中建富通(00138) - 2025 - 中期财报

Chairman's Statement Performance Overview The Group reported a net loss of HKD 210 million for H1 2025, a 26.5% increase, mainly due to a HKD 99.4 million property impairment loss H1 2025 Performance Summary | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Net loss attributable to equity holders of the parent company | (210) | (166) | 26.5% | | Property impairment loss | 99.4 | - | - | Interim Dividend Policy The Board does not recommend an interim dividend for the period, aiming to preserve cash reserves amidst a challenging business environment - The Board does not recommend paying an interim dividend for the current period (June 30, 2024: nil), aiming to preserve cash reserves to address future difficulties and challenges[6] Business Review The Group operates in Hong Kong property, securities, Blackbird Group's automotive and collectibles businesses, and culture and entertainment, with strong Ferrari performance despite economic headwinds - The Group primarily operates in Hong Kong property business, securities business, Blackbird Group's multifaceted automotive business and valuable collectibles investment, and culture and entertainment business (primarily film business)[7] Hong Kong Property Business The Hong Kong property market remains sluggish, with the Group's property values facing revaluation pressure due to US economic and interest rate policy uncertainties - The Hong Kong property market remains sluggish, and uncertainties in the new US administration's economic and interest rate policies are expected to severely impact the recovery of the global economy and property market, leading to continued revaluation pressure on the Group's property values[8] Securities Business The Company avoided trading listed stocks in H1 to preserve cash and reduce risk, with income primarily from stable interest on bills receivable - In H1 2025, to preserve cash and mitigate risks, the Company did not trade any listed stocks or securities in the stock market, but received stable interest income from bills receivable[9] Blackbird Group Blackbird Group operates Ferrari and Maserati dealerships, valuable collectibles trading, and automotive logistics, with management satisfied by its multifaceted automotive business's positive development despite challenges - Blackbird Group primarily engages in Ferrari business, Maserati business, valuable collectibles trading and investment business, and automotive logistics business[10] - Despite the challenging business environment, management is satisfied with the positive development of Blackbird Group's multifaceted automotive business[10] Ferrari Business Ferrari business in Hong Kong and Macau saw strong H1 2025 performance with increased deliveries, 10% full-year production growth, high demand for new models, and successful certified pre-owned car programs - Ferrari delivery speed increased in H1 2025, with full-year production for 2025 expected to achieve 10% growth[11] - Deliveries of the highly anticipated Ferrari Purosangue and limited-edition Daytona SP3 continued, with the Ferrari F80 configuration finalized and production nearing 20 units, solidifying growth in new generation collectors and VIPs[11] - New car order personalization levels exceeded business targets, with a slight increase of 5% year-to-date. The newly launched 296 Speciale and Amalfi V8 twin-turbo GT sports car received enthusiastic market response, with nearly 90% of the 3-year allocation for the Hong Kong market for the former already sold out[11][12] Maserati Business Maserati business in Hong Kong and Macau achieved stable sales, driven by sustained demand for Grecale, initial deliveries of Grecale Folgore, and preparations for the new GranTurismo - Maserati's exclusive importer, Blackbird Tridente, recorded stable sales performance, reflecting sustained customer demand for the high-end SUV Grecale[15] - Maserati's first all-electric SUV, Grecale Folgore, has commenced deliveries, marking a milestone in the brand's electrification journey[15] Valuable Collectibles Trading and Investment Business The vintage and investment-grade car market faced global weakness, yet management remains cautiously optimistic, while the vintage watch department maintains its reputation through publications and brand collaborations - The vintage and investment-grade car market continued to be affected by global market weakness, but management remains cautiously optimistic about the long-term development of the vintage car trading environment[16] - The vintage watch department is renowned for its vintage watch magazine and online