Financial Performance - The total rental income for the six months ended June 30, 2023, was HKD 346,267,000, representing an increase of 13.3% from HKD 305,522,000 in the previous year[14]. - The company reported a mid-term profit of HKD 34,245,000, slightly down from HKD 34,374,000 for the same period last year, maintaining a stable dividend of 3.5 HK cents per share[8]. - The company reported a profit attributable to shareholders of HKD 78,608,000 for the six months ended June 30, 2023, a decrease of approximately 5% compared to HKD 82,919,000 for the same period last year[27]. - The total revenue for the first half of 2023 was HKD 661,236,000, representing a 7% increase from HKD 615,489,000 in the previous year[55]. - The group's operating profit for the period was HKD 77,869,000, a decrease of approximately 6% compared to HKD 82,556,000 in the same period last year, with an operating profit margin of 11.8% down from 13.4%[59]. - The group recorded a fair value loss on investment properties of HKD 22,856,000, an increase of approximately 32.5% from HKD 17,244,000 in the same period last year[57]. - The group recorded a total revenue of HKD 661,236,000 for the six months ended June 30, 2023, with a gross profit of HKD 389,127,000[108]. - The profit for the period was HKD 78,608,000, compared to HKD 82,919,000 for the same period in 2022, reflecting a decrease of approximately 5.3%[131]. Assets and Liabilities - The total amount of prepayments, deposits, and other receivables reached HKD 113,465,000, a significant increase of 40.9% compared to HKD 80,503,000 as of December 31, 2022[1]. - The total liabilities as of June 30, 2023, were HKD 910,360,000, compared to HKD 1,043,404,000 as of December 31, 2022[127]. - The total assets as of June 30, 2023, amounted to HKD 5,315,368,000, a decrease from HKD 5,490,787,000 as of December 31, 2022[127]. - The accounts receivable net amount as of June 30, 2023, was HKD 60,394,000, a decrease from HKD 125,091,000 at the end of 2022[195]. - The total assets held for sale in development properties amounted to HKD 714,362,000 as of June 30, 2023, down from HKD 767,938,000 at the end of 2022[193]. Revenue Streams - The group recorded a rental and property management fee income of HKD 77,324,000 and HKD 20,737,000 respectively, a total decrease of approximately 1% compared to the same period last year[71]. - The rental income from investment properties was HKD 77,324, slightly down from HKD 78,995 in the previous year, indicating a decrease of 2.1%[146]. - The total sales from the apparel and accessories segment amounted to HKD 500,403, representing a growth of 23.5% compared to HKD 407,000 in the previous period[168]. - Self-operated retail sales in mainland China increased by approximately 29% year-on-year, benefiting from a low base due to previous pandemic impacts[52]. - The group's e-commerce sales increased by approximately 18% in RMB terms compared to the previous year, accounting for about 28% of domestic apparel sales[64]. Expenses and Costs - The company’s operating expenses for distribution and marketing increased by 10% to HKD 207,278,000, primarily due to the resumption of promotional activities that were previously delayed[48]. - The group's administrative expenses amounted to HKD 81,124,000, an increase of 4% compared to HKD 77,906,000 in the same period last year[58]. - The group incurred direct operating expenses of HKD 18,209,000 related to investment properties during the period[182]. - The company incurred a provision for inventory impairment of HKD 4,441,000, lower than HKD 11,205,000 in the previous year[47]. - The group’s employee costs, including directors' remuneration, totaled HKD 111,546,000 for the period[182]. Shareholder Information - The company’s major shareholders include the Zhang family, holding 62.65% of the issued share capital, indicating a strong control over the company[9]. - The company declared an interim dividend of HKD 0.035 per share, totaling HKD 34,245,000, which is similar to the previous year's dividend of HKD 34,374,000[40]. - The company has no plans to repurchase any shares during the reporting period[42]. Future Outlook and Plans - The group expects business conditions to remain challenging due to various uncertainties in both domestic and external markets[92]. - The group plans to establish a new energy company in China, focusing on photovoltaic business, with a registered capital of RMB 30,000,000, expected to commence operations in the second half of the year[73]. - The group aims to strengthen its sales network in the Singapore apparel business to ensure continuous operational improvement[93]. - The group plans to enhance the rental situation of "Jinli Lai Digital Network Building" and other properties to reduce vacancies and improve rental potential[94]. Compliance and Governance - The company has maintained compliance with the corporate governance standards as per the listing rules, ensuring all directors adhered to the relevant regulations during securities transactions[11]. - The company’s tax rate for profits derived from China remains at 25%, consistent with the previous year, while a reduced tax rate of 5% applies to qualifying subsidiaries[6]. Financial Risks and Management - The group continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since the end of the last fiscal year[143][144]. - The group’s management has made significant judgments in applying accounting policies, which are consistent with those used in the preparation of the consolidated financial statements for the year ended December 31, 2022[145].
金利来集团(00533) - 2023 - 中期财报