盛洋投资(00174) - 2025 - 中期业绩

I. Interim Results Summary Financial Performance Overview The company reported a 30.9% revenue decrease to HKD 412 million and an expanded loss of HKD 118 million, primarily due to slower New York residential sales and property revaluations Financial Performance Summary | Metric | 2025 Interim Period (HKD million) | 2024 Interim Period (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 412 | 596 | -30.9 | | Loss Attributable to Shareholders | 118 | 30 | 293.3 (Loss expanded) | - The expanded loss was primarily due to slower sales progress of New York residential projects leading to decreased revenue, and continuous adjustments in the US and Hong Kong commercial real estate markets resulting in downward revaluation of some properties[3] Dividend Policy The Board of Directors does not recommend any interim dividend for 2025, consistent with the prior year - The Board of Directors does not recommend the payment of any interim dividend for the 2025 interim period[4] II. Business Review and Outlook Overview The Group's core business is US property investment and development, managed by GR Realty, with US investment properties accounting for 72% of total assets - The Group's business core is US property investment and property development, managed by GR Realty[5][6] | Asset Category | Percentage of Total Assets (June 30, 2025) | | :--- | :--- | | US Investment Properties | 72% | | Hong Kong Investment Properties | 3% | | US Properties Held for Sale | 6% | US Property Investment The US investment property portfolio, valued at HKD 6.886 billion, generated HKD 348 million in revenue with a 74% average occupancy rate - The US investment property portfolio includes eight commercial properties and residential units in New York City, with some completed development units already leased[7] | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Carrying Value | 6,886 | 6,914 | -0.4 | | Total Revenue (2025 Interim) | 348 | 377 (2024 Interim) | -7.7 | | Average Occupancy Rate (2025 Interim) | 74% | N/A | N/A | US Property Development US property development projects, mainly New York residential redevelopments, had a carrying value of HKD 547 million and generated HKD 54 million in sales revenue - Property development projects primarily consist of three residential redevelopment projects in Manhattan and Brooklyn, New York[9] | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Carrying Value | 547 | 767 | -28.7 | | Property Sales Revenue (2025 Interim) | 54 | 215 (2024 Interim) | -74.9 | Hong Kong Investment Properties Hong Kong investment properties, mainly Grade A office units valued at HKD 293 million, generated HKD 4 million in rental income with 100% occupancy - Hong Kong investment properties primarily consist of Grade A office units on Hong Kong Island[10] | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Carrying Value | 293 | 321 | -8.7 | | Percentage of Total Assets | 3% | 3% | 0 | | Rental Income (2025 Interim) | 4 | 4 (2024 Interim) | 0 | | Average Occupancy Rate (2025 Interim) | 100% | N/A | N/A | Other Businesses Other businesses include fund and securities investments, with the securities portfolio generating income and the fund portfolio incurring a fair value loss | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Securities Investment Portfolio | 138 | 122 | 13.1 | | Securities Investment Income (2025 Interim) | 10 | 15 (2024 Interim) | -33.3 | | Fund Investment Portfolio Carrying Value | 453 | 458 | -1.1 | | Fund Investment Fair Value Loss (2025 Interim) | 8 | 12 (2024 Interim) | -33.3 | Business Outlook The Group expects moderate global economic growth in H2 2025, facing challenges from economic uncertainties and real estate market pressures, and will maintain prudent capital management - Global economic growth is expected to be moderate, but recovery is constrained by sticky core inflation, geopolitical tensions, and remote work trends[5] - The US Federal Reserve has initiated a rate-cutting cycle, but monetary policy adjustments may slow, and property valuations still face pressure[5] - The Group will adhere to a prudent capital management strategy, strengthen cash flow control, and leverage its localized team's experience to flexibly respond to market changes[5] III. Financial Review Revenue Analysis The Group's total revenue for the 2025 interim period was HKD 412 million, a 30.9% decrease from HKD 596 million in the prior year, mainly due to reduced property sales from New York development projects Revenue Component Analysis | Revenue Category | 2025 Interim (HKD million) | 2024 Interim (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Rental Income | 269 | 288 | -6.7 | | Property Leasing Ancillary Services and Management Services Income | 83 | 93 | -10.8 | | Property Sales | 54 | 215 | -74.9 | | Other | 6 | – | N/A | | Total Revenue | 412 | 596 | -30.9 | - The decrease in revenue was primarily due to reduced property sales from development projects located in New York[12] Operating Expenses The Group's operating expenses for the 2025 interim period were HKD 190 million, a 35.8% decrease from HKD 296 million in the prior year, mainly due to lower inventory costs from reduced New York property sales Operating Expense Component Analysis | Expense Category | 2025 Interim (HKD million) | 2024 Interim (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Repairs, Maintenance and Utilities | 65 | 75 | -13.3 | | Property Insurance and Management Expenses | 23 | 25 | -8.0 | | Real Estate Taxes | 54 | 45 | 20.0 | | Inventory Costs | 41 | 136 | -69.8 | | Other | 7 | 15 | -53.3 | | Total Operating Expenses | 190 | 296 | -35.8 | - The decrease in operating expenses was primarily due to reduced property sales from development projects located in New York, leading to lower inventory costs[13] Fair Value Changes of Investment Properties In the 2025 interim period, the Group recorded a fair value change loss of HKD 162 million on investment properties, a slight narrowing from HKD 167 million in the prior year, primarily due to a slowdown in the US and Hong Kong commercial property markets | Metric | 2025 Interim (HKD million) | 2024 Interim (HKD million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Fair Value Change Loss of Investment Properties | 162 | 167 | -3.0 | | Decrease in US Property Value | 134 | N/A | N/A | | Decrease in Hong Kong Property Value | 28 | N/A | N/A | - The overall fair value of investment properties decreased by 2%, primarily due to the slowdown in the US and Hong Kong commercial property markets[14] [Other Income, Gains/ Losses](index=5&type=section&id=3.4%20Other%