中渝置地(01224) - 2025 - 中期业绩

Consolidated Statement of Profit or Loss The company experienced a significant decline from profit to a net loss, with basic and diluted loss per share of 0.95 HK cents for the period Summary of Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 250,337 | 244,093 | 2.56% | | Gross profit | 243,347 | 228,736 | 6.39% | | Other income and gains, net | 172,820 | 166,413 | 3.85% | | Administrative expenses | (124,021) | (159,455) | -22.22% | | Finance costs | (284,938) | (316,747) | -10.04% | | Share of profits/(losses) of joint ventures | 45,010 | 264,340 | -82.98% | | Share of profits/(losses) of associates | (55,355) | (21,043) | 163.05% | | Profit/(loss) before tax | (3,150) | 118,631 | -102.65% | | Income tax expense | (33,604) | (27,625) | 21.64% | | Profit/(loss) for the period attributable to owners of the parent | (36,754) | 91,006 | -140.38% | | Basic and diluted earnings/(loss) per share | (0.95) HK cents | 2.34 HK cents | -140.60% | Other Comprehensive Income/(Loss) Total comprehensive income attributable to owners of the parent significantly increased to HK$1.03 billion, primarily due to substantial foreign currency translation differences Summary of Other Comprehensive Income/(Loss) (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Profit/(loss) for the period | (36,754) | 91,006 | -140.38% | | Fair value changes of cash flow hedges | (56,273) | 69,543 | -180.91% | | Exchange differences on translation of foreign operations | 1,126,235 | (51,660) | 2283.27% | | Other comprehensive income for the period | 1,069,962 | 18,913 | 5556.26% | | Total comprehensive income for the period attributable to owners of the parent | 1,033,208 | 109,919 | 840.00% | Consolidated Statement of Financial Position Total equity increased by 8.08% to HK$13.82 billion, while net current liabilities significantly expanded to HK$1.48 billion Summary of Consolidated Statement of Financial Position (As at June 30) | Indicator | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | | | | | Investment properties | 12,303,466 | 11,061,312 | 11.23% | | Investments in joint ventures | 7,772,418 | 7,324,563 | 6.12% | | Total non-current assets | 22,200,736 | 20,585,585 | 7.84% | | Current assets | | | | | Cash and cash equivalents | 1,878,690 | 1,535,223 | 22.37% | | Total current assets | 2,673,861 | 2,932,292 | -8.74% | | Current liabilities | | | | | Interest-bearing bank and other borrowings | 1,605,226 | 716,080 | 124.17% | | Notes payable | 2,324,011 | 2,321,829 | 0.09% | | Total current liabilities | 4,156,737 | 3,414,602 | 21.73% | | Net current liabilities | (1,482,876) | (482,310) | 207.45% | | Non-current liabilities | | | | | Interest-bearing bank and other borrowings | 6,866,948 | 7,309,226 | -6.05% | | Total non-current liabilities | 6,894,899 | 7,313,522 | -5.72% | | Equity | | | | | Total equity | 13,822,961 | 12,789,753 | 8.08% | Notes This section provides detailed notes on the financial statements, covering accounting policies, segment information, and specific financial items 1. Basis of Presentation and Preparation The interim financial information is prepared under HKAS 34, with the board affirming going concern despite a net current liability and loss, supported by a HK$3 billion committed revolving loan from the controlling shareholder - The Group recorded a loss of HK$36.75 million for the six months ended June 30, 2025, with current liabilities exceeding current assets by HK$1.48 billion[6] - The controlling shareholder, Mr. Cheung Chung Kiu, provided a HK$3 billion committed revolving loan to the Group in December 2024, which remained undrawn as of June 30, 2025, to support liquidity[7] - The Board believes the Group has sound liquidity management and sufficient financial resources, preparing financial information on a going concern basis[7] 2. Changes in Accounting Policies and Disclosures The Group adopted the revised HKAS 21 'Lack of Exchangeability' for the first time, which had no material impact due to the convertibility of the Group's transaction and functional currencies - The Group first adopted the revised HKAS 21 "Lack of Exchangeability," which had no impact on financial statements as all currencies used by the Group are convertible[8][9][10] 3. Segment Information The Group operates in 'Property Development and Investment' and 'Financial Investments' segments, with property contributing HK$250 