格隆汇7月31日丨粤海置地(00124.HK)发布公告，公司预期截至2025年6月30日止六个月将录得未经审核 归属于公司持有者溢利不少于2.60亿港元，而2024年同期未经审核归属于公司持有者亏损为约2.17亿港 元。 影响前述集团截至2025年6月30日止六个月预期业绩的主要因素包括：(a)集团于本回顾期内交付的物业 主要是广州•粤海云港城项目、惠州•粤海壹桂府项目及深圳•粤海城（北地块）项目；其中广州•粤海云 港城项目的毛利率较高，带动物业销售溢利较2024年同期有所增加；(b)受最新房地产市场环境影响， 基于集团部份物业项目存在减值迹象，集团于本回顾期内计提了存货减值拨备；及(c)集团于本回顾期 内录得投资物业公允值亏损，2024年同期录得投资物业公允值收益。 ...

（於百慕達註冊成立之有限公司） （股份代號：00124） 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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 影響前述本集團截至 2025 年 6 月 30 日止六個月預期業績的主要因素包括： 本公司目前仍在編製本集團截至 2025 年 6 月 30 日止六個月之中期業績。本公告所載資 料僅以本集團截至 2025 年 6 月 30 日止六個月之未經審核綜合管理賬目之初步審閱為基 準，該等資料未經本公司核數師審核或審閱。於本公告日期，本集團截至 2025 年 6 月 30 日止六個月之綜合業績尚未最終確定，並會作出調整（如有）。本集團截至 2025 年 6 月 30 日止六個月之未經審核財務資料（其可能與本公告所載資料存在差異）預期將 於 2025 年 8 月底前公佈。 股東及潛在投資者於買賣本公司股份時，務請審慎行事。 正面盈利預告 本公司根據《上市規則》第 13.09(2)(a) 條及《證券及期貨條例》第 XIVA 部項下之 內幕消息條文發出本公告。 ...

Financial Performance - The group's consolidated revenue for the three months ended March 31, 2025, was approximately HKD 759.06 million, a decrease of 56.4% compared to HKD 1.74 billion for the same period in 2024[5]. - The group recorded a loss attributable to equity holders of approximately HKD 153.98 million, an increase of 54.4% from a loss of HKD 99.75 million in the same period last year[5]. - The fair value loss on investment properties was HKD 4.83 million, a significant decline of 2683.4% compared to a gain of HKD 0.19 million in the previous year[4]. - Total assets decreased by 1.4% to HKD 40.01 billion from HKD 40.56 billion as of December 31, 2024[4]. - Equity attributable to equity holders decreased by 3.9% to HKD 3.42 billion from HKD 3.56 billion as of December 31, 2024[4]. - The net asset value per share was HKD 2.00, down 3.8% from HKD 2.08[4]. - The decrease in revenue was primarily due to a reduction in the total floor area of properties sold during the review period[5]. Property Development and Management - The group has several ongoing projects, including residential and commercial developments in Shenzhen, Guangzhou, and other cities, with various completion timelines[6]. - The Guangzhou project "粤海雲港城" is currently for sale, with a total floor area of approximately 726,990 square meters, expected to be completed by 2028[6]. - The group is actively managing its property portfolio and exploring new development opportunities to enhance future revenue streams[6]. - The total signed and delivered floor area for the period was approximately 49,000 square meters and 47,000 square meters respectively, compared to 58,000 square meters and 79,000 square meters in the previous period[8]. - As of March 31, 2025, the group held completed unsold properties valued at approximately HKD 12.138 billion and properties under development valued at approximately HKD 13.413 billion, totaling about HKD 25.551 billion[10]. - The sales amount for properties that have been signed and paid for but not yet delivered was approximately HKD 10.135 billion, an increase from HKD 9.386 billion as of December 31, 2024[10]. Project Status and Delivery Rates - The Guangzhou Yuehai Yun Port City project has completed the filing for all properties on Lot 11, while construction is ongoing for the basement and main structure on Lot 4[9]. - The total area of properties signed in Shenzhen Yuehai City (Northwest Plot) was 114,986 square meters, with a delivery rate of 91.5%[7]. - The Guangzhou Yuehai Shigui Mansion achieved a signing rate of 97.6% for its total area of 2,764 square meters[7]. - The total area of properties signed in Foshan Yuehai Shigui Mansion was 146,382 square meters, with a delivery rate of 70.2%[7]. - The Zhuhai Yuehai Shigui Mansion's first phase has completed the filing, and the main structure of non-first phase properties has been capped[9]. - The total area of properties signed in Jiangmen Yuehai City was 119,334 square meters, with a delivery rate of 89.8%[7]. - The Huizhou Yuehai Shigui Mansion's main structure has been capped, and it is currently undergoing finishing work[9].

