太兴置业(00277) - 2025 - 年度业绩

Financial Performance Summary Consolidated Statement of Profit or Loss and Other Comprehensive Income Turnover decreased by 10.1% to HKD 50.4 million, while loss attributable to owners significantly expanded to HKD 54.46 million due to increased fair value loss on investment properties Key Consolidated Statement of Profit or Loss Metrics (HKD thousands) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Turnover | 50,397 | 56,032 | -10.1% | | Gross Profit | 45,165 | 51,109 | -11.6% | | Fair Value Loss on Investment Properties | (91,139) | (54,437) | +67.4% | | Operating Loss | (45,376) | (7,940) | +471.5% | | Loss Before Tax | (49,158) | (5,629) | +773.3% | | Loss for the Year Attributable to Owners of the Company | (54,459) | (9,797) | +455.9% | | Basic and Diluted Loss Per Share (HKD) | 0.20 | 0.04 | +400% | Consolidated Statement of Financial Position Total assets slightly decreased to HKD 2.628 billion, with net assets decreasing 2.0% to HKD 2.523 billion due to lower investment property fair values Key Consolidated Statement of Financial Position Metrics (HKD thousands) | Metric | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Investment Properties | 1,937,917 | 2,029,390 | -4.5% | | Total Assets | 2,628,020 | 2,683,198 | -2.1% | | Liabilities and Equity | | | | | Total Liabilities | 105,048 | 108,091 | -2.8% | | Net Assets / Total Equity | 2,522,972 | 2,575,107 | -2.0% | | Liquidity | | | | | Net Current Assets | 366,079 | 327,308 | +11.8% | Notes to Financial Statements Basis of Preparation and Accounting Policies The financial statements are prepared under Hong Kong Financial Reporting Standards on a going concern basis, with new standards applied this year having no significant impact - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and on a going concern basis, except for certain investment properties and financial instruments measured at fair value[8][9] - The Group first adopted several revised Hong Kong Financial Reporting Standards this year, including amendments on sale and leaseback, liability classification, and supplier financing arrangements, but these had no significant impact on the financial statements[10] Operating Segments The Group's business is divided into 'Property Investment' and 'Financial Investment' segments, with property investment recording a HKD 72.72 million loss, while financial investment achieved a HKD 18.26 million profit - The Group's operating activities are divided into two main segments: property investment (property investment and leasing) and financial investment (debt and equity securities investment)[17] Segment Results (HKD thousands) | Segment | Metric | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Property Investment | Total Rental Income | 50,397 | 56,032 | | | Profit (Loss) for the Year | (72,723) | (21,553) | | | Segment Assets | 2,364,871 | 2,524,372 | | Financial Investment | Profit (Loss) for the Year | 18,264 | 11,756 | | | Segment Assets | 263,149 | 158,826 | - Over 90% of the Group's operating activities and assets are located in Hong Kong, thus no geographical analysis is presented[20] Revenue, Expenses, and Taxation Turnover, entirely from property rental income, totaled HKD 50.4 million, with operating loss deducting HKD 25.93 million in employee costs, and total tax expense increasing to HKD 5.3 million - Turnover refers to total property rental income received and receivable, amounting to HKD 50,397 thousand for the current year[15][17] Operating Loss Deducted/Included Items (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Employee Costs | 25,929 | 27,711 | | Provision for Expected Credit Losses | 1,896 | 2,526 | | Impairment Loss (Reversal) on Debt Instruments | 946 | (15,525) | | Net Rental Income | 45,165 | 51,109 | Taxation Analysis (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong Profits Tax | 5,152 | 3,192 | | Deferred Tax | 139 | 965 | | Total Tax Expense | 5,301 | 4,168 | Loss Per Share and Dividends Basic and diluted loss per share increased to HKD 0.20 due to expanded loss attributable to owners, yet the Board proposed a final dividend of HKD 0.014 per share, maintaining the total annual dividend at HKD 0.017 per share - Loss per share is calculated based on the annual loss of approximately HKD 54,459,000 and 277,232,883 ordinary shares in issue[24] Dividend Summary (HKD cents per share) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend (Per Share) | 0.3 | 0.3 | | Proposed Final Dividend (Per Share) | 1.4 | 1.4 | | Total Annual Dividend (Per Share) | 1.7 | 1.7 | Key Asset and Liability Items Net rental receivables increased, with a high proportion of overdue amounts over 90 days, and the Group made a HKD 0.993 million provision