董事會召開日期 周大福創建有限公司（「本公司」）的董事會（「董事會」）宣佈，本公司將於 2025 年 9 月 24 日（星期三）舉行董事會會議，藉以（其中包括）批准刊發本公司及 其附屬公司截至 2025 年 6 月 30 日止年度的全年業績及考慮建議派發末期股息。 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。 ( 於百慕達註冊成立之有限公司 ) (股份代號：00659) 於本公告日期， (a) 本公司的執行董事為鄭家純博士、鄭志明先生、何智恒先生、林 戰先生及鄭志亮先生； (b) 本公司的非執行董事為杜家駒先生（杜家駒先生的替任董 事：林煒瀚先生）及曾安業先生；及 (c) 本公司的獨立非執行董事為石禮謙先生、李 耀光先生、黃馮慧芷女士、王桂壎先生、陳家強教授及伍婉婷女士。 承董事會命 周大福創建有限公司 公司秘書 鄧偉猷 香港，2025 年 9 月 9 日 ...

Core Viewpoint - The report from CMB International initiates coverage on Chow Tai Fook Enterprises (00659) with a target price of HKD 9.42 and a "Buy" rating, highlighting the growth potential driven by its insurance subsidiary, Chow Tai Fook Life Insurance [1] Group 1: Financial Projections - Chow Tai Fook Enterprises is expected to achieve a compound annual growth rate (CAGR) of 5.6% in revenue from FY2025 to FY2029 [1] - The core profit indicator, Adjusted Operating Profit (AOP), is projected to grow by 4.7% year-on-year in FY2025 and FY2026, reaching HKD 4.36 billion and HKD 4.57 billion respectively, with an acceleration to approximately 8% growth from FY2027 to FY2029 [1] Group 2: Dividend and Cash Flow - The company’s core earnings per share (EPS) dividend is expected to increase from HKD 0.58 to HKD 0.65 from FY2020 to FY2024, with an adjusted EBITDA ranging from HKD 5 billion to HKD 7 billion and a payout ratio of about 35%-40% [1] - Projected core EPS dividends for FY2025, FY2026, and FY2027 are HKD 0.65, HKD 0.68, and HKD 0.71 respectively, translating to dividend yields of 8.4%, 8.8%, and 9.2% based on the closing price of HKD 7.77 on September 2 [1] Group 3: Business Stability and Growth Drivers - Chow Tai Fook Enterprises has experienced stable economic conditions in recent years, benefiting from its stable toll road and logistics businesses, but it is estimated that insurance AOP will surpass other business segments in the next five years [1]

Core Viewpoint - The report from CMB International initiates coverage on Chow Tai Fook Enterprises (00659) with a target price of HKD 9.42 and a "Buy" rating, highlighting the growth potential driven by its insurance subsidiary, Chow Tai Fook Life Insurance [1] Financial Projections - The insurance segment is expected to contribute approximately 10% to the growth of operating profit (AOP) over the next two years [1] - Chow Tai Fook's revenue is projected to have a compound annual growth rate (CAGR) of 5.6% from fiscal years 2025 to 2029 [1] - Core profit indicators (AOP) are anticipated to grow by 4.7% year-on-year in fiscal years 2025 and 2026, reaching HKD 4.36 billion and HKD 4.57 billion respectively, with an acceleration to about 8% growth from 2027 to 2029 [1] Business Stability and Cash Flow - The company has experienced stable economic conditions in recent years, benefiting from steady toll road and logistics operations, but the insurance AOP is expected to surpass other business segments in the next five years [1] - From fiscal years 2020 to 2024, the core dividend per share is projected to increase from HKD 0.58 to HKD 0.65, with adjusted EBITDA ranging between HKD 5 billion to HKD 7 billion and a payout ratio of approximately 35%-40% [1] - The company is expected to generate sufficient cash flow to support its dividend payments, with core dividends per share forecasted at HKD 0.65, HKD 0.68, and HKD 0.71 for fiscal years 2025, 2026, and 2027 respectively, translating to dividend yields of 8.4%, 8.8%, and 9.2% based on the closing price of HKD 7.77 on September 2 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周大福創建有限公司(於百慕達註冊成立之有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00659 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | 本月底法定/註冊 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00659 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | | 1 HKD | | 6,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | | 1 HKD | | 6,000,000,000 | 本月底法定/註冊股本總額： HKD 6,0 ...