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 6,759,320,000, representing a 74.3% increase compared to HKD 3,877,416,000 in 2023[7] - Gross profit for the same period was HKD 780,248,000, reflecting a 110.1% increase from HKD 371,346,000 in 2023[7] - The company reported a loss attributable to equity holders of HKD 1,382,983,000, which is a 43.4% improvement from a loss of HKD 2,444,888,000 in the previous year[7] - The loss attributable to the company's owners decreased to approximately HKD 1.383 billion in 2024 from HKD 2.445 billion in 2023[20] - The return on equity improved to -32.2% in 2024 from -38.1% in 2023, an increase of 5.9 percentage points[36] - The group recorded a net cash inflow from operating activities of approximately HKD 1.936 billion in 2024, a decrease from HKD 3.607 billion in 2023[40] Asset and Liability Management - Total assets decreased by 17.1% to HKD 40,560,000,000 from HKD 48,933,000,000 in 2023[7] - The debt ratio increased to 402.9%, up by 95 percentage points from 307.9% in 2023, indicating a higher level of leverage[7] - The group's total liabilities decreased to HKD 36,214,353,000 in 2024 from HKD 42,503,678,000 in 2023, a reduction of approximately 15%[66] - The net asset value as of December 31, 2024, was HKD 4,345,821,000, down from HKD 6,429,406,000 in 2023, representing a decline of about 32%[66] Operational Efficiency and Strategy - The company achieved a delivery rate of over 96% for major projects, outperforming the industry average[11] - The increase in revenue was primarily due to a higher total floor area sold compared to the previous year[20] - The group aims to enhance operational efficiency by improving brand strength, product value, and operational capabilities[17] - The group plans to closely monitor policy dynamics and market trends in 2025 to ensure cash flow safety through flexible rental and sales strategies[17] Project Development and Real Estate - The total signed floor area for the year reached approximately 314,000 square meters, an increase from 274,000 square meters in 2023[23] - The total delivered floor area for the year was approximately 310,000 square meters, up from 222,000 square meters in 2023[23] - The Shenzhen Yuehai City project has completed construction and is positioned as a multi-functional commercial complex themed around jewelry, with a completion date in August 2023[24] - The Guangzhou Yuehai Cloud Port City project has a total saleable area of approximately 726,990 square meters, with 506,000 square meters expected to be completed by 2028[22] Financial Stability and Debt Management - The company reduced interest-bearing debt by approximately HKD 34.09 billion in 2024, enhancing financial stability[11] - The total interest-bearing loans amounted to approximately HKD 20.451 billion as of December 31, 2024, down from HKD 23.860 billion in 2023[42] - The company has pledged assets worth approximately HKD 11.218 billion to secure bank loans as of December 31, 2024, compared to HKD 8.742 billion in 2023[43] Governance and Compliance - The company reported its audited financial statements for the year ending December 31, 2024[62] - The board of directors is composed of two executive directors, two non-executive directors, and three independent non-executive directors[172] - The company has complied with the Corporate Governance Code and received independence confirmation from three independent non-executive directors[180] - The audit committee consists of three independent non-executive directors, ensuring compliance with the listing rules regarding independence and qualifications[195] Employee and Stakeholder Engagement - As of December 31, 2024, the group employed 376 staff, a decrease from 568 staff in the previous year, with total employee compensation and provident fund contributions amounting to approximately HKD 141 million, down from HKD 292 million in 2023[50] - The company emphasizes customer satisfaction by regularly training sales personnel and conducting customer satisfaction surveys to enhance product quality and customer confidence[47] - The company aims to ensure at least one director of a different gender is present on the board at all times to maintain gender diversity[186] Environmental and Social Responsibility - The group adheres strictly to environmental protection regulations in construction, ensuring that new buildings meet national and local government energy-saving requirements[49] - The company is committed to sustainable development and integrates environmental protection, social responsibility, and corporate governance into its daily operations[171] Future Outlook - The government is expected to implement more proactive fiscal policies to support economic stability and growth in 2025[15] - The group has identified key projects in the Greater Bay Area, which are expected to benefit from the region's economic growth[16] - The company aims to enhance its competitive advantage in the Greater Bay Area real estate market by optimizing asset structure and strengthening capital operations[164]

粤海置地公告，根据本集团未经审核综合管理账目之初步审阅，预期截至2025年3月31日止三个月将录 得未经审核归属于本公司持有人亏损不多于1.7亿港元，而2024年同期未经审核归属于本公司持有人亏 损约为1亿港元。于2025年3月31日，本集团的财务状况维持稳健。影响前述本集团截至2025年3月31日 止三个月预期业绩的主要因素是本集团于本回顾期内交付的物业总楼面面积较2024年同期减少，因此物 业销售溢利较2024年同期有所减少。 ...

