Financial Performance - For the first quarter of 2024, the group's revenue was approximately RMB 7.499 billion, a decrease of 17.5% compared to the same period last year[3] - The operating profit for the same quarter was approximately RMB 776 million, reflecting a decline of 37.1% year-on-year[3] - The total contracted sales amount recorded by the group and its associated companies was approximately RMB 7.917 billion, down 41.4% year-on-year, with a sales area of about 711,400 square meters, a decrease of 38.4%[4] Land Acquisition and Reserves - The group acquired a new land parcel in Yinchuan with a floor area of approximately 87,700 square meters, for a land price of approximately RMB 220 million[4] - The total land reserve held by the group and its associated companies amounted to approximately 17,888,800 square meters, with the group's attributable floor area being about 14,743,500 square meters[4] Pending Sales Contracts - As of March 31, 2024, the total amount of subscribed but pending sales contracts was approximately RMB 879 million, covering an area of about 67,100 square meters[4] Financial Management and Caution - The group maintains a professional and prudent financial management approach, closely monitoring external economic conditions and industry consolidation opportunities[5] - The announcement includes forward-looking statements that involve risks and uncertainties, and actual performance may differ from these statements[6] - Shareholders and potential investors are advised to exercise caution when trading the company's securities and to seek professional advice if needed[6] Information Availability - The first quarter review is available on the company's website and other financial news platforms[6]

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]宏 洋集团（0081） [评Tab级le_：Inv est] 增持 当前价格（港元）： 1.76 销售弱复苏 2024.04.10 海 ——2024年 3 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 1.64-4.59 当前股本（百万股） 3,559 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 6,264 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2024 年 3 月公司销售额继续同比下滑，但降幅小幅收窄，销售表现初现弱复苏，单 中国海外宏洋集 ...

Investment Rating - The report maintains a "Buy" rating for China Overseas Macro Yang Group (0081) [4] Core Views - The company's 2023 performance met expectations, with a focus on deepening its presence in third- and fourth-tier cities, while maintaining a "Buy" rating. The 2023 revenue was 56.4 billion RMB, and net profit was 2.3 billion RMB, representing a year-on-year decline of 1.9% and 26.9%, respectively [3][4] - The company is gradually increasing its market share in the 40 cities it operates in, with sufficient sellable resources to support future operations. In 2023, sales increased by 6.2% year-on-year, with 45% of cities ranking in the top three for sales and 18% being the market leader in their respective areas [3] - The gross profit margin dropped to 11.2% in 2023, down 3.2 percentage points year-on-year, primarily due to the property sales business, which accounted for 99.4% of revenue. However, improvements are expected as market conditions stabilize [3] - The company's asset-liability ratio decreased to 75% in 2023, indicating a solid financial position, with a net debt ratio of 46% and a weighted average financing cost of 4.6% [3] Financial Summary - 2023 revenue: 56.4 billion RMB, down 1.9% year-on-year [3] - 2023 net profit: 2.3 billion RMB, down 26.9% year-on-year [3] - 2023 gross profit margin: 11.2%, down 3.2 percentage points year-on-year [3] - 2023 asset-liability ratio: 75%, down 4 percentage points year-on-year [3] - 2023 net debt ratio: 46%, down 2.8 percentage points year-on-year [3]

Financial Performance - The group's revenue for the year was RMB 56.41 billion, a decrease of 1.9% compared to the previous year, with gross profit and gross margin recorded at RMB 6.31 billion and 11.2%, respectively[2]. - The profit attributable to the owners of the company was RMB 2.30 billion, down 26.9% year-on-year, with basic earnings per share of RMB 0.647[4]. - The gross profit for the year was RMB 6.31 billion, a decrease of 23.7% compared to RMB 8.28 billion in 2022, resulting in a gross margin of approximately 11.2%[13]. - Operating profit for the year was RMB 4.21 billion, down 32.9% from RMB 6.27 billion in 2022[14]. - The overall profit for the segment decreased by 27.1% to RMB 4.37 billion from RMB 5.99 billion in 2022[24]. - The total profit before tax for the year was RMB 4,122,713, reflecting the