天德地产(00266) - 2025 - 年度业绩

Financial Performance Overview Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group shifted from profit to loss for the year ended March 31, 2025, mainly due to significant valuation losses on investment properties Consolidated Statement of Profit or Loss | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Revenue | 308,131 | 304,557 | | Gross Profit | 210,726 | 207,692 | | Operating profit before changes in valuation of investment properties | 188,738 | 188,755 | | (Loss)/gain on valuation of investment properties | (753,794) | 230,905 | | Operating (loss)/profit after changes in valuation of investment properties | (565,056) | 419,660 | | (Loss)/profit before taxation | (576,295) | 408,128 | | (Loss)/profit and total comprehensive income for the year | (602,250) | 382,080 | | (Loss)/profit attributable to equity shareholders of the Company | (321,982) | 193,732 | | Basic and diluted (loss)/earnings per share | (0.68) Yuan | 0.41 Yuan | - The valuation of investment properties shifted from a gain of 230,905 thousand Yuan in 2024 to a loss of 753,794 thousand Yuan in 2025, driving the Group's overall loss[3] - Basic and diluted earnings per share decreased from 0.41 Yuan in 2024 to a loss per share of 0.68 Yuan in 2025[3] Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets and net assets decreased, primarily due to a decline in the value of investment properties Consolidated Statement of Financial Position | Metric | As at March 31, 2025 (in thousands of Yuan) | As at March 31, 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Non-current assets - Investment properties | 7,250,030 | 8,001,439 | | Total non-current assets | 7,294,718 | 8,050,055 | | Net current assets | 558,754 | 547,224 | | Total assets less current liabilities | 7,853,472 | 8,597,279 | | Total non-current liabilities | 332,367 | 324,180 | | Net assets | 7,521,105 | 8,273,099 | | Total equity | 7,521,105 | 8,273,099 | - The value of investment properties decreased from 8,001,439 thousand Yuan in 2024 to 7,250,030 thousand Yuan in 2025, being the main driver for the decline in non-current and total assets[5] - Net current assets slightly increased from 547,224 thousand Yuan in 2024 to 558,754 thousand Yuan in 2025[5] Notes to the Financial Statements Basis of Preparation The financial statements are prepared in accordance with HKFRSs, the Hong Kong Companies Ordinance, and the Listing Rules, with an unmodified auditor's opinion - The financial statements are prepared in compliance with Hong Kong Financial Reporting Standards (HKFRSs) and the Hong Kong Companies Ordinance[7] - The auditor, KPMG, issued an unmodified opinion on the Group's financial statements for both years[9] Changes in Accounting Policies New and amended HKFRSs effective this year had no material impact on the Group's financial performance, and no new standards were early adopted - Changes in Hong Kong Financial Reporting Standards effective this year did not have a material impact on the Group's performance and financial position[10] - The Group has not adopted any new standards or interpretations that are not yet effective for the current accounting period[11] Revenue The Group's principal activity is property investment, with revenue mainly from rental income, and one customer accounted for over 10% of revenue - The Group's principal activity is property investment, with revenue representing gross rental income received and receivable from investment properties[12][13] Revenue Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Total Revenue | 308,131 | 304,557 | | Single Customer Revenue | 33,600 | 37,939 | - Revenue from a single customer accounted for over 10% of the Group's total revenue, though the contribution decreased from 37,939 thousand Yuan in 2024 to 33,600 thousand Yuan in 2025[13] Segment Information The Group operates under a single reportable segment, 'Property leasing', so segment information aligns with the consolidated figures - The Group has only one reportable segment, 'Property leasing', and its business segment information is the same as the consolidated figures[15] - Geographical information is not presented separately as revenue and results are derived from Hong Kong and Mainland China[16] Other Income and Net Loss The Group's other income, mainly from interest, decreased, while other net losses, primarily from foreign exchange, were significantly reduced Other Income and Net Loss Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Other income | | | | Interest income | 20,934 | 24,063 | | Others | 1,402 | 1,561 | | Total other income | 22,336 | 25,625 | | Other net loss | | | | Net foreign exchange loss | (163) | (1,946) | | Net loss on disposal of fixed assets | (1) | (2) | | Total other net loss | (164) | (1,948) | - Interest income decreased from 24,063 thousand Yuan in 2024 to 20,934 thousand Yuan in 2025[17] - Net foreign