智通财经6月10日电，绿地香港控股有限公司公告，2025年前5个月，该集团合约销售约为人民币14.07 亿元，同比减少59.27%；已售合约总建筑面积则约为208753平方米，同比减少32.4%。 ...

Financial Performance - In 2024, the company's revenue decreased to RMB 15,276 million, down from RMB 24,933 million in 2023, representing a decline of 38.8%[11]. - Gross profit for the year was RMB 796 million, a decrease of 69.0% from RMB 2,570 million in the previous year[11]. - The company reported a loss for the year of RMB 2,286 million, compared to a loss of RMB 1,769 million in 2023, indicating an increase in loss of 29.2%[11]. - Total assets decreased to RMB 114,470 million, down from RMB 128,236 million, a reduction of 10.7%[12]. - Total liabilities also decreased to RMB 97,319 million, down from RMB 108,178 million, a decline of 10.0%[12]. - The company experienced a basic loss per ordinary share of RMB 0.76, compared to RMB 0.63 in 2023, reflecting a worsening of 20.6%[11]. - The net loss attributable to the owners of the Group was approximately RMB 2,094 million, reflecting an increase of approximately 20% year-on-year[93]. - The total gross floor area of sold and delivered projects was 1,164,560 square meters, representing a decrease of approximately 36% from the previous year[96]. - Revenue from property sales was approximately RMB 14,105 million, a decrease of approximately 41% from the previous year[96]. - The total revenue for 2024 was approximately RMB 15,276 million, a decrease of approximately 38.7% from RMB 24,933 million in 2023, primarily due to a decrease in the recognized GFA of properties delivered[140]. Market Conditions - The global economic landscape remained complex, with China's real estate market facing double-digit declines in sales and investment growth, impacting domestic demand[15][16]. - The central government of China implemented policies to stabilize the real estate market, marking a shift towards active market rescue efforts[16]. - In 2024, the real estate market experienced a significant adjustment, with sales and investment growth declining by double digits, prompting the central government to implement a series of stabilizing policies[18]. - The overall operation of the Chinese economy showed a warming and improving trend amidst stability[83]. - 2024 was a critical year for China to achieve the objectives of the 14th Five-Year Plan, with stable progress in the economy[83]. - The global economic situation remained complex and volatile, impacting the overall market environment[83]. - In 2024, China's real estate market experienced a deep adjustment with double-digit declines in sales and investment growth, significantly impacting domestic demand[84]. - The central government implemented a series of policies to stabilize the real estate market, indicating a proactive policy tone[84]. Strategic Initiatives - The Group's core strategy of "1+2+3+X" aims to build a diversified industrial group, expanding into fields such as commercial operation and property services[23]. - Future strategies include revitalizing stock assets, innovating business models in long-term leasing, and enhancing service systems in property management[47]. - The company plans to implement a "1+2+3+X" development strategy over the next five years, focusing on optimizing structure, excelling in core business, and diversifying development[54]. - The Group's innovative "Greenland's smart manufacturing" platform aims to provide comprehensive management services across the entire industrial chain[21]. - The Group is committed to transforming its business model from scale development to efficiency-focused operations, enhancing internal dynamics and competitiveness[114][117]. - The Group's strategy includes activating existing assets and increasing liquidity to provide robust support for high-quality development[135][137]. Operational Efficiency - The Group focused on innovative marketing strategies, resulting in a notable reduction in planning expenses and site operating costs, while improving conversion rates through tenant sourcing for commercial office buildings[24]. - Cost reduction measures included streamlining construction practices and optimizing materials, contributing to enhanced efficiency across various projects[31]. - The Group's focus on optimizing supply chain collaboration and enhancing market confidence to address challenges in project delivery[107]. - The Group implemented policies to improve the marketability of existing projects, including discounted offerings and enhanced product positioning[110]. - The Group's innovative digital platform and private domain traffic matrix have significantly improved operational efficiency and service capabilities[128][131]. Property Development - Greenland Hong Kong Holdings Limited achieved a delivery area of 1.63 million sq.m. in 2024, including key projects such as Yancheng New Zone and Zhanjiang Greenland Mansion[27]. - The geographical distribution of property projects includes 29 projects in Jiangsu, 38 in Guangdong, and 9 in Zhejiang, among others[60]. - The company held a high-quality land bank of approximately 17,700,000 sq.m. as of December 31, 2024, primarily located in core cities[40][43]. - The residential leasing brand "Elite Home" managed nearly 10,000 units in cities like Shanghai, Nanjing, and Hangzhou, with an occupancy rate above 93%[42][45]. - The Group's projects in key regions such as Jiangsu, Guangdong, Zhejiang, and Guangxi were the primary sources of contracted sales[104]. Financial Management - Greenland HK maintained a low net interest-bearing gearing ratio and effective interest cost, ensuring sound financial fundamentals[35][38]. - The net gearing ratio increased to approximately 75% in 2024 from 58% in 2023, with total borrowings of approximately RMB 14,321 million[166]. - The Group's financial performance is subject to various risks, including business risk, government policy impact, foreign exchange risk, and third-party risk[180][181][182][184]. - The Group's treasury policy aims to strengthen treasury control and reduce funding costs while monitoring foreign exchange risks related to RMB and USD[172][183]. Corporate Governance - The Board does not recommend payment of a final dividend for the twelve months ended December 31, 2024[93]. - The Board emphasizes maintaining best practices in corporate governance to ensure transparency and fairness in disclosures[190][192]. - The Group's chairman and CEO roles were combined from May 17, 2024, to December 31, 2024, which the Board believes aids in efficient strategy formulation[193].

