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].

Financial Performance - The Group's net profit increased 10.9 times to HK$593 million as of June 30, 2023, compared to HK$50 million in the same period last year[1]. - The attributable profit to equity holders rose by 24.4% to HK$112 million, driven by increased revenue from real estate development[1]. - For the six months ended June 30, 2023, the revenue was HK$ 5,600,541,000, representing a significant increase compared to previous years[50]. - The profit for the period was HK$ 593,139,000, a substantial rise from HK$ 50,152,000 in 2022[67]. - Revenue for the six months ended June 30, 2023, increased by 32.8% to HK$8,343 million compared to HK$6,283 million in 2022[69]. - Profit attributable to equity holders rose by 24.4% to HK$112 million from HK$90 million in the previous year[69]. - Basic earnings per share for 2023 reached 24.32 HK cents, a notable increase from 1.62 HK cents in 2021[50]. - The Group's consolidated revenue for the first half of 2023 was HK$8,343 million, an increase of 32.8% compared to HK$6,283 million in the same period last year[156]. Assets and Liabilities - The Group's total assets decreased by 11.6% to HK$59.551 billion, primarily due to the depreciation of the Renminbi[2]. - The net gearing ratio increased by 17.6 percentage points to 112.1%, attributed to higher borrowings and a decline in cash position[4]. - Total borrowings rose to HK$25.706 billion as of June 30, 2023, from HK$24.309 billion at the end of 2022, mainly due to RMB bonds and construction loans[6]. - The Group's net debt-to-equity ratio rose by 17.6 percentage points to 112.1% as of June 30, 2023, compared to 94.5% as of December 31, 2022, primarily due to increased borrowings and decreased cash[34]. - The Group's liquidity position included cash and bank deposits of HK$7.034 billion as of June 30, 2023, down from HK$7.701 billion as of December 31, 2022[39]. - The Group's asset-liability ratio was 72.5% as of June 30, 2023, down from 75.1% as of December 31, 2022, while the adjusted asset-liability ratio was 68.8%[34]. Operational Efficiency - The total remuneration and benefits for Directors and staff decreased to HK$187 million for the six months ended June 30, 2023, from HK$218 million in the same period last year[24]. - The total number of staff decreased by 8.9% to 1,075 as of June 30, 2023, compared to 1,180 a year earlier[24]. - The Group's administrative and other expenses decreased by 18.3% to HK$232 million, reflecting strict control over administrative costs[170]. - The Group plans to enhance its core competitiveness by focusing on premium products and accelerating sales and inventory destocking in response to market conditions[155]. Real Estate Development - The company has completed construction on several residential projects, including Platinum Bay and Enchanté Cove, with site areas of approximately 396,000 square meters and 68,000 square meters respectively[54][57]. - The expected completion date for the Harrow Town project is in Q3 2025, with a site area of approximately 550,000 square meters[54]. - The Changsha Wanjing Yayuan project is expected to be completed in Q4 2025, covering a site area of approximately 137,000 square meters[58]. - The Group's land bank totals 7,429,000 square meters, with the Pan Bohai Rim region accounting for 33.4% of the total[72]. - The Group's projects are strategically located across key regions, including the Pan Bohai Rim and the Yangtze River Delta, enhancing market presence[72]. Market Conditions - The overall Chinese real estate market showed an upswing followed by a downturn in the first half of 2023[120]. - Homebuyer sentiment declined in the second quarter after an initial recovery in the first quarter[120]. - The national real estate market remains under significant pressure from overhaul[120]. - The recovery of the market lost momentum as pent-up demand was largely unleashed[120]. - In the first half of 2023, national commercial housing sales in China reached RMB 6,309.2 billion, reflecting a year-on-year growth of 1.1%[125]. - National property investment fell by 7.9% year-on-year to RMB 5,855.0 billion from January to June 2023[125]. Financial Strategy - The Group entered into a 3-year club loan agreement of HK$970 million in February 2023 to refinance existing borrowings[33]. - The Group plans to adopt a prudent operating strategy and accelerate sales to enhance cash flow and ensure financial stability amid ongoing market challenges[184]. - The Group did not undertake new projects during the period but maintained good relationships with local developers to seek development opportunities[178].