million in revenue and HK$326 million in segment results, while financial investments recorded a HK$9.4 million loss - The Group's principal operating segments are property development and investment and financial investments[11] Reportable Segment Information (For the six months ended June 30) | Indicator | Property Development and Investment (HK$ '000) | Financial Investments (HK$ '000) | Total (HK$ '000) | | :--- | :--- | :--- | :--- | | 2025 | | | | | Revenue from external customers | 249,986 | 351 | 250,337 | | Segment results | 325,681 | (9,384) | 316,297 | | 2024 | | | | | Revenue from external customers | 222,464 | 21,629 | 244,093 | | Segment results | 493,990 | (21,193) | 472,797 | - In the first half of 2025, revenue from the property development and investment segment increased by 12.37% year-on-year, while financial investment segment revenue decreased significantly by 98.38% year-on-year[13][14] 4. Revenue, Other Income and Gains, Net Total revenue increased by 2.56% to HK$250 million, primarily from investment property rental income, while other income and gains, net, rose by 3.85% to HK$173 million, significantly boosted by net exchange gains Analysis of Revenue, Other Income and Gains, Net (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | | | | | Gross rental income from investment properties under operating leases | 249,986 | 222,464 | 12.37% | | Dividend income from listed equity investments | 351 | 746 | -52.95% | | Dividend income from an unlisted fund investment | - | 20,883 | -100.00% | | Total revenue | 250,337 | 244,093 | 2.56% | | Other income and gains, net | | | | | Bank interest income | 27,044 | 39,283 | -31.29% | | Fair value gains on investment properties | 24,848 | 122,881 | -79.77% | | Fair value gains on financial assets at fair value through profit or loss, net | 10,134 | - | N/A | | Fair value gains on derivative financial instruments, net | 13,550 | 4,106 | 230.02% | | Exchange gains, net | 96,865 | - | N/A | | Total other income and gains, net | 172,820 | 166,413 | 3.85% | 5. Profit/(Loss) Before Tax The Group reported a pre-tax loss of HK$3.15 million, a significant decline from the prior year's profit, influenced by fair value gains, increased exchange gains, and reduced depreciation Components of Profit/(Loss) Before Tax (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of owned assets | 2,861 | 10,398 | -72.48% | | Depreciation of right-of-use assets | 6,880 | 7,034 | -2.19% | | Total depreciation | 9,741 | 17,432 | -44.01% | | Fair value losses/(gains) on financial assets at fair value through profit or loss, net | (10,134) | 21,210 | -147.78% | | Exchange differences, net | (96,865) | 22,403 | -532.30% | | Total employee benefit expenses | 75,077 | 73,266 | 2.47% | 6. Income Tax Income tax expense increased by 21.64% to HK$33.6 million, primarily from UK operations taxed at 25%, with Hong Kong and Mainland China having varying corporate tax rates - Hong Kong profits tax rate is 16.5%, with some subsidiaries subject to a two-tiered tax rate of 8.25%[17] - The UK corporate tax rate is 25%[17] - Mainland China corporate income tax rate is 25%, with Tibetan subsidiaries enjoying a preferential rate of 15%[17] Current Tax Expense for the Period (For the six months ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (%) | | :--- | :--- | :--- | :--- | | United Kingdom | 33,604 | 27,625 | 21.64% | 7. Dividends The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[19] 8. Earnings/(Loss) Per Share Attributable to Owners of the Parent Basic loss per share was 0.95 HK cents, a decline from the prior year's profit, directly reflecting the loss attributable to owners of the parent, with no dilutive potential ordinary shares Calculation of Basic and Diluted Earnings/(Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the parent (HK$ '000) | (36,754) | 91,006 | | Basic and diluted earnings/(loss) per share | (0.95) HK cents | 2.34 HK cents | | Weighted average number of ordinary shares outstanding | 3,882,334,668 | 3,882,334,668 | - The Group had no potential dilutive ordinary shares outstanding during the period, thus basic and diluted earnings/(loss) per share are the same[20] 9. Property and Equipment Additions to property and equipment significantly increased to HK$6.43 million, primarily due to new right-of-use assets Additions to Property and Equipment (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Owned