Financial Performance - The Group reported unaudited condensed consolidated interim results for the six-month period ended 30 September 2025, with comparative figures for the same period in 2024[15]. - The Group recorded total revenue of approximately HK$21,694,000, representing an increase of 4.6% compared to approximately HK$20,736,000 for the Corresponding Period[18]. - Revenue from property sales increased significantly to approximately HK$5,181,000, a rise of 445.9% from approximately HK$949,000 in the Corresponding Period due to increased property deliveries[18]. - Management fee income decreased by 20.0% to approximately HK$11,670,000 from approximately HK$14,583,000 in the Corresponding Period, attributed to a decrease in management fee rates[18]. - Rental income fell by 18.0% to approximately HK$3,438,000 compared to approximately HK$4,192,000 in the Corresponding Period[18]. - The loss attributable to equity holders for the Reporting Period was approximately HK$46,085,000, a slight decrease from approximately HK$48,510,000 in the Corresponding Period[24]. - The loss per share for the Reporting Period was 3.93 HK cents compared to 4.11 HK cents (restated) for the Corresponding Period[24]. - The Group reported a loss before tax of HK$45,847,000 for the six months ended 30 September 2025, compared to a loss of HK$48,009,000 for the same period in 2024, indicating a slight improvement[139]. - Total comprehensive expense for the period was HK$36,837,000, down from HK$48,886,000, reflecting a 24.7% improvement[86]. Property Development and Projects - The Group is primarily engaged in the operation and development of outlet commercial properties, high-end residential properties, and property management services[16]. - The Yinchuan Project includes a commercial portion with a gross floor area of 74,350 sq.m, fully owned by the Group, with phases 1 and 2 completed and available for lease[14]. - The Qinhuangdao Project has a total gross floor area of 672,110 sq.m, also fully owned, with phase 1 partially completed[14]. - The Group's property portfolio includes both residential and commercial developments, with significant ongoing projects in Yinchuan and Qinhuangdao[14]. - The Yinchuan Commercial Properties Project achieved an occupancy rate of approximately 89.2% and became one of the largest curtain wholesale bases in the northwest region[47][53]. - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu, with Phase 1 planned to develop approximately 163,227 sq.m. for various commercial and hospitality functions[33][34]. - The Jin Sheng Yue Jing residential project in Yinchuan has a site area of approximately 120 mu and comprises 20 mid- to high-rise buildings developed in 3 phases[39][43]. - The Yinchuan Commercial Properties Project has a total gross floor area of over 90,000 sq.m., featuring building materials and furniture stores, department stores, restaurants, and supermarkets[41][45]. - The Group has obtained various construction work planning and commencement permits for the Qinhuangdao Project, indicating progress in development[33][34]. - The Huailai Project's master plan and environmental impact assessment have been completed, with infrastructure works already in place[52]. Financial Position and Liabilities - As of September 30, 2025, the total outstanding principal amount of Related Party Loans was RMB301,800,000 (approximately HK$330,561,000)[25]. - The Group's current ratio was 0.63 times as of September 30, 2025, slightly down from 0.64 times as of March 31, 2025[61]. - The Group had capital commitments for property construction of approximately HK$63,232,000 as of September 30, 2025, compared to HK$62,556,000 as of March 31, 2025[69]. - The Group's other borrowings amounted to approximately HK$36,628,000 as of September 30, 2025, an increase from HK$35,573,000 as of March 31, 2025[61]. - The Group's property interest pledged to banks and financial institutions had a net carrying amount of approximately HK$847,579,000 as of September 30, 2025, down from HK$874,283,000 as of March 31, 2025[62]. - As of September 30, 2025, the Group had net current liabilities of approximately HK$497,604,000 and total borrowings of approximately HK$625,785,000 due within the next twelve months[99]. - The total amount due to related parties and a shareholder was HK$561,434,000 as of September 30, 2025, slightly up from HK$558,339,000 as of March 31, 2025[175]. - The Group's deferred income was reported at HK$404,274,000 as of September 30, 2025, compared to HK$403,854,000 as of March 31, 2025[172]. Strategic Direction and Future Plans - The management discussion highlights the Group's commitment to expanding its commercial operations and enhancing property management capabilities[15]. - The Group aims to leverage its existing property portfolio to drive future revenue growth and market expansion[16]. - The Group plans to develop its Changchun project into an integrated project combining a theme park and a cultural tourism town[59]. - The Group is actively exploring opportunities outside of China, particularly in the Southeast Asia region, which has high growth potential[80]. - The Group aims to enhance cooperation with financing institutions and government agencies to activate various projects amid economic challenges[79]. - The Group's strategy includes building comprehensive demonstration cities for healthcare and vacation, aligning with local industrial positioning[34]. Operational Efficiency and Cost Control - The Group has focused on diversifying its product mix in the real estate market to avoid competitiveness decline due to product homogeneity[78]. - Cost control measures are being implemented, including maintaining appropriate headcounts and reducing administrative costs[110]. - The Group has implemented cost control measures, including maintaining appropriate employee numbers and reducing administrative costs, to ensure sufficient operating funds until at least September 30, 2026[113]. Employee and Management Information - The Group employed a total of 120 employees as of September 30, 2025, a decrease from 136 employees as of March 31, 2025[72]. - The group’s short-term employee benefits for key management personnel were HK$1,042,000 for the six months ended September 30, 2025[192]. - As of September 30, 2025, none of the Directors or the chief executive of the Company had any interests or short positions in the shares or underlying shares of the Company[197]. Compliance and Regulatory Matters - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with local regulations[95].
裕田中国(00313) - 2026 - 中期财报