财务数据显示，截至2024年12月31日，正商实业实现营业总收入95.42亿元，同比减少52.37%；归母净 利润-21.82亿元，同比增长5.07%；毛利率3.81%，资产负债率97.56%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.67倍，行业中值-0.15倍。正商实业市盈率-0.07 倍，行业排名第257位；其他百仕达控股（01168.HK）为0.28倍、恒达集团控股（03616.HK）为1.71 倍、美联集团（01200.HK）为2.22倍、中奥到家（01538.HK）为2.76倍、瑞森生活服务（01922.HK） 为2.82倍。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 5月2日，截至港股收盘，恒生指数上涨1.74%，报22504.68点。正商实业（00185.HK）收报0.098港元/ 股，上涨13.95%，成交量2000股，成交额169港元，振幅31.4%。 最近一个月来，正商实业累计跌幅6.52%，今年来累计跌幅48.81%，跑输恒生指数10.27%的涨幅。 资料显示，正商实业有限公司是一家 ...

2024 ANNUAL REPORT 年報 Zensun Enterprises Limited Annual Report 2024 正商實業有限公司二零二四年年報 目錄 TABLE OF CONTENTS Zhengzhou Zensun Fenghuashangjing 鄭州正商豐華上境 In case of any inconsistency between the English text and the Chinese translation of this annual report, the English text shall prevail. 本年報之英文版本與中文版本如有歧義，概以英文版本為準。 Corporate Profile 公司簡介 2 Corporate Information 公司資料 3 Chairman's Message 主席致詞 6 Hong Kong and Overseas Property Portfolio 香港及海外物業組合 11 Property Development Project Summary in the PRC 在中國物業發展之項目概要 14 ...

（於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：185） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ZENSUN ENTERPRISES LIMITED 正商實業有限公司 截 至2024年12月31日止年度 截 至2024年12月31日止年度 末期業績公告 本年度財務摘要 業 績 | 2024年 | 2023年 | 人民幣千元 | 附 | 註 | 人民幣千元 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收 | 益 | 9,542,095 | 20,034,898 | 3 | (9,179,011) | (19,262,196) | 銷售成本 | | | 毛 | 利 | 363,084 | 772,702 | 7,20 ...

600185 证券简称拟变更 格力地产3月18日晚间公告，公司拟变更公司名称、证券简称、经营范围及修订公司《章程》。公 司中文名称拟变更为珠海珠免集团股份有限公司，证券简称拟变更为珠免集团，股票证券代 码"600185"保持不变。 公司经营范围拟变更为许可项目免税商品销售及一般项目以自有资金从事投资活动、企业管理等。 上述事项尚须提交公司股东大会审议，审议通过后尚需在市场监督管理部门申请办理变更登记和备案手 续。 根据格力地产公告，2024年12月31日，公司披露《重大资产置换暨关联交易实施情况报告书》，公 司重大资产置换已实施完成，成功置入珠海市免税企业集团有限公司51%股权，并置出非珠海区域共5 家房地产子公司100%股权。珠海免税已成为公司的控股子公司，公司战略定位变更为以免税业务为核 心，围绕大消费产业链建立运营、投资的企业集团。为准确体现公司战略转型规划，突出主业属性并延 续品牌价值，公司拟变更公司名称及证券简称。变更后的公司名称及证券简称与公司主营业务和未来战 略规划相匹配，符合《公司法》等法律法规和公司《章程》有关规定，不存在损害公司及全体股东利益 的情形。 控股股东股份质押解除后再质押 3月1 ...