智通财经APP讯，绿地香港(00337)发布截至2024年12月31日止年度业绩，集团收益人民币152.76亿元， 同比减少38.73%;股东应占亏损20.94亿元，同比扩大19.5%;每股亏损0.76元。 2024年，在集团战略方针的引领下，通过灵活应用创新机制有效应对了行业挑战，不仅在核心业务领域 实现了全方位布局的深化，还在多个重点项目上展现了卓越的执行力与攻坚克难破局精神。公司在多元 化突破与创新求变的导向下，不断拓宽业务边界，挖掘新的价值源泉，在深化内部改革、强化运营管理 以及积极拥抱变化方面取得了显着的成效。 依托绿地品牌和资源优势，赋能新赛道业务，孵化"绿地智造"轻资产代建平台。从产品力、品牌力、项 目管理、资源整合、全业态开发等各方面出发，聚焦与各地城投、国资平台合作，为客户提供全产业链 与全生命周期管理服务，打造一批代建标竿项目，引领行业新发展。 在回顾年度内，绿地香港共荣获行业奖项10项，其中国际奖项2项，国内奖项8项。在住房租赁领域，菁 舍凭藉卓越经营与品牌影响力，斩获住房租赁行业"奥斯卡"广厦大奖及多项行业重要奖项，如"全国集 中式品牌公寓 top10""模式创新领航品牌"等。在代建业 ...

Financial Performance - Total revenue for the fiscal year 2024 was RMB 15,275,935, a decrease of 38.5% compared to RMB 24,932,665 in 2023[3] - Gross profit for the fiscal year 2024 was RMB 796,299, down 69.0% from RMB 2,570,066 in 2023[3] - The net loss for the fiscal year 2024 was RMB 2,285,619, compared to a net loss of RMB 1,769,176 in 2023, representing a 29.2% increase in losses[3] - The company reported a basic loss per share of RMB (0.76) for 2024, compared to RMB (0.63) in 2023[5] - The net loss attributable to shareholders for 2024 is RMB 2,093,503,000, compared to RMB 1,751,863,000 in 2023, indicating an increase in losses[54] - The group reported a net loss attributable to shareholders of approximately RMB 2,094,000,000, an increase of about 20% year-on-year[65] - Gross profit fell from approximately RMB 2,570,000,000 in 2023 to about RMB 796,000,000 in 2024, resulting in a gross margin decrease from 10% to 5%[89] - The income tax expense for 2024 is RMB 686,615,000, a decrease of 41.3% from RMB 1,168,765,000 in 2023[50] Assets and Liabilities - The total assets decreased to RMB 114,470,038 in 2024 from RMB 128,236,470 in 2023, a decline of 10.7%[8] - Total liabilities decreased to RMB 97,318,533 in 2024 from RMB 108,178,097 in 2023, a reduction of 10.1%[8] - The total non-current assets amounted to RMB 18,125,345 in 2024, down from RMB 19,615,562 in 2023, a decrease of 7.6%[7] - The company’s cash and cash equivalents decreased to RMB 1,717,941 in 2024 from RMB 2,817,941 in 2023, a decline of 39.1%[7] - As of December 31, 2024, the total interest-bearing debt of the group amounted to RMB 14,321,000,000, with RMB 8,477,000,000 due within one year after the reporting period[21] - The group has overdue interest-bearing loans totaling RMB 3,609,000,000, including a syndicated offshore loan of USD 80,000,000 and HKD 415,000,000 (equivalent to RMB 958,000,000) maturing in January 2025[22] - The group has not repaid certain interest-bearing loans amounting to RMB 2,317,000,000 as of December 31, 2024, which are secured by inventory with a total book value of RMB 10,510,000,000[22] - The debt ratio increased to approximately 75% in 2024 from 58% in 2023, with total cash and cash equivalents amounting to RMB 1,373,000,000[97] Cash Flow and Financing - The company’s financing costs increased significantly to RMB 358,677 in 2024 from RMB 100,044 in 2023, a rise of 258.5%[3] - The group is actively negotiating with multiple lenders to extend the repayment terms of interest-bearing loans and is seeking new funding sources from various banks[24] - The management believes that, considering the plans and measures taken, the group will have sufficient working capital to meet its financial obligations due within the next twelve months[23] - The company is committed to improving cash flow management and optimizing debt structure to maintain a healthy financial condition[84] Market Conditions and Strategy - The real estate market in China experienced a significant downturn in 2024, with sales and investment growth rates declining sharply, contributing to insufficient domestic demand[61] - The central government has implemented a series of policies to stabilize the real estate market, indicating a shift towards more proactive measures[61] - The overall economic recovery is not solely dependent on the real estate sector, with monetary policy adjustments and fiscal measures expected to influence the market dynamics[62] - The company is focusing on diversifying its business and enhancing operational management to adapt to market changes[63] - The group aims to build a diversified industrial group by expanding into various sectors such as commercial operations, property services, and long-term rentals[68] Operational Performance - The company recognized revenue from hotel and related services of RMB 76,459 thousand for the year ended December 31, 2024, compared to RMB 61,102 thousand for 2023, representing a growth of about 25.1%[37][38] - The company received government subsidies of RMB 2,615 thousand in 2024, down from RMB 10,440 thousand in 2023, a decrease of approximately 75.0%[44] - The total revenue from rental income for investment properties is RMB 267,920,000, slightly down from RMB 270,956,000 in 2023[52] - The average selling price of properties was approximately RMB 11,529 per square meter, with total property sales revenue of approximately RMB 14,105,000,000, down about 41% year-on-year[66] - The total area of sold and delivered projects was 1,164,560 square meters, a decrease of about 36% compared to the previous year[66] Governance and Compliance - The independent auditor has issued an unqualified opinion on the consolidated financial statements for the year ending December 31, 2024[113] - The company has adhered to the corporate governance code, except for specific provisions regarding the separation of roles between the chairman and CEO[108] - The