Workflow
合景泰富集团(01813) - 2025 - 中期财报
KWG GROUPKWG GROUP(HK:01813)2025-08-28 13:06

Company Information This section outlines the company's governance structure, key personnel, registered offices, financial partners, and public listing details Board of Directors The Board of Directors comprises executive directors Kong Kin Man (Chairman), Kong Kin To (CEO), Kong Kin Nam, Choi Fung Ka, and independent non-executive directors Tam Chun Fai, Lo Yiu Wing, Wong Man Ming, with a change in company secretary on July 25, 2025 - Executive Directors include Kong Kin Man (Chairman), Kong Kin To (CEO), Kong Kin Nam, and Choi Fung Ka7 - Independent Non-Executive Directors are Tam Chun Fai, Lo Yiu Wing, and Wong Man Ming7 - The Company Secretary, Chan Kin Wai, resigned on July 25, 2025, and Chan Sze Yin was appointed7 Audit Committee The Audit Committee members include Tam Chun Fai (Chairman), Lo Yiu Wing, and Wong Man Ming, all of whom are independent non-executive directors - The Audit Committee is composed of Tam Chun Fai (Chairman), Lo Yiu Wing, and Wong Man Ming7 Remuneration Committee The Remuneration Committee members include Tam Chun Fai (Chairman), Kong Kin Man, Lo Yiu Wing, and Wong Man Ming - The Remuneration Committee is composed of Tam Chun Fai (Chairman), Kong Kin Man, Lo Yiu Wing, and Wong Man Ming7 Nomination Committee The Nomination Committee members include Kong Kin Man (Chairman), Tam Chun Fai, Lo Yiu Wing, and Wong Man Ming - The Nomination Committee is composed of Kong Kin Man (Chairman), Tam Chun Fai, Lo Yiu Wing, and Wong Man Ming7 Registered Office and Principal Place of Business The company's registered office is in the Cayman Islands, and its principal place of business in Hong Kong is located at Room 1301, 13th Floor, Harcourt House, 39 Gloucester Road, Wan Chai, Hong Kong - The registered office is located at Cricket Square, Cayman Islands7 - The principal place of business in Hong Kong is located at Room 1301, 13th Floor, Harcourt House, 39 Gloucester Road, Wan Chai, Hong Kong7 Share Registrar The principal share registrar and transfer office is Suntera (Cayman) Limited, and the Hong Kong branch share registrar and transfer office is Hong Kong Registrars Limited - The principal share registrar and transfer office is Suntera (Cayman) Limited7 - The Hong Kong branch share registrar and transfer office is Hong Kong Registrars Limited8 Principal Bankers The company's principal bankers include Agricultural Bank of China, China Construction Bank, China Minsheng Bank, Hang Seng Bank, Industrial and Commercial Bank of China (Asia), Shanghai Pudong Development Bank, Standard Chartered Bank, Bank of East Asia, and The Hongkong and Shanghai Banking Corporation Limited - Principal bankers include Agricultural Bank of China, China Construction Bank, China Minsheng Bank, Hang Seng Bank, Industrial and Commercial Bank of China (Asia), Shanghai Pudong Development Bank, Standard Chartered Bank, Bank of East Asia, and The Hongkong and Shanghai Banking Corporation Limited8 Auditor and Legal Advisers The company's auditor is BDO Limited, and its legal advisers include Sidley Austin (Hong Kong law) and Conyers Dill & Pearman (Cayman Islands law) - The auditor is BDO Limited8 - Legal advisers include Sidley Austin (Hong Kong law) and Conyers Dill & Pearman (Cayman Islands law)8 Website and Stock Code The company's website is www.kwggroupholdings.com, and its stock code is 1813 (Main Board of The Stock Exchange of Hong Kong Limited) - The company's website is **www.kwggroupholdings.com**[8](index=8&type=chunk) - The stock code is 1813 (Main Board of The Stock Exchange of Hong Kong Limited)8 Company Profile KWG Group Holdings Limited, established in 1995 and listed in Hong Kong in 2007, is a leading urban comprehensive operator in China, focusing on first and second-tier cities with diversified businesses and a commitment to ESG - KWG Group was established in 1995 and listed on the Main Board of the Hong Kong Stock Exchange in July 2007 (Stock Code: 01813.HK)9 - The company is positioned as a leading urban comprehensive operator in China, with a strategy of "Rooted in Guangzhou, Radiating Nationwide," focusing on first and second-tier cities, deeply cultivating the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta regions, and covering important urban economic circles such as the Bohai Rim and Central and Western regions, with a presence in over 40 cities9 - The product portfolio covers mid-to-high-end residential, serviced apartments, villas, office buildings, hotels, and shopping centers, with property development and commercial operations as the main businesses, complemented by diversified business segments such as education and healthcare9 - The future outlook focuses on residential and commercial property development, with a commitment to Environmental, Social and Governance (ESG) practices for sustainable development9 Management Discussion and Analysis This section reviews the group's financial performance, liquidity, market conditions, business operations, and future outlook Financial Review In the first half of 2025, the Group's revenue decreased by 27.5% year-on-year to RMB 3,792.3 million, primarily due to a comprehensive decline in property development, property investment, and hotel operations revenue; gross profit decreased by 4.4%, and other income and net gains significantly decreased by 94.2%; loss for the period significantly narrowed to RMB 2,171.7 million, mainly benefiting from income tax credit and reduced finance costs 2025 H1 Revenue Overview | Metric | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 3,792.3 | 5,234.0 | -27.5% | | Property Development Revenue | 3,072.6 | 4,421.2 | -30.5% | | Property Investment Revenue | 406.1 | 447.4 | -9.2% | | Hotel Operations Revenue | 313.6 | 365.4 | -14.2% | - The decrease in property development revenue was mainly due to a reduction in total GFA delivered from 398,698 square meters in the first half of 2024 to 348,103 square meters in the same period of 2025, and a decrease in average selling price from RMB 11,089 yuan/square meter to RMB 8,827 yuan/square meter, primarily driven by price reduction promotions to accelerate inventory destocking14 - The decrease in property investment and hotel operations revenue was mainly due to the overall downward economic environment, leading to a decrease in leasing volume and hotel occupancy rates1516 2025 H1 Key Financial Performance | Metric | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 3,698.8 | 5,136.1 | -28.0% | | Gross profit | 93.5 | 97.8 | -4.4% | | Other income and net gains | 29.7 | 510.0 | -94.2% | | Selling and marketing expenses | 342.0 | 453.6 | -24.6% | | Administrative expenses | 642.2 | 745.5 | -13.9% | | Other operating expenses | 255.1 | 3,917.5 | -93.5% | | Net fair value loss on investment properties | 122.0 | 470.9 | -74.1% | | Finance costs | 1,008.1 | 1,910.5 | -47.3% | | Share of loss of joint ventures | 873.7 | 923.8 | -5.4% | | Income tax credit/(expense) | 990.1 (credit) | 313.9 (expense) | Significant Improvement | | Loss for the period | 2,171.7 | 8,133.0 | -73.3% | - Cost of sales decreased by 28.0%, mainly due to a decrease in the total GFA of properties delivered18 - Other operating expenses significantly decreased by 93.5%, primarily due to a reduction in impairment losses on properties under development25 - Loss for the period significantly narrowed