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 6,759,320, representing a 74.3% increase from HKD 3,877,416 in 2023[3] - Gross profit increased by 110.1% to HKD 780,248 compared to HKD 371,346 in the previous year[3] - Loss attributable to owners of the company decreased by 43.4% to HKD 1,382,983 from HKD 2,444,888 in 2023[3] - The net loss for the year was HKD 1,496,803, a reduction from HKD 2,649,030 in 2023[5] - Basic loss per share improved to HKD 0.808 from HKD 1.4285 in the previous year[4] - The company did not declare a final dividend for the year[3] - Pre-tax loss for 2024 was HKD 1,382,983,000, compared to a loss of HKD 2,444,888,000 in 2023[40] - The group recorded a revenue of approximately HKD 67.59 billion in 2024, an increase of about 74.3% compared to HKD 38.77 billion in 2023[51] - The loss attributable to the company's owners decreased to approximately HKD 13.83 billion in 2024 from HKD 24.45 billion in 2023[51] Assets and Liabilities - Total assets decreased by 17.1% to HKD 40,560 million from HKD 48,933 million in 2023[3] - The total assets as of December 31, 2024, amounted to HKD 40,560,174, a decrease from HKD 48,933,084 in 2023, reflecting a reduction of approximately 17.5%[29] - The debt ratio increased by 95 percentage points to 402.9% from 307.9% in 2023[3] - Accounts payable and other payables decreased to HKD 44,976,000 in 2024 from HKD 164,334,000 in 2023[43] - The total interest-bearing loans amounted to approximately HKD 20.451 billion as of December 31, 2024, down from HKD 23.860 billion in 2023[89] - The company held completed properties for sale valued at approximately HKD 12.849 billion as of December 31, 2024, compared to HKD 8.062 billion in 2023[84] - The company has a total of approximately HKD 25.996 billion in properties held for sale as of December 31, 2024, down from HKD 32.114 billion in 2023[84] Operational Efficiency - The current ratio improved to 1.5 times, up 15.4% from 1.3 times in 2023[3] - The number of employees reduced by 33.8% to 376 from 568 in the previous year[3] - The company reported a net cash inflow from operating activities of approximately HKD 1.936 billion in 2024, a decrease from HKD 3.607 billion in 2023[86] - The company is focused on diversifying operational risks by holding real estate projects in first-tier cities and the Greater Bay Area, which include various types and uses of properties[91] - The company aims to stabilize income and profit volatility by leasing out investment properties in Shenzhen and Guangzhou, which are expected to provide steady rental income[93] Market Conditions and Strategy - The property development segment reported a pre-tax loss of HKD 699,035 for 2024, compared to a loss of HKD 2,591,207 in 2023, indicating an improvement in performance[22][26] - The investment property segment recorded a fair value loss of HKD 44,942 in 2024, while the previous year showed a fair value gain of HKD 230,115, indicating a significant shift in market conditions[23][26] - The company expects further strengthening of real estate policies in China to stabilize the market and restore confidence[47] - The group aims to enhance operational efficiency by controlling costs and improving sales, management, and financial expenses[54] - The group plans to adjust rental and sales strategies flexibly in response to market trends to ensure cash flow safety[58] Project Development - The group successfully achieved a delivery rate of over 96% for major projects, outperforming the industry average[50] - The total signed floor area for properties (including completed and development properties) reached approximately 314,000 square meters, up from 274,000 square meters in 2023[63] - The total delivered floor area for properties was approximately 310,000 square meters, compared to 222,000 square meters in 2023[63] - The Guangzhou Yuehai Yungang City project is expected to complete overall construction by 2028, with pre-sale transaction volumes maintaining ideal levels, ranking first in the Baiyun District for both 2023 and 2024[67] - The company is actively pursuing market expansion through multiple projects across Guangdong Province, focusing on high-quality residential and commercial developments[70] Financial Management - Financial income for 2024 was HKD 41,000,000, a decrease from HKD 77,073,000 in 2023[34] - Total financing costs for 2024 amounted to HKD 940,743,000, down from HKD 1,250,680,000 in 2023, with capitalized amounts for property development at HKD 552,129,000[34] - The financing cost net amount increased by approximately HKD 115 million compared to 2023 due to the cessation of capitalization for completed properties held for sale[60] - The company's weighted average effective interest rate on bank and other borrowings was 3.92% as of December 31, 2024, slightly down from 4.02% in 2023[89] Sustainability and Compliance - The company is committed to complying with environmental protection regulations and aims to ensure that new constructions meet national and local energy-saving requirements[97] - The company emphasizes customer satisfaction and regularly conducts surveys to enhance product quality and customer confidence[94] Governance and Reporting - The company plans to hold its annual general meeting on June 17, 2025, with a suspension of share transfer registration from June 12 to June 17, 2025[103] - The company's audit committee has reviewed the annual performance for the year ending December 31, 2024[104] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed and are consistent with the preliminary figures[106] - The auditor's work does not constitute a certification under the Hong Kong auditing standards, and no assurance is provided for this preliminary announcement[106] - The board of directors consists of two executive directors, two non-executive directors, and three independent non-executive directors[106]

