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FY2025
HK$m		 2025財政年度
百萬港元		 2025财政年度
百万港元		 FY2024
HK$m		 2024財政年度
百萬港元		 2024财政年度
百万港元
Revenues 收入 收入 27,680.5 35.782.2
Segment results(1) 分部業績(1) 分部业绩(1) 7,070.4 7,375.5
Core operating profit 核心經營溢利 核心经营溢利 6016.5 6,897.8
Dividend per share (HK$) 每股股息(港元) 每股股息(港元)
Interim 中期 中期 - 0.20
Final 末期 末期 - -
As at 30 June 2025
HK$m		 於2025年6月30日
百萬港元		 于2025年6月30日
百万港元		 As at 30 June 2024
HK$m		 於2024年6月30日
百萬港元		 于2024年6月30日
百万港元
Total assets 總資產 总资产 420,265.0 445,157.6
Cash and bank balances
(including restricted bank balances)		 現金及銀行存款(包括有限制銀行存款) 现金及银行存款(包括有限制银行存款) 25,856.8 27,990.1
Undrawn facilities from banks 可動用的銀行貸款 可动用的银行贷款 19,157.5 18,280.0
Consolidated net debt(2) 綜合債務淨額(2) 综合债务净额(2) 120,113.3 123,657.1
Net gearing ratio(3) 淨負債比率(3) 净负债比率(3) 58.1% 55.0%