Financial Performance - Total revenue for the six months ended December 31, 2024, was HKD 12,109.7 million, a decrease of 13.4% compared to HKD 13,978.5 million in 2023[10] - Profit attributable to shareholders increased by 15% to HKD 1,157.6 million from HKD 1,008.8 million[14] - Operating profit increased by 4% year-on-year to HKD 2,225.3 million, driven by strong growth in the insurance business and reduced losses from the Hong Kong Hospital[13] - Adjusted EBITDA for the period was HKD 3,556.8 million, down from HKD 3,727.3 million in the previous year[10] - Basic earnings per share increased by 2% year-on-year to HKD 0.29[17] - The net profit for the period was HKD 1,265.0 million in 2024, slightly down from HKD 1,340.1 million in 2023, a decrease of about 5.6%[72] - The company reported a total comprehensive income of HKD 967.9 million for the six months ended December 31, 2024, compared to a loss of HKD 190.2 million in the previous period[80] Debt and Financial Structure - The company maintained a stable net debt ratio of 39%, up from 35% in the previous period[10] - The average borrowing cost decreased to approximately 4.2% from 4.8% in the same period last year, with RMB debt now accounting for 63% of total debt, up from 49% a year ago[18] - The net debt increased to approximately HKD 16.1 billion, resulting in a net debt-to-equity ratio of 39%, up from 35%[22] - The group successfully raised USD 400 million through the issuance of 6.375% senior notes due in 2028, enhancing its debt structure[19] - The total borrowings reached HKD 34,695.7 million as of December 31, 2024, compared to HKD 29,895.4 million on June 30, 2024, representing a significant increase of approximately 16.4%[161] - The debt structure as of December 31, 2024, consisted of 63% in RMB and 37% in HKD, compared to 60% and 39% respectively on June 30, 2024[188] Dividends and Shareholder Returns - The company has been paying dividends for 22 consecutive years, demonstrating its commitment to shareholder returns[6] - The company declared an interim ordinary dividend of HKD 0.30 per share, maintaining the same level as the previous year, and a special dividend of HKD 0.30 per share, bringing the total interim dividend to HKD 0.60 per share[23] - The final dividend for the fiscal year 2024 is HKD 1.399 billion, paid on December 2024, compared to HKD 1.2127 billion for the fiscal year ending June 30, 2023[165] Business Strategy and Operations - The company plans to optimize its business portfolio through strategic acquisitions to focus on growth potential and high cash flow visibility[6] - The company sold its "duty-free" store business and Hyva Group to concentrate on its core operations and improve operational efficiency[6] - The company is in the process of acquiring a leading electromechanical engineering service contractor, expected to be completed in Q1 2025, to enhance its capabilities in the construction group[15] - The company plans to continue its market expansion and investment in new technologies, although specific figures were not disclosed in the report[88] Insurance and Claims - The insurance segment recorded a significant 49% increase in operating profit, reaching HKD 614.3 million, driven by a 52% rise in contract service margin release to HKD 570.2 million[35] - The expected incurred claims and other insurance service expenses amounted to HKD 809.2 million, up from HKD 755.4 million, which is an increase of about 7.1%[111] - The group received approximately USD 145.2 million (around HKD 1.1 billion) in insurance claims related to six aircraft losses, of which the group’s share is 50%[23] Sustainability and Corporate Governance - The company has successfully achieved all goals set in its 2018 sustainability vision and launched a new framework called "Breakthrough 2050" to enhance its commitment to ESG[7] - Chow Tai Fook Life Insurance committed to implementing science-based reduction targets to address climate change, marking a significant milestone in its sustainability efforts[40] - The board emphasizes the importance of good corporate governance to achieve strategic goals and enhance shareholder value[200] Operational Highlights - The group's operating profit contribution from Hong Kong was 58% for the six months ended December 31, 2024, compared to 56% in the same period last year, while the contribution from mainland China decreased to 39% from 