overall performance of the company[59]. Sales and Contracting - The company's contracted sales for the year reached RMB 42.82 billion, a 6.2% increase from RMB 40.32 billion in 2022[13]. - The total contract sales amount for the year ended December 31, 2023, reached RMB 42.82 billion, an increase of 6.2% compared to RMB 40.32 billion in 2022[20]. - The total contracted area for the year was 3,532,400 square meters, a decrease of 5.2% from 3,725,200 square meters in 2022[20]. - The average selling price of residential properties was approximately RMB 13,200 per square meter, reflecting a 9.7% increase[7]. - Approximately 83% of the completed floor area of 7,370,100 square meters was sold by year-end, compared to 85% in 2022[23]. Cash Flow and Financial Health - The group's cash collection from sales reached RMB 44.8 billion, with net operating cash flow significantly increasing to RMB 9.10 billion from RMB 0.49 billion in the previous year[2]. - As of December 31, 2023, the total cash and bank balances were RMB 26.02 billion, accounting for 17.1% of the group's total assets, with a net debt ratio of 46.0%, down from 48.8% in the previous year[2]. - The company reduced its total bank and other loans to RMB 34.909 billion, down from RMB 43.005 billion at the end of 2022[29]. - The net debt-to-equity ratio improved to 46.0% from 48.8% in 2022, indicating better financial health[32]. - The company maintained a current ratio of 1.8, up from 1.6 in 2022, reflecting improved liquidity[31]. Land Acquisition and Reserves - The total floor area of new land purchases during the year was approximately 1,835,100 square meters, with a total cost of about RMB 9.76 billion[2]. - The group held a land reserve of 18,806,800 square meters, with 1,738,400 square meters held by joint ventures and associates, and the attributable land reserve area was 15,517,500 square meters[2]. - The company acquired 13 land parcels for a total consideration of RMB 9.765 billion, adding approximately 1,835,100 square meters of floor area to its land reserves[15]. - As of December 31, 2023, the total land reserves amounted to 18,806,800 square meters, down from 24,532,600 square meters in 2022[17]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.11 per share, down from HKD 0.15 per share in the previous year, resulting in a total annual dividend of HKD 0.16 per share[4]. - The company plans to distribute a total dividend of HKD 0.16 per share for the year, down from HKD 0.21 per share in the previous year, reflecting a reduction of HKD 0.05[78]. - The proposed final dividend for the year ending December 31, 2023, is HKD 0.11 per share, totaling approximately HKD 391,531,000, a decrease from HKD 0.15 per share in 2022, which amounted to HKD 533,906,000[70]. Market Outlook and Strategy - The real estate market is expected to gradually stabilize in 2024, supported by policies aimed at expanding domestic demand and risk prevention[10]. - The group plans to implement a "one area, one policy" product strategy and launch standardized renovation series to enhance customer satisfaction[11]. - The group continues to focus on developing properties in second and third-tier cities, catering to the varying housing demands in different markets[19]. - The group plans to accelerate property sales and cash recovery while maintaining prudent land reserve replenishment[38]. Corporate Governance and ESG - The group’s ESG rating improved, with MSCI rating upgraded from BB to BBB and Wind ESG rating upgraded from A to AA[9]. - The company has adhered to corporate governance principles and complied with all applicable codes as of December 31, 2023[87]. - The company is committed to enhancing corporate governance as part of its value creation strategy[87]. Employee and Talent Management - The group emphasizes talent development and aims to create a positive work environment to enhance employee engagement and satisfaction[11]. - As of December 31, 2023, the group employed 2,586 staff, down from 3,061 in 2022, with total employee costs approximately RMB 962 million, compared to RMB 1,014 million in the previous year[36].