五矿地产(00230.HK)：2025年上半年录得合约销售额约22.9亿元人民币，相应合约总楼面面积约13.8万 平方米，分别按年下降约28.4%及约16.9%。 ...

Group 1 - The State Administration for Market Regulation has drafted a notice regarding the update of old residential elevators, requiring that the safety performance indicators of new components must not be lower than those of the original elevators [1] - The notice encourages the simultaneous installation of reliable intelligent stopping systems for electric bicycles during the update of old elevators [1] Group 2 - Poly Developments announced the issuance of a medium-term note amounting to 2 billion yuan, with an interest rate of 2.52%, and the interest payment date set for May 30, 2025, amounting to 50.4 million yuan [2] - The bond has a term of 3 years, maintaining a total balance of 2 billion yuan [2] Group 3 - Minmetals Land announced the resignation of independent non-executive director Lin Zhonglin, effective after the annual general meeting on June 27, 2025, with Su Lumin appointed as the new independent non-executive director [3] - Su Lumin will also serve on the audit, remuneration, and nomination committees starting May 23, 2025 [3] Group 4 - Gindalbie Property announced that Executive Director Ling Ke will step down according to company rules, with Li Ronghui nominated for election as the new executive director at the upcoming annual general meeting [4] Group 5 - As of May 20, the total amount of special bonds proposed for the acquisition of idle land across the country exceeds 350 billion yuan, with nearly 3,000 parcels of land involved [5] - The total area of the land is over 133 million square meters, with a significant increase in the number of parcels publicized since March [5]

5月14日，五矿地产有限公司发布公告，宣布公司执行董事及董事会委员会成员发生变更。 公告显示，刘波先生因退休辞去执行董事、董事总经理、执行委员会及可持续发展委员会成员职务，该 辞任将于2025年5月15日生效。同时，戴鹏宇先生被委任为执行董事、董事总经理、执行委员会及可持 续发展委员会成员，其委任同样将于2025年5月15日生效 戴鹏宇先生，现年42岁，持有西安建筑科技大学管理学学士学位和复旦大学工商管理硕士学位。自2007 年加入五矿地产，先后出任公司华中、华东及华南地区公司高级管理层职位，现负责公司运营管理部及 营销管理部事务，于房地产企业管理、开发运营及营销方面拥有丰富经验。 背靠中国五矿集团，但五矿地产近年来的处境并不好过。五矿地产董事会主席何剑波在2024年报中坦 言，"今年公司首先要确保'活下去'"。 财报显示，2024年五矿地产实现收入98.83亿港元，同比下降21.8%。利润率方面，2024年五矿地产的毛 利率由上年的17.2%下降至6.1%，主要由于房地产发展业务结转的产品毛利率较去年低所致。年内净亏 损同比有所扩大至37.48亿港元，公司股权持有人应占亏损35.21亿港元，创下了五矿地产成 ...

Core Viewpoint - *ST Nanzhi reported significant declines in revenue and net profit for the period ending March 31, 2025, indicating severe financial distress and poor performance compared to peers in the industry [1][3]. Financial Performance - As of March 31, 2025, *ST Nanzhi's total operating revenue was 116 million yuan, ranking 75th among disclosed peers, a decrease of 77.68 million yuan or 40.08% year-on-year [1]. - The company's net profit attributable to shareholders was -463 million yuan, ranking 84th among peers, a decline of 725 million yuan or 276.50% year-on-year [1]. - Operating cash flow showed a net inflow of 77.61 million yuan, ranking 25th among peers, an increase of 894 million yuan compared to the same period last year [1]. Financial Ratios - The latest debt-to-asset ratio was 104.99%, ranking 91st among peers, an increase of 2.26 percentage points from the previous quarter and 14.93 percentage points year-on-year [3]. - The gross profit margin was -123.50%, ranking 91st among peers, a decrease of 106.83 percentage points from the previous quarter and 61.26 percentage points year-on-year [3]. - The diluted earnings per share were -0.27 yuan, ranking 86th among peers, a decrease of 0.42 yuan or 276.46% year-on-year [3]. - The total asset turnover ratio was 0.01 times, ranking 84th among peers, unchanged from the previous year but down 24.66% year-on-year [3]. - The inventory turnover ratio was 0.03 times, ranking 71st among peers, remaining stable year-on-year with a 6.83% increase compared to the previous year [3]. Shareholder Structure - The number of shareholders was 59,600, with the top ten shareholders holding 750 million shares, accounting for 43.25% of the total share capital [3]. - The largest shareholder, China Power Construction Real Estate Group Co., Ltd., held 22.43% of the shares [3].

