1,128,907 | 1,011,872 | +11.6 | | Department Store Operations | 267,182 | 334,442 | -20.1 | 680,118 | 870,400 | -21.9 | | Power Generation | 2,755,480 | 2,717,818 | +1.4 | 399,439 | 326,852 | +22.2 | | Hotel Operations and Management | 2,137,224 | 2,193,045 | -2.6 | 365,655 | 389,037 | -6.0 | | Roads and Bridges | 5,033,391 | 5,073,350 | -0.8 | 262,808 | 285,940 | -8.0 | | Consolidated Total Assets | 97,097,484 | 135,595,403 | -28.4 | 41,247,514 | 78,919,930 | -47.8 | - The significant decrease in consolidated total assets and liabilities is primarily attributable to Guangdong Land being classified as assets and liabilities held for distribution, and its subsequent distribution completion[23](index=23&type=chunk) [4. Revenue from Continuing Operations](index=16&type=section&id=4.%20Revenue%20from%20Continuing%20Operations) Total revenue from continuing operations slightly decreased by 0.6%, mainly due to reduced revenue from department store operations, power generation, and roads and bridges, with water resources remaining the largest revenue source, showing growth in Hong Kong water supply but a decline in Mainland China water supply Revenue from Continuing Operations by Type of Goods or Services (For the Six Months Ended June 30) | Type of Goods or Services | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Water supply income - Mainland China | 2,283,572 | 2,203,364 | +3.6 | | Water supply income - Hong Kong | 2,868,545 | 2,801,585 | +2.4 | | Sewage treatment service income | 471,227 | 506,781 | -7.0 | | Construction service income | 187,111 | 135,463 | +38.1 | | Sale of equipment | 216,672 | 334,400 | -35.2 | | Commission income from concessionaire sales | 71,825 | 175,285 | -59.0 | | Sale of goods | 128,241 | 191,420 | -33.0 | | Sale of electricity and steam | 610,859 | 629,462 | -3.0 | | Hotel income | 315,621 | 292,751 | +7.8 | | Toll income | 289,948 | 312,881 | -7.3 | | Total revenue from contracts with customers | 8,321,571 | 8,386,359 | -0.8 | | Finance income from service concession arrangements | 388,461 | 397,460 | -2.3 | | Rental income | 718,259 | 703,047 | +2.2 | | Total Revenue | 9,428,291 | 9,486,866 | -0.6 | - By geographical area, revenue from Mainland China was **HK$8,220,783 thousand** (2024: **HK$8,284,046 thousand**), and from Hong Kong was **HK$100,788 thousand** (2024: **HK$102,313 thousand**)[25](index=25&type=chunk) - Commission income from concessionaire sales and sales of goods in the department store operations segment both significantly decreased, contributing to the overall revenue reduction[24](index=24&type=chunk) [5. Finance Costs from Continuing Operations](index=18&type=section&id=5.%20Finance%20Costs%20from%20Continuing%20Operations) Finance costs from continuing operations significantly decreased by 30.8%, primarily due to reduced interest on bank and other borrowings, loans from fellow subsidiaries, and loans from associates Finance Costs from Continuing Operations (For the Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 301,503 | 411,783 | -26.8 | | Interest on loans from Guangdong Holdings | 216 | - | N/A | | Interest on loans from fellow subsidiaries | 31,726 | 50,220 | -36.8 | | Interest on loans from associates | 3,064 | 15,319 | -80.0 | | Interest on lease liabilities | 7,426 | 14,212 | -47.8 | | Finance costs incurred | 344,353 | 492,799 | -30.1 | | Less: Interest capitalised | (2,892) | - | N/A | | Total finance costs for the period | 341,461 | 492,799 | -30.8 | - The annual interest rate for capitalised borrowings used for the development of properties under construction and operating concessions ranged from **2.45% to 2.76%** in the first half of 2025[26](index=26&type=chunk) [6. Profit Before Tax from Continuing Operations](index=19&type=section&id=6.%20Profit%20Before%20Tax%20from%20Continuing%20Operations) Profit before tax from continuing operations increased by 6.7%, mainly driven by reduced finance costs, despite a decrease in some revenue items like bank interest income, but with an increase in government grants Items Affecting Profit Before Tax from Continuing Operations (For the Six Months Ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | (43,827) | (78,996) | +44.5 | | Interest income from other financial assets measured at amortised cost | (40,587) | (6,399) | +534.3 | | Interest income from financial assets at fair value through profit or loss | (52,123) | (3,915) | +1231.5 | | Interest income from loans to fellow subsidiaries | (9,430) | - | N/A | | Cost of inventories sold | 642,123 | 840,182 | -23.6 | | Cost of services provided | 2,768,671 | 2,571,916 | +7.6 | | Depreciation of property, plant and equipment | 365,054 | 412,498 | -11.5 | | Government grants | (40,241) | (27,807) | +44.7 | | Amortisation of operating concessions | 771,049 | 767,276 | +0.5 | - Government grants increased by **44.7%** from **HK$27,807 thousand** in 2024 to **HK$40,241 thousand** in 2025[27](index=27&type=chunk)[30](index=30&type=chunk) [7. Income Tax Expense from Continuing Operations](index=20&type=section&id=7.