chairman and CEO roles are currently held by the same individual, which the board believes aids in effective strategy formulation[108] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the fiscal year ending December 31, 2024[109] Future Outlook - The company anticipates that the application of other IFRS revisions will not have any significant impact on future consolidated financial statements[18] - The central economic work conference emphasized the need to stabilize the real estate market in 2025, which is expected to provide strong support for market stabilization[82] - The group plans to implement a development strategy focusing on optimizing structure, enhancing core business, strengthening collaboration, and diversified development over the next five years[83] - The company is actively responding to market changes and enhancing its business ecosystem under the "second entrepreneurship" strategy[79]

Financial Performance - For the six months ended June 30, 2024, revenue decreased to RMB 6,331 million, down 23.1% from RMB 8,233 million in 2023[5] - Gross profit for the same period was RMB 858 million, a decline of 45.9% compared to RMB 1,584 million in 2023[5] - The company reported a loss for the period of RMB 500 million, compared to a profit of RMB 33 million in the previous year, marking a significant change of RMB 533 million[5] - Total revenue recorded was approximately RMB 6,331,000,000, which is a decrease of approximately 23% from the same period last year[12] - Loss attributable to owners of the Company for the period was approximately RMB 483,000,000, representing a year-on-year increase of approximately 689%[12] - Basic loss per share was RMB (0.17) for the six months ended June 30, 2024, compared to earnings of RMB 0.03 in 2023[83] - The company reported a loss for the period of RMB 500,366 for the first half of 2024, compared to a profit of RMB 33,498 in 2023[96] Revenue Breakdown - Revenue from property sales, the core business, was approximately RMB 5,806 million in 1H2024, accounting for about 92% of total revenue, representing a year-on-year decrease of approximately 25%[36] - Property sales amounted to RMB 5,805,610 thousand, down 25.5% from RMB 7,790,022 thousand in 2023[7] - Revenue from hotel and related services was RMB 38,454 for the first half of 2024, compared to RMB 20,631 in the same period of 2023[95] - The property management and other services segment generated RMB 358,577 in the first half of 2024, down from RMB 323,935 in the prior year[95] - Lease of properties revenue rose to RMB 127,952 thousand, up 30.3% from RMB 98,194 thousand in 2023[7] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 124,030 million, down from RMB 128,236 million at the end of 2023, a decrease of 3.3%[6] - Total liabilities decreased to RMB 105,159 million from RMB 108,178 million, reflecting a reduction of 2.0%[6] - The Group's total equity was approximately RMB 18,871 million, down from RMB 20,058 million as of December 31, 2023, representing a decrease of about 5.9%[45] - The net gearing ratio was approximately 66% as of June 30, 2024, compared to 58% as of December 31, 2023, indicating an increase in financial leverage[45] - Total cash and cash equivalents, including restricted cash, were approximately RMB 1,883 million, while total borrowings amounted to approximately RMB 14,355 million[45] Market Outlook - The real estate market in China is expected to stabilize and recover due to relaxed policies and increased support for affordable housing construction[9] - The real estate market is expected to stabilize with the implementation of favorable policies, despite short-term uncertainties[10] Operational Strategies - The Company focused on optimizing supply chain collaboration and enhancing market confidence to ensure construction progress and high-quality delivery[18] - Greenland HK has adopted a dual driving force strategy of "real estate + commerce," focusing on creating benchmark commercial projects in various regions[25] - The Group's strategy includes a "2+2" innovative service model to enhance brand influence and market competitiveness[32] - The Group plans to adjust sales and pre-sale activities to better respond to market needs and achieve budgeted sales volumes[90] Employee and Governance - The Group employed a total of 2,543 employees as of June 30, 2024, with 1,029 employees in the property development business[53] - The company complied with the corporate governance code provisions except for C.2.1 and F.2.2 during the six-month period ended June 30, 2024[66] - All directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2024[66] Financial Management - The Group's treasury policy aims to enhance control over treasury functions and lower capital costs, with a focus on monitoring interest rate risks[45] - The Group is actively negotiating with banks to extend the repayment schedule of interest-bearing loans and secure new financing sources[90] - The Group has adopted several plans to alleviate liquidity pressures, including continuous communication with key contractors and suppliers for payment arrangements[90] Shareholder Information - The total issued share capital of the Company as of June 30, 2024, is 2,791,884,683 Shares[58] - Mr. WANG Weixian is deemed to be interested in 38,804,571 Shares held by Prestige Glory Enterprises Limited, which he beneficially owns[58] - As of June 30, 2024, Gluon Xima International Limited holds 1,650,244,409 shares, representing approximately 59.11% of the company's issued shares[63] Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2024, was RMB (960,173) thousand, compared to RMB (203,910) thousand in 2023, indicating a significant increase in cash outflow[88] - The Group's net cash used in financing activities was RMB (510,777) thousand for the six months ended June 30, 2024, a decrease from RMB (962,016) thousand in 2023[88] - The Group's cash and cash equivalents decreased by RMB 740,894 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 1,273,478 thousand in 2023[88]