Financial Performance - The group's consolidated revenue for the nine months ended September 30, 2024, was approximately HKD 4.04 billion, an increase of 207.5% compared to HKD 1.31 billion for the same period in 2023[2] - The group recorded a loss attributable to shareholders of approximately HKD 190.72 million, compared to a loss of HKD 67.88 million in the same period last year, representing an increase of 181.0%[3] - The fair value loss on investment properties was approximately HKD 34.44 million, a significant decrease from a gain of HKD 325.62 million in the previous year, marking a 110.6% decline[2] - The group experienced an increase in financing costs by approximately HKD 110 million due to the cessation of capitalization on completed properties held for sale[3] Asset Valuation - Total assets as of September 30, 2024, were valued at HKD 45.94 billion, down 6.1% from HKD 48.93 billion as of December 31, 2023[2] - The net asset value per share was HKD 2.84, a decrease of 3.4% from HKD 2.94 as of December 31, 2023[2] - The group holds completed unsold properties valued at approximately HKD 90.52 billion as of September 30, 2024, an increase from HKD 80.62 billion as of December 31, 2023[9] - The group has development properties valued at approximately HKD 205.96 billion, down from HKD 240.52 billion as of December 31, 2023[9] - The total sales amount for signed but undelivered properties is approximately HKD 104.94 billion, compared to HKD 95.17 billion as of December 31, 2023[9] Project Development - The group delivered properties primarily from the Foshan and Zhongshan projects, with a notable decrease in sales profit due to lower-margin projects being delivered compared to the previous year[3] - The Guangzhou project is expected to be completed by 2028, with a total floor area of approximately 737,367 square meters[5] - The group has several ongoing projects across various cities, with a focus on residential and commercial developments, indicating a strategy for market expansion[5] - The total signed floor area for properties during the review period was approximately 212,000 square meters, compared to 209,000 square meters for the nine months ending September 30, 2023[7] - The total delivered floor area during the review period was approximately 210,000 square meters, up from 101,000 square meters for the nine months ending September 30, 2023[7] Cumulative Project Metrics - The cumulative signed total floor area for the Shenzhen project "Yuehai City (Northwest Plot)" is 104,912 square meters, representing 91.2% of the total available area[6] - The cumulative signed total floor area for the Guangzhou project "Yuehai Yun Port City" is 109,569 square meters, representing 22.3% of the total available area[6] - The cumulative delivered total floor area for the Foshan project "Yuehai Shigui Mansion" is 90,871 square meters, representing 62.1% of the total available area[6] Construction Status - The construction status of the Guangzhou project "Yuehai Yun Port City" indicates that some properties have completed the main structure and are undergoing finishing works[8] - The construction status of the Zhuhai project "Yuehai Shigui Mansion" shows that the first phase has completed acceptance, and non-first phase properties are undergoing finishing works[8]

[Cover](index=1&type=section&id=Cover) This section serves as the cover page of the report [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides fundamental information about Yuehai Land Holdings Limited, including board members, committee structures, principal bankers, registered office, auditors, and share-related details - The company's Chairman is Lan Runing, Vice Chairman is Kuang Hu, and Managing Director is Wang Jian[3](index=3&type=chunk) - The company's auditor is KPMG[3](index=3&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong, stock code 00124[3](index=3&type=chunk) [Summary](index=3&type=section&id=Summary) This section summarizes the company's key financial and operational metrics for the six months ended June 30, 2024, showing significant revenue growth but expanded losses due to lower-margin project deliveries and reduced fair value gains on investment properties, with no interim dividend declared Key Performance Indicators for H1 2024 | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (HK$'000) | 2,803,824 | 973,596 | +188.0% | | Gross Profit (HK$'000) | 115,920 | 223,960 | -48.2% | | Loss Attributable to Owners of the Company (HK$'000) | (217,031) | (200,288) | +8.4% | | Basic Loss Per Share (HK Cents) | (12.68) | (11.70) | +8.4% | | Interim Dividend Per Share (HK Cents) | – | 3.00 | -100.0% | Key Financial Position as of June 30, 2024 | Metric | As of June 30, 2024 | As of December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.4 Times | 1.3 Times | +7.7% | | Gearing Ratio | 298.1% | 307.9% | -9.8 Percentage Points | | Net Asset Value Per Share (HK$) | 2.79 | 2.94 | -5.1% | [Management's Discussion and Analysis](index=4&type=section&id=Management's%20Discussion%20and%20Analysis) This section details the company's business review, financial performance, risk factors, and outlook, focusing on property development and investment in the Greater Bay Area, where despite significant revenue growth from increased deliveries, losses expanded due to lower project margins, reduced fair value gains, and higher finance costs, yet management remains confident in the region's long-term real estate market [Results](index=5&type=section&id=Results) During the reporting period, the Group's consolidated revenue significantly increased by 188.0% to approximately HK$2.804 billion due to increased gross floor area of properties sold, yet loss attributable to owners expanded by 8.4% to HK$217 million, primarily influenced by changes in gross profit margins of delivered properties, a substantial decrease in fair value gains on investment properties, increased net finance costs, and no impairment provision for inventories in the current period - Properties delivered in the current period, primarily from Foshan, Zhongshan, and Zhuhai projects, had lower gross profit margins compared to higher-margin Jiangmen projects in the prior period, leading to reduced property sales profit[7](index=7&type=chunk) - Fair value gains on investment properties (net of deferred tax) were only approximately **HK$0.14 million**, a significant decrease from the prior period[7](index=7&type=chunk) - Net finance costs increased by approximately **HK$70.96 million** year-on-year due to the cessation of capitalization for completed properties held for sale[7](index=7&type=chunk) - No further impairment indicators were identified in the current period, resulting in no inventory impairment provision, compared to **HK$205 million** provided in the prior period[7](index=7&type=chunk) [Interim