Financial Performance - The company's revenue for the first half of 2023 was HKD 8.343 billion, an increase of 32.8% compared to HKD 6.283 billion in the same period last year[24]. - Net profit for the period was HKD 593 million, a significant increase of 10.9 times year-on-year[11]. - Contract sales for the first half of 2023 reached RMB 7.06 billion, up 7.1% from RMB 6.59 billion in the same period last year[15]. - The group's total revenue increased by 32.8% year-on-year to HKD 8.34 billion, with real estate development contributing HKD 8.185 billion, accounting for 98.1% of total revenue[25]. - Professional construction revenue rose by 73.1% year-on-year to HKD 135 million, representing 1.6% of total revenue, driven by increased completion rates of ongoing projects[26]. - The overall gross profit margin improved from 13.5% to 21.6%, attributed to higher margins in real estate development and a turnaround in professional construction[27]. - The company's property investment revenue increased by 9.5% to HKD 23 million, with a gross profit margin of 70.2%[19]. - The company reported a profit before tax of HKD 1,030,800 for the six months ended June 30, 2023, compared to HKD 270,937 for the same period in 2022, indicating a significant increase[90]. - The net finance costs for the six months ended June 30, 2023, were HKD 245,355, compared to HKD 63,987 in the same period of 2022, reflecting an increase in financial expenses[90]. - The company reported a net profit of HKD 437,661,000 for the six months ended June 30, 2023, compared to HKD 220,785,000 in the same period last year, marking an increase of 98%[1]. Assets and Liabilities - Total assets decreased by 11.6% to HKD 59.551 billion, largely due to the depreciation of the Renminbi affecting the value of assets denominated in that currency[40]. - Total liabilities decreased to HKD 43,186,040,000 from HKD 50,574,927,000, reflecting a reduction of about 15%[1]. - The total borrowings increased to HKD 25.706 billion, with a rise in the weighted average borrowing cost to 5.0%[43]. - As of June 30, 2023, the total borrowings amounted to HKD 25,706 million, an increase from HKD 24,309 million as of December 31, 2022[44]. - The total non-current borrowings decreased to HKD 13,045,602 thousand as of June 30, 2023, down from HKD 17,176,328 thousand as of December 31, 2022, a reduction of approximately 24.0%[121]. - The company's current borrowings increased to HKD 12,660,232 thousand as of June 30, 2023, compared to HKD 7,132,439 thousand as of December 31, 2022, an increase of approximately 77.5%[121]. Operational Highlights - The company plans to continue its transformation into a "city operator" and enhance its core competitiveness amid ongoing market adjustments[22]. - The overall real estate market in China showed a slight recovery, with a 1.1% year-on-year increase in sales value for the first half of 2023[12]. - The company operates primarily in the real estate development and investment sector, with the People's Republic of China as its main market[72]. - The company has ongoing projects in Hong Kong, including significant landmarks such as the West Kowloon Palace Museum and Ocean Park Water World, indicating a focus on market expansion[131]. - The company is actively catching up on project progress that was delayed due to the pandemic, reflecting a strategic response to market conditions[132]. Employee and Remuneration - The total number of employees decreased by 8.9% to 1,075 as of June 30, 2023, from 1,180 a year earlier[53]. - The total remuneration and benefits for directors and employees amounted to HKD 187 million, down from HKD 218 million for the same period last year[53]. Financial Management - Financial costs surged by 282.8% year-on-year to HKD 245 million, primarily due to rising financing costs and a decrease in the interest capitalization ratio[36]. - The deferred income amounted to HKD 254.228 million, down from HKD 271.363 million as of December 31, 2022[8]. - The company has implemented measures to mitigate foreign exchange risks, including adjusting the proportion of foreign currency borrowings and using hedging tools[47]. - The company provided guarantees for mortgage financing amounting to HKD 7,990 million as of June 30, 2023, down from HKD 8,919 million as of December 31, 2022[52]. Revenue Breakdown - Revenue from customer contracts for the six months ended June 30, 2023, was HKD 8,319,895, an increase of 32.5% compared to HKD 6,261,579 for the same period in 2022[78]. - Revenue from property sales amounted to HKD 7,939,111 for the six months ended June 30, 2023, compared to HKD 5,977,052 for the same period in 2022, reflecting a growth of 32.8%[84][86]. - Management services contributed HKD 246,042 to revenue for the six months ended June 30, 2023, compared to HKD 206,832 for the same period in 2022, marking an increase of 18.9%[84][86]. - The total revenue from investment properties for the six months ended June 30, 2023, was HKD 23,210, slightly up from HKD 21,631 in the same period of 2022[78].

