2024
Interim Report
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
The board (the "Board") of directors (the "Directors") of China Tangshang Holdings Limited (the "Company") is pleased to announce the unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2024. The consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows of the Group for the six months ended 30 September 2024 and the consolidated statement of financial position of the Group as at 30 September 2024, all of which are unaudited and condensed, along with selected explanatory notes, are set out on pages 18 to 48 of this report.
中國唐商控股有限公司（「本公司」）董事（「董 事」）會（「董事會」）欣然公佈本公司及其附 屬公司（統稱「本集團」）截至二零二四年九 月三十日止六個月之未經審核中期簡明綜 合業績。本集團截至二零二四年九月三十日 止六個月之未經審核簡明綜合全面收益表、 綜合權益變動表及綜合現金流量表以及本集 團於二零二四年九月三十日之綜合財務狀況 表，連同選定之說明附註載於本報告第18至
48頁。
MANAGEMENT DISCUSSION AND ANALYSIS
CONSOLIDATED RESULTS
For the six months ended 30 September 2024, the Group recorded a revenue of approximately HK$328.2 million compared to a revenue of approximately HK$784.2 million for the corresponding period of 2023, representing an decrease of revenue of approximately 58.1%, and recorded a loss of approximately HK$41.8 million compared to a profit of approximately HK$100.3 million for the corresponding period of 2023. The increase in loss was primarily due to the decrease in recognition of revenue of property development business and decrease of fair value on completed properties held for sale during the period ended 30 September 2024.
管理層討論及分析
綜合業績
截至二零二四年九月三十日止六個月，本 集團錄得收益約328,200,000港元，較二零 二三年同期收益約784,200,000港元減少約
58.1%，同時錄得虧損約41,800,000港元，
而二零二三年同期則為溢利約100,300,000 港元。虧損增加主要由於截至二零二四年九 月三十日止期間確認物業發展業務之收益減 少及持作出售已竣工物業之公平價值減少所 致。
Interim Report 2024 二 零 二 四 年 中 期 報 告 | 1 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
BUSINESS REVIEW
PROPERTY SUB-LEASING AND INVESTMENT BUSINESS
For the six months ended 30 September 2024, this business segment recorded a revenue of approximately HK$20.1 million compared to a revenue of approximately HK$20.7 million for the corresponding period in 2023, representing a decrease of revenue of about 2.9%, and recorded a loss of approximately HK$15.5 million as compared to a loss of approximately HK$24.4 million for the corresponding period of 2023. The loss was mainly due to the decrease of fair value on investment properties.
PROPERTY DEVELOPMENT BUSINESS
During the period ended 30 September 2024, the property development business in the PRC contributed revenue of approximately HK$308.0 million compared to approximately HK$763.5 million for the last financial period, and segment recorded loss of approximately HK$18.9 million (2023: profit of approximately HK$87.6 million) to the Group. The decrease in segment revenue was attributable to two development projects, namely (i) Tangshang Hanlin Mansion*（唐商翰林居）in Dongguan land situates at Caole Village, Xiegang Town, Dongguan City, the PRC designated for urban residential use and business service use (R2 Class II residential land（R2 二類居住用地）) and (ii) Puning Tangshang Zhongyang Garden*（普寧唐商中央花園）in Beihuan Avenue, Puning, Jieyang, Guangdong Province, the PRC. The construction of the properties was completed in December 2021 and October 2022, respectively. The existing use in the properties held for sale/lease is mainly residential, car parks and commercial shops. The site area of Tangshang Hanlin Mansion is approximately 30,000 sq.m and Puning Tangshang Zhongyang Garden is approximately 45,000 sq.m, and the gross floor area ("GFA") of Tangshang Hanlin Mansion is approximately 88,000 sq.m and Puning Tangshang Zhongyang Garden is approximately 216,000 sq.m. There were approximately 30,500 sq.m. booked GFA delivered and recognised into the revenue during the period.