Property Development and Projects - As of June 30, 2024, the Group had 67 completed property projects and 36 ongoing complex property projects, with a total of 90 land parcels under development and planning, covering an aggregate site area of approximately 6.3 million square meters and an estimated gross floor area of approximately 13.5 million square meters[12][13]. - The estimated saleable/leasable gross floor area under development is approximately 4.1 million square meters, with an estimated gross floor area under planning of approximately 2.4 million square meters[12][13]. - The Group's land reserves are expected to significantly contribute to future revenue generation through property sales and leasing activities[12][13]. - Zensun Enterprises Limited has completed several residential projects, including Zhengzhou Zensun River Home Phase I with a total site area of approximately 289,951 sqm[17]. - The company reported a total completed saleable area of approximately 305,118 sqm for the Xuchang Zensun Scholar Martian project, which is expected to be completed by the 4th quarter of 2022[21]. - The estimated saleable area under development for the Zhongshou Zersun project is approximately 96,549 sqm, with completion expected in the 3rd quarter of 2020[21]. - Zensun Enterprises Limited has a total site area of approximately 115,449 sqm for the Xuchang Zensun Scholar Martian project, indicating significant land utilization[21]. - The company is focusing on expanding its residential and commercial projects, with a notable project being the Dengleng Zensun City, which includes multiple residential and commercial developments[17]. - The estimated gross floor area (GFA) under planning for various projects is approximately 1.27 million sqm, showcasing the company's growth strategy[17]. - The Zhengzhou Zensun Prosperity Court project is expected to have a total site area of approximately 26,476 sqm, emphasizing the company's commitment to residential development[17]. - Zensun Enterprises Limited is targeting a completion timeline for several projects, with the Dengleng Zensun City expected to be completed by the 3rd quarter of 2020[17]. - The estimated saleable area for the Dengleng Zensun City projects is approximately 81,327 sqm, reflecting the company's robust project pipeline[17]. - The company has completed a total of 8,000 square meters of residential projects in the second quarter of 2021[24]. - The estimated saleable area under development is approximately 1,000 square meters for the project in Zhengzhou, expected to complete by the fourth quarter of 2022[27]. - The total site area for the Xuchang Zersun Golden Mile House project is approximately 60,948 square meters, with a completed saleable area of 144,381 square meters[24]. - The company anticipates the completion of the Zhongshou Zensun Princess Lake Phase II project by the fourth quarter of 2027, with an estimated saleable area of 154,901 square meters[27]. - The estimated gross floor area (GFA) under planning for the Zhengzhou Zensun Voyage Garden is approximately 130,135 square meters[24]. - The company reported a total of 35,702 square meters for the completed residential project in Zhengzhou, with an aggregated GEA of 108,928 square meters[27]. - The estimated saleable area for the Wuhan Zersun Scholar Martian project is 45,888 square meters, with a GEA of 164,108 square meters[27]. - The company has a total of 100% residential projects in various locations, indicating a strong focus on residential development[24]. - The estimated completion time for the Xiniang Zensun Golden Mic House (Phase II) is the third quarter of 2021, with a total site area of 10,701 square meters[24]. - The company is expanding its commercial projects, with the Zhanghou Zersun Voyage International Plaza (Phase II) having a total site area of 10,701 square meters[27]. - The company has completed several residential projects, including Zhengthou Zensun Ecological City with a total site area of 34,214 sqm and completed saleable GEA of 185,563 sqm[30]. - The estimated saleable GEA under development includes Zhengthou Zensun Fenghuashangjing with 77,118 sqm and Zhengthou Zersun Xn Harbour Home with 212,465 sqm[30]. - The company plans to expand its residential and commercial projects, with Loke Court Phase I having a total site area of 52,148 sqm and an estimated completion time from Q2 2025 to Q4 2027[31]. - The total aggregated GEA for the completed projects is approximately 100,179 sqm, with a significant portion being residential[31]. - The company is focusing on new developments, with projects like Nanyang Zensun Scholar Court estimated to have a saleable GEA of 88,460 sqm under development[30]. - The company