Financial Performance - Revenue for the first half of 2024 was RMB 6,330,593 thousand, a decrease from RMB 8,232,782 thousand in the first half of 2023, representing a decline of approximately 23.1%[1] - Gross profit for the first half of 2024 was RMB 857,772 thousand, down from RMB 1,583,602 thousand in the same period last year, indicating a decrease of about 45.9%[1] - The net loss for the first half of 2024 was RMB 500,366 thousand, compared to a profit of RMB 33,498 thousand in the first half of 2023, marking a significant shift in performance[2] - Total revenue for the six months ended June 30, 2024, was RMB 6,664,238 thousand, a decrease from RMB 8,800,698 thousand for the same period in 2023, representing a decline of approximately 24.3%[12][13] - The basic loss per share for the first half of 2024 was RMB (0.17), compared to earnings per share of RMB 0.03 in the first half of 2023[2] - The company reported a loss attributable to shareholders of approximately RMB 483,000,000, a decrease of about 689% year-on-year[32] - The company did not declare or recommend any interim dividend for the period[20] - The company reported a net loss of RMB 500,366 thousand for the six months ended June 30, 2024, compared to a profit in the previous period[12][13] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 124,030,039 thousand, down from RMB 128,236,470 thousand at the end of 2023, reflecting a decrease of approximately 3.4%[4] - Total liabilities as of June 30, 2024, were RMB 105,158,728 thousand, slightly down from RMB 108,178,097 thousand at the end of 2023, indicating a decrease of about 1.9%[4] - Non-current liabilities decreased to RMB 5,213,455 thousand as of June 30, 2024, from RMB 8,631,406 thousand at the end of 2023, a reduction of about 39.5%[4] - The total amount of receivables as of June 30, 2024, is RMB 20,212,862, down from RMB 22,400,328 as of December 31, 2023[24] - The total accounts payable as of June 30, 2024, is RMB 54,133,817, compared to RMB 54,402,412 as of December 31, 2023[27] Cash Flow and Liquidity - The company's cash and cash equivalents, including restricted bank deposits, totaled RMB 905,461 thousand and RMB 977,233 thousand as of June 30, 2024, compared to RMB 1,121,610 thousand and RMB 1,717,941 thousand at the end of 2023, indicating a decline in liquidity[3] - The cash and cash equivalents balance, including restricted cash, was approximately RMB 1,883,000,000[32] - The company aims to enhance cash flow management and optimize its debt structure to maintain a healthy financial position[43] Market and Operational Strategy - The management acknowledges significant uncertainty regarding the ability to implement plans and measures due to volatility in the Chinese real estate market[6] - The group plans to adjust sales and pre-sale activities to better respond to market demand and achieve the latest budgeted sales and pre-sale amounts[5] - The company is actively responding to new real estate policies and optimizing strategies to strengthen sales in key regions and projects[39] - The company aims to deepen its business layout and enhance brand influence through the "2+2" innovative service model, aligning closely with customer needs[41] Construction and Development - The company will continue to monitor the construction progress of its real estate development projects to ensure timely completion and delivery to customers[5] - The company has implemented effective measures to ensure construction progress and high-quality delivery commitments amid market and policy pressures[34] - The company is committed to enhancing operational capabilities in the Yangtze River Delta and Greater Bay Area while adopting a cautious investment strategy[40] Investment and Fair Value - The fair value loss on equity investments was RMB (2,518) thousand for the first half of 2024, contrasting with a gain of RMB 1,270 thousand in the same period last year[2] - The company recorded a fair value loss on investment properties of approximately RMB 592,000,000, compared to a loss of RMB 389,000,000 in the same period last year[50] - The fair value of investment properties decreased from RMB 9,554,000 (as of January 1, 2024) to RMB 8,962,250 (as of June 30, 2024)[22] Employee and Governance - The group employed a total of 2,543 employees as of June 30, 2024, with 1,029 employees working in property development[58] - The company has adhered to the corporate governance code, with the roles of chairman and CEO combined from May 17, 2024, to June 30, 2024[61] Future Outlook - The government is expected to continue implementing supportive policies to positively impact future real estate sales[31] - The company plans to accelerate transformation and embrace industry changes while exploring new opportunities for diversified development[42]