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[中I Tnaf 国bol]e 海_Ti外tle]宏 洋集团（0081） [评Tab级le_：Inv est] 增持 当前价格（港元）： 1.90 销售走弱，坚守中高端市场 2024.03.11 海 ——2 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 1.64-4.59 当前股本（百万股） 3,559 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 6,763 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布 2月经营数据，月度销售额边际走弱，同比降幅达到 59%，销售市场有待 中国海外宏洋集团 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company reported a 9% year-on-year decline in contract sales for January, which is significantly less than the 36% decline experienced by the top 50 real estate companies, indicating strong resilience [3]. - The company’s sales area increased by 5% month-on-month in January, showcasing a marginal improvement in sales performance despite the seasonal downturn in the industry [3]. - The average selling price in January was 11,167 RMB per square meter, down 8% from the average for the entire year of 2023, reflecting the impact of the company's sales strategy [3]. Financial Summary - The company’s projected revenues for 2023 to 2025 are expected to decline by 6.7% and 5.8% respectively, before recovering with a growth of 5.5% in 2025 [2][3]. - The earnings per share (EPS) estimates for 2023, 2024, and 2025 are 0.83 RMB, 0.78 RMB, and 0.82 RMB respectively [3]. - The company reported a net profit of 2,938 million RMB for 2023, with a projected decline of 6.7% for 2024 [2]. Market Position - The company has not acquired any new land reserves in January, aligning with the overall slowdown in land acquisition among major real estate firms [3]. - The company continues to focus on the mid-to-high-end market segment, maintaining a competitive edge in lower-tier cities [3].

Financial Performance - For the nine months ended September 30, 2023, the group's revenue was approximately RMB 39.091 billion, an increase of 8.8% compared to the same period last year, while operating profit was approximately RMB 4.284 billion, a decrease of 23.5%[3] - The group reported a Q3 2023 revenue of approximately RMB 11.919 billion and an operating profit of approximately RMB 1.011 billion[3] Sales and Contracts - In Q3 2023, the total contracted sales amount for the group and its joint ventures was approximately RMB 8.509 billion, involving a sales area of approximately 717,500 square meters[4] - Cumulative contracted sales for the nine months ended September 30, 2023, amounted to approximately RMB 34.449 billion, with a sales area of approximately 2,862,700 square meters, representing increases of 16.8% and 2.1% respectively compared to the same period last year[4] Land Acquisition and Reserves - As of September 30, 2023, the total land reserve held by the group was approximately 20,686,200 square meters, with the group's attributable area being approximately 17,294,500 square meters[4] - The group acquired six new land parcels in Ganzhou, Hefei, Hohhot, and Quanzhou during the quarter, with an attributable floor area of approximately 636,500 square meters and a total land cost of approximately RMB 2.615 billion[4] Financial Management - The group maintains a professional and prudent financial management approach, closely monitoring external economic conditions, RMB exchange rate fluctuations, industry merger and acquisition opportunities, and changes in national policies[5]

Financial Performance - For the first half of 2023, the company reported revenue of RMB 27.172 billion, a year-on-year decrease of 8.8%[10] - The profit attributable to the company's owners was RMB 1.719 billion, down 29.8% year-on-year, with basic earnings per share of RMB 0.483[10] - Revenue for the first half of 2023 was RMB 27.17 billion, down 8.8% from RMB 29.80 billion in the previous year[23] - Gross profit decreased by 19.0% to RMB 4.44 billion, with a gross margin of 16.3%, down from 18.4% in the same period last year[23] - Operating profit for the period was RMB 3.27 billion, a decline of 27.9% from RMB 4.54 billion in the previous year[24] - The company recorded a net profit attributable to shareholders of RMB 1.72 billion, down 29.8% from RMB 2.45 billion in the same period last year[26] - The total comprehensive income for the period was RMB 1.449 billion, down from RMB 1.879 billion in the same period last year[53] - The company reported a significant increase in property inventory, amounting to RMB 117.92 billion, compared to RMB 131.89 billion at the end of 2022[56] Dividends and Shareholder Value - The company declared an interim dividend of HKD 0.05 per share for the six months ended June 30, 2023[10] - The company is committed to enhancing shareholder value through consistent dividend payments despite the challenging market conditions[10] - The interim dividend declared is HKD 0.05 per share, down from HKD 0.06 per share in 2022, reflecting a reduction of 