platform, continuing to collaborate with numerous important brands on editorial partnerships and consulting services[16] Automotive Logistics Business Blackbird Works Supply's Hong Kong logistics is the main revenue source, with growing cross-border services in mainland China, expanded roll-on/roll-off transport, and call center operations, while improving systems and seeking market share expansion - Blackbird Works Supply comprises Hong Kong logistics, cross-border logistics (mainland China and Macau), pre-sales inspection and roll-on/roll-off vessel transport handling, and call center services, with Hong Kong logistics remaining the primary revenue source[17] - Cross-border logistics services in mainland China continued to grow, with collaborations with two shipping companies to commence roll-on/roll-off cargo handling services[17] - Call center business continued to grow, with opportunities for collaboration with insurance companies on call center services being explored[17] Culture and Entertainment Business The Group divested its stage engineering associate in February 2025, making film business the sole remaining operation within the culture and entertainment segment - The Group disposed of its associate engaged in stage audio, lighting, and stage engineering business on February 28, 2025, making film business the sole remaining operation within the culture and entertainment segment[18] Outlook Amidst global economic slowdown, geopolitical tensions, and tariff disputes, the Group will focus on developing Blackbird Automotive, implementing prudent financial management, and preparing for recovery - Both global and local economic outlooks face challenges, with recovery progress likely to remain slow and uneven[19] - The Group will continue to strive to build and develop the Blackbird Automotive Group, aiming to become one of the global leaders in the automotive industry in the near future[19] - Prudent financial management and cost-saving measures will continue to be implemented, striving to turn crises into opportunities for long-term sustainable growth and enhanced shareholder value[19] Acknowledgements The Chairman, on behalf of the Board, extends sincere gratitude to all stakeholders, including directors, employees, shareholders, and business partners - The Chairman, on behalf of the Board, extends sincere gratitude to the directors, management, and all employees for their unwavering commitment, loyalty, and diligent performance during the period[20] - Deep appreciation is extended to shareholders, investors, banks, customers, suppliers, and landlords for their consistent encouragement and strong support during these unprecedented times[20] Financial Review Summary of Financial Results for H1 2025 The Group's H1 2025 revenue decreased by 19.4% to HKD 258 million, with loss expanding to HKD 210 million, basic loss per share at HKD 0.132, and no interim dividend H1 2025 Financial Results Summary | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Revenue | 258 | 320 | (19.4%) | | Loss before tax | (210) | (165) | 27.3% | | Loss for the period | (210) | (166) | 26.5% | | Loss per share attributable to ordinary equity holders of the parent company — Basic | (0.132 HKD) | (0.104 HKD) | 26.9% | | Dividend per share | Nil | Nil | N/A | Review of Financial Performance Revenue declined due to the 2024 multimedia business disposal and a weak collectibles market, while loss expanded due to increased property impairment; Ferrari revenue grew by 7.4% from accelerated deliveries - The Group's revenue for H1 2025 was approximately HKD 258 million, a decrease of approximately 19.4% compared to H1 2024, primarily due to the disposal of the unprofitable multimedia business in June 2024 and the continued weakness in the global valuable collectibles market[22] - The expanded loss was mainly due to an impairment loss on properties classified as assets held for sale of approximately HKD 99.4 million, compared to approximately HKD 43 million in H1 2024[23] - Benefiting from accelerated car deliveries in H1 2025, Ferrari business revenue increased by approximately 7.4% to approximately HKD 204 million[23] Analysis by Business Segment Business segments showed mixed performance, with Ferrari revenue and profit growing, Maserati and collectibles revenue declining, property loss expanding due to impairment, and other segments impacted by disposals Revenue by Business Segment for the Six Months Ended June 30 (HKD million) | Business Segment | 2025 (HKD million) | 2024 (HKD million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Property Investment and Holding | 1 | 4 | (75.0%) | | Ferrari Business | 204 | 190 | 7.4% | | Maserati Business | 22 | 39 | (43.6%) | | Valuable Collectibles and Logistics Business | 20 | 57 | (64.9%) | | Other Businesses | 11 | 30 | (63.3%) | | Total | 258 | 320 | (19.4%) | Operating Profit/(Loss) by Business Segment for the Six Months Ended June 30 (HKD million) | Business Segment | 2025 (HKD million) | 2024 (HKD million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Property Investment and Holding | (102) | (41) | 148.8% | | Securities Business | 4 | 4 | –% | | Ferrari Business | 5 | 3 | 66.7% | | Maserati Business | (4) | (7) | (42.9%) | | Valuable Collectibles and Logistics Business | (12) | (22) | (45.5%) | | Culture and Entertainment Business | –* | –* | –% | | Other Businesses | (10) | (22) | (54.5%) | | Total | (119) | (85) | 40.0% | - Hong Kong property business rental income decreased by 75% to HKD 1 million, and operating loss expanded to HKD 102 million, primarily due to property impairment loss[27] Analysis by Geographical Segment Most revenue originated from Hong Kong, Macau, and mainland China, decreasing by 11.3% to HKD 258 million due to the 2024 multimedia business disposal, while other regions reported no revenue from a weak collectibles market Revenue by Geographical Segment for the Six Months Ended June 30 (HKD million) | Region | 2025 (HKD million) | 2024 (HKD million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Hong Kong, Macau and Mainland China | 258 | 291 | (11.3%) | | Rest of the World | –* | 29 | (100.0%) | | Total | 258 | 320 | (19.4%) | - Revenue from Hong Kong, Macau, and mainland China decreased by approximately 11.3%, primarily due to the disposal of the unprofitable Hong Kong multimedia business in June 2024[34] - Revenue from the rest of the world primarily came from global sales of valuable collectibles, but no such sales were recorded during the period, reflecting the weak global valuable collectibles market[34] Capital Structure and Gearing Ratio Shareholders' equity decreased by HKD 210 million to HKD 462 million due to period loss, while the gearing ratio rose from 70.5% to 78.2%, with total borrowings of HKD 1.662 billion, 99.2% being short-term Capital Structure (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank borrowings | 1,157 | 1,172 | | Other borrowings | 350 | 261 | | Lease liabilities | 26 | 43 | | Convertible bonds | 98 | 96 | | Bank borrowings directly related to assets classified as held for sale | 31 | 33 | | Total borrowings | 1,662 | 1,605 | | Shareholders' equity attributable to equity holders of the parent company | 462 | 672 | | Total capital employed | 2,124 | 2,277 | - Shareholders' equity attributable to equity holders of the parent company was approximately HKD 462 million, a decrease of approximately HKD 210 million from the beginning of 2025, primarily attributable to the net loss attributable to equity holders of the parent company for the period[35] - The Group's gearing ratio increased from approximately 70.5% as at December 31, 2024, to approximately 78.2% as at June 30, 2025, mainly due to the decrease in equity[36] Liquidity and Financial Resources Net current liabilities increased to HKD 1.328 billion due to working capital use and property impairment, with all bank borrowings reclassified as current liabilities due to covenant non-compliance; the Group is actively pursuing asset sales, loan renewals, and capital transactions to improve liquidity Liquidity (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current assets | 832 | 950 | | Current liabilities | (2,160) | (2,100) | | Net current liabilities | (1,328) | (1,150) | - Net current liabilities increased by approximately HKD 178 million to HKD 1.328 billion, primarily due to the utilization of working capital for daily operations and the recognition of a property impairment loss of approximately HKD 99.4 million on assets classified as held for sale during the period[38] - The Group failed to comply with financial covenants under bank credit facilities, resulting in all bank borrowings (approximately HKD 1.14 billion) being reclassified as current liabilities, and negotiations for renewal waivers are ongoing[39][63] - The Group plans to meet its working capital and capital expenditure requirements through asset disposals, additional borrowings and fundraising activities (if necessary), and the disposal of non-core assets[39][61] Capital Commitments As of June 30, 2025, the Group's capital commitments decreased to HKD 3 million from HKD 5 million, with funding planned through internal resources Capital Commitments (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital commitments | 3 | 5 | - The Group intends to fund its capital commitments through internal resources[41][102] Treasury Management The Group employs a conservative approach to treasury management, centralizing activities, with no significant foreign exchange risk and no current hedging for interest rate risk - The Group adopts a conservative approach to cash management and risk control, centralizing treasury activities[42] - Currently, the Group's foreign exchange risk is not significant, and no financial instruments are used to hedge its interest rate risk[42] Disposal of Significant Subsidiaries and Associates On February 28, 2025, the Group disposed of its stage audio, lighting, and engineering associate for HKD 8.1 million, exiting that business - On December 27, 2024, the Group entered into two sale and purchase agreements to dispose of its associate engaged in stage audio, lighting, and stage engineering business within its culture and entertainment segment for a total consideration of HKD 8.1 million[43] - Upon completion of the disposal on February 28, 2025, the Group ceased to operate the stage audio, lighting, and stage engineering business[43] Pledge of Assets The Group's interest-bearing bank borrowings are secured by various assets, including leasehold land and buildings, investment properties, inventories, fixed deposits, assets held for sale, and valuable collectibles - Pledge of certain leasehold land and buildings of the Group located in Hong Kong, with a total carrying value of approximately HKD 842 million[103] - Pledge of the Group's investment properties located in Hong Kong, with a total carrying value of approximately HKD 610 million[103] - Pledge of the Group's valuable collectibles held for investment, with a total carrying value of approximately HKD 235 million[103] Contingent Liabilities The Group faces legal proceedings for property sales misrepresentations, but the Board deems a successful defense reasonably high, requiring no provision - Certain property buyers have initiated legal proceedings against a subsidiary of the Company regarding misrepresentations involved in property sales[101] - The Directors believe that the chance of successful defense for the subsidiary is reasonably high, and therefore no provision is required for claims arising from these legal proceedings at the end of the reporting period[101] Employees and Remuneration Policy As of June 30, 2025, the Group had 175 employees, a decrease of 12, with a fair, performance-based, and market-competitive remuneration policy including provident fund, medical insurance, and bonuses Number of Employees | Date | Total Employees | | :--- | :--- | | June 30, 2025 | 175 | | December 31, 2024 | 187 | - The Group's remuneration policy is based on fairness, providing employees with incentive-driven, performance-based, and market-competitive remuneration packages, which are reviewed annually[46] - In addition to salaries, other employee benefits include provident fund contributions, medical insurance, and performance-linked bonuses. As of June 30, 2025, the Company had no outstanding share options[46] Convertible Bonds The Group holds 2025 and 2024 convertible bonds; 2025 bonds have HKD 93.5 million outstanding, partly converted or offset, while 2024 bonds have HKD 6.755 million outstanding, with some redeemed and others extended with revised terms 2025 Convertible Bonds The Company issued HKD 220 million in 2025 convertible bonds, maturing December 31, 2025, at 4.5% annual interest; some converted or offset, leaving HKD 93.5 million outstanding as of June 30, 2025 - The Company issued 2025 convertible bonds with a total principal amount of HKD 220 million, maturing on December 31, 2025, at an annual interest rate of 4.5% of the principal amount[47][95] - Portions of the 2025 convertible bonds have been converted into shares, and some have been offset by consideration from the disposal of multimedia business and landscape design services subsidiaries[48][49][97] Outstanding Principal Amount of 2025 Convertible Bonds (HKD million) | Date | Outstanding Principal Amount | | :--- | :--- | | June 30, 2025 | 93.5 | | Date of this report | 87.92 | 2024 Convertible Bonds The Company issued HKD 30.0115 million in 2024 convertible bonds, with HKD 6.755 million outstanding, whose maturity was extended to August 18, 2025, with a revised conversion price of HKD 0.15 and a 9.0% annual interest rate - The Company issued 2024 convertible bonds with a total principal amount of HKD 30.0115 million, part of which has been redeemed[50][98][99] - The maturity date for