%20Income%20Tax%20Expense%20from%20Continuing%20Operations) Income tax expense from continuing operations slightly increased, primarily due to an increase in deferred tax, while tax rates in Mainland China and Hong Kong remained unchanged Income Tax Expense from Continuing Operations (For the Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (Restated, HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax - Mainland China | 941,866 | 944,269 | -0.3 | | Under/(over) provision in prior years | 17,003 | (7,283) | N/A | | Current tax - Hong Kong | 5,216 | 7,203 | -27.5 | | Deferred tax | 147,718 | 120,917 | +22.2 | | Total tax expense for the period | 1,111,803 | 1,065,106 | +4.4 | - The corporate income tax rate in Mainland China is **25%**, and the Hong Kong profits tax rate is **16.5%**, both remaining unchanged from the previous year[31](index=31&type=chunk) [8. Discontinued Operations](index=21&type=section&id=8.%20Discontinued%20Operations) Guangdong Land completed its distribution on January 21, 2025, with its business classified as discontinued operations; as of the distribution date, losses from discontinued operations significantly narrowed, and net assets were distributed [Results of Discontinued Operations](index=21&type=section&id=Results%20of%20Discontinued%20Operations) For the period ended January 21, 2025, revenue from discontinued operations (Guangdong Land) significantly decreased, but loss before tax and loss for the period both substantially narrowed Results of Discontinued Operations (For the Period from January 1 to January 21, 2025) | Metric | Jan 1 to Jan 21, 2025 (HK$ Thousand) | For the Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 251,831 | 2,803,824 | -91.0 | | Gross Profit | 27,057 | 161,550 | -83.2 | | Loss Before Tax | (12,063) | (184,735) | +93.5 | | Loss for the Period | (21,267) | (118,025) | +82.0 | - Guangdong Land primarily engaged in property development and investment, and its business is no longer included in the operating segment information[33](index=33&type=chunk) [Net Assets of Discontinued Operations at Distribution Date](index=22&type=section&id=Net%20Assets%20of%20Discontinued%20Operations%20at%20Distribution%20Date) As of January 21, 2025, the carrying value of net assets distributed for Guangdong Land was **HK$2,335,074 thousand**, including significant property, plant and equipment, investment properties, and properties held for sale Details of Net Assets Distributed (As of January 21, 2025) | Item | Amount (HK$ Thousand) | | :--- | :--- | | Property, plant and equipment | 76,273 | | Investment properties | 8,924,967 | | Properties under development for sale | 13,313,856 | | Completed properties held for sale | 12,749,797 | | Total Assets | 39,986,628 | | Total Liabilities | (35,827,648) | | Carrying value of net assets | 4,158,980 | | Carrying value of net assets distributed | 2,335,074 | [Assets and Liabilities Classified as Held for Distribution](index=23&type=section&id=Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Distribution) As of December 31, 2024, Guangdong Land's assets and liabilities were reclassified as held for distribution, with total assets of **HK$40,663,069 thousand**, total liabilities of **HK$35,202,576 thousand**, and total net assets of **HK$5,460,493 thousand** Assets and Liabilities Classified as Held for Distribution (As of December 31, 2024) | Item | Amount (HK$ Thousand) | | :--- | :--- | | Total assets classified as held for distribution | 40,663,069 | | Total liabilities directly associated with assets classified as held for distribution | (35,202,576) | | Total net assets directly associated with the disposal group | 5,460,493 | [9. Dividends](index=24&type=section&id=9.%20Dividends) The Board declared an interim dividend of **HK$26.66 cents** per ordinary share for the six months ended June 30, 2025, an 11.2% increase from the prior year, and completed the special dividend distribution of Guangdong Land shares on January 21, 2025 Interim Dividend | Year | Dividend Per Ordinary Share | Total Amount (HK$ Thousand) | | :--- | :--- | :--- | | 2025 | HK$ 26.66 cents | 1,742,983 | | 2024 | HK$ 23.97 cents | 1,567,116 | - The interim dividend is expected to be paid on October 23, 2025, to shareholders whose names appear on the company's register of members on October 10, 2025[92](index=92&type=chunk) - The company completed the distribution of **1,261,799,423 shares** of Guangdong Land to shareholders as a special dividend on January 21, 2025[40](index=40&type=chunk) [10. Earnings Per Share](index=25&type=section&id=10.%20Earnings%20Per%20Share) Basic earnings per share from continuing operations increased by 9.1%, while the loss per share from discontinued operations significantly narrowed; diluted earnings per share are consistent with basic earnings per share due to no potential dilutive ordinary shares Data for Basic and Diluted Earnings/(Loss) Per Share Calculation (For the Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit/(Loss) from continuing operations | 2,698,784 | 2,473,445 | | Profit/(Loss) from discontinued operations | (17,051) | (62,460) | | Total Profit/(Loss) | 2,681,733 | 2,410,985 | | Weighted average number of ordinary shares in issue (shares) | 6,537,821,440 | 6,537,821,440 | - Basic earnings per share from continuing operations were **HK$41.28 cents**, an increase of **9.1%** from **HK$37.83 cents** in 2024[6](index=6&type=chunk) - Basic earnings per share loss from discontinued operations narrowed from **HK$(0.95) cents** in 2024 to **HK$(0.26) cents** in 2025[6](index=6&type=chunk) [11. Other Financial Assets Measured at Amortized Cost](index=26&type=section&id=11.