白花油(00239) - 2025 - 中期财报

Company Information This section provides key administrative and contact details for Pak Fah Yeow International Limited, including its board of directors, registered office, auditors, and stock code Board of Directors and Management This section lists the board members of Pak Fah Yeow International Limited, including executive, non-executive, and independent non-executive directors, along with their committee roles - The Board of Directors comprises executive directors (Gan Wee Sean, Gan Fook Wai, Gan Ching Hooi), a non-executive director (Gan Fook Yin), and independent non-executive directors (Leung Man Chiu, Dell'Orto Renato, Chan Chi Chung)[3] - Mr. Gan Wee Sean serves as Chairman and Chief Executive Officer, while Mr. Leung Man Chiu chairs the Audit, Remuneration, and Nomination Committees[3] Company Basic Information This section provides the company's registered office, Hong Kong head office, auditors, share registrars, stock code, website, and email address - The company's registered office is in Bermuda, with its Hong Kong head office and principal place of business located at 11/F, 200 Gloucester Road, Wanchai, Hong Kong[3] - The auditor is RSM Hong Kong, and the Hong Kong share registrar is Tricor Secretaries Limited[3] - The company's stock code is 239, and its website is http://www.pakfahyeow.com[3](index=3&type=chunk) Executive Summary This section provides a high-level overview of the company's financial performance and dividend declarations for the period Dividend Declaration The company declared an interim dividend of 3.0 HK cents and a special interim dividend of 5.0 HK cents per share - An interim dividend of 3.0 HK cents and a special interim dividend of 5.0 HK cents per share were declared[4] Performance Highlights For the six months ended June 30, 2025, the company's revenue and underlying recurring profit decreased by 28.5% and 26.6% year-on-year, respectively, primarily due to lower healthcare sales Key Financial Data for the Six Months Ended June 30 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 94,734 | 132,468 | -28.5% | | Reported Profit | 39,743 | 47,407 | -16.2% | | Underlying Recurring Profit | 45,294 | 61,710 | -26.6% | | Earnings Per Share (HK cents): | | | | | Reported Profit | 12.8 | 15.2 | -15.8% | | Underlying Recurring Profit | 14.5 | 19.8 | -26.8% | | Total Dividend Per Share | 8.0 | 9.5 | -15.8% | | Period-end Data (HK$ thousand): | 2025年6月30日 | 2024年12月31日 | | | Shareholders' Funds | 704,177 | 731,908 | -3.8% | | Net Asset Value Per Share (HK$) | 2.26 | 2.35 | -3.8% | - Revenue and underlying recurring profit decreased by 28.5% and 26.6% year-on-year, respectively, primarily due to reduced sales revenue from the healthcare business[7] - Reported profit decreased by 16.2%, mainly attributable to lower non-cash fair value losses on investment properties recorded in the first half of 2025[7] Management Discussion and Analysis This section provides a detailed review of the company's business, operations, and financial performance, along with its financial resources, risk management, and future outlook Business Review In the first half of 2025, total revenue decreased by 28.5% to HK$94.7 million, primarily due to weak healthcare performance and reduced treasury investment interest income, while reported profit decreased by 16.2% due to lower fair value losses on investment properties - A cautious global economic environment, geopolitical uncertainties, and softening consumer confidence continue to shape the global economic landscape[10] Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Healthcare | 86,724 | 123,442 | -29.7 | | Property Investment | 4,748 | 4,752 | – | | Treasury Investment | 3,262 | 4,274 | -23.7 | | Total | 94,734 | 132,468 | -28.5 | - Underlying recurring profit decreased by 26.6% to HK$45.3 million, and reported profit decreased by 16.2% to HK$39.7 million[11][12] Operations Review Healthcare segment revenue declined significantly due to reduced sales in China and North America, while property investment revenue remained stable with narrowed losses, and treasury investment saw improved performance despite lower income - Healthcare segment revenue decreased by 29.7% to HK$86.7 million, with segment profit decreasing by 31.9% to HK$52.4 million[14] - China sales revenue decreased by 29.2% year-on-year, primarily due to a significant drop in Macau sales volume and reduced cross-border traveler spending