exchange loss significantly decreased from 1,946 thousand Yuan in 2024 to 163 thousand Yuan in 2025[17] (Loss)/Profit Before Taxation The pre-tax loss was mainly driven by changes in investment property valuation, with a slight decrease in finance costs and an increase in impairment losses Breakdown of Selected Items | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Finance costs | | | | Interest on bank loans | 10,438 | 11,206 | | Other borrowing costs | 730 | 250 | | Interest on government land premium payable | 71 | 76 | | Total finance costs | 11,239 | 11,532 | | Other items | | | | Depreciation charge | 4,323 | 4,539 | | Impairment losses on trade receivables | 2,304 | 1,095 | - Total finance costs slightly decreased from 11,532 thousand Yuan in 2024 to 11,239 thousand Yuan in 2025[17] - Impairment losses on trade receivables increased from 1,095 thousand Yuan in 2024 to 2,304 thousand Yuan in 2025[17] Income Tax The Group's total income tax remained stable, comprising Hong Kong Profits Tax and Mainland China Enterprise Income Tax Income Tax Breakdown | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Current tax | | | | Hong Kong Profits Tax | 17,775 | 17,811 | | Mainland China Enterprise Income Tax | 35 | 50 | | Deferred tax | | | | Change in fair value of investment properties | (131) | (123) | | Origination and reversal of temporary differences | 8,276 | 8,310 | | Total income tax | 25,955 | 26,048 | - Hong Kong Profits Tax is calculated at a rate of 16.5%, with some subsidiaries applying the two-tiered rates of 8.25% and 16.5%[19] - Total deferred tax decreased slightly from 8,187 thousand Yuan in 2024 to 8,145 thousand Yuan in 2025[19] Dividends The Board proposed a final dividend of 0.08 Yuan per share, bringing the total dividend for the year to 0.14 Yuan per share, a decrease from the prior year Dividend Summary | Dividend Type | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Interim dividend declared and paid (0.06 Yuan per share) | 28,484 | 28,484 | | Proposed final dividend (0.08 Yuan per share) | 37,979 | 47,473 | | Total dividends for the year | 66,463 | 75,957 | - The proposed final dividend decreased from 0.10 Yuan per share in 2024 to 0.08 Yuan per share in 2025[20] - The total dividend for the year is 0.14 Yuan per share, lower than the 0.16 Yuan per share in 2024[30] (Loss)/Earnings Per Share Basic loss per share was 0.68 Yuan, based on the loss attributable to equity shareholders and the number of issued shares, with no potential dilutive shares (Loss)/Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/profit attributable to equity shareholders of the Company | (321,982,000) Yuan | 193,732,000 Yuan | | Number of shares in issue | 474,731,824 shares | 474,731,824 shares | | Basic and diluted (loss)/earnings per share | (0.68) Yuan | 0.41 Yuan | - Basic earnings per share shifted from a profit of 0.41 Yuan in 2024 to a loss of 0.68 Yuan in 2025[22] - There were no potential dilutive shares in either 2025 or 2024[22] Trade Receivables, Deposits and Prepayments Total trade receivables, net of credit loss allowance, increased at the end of the reporting period, with a decrease in amounts overdue by more than 3 months Aging Analysis of Trade Receivables | Aging | As at March 31, 2025 (in thousands of Yuan) | As at March 31, 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | Not yet due | 101,147 | 89,328 | | Overdue by less than 1 month | 3,881 | 5,636 | | Overdue by 1 to 3 months | 3,736 | 4,554 | | Overdue by more than 3 months but less than 12 months | 388 | 1,159 | | Overdue by more than 12 months | 1,327 | 3,519 | | Total overdue amount | 9,332 | 14,868 | | Total trade receivables | 110,479 | 104,196 | | Deposits and prepayments | 9,984 | 10,250 | | Total | 120,463 | 114,446 | - Total trade receivables (net of credit loss allowance) increased from 104,196 thousand Yuan in 2024 to 110,479 thousand Yuan in 2025[23] - Receivables overdue for more than 3 months decreased from 4,678 thousand Yuan (1,159+3,519) in 2024 to 1,715 thousand Yuan (388+1,327) in 2025[23] Other Payables and Accrued Charges All other payables and accrued charges are expected to be settled within one year - All other payables and accrued charges are expected to be settled within one year[25] Business Review and Outlook Business Review For fiscal year 2025, operating profit before valuation changes was stable, but a significant valuation loss on investment properties was recorded - Operating profit before changes in the valuation of investment properties was 188,700,000 Yuan, similar to the previous financial year[29] - The valuation of investment properties shifted from a gain of 230,900,000 Yuan last year to a loss of 753,800,000 Yuan this year, with no impact on cash flow[29] Key Performance Indicators | Metric | 2025 (in thousands of Yuan) | 2024 (in thousands of Yuan) | | :--- | :--- | :--- | | (Loss)/profit