Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately HKD 178.2 million, an increase of about 5.1% compared to HKD 169.5 million for the same period in 2023[2]. - The group's profit before tax for the period was approximately HKD 700,000, a decrease of about HKD 45.9 million from HKD 46.6 million in the same period of 2023[2]. - The profit attributable to shareholders for the period was approximately HKD 300,000, down from HKD 39.3 million in the same period of 2023[2]. - The group reported a comprehensive loss attributable to shareholders of approximately HKD 61.9 million for the period, compared to a loss of HKD 29.3 million in the same period of 2023[5]. - The group incurred finance costs of approximately HKD 68.1 million for the period, compared to HKD 62.6 million in the same period of 2023[3]. - The total revenue for the property development and investment segment was HKD 84,146,000 for the six months ended June 30, 2024, compared to HKD 65,686,000 for the same period in 2023, representing a growth of 28.1%[14]. - The total revenue for the property management segment was HKD 94,068,000 for the six months ended June 30, 2024, down from HKD 103,821,000 in the same period of 2023, indicating a decline of 9.4%[14]. - The adjusted profit before tax for the property development and investment segment was HKD 9,585,000 for the six months ended June 30, 2024, compared to HKD 34,018,000 for the same period in 2023, reflecting a decrease of 71.8%[14]. - The group recorded a profit of approximately HKD 282,000 for the six months ended June 30, 2024, a significant decrease from HKD 39,275,000 for the same period in 2023[48]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to approximately HKD 5,327.5 million, a slight decrease from HKD 5,346.8 million as of December 31, 2023[6]. - Current assets totaled approximately HKD 1,046.4 million as of June 30, 2024, compared to HKD 1,065.8 million as of December 31, 2023[6]. - Total liabilities as of June 30, 2024, were approximately HKD 2,102.1 million, down from HKD 2,131.8 million as of December 31, 2023[7]. - The net assets attributable to shareholders as of June 30, 2024, were approximately HKD 3,043.5 million, a decrease from HKD 3,102.3 million as of December 31, 2023[8]. - Total assets amounted to HKD 6,373,925,000, while total liabilities were HKD 3,330,402,000 as of June 30, 2024[47]. - The outstanding balance of bank and other borrowings was approximately HKD 2,641,045,000, a decrease from HKD 2,650,828,000 as of December 31, 2023[49]. - The group had cash and bank balances of approximately HKD 243,127,000 as of June 30, 2024, down from HKD 305,556,000 as of December 31, 2023[49]. - The carrying value of completed investment properties as of June 30, 2024, was HKD 5,304,620,000, slightly down from HKD 5,323,355,000 as of January 1, 2024[28]. - Trade and lease receivables totaled HKD 218,844,000 as of June 30, 2024, compared to HKD 205,423,000 as of December 31, 2023, representing an increase of approximately 6.5%[30]. - The impairment loss on trade and lease receivables was HKD 39,061,000 as of June 30, 2024, compared to HKD 35,390,000 as of December 31, 2023, indicating an increase of about 7.5%[30]. Financial Position and Ratios - The debt-to-equity ratio was 91.0% as of June 30, 2024, compared to 85.7% in the same period last year[47]. - The company's overdue receivables amounted to HKD 86,067,000 as of June 30, 2024, compared to HKD 89,592,000 as of December 31, 2023, reflecting a decrease of approximately 2%[31]. - Trade payables stood at HKD 179,783,000 as of June 30, 2024, up from HKD 170,033,000 as of December 31, 2023, indicating an increase of about 5.2%[31]. - The total outstanding principal amount of perpetual convertible bonds was HKD 1,168,059,000 as of June 30, 2024[35]. Corporate Governance and Compliance - The accounting policies adopted for the preparation of the unaudited interim consolidated financial information are consistent with those used for the annual consolidated financial statements for the year ended December 31, 2023[12]. - The company has submitted its annual consolidated financial statements for the year ended December 31, 2023, to the Companies Registry, and the auditor's report did not contain any reservations[10]. - The financial information presented does not include all the information and disclosures required in the annual financial statements[10]. - The group has not applied any new standards or interpretations that have been issued but are not yet effective for the current accounting period[12]. - The financial information is unaudited but has been reviewed by the company's audit committee[11]. Future Outlook and Strategy - The group plans to focus on expanding its property management services in mainland China, aiming to enhance revenue streams from this segment in the future[14]. - The group will continue to focus on property development and investment, as well as related asset management services, to create value for shareholders[58]. - The group has successfully entered the Los Angeles and London real estate markets, establishing a foothold for future income generation through long-term capital appreciation and redevelopment potential[58]. - Future investments will also target property management and other services, with a focus on health, green energy, and elderly care industries, aiming for integrated development in "living, health, and lifestyle"[58]. - The board believes that the stable rental income generated from properties acquired and existing projects will expand the group's revenue base[58]. Employee and Compensation - The total number of employees (excluding directors) increased to 468 as of June 30, 2024, compared to 402 as of June 30, 2023[52]. - The total employee compensation for the period was approximately HKD 49,656,000, up from HKD 39,198,000 for the six months ended June 30, 2023[52]. - The group did not declare any interim dividends for the period[53]. Investment and Acquisitions - The company issued 30,000,000 stock options on April 28, 2023, with an exercise price of HKD 0.922 per share, and the fair value of these options was HKD 9,709,000[38]. - The company plans to continue its stock option plan, which is effective for ten years from the adoption date, incentivizing qualified participants[38]. - The company reported interest expenses related to perpetual convertible bonds of HKD 46,535,000 for the six months ended June 30, 2024[35]. - The fair value of the perpetual convertible bonds issued for the acquisition of Wise Expert was HKD 1,130,568,000[36]. - The group had no significant contingent liabilities as of June 30, 2024, and had commitments for investment properties under construction amounting to approximately HKD 29,764,000[55]. - No significant investments or major acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the period[56].