in Hong Kong; mainland China sales remained largely stable, shifting towards online channels[14] - Property investment segment revenue remained stable at HK$4.7 million, with segment loss significantly narrowing by 72.3% to HK$3.0 million, primarily due to reduced unrealized fair value losses on investment properties[18] - Treasury investment segment revenue decreased by 23.7% to HK$3.3 million, but underlying recurring segment profit increased by 58.6% to a profit of HK$5.9 million, and segment profit increased by 77.1% to a profit of HK$7.4 million[21][22] Healthcare Healthcare segment revenue and profit declined significantly due to reduced sales in China (Macau and Hong Kong) and North America, while mainland China's online sales showed stable growth - Healthcare segment revenue decreased by 29.7% to HK$86.7 million, with segment profit decreasing by 31.9% to HK$52.4 million[14] Healthcare Segment Revenue by Region (For the Six Months Ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | China (including Mainland China, Hong Kong and Macau) | 67,687 | 95,660 | -29.2 | | Southeast Asia | 17,993 | 24,108 | -25.4 | | North America | 872 | 3,495 | -75.1 | | Other Regions | 172 | 179 | -3.9 | | Segment Revenue | 86,724 | 123,442 | -29.7 | - China sales revenue decreased by 29.2% year-on-year, primarily due to a significant drop in Macau sales volume and reduced cross-border traveler spending in Hong Kong; mainland China sales remained largely stable, shifting towards online channels, with the company expanding its e-commerce and digital marketing efforts[14] - US sales were impacted by tariff uncertainties, leading the Group to adopt a cautious sales strategy in the first half of 2025[17] Property Investment Property investment segment revenue remained stable at HK$4.7 million, with segment loss significantly narrowing by 72.3% due to reduced unrealized fair value losses on investment properties - Property investment segment revenue remained stable at HK$4.7 million, with segment loss significantly narrowing by 72.3% to HK$3.0 million, primarily due to reduced unrealized fair value losses on investment properties[18] Property Investment Segment Revenue by Region (For the Six Months Ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong – Office and Residential | 1,591 | 1,723 | -7.7 | | Singapore – Industrial | 171 | 158 | +8.2 | | United Kingdom – Retail/Residential | 2,986 | 2,871 | +4.0 | | Segment Revenue | 4,748 | 4,752 | – | | Segment Result – Loss | (2,978) | (10,763) | -72.3 | - The occupancy rates for these properties were 100.0%, 100.0%, and 100.0%, respectively (2024: 93.4%, 100.0%, and 100.0%)[18] - The property expense ratio decreased to 13.4% (2024: 15.4%) during the period, reflecting improved property expense management in 2025[19] Treasury Investment Treasury investment segment revenue decreased by 23.7% to HK$3.3 million due to lower bank deposit rates, but underlying recurring segment profit and segment profit significantly increased, reflecting improved investment returns - Segment revenue, primarily from interest income, decreased by 23.7% to HK$3.3 million, reflecting a gradual decline in bank deposit rates during the period[21] - Underlying recurring segment profit increased by 58.6% to a profit of HK$5.9 million, and segment profit also increased to a profit of HK$7.4 million[21] Reconciliation of Treasury Investment Segment Performance (For the Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Underlying Recurring Segment Profit | 5,888 | 3,713 | +58.6 | | Unrealized Fair Value Changes of Financial Assets | 1,539 | 481 | | | Segment Result – Profit | 7,427 | 4,194 | +77.1 | Financial Review This section details other key financial items beyond business segments, including changes in staff costs, operating expenses, finance costs, taxation, and investment property valuations - Staff costs increased by 5.9% to HK$22.1 million, primarily reflecting annual salary increments and provisions for long service payments[24] - Other operating expenses decreased by 22.9% to HK$10.8 million, mainly due to a reduction in overall advertising and promotion expenses during the period[25] - The valuation of the investment property portfolio as at June 30, 2025, was HK$230.8 million, a slight increase of 1.6% from HK$227.0 million as at December 31, 2024[28] Financial Resources and Treasury Policy The company maintains a prudent financial policy, with a capital gearing ratio