Dividend](index=5&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2024 - The company did not declare an interim dividend for 2024, whereas an interim dividend of **HK 3.00 cents per share** was distributed for the same period in 2023[8](index=8&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) The Group's business focuses on property development and investment in China's Greater Bay Area, with projects across key cities including Shenzhen, Guangzhou, Foshan, Zhuhai, Zhongshan, Jiangmen, and Huizhou; during the reporting period, approximately **152,000 square meters** of gross floor area were contracted for sale and **143,000 square meters** delivered, with major projects like Guangzhou Yuehai Yungang City and Zhongshan Yuehai City achieving strong sales performance and top rankings in their respective regional markets - The Group focuses on property development and investment in the Greater Bay Area, with projects primarily located in Shenzhen, Guangzhou, Foshan, Zhuhai, Zhongshan, Jiangmen, and Huizhou[5](index=5&type=chunk) - During the reporting period, approximately **152,000 square meters** of gross floor area were contracted for sale, and approximately **143,000 square meters** were delivered[10](index=10&type=chunk)[11](index=11&type=chunk) Sales Performance of Major Projects (As of June 30, 2024) | Property Project Name | Contracted Sales Area for the Period (sqm) | Cumulative Contracted Sales Ratio | Delivered Area for the Period (sqm) | Cumulative Delivered Ratio | | :--- | :--- | :--- | :--- | :--- | | Shenzhen • Yuehai City (North Plot) | 14,068 | 16.7% | – | 0.0% | | Guangzhou • Yuehai Yungang City | 19,587 | 20.2% | Not Applicable | Not Applicable | | Foshan • Yuehai Shigui Mansion | 13,870 | 58.6% | 49,536 | 46.5% | | Zhuhai • Yuehai Shigui Mansion | 6,139 | 48.3% | 19,229 | 34.9% | | Zhongshan • Yuehai City | 20,815 | 37.6% | 30,263 | 26.7% | - Guangzhou • Yuehai Yungang City project ranked first in online contracted sales value in Baiyun District, Guangzhou, during H1 2024[13](index=13&type=chunk) - Zhongshan • Yuehai City project ranked first in online contracted sales value in Ma'anshan Island, Cuiheng New Area, Zhongshan, during H1 2024[18](index=18&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Financially, the Group's loss attributable to owners increased year-on-year and return on equity decreased due to lower gross profit margins on delivered properties; while sales and marketing expenses decreased, administrative expenses rose due to cessation of capitalization; the Group maintains a sound financial position with increased cash and cash equivalents and a reduced gearing ratio, with most cash held in RMB Key Financial Indicators | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HK$'000) | (217,031) | (200,288) | +8.4% | | Return on Equity (%) | -4.4% | -2.7% | -1.7 Percentage Points | | Net Asset Value (HK$ Billion) | 6.164 (As of June 30) | 6.429 (As of December 31) | -4.1% | - Sales and marketing expenses decreased by **8.6%** year-on-year to **HK$127 million**; administrative expenses increased by **6.0%** year-on-year to **HK$106 million**[23](index=23&type=chunk) - As of June 30, 2024, the Group's cash and cash equivalents were approximately **HK$4.257 billion**, an increase of **4.2%** from the beginning of the year[26](index=26&type=chunk) - As of June 30, 2024, the Group's total interest-bearing loans were approximately **HK$22.624 billion**, with the gearing ratio decreasing to **298.1%**; the weighted average effective annual interest rate for bank and other borrowings was **3.84%**[27](index=27&type=chunk) - As of June 30, 2024, the Group provided guarantees of approximately **HK$4.983 billion** to banks for mortgage loans to purchasers of its properties[28](index=28&type=chunk) [Risks and Uncertainties](index=14&type=section&id=Risks%20and%20Uncertainties) The Group's primary risks stem from fluctuations in the Mainland China real estate market, influenced by economic conditions, supply-demand dynamics, and government policies; other risks include volatile finance costs, fair value changes of investment properties, performance volatility, and exchange rate risks, which the Group manages through a diversified property portfolio, holding investment properties for rental income, and dynamic foreign exchange risk monitoring - Major business risks originate from the Mainland China real estate market and property prices, influenced by economic conditions, supply and demand, and various policies[29](index=29&type=chunk) - Finance costs are affected by market conditions, interest rates, and the Group's financial position; as of the period end, outstanding interest-bearing loans were approximately **HK$22.624 billion**[29](index=29&type=chunk) - Changes in the fair value of investment properties directly impact the profit or loss statement; to mitigate earnings volatility, the Group holds commercial properties for rental purposes to provide stable rental income[30](index=30&type=chunk) - The business is primarily concentrated in Mainland China, facing RMB exchange rate fluctuation risks; the Group manages this through optimizing funding arrangements and adjusting financing methods[30](index=30&type=chunk) [Human Resources](index=16&type=section&id=Human%20Resources) As of June 30, 2024, the Group employed **542** staff, a decrease of **26** from the end of 2023; the Group provides basic benefits and performance-linked incentive policies, along with various training programs - As of June 30, 2024, the Group's total number of employees was **542**, a decrease from **568** at the end of 2023[32](index=32&type=chunk) [Outlook](index=16&type=section&id=Outlook) Looking ahead, despite macroeconomic and real estate market challenges, management anticipates that with intensified "de-stocking" policies, new home sales in core first and second-tier cities are expected to accelerate bottoming out; in the long term, the Greater Bay Area's population and industrial agglomeration effects will continue to support housing demand, and the Group will adhere to its strategic positioning as an "influential urban comprehensive development expert in the Greater Bay Area," ensuring steady development and maintaining confidence in future business prospects - In the short term, the real estate market remains in a downward trend with slow recovery, prioritizing property delivery and inventory