the outstanding principal amount of HKD 6.755 million of the 2024 convertible bonds was extended by one year from August 18, 2024, to August 18, 2025[51][99] - The conversion price was changed from HKD 0.193 per share to HKD 0.15 per share, and the annual interest rate was increased from 4.5% to 9.0%[51][99] Interim Results Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group reported HKD 258 million revenue, HKD 53 million gross profit, HKD 210 million loss, and HKD 0.132 basic and diluted loss per share Condensed Consolidated Statement of Profit or Loss Summary (HKD million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 258 | 320 | | Cost of sales | (205) | (247) | | Gross profit | 53 | 73 | | Other income and gains | 10 | 9 | | Selling and distribution expenses | (9) | (14) | | Administrative expenses | (108) | (133) | | Other expenses and losses | (99) | (45) | | Finance costs | (57) | (57) | | Loss before tax | (210) | (165) | | Income tax expense | – | (1) | | Loss for the period | (210) | (166) | | Loss per share attributable to ordinary equity holders of the parent company (Basic and diluted) | (0.132 HKD) | (0.104 HKD) | Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group reported a total comprehensive loss of HKD 210 million, contrasting with a HKD 159 million comprehensive income in the prior year due to leasehold land revaluation Condensed Consolidated Statement of Comprehensive Income Summary (HKD million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period | (210) | (166) | | Revaluation of leasehold land and buildings | – | 325 | | Other comprehensive income for the period | – | 325 | | Total comprehensive (loss)/income for the period | (210) | 159 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group reported total assets of HKD 2.635 billion, total liabilities of HKD 2.173 billion, shareholders' equity of HKD 462 million, and net current liabilities of HKD 1.328 billion, indicating liquidity pressure Condensed Consolidated Statement of Financial Position Summary (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 1,803 | 1,836 | | Total current assets | 832 | 950 | | Total assets | 2,635 | 2,786 | | Total equity | 462 | 672 | | Total non-current liabilities | 13 | 14 | | Total current liabilities | 2,160 | 2,100 | | Total liabilities | 2,173 | 2,114 | | Total equity and liabilities | 2,635 | 2,786 | | Net current liabilities | (1,328) | (1,150) | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, accumulated losses increased to HKD 2.013 billion, and total shareholders' equity decreased to HKD 462 million, primarily due to a HKD 210 million comprehensive loss for the period Condensed Consolidated Statement of Changes in Equity Summary (HKD million) | Metric | As at January 1, 2025 | Total comprehensive loss for the period | As at June 30, 2025 | | :--- | :--- | :--- | :--- | | Issued share capital | 160 | – | 160 | | Share premium account | 272 | – | 272 | | Capital reserve | 751 | – | 751 | | Distributable reserve | 841 | – | 841 | | Equity component of convertible bonds | 15 | – | 15 | | Asset revaluation reserve | 383 | – | 383 | | Exchange fluctuation reserve | 29 | – | 29 | | Capital redemption reserve | 24 | – | 24 | | Accumulated losses | (1,803) | (210) | (2,013) | | Total equity | 672 | (210) | 462 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash outflow from operations was HKD 87 million, net cash inflow from investing activities was HKD 3 million, and net cash inflow from financing activities was HKD 51 million, resulting in period-end cash and cash equivalents of HKD 12 million Condensed Consolidated Statement of Cash Flows Summary (HKD million) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flows used in operating activities | (87) | (12) | | Net cash flows from investing activities | 3 | 25 | | Net cash flows from/(used in) financing activities | 51 | (36) | | Net decrease in cash and cash equivalents | (33) | (23) | | Cash and cash equivalents at beginning of period | 45 | 47 | | Cash and cash equivalents at end of period | 12 | 24 | Notes to the Condensed Consolidated Financial Information This section details financial statement presentation, accounting policies, revenue, segment performance, receivables, payables, convertible bonds, related party transactions, and post-reporting events, highlighting going concern uncertainty reliant on asset sales, loan renewals, and capital transactions Basis of Presentation The Group reported a HKD 210 million net loss and HKD 1.328 billion net current liabilities, with only HKD 12 million cash and most borrowings due within 12 months, indicating