钧濠集团(00115) - 2025 - 中期业绩

Interim Results Announcement Condensed Consolidated Statement of Profit or Loss The Group's revenue grew significantly, but a sharp decline in gross profit and a surge in operating loss widened the loss for the period Key Data from the Condensed Consolidated Statement of Profit or Loss | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 148,849 | 93,698 | 58.9% | | Cost of revenue | (137,013) | (61,993) | 121.0% | | Gross profit | 11,836 | 31,705 | (62.7%) | | Operating loss | (68,914) | (7,305) | 846.1% | | Loss for the period | (61,983) | (36,813) | 68.4% | | Loss attributable to owners of the Company | (6,099) | (25,808) | (76.4%) | | Basic loss per share (HK$) | (0.5) | (2.11) | (76.3%) | Condensed Consolidated Statement of Other Comprehensive Income The Group's total comprehensive loss for the period narrowed, influenced by exchange differences on translation of foreign operations Key Data from the Condensed Consolidated Statement of Other Comprehensive Income | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (61,983) | (36,813) | 68.4% | | Release of exchange reserve upon disposal of a subsidiary | (25,957) | – | N/A | | Exchange differences on translation of foreign operations | 27,123 | (27,914) | N/A | | Total comprehensive loss for the period | (60,896) | (64,575) | (5.7%) | | Total comprehensive loss attributable to owners of the Company | (21,147) | (39,127) | (46.0%) | Condensed Consolidated Statement of Financial Position The Group's total assets and net assets decreased, while net current liabilities widened despite a significant increase in cash reserves Key Data from the Condensed Consolidated Statement of Financial Position | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,553,850 | 1,612,055 | (3.6%) | | Current assets | 385,801 | 529,482 | (27.2%) | | Total assets | 1,939,651 | 2,141,537 | (9.4%) | | Current liabilities | 794,834 | 884,723 | (10.2%) | | Non-current liabilities | 476,038 | 527,139 | (9.7%) | | Total liabilities | 1,270,872 | 1,411,862 | (10.0%) | | Net current liabilities | (409,033) | (355,241) | 15.1% | | Net assets | 668,779 | 729,675 | (8.3%) | | Total equity | 668,779 | 729,675 | (8.3%) | - Cash and cash equivalents stood at HK$67,928 thousand as of 30 June 2025, a 54.5% increase from HK$43,969 thousand as of 31 December 2024[6] Notes to the Condensed Consolidated Financial Statements 1. General Information G-Vision International (Holdings) Limited is a Bermuda-incorporated public company engaged in investment holding and property-related businesses - The principal activities include investment holding, property development, property investment, and general trading[8] 2. Basis of Preparation The financial statements are prepared in accordance with HKAS 34 and the Listing Rules, using consistent accounting policies - The statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the Listing Rules of the Stock Exchange[9] - The accounting policies used are consistent with those of the annual financial statements for the year ended 31 December 2024[9] 3. Application of New and Amendments to Hong Kong Financial Reporting Standards (HKFRSs) The Group adopted all new and amended HKFRSs effective from 1 January 2025 without material impact on its financial statements - The application of new and amended HKFRSs did not result in substantial changes[10] - The Group is assessing the impact of standards not yet effective and cannot currently state whether they would have a significant impact[11] 4. Segment Reporting The Group's operations are organized into four reportable segments: property development, property investment, hotel operation, and general trading - The reportable operating segments are property development, property investment, hotel operation, and general trading[12] 4.a Segment revenue and results Property development revenue and results grew strongly, but the property investment segment swung to a significant loss, causing a total segment loss Segment Revenue and Results | Segment | 2025 Revenue (HK$ thousands) | 2024 Revenue (HK$ thousands) | Revenue Change (%) | 2025 Results (HK$ thousands) | 2024 Results (HK$ thousands) | Results Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property development | 135,702 | 76,007 | 78.5% | 51,159 | 19,770 | 158.8% | | Property investment | 9,872 | 12,837 | (23.0%) | (91,272) | 2,165 | N/A (Profit to Loss) | | Hotel operation | 3,264 | 3,591 | (9.1%) | (842) | (757) | 11.2% | | General trading | – | 1,145 | (100.0%) | – | 291 | (100.0%) | | Others | 11 | 118 | (90.7%) | 11 | (407) | N/A (Loss to Profit) | | Total | 148,849 | 93,698 | 58.9% | (40,944) | 21,062 | N/A (Profit to Loss) | 4.b Segment assets and liabilities Total segment assets and liabilities both decreased, primarily driven by reductions in the property development and property investment segments Segment Assets and Liabilities | Segment | Assets at 30 