Water Consumption and Conservation - The Group aims to reduce water consumption intensity by at least 2% by 2026 compared to 2020 levels, which were approximately 83.45 m3/1,000 m2[4] - In the current year, the Group's water consumption was approximately 139.19 m3 per 1,000 m2, representing a 40% increase from 99.49 m3 per 1,000 m2 in 2022[4] - The Group has implemented various water conservation measures, including a water card system in public toilets and pressure reducing valves to control water volume[7] - The Group has not encountered any significant issues in sourcing water and does not impact groundwater or natural water resources[5] Energy Consumption and Management - The Group has established a target for energy consumption control activities to raise employee awareness about energy conservation, with at least one event held annually[1] - The Group's greenhouse gas emission intensity per square meter increased from 8.59 kg CO2e in 2022 to 12.68 kg CO2e in 2023, primarily due to increased electricity usage and a decrease in total chargeable area[146] - Energy consumption per 1,000 square meters increased by approximately 12% to 18.44 MWh in 2023 from 16.42 MWh in 2022[188] - The Group aims to monitor energy consumption and organize annual activities to promote energy-saving awareness among employees[190] - The company implemented an Internet of Things system to enhance energy efficiency through AI-controlled lighting[200] Property Development and Investment - The Group's management team is focused on leveraging its experience in property development and investment to create greater returns for shareholders[34] - The Group's property management services and development projects have significantly contributed to its growth, including projects in the PRC and internationally[34] - The Group aims to diversify its investments in international markets, particularly in the USA and UK, to achieve reasonable returns for shareholders[35] - The Group's property development and investment segment operates in the USA, UK, and PRC[53] - The Group will continue to execute existing projects and enhance operating performance while exploring divestment opportunities[35] Financial Performance - The Group generated revenue of approximately HK$352,640,000 for the year ended 31 December 2023, a slight increase from HK$352,276,000 in 2022[81] - The property management segment reported revenue of approximately HK$204,622,000, down from HK$218,608,000 in the previous year, while the property development and investment segment increased to approximately HK$148,018,000 from HK$133,668,000[81] - The Group recorded a loss of approximately HK$129,307,000 for the year, significantly reduced from a loss of HK$320,126,000 in 2022[81] - Total assets increased to approximately HK$6,412,623,000 as of 31 December 2023, compared to HK$6,240,058,000 in 2022[81] Environmental, Social, and Governance (ESG) Initiatives - The Group's sustainable operational strategy focuses on enhancing environmental sustainability and ensuring high-quality services[110] - The Group's ESG Report aims to provide a balanced representation of its corporate social responsibility efforts during the year ended December 31, 2023[108] - The Group's Board is responsible for overseeing ESG issues and reviews performance against ESG-related targets at least once a year[128] - The Group established environmental targets for the first time in 2021, focusing on emissions reduction, waste management, and resource conservation[128] Waste Management - The Group generated approximately 5.40 kg of non-hazardous waste per 1,000 m² in 2023, down from approximately 6.68 kg per 1,000 m² in 2022, mainly due to the promotion of a paperless office[165] - The Group aims to reduce non-hazardous waste intensity by at least 2% by 2026 compared to the 2020 level of approximately 14.69 kg per 1,000 m²[165] - Total non-hazardous waste decreased by 23% from 10.77 tonnes in 2022 to 8.32 tonnes in 2023[192] - Non-hazardous waste intensity per household decreased by 21% from 0.71 kg/household in 2022 to 0.56 kg/household in 2023[192] Employee and Workplace Safety - The Group's subsidiary has obtained the OHSAS18001:2007 certification to enhance workplace safety management[26] - The Group aims to provide a healthy and safe working environment, with a focus on employee well-being and safety[26] - The total number of employees increased to 315 as of December 31, 2023, compared to 300 as of December 31, 2022, with total employee remuneration rising to approximately HK$73,376,000 from HK$63,491,000[93] Strategic Focus and Future Plans - The Group will continue to focus on property development and investment, as well as relevant asset management services to create value for shareholders[100] - Future investments will include property management services and opportunities in health, green energy, and elderly care industries, aligning with the diversification strategy[101] - The Group has maintained a prudent attitude in capturing investment opportunities in international markets, particularly in the USA and Europe[100]