assets | 92 | 34 | | Right-of-use assets | 6,342 | - | | Total additions | 6,434 | 34 | 10. Trade Receivables Trade receivables increased to HK$9.71 million, primarily rental income with minimal credit risk, mostly overdue for less than 12 months Ageing Analysis of Trade Receivables (As at June 30) | Ageing | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 1 month | 1,395 | - | | 1 to 3 months | 6,093 | 7,822 | | 3 to 6 months | 1,078 | 922 | | 6 to 12 months | 1,144 | - | | Total | 9,710 | 8,744 | - Trade receivables primarily consist of rental income, generally collected in advance, with overdue balances regularly reviewed by senior management[24] - The Group faces insignificant credit risk, with expected credit losses being very low[25] 11. Share Capital The company's authorized share capital remained at HK$2 billion, with issued and fully paid share capital at HK$388.23 million, and no interim dividend was declared Share Capital Structure (As at June 30) | Category | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HK$0.10 each) | 2,000,000 | 2,000,000 | | Issued and fully paid share capital (3,882,334,668 ordinary shares of HK$0.10 each) | 388,233 | 388,233 | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[27] Management Discussion and Analysis This section provides management's perspective on the Group's operational and financial performance, strategic outlook, and risk management for the period Business Review The Group continues its property development and investment activities in major global cities, including London, Hong Kong, and Mainland China, focusing on long-term returns through infrastructure and prudent investment - The Group's principal business focuses on property development and investment in major cities across London, Hong Kong, and Mainland China[28] Revenue and Operating Results Total revenue remained stable at HK$250 million, with investment property rental income up 12.4%, while financial investments recorded a HK$10.1 million fair value gain, reversing prior year's loss, but joint venture investments incurred a HK$10.3 million loss, leading to a HK$36.8 million loss attributable to shareholders - Rental income from the investment property portfolio was HK$250 million, an increase of 12.4% from the prior year, mainly due to new leases at One Kingdom Street and the appreciation of GBP against HKD[30] - The financial investment segment recorded a fair value gain of HK$10.1 million (2024: loss of HK$21.2 million) and a realized gain of HK$0.3 million from the redemption of unlisted investment funds[31] - Operating results from joint venture investments recorded a loss of HK$10.3 million (2024: profit of HK$243.3 million), primarily due to reduced residential unit sales at Thames City Phase 1 and lower expected priority returns from The Whiteley[31] - Loss attributable to shareholders was HK$36.8 million (2024: profit of HK$91 million), with basic loss per share of 0.95 HK cents (2024: profit of 2.34 HK cents)[33] Investment Properties The Group's two prime commercial properties in London, The Leadenhall Building and One Kingdom Street, totaling 875,000 sq ft, continue to generate stable rental income of HK$250 million with a 99% collection rate London The Group's two core commercial properties in London, The Leadenhall Building and One Kingdom Street, consistently provide stable rental income, reaching HK$250 million with a 99% collection rate for the period - The Group owns two Grade A commercial properties in London: The Leadenhall Building and One Kingdom Street, with a total leasable area of approximately 875,000 sq ft[34][35] - UK investment properties generated rental income of HK$250 million (2024: HK$222.5 million) during the period, maintaining a high rental collection rate of 99% (2024: 96%)[36] The Leadenhall Building The Leadenhall Building, a fully leased iconic London landmark, has a weighted average remaining lease term of 8.1 years, generating approximately £42.7 million in annual contractual rent with a 3.7% yield - The Leadenhall Building is fully leased, with a weighted average remaining lease term of approximately 8.1 years, including a fixed term of 6.9 years[37] - Current annual contractual rent is approximately £42.7 million (December 31, 2024: £42.1 million), with a rental yield of approximately 3.7% per annum (December 31, 2024: 3.7%)[37] One Kingdom Street