reported a 100% residential classification for several projects, indicating a strong focus on residential market demand[30]. - The estimated GFA under planning includes various projects, with significant areas planned for future development[31]. - The company aims to enhance its market presence through strategic expansions in key urban areas[30]. - The ongoing projects are expected to contribute positively to the company's revenue in the upcoming quarters[31]. - The company is committed to maintaining a diversified portfolio with both residential and commercial properties to mitigate market risks[31]. - The company has completed several property projects with a total site area of approximately 51,847 sqm for the Guangshor Itensun project, expected to be fully completed by Q4 2026[34]. - The Xinyang Israun Golden Mile House project has a total site area of 46,435 sqm, with an estimated completion time from Q3 2023 to Q4 2026[34]. - The Walhui Zensun Galden Mic Court project is 90% commercial with a total site area of 48,964 sqm, expected to be completed by Q4 2024[34]. - The Dengahau Zensun Xinyu Chy project has a total site area of 41,127 sqm, with 51% designated for residential use, expected to be completed by Q4 2023[34]. - The Baijing Zensun Xinghai Cout project has a total site area of 4,152 sqm, expected to be completed by Q4 2023[34]. - The Yichuan Zensun Vine Horizons project has a total site area of 202,883 sqm, with an estimated completion time from Q3 2029 to Q4 2027[38]. - The Zhongshou Zersun Orchids Mansion project has a total site area of 91,487 sqm, expected to be completed by Q4 2027[38]. - The Mansian Phase I project has a total site area of 40,105 sqm, with an estimated completion time by Q3 2023[38]. - The Uushan Zensun Galden Mile House project has a total site area of 32,622 sqm, expected to be completed by Q4 2027[38]. - The Horizons project has a total site area of 42,841 sqm, with an estimated completion time from Q1 2004 to Q4 2026[38]. - The company has several ongoing property projects with a total site area of approximately 238,138 sqm and an estimated saleable area of 142,413 sqm under development[41]. - The Zhengshou Zensun River Home Lane project is expected to be completed by Q4 2038, with a total site area of 14,647 sqm and a saleable area of 22,223 sqm[41]. - The Xinxiang Zersun Smart City project has a total site area of 202,905 sqm and is projected to be completed between Q3 2004 and Q4 2028, with an estimated saleable area of 367,163 sqm[45]. - The Zhonghou Zersun Zhengshang Commercial Centre has a total site area of 93,643 sqm and is expected to be completed by Q4 2038, with a saleable area of 180,227 sqm[45]. - The company is focusing on residential and commercial developments, with 100% of the projects categorized as either residential or commercial[45]. - The Dengleng Zensun City projects are set to be completed by Q3 2034, with a total site area of 40,773 sqm and a saleable area of 73,190 sqm[41]. - The company is expanding its market presence with multiple projects in Zhengzhou and surrounding areas, indicating a strategic focus on urban development[41]. - The estimated completion time for several projects spans from 2024 to 2038, reflecting a long-term growth strategy[45]. - The company has a significant number of projects under planning, with a total estimated GFA of approximately 1,000,000 sqm across various developments[45]. - The company aims to enhance its portfolio through strategic acquisitions and new developments in key urban areas[45]. - The company has several property projects under development, with a total site area of approximately 57,015 sq.m. for the Zhangshou Zersun Zucon project, expected to be completed between Q3 2024 and Q4 2026[49]. - The Zhongshou Zersun Ximui Scholar Mansion project has a total site area of 13,734 sq.m. and is projected to be completed between Q3 2024 and Q4 2027[49]. - The Hukian Zensun Scholar Mansion project, with a total site area of 37,065 sq.m., is expected to be completed by Q4 2027[49]. - The Zhouliau Zensun Golden Mile House project has a total site area of 52,941 sq.m. and is projected to be completed between Q4 2024 and Q4 2027[49]. - The Yuanyang Zensun Golden Mile House project has a total site area of 51,233 sq.m. and is expected to be completed between Q4 2024 and Q4 2029[49]. - The company is focusing on residential and commercial developments, with 100% residential and commercial classification for several projects[49]. - The Dengleng Zensun Yinghe Mansion project has a total site area of 30,727 sq.m. and is expected to be completed by Q3 2034[48]. - The Dengleng Zensun Yingbin House Phase I project has a total site area of 41,543 sq.m. and is