for expected credit losses Rental Receivables Aging Analysis (Net of Provision, HKD thousands) | Aging | 2025 | 2024 | | :--- | :--- | :--- | | 31-60 Days | 687 | 1,381 | | 61-90 Days | 318 | – | | Over 90 Days | 2,023 | 769 | | Total | 3,028 | 2,150 | - During the year, the Group increased its provision for credit losses on receivables by HKD 0.993 million[28] Other Payables and Prepayments (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Contract Liabilities (Rental in Advance) | 3,002 | 2,324 | | Other Payables | 2,857 | 3,149 | | Total | 5,859 | 5,473 | Management Discussion and Analysis Business Outlook Global economic uncertainties and changing local consumption patterns continue to pressure the Hong Kong property market, leading to decreased rental income and property values, yet the Group remains cautiously optimistic long-term - Challenges include global economic volatility, trade tensions, inflation, and geopolitical situations, casting a shadow over the economic outlook and weakening real estate performance[33] - The Hong Kong office and retail leasing sectors face weak demand and oversupply, while local shopping patterns are shifting due to residents traveling north, leading to decreased rents and property values[33] - The Group adopts a cautious approach, prioritizing cost control and sustainable development, and remains cautiously optimistic about the long-term Hong Kong market due to ample cash and low gearing[34] Financial Review Revenue decreased due to lower renewal rents and increased vacancy rates, with loss attributable to owners expanding to HKD 54.5 million primarily due to increased fair value loss on investment properties and impairment loss on debt instruments - Property investment income decreased from HKD 56 million to HKD 50.4 million, mainly due to reduced rents upon lease renewals and a slight increase in vacancy rates[35] - In financial investments, listed equity securities recorded an unrealized gain of HKD 15.4 million (compared to HKD 0.1 million last year), but debt instruments recorded an impairment loss of HKD 0.9 million (compared to a reversal of HKD 15.5 million last year)[36] - The primary reasons for the expanded loss attributable to owners include: increased fair value loss on investment properties from HKD 54.4 million to HKD 91.1 million; decreased rental income; and a shift in debt instrument impairment from a net reversal of HKD 15.5 million last year to a loss of HKD 1 million this year[42] Liquidity and Capital Management The Group held HKD 277 million in cash, with total bank borrowings reduced to HKD 41.7 million, leading to an 11.6% decrease in finance costs, while shareholders' funds decreased to HKD 2.523 billion - As of March 31, 2025, the Group's net current assets were HKD 277 million, with total bank borrowings of HKD 41.7 million, maintaining a significant net cash balance[40] - Finance costs for the year were HKD 1.3 million, an 11.6% decrease from last year, primarily due to a reduction in bank loan principal[41] - Shareholders' funds decreased from HKD 2.575 billion to HKD 2.523 billion, mainly due to the decrease in fair value of investment properties, with net asset value per share falling from HKD 9.3 to HKD 9.1[44] Other Disclosures Dividend Distribution Arrangement The Board proposed a final dividend of HKD 0.014 per share, payable on September 12, 2025, subject to AGM approval, with specific book closure dates set for voting and dividend entitlements - The proposed final dividend of HKD 0.014 per share will be paid on September 12, 2025, to shareholders registered on September 2, 2025[30] - To determine shareholders' eligibility to attend the Annual General Meeting, the share transfer register will be suspended from August 15 to August 20, 2025[31] - To determine eligibility for the final dividend, the share transfer register will be suspended from August 29 to September 2, 2025[32] Corporate Governance and Others The company complied with Listing Rules' Corporate Governance Code, with the only deviation being the roles of Chairman and CEO held by Co-Chairmen and Co-Managing Directors, while employee numbers slightly increased to 18 - As of March 31, 2025, the Group had 18 employees, with total employee costs amounting to HKD 25.9 million[46] - The company complied with the Corporate Governance Code, except for the roles of Chairman and Chief Executive Officer being held by the same individuals, which the Board believes ensures consistent leadership and optimal efficiency[48] - The Audit Committee has reviewed the annual accounts, and the auditor confirmed that the financial figures in the preliminary announcement are consistent with the audited consolidated financial statements[49][51]