One Kingdom Street, offering 265,000 sq ft of Grade A office space, is 89% leased with an annual contractual rent of approximately £16.9 million and a 5.8% yield, with plans to redevelop a vacant area into an urban logistics hub - One Kingdom Street offers approximately 265,000 sq ft of Grade A office space, with 89% leased to reputable anchor tenants[39] - Current annual contractual rent is approximately £16.9 million (December 31, 2024: £16.0 million), with a rental yield of approximately 5.8% per annum (December 31, 2024: 5.5%)[39] - The Group is exploring transforming the 15,360 sq ft vacant area returned after the completion of Elizabeth Line construction into an urban logistics hub[39] Joint Ventures The Group's total investment in seven joint venture property projects increased to HK$9.8 billion, primarily due to GBP appreciation, with projects in the UK, Hong Kong, and Mainland China expected to contribute significantly to earnings in the short to medium term London The Group's London joint venture developments, Thames City and The Whiteley, continue to create shareholder value, with 502 residential units sold at Thames City Phase 1 and 101 residential properties sold at The Whiteley - The Group continues to create value in its London property development business through its interests in Thames City and The Whiteley[42] - As of June 30, 2025, 502 residential units in Thames City Phase 1 have been sold, totaling over £1 billion in value[42] - 101 residential properties at The Whiteley have been sold, with total sales proceeds of approximately £661 million[42] Thames City Thames City, a large-scale mixed-use development in central London with approximately 1,500 luxury residential units, sold 15 units for £66 million during the period, with Phase 2 under construction and the Group holding a 50% interest - The Thames City project is a mixed-use development comprising approximately 1,500 luxury residential units, with a total saleable area of approximately 1.7 million sq ft[43] - 15 units were sold during the period, contributing £66 million in sales revenue[43] - Thames City Phases 2 and 3 are in preparation, with Phase 2 already commenced and expected to be completed in 2028[44] - The Group holds a 50% interest in the Thames City project[45] The Whiteley The Whiteley project, expected to complete in H2 2025, will offer 139 luxury residential apartments and a five-star hotel; 91 residential units have been delivered, 101 pre-sold for £661 million, and the hotel pre-sold for £180 million, with the Group holding approximately 47% equity - The Whiteley project is expected to be completed in H2 2025, offering 139 luxury residential apartments, a 109-room five-star Six Senses Hotel, and retail and dining spaces[46][47] - As of June 30, 2025, 91 residential units have been delivered to buyers with sales of £611 million; 101 residential units have been pre-sold, totaling £661 million[47] - The Six Senses Hotel has been pre-sold for £180 million, with completion of sale expected in H2 2025[47] - The Group holds approximately 47% equity interest but 50% voting rights in this project[47] The Quayside The Quayside, a 28-story Grade A office building in Hong Kong with 795,000 sq ft GFA, maintained a 75% occupancy rate as of June 30, 2025, primarily leased to the Hospital Authority, with the Group holding a 25% interest - The Quayside is a 28-story Grade A office building with a total GFA of approximately 795,000 sq ft, maintaining an occupancy rate of 75% as of June 30, 2025[48] - The Group holds a 25% interest in The Quayside project[48] 15 Shouson Hill Road 15 Shouson Hill Road, comprising 15 luxury detached houses totaling 88,000 sq ft GFA, has successfully sold 7 houses for approximately HK$3.9 billion, with 8 remaining for sale and the Group holding a 42% interest - 15 Shouson Hill Road comprises a total of 15 luxury detached houses, with a total GFA of approximately 88,000 sq ft[49] - As of June 30, 2025, 7 houses have been successfully sold, contributing total sales revenue of approximately HK$3.9 billion[49] - The Group holds a 42% interest in 15 Shouson Hill Road[50] Kowloonbay International Trade & Exhibition Centre (KITEC) Kowloonbay International Trade & Exhibition Centre (KITEC) ceased operations in 2024, and its mixed-use commercial and residential redevelopment plan was approved by the Town Planning Board on July 18, 2025, with the