Financial Performance - For the six months ended September 30, 2025, the Group recorded unaudited consolidated revenue of HK$770.8 million, a decrease of 21.7% from HK$984.3 million for the same period last year [15]. - The unaudited consolidated loss for the Group was HK$274.6 million, compared to a net loss of HK$193.1 million for the same period in 2024 [16]. - The loss was primarily due to a loss on disposal of approximately HK$182.1 million from The Connaught hotel and a net revaluation loss of approximately HK$84.6 million on properties held by the Group and joint ventures [16]. - The operating result, excluding the aforementioned losses, was a profit of HK$15.9 million for the six months ended September 30, 2025, down from HK$23.0 million in 2024 [16]. - The basic loss per share for the six months ended September 30, 2025, was HK25.6 cents, compared to HK18.0 cents for the corresponding period last year [17]. - The Board resolved not to declare an interim dividend for the six months ended September 30, 2025, consistent with the previous year [18]. Revenue Breakdown by Division - Revenue from the Construction Division for the six months ended September 30, 2025, was HK$623.5 million, down from HK$736.2 million in the same period last year [24]. - The revenue of the Interior and Renovation Division for the six months ended September 30, 2025, was HK$65.2 million, a decrease of 49.6% compared to HK$129.4 million for the same period in 2024 [30][31]. - The Building Materials Division recorded revenue of HK$73.6 million for the six months ended September 30, 2025, down from HK$80.3 million in the same period of 2024, representing a decline of 8.4% [36][37]. - The Property Development Division reported no revenue for the six months ended September 30, 2025, consistent with the same period in 2024 [46][51]. - The Property Investment Division recorded a revenue of HK$27.3 million for the six months ended 30 September 2025, down from HK$35.6 million for the same period in 2024 [57]. - The Property Agency and Management Division's revenue increased significantly to HK$22.2 million for the period under review, compared to HK$7.4 million for the six months ended 30 September 2024 [61]. - The Health Products Division recorded a revenue of HK$6.0 million for the six months ended 30 September 2025, slightly down from HK$6.1 million for the same period in 2024 [64]. Construction and Development Projects - Major construction works completed during the period included projects at No. 57A Nga Tsin Wai Road and Hong Kong Science Park Expansion Stage 2 [26]. - A total of 222 Sale and Purchase Agreements have been signed for the property development in Haining, Zhejiang Province, with all units delivered to customers [47][51]. - The development of the residential project at So Kwun Wat, Tuen Mun, is ongoing, with design modifications being explored in response to market changes [48]. - The residential project at No. 57A Nga Tsin Wai Road, Kowloon Tong, has been completed, and the sales program was launched in October 2025 [49]. - A land exchange application for the residential project at Tong Yan San Tsuen in Yuen Long was completed in April 2021, and development is in progress [50]. Financial Position and Liquidity - The Group's total bank balances and cash were HK$327.5 million as of September 30, 2025, down from HK$477.7 million on March 31, 2025 [88]. - The current ratio decreased from 1.39 times as of March 31, 2025, to 0.96 times as of September 30, 2025 [88]. - The Group has access to bank facilities totaling HK$3,182.6 million, with HK$1,888.9 million in bank loans drawn down as of September 30, 2025 [89]. - The Group's liquidity position is expected to remain healthy, with sufficient financial resources to meet obligations and future development requirements [90]. - The Group's total bank loans amounted to HK$1,888.9 million as of September 30, 2025, compared to HK$1,931.0 million as of March 31, 2025 [94]. - The gearing ratio increased to 48.9% as of September 30, 2025, from 42.0% as of March 31, 2025 [95]. Impairment and Loans - An impairment loss of HK$217.6 million was recognized on loans to joint ventures under the expected credit loss model during the period [105]. - The recoverability of loans to joint ventures is heavily dependent on the net realizable value of properties held by the joint ventures [98]. - The independent property valuer noted a decline in asset values due to increased interest rates and a downturn in the Hong Kong property market [102]. Economic Outlook - The Hong Kong economy is gradually rebounding, supported by easing monetary policy and increased cross-border integration with the Greater Bay Area [74]. - China's real GDP grew by 4.8% year-on-year in the first three quarters of 2025, slightly below the government's target of 5% [71]. - The government plans to provide approximately 410,000 public housing units over the next 10 years, exceeding the projected demand of 308,000 units [78]. Shareholder Information - As of September 30, 2025, the total number of issued shares of the Company was 1,073,074,676 shares [129]. - The beneficial ownership of Cha Mou Daid, Johnson includes 14,155,500 shares and 539,500,961 shares held under discretionary trusts, totaling 553,656,461 shares, which represents approximately 51.59% of issued shares [128]. - Wong Sue Toa, Stewart holds 48,704,157 shares as a beneficial owner and has an additional interest of 4,270,975 shares through a controlled corporation, totaling 58,460,619 shares, which is approximately 5.44% of issued shares [128]. - As of September 30, 2025, no options have been granted under the Company's share option scheme since its adoption on August 25, 2020 [131]. Employee and Governance - The Group's staff costs for the six months ended September 30, 2025, amounted to HK$99.1 million, an increase from HK$91.2 million for the same period in 2024 [146]. - The Group had 489 employees as of September 30, 2025, down from 548 employees a year earlier [146]. - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for the absence of the Chairman at the annual general meeting [147].
兴胜创建(00896) - 2026 - 中期财报