of 0.7% and a current ratio of 6.5 times as of June 30, 2025, ensuring sufficient liquidity Key Financial Resources Metrics | Metric | 2025年6月30日 | 2024年12月31日 | Change | | :--- | :--- | :--- | :--- | | Capital Gearing Ratio | 0.7% | 0.6% | +0.1% | | Current Ratio | 6.5 times | 16.2 times | -9.7 times | | Total Bank Borrowings | HK$4.8 million | HK$4.2 million | +14.3% | - The Group maintains sufficient cash reserves, marketable securities, and available bank facilities to meet its short-term liabilities, commitments, and working capital requirements[29] Exchange Rate Risk While most business transactions are in HKD and USD, the company faces approximately HK$70.2 million in foreign exchange risk from overseas securities and bank balances, and HK$108.9 million from UK investment properties - Most of the Group's business transactions are conducted in HKD and USD, with some sales to mainland China and overseas markets denominated in RMB, AUD, and MYR, and rental income from the UK received in GBP[30] - Foreign exchange risk related to investments in overseas securities and bank balances totals approximately HK$70.2 million, or about 8.2% of the Group's total assets[30] - The Group also has foreign exchange risk of approximately HK$108.9 million (net of related borrowings) due to the carrying value of its investment properties in the UK[30] Asset Pledges As of June 30, 2025, UK investment properties with a total carrying value of approximately HK$113.7 million were pledged as collateral for bank credit facilities of approximately HK$58.1 million, of which HK$4.8 million was utilized - UK investment properties with a total carrying value of approximately HK$113.7 million were pledged as collateral for the Group's bank credit facilities totaling approximately HK$58.1 million[31] - As at June 30, 2025, approximately HK$4.8 million of these facilities had been utilized[31] Contingent Liabilities As of June 30, 2025, the company faced no legal proceedings initiated by third parties or pending claims that could result in significant financial loss - As at June 30, 2025, there were no legal proceedings initiated by any third party against the Group (as defendant), nor any pending claims that could result in significant financial loss to the Group[32] Plans for Major Investments or Capital Asset Acquisitions The company currently has no plans for any major investments or acquisitions of significant capital assets - The Group has no plans for any major investments or acquisitions of significant capital assets[33] Employees and Remuneration Policy As of June 30, 2025, the company had 100 employees, a decrease of 6 from the end of 2024, with remuneration reviewed annually based on market conditions and individual performance - As at June 30, 2025, the Group had 100 employees (December 31, 2024: 106 employees)[34] - The Group annually reviews and determines employee and director remuneration packages with reference to market conditions and individual performance, providing additional benefits such as medical and education allowances to eligible employees[34] Outlook The company maintains a cautious outlook for the second half of 2025, anticipating continued challenges in the healthcare segment in China and aiming to optimize returns through prudent treasury management - For the second half of 2025, the Group maintains a cautious outlook due to ongoing global uncertainties, interest rate impacts, and prudent consumer confidence in the operating environment[35] - The healthcare segment is expected to continue facing challenges in China, with the Group accelerating its e-commerce initiatives and digital marketing to capture emerging demand[35] - The Group will continue to optimize returns through prudent treasury management, maintaining a diversified investment portfolio and prioritizing capital preservation[35] Independent Auditor's Review Report on Condensed Interim Financial Information This section presents the independent auditor's review report on the company's condensed interim financial information for the six months ended June 30, 2025 Scope of Review and Conclusion RSM Hong Kong reviewed Pak Fah Yeow International Limited's condensed interim financial information for the six months ended June 30, 2025, finding no material issues indicating non-compliance with HKAS 34 - The auditor has reviewed the condensed interim financial information on pages 16 to 37, which includes Pak Fah Yeow International