業務回顧
物業分租及投資業務
截至二零二四年九月三十日止六個月，本 業務分類錄得收益約20,100,000港元，較二 零二三年同期收益約20,700,000港元減少約 2.9%，同時錄得虧損約15,500,000港元，而 二零二三年同期為虧損約24,400,000港元。 虧損主要由於投資物業之公平價值減少所致。
物業發展業務
截 至 二 零 二 四 年 九 月 三 十 日 止 期 間，中 國 之 物 業 發 展 業 務 為 本 集 團 貢 獻 收 益 約 308,000,000港 元，上 一 個 財 政 期 間 則 為 約763,500,000港 元，而 分 類 錄 得 虧 損 約 1 8 , 9 0 0 , 0 0 0 港 元（二 零 二 三 年：溢 利 約 87,600,000港元）。分類減少增加乃由於兩 項開發項目，即(i)指定為城鎮住宅用地及商 服用地（R2二類居住用地）位於中國東莞市 謝崗鎮曹樂村之東莞土地的唐商翰林居及 (ii)位於中國廣東省揭陽市普寧市北環大道 的普寧唐商中央花園。物業的建設分別於二 零二一年十二月及二零二二年十月完成。持 作出售╱出租的物業現時主要用作住宅、停 車場及商舖。唐商翰林居的面積約為30,000 平方米，普寧唐商中央花園約為45,000平方 米，而唐商翰林居的總建築面積（「建築面 積」）約為88,000平方米，普寧唐商中央花園 約為216,000平方米。期內已交付及於收益 確認之已結轉建築面積約為30,500平方米。
2 | CHINA TANGSHANG HOLDINGS LIMITED 中 國 唐 商 控 股 有 限 公 司 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
The Group had indirect acquisition of the 35% equity interest of the Huachuangwen Land by the Company from Mr. Chen Weiwu in accordance with the equity sale and purchase agreement signed on 9 April 2020. It had acquired 55% equity interest of Huachuangwen Land by the Company from Shenzhen Yaoling in accordance with the equity sale and purchase agreement signed on 30 July 2021. At as 30 September 2024, the Group holds 90% of the equity interest in Huachuangwen Land. In 2023, the Group had acquired the total issued share capital of Reach Glory Holdings Limited, a company is indirectly holding 70% equity interest in the project company Puning Huachuangwen Industrial Development Co., Ltd., and completed the very substantial acquisition and connected transaction on 10 March 2023. As at 30 September 2024, the Group's completed properties held for sale/lease and investment properties amounted of HK$1,643.4 million (58.9% of the total assets) compared to amounted of HK1,958.7 million (62.9% of the total assets) as at 31 March 2024; and HK$180.6 million (6.5% of the total assets) compared to amounted of HK$187.6 million (6.0% the total assets) as at 31 March 2024, respectively. The completed properties are held for sale/ lease and the management expects part of the remaining GFA will recognise in future.
本集團根據於二零二零年四月九日訂立的 股權買賣協議，透過本公司自陳偉武先生 間接收購華創文置地35%股權。其根據二零 二一年七月三十日訂立的股權買賣協議，透 過本公司自深圳耀領收購華創文置地55% 股權。截至二零二四年九月三十日，本集團 持有華創文置地90%股權。於二零二三年， 本集團已收購致榮控股有限公司（一間間接 持有項目公司普寧華創文實業開發有限公 司70%股權的公司）的全部已發行股本，並 於二零二三年三月十日完成非常重大收購 事項及關連交易。於二零二四年九月三十 日，本集團持作出售╱出租之已竣工物業及 投資物業分別為1,643,400,000港元（佔總資 產的58.9% ），而於二零二四年三月三十一 日 則 為1,958,700,000港 元（佔 總 資 產 的 62.9% ）；及180,600,000港元（佔總資產的 6.5%），而於二零二四年三月三十一日則為 187,600,000港元（佔總資產的6.0%）。已竣 工物業持作出售╱出租，管理層預期部分餘 下建築面積將於日後確認。
FINANCIAL SERVICES BUSINESS | 金融服務業務 |
MONEY LENDING | 放債 |
For the six months ended 30 September 2024 and | 截至二零二四年及二零二三年九月三十日止 |
2023, no money lending business was engaged and no | 六個月，本集團概無從事放債業務，亦無確 |
corresponding interest income was recognised by the | 認相應利息收入。管理層將繼續為本分類尋 |
Group. The management would continue to find new | 找新機遇。 |
opportunity for this segment. |
Interim Report 2024 二 零 二 四 年 中 期 報 告 | 3 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
SECURITIES, FUTURES AND ASSET MANAGEMENT
The Group returned Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 9 (asset management) licenses to Securities and Futures Commission ("SFC") by SFC in November 2020 as no suitable business opportunities have been identified. The management would like to focus more on the other business segments of the Group.