%20Other%20Financial%20Assets%20Measured%20at%20Amortized%20Cost) The Group's other financial assets measured at amortized cost are deposits placed with licensed banks in Mainland China, denominated in RMB, maturing within three years, and principal-protected - As of June 30, 2025, other financial assets measured at amortized cost amounted to **HK$3,478,204 thousand** (December 31, 2024: **HK$3,384,857 thousand**)[8](index=8&type=chunk) - These assets are deposits placed with various licensed banks in Mainland China, denominated in RMB, maturing within three years, and are principal-protected[43](index=43&type=chunk) [12. Trade and Other Receivables](index=26&type=section&id=12.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade receivables and bills increased to **HK$4,811,634 thousand**, with a significant increase in amounts overdue for over one year, indicating credit risk concentration with major customers Ageing Analysis of Trade Receivables and Bills (As of June 30) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Not overdue or overdue within 3 months | 2,967,878 | 2,282,981 | +30.0 | | Overdue 3 to 6 months | 260,396 | 303,668 | -14.2 | | Overdue 6 months to 1 year | 575,230 | 661,312 | -13.0 | | Overdue over 1 year | 1,046,110 | 627,659 | +66.7 | | Less: Loss allowance | (37,980) | (37,661) | +0.8 | | Total | 4,811,634 | 3,837,959 | +25.4 | - Trade receivables and bills are primarily related to water supply and sewage treatment businesses, with **10%** (December 31, 2024: **8%**) due from a major customer, indicating concentrated credit risk[44](index=44&type=chunk) [13. Trade and Other Payables](index=27&type=section&id=13.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade payables and bills slightly decreased, with most due within three months, indicating good short-term solvency Ageing Analysis of Trade Payables and Bills (As of June 30) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 3 months | 5,297,002 | 5,590,197 | -5.2 | | 3 to 6 months | 2,127 | 21,376 | -90.1 | | Total | 5,299,129 | 5,611,573 | -5.6 | - Trade payables, accrued liabilities, and other payables are non-interest bearing and generally settled within **60 days**[46](index=46&type=chunk) [14. Bank and Other Borrowings](index=27&type=section&id=14.%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings decreased, with loans from associates eliminated but new loans from the ultimate holding company introduced Composition of Bank and Other Borrowings (As of June 30) | Source | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Loans from Guangdong Holdings | 71,060 | - | N/A | | Loans from fellow subsidiaries | 2,353,088 | 2,570,889 | -8.4 | | Loans from associates | - | 917,915 | -100.0 | - Total financial borrowings from continuing operations amounted to **HK$21.177 billion** (December 31, 2024: **HK$23.862 billion**), with **17.0%** denominated in HKD and **83.0%** in RMB[76](index=76&type=chunk) [15. Contingent Liabilities](index=27&type=section&id=15.%20Contingent%20Liabilities) As of June 30, 2025, the Group's bank guarantees for mortgage loans on properties sold significantly decreased to **HK$1,007 thousand**, primarily due to the distribution of Guangdong Land - The Group provided guarantees for mortgage loans granted by banks to purchasers of the Group's properties held for sale, amounting to **HK$1,007 thousand** (December 31, 2024: **HK$4,714,446 thousand**)[48](index=48&type=chunk) - The significant reduction in guaranteed amounts is mainly due to **HK$4,709,488 thousand** from Guangdong Land as of December 31, 2024, which was distributed during the period[48](index=48&type=chunk) [Management Discussion and Analysis](index=28&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's performance, business segments, financial position, and future outlook, including key risks and uncertainties [Results and Financial Review](index=28&type=section&id=Results%20and%20Financial%20Review) Consolidated profit attributable to owners of the company increased by 11.2% to **HK$2.682 billion** for the period, with basic earnings per share growing proportionally; revenue from continuing operations slightly decreased by 0.6%, but profit before tax increased by 6.7% due to finance cost savings; total assets decreased due to Guangdong Land disposal, but equity attributable to owners of the company increased Financial Performance Overview (For the Six Months Ended June 30) | Metric | 2025 (HK$ Billion) | 2024 (HK$ Billion) | Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Profit Attributable to Owners of the Company | 2.682 | 2.411 | +11.2 | | Basic Earnings Per Share (HK cents) | 41.02 | 36.88 | +11.2 | | Consolidated Revenue from Continuing Operations | 9.428 | 9.487 | -0.6 | | Consolidated Profit Before Tax from Continuing Operations | 4.105 | 3.849 | +6.7 | | Consolidated Profit Attributable to Owners of the Company from Continuing Operations | 2.699 | 2.473 | +9.1 | - The revenue decrease primarily stemmed from department store operations, roads and bridges, and power generation businesses[51](index=51&type=chunk) - Total assets decreased by approximately **HK$38.498 billion**, mainly due to the disposal of Guangdong Land Holdings Limited during the period[52](index=52&type=chunk) [Business Review](index=29&type=section&id=Business%20Review) During the period, water resources remained the core profit contributor with increased revenue and profit from the Dongjiang Water Supply project; property investment revenue and profit improved, while department store operations revenue sharply declined; hotel