美丽华酒店(00071) - 2025 - 中期业绩

Summary The Group's H1 2025 revenue decreased by 7.6% to HKD 1.295 billion, with profit attributable to shareholders falling 13.7% to HKD 322.1 million H1 2025 Key Financial Metrics (HKD) | Metric | H1 2025 (HKD) | H1 2024 (HKD) | | :--- | :--- | :--- | | Revenue | 1.295 billion | 1.4008 billion | | Profit attributable to shareholders | 322.1 million | 373.1 million | | Underlying profit attributable to shareholders* | 341.8 million | 398.1 million | | Earnings per share | 0.47 | 0.54 | | Underlying earnings per share* | 0.49 | 0.58 | | Interim dividend (per share) | 0.23 | 0.23 | - The Group's revenue decreased by 7.6% to HKD 1.295 billion[5] - Profit attributable to shareholders decreased by 13.7% to HKD 322.1 million[6] - Underlying profit attributable to shareholders (excluding post-tax impact of investment property revaluation changes) decreased by 14.1% to HKD 341.8 million[6] Chairman and Chief Executive Officer's Report This section provides an overview of the Group's consolidated results, interim dividend, business developments, and future outlook Consolidated Results Group's H1 2025 revenue decreased by 7.6% to HKD 1.295 billion, with profit attributable to shareholders down 13.7% to HKD 322.1 million, and underlying EPS at HKD 0.49 H1 2025 Consolidated Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,295,000 | 1,400,800 | -7.6% | | Profit attributable to shareholders | 322,100 | 373,100 | -13.7% | | Underlying profit attributable to shareholders | 341,800 | 398,100 | -14.1% | | Underlying earnings per share | 0.49 | 0.58 | -15.5% | Interim Dividend The Board declared an interim dividend of HKD 0.23 per share for H1 2025, consistent with the prior year, payable on October 14, 2025 Interim Dividend Per Share (HKD cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interim dividend (per share) | HKD 23 cents | HKD 23 cents | - The interim dividend will be paid on Tuesday, October 14, 2025, to shareholders registered in the Company's register of members at the close of business on Friday, September 26, 2025[9] Overview Facing global economic challenges and local consumption shifts, the Group adopted a "cost-saving and innovation, steady progress" strategy, optimizing business segments and exploring new opportunities - Global economic slowdown, persistent geopolitical tensions, tariff wars, and increased cross-border consumption by Hong Kong residents (over 8,600 daily vehicle trips to mainland in H1 2025, 354,317 daily holiday border crossings in 2024) pose severe challenges to the hotel, retail, and F&B sectors[10] - The Group adopted a 'cost-saving and innovation, steady progress' strategy, actively expanding flagship stores and introducing international brands in its mall business, restructuring restaurant portfolios and strictly controlling costs in F&B, while exploring new business and market opportunities[10] Business Development The Group achieved significant milestones in business development, including Muslim-friendly certifications for its hotels and restaurants, high occupancy rates, stable rental occupancy, and ESG recognition - The Mira Hong Kong and Mira Moon Hotel both received CrescentRating 5-level certification, with The Mira Hong Kong awarded 'Muslim-Friendly Hotel of the Year'[11] - The Group's upscale Chinese restaurant 'Cuisine Cuisine' became Hong Kong's first 'Halal-Friendly' certified upscale Chinese restaurant, establishing a solid foundation for the Muslim tourism market[11] - The Mira Hong Kong and Mira Moon Hotel maintained high average occupancy rates of 90.3% and 92.9% respectively, demonstrating strong competitiveness in the high-end hotel market[12] - The Group's office and mall properties maintained average occupancy rates above 90%, achieving favorable results through optimized asset management and tenant mix strategies[13] - The Group received the 'Best ESG (Corporate Governance) (Small Cap)' award at the 11th Hong Kong Investor Relations Awards, demonstrating its commitment to sustainable development[13] Outlook Despite global uncertainties, the Group remains confident in Hong Kong's long-term prospects, focusing on digital transformation, AI, customer experience, and cost control to drive future growth - The Group is confident in Hong Kong's long-term development, anticipating new momentum for tourism and related industries from Greater Bay Area integration policies (e.g., 'multiple-entry visas', 'southbound vehicles', and expanded 'individual visit scheme' cities) and government-promoted mega-events[14] - The Group will continue to prioritize 'innovation and