Financial Performance - For the year ended December 31, 2024, Minmetals Land reported a revenue of HK$9,882,956,000, a decrease of 21.8% compared to HK$12,630,739,000 in 2022[23]. - The company recorded a loss for the year of HK$3,748,397,000, compared to a loss of HK$525,686,000 in 2022, indicating a significant deterioration in performance[23]. - The basic loss per share for equity holders was HK$0.48, a change of 246.7% from a loss of HK$1.05 in 2023[24]. - Core loss attributable to equity holders was HK$566,266,000, compared to a profit of HK$106,719,000 in 2023, highlighting ongoing challenges in profitability[23]. - In 2024, the Group's consolidated revenue decreased by 21.8% year-on-year to HK$9,883 million[75]. - The net loss for the year widened to HK$3,748 million, compared to HK$526 million in 2023[75]. - Loss attributable to equity holders of the Company was HK$3,521 million, up from HK$1,016 million in 2023[75]. - The core loss attributable to equity holders of the Company was HK$566 million, compared to HK$44 million in 2023[75]. - Revenue for 2024 amounted to HK$9,883 million, representing a year-on-year decrease of 21.8% from HK$12,631 million in 2023[116]. - Revenue from real estate development decreased by 20.1% to HK$9,832 million, accounting for 99.5% of the Group's total revenue[119]. Assets and Liabilities - The total assets as of December 31, 2024, were HK$41,030,920,000, down from HK$53,575,153,000 in 2022, reflecting a decline of 23.4%[23]. - Total liabilities decreased to HK$31,773,951 in 2024, down 19% from HK$39,227,508 in 2023[27]. - The equity attributable to equity holders of the Company fell to HK$1,608,836 in 2024, a decrease of 69.6% from HK$5,287,069 in 2023[27]. - The Group's total developable GFA (Land Bank) as of December 31, 2024, was 5,761,000 square meters, with first-tier cities accounting for 30.2% of the total[112]. - As of December 31, 2024, the Group's total assets decreased by 23.4% to HK$41,031 million (2023: HK$53,575 million)[147]. - The total number of staff decreased by 7.0% to 1,017 as of December 31, 2024, compared to 1,094 in 2023[168]. Debt and Financing - The net debt stood at HK$19,802 million, a slight increase of 5.2% from HK$18,817 million in 2023[24]. - The net gearing ratio improved to 138.0% from 203.3% in the previous year, showing a positive trend in financial leverage management[24]. - The Group's total borrowings amounted to HK$21.683 billion, a decrease from HK$23.317 billion in 2023[156]. - The maturity profile of borrowings shows that 75.2% (HK$16.295 billion) is due within one year, compared to 65.3% (HK$15.223 billion) in 2023[156]. - The currency profile indicates that 48.5% (HK$10.521 billion) of borrowings are in Renminbi, up from 31.6% (HK$7.359 billion) in 2023[157]. - Finance costs recognized in profit or loss for the year amounted to HK$535 million, an increase from HK$477 million in 2023[159]. - The Group is in the process of obtaining waivers for non-compliance with financial covenants on borrowings amounting to HK$9.878 billion, which has caused cross defaults on an additional HK$1.762 billion[158]. Real Estate Development - The company is focusing on expanding its real estate development business across key regions including the Pan Bohai Rim and the Pearl River Delta[7]. - The Group's interest in the Neo-Metropolis project is 49%, with an expected completion date in Q4 2031[38]. - The Group's interest in the Academic Royale project is 100%, and it has been completed[38]. - The Group's land bank totals 5,761,000 sq.m. across various regions, with the Pan Bohai Rim accounting for 35.7%[32]. - The contracted sales decreased by 37.9% year-on-year to RMB7.02 billion, with the gross floor area contracted for sale decreasing by 24.1% year-on-year to 421,000 square meters[100]. - The Group aims to enhance its real estate development business and expand its property management business as part of its strategic transformation[84]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has established a governance structure to oversee its affairs[173]. - The Board of Directors consists of nine members, ensuring compliance with the Listing Rules regarding independent directors[184]. - All independent non-executive directors confirmed their independence, and the company considers them to be independent[185]. - The company