43%[17] - The logistics segment reported an operating profit of HKD 387.8 million, an increase from HKD 356.8 million in the previous year, reflecting a growth of 8.3%[30] - The average daily traffic volume for the group's highways increased by 3% year-on-year, although the average daily toll revenue decreased by 4%[31] Future Outlook - The Kai Tak Sports Park, in which the company holds a 25% stake, is set to officially open in March 2025, enhancing its position in the sports and entertainment sector[7] - The construction group is poised to benefit from the Hong Kong government's development strategy for the Northern Metropolis, which aims to accommodate up to 2.5 million residents[60] - The company is committed to maintaining agility and efficiency in operations while closely monitoring market trends and potential challenges in the toll road industry[54]

Financial Performance - The group's overall attributable operating profit increased by 4% year-on-year to HKD 22.253 billion, with the core business (excluding the sold duty-free store business) recording an 8% growth in operating profit[5]. - Shareholders' profit surged by 15% to HKD 11.576 billion, reflecting strong financial performance despite market volatility[7]. - Adjusted EBITDA decreased by 5% year-on-year to HKD 35.568 billion, indicating challenges in operational profitability[8]. - The net debt increased slightly to approximately HKD 16.1 billion, resulting in a net debt-to-equity ratio of 39%, up from 35% as of June 30, 2024[15]. - The group reported a net loss of HKD 189.8 million in other comprehensive income for the period, compared to a gain of HKD 300.5 million in the previous year[76]. - The group recognized a remeasurement loss of HKD 319.9 million related to the sale of its interest in Hyva I B.V., which is included in the performance of joint ventures for the period[113]. Dividends and Shareholder Returns - The interim ordinary dividend remained stable at HKD 0.30 per share, consistent with the previous year, alongside a special dividend of HKD 0.30 per share due to recent asset sales[5]. - The group declared an interim ordinary dividend of HKD 0.30 per share, consistent with the previous year, and a special dividend of HKD 0.30 per share, bringing the total interim dividend to HKD 0.60 per share[16]. - The interim dividend for the fiscal year 2025 is set at HKD 0.30 per share, with a total payout of approximately HKD 23.985 billion, which will be paid around April 9, 2025[111]. Financial Position and Liquidity - The group maintained a robust financial position with total available liquid funds of approximately HKD 29.9 billion, including cash and bank deposits of about HKD 18.6 billion[5]. - As of December 31, 2024, the group had total available liquid assets of approximately HKD 29.9 billion, including cash and bank balances of about HKD 18.6 billion, significantly exceeding short-term debt of approximately HKD 2.3 billion[15]. - The total cash and bank balances amounted to HKD 18.6122 billion as of December 31, 2024, up from HKD 14.788 billion as of June 30, 2024[65]. - The company reported a cash and bank balance of HKD 18,612.2 million as of December 31, 2024[100]. Debt Management - The average borrowing cost decreased to approximately 4.2%, down from 4.8% in the previous year, as the group replaced higher-cost foreign debt with lower-cost RMB debt[10]. - The proportion of RMB debt in total debt increased to 63%, up from 49% a year earlier, enhancing natural hedging against potential RMB depreciation[10]. - The total debt rose from HKD 29.8954 billion on June 30, 2024, to HKD 34.6957 billion on December 31, 2024, with 7% maturing within the next 12 months[67]. - The average borrowing cost of the debt portfolio decreased to approximately 4.2% as of December 31, 2024, down from 4.8% in the previous year[67]. Segment Performance - The group's Hong Kong operations contributed 58% to the operating profit, while mainland China contributed 39%, showing a shift in regional performance[8]. - The insurance segment's attributable operating profit increased to HKD 614.3 million, up from HKD 413.0 million in the previous year[23]. - The road business's attributable operating profit decreased by 6% to HKD 767.1 million, primarily due to the expiration of the concession period for the Guangzhou North Ring Expressway[24]. - The logistics business's operating profit grew by 9% year-on-year