reduction as key industry development focuses[33](index=33&type=chunk) - In the long term, population and industrial agglomeration in the Greater Bay Area will persist, and demand for quality housing will maintain moderate growth[33](index=33&type=chunk) - The Group will focus on its strategic positioning as an "influential urban comprehensive development expert in the Greater Bay Area," fully committing to the construction, sales, and operation of existing projects, while prudently seizing expansion opportunities[34](index=34&type=chunk) [Directors' and Shareholders' Interests](index=18&type=section&id=Directors'%20and%20Shareholders'%20Interests) This section discloses the share interests of the company's directors and substantial shareholders in the company and its associated corporations as of June 30, 2024, noting that Executive Director Mr. Jiao Li and Independent Non-executive Director Mr. Li Junhao hold company shares, and Yuehai Investment Limited is the company's substantial shareholder with a **73.82%** stake [Directors' Interests and Short Positions in Securities](index=18&type=section&id=Directors'%20Interests%20and%20Short%20Positions%20in%20Securities) Discloses the personal and corporate interests of Directors Mr. Jiao Li and Mr. Li Junhao in the company's shares, as well as Mr. Jiao Li's personal interest in the associated corporation Yuehai Investment Limited Directors' Interests in the Company | Director's Name | Capacity/Nature of Interest | Number of Ordinary Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Jiao Li | Personal | 200,000 | 0.012% | | Li Junhao | Corporate | 2,000,000 | 0.117% | [Substantial Shareholders' Interests](index=19&type=section&id=Substantial%20Shareholders'%20Interests) Pursuant to the Securities and Futures Ordinance, Yuehai Investment Limited is the company's substantial shareholder, beneficially holding **1,263,494,221** shares, representing **73.82%** of the issued shares; its controlling companies, Guangdong Yuehai Holdings Limited and Yuehai Holdings Limited, are deemed to have the same interests - Yuehai Investment Limited beneficially holds **73.82%** of the company's shares, making it a substantial shareholder[37](index=37&type=chunk) - Guangdong Yuehai Holdings Limited is the company's ultimate controlling company, indirectly holding **73.82%** interest in the company through its subsidiaries[38](index=38&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section outlines the company's corporate governance practices, directors' securities transactions, changes in directors' information, interim results review, and loan financing agreements requiring disclosure under listing rules; the company generally complied with the Corporate Governance Code during the reporting period, with one deviation regarding the Chairman's attendance at the AGM, and details three loan financing agreements containing specific covenants on controlling shareholders' equity structure - The company complied with the Corporate Governance Code during the reporting period, with the sole deviation being the Chairman's absence from the 2024 Annual General Meeting due to business commitments[39](index=39&type=chunk) - KPMG, the company's independent auditor, has reviewed this interim financial report[42](index=42&type=chunk) - The company disclosed three loan financing agreements containing specific performance covenants requiring controlling shareholders (Yuehai Holdings and Yuehai Investment) to maintain their controlling position and shareholding percentage in the company[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Review Report](index=24&type=section&id=Review%20Report) This section presents the review report issued by KPMG, the independent auditor, on the Group's interim financial report for the six months ended June 30, 2024; the auditor conducted the review in accordance with Hong Kong Standard on Review Engagements, concluding that nothing came to their attention to suggest the interim financial report is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 - The review was conducted by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[52](index=52&type=chunk) - The review concluded that no material issues were identified suggesting the interim financial report was not prepared in accordance with Hong Kong Accounting Standard 34[53](index=53&type=chunk) [Unaudited Interim Financial Report](index=25&type=section&id=Unaudited%20Interim%20Financial%20Report) This section contains the Group's unaudited condensed consolidated financial statements, including the statement of profit or loss, statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, along with related notes to the financial report [Condensed Consolidated Statement of Profit or Loss](index=25&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the Group's revenue was **HK$2.804 billion**, a **188%** year-on-year increase; gross profit was **HK$116 million**, a **48.2%** year-on-year decrease; due to a significant reduction in fair value gains on investment properties and increased finance costs, the loss for the period was **HK$216 million**, with loss attributable to owners of the parent being **HK$217 million** Summary of Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item (HK$'000) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 2,803,824 | 973,596 | | Gross Profit | 115,920 | 223,960 | | Operating (Loss)/Profit | (104,416) | 36,480 | | Loss Before Tax | (282,207) | (70,354) | | Loss for the Period | (215,743) | (171,217) | | Loss Attributable to Owners of the Company | (217,031) | (200,288) | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were **HK$46.881 billion**, a **4.2%** decrease from the beginning of the year; total liabilities were **HK$40.717 billion**, and net assets were **HK$6.164 billion**; the current ratio was **1.4 times**, indicating acceptable short-term solvency; major assets include properties under development and completed properties held for sale (totaling approximately **HK$30.080 billion**) and investment properties (approximately **HK$9.047 billion**) Summary of Condensed Consolidated Statement of Financial Position | Item (HK$'000) | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 10,252,125 | 10,301,279 | | Total Current Assets | 36,628,571 | 38,631,805 | | **TOTAL ASSETS** | **46,880,696** | **48,933,084** | | **LIABILITIES