has complied with the requirement to have at least three independent non-executive directors, representing at least one-third of the Board[184]. - The Company held a total of four Board meetings and two general meetings during the year, with all Directors attending 100% of the Board meetings[196]. - The Company has established mechanisms to ensure independent views are available to the Board, which are reviewed annually for effectiveness[192]. - All Directors participated in continuous professional development, receiving training on corporate governance and regulatory obligations[199]. Market Outlook - The property market in China is expected to stabilize and rebound in 2025, supported by accommodative policies[78]. - The market is projected to improve due to enhanced policies, despite ongoing oversupply and high inventory levels[78]. - The real estate industry is in a difficult stage after four years of correction, with recovery expected to take longer[75]. - The overall market remains uncertain, with signs of stabilization in some cities but still facing challenges[98].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 9,882,956,000, a decrease of 21.8% compared to HKD 12,630,739,000 in 2023[2] - The gross profit for the year was HKD 605,302,000, down 72.1% from HKD 2,172,568,000 in the previous year[2] - The net loss attributable to shareholders for the year was HKD 3,520,690,000, compared to a loss of HKD 1,015,518,000 in 2023, representing a significant increase in losses[2] - Total segment revenue for real estate development decreased to HKD 9,832,285 thousand in 2024 from HKD 12,307,637 thousand in 2023, representing a decline of approximately 20.0%[21] - The segment performance for real estate development showed a loss of HKD 2,040,133 thousand in 2024 compared to a profit of HKD 864,377 thousand in 2023[21] - The group reported a pre-tax loss of HKD 3,706,574 thousand in 2024, compared to a profit of HKD 123,563 thousand in 2023[21] - The group’s financial income increased to HKD 217,336 thousand in 2024 from HKD 184,386 thousand in 2023, marking an increase of approximately 17.9%[21] - The group’s financial costs rose to HKD 534,689 thousand in 2024 from HKD 477,416 thousand in 2023, representing an increase of about 12.0%[21] - The group’s share of results from associates showed a loss of HKD 823,337 thousand in 2024, compared to a loss of HKD 209,869 thousand in 2023[21] - The group’s share of results from joint ventures increased to HKD 59,678 thousand in 2024 from HKD 33,889 thousand in 2023, reflecting an increase of approximately 76.2%[21] - The company did not recommend any dividend for the year ending December 31, 2024[32] - The company reported a comprehensive income of HKD 9.883 billion for the year 2024, a decrease of 21.8% year-on-year[40] - The core loss attributable to equity holders was approximately HKD 566 million, with a net loss of about HKD 3.521 billion for the year, compared to HKD 1.016 billion in 2023[40][42] Assets and Liabilities - Total assets decreased to HKD 41,030,920,000 from HKD 53,575,153,000, reflecting a decline of 23.4%[4] - The company's current assets net value was HKD 9,608,337,000, down from HKD 16,385,449,000 in 2023[4] - The total liabilities decreased to HKD 31,773,951,000 from HKD 39,227,508,000, indicating a reduction of 19%[4] - The total non-current assets decreased to HKD 4,812,383,000 in 2024 from HKD 5,846,595,000 in 2023[26] - The group has cash and bank deposits of HKD 28.22 billion as of December 31, 2024, down from HKD 34.11 billion in the previous year[68] - The total borrowings as of December 31, 2024, amount to HKD 21.683 billion, down from HKD 23.317 billion in 2023, with ongoing efforts to optimize the financing structure[65] - As of December 31, 2024, the group's total borrowings amounted to HKD 21.68 billion, a decrease from HKD 23.32 billion as of December 31, 2023[66] - The group has unutilized bank financing of HKD 40.89 billion as of December 31, 2024, compared to HKD 69.96 billion in 2023[68] - The group has provided guarantees to banks for mortgage financing amounting to HKD 46.81 billion as of December 31, 2024, down from HKD 70.51 billion in 2023[72] - The total number of employees decreased by 7.0% to 1,017 as of December 31, 2024, from 1,094 in 2023[73] - The group has pledged assets with a book value of