| FY2026 HK$m |
2026財政年度 百萬港元 |
2026财政年度 百万港元 |
FY2025 HK$m |
2025財政年度 百萬港元 |
2025财政年度 百万港元 |
|||
|---|---|---|---|---|---|---|---|---|
| Revenues | 收入 | 收入 | 19,992.2 | 27,680.5 | ||||
| Segment results(1) | 分部業績(1) | 分部业绩(1) | 8,136.4 | 7,070.4 | ||||
| Net profit/(loss) from recurring operations | 經常性營運淨溢利╱（虧損） | 经常性营运净溢利╱（亏损） | 2,227.6 | (1,225.0) | ||||
| Core operating profit | 核心經營溢利 | 核心经营溢利 | 7,702.3 | 6016.5 | ||||
| As at 30 June 2026 HK$m |
於2026年6月30日 百萬港元 |
于2026年6月30日 百万港元 |
As at 30 June 2025 HK$m |
於2025年6月30日 百萬港元 |
于2025年6月30日 百万港元 |
|||
| Total assets | 總資產 | 总资产 | 391,697.0 | 420,265.0 | ||||
| Cash and bank balances – restricted and unrestricted | 現金及銀行存款 – 有限制及無限制 | 现金及银行存款 – 有限制及无限制 | 16,960.4 | 25,856.8 | ||||
| Undrawn facilities from banks | 可動用的銀行貸款 | 可动用的银行贷款 | 15,756.7 | 19,157.5 | ||||
| Consolidated net debt(2) | 綜合債務淨額(2) | 综合债务净额(2) | 126,307.1 | 120,113.3 | ||||
| Net gearing ratio(3) | 淨負債比率(3) | 净负债比率(3) | 68.3% | 58.1% |
RESULTS HIGHLIGHTS 業績重點 业绩重点
- The Group’s revenues recorded a year-on-year decrease of 28% to HK$19,992 million due to lower construction revenue and fewer property handovers in the Chinese Mainland, partly offset by increased property handovers in Hong Kong.
- Gross profit recorded a year-on-year decrease of 19% to HK$9,426 million, while gross margin increased from 42% to 47%.
- Core operating profit was HK$7,702 million, increased by 28% year-on-year.
- Loss for the year amounted to HK$26,818 million, primarily driven by non-cash impairment and provisions relating to 11 SKIES project. Excluding non-cash impairment, provisions and other losses, the Group’s underlying operating performance remained resilient, with net profit from recurring operations amounted to HK$2,228 million, representing its first return to profitability over the past few financial years.
- Continuous stringent cost control over general administrative and other operating expenses resulted in a year-onyear decrease of 19%.
- Revenues of property development in Hong Kong amounted to HK$5,122 million, and the segment results was HK$3,828 million.
- Revenues of property development in the Chinese Mainland amounted to HK$5,826 million, and the segment results was HK$2,182 million.
- Revenues of property investment in Hong Kong was HK$3,424 million, and the segment results was HK$2,620 million.
- Revenues of property investment in the Chinese Mainland was HK$1,915 million, and the segment results was HK$855 million.
- The Group’s total attributable contracted sales from property development projects and asset disposals amounted to approximately HK$29.6 billion.
- The Group’s attributable contracted sales in Hong Kong amounted to approximately HK$22.1 billion, mainly contributed by residential projects including The Pavilia Farm III, Deep Water Pavilia, Pavilia Rosa, The Legacy and The Pavilia Forest.
- The Group’s attributable contracted sales in the Chinese Mainland amounted to approximately RMB6.8 billion, with the Southern Region led by the Greater Bay Area being the largest contributor, accounting for approximately 53%.
- Capital expenditure (CAPEX) amounted to HK$11.8 billion, representing a year-on-year decrease of 6% as a result of the Group’s continuous stringent control over CAPEX.
- Total capital resources amounted to approximately HK$33 billion, including cash and bank balances of approximately HK$17 billion and undrawn facilities from banks of approximately HK$16 billion.
- Total debt amounted to approximately HK$143.3 billion, a reduction of approximately HK$2.7 billion during FY2026. Net debt amounted to approximately HK$126.3 billion, an increase of approximately HK$6.2 billion during FY2026.
- Gross financing costs recorded a year-on-year decrease of 15% to HK$6.3 billion.