16.7%[126] - The company reported a significant decrease in dividends payable to non-controlling shareholders, amounting to RMB 69,124,000 for the six months ended June 30, 2023, compared to RMB 174,000,000 for the same period in 2022[116] Market and Economic Conditions - China's GDP grew by 5.5% in the first half of 2023, indicating a recovery in economic activity[11] - The company is navigating a challenging environment with ongoing geopolitical uncertainties and interest rate hikes globally[11] - The economic recovery momentum has stabilized with the release of backlogged orders and demand in the second quarter[11] - The outlook for the second half of 2023 remains cautious, with a focus on sustainable growth amid a recovering real estate market[21] Sales and Contracted Amounts - In the first half of 2023, the group achieved a contract sales amount of RMB 25.94 billion, representing a year-on-year increase of 24.6%[13] - The company's contracted sales amounted to RMB 25.94 billion for the six months ended June 30, 2023, representing a 24.6% increase compared to RMB 20.82 billion in the same period last year[29] - The total contracted area sold was 2,145,200 square meters, up 7.7% from 1,992,100 square meters in the previous year[29] Land and Property Development - The group acquired three quality projects in Hefei and Yinchuan, adding a total of 471,100 square meters of land with a total land cost of RMB 3.546 billion[14] - As of June 30, 2023, the total floor area of land reserves held by the group was 21,792,400 square meters, with the group's attributable floor area being 18,342,000 square meters[14] - The group's land reserves as of June 30, 2023, totaled 21,792,400 square meters, down from 24,532,600 square meters as of December 31, 2022[28] - The company has land reserves distributed across 38 cities in mainland China[28] Financial Position and Cash Flow - The group's cash reserves exceeded RMB 32 billion, and the net debt ratio decreased from 48.8% at the end of last year to 40.5%[15] - The company continues to maintain a healthy financial position, with a focus on cash flow management and cost control[21] - The net cash generated from operating activities for the first half of 2023 was RMB 7.43 billion, significantly higher than RMB 85.44 million in the same period of 2022[59] - Cash and bank balances increased by RMB 34.76 billion to RMB 32.807 billion as of June 30, 2023, compared to RMB 29.331 billion at the end of the previous year[46] Corporate Governance and Compliance - The company has complied with the corporate governance principles as per the listing rules during the six months ending June 30, 2023[139] - The company has maintained transparency and accountability to its shareholders as part of its commitment to corporate governance[139] Financing Activities - The group successfully issued the industry's first pure corporate credit carbon-neutral bond amounting to RMB 500 million at an interest rate of 3.05%[15] - The company issued corporate bonds totaling RMB 3,700,000 in 2023, significantly up from RMB 1,000,000 in 2022, indicating a substantial increase in financing activities[104] - The company issued the first tranche of corporate bonds in February 2023, amounting to RMB 1,000,000,000 with an interest rate of 3.9%[144] - In March 2023, the company completed the issuance of the second tranche of corporate bonds totaling RMB 1,200,000,000 at an interest rate of 3.8%[144] Employee and Operational Metrics - The company employed 2,816 staff as of June 30, 2023, with total employee costs of approximately RMB 555.6 million, down from RMB 601 million in the same period last year[51] - The group maintained a project delivery satisfaction rate of 89%, ranking among the industry's top performers[14]

Financial Performance - For the six months ended June 30, 2023, the group's contract sales amounted to RMB 25.94 billion, representing a year-on-year increase of 24.6%[2] - The group's revenue for the same period was RMB 27.17 billion, a decrease of 8.8% compared to the previous year, with a gross profit of RMB 4.44 billion and a gross margin of 16.3%[2] - The operating profit for the six months was RMB 3.27 billion, down 27.9% year-on-year, with profit attributable to shareholders of RMB 1.72 billion, a decline of 29.8%[2] - The gross profit for the first half of 2023 decreased by 19.0% to RMB 4.44 billion, compared to RMB 5.48 billion in the same period last year, resulting in a gross margin of 16.3%[14] - The