Limited and its subsidiaries' condensed consolidated statement of financial position as at June 30, 2025, and the related condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity, condensed consolidated cash flow statement, and other explanatory notes for the six months then ended[37] - The scope of a review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit; accordingly, we do not express an audit opinion[38] - Based on our review, nothing has come to our attention that causes us to believe that the condensed interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[39] Condensed Consolidated Statement of Comprehensive Income This section presents the company's condensed consolidated statement of comprehensive income, detailing revenue, profit, and other comprehensive income for the period Overview of Period Performance For the six months ended June 30, 2025, the company's revenue was HK$94.7 million, a 28.5% decrease year-on-year, with profit for the period at HK$39.7 million, down 16.2% Key Data from Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 94,734 | 132,468 | | Operating Profit | 48,427 | 60,883 | | Profit Before Tax | 48,015 | 60,443 | | Profit for the Period Attributable to Owners of the Company | 39,743 | 47,407 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 4,991 | 23,624 | | Basic and Diluted Earnings Per Share (cents) | 12.8 | 15.2 | - Revenue decreased by 28.5% year-on-year, and profit for the period decreased by 16.2% year-on-year[41] - Other comprehensive loss was primarily due to an increased deficit from the revaluation of leasehold land and buildings to HK$41.2 million, resulting in a significant reduction in total comprehensive income[42] Condensed Consolidated Statement of Financial Position This section presents the company's condensed consolidated statement of financial position, outlining its assets, liabilities, and equity as of June 30, 2025 Overview of Assets and Liabilities As of June 30, 2025, total assets were HK$852.2 million, with a slight increase, driven by a significant rise in bank balances and cash, while current liabilities increased substantially due to higher dividends payable, leading to a decrease in shareholders' funds Key Data from Condensed Consolidated Statement of Financial Position | Metric | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 455,719 | 504,113 | | Current Assets | 396,527 | 339,241 | | Current Liabilities | 61,286 | 20,887 | | Net Current Assets | 335,241 | 318,354 | | Total Assets Less Current Liabilities | 790,960 | 822,467 | | Net Assets | 704,177 | 731,908 | | Share Capital | 15,582 | 15,582 | | Share Premium and Reserves | 688,595 | 716,326 | | Total Equity | 704,177 | 731,908 | - Bank balances and cash increased from HK$275.8 million to HK$343.8 million[44] - Dividends payable significantly increased from HK$1.0 million to HK$33.6 million[44] - Shareholders' funds (total equity) decreased from HK$731.9 million to HK$704.2 million[45] Condensed Consolidated Statement of Changes in Equity This section presents the company's condensed consolidated statement of changes in equity, detailing movements in shareholders' funds for the period Changes in Shareholders' Equity For the six months ended June 30, 2025, total equity decreased from HK$731.9 million to HK$704.2 million, primarily due to profit for the period, other comprehensive losses from property revaluation, and declared dividends - As at June 30, 2025, total equity was HK$704.2 million, a decrease from HK$731.9 million as at January 1, 2025[47] - Profit for the period was HK$39.7 million, but other comprehensive loss amounted to HK$34.8 million, primarily due to property revaluation deficits[47] - Interim and special interim dividends totaling HK$32.7 million were declared[47] Condensed Consolidated Statement of Cash Flows This section presents the company's condensed consolidated statement of cash flows, detailing cash movements from operating, investing, and financing activities Overview of Cash Flows For the six months ended June 30, 2025, the company generated HK$67.2 million net cash from operations, used HK$5.6 million in investing activities, and HK$0.3 million in financing activities, resulting in a net increase of HK$61.3 million in cash and cash equivalents Key Data from Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 67,163 | 88,181 | | Net Cash Used in Investing Activities | (5,644) | (11,207) | | Net Cash Used in Financing