智通财经APP讯，REGAL INT'L(00078)发布公告，预期集团于2025年中期期间将取得股东应占综合亏 损约港币6.78亿元，而于2024年同期取得的亏损为港币15.992亿元。 于2025年中期期间，预期集团减除利息、税项、折旧及摊销前经营业务盈利为约港币8500万元，由2024 年同期的亏损港币7.348亿元转亏为盈。 此外，由于集团于香港的酒店物业均由富豪的附属公司拥有及营运，该等酒店物业须计提折旧以符合适 用的会计准则。于2025年中期期间，预期集团于香港的酒店组合的折旧费用总额为约港币2.90亿元 (2024年：港币2.913亿元)。尽管该等折旧费用对集团的现金流并无任何即时影响，但已对集团得财务业 绩造成不利影响。 两个比较期间出现亏损减少，乃主要由于于2024年中期期间，集团按公平值计入损益的金融资产产生公 平值亏损港币9.326亿元，而于2025年中期期间，预期该等金融资产将取得公平值收益约港币700万元。 如富豪的2024年中期报告所阐述，金融资产的公平值亏损主要与集团于 Cosmopolitan International Holdings Limited (富豪之同系上市附属公 ...

Core Viewpoint - Yongor is strategically divesting financial assets, with significant sales amounting to 4.175 billion yuan, representing 10.13% of the audited net assets as of the end of 2024 [1] Financial Performance - In 2024, Yongor reported total revenue of 14.188 billion yuan, a year-on-year increase of 3.19%, while net profit decreased by 19.41% to 2.767 billion yuan [1] - The company has experienced a decline in net profit for four consecutive years since 2021, with a 15.13% decrease in net profit excluding non-recurring items [1] - Cash recovery from financial investments reached 1.796 billion yuan in 2024, with investment business net profit at 2.209 billion yuan, accounting for approximately 97.7% of total net profit [2] Investment Portfolio - As of the end of 2024, Yongor's financial assets measured at fair value totaled 11.388 billion yuan, with stock investments amounting to 8.829 billion yuan [2] - The company holds shares in various listed companies, including CITIC Limited, CITIC Bank, and others, with cumulative fair value changes for these stocks showing significant losses [2] Business Segments - The fashion segment generated revenue of 6.799 billion yuan in 2024, with a net profit of 431 million yuan, reflecting declines of 6.94% and 43.90%, respectively [3] - The main brand, YOUNGOR, accounted for 90.46% of the fashion segment's revenue, totaling 5.187 billion yuan [3] - In the real estate sector, Yongor reported a pre-sale revenue of 3.331 billion yuan, a decline of 69.03%, while recognized revenue increased by 16.20% to 7.471 billion yuan [3] Recent Trends - In Q1 2025, Yongor's revenue was 2.795 billion yuan, down 15.6% year-on-year, with net profit and net profit excluding non-recurring items decreasing by 13.33% and 12.88%, respectively [3]

Core Viewpoint - The company has authorized its management to dispose of financial assets based on market conditions, with a focus on adjusting its investment structure, following the approval at the 2024 annual shareholders' meeting [1] Group 1: Financial Asset Disposal - The company sold financial assets including CITIC shares, CITIC Bank, Boqian New Materials, and Shangmei Shares, with the cumulative transaction amount exceeding the disclosure threshold of 10% of the latest audited net assets and absolute amount over 10 million [1] - The authorization for management to handle these disposals is valid from the date of the 2024 annual shareholders' meeting until the 2025 annual shareholders' meeting [1] Group 2: Financial Reporting Standards - The company has been implementing the new financial instrument standards since January 1, 2019, categorizing CITIC shares and other financial assets as "measured at fair value with changes recognized in other comprehensive income," meaning their value fluctuations do not impact current profit and loss [2] - Only dividend income from these financial assets can affect current investment income and thus current profit and loss [2]

Group 1 - The company plans to sell financial assets including CITIC shares, CITIC Bank, Boqian New Materials, and Shangmei Shares from the date of approval at the 2024 annual general meeting until June 23, 2025 [1] - The total transaction amount for these asset sales is 4.176 billion, which represents 10.13% of the audited net assets as of the end of 2024 [1]

Core Insights - The report by Everbright Wealth highlights a significant shift in the asset allocation behavior of Chinese residents, with financial assets increasingly contributing to overall asset growth [1] - Since 2018, the contribution of financial assets has been on the rise, surpassing non-financial assets for the first time in 2024, indicating a growing trend towards capital market investments [1] Financial Asset Contribution - The contribution of financial assets to the growth of residents' assets has been steadily increasing, reaching 54.6% in 2021 and projected to rise to 104% in 2024, with non-financial assets contributing negatively [1] - This marks the first time since 2005 that the contribution of financial assets has exceeded 100% [1] Asset Structure Changes - In terms of stock, the proportion of financial assets in residents' total assets is expected to reach a peak of 47.6% in 2024, an increase of 6.3 percentage points compared to 2018 [1]

Group 1 - The company reported a total operating revenue of 621 million yuan for the first quarter of 2025, representing a year-on-year increase of 5.44% [1] - The net profit attributable to shareholders of the listed company was 49.17 million yuan, showing a year-on-year decrease of 45.75% [1] - The primary reason for the decline in net profit was the decrease in fair value change gains from financial assets held by the company's wholly-owned subsidiary, Xiangcai Securities, compared to the same period last year [1]