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 352,640,000, a slight increase from HKD 352,276,000 in 2022, representing a growth of 0.1%[2] - The company reported a pre-tax loss of HKD 69,947,000 for 2023, significantly improved from a loss of HKD 334,277,000 in 2022, indicating a reduction in losses by approximately 79%[3] - The net loss attributable to shareholders for the year was HKD 129,307,000, down from HKD 320,126,000 in the previous year, reflecting a decrease of about 60%[3] - The company incurred a net comprehensive loss of HKD 152,916,000 for the year, compared to HKD 614,945,000 in 2022, indicating a significant improvement[13] - The company’s financial expenses were HKD 129,112,000, slightly reduced from HKD 136,450,000 in the previous year[2] - The fair value loss on investment properties was HKD 316,123,000, an improvement from HKD 395,952,000 in 2022, indicating a reduction in losses by approximately 20%[2] - The company’s customer contract revenue decreased to HKD 204,622,000 in 2023 from HKD 218,608,000 in 2022, a decline of 6.4%[49] - Other income and gains totaled HKD 30,723 million in 2023, down from HKD 44,649 million in 2022, indicating a decrease of approximately 31.2%[58] - The group incurred a tax expense of HKD 59,360 million in 2023, compared to a tax credit of HKD 14,151 million in 2022[53] - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[63] Assets and Liabilities - Total assets less current liabilities amounted to HKD 5,234,124,000, compared to HKD 5,685,632,000 in 2022, showing a decline of approximately 8%[14] - Non-current liabilities decreased to HKD 2,131,832,000 in 2023 from HKD 2,437,003,000 in 2022, a reduction of about 13%[15] - The company’s total equity attributable to shareholders was HKD 3,102,292,000, down from HKD 3,248,629,000 in the previous year, representing a decrease of approximately 4.5%[15] - The total liabilities increased to HKD 3,310,331,000 from HKD 2,991,429,000 year-on-year[87] - The net asset value decreased to HKD 3,102,292,000 from HKD 3,248,629,000 in the previous year[87] - The capital liquidity ratio dropped to 0.26 from 0.63 year-on-year[87] - The debt-to-asset ratio increased to 85.7% from 71.3% in the previous year[87] - As of December 31, 2023, the outstanding balance of bank and other borrowings was approximately HKD 2,650,828,000, an increase from HKD 2,328,510,000 as of December 31, 2022[102] Cash Flow and Financing - The company’s cash and cash equivalents stood at HKD 305,556,000, down from HKD 349,182,000 in 2022, reflecting a decrease of about 12.5%[14] - The group has obtained shareholder loan financing of HKD 200,000,000 from Hong Kong Rui International Investment Co., Ltd., with HKD 110,871,000 remaining unused as of December 31, 2023[28] - The maturity date of the shareholder loan has been extended to December 31, 2027, as of March 2024[28] - The group plans to repay bank loans through existing cash and cash equivalents outside mainland China, selling listed equity investments, or utilizing the remaining shareholder loan financing[28] - In extreme cases where the bank demands immediate repayment of all loans, the group will sell pledged investment properties to repay the loans, with fair value sufficient to cover the total bank loans after deducting selling costs[28] Corporate Governance and Compliance - The independent auditor's report confirmed that the financial statements reflect the company's financial position fairly and in accordance with Hong Kong Financial Reporting Standards[134] - The audit committee reviewed the annual performance and had no objections to the company's accounting policies and internal controls[127] - The company has adopted the corporate governance code as per the listing rules and confirmed compliance throughout the year[125] - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code[125] - The independent non-executive directors attended the annual general meeting to understand shareholder opinions[126] Operational Segments - The group operates in two segments: property development and investment in the UK, US, and mainland China, and property management services in mainland China[39] - Property development and investment segment revenue increased to HKD 148,018,000 in 2023 from HKD 133,668,000 in 2022, representing a growth of 6.8%[49] - The property management segment generated revenue of about HKD 204,622,000, down from HKD 218,608,000 year-on-year[94] - The company plans to increase its investment in property management services and focus on opportunities in health, green energy, and elderly care industries[124] Employee and Compensation - The total employee compensation for the year was approximately HKD 73,376,000, compared to HKD 63,491,000 for the previous year[105] - The number of employees (excluding directors) increased to 315 as of December 31, 2023, from 300 the previous year[105] Market and Future Outlook - The group plans to focus on property development and investment, as well as related asset management services to create value for shareholders[111] - The group will continue to monitor foreign exchange risks and take timely measures to mitigate such risks[103] - The group has pledged approximately HKD 5,483,381,000 of investment properties and properties held for sale as collateral for bank and other borrowings[112] - The group has no major investments or significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the year[109] - There were no significant subsequent events reported by the company after the financial year[133]

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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GR LIFE STYLE COMPANY LIMITED 國 銳 生 活 有 限 公 司 （於香港註冊成立之有限公司） 108 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 佈 國銳生活有限公司（前稱國銳地產有限公司）（「本公司」）董事（「董事」）局（「董事 局」）謹此提呈本公司及其附屬公司（「本集團」）截至二零二三年六月三十日止六 個月之未經審核中期業績，連同二零二二年同期之比較數字。本公司之審核委 員會（「審核委員會」）已與本公司管理層審閱及討論本集團截至二零二三年六 月三十日止六個月（「本期間」）之未經審核中期簡明綜合財務資料。 財務摘要 (cid:129) 本 集 團 於 本 期 間 之 收 入 約 為169,500,000港 元，較 二 零 二 二 年 同 期 約 180,100,000港元減少約5.9%。 (cid:129) 本 ...