GREENLAND HONG KONG HOLDINGS LIMITED 綠地香港控股有限公司 Stock Code 股份代號 : 337.HK (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限公司 ) 行穩致遠，匠心追夢 PURSUING SUSTAINABLE DEVELOPMENT THROUGH ENDLESS INGENUITY Greenland Hong Kong Holdings Limited (337.HK) is a subsidiary of Greenland Holdings Corporation Limited ("Greenland Holdings"), one of Fortune Global 500. Greenland Holdings is a diversified enterprise group with global operations. Ever since its establishment in 1992, Greenland Holdings ha ...

Financial Performance - Total revenue for the fiscal year 2023 was RMB 24,932,665, a decrease of 6.36% from RMB 26,614,317 in 2022[33] - Gross profit for 2023 was RMB 2,570,066, down 37.3% from RMB 4,098,564 in the previous year[33] - The company reported a net loss of RMB 1,769,176 for 2023, compared to a profit of RMB 780,445 in 2022[33] - The basic loss per share for 2023 was RMB 0.63, compared to earnings of RMB 0.17 per share in 2022[35] - Total revenue for the year ended December 31, 2023, was RMB 24,932,665,000, with revenue from customer contracts amounting to RMB 24,661,709,000[78] - The company reported a loss attributable to shareholders of RMB (1,751,863) thousand in 2023, a significant decrease from a profit of RMB 480,904 thousand in 2022[120] - The income tax expense for 2023 was RMB 1,168,765 thousand, down from RMB 1,489,430 thousand in 2022, reflecting a reduction of about 21.5%[115] - The company did not propose any dividend distribution for 2023, consistent with the previous year where no dividends were suggested[119] - The company reported a total of RMB 54,402,412 in accounts payable and other payables, reflecting a stable liability structure[36] Assets and Liabilities - The total assets decreased to RMB 128,236,470 in 2023 from RMB 149,650,517 in 2022, representing a decline of 14.3%[26] - Current assets decreased to RMB 108,620,908 in 2023 from RMB 128,182,985 in 2022, a decline of 15.3%[26] - The company’s total liabilities increased to RMB 108,620,908 in 2023 from RMB 127,691,678 in 2022, a rise of 6.5%[26] - Total equity increased from RMB 20,058,373 to RMB 23,212,387, representing a growth of approximately 15.4%[36] - The total amount of deferred tax liabilities and interest-bearing loans in non-current liabilities was RMB 6,900,840 and RMB 370,826 respectively, showing a significant portion of the total liabilities[36] - The net debt ratio increased to approximately 58% in 2023 from 48% in 2022, with total cash and cash equivalents amounting to approximately RMB 2,840 million[173] Market Conditions and Strategy - The real estate market in China experienced a 9.6% year-on-year decline in development investment, with residential investment down by 9.3%[18] - The company anticipates a challenging recovery in the real estate sector, with ongoing debt crises and weak consumer confidence impacting sales[18] - The company aims to enhance risk management and financial control to support high-quality development amidst ongoing market challenges[15] - The company has adjusted its strategy to focus on asset disposal and innovative marketing approaches to improve project profitability and operational efficiency[15] - The company plans to explore long-term rental market development as part of its strategy to stabilize the real estate market[19] Operational Performance - The total construction area sold and delivered in 2023 was 1,819,832 square meters, a decrease of approximately 22% compared to the same period last year[140] - The average selling price was approximately RMB 12,952 per square meter, with total property sales revenue amounting to approximately RMB 23,800,000,000, a decrease of about 7.3% year-on-year[140] - The company focused on enhancing product competitiveness and market planning, achieving growth in both scale and efficiency in its strategic business areas such as long-term rentals and commercial properties[150] - The group delivered projects in 2023 that received positive feedback from the community, maintaining good delivery and operational capabilities[131] - The company is actively integrating new media platforms to enhance online traffic and customer engagement, aiming to drive offline sales[148] Risk Management and Compliance - The company faces significant uncertainty regarding its ability to continue as a going concern, dependent on successful sales and financing arrangements[68] - The company’s ability to obtain continued support from banks for loan extensions and new funding sources is critical for its operations[68] - The company has maintained compliance with corporate governance codes, with the chairman and CEO roles combined for efficiency from January 1, 2023, to June 15, 2023[186] - The company will continue to monitor the RMB to USD exchange rate and take appropriate measures to hedge foreign exchange risks[197] Employee and Operational Changes - The company employed a total of 2,775 employees in 2023, down from 3,014 employees in 2022, with 1,185 employees working in property development[182] - The company has implemented a "quality renewal, service renewal" initiative, completing 312 renovations across 19 projects[136] - The group has developed six series of IP products, focusing on quality and innovation in construction and design[132]

