Summary of LME Non-Ferrous Metal Inventory Report Core Insights - The London Metal Exchange (LME) reported a decrease in non-ferrous metal inventories across various metals, indicating potential supply tightening in the market [1] Inventory Changes - Copper inventory stands at 132,400 tons, down by 5,600 tons [1] - Aluminum inventory is at 363,850 tons, reduced by 2,000 tons [1] - Nickel inventory is recorded at 200,106 tons, decreasing by 618 tons [1] - Zinc inventory totals 136,975 tons, with a decline of 175 tons [1] - Lead inventory is at 281,275 tons, down by 1,375 tons [1] - Tin inventory is reported at 2,440 tons, decreasing by 5 tons [1]

Company Overview - Landsea Green Management Limited is the only listed platform for Landsea Group's green residential development business, focusing on property investment, development, and management in China and the United States [2] - Founded in 2001, Landsea Group is an international developer with a focus on green technology and integrated professional capabilities [2] - The company has developed nearly 100 green technology real estate projects across various cities in China, providing green residential products and services to 300,000 homeowners [2] Financial Performance - As of December 31, 2024, Landsea Green Management reported total revenue of 1.726 billion yuan, a year-on-year decrease of 80.91% [1] - The net profit attributable to the parent company was -1.509 billion yuan, a year-on-year decrease of 75.34% [1] - The gross profit margin stood at 18.07%, with a debt-to-asset ratio of 116.72% [1] Market Position - The stock price of Landsea Green Management closed at 0.015 HKD per share, reflecting a 25.0% increase with a trading volume of 29.984 million shares [1] - Over the past month, the stock has seen a cumulative decline of 7.69%, while year-to-date, it has increased by 9.09%, underperforming the Hang Seng Index by 9.71% [1] - The company's price-to-earnings ratio is -0.03, ranking 265th in the industry, compared to an average TTM P/E ratio of 4.63 for the real estate sector [1]

Financial Performance - The company reported a consolidated profit of $111 million for the fiscal year 2024, representing a 15% increase compared to the previous year[111]. - The company provided a revenue guidance of $150 million for the next fiscal year, indicating a projected growth of 10%[111]. - For the year ended December 31, 2024, the Group's total revenue was approximately RMB1.73 billion, a decrease of 80.8% from approximately RMB9.04 billion in 2023[95]. - The gross profit for the Group was approximately RMB312 million, with a gross profit margin of approximately 18.1%, compared to RMB1.11 billion and 12.3% in 2023[95]. - The Group recognized revenue from property sales of approximately RMB1.34 billion, down 84.5% from approximately RMB8.62 billion in 2023, with an average selling price in China of approximately RMB13,527 per sq.m. compared to RMB20,366 per sq.m. in 2023[96]. - The Group incurred a net loss of approximately RMB1.51 billion for the year, compared to a net loss of approximately RMB863 million in 2023, mainly due to the disposal of equity interests in Landsea Homes[112]. Market Expansion and Strategy - User data showed a growth of 20% in active users, reaching a total of 1.2 million by the end of 2024[111]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2026[111]. - New product launches included two innovative green building solutions, expected to contribute an additional $30 million in revenue[111]. - The company aims to reduce carbon emissions by 30% by 2025 as part of its sustainability strategy[111]. - The company actively expanded various projects focusing on Project Management Services to achieve revenue diversification[79]. Corporate Governance and Management Changes - The board of directors underwent significant changes, with three new appointments effective from December 2024[111]. - Mr. Xie Cilong was appointed as an independent non-executive Director on June 21, 2024, bringing extensive experience in fund management and business investment[58]. - Ms. Li Rong was appointed as an independent non-executive Director on February 28, 2025, with a background in management and finance from Fudan University and China Construction Bank[59]. - The company meets the requirements under Rules 3.28 and 8.17 of the Listing Rules, ensuring compliance in corporate governance[70]. Sales and Project Performance - The contracted sales of China Real Estate for 2024 amounted to approximately RMB 5.83 billion, a decrease of 44.5% compared to RMB 10.52 billion in 2023[81]. - The total saleable area of newly acquired projects in Wuxi and Lishui was 397,000 sq.m., with a saleable value of approximately RMB 10.62 billion[80]. - The average selling price for contracted sales was RMB 24,620 per sq.m., with a total contracted sales area of 30,293 sq.m.