Group holding a 15% effective interest - Kowloonbay International Trade & Exhibition Centre (KITEC) ceased operations in 2024, and its mixed-use property redevelopment plan has been approved by the Town Planning Board[51] - The Group holds a 15% effective interest in this project[51] Mainland China The Group has two development projects in Mainland China, Yancheng, Jiangsu, and Jiangmen, Guangdong, with Yancheng Phase 1 completed and delivered in 2023, and Jiangmen awaiting infrastructure completion before construction - The Group has two development projects in Mainland China: Yancheng, Jiangsu, and Jiangmen, Guangdong[52][53] - Phase 1 of the Yancheng, Jiangsu project was completed and commenced delivery in 2023[52] - The Jiangmen, Guangdong project has completed site surveys, with related road and public utility infrastructure construction required before building works commence[54] Financial Investment Business The financial investment segment recorded a HK$9.4 million loss, a reduction from the prior year, with a HK$10.1 million fair value gain and HK$0.3 million realized gain from unlisted investment fund redemptions totaling HK$549.4 million - The financial investment segment recorded a loss of HK$9.4 million (2024: loss of HK$21.2 million)[55] - The investment portfolio recorded a fair value gain of HK$10.1 million (2024: fair value loss of HK$21.2 million)[55] - Realized gain of HK$0.3 million from the redemption of unlisted investment funds, with total redemption proceeds of HK$549.4 million[55] Corporate Strategy and Outlook Facing a high-interest rate environment, geopolitical tensions, and economic uncertainties, the Group anticipates continued challenges in global and local property markets, adopting a cautious approach to seek quality asset acquisition opportunities while ensuring portfolio stability and a robust balance sheet - The global economy is expected to be challenging and uncertain, with the Mainland China and Hong Kong property markets remaining subdued in the coming years[56] - The Group will adopt a conservative approach, closely monitoring the market for potential acquisitions of quality assets and businesses[56] - Focus will be on ensuring the stability and sustainability of the existing property portfolio and maintaining a robust balance sheet[56] Financial Review The Group maintains a sound financial position, successfully redeeming unlisted investment funds to improve liquidity, with net borrowings slightly increasing to HK$8.6 billion, net gearing ratio slightly decreasing to 62.2%, and a weighted average debt cost of 5.5% Financial Investments The financial investment portfolio, comprising listed equity securities and unlisted investment funds, decreased to HK$266.8 million due to unlisted fund redemptions, recognizing HK$10.1 million in unrealized fair value gains and HK$112.9 million in realized cash gains - The Group successfully redeemed unlisted investment funds, realizing total proceeds of HK$549.4 million, significantly improving its liquidity position[57] Financial Assets at Fair Value Through Profit or Loss (As at June 30) | Category | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Listed equity securities | 52.2 | 45.8 | | Unlisted investment funds | 214.6 | 760.0 | | Total | 266.8 | 805.8 | - Unrealized fair value gains of HK$10.1 million (2024: loss of HK$21.2 million) were recognized during the period, and HK$112.9 million in realized cash gains were achieved[58] Liquidity and Financial Resources As of June 30, 2025, the Group held HK$2.2 billion in cash, with net borrowings slightly increasing to HK$8.6 billion, a net gearing ratio of 62.2%, and total debt of HK$10.8 billion, with a weighted average cost of 5.5% - As of June 30, 2025, the Group held HK$2.2 billion in cash, approximately 16% denominated in HKD, 43% in USD, and 40% in GBP[59] - Net borrowings slightly increased to HK$8.6 billion (December 31, 2024: HK$8.4 billion)[59] - The net gearing ratio slightly decreased from 65.9% as of December 31, 2024, to 62.2% as of June 30, 2025[59] - Total debt amounted to HK$10.8 billion, with HK$3.9 billion repayable within one year and HK$6.9 billion repayable after one year[60] - The weighted average cost of debt for the period was 5.5% per annum (2024: 5.9%)[60] - Net current liabilities were HK$1.5 billion, primarily due to notes payable and bank loans reclassified from non-current to current