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]

第 粤海置地 粤 海 置 地 控 股 有 限 公 司 GUANGDONG LAND HOLDINGS LIMITED | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) (Incorporated in Bermuda with limited liability) 股份代號 Stock Code: 00124 | | | | | | | | | | | | | | | | | | | | | | | 2024 中期報告 INTERIM REPORT 目錄 頁次 公司資料 2 摘要 3 管理層之討論及分析 4 董事的證券權益及淡倉 18 主要股東權益 19 企業管治及其他資料 20 審閱報告 24 未經 ...

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].

Financial Performance - The company achieved a revenue of approximately HKD 3.9 billion in 2023, reflecting a significant increase compared to the previous year[15]. - The company did not declare a final dividend for the year ending December 31, 2023, compared to a dividend of HKD 0.08 per share in 2022[14]. - The company generated disposal gains of approximately HKD 169 million from the sale of several properties, factories, and equipment, compared to HKD 103 million in 2022[32]. - Capital expenditures for the year amounted to approximately HKD 529 million, down from HKD 796 million in 2022, primarily for the development of investment properties in Shenzhen[33]. - As of December 31, 2023, the company's cash and bank balances were distributed with approximately 97.2% in RMB and 2.8% in HKD, with net cash inflow from operating activities of approximately HKD 3.607 billion, a significant improvement from a net outflow of HKD 6.661 billion in 2022[34]. - The fair value of the company's investment properties was approximately HKD 8.742 billion as of December 31, 2023, down from HKD 26 billion at the end of 2022[36]. - As of December 31, 2023, the equity attributable to the company's owners was approximately HKD 50.39 billion, a decrease of about 35.3% compared to HKD 77.87 billion at the end of 2022[64]. - The company recorded financing costs of approximately HKD 12.50 billion in 2023, slightly up from HKD 12.47 billion in 2022, with about HKD 9.40 billion capitalized and the remaining HKD 3.10 billion expensed[63]. - The total interest-bearing loans amounted to approximately HKD 238.60 billion as of December 31, 2023, down from HKD 264.15 billion at the end of 2022, with related party loans constituting about 57.5% of the total[66]. - The company's debt ratio was approximately 307.9% as of December 31, 2023, compared to 275.7% at the end of 2022[66]. - The weighted average effective interest rate on bank borrowings was 4.02% as of December 31, 2023, down from 4.25% in the previous year[66]. - The net asset value decreased to HKD 6,429,406 in 2023, down from HKD 8,617,872 in 2022, representing a decline of about 25.5%[106]. - The equity attributable to the company's owners was HKD 5,039,088 in 2023, a decrease from HKD 7,787,428 in 2022, reflecting a drop of approximately 35.4%[106]. Market and Strategic Focus - The real estate market faced challenges in 2023, with a decline in confidence affecting overall performance despite government support measures[11]. - The company is committed to adapting to the changing market dynamics and exploring new development avenues[11]. - The company plans to enhance product and service quality, optimize project sales strategies, and control costs to achieve sustainable development in 2024[17]. - The company is focusing on diversifying its commercial asset management model to improve operational efficiency across various projects[15]. - The company’s strategic focus includes enhancing the quality of residential developments and improving commercial operations[15]. - The company is actively pursuing market expansion and synergies between its projects in the 佛山 area to enhance efficiency and reduce costs[26]. - The company is committed to adhering to environmental, social, and governance regulations, integrating stakeholder feedback into its internal management practices[40]. - The company has implemented regular customer satisfaction surveys to improve product quality and customer confidence[39]. - The company is actively managing foreign exchange risks by optimizing fund arrangements and adjusting project financing methods[69]. - The company has committed to adhering to environmental regulations for new constructions, ensuring compliance with national and local government requirements[71]. - The company’s projects are primarily located in first-tier cities or the Greater Bay Area, effectively diversifying operational risks[68]. Project Development and Management - Total signed and delivered property floor area reached approximately 274,000 square meters and 222,000 square meters respectively, compared to 169,000 square meters and 76,000 square meters in 2022[23]. - The company has commenced pre-sales for the 佛山 • 粵海壹桂府 project in September 2023, with the first phase of construction expected to be completed by December 31, 2026[26]. - The 江門 • 粵海壹桂府 project is expected to be fully completed by 2027, with various phases already completed in 2022 and 2023[29]. - The first phase of the Foshan Yuehai Shigui project is expected to complete by the end of 2024, with the project having commenced pre-sales in September 2021[56]. - The Zhuhai Yuehai Shigui project also anticipates overall completion by the end of 2024, with pre-sales starting in June 2021[57]. - The company has established a partnership with 粵海物業管理 for property management services across multiple projects, indicating a strategic focus on enhancing operational efficiency[160]. - The company has outlined various agreements for property management services, reflecting a structured approach to managing its real estate portfolio[161]. Employee and Operational Efficiency - The company employed 568 staff members as of December 31, 2023, with total employee compensation and contributions amounting to approximately HKD 292 million, compared to HKD 330 million in 2022[41]. - The company has appointed experienced executives in various roles to enhance its operational efficiency and strategic direction[78]. - The group faced significant financial risks and uncertainties as detailed in the management discussion and analysis section of the annual report[80]. - The group’s financial risk management objectives and policies are outlined in the notes to the consolidated financial statements[80]. Property Management Services - The company has adopted a real estate project co-investment scheme, allowing participants to invest in various real estate projects by providing loans to the company's project companies[142]. - The service fees paid by the company for property management services related to the 佛山 • 粵海壹桂府 project amounted to approximately RMB 2,900,000, with an annual cap of RMB 3,663,000 for 2023[152]. - The company paid approximately RMB 1,473,000 for property management services related to the 江門粵海壹桂府 project, with an annual cap of RMB 2,300,000 for 2023[165]. - The company has a property management service contract for the Yuehai Yuyang Garden project, effective from May 31, 2022, to May 9, 2024[194]. - The company paid approximately RMB 708,000 for property management services related to the Guangzhou Shigui Mansion, with an annual cap of RMB 3,060,000 for 2023[193]. - The property management service agreement for the marketing center and model room of the Foshan Bay Hua project was signed on July 27, 2023, effective from August 1, 2023, to April 30, 2024[168]. - The property management service agreement for the Huizhou Yuehai Lijiang Garden project was signed on August 31, 2023, effective from September 1, 2023, to August 31, 2024[170].