[84]. - Landsea achieved over 80% sales in just 1.5 hours for the Landsea Poetry Clouds project, making it the top new project in Wuxi for transaction amount in the first half of 2024[43]. - The first phase of Dongyang Landsea • Hupan Yundi project achieved over 80% sales in its initial launch, winning the triple crown of sales amount, sales area, and number of units sold in September 2024[44]. Debt and Financial Obligations - As of December 31, 2024, the Group's cash and cash equivalents amounted to approximately RMB616 million, down from approximately RMB1.09 billion in 2023[113]. - The Group's total indebtedness decreased to approximately RMB2.81 billion from approximately RMB7.21 billion as of December 31, 2023, primarily due to the deconsolidation of Landsea Homes[118][122]. - The proportion of short-term debts increased to approximately 47.4% as of December 31, 2024, from approximately 27.3% as of December 31, 2023[118][122]. - The Group recorded book exchange gains of approximately RMB42 million as of December 31, 2024, compared to exchange losses of approximately RMB49 million in 2023[126][129]. - The Group has overdue secured borrowings totaling approximately RMB 511 million, including loans from other financial institutions of about RMB 451 million and bank borrowings of approximately RMB 60 million[168]. Awards and Recognition - Landsea was recognized as one of the "Top 30 Real Estate Enterprises in China" in multiple categories, including comprehensive capability and brand communication power in 2024[36]. - The Rungao Landsea • Shangxianli project won the Gold Award at the 2024 American TITAN Real Estate Awards for interior design[34]. - Landsea Poetry Clouds project received the Gold Award of the 2024 Muse Design Award for its resort-style yacht club space[36]. Future Outlook and Plans - The project management services segment is expected to contribute an additional contract value of around RMB 600 million and equity project cash inflows of RMB 300 million for the year ending December 31, 2025[175]. - The management believes the Group will have sufficient financial resources to continue as a going concern for the next 12 months[172]. - The Board believes that the plans formulated by management will generate sufficient funds to support operations and fulfill financial obligations for the year ending December 31, 2025[183][185].

Financial Performance - The group's revenue for the fiscal year 2024 was approximately RMB 1.73 billion, with a gross profit of approximately RMB 312 million[2]. - The total revenue for the fiscal year 2024 was RMB 1,725,922,000, with a gross profit of RMB 311,797,000[4]. - The operating loss for the fiscal year 2024 was RMB 1,826,304,000, compared to an operating loss of RMB 668,420,000 in the previous year[4]. - The net loss for the fiscal year 2024 was RMB 1,513,469,000, compared to a net loss of RMB 863,319,000 in the previous year[4]. - The total comprehensive loss for the year amounted to RMB 1,599,598 thousand, compared to RMB 863,215 thousand in the previous year, indicating a significant increase in losses[6]. - The basic loss per share attributable to the company's shareholders was RMB 0.327, compared to RMB 0.189 in the previous year, reflecting a deterioration in financial performance[6]. - The company reported a net loss attributable to shareholders of RMB 94,087,000 for the fiscal year 2024[4]. - The group reported a loss before income tax of RMB 1,532,332,000 in 2024, up from a loss of RMB 823,318,000 in 2023, reflecting a worsening financial position[36]. - The company reported a net loss attributable to shareholders of RMB 1,509,333,000 for the year ending December 31, 2024, compared to a loss of RMB 860,793,000 for the previous year[44]. Assets and Liabilities - The company's total assets decreased from RMB 19,353,585 thousand in the previous year to RMB 9,323,292 thousand, showing a substantial decline in asset value[7]. - The total liabilities increased from RMB 14,379,696 thousand to RMB 5,056,091 thousand, suggesting a rise in financial obligations[7]. - As of December 31, 2024, the total liabilities amounted to RMB 10.88 billion, a decrease from RMB 17.28 billion[9]. - The group had a net current liability of approximately RMB 4.21 billion as of December 31, 2024[16]. - The company’s total liabilities, including accounts payable and other payables, were RMB 7,512,035 thousand in 2024, down from RMB 8,082,921 thousand in 2023[53]. - The company reported a total of RMB 982,714 thousand in payable engineering materials and service fees for 2024, compared to RMB 1,875,348 thousand in 2023, reflecting a decline of about 48%[54]. Revenue and Sales - For the fiscal year ending December 31, 2024, the contracted sales amount for Chinese real estate was approximately RMB 5.83 billion, corresponding to a contracted area of approximately 289,000 square meters[2]. - The total salable value of new real estate for the fiscal year 2024 was approximately RMB 10.62 billion, with a remaining