technology empowerment to drive business development', focusing on digital transformation, AI applications, customer service experience optimization, and building a membership economy ecosystem[14] - The Group will strictly control costs to enhance resource efficiency, ensuring steady business progress in a volatile environment and creating long-term sustainable value for stakeholders[14][15] Acknowledgements The Board extends gratitude to shareholders, customers, partners, and employees, and acknowledges Mr. Lau Yam Chuen's 29 years of valuable contributions upon his retirement - The Board sincerely thanks all shareholders, customers, partners, and employees for their support and trust[15] - Mr. Lau Yam Chuen retired as an Executive Director of the Company on June 5, 2025, and the Board expresses sincere gratitude for his valuable contributions over the past 29 years[16] Management Discussion and Analysis This section provides a detailed analysis of the Group's performance across its various business segments, treasury management, and financial position Hotel and Serviced Apartment Business Total revenue for hotel and serviced apartments decreased by 5.7% to HKD 280 million, with EBITDA down 29.0% to HKD 53.5 million, despite high occupancy rates, due to market challenges H1 2025 Hotel and Serviced Apartment Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 280,000 | 296,900 | -5.7% | | EBITDA | 53,500 | 75,400 | -29.0% | - Hong Kong's tourism heavily relies on the mainland market (75.0% of visitors are mainland tourists), but average daily room rates in the local hotel market declined, and business travel demand significantly decreased due to mainland outbound travel policies, re-imposition of hotel room tax, and US tariff wars[19] - The Group actively implemented various marketing strategies, including deepening cooperation with domestic and international travel agencies, local promotions, launching diverse travel packages, and leveraging government-promoted mega-events to enhance hotel visibility and occupancy[19] - The Mira Hong Kong and Mira Moon Hotel recorded average occupancy rates of 90.3% and 92.9% respectively, demonstrating relatively robust resilience despite The Mira Hong Kong undergoing large-scale IoT facility upgrades since June[20] Rental Business Rental business revenue decreased by 3.9% to HKD 385.5 million, with EBITDA down 5.2% to HKD 322.8 million, as the Group revitalized malls and enhanced tenant mix amidst a weak retail market H1 2025 Rental Business Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 385,500 | 401,200 | -3.9% | | EBITDA | 322,800 | 340,400 | -5.2% | - Facing a weak overall retail consumption market and sustained pressure on leasing demand in Hong Kong, the Group adopted proactive mall management strategies, including expanding flagship stores and introducing international trendy brands to refresh mall image and enhance customer choices[22] - Mira Place launched several innovative promotional activities, such as the 'Pottery Blossom' ceramic floral art installation and 'Mira Brew Fest', effectively attracting footfall and enhancing customer engagement[22] - The Group plans to apply AI in mall management to enhance tenant visit and dwell rates, and focus on deepening big data analytics applications, developing CRM and CDP systems to build a membership economy ecosystem[22] - During the period, the Group's office and mall properties maintained average occupancy rates above 90%[22] Changes in Fair Value of Investment Properties The fair value of investment properties decreased by HKD 14.7 million in the period, with a total book value of HKD 15 billion as of June 30, 2025, a non-cash adjustment H1 2025 Investment Property Fair Value Changes (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Net decrease in fair value of investment properties | 14,700 | 17,800 | | Book value of investment properties (June 30, 2025) | 15,000,000 | N/A | - The fair value of investment properties is determined based on opinions obtained from an external professional valuer appointed by the Group (Cushman & Wakefield Limited), measured using the income capitalization approach[23][55] - The revaluation decrement is non-cash in nature and does not have a material impact on the Group's cash flow[23] Food and Beverage Business F&B revenue decreased by 2.4% to HKD 139.4 million, with a reported EBITDA loss of HKD 2.8 million, but an underlying EBITDA profit of HKD 3.8 million after adjusting for one-off closure provisions H1 2025 Food and Beverage Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 139,400 | 142,800 | -2.4% | | EBITDA (Reported) | (2,800) | 30 | N/A | | EBITDA (Excluding one-off losses) | 3,800 | N/A | N/A | | One-off loss provision and other expenses for restaurant closures | 6,600 | N/A | N/A | - Hong Kong's F&B market faces intense competition, influenced by sustained cross-border consumption by Hong Kong residents, high rents, rising operating costs, and increasingly cautious local consumers amid economic uncertainty[25] - The Group flexibly adjusted its restaurant portfolio, optimized operational efficiency and cost structure, and actively promoted various special events and collaborations with multiple renowned brands[25] - The Group's restaurant 'Cuisine Cuisine' was awarded a One Diamond rating in the 'Black Pearl Restaurant Guide 2025', while digital channels and online store sales promotion continued to strengthen, maintaining ideal online sales growth[25] Travel Business Travel business revenue decreased by 12.4% to HKD 490.5 million, with EBITDA down 61.6% to HKD 15.4 million, impacted by economic weakness, exchange rate fluctuations, and geopolitical events H1 2025 Travel Business Performance (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 490,500 | 560,000 | -12.4% | | EBITDA | 15,400 | 40,100 | -61.6% | - Weak local economy, exchange rate fluctuations, and geopolitical security factors suppressed travel demand, especially for long-haul and high-end travel products, with incidental events (e.g., Southeast Asian telecom fraud, Japan earthquake rumors, Middle East conflicts) exacerbating challenges[27] - Leveraging extensive industry experience and a broad network, the Group adopted diversified cooperation and joint promotion strategies, flexibly adjusting product portfolios to launch distinctive travel solutions[27] - The Group, in collaboration with the Consulate General of Turkey in Hong Kong and its hotel The Mira Hong Kong, hosted Hong Kong's first Ramadan Iftar dinner, significantly enhancing the Group's position in the Muslim travel market[27] Operating and Other Expenses Total operating costs decreased by 7.4% to HKD 117.2 million, but excluding exchange impacts, costs rose 10.9% to HKD 134.3 million due to inflation and increased professional fees H1 2025 Operating Costs (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Costs | 117,200 | 126,500 | -7.4% | | Operating costs excluding net exchange gains/(losses) | 134,300 | 121,000 | +10.9% | - Cost increases were primarily driven by higher basic operating expenses in an inflationary environment, as well as increased professional and investment fees[28] - The Group plans strategic investments in digital transformation and system upgrades to optimize its operating structure, expecting significant long-term reductions in labor costs and enhanced value creation efficiency[28] Treasury Management and Financial Position The Group's financial position remains robust with HKD 6.2 billion in cash and zero debt, despite a 1.2% drop in effective annual interest rate on time deposits due to rate cuts H1 2025 Treasury Management (HKD thousand) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Effective annual interest rate on time deposits | 3.7% | 4.9% | -1.2% | | Decrease in interest income | HKD 30,400 thousand | N/A | N/A | Financial Position (HKD thousand) | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Consolidated cash | 6,200,000 | 6,000,000 | | Loans | 0 | 0 | | Total credit facilities granted | 900,000 | 900,000 | | Debt-to-capital ratio | 0 | 0 | - The Group maintains a sound financial policy with ample funds and credit facilities, actively seeking new high-growth businesses and market opportunities to enhance shareholder returns[29] Consolidated Statement of Profit or Loss—Unaudited The unaudited consolidated statement of profit or loss shows a 7.6% decrease in revenue to HKD 1.295 billion and a 13.7% decrease in profit attributable to shareholders to HKD 322.1 million for H1 2025 H1 2025 Consolidated Statement of Profit or Loss (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,294,971 | 1,400,837 | -7.6% | | Gross profit | 430,296 | 490,147 | -12.2% | | Profit before tax | 386,108 | 465,023 | -16.9% | | Profit for the period | 332,265 | 400,478 | -17.1% | | Profit attributable to shareholders | 322,118 | 373,111 | -13.7% | | Earnings per share (basic and diluted) | HKD 0.47 | HKD 0.54 | -13.0% | Consolidated Statement of Profit or Loss and Other Comprehensive Income—Unaudited The unaudited consolidated statement shows a 17.1% decrease in profit for the period to HKD 332.3 million and an 11.7% decrease in total comprehensive income to HKD 365.8 