HKD 42.65 billion as collateral for bank credit as of December 31, 2024, down from HKD 135.15 billion in 2023[71] Impairments and Provisions - The company recorded an impairment provision for inventories of HKD 1,741,066,000, which is a substantial increase from HKD 503,034,000 in the prior year[2] - The group recorded a fair value loss of HKD 1.87 billion on investment properties, attributed to weak demand for office and retail spaces[54] - The fair value change of investment properties showed a positive adjustment of HKD 187,044,000 in 2024, compared to a negative adjustment of HKD (2,284,000) in 2023[24] Financial Reporting Standards - The group adopted revised Hong Kong Financial Reporting Standards for the first time this year, including HKFRS 16 regarding lease liabilities from sale and leaseback transactions, which had no impact on the group's financial position or performance[9] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, ensuring that the classification remains unchanged after the initial application of the amendments[10] - The group is currently analyzing the impact of HKFRS 18 on the presentation and disclosure of its financial statements, which introduces new requirements for the classification of income and expenses[13] - The amendments to HKFRS 9 and HKFRS 7 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy choice for derecognition of financial liabilities settled through electronic payment systems[16] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, planning to adopt them when applicable[11] - The amendments to HKFRS 19 allow qualifying entities to apply reduced disclosure requirements, but the company does not qualify as it is a listed entity[14] - The group reassessed the terms and conditions of liabilities as of January 1, 2023, and January 1, 2024, confirming that the classification of liabilities remains unchanged[9] - The revised HKFRS 7 and HKFRS 9 include additional disclosures regarding financial assets with environmental, social, and governance characteristics, which the group anticipates will not have a significant impact on its financial statements[16] - The group is evaluating the implications of the new standards on its financial reporting and compliance processes[13] - The amendments to HKAS 7 and HKFRS 7 regarding supplier financing arrangements require additional disclosures to help users understand the impact on liabilities and cash flow risks[9] Market Conditions and Strategy - The company focused on cash flow management and risk control amid a challenging real estate market[40] - The company aims to enhance its competitive edge by optimizing management processes and expanding into public works projects[45] - The real estate market in China is still facing uncertainties, with the overall market possibly in a bottoming phase[41] - The company’s sales in the Bohai Rim region amounted to RMB 2.359 billion, a significant decrease from RMB 3.955 billion in 2023[44] - Contract sales for the year 2024 decreased by 37.9% to RMB 7.02 billion, with a total floor area sold down 24.1% to 421,000 square meters[43] - The rental rate for LKF29 dropped by 16.5% to 75.3% in 2024, while the rental rate for China Minmetals Tower decreased by 5.0% to 86.9%[46] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and recommended their approval to the board[80] - Ernst & Young has verified the consolidated financial statements, ensuring consistency with the audited financial reports for the year[81] - The company has established a set of guidelines for securities trading by directors and relevant employees, ensuring compliance with the standards set forth in the listing rules[79] - The annual report for 2024, including the corporate governance report and consolidated financial statements, will be published on the company's website and the Hong Kong Stock Exchange website[84]

中國五礦 五礦地產 MINMETALS LAND 五礦地產有限公司 MINMETALS LAND LIMITED (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號：230 119911199 2024 Interim Report ABOUT MINMETALS LAND 關於五礦地產 Minmetals Land Limited is a subsidiary and the sole listed real estate flagship of China Minmetals Corporation in Hong Kong. Minmetals Land Limited's principal business includes real estate development, specialised construction and property investment. Currently, its real estate development business covers the ...