證券、期貨及資產管理
由於尚未物色到合適商機，故本集團已於二 零二零年十一月將第1類（證券交易）、第2類 （期貨合約交易）、第4類（就證券提供意見） 及第9類（提供資產管理）牌照交還予證券及 期貨事務監察委員會（「證監會」）。管理層希 望更側重於本集團之其他業務分類。
PROSPECTS | 前景 |
During the Period, with the continuous impact of | 於本期間，受經濟下行的持續影響，中國整 |
economy downturn, the overall real estate market in | 體房地產市場繼續面臨公眾購買力下降。物 |
the PRC continued to experience a decrease in public | 業項目售價不可避免承壓導致銷售放緩，情 |
purchasing power. The selling prices of property projects | 況在非核心城市地區尤其明顯。儘管房地產 |
were inevitably suppressed which led to slowing down | 行業可能仍面臨需求及融資壓力，預期中國 |
of sales and such situation was especially worsened | 政府將繼續推出政策以支持房地產市場並穩 |
for non-core city locations. Despite the real estate | 定宏觀經濟增長。本集團將採取更為審慎的 |
industry may still face demand and financing pressure, | 經營策略，提升管控效率。本集團亦將繼續 |
it is expected the Chinese government will continue to | 加強經營方面的銷售力度，積極投入資金， |
introduce policies to support the real estate market and | 尤其是在有激勵政策的城市，並積極把握營 |
stabilize macroeconomic growth. The Group will adopt a | 銷機會的窗口期。本集團將繼續積極檢討其 |
more prudent operation strategy, enhance the efficiency | 業務擴張步伐，以維持該業務並實現本集團 |
of management and control. The Group will also continue | 之可持續增長。管理層可能於適當時候調整 |
to strengthen our sales efforts in terms of operation, | 其項目發展計劃及時間表，以應對不斷變化 |
proactively funds especially in the cities with incentive | 的市況。 |
policies, and actively grasp the window of opportunity for | |
marketing. The Group will remain proactive in reviewing | |
its pace of business expansion to maintain this business | |
and achieve sustainable growth of the Group, the | |
management may adjust its project development plans | |
and schedules in response to changing market conditions, | |
as and when appropriate. | |
The Board is expecting the management to remain | 董事會預期管理層將保持謹慎，同時亦保持 |
cautious, meanwhile, to also maintain open-minded in | 開放態度，於中國物色新物業發展項目，從 |
identifying new property development projects in the | 而加強本集團的財務盈利能力。 |
PRC which could strengthen the financial profitability for | |
the Group. |
4 | CHINA TANGSHANG HOLDINGS LIMITED 中 國 唐 商 控 股 有 限 公 司 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
The management team and the Board are made up | 管理層團隊及董事會由具備中國房地產開發 |
of highly qualified and competent individuals who are | 行業豐富經驗之高質素及得力人士組成。團 |
experienced in the real estate development industry | 隊於中國擁有大量知識、資源及人際網絡， |
in PRC. The team possesses significant knowledge, | 而本公司預期將能夠利用該等優勢促進中國 |
resources and networks in China of which the Company | 物業分租、發展及投資項目之未來發展。 |
expects to be able to leverage these advantages for | |
its future development in the property sub-leasing, | |
development and investment projects in the PRC. | |
The Group has continued its efforts to consolidate and | 本集團持續努力鞏固及重新調整其業務以令 |
realign its businesses to enable the Group to achieve | 本集團能夠於財務狀況方面取得提升並達致 |
improvements in its financial position and to meet its | 業績目標。本集團正致力於取得持續增長並 |
performance objectives. The Group is working towards | 不斷探索及增添其他合適投資機遇（倘有） |
attaining a sustainable growth whilst continuously | 以提升整體盈利潛力，並最終將股東價值最 |
exploring and diversifying other suitable investment | 大化。 |
opportunities (if any) to enhance the overall earning | |
potential, and ultimately maximising the shareholder | |
value. |
FINANCIAL REVIEW
LIQUIDITY AND FINANCIAL RESOURCES
As at 30 September 2024, no bank borrowings were incurred by the Group (31 March 2024: nil).