Business Operations - The Group primarily engaged in property management services in the PRC and property development and investment worldwide during the year[32]. - The Group holds all units with a gross floor area of approximately 68,685 square meters in Guorui Square Block B, Beijing, for office use[29]. - The Group plans to sell or lease certain units of Guorui Square Block B, subject to market conditions in Yizhuang, Beijing[29]. - The Group's acquisitions, including projects in London and Los Angeles, have significantly contributed to its development[19]. - The Group aims to diversify its investments in international markets such as the US and Europe while maintaining a focus on property development and investment[22]. - The Group will continue to enhance its focus on suitable investment opportunities that align with its diversified development initiatives[22]. - The Group will optimize and rationalize its business portfolio in 2023 to drive future growth[23]. - The Group will continue to focus on property development and investment in the PRC, USA, and UK, while searching for suitable investment opportunities to diversify and generate steady income[99]. - The Group is strategically entering the Los Angeles and London property markets to capitalize on long-term capital appreciation potential and future redevelopment opportunities[121]. - The Group will focus on executing existing projects to enhance operational performance and promote project development[121]. Financial Performance - The Group's turnover for continuing operations decreased from HK$352,276,000 in 2021 to HK$331,335,000 in 2022, reflecting a decline of approximately 6.0%[49]. - The profit for the year improved significantly from a loss of HK$320,126,000 in 2021 to a profit of HK$208,427,000 in 2022[49]. - Total assets increased from HK$6,240,058,000 in 2021 to HK$6,894,934,000 in 2022, representing a growth of approximately 10.5%[50]. - The Group's net assets rose from HK$3,248,629,000 in 2021 to HK$3,863,574,000 in 2022, indicating an increase of about 19.0%[50]. - The gearing ratio improved from 71.3% in 2021 to 60.5% in 2022, suggesting a reduction in financial leverage[50]. - The property management segment reported revenue of approximately HK$218,608,000, up from approximately HK$205,151,000 in the previous year[76]. - The property development and investment segment reported revenue of approximately HK$133,668,000, compared to approximately HK$126,184,000 in 2021[76]. - The Group recorded a loss for the year of approximately HK$320,126,000, a decrease from a profit of approximately HK$208,427,000 in 2021[76]. - As of 31 December 2022, the outstanding balance of bank and other borrowings was approximately HK$2,328,510,000, an increase from approximately HK$2,110,409,000 in 2021[76]. - The gearing ratio as of 31 December 2022 was 71.3%, up from 60.5% in the previous year, primarily due to a decrease in net assets[76]. - The Group had available cash and bank balances of approximately HK$349,182,000 as of 31 December 2022, compared to approximately HK$304,049,000 in 2021[76]. Employee and Compensation - The total remuneration for employees from continuing operations was approximately HK$63,491,000, a slight decrease from HK$65,296,000 in 2021[54]. - As of December 31, 2022, the Group's total number of employees was 189, a decrease from 213 in the previous year[78]. - The total employee compensation for the year was approximately HK$63,491,000, down from HK$65,296,000 in the previous year[82]. - The compensation committee will regularly review compensation policies to ensure transparency and fairness[177]. Corporate Governance and Risk Management - The Group has established an Enterprise Risk Management framework to effectively manage various risks, including strategic, operational, financial, reporting, and compliance risks[160][161]. - The management is responsible for identifying and continuously monitoring risks, reporting changes to the Board and Audit Committee[151][157]. - The Audit Committee assists the Board in overseeing risk management and internal control systems, reviewing the Group's risk register and internal control review plans[150][156]. - The Group has implemented a whistle-blowing mechanism to encourage employees to report misconduct or fraud incidents[171][174]. - Internal control measures are developed based on risk assessment to mitigate identified risks and monitor changes continuously[166][168]. - The effectiveness of risk management and internal control systems is reviewed at least annually by the Board[149][173]. - The management conducted a risk assessment in 2022, submitting a report to the Board and Audit Committee, which included a 3-year internal control review plan[176]. - The Group has established a risk register to record identified risks and assess their potential impact[176]. Environmental, Social, and Governance (ESG) Initiatives - The Group's ESG report aims to provide a balanced representation of its corporate social responsibility and sustainable development efforts during the year ended December 31, 2022[126]. - The Group emphasizes the principles of materiality, quantitative, balance, and consistency in its ESG reporting[134]. - The Group has established environmental targets for the first time in 2021, focusing on emissions reduction, waste management, and resource conservation[141]. - The Board reviews the Group's performance against ESG-related targets at least once a year[141]. - The ESG Working Group is responsible for implementing ESG measures and analyzing ESG data, reporting to the Board at least annually[141]. - The Group's CSR Policy aims to integrate corporate social responsibility into its business strategy and management approach[141]. - The Group's CSR vision guides its business and operational decisions across four basic aspects: marketplace, workplace, community, and environment[141]. Customer Service and Quality Management - Customer service specialists are available 24/7 to address repair requests, comments, and complaints from property owners and residents[197]. - The Service Quality Department summarizes inspection results and requires department directors to respond with proposed rectifications within 3 working days[195]. - Regular inspections and follow-up actions are conducted weekly to improve service quality[194]. - The company conducts at least one customer satisfaction survey annually to gather feedback and improve service quality[198]. - A Complaint Management Policy has been implemented, ensuring responses to complaints within 4 hours for system complaints, 1 working day for oral complaints, and 3 working days for written complaints[198]. - A "criticise and praise" function has been added to the WeChat Official Account, allowing customers to upload photos and provide instant feedback[198]. - During the year, the company did not receive any major complaints regarding its products and services[198]. - The company conducts materiality assessments to understand stakeholder opinions and expectations, utilizing various communication channels[200].