salable value of approximately RMB 117.13 billion as of December 31, 2024[2]. - The company confirmed property sales revenue of approximately RMB 1.34 billion from subsidiaries, down from RMB 8.62 billion in 2023, primarily from projects in Chengdu, Suzhou, and various locations in the United States[71]. - The average selling price in China was approximately RMB 13,527 per square meter, down from RMB 20,366 per square meter in 2023, while the average selling price in the U.S. was approximately RMB 19,620 per square meter, up from RMB 18,828 per square meter in 2023[71]. - The company has a total of 30,293 units under contract sales, with a total sales value of RMB 24.62 billion and a total area of 745,824 square meters[66]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased from RMB 988,161 thousand to RMB 553,065 thousand, highlighting a decline in liquidity[7]. - The group is actively negotiating with defaulted priority noteholders to reach agreements and is closely monitoring compliance with financial covenants[18]. - The group has implemented plans to alleviate cash flow pressure and improve its cash position, including timely payments to contractors and suppliers[17]. - The group plans to continue adjusting sales and pre-sale activities to better respond to market demand and improve cash collection from sales[19]. - The company reported a cash and cash equivalents balance of approximately RMB 616 million as of December 31, 2024, down from RMB 1.09 billion in 2023[80]. Future Strategies and Market Position - The company plans to focus on market expansion and new product development as part of its future strategy[6]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[6]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[50]. - The company is focusing on enhancing its development and management services, which contributed approximately RMB 387 million in revenue for the fiscal year[70]. - Future projections indicate a strong market presence with a focus on enhancing equity project values and expanding rental property offerings[66]. Accounting and Compliance - The company is evaluating the impact of new accounting standards and interpretations that will take effect starting January 1, 2024, with a conclusion that they are unlikely to have a significant impact on the consolidated financial statements[23]. - The financial statements are prepared in thousands of RMB, ensuring clarity in reporting[12]. - The audit committee consists of three independent non-executive directors responsible for reviewing the company's financial reporting procedures and risk management[111]. - The group's auditor has confirmed that the figures in the performance announcement are consistent with the audited consolidated financial statements for the fiscal year[112]. Shareholder and Equity Information - Major shareholder reduced their stake to approximately 21.82% as of December 31, 2024, losing control but retaining significant influence[11]. - The total equity attributable to shareholders was RMB 38.70 million, with a significant decrease in reserves to RMB (1.54 billion)[9]. - The company has no dividend distribution announced for the year 2023[47]. - The company does not plan to declare any final dividend for the fiscal year 2024[100].

Sales and Revenue Performance - During the Period, contracted sales of "Landsea Products" amounted to approximately RMB 7.83 billion with contracted GFA of approximately 423,000 sq.m[10]. - The total revenue for the Period was approximately RMB 1.32 billion[10]. - The Group's contracted sales for "Landsea Products" amounted to approximately RMB 7.83 billion, a decrease of 29.9% from RMB 11.16 billion for the six months ended June 30, 2023[26]. - Revenue from property sales was approximately RMB 1.14 billion, down 69.5% from approximately RMB 3.75 billion in the previous year[49]. - Total revenue recognized during the period was RMB 1,323,015, down from RMB 3,963,755 in 2023, reflecting a decrease of approximately 66.7%[190]. - The average selling price per square meter in the PRC was approximately RMB 12,514, a decline of 64.2% from RMB 35,010 in the previous year[49]. - The average selling price in the United States was approximately RMB 19,620 per sq.m., an increase from RMB 18,000 in the previous year[49]. - The project "Monarch Hills" reported a contracted sales amount of RMB 533.59 million with an average selling price of RMB 27,253 per square meter[43]. - The project "Lavender" had a significant contracted sales amount of RMB 256.90 million, with an average selling price of RMB 73,588 per square meter[43]. Market Conditions and Strategic Focus - Real estate investment continued to decline year-on-year, with no improvement in terminal sales[10]. - The real estate industry in the PRC is undergoing profound adjustment, with recovery difficult to foresee in the short term[21]. - The company will continue to focus on product