Financial Performance - For the year ended December 31, 2022, revenue decreased to HK$10,064.5 million, down 21.9% from HK$12,885.6 million in 2021[18]. - The company reported a loss for the year of HK$1,360.2 million, compared to a profit of HK$631.8 million in 2021[18]. - Basic loss per share for 2022 was HK(40.71) cents, a significant decline from earnings of HK$2.67 cents per share in 2021[18]. - Core profit attributable to equity holders of the company was HK$106.7 million, down from HK$356.4 million in 2021[18]. - The net loss for the year was HK$1.36 billion, compared to a net profit of HK$0.632 billion in 2021[76]. - Loss attributable to equity holders of the Company amounted to HK$1,362 million, a significant decline from a profit of HK$89 million in 2021[74]. - The gross profit margin for the real estate development business decreased by 6.6 percentage points to 11.9% in 2022, compared to 18.5% in 2021, attributed to a higher proportion of lower-margin projects being recognized[112]. - The overall gross profit margin decreased from 18.5% to 10.5%, attributed to lower gross profit projects in real estate development and losses in professional construction[167]. Assets and Liabilities - Total assets as of December 31, 2022, were HK$67,387.0 million, a decrease from HK$77,173.2 million in 2021[18]. - The company's total equity fell to HK$16,812,098 in 2022, down from HK$23,117,911 in 2021, representing a decrease of 27.4%[25]. - Total borrowings of the Group increased to HK$24,309 million as of 31 December 2022, up from HK$21,017 million in 2021, primarily due to loans from non-controlling shareholders and corporate loans[192]. - The debt-to-asset ratio rose to 75.1% in 2022 from 70.0% in 2021, an increase of 5.1 percentage points, mainly due to the repayment of HK$2.448 billion in perpetual capital instruments and increased borrowings[193]. - The net debt-to-equity ratio surged to 94.5% in 2022, compared to 38.9% in 2021[193]. - The Group's cash and bank deposits, excluding restricted amounts, decreased to HK$7,701 million in 2022 from HK$10,956 million in 2021[199]. Market Conditions - The overall property sales volume in China decreased by 26.7% year-on-year to RMB 13.3 trillion, marking a six-year low[79]. - New home sales in 100 major cities declined by nearly 40% year-on-year, the lowest level since 2015[79]. - The real estate market is expected to face continued downward pressure in 2023 due to reduced land transaction volumes and capital constraints on companies[97]. Strategic Focus - The company is focusing on expanding its real estate development business across key regions including the Pan Bohai Rim and the Pearl River Delta[5]. - Future strategies include enhancing property investment and specialized construction services to improve overall performance[5]. - The Group plans to focus on high-quality development and cash flow management while transforming into an urban operator[98]. - The Group's property management business is set to expand, enhancing operational capabilities in commercial properties[98]. Project Developments - The land bank includes 7,819,000 square meters of total land, with the Pan Bohai Rim region accounting for 33.4% of the total[29]. - The company has a 51% interest in the Fortune Garden project in Beijing, which has a construction floor area of approximately 414,000 square meters[30]. - The Beijing Chao Yang One project is expected to complete construction in Q2 2024, with a site area of approximately 49,000 square meters[31]. - The Group's interest in the Chengdu Xindu Lanyue Xian Huayuan project is 51%, with an expected construction completion date in Q3 2024[59]. - The Hallstatt See project has a site area of approximately 918,000 square meters and a construction floor area of approximately 1,549,000 square meters, with a 100% interest held by the Group[61]. Awards and Recognition - The company received multiple awards in 2022, including the Quality Water Supply Scheme for Buildings (Gold) and the Honorable Managed Property Award[24]. - The "Aesthetics Experience Centre" of the Guangzhou