Financial Performance - Revenue from continuing operations for the year ended December 31, 2022, was HKD 352,276,000, an increase of 6.0% from HKD 331,335,000 in 2021[5] - The net loss for the year was HKD 320,126,000, compared to a profit of HKD 208,427,000 in the previous year, resulting in a loss per share of HKD 10.01[6] - Total comprehensive loss for the year amounted to HKD (614,945,000), compared to a total comprehensive income of HKD 277,527,000 in the previous year[28] - The group reported a pre-tax loss of HKD 320,126,000 from continuing operations for the year ended December 31, 2022, compared to a profit of HKD 208,904,000 in 2021[60] - The company reported a loss from continuing operations of HKD (320,126,000) for the year, compared to a profit of HKD 76,247,000 in the previous year[26] - Basic loss per share for the year was HKD (10.01), a decrease from a profit of HKD 6.49 per share in the prior year[27] - The net loss from the property management segment was HKD (304,149,000) in 2022, compared to a profit of HKD 140,352,000 in 2021, indicating a significant decline[69] - The company incurred a tax expense of HKD 12,413,000 in mainland China for 2022, compared to HKD 5,335,000 in 2021, representing an increase of 133.5%[52] Assets and Liabilities - The total non-current assets decreased to HKD 4,955,907,000 from HKD 5,490,228,000, reflecting a decline of approximately 9.7%[10] - The total current assets decreased to HKD 1,284,151,000 from HKD 1,404,706,000, a reduction of about 8.6%[10] - Current liabilities decreased significantly to HKD 554,426,000 from HKD 1,305,463,000, a decrease of approximately 57.5%[10] - The total equity decreased to HKD 3,248,629,000 from HKD 3,863,574,000, representing a decline of about 15.9%[12] - The company’s total liabilities as of December 31, 2022, were HKD 4,935,257,000, compared to HKD 4,653,309,000 at the beginning of the year[61] - The total assets as of January 1, 2022, were HKD 4,653,309,000, which increased to HKD 5,467,503,000 by the end of the year[61] - The company’s total equity decreased from HKD 123,428,000 at the beginning of 2022 to HKD (404,737,000) by the end of the year[61] Revenue Streams - Rental income from investment properties amounted to HKD 133,668,000 in 2022, up from HKD 126,184,000 in 2021, reflecting a growth of 5.9%[48] - The property management segment generated approximately HKD 218,608,000 in revenue, up from HKD 205,151,000 year-over-year[123] - The property development and investment segment recorded revenue of approximately HKD 133,668,000, an increase from HKD 126,184,000 in the previous year[123] Financial Management and Strategy - The company plans to continue its property development and investment activities in the UK, the US, and mainland China[14] - The company continues to provide property management services in mainland China as part of its core business operations[32] - The group has adjusted its financial statements to eliminate any potential accounting policy discrepancies[20] - The group maintains a prudent financial management strategy to ensure stable liquidity throughout the year[99] - The company plans to focus on its core business of property development, investment, and management after ceasing operations in the leisure center sector[76] Accounting and Compliance - The company has adopted revised Hong Kong Financial Reporting Standards, which clarified the costs associated with contract performance, but these revisions did not impact the financial position or performance[20] - The group applied new accounting standards from January 1, 2022, but noted that these changes did not impact its financial position or performance[42] - The audit committee reviewed the annual performance and had no objections to the company's accounting policies and internal controls[150] - The company has maintained compliance with the corporate governance code throughout the year, with the exception of the chairman also serving as the CEO[136] Market and Investment Activities - The company continues to focus on strategic investments in property development and management services in China, the US, and the UK to ensure stable income sources[134] - The group is focused on property development and investment, with plans to expand into international markets such as the US and Europe[105] - The group plans to develop a 36,319 square feet site in Culver City, California, allowing for the construction of 139 residential units, including 14 units for low-income residents[91] Other Financial Metrics - The company recorded a foreign exchange adjustment gain of HKD 90,240,000 in 2022, compared to a gain of HKD 90,240,000 in 2021[61] - The group recognized a foreign exchange gain of HKD 13,559,000 in 2022, compared to a loss of HKD 2,076,000 in 2021[51] - The average number of ordinary shares in issue for calculating basic earnings per share was 3,199,373,986 for both 2022 and 2021[57] - The average number of ordinary shares issued for calculating basic loss per share was 3,199,373,986 in 2022, down from 4,563,516,372 in 2021, indicating a reduction of approximately 30%[80] Subsequent Events and Future Outlook - There were no significant subsequent events after the reporting period up to the announcement date[152] - The group will continue to monitor exchange rate fluctuations closely to mitigate foreign exchange risks[97] - The company did not declare any final dividend for the year ended December 31, 2022[128]

