顺豪控股(00253) - 2025 - 中期业绩

Interim Results Announcement Performance Summary Net profit attributable to owners before tax, revaluation, and depreciation rose 30% to HK$39 million for the six months ended June 30, 2025 Net Profit Attributable to Owners of the Company Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Company Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | 38,646 | 29,622 | +30% | Interim Dividend The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[4] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss Total revenue grew 4.6% to HK$334,338 thousand for the six months ended June 30, 2025, but loss before tax expanded to HK$135,077 thousand, resulting in a HK$147,561 thousand loss for the period Key Figures from Condensed Consolidated Statement of Profit or Loss | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Revenue | 334,338 | 319,575 | | Gross Profit | 73,691 | 56,890 | | Impairment Loss on Fair Value of Investment Properties | (154,800) | (92,232) | | Administrative Expenses | (30,842) | (31,270) | | Finance Costs | (25,542) | (33,503) | | Loss Before Tax | (135,077) | (98,835) | | Loss for the Period | (147,561) | (106,520) | | Loss Attributable to Owners of the Company | (79,376) | (54,034) | | Basic Loss Per Share (HK cents) | (32.83) | (22.35) | Condensed Consolidated Statement of Comprehensive Income Other comprehensive income of HK$121,222 thousand from foreign operations' exchange differences significantly reduced total comprehensive expense to HK$26,238 thousand for the six months ended June 30, 2025, from HK$120,464 thousand in the prior year Key Figures from Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the Period | (147,561) | (106,520) | | Exchange Differences Arising from Translation of Foreign Operations | 121,222 | (13,773) | | Other Comprehensive Income (Expense) for the Period | 121,323 | (13,944) | | Total Comprehensive Expense for the Period | (26,238) | (120,464) | | Total Comprehensive Income (Expense) Attributable to Owners of the Company | (32,433) | (59,430) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets less current liabilities were HK$8,861,491 thousand, a slight decrease from December 31, 2024, with non-current assets primarily comprising property, plant and equipment, and investment properties Key Figures from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 9,115,643 | 9,213,584 | | Current Assets | 228,427 | 266,941 | | Current Liabilities | 482,579 | 528,467 | | Net Current Liabilities | (254,152) | (261,526) | | Total Assets Less Current Liabilities | 8,861,491 | 8,952,058 | | Equity Attributable to Owners of the Company | 4,013,125 | 4,045,558 | | Total Equity | 8,108,973 | 8,135,211 | | Non-current Liabilities | 752,518 | 816,847 | Notes to the Condensed Consolidated Financial Statements Basis of Preparation These condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the HKEX Listing Rules, consistent with the statutory annual consolidated financial statements for the year ended December 31, 2024 - Financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules[8] - Financial information for the year ended December 31, 2024, has been delivered to the Companies Registry, with an unqualified auditor's report[8] Significant Accounting Policies These condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties and certain financial instruments measured at fair value, with consistent accounting policies and no material impact from HKFRS amendments - Financial statements are prepared on a historical cost basis, excluding investment properties and some financial instruments[9] - Accounting policies adopted for the period are consistent with the prior year, and amendments to HKFRS have no material impact on financial position and performance[9][11] Revenue For the six months ended June 30, 2025, total revenue was HK$334,338 thousand, primarily from hotel operating and property rental income, with hotel revenue being the largest contributor Revenue Stream Details | Revenue Stream | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hotel Operating Revenue | 268,032 | 259,757 | | Property Rental Income | 66,281 | 59,818 | | Dividend Income | 25 | - | | Total Revenue | 334,338 | 319,575 | Segment Information The Group's operating segments include hotel services, property investment, and securities investment, with hotel services showing positive segment results while property investment recorded a significant loss for the six months ended June 30, 2025 - The Chairman of the Company is the chief operating decision maker, and segment information is used for resource allocation and performance assessment[13] - Operating and reportable segments include