River Skyline project won the Platinum Cultural Award at the 2022 TITAN Property Awards, reflecting the company's high-quality principles and cultural integration[141]. - The Group received 32 national and international design awards for 15 projects in 2022, enhancing its market reputation[145]. Financial Management - The Group successfully raised a four-year HK$3.5 billion offshore club loan and a three-year RMB 800 million onshore corporate bond, ensuring financial stability[93]. - The Group maintained a stable cash flow and optimized its assets-liabilities structure, remaining in the "green" status of the "three red lines" despite industry challenges[95]. - The Group's selling and marketing expenses decreased by 15.6% to HK$395 million, primarily due to a decline in revenue from real estate development and contracted sales[165]. - Administrative and other expenses fell by 16.3% to HK$582 million, mainly due to stringent control over administrative costs[166].

Financial Performance - For the year ended December 31, 2022, the company reported total revenue of HKD 10,064,529 thousand, a decrease of 21.9% from HKD 12,885,638 thousand in 2021[3] - The gross profit for the year was HKD 1,053,314 thousand, down 55.8% compared to HKD 2,385,473 thousand in the previous year[3] - The company recorded a loss before tax of HKD 1,022,757 thousand, contrasting with a profit before tax of HKD 1,063,934 thousand in 2021[3] - The net loss attributable to equity holders for the year was HKD 1,360,224 thousand, compared to a profit of HKD 631,807 thousand in the prior year[3] - Basic and diluted loss per share for the year was HKD (40.71), compared to earnings per share of HKD 2.67 in 2021[3] - The company reported a significant decrease in external sales from HKD 12,885,638 in 2021 to HKD 10,064,529 in 2022, representing a decline of about 22%[31] - The company reported a loss attributable to equity holders of HKD (1,362,468) for 2022, compared to a profit of HKD 89,209 in 2021[58] - The total comprehensive loss for the year was HKD 4,280,640, significantly down from HKD 1,365,336 in the previous year[88] - The company's total revenue for the year 2022 was HKD 10.065 billion, a decrease of 21.9% compared to HKD 12.886 billion in 2021[136] - Revenue from real estate development decreased by 21.1% to HKD 9.875 billion, accounting for 98.1% of total revenue, primarily due to project delays caused by the pandemic[140] - The company's gross profit margin decreased from 18.5% to 10.5%, attributed to lower-margin projects being recognized and losses in the professional construction business[150] Expenses and Liabilities - The company incurred selling and marketing expenses of HKD 394,500 thousand, compared to HKD 468,420 thousand in 2021, reflecting a decrease of 15.8%[3] - Administrative and other expenses were HKD 582,408 thousand, down from HKD 695,485 thousand in the previous year, indicating a reduction of 16.2%[3] - The total liabilities as of December 31, 2022, were HKD 50,574,927, compared to HKD 54,055,333 in 2021, indicating a reduction of approximately 6%[32] - The company's financial costs rose by 16.2% to HKD 961 million, primarily due to increased borrowing and rising bank interest rates[155] - The company's asset-liability ratio increased to 75.1% from 70.0% in the previous year, mainly due to the repayment of HKD 2.448 billion in perpetual capital instruments[159] - The net debt ratio rose to 94.5% from 38.9% in the previous year, indicating a significant increase in leverage[160] Asset Management - The total segment assets as of December 31, 2022, amounted to HKD 60,548,253, down from HKD 69,601,916 in 2021, reflecting a decline of approximately 13%[32] - Non-current assets totaled HKD 7,244,734, a decrease from HKD 8,123,710 in the previous year[89] - Current assets decreased to HKD 60,142,291 from HKD 69,049,534 year-on-year[89] - The group maintained a cash position with unrestricted cash and bank deposits of HKD 7,701,361, down from HKD 10,956,126[89] - The group has pledged assets valued at approximately HKD 195 million as