Financial Performance - The company recorded revenue of approximately HKD 3.877 billion in 2023, an increase of about 181.3% compared to HKD 1.378 billion in 2022[15]. - The company reported a loss attributable to equity holders of approximately HKD 2.449 billion in 2023, compared to a profit of HKD 392.688 million in 2022[5]. - The group's total revenue for 2023 was approximately HKD 38.77 billion, a significant increase of about 181.3% compared to HKD 13.78 billion in 2022[24]. - The group recorded a loss attributable to shareholders of approximately HKD 24.45 billion in 2023, compared to a profit of HKD 3.93 billion in 2022[24]. - The total comprehensive loss for the year was HKD 2,790,761,000, compared to a loss of HKD 478,019,000 in 2022[48]. - The company incurred a net loss of HKD 2,649,030,000 in 2023, compared to a profit of HKD 404,974,000 in 2022, reflecting a negative swing of 754.5%[69]. - The attributable loss to equity holders was HKD (2,444,888) thousand, a significant decline of 722.6% compared to a profit of HKD 392,688 thousand in the prior year[39]. Revenue and Sales Growth - The total floor area of property sales increased significantly, contributing to the revenue growth[15]. - The company reported a total revenue of HKD 3,877,416,000 for 2023, a significant increase from HKD 1,377,691,000 in 2022, representing a growth of 181.5%[69]. - Revenue from customer contracts increased to HKD 3,842,660 thousand in 2023, up from HKD 1,351,831 thousand in 2022, representing a growth of approximately 184.5%[104]. - The company achieved sales in key projects such as Guangzhou and Jiangmen, ranking among the top in their respective regions[18]. Cost Management and Financial Health - The company implemented comprehensive cost control measures, resulting in a reduction of employee costs to HKD 216.979 million in 2023 from HKD 197.920 million in 2022[1]. - The company’s deferred tax liabilities decreased to HKD 113.211 million in 2023 from HKD 142.249 million in 2022[4]. - The company’s accounts payable and other payables increased to HKD 164.334 million in 2023 from HKD 147.426 million in 2022[8]. - The debt ratio increased to 307.9% in 2023 from 275.7% in 2022, an increase of 32.2 percentage points[67]. - The current ratio decreased to 1.3 times in 2023 from 2.1 times in 2022, a decline of 38.1%[67]. - The total liabilities rose to HKD 42,503,678,000 in 2023 from HKD 40,302,355,000 in 2022, an increase of approximately 5.5%[73]. Dividend and Shareholder Returns - The company did not declare a final dividend for the year ending December 31, 2023, compared to a dividend of HKD 0.08 per share in 2022[6]. - The proposed final dividend was 0.00 HKD, down 100.0% from 8.00 HKD in the previous year[39]. Operational Efficiency and Strategy - The company achieved a delivery rate exceeding 95% for its projects, surpassing industry benchmarks[14]. - The group plans to enhance product and service quality, optimize project sales strategies, and reduce construction costs to achieve sustainable development in 2024[22]. - The group will monitor and adjust sales strategies on a monthly and quarterly basis to accelerate the sales of existing projects[22]. - The group is focusing on diversifying its commercial asset management model to improve operational efficiency[18]. Market Outlook and Economic Environment - The Chinese government aims to stabilize the real estate market and promote healthy development through various supportive policies[19]. - The expected GDP growth rate for China in 2024 is projected to reach 4.8% according to professional institutions[19]. - The group anticipates that the Greater Bay Area will continue to attract population and talent, supporting long-term stable development in the real estate market[21]. Employee and Compensation - The number of employees decreased to 568 in 2023 from 579 in 2022, a reduction of 1.9%[67]. - Total employee compensation and provident fund contributions for 2023 amounted to approximately HKD 292 million, down from HKD 330 million in 2022[182]. Environmental and Governance Practices - The group is committed to complying with environmental regulations and aims to ensure that new constructions meet national and local government standards[160]. - The group actively engages with stakeholders to improve its environmental, social, and governance policies, utilizing various communication methods to gather feedback[179]. - The company has complied with the Corporate Governance Code throughout the fiscal year ending December 31, 2023[184].