The maturity profile of the Group's bank borrowings is set out as follows:
財務回顧
流動資金及財務資源
於二零二四年九月三十日，本集團並無產生 銀行借貸（二零二四年三月三十一日：無）。
本集團銀行借貸之到期組合載列如下：
30 September | 31 March |
2024 | 2024 |
二零二四年 | 二零二四年 | |||
九月三十日 | 三月三十一日 | |||
(Unaudited) | (Audited) | |||
（未經審核） | （經審核） | |||
HK$ million | HK$ million | |||
百萬港元 | 百萬港元 | |||
Repayable: | 須於以下期限償還： | |||
Within one year | 一年內 | - | - | |
more than one year, but not exceeding | 超過一年但不超過兩年 | |||
two years | - | - | ||
more than two years, but not exceeding | 超過兩年但不超過五年 | |||
five years | - | - | ||
more than five years | 超過五年 | - | - | |
- | - | |||
Interim Report 2024 二 零 二 四 年 中 期 報 告 | 5 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
The carrying amounts of the Group's bank borrowings were denominated in RMB. As at 30 September 2024, the Group's bank borrowings was nil in 2024 and 2023.
The gearing ratio of the Group as at 30 September 2024 and 31 March 2024 were not applicable (since the Group maintained net cash position as at 30 September 2024 and 31 March 2024). The Directors consider the Group as in a healthy financial position. Such ratio was calculated with reference to the bank borrowings deduction of cash and bank balances over the Company's equity attributable to owners of the Company. As at 30 September 2024, the Group had net current assets of approximately HK$1,213.4 million as compared with the net current assets as at 31 March 2024 of approximately HK$1,239.3 million. The current ratio of the Group as at 30 September 2024 was 2.0 compared with 1.8 as at 31 March 2024.
The revenue of the Group, being mostly denominated in RMB and Hong Kong dollar, matches the currency requirement of the Group's expenses while other foreign currencies were immaterial. During the six months ended 30 September 2024, no financial instrument was entered into by the Group used for hedging purpose. The Group was not exposed to any exchange rate risk or any related hedges.
本集團銀行借貸之賬面值乃以人民幣計值。 於二零二四年九月三十日，本集團於二零 二四年及二零二三年之銀行借貸為零。
本集團於二零二四年九月三十日及二零二四 年三月三十一日之資本負債比率為不適用（因 本集團於二零二四年九月三十日及二零二四 年三月三十一日維持淨現金狀況）。董事認 為本集團處於穩健財務狀況。該比率乃經參 考銀行借貸以及扣除現金及銀行結餘除以 本公司擁有人應佔本公司之權益計算得出。 於二零二四年九月三十日，本集團之流動資 產淨值約為1,213,400,000港元，而於二零 二四年三月三十一日的流動資產淨值則約 為1,239,300,000港元。本集團於二零二四 年九月三十日之流動比率為2.0，而於二零 二四年三月三十一日則為1.8。
本集團之大部份收益以人民幣及港元計值， 符合本集團開支之貨幣要求，而其他外幣並 不重大。截至二零二四年九月三十日止六個 月，本集團概無財務工具用作對沖用途。本 集團並無面臨任何匯率風險或任何相關對沖。
6 | CHINA TANGSHANG HOLDINGS LIMITED 中 國 唐 商 控 股 有 限 公 司 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
FUND RAISING ACTIVITIES
