Financial Performance - For the fiscal year ending July 31, 2025, the total revenue was HKD 53,395 thousand, a decrease of 8.5% from HKD 58,399 thousand in the previous year[3] - The gross profit for the year was HKD 42,992 thousand, slightly up from HKD 42,750 thousand, indicating a stable gross margin[3] - The net loss for the year was HKD 16,571 thousand, compared to a profit of HKD 3,787 thousand in the previous year, reflecting a significant decline in profitability[3] - The total comprehensive loss for the year was HKD 14,000 thousand, a significant drop from a comprehensive income of HKD 527 thousand in the previous year[4] - The company reported a basic loss per share of HKD 6.6, compared to earnings of HKD 2.9 per share in the previous year[4] - The total comprehensive income for the year ended July 31, 2025, was a loss of HKD 13,895,000, compared to a profit of HKD 5,569,000 for the year ended July 31, 2024[27] - The group reported a loss attributable to owners of the company of HKD 13.9 million for the fiscal year ending July 31, 2025, compared to a profit of HKD 5.6 million in 2024[43] Assets and Liabilities - The company's total assets as of July 31, 2025, were HKD 1,182,531 thousand, a slight increase from HKD 1,182,149 thousand in the previous year[5] - The cash and cash equivalents decreased significantly to HKD 47,117 thousand from HKD 175,038 thousand, indicating liquidity challenges[5] - The company's equity attributable to owners was HKD 821,054 thousand, down from HKD 823,048 thousand, reflecting a decrease in shareholder value[6] - Current assets increased significantly to HKD 143,214,000 in 2025 from HKD 87,497,000 in 2024, marking an increase of about 63.8%[31] - Non-current liabilities decreased to HKD 669,695,000 in 2025 from HKD 754,221,000 in 2024, a reduction of approximately 11.2%[31] Revenue Segments - Total revenue for the hotel business was HKD 12,909,000, while the total revenue for financial investments was HKD 434,051,000 for the year ended July 31, 2025[23] - The hotel business reported a segment loss of HKD 15,953,000, compared to a segment loss of HKD 11,622,000 in the previous year[23] - Revenue from property sales was HKD 11.9 million, down from HKD 15.2 million in the previous year[50] - The hotel business generated revenue of HKD 12.9 million, a decrease from HKD 13.9 million in 2024, with an occupancy rate dropping to 21.1% from 24.0%[51] - The company’s financial investments segment generated a profit of HKD 5,216,000 for the year ended July 31, 2025[23] Expenses and Costs - The company incurred administrative expenses of HKD 49,279 thousand, an increase from HKD 45,127 thousand, indicating rising operational costs[3] - The company incurred financial expenses of HKD 661,000 for the year ended July 31, 2025, compared to HKD 49,000 in the previous year[24] - The company recognized a depreciation expense of HKD 12,196,000 for hotel operations, up from HKD 9,687,000 in the previous year[26] - The company’s total expenses for employee benefits amounted to HKD 27,053,000 for the year ended July 31, 2025, compared to HKD 23,663,000 in the previous year[26] Credit and Loans - The expected credit loss under the expected credit loss model was HKD 8,460 thousand, slightly improved from HKD 9,406 thousand in the previous year[3] - The company has assessed the expected credit loss related to loans in Tianfu's books and determined that there has been no significant increase in credit risk, resulting in no expected credit loss recognized for the year ending July 31, 2025[17] - The average loan amount for approximately 72% of customers was HKD 40,000 or below, with 72% of the repayment terms being 18 months or less[56] - The impairment loss on receivables was HKD 8.5 million for the year, a decrease from HKD 9.4 million in 2024, attributed to a reduction in the loan portfolio and improvements in credit control[58][59] Investments and Securities - The total value of securities held was HKD 256.7 million, an increase from HKD 99.8 million in the previous year[47] - The investment portfolio as of July 31, 2025, included listed equity securities valued at HKD 134.4 million, an increase from HKD 32.7 million in 2024, representing approximately 52.4% of the investment portfolio[61] - The debt securities held amounted to HKD 107.3 million, up from HKD 67.2 million in 2024, accounting for about 41.8% of the investment portfolio[62] - The group generated a net fair value gain of HKD 23.7 million from the equity portfolio during the year, compared to a loss of HKD 1.5 million in 2024[61] - The group recorded a net fair value loss of HKD 8.4 million from the debt portfolio during the year, compared to a loss of HKD 5.1 million in 2024[62] Corporate Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code as of July 31, 2025[72] - The audit committee held five meetings during the year to review the group's reporting procedures and internal controls[77] Future Outlook - The company anticipates sufficient resources to continue operating for the foreseeable future, thus adopting the going concern basis in preparing the financial statements[12] - The company has maintained a strong financial position despite overall economic activity remaining below pre-COVID levels, particularly in the hotel and property sectors in mainland China[69]
冠中地产(00193) - 2025 - 年度业绩