AND EQUITY** | | | | Total Current Liabilities | (26,727,809) | (30,334,931) | | Total Non-current Liabilities | (13,988,941) | (12,168,747) | | **TOTAL LIABILITIES** | **(40,716,750)** | **(42,503,678)** | | **NET ASSETS** | **6,163,946** | **6,429,406** | [Condensed Consolidated Statement of Cash Flows](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2024, the Group's net cash inflow from operating activities was **HK$1.292 billion**, primarily from property sales proceeds; net cash outflow from investing activities was **HK$3.19 million**; net cash outflow from financing activities was **HK$1.086 billion**, mainly due to loan repayments exceeding new borrowings; cash and cash equivalents at period-end were **HK$4.257 billion**, an increase of **HK$202 million** from the beginning of the period Summary of Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item (HK$'000) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 1,291,772 | 2,068,006 | | Net Cash Outflow from Investing Activities | (3,189) | (359,519) | | Net Cash (Outflow)/Inflow from Financing Activities | (1,086,346) | 2,651,983 | | Net Increase in Cash and Cash Equivalents | 202,237 | 4,360,470 | | Cash and Cash Equivalents at End of Period | 4,257,228 | 6,788,620 | [Notes to the Unaudited Interim Financial Report](index=31&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) The notes section provides detailed explanations and supplementary information on key items in the financial statements, including accounting policies, segment information, revenue composition, borrowing details, related party transactions, and fair value of financial instruments; key takeaways include property development as the primary source of revenue and performance, and the Group's substantial bank and related party borrowings with corresponding asset pledges and guarantees - The Group's business is segmented into property development, property investment, and other segments; the property development segment is the primary location of assets and liabilities and the main source of loss for the current period[83](index=83&type=chunk)[84](index=84&type=chunk) - As of June 30, 2024, total bank and other borrowings were approximately **HK$9.912 billion**, and total loans from related parties were approximately **HK$12.712 billion**[104](index=104&type=chunk)[113](index=113&type=chunk) - The Group provided building mortgage guarantees of approximately **HK$4.983 billion** for purchasers of its properties[110](index=110&type=chunk) - The Group has significant related party transactions with fellow subsidiaries and the ultimate controlling company, primarily involving leases, property management, and interest payments[111](index=111&type=chunk)

Revenue and Profitability - Revenue for the six months ended June 30, 2024, reached HKD 2,803,824 thousand, a significant increase of 188.0% compared to HKD 973,596 thousand in the same period of 2023[1] - Gross profit decreased to HKD 115,920 thousand, down 48.2% from HKD 223,960 thousand year-on-year[1] - Loss attributable to equity holders of the company was HKD 217,031 thousand, representing an increase of 8.4% from HKD 200,288 thousand in the previous year[1] - Basic loss per share was HKD 12.68, an increase of 8.4% compared to HKD 11.70 in the same period last year[1] - The total comprehensive loss for the period was HKD 265,460 thousand, compared to HKD 497,941 thousand in the same period last year[4] - The company reported a net loss before tax of HKD 282,207 for the six months ended June 30, 2024, compared to a net loss of HKD 70,354 for the same period in 2023[11] - The group's pre-tax loss for the six months ended June 30, 2024, was HKD 2,659,026,000, significantly higher than HKD 747,210,000 for the same period in 2023, indicating a substantial increase in property sales costs[18] - The corporate income tax expense for the six months ended June 30, 2024, was a loss of HKD 81,005,000, compared to a gain of HKD 18,934,000 in the same period of 2023[19] Assets and Liabilities - Total assets decreased by 4.2% to HKD 46,881 million from HKD 48,933 million at the end of 2023[2] - The total assets as of June 30, 2024, were valued at HKD 46,880,696, with total liabilities amounting to HKD 40,716,750[14] - The property development segment's assets were HKD 36,417,660, while the property investment segment's assets were HKD 9,337,405[14] - The net asset value decreased by 4.1% to HKD 61.64 billion as of June 30, 2024, compared to HKD 64.29 billion at the end of 2023[44] - The company held completed unsold properties valued at approximately HKD 76.97 billion and development properties valued at approximately HKD 223.83 billion as of June 30, 2024, totaling around HKD 300.80 billion[46] Financing and Debt - The debt ratio improved by 9.8 percentage points to 298.1% from 307.9%[2] - The company has a total interest-bearing loans of approximately HKD 226.24 billion as of June 30, 2024, down from HKD 238.60 billion at the end of 2023[49] - The company recorded financing costs of approximately HKD 496 million for the first half of 2024, a decrease of about 23.9% from HKD 652 million in the same period of 2023[45] - The weighted average effective interest rate for bank and other borrowings was 3.84% as of June 30, 2024, compared to 4.02% at the end of 2023[49] - The company has provided guarantees for mortgage loans amounting to HKD 4,982,995,000, an increase from HKD 4,665,595,000 at the end of 2023[24] - The company has pledged assets worth approximately HKD 14.69 billion for bank loans, a decrease from HKD 87.42 billion as of December 31, 2023[50] Employee and Operational Metrics - Employee count decreased to 542, down 4.6% from 568 employees[2] - Employee costs totaled HKD 75,363,000 for the current period, down from HKD 85,988,000 in the previous year, reflecting a decrease of approximately 12.5%[18] - The company is focusing on high-quality development and enhancing operational efficiency through refined management practices and innovative marketing strategies[26] Dividends and Shareholder Returns - The company did not declare an interim dividend, a decrease of 100% from HKD 3.00 per share in the previous year[1] - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to HKD 51,346,000 (HKD 0.03 per share) for the same period in 2023[22] - The board expresses confidence in future business