business revenue grew but profit fell; energy project power sales increased but revenue decreased; roads and bridges revenue and profit both declined; Guangdong Land completed its distribution, with narrowing losses from its discontinued operations [Water Resources](index=29&type=section&id=Water%20Resources) Total water supply from the Dongjiang Water Supply project to Hong Kong, Shenzhen, and Dongguan slightly decreased, but both revenue and profit before tax increased; other water resources projects secured new contracts, with adjusted total designed water supply and sewage treatment capacities, leading to increased revenue but decreased profit before tax Key Data for Dongjiang Water Supply Project (For the Six Months Ended June 30) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total water supply to Hong Kong, Shenzhen and Dongguan (100 million tons) | 11.47 | 11.59 | -1.0 | | Revenue (HK$ Billion) | 3.506 | 3.485 | +0.6 | | Water supply revenue to Hong Kong (HK$ Billion) | 2.869 | 2.802 | +2.4 | | Water supply revenue to Shenzhen and Dongguan (HK$ Billion) | 0.637 | 0.683 | -6.7 | | Profit Before Tax (HK$ Billion) | 2.396 | 2.325 | +3.1 | - The Hong Kong water supply agreement stipulates a basic water price of **HK$5,259,000,000** for 2025, with a water price reduction mechanism in place[54](index=54&type=chunk) - During the period, a new water resources project in Maoming City, Guangdong, was successfully secured, with a total designed sewage treatment capacity of **194,000 tons per day** and an estimated total investment of approximately **RMB400 million**[56](index=56&type=chunk) - Other water resources projects' total revenue increased by **2.3%** to **HK$3,680,319 thousand**, but profit before tax decreased by **6.2%** to **HK$1,079,398 thousand**[60](index=60&type=chunk) [Property Investment](index=34&type=section&id=Property%20Investment) Guangdong Teemall's property investment business in Mainland China saw a 3.6% increase in revenue and a 9.7% increase in profit before tax, driven by higher average rental levels and improved occupancy rates for some properties; Hong Kong GDH Investment Tower experienced a slight revenue decrease Guangdong Teemall Property Investment Business Revenue (For the Six Months Ended June 30) | Property | 2025 Revenue (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | Change (%) | 2025 Average Occupancy Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Teemall Plaza – Shopping Mall | 352,146 | 349,486 | +0.8 | 99.5 | | Teemall Plaza – Tower | 74,837 | 87,397 | -14.4 | 79.9 | | Panyu Teemall Shopping Centre | 139,411 | 120,017 | +16.2 | 95.5 | | Tianjin Teemall Shopping Centre | 144,924 | 140,127 | +3.4 | 95.8 | | Guangzhou Animation City | 40,626 | 44,557 | -8.8 | 99.8 | | Shenzhen Teemall | 47,457 | 32,088 | +47.9 | 93.4 | | GDH Land | 22,108 | 19,551 | +13.1 | 93.3 | | Total | 821,509 | 793,223 | +3.6 | N/A | - Guangdong Teemall's property investment business profit before tax increased by **9.7%** to **HK$491,600 thousand**[61](index=61&type=chunk) - Hong Kong GDH Investment Tower's average occupancy rate was **93.3%** (2024: **96.4%**), with total revenue decreasing by **3.0%** to **HK$23,852 thousand**[63](index=63&type=chunk) [Department Store Operations](index=35&type=section&id=Department%20Store%20Operations) Total revenue from department store operations significantly decreased by 44.4% during the period, mainly due to a sharp decline in Teemall Department Store revenue and the closure of the Huadu store; despite the revenue decline, profit before tax increased by 18.5%, achieving a turnaround to profitability Department Store Revenue (For the Six Months Ended June 30) | Department Store | 2025 Revenue (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Teemall Department Store | 156,746 | 309,523 | -49.4 | | Wanbo Department Store | 19,687 | 23,134 | -14.9 | | Dongpu Department Store | 20,320 | 25,045 | -18.9 | | Aoti Department Store | 19,654 | 20,892 | -5.9 | | Huadu Store | - | 10,956 | -100.0 | | TeemLife Beijing Road Home Furnishing Store | 122 | 42 | +100.0 | | Total | 216,529 | 389,592 | -44.4 | - Profit before tax (excluding fair value changes of investment properties) increased by **18.5%** to **HK$45,828 thousand** during the period[64](index=64&type=chunk) [Hotel Operations and Management](index=35&type=section&id=Hotel%20Operations%20and%20Management) The number of hotels managed by the Group decreased, but revenue from hotel holding, operations, and management increased by 6.8%; average room rates and occupancy rates both improved, but profit before tax decreased by 19.8% - The Group manages **17 hotels** (December 31, 2024: **19 hotels**), with **4** located in Hong Kong and **13** in Mainland China[66](index=66&type=chunk) - Guangdong Sheraton Hotel's average room rate was **HK$1,257** (2024: **HK$1,291**), with an average occupancy rate of **93.8%** (2024: **93.4%**)[66](index=66&type=chunk) - The average room rate for the other six hotels was **HK$725** (2024 for five hotels: **HK$698**), with an average occupancy rate of **72.8%** (2024 for five hotels: **68.3%**)[66](index=66&type=chunk) - Revenue from hotel holding, operations, and management increased by **6.8%** to **HK$336,542 thousand**, but profit before tax decreased by **19.8%** to **HK$51,058 thousand**[67](index=67&type=chunk) [Energy Projects](index=36&type=section&id=Energy%20Projects) Guangdong Energy