company reported a net profit attributable to shareholders of RMB 1.719 billion, a decrease of 29.8% from RMB 2.450 billion in the same period last year[15] - Total comprehensive income for the period was RMB 1,448,513 thousand, compared to RMB 1,879,498 thousand in the previous year, a decrease of about 22.9%[36] Sales and Revenue - The average selling price of residential properties was approximately RMB 13,000 per square meter, reflecting an increase of 8.5% year-on-year[7] - The company achieved contract sales of RMB 25.94 billion, a 24.6% increase compared to RMB 20.82 billion in the same period last year[14] - Property sales contributed RMB 27,058,190 thousand to total revenue, down from RMB 29,681,190 thousand, reflecting a decline of 8.8%[46] - Rental income for the six months ended June 30, 2023, was RMB 0.94 billion, compared to RMB 1.11 billion in the same period of 2022[25] Financial Position - The total cash and bank balance as of June 30, 2023, was RMB 32.81 billion, with a net debt-to-equity ratio of 40.5%[2] - The group maintained a cash-to-short-term debt ratio of 1.8 times, compared to 1.6 times at the end of 2022, indicating a healthy liquidity position[29] - The total liabilities of the group decreased to RMB 20.304 billion as of June 30, 2023, from RMB 26.489 billion at the end of 2022[32] - As of June 30, 2023, the total borrowings (including guaranteed notes and corporate bonds) amounted to RMB 74.09 billion, an increase from RMB 45.93 billion as of December 31, 2022[29] Land Acquisition and Development - The group acquired new land with a total floor area of approximately 471,100 square meters at a total cost of RMB 3.546 billion during the period[2] - The group’s land bank totaled 21,792,400 square meters, with attributable land reserves of 18,342,000 square meters as of June 30, 2023[2] - The company continues to focus on property investment and development, with significant contributions from regions such as Hefei and Hohhot during the reporting period[39] Corporate Governance and Sustainability - The company has been recognized for its sustainable development efforts, receiving the RICS China Award for Sustainable Development Achievement and improving its ESG rating from A to AA[11] - The company is committed to enhancing corporate governance as part of its value creation strategy[63] - The company has adhered to the corporate governance principles as outlined in the listing rules, ensuring transparency and accountability to shareholders[63] Debt Management and Financing - The weighted average financing cost for the group in the first half of 2023 was 4.4%, maintaining a low level within the industry[8] - The group successfully issued domestic corporate bonds totaling RMB 2.2 billion during the period, with a maturity of three to five years and an interest rate of 3.8% to 3.9%[28] - The company issued bonds totaling RMB 1,000,000,000 with a 3.9% interest rate, and RMB 1,200,000,000 with a 3.8% interest rate, aimed at repaying interest-bearing debts and enhancing liquidity[64] Employee and Talent Management - The group employed 2,816 staff as of June 30, 2023, down from 3,061 at the end of 2022, with total employee costs around RMB 0.556 billion[34] - The company is actively cultivating talent and improving employee engagement to support its rapid development[12] Future Outlook - The company expects continued policy support for the real estate market, with measures to enhance funding and promote stable development[10] - The company is focusing on precise investments and is closely monitoring potential acquisition opportunities in the current market environment[10] - The company has implemented a rolling inspection mechanism to ensure timely delivery of all projects within the next 12 months[10]

Financial Performance - The total issued shares of China Overseas Grand Oceans Group Ltd. as of December 31, 2022, amounted to 3,559,374,732 shares[9]. - The company reported a cash reserve, which includes cash and bank balances plus restricted cash and deposits[11]. - The total borrowings, which consist of bank and other borrowings, as well as guaranteed notes and corporate bonds, were highlighted in the financial summary[11]. - The net debt, calculated as total borrowings minus cash reserves, was a key financial metric discussed[11]. - Contract sales decreased by 43.4% to RMB 40,316.6 million from RMB 71,204.4 million[12]. - Revenue increased by 6.8% to RMB 57,492.0 million compared