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 5,023,251, a decrease of 39.5% compared to HKD 8,343,105 for the same period in 2023[1] - The gross profit for the same period was HKD 375,193, down 79.2% from HKD 1,803,024 in the previous year[1] - The company recorded a loss attributable to equity holders of HKD 1,044,489, compared to a profit of HKD 111,693 in the prior year[1] - Total comprehensive expenses for the period amounted to HKD 1,170,431, significantly higher than HKD 362,907 in the previous year[2] - The group recorded a net loss of approximately HKD 1.05 billion for the six months ending June 30, 2024[6] - The company reported a loss before tax of HKD 1,012,851,000 for the first half of 2024, compared to a profit of HKD 1,030,800,000 in the same period of 2023[12] - The company reported a core loss attributable to equity holders of HKD 159 million for the first half of 2024, compared to a profit of HKD 398 million in the same period of 2023[29] - The net loss for the period is HKD 1.050 billion, compared to a profit of HKD 0.593 billion in the previous year[49] Revenue Breakdown - Revenue from customer contracts amounted to HKD 4,997.33 million, a decrease of 39.5% compared to HKD 8,319.89 million for the same period in 2023[9] - Revenue from property sales was HKD 4,781.45 million, contributing significantly to the total revenue from customer contracts[9] - Total segment revenue for the first half of 2024 was HKD 5,025,479,000, a decrease of 39.5% compared to HKD 8,346,424,000 in the same period of 2023[13] - Revenue from real estate development decreased by 38.9% to HKD 4.997 billion, accounting for 99.5% of total revenue[39] Assets and Liabilities - Non-current assets decreased to HKD 6,177,080 from HKD 6,492,438 as of December 31, 2023, reflecting a decline of 4.8%[4] - Current assets also decreased to HKD 41,441,381 from HKD 47,082,715, a drop of 12.0%[4] - Total liabilities decreased to HKD 35,345,330 from HKD 39,227,508, indicating a reduction of 9.7%[4] - The company's equity attributable to equity holders decreased to HKD 4,210,380 from HKD 5,287,069, a decline of 20.4%[4] - Total assets decreased from HKD 53,575,153,000 as of December 31, 2023, to HKD 47,618,461,000 as of June 30, 2024[14] - Total liabilities also decreased from HKD 39,227,508,000 as of December 31, 2023, to HKD 35,345,330,000 as of June 30, 2024[14] - The company's total trade receivables as of June 30, 2024, were HKD 204,120,000, down from HKD 227,983,000 as of December 31, 2023[23] Cash Flow and Financing - The company’s cash and bank deposits decreased to HKD 2,959,230 from HKD 3,410,744, a decrease of 13.2%[4] - Cash and cash equivalents stood at HKD 2.959 billion as of June 30, 2024[6] - The group’s current assets net value was HKD 13.233 billion, while the current portion of interest-bearing bank and other borrowings was HKD 15.466 billion[6] - As of June 30, 2024, the company had a total bank borrowings of HKD 22.179 billion, with non-current borrowings amounting to HKD 6.713 billion and current borrowings amounting to HKD 15.466 billion[24] - The company has not received any loan repayment notices as of the report date, despite having HKD 10.235 billion in bank borrowings classified as current liabilities due to unmet financial covenants[25] - The company has a total of HKD 20.32 billion in cross-default borrowings due to unmet financial covenants[54] - The company issued a two-year club loan agreement of HKD 2.6 billion in January 2024 for refinancing existing borrowings[53] Market Conditions and Strategy - The primary business focus remains on real estate development, professional construction, and property investment in the People's Republic of China[5] - The overall real estate market in China saw a 12.5% year-on-year decline in sales amounting to RMB 471.33 billion for the first half of 2024, with a 19.0% decrease in sales area[30] - The company is actively seeking development opportunities while maintaining good relationships with local developers, despite adopting a conservative bidding strategy[32] Inventory and Impairment - The company reported a significant increase in inventory impairment provision to HKD 278,557,000 for the first half of 2024, compared to HKD 192,274,000 in the same period of 2023[17] - The company recorded an impairment provision of HKD 0.279 billion for inventory due to price declines in the real estate market[44] Corporate Governance - The audit committee has reviewed the unaudited interim consolidated financial statements for the six months ending June 30, 2024, which were also reviewed by the independent auditor, Ernst & Young[64] - The board of directors consists of nine members, including the chairman and executive director, Mr. He Jianbo, and other executive and non-executive directors[66]