projects saw a significant increase in power sales, but revenue slightly decreased due to lower electricity prices and exchange rate effects, while profit before tax increased; Guangdong Yuedian Jinghai Power Generation experienced declines in both power sales and revenue, leading to a reduced share of profit for the Group Key Data for Energy Projects (For the Six Months Ended June 30) | Project | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Energy | Power sales (100 million kWh) | 16.79 | 13.62 | +23.3 | | | Revenue (HK$ Thousand) | 769,657 | 804,563 | -4.3 | | | Profit Before Tax (HK$ Thousand) | 91,177 | 74,338 | +22.7 | | Yuedian Jinghai Power Generation | Power sales (100 million kWh) | 62.16 | 68.67 | -9.5 | | | Revenue (HK$ Thousand) | 2,402,480 | 3,255,091 | -26.2 | | | Group's share of profit (HK$ Thousand) | 18,264 | 54,800 | -66.7 | - Guangdong Energy's revenue decrease was primarily due to the combined impact of lower electricity prices and a **1.4%** depreciation of RMB against HKD[68](index=68&type=chunk) [Roads and Bridges](index=36&type=section&id=Roads%20and%20Bridges) Xingliu Expressway experienced decreases in average daily toll traffic and toll revenue, leading to a reduction in profit before tax; Yinping Project's accumulated construction costs increased, and recognized interest, management fees, and maintenance fees combined grew, resulting in an increase in profit before tax Key Data for Roads and Bridges Projects (For the Six Months Ended June 30) | Project | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Xingliu Expressway | Average daily toll traffic (vehicles) | 24,457 | 26,954 | -9.3 | | | Toll revenue (HK$ Thousand) | 289,948 | 312,881 | -7.3 | | | Profit Before Tax (HK$ Thousand) | 147,110 | 161,899 | -9.1 | | Yinping Project | Interest, management fees and maintenance fees (HK$ Thousand) | 80,750 | 77,486 | +4.2 | | | Profit Before Tax (HK$ Thousand) | 68,984 | 65,726 | +5.0 | - Accumulated construction costs for the Yinping Project were approximately **RMB2.09 billion** (approximately **HK$2.291 billion**), an increase from the end of 2024[72](index=72&type=chunk) [Discontinued Operations (Management Discussion and Analysis)](index=37&type=section&id=Discontinued%20Operations%20(MD%26A)) Guangdong Land completed its distribution on January 21, 2025; its revenue for the period significantly decreased, but loss before tax substantially narrowed, achieving a profit before tax after excluding fair value changes and finance costs Guangdong Land Discontinued Operations Performance (For the Period from January 1 to January 21, 2025) | Metric | Jan 1 to Jan 21, 2025 (HK$ Thousand) | For the Six Months Ended June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 251,831 | 2,803,824 | -91.0 | | Revenue from property sales | 247,894 | 2,778,718 | -91.1 | | Loss Before Tax | 9,516 | 282,564 | +96.6 | | Profit Before Tax excluding fair value changes and finance costs | 13,454 | (105,005) | N/A | - Guangdong Land is no longer a subsidiary of the company, and its consolidated results are presented as discontinued operations in this announcement[73](index=73&type=chunk) [Liquidity, Gearing Ratio and Financial Resources](index=38&type=section&id=Liquidity%2C%20Gearing%20Ratio%20and%20Financial%20Resources) The Group's cash and bank balances from continuing operations slightly decreased, total financial borrowings declined, and the gearing ratio significantly improved; net cash inflow from operating activities decreased, but existing cash resources and stable cash flow are sufficient to meet debt obligations and business operations Key Financial Resources Data (As of June 30) | Metric | 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and bank balances (Continuing Operations, HK$ Billion) | 12.036 | 12.154 | | Financial borrowings (Continuing Operations, HK$ Billion) | 21.177 | 23.862 | | Gearing ratio (%) | 24.7 | 30.9 | | EBITDA to finance costs ratio (times) | 16.2 | 10.5 | | Net cash inflow from operating activities (HK$ Billion) | 3.339 | 4.876 | - Of the financial borrowings from continuing operations, **95.4%** are floating rate borrowings, **3.7%** are fixed rate borrowings, and **0.9%** are non-interest bearing borrowings[76](index=76&type=chunk) - The Group's credit facilities for continuing operations amounted to **HK$9.473 billion** (December 31, 2024: **HK$9.349 billion**)[77](index=77&type=chunk) [Pledged Assets and Contingent Liabilities (Management Discussion and Analysis)](index=39&type=section&id=Pledged%20Assets%20and%20Contingent%20Liabilities%20(MD%26A)) The Group's pledged assets primarily involve revenue rights from water supply, sewage treatment, and toll road businesses, used to secure bank and other borrowings; contingent liabilities significantly decreased, mainly due to the release of related guarantee obligations after the Guangdong Land distribution - Revenue rights from certain water supply, sewage treatment, and toll road businesses are pledged to secure bank and other borrowings totaling **HK$12.449 billion** (December 31, 2024: **HK$12.413 billion**)[78](index=78&type=chunk) - The Group provided guarantees to certain banks for mortgage loans granted to purchasers of properties sold, amounting to **HK$1 million** (December 31, 2024: **HK$4.714 billion**), with the significant reduction primarily due to the Guangdong Land distribution[79](index=79&type=chunk) [Capital