differentiation, asset-light model transformation, and revenue diversification as part of its strategic transformation[22]. - The company aims to enhance product innovation and investment returns while maintaining strong trading and property investment capabilities[22]. - The company is focusing on expanding its market presence in key cities, including Wuxi, Chengdu, and Chongqing, as well as in major U.S. metropolitan areas[40]. - The management is optimistic about future sales performance, anticipating growth driven by new project launches and market demand[41]. - The Group plans to actively adjust sales and pre-sale activities to respond to market needs and enhance collection efforts[110]. Project Development and Acquisitions - During the period, the company secured a total of 36 projects, with 2 in the PRC and 34 in the United States, delivering over 2,300 houses in China and over 1,200 houses in the United States[12]. - The Group acquired a total of 36 projects during the period, with 2 in the PRC and 34 in the United States[27]. - The total saleable area of properties under development increased by 863,002 sq.m., with an expected new project saleable value of approximately RMB 17.51 billion[28]. - As of June 30, 2024, the Group had project reserves with a total saleable area of 7,263,265 sq.m. and an expected saleable value of approximately RMB 146.78 billion[44]. - Landsea Homes secured 34 new projects in the United States, with an additional saleable area of approximately 530,000 sq.m. and saleable value of approximately RMB 8.69 billion[32]. Financial Performance and Losses - The Group incurred a net loss of approximately RMB 673 million for the six months ended June 30, 2024, compared to a net loss of approximately RMB 4 million in the same period of 2023[63]. - The total comprehensive loss for the period attributable to the shareholders of the company was RMB 691,320,000, compared to a total comprehensive loss of RMB 95,880,000 in the previous year[86]. - The Group's gross profit for the six months ended June 30, 2024, was approximately RMB 215 million, resulting in a gross profit margin of approximately 16.2%, compared to 18.4% in the same period last year[49]. - The company reported a basic loss per share of RMB 0.149 for the period, compared to RMB 0.008 in the previous year, indicating a worsening financial performance[86]. - The company reported a significant increase in cash used in operating activities, reflecting ongoing operational challenges and market conditions[93]. Cash Flow and Liquidity - As of June 30, 2024, the Group's cash and cash equivalents amounted to approximately RMB 238 million, a decrease from approximately RMB 1.09 billion as of December 31, 2023[69]. - The Group's cash flow statement indicates a net decrease in cash and cash equivalents of RMB 959.98 million for the six months ended June 30, 2024[94]. - The Group's current liabilities exceeded its current assets by RMB 5,047.37 million, with current borrowings amounting to RMB 2,411.35 million and cash and cash equivalents at RMB 180.37 million[103]. - The Group's financing activities resulted in a net cash used of RMB 22.63 million for the six months ended June 30, 2024, compared to RMB 299.66 million in the same period of 2023[94]. - The Group's liquidity risk management involves maintaining sufficient cash and cash equivalents, with primary cash requirements for property development projects and operating expenses[165]. Debt and Financial Liabilities - The total indebtedness of the Group as of June 30, 2024, was approximately RMB 3.26 billion, down from approximately RMB 7.21 billion as of December 31, 2023[70]. - The total debt of the Group as of June 30, 2024, was approximately RMB 32.6 billion, down from RMB 72.1 billion as of December 31, 2023[74]. - The Group's gearing ratio was approximately 31.3%, a decrease from 37.3% as of December 31, 2023[71]. - The Group is in default of a senior note with a principal amount of US$128.43 million (approximately RMB 915.29 million) due to non-payment at its due date[103]. - The Group's total financial liabilities amount to RMB 6,894,217,000, with significant portions repayable on demand[179]. Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk, which are continuously assessed by management[143]. - The Group has not used any derivatives or other instruments for hedging purposes, indicating a conservative approach to financial risk management[143]. - Management monitors interest rate risk and performs sensitivity analysis regularly to assess potential impacts on financial performance[158]. - The Group's credit risk is primarily associated with cash and cash equivalents, restricted cash, trade and other receivables, and contract assets, with no significant concentrations of credit risk[161]. - The Group provides guarantees for mortgage loans up to 70% of the total property purchase price, significantly reducing credit risk exposure[164].