June 2025 (HK$ thousands) | Assets at 31 Dec 2024 (HK$ thousands) | Asset Change (%) | Liabilities at 30 June 2025 (HK$ thousands) | Liabilities at 31 Dec 2024 (HK$ thousands) | Liability Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property development | 254,403 | 421,208 | (39.6%) | (211,795) | (216,707) | (2.3%) | | Property investment | 1,371,924 | 1,420,502 | (3.4%) | (223,871) | (240,854) | (7.0%) | | Hotel operation | 75,095 | 76,884 | (2.3%) | – | – | N/A | | General trading | – | 14 | (100.0%) | – | – | N/A | | Others | 27 | 26 | 3.8% | – | – | N/A | | Total segment | 1,701,449 | 1,918,634 | (11.3%) | (435,666) | (457,561) | (4.8%) | 5. Income Tax Credit/(Expense) The Group recorded an income tax credit due to a significant deferred tax credit, a reversal from the prior period's tax expense Income Tax Credit/(Expense) | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current tax - PRC Land Appreciation Tax | (1,778) | (2,753) | (35.4%) | | Deferred tax | 24,871 | 95 | 26185.3% | | Income tax credit/(expense) | 23,093 | (2,658) | N/A (Expense to Credit) | - Chinese subsidiaries are subject to a 25% corporate income tax rate[18] - Land Appreciation Tax is calculated at progressive rates ranging from 30% to 60%[18] 6. Loss for the Period The loss for the period was driven by fair value losses on investment properties and impairment losses, offset by a gain on disposal of a subsidiary Key Items Affecting Loss for the Period | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 370 | 378 | (2.1%) | | Depreciation of property, plant and equipment | 7,303 | 7,396 | (1.3%) | | Depreciation of right-of-use assets | 306 | 306 | 0.0% | | Staff costs | 8,491 | 9,691 | (12.4%) | | Gain on disposal of a subsidiary | (60,637) | – | N/A | | Fair value loss on investment properties | 92,179 | – | N/A | | Impairment loss on properties held for sale | 12,676 | – | N/A | 7. Loss Per Share Basic loss per share narrowed significantly, and diluted loss per share was not presented due to the anti-dilutive effect of convertible bonds - Basic loss per share was HK$0.5 in 2025, a significant narrowing from HK$2.11 in 2024[20] - Diluted loss per share was not presented due to the anti-dilutive effect of convertible bonds[21] 8. Dividends No dividends were paid, declared, or proposed during the reporting period - No dividends were paid, declared, or proposed during the reporting period[22] 9. Property, Plant and Equipment The Group increased its additions to property, plant, and equipment during the period and made no disposals - Additions to property, plant and equipment were HK$133,000 in 2025, compared to HK$11,000 in 2024[23] - No property, plant and equipment were disposed of during the period[23] 10. Trade Receivables Total trade receivables decreased, with the majority of balances aged over 365 days, and provisions for expected credit losses were made Ageing Analysis of Trade Receivables | Ageing | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 812 | 3,572 | (77.2%) | | 91 to 180 days | 78 | 51 | 52.9% | | 181 to 365 days | 3 | 14 | (78.6%) | | Over 365 days | 2,011 | 2,001 | 0.5% | | Total | 2,904 | 5,638 | (48.5%) | - The Group applies the simplified approach under HKFRS 9 to provide for expected credit losses[25] - Provision for expected credit losses was (HK$2,558) thousand as of 30 June 2025, compared to (HK$2,442) thousand as of 31 December 2024[26] 11. Trade and Other Payables Total trade and other payables decreased significantly, driven by reductions in amounts due to construction contractors and legal case provisions Key Data for Trade and Other Payables | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total trade and other payables | 223,911 | 307,999 | (27.3%) | | Trade payables to construction contractors | 44,307 | 67,687 | (34.5%) | | Provision for legal case compensation | 34,643 | 79,174 | (56.3%) | 12. Share Capital The Group's authorized and issued share capital remained unchanged during the period - Authorised share capital: 2,500,000,000 ordinary shares of HK$0.20 each, amounting to HK$500,000 thousand (as at 30 June 2025 and 31 December 2024)[30] - Issued and fully paid share capital: 12,247,770 ordinary shares of HK$0.20 each, amounting to HK$2,449 thousand (as at 30 June 2025 and 31 December 2024)[30] 13. Litigation and Contingent Liabilities The Group is involved in several legal proceedings and contingent liabilities whose financial impact cannot be reliably measured at present - Shareholder representative action: A claim was filed by Season Hong Kong Trading Limited against former executive directors and a subsidiary, with the trial date yet to be fixed[31] - The retrial appeal by Ka Fung Industrial Company Limited was dismissed; the Company has made sufficient provisions and sold all shares in Ka Fung[33] - Zhejiang Beishen Cultural Tourism Development Co, Ltd bankruptcy case: Happy Holiday Hotel Management (Shenzhen) Co, Ltd received the first distribution of bankruptcy claims of RMB2,777,000[34] - Zhejiang Beishen vs G-Vision Properties Development (Shenzhen) Co, Ltd: The court ordered enforcement of RMB30,194,804; the Company has made a provision of RMB31,053,867[35] - Hao Kang International Supply Chain (Shenzhen) Co, Ltd suspected fraud case: A criminal investigation has been initiated by PRC Public Security, and the Company may pursue civil litigation[35] - The directors believe the above litigations will not have a material impact on the Group's operations, but the financial impact cannot be reliably measured[32][34][35] Management Discussion and Analysis 1. Business Review and Outlook The Group achieved strong sales at its Shenzhen project amid a stabilizing Chinese property market and plans strategic transformations for future growth - China's property market: Showed signs of stabilization in the first half of 2025 but still faces significant pressure and structural differentiation[36] - Shenzhen Mix Park project: Maintained strong sales performance through differentiated pricing and omni-channel marketing, ranking first in city-wide property sales from mid-May to June 2024[36][37] - Hotel business: Digital transformation led to online booking rates exceeding 80%, occupancy rates stabilizing around 85%, and customer satisfaction reaching 92%[39] - Xuzhou Golden Harbour Plaza project: Plans to transform it into a regional tourist accommodation center, aiming to sell the remaining property inventory within two years[39] - Future strategic deployment: Upgrading technology enablement systems (targeting a 10% reduction in operating costs within three years) and innovating industry-city integration models[40] - Industry development trends: Shifting from "selling space" to "empowering industries," from "heavy development" to "heavy operation," and from "earning price differences" to "growing together"[41] 2. Financial Review The Group's revenue grew, and loss attributable to owners narrowed significantly due to a disposal gain and tax credit, despite fair value losses Key Financial Review Data | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 148,849 | 93,698 | 58.9% | | Net loss attributable to Company owners | (6,100) | (25,800) | (76.4%) | | Net loss of the Group | (62,000) | (36,800) | 68.5% | | Gain on disposal of Ka Fung | 60,600 | – | N/A | | Income tax credit/(expense) | 23,100 | (2,700) | N/A (Expense to Credit) | | Decrease in gross profit | (19,900) | – | N/A | | Fair value loss on investment properties | 92,100 | – | N/A | | Impairment loss on properties held for sale | 12,700 | – | N/A | - Revenue was mainly derived from rental income and sales of commercial apartments and offices in Shenzhen, accounting for 5% and 91% of total revenue, respectively[42] 3. Liquidity and Financial Resources The Group's cash position improved, but net current liabilities widened, and the gearing ratio increased amid substantial interest-bearing borrowings Key Liquidity and Financial Resources Data | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 67,928 | 43,969 | 54.5% | | Total current assets | 385,801 | 529,482 | (27.2%) | | Total current liabilities | 794,834 | 884,723 | (10.2%) | | Total interest-bearing borrowings | 540,321 | 577,328 | (6.5%) | | Gearing ratio | 249% | 242% | 7 percentage points | - Interest-bearing borrowings are denominated in RMB with interest rates ranging from 4.35% to 12% per annum[47] 4. Share Capital The Group's share capital structure is unchanged, with new convertible bonds issued in May 2024 following the expiry of the old ones - The old convertible bonds expired on 30 April 2024, and the conversion rights ceased[48][49] - The new convertible bonds were issued on 6 May 2024 with a principal amount of HK$100,969,093.34[50] - The conversion price for the new convertible bonds is HK$2.6 per share[51] - Upon full exercise of the conversion rights, the subscriber's shareholding would change from approximately 55.25% to 89.27%[51] 5. Foreign Exchange Risk The Group operates mainly in Hong Kong Dollar and Renminbi and currently does not have a foreign currency hedging policy - The main operating currencies are Hong Kong Dollar and Renminbi[52] - There is currently no foreign currency hedging policy, but the Group will monitor its foreign currency risk closely[52] 6. Treasury Policy The Group maintains a prudent treasury policy, managing credit risk through customer assessments and monitoring liquidity to meet funding needs - A prudent financial management treasury policy is adopted to maintain an appropriate level of liquidity[53] - Credit risk is mitigated through credit evaluations, and liquidity levels are closely monitored to meet funding requirements[53] 7. Pledge of Group's Assets Certain properties in Shenzhen are pledged for bank loans, with the pledged amount decreasing from the previous year-end Pledge