RESULTS HIGHLIGHTS 業績重點 业绩重点

  • The Group’s revenues recorded a year-on-year decrease of 23% to HK$27,681 million due to decrease of the revenue from construction business as a result of several legacy projects approaching completion, less bookings from property development in Mainland China and loss of revenue from disposed businesses
  • Gross profit recorded a year-on-year decrease of 10% to HK$11,626 million
  • Core operating profit was HK$6,016 million, decreased by 13% year-on-year
  • Loss attributable to shareholders from continuing operations was HK$16,302 million, mainly due to one-off impairment provisions and losses.
  • Continuous stringent cost control over general administrative and other operating expenses resulted in a year-on-year decrease of 16%
  • Revenues of property development in Hong Kong amounted to HK$2,696 million, and the segment results was HK$877 million
  • Revenues of property development in Mainland China amounted to HK$12,344 million, and the segment results was HK$4,703 million
  • Revenues of property investment in Hong Kong was HK$3,234 million, and the segment results was HK$2,401 million
  • Revenues of property investment in Mainland China was HK$1,821 million, and the segment results was HK$843 million
  • The Group’s total contracted sales from property development projects and asset disposals amounted to approximately HK$26 billion.
  • The Group’s attributable contracted sales in Hong Kong amounted to approximately HK$11 billion, mainly contributed by residential projects including Deep Water Pavilia, The Pavilia Forest, State Pavilia, as well as office project 888 Lai Chi Kok Road, and several asset disposals
  • The Group’s overall contracted sales in Mainland China amounted to approximately RMB14 billion, with the Southern Region led by the Greater Bay Area being the largest contributor, accounting for approximately 52%
  • Capital expenditure (CAPEX) amounted to HK$12.6 billion, representing a year-on-year decrease of 15% as a result of the Group’s continuous stringent control over CAPEX.
  • Total capital resources amounted to approximately HK$45.0 billion, including cash and bank balances of approximately HK$25.9 billion and undrawn facilities from banks of approximately HK$19.2 billion
  • Total debt amounted to approximately HK$146.1 billion, a reduction of approximately HK$5.7 billion during FY2025. Net debt amounted to approximately HK$120.1 billion, a reduction of approximately HK$3.5 billion during FY2025
  • Short term debt amounted to approximately HK$6.6 billion, a reduction of approximately HK$35 billion during FY2025
  • On 30 June 2025, the Group completed a loan refinancing facility and alignment of approximately HK$88.2 billion
  • The Board has resolved not to declare a final dividend for the year ended 30 June 2025. No dividend was declared for the year
  • 本集團來自持續經營業務的收入為27,681百萬港元，按年下降23%，主要由於多個舊有項目接近完工，導致來自建築業務的收入減少、加上中國內地物業發展入賬減少，以及已出售業務帶來的收入減少所致
  • 毛利按年下降10%至11,626百萬港元
  • 核心經營溢利為6,016百萬港元，按年下降13%
  • 來自持續經營業務的股東應佔虧損為16,302百萬港元，主要由於一次性撥備及虧損
  • 本集團嚴格控制成本，一般行政及其他營運費用按年下降16%
  • 香港物業發展收入為2,696百萬港元，分部業績為877百萬港元
  • 中國內地物業發展收入為12,344百萬港元，分部業績為4,703百萬港元
  • 香港物業投資收入為3,234百萬港元，分部業績為2,401百萬港元
  • 中國內地物業投資收入為1,821百萬港元，分部業績為843百萬港元
  • 本集團來自物業發展項目及資產出售的合約銷售合共約為260億港元。
  • 本集團的香港應佔合約銷售約為110億港元，主要來自住宅項目，包括滶晨、柏蔚森、皇都及荔枝角道888號的寫字樓項目，以及若干資產出售
  • 本集團的中國內地整體合約銷售額約為人民幣140億元，以大灣區為首的南部地區貢獻最大，佔比接近52%
  • 資本支出為126億港元，按年下降15%，主要由於本集團嚴格控制資本支出所致。
  • 可動用資金合共約450億港元，包括現金及銀行結餘約259億港元及可動用的銀行貸款約192億港元
  • 總債務約為1,461億港元，於2025財年減少約57億港元。凈債務約為1,201億港元，於2025財年減少約35億港元
  • 短期債務約為66億港元，於2025財年減少約350億港元
  • 於2025年6月30日，本集團完成約882億港元的貸款再融資及協調工作
  • 董事會決議不就截至2025年6月30日止財政年度派發末期股息。本年度並無派發任何股息
  • 本集团来自持续经营业务的收入为27,681百万港元，按年下降23%，主要由于多个旧有项目接近完工，导致来自建筑业务的收入减少、加上中国内地物业发展入账减少，以及已出售业务带来的收入减少所致
  • 毛利按年下降10%至11,626百万港元
  • 核心经营溢利为6,016百万港元，按年下降13%
  • 来自持续经营业务的股东应占亏损为16,302百万港元，主要由于一次性拨备及亏损
  • 本集团严格控制成本，一般行政及其他营运费用按年下降16%
  • 香港物业发展收入为2,696百万港元，分部业绩为877百万港元
  • 中国内地物业发展收入为12,344百万港元，分部业绩为4,703百万港元
  • 香港物业投资收入为3,234百万港元，分部业绩为2,401百万港元
  • 中国内地物业投资收入为1,821百万港元，分部业绩为843百万港元
  • 本集团来自物业发展项目及资产出售的合约销售合共约为260亿港元。
  • 本集团的香港应占合约销售约为110亿港元，主要来自住宅项目，包括滶晨、柏蔚森、皇都及荔枝角道888号的写字楼项目，以及若干资产出售
  • 本集团的中国内地整体合约销售额约为人民币140亿元，以大湾区为首的南部地区贡献最大，占比接近52%
  • 资本支出为126亿港元，按年下降15%，主要由于本集团严格控制资本支出所致。
  • 可动用资金合共约450亿港元，包括现金及银行结余约259亿港元及可动用的银行贷款约192亿港元
  • 总债务约为1,461亿港元，于2025财年减少约57亿港元。净债务约为1,201亿港元，于2025财年减少约35亿港元
  • 短期债务约为66亿港元，于2025财年减少约350亿港元
  • 于2025年6月30日，本集团完成约882亿港元的贷款再融资及协调工作
  • 董事会决议不就截至2025年6月30日止财政年度派发末期股息。本年度并无派发任何股息

Remarks:
(1)  Include share of results of joint ventures and associated companies, but exclude changes in fair value of investment properties
(2)  The aggregate of bank loans, other loans, fixed rate bonds and notes payable less cash and bank balances (including restricted cash balances)
(3)  Net debt divided by total equity
備註：
(1)  分部業績包括應佔合營企業及聯營公司業績，並不包括投資物業公平值變動
(2)  銀行貸款、其他貸款、固定利率債券及應付票據之總額減現金及銀行存款（包括有限制銀行存款）
(3)  綜合債務淨額除以總權益
备注：
(1)  分部业绩包括应占合营企业及联营公司业绩，并不包括投资物业公平值变动
(2)  银行贷款、其他贷款、固定利率债券及应付票据之总额减现金及银行存款（包括有限制银行存款）
(3)  综合债务净额除以总权益