to RMB 53,830.5 million[12]. - Gross profit fell by 33.3% to RMB 8,276.2 million, with a gross margin of 14.4%, down from 23.0%[12]. - Profit attributable to owners decreased by 37.6% to RMB 3,150.4 million, with a net profit margin of 5.5%[12]. - Cash reserves decreased by 9.7% to RMB 29,330.9 million from RMB 32,492.4 million[12]. - Total borrowings increased by 5.3% to RMB 47,598.5 million from RMB 45,222.0 million[12]. - Net debt increased by 43.5% to RMB 18,267.6 million from RMB 12,729.6 million[12]. - The return on equity decreased to 10.7% from 19.1%[12]. - The group achieved a contracted sales amount of RMB 40,316.6 million in 2022, a year-on-year decrease of 43.4%[24]. - The total contracted sales area was 3,725,200 square meters, down 34.5% year-on-year, with an average selling price of approximately RMB 10,800 per square meter[24]. - The group maintained a cash and cash equivalents balance exceeding RMB 29 billion, ensuring financial stability[24]. - The weighted average financing cost was 4.8%, remaining at a low level within the industry[24]. - The company’s attributable land area from joint ventures and associates amounted to 20,754,100 square meters as of December 31, 2022, down from 25,530,700 square meters in 2021[41]. - The company’s land reserve in Shantou accounted for 10.6% of the total floor area, with a total area of 2,592.4 thousand square meters[41]. - The company’s land reserve in Jiujiang represented 7.3% of the total floor area, with a total area of 1,788.3 thousand square meters[41]. Strategic Initiatives - The company aims to enhance its market expansion strategies and is focusing on new product development and technological advancements[10]. - Future outlook includes a commitment to maintaining stable growth and exploring potential mergers and acquisitions[10]. - The management emphasized the importance of governance and strategic planning in achieving long-term objectives[10]. - The company is actively monitoring user data to inform its business strategies and improve customer engagement[10]. - The company aims to maintain a sustainable growth strategy while preparing for market recovery in 2023[32]. - The group plans to leverage opportunities in land acquisition and focus on quality urban areas in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area regions[25]. - The group anticipates that the real estate market will stabilize in 2023, with a focus on volume growth and price stability, particularly in the second half of the year[25]. - The company aims to maximize the benefits of its national brand while maintaining a leading market position[48]. - The company is committed to developing green and smart housing to meet diverse market needs and improve return rates[48]. - The company plans to enhance its digital marketing strategy, increasing the budget by 30% to improve customer engagement[146]. - The company is considering strategic acquisitions to enhance its market position, with a target of identifying at least three potential candidates by Q3 2023[146]. - The management emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years[146]. Governance and Management - The board of directors has been restructured to enhance oversight and strategic direction, with new appointments made in March 2023[10]. - The board consists of eight members with diverse backgrounds, enhancing complementary advantages[105]. - The company has complied with listing rules by appointing at least three independent non-executive directors, ensuring independence and accountability[106]. - The board has conducted an internal performance evaluation, focusing on composition, participation, and independence, with overall satisfaction reported[107]. - A mechanism to ensure board independence has been established, allowing for independent judgment and protecting shareholder interests[108]. - The roles of the chairman and CEO are clearly distinguished to maintain a balance of power and authority[109]. - The company has established four committees: executive committee, audit committee, remuneration committee, and nomination committee to implement internal controls[119]. - The company ensures effective communication with shareholders, allowing their opinions to be conveyed to the entire board[111]. - The company has established a comprehensive risk management system, covering strategic, market, operational, financial, compliance, environmental, social, and governance (ESG) risks[131]. - The audit department