of Group's Assets | Metric | 30 June 2025 (HK$ thousands) | 31 December 2024 (HK$ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Pledged bank loan amount | 456,392 | 502,380 | (9.1%) | 8. Segmental Information Detailed segmental information is provided in Note 4 to the condensed consolidated financial statements - Details of segmental information are set out in Note 4 to the condensed consolidated financial statements[55] 9. Capital Commitments Information regarding the Group's significant capital commitments as of 30 June 2025 is pending - Information on the Group's significant commitments as of 30 June 2025 is to be supplemented[56][57] 10. Employees The Group's employee count remained stable, while staff costs decreased due to reduced administrative activities and budget control - Number of employees: 111 (as at 30 June 2025 and 31 December 2024)[58] - Number of directors: 7 (as at 30 June 2025 and 31 December 2024)[58] Staff Costs | Metric | 2025 (HK$ thousands) | 2024 (HK$ thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Staff costs | 8,491 | 9,691 | (12.4%) | - The decrease in staff costs was mainly due to reduced administrative activities and budget control related to the Shenzhen Buji Zongke Cloud Port project[58] 11. Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, and Future Plans for Material Investments or Capital Assets The Group completed the disposal of a subsidiary and plans to expand its existing business while actively seeking M&A opportunities - Completed the disposal of 100% equity interest in Ka Fung Industrial Company Limited on 30 June 2025 for a total consideration of RMB50,000[60] - Future plans: Continue to expand existing businesses, explore other business opportunities, and seek M&A transactions to diversify into new markets and revenue streams beyond property development[61] 12. Contingent Liabilities Detailed information on the Group's contingent liabilities is provided in Note 13 to the condensed consolidated financial statements - Details of contingent liabilities are set out in Note 13 to the condensed consolidated financial statements[62] Other Information Interim Dividend The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period[63] Purchase, Sale and 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 period - Neither the Company nor any of its subsidiaries repurchased, sold, redeemed, or cancelled any of the Company's listed securities during the reporting period[64] Corporate Governance The Company complied with the Corporate Governance Code, except for the non-separation of the Chairman and CEO roles - Complied with the Corporate Governance Code, except that the roles of Chairman and Chief Executive Officer were not separated and the CEO position was vacant[65] - The Board believes there is an adequate balance of power and authority between the Board and management and will review the structure periodically[65] Directors' Securities Transactions The Company has adopted a standard code for directors' securities transactions and is not aware of any non-compliance during the period - The Company has adopted the Model Code, and directors' securities transactions during the reporting period complied with the required standards[66] Audit Committee The Audit Committee, established in 1999, oversees financial reporting integrity and has reviewed the unaudited interim financial results - The Audit Committee was established on 4 August 1999, with duties including overseeing financial reporting integrity and reviewing accounting policies, financial controls, and risk management systems[67][68] - The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed financial reporting matters, including the review of the unaudited interim financial results for the period[69] Events After the Reporting Period No significant events occurred for the Group after the reporting period up to the date of this announcement - No significant post-reporting period events occurred for the Group up to the date of this announcement[70] Publication of Interim Results Announcement and Interim Report This announcement is available on the Company's and the Stock Exchange's websites, with the interim report to follow - This announcement is published on the Company's website (http://www.gfghl.com) and the Stock Exchange's website (http://www.hkex.com.hk)[71](index=71&type=chunk) - The interim report containing all required information will be dispatched to shareholders and made available on the websites in due course[71] By Order of the Board This announcement is signed by the Chairman, Mr Ma Hok Lim, on behalf of the Board of Directors - This announcement is signed by Mr Ma Hok Lim, Chairman of the Board[72] - The Board comprises four executive directors (Mr Ma Hok Lim, Mr Kwok Siu Bun, Ms Zhou Guihua, and Ms Kwok Siu Wa) and three independent non-executive directors (Mr Hui Pui Wai, Mr Liu Chiu Tung, and Mr Cui Muqin)[73]