to HKD 387.8 million, supported by continuous growth in the Asian container logistics center[34]. - The operating profit attributable to the construction segment was HKD 390.9 million, remaining stable compared to the same period last year[38]. Strategic Initiatives - The group completed the sale of its duty-free store business and plans to acquire a leading electromechanical engineering contractor, expected to enhance profitability[8]. - The company launched two innovative insurance products in the first half of the 2025 fiscal year to meet the growing demand for wealth management solutions[30]. - Chow Tai Fook Life Insurance aims to create a comprehensive wealth management platform, aligning its initiatives with the Chow Tai Fook Group's strategies[51]. - The company plans to maintain agility and efficiency in operations while closely monitoring market trends amid uncertainties in the toll road industry[49]. Market Outlook and Trends - The logistics sector is expected to benefit from ongoing demand in e-commerce and favorable government policies, with a focus on high-quality integrated logistics services[53]. - The Chinese government announced reforms to optimize freight structure and increase railway freight volume, which is anticipated to drive strong demand for China Railway Group[54]. - The Northern Metropolis development strategy in Hong Kong is projected to create significant demand for construction projects, benefiting Chow Tai Fook Construction Group[55]. Governance and Compliance - The audit committee is composed of three independent non-executive directors and is responsible for reviewing the group's financial reporting processes and risk management systems[123]. - The company has complied with all applicable provisions of the Corporate Governance Code as per the Listing Rules Appendix C1 during the period[125]. - All directors confirmed compliance with the standards set out in the Securities Trading Code during the period[127]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[128].

Financial Performance - The company's revenue for the fiscal year 2024 was HKD 26,421.6 million, a decrease of 2.6% from HKD 27,121.4 million in 2023[10] - Profit attributable to shareholders increased significantly by 44% year-on-year to HKD 2,084.2 million in 2024, compared to HKD 1,446.9 million in 2023[10] - Adjusted EBITDA rose by 23.4% to HKD 7,240.5 million in 2024 from HKD 5,860.8 million in 2023[10] - The operating profit attributable to shareholders grew by 21% to HKD 4,167.4 million in 2024, compared to HKD 3,443.9 million in 2023[10] - Basic earnings per share for fiscal year 2024 rose by 39% to HKD 0.56[25] - The group's attributable operating profit for the fiscal year 2024 increased to HKD 4,167.4 million, up from HKD 3,443.9 million in fiscal year 2023, representing a growth of approximately 21%[32] - Adjusted EBITDA for fiscal year 2024 significantly increased by 24% to HKD 7,240.5 million compared to the previous year[25] Debt and Capital Structure - The company's net debt ratio increased to 35% in 2024 from 8% in 2023, indicating a significant rise in leverage[10] - The group’s net debt increased to approximately HKD 15.1 billion as of June 30, 2024, compared to HKD 4.5 billion as of June 30, 2023, resulting in a net debt-to-equity ratio of 35%[29] - The group announced the acquisition of a leading electromechanical engineering contractor, which will strengthen its capabilities and enhance competitiveness in bidding for design and build projects[73] - The group has applied to issue corporate bonds totaling up to RMB 5 billion to optimize its capital structure and provide a lower-cost funding source[81] - As of June 30, 2024, the group's capital structure consisted of 41% debt and 59% equity, compared to 30% debt and 70% equity a year earlier, indicating a shift towards a more leveraged position[80] Dividends and Shareholder Returns - The company declared a total dividend of HKD 2.44 per share for 2024, which includes a special dividend of HKD 1.79 and a regular dividend of HKD 0.65[10] - The group plans to distribute a final ordinary dividend of HKD 0.35 per share for fiscal year 2024, a 13% increase from HKD 0.31 per share in fiscal year 2023[30] Business Segments Performance - The insurance segment's operating profit surged by 54% to HKD 964.9 million, driven by business growth and a 15% increase in contract service margins