Financial Performance - The total revenue for the fiscal year 2023 was RMB 24,932,665, a decrease of 6.3% compared to RMB 26,614,317 in 2022[3]. - The gross profit for 2023 was RMB 4,098,564, representing a gross margin of approximately 16.4%[3]. - The net loss attributable to the owners of the company for 2023 was RMB 1,769,176, compared to a profit of RMB 780,445 in 2022, indicating a significant decline[5]. - The total comprehensive loss for the year was RMB 1,773,887, compared to a comprehensive income of RMB 868,983 in the previous year[5]. - The financing income decreased to RMB 19,399 in 2023 from RMB 57,671 in 2022, reflecting a decline of 66.4%[3]. - The company reported a significant increase in administrative expenses, which rose to RMB 497,769 in 2023 from RMB 621,047 in 2022[3]. - The company reported a net loss before tax of RMB (600,411) thousand in 2023, a significant decline from a profit of RMB 2,269,875 thousand in 2022[59]. - The total income tax expense for the year was RMB 1,168,765 thousand, down from RMB 1,489,430 thousand in the previous year, representing a decrease of approximately 21.5%[59]. - The company’s capitalized interest expense for the year was RMB 100,044 thousand, down from RMB 132,260 thousand in the previous year, reflecting a decrease of approximately 24.3%[52]. - The basic earnings per share for 2023 showed a loss of RMB 1,751,863,000, compared to a profit of RMB 480,904,000 in 2022[66]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 128,236,470, down from RMB 149,650,517 in 2022[8]. - Total equity as of December 31, 2023, is RMB 20,058,373,000, a decrease of 13.4% from RMB 23,212,387,000 in 2022[9]. - Total liabilities amount to RMB 108,178,097,000, down 14.5% from RMB 126,438,130,000 in the previous year[9]. - Non-current liabilities total RMB 8,631,406,000, an increase of 17.5% compared to RMB 7,349,992,000 in 2022[9]. - Current liabilities are RMB 99,546,691,000, a decrease of 16.4% from RMB 119,088,138,000 in 2022[9]. - The net amount of current assets is RMB 9,074,217,000, slightly down from RMB 9,094,847,000 in the previous year[9]. - The total assets less current liabilities stand at RMB 28,689,779,000, down from RMB 30,562,379,000 in 2022[9]. - The company’s total equity attributable to owners decreased from RMB 14,002,044,000 in 2022 to RMB 12,296,908,000 in 2023[9]. - The company has a land reserve of approximately 19,000,000 square meters as of December 31, 2023, concentrated in core cities, sufficient to support future development needs[99]. - The net debt ratio is approximately 58%, up from 48% as of December 31, 2022[117]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 3,011,771 in 2023 from RMB 1,717,941 in 2022[8]. - The group has interest-bearing loans amounting to RMB 7,500,000,000, which are due within one year after the reporting period[26]. - The group's bank balances and cash total RMB 1,718,000,000, while there are still outstanding interest-bearing loans of RMB 1,709,000,000 that have not been repaid according to the repayment schedule[26]. - The group has been negotiating with relevant banks to extend the repayment dates of these loans, indicating potential liquidity pressures[26]. - The group faces operational and liquidity pressures, and without measures to improve cash flow, it may not have sufficient working capital to continue operations[27]. - The management has implemented various plans and measures to alleviate cash flow pressure, but there is substantial uncertainty regarding their effectiveness due to volatility in the real estate sector in the People's Republic of China[133]. - The group has obtained a loan amount of RMB 250,000,000 from banks to alleviate liquidity pressure[28]. - The group has not repaid RMB 1,709,000,000 of its interest-bearing loans by the scheduled repayment date, indicating significant liquidity pressure[133]. Market and Operational Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year[3]. - The company plans to focus on optimizing existing assets and enhancing marketing strategies to improve operational efficiency[80]. - The company aims to strengthen product competitiveness and enhance brand promotion in a challenging market environment[91]. - The company is actively expanding its commercial operations, with the opening of new projects such as the Nanning ASEAN Colorful Street[95]. - The company has focused on optimizing existing assets and enhancing project quality to boost customer confidence[91]. - The company has implemented a "1+2+4" delivery management system to enhance delivery standards and customer trust[90]. - The company anticipates that refinancing of several similar loans will be completed in the short term[26]. Real Estate Market Conditions - The real estate market in China faced significant challenges in 2023, with a 9.6% year-on-year decline in real estate development investment[76]. - The government has implemented policies to stabilize the real estate market, including lowering down payments and interest rates[78]. - The management acknowledges significant uncertainty regarding the implementation of plans and measures due to volatility in the Chinese real estate industry[30]. Awards and Recognition - The company received 19 industry awards in 2023, including 5 international awards and 14 domestic awards[81]. Accounting and Compliance - The company has implemented new and revised International Financial Reporting Standards (IFRS) with no significant impact on financial position or performance[13]. - The independent auditor has issued an unqualified opinion on the consolidated financial statements, affirming compliance with International Financial Reporting Standards[132].

