Property Development and Projects - As of June 30, 2023, the company has a total of 20 property projects across 10 cities, with an estimated net saleable/leasable area of approximately 445,348 square meters[5]. - Completed projects include 348,002 square meters of net saleable/leasable area, with significant contributions from Shenzhen, Changzhou, and Dongguan[5]. - Projects under development account for an estimated 90,849 square meters, primarily located in Shenzhen and Hong Kong[7]. - The company holds land reserves in major cities, with Shenzhen and surrounding regions accounting for 142,745 square meters of estimated net saleable/leasable area[9]. - The estimated net saleable/leasable area for contracted projects awaiting acquisition or land use change is 6,497 square meters, primarily in Hong Kong[7]. - The company maintains a strong interest in high-speed railway cities, enhancing its strategic positioning in urban development[5]. - The company aims to leverage its experience to identify and acquire land linked to transportation and infrastructure development[9]. - The company is focused on expanding its footprint in regions with significant growth potential, particularly in the context of China's economic landscape[9]. - The Group's urban industrial community business in Shanghai has integrated into the "Knowledge Innovation Community," enhancing industrial concentration and attracting influential enterprises such as Huawei and Henkel[54]. - The Jishengchang Project in Longgang District, Shenzhen, is expected to complete project approval in Q4 2023, focusing on residential land development[54]. - The Group's old factory transformation project in Nansha District, Guangzhou, has 52.5 mu of land included in the 2022 Urban Renewal Projects Annual Plan[54]. Financial Performance - For the six months ended June 30, 2023, the Group's total revenue and property sales revenue were approximately HK$98.7 million and HK$237.9 million, respectively, representing decreases of approximately 82.7% and 90.9% compared to the same period in 2022[13]. - The Group recorded a profit attributable to equity shareholders of approximately HK$23.4 million, an increase from approximately HK$6.3 million in the corresponding period of 2022[13]. - The Group's basic earnings per ordinary share for the six months ended June 30, 2023, was HK1.5 cents, compared to HK0.4 cent in the same period of 2022[13]. - Direct costs decreased to approximately HK$338.1 million for the six months ended June 30, 2023, from approximately HK$2,483.1 million for the same period in 2022, primarily due to a decrease in property sales[19]. - The Group's gross profit decreased by approximately 59.9% to approximately HK$160.6 million for the six months ended June 30, 2023, with a gross profit margin of approximately 32.2%[20]. - Other revenue decreased by approximately HK$33.5 million, or approximately 34.8%, to approximately HK$62.9 million for the six months ended June 30, 2023, primarily due to a decrease in bank and other interest income[21]. - Other net income increased significantly by approximately 720.6% to an income of approximately HK$78.2 million for the six months ended June 30, 2023, mainly due to additional compensation income from the Hong Kong government[22]. - Selling and marketing expenses decreased by approximately 37.3% to approximately HK$41.8 million for the six months ended 30 June 2023 from approximately HK$66.7 million for the same period in 2022[24]. - Administrative expenses decreased by approximately 19.3% to approximately HK$108.0 million for the six months ended 30 June 2023 from approximately HK$133.9 million for the same period in 2022 due to a reduction in staff costs[24]. - Income tax expenses decreased by approximately 64.3% to approximately HK$52.8 million for the six months ended June 30, 2023 from approximately HK$147.9 million for the same period in 2022, consistent with the decrease in property sales[24]. Investment Properties and Rental Income - As of June 30, 2023, the total fair value of the Group's investment properties was approximately HK$7,992.5 million, representing about 38.0% of the Group's total asset value[82]. - The total leasable GFA of the Group's investment property portfolio was approximately 304,789 sq.m. as of June 30, 2023[82]. - The Group generated rental income of approximately HK$105.9 million for the six months ended June 30, 2023, reflecting an increase of approximately 0.2% from HK$105.7 million for the same period in 2022[82]. - The average monthly rental income for the Group's investment properties under operation was approximately HK$70.1 per sq.m. for the six months ended June 30, 2023, down from HK$71.3 per sq.m. for the same period in 2022[82]. - The occupancy rate for the Group's investment properties as of June 30, 2023, was 78.9% for The Spring Land – Shenzhen and 82.0% for Chengdu Fashion Mark[84]. - The fair value gain of the Group's investment properties for the six months ended June 30, 2023, was approximately HK$35.2 million, compared to HK$35.6 million for the same period in 2022[82]. Market and Economic Conditions - The Group is focusing on the Greater Bay Area, particularly core cities like Hong Kong, Shenzhen, and Guangzhou, to leverage development opportunities[71]. - The Group aims to maintain and moderately increase rental properties that generate stable income growth, emphasizing the importance of steady rental income for cash flow[71]. - The Group is actively seeking overseas investment opportunities, particularly in Hong Kong, to capitalize on its role in the Greater Bay Area[72]. - The Group plans to monitor market changes and focus on new economic development opportunities to foster new business growth points[72]. - The Group's strategy includes leveraging its asset management capabilities to enhance rental income and property value appreciation[71]. - The Group is committed to integrating resources and making prudent investments to achieve synergistic development across diversified businesses and real estate[72]. - The Group reported a significant uncertainty regarding its ability to continue as a going concern due to the prolonged property market slowdown[197]. Share Options and Corporate Governance - No share options were granted under the new share option scheme as of June 30, 2023[115]. - The Company has complied with all code provisions under the Corporate Governance Code during the six months ended June 30, 2023[119]. - The audit committee has reviewed the accounting principles and interim results for the six months ended June 30, 2023[120]. - The interim financial report is unaudited but has been reviewed by KPMG, with no audit opinion expressed[120]. - The Company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[123]. - The Company engages with the investment community to strengthen communication and address inquiries regarding its status[121]. - There were no significant changes in the nature of the Group's principal activities during the period under review[123]. Employee and Operational Metrics - The total staff cost for the six months ended June 30, 2023, was approximately HK$111.5 million, compared to HK$110.5 million for the same period in 2022[94]. - The number of employees decreased to 807 as of June 30, 2023, from 883 as of December 31, 2022[94]. Financial Position and Assets - The net assets attributable to equity shareholders decreased to HK$8,920,128,000 as of June 30, 2023, from HK$9,223,880,000 as of December 31, 2022[91]. - The net assets per share attributable to equity shareholders was HK$5.8 as of June 30, 2023, down from HK$6.0 as of December 31, 2022[91]. - Non-current assets totaled HKD 10,007,233,000 as of June 30, 2023, compared to HKD 10,416,839,000 as of December 31, 2022, indicating a decrease[186]. - Investment properties decreased from HKD 8,297,230,000 as of December 31, 2022, to HKD 7,971,579,000 as of June 30, 2023[186]. - Cash and cash equivalents increased from HKD 579,975,000 as of December 31, 2022, to HKD 890,795,000 as of June 30, 2023[186]. - The Group's total current assets were HKD 11,013,781,000 as of June 30, 2023, compared to HKD 11,415,801,000 as of December 31, 2022[186]. - The Group's interest in associates increased from HKD 186,912,000 as of December 31, 2022, to HKD 195,098,000 as of June 30, 2023[186].
莱蒙国际(03688) - 2023 - 中期财报