Expenditure](index=39&type=section&id=Capital%20Expenditure) Capital expenditure increased to **HK$566 million** during the period, primarily for the acquisition of property, plant and equipment, and construction costs of water supply and sewage treatment plants Capital Expenditure (For the Six Months Ended June 30) | Year | Amount (HK$ Billion) | | :--- | :--- | | 2025 | 0.566 | | 2024 | 0.445 | - Capital expenditure primarily relates to the acquisition of property, plant and equipment, and construction costs of water supply and sewage treatment plants (including receivables from operating concessions and service concession arrangements)[80](index=80&type=chunk) [Exchange Rate and Interest Rate Fluctuation Risks and Related Hedging](index=39&type=section&id=Exchange%20Rate%20and%20Interest%20Rate%20Fluctuation%20Risks%20and%20Related%20Hedging) The Group faces RMB exchange rate fluctuations and interest rate risks from floating rate borrowings; the company manages foreign exchange risk through optimizing funding arrangements and adjusting financing methods but does not use derivative financial instruments to hedge foreign exchange and interest rate risks - As of June 30, 2025, RMB borrowings from continuing operations totaled **HK$17.571 billion** (December 31, 2024: **HK$19.356 billion**)[81](index=81&type=chunk) - The Group has natural hedging mechanisms and dynamically monitors exchange rate exposure but does not use derivative financial instruments to hedge foreign exchange risk[81](index=81&type=chunk) - As of June 30, 2025, floating rate borrowings from continuing operations totaled **HK$20.193 billion** (December 31, 2024: **HK$21.975 billion**)[81](index=81&type=chunk) - The Group does not use interest rate hedging to manage interest rate risk and will continue to review market trends and operational needs[81](index=81&type=chunk) [Principal Risks and Uncertainties](index=40&type=section&id=Principal%20Risks%20and%20Uncertainties) The Group faces multiple risks including macroeconomic, foreign exchange, market competition and project safety management; the company addresses these challenges by closely monitoring the macroeconomy, optimizing funding arrangements, enhancing product efficiency and strengthening safety management - Macroeconomic risks: International trade barriers, geopolitical conflicts, and weakening consumer confidence increase uncertainty in economic recovery[82](index=82&type=chunk) - Foreign exchange risks: Primary operations are concentrated in Mainland China, facing exchange gains/losses and foreign currency translation risks of net assets due to exchange rate fluctuations[83](index=83&type=chunk) - Market competition risks: Intensified market competition may affect expansion capabilities and project investment returns[84](index=84&type=chunk) - Project safety management risks: Including product safety and operational personnel safety risks, managed through standardized management, quality control, regular inspections, and employee training[85](index=85&type=chunk) [Employees and Remuneration Policy](index=41&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's total number of employees decreased to 10,180, with a reduction in total remuneration for continuing operations; the company is committed to building a learning organization, motivating employees through market-competitive remuneration policies and performance evaluation systems, and providing multi-dimensional professional training Employee Count and Total Remuneration | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total employees | 10,180 | 10,759 | | Total remuneration for continuing operations (HK$ Thousand) | 752,598 | 828,537 | - The remuneration policy aims to ensure market competitiveness and alignment with development goals and performance, including fixed salaries, discretionary incentives, insurance, and benefits[86](index=86&type=chunk) - The company provides multi-dimensional professional training in legal compliance, investment expansion, financial management, and sustainable development to enhance employees' comprehensive quality and professional capabilities[87](index=87&type=chunk) [Review and Outlook](index=42&type=section&id=Review%20and%20Outlook) In the first half of 2025, the global economy faced geopolitical tensions and trade policy uncertainties, while China's economy maintained a moderate recovery under external pressure; looking ahead, the Group will adhere to a "seek progress while maintaining stability, improve quality and efficiency" strategy, consolidate core businesses, optimize governance and risk management, and actively grasp opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area to transform and upgrade the water resources segment towards high-value-added areas - Since 2025, the global economy has faced geopolitical tensions, tariff increases, and trade policy uncertainties, while China's economy has maintained a stable and progressive trend under external pressure[88](index=88&type=chunk) - The Group will adhere to the "seek progress while maintaining stability, improve quality and efficiency" development strategy, maintain core business operational standards, and optimize corporate governance and risk management mechanisms[89](index=89&type=chunk) - The Group will focus resources on extending the water resources segment towards high-value-added areas, actively seize potential development opportunities brought by