Financial Performance - For the six months ended June 30, 2024, the company reported contract sales of approximately RMB 7.83 billion, with a corresponding contracted construction area of approximately 422,550 square meters[1]. - The company's revenue for the period was approximately RMB 1.32 billion, with a gross profit of approximately RMB 215 million[2]. - The net loss for the period was approximately RMB 672.71 million, compared to a net loss of RMB 3.66 million for the same period in 2023[3]. - The basic loss per share for the period was RMB 0.149, compared to RMB 0.008 for the same period in 2023[3]. - The group reported a net loss of RMB 672.71 million and a net cash outflow of RMB 745.46 million for the six months ending June 30, 2024[9]. - The group's revenue for the six months ended June 30, 2024, was RMB 1,172,661 thousand, a decrease from RMB 3,781,789 thousand in the same period of 2023, representing a decline of approximately 68.96%[15]. - The company's revenue from sales of properties reached RMB 924,073,000, up from RMB 605,541,000 in the previous year[4]. - The group confirmed revenue of approximately RMB 1.32 billion for the six months ending June 30, 2024, compared to RMB 3.96 billion for the same period in 2023, representing a decline of about 66.7%[64]. Expenses and Liabilities - The company incurred selling expenses of approximately RMB 100.21 million and administrative expenses of approximately RMB 216.63 million during the period[2]. - The financial expenses net amount was approximately RMB 86.44 million, compared to RMB 93.77 million in the previous year[2]. - The company has a total of RMB 2,411,348,000 in borrowings, which is an increase from RMB 1,972,978,000 as of December 31, 2023[5]. - The company's current liabilities exceeded current assets by RMB 5,047,370,000, indicating potential liquidity issues[8]. - The total liabilities reached RMB 11,120,123,000, down from RMB 17,281,301,000 as of December 31, 2023[5]. - The group reported a significant increase in financial and contract asset impairment losses, totaling approximately RMB 130.30 million[2]. Assets and Cash Flow - As of June 30, 2024, the total assets of the company amounted to RMB 10,415,002,000, compared to RMB 19,353,585,000 as of December 31, 2023, reflecting a significant decrease[4]. - The cash and cash equivalents stood at RMB 180,365,000, a sharp decline from RMB 988,161,000 in the previous year[5]. - The company reported restricted cash of 99,315 thousand RMB as of June 30, 2024, compared to 180,365 thousand RMB in the previous year, reflecting a significant decrease of approximately 45%[42]. - The company's cash and cash equivalents were reported at 237,686 thousand RMB, down from 1,087,476 thousand RMB year-over-year, representing a decrease of approximately 78%[42]. Market and Sales Strategy - The group plans to actively adjust sales and pre-sale activities to better respond to market demand and improve cash flow collection[9]. - The company has maintained its strategy of "product differentiation, asset lightness, and revenue diversification" for over ten years, aiming to enhance product innovation and investment returns[52]. - The company is expanding its market presence with new developments in cities like Nanjing and Chengdu, contributing to its overall growth strategy[62]. - The company anticipates that the Chinese real estate industry will continue to undergo significant adjustments, with a focus on healthy cash flow, prudent investment choices, and strong sales capabilities being essential for survival[52]. Project Development and Acquisitions - The company obtained 36 new projects during the period, including 2 in China and 34 in the United States[47]. - The company delivered over 2,300 residential units in China and more than 1,200 units in the United States during the period[47]. - The group has signed 76 development and construction service projects, with a total saleable area of 5,028,532 square meters and an estimated saleable value of approximately RMB 102.82 billion[54]. - The company completed the sale of a portion of its shares in Landsea Homes Corporation, reducing its ownership to below 50%, which alleviated cash flow pressures and provided a clearer reflection of its operations in China[51]. Financial Guidance and Future Outlook - The board has assessed that the group will generate sufficient funds to meet its financial obligations over the next twelve months, despite significant uncertainties[10]. - Future guidance indicates a focus on strategic acquisitions to bolster growth and market share in key regions[19]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[19]. Tax and Regulatory Matters - The company did not make any provisions for Hong Kong profits tax for the periods ended June 30, 2024, and June 30, 2023, due to the absence of taxable profits[25]. - The company’s effective corporate income tax rate in mainland China remained at 25% for the six months ended June 30, 2024[26]. - The company’s federal and state tax rate in the U.S. was 27.30% for the six months ended June 30, 2024, compared to 26.30% for the same period in 2023[26]. Corporate Governance and Reporting - The audit committee reviewed the unaudited interim consolidated financial information for the six months ending June 30, 2024[91]. - The interim report will be published on the company's and the stock exchange's websites[92].