to approximately HKD 8.2 billion[46] - The logistics segment reported a 6% increase in operating profit to HKD 722.3 million, while the construction segment saw a 5% decline to HKD 705.0 million[40] - The facilities management business turned around from an operating loss of HKD 61.9 million in fiscal year 2023 to an operating profit of HKD 228.3 million in fiscal year 2024[60] Environmental, Social, and Governance (ESG) Initiatives - The company has made significant progress towards achieving net-zero emissions by 2050, enhancing its commitment to environmental, social, and governance (ESG) initiatives[8] - The group plans to explore sustainable, social, and green finance solutions to further reduce financing costs and enhance collaboration with financial institutions[28] - The company is committed to a low-carbon transition, having fully exited fossil fuel investments by selling its stake in the Chengdu Jintang Power Plant in the 2024 fiscal year[78] Corporate Governance and Board Structure - The company has a robust governance structure with a diverse board composition, ensuring effective oversight and strategic guidance[95][100] - The board consists of 14 members, including 5 executive directors, 3 non-executive directors, and 6 independent non-executive directors, reflecting a balanced tenure and diverse perspectives[153] - The board's composition reflects a commitment to diversity and inclusion, with members from various professional backgrounds[112] - The company has established clear divisions of responsibility between the chairman and co-CEOs to enhance governance[142] Strategic Investments and Market Expansion - The company is actively involved in market expansion and strategic investments, leveraging the experience of its executive team[99] - The company is exploring new strategies for growth, including potential mergers and acquisitions, to enhance its market position[120] - The company aims to enhance its operational efficiency and governance through the expertise of its independent directors[110] Operational Performance and Future Outlook - The average remaining concession period for the road portfolio extended to approximately 12 years, expected to provide sustainable revenue and cash flow in the coming years[44] - The company aims to establish an ecosystem in the logistics business, leveraging high-quality warehouse locations to generate strong recurring cash flow[71] - The company is actively seeking ways to enhance returns from its road business, with expansion projects for the Jingzhu Expressway and Guangzhao Expressway initiated in November 2022 and by the end of 2023, respectively[66] Employee Engagement and Development - The company invests in leadership development to enhance employee skills and foster a sense of belonging, aligning with the core value of unity[148] - The company has implemented training for all employees to enhance awareness and appreciation of diversity and inclusion[163] Community Engagement - The company collaborates with local communities through charitable foundations to create positive social impacts, reflecting its core value of creating shared value[151]

Financial Performance - The group's overall operating profit attributable to shareholders increased by 44% to HKD 2.0842 billion for the fiscal year ending June 30, 2024[3]. - Adjusted EBITDA grew by 24% year-on-year to HKD 7.2405 billion[4]. - Basic earnings per share for fiscal year 2024 were HKD 0.56, representing a 39% year-on-year growth[4]. - Operating profit for the fiscal year 2024 reached HKD 3,662.6 million, compared to HKD 2,854.3 million in 2023, marking a growth of 28.3%[9]. - Net profit for the year was HKD 2,620.0 million, up 25.8% from HKD 2,083.1 million in 2023[36]. - The group's total revenue for the fiscal year 2024 was HKD 26,421.6 million, a decrease of 3.0% from HKD 27,121.4 million in fiscal year 2023[35]. - The company reported a significant increase in other income and gains, which rose to HKD 2,217.8 million from HKD 382.8 million in 2023[35]. - The company reported a net financial expense of HKD 744.1 million, contributing to the overall financial performance[79]. Dividends - The group proposed a final ordinary dividend of HKD 0.35 per share, a 13% increase from HKD 0.31 per share in the previous fiscal year[2]. - The total ordinary dividend for the fiscal year 2024 will be HKD 0.65 per share, up 7% from HKD 0.61 