Sales Performance - Contracted sales for the first six months of 2023 amounted to approximately RMB 8,970 million, representing a 9.62% increase compared to the same period last year[14] - The contracted GFA sold during the period was approximately 760,473 sq.m., a decrease of 7.43% year-over-year[14] - The average selling price for the period was approximately RMB 11,795 per sq.m.[14] - Key regions contributing to contracted sales include Jiangsu (35%), Guangdong (34%), Zhejiang (17%), and Guangxi (10%)[14] - Contract sales for the first half of 2023 reached approximately RMB 8.97 billion, with a total sold contracted gross floor area of approximately 760,473 square meters[37] - Property sales revenue increased by 68% year-on-year to approximately RMB7,790 million in 1H2023, accounting for 95% of total revenue[20][21] - Property sales increased by RMB 3,139,844 thousand (67.5%) to RMB 7,790,022 thousand compared to the previous period[196] Financial Position - Total assets as of 30 June 2023 were RMB 144,267 million, a decrease of RMB 5,384 million compared to 31 December 2022[6] - Total liabilities as of 30 June 2023 were RMB 121,789 million, a decrease of RMB 4,649 million compared to 31 December 2022[6] - Total equity as of 30 June 2023 was RMB 22,478 million, a decrease of RMB 735 million compared to 31 December 2022[6] - Total equity decreased to approximately RMB22,478 million as of 30 June 2023, down from approximately RMB23,212 million at the end of 2022[24] - Net gearing ratio increased to 51% as of 30 June 2023, up from 48% at the end of 2022[24] - Total cash and cash equivalents (including restricted cash) amounted to approximately RMB3,619 million as of 30 June 2023[24] - Total liabilities decreased to RMB 121,789,370 thousand as of 30 June 2023, compared to RMB 126,438,130 thousand at the end of 2022[94] - Total equity and liabilities decreased to RMB 144,267,014 thousand as of 30 June 2023, down from RMB 149,650,517 thousand at the end of 2022[94] - Total assets decreased to RMB 144,267,014,000 from RMB 149,650,517,000, reflecting a reduction in both current and non-current assets[131] Revenue and Profit - Total revenue for the first half of 2023 was approximately RMB 8.233 billion, a 64% increase compared to the same period last year[37] - Profit attributable to owners of the company for the first half of 2023 was approximately RMB 82 million, a 23% decrease year-on-year[37] - Gross profit increased to approximately RMB 1.584 billion in the first half of 2023, up from approximately RMB 930 million in the same period last year, with a stable gross profit margin of 19%[48] - Revenue for the six months ended 30 June 2023 increased to RMB 8,232,782 thousand, up from RMB 5,023,101 thousand in the same period in 2022[113] - Gross profit for the six months ended 30 June 2023 was RMB 1,583,602 thousand, compared to RMB 929,586 thousand in the same period in 2022[113] - Profit for the period was RMB 33,498 thousand, up from RMB 11,532 thousand in the same period in 2022[113] - Basic earnings per share for the six months ended 30 June 2023 were RMB 0.03, compared to RMB 0.04 in the same period in 2022[114] - The company recognized a gain on disposal of interests in subsidiaries of RMB 4,180 thousand in 2023, compared to no gain in 2022[113] - Total comprehensive income for the period was RMB 193,155 thousand, compared to RMB 98,823 thousand in the previous period[96] - Profit attributable to owners of the company for the six months ended 30 June 2023 was RMB 81,910 thousand, down from RMB 105,864 thousand in the same period in 2022[152] - Total revenue increased by RMB 3,209,681 thousand (63.9%) to RMB 8,232,782 thousand[196] Costs and Expenses - Cost of sales rose by 62% to approximately RMB6,649 million in 1H2023, primarily due to land costs, construction costs, and sales tax[22] - Administrative expenses decreased by 23% to approximately RMB207 million, while selling and marketing costs decreased by 8% to approximately RMB296 million in 1H2023[23] - Finance costs decreased from approximately RMB99 million in 1H2022 to approximately RMB71 million in 1H2023[23] - The Group recorded a fair value loss on investment properties of approximately RMB389 million in 1H2023, compared to a loss of approximately RMB14 million in 1H2022[23] - Cost of properties sold surged to RMB 6,288,663 thousand in 2023, up from RMB 3,647,316 thousand in 2022[53] - Finance costs decreased to RMB 71,321 thousand in 2023 from RMB 98,573 thousand in 