Financial Performance - Landsea Green Management reported a significant increase in revenue for FY2023, reaching approximately HKD 1.2 billion, representing a year-on-year growth of 15%[4]. - The company achieved a net profit margin of 12%, with net profit amounting to HKD 144 million, up from HKD 120 million in the previous year, indicating a 20% increase[4]. - The company has set a future outlook with a revenue guidance of HKD 1.5 billion for FY2024, reflecting an expected growth of 25%[4]. - In 2023, contracted sales of Landsea Products amounted to approximately RMB 18.39 billion with a contracted GFA of approximately 967,000 sq.m[36]. - Total revenue for the year was approximately RMB 9.04 billion[36]. - Revenue from property management services projects amounted to approximately RMB 420 million, representing a year-on-year increase of 19.1%[44]. - For the year ended December 31, 2023, the Group's total revenue was approximately RMB 9.04 billion, a decrease of 35.4% from RMB 14.02 billion in 2022[138]. - Revenue from property sales was approximately RMB 8.62 billion, down 36.9% from RMB 13.66 billion in 2022, with a total sales area of approximately 442,906 sq.m.[139]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[4]. - A strategic acquisition of a local green technology firm is underway, which is anticipated to enhance the company's technological capabilities and market reach[4]. - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in operational costs by the end of FY2024[4]. - The company aims to become a green brand service provider with strong operational and real estate investment capabilities in the new development era[54]. - The Group's strategy includes expanding its footprint in both the Chinese and U.S. real estate markets, focusing on high-demand areas[119]. Sustainability and ESG Initiatives - Landsea Green Management has received several accolades for its commitment to environmental sustainability, enhancing its brand reputation in the market[4]. - The company is actively engaging in ESG initiatives, with a dedicated budget of HKD 50 million for environmental and social governance projects in FY2024[4]. - Landsea was recognized as the only selected enterprise in the real estate industry for its performance in promoting green supply chain transformation at the 2022 Belt and Road Economic and Environmental Cooperation Forum[27]. - The company celebrated the seventh anniversary of the "Green Supply Chain Act of the Real Estate Industry in the PRC," promoting green procurement practices[30]. - Landsea Green Management was awarded "Outstanding Enterprise along Green Supply Chain" for the fifth consecutive year on December 21, 2023[27]. Project Development and Sales - Landsea achieved excellent sales of 100 flats in its first CCRC project, Landsea Fanghua Residence, launched in Wuxi in March 2023[30]. - The company secured a total of 18 projects, including 12 in the PRC and 6 in the United States, delivering over 12,000 houses in China and over 2,100 houses in the United States[36]. - The new project saleable area increased to 1,410,517 sq.m. in 2023, with an expected saleable value of approximately RMB 29.29 billion[108][110]. - The Group secured a total of 76 Project Management Services projects, with a saleable area of 5,353,869 sq.m. and an expected saleable value of approximately RMB 101.40 billion[131]. Governance and Management - The company has independent non-executive directors with diverse backgrounds in economics, finance, and accounting, enhancing its governance structure[80]. - The board includes members who are actively involved in various committees, such as the Audit Committee and the Remuneration Committee, ensuring oversight and strategic direction[82]. - The company emphasizes the importance of ESG (Environmental, Social, and Governance) considerations in its operations, as reflected in the committee memberships of its directors[76]. - The directors' extensive experience in both academia and industry positions the company well for navigating complex financial landscapes[79]. Financial Health and Risks - The Group recorded a net loss of approximately RMB 863 million, a significant improvement from a net loss of approximately RMB 2.45 billion in 2022[165]. - The Group's cash and cash equivalents and restricted cash amounted to approximately RMB 1.09 billion as of December 31, 2023, down from approximately RMB 1.32 billion as of December 31, 2022[166]. - The total indebtedness of the Group was approximately RMB 7.21 billion as of December 31, 2023, a slight decrease from approximately RMB 7.33 billion as of December 31, 2022[167]. - The Group's interest expenses for the year ended December 31, 2023, were approximately RMB 754 million, compared to approximately RMB 720 million in 2022[157]. - The Group's current liabilities exceeded current assets by RMB 5,287 million, with current borrowings of RMB 1,973 million and cash and cash equivalents of RMB 141 million as of December 31, 2023[191]. - The entire PRC real estate industry is experiencing a liquidity crisis, with many loans maturing, and the Company is not an isolated case[197].