中华汽车(00026) - 2025 - 中期业绩

Financial Performance - The unaudited consolidated operating profit for the six months ended December 31, 2024, was HK$35.17 million, a decrease of 26.6% compared to HK$47.86 million for the same period in 2023[3]. - The group reported a consolidated loss attributable to shareholders of HK$34.21 million, significantly improved from a loss of HK$161.24 million in the previous year, representing a reduction of 78.8%[5]. - Revenue for the six months ended December 31, 2024, was HK$33.26 million, down 3.98% from HK$34.64 million in the same period of 2023[5]. - Financial income decreased to HK$21.81 million from HK$31.42 million, reflecting a decline of 30.7%[5]. - The basic and diluted loss per share was HK$0.76, a significant improvement from HK$3.56 in the same period last year[5]. - Total revenue for the group reached $55,859,000 for the six months ended December 31, 2024, compared to $66,335,000 in 2023, reflecting a decline of 15.73%[19]. - The group's operating profit for the six months ended December 31, 2024, was $35,172,000, down from $47,860,000 in 2023, representing a decrease of 26.67%[24]. - The group incurred a tax expense of $4,839,000 for the six months ended December 31, 2024, compared to $2,435,000 in 2023, indicating an increase of 98.66%[28]. Asset and Liability Management - The group's total assets less current liabilities stood at HK$7.10 billion as of December 31, 2024, compared to HK$7.25 billion as of June 30, 2024[9]. - The group's cash and cash equivalents increased to HK$1.70 billion from HK$1.27 billion, indicating a growth of 33.6%[9]. - The group's total assets as of December 31, 2024, amounted to $7,317,466,000, compared to $7,297,658,000 as of December 31, 2023[19]. - The group's total liabilities as of December 31, 2024, were $264,526,000, an increase from $99,126,000 in 2023[19]. - The net asset value attributable to joint ventures decreased to $1,375,521,000 as of December 31, 2024, from $1,463,371,000 as of June 30, 2024, primarily due to revaluation losses on investment properties held by joint ventures and partial loan repayments[31]. - The net liabilities attributable to associates increased to $(3,370,000) as of December 31, 2024, from $(2,651,000) as of June 30, 2024, mainly due to increased loans to an associate for the development of the Chai Wan bus factory project[33]. Investment Properties and Joint Ventures - The net loss from the revaluation of investment properties was HK$85.22 million, an improvement from a loss of HK$125.97 million in the previous year[5]. - The group's share of losses from joint ventures was HK$87.85 million, compared to HK$80.30 million in the previous year, reflecting an increase of 9.6%[5]. - The group's share of results from joint ventures showed a loss of $87,850,000 for the six months ended December 31, 2024, compared to a loss of $80,296,000 in 2023[26]. - The group holds a 20% stake in Windcharm Property Holdings Limited, which is redeveloping a site into a mixed-use project with a total construction area of 64,500 square meters[49]. - The group has completed the foundation works for both Site A and Site B of the redevelopment project, with concrete works for two residential buildings expected to be completed by Q1 2025 and Q2 2026 respectively[50]. Dividends and Share Repurchase - The interim dividend declared for the six months ended December 31, 2024, is $0.10 per share, totaling $4,522,000, and a special dividend of $4.90 per share, totaling $221,572,000, resulting in a total of $226,094,000[37]. - The company repurchased 58,000 shares at a total cost of $3,015,000 during the period, with the shares fully cancelled thereafter[42]. - The board has resolved to distribute an interim dividend of $0.10 and a special dividend of $4.90 per share for the year ending June 30, 2025, totaling $5.00 per share[44]. - The company aims to declare three dividends each fiscal year, including an interim dividend after the first six months, a second interim dividend, and a final dividend[45]. - As of June 30, 2024, the issued and fully paid ordinary shares stood at 45,218,856 shares, down from 45,276,856 shares due to share buybacks[40]. Market Outlook and Challenges - The local real estate market is expected to face challenges in 2025 due to increasing supply and limited demand from the financial and business services sectors, leading to continued pressure on overall rental yields[55]. - The group has obtained pre-sale consent for the first phase of the "Hyde Garden" residential project, with plans to monitor market sentiment before launching sales[56]. Corporate Governance and Financial Assistance - The group has not established an internal audit function, as the board believes it is unnecessary given the current business structure and scale[62]. - The company has not indicated any intention to update forward-looking statements, which are subject to known and unknown risks and uncertainties[62]. - The financial assistance provided to Joyful Sincere Limited includes a portion that will incur an annual interest rate of 4.5%, contingent upon the company having paid all development costs and settled other debts[59]. - The group’s financial support to associated companies is unsecured, interest-free, and has no fixed repayment terms, except for the portion provided to Joyful Sincere Limited[59]. - The board of directors consists of seven members, including independent non-executive directors[63].