金利来集团(00533) - 2025 - 中期业绩

Financial Summary Consolidated Income Statement For the six months ended June 30, 2025, the Group's turnover decreased by 19.2% to HK$487 million, resulting in an operating loss of HK$14.15 million from a profit of HK$55.92 million last year, and a loss attributable to owners of HK$3.96 million Key Interim Performance Indicators | Indicator | For the six months ended June 30, 2025 (HK$ Thousand) | For the six months ended June 30, 2024 (HK$ Thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Turnover | 487,111 | 603,261 | -19.2% | | Gross Profit | 288,954 | 361,871 | -20.1% | | Operating (Loss) / Profit | (14,148) | 55,924 | N/A (Turned to Loss) | | (Loss) / Profit Attributable to Owners of the Company | (3,960) | 58,233 | N/A (Turned to Loss) | | Basic (Loss) / Earnings Per Share (HK Cents) | (0.41) | 5.98 | N/A (Turned to Loss) | Consolidated Statement of Comprehensive Income Despite an operating loss, total comprehensive income for the period significantly improved to HK$86.2 million, from a loss of HK$8.76 million last year, primarily due to positive exchange differences from RMB appreciation Changes in Comprehensive Income | Item (HK$ Thousand) | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | (Loss) / Profit for the Period | (3,944) | 58,240 | | Exchange Differences | 76,651 | (74,436) | | Total Comprehensive Income for the Period | 86,201 | (8,760) | Consolidated Statement of Financial Position As of June 30, 2025, the Group maintained a robust financial position with total assets of HK$5.24 billion and total equity of HK$4.44 billion, with investment properties being the largest non-current asset Balance Sheet Summary (As at Period End) | Indicator (HK$ Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,242,929 | 5,146,477 | | Total Liabilities | 807,445 | 797,194 | | Total Equity | 4,435,484 | 4,349,283 | | Investment Properties | 2,658,006 | 2,604,529 | | Bank Balances and Cash | 1,131,027 | 1,050,536 | Notes to the Financial Statements Significant Accounting Policies The interim financial information is prepared in accordance with HKAS 34, with consistent accounting policies, and new standards are not expected to have a material impact - Financial information is prepared in accordance with HKAS 34, with accounting policies consistent with annual statements[6][7] Turnover and Segment Information Group turnover declined by 19.2%, with China and Hong Kong apparel business revenue down 24.1% and turning to loss, while property investment and development revenue slightly decreased Segment Turnover and Results (For the six months ended June 30) | Operating Segment (HK$ Thousand) | 2025 Turnover | 2024 Turnover | 2025 Segment Results | 2024 Segment Results | | :--- | :--- | :--- | :--- | :--- | | China and Hong Kong Apparel Business | 350,101 | 461,487 | (16,333) | 46,904 | | Singapore Apparel Business | 17,081 | 18,535 | (3,461) | (2,337) | | Property Investment and Development | 125,494 | 129,043 | 31,223 | 41,185 | Turnover by Revenue Source (For the six months ended June 30) | Revenue Source (HK$ Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Sale of Goods | 335,005 | 439,332 | | Sale of Properties | 27,987 | 28,334 | | Rental Income from Investment Properties | 72,002 | 74,299 | Other Financial Notes Investment property fair value loss expanded to HK$22.95 million, income tax expense significantly decreased, and the interim dividend was halved to 1.0 HK cents per share - Investment property fair value loss was HK$22.95 million, compared to HK$19.82 million in the prior period[12] - The Board recommended an interim dividend of 1.0 HK cents per share, a 50% year-on-year decrease[17][20] - Net trade receivables decreased from HK$88.67 million at the beginning of the year to HK$52.37 million[18] Management Discussion and Analysis Operating Results Analysis Under macroeconomic uncertainties, the Group's H1 2025 performance was pressured, with turnover down 19%, resulting in an operating loss of HK$14.15 million and a 79% adjusted profit decline - Total turnover was HK$487 million, a 19% year-on-year decrease, primarily due to revenue declines across all major businesses[21] - The Group recorded an operating loss of HK$14.15 million for the period, compared to an