hotel services (9 hotels), property investment (3 major properties), and securities investment[14] Segment Revenue and Results | Segment | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Segment Results (2025) (HK$ thousand) | Segment Results (2024) (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Hotel Services | 268,032 | 259,757 | 9,353 | (1,066) | | Property Investment | 66,281 | 59,818 | (90,487) | (34,276) | | Securities Investment | 25 | - | 25 | - | | Total | 334,338 | 319,575 | (81,109) | (35,342) | Finance Costs For the six months ended June 30, 2025, total finance costs were HK$25,542 thousand, primarily from bank loan interest, representing a 23.8% year-on-year decrease Finance Costs Details | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Loans | 23,819 | 31,657 | | Interest on Amounts Due to a Fellow Subsidiary | 1,723 | 1,846 | | Total Finance Costs | 25,542 | 33,503 | Income Tax Expense For the six months ended June 30, 2025, income tax expense was HK$12,484 thousand, mainly from current tax in Hong Kong and the UK, increasing by 62.4% year-on-year Income Tax Expense Details | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Tax - Hong Kong | 9,410 | 7,070 | | Current Tax - United Kingdom | 4,231 | 2,459 | | Underprovision in Prior Years (Hong Kong) | 111 | - | | Deferred Tax | (1,268) | (1,844) | | Total Income Tax Expense | 12,484 | 7,685 | - Hong Kong profits tax rate is 16.5%, while China and UK profits tax are recognized based on management's estimated weighted average annual income tax rate[16][17] Loss for the Period Has Been Arrived at After Charging (Crediting) Items For the six months ended June 30, 2025, the loss for the period included HK$83,192 thousand in depreciation of property, plant and equipment and credited HK$1,487 thousand in interest income from bank deposits Loss for the Period Has Been Arrived at After Charging (Crediting) Items | Item | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Right-of-Use Assets | 384 | 381 | | Depreciation of Property, Plant and Equipment | 83,192 | 82,458 | | Interest Income from Bank Deposits | (1,487) | (2,981) | | Loss on Disposal of Property, Plant and Equipment | 82 | 2,497 | Loss Per Share For the six months ended June 30, 2025, basic loss per share expanded to 32.83 HK cents from 22.35 HK cents in the prior period, primarily due to an increase in loss attributable to owners of the company Loss Per Share Data | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HK$ thousand) | 79,376 | 54,034 | | Number of Shares in Issue (thousands) | 241,766 | 241,766 | | Basic Loss Per Share (HK cents) | (32.83) | (22.35) | - No potential ordinary shares were outstanding during the period or prior period, thus diluted loss per share is not presented[19] Trade and Other Receivables As of June 30, 2025, total trade and other receivables decreased to HK$13,022 thousand from HK$15,454 thousand on December 31, 2024, with the Group granting 30 to 60 days credit to hotel travel agents and certain customers Trade and Other Receivables Details | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables (from contracts with customers) | 6,999 | 10,088 | | Lease Receivables | 2,534 | 2,250 | | Other Receivables | 3,489 | 3,116 | | Total | 13,022 | 15,454 | Ageing Analysis of Trade and Lease Receivables | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Not yet due | 9,280 | 12,139 | | Overdue (0-30 days) | 80 | 104 | | Overdue (31-60 days) | 173 | 94 | | Overdue (61-90 days) | - | 1 | | Total | 9,533 | 12,338 | Trade and Other Payables and Accruals As of June 30, 2025, total trade and other payables and accruals decreased to HK$49,498 thousand from HK$60,590 thousand on December 31, 2024 Trade and Other Payables and Accruals Details | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 4,748 | 5,288 | | Other Payables and Accruals | 44,750 | 55,302 | | Total | 49,498 | 60,590 | Ageing Analysis of Trade Payables | Ageing | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0-30 days | 4,740 | 5,281 | | 31-60 days | 7 | 6 | | 61-90 days | 1 | 1 | | Total | 4,748 | 5,288 | Management Discussion and Analysis Business Performance Hotel Business Hotel business revenue grew 3% to HK$268 million, with Grand Hotel Group's net profit attributable to owners increasing 43%, and Royal Scot Hotel's annual rent rising 34% - The Group's hotel operating revenue was HK$268 million, a 3% year-on-year increase[24] - The Group owns nine hotels, totaling approximately 3,042 rooms, making it one of Hong Kong's largest hotel groups[24] Net Profit Attributable to Owners of Grand Hotel Group | Metric | Six Months Ended June 30, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of