collateral for bank credit and mortgage loans[122] Revenue Sources - The company reported other income of HKD 126,839 thousand, an increase from HKD 91,590 thousand in the previous year[3] - Revenue from customer contracts for 2022 was HKD 10,022,500, a decrease of 22.0% from HKD 12,832,477 in 2021[45] - The cost of sold properties for 2022 was HKD 8,703,169, down 14.5% from HKD 10,196,779 in 2021[46] - The total income tax expense for 2022 was HKD 337,467, a decrease of 22.4% from HKD 432,127 in 2021[49] - The professional construction business revenue fell by 54.0% to HKD 148 million, primarily due to project delays and cost overruns[66] - The rental income from property investment decreased by 20.8% to HKD 42 million, with a gross profit margin decline of 10.7 percentage points to 66.9%[75] Strategic Developments - The group is developing the Xihu Future City project in Chengdu, integrating residential, leisure, and industrial components[84] - The group has established a strategic partnership with the Chengdu government to develop a transportation and aviation industrial ecosystem[123] - The group is actively developing a multi-functional industrial space in Fujian Province, focusing on the valve industry and attracting leading enterprises[130] Accounting and Compliance - The company is currently evaluating the impact of new accounting standards, which are not expected to have a significant effect on the financial statements[17] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with values presented in Hong Kong dollars (HKD) rounded to the nearest thousand[98] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2022, and recommended their approval to the board[191] - The audit committee discussed accounting policies, internal controls, and other financial reporting matters with management and external auditors[191]

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$6,283 million, representing a 27.5% increase compared to HK$4,926 million in the same period of 2021[13]. - Profit attributable to equity holders of the Company for the same period was HK$90 million, up 47.5% from HK$61 million in 2021[13]. - Basic earnings per share increased to HK$2.70, a 47.5% rise from HK$1.83 in the previous year[13]. - In the first half of 2022, the Group's revenue increased by 27.5% to HK$6,283 million, while profit attributable to equity holders rose by 47.5% to HK$90 million compared to the same period last year[45]. - The company's revenue for the first half of 2022 was HK$6.283 billion, an increase of 27.5% compared to the same period last year[46]. - The attributable profit to equity holders was HK$0.90 billion, representing a 47.5% increase year-on-year[46]. - Revenue from the real estate development business rose 29.3% to HK$6.184 billion, driven by increased delivery areas[59]. - Overall gross profit margin decreased to 13.5% from 21.7% in the corresponding period last year[99]. - The gross profit margin for the real estate development business dropped by 8.1 percentage points to 13.5% due to a higher proportion of lower-margin projects recognized[59]. Assets and Liabilities - Total assets as of June 30, 2022, were HK$71,192 million, down 7.8% from HK$77,173 million at the end of 2021[14]. - Total equity decreased to HK$19,538,602 from HK$23,117,911, representing a decline of approximately 15.4%[162]. - Total liabilities decreased to HK$51,653,410 as of June 30, 2022, compared to HK$54,055,333 as of December 31, 2021, reflecting a decline of approximately 4.5%[164]. - Cash and bank deposits (excluding restricted cash) amounted to HK$8,518 million as of June 30, 2022, down from HK$10,956 million at the end of 2021[107]. - Total current liabilities decreased to HK$35,145,110 as of June 30, 2022, from HK$39,194,773 as of December 31, 2021, a reduction of about 10.5%[164]. - Total non-current liabilities increased to HK$16,508,300 as of June 30, 2022, from HK$14,860,560 as of December 31, 2021, representing an increase of approximately 11.0%[164]. Debt and Financing - Net debt increased by 63.6% to HK$14,696 million from HK$8,983 million