Financial Performance - The company reported a significant increase in revenue, achieving a total of 6 million in the first half of 2023[4]. - For the six months ended June 30, 2023, the group recorded a loss attributable to shareholders of HKD 98.3 million, compared to a profit of HKD 87.8 million in the same period of 2022[10]. - The company reported a gross profit of HKD 6,500,000 for the six months ended June 30, 2023, compared to HKD 341,800,000 in 2022[28]. - The company reported a loss attributable to equity holders of HKD 180.1 million for the six months ended June 30, 2023, compared to a profit of HKD 74.3 million in the same period of 2022, representing a significant decline[29]. - Total comprehensive loss for the period was HKD 180.1 million, compared to a total comprehensive loss of HKD 74.3 million in the previous year, indicating a worsening financial position[29]. - The company reported a cumulative loss of HKD 406.7 million as of June 30, 2023, reflecting ongoing financial challenges[32]. - The total equity attributable to equity holders decreased to HKD 1,230.6 million as of June 30, 2023, down from HKD 1,410.7 million at the end of 2022, indicating a decline in shareholder value[32]. - Total revenue for the six months ended June 30, 2023, was HKD 23.5 million, a significant decrease from HKD 1,031.1 million in the same period of 2022, representing a decline of approximately 97.7%[48]. - The net profit from property sales for the six months ended June 30, 2023, was HKD 4.3 million, down from HKD 337.2 million in the previous year, indicating a decrease of about 98.7%[49]. Market Conditions - The overall performance of the real estate market in mainland China remained relatively stagnant in the first half of 2023, particularly in the office and commercial sectors[11]. - The Chinese government's supportive policies for the real estate industry since late 2022 led to a mild rebound in the property market in the first quarter of 2023, but the momentum did not continue into the second quarter[11]. - The company is facing slow sales progress due to weak market conditions, affecting the pre-sale of office and commercial units[11]. Strategic Initiatives - The management highlighted a 20% growth in user data compared to the previous year, indicating strong market demand[4]. - Future outlook remains positive, with a projected revenue growth of 15% for the next fiscal year[4]. - The company is investing in new product development, focusing on innovative technologies to enhance user experience[4]. - Market expansion plans include entering two new regions by the end of 2023, aiming to increase market share[4]. - The company is considering strategic acquisitions to bolster its competitive position in the industry[4]. - A new marketing strategy has been implemented, targeting younger demographics to drive engagement[4]. - The company plans to enhance its online presence, aiming for a 25% increase in digital sales channels[4]. Financial Position - As of June 30, 2023, the net asset value attributable to equity holders of the company was HKD 1,230,600,000, equivalent to approximately HKD 0.14 per share[20]. - The company's total liabilities, excluding cash and bank deposits, amounted to HKD 1,361,200,000 as of June 30, 2023, up from HKD 1,113,600,000 as of December 31, 2022[24]. - The debt-to-asset ratio as of June 30, 2023, was 34.2%, an increase from 27.8% as of December 31, 2022[24]. - The company maintained a cash balance of HKD 68.8 million as of June 30, 2023, compared to HKD 55.5 million at the end of 2022, suggesting improved cash flow management[30]. - The company's total equity value as of June 30, 2023, is HKD 1,628.4 million, reflecting a decrease of 94.7 million compared to the previous period[33]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, except for the roles of Chairman and CEO not being separated[95]. - The audit committee consists of four independent non-executive directors, including Mr. Li Ka Fai as the chairman[96]. - The company’s board approved the unaudited condensed consolidated financial statements on August 25, 2023[79]. Shareholder Information - The company holds a total of 1,973,420,928 issued ordinary shares, with 67.43% owned by Mr. Lo[83]. - Major shareholders hold a total of 8,166,499,500 ordinary shares, representing approximately 127.75% of the issued ordinary shares as of June 30, 2023[90]. - The total shares held by Regal International (BVI) Holdings Limited amount to 4,587,678,812 ordinary shares, representing 119.41% of the issued shares[90]. Environmental Initiatives - The board of directors emphasized the importance of sustainability in future business strategies[4]. - The company is currently engaged in a reforestation project in Xinjiang, with approximately 4,300 acres of land afforested, aiming to secure development land of approximately 1,843 acres for real estate development[16].
COSMOPOL INT'L(00120) - 2023 - 中期财报