million for H1 2025 H1 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the period | 332,265 | 400,478 | -17.1% | | Equity securities designated at fair value through other comprehensive income—fair value changes | 8,148 | 30,504 | -73.3% | | Exchange differences on translation of financial statements of subsidiaries outside Hong Kong | 25,435 | (16,883) | N/A | | Total comprehensive income for the period | 365,848 | 414,099 | -11.7% | | Total comprehensive income attributable to shareholders | 350,621 | 391,027 | -10.3% | Consolidated Statement of Financial Position The consolidated statement of financial position as of June 30, 2025, shows total net assets of HKD 21.209 billion, with investment properties valued at HKD 15.053 billion and cash at HKD 6.250 billion Consolidated Statement of Financial Position (HKD thousand) | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Investment properties | 15,052,621 | 15,042,111 | | Other properties, plant and equipment | 245,499 | 259,950 | | Interests in associates | 1,414 | 1,289 | | Equity securities designated at fair value through other comprehensive income | 63,993 | 263,416 | | Deferred tax assets | 16,403 | 16,662 | | Inventories | 113,299 | 114,597 | | Trade and other receivables | 282,769 | 291,387 | | Financial assets at fair value through profit or loss | 652,731 | 460,427 | | Cash and bank balances | 6,249,876 | 5,994,477 | | Tax recoverable | 459 | 1,155 | | Trade and other payables | (585,806) | (450,306) | | Rental deposits received | (84,273) | (72,228) | | Contract liabilities | (140,958) | (153,338) | | Lease liabilities (current) | (45,108) | (46,349) | | Tax payable | (51,067) | (45,875) | | Deferred liabilities | (179,737) | (190,217) | | Lease liabilities (non-current) | (30,401) | (48,350) | | Deferred tax liabilities | (352,668) | (338,882) | | Share capital | 2,227,024 | 2,227,024 | | Reserves | 18,799,613 | 18,656,280 | | Total equity attributable to shareholders of the Company | 21,026,637 | 20,883,304 | | Non-controlling interests | 182,409 | 216,622 | | Net Assets | 21,209,046 | 21,099,926 | Notes This section details the basis of preparation, changes in accounting policies, segment reporting, profit before tax, taxation, dividends, earnings per share, investment properties, and various receivables and payables Basis of Preparation The interim financial report is prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies with 2024, and has been reviewed by KPMG and the Audit Committee - This interim financial report has been prepared in accordance with the applicable Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[35] - This interim financial report has been prepared in accordance with the same accounting policies adopted in the 2024 annual financial statements, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[35] - This interim financial report is unaudited, but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410, and by the Company's Audit Committee[36] Changes in Accounting Policies The Group applied HKAS 21 amendment on exchange rate changes, which had no material impact as it conducts no non-convertible foreign currency transactions, and no other new standards were applied - The Group has applied the amendment to Hong Kong Accounting Standard 21 'The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability' in the current accounting period, but this amendment has no material impact on the Group's financial performance or position[38] - The Group does not engage in foreign currency transactions that cannot be exchanged into another currency[38] - The Group has not applied any new standards or interpretations that are not yet effective in the current accounting period[39] Revenue and Segment Reporting The Group reports five segments: rental, hotel and serviced apartments, F&B, travel, and other, with segment results measured by adjusted EBITDA, and revenue recognition varying by business - The Group has identified five reportable segments: rental business, hotel and serviced apartment business, food and beverage business, travel business, and other[40][41] - Reportable segment results are measured by 'adjusted EBITDA', which is further adjusted for items not specifically attributable to individual segments[41] H1 2025 Revenue and Adjusted EBITDA by Business Segment (HKD thousand) | Business Segment | H1 2025 Revenue (HKD thousand) | H1 2024 Revenue (HKD thousand) | H1 2025 Adjusted EBITDA (HKD thousand) | H1 2024 Adjusted EBITDA (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Rental Business | 385,468 | 401,156 | 322,810 | 340,418 | | Hotel and Serviced Apartment Business | 279,572 | 296,913 | 53,466 | 75,392 | | Food and Beverage Business | 139,429 | 142,787 | (2,806) | 28 | | Travel Business | 490,502 | 559,981 | 15,377 | 40,102 | | Other | — | — | (99) | (49) | | Total | 1,294,971 | 1,400,837 | 388,748 | 455,891 | - Hotel room rental income is recognized over time during guests' stay, F&B sales and other ancillary service income are recognized when services are provided, and travel business income is recognized upon tour departure or ticket issuance[45] Profit Before Tax Profit before tax is calculated after deducting staff costs of HKD 285 million and finance costs of HKD 1.409 million, and including dividend and interest income of HKD 111.7 million H1 2025 Profit Before Tax Components (HKD thousand) | Item | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Staff costs | 284,986 | 284,933 | | - Contributions to defined contribution retirement schemes | 11,736 | 11,535 | | - Salaries, wages and other benefits | 273,250 | 273,398 | | Finance costs (interest expense on lease liabilities) | 1,409 | 992 | | Dividend and interest income | (111,736) | (143,479) | | Net investment fair value (gain)/loss on financial assets at fair value through profit or loss | (3,585) | 4,182 | Taxation Total taxation for H1 2025 was HKD 53.843 million, comprising Hong Kong profits tax of HKD 42.848 million, overseas tax of HKD 1.857 million, and deferred tax of HKD 9.138 million H1 2025 Taxation (HKD thousand) | Item | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Taxation—Hong Kong profits tax | 42,848 | 55,021 | | Taxation—Tax outside Hong Kong | 1,857 | 299 | | Deferred tax | 9,138 | 9,225 | | Total taxation | 53,843 | 64,545 | - Hong Kong profits tax provision is calculated at a rate of 16.5% on the estimated assessable profits for the period[47] - Tax outside Hong Kong is calculated at the applicable tax rates in the jurisdictions where the Group is assessed for tax[48] Dividends The Board declared an interim dividend of HKD 0.23 per share, totaling HKD 158.9 million, consistent with the prior year, and approved a final dividend of HKD 0.30 per share for the previous fiscal year H1 2025 Dividends (HKD thousand) | Dividend Type | H1 2025 (per share) | H1 2024 (per share) | Amount (HKD thousand) | | :--- | :--- | :--- | :--- | | Interim dividend | HKD 23 cents | HKD 23 cents | 158,921 | | Dividends approved for previous fiscal year | HKD 30 cents | HKD 30 cents | 207,288 | - The interim dividend declared after the interim balance sheet date was not recognized as a liability at the end of the reporting period[49] - The 2024 final dividend and 2023 final dividend were paid on July 10, 2025, and July 11, 2024, respectively[51] Earnings Per Share Basic and diluted EPS was HKD 0.47, calculated on profit attributable to shareholders of HKD 322.1 million, while underlying EPS was HKD 0.49, excluding investment property revaluation impacts H1 2025 Earnings Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to shareholders of the Company (HKD thousand) | 322,118 | 373,111 | | Number of shares in issue (shares) | 690,959,695 | 690,959,695 | | Basic and diluted earnings per share | HKD 0.47 | HKD 0.54 | | Underlying profit attributable to shareholders of the Company (HKD thousand) | 341,831 | 398,140 | | Underlying earnings per share | HKD 0.49 | HKD 0.58 | - As there were no potential ordinary shares outstanding for the six months ended June 30, 2025, and 2024, diluted earnings per share is the same as basic earnings per share[52] - Underlying earnings per share is additionally calculated based on profit attributable to shareholders of the Company, excluding the post-tax impact of changes in fair value of investment properties, to assess the Group's underlying business performance[54] Investment Properties Investment properties were revalued as of June 30, 2025, resulting in a net fair value decrease of HKD 14.686 million, with valuations performed by Cushman & Wakefield using an income capitalization approach H1 2025 Investment Property Fair Value Changes (HKD thousand) | Metric | H1 2025 (HKD thousand) | H1 2024 (HKD thousand) | | :--- | :--- | :--- | | Net decrease in fair value of investment properties | 14,686 | 17,843 | - The fair value of investment properties is measured using the income capitalization approach, which capitalizes the net income from existing leases and after the expiry of current leases[55] - Valuations are performed by an external professional valuer—Cushman & Wakefield Limited[55] Trade and Other Receivables Total trade and other receivables amounted to HKD 