in the previous year[14]. - The net gearing ratio rose to 75.2%, compared to 38.9% at the end of 2021, indicating increased leverage[14]. - Total borrowings reached HK$24,303 million as of June 30, 2022, compared to HK$21,017 million at the end of 2021, reflecting an increase driven by loans from non-controlling shareholders and construction loans[104]. - The Group's gearing ratio increased to 72.6% as of June 30, 2022, up from 70.0% on December 31, 2021, primarily due to repayments of HK$2,448 million for perpetual capital instruments[104]. - The weighted average borrowing cost remained low at 3.6%[104]. - The Group's unutilized banking facilities totaled HK$6,311 million as of June 30, 2022, compared to HK$6,311 million on December 31, 2021[107]. Real Estate Development - The Group's land bank totals 8,393,000 sq.m., with the Pan Bohai Rim region accounting for 33.7% of this total[22]. - The Group's projects are diversified across key regions, including the Pan Bohai Rim, Yangtze River Delta, and Central China Region[21]. - The Company is focused on expanding its real estate development projects in major urban areas, including Hong Kong and Chengdu[21]. - The Group's strategic focus includes the development of integrated complexes in Chengdu, such as the West-Lake Future City project, which aims to create a comprehensive cultural and tourism destination[75]. - The Group's projects in Central China and the Chengdu-Chongqing region contributed significantly to the increase in revenue from real estate development[93]. Market Conditions and Outlook - Future outlook includes continued investment in property development and potential market expansion strategies[21]. - The Group anticipates continued downward pressure on liquidity for real estate enterprises in the second half of the year due to ongoing market challenges[87]. - The Group aims to transform into an "urban operator" while maintaining a focus on high-quality development and operational stability[88]. - The interim report indicates a strong performance in the real estate sector, with a focus on expanding market presence in Mainland China[198]. - Future outlook remains positive with expectations of continued revenue growth driven by strong demand in the real estate market[198]. Operational Efficiency and Strategy - The Group is transforming into an "urban operator" to adapt to the changing industry landscape and enhance operational efficiency[45]. - The management highlighted ongoing investments in new technologies to improve operational efficiency and service delivery[198]. - The Group will continue to innovate marketing initiatives and optimize debt structure to maintain a healthy financial position[88]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and diversify its service portfolio[198]. Construction Projects - The expected construction completion date for Harrow Town is in Q4 2024, with a 50% interest held by the group[24]. - The expected construction completion date for Neo-Metropolis is in Q4 2031, with a 49% interest held by the group[24]. - The expected construction completion date for the Suzhou City Valley project is in Q4 2024, with a 55.0% interest held by the group[28]. - The expected construction completion date for Changsha Wanjing Yayuan is Q2 2024, with a site area of approximately 137,000 square meters and a construction floor area of approximately 315,000 square meters, where the group's interest is 51%[10]. - The expected construction completion date for Majestic Mansion is in Q4 2022, with a 34.1% interest held by the group[27]. Compliance and Governance - The company complied with the Corporate Governance Code throughout the six months ended June 30, 2022, with some deviations noted regarding the roles of the Executive Director and Chairman[130]. - The company has established guidelines for securities transactions by directors, ensuring compliance throughout the reporting period[132]. - The company’s independent auditor confirmed compliance with the Rules for Securities Transactions by all directors during the six months ended June 30, 2022[133].