liabilities as their maturity dates approached, supported by refinancing from the controlling shareholder[60] - As of June 30, 2025, shareholders' equity was HK$13.8 billion (December 31, 2024: HK$12.8 billion), with net asset value per share of HK$3.56 (December 31, 2024: HK$3.29)[61] Contingent Liabilities / Financial Guarantees As of June 30, 2025, the Group provided guarantees of up to HK$1.305 billion for loans to an associate and committed up to HK$1.004 billion for capital contributions and debt guarantees to a joint venture - Provided guarantees to banks for loans granted to an associate, up to HK$1.305 billion (December 31, 2024: HK$1.328 billion)[67] - Committed up to HK$1.004 billion to certain financial institutions for a joint venture's capital contributions, including project development costs, guarantees for operating expense overruns, and certain joint venture liabilities[67] Pledged Assets As of June 30, 2025, investment properties valued at HK$12.3 billion, bank deposits of HK$250 million, property and equipment of HK$54.7 million, and equity interests in certain subsidiaries were pledged as collateral for bank financing - As of June 30, 2025, HK$12.3 billion in investment properties, HK$250 million in bank deposits, HK$54.7 million in property and equipment, and equity interests in certain subsidiaries were pledged as collateral for bank financing granted to the Group[63] Exchange Rate Risk and Hedging The Group manages exchange rate risk through a strategic hedging policy, including interest rate swaps, natural hedging with same-currency borrowings, and timely use of forward currency contracts - The Group adopts a strategic hedging policy to optimize risk-adjusted returns, including using interest rate swaps to hedge borrowing interest rate risk[64][68] - Same-currency borrowings are used as a natural hedge to match asset and cash flow currencies[68] - Forward currency contracts are utilized in a timely manner to hedge currency risk[68] Employees As of June 30, 2025, the Group employed 108 staff across Hong Kong, Mainland China, and the UK, with total remuneration costs (excluding directors' emoluments) of approximately HK$53 million, offering competitive compensation and benefits - As of June 30, 2025, the Group employed a total of 108 staff[65] - Remuneration costs for the period (excluding directors' emoluments) were approximately HK$53 million[65] - Remuneration policy ensures market competitiveness, providing mandatory provident fund contributions, medical insurance, and training subsidies[65] Share Options The company's 2015 share option scheme expired on May 21, 2025, with no options granted during its term, and a new scheme adopted on May 19, 2025, also had no options granted as of June 30, 2025 - The Company's 2015 Share Option Scheme expired on May 21, 2025, with no share options granted during its tenure[66] - A new share option scheme was adopted on May 19, 2025, with no share options granted as of June 30, 2025[69] Corporate Governance Practices The company has applied and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has applied and complied with the principles and code provisions of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[70] Directors' Securities Transactions The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct, as set out in Appendix C3 of the Listing Rules[71] - All Directors have confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[71] 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 six months ended June 30, 2025, and no treasury shares were held - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[72] - As of June 30, 2025, the Company held no treasury shares[72] Review of Interim Results The Audit Committee discussed and reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with management - The Audit Committee has discussed and reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, with management[73] Publication of Results Announcement and Interim Report This results announcement has been published on the company's website and HKEXnews website, with the interim report to be published later on both platforms - This results announcement has been published on the Company's website www.ccland.com.hk and the HKEXnews website **www.hkexnews.hk**[74](index=74&type=chunk) - The Company's 2025 interim report will also be published on both websites at a later date[74]