Activities | (254) | (883) | | Net Increase in Cash and Cash Equivalents | 61,265 | 76,091 | | Cash and Cash Equivalents at End of Period | 333,077 | 338,689 | - Net cash generated from operating activities decreased year-on-year from HK$88.2 million to HK$67.2 million[48] - Net cash used in investing activities decreased, primarily due to a smaller increase in time deposits and reduced expenditure on property, plant, and equipment[48] Notes to the Condensed Interim Financial Information This section provides detailed explanatory notes to the condensed interim financial information, covering basis of preparation, accounting policies, segment information, and other financial disclosures Basis of Preparation The condensed interim financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and the disclosure requirements of the HKEX Listing Rules, and has been reviewed by the company's audit committee - The interim financial information is prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on 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[49] - The interim financial information is unaudited but has been reviewed by the Company's Audit Committee[50] Significant Accounting Policies The condensed interim financial information is prepared using the historical cost convention, with investment properties, leasehold land and buildings, and financial assets at fair value through profit or loss measured at fair value, and new accounting standards had no material impact - The interim financial information is prepared under the historical cost convention, except for investment properties, leasehold land and buildings, and financial assets at fair value through profit or loss, which are measured at fair value[51] - The adoption of these amendments to Hong Kong Financial Reporting Standards had no significant impact on the Group's interim financial information[52] Operating Segment Information The company operates in healthcare, property investment, and treasury investment segments, with healthcare revenue and results significantly declining, property investment revenue stable with narrowed losses, and treasury investment showing improved performance despite lower income - The Group's operating segments are established and managed separately based on their business nature, categorized into three operating businesses: healthcare, property investment, and treasury investment[53][54] Revenue and Results by Business Segment (For the Six Months Ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Healthcare | 86,724 | 123,442 | 52,386 | 76,974 | | Property Investment | 4,748 | 4,752 | (2,978) | (10,763) | | Treasury Investment | 3,262 | 4,274 | 7,427 | 4,194 | | Consolidated | 94,734 | 132,468 | 48,427 (Operating Profit) | 60,883 (Operating Profit) | Sales Revenue and Operating Results by Region (For the Six Months Ended June 30) | Region | 2025 Sales Revenue (HK$ thousand) | 2024 Sales Revenue (HK$ thousand) | 2025 Operating Results (HK$ thousand) | 2024 Operating Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | China | 71,764 | 100,588 | 37,518 | 51,567 | | Southeast Asia | 18,748 | 24,674 | 14,238 | 14,526 | | North America | 872 | 3,855 | 391 | 2,159 | | United Kingdom | 3,178 | 3,172 | 3,077 | 1,312 | Other Income For the six months ended June 30, 2025, other income totaled HK$66 thousand, primarily from dividend income on listed investments, a decrease from HK$85 thousand in the prior year Other Income (For the Six Months Ended June 30) | Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Dividend Income from Financial Assets | 67 | 84 | | (Loss) Gain on Disposal of Financial Assets | (1) | 1 | | Total | 66 | 85 | Other Net Gains For the six months ended June 30, 2025, other net gains amounted to HK$158 thousand, a decrease from HK$290 thousand in the prior year Other Net Gains (For the Six Months Ended June 30) | Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Miscellaneous Gains | 158 | 290 | Profit Before Tax Profit before tax is calculated after deducting finance costs and other items such as cost of inventories; for the six months ended June 30, 2025, finance costs were HK$412 thousand and cost of inventories was HK$23.3 million Finance Costs and Cost of Inventories (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 132 | 160 | | Interest on Consideration Payable for Acquisition of Trademark | 280 | 280 | | Total Finance Costs | 412 | 440 | | Cost of Inventories | 23,343 | 30,597 | Taxation Taxation decreased from HK$13.0 million to HK$8.3 million, primarily due to a reduction in the overall assessable operating profit of subsidiaries, with Hong Kong profits tax applying a two-tiered rate and overseas taxes provisioned at applicable rates Taxation Expense (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 7,822 | 12,582 | | Overseas Taxation | 621 | 591 | | Deferred Taxation | (171) | (137) | | Total Taxation | 8,272 | 13,036 | - Taxation decreased primarily due to a reduction in the overall assessable operating profit of subsidiaries[27] Dividends The directors recommended a final dividend of 3.8 HK cents and a special final dividend of 6.7 HK cents per share for 2024, while interim and special interim dividends declared for the current period totaled HK$24.9 million, down from HK$29.6 million last year - The directors recommended a final dividend of 3.8 HK cents and a special final dividend of 6.7 HK cents per share for the year ended December 31, 2024[66] Dividends Attributable to the Period (For the Six Months Ended June 30) | Dividend Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interim Dividend (3.0 HK cents per share) | 9,349 | 9,349 | | Special Interim Dividend (5.0 HK cents per share) | 15,582 | 20,257 | | Total | 24,931 | 29,606 | - The total interim and special interim dividends declared in 2025 amounted to HK$24.9 million, a decrease from HK$29.6 million in 2024[69] Earnings Per Share Basic and diluted earnings per share for the period were 12.8 HK cents, calculated based on profit attributable to owners of HK$39.7 million and a weighted average of 311.6 million ordinary shares outstanding, with diluted EPS equaling basic EPS due to no dilutive potential ordinary shares - Basic and diluted earnings per share are calculated based on the profit for the period attributable to owners of the Company of HK$39.7 million and the weighted average of 311.6 million ordinary shares outstanding during the period[70] - As there were no unissued ordinary shares with dilutive potential for the six months ended June 30, 2025, and 2024, diluted earnings per share are equal to basic earnings per share[70] Changes in Investment Properties and Property, Plant and Equipment Hong Kong investment properties and leasehold land and buildings recorded revaluation deficits of HK$7.1 million and HK$49.3 million, respectively, while UK investment properties saw a foreign exchange adjustment surplus of HK$10.8 million, and HK$77 thousand was spent on property, plant, and equipment - The Group recorded a net revaluation deficit of HK$7.09 million for its investment properties located in Hong Kong during the period, which has been recognized in the profit or loss[71] - The Group recorded a revaluation deficit of HK$49.3 million for its leasehold land and buildings located in Hong Kong during the period, which has been recognized in the property revaluation reserve[71] - During the period, the Group recorded a foreign exchange adjustment surplus of HK$10.8 million for its investment properties located in the United Kingdom[71] - During the period, the Group acquired property, plant, and equipment totaling HK$77 thousand[72] Trade and Other Receivables As of June 30, 2025, total trade and other receivables significantly decreased to HK$19.0 million from HK$33.2 million at the end of 2024, with trade receivables having credit terms ranging from 30 to 120 days Trade and Other Receivables | Item | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 9,689 | 19,190 | | Bills Receivable | 5,922 | 9,529 | | Other Receivables | 3,412 | 4,498 | | Total | 19,023 | 33,217 | Ageing Analysis of Trade Receivables | Ageing | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 4,013 | 14,638 | | 31 – 60 days | 2,284 | 1,537 | | 61 – 90 days | 2,149 | 1,917 | | 91 – 120 days | 1,243 | 1,098 | | Total | 9,689 | 19,190 | - The total amount of trade and other receivables significantly decreased, primarily due to reductions in trade receivables and bills receivable[73] Financial Assets at Fair Value Through Profit or Loss As of June 30, 2025, financial assets at fair value through profit or loss totaled HK$22.9 million, primarily comprising unlisted mutual funds, dual currency deposits, unlisted debt securities, and Hong Kong listed equity securities Details of Major Financial Asset Investments (June 30, 2025) | Investment Type | Fair Value/Market Value (HK$ thousand) | Approximate