信和置业(00083) - 2025 - 中期业绩

Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended December 31, 2024, was HKD 12.41 billion, a decrease of 58.3% from HKD 29.45 billion in 2023[4] - Basic earnings per share for the period were HKD 0.26, down from HKD 0.35 in 2023[4] - The group's revenue for the six months ended December 31, 2024, was HKD 3,854 million, a decrease of 21.7% compared to HKD 4,923 million in the same period of 2023[42] - Gross profit for the same period was HKD 1,653 million, down 13.9% from HKD 1,921 million year-on-year[42] - The net profit for the period was HKD 1,817 million, representing a decline of 30.8% from HKD 2,629 million in the previous year[44] - Basic earnings per share decreased to HKD 0.21 from HKD 0.31, reflecting a drop of 32.3%[42] - The total comprehensive income for the period was HKD 1,656 million, down 41.3% from HKD 2,831 million in the prior year[44] - The group's total assets less current liabilities stood at HKD 171,944 million, slightly down from HKD 172,526 million[47] - Non-current assets decreased marginally to HKD 109,812 million from HKD 109,909 million[46] - The company declared an interim dividend of HKD 0.15 per share, unchanged from the previous year[42] - The group's financial income remained stable at HKD 1,179 million compared to HKD 1,173 million in the previous period[42] - The group's investment properties showed a fair value change of HKD (260) million, a significant decline from HKD 18 million in the previous year[42] - For the six months ending December 31, 2024, the total revenue was HKD 5,932 million, a decrease from HKD 10,524 million for the same period in 2023, representing a decline of approximately 43.5%[54] - The property sales segment generated revenue of HKD 2,544 million, down from HKD 7,193 million in the previous year, indicating a decrease of about 64.7%[54] - The pre-tax profit for the six months ending December 31, 2024, was HKD 2,032 million, compared to HKD 2,959 million for the same period in 2023, reflecting a decline of approximately 31.3%[56] - The total tax expense for the six months ending December 31, 2024, was HKD 215 million, down from HKD 330 million in the same period of 2023, representing a decrease of about 34.8%[61] - The segment profit from property leasing was HKD 1,385 million for the six months ending December 31, 2024, compared to HKD 1,479 million in the previous year, showing a decline of approximately 6.4%[54] - The group’s financial income remained stable at HKD 57 million for both periods under review[54] - The group reported a significant reduction in the cost of property sales, which was HKD 936 million for the six months ending December 31, 2024, compared to HKD 1,840 million in the previous year, indicating a decrease of approximately 49.1%[60] - The estimated annual effective tax rate for the group remains at 16.5% for both periods under review[61] - Basic earnings per share for the six months ended December 31, 2024, were HKD 1,820 million, compared to HKD 2,616 million for the same period in 2023, representing a decrease of approximately 30.4%[64] - The group's basic profit attributable to shareholders for the six months ended December 31, 2024, was HKD 2,241 million, down from HKD 2,945 million in the same period of 2023, reflecting a decline of about 23.8%[66] - The fair value changes of investment properties for the six months ended December 31, 2024, resulted in a gain of HKD 260 million, compared to a loss of HKD 18 million in the same period of 2023[66] Property Sales and Leasing - Total property sales revenue attributable to the group was HKD 24.48 billion, a decline of 63.1% compared to HKD 66.35 billion in 2023[7] - The group sold 61.7% of remaining units at St. George's Mansions and 91.4% at Victoria Harbour, with other projects also showing significant sales percentages[7] - The group anticipates launching several new projects, including ONE CENTRAL PLACE and others, with presale consent expected for some by 2025[8] - The group plans to continue selectively adding land reserves to enhance profitability potential[10] - The group's hotel revenue for the interim period was HKD 794 million, down from HKD 811 million in the same period last year, with an operating profit of HKD 261 million compared to HKD 254 million in 2023[18] - The overall occupancy rate of the investment property portfolio was 89.5%, a decline of 1.3 percentage points from 90.8% in 2023[14] - The group has land reserves of approximately 19.4 million square feet across various regions, with a balanced property type distribution: 47.5% commercial, 28% residential, 10.3% industrial, 8.1% car parks, and 6.1% hotels[9] - The group has a land reserve in mainland China of approximately 3.5 million square feet, with about 2 million square feet being development projects[22] Financial Position and Management - The group has cash and bank deposits of HKD 47.67 billion, with net cash of HKD 45.88 billion after deducting total borrowings of HKD 1.79 billion as of December 31, 2024[23] - The group maintains a strong financial management policy, with 53.75% of total borrowings due within one year[23] - The group has guaranteed bank loans for joint ventures and associates amounting to HKD 8,766 million as of December 31, 2024, compared to HKD 9,298 million as of June 30, 2024[73] - The group's capital commitments as of December 31, 2024, included contracted but not provided for amounts of HKD 72 million, down from HKD 82 million as of June 30, 2024[74] - The group's trade payables remained stable at HKD 116 million as of December 31, 2024, consistent with the amount reported on June 30, 2024[70] - Trade receivables as of December 31, 2024, totaled HKD 357 million, an increase from HKD 281 million as of June 30, 2024[68] - Time deposits as of December 31, 2024, amounted to HKD 1,477 million, down from HKD 1,632 million as of June 30, 2024[69] Market Outlook and Strategic Initiatives - The group recorded a 27% year-on-year increase in inbound travelers from mainland China, reaching 34 million visitors, with mainland tourists accounting for 76% of total inbound visitors[18] - The company is optimistic about the real estate market outlook, supported by government measures and increasing population[38] - In 2024, Hong Kong is expected to receive over 44.5 million visitors, a 31% increase compared to 2023, boosting housing demand and rental yields[36] - The Hong Kong government has received over 430,000 applications for its new talent import scheme, attracting approximately 180,000 talents and their families to the region[36] - The Hong Kong Monetary Authority has issued a special plan allowing banks to offer up to 80% mortgage loans, adjusting the debt-to-income ratio limit to 60%[38] - The group’s management expects a gradual recovery in property sales and leasing activities in the upcoming quarters, driven by market demand and strategic initiatives[54] Sustainability and Community Engagement - The company emphasizes the importance of sustainable development and has received recognition for its efforts in green building planning and carbon reduction[39] - The company achieved certification for its long-term science-based reduction targets, committing to net-zero carbon emissions by 2050[32] - The group has been recognized in various sustainability ratings, including being included in the Dow Jones Sustainability World Index and receiving a five-star rating in the GRESB real estate assessment[29] - The "Coral Restoration Action" program has welcomed over 3,100 local and international visitors to its "Coral Activation Center" as of December 31, 2024[32] - The company is actively involved in community initiatives, including providing free traditional Chinese medicine consultations to community members[35] - The company continues to foster innovation through partnerships with local universities, receiving 340 entries for the "HKUST-Sino Land Million Dollar Entrepreneurship Competition 2024"[33] Corporate Governance - The company has adopted its own corporate governance code based on the principles and code provisions of Appendix C1 of the Hong Kong Stock Exchange Listing Rules[77] - All four independent non-executive directors have served on the board for over nine years, necessitating the appointment of a new independent non-executive director according to the Listing Rules[79] - The chairman of the board was unable to attend the 2024 Annual General Meeting due to personal reasons, with the vice chairman presiding over the meeting[80] - The interim results for the group have been reviewed by the audit committee and KPMG, the company's auditors[81] - The 2024/2025 interim report will be sent to all shareholders on March 17, 2025, and will be available on the Hong Kong Stock Exchange and the company's website[83]