projected to be completed between Q4 2034 and Q4 2036[48]. - The Dengleng Zensun Songyue Harizons project has a total site area of 146,873 sq.m. and is expected to be completed by Q4 2027[48]. - The company is actively expanding its property portfolio with multiple projects in various stages of development, indicating a strong growth strategy[49]. Financial Performance - The Group recorded revenue of approximately RMB183.9 million, a decrease of approximately 96.9% compared to RMB5,914.1 million in the corresponding period of 2023[52]. - Gross profit for the period was approximately RMB13.5 million, down approximately 97.5% from RMB538.6 million in the same period of 2023[52]. - Other income remained stable at approximately RMB4.2 million, compared to RMB4.1 million for the corresponding period of 2023[52]. - Net other losses increased to approximately RMB1,439.3 million, compared to RMB509.9 million in the corresponding period of 2023[52]. - The write-down of completed properties and properties under development to net realizable value was approximately RMB1,241.5 million, up from RMB358.4 million in 2023[52]. - Sales and marketing expenses decreased by approximately 52.0% to approximately RMB26.4 million from RMB55.1 million in the corresponding period of 2023[54]. - Administrative expenses decreased by approximately 17.0% to approximately RMB66.2 million from RMB79.8 million in the corresponding period of 2023[54]. - Finance costs increased by approximately 13.8% to approximately RMB86.8 million from RMB76.3 million in the corresponding period of 2023[56]. - The decrease in revenue was primarily due to less delivery of saleable/leasable gross floor area from completed property development projects[52]. - The Group's performance was impacted by unexpected higher construction costs and suppressed selling prices due to a macroeconomic downturn[52]. - The Group's loss attributable to owners for the Period amounted to approximately RMB1,597.1 million, a significant increase from RMB374.5 million in 2023[58]. - Basic loss per share for the Period was RMB83.5 cents, compared to RMB19.6 cents in 2023, reflecting the increased loss attributable to owners[58]. - Revenue from property development in the PRC was approximately RMB131.3 million, a drastic decrease from RMB5,864.8 million in 2023, with a segment loss of approximately RMB1,370.7 million[58]. - Approximately 25,000 sq.m. GFA was delivered during the Period at an average selling price of RMB5,300 per sq.m., compared to 476,200 sq.m. at RMB10,980 per sq.m. in 2023[60]. - A write-down of properties under development and completed properties held for sale amounted to approximately RMB1,241.5 million, up from RMB358.4 million in 2023[61]. - Revenue from project management services in the PRC was approximately RMB9.7 million, down from RMB12.2 million in 2023, with a segment profit decrease from RMB8.6 million to RMB3.6 million[63]. - Hotel operations generated revenue of approximately RMB17.3 million during the Period, an increase from RMB13.7 million in 2023, with segment profit rising to approximately RMB5.7 million[67]. - Revenue from property investment and/or management in the USA on AHR was approximately RMB5.7 million, down from RMB7.6 million in 2023, with segment profit decreasing to RMB4.0 million[68]. - Property investment in regions other than AHR contributed approximately RMB10.5 million in revenue, up from RMB6.4 million in 2023, with segment profit increasing to RMB7.7 million[69]. - The Group's securities business recorded segment revenue of approximately RMB9.4 million but incurred a segment loss of approximately RMB45.0 million, compared to a profit of RMB0.2 million in 2023 due to increased fair value losses[70]. - As of June 30, 2024, the total cash and bank balances of the Group were approximately RMB 1,212.9 million, a decrease from RMB 1,843.4 million as of December 31, 2023, representing a decline of about 34.2%[74]. - The Group's net debt as of June 30, 2024, was approximately RMB 12,957.1 million, down from RMB 13,332.1 million as of December 31, 2023, indicating a reduction of about 2.8%[74]. - Total borrowings amounted to approximately RMB 14,170.0 million as of June 30, 2024, compared to RMB 15,175.5 million as of December 31, 2023, reflecting a decrease of approximately 6.6%[74]. - The Group's pledged deposits were approximately RMB 101.4 million as of June 30, 2024, down from RMB 130.9 million as of December 31, 2023, a decline of about 22.5%[74]. - The total carrying value of secured investment properties and properties under development was approximately RMB 8,914.9 million as of June 30, 2024, compared to RMB 10,386.5 million as of December 31, 2023, a decrease of about 