the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area," and proactively explore market investment and M&A opportunities[89](index=89&type=chunk) [Corporate Governance and Other Information](index=43&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance codes, share transactions, interim dividend declarations, share transfer registration, and review and publication of interim results [Corporate Governance Code](index=43&type=section&id=Corporate%20Governance%20Code) The company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2025 - The company is committed to achieving the highest standards of corporate governance and has applied the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[90](index=90&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=43&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange of Hong Kong Limited - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange of Hong Kong Limited[91](index=91&type=chunk) [Interim Dividend (Corporate Governance)](index=43&type=section&id=Interim%20Dividend%20(Corporate%20Governance)) The Board has resolved to declare an interim dividend of **HK$26.66 cents** per ordinary share for the six months ended June 30, 2025, expected to be paid on October 23, 2025 - The Board declared an interim dividend of **HK$26.66 cents** per ordinary share (2024: **HK$23.97 cents**) for the six months ended June 30, 2025[92](index=92&type=chunk) - The interim dividend is expected to be paid on Thursday, October 23, 2025, to shareholders whose names appear on the company's register of members at the close of business on Friday, October 10, 2025[92](index=92&type=chunk) [Suspension of Share Transfer Registration](index=43&type=section&id=Suspension%20of%20Share%20Transfer%20Registration) The company will suspend share transfer registration on Friday, October 10, 2025, to determine eligibility for the interim dividend - The company will suspend share transfer registration on Friday, October 10, 2025, and no share transfers will be processed on that day[93](index=93&type=chunk) - To ensure eligibility for the interim dividend, shareholders must submit all share transfer documents to the company's share registrar by **4:30 p.m.** on Thursday, October 9, 2025[93](index=93&type=chunk) [Review of Interim Results](index=43&type=section&id=Review%20of%20Interim%20Results) The Audit Committee has reviewed the Group's unaudited interim financial report for the six months ended June 30, 2025, which has also been reviewed by KPMG - The interim financial report has been reviewed by the company's Audit Committee and independent auditor KPMG[94](index=94&type=chunk) - The review report will be sent to shareholders along with the interim report[94](index=94&type=chunk) [Publication of Interim Results and Interim Report](index=44&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the company's and HKEX websites; the interim report will be dispatched to shareholders and posted on the aforementioned websites - This interim results announcement has been published on the company's website (www.gdi.com.hk) and the HKEX website (www.hkexnews.hk)[95](index=95&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to the company's shareholders and posted on the aforementioned websites when appropriate[95](index=95&type=chunk)
粤海投资(0270.HK):稀缺对港供水资产 聚焦主业价值提升
Ge Long Hui· 2025-08-16 19:52
Core Viewpoint - The report initiates coverage on Yuehai Investment with a "Buy" rating and a target price of HKD 9.10, corresponding to a 2025 target PE of 14.0 times [1] Group 1: Company Overview - Yuehai Investment is a quality water service platform controlled by Guangdong state-owned assets, with its core asset being the Dongshen Water Supply Project [1] - The company's business includes five main segments: water services, property investment and development, department store operations, hotel ownership and management, and energy road and bridge [1] - After divesting Yuehai Land, the company's fundamentals have stabilized, and it has strong free cash flow, which is expected to continue providing high dividend returns [1] Group 2: Dongshen Water Supply Project - The Dongshen Water Supply Project has supplied a cumulative total of 30 billion cubic meters of water to Hong Kong since 1965, accounting for nearly 80% of Hong Kong's freshwater consumption [2] - The projected water supply to Hong Kong in 2024 is 8 million tons, with a water price of HKD 6.42 per ton [2] - The project has undergone two pricing phases, with a "bundled reduction" mechanism implemented since 2020, and the basic water price is expected to grow at a rate of 2.39% year-on-year from 2024 to 2026 [2] - The DCF valuation of the Dongshen Water Supply Project is estimated to be between HKD 45 billion and HKD 62 billion, assuming contract renewal until 2120 [2] Group 3: Financial Performance and Dividend Outlook - Free cash flow is expected to reach HKD 9.229 billion in 2024, with a cash dividend payout ratio of 65% following the divestment of Yuehai Land [3] - The dividend payout ratio, considering physical dividends, is projected to be 78.87%, significantly higher than the industry average of 57.76%, with a dividend yield of 5.65% [3] - For 2025-2027, the company is expected to maintain a dividend payout ratio of 65%, with projected dividend yields of 6.02%, 6.28%, and 6.54% respectively, making it attractive compared to peers [3] Group 4: Market Perspective and Valuation - The market