development and will actively promote real estate business growth to create greater returns for shareholders[55] Market and Economic Conditions - The overall GDP growth in China for the first half of 2024 was approximately 5.0%, with a notable increase in disposable income of about 5.4% year-on-year[25] - The real estate market in China is currently experiencing a downward trend, with a slow recovery pace, and the focus remains on stabilizing the market and reducing inventory[54] - The company anticipates that the Chinese government will continue to implement policies to stimulate demand and stabilize the real estate market in the second half of 2024[54] Project Developments - The company has several ongoing projects, including Guangzhou Yuhai Yun Port City with a total area of approximately 728,549 square meters, expected to be completed by 2027[29] - The total area of properties available for sale in Zhuhai Yuhai Shigui Mansion is approximately 248,598 square meters, with a completion date expected in 2024[29] - The Shenzhen Yuehai City project has achieved a rental rate of approximately 93.6% for the first phase of the mall as of June 30, 2024[33] - The Guangzhou Yuehai Yun Port City project is expected to complete overall construction by 2027, with pre-sale transactions maintaining an ideal level since June 2022[34] - The Guangzhou Yuehai Shigui Mansion project has a commercial property rental rate of about 78.8% as of June 30, 2024[36] - The Foshan Yuehai Shigui Mansion project is expected to complete overall construction by the end of 2024, with the first phase already completed as of June 30, 2024[37] - The Zhuhai Yuehai Shigui Mansion project is expected to complete overall construction by the end of 2024, with the first phase already completed as of June 30, 2024[39] - The Zhongshan Yuehai City project has ranked first in sales performance in the Zhongshan Cuiheng New District for the first half of 2024[40] - The Jiangmen Yuehai Yigui Mansion project has completed overall construction as of August 2022 and officially entered the delivery phase[41] Strategic Focus and Future Outlook - The company aims to strengthen its investment layout in key cities to enhance resilience against industry cycle fluctuations[26] - The company aims to stabilize rental income through properties in Guangzhou and Shenzhen, which are expected to provide consistent cash flow amidst market volatility[51] - The company is committed to complying with environmental regulations and has published its 2023 ESG report detailing its sustainability efforts[52] - The company aims to position itself as a "comprehensive development expert in influential cities of the Greater Bay Area" and will focus on the construction, sales, and operation of existing projects[55] - The company is focused on managing foreign exchange risks through optimized capital arrangements and project financing adjustments[51]

Financial Performance - The group reported a consolidated revenue of approximately HKD 1.74 billion for the three months ended March 31, 2024, representing an increase of about 303.7% compared to HKD 431.1 million in the same period last year[4]. - The group recorded a loss attributable to equity holders of approximately HKD 99.75 million for the three months ended March 31, 2024, compared to a profit of HKD 110.9 million in the same period last year, reflecting a decrease of 189.9%[6]. Asset and Value Changes - Total assets decreased by 2.8% to HKD 47.55 billion as of March 31, 2024, down from HKD 48.93 billion as of December 31, 2023[3]. - The net asset value per share decreased by 2.0% to HKD 2.88 as of March 31, 2024, compared to HKD 2.94 as of December 31, 2023[3]. - The total value of completed unsold properties held by the group is approximately HKD 8.98 billion as of March 31, 2024, compared to HKD 8.06 billion as of December 31, 2023[26]. - The total value of properties under development held by the group is approximately HKD 21.90 billion as of March 31, 2024, down from HKD 24.05 billion as of December 31, 2023[26]. - The total combined value of completed and under development properties is approximately HKD 30.88 billion as of March 31, 2024, compared to HKD 32.11 billion as of December 31, 2023[26]. - The sales amount of properties that have been signed and paid for but not yet delivered is approximately HKD 9.23 billion as of March 31, 2024, down from HKD 9.52 billion as of December 31, 2023[26]. Investment Property Performance - The group experienced a significant decrease in fair value gains from investment properties, reporting only HKD 187,000 compared to HKD 238.67 million in the same period last year, a decline of 99.9%[6]. Property Development and Construction - The total floor area of properties signed (including completed and development properties) was approximately 58,000 square meters, down from 71,000 square meters in the same period last year[12]. - The total floor area delivered during the period was approximately 79,000 square meters, significantly up from 35,000 square meters in the same period last year[12]. - Guangzhou Yuehai Cloud Port City is currently under construction, with some properties having completed the main structure and are undergoing finishing works[26]. - The first phase of Foshan Yuehai Yigui Mansion has completed the main structure, while other phases are still under construction[26]. - Zhuhai Yuehai Yigui Mansion has completed acceptance for the first phase and is currently undergoing finishing works for other phases[26]. - The project in Jiangmen (Land No. 4) has completed the filing for construction completion[26]. - The property in Huizhou Yuehai Yigui Mansion is currently undergoing finishing works and special acceptance[26]. - The Guangzhou Yuehai Cloud Port City is expected to be completed by 2027, with a total floor area of approximately 728,549 square meters[26]. Expenses and Governance - Sales and marketing expenses increased by approximately HKD 40.76 million, and financing costs net increased by HKD 27.81 million compared to the same period last year[8]. - The company emphasizes its commitment to enhancing corporate governance through voluntary disclosures of financial information[2]. Project Development Progress - The group is actively developing multiple projects, with significant progress reported in various locations including Shenzhen and Guangzhou[13].