operating profit of HK$55.92 million in the prior period[26] - Excluding the after-tax net loss from fair value changes of investment properties, profit for the period was HK$15.58 million, a year-on-year decrease of approximately 79%[27] Business Review All core businesses faced challenges, with China apparel revenue down 24% due to market competition, property investment rental income down 3% from rising vacancies, and slow property development inventory clearance Apparel Business China and Hong Kong apparel business revenue fell 24%, with wholesale sales halved and retail/e-commerce also declining, while Singapore sales dropped 11% in local currency, widening losses - China apparel business recorded a total turnover of HK$318 million, a year-on-year decrease of approximately 24%[28] - Domestic key channel sales performance: * Wholesale sales: down 50% * Self-operated retail: same-store sales down 12% * Outlets: sales down approximately 30% * E-commerce business: sales down approximately 14%[28][29] - Singapore apparel sales were HK$17.08 million, a year-on-year decrease of approximately 8% (11% in local currency), with business losses widening[31] Property Investment and Development The property investment market faced a severe environment, with total rental and property management income down 3%, Guangzhou's "Goldlion Digital Network Tower" occupancy rate falling to 77%, and slow sales for the Meixian "Goldlion Garden" project - Total rental and property management income for the period decreased by approximately 3% year-on-year, mainly due to increased vacancy rates in some properties[32] - Guangzhou's "Goldlion Digital Network Tower" occupancy rate decreased to 77%, and Shenyang's "Goldlion Commercial Building" revenue fell 17% due to rent concessions[33] - Only 34 units of the Meixian "Goldlion Garden" property development project were sold during the period, with a significant number of units remaining for sale[33] Outlook The Group anticipates continued challenging operating conditions in H2 2025, with strategies including optimizing domestic apparel, integrating distribution, enhancing Singapore operations, and launching a snooker apparel series - The operating environment in H2 2025 is expected to remain challenging, with slow recovery in domestic consumer confidence and a difficult operational outlook[35] - The Group plans to launch a snooker apparel series, promoting it through event and player sponsorships[36] - The property investment business will focus on improving property leasing and flexibly selling the remaining units of Meixian "Goldlion Garden"[36] Financial Position The Group's financial position is exceptionally robust, with approximately HK$1.13 billion in cash, zero bank loans, a zero debt-to-asset ratio, and a high current ratio of 6.1 Key Financial Position Indicators (As at June 30, 2025) | Indicator | Value | | :--- | :--- | | Cash and Bank Balances | HK$1.13 billion | | Bank Loans and Overdrafts | Zero | | Debt-to-Asset Ratio | Zero | | Current Ratio | 6.1 | Other Information Dividends and Shares The Board recommended an interim dividend of 1.0 HK cents per share, totaling HK$9.74 million, to be paid on September 17, 2025, with no share repurchases or sales during the period - Proposed interim dividend of 1.0 HK cents per share (2024: 2.0 HK cents), totaling HK$9.74 million[20] - The Company did not conduct any share repurchases or sales during the period[41] Human Resources As of June 30, 2025, the Group employed approximately 1,600 staff, with total staff costs, including directors' emoluments, amounting to HK$111 million, largely consistent with the prior period Human Resources Data | Indicator | Value | | :--- | :--- | | Total Staff (As at June 30, 2025) | Approximately 1,600 persons | | Six-month Staff Costs (HK$ Thousand) | 111,454 | Corporate Governance and Audit The Company complied with the Listing Rules' Corporate Governance Code, with the Chairman and CEO roles combined for effective leadership, and both the Audit Committee and external auditors reviewed the interim financial information - The Company has complied with the provisions of the Corporate Governance Code[42] - Both the Audit Committee and external auditors have reviewed the interim financial information[43][44]