per share in fiscal year 2023[2]. - The company aims to maintain a sustainable and progressive dividend policy, demonstrating confidence in future growth prospects[7]. - The proposed final dividend for the fiscal year 2024 is HKD 0.35 per share, up from HKD 0.31 per share in 2023, contributing to a total dividend of HKD 2.44 per share for 2024 compared to HKD 0.61 per share in 2023[100]. Liquidity and Debt Management - The total available liquidity of the group as of June 30, 2024, was approximately HKD 26.8 billion, including cash and bank balances of about HKD 14.8 billion[2]. - The average borrowing cost was controlled at an annual rate of 4.7%[2]. - As of June 30, 2024, the total debt increased to approximately HKD 15.1 billion, up from HKD 4.5 billion on June 30, 2023, resulting in a net debt-to-equity ratio of 35%[6]. - The average borrowing cost for the fiscal year 2024 was maintained at approximately 4.7%, despite a rise in the Hong Kong Interbank Offered Rate (HIBOR) of over 1.5%[5]. - The company's net debt increased significantly from HKD 4.541 billion on June 30, 2023, to HKD 15.1074 billion on June 30, 2024, primarily due to dividend payments and the redemption of perpetual capital securities[31]. - The total liabilities increased significantly to HKD 111,732.0 million from HKD 98,762.6 million in 2023[37]. Segment Performance - The group's operating profit from Hong Kong contributed 59% of the total, while the contribution from mainland China was 39%[4]. - The insurance segment's operating profit surged by 54% year-on-year to HKD 964.9 million, driven by business growth and improved investment returns[14]. - The logistics segment reported an operating profit of HKD 722.3 million, reflecting a 6% increase from HKD 678.5 million in the previous year[11]. - The road segment's operating profit increased by 3% to HKD 1,571.4 million, with daily traffic volume and toll revenue growing by 7% and 5% respectively[12]. - The facilities management business turned a loss of HKD 61.9 million in FY2023 into a profit of HKD 228.3 million in FY2024, driven by the recovery of the Hong Kong Convention and Exhibition Centre and the "duty-free" store business[20]. Investments and Acquisitions - The company issued a total of RMB 3.6 billion in Panda bonds by June 30, 2024, including RMB 2 billion at an interest rate of 3.9% and RMB 100 million at 3.55%[5]. - The company completed the acquisition of shares under a conditional voluntary cash offer at HKD 9.15 per share, totaling HKD 27.27 million for 2,979,975 shares[106]. - The group announced plans to acquire a leading electromechanical engineering contractor, enhancing its capabilities and competitiveness in bidding for design and build projects[25]. Operational Improvements - The group continued to develop its business prudently, with significant improvements in its facility management and logistics operations[3]. - The average rental rate for the Asian Container Logistics Center increased by 6% year-on-year, with a strong occupancy rate of 96.3% as of June 30, 2024[16]. - The average occupancy rate for logistics properties in mainland China was 85.4% as of June 30, 2024, compared to 82.8% the previous year[16]. - The number of events held at the Convention Centre increased by 8% year-on-year to 823, with visitor numbers surging by 33% to approximately 7.3 million in FY2024[20]. Regulatory and Compliance - The company has maintained compliance with all applicable corporate governance codes as per the Hong Kong Stock Exchange's listing rules for the fiscal year 2024[105]. - The group plans to change the presentation of the consolidated financial position statement in the 2024 fiscal year to report all assets and liabilities in order of liquidity, in accordance with HKAS 1[47]. - The adoption of Hong Kong Financial Reporting Standard No. 17 significantly reduced the accounting mismatch between financial assets and insurance contract liabilities, leading to an increase in total equity at the transition date[45]. Future Outlook - The group aims to establish an ecosystem in the logistics business, leveraging high-quality warehouses in prime locations to generate strong recurring cash flow[24]. - The group is actively expanding its logistics and insurance businesses to create stable cash flow and synergistic effects with existing operations[28]. - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[79].