Percentage of Investment Portfolio (%) | Approximate Percentage of Net Assets (%) | | :--- | :--- | :--- | :--- | | KBC Eco Fund SICAV-Water capitalisation (Unlisted Mutual Fund) | 5,730 | 25.03 | 0.81 | | Multipartner SICAV-RobecoSAM Sustainable Water Fund B-capitalisation (Unlisted Mutual Fund) | 3,879 | 16.95 | 0.55 | | UBS (Dual Currency Deposit) | 3,937 | 17.20 | 0.56 | | Deep Water Bay Yacht Club Limited (Unlisted Debt Securities) | 2,785 | 12.17 | 0.40 | | Shenzhen Xili Golf and Country Club (Unlisted Debt Securities) | 1,842 | 8.05 | 0.26 | | HSBC Holdings plc (Hong Kong Listed Equity Securities) | 1,310 | 5.72 | 0.19 | | Total | 22,888 | 100.00 | 3.25 | - As at June 30, 2025, the total value of financial assets at fair value through profit or loss was HK$22.9 million, an increase from HK$19.1 million as at December 31, 2024[74][75] Secured Bank Borrowings As of June 30, 2025, secured bank borrowings repayable within one year amounted to HK$4.8 million, bearing interest at the bank's cost of funds plus 1.44% per annum, collateralized by UK investment properties with a total carrying value of HK$113.7 million and rental income Secured Bank Borrowings | Item | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Bank Borrowings Repayable Within One Year | 4,789 | 4,204 | - The revolving loan bears interest at the bank's cost of funds plus 1.44% per annum and is repayable within one month of drawdown[76] - The loan is secured by the Group's investment properties with a total carrying value of HK$113.7 million and the assignment of rental income generated from these investment properties[76] Trade and Other Payables As of June 30, 2025, total trade and other payables increased to HK$16.5 million from HK$13.9 million at the end of 2024, with most trade payables due within 30 days Trade and Other Payables | Item | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 3,586 | 1,444 | | Accrued Expenses and Other Payables | 4,768 | 6,610 | | Accrued Advertising and Promotion Expenses | 6,501 | 5,382 | | Accrued Rebates and Discounts | 1,645 | 505 | | Total | 16,500 | 13,941 | Ageing Analysis of Trade Payables | Ageing | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 3,558 | 1,054 | | 31 – 60 days | 11 | 373 | | 61 – 90 days | – | – | | Over 90 days | 17 | 17 | | Total | 3,586 | 1,444 | Share Capital As of June 30, 2025, the company's authorized share capital remained at 600 million ordinary shares of HK$0.05 each, totaling HK$30.0 million, with 311.6 million issued and fully paid shares, totaling HK$15.6 million, unchanged from the end of 2024 Share Capital Details | Item | 2025年6月30日 (Number of Shares) | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (Number of Shares) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Authorized Share Capital (Ordinary Shares of HK$0.05 each) | 600,000,000 | 30,000 | 600,000,000 | 30,000 | | Issued and Fully Paid Share Capital | 311,640,000 | 15,582 | 311,640,000 | 15,582 | - During the reporting period, the company's authorized share capital and issued and fully paid share capital remained unchanged[78] Pledged Assets As of June 30, 2025, the company's UK investment properties with a total carrying value of HK$113.7 million were pledged as collateral for bank credit facilities of HK$58.1 million, of which HK$4.8 million was utilized - The Group's investment properties in the UK are pledged as collateral for bank credit facilities (including bank borrowings) totaling HK$58.1 million obtained by the Group[79] Carrying Value of Pledged Assets | Item | 2025年6月30日 (HK$ thousand) | 2024年12月31日 (HK$ thousand) | | :--- | :--- | :--- | | Investment Properties | 113,678 | 102,854 | Related Party Transactions During the period, the company paid HK$8.96 million in salaries and other benefits to key management personnel, including directors, and HK$36 thousand in contributions to defined contribution plans Remuneration Paid to Key Management Personnel (Including Directors) (For the Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and Other Benefits | 8,960 | 9,186 | | Contributions to Defined Contribution Plans | 36 | 36 | Fair Value Disclosure This section discloses financial assets measured at fair value, categorized into three levels under HKFRS 13, with total financial assets at fair value through profit or loss amounting to HK$22.9 million as of June 30, 2025 - Financial assets measured at fair value are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[81] Financial