- The Board has resolved not to declare a final dividend for the year ended 30 June 2026. No dividend was declared for the year.
- 本集團收入為19,992百萬港元，按年下降28%，主要由於建築業務收入減少及中國內地物業交付減少，部份被香港物業交付增加所抵銷。
- 毛利按年下降19%至9,426百萬港元，毛利率則由42%上升至47%。
- 核心經營溢利為7,702百萬港元，按年增加28%。
- 本年度虧損為26,818百萬港元，主要由於11 SKIES項目相關之非現金耗蝕虧損及撥備所致。撇除非現金耗蝕虧損、撥備及其他虧損後，本集團業務表現維持穩健，經常性營運淨溢利為2,228百萬港元，為過去數個財政年度以來首次轉虧為盈。
- 持續嚴格控制成本，一般行政及其他營運費用按年下降19%。
- 香港物業發展收入為5,122百萬港元，分部業績為3,828百萬港元。
- 中國內地物業發展收入5,826百萬港元，分部業績為2,182百萬港元。
- 香港物業投資收入為3,424百萬港元，分部業績為2,620百萬港元。
- 中國內地物業投資收入為1,915百萬港元，分部業績為855百萬港元。
- 本集團來自物業發展項目及資產出售的應佔合約銷售合共約為296億港元。
- 本集團的香港應佔合約銷售約為221億港元，主要來自住宅項目，包括柏傲莊III、滶晨、滶薀、天御及柏蔚森。
- 本集團的中國內地應佔合約銷售額約為人民幣68億元，以大灣區為首的南部地區貢獻最大，佔比約53%。
- 資本支出為118億港元，按年下降6%，主要由於本集團持續嚴格控制資本支出。
- 可動用資金合共約330億港元，包括現金及銀行結餘約170億港元及可動用的銀行貸款約160億港元。
- 總債務約為1,433億港元，於2026財年減少約27億港元。淨債務約為1,263億港元，於2026財年增加約62億港元。
- 總融資成本按年下降15%至63億港元。
- 董事會決議不就截至2026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。
- 本集团收入为19,992百万港元，按年下降28%，主要由于建筑业务收入减少及中国内地物业交付减少，部份被香港物业交付增加所抵销。
- 毛利按年下降19%至9,426百万港元，毛利率则由42%上升至47%。
- 核心经营溢利为7,702百万港元，按年增加28%。
- 本年度亏损为26,818百万港元，主要由于11 SKIES项目相关之非现金耗蚀亏损及拨备所致。撇除非现金耗蚀亏损、拨备及其他亏损后，本集团业务表现维持稳健，经常性营运净溢利为2,228百万港元，为过去数个财政年度以来首次转亏为盈。
- 持续严格控制成本，一般行政及其他营运费用按年下降19%。
- 香港物业发展收入为5,122百万港元，分部业绩为3,828百万港元。
- 中国内地物业发展收入5,826百万港元，分部业绩为2,182百万港元。
- 香港物业投资收入为3,424百万港元，分部业绩为2,620百万港元。
- 中国内地物业投资收入为1,915百万港元，分部业绩为855百万港元。
- 本集团来自物业发展项目及资产出售的应占合约销售合共约为296亿港元。
- 本集团的香港应占合约销售约为221亿港元，主要来自住宅项目，包括柏傲庄III、滶晨、滶薀、天御及柏蔚森。
- 本集团的中国内地应占合约销售额约为人民币68亿元，以大湾区为首的南部地区贡献最大，占比约53%。
- 资本支出为118亿港元，按年下降6%，主要由于本集团持续严格控制资本支出。
- 可动用资金合共约330亿港元，包括现金及银行结余约170亿港元及可动用的银行贷款约160亿港元。
- 总债务约为1,433亿港元，于2026财年减少约27亿港元。净债务约为1,263亿港元，于2026财年增加约62亿港元。
- 总融资成本按年下降15%至63亿港元。
- 董事会决议不就截至2026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 – restricted and unrestricted |
| (3) | Consolidated net debt divided by total equity |
| 備註： | |
| (1) | 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及減值虧損 |
| (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 – 有限制及無限制 |
| (3) | 綜合債務淨額除以總權益 |
| 备注： | |
| (1) | 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及减值亏损 |
| (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 – 有限制及无限制 |
| (3) | 综合债务净额除以总权益 |