2025-12-08-港交所-香港兴业国际_2025_x2f_2026_中期报告_48页_4mb

Financial Highlights
For the 6 months ended September 2025, the Group achieved revenue of HK$1,925.5 million (up 126%) but recorded a net loss attributable to shareholders of HK$478.6 million, primarily due to fair value losses in investment properties and development project impairments. Compared to the same period in 2024, the net loss increased slightly despite revenue growth.

Key Business Events
Significant developments include the opening of enterprise exhibition halls in Shanghai, launch of residential projects in Hong Kong and China, and events like the TheNextwave XX25 beach music festival in Lai Chi Bay. In China, projects such as Autonomy Bay in Jiaxing and Xing Yun Jian in Shanghai saw sales progress.

Departmental Analysis

• Property Development: Revenue of HK$2,206.9 million, but operating losses due to market pressures and project impairments.
• Property Investment: Rental income declined in Hong Kong, but stabilized in Shanghai with high occupancy rates.
• Transportation and Property Management: Revenue increased due to cost controls, despite challenges from fuel costs.
• Hospitality: Hotel business faced price pressure in Hong Kong but showed resilience in China with promotions.
• Recreation: Strong community engagement with events and facilities like golf and yacht clubs.

Financial Position
As of September 2025, total assets were HK$43,264.0 million, liabilities HK$18,290.1 million, and shareholders' equity HK$22,210.9 million. The capital-to-debt ratio improved slightly to 48.3%.

Future Outlook
The Group focuses on advancing the Lai Chi Bay 2.0 blueprint, optimizing retail strategies, and managing costs amid global economic uncertainty. Long-term investments in properties and retail hubs aim to drive sustainable growth.