In previous years, the Group had completed the following fund raising exercise to strengthen its financial position:
In 2018, convertible bonds in the aggregate principal amount of approximately HK$42.0 million were issued, with the net proceeds of approximately HK$41.8 million after deduction of issuance expenses. Details of which are set out as follows:
集資活動
於過往年度，本集團完成以下集資活動以加 強其財務狀況：
於 二 零 一 八 年，已 發 行 本 金 總 額 約 為 42,000,000港元之可換股債券，而經扣除發 行開支後，所得款項淨額約為41,800,000港 元。有關詳情載列如下：
Amount of | ||||||||
Amount of | Net Proceeds | |||||||
Net Proceeds | Brought | |||||||
Brought | Forward | |||||||
Forward | Amount | to the | Amount | |||||
to the year | utilized | six months | utilized | |||||
ending | up to | ended | up to | Amount of | Expected timeline/ | |||
Date of | Description of | Intended | 31 March | 31 March | 30 September | 30 September | unutilized | Intended use of |
announcement | fund raising activities | Use of Proceeds | 2024 | 2024 | 2024 | 2024 | proceeds | unutilized proceeds |
截至 | ||||||||
截至 | 二零二四年 | |||||||
二零二四年 | 九月三十日 | |||||||
三月三十一日 | 直至 | 止六個月 | 直至 | |||||
止年度結轉之 | 二零二四年 | 結轉之 | 二零二四年 | |||||
集資活動之 | 所得款項之 | 所得款項 | 三月三十一日止 | 所得款項 | 九月三十日止 | 尚未動用之 | 尚未動用之所得款項之 | |
公佈日期 | 詳情 | 擬定用途 | 淨額金額 | 已動用之金額 | 淨額金額 | 已動用之金額 | 所得款項金額 | 預期時間表╱擬定用途 |
31 August 2018 | Issue of convertible |
bonds in an aggregate | |
principal amount of | |
HK$42,031,080, which | |
has been converted | |
into ordinary shares of | |
the Company on | |
30 July 2020 |
Money lending business of | nil | nil | nil | nil | nil | N/A |
the Group in Hong Kong: | ||||||
approximately HK$27.2 million | ||||||
(as per the announcement of | ||||||
the Company dated 25 August | ||||||
2021, the use of proceeds | ||||||
have been reallocated to | ||||||
general working capital) |
二零一八年八月 | 發行本金總額為 | 本集團於香港之放債業務： | 零 | 零 | 零 | 零 | 零 | 不適用 |
三十一日 | 42,031,080港元之 | 約27,200,000港元（根據本公司 | ||||||
可換股債券，其已於 | 日期為二零二一年八月二十五 | |||||||
二零二零年七月三十日 | 日的公佈，所得款項用途已重 | |||||||
獲轉換為本公司之普通 | 新分配至一般營運資金） | |||||||
股 | ||||||||
General working capital of the | nil | nil | nil | nil | nil | N/A | ||
Group: approximately HK$14.6 | ||||||||
million | ||||||||
本集團之一般營運資金： | 零 | 零 | 零 | 零 | 零 | 不適用 | ||
約14,600,000港元 |
Interim Report 2024 二 零 二 四 年 中 期 報 告 | 7 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
In 2017, convertible bonds in the aggregate principal amount of approximately HK$46.3 million were issued, with the net proceeds of approximately HK$46.1 million after deduction of issuance expenses. Details of which are set out as follows.