Financial Performance - The Group's turnover for the six months ended June 30, 2022, was HK$180,061,000, a decrease of 1.9% compared to HK$183,462,000 for the same period in 2021[30]. - Profit for the period was HK$22,179,000, significantly down from HK$146,749,000 in the previous year, indicating a decline of approximately 84.9%[30]. - The Group generated revenue of approximately HK$180,061,000 for the Period, a decrease of 0.77% compared to approximately HK$183,462,000 for the six months ended 30 June 2021[32]. - The property management segment reported revenue of approximately HK$108,202,000, an increase of 8.6% from approximately HK$100,048,000 for the same period last year[32]. - The property development and investment segment generated revenue of approximately HK$71,859,000, up 3.7% from approximately HK$69,268,000 for the six months ended 30 June 2021[32]. - The Group recorded a profit of approximately HK$22,179,000, a significant decrease of 84.9% from approximately HK$146,749,000 for the same period last year, primarily due to a one-off gain from the disposal of a discontinued operation in the previous period[32]. - Total comprehensive loss for the period was HK$161,125,000, compared to a total comprehensive income of HK$194,010,000 in the previous year[106]. - Basic earnings per share attributable to shareholders for the period was HK$0.69, down from HK$4.58 in the same period last year[103]. Assets and Liabilities - Total assets as of June 30, 2022, were HK$6,663,060,000, down from HK$6,894,934,000 at the end of 2021, reflecting a decrease of about 3.4%[30]. - Total liabilities decreased to HK$2,986,874,000 from HK$3,031,360,000, a reduction of approximately 1.5%[30]. - Net assets were HK$3,676,186,000 as of June 30, 2022, down from HK$3,863,574,000, representing a decline of about 4.8%[30]. - Total non-current assets decreased to HK$5,316,235, down 3.2% from HK$5,490,228 as of December 31, 2021[108]. - Current assets totaled HK$1,346,825, a decrease from HK$1,404,706 as of December 31, 2021, reflecting a decline of 4.1%[108]. - Total current liabilities significantly reduced to HK$665,527, down 48.9% from HK$1,305,463 as of December 31, 2021[108]. - Total equity decreased to HK$3,676,186, down 4.8% from HK$3,863,574 as of December 31, 2021[111]. Cash Flow and Financing - Cash flow from operations for the six months ended June 30, 2022, was HK$26,828,000, a significant improvement from a cash outflow of HK$36,564,000 in the previous year[121]. - New bank loans amounted to HK$963,639,000 for the six months ended June 30, 2022, with no new loans reported in the same period of 2021[124]. - The company reported a net increase in cash and cash equivalents of HK$315,920,000 at the end of the period, down from HK$362,291,000 at the end of June 30, 2021[124]. - The Group had available cash and bank balances of approximately HK$315,920,000 as of 30 June 2022, compared to approximately HK$304,049,000 as of 31 December 2021, reflecting a 3.3% increase[32]. - The outstanding balance of bank and other borrowings was approximately HK$2,161,188,000, an increase of 2.4% from approximately HK$2,110,409,000 as of 31 December 2021[32]. Property Development and Management - For the six months ended June 30, 2022, GR Properties Limited operated in two segments: property management and property development and investment[11]. - The property management segment focuses on providing heating supply, maintenance services, and general management services for various properties[12]. - The Group's operations span across the PRC, USA, and UK, indicating a broad market presence[11]. - The Culver City project includes the development of 139 residential units, with 14 units designated for extremely low-income residents[20]. - Construction for the Culver City project began in September 2021, enhancing the Group's geographical diversification in the USA[21]. - The Group aims to lease out all commercial and residential units in the Santa Monica project[19]. - The Group plans to focus on property development and investment while being cautious about international investments, particularly in the USA and Europe, to diversify its business profile[56]. Shareholding and Corporate Governance - As of June 30, 2022, Mr. Sun Zhongmin holds 136,752,350 ordinary shares and 117,756,660 underlying shares, representing approximately 7.95% of the total issued shares[63]. - Wintime Company Limited is interested in 1,434,421,537 shares and 1,342,317,340 underlying shares of convertible bonds with an aggregate principal amount of HK$1,073,853,872, issued at a conversion price of HK$0.80 per share[65]. - The company has a complex ownership structure involving multiple entities ultimately controlled by Mr. Wei Chunxian, indicating significant interconnected interests[66]. - The company maintains compliance with the disclosure requirements set forth by the SFO and the Stock Exchange[72]. - The company has complied with the Corporate Governance Code, except for the deviation where the chairman and chief executive roles are held by the same individual[83]. Segment Performance - Segment revenue from continuing operations for the six months ended 30 June 2022 was HK$108,202,000, an increase from HK$100,048,000 in the same period of 