Revenue and Profitability - Revenue for the six months ended June 30, 2025, was HKD 26,026,000, a significant increase from HKD 5,180,000 in the same period of 2024, representing a growth of 401%[2] - Gross profit for the same period was HKD 7,484,000, compared to HKD 3,179,000 in 2024, indicating a gross margin improvement[2] - The company reported a net loss of HKD 43,586,000 for the six months ended June 30, 2025, compared to a profit of HKD 8,121,000 in 2024[2] - The total comprehensive income for the period was HKD 5,306,000, recovering from a loss of HKD 31,957,000 in the previous year[2] - Property sales contributed HKD 20,724,000 to the revenue, while property management income was HKD 4,694,000, compared to HKD 4,390,000 in 2024, indicating an increase of 6.9%[17] - The company recorded a revenue of approximately HKD 26,030,000 for the six months ended June 30, 2025, representing an increase of about 402% compared to HKD 5,180,000 for the same period last year[45] Assets and Liabilities - Non-current assets increased to HKD 1,324,870,000 as of June 30, 2025, up from HKD 1,283,992,000 at the end of 2024[3] - Current assets totaled HKD 812,807,000, slightly up from HKD 801,867,000 in 2024[3] - The company's total liabilities increased to HKD 1,174,668,000, compared to HKD 1,132,326,000 in the previous year[4] - Cash and bank balances decreased to HKD 13,665,000 from HKD 32,760,000 at the end of 2024, indicating a liquidity challenge[3] - The company reported total trade receivables of HKD 2,010,000 as of June 30, 2025, a decrease from HKD 2,844,000 as of December 31, 2024, indicating a reduction of 29.2%[29] - The company’s prepayments, deposits, and other receivables increased to HKD 19,064,000 as of June 30, 2025, compared to HKD 12,476,000 as of December 31, 2024, marking a rise of 52.9%[31] - The company’s construction in progress amounted to HKD 193,815,000 as of June 30, 2025, reflecting a slight increase from HKD 187,330,000 at the beginning of the period[24] - The company’s development properties held at cost increased to HKD 594,424,000 as of June 30, 2025, from HKD 573,263,000 at the beginning of the period, an increase of 3.7%[28] Cash Flow and Financing - The net cash outflow from operating activities was HKD 17,595,000 for the six months ended June 30, 2025, compared to an outflow of HKD 7,641,000 in 2024[7] - The net cash flow from financing activities for the six months ended June 30, 2025, was a negative HKD 2,552,000, contrasting with a positive HKD 8,080,000 in the same period of 2024[8] - The cash and cash equivalents decreased by HKD 6,143,000, resulting in a closing balance of HKD 684,000 as of June 30, 2025, down from HKD 10,260,000 in 2024[8] - The company reported a net cash outflow of HKD 6,143,000 for the period, compared to an outflow of HKD 4,721,000 in 2024, indicating a worsening liquidity position[8] Expenses and Costs - The finance costs for the six months ended June 30, 2025, totaled HKD 545,000, a decrease of 14.6% from HKD 638,000 in the same period of 2024[18] - Employee costs, including directors' remuneration, amounted to HKD 8,911,000, a decrease of 6.8% from HKD 9,558,000 in 2024[19] - The cost of sold properties was HKD 16,111,000 for the six months ended June 30, 2025, with no corresponding cost reported in the same period of 2024[19] - The interest income from banks was HKD 18,000, a significant decrease from HKD 224,000 in the same period of 2024[17] - Employee costs for the six months ended June 30, 2025, were approximately HKD 8,040,000, down from HKD 8,690,000 for the same period in 2024, representing a decrease of about 7.48%[62] Taxation - The company reported a total income tax expense of HKD 6,378,000 for the six months ended June 30, 2025, compared to HKD 1,228,000 for the same period in 2024, representing a significant increase of 420%[21] Shareholder Information - The company recorded a loss attributable to owners of the company of HKD 43.6 million for the six months ended June 30, 2025, compared to a profit of HKD 8.1 million for the same period in 2024, resulting in a basic and diluted loss per share of HKD (1.10) compared to HKD 0.20[23] - The company has not recommended the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous period[22] - The company has issued and fully paid 3,975,233,406 ordinary shares, with a total capital of HKD 983,266,000 as of June 30, 2025[34] Projects and Developments - The company has commenced the development of the Jinliwan project, with a total construction area of approximately 430,000 square meters, and has obtained a pre-sale permit for the first phase[46] - The company is actively discussing the overall planning of the Tanghai County project with local government authorities due to the designation of the project area as a nature reserve[48] - The total property sales from the Jinbao City project reached approximately HKD 20,720,000 for the six months ending June 30, 2025, with no sales recorded for the same period in 2024[51] - As of June 30, 2025, contract liabilities from pre-sales of the Jinbao City project amounted to approximately HKD 59,000,000, an increase from HKD 52,260,000 as of December 31, 2024[51] - The total land area for the Honghai Bay project is approximately 273,534.2 square meters, but development has been suspended while the company reassesses the project's positioning[52] - The company has made a provision of approximately RMB 14,000,000 (equivalent to about HKD 15,800,000) for claims related to construction costs from the Honghai Bay project[52] - The company is pursuing a claim for shareholder loans amounting to approximately RMB 123,900,000 (equivalent to about HKD 134,200,000) against its joint venture partner in the Heqing project[54] Corporate Governance - The company has confirmed the renewal of property lease agreements for two years starting April 1, 2025[55] - The company fully complied with the corporate governance code as outlined in the listing rules during the six months ended June 30, 2025[69] - The audit committee consists of three independent non-executive directors, chaired by Mr. Zheng Kangqi[72] - The interim results for the six months ending June 30, 2025, have been reviewed by the audit committee[72] - The board of directors includes executive director Mr. Huang Shizai (Chairman) and Ms. Huang Wenxi (CEO)[74]
大中华控股(00021) - 2025 - 中期财报