14.2%[78]. - The Group's bank and other borrowings carried fixed interest rates ranging from 2.80% to 10.50% per annum as of June 30, 2024[76]. - Approximately RMB 13,570.6 million of the Group's borrowings were repayable within one year or on demand as of June 30, 2024[74]. - The Group did not use any financial instruments for hedging purposes during the reporting period[78]. - Loans from related companies and amounts due to related companies were unsecured and interest-free as of June 30, 2024[78]. - The Group continues to seek external financing sources to support its expansion strategy[78]. - As of June 30, 2024, the Group recorded a current ratio of approximately 1.01 and a gearing ratio of approximately 29.5%[79]. - The Group's capital commitments for property development expenditures amounted to approximately RMB 5,641.3 million as of June 30, 2024, down from RMB 6,799.7 million as of December 31, 2023[79]. - Contingent liabilities related to guarantees amounted to approximately RMB 17,463.2 million as of June 30, 2024, a decrease from RMB 19,614.5 million as of December 31, 2023[79]. - Total staff costs, including Directors' emoluments, during the period amounted to approximately RMB 21.8 million, significantly lower than RMB 68.7 million for the same period in 2023[82]. - The Group had 434 employees as of June 30, 2024[83]. - The Group plans to focus on developing existing and new property projects from its strong land reserves in Henan Province over the next three years[89]. - The Group expects the Chinese government to continue introducing policies to support the real estate market and stabilize macroeconomic growth[87]. - Future funding needs for property development and land acquisition will be satisfied through pre-sale proceeds, internally generated cash flows, and borrowings from banks[88]. - The Group will maintain an open mindset in identifying new property development projects and bidding for land use rights in selective cities in the PRC[89]. - The Group aims to improve operational efficiency and achieve business objectives despite ongoing demand and financing pressures in the real estate industry[87]. - The Group continues to focus on enhancing operational efficiency and achieving business goals despite ongoing pressures in the real estate sector in China[90]. - The Group aims to maintain a solid land reserve for property development in China over the next three years, particularly in Henan Province[91]. Corporate Governance and Compliance - The Company has suspended trading on the Stock Exchange due to delays in publishing financial results for the year ended December 31, 2023[102]. - The Company received guidance from the Stock Exchange for the resumption of trading, which includes publishing outstanding financial results and demonstrating compliance with listing rules[102]. - The Board announced that the Company has fulfilled the Resumption Guidance and

Property Development Projects - As of December 31, 2023, Zensun Enterprises Limited has completed 65 property projects and has 38 ongoing complex property projects, with a total of 90 land parcels under development and planning, covering an aggregate site area of approximately 6.3 million sq.m. and an estimated gross floor area (GFA) of approximately 13.5 million sq.m. in the PRC[9] - The Group's land reserves are expected to yield an estimated saleable/leasable GFA under development of approximately 4.2 million sq.m. and an estimated GFA under planning of approximately 2.5 million sq.m., providing a strong foundation for property development over the next three to four years[9] - Since mid-2015, the Group has completed 161 land acquisitions to support its property development business in Henan Province, Beijing, and Hubei Province[9] - The Group plans to continue identifying new property development projects and bidding for land use rights in selective first and second tier cities in the PRC, with a focus on Henan Province[9] - The Group's strategy includes expanding its business in property development, investment, project management, and hotel operations[8] - The company completed a total of 25 projects with a completed saleable area of approximately 1,000,000 sq.m. as of the end of 2023[67] - The estimated saleable GFA under development is approximately 1,200,000 sq.m., indicating significant growth potential in the upcoming years[74] - The company is actively pursuing market expansion strategies, focusing on residential and commercial developments in Zhengzhou City[70] - The company maintains a diversified portfolio with a mix of residential and commercial properties, enhancing its market position[70] - The company is focusing on expanding its residential and commercial