Financial Performance - For the year ended December 31, 2023, the revenue was HK$12,630,739,000, an increase of 25.5% compared to HK$10,064,529,000 in 2022[15] - The basic loss per share attributable to equity holders of the Company was HK(30.34) cents, a decrease of 25.5% from HK(40.71) cents in 2022[15] - The core loss attributable to equity holders of the Company for the year was HK$43,566,000, compared to a profit of HK$106,719,000 in 2022[15] - Operating profit for 2023 was HK$592,573, a significant recovery from an operating loss of HK$414,827 in 2022[20] - The profit before tax for 2023 was HK$123,563, compared to a loss before tax of HK$1,022,757 in 2022[20] - The net loss for the year decreased by 61.3% to HK$526 million, compared to HK$1,360 million in 2022[57] - Loss attributable to equity holders of the Company decreased by 25.4% to HK$1,016 million, down from HK$1,362 million in 2022[57] Assets and Liabilities - Total assets as of December 31, 2023, were HK$525,686,000, a decrease from HK$1,360,224,000 in 2022[15] - The total assets decreased to HK$53,575,153 in 2023 from HK$67,387,025 in 2022, representing a decline of 20.5%[20] - Non-current liabilities decreased to HK$8,530,242 in 2023 from HK$17,753,100 in 2022, a reduction of 52.0%[20] - The total equity decreased to HK$14,347,645 in 2023 from HK$16,812,098 in 2022, a decline of 14.6%[20] - The Group's total borrowings amounted to HK$23,317 million (2022: HK$24,309 million), with a weighted average borrowing cost increase of 0.9 percentage points to 5.0% (2022: 4.1%) due to loan repayments[155] Debt and Financing - Net debt increased by 24.7% to HK$19,802 million from HK$15,883 million in 2022[15] - The net gearing ratio rose to 138.0% in 2023, up from 94.5% in 2022, reflecting a 43.5% increase[15] - The Group secured an offshore three-year club loan of HK$970 million and a one-year revolving loan facility of RMB 1 billion to safeguard financial stability[69] - The Group successfully issued RMB 1.2 billion of unguaranteed bonds to optimize its debt structure[69] - The Group's finance costs increased to HK$477,416 in 2023 from HK$138,144 in 2022, marking a rise of 245.5%[20] Real Estate Development - The Company is focused on expanding its real estate development business across key regions including the Pan Bohai Rim and the Yangtze River Delta[5] - The Group's land bank totals 6,667,000 sq.m., with the Pan Bohai Rim region accounting for 32.7% of this total[24] - Contracted sales for the year reached RMB11.30 billion, with a gross profit margin increase of 5.6 percentage points year-on-year[62] - Revenue from the real estate development business increased by 24.6% year-on-year to HK$12,308 million, accounting for 97.4% of the Group's total revenue[116] - The gross profit margin for the real estate development business rose by 5.6 percentage points to 17.5% in 2023, compared to 11.9% in 2022[116] Project Developments - The expected construction completion date for the Neo-Metropolis project in Tianjin is set for Q2 2030[29] - The company has completed several residential projects, including Academic Royale with a construction floor area of approximately 482,000 square meters and a site area of about 136,000 square meters[31] - The LOHAS International Community project has a significant construction floor area of approximately 1,084,000 square meters, completed with 100% interest[36] - The Changsha Minmetals Plaza project adopted over 30 energy-saving measures, achieving an annual carbon reduction of 1,307 tons[74] Corporate Governance - The company has established a corporate governance framework to guide, strategize, monitor performance, and manage risks[180] - The board consists of nine members, ensuring compliance with the requirement of having at least three Independent Non-executive Directors[188] - The company has mechanisms in place for directors to seek independent professional advice at the company's expense[198] - The company emphasizes high-quality and reliable products and services through innovation and sustainable development[182] - The company acknowledges the collective and individual responsibilities of directors to act in the best interests of the company[191]