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported a signed sales amount of approximately RMB 18.39 billion, corresponding to a signed area of approximately 967,000 square meters[3]. - The company's total revenue for the fiscal year 2023 was approximately RMB 9.04 billion, with a gross profit of approximately RMB 1.11 billion[5]. - The company incurred a net loss of approximately RMB 863.32 million for the fiscal year 2023, compared to a net loss of approximately RMB 2.45 billion in the previous year[5]. - The company reported a total comprehensive loss of RMB 863,319,000 for the year 2023, compared to a loss of RMB 2,453,752,000 in 2022, indicating a significant reduction in losses[6]. - The basic loss per share attributable to the company's shareholders was RMB 0.189 for 2023, compared to RMB 0.569 in 2022, reflecting an improvement in per-share performance[6]. - The group reported a net loss of approximately RMB 8.63 billion for the year ended December 31, 2023, an improvement from a net loss of RMB 24.5 billion in 2022[107]. Revenue and Sales - Total revenue for the year 2023 reached RMB 9,039,797 thousand, compared to RMB 14,018,521 thousand in 2022, indicating a decrease of approximately 35%[30]. - Revenue from property development and sales in the US was RMB 8,385,216 thousand, while in mainland China it was RMB 3,888,601 thousand, showing a significant contribution from the US market[30]. - The total recognized property sales revenue was approximately RMB 8.62 billion, down from RMB 13.66 billion in 2022, reflecting a decline of 37.2%[97]. - The company reported a total of RMB 420,489 thousand in management service income, which includes development management services and sales management services[30]. - The company recorded significant sales from cities including Hangzhou, Wuxi, Wuhan, and major cities in the United States[88]. Assets and Liabilities - Total assets decreased to RMB 19,353,585,000 in 2023 from RMB 19,986,792,000 in 2022, showing a decline in overall asset value[7]. - The company’s total liabilities decreased to RMB 14,379,696,000 in 2023 from RMB 15,178,358,000 in 2022, indicating a reduction in financial obligations[7]. - The total liabilities amount to RMB 17,281,301 thousand, showing a slight decrease from RMB 17,293,434 thousand in the previous year[9]. - The group has approximately RMB 1.41 billion in cash and cash equivalents, while current borrowings amount to about RMB 1.973 billion[135]. - The group has a default principal of USD 34 million (approximately RMB 241 million) on its senior notes due to non-payment[135]. Development and Projects - The company has completed the delivery of over 12,000 housing units in China and over 2,100 housing units in the United States during the reporting period[70]. - The company acquired 12 new projects in cities such as Suzhou and Chengdu, increasing the available saleable value by approximately RMB 28.1 billion and the saleable area by approximately 1.33 million square meters[73]. - The company holds a total of 102 projects for which it provides development and management services, with an estimated saleable value of approximately RMB 110.1 billion, accounting for about 94% of the total saleable value in the region[73]. - The company has developed over 200 green residential projects, with a total development area exceeding 33 million square meters as of the end of 2023[71]. - The total land reserves as of December 31, 2023, amounted to 22,768,966 square meters, with 10,984,450 square meters under development[94]. Financial Management and Strategy - The company aims to continue its strategic initiatives in property management and rental services to drive future growth[11]. - The company maintains a cautious investment strategy, with significant advantages in land and asset acquisition costs to mitigate future market risks[83]. - The company is focusing on new product development and technology advancements to enhance its market position[90]. - The company plans to enhance its market expansion strategies, focusing on both the US and China markets to drive future growth[34]. - The company aims to expand its market presence and enhance its service offerings in both domestic and international markets[31]. Compliance and Governance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[15]. - The company has adopted the corporate governance code and has complied with all relevant provisions during the fiscal year 2023[132]. - The audit report indicates significant uncertainty regarding the company's ability to continue as a going concern[136]. - The audit committee consists of three independent non-executive directors responsible for reviewing the financial reporting process and risk management[141]. Future Outlook - The company aims to enhance its understanding of the market and improve product innovation and investment capabilities to capture opportunities in a more specialized market[79]. - Future outlook includes a focus on new product development and technological advancements to drive growth and improve operational efficiency[31]. - The group plans to continue adjusting sales and pre-sale activities to better respond to market demand and improve cash collection[19].