property portfolio in key urban areas[93] Financial Performance - For the financial year ended December 31, 2023, the Group's revenue was approximately RMB20,034.9 million, representing an increase of approximately 107.5% compared to 2022[29] - The Group's gross profit for the same period was approximately RMB772.7 million, reflecting a decrease of approximately 6.6% compared to the previous year[29] - The increase in revenue was primarily due to a higher delivery of saleable/leasable gross floor area from completed property development projects[29] - The decrease in gross profit was attributed to the recognition of lower profit margin property projects and unexpected higher construction costs[29] - The Group's loss attributable to owners for the Year amounted to approximately RMB2,298.5 million, a decrease from RMB2,946.1 million in 2022[111] - Basic loss per share for the Year was approximately RMB120.1 cents, down from RMB154.0 cents in 2022[111] - Revenue from property development in the PRC increased to approximately RMB19,917.7 million, compared to RMB9,591.5 million in 2022, while segment loss decreased to approximately RMB1,554.4 million from RMB2,395.8 million[112] - The Group recorded net other losses of approximately RMB1,610.1 million, down from RMB3,167.7 million in 2022, primarily due to a reduction in write-downs of properties[1] - Finance costs increased significantly by approximately 282.2% to approximately RMB438.6 million from RMB114.8 million in 2022[1] - Income tax expenses rose approximately 265.6% to approximately RMB709.3 million, driven by increased operating profits in the PRC[1] Market Strategy and Future Outlook - The Company aims to enhance its portfolio and brand image in the PRC, USA, and overseas by leveraging its financial, human, and technological resources to create new sustainable revenue streams[11] - The Group plans to maintain a conservative approach and may adjust project development plans in response to changing market conditions[116] - The management remains cautiously optimistic about the long-term prospects of the real estate industry in the PRC[152][153] - The Group will continue to seek cooperation with potential partners to explore capital resources and reduce capital investment in property projects[152] - Future projects are strategically located to capitalize on urban growth and infrastructure development trends[93] Investments and Equity Interests - The Group holds approximately 5.7% equity interest in Global Medical REIT, Inc., a REIT listed on the NYSE, as of December 31, 2023, contributing to long-term capital appreciation through dividend income[10] - The Group holds approximately 5.8% equity interest in GMR, which owns 185 medical and healthcare facilities in the U.S.[33] - AHR, which is 99%-controlled by the Group, owns two senior housing communities in the U.S.[34] - The Group owns 28 SOHO portfolios and four quality residential property portfolios in Singapore for rental and capital appreciation[34] Corporate Governance and Leadership - The Company has a strong governance structure with Mr. Zhang serving on various committees, enhancing its operational oversight[161] - The Company has been recognized as one of the top 100 property development companies in China, co-founded by Mr. Zhang and Ms. Huang[161] - The Company has maintained a stable leadership structure since the change of controlling shareholder in June 2015[3] - The board includes independent directors with significant experience in finance and law, ensuring robust governance[4] - The Company is focused on enhancing its corporate governance and financial management practices through experienced leadership[174] Risk Management and Compliance - The Group's property development business in the PRC is affected by national regulatory measures and macroeconomic conditions, impacting consumer confidence and spending in the property market[176] - The Group recognizes key stakeholders, including employees, customers, and business partners, and maintains continuous dialogue with them to support sustainable development[177] - The Group has complied with applicable laws and regulations significant to its operations as per the relevant regulatory bodies[179] - The Group's performance is susceptible to risks such as land resource availability, construction cost inflation, and liquidity issues among property developers[176]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ZENSUN ENTERPRISES LIMITED 正商實業有限公司 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：185） 截 至2024年6月30日止六個月 中期業績公告 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------| | | | | | 本期間財務摘要 | | • | 本期間內收益約為人民幣 183.9 百 萬 元，較 2023 年減少約 96.9% 。 | | • | 本期間內本公司擁有人應佔虧損 ...

Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 20,034.9 million, an increase of about 107.5% compared to RMB 9,657.1 million in 2022[1] - The loss attributable to the company's owners for the year was approximately RMB 2,298.5 million, a decrease of about 22.0% from RMB 2,946.1 million in 2022[1] - The basic loss per share for the year was approximately RMB 120.1 cents, compared to RMB 154.0 cents in 2022[1] - The company reported a total comprehensive loss of RMB 2,196.1 million for the year, compared to RMB 2,878.4 million in 2022[4] - The group reported a net loss of approximately RMB 2,247,272,000 for the year ending December 31, 2023[10] - The group reported a pre-tax loss of RMB 2,298,458 thousand in 2023, an improvement from a loss of RMB 2,946,113 thousand in 2022, indicating a reduction in losses[27] - The company incurred a loss attributable to shareholders of approximately RMB 2,298.5 million for the year, an improvement from RMB 2,946.1 million in 2022[40] - The company reported a total loss before tax of RMB (1,538,001) thousand in 2023, an improvement from a loss of RMB (2,748,547) thousand in 2022[20] Revenue Breakdown - Revenue from property sales in China reached RMB 19,917,712 thousand in 2023, a significant increase from RMB 9,591,489 thousand in 2022, representing a growth of 107.5%[15] - Total revenue from project management services in China was RMB 32,222 thousand in 2023, up from RMB 11,366 thousand in 2022, marking an increase of 184.5%[15] - Hotel operations in China generated revenue of RMB 34,986 thousand in 2023, compared to RMB 12,456 thousand in 2022, reflecting a growth of 180.5%[15] - The total external customer contract revenue for 2023 was RMB 20,034,898 thousand, a substantial rise from RMB 9,657,056 thousand in 2022, indicating an increase of 107.1%[19] - Revenue from the Chinese property development business was approximately RMB 19,917.7 million, up from RMB 9,591.5 million in 2022, with a segment loss of RMB 1,554.4 million, reduced from RMB 2,395.8 million[41] - The company provided project management services in China, generating revenue of approximately RMB 32.2 million, an increase from RMB 11.4 million in 2022, due to more new project management contracts signed[42] - The hotel operation in Zhengzhou generated revenue of approximately RMB 35.0 million, up from RMB 12.5 million in 2022, with a segment profit of approximately RMB 14.8 million compared to a loss of RMB 1.5 million in 2022[43] - The group's securities business recorded segment revenue of approximately RMB 17.3 million, with a segment profit of approximately RMB 57.7 million, compared to a segment revenue of RMB 16.1 million and a segment loss of RMB 190.9 million in 2022, indicating a significant recovery due to the resurgence of the US stock market[46] Assets and Liabilities - The total non-current assets as of December 31, 2023, were RMB 1,726.6 million, a decrease from RMB 2,125.6 million in 2022[5] - The total current assets as of December 31, 2023, were RMB 44,672.7 million, down from RMB 59,418.3 million in 2022[5] - The total liabilities as of December 31, 2023, were RMB 41,800.8 million, compared to RMB 52,336.9 million in 2022[5] - The net asset value as of December 31, 2023, was RMB 3,124.1 million, down from RMB 5,320.2 million in 2022[7] - The group's total liabilities, including bank and other borrowings, amounted to approximately RMB 15,175.5 million as of December 31, 2023, down from RMB 16,481.1 million in 2022[48] - The group's current ratio was approximately 1.07 as of December 31, 2023, compared to 1.14 in 2022, while the debt-to-asset ratio was approximately 28.7%, up from 23.5% in 2022[51] - The group's net assets attributable to shareholders were approximately RMB 13,332.1 million as of December 31, 2023, down from RMB 14,489.4 million in 2022[48] Cash Flow and Financing - As of December 31, 2023, the group had bank and other borrowings of RMB 5,496,112,000, with cash and cash equivalents amounting to RMB 528,296,000[10] - The group has contractual commitments for property development expenditures amounting to RMB 6,799,747,000 in 2023, down