新世界发展(00017) - 2025 - 中期业绩

Financial Performance - The group's revenue for the six months ended December 31, 2024, was HKD 16,789 million, a year-on-year decrease of 1.6%, with gross profit declining 8% to HKD 6,675 million[4]. - Core operating profit was HKD 4,416 million, representing an 18% year-on-year decline[5]. - The group recorded a loss attributable to shareholders of HKD 6,633 million, primarily due to rapid changes in macroeconomic factors and a decline in market value of development and investment properties[5]. - For the six months ending December 31, 2024, the group reported a loss from continuing operations of HKD 5,700.6 million, compared to a profit of HKD 1,543.1 million in the same period of 2023[48]. - The company reported a net loss of HKD 5,700.6 million for the six months ended December 31, 2024, compared to a loss of HKD 5,772.0 million in the previous year[59]. - The operating profit decreased significantly to HKD 731.1 million from HKD 5,729.0 million in the prior year, reflecting a decline of 87.2%[57]. - The company incurred a net loss of HKD 5,700.6 million for the six months ended December 31, 2024, primarily due to changes in the fair value of property projects[67]. Property Development and Investment - Hong Kong property development revenue was HKD 1,734 million, with attributable contract sales of approximately HKD 5,222 million during the review period[7]. - The group anticipates recognizing approximately HKD 12,320 million in unrecognized attributable contract sales revenue in the second half of the 2025 fiscal year and 2026 fiscal year[8]. - The Hong Kong residential market is expected to become more active in the second half of 2024 due to favorable policies, with a reported increase of over 70% in the number of first-hand residential sale agreements from July to December 2024[6]. - In mainland China, the group's property development revenue for the period was HKD 6,644 million, with a segment profit of HKD 2,699 million, driven by projects in Hangzhou, Shenyang, and Guangzhou[17]. - The group's total contracted sales in mainland China reached approximately RMB 7.5 billion, with a total sales area of about 315,400 square meters, averaging over RMB 23,600 per square meter[20]. - The group anticipates unrecognized contracted sales revenue of approximately RMB 8.3 billion to be recognized in the second half of the 2025 fiscal year and in the 2026 fiscal year[21]. - The new residential project in Guangzhou, Guangyue Guandi, achieved sales of RMB 2 billion upon its launch, showcasing strong market demand[19]. - The group is actively developing multiple new projects, including a large commercial and residential project in Fanling, with a total floor area exceeding 1.11 million square feet[13]. Financial Position and Debt Management - As of December 31, 2024, the group's net debt was HKD 124,630.0 million, with a debt-to-equity ratio of 57.5%, an increase of 2.5 percentage points from June 30, 2024[51]. - The group successfully refinanced approximately HKD 18,677.6 million of existing bank loans from July 2024 to the announcement date[54]. - The group maintains a total of HKD 21,858.3 million in cash and bank deposits as of December 31, 2024, down from HKD 27,990.1 million on June 30, 2024[51]. - The total amount of outstanding cross-currency swap contracts as of December 31, 2024, was approximately HKD 23,105.4 million[50]. - The total liabilities were HKD 210,925.8 million as of December 31, 2024, compared to HKD 220,268.8 million as of June 30, 2024[66]. - The group is implementing asset disposal plans to improve liquidity by monetizing certain assets[69]. - The group is focused on controlling operating costs and capital expenditures to enhance financial stability[69]. Market Outlook and Strategic Plans - The group plans to continue focusing on the Greater Bay Area and key regions in the Yangtze River Delta for strategic expansion and development of diverse business models[34]. - The group anticipates a significant increase in market confidence by 2025, focusing on core property development and investment in first-tier cities in Hong Kong and mainland China[40]. - The company plans to launch the "STATE PAVILIA" residential project in North Point in January 2025, offering 388 units, with 279 units sold within a month for a total transaction value of nearly HKD 3.2 billion[42]. - The group is optimistic about property investment prospects in Hong Kong despite a weak retail market, aiming to enhance customer experience and attract international brands[43]. - The group plans to expand its operations in mainland China, with property development revenue from this region reaching HKD 6,643.7 million[88]. Operational Highlights - The rental rates for prime office buildings remained satisfactory, with K11 ATELIER King's Road and K11 ATELIER office building at 93% and 99% occupancy rates, respectively[11]. - The overall occupancy rate of the Guangzhou CBD project, Guangyue Tiandi, remained at 97% as of December 31, 2024, with a year-on-year increase in foot traffic of 10%[31]. - The hotel operations in Hong Kong saw a 4% year-on-year increase in overall occupancy, with visitor numbers rising by 10% to 23 million, despite challenges in the long-haul market[35]. - The group operates 17 hotel properties across Hong Kong, mainland China, and Southeast Asia, providing a total of 6,595 rooms[39]. - The company’s segment assets for property investment reached HKD 211,393.8 million, indicating a strong position in this area[81]. Corporate Governance and Compliance - The company adhered to the corporate governance code, except for a deviation regarding employee trading guidelines due to the large and diverse workforce[107]. - The company's unaudited interim results for the six months ending December 31, 2024, were reviewed by the audit committee but not by external auditors[108]. - The company submitted its financial statements for the year ending June 30, 2024, to the Companies Registry, which were reported without any reservations by the auditors[109].