Economic Performance - In the first half of 2023, China's GDP performance improved compared to Q1, but insufficient internal and external demand remains unresolved[15]. - Sales of the top 100 real estate enterprises in China continued to decline, with a year-on-year decrease of 34.1% in July 2023, significantly exceeding industry expectations[15]. - The decrease in operating cash flow due to sluggish sales and continuous financing restrictions poses a significant challenge for the entire Chinese real estate industry[15]. Company Performance - In the first half of 2023, contracted sales of Landsea Products amounted to approximately RMB11.16 billion, with a contracted GFA of approximately 563,000 sq.m. Profit before tax was approximately RMB43 million[18]. - In the first half of 2023, contracted sales of "Landsea Products" amounted to approximately RMB11.16 billion, a decrease of about 4.6% compared to RMB11.70 billion in the same period of 2022[38]. - The Group's total revenue was approximately RMB3.96 billion, a decrease of 30.9% compared to approximately RMB5.75 billion in the first half of 2022[59]. Financial Position - The overall size of liabilities decreased by 2.3% compared to the end of last year, with the short-term debt ratio significantly decreasing to 13.8%, a drop of 6.6 percentage points from the end of 2022[19]. - As of June 30, 2023, the Group's cash and cash equivalents amounted to approximately RMB 880 million, down from RMB 1.32 billion as of December 31, 2022[85]. - The total indebtedness of the Group was approximately RMB 7.17 billion, a slight decrease from RMB 7.33 billion as of December 31, 2022, with a gearing ratio of approximately 35.4%[86]. Sales and Revenue Breakdown - Revenue from property sales was approximately RMB3.75 billion, down from approximately RMB5.47 billion in the first half of 2022, representing a decline of 31.4%[60]. - The total sales area for recognized revenue from property sales was approximately 206,547 sq.m.[60]. - The average selling price in the PRC increased to approximately RMB35,010 per sq.m., compared to approximately RMB23,825 per sq.m. in the first half of 2022, reflecting a rise of 47.1%[60]. Project Development and Management - Landsea secured 9 projects in the first half of 2023, with an additional saleable value of RMB24.59 billion, representing a year-on-year increase of 216%[25]. - The Group acquired a total of 9 projects in the first half of 2023, all located in the PRC, contributing an additional saleable area of approximately 1,121,631 sq.m. with an expected saleable value of approximately RMB24.59 billion[39]. - The Group's properties-for-rent totaled 80,536 sq.m., with equity-held projects amounting to 46,752 sq.m.[43]. Cash Flow and Liquidity - For the six months ended June 30, 2023, the Group reported a net cash used in operating activities of RMB 98,576,000, compared to RMB 798,539,000 for the same period in 2022, indicating a significant improvement[120]. - The cash flows from financing activities showed a net cash used of RMB 299.66 million, a decrease from RMB 717.06 million in the same period of 2022[123]. - The Group experienced a significant decrease in cash and cash equivalents, with a net decrease of RMB 408.57 million compared to a decrease of RMB 2,769.46 million in the previous year[123]. Strategic Focus and Future Plans - The company aims to focus on first-tier cities and strong second-tier cities for future real estate development, emphasizing high-quality products as mainstream offerings[33]. - The company is undergoing an asset-light transformation, aiming to become a brand service provider with investment capabilities, implementing the strategic positioning of "real estate investment bank + green developer"[26]. - The Group aims to maintain strategic focus and long-term commitment to navigate through the current market challenges and industry adjustments[35]. Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[161]. - The Group has not used any derivatives or other instruments for hedging purposes, continuously assessing financial risks according to prevailing market conditions[161]. - The Group's maximum exposure to credit risk is represented by the carrying amounts of cash and cash equivalents, restricted cash, trade and other receivables, and contract assets[175]. Losses and Impairments - The Group recorded a net reversal of impairment losses on financial assets of approximately RMB 36 million, compared to a provision of RMB 175 million in the first half of 2022[69]. - The Group's net loss for the period was approximately RMB 4 million, significantly improved from a net loss of RMB 390 million in the first half of 2022[79]. - The loss attributable to the shareholders of the Company for the period was RMB 35,367,000, a significant improvement from a loss of RMB 507,316,000 in the prior year[110].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 LANDSEA GREEN MANAGEMENT LIMITED 朗 詩 綠 色 管 理 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：106） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 財務摘要 • 於二零二三上半年，朗詩出品簽約銷售額約為人民幣111.6億元，對 應的簽約建築面積約為56.3萬平方米。 • 於二零二三上半年，新增開發代建服務合同額約為人民幣2.6億元。 • 於二零二三上半年，新增可售貨值約為人民幣245.9億元，截至二零 二三年六月三十日，朗詩出品剩餘可售貨值約為人民幣1,434.6億元。 • 截至二零二三年六月三十日，本集團一年內到期的短期負債比例約 ...