conducted special audits on marketing expenses, cost control, and project management across various regional companies, including on-site audits in seven cities[132]. - The board of directors has reviewed the effectiveness and efficiency of the company's risk management and internal control systems, finding no significant weaknesses during the review period[132]. - The company has implemented an ESG management framework, aligning with industry standards and enhancing data collection and analysis capabilities[131]. Shareholder Communication and Dividends - The company’s dividend policy states that the total amount of dividends distributed to shareholders each fiscal year is approximately 20-30% of the group's consolidated net income attributable to shareholders[139]. - The company proposed a final dividend of HKD 0.15 per share, down from HKD 0.30 per share in the previous year[17]. - The company has implemented a scrip dividend scheme allowing shareholders to receive dividends in the form of new shares instead of cash[158]. - The company encourages shareholder participation in annual general meetings, allowing them to raise questions and vote on resolutions[140]. - The company has a structured process for shareholders to request the convening of general meetings if they hold at least 5% of the voting rights[140]. Risk Management and Compliance - The company has established a whistleblowing policy to allow employees and stakeholders to report any improper conduct or unethical behavior[138]. - The company regularly conducts risk assessments to identify and evaluate corruption risks[137]. - The company’s board of directors is committed to maintaining effective internal controls to monitor and mitigate corruption risks[137]. - The company has revised its internal control systems to optimize risk management processes, including updates to various management regulations[131]. - The company has a system in place for directors to declare any potential conflicts of interest during board discussions[119]. Market and Product Development - The company is investing heavily in R&D, with a budget allocation of 150 million for new technology development[146]. - New product launches are expected to contribute an additional 200 million in revenue in the upcoming year[146]. - The company plans to enhance product development and increase the proportion of standardized and finely decorated products to meet changing customer demands[95]. - The company continues to focus on second and third-tier cities in China, adapting products to meet local housing demands[48]. Financing and Capital Management - The group issued a domestic corporate bond of RMB 5 billion with a coupon rate of 3.4% to support acquisitions[63]. - The total amount of asset-backed securities issued during the year was RMB 737.0 million, with an interest rate of 2.7%[64]. - As of December 31, 2022, the net working capital was RMB 67,438.3 million, an increase from RMB 63,056.2 million in 2021, with a current ratio of 1.6[74]. - The average interest rate on total borrowings, including guaranteed notes and corporate bonds, was 4.8%, up from 3.8% in 2021[78]. - The net debt-to-equity ratio increased to 48.8% from 35.6% in 2021, indicating a rise in leverage[80]. - The asset-liability ratio, excluding advance receipts, was 68.7%, a slight decrease from 69.4% in 2021, maintaining compliance with regulatory requirements[80]. - The group had available funds of RMB 40,302.3 million as of December 31, 2022, down from RMB 42,835.0 million in 2021[80]. Related Party Transactions - The company entered into a cooperation agreement with Anhao Investment to establish a joint venture with a total commitment of RMB 673,200,000 and RMB 646,800,000 from the original shareholders and Anhao Investment, respectively[178]. - Another cooperation agreement with Anhao Investment involves a joint venture with total commitments of RMB 612,000,000 and RMB 588,000,000 from the respective parties[179]. - The company signed a licensing agreement with China Overseas Group for a property in Hong Kong, covering approximately 4,483.8 square feet, with a monthly fee of HKD 363,180[180]. - The estimated value of the licensed property under the agreement is HKD 20,165,899, recognized as a right-of-use asset[180]. - China Overseas Development holds approximately 39.63% of the company's issued share capital as of the new framework agreement date, classifying it as a related party under listing rules[194][199].