significant going concern uncertainty reliant on asset sales, loan renewals, and capital transactions - The Group recorded a net loss of approximately HKD 210 million, and as at June 30, 2025, the Group's net current liabilities were approximately HKD 1.328 billion[60] - The Group's cash and bank balances were approximately HKD 12 million, pledged fixed deposits were HKD 17 million, and interest-bearing bank and other borrowings were approximately HKD 1.564 billion, of which approximately HKD 1.551 billion are repayable within 12 months after the end of the reporting period[60] - The Group's ability to continue as a going concern depends on the successful and timely disposal of assets, successful renewal of bank financing, completion of capital transactions to improve its net asset position, and effective implementation of plans to improve operating cash flows[64] Revenue Analysis The Group's revenue primarily derived from Ferrari business (HKD 204 million), with significant declines in Maserati and collectibles/logistics, and most revenue recognized at a point in time upon goods transfer Revenue Analysis (HKD million) | Business | 2025 | 2024 | | :--- | :--- | :--- | | Ferrari Business | 204 | 190 | | Maserati Business | 22 | 39 | | Valuable Collectibles and Logistics Business | 20 | 57 | | Other Businesses | 11 | 30 | | Rental income from investment properties | 1 | 4 | | Total revenue | 258 | 320 | Disaggregation of Revenue from Contracts with Customers (HKD million) | Timing of revenue recognition | 2025 | 2024 | | :--- | :--- | :--- | | At a point in time (transfer of goods) | 186 | 214 | | Over time (transfer of services) | 71 | 102 | | Total | 257 | 316 | Operating Segment Information The Group's operating segments include property investment, securities, Ferrari, Maserati, collectibles/logistics, culture/entertainment, and other businesses, with Ferrari contributing most revenue and profit, and property investment incurring the largest operating loss - The Group's operating segments include property investment and holding, securities business, Ferrari business, Maserati business, valuable collectibles and logistics business, culture and entertainment business, and other businesses[79] H1 2025 Segment Revenue (HKD million) | Segment | Sales to external customers | Other income | Total | | :--- | :--- | :--- | :--- | | Property Investment and Holding | 1 | – | 1 | | Securities Business | – | 4 | 4 | | Ferrari Business | 204 | 5 | 209 | | Maserati Business | 22 | 1 | 23 | | Valuable Collectibles and Logistics Business | 20 | – | 20 | | Culture and Entertainment Business | – | – | – | | Other Businesses | 11 | – | 11 | | Grand Total | 258 | 10 | 268 | H1 2025 Operating (Loss)/Profit (HKD million) | Segment | Operating (Loss)/Profit | | :--- | :--- | | Property Investment and Holding | (102) | | Securities Business | 4 | | Ferrari Business | 5 | | Maserati Business | (4) | | Valuable Collectibles and Logistics Business | (12) | | Culture and Entertainment Business | –* | | Other Businesses | (10) | | Total | (119) | Trade Receivables As of June 30, 2025, total trade receivables were HKD 31 million, with 77% due within 180 days, and most business credit terms typically one month Ageing Analysis of Trade Receivables (HKD million) | Ageing | Balance as at June 30, 2025 | Percentage | | :--- | :--- | :--- | | Within 180 days | 24 | 77% | | 181 to 365 days | 4 | 13% | | 1 to 2 years | 2 | 7% | | Over 2 years | 1 | 3% | | Total | 31 | 100% | - The credit period for most of the Group's businesses is typically one month[92] Trade Payables As of June 30, 2025, total trade payables were HKD 24 million, with 83% overdue by over 90 days; these payables are interest-free, unsecured, and typically settled within 60 days Ageing Analysis of Trade Payables (HKD million) | Ageing | Balance as at June 30, 2025 | Percentage | | :--- | :--- | :--- | | Current to 30 days | 3 | 13% | | 31 to 60 days | 1 | 4% | | 61 to 90 days | –* | –* | | Over 90 days | 20 | 83% | | Total | 24 | 100% | - Trade payables are interest-free, unsecured, and generally settled within 60 days[94] Related Party Transactions Significant related party transactions included HKD 4 million interest expense on 2025 convertible bonds, HKD 1 million rental income, and a HKD 10 million subsidiary disposal in 2024 Related Party Transactions (HKD million) | Type of transaction | 2025 | 2024 | | :--- | :--- | :--- | | Interest expense on 2025 convertible bonds | 4 | 5 | | Rental income | 1 | – | | Disposal of a subsidiary | – | 10 | - Remuneration for key management personnel was HKD 8 million (2024