2021, representing an 11.5% growth[143]. - Segment results for continuing operations showed a profit of HK$27,839,000 for the six months ended June 30, 2022, compared to HK$22,442,000 in the same period of 2021, reflecting a 24.5% increase[143]. - The property development and investment segment engaged in operations across the UK, USA, and Mainland China, contributing significantly to overall revenue[140]. - The property management segment provided services for office buildings, residential properties, and car parks in Mainland China, enhancing the company's service portfolio[140]. Other Income and Gains - Other income and gains for the period were HK$28,498,000, significantly up from HK$10,350,000 in the previous year, representing a 175.5% increase[98]. - The Group recognized financial guarantee fee income of HK$5,428,000, which was not present in the same period of the previous year[168]. - Compensation income from a constructor amounted to HK$12,916,000, with no comparable income reported in the previous year[168]. Risks and Management - The Group does not currently have a foreign currency hedging policy but will monitor exchange rate movements to mitigate foreign currency exchange risk[35]. - The Group maintains a prudent financial management approach to ensure an appropriate liquidity position throughout the Period[36]. - The Group provided an expected credit loss (ECL) allowance of HK$10,315,000 during the six months ended June 30, 2022, compared to nil in the same period of 2021[174].

Financial Performance - The Group's revenue for the year ended December 31, 2021, was HK$331 million, showing a decrease from HK$373.3 million in 2020, representing a decline of approximately 11.3%[19] - The profit after tax for the Group was HK$208 million, a significant recovery from a loss of HK$65 million in 2020, indicating a turnaround in financial performance[19] - The Group's revenue from continuing operations increased to approximately HK$331,335,000, up from HK$296,429,000 in the previous year, representing a growth of about 11.5%[58] - The profit for the year surged to approximately HK$208,427,000, a significant increase from HK$680,000 in the prior year, largely due to a gain on the disposal of the discontinued operation[58] - The discontinued operation of the Recreational Centre segment generated revenue of approximately HK$14,146,000, down from HK$25,597,000 in the previous year[58] - The total assets of the Group as of December 31, 2021, were approximately HK$6,894,934,000, compared to HK$6,702,004,000 as of December 31, 2020[57] - The net assets increased to approximately HK$3,863,574,000 from HK$3,589,316,000 year-over-year[57] - The gearing ratio improved to 60.5% from 68.7% in the previous year, indicating a reduction in financial leverage[57] - The outstanding balance of bank and other borrowings was approximately HK$2,110,409,000, slightly down from HK$2,119,581,000 in the previous year[58] - The Group's net profit for the year was approximately HK$208,427,000, a significant increase from HK$680,000 in 2020, primarily due to gains from the sale of discontinued operations amounting to HK$132,180,000[59] Property Management and Development - The Group engaged in property management services in the PRC and property development and investment worldwide, focusing on enhancing operational performance and project development[12][20] - The Group's operations are organized into two continuing segments: property management and property development and investment[25] - As of December 31, 2021, AOCEAN managed 13 major residential and commercial property projects across Beijing, Hebei Province, and Hainan[26] - The property management segment reported revenue of approximately HK$205,151,000, while the property development and investment segment reported revenue of approximately HK$126,184,000, both showing increases from the previous year[58] - The Group aims to broaden its income base through stable rental incomes generated from properties acquired in previous years[20] - The focus will also be on executing existing projects and enhancing operating performance, alongside exploring suitable investment opportunities for diversification[20] - The Santa Monica project has a total site area of approximately 40,615 square feet, with 91% of commercial areas leased and full occupancy of residential areas since July 2021[28] - The Culver City project is a 36,319 square feet redevelopment site allowing for 139 residential units, with construction starting in September 2021[35] - The Group's major revenue sources include projects such as Fortune Street, Yigou, and GOLDEN TOWER among others[101] Strategic Investments and Acquisitions - The Group plans to be cautious in considering investments in international markets such as the USA and Europe, aiming for diversification and reasonable returns for shareholders[20] - Recent acquisitions, including Juxon House in London and the Santa Monica project in Los Angeles, have significantly contributed to the Group's development[15] - The acquisition of Wise Expert Investment Limited was completed for a consideration of HK$1,541,320,000, expanding the Group's property portfolio[42] - The Group's strategy includes not ruling out the possibility of divesting investments that yield decent returns[20] - Future investments will target overseas markets, particularly in Los