Financial Performance - The total revenue for the year ended December 31, 2023, was not explicitly stated in the provided documents, but the overall financial performance indicates a challenging year for the group[9]. - The group's revenue for 2023 was HKD 12,630,739, compared to HKD 10,064,529 in 2022, reflecting an increase of approximately 25.5%[37]. - The total revenue from external customers reached HKD 12,630,739, an increase from HKD 10,064,529, reflecting a growth of about 25.5%[51]. - The group's consolidated revenue increased by 24.6% year-on-year to HKD 12.308 billion, primarily driven by property development projects in the Pearl River Delta region[104]. - Revenue from customer contracts for 2023 was HKD 12,579,543,000, up from HKD 10,022,500,000 in 2022[77]. - Revenue from real estate development was HKD 12.308 billion, accounting for 97.4% of total revenue, with a year-on-year increase of 24.6%[123]. - Revenue from professional construction rose by 83.8% to HKD 272 million, representing 2.2% of total revenue[123]. - Property investment revenue increased by 21.4% to HKD 51 million, maintaining a 0.4% share of total revenue[125]. Assets and Liabilities - The total assets of the group as of December 31, 2023, amounted to HKD 53,575,153, a decrease from HKD 67,387,025 in 2022, representing a decline of approximately 20.5%[11]. - The group's total liabilities decreased from HKD 50,574,927 in 2022 to HKD 39,227,508 in 2023, a reduction of approximately 22.4%[11]. - The group's cash and cash equivalents decreased from HKD 7,701,361 in 2022 to HKD 3,410,744 in 2023, representing a decrease of about 55.7%[11]. - The total non-current assets amounted to HKD 5.847 billion, a decrease from HKD 6.048 billion in the previous year[56]. - The group's total assets decreased by 20.5% to HKD 53.575 billion, down from HKD 67.387 billion in 2022[135]. - The total number of employees decreased by 9.7% to 1,094 as of December 31, 2023, from 1,211 in 2022[162]. Equity and Losses - The total equity attributable to the company's shareholders decreased to HKD 5,287,069 in 2023 from HKD 6,819,529 in 2022, reflecting a reduction of about 22.5%[11]. - The net loss attributable to equity holders for 2023 was HKD 1,015,518, an improvement from a loss of HKD 1,362,468 in 2022[38]. - The total comprehensive loss for 2023 was HKD 1,178,946, down from HKD 4,280,640 in 2022, indicating a significant reduction in overall losses[38]. - The group reported a loss attributable to equity holders of HKD 1,015,518,000 for 2023, an improvement from a loss of HKD 1,362,468,000 in 2022[82]. - Net assets fell by 14.7% to HKD 14.348 billion, primarily due to dividend distributions of HKD 1.199 billion to non-controlling shareholders and a loss attributable to equity holders of HKD 1.016 billion[135]. Financial Costs and Income - The group's financial income for the year was HKD 184,386, compared to HKD 178,863 in the previous year, showing a slight increase[51]. - The group’s financial costs increased to HKD 477,416 from HKD 138,144, indicating a rise in financing expenses[51]. - Financial costs rose by 245.7% to HKD 477 million, attributed to increased financing costs and a decrease in the interest capitalization rate[131]. - The average borrowing cost increased by 0.9 percentage points to 5.0%[138]. Market and Operational Insights - The group continues to operate primarily in the real estate development and investment sector within the People's Republic of China[5]. - The real estate market remains weak despite government policies, with sales showing a fluctuating trend and insufficient recovery momentum[70]. - The company aims to strengthen its operational and management capabilities to ensure safe and healthy development amid a challenging real estate market[90]. - The group successfully leased most vacant units in commercial buildings, benefiting from the reopening of borders between Hong Kong and mainland China[125]. Capital Expenditure and Investments - The company recorded a capital expenditure of HKD 96.372 million, significantly up from HKD 12.637 million in the previous year[60]. - The group has pledged assets worth HKD 2.72 billion as collateral for bank credit and mortgage financing as of December 31, 2023[162]. Debt Management - As of December 31, 2023, the group's debt-to-asset ratio was 73.2%, down from 75.1% in 2022[155]. - The net debt-to-equity ratio increased to 138.0% in 2023, compared to 94.5% in 2022[155]. - Total borrowings as of December 31, 2023, amounted to HKD 23.317 billion, with 65.3% due within one year[158]. - 27.6% of the group's borrowings were at fixed interest rates as of December 31, 2023, compared to 23.0% in 2022[160]. - The group signed a HKD 970 million three-year club loan agreement and a CNY 1 billion one-year revolving loan agreement in 2023 for refinancing and working capital[157]. Accounting and Reporting - The group is currently evaluating the impact of recent accounting standard revisions, which are not expected to have a significant effect on financial statements[22]. - The revisions to Hong Kong Financial Reporting Standards are expected to have no significant impact on the group's financial statements[45]. - The annual report for the year ending December 31, 2023, will be published on the company's website and the Hong Kong Stock Exchange[174].