282.8 million as of June 30, 2025, with most amounts expected to be recovered within one year, adhering to credit policies of 7 to 60 days Trade and Other Receivables (HKD thousand) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 62,423 | 86,029 | | Other receivables, deposits and prepayments | 220,346 | 205,358 | | Total | 282,769 | 291,387 | - The Group has established credit policies, generally allowing credit terms from 7 to 60 days from invoice date[57] - As of June 30, 2025, all trade and other receivables are expected to be recovered within one year, except for HKD 12,041,000 which is expected to be recovered after more than one year[56] Trade and Other Payables Total trade and other payables were HKD 585.8 million as of June 30, 2025, including trade payables of HKD 74.656 million and dividends payable of HKD 207.288 million, all expected to be settled within one year Trade and Other Payables (HKD thousand) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade payables | 74,656 | 95,866 | | Other payables and accrued expenses | 228,979 | 279,784 | | Amounts due to non-controlling interests of subsidiaries | 70,656 | 70,420 | | Amounts due to associates | 4,227 | 4,236 | | Dividends payable | 207,288 | — | | Total | 585,806 | 450,306 | - All trade and other payables are expected to be settled within one year or on demand[59] - Amounts due to non-controlling interests of subsidiaries are unsecured, interest-free, and have no fixed repayment terms[64] - Amounts due to associates are unsecured, interest-free, and repayable on demand[64] Share Capital As of June 30, 2025, the issued and fully paid share capital remained unchanged at 690,959,695 shares, totaling HKD 2.227 billion Share Capital (HKD thousand) | Metric | June 30, 2025 (Number of shares) | June 30, 2025 (HKD thousand) | December 31, 2024 (Number of shares) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Issued and fully paid share capital | 690,959,695 | 2,227,024 | 690,959,695 | 2,227,024 | Employee Retirement Schemes Hong Kong employees participate in defined contribution or MPF schemes, with employer and employee contributions at 5% of relevant income, while PRC employees participate in local government-managed schemes - The Group's Hong Kong employees participate in defined contribution provident fund schemes as defined by the Occupational Retirement Schemes Ordinance or schemes registered under the Mandatory Provident Fund Schemes Ordinance (MPF)[61] - Under the MPF scheme, both employer and employee are required to contribute 5% of the employee's relevant income to the scheme, with a monthly relevant income cap of HKD 30,000[62] - The Group provides voluntary contribution benefits for employees participating in the MPF scheme, utilizing HKD 47,000 in forfeited contributions to reduce employer contributions for the six months ended June 30, 2025[62] - Employees of subsidiaries in the People's Republic of China are required to participate in defined contribution retirement schemes managed and operated by local municipal governments[63] Other Information This section covers administrative details such as share transfer registration, employee information, training, corporate governance, audit committee review, securities transactions, and forward-looking statements Closure of Register of Members and Record Date for Interim Dividend The Company will close its register of members on September 26, 2025, to determine eligibility for the interim dividend, with transfer documents due by 4:30 PM on September 25, 2025 - The Company will suspend its share transfer registration on Friday, September 26, 2025[65] - The record date for determining shareholders' entitlement to the interim dividend is the close of business on Friday, September 26, 2025[65] - All share transfer documents, together with the relevant share certificates, must be lodged with the Company's share registrar by 4:30 PM on Thursday, September 25, 2025[65] Employees As of June 30, 2025, the Group had 1,307 full-time employees globally, adhering to equal opportunity principles and regularly reviewing compensation and benefits to attract and retain talent Number of Employees (June 30, 2025) | Region | Number of Employees (June 30, 2025) | | :--- | :--- | | Hong Kong | 1,276 | | People's Republic of China | 19 | | Overseas | 12 | | Total | 1,307 | - The Group is an 'equal opportunity employer', promoting a merit-based culture and utilizing 'total rewards management' to attract, recognize, and retain employees[66] - The Group regularly reviews its compensation and benefits schemes to ensure compliance with