Angeles and London, for income-generating real estate with capital appreciation potential[87] Employee and Workforce Management - The total number of employees decreased to 213 as of December 31, 2021, from 499 in the previous year, reflecting a significant reduction in workforce[64] - Employee remuneration from continuing operations for the year was approximately HK$65,296,000, an increase from HK$58,909,000 in 2020, showing a rise of about 10.5%[64] Environmental, Social, and Governance (ESG) Initiatives - The report emphasizes the principles of materiality, quantitative analysis, balance, and consistency in its ESG performance assessment[107][108] - Major ESG issues were identified through a materiality assessment, focusing the report on these key areas[107] - The report includes quantitative key performance indicators (KPIs) and outlines the standards and methods used for data calculation[108] - The Group has set environmental targets for the first time during the Year, focusing on emission reduction, waste management, and resource conservation[115] - A total of 17 material ESG topics were identified, including "quality of working environment," "environmental protection and green operations," and "contribution to communities"[131] - The Group aims to integrate CSR into its business strategy, focusing on creating shared sustainable value with stakeholders in economic, social, and environmental dimensions[115] - The Group has established a CSR Policy to guide business and operational decisions, addressing marketplace, workplace, community, and environment[115] - Continuous interaction with stakeholders is maintained to understand their views and collect feedback for better decision-making[122] - The Group conducts annual materiality assessments to gauge stakeholder opinions and expectations, utilizing various communication channels[128] Sustainability and Resource Management - The Group's GHG emission intensity per m² increased by approximately 2% from 5.14 kg CO2e in 2020 to 5.24 kg CO2e in 2021[144] - Total GHG emissions rose by 4% from 9,613.94 tCO2e in 2020 to 10,024.23 tCO2e in 2021[145] - Scope 1 direct emissions decreased by 18% from 100.13 tCO2e in 2020 to 82.16 tCO2e in 2021[145] - Scope 2 indirect energy emissions increased by 5% from 9,513.81 tCO2e in 2020 to 9,942.07 tCO2e in 2021[145] - The Group aims to reduce GHG emission intensity by at least 2% by the year ended December 31, 2026, compared to the 2020 level[153] - The total chargeable area for property management increased from approximately 1,870,269.97 m² in 2020 to 1,912,368.80 m² in 2021[149] - The number of households managed increased from approximately 18,323 units in 2020 to 18,481 units in 2021[149] - The Group's commitment to environmental sustainability is evidenced by obtaining ISO14001:2015 and ISO9001:2015 certifications[137] - The Group has established a materiality matrix ranking 17 issues by their materiality, approved by the Board and senior management[133] - The Group aims to reduce greenhouse gas emissions intensity by at least 2% by 2026 compared to 2020 levels, which were approximately 5.14 kg CO2 equivalent per square meter[156] Energy and Water Management - The Group's energy consumption per 1,000 m² increased by approximately 3% to 7.21 MWh in 2021 from 6.99 MWh in 2020[177] - Total energy consumption for the Group was approximately 13,791.31 MWh in 2021, reflecting a 5% increase from 13,075.80 MWh in 2020[178] - Indirect energy consumption from purchased electricity rose by 6% to 12,478.02 MWh in 2021 compared to 11,745.44 MWh in 2020[178] - Water consumption per 1,000 m² was approximately 83.22 m³ in 2021, remaining broadly similar to 2020 levels[188] - Total water consumption increased by 2% to 159,145.76 m³ in 2021 from 156,080.99 m³ in 2020[188] - The Group has implemented an Internet of Things system to enhance energy efficiency through AI-controlled lighting[182] - The Group has set a water conservation target to reduce water consumption intensity (m3/1,000 m2) by at least 2% by 2026 compared to the 2020 level of approximately 83.45 m3/1,000 m2[193] Compliance and Governance - The audit committee reviewed the annual results and had no dissenting views on the Group's accounting policies and internal controls[90] - The Group strictly complies with all environmental laws and regulations, aiming to build a green community and reduce the carbon footprint of its operations[200]

同 GR PROPERTIES 説 202 中期報告 INTERIM REPORT GR PROPERTIES LIMITED 器 世 産 有 限 公 司 E Stock Code 股份代號：108 CONTENTS 目錄 PAGE(S) 頁次 25 26 28 32 Corporate Information 2 | --- | --- | |-----------------------------------------------------|-------| | | | | 公司資料 | | | Management Discussion and Analysis | | | 管理層討論及分析 | | | General Information | | | 一般資料 | | | Condensed Consolidated Statement of Profi t or Loss | | | 簡明綜合損益表 | | | Condensed Consolidated Statement of | | | Comprehensive Income | | | 簡明綜合全面收益表 | | | Conden ...

GR PROPERTIES 鋭 世 薩 回 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | DR33 | | | | | | | | | | | | ANNUAL REPORT 年報 | | | | | | GR PROPERTIES LIMITED @ �R 目 l星 明昌 公 司 Stock Code 股份代號：108 | | | | | CONTENTS 目錄 PAGE(S) 頁次 Corporate Information 公司資料 2 Chairman's Statement 主席報告 4 Management Discussion and Analysis 管理層討論及分析 8 Environmental, Social and Governance Report 環境、社會及管治報告 18 Directors' Biographi ...