2016–2019 delivered HK$22bn of revenue and HK$2.2bn of cumulative profit. COVID cut 2020 revenue by 69.5% overnight; 2023–2024 added fair-value losses and a HK$946m Cosmopolitan write-down. Cumulative 2020–2025 losses of ~HK$7.3bn erased the prior five years' profits several times over. FY2025 revenue hit a decade high of HK$2.76bn (+51.1%) yet still lost HK$1.2bn — and the 2026 interim profit of HK$158m is driven by a one-off disposal gain, not yet by core operations.
2016–2019年累计营收约220亿、盈利约22亿港元。疫情令2020年收入一夜暴跌69.5%；2023–2024年叠加公平值损失与四海国际9.46亿减值。2020–2025累计亏损约73亿港元，数倍吞没此前五年利润。FY2025营收创下十年新高27.6亿港元（+51.1%）却仍亏12亿港元——而2026中期1.58亿港元盈利由一次性出售收益驱动，核心经营尚未真正转正。
| FYE 31 Dec财年（截至12/31） | Revenue (HK$100m)营收(亿) | Net Profit (HK$100m)归母净利(亿) | EPS (HK$)EPS(港元) | Gross Margin毛利率 | Net Margin净利率 | ROE | Gearing负债率 | DPS (HK$)股息(港元) |
|---|---|---|---|---|---|---|---|---|
| FY2016 | 26.2 | 2.14 | 0.23 | 45.4% | 8.2% | 1.8% | 53.0% | 0.135 |
| FY2017 | 25.6 | 9.82 | 0.99 | 45.6% | 38.4% | 8.2% | 50.0% | 0.165 |
| FY2018 | 26.1 | 5.48 | 0.48 | 46.4% | 20.9% | — | 51.0% | 0.185 |
| FY2019 | 22.3 | 4.55 | 0.38 | 45.6% | 20.4% | — | 52.0% | 0.105 |
| FY2020 | 6.8 | −8.86 | −1.11 | 12.6% | −130.5% | — | 53.0% | 0 |
| FY2021 | 9.9 | −4.94 | −0.68 | 23.9% | −50.1% | −4.0% | 54.0% | 0 |
| FY2022 | 18.3 | −3.58 | −0.53 | 46.8% | −19.6% | −3.1% | 55.7% | 0 |
| FY2023 | 17.9 | −17.92 | −2.12 | 36.4% | −100.0% | −17.5% | 61.0% | 0 |
| FY2024 | 18.3 | −25.98 | −3.02 | 37.7% | −142.3% | −33.2% | 67.1% | 0 |
| FY2025 | 27.6 | −12.01 | −1.46 | 29.4% | −43.5% | −20.5% | 69.6% | 0 |
Notes: ROE for FY2018–FY2020 not fully disclosed in the retrieved sources, marked "—". FY2024 loss includes HK$946m fair-value loss on the Cosmopolitan International investment. FY2025 revenue surge reflects the property development segment (+43.9× to HK$805m on Stanbourne Villa sales at Queen's Road West). Dividend figures are full-year DPS; no dividend paid since FY2020. Sources: company results announcements (2026-03-30), westock / neodata, etnet.注：FY2018–FY2020之ROE未在取数源中完整披露，标注"—"。FY2024亏损含四海国际投资公平值亏损9.46亿港元。FY2025营收激增反映物业发展分部（尚瓊销售带动，+43.9倍至8.05亿港元）。股息为全年每股股息；自FY2020起连续六年不派息。来源：公司业绩公告（2026-03-30）、westock / neodata、etnet。
Hong Kong hotel properties carry HK$575m of annual depreciation — more than the entire hotel segment profit of most years. Accounting losses overstate economic deterioration; CFO has been positive every year since 2021 and reached HK$1.36bn in FY2025. Judge this company on EBITDA and cash flow, not reported profit.
香港自有酒店物业每年计提折旧约5.75亿港元——超过多数年份酒店分部全部溢利。会计亏损夸大了经济恶化程度；经营现金流自2021年以来每年为正，FY2025达13.6亿港元。评估这家公司应看EBITDA与现金流，而非报表利润。
The hotel segment — 66.8% of revenue — earned just HK$15.6m of segment profit in FY2025, a margin below 0.1%. RevPAR growth (+9.5% Regal, +13.6% iclub) is real but the cost and funding base consumes it all. The Group needs a second recurring profit engine with structurally higher margins.
占总营收66.8%的酒店分部，FY2025分部溢利仅1,560万港元，利润率不足0.1%。RevPAR增长（富豪+9.5%、富荟+13.6%）是真实的，但成本与资金基础将其消耗殆尽。集团需要一个利润率结构性更高的第二经常性利润引擎。
The +HK$158m interim profit rests on the HK$849m gain from selling the Regal Oriental Hotel. Stripping it, operations improved (EBITDA positive, finance costs −22.6% on falling HIBOR, REIT core operations back to profit) but are not yet self-sustaining at scale. The recovery needs more recurring profit, not more disposals.
中期+1.58亿港元盈利建立在出售富豪东方酒店的8.5亿港元收益之上。剔除后经营确有改善（EBITDA转正、HIBOR下行令融资成本−22.6%、REIT核心经营恢复盈利），但尚未形成规模化自我维持。复苏需要更多经常性利润，而非更多资产出售。