the latest legal requirements and market practices, and to stay competitive with market conditions and salary levels[66] Training and Development The Group prioritizes continuous learning for employees, offering comprehensive training programs covering various skills, and has consistently received the "Manpower Developer Award Scheme" since 2011 - The Group is committed to providing a continuous learning environment and opportunities for employees at all levels to support their growth and enhance productivity[67] - The Group actively develops a comprehensive learning and development blueprint for employees at all levels, including internal and external training courses covering management/supervisory skills, business knowledge, specialized skills, customer service techniques, and language proficiency[67] - The Group has consistently received the 'Manpower Developer Award Scheme' award from the Employees Retraining Board since 2011[67] Corporate Governance Code The Company complied with the Corporate Governance Code for H1 2025, except for combining the roles of Chairman and CEO, which the Board believes provides consistent leadership and efficient strategy execution - The Company complied with the code provisions set out in Appendix C1 of the Listing Rules, 'Corporate Governance Code', for the six months ended June 30, 2025[68] - The Company has not separated the roles of Chairman and Chief Executive Officer as required by the Corporate Governance Code[68] - The Board believes that the dual role of Dr. Lee Ka Shing as Chairman and Chief Executive Officer is in the best interests of the Company, providing consistent leadership and ensuring efficiency in formulating and executing corporate strategies[68] Audit Committee The Audit Committee reviewed the Group's H1 2025 financial results and discussed internal controls, risk management, and financial reporting with the Head of Audit, Risk Management, and Corporate Services and independent auditors - The Audit Committee has reviewed the Group's financial results for the six months ended June 30, 2025[69] - The Audit Committee discussed matters related to the Group's internal controls, risk management, and financial reporting with the Head of Audit, Risk Management and Corporate Services and the independent auditors[69] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[70] Standard Code for Securities Transactions by Directors The Company adopted the Listing Rules' Standard Code for Securities Transactions by Directors and confirmed all directors complied with its standards during the reporting period - The Company has adopted the 'Standard Code for Securities Transactions by Directors of Listed Issuers' as set out in Appendix C3 of the Listing Rules as its code for directors' dealings in the Company's securities[71] - Following specific enquiry, the Company confirmed that all Directors complied with the required standards set out in the Standard Code during the accounting period covered by the interim report[71] Review of Interim Results The unaudited interim results for the six months ended June 30, 2025, have been reviewed by KPMG, the Company's auditor, in accordance with HKSAE 2410 - The unaudited interim results for the six months ended June 30, 2025, have been reviewed by KPMG, the Company's auditor, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[72] Forward-Looking Statements This announcement contains forward-looking statements based on current beliefs and expectations, which are subject to risks and uncertainties that may cause actual results to differ materially - This announcement contains certain forward-looking statements or uses similar forward-looking terminology, reflecting the Board's current beliefs, assumptions, and expectations regarding the industry and markets in which the Company operates[73] - These forward-looking statements are subject to various risks, uncertainties, and other factors beyond the Company's control, which may cause actual results or performance to differ materially from those expressed or implied by such statements[73] Publication of Interim Results Announcement and Interim Report The interim results announcement is available on the Company's and HKEXnews websites, with the full interim report to be dispatched to shareholders and uploaded later - This interim results announcement is published on the Company's website (www.miramar-group.com) and the HKEXnews website (www.hkexnews.hk)[74](index=74&type=chunk) - The Company's 2025 interim results report will be dispatched to shareholders and uploaded to the aforementioned websites in due course[74]