Assets Measured at Fair Value (June 30, 2025) | Item | Total (HK$ thousand) | Level 1 (HK$ thousand) | Level 2 (HK$ thousand) | Level 3 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong Listed Equity Securities | 3,132 | 3,132 | – | – | | Overseas Listed Equity Securities | 81 | 81 | – | – | | Unlisted Mutual Funds | 10,884 | – | 10,884 | – | | Unlisted Debt Securities | 4,823 | 4,823 | – | – | | Unlisted Private Equity Funds | 31 | – | – | 31 | | Dual Currency Deposits | 3,937 | 3,937 | – | – | | Total | 22,888 | 11,973 | 10,884 | 31 | - Unlisted mutual funds are valued based on market quotes from traders, referencing market prices of similar instruments[85] - The fair value of unlisted private equity funds is estimated by external fund managers, referencing various factors such as operating cash flows, financial performance, and industry trends[86] Disclosure of Interests and Other Information This section provides details on directors' and major shareholders' interests in securities, arrangements for share acquisitions, and other corporate governance information Directors' Securities Interests As of June 30, 2025, Mr. Gan Wee Sean held 94.9 million shares (30.46%), Mr. Gan Fook Wai held 73.3 million shares (23.51%), and Ms. Gan Fook Yin held 1.2 million shares (0.38%) in the company, with disclosures also made for their long positions in unvoting deferred shares of associated companies Directors' Long Positions in the Company's Shares (June 30, 2025) | Director's Name | Personal Interests (shares) | Family Interests (shares) | Corporate Interests (shares) | Total (shares) | Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Gan Wee Sean | 27,208,322 | 2,380,560 | 65,323,440 | 94,912,322 | 30.46 | | Mr. Gan Fook Wai | 10,746,879 | – | 62,527,920 | 73,274,799 | 23.51 | | Ms. Gan Fook Yin | 1,190,280 | – | – | 1,190,280 | 0.38 | - Hexagan Enterprises Limited, a company wholly owned by Mr. Gan Wee Sean and his wife, beneficially owns 65,323,440 shares[90] - Gan's Enterprises Limited, a company in which Mr. Gan Fook Wai holds approximately a 32% interest, beneficially owns 62,527,920 shares[90] Major Shareholders As of June 30, 2025, excluding directors and their associates, Mr. Jonathan William Brooke was a major shareholder, holding 37.4 million shares, representing 12.00% of the company's issued shares Major Shareholders' Long Positions in the Company's Shares and Related Shares (June 30, 2025) | Shareholder's Name | Personal Interests (shares) | Family Interests (shares) | Corporate Interests (shares) | Total (shares) | Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Jonathan William Brooke | 21,815,000 | – | 15,582,500 | 37,397,500 | 12.00 | - Mr. Jonathan William Brooke holds 100% of the issued shares of Brooke Capital Limited and Fort Galle Limited, and is therefore deemed to have an interest in these 15,582,500 shares[92] Arrangements for Acquiring Shares or Debentures Neither the company nor any of its subsidiaries entered into any arrangements during the reporting period that would enable the company's directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate - Neither the company nor any of its subsidiaries entered into any arrangements during the period that would enable the company's directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate[93] Other Information The Board declared an interim dividend of 3.0 HK cents and a special interim dividend of 5.0 HK cents per share, payable on December 5, 2025, with share registration suspended from October 2 to October 6, 2025, and the company adheres to its corporate governance code - The directors resolved to declare an interim dividend of 3.0 HK cents and a special interim dividend of 5.0 HK cents per share for the six months ended June 30, 2025, payable to shareholders whose names appear on the register of members on October 6, 2025[94] - The company's share registration will be suspended from Thursday, October 2, 2025, to Monday, October 6, 2025 (both dates inclusive)[95] - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as its own corporate governance code[97] - The roles of Chairman and Chief Executive Officer are performed by the same individual, but the Board believes that sufficient balance of power and safeguards are in place[98] - The Audit Committee has reviewed the company's interim financial information for the six months ended June 30, 2025, and this interim report[100]