Grand Hotel Group Before Tax, Revaluation, and Depreciation of Land, Property, and Equipment | 59,295 | 41,562 | +43% | - Grand Hotel Group's total revenue increased by 5% year-on-year to approximately HK$258 million[27] - The annual rent for Royal Scot Hotel in London increased by 34% from GBP3,546,000 to GBP4,737,000[27] Commercial Property Rental Income Commercial property rental income totaled HK$66 million, a 10% increase year-on-year, with Hong Kong commercial properties at 633 King's Road and Shun Ho Commercial Building achieving 91% and 77% occupancy rates respectively - Commercial property rental income was HK$66 million, a 10% year-on-year increase[28] Occupancy Rate of Hong Kong Commercial Properties | Property | Occupancy Rate | | :--- | :--- | | 633 King's Road | 91% | | Shun Ho Commercial Building | 77% | Liquidity As of June 30, 2025, the Group's overall debt decreased to HK$955 million from HK$1,060 million on December 31, 2024, with a gearing ratio of 12%, while facing foreign exchange risks and employing 647 staff Overall Debt and Gearing Ratio | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Overall Debt (HK$ thousand) | 955,000 | 1,060,000 | | Gearing Ratio | 12% | 13% | - Bank loans primarily bear interest at floating rates denominated in HKD and GBP, exposing the Group to foreign exchange risk[30] - The Group has a total of 647 employees, with remuneration and benefits determined by market conditions[30] Key Business Achievements The Group achieved 5% total revenue growth to HK$334 million, maintaining over 90% average hotel occupancy, and securing a 34% increase in Royal Scot Hotel's annual rent - Hong Kong overnight visitor arrivals reached approximately 11.3 million, a 6.6% year-on-year increase, but remained below pre-pandemic levels[31] - Per capita spending by Chinese tourists remains below pre-pandemic levels, with tourism recovery affected by the expensive HKD against RMB and declining per capita spending[31] - The Group's average hotel occupancy rate consistently exceeded 90%, with hotel revenue growing 3% and total revenue growing 5%[31] - The annual rent for Royal Scot Hotel in London successfully increased by 34% from GBP3,546,000 to GBP4,737,000[32] - Wood Street Hotel in London has been approved for renovation into a luxury hotel with approximately 216 rooms[32] Outlook The Group holds nine revenue-generating hotels and the London Wood Street Hotel renovation project, but future hotel and rental income face challenges from China's weak economy, expensive HKD against RMB, and US-China trade tensions, though multi-entry visa policies in major Chinese cities offer potential encouragement - The Group owns nine revenue-generating hotels and the London Wood Street Hotel renovation project[33] - Tourism recovery is affected by China's weak economy and the expensive HKD against RMB, with Chinese tourists tending towards day trips to the Greater Bay Area[33] - Commercial property occupancy rates are impacted by the US-China trade war and declining Hong Kong import/export volumes[33] - Management will continue efforts to increase revenue and control costs to address challenges in hotel business and rental income[34] Purchase, Sale or Redemption of Listed Securities For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[35] Corporate Governance Compliance with Corporate Governance Code The company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation where the Chairman and Chief Executive are the same person, an arrangement the Board believes ensures stable leadership and cost savings - The company complied with the Corporate Governance Code, but the Chairman and Chief Executive are the same person, Mr. Cheng Kai Man, deviating from Code Provision C.2.1[36] - The Board believes this dual role ensures stable and consistent leadership for the company and significantly reduces costs[36] Compliance with Model Code The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the period - The company adopted the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the period[37] Review by Audit Committee The Audit Committee reviewed the Group's unaudited financial results for the six months ended June 30, 2025 - The Audit Committee reviewed the Group's unaudited financial results for the six months ended June 30, 2025[38] Board of Directors Information As of the announcement date, the Board comprises four executive directors (including Chairman Mr. Cheng Kai Man), one non-executive director, and three independent non-executive directors - The Board of Directors includes four executive directors (Mr. Cheng Kai Man as Chairman), one non-executive director, and three independent non-executive directors[39]