於 二 零 一 七 年，已 發 行 本 金 總 額 約 為 46,300,000港元之可換股債券，而經扣除發 行開支後，所得款項淨額約為46,100,000港 元。有關詳情載列如下。
Amount of | ||||||||
Amount of | Net Proceeds | |||||||
Net Proceeds | Brought | |||||||
Brought | Forward | |||||||
Forward | Amount | to the | Amount | |||||
to the year | utilized | six months | utilized | |||||
ending | up to | ended | up to | Amount of | Expected timeline/ | |||
Date of | Description of | Intended | 31 March | 31 March | 30 September | 30 September | unutilized | Intended use of |
announcement | fund raising activities | Use of Proceeds | 2024 | 2024 | 2024 | 2024 | proceeds | unutilized proceeds |
截至 | ||||||||
截至 | 二零二四年 | |||||||
二零二四年 | 九月三十日 | |||||||
三月三十一日 | 直至 | 止六個月 | 直至 | |||||
止年度結轉之 | 二零二四年 | 結轉之 | 二零二四年 | |||||
集資活動之 | 所得款項之 | 所得款項 | 三月三十一日止 | 所得款項 | 九月三十日止 | 尚未動用之 | 尚未動用之所得款項之 | |
公佈日期 | 詳情 | 擬定用途 | 淨額金額 | 已動用之金額 | 淨額金額 | 已動用之金額 | 所得款項金額 | 預期時間表╱擬定用途 |
26 July 2017 | Issue of convertible |
bonds in an aggregate | |
principal amount of | |
HK$46,341,960, which | |
has been converted | |
into ordinary shares | |
of the Company on 30 | |
July 2020 |
Potential acquisition: | nil | nil | nil | nil | nil | N/A |
(Note 1) approximately | ||||||
HK$32.1 million |
二零一七年七月二十六日 | 發行本金總額為46,341,960 | 潛在收購事項：（附註1） | 零 | 零 | 零 | 零 | 零 | 不適用 |
港元之可換股債券，其 | 約32,100,000港元 | |||||||
已於二零二零年七月 | ||||||||
三十日獲轉換為本公司 | ||||||||
之普通股 | ||||||||
General working capital | nil | nil | nil | nil | nil | N/A | ||
of the Group: | ||||||||
approximately HK$14.0 | ||||||||
million | ||||||||
本集團之一般營運資金： | 零 | 零 | 零 | 零 | 零 | 不適用 | ||
約14,000,000港元 | ||||||||
Note 1: The | proceeds of approximately HK$32.1 | million was | 附註1： 所得款項約32,100,000港元已於二零二 | |||||
utilized to settle the consideration of an acquisition in | 零年七月用作結付一項收購事項之代價。 | |||||||
July 2020. |
8 | CHINA TANGSHANG HOLDINGS LIMITED 中 國 唐 商 控 股 有 限 公 司 |
中 國 唐 商 控 股 有 限 公 司
CHINA TANGSHANG HOLDINGS LIMITED
CHARGES AND GUARANTEES | 抵押及擔保 |
As at 30 September 2024 and as at 31 March 2024, no | 於二零二四年九月三十日及於二零二四年三 |
bank borrowings were incurred by the Group and no | 月三十一日，本集團概無產生銀行借貸，亦 |
charges and guarantees were secured. | 無抵押及擔保。 |
CONTINGENT LIABILITIES
Please refer to note 21 of this report for material contingent liabilities of the Group as at 30 September 2024.
或然負債
有關本集團於二零二四年九月三十日之重大 或然負債，請參閱本報告附註21。
EMOLUMENT POLICY
As at 30 September 2024, the Group employed a total of 21 (31 March 2024: 30) employees. The remuneration of the employees of the Group amounted to approximately HK$4.6 million for the six months ended 30 September 2024 (30 September 2023: approximately HK$5.3 million). The Group remunerates its employees based on their performance, experience and prevailing industry practices. The emoluments of the Directors and senior management of the Company are reviewed and decided by the remuneration committee of the Company, having regard to the Company's operating results, individual performance and comparable market statistics.
薪酬政策
於二零二四年九月三十日，本集團僱用合共 21名（二零二四年三月三十一日：30名）僱 員。截至二零二四年九月三十日止六個月， 本集團僱員之薪酬約為4,600,000港元（二零 二三年九月三十日：約5,300,000港元）。本 集團按其僱員之表現、經驗及當前行業慣例 向彼等支薪。董事及本公司高級管理層之薪 酬乃由本公司之薪酬委員會經考慮本公司之 經營業績、個別表現及可資比較市場統計數 字後檢討及決定。
The Group periodically reviews its remuneration package | 本集團定期檢討其薪酬待遇，以吸引、激勵 |
in order to attract, motivate and retain its employees. | 及留聘其僱員。酌情花紅可視乎本集團之經 |
Discretionary bonuses are awarded to Directors and the | 營業績以及董事及本集團僱員之表現向彼等 |
employees of the Group based on its operating results | 發放。 |
and their performance. |
Interim Report 2024 二 零 二 四 年 中 期 報 告 | 9 |