expresses concerns regarding the uncertainties surrounding the renewal of the Dongshen Water Supply Project's franchise rights, water pricing, and transaction pricing [3] - The company believes that the visibility of the renewal is strong due to its historical significance and multiple asset restructuring plans [3] - The DCF valuation of the Dongshen project, along with contributions from other water resources and businesses, indicates that Yuehai Investment remains a valuable investment even under pessimistic assumptions [3] - The forecasted net profits for 2025-2027 are HKD 4.218 billion, HKD 4.397 billion, and HKD 4.576 billion, with year-on-year growth rates of 34.2%, 4.2%, and 4.1% respectively [4] - The company is assigned a target PE of 14.0 times for 2025, leading to a target price of HKD 9.10, reflecting its stable growth and high dividend yield compared to industry averages [4]
粤海投资(00270):稀缺对港供水资产,聚焦主业价值提升
HTSC· 2025-08-15 12:29
Investment Rating - The report initiates coverage on Yuehai Investment with a "Buy" rating and sets a target price of HKD 9.10, corresponding to a 2025 target PE of 14.0 times [1][7]. Core Views - Yuehai Investment is a high-quality water utility platform controlled by Guangdong state-owned assets, with its core asset being the Dongshen Water Supply Project, which has undergone significant structural changes since 1997 [1]. - The company has a strong free cash flow and is expected to maintain high dividend returns following the divestment of Yuehai Land [1][19]. Summary by Sections Investment Highlights - The Dongshen Water Supply Project is a premium asset, accounting for nearly 80% of Hong Kong's freshwater supply, with a projected revenue of HKD 63.60 billion in 2024, representing 34% of total revenue [20]. - The company has turned positive in free cash flow since 2023, with projections of HKD 92.29 billion in 2024, and maintains a high dividend payout ratio of 65% [21]. - The divestment of Yuehai Land allows the company to focus on its core water business, enhancing stability and potentially increasing valuation [22]. Valuation and Financial Projections - The DCF valuation of the Dongshen Water Supply Project is estimated between HKD 450 billion and HKD 620 billion, with a stable profit contribution from other water resources and businesses [2][23]. - The forecasted net profit for 2025-2027 is HKD 42.18 billion, HKD 43.97 billion, and HKD 45.76 billion, with corresponding EPS of HKD 0.65, HKD 0.67, and HKD 0.70 [5][11]. Market Perspective - The report contrasts with market concerns regarding the uncertainty of the Dongshen project's operating rights renewal, water pricing, and transaction pricing, asserting that the renewal visibility is strong due to the project's historical significance [4][23]. - The report emphasizes that the water pricing will remain reasonable despite rising costs, as the Hong Kong Water Supplies Department aims to adjust water pricing cautiously [4][23].
粤海投资(00270.HK)拟8月25日举行董事会会议批准中期业绩

Ge Long Hui· 2025-08-13 09:50
格隆汇8月13日丨粤海投资(00270.HK)宣布,本公司将于2025年8月25日(星期一)举行董事会会议,藉 以考虑及批准(当中包括)本公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩,以 及考虑派付中期股息等事宜。 ...
粤海投资(00270) - 董事会会议日期

2025-08-13 09:41
粤海投資有限公司 阳娜 (於香港註冊成立之有限公司) (股份代號:00270) 董事會會議日期 粤海投資有限公司(「本公司」)董事會(「董事會」)謹此宣佈本 公司將於 2025 年 8 月 25 日(星期一)舉行董事會會議,藉以考慮及 批准(當中包括)本公司及其附屬公司截至 2025 年 6 月 30 日止六個 月的未經審核中期業績,以及考慮派付中期股息等事宜。 承董事會命 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告的內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全 部或任何部分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。 總法律顧問兼首席合規官 和公司秘書 香港,2025 年 8 月 13 日 於本公告日期,本公司董事會由四名執行董事白濤女士、曠虎先生、曾翰南先生 和梁元娟女士;兩名非執行董事王閔先生和王蘇榮女士;以及四名獨立非執行 董事陳祖澤博士、馮華健先生、鄭慕智博士和李民斌先生組成。 ...
粤海投资(0270.HK):掌握对港供水资产的广东国企 2025年迈入稳健分红期
Ge Long Hui· 2025-08-08 11:46
Core Viewpoint - The company, a state-owned enterprise in Guangdong, has a strong portfolio in water supply to Hong Kong, with a national layout and significant contributions from its water resources segment, which accounts for 81% of its pre-tax profits [1] Water Resources - The East Shenzhen water supply project has a yearly supply capacity of 2.423 billion cubic meters, providing 70%-80% of Hong Kong's freshwater and over 50% of Shenzhen's water needs [1] - The project is expected to supply 39% of its total water to Hong Kong in 2024, contributing 81% to the project's total revenue [1][2] - The project has reached its supply limit of 820 million cubic meters to Hong Kong over the past four years, with stable demand driven by the region's population [2] Other Business Segments - The company has streamlined its operations, with the water resources segment projected to contribute 81% to overall performance in 2024, followed by property investment at 10% [3] - The property investment segment, particularly Tianhe City, has shown stable profits and improved rental rates [3] - The energy segment's profits are linked to coal prices, while hotel operations have returned to normal levels [3] Financial Analysis & Profit Forecast - The company is expected to maintain a dividend yield of 6.51% to 6.93% over the next three years, with a sustainable net profit of 4.1 billion HKD in 2024 [3][4] - The asset-liability ratio is projected to decrease to 30.9% by the end of 2024, indicating effective control over interest-bearing liabilities [3] - Future net profits are forecasted at 4.54 billion HKD in 2025, with a price-to-earnings ratio of 9.98x [4]