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）： 1.74 稳中求进，巩固下沉城市优势 2024.03.29 海 ——2023年业绩点评 [ 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） 6,193 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 受行业影响，2023年公司物业销售业务毛利率短暂承压，期待市场逐步企稳；公司在 中国海外宏洋集 ...

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]

0 中国演外宏洋集團有限公司 CHINA OVERSEAS GRAND OCEANS GROUP LTD. Stock Code 股份代號：00081 漫 小 壓 カ Together We Advance 標 健 崩 ラテ Interim Report 2023 中期報告 目錄 Contents | --- | --- | --- | --- | |-------|--------------------------------------|---------|-----------------------------------------------------------------| | 2 | 董事局及委員會 | 69 | Board of Directors and Committees | | 3 | 公司及股東資料 | 70 | Corporate and Shareholders' Information | | 5 | 主席報告書 | 72 | Chairman's Statement | | 13 | 管理層討論及分析 | 80 | Management Discussion and ...

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].

Financial Performance - For Q1 2023, the group's revenue was approximately RMB 9,093 million, representing a year-on-year growth of 32.8%[3] - The operating profit for the same period was approximately RMB 1,233 million, reflecting a year-on-year increase of 34.9%[3] Sales and Contracts - The total contracted sales amount for the group and its joint ventures was approximately RMB 13,503 million, with a sales area of about 1,154,700 square meters, up 47.4% and 35.4% year-on-year respectively[4] - The cumulative amount of subscribed but pending sales contracts as of March 31, 2023, was approximately RMB 1,176 million, covering an area of about 84,800 square meters[4] Land Reserves - As of March 31, 2023, the total area of land reserves held by the group was approximately 23.7 million square meters, with the group's attributable area being about 20.1 million square meters[4] - The group has no new land reserves acquired during the quarter[4] Financial Management and Strategy - The group is maintaining professional and prudent financial management, closely monitoring external economic conditions and industry consolidation opportunities[5] - The group aims to deliver long-term optimal returns to shareholders by adapting to changes in national policies and market conditions[5] Risk and Uncertainty - The group emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[6] - The financial data presented is unaudited and should not be considered as guarantees of the group's financial performance for the period[6]

Financial Performance - The group's revenue for the year was RMB 57,492.0 million, an increase of 6.8% year-on-year, while operating profit fell by 38.6% to RMB 6,265.6 million, and profit attributable to owners decreased by 37.6% to RMB 3,150.4 million[2][5]. - The gross profit margin decreased from 19.0% to 14.4% after accounting for property inventory impairment losses, which reduced gross profit by approximately RMB 2,673.2 million[2]. - The company's revenue for the year was RMB 57,244.2 million, representing a 6.8% increase from RMB 53,594.0 million in the previous year[27]. - The gross profit margin for the segment decreased to 14.2% from 22.8% in the previous year, primarily due to inventory write-downs[27]. - The overall profit for the segment decreased by 41.2% to RMB 5,991.2 million from RMB 10,181.4 million in the previous year[27]. - The company reported a total comprehensive income of RMB 1,414 million, down from RMB 6,200 million in 2021, a decrease of 77.3%[48]. - The net loss attributable to joint ventures and associates was RMB 226.7 million, significantly higher than RMB 11.6 million in the previous year[27]. - The company's total assets decreased to RMB 172,726 million from RMB 190,643 million, a decline of 9.4%[50]. Sales and Contracted Amounts - The group's contract sales amount decreased to RMB 40,316.6 million, down 43.4% from RMB 71,204.4 million in the previous year, with a total contracted area of 3,725,200 square meters, a decline of 34.5%[2]. - The total contracted area sold was 3,725,200 square meters, down 34.5% from 5,683,400 square meters in the previous year[23]. - The total amount of ongoing subscriptions awaiting contract signing at year-end was RMB 797.0 million, with a total area of 59,400 square meters[23]. - For the year ended December 31, 2022, the total contracted sales area was approximately 7,319,100 square meters, with 85% sold by year-end[27]. - Major projects included the sale of 175,838 square meters in Quanzhou for RMB 2,560.5 million and 74,058 square meters in Yinchuan for RMB 1,024.1 million[24]. Land Reserves and Acquisitions - The total floor area of new land purchases during the year was approximately 2,212,500 square meters, with a total cost of approximately RMB 10,150.3 million[2]. - As of December 31, 2022, the group had land reserves totaling 24,532,600 square meters, with 20,754,100 square meters attributable to the group[2]. - The company acquired a total of 10 land parcels for RMB 10,150.3 million, adding approximately 2,212,500 square meters of floor area to its land reserves[18]. - In 2022, the company acquired 13 projects, adding a total floor area of 1,937,300 square meters and a land cost of RMB 8,261.9 million[9]. - The group focuses on developing in second and third-tier cities in mainland China, tailoring products to meet varying market demands, such as decorated and green smart housing[23]. Financial Management and Debt - Cash and bank balances, along with restricted cash and deposits, totaled RMB 29,330.9 million, down from RMB 32,492.4 million in the previous year, with a net debt to total equity ratio of 48.8%[2]. - The overall weighted average interest rate for total borrowings increased to 4.8% from 3.8% in the previous year, influenced by rising HKD interbank rates[33]. - The net debt-to-equity ratio as of December 31, 2022, was 48.8%, up from 35.6% in the previous year, indicating increased leverage[35]. - The group maintained a cash-to-short-term debt ratio of 1.6 times, ensuring compliance with regulatory requirements under the "three red lines" policy[35]. - Total bank and other loans increased by RMB 1,069.2 million to RMB 43,005.2 million, with RMB loans at RMB 27,630.9 million and HKD loans at RMB 17,210.0 million (equivalent to RMB 15,374.3 million)[33]. Market Outlook and Strategy - The company anticipates a stable recovery in the real estate market in 2023, supported by various government policies and a gradual release of reasonable demand[11]. - The company plans to focus on precise investments and expand its presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area[11]. - The company aims to enhance its market expansion and product development strategies in the upcoming fiscal year[1]. - The company is prepared for potential market changes in 2023 while focusing on sustainable growth strategies to navigate economic challenges[12]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share, down from HKD 0.30 per share in the previous year, resulting in a total annual dividend of HKD 0.21 per share[3][5]. - The proposed final dividend for 2022 is HKD 0.15 per share, totaling approximately RMB 476,957,000, down from HKD 0.30 per share in 2021, which amounted to approximately RMB 839,676,000[75]. Employee and Organizational Changes - The group employed 3,061 staff as of December 31, 2022, a decrease from 3,505 in the previous year, reflecting organizational restructuring[40]. - Total employee costs for the year were approximately RMB 1,013.9 million, down from RMB 1,082.9 million in the previous year[40]. - The company is focused on talent development and aims to create a positive work environment to enhance employee engagement and satisfaction[12]. Impairments and Inventory Management - The group reported a significant impairment of property inventory amounting to RMB 2,673,218,000 in 2022, compared to RMB 244,600,000 in 2021, indicating a substantial increase in impairment losses[72]. - The company has not entered into any hedging or speculative financial instruments during the year[36]. - The aging analysis of trade payables showed that amounts due within 30 days increased to RMB 7,190,923 thousand in 2022 from RMB 4,963,403 thousand in 2021, an increase of approximately 44.7%[83].