Financial Performance - Total revenue for the six months ended December 31, 2023, was HKD 13,978.5 million, an increase of 6.6% from HKD 13,105.9 million in the same period last year[9]. - Profit attributable to shareholders increased by 18% to HKD 1,008.8 million, compared to HKD 853.1 million in the previous year[9]. - Operating profit attributable to the group rose by 19% to HKD 2,134.0 million, up from HKD 1,791.6 million year-on-year[11]. - Adjusted EBITDA for the period was HKD 3,727.3 million, a significant increase from HKD 2,588.2 million in the prior year[9]. - The group's attributable operating profit increased significantly by 31% year-on-year, driven by strong performance in the road business, growth in the insurance sector, and a turnaround in facilities management[15]. - Adjusted EBITDA grew by 44% year-on-year to HKD 3.7273 billion[15]. - Basic earnings per share for the period were HKD 0.28, representing a 14% year-on-year increase[20]. - The company reported a profit of HKD 1,340.1 million for the six months ended December 31, 2023, representing a 15.6% increase from HKD 1,159.4 million in the same period of 2022[66]. - Operating profit reached HKD 1,718.4 million, an increase of 48.4% from HKD 1,157.9 million in the prior year[64]. Debt and Financial Position - The group maintained a net debt ratio of 30%, up from 8% in the previous year, primarily due to the reclassification of certain perpetual capital securities as debt[9]. - As of December 31, 2023, the net debt increased to approximately HKD 14.3 billion, with a net debt-to-equity ratio of 30%[17]. - The proportion of fixed-rate debt increased from 37% to 45% as of December 31, 2023, while RMB-denominated debt rose to 49% of total debt from 43%[17]. - The company's debt increased to HKD 34,419.5 million, up from HKD 23,590.9 million, marking a 46% rise in borrowings[68]. - The total liabilities for insurance contracts as of December 31, 2023, were HKD 62,299.9 million, compared to HKD 56,414.4 million as of June 30, 2023[192]. Dividends and Shareholder Returns - The board declared an interim ordinary dividend of HKD 0.30 per share, maintaining the same amount as the previous year[20]. - A special dividend of HKD 1.79 per share was also declared, reflecting the company's commitment to shareholder value[20]. - The total interim dividend per share, including ordinary and special dividends, amounted to HKD 2.09[21]. - The company paid dividends to shareholders totaling HKD 1,212.7 million, consistent with the previous year's payment of HKD 1,212.2 million[75]. Business Segments Performance - The logistics business experienced a slight decline in operating profit due to the absence of revaluation gains from certain properties[12]. - The insurance business benefited from increased contract service margins and higher investment returns, contributing positively to overall profit growth[12]. - The insurance segment's operating profit reached HKD 413.0 million, a significant 79% increase compared to HKD 230.6 million in the previous year[30]. - The Roads segment experienced a traffic volume increase of 18% and toll revenue growth of 20% compared to the previous year[27]. - The facilities management business achieved an attributable operating profit of HKD 124.2 million, recovering from an attributable operating loss of HKD 127.8 million in the same period last year[43]. Strategic Initiatives and Outlook - The group continues to pursue strategic acquisitions and divestitures to optimize its business portfolio and enhance shareholder value[6]. - Future outlook remains cautious due to global uncertainties, but the group is committed to maximizing returns for shareholders through prudent business strategies[6]. - The company remains optimistic about growth prospects in the insurance sector, driven by local demand for medical coverage and product innovation[51]. - The group plans to invest in road and logistics businesses to leverage growth potential while incorporating ESG considerations into investment decisions[56]. Asset Management and Investments - The group's total assets increased to HKD 162,748.9 million from HKD 154,505.1 million year-on-year[9]. - Cash and bank balances rose to HKD 20,070.5 million, compared to HKD 13,452.6 million in the previous year, indicating a 48.9% increase[68]. - The company’s total equity attributable to shareholders was HKD 22,122.1 million as of December 31, 2023, reflecting a decrease from HKD 22,133.7 million as of July 1, 2023[189]. - The company’s strategic investments totaled HKD 6,099.7 million, reflecting ongoing commitment to growth and expansion initiatives[150]. Regulatory and Accounting Changes - The company adopted the new Hong Kong Financial Reporting Standard No. 17 for insurance contracts, which establishes principles for recognition, measurement, presentation, and disclosure[84]. - The group has adopted Hong Kong Financial Reporting Standard No. 17, resulting in changes to the main accounting policies for preparing consolidated financial statements[98]. - The transition to HKFRS 17 involved the termination of recognition for deferred acquisition costs and other receivables and payables related to insurance contracts[93]. Market and Economic Conditions - The logistics business is expected to benefit from strong growth prospects due to increased demand and expanded processing capacity[52]. - The construction group is addressing talent shortages by hiring management personnel from mainland China and overseas[54]. - The facilities management business anticipates a full recovery to pre-COVID levels by the end of 2024, supported by government measures[55].