Financial Performance - Revenue for the first half of 2024 was HKD 1,820,260, a slight decrease of 0.4% compared to HKD 1,830,477 in the same period of 2023[23] - Gross profit for the period was HKD 588,491, down 2.4% from HKD 601,023 year-on-year[23] - Net profit for the period was HKD 384,330, representing a decrease of 20.4% from HKD 482,313 in the previous year[24] - Basic earnings per share decreased to HKD 26.85, down from HKD 34.63 in the same period last year, reflecting a decline of 22.5%[23] - The company reported a net loss from other comprehensive income of HKD 134,905, compared to a gain of HKD 253,123 in the previous year[24] - The financial expenses increased to HKD 57,837, up from HKD 44,543, marking a rise of 29.8%[23] - The share of profit from associates and joint ventures was HKD 257,003, down 26.2% from HKD 348,173 in the previous year[23] Cash Flow and Assets - Net cash used in operating activities for the six months ended June 30, 2024, was HKD (346,107), compared to HKD (960,310) for the same period in 2023, indicating an improvement[30] - The company reported a net cash outflow from investing activities of HKD (296,030) for the first half of 2024, slightly better than HKD (332,296) in the previous year[30] - Cash and cash equivalents decreased to HKD 3,847,064 as of June 30, 2024, down from HKD 4,461,089 at the beginning of the year[30] - Total assets as of June 30, 2024, amounted to HKD 22,134,547, a decrease from HKD 22,292,679 as of December 31, 2023[25] - The company's total equity decreased to HKD 17,274,287 from HKD 17,512,928, reflecting a decline of approximately 1.36%[26] - The company’s total liabilities increased to HKD 4,860,260 from HKD 4,779,751, representing a rise of approximately 1.69%[26] Segment Performance - Total revenue for the six months ended June 30, 2024, reached HKD 1,820,260,000, with contributions from utilities (HKD 768,660,000), pharmaceuticals (HKD 895,352,000), hotels (HKD 66,555,000), and electromechanical (HKD 89,693,000) segments[49] - The operating profit (loss) before interest for the same period was HKD 94,891,000, with the utilities segment contributing HKD 50,422,000 and pharmaceuticals HKD 88,046,000[49] - Net profit attributable to the company's owners for the six months was HKD 298,087,000, with significant contributions from the electromechanical segment (HKD 155,067,000) and utilities (HKD 82,369,000)[49] - The pharmaceutical segment reported revenue of approximately HKD 895.4 million for the six months ended June 30, 2024, an increase of 7.4% compared to HKD 833.4 million in the same period last year[103] - The hotel segment's revenue increased by 10.3% to approximately HKD 66.6 million, with a profit of approximately HKD 15.2 million, up from HKD 12.2 million in the same period last year[105] Strategic Focus and Future Outlook - The company plans to focus on expanding its utility services and exploring new investment opportunities in the healthcare sector[18] - The company is actively pursuing strategic investments and partnerships to enhance its market position and operational efficiency[18] - Future outlook remains cautious due to market volatility and economic uncertainties, with a focus on cost management and operational improvements[18] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and service offerings[49] Compliance and Governance - The financial statements are prepared based on Hong Kong Financial Reporting Standards and comply with the relevant disclosure requirements of the Hong Kong Stock Exchange[31] - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which include significant changes in lease liabilities and classification of liabilities[33] - The independent auditor reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, ensuring compliance with Hong Kong Accounting Standards[130] - The audit committee discussed the effectiveness of the company's risk management and internal control systems, including environmental, social, and governance risks[124] Investments and Acquisitions - The company completed the acquisition of a 65% stake in Qingshunkangyuan Group for RMB 136,991,855 (approximately HKD 150,706,000) on February 29, 2024, gaining control over the company.[79] - The preliminary fair value of the acquired assets from Qingshunkangyuan Group includes properties valued at HKD 59,772,000, land use rights at HKD 11,479,000, and intangible assets at HKD 61,481,000.[81] - From the acquisition date to June 30, 2024, Qingshunkangyuan Group contributed revenue of HKD 132,567,000 and net profit of HKD 6,742,000 to the company.[81] Shareholder Information - The major shareholder, Tianjin TEDA Investment Holding Co., Ltd., holds a 62.81% stake in the company as of June 30, 2024[119] - The company declared an interim dividend of HKD 5.18 per share, totaling approximately HKD 55,569,500, compared to HKD 3.45 per share and HKD 37,011,000 in the same period of 2023[62] - The company has committed to maintaining direct or indirect control by the Tianjin State-owned Assets Supervision and Administration Commission, holding more than 50% of the company's majority shares, as part of its financing agreements[126]
天津发展(00882) - 2024 - 中期财报