恒和集团(00513) - 2025 - 年度业绩

Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated revenue grew 62.5% to HK$585,835 thousand, but the loss for the year expanded to HK$330,606 thousand due to fair value changes and impairment losses Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 585,835 | 360,402 | | Gross Profit/(Loss) | 110,858 | (42,757) | | Loss Before Income Tax | (335,672) | (294,149) | | Loss for the Year | (330,606) | (300,314) | | Loss Attributable to Owners of the Company | (259,112) | (257,302) | | Basic Loss Per Share | (37.93) HK cents | (37.67) HK cents | - Revenue growth was primarily attributable to HK$221,300,000 from property sales[42] - Loss for the year was mainly due to a HK$276,100,000 loss from fair value changes in investment properties and a HK$26,600,000 impairment loss on mining rights[42] Consolidated Statement of Financial Position Total assets decreased, and net current liabilities expanded to HK$388,543 thousand, indicating liquidity pressure from reduced investment properties and mining rights Consolidated Statement of Financial Position Summary | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 2,255,813 | 2,595,092 | | Investment Properties | 1,714,400 | 1,990,400 | | Mining Rights | 469,307 | 484,054 | | Current Assets | 573,266 | 771,813 | | Properties Under Development and For Sale | 279,398 | 485,123 | | Cash and Cash Equivalents | 36,358 | 49,156 | | Current Liabilities | (961,809) | (995,596) | | Bank Loans (Current) | (796,081) | (882,506) | | Net Current Liabilities | (388,543) | (223,783) | | Net Assets | 1,648,862 | 1,980,659 | | Total Equity | 1,648,862 | 1,980,659 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately HK$388,543,000, with HK$796,081,000 in bank loans classified as current liabilities, while cash and cash equivalents were only HK$36,358,000[8] Notes to the Consolidated Financial Statements This section details the basis of preparation, accounting policies, financial item composition and changes, and post-reporting events, focusing on going concern, revenue, segment performance, finance costs, tax, EPS, receivables, payables, and bank loans Basis of Preparation Despite a HK$259,112,000 loss and HK$388,543,000 net current liabilities, the Board maintains a going concern basis, supported by asset sales, loan renewals, and shareholder credit lines - The Group incurred a HK$259,112,000 loss and had HK$388,543,000 in net current liabilities in FY2025, yet the Board believes it can continue as a going concern[8] - Some properties held for sale have been sold, with remaining units expected to sell within the forecast period, generating profits for bank loan repayment[8] - A bank loan of approximately HK$654,694,000 was successfully renewed for three years, with HK$606,500,000 expected to be repaid after June 30, 2026[8] - The controlling shareholder provided a HK$60,000,000 credit facility for working capital, with an intention to extend it if needed[8] - An associated company agreed not to demand repayment of approximately HK$38,396,000 in loans until all other third-party liabilities of the Group are settled[12] - The Group is considering selling certain assets to enhance liquidity and reduce debt, including the sale of all shares in its wholly-owned subsidiary, Daying Limited, for RMB33,370,000 (approximately HK$36,470,073)[12] Adoption of Hong Kong Financial Reporting Standards The Group adopted revised HKFRS effective July 1, 2024, including amendments on lease liabilities and liability classification, with no material impact on current or prior period financial performance or position - Revised Hong Kong Financial Reporting Standards, effective July 1, 2024, have been adopted, including HKFRS 16 (Revised) on lease liabilities in a sale and leaseback and HKAS 1 (Revised) on classification of liabilities as current or non-current[13] - These amendments had no material impact on the Group's performance or financial position for the current or prior periods[13] - New and amended HKFRS issued but not yet effective are listed, including HKFRS 18 Presentation and Disclosure in Financial Statements (effective January 1, 2027)[14] Revenue and Segment Information Group revenue surged 62.5% to HK$585,835 thousand, driven by property sales, with the property segment's loss expanding due to fair value changes, while Hong Kong revenue significantly increased Revenue Composition In FY2025, revenue was primarily from HK$340,100 thousand in goods sales and HK$221,331 thousand in property sales, with property sales being the main growth driver Revenue by Source | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Goods Sales | 340,100 | 333,897 | | Property Sales | 221,331 | – | | Rental Income | 23,074 | 22,320 | | Interest Income | 421 | 1,833 | | Dividend Income from Investments | 909 | 2,352 | | Total Revenue | 585,835 | 360,402 | - Property sales contributed HK$221,331 thousand in FY2025, up from zero in 2024, marking the primary driver of revenue growth[15] Business Segment Performance Jewellery revenue slightly increased and became profitable, property investment and development segment revenue surged but loss expanded, mining continued losses with impairment, and investment revenue and results declined Segment Revenue and Results | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 340,100 | 333,897 | 19,857 | (23,692) | | Property Investment and Development | 244,405 | 22,320 | (313,174) | (266,588) | | Mining Business | – | – | (40,211) | (1,919) | | Investments | 1,330 | 4,185 | 1,832 | 2,518 | | Consolidated | 585,835 | 360,402 | (331,696) | (289,681) | - The jewellery business segment returned to profitability, recording a profit of HK$19,857 thousand, primarily due to streamlined operations and strategic cost control measures[19][44] - The property investment and development segment's loss expanded to HK$313,174 thousand, mainly due to a HK$276,058 thousand loss from fair value changes in investment properties[19][22] - The mining business recorded a HK$40,211 thousand loss and recognized an impairment loss on mining rights of HK$26,599 thousand[19][22