from RMB 10,041,812,000 in 2022[35] - The group issued USD 103.478 million senior notes due September 12, 2025, with an interest rate of 7%, as part of a refinancing effort to improve debt structure and cash flow management[49] - The group had cash and cash equivalents amounting to RMB 528,296,000 as of December 31, 2023[73] - The group’s financial assets at fair value through profit or loss recorded a gain of approximately RMB 40.3 million in the current year, a significant turnaround from a loss of RMB 207.0 million in 2022[46] - The group is actively seeking investment opportunities within acceptable risk ranges to enhance profitability in Hong Kong, China, and overseas markets[58] - Future funding needs for property development and land acquisition will be met through cash flows from property sales, bank borrowings, and potentially issuing new equity securities[58] - The group plans to manage liquidity levels to ensure sufficient cash flow for operational needs and will evaluate available financial resources to support business requirements[58] Operational Strategies - The company plans to enhance property sales, project management, and hotel operations to generate additional operating cash flow[11] - The group aims to actively communicate with creditors to negotiate repayment arrangements for outstanding principal and interest[11] - The company will implement various strategies to control administrative expenses and unnecessary capital expenditures to free up cash flow[11] - The management acknowledges significant uncertainty regarding the implementation of plans and measures due to the volatility in the Chinese real estate market[11] - The company has delivered over ten new property development projects in China this year, focusing on high-quality properties to meet diverse customer preferences[59] - The company aims to diversify its business towards a light asset model, investing more internal resources to expand project management services and generate management fee income[59] - The management team is cautiously optimistic about the long-term development prospects of the real estate industry and will leverage its strengths and resources to accelerate project development and sales in China[60] Corporate Governance - The independent auditor's report stated that they could not obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the consolidated financial statements[72] - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[75] - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance for the year[69] - The audit committee consists of three independent non-executive directors responsible for overseeing financial reporting and risk management[70] - The company will continue to suspend trading of its shares and debt securities until further notice[78] Market Outlook - The group anticipates continued government support for the real estate market, which may stabilize macroeconomic growth despite ongoing demand and financing pressures[58] - The company remains optimistic about future growth opportunities and believes it can overcome challenges through the efforts of its entire workforce[64]

The Group has entered into loan agreements with a related company, Henan Zensun Real Estate Co., Ltd.* (河南正商置業有限公司) ("Zensun Real Estate"), which is ultimately controlled by Ms. Huang, pursuant to which Zensun Real Estate will provide unsecured loans to the Group. In the opinion of the directors of the Company, the carrying amounts of the loans approximated their fair values at initial recognition. 16. 來自一間關連公司之貸款 該等金額為無抵押、免息及須按要 求償還。由於正商置業有酌情權可 要求即時還款，故該等款項已列作 流動負債。 17. 股本 Zensun Enterprises Limited 66 正商實 ...

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 會 就 因 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ZENSUN ENTERPRISES LIMITED 正商實業有限公司 （於 香 港 註 冊 成 立 之 有 限 公 司） （股 份 代 號：185） 截 至2023年6月30日止六個月 中期業績公佈 本期間財務摘要 • 本期間內收益約為人民幣5,914.1百 萬 元，較2022年增加約50.1%。 • 本期間內本公司擁有人應佔虧損約為人民幣374.5百 萬 元，較2022年本公 司擁有人應佔溢利約人民幣63.3百萬元減少約691.2%。 • 本期間內每股基本虧損為人民幣19.6分，而2022年則為每股基本盈利 人民幣3.3分。 正商實業有限公司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹此公佈本公司及其 附屬公司（統 稱「本 集 團」）截 至2023年6月30日止六 ...