attributable to equity shareholders | (322,000) | 193,700 | | iSQUARE rental income | 296,500 | 290,000 (estimated) | | iSQUARE occupancy rate | 77.1% | 73.1% | | Group's total equity | 7,521,100 | 8,273,100 | | Gearing ratio | 2.7% | 2.4% | | Number of employees | 38 persons | 37 persons | | Staff-related expenses | 32,400 | 30,400 | - Rental income from iSQUARE increased by approximately 2.3%, and the occupancy rate rose from 73.1% to 77.1%[29] - The Group's total equity decreased from 8,273,100 thousand Yuan to 7,521,100 thousand Yuan, and the gearing ratio increased from 2.4% to 2.7%[29] Outlook Management anticipates a negative impact on rental income and operating results next year due to the slow recovery of Hong Kong's retail and F&B sectors - The recovery of Hong Kong's retail and food and beverage sectors is hindered by changes in the spending patterns of residents and tourists[28] - Management expects a negative impact on the rental income of iSQUARE and the Group's operating results in the next financial year[28] - Management will continue to take appropriate measures to cope with the changing environment[28] Corporate Governance and Compliance Dividends The Board proposed a final dividend of 0.08 Yuan per share, bringing the total annual dividend to 0.14 Yuan per share, payable on October 17, 2025 - The Board of Directors recommends a final dividend of 0.08 Yuan per share for the year ended March 31, 2025 (2024: 0.10 Yuan per share)[30] - The Company has paid an interim dividend of 0.06 Yuan per share (2024: 0.06 Yuan per share)[30] - The total dividend for the year is 0.14 Yuan per share (2024: 0.16 Yuan per share)[30] - The proposed final dividend will be paid on October 17, 2025, to members on the register as of September 22, 2025[30] Annual General Meeting and Record Dates The Annual General Meeting will be held on September 5, 2025, with specific record dates set for determining attendance and dividend eligibility - The Annual General Meeting will be held on Friday, September 5, 2025[31] Record Date for AGM Eligibility | Event | Date/Time | | :--- | :--- | | Last time to lodge transfer documents for registration | 4:30 p.m. on Thursday, August 28, 2025 | | Closure of register of members | Friday, August 29, 2025 to Friday, September 5, 2025 | | Record date | Friday, September 5, 2025 | Record Date for Final Dividend Eligibility | Event | Date/Time | | :--- | :--- | | Last time to lodge transfer documents for registration | 4:30 p.m. on Wednesday, September 17, 2025 | | Closure of register of members | Thursday, September 18, 2025 to Monday, September 22, 2025 | | Record date | Monday, September 22, 2025 | Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year - During the year, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities[35] Compliance with the Corporate Governance Code The Company complied with the Corporate Governance Code in FY2025 with a few deviations, including insurance, role overlap, and internal audit function - The Company has not arranged appropriate insurance cover for legal actions against its directors, as the Board considers the risk low and the cost not justifiable[36] - The roles of Chairman and Chief Executive Officer are held by the same individual, but the Board believes the current structure maintains a balance of power[37] - The Company currently does not have an internal audit function, as the Board deems existing risk management sufficient and establishing one not cost-effective[39][40] - Details of senior management's remuneration by band are not disclosed in the annual report to avoid undue comparison and protect sensitive information[41] Model Code for Securities Transactions The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance for the 2025 fiscal year - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers[42] - All directors have confirmed their compliance with the Model Code for the financial year ended March 31, 2025[42] Amendments to the Articles of Association The Board proposes amending the Articles of Association to align with regulations on virtual meetings and treasury shares, subject to shareholder approval - The Board proposes to amend the Articles of Association to comply with the Listing Rules and Companies Ordinance regarding virtual or hybrid general meetings, electronic voting, and treasury shares[44] - The proposed amendments are subject to the passing of a special resolution by shareholders at the upcoming Annual General Meeting[44] Publication of Annual Results and Annual Report This announcement is available on the HKEX and company websites, and the full annual report for the year ended March 31, 2025, will be dispatched later - This announcement is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[45] - The annual report for the year ended March 31, 2025, will be dispatched to members and published on the websites in due course[45]