2022[113] - Selling and marketing expenses decreased to RMB 296,105 thousand in 2023 from RMB 320,543 thousand in 2022[113] - Administrative expenses decreased to RMB 206,763 thousand in 2023 from RMB 268,602 thousand in 2022[113] - The company reported a loss on the change in fair value of investment properties of RMB 389,148 thousand in 2023, compared to RMB 14,281 thousand in 2022[113] - Current tax expenses increased to RMB 535,868 thousand, up from RMB 320,667 thousand in the previous year[76] - PRC Enterprise Income Tax (EIT) expense rose to RMB 327,852 thousand from RMB 229,142 thousand[76] - PRC Land Appreciation Tax (LAT) expense increased significantly to RMB 208,016 thousand from RMB 91,525 thousand[76] Strategic Development and Operations - The company is focusing on enhancing delivery and operating capabilities, adhering to the central government's call for "guaranteeing property delivery, guaranteeing people's livelihood, and guaranteeing stability"[14] - The company is integrating new media platforms to enhance online customer engagement and drive offline sales[15] - Future strategic development will focus on green construction, energy conservation, emission reduction, and low-carbon development, aiming for stable and sustainable growth[18] - The Group focused on cost reduction and efficiency enhancement by optimizing construction practices, materials, and craftsmanship, contributing to overall cost savings[41][42] - The Group emphasized improving product quality and optimizing display areas to boost customer confidence in purchases[41] - The Group plans to deepen transformation and upgrading, improve "old arenas," and actively open up "new arenas" as part of its development strategy for the next three years[44] - The Yiwu Greenland Epoch Gate project, with a GFA of approximately 230,000 square meters, officially commenced operation on 29 April 2023, introducing over 260 brands[44] Employee and Shareholder Information - The Group employed a total of 2,792 employees as of 30 June 2023, down from 3,250 employees in the same period of 2022[30] - Staff costs decreased to RMB 145,226 thousand in 2023 from RMB 205,106 thousand in 2022, with salaries and other benefits dropping to RMB 168,527 thousand from RMB 222,342 thousand[53] - The company's largest shareholder, Gluon Xima International Limited, holds 59.11% of the issued shares[149] - HSBC International Trustee Limited holds 12.84% of the company's issued shares, acting as a trustee[149] - Share-based payment outstanding shares remained unchanged at 22,697 thousand shares with a book value of RMB 49,279 thousand[186] Investment Properties and Assets - Investment properties under development decreased to RMB 10,387,000 thousand as of 30 June 2023, down from RMB 11,181,000 thousand at the start of the year[57] - The fair value of investment properties as of 30 June 2023 was determined by an independent valuer, Cushman & Wakefield[57][60] - Additions to investment properties amounted to RMB 300,205 thousand during the six months ended 30 June 2023[57] - Disposals of investment properties totaled RMB 705,057 thousand during the same period[57] - Total non-current assets decreased to RMB 21,049,080,000 from RMB 21,467,532,000, reflecting a slight decline in long-term investments and property holdings[131] - Current assets decreased to RMB 123,217,934,000 from RMB 128,182,985,000, primarily due to a reduction in properties under development and bank balances[131] - Properties under development remained stable at RMB 29,158,631 thousand compared to RMB 29,122,459 thousand at the end of 2022[182] Liabilities and Loans - The Group provided guarantees to banks amounting to approximately RMB21,982 million as of 30 June 2023, down from approximately RMB25,599 million at the end of 2022[28] - Total liabilities for property sales decreased to RMB 148,489,340 thousand from RMB 152,820,217 thousand[70] - Total reportable segment liabilities decreased to RMB 121,789,370 thousand from RMB 126,438,130 thousand[70] - Non-current liabilities decreased to RMB 5,950,696 thousand as of 30 June 2023, down from RMB 7,349,992 thousand at the end of 2022[94] - Current liabilities decreased to RMB 115,838,674 thousand as of 30 June 2023, compared to RMB 119,088,138 thousand at the end of 2022[94] - Interest-bearing loans under non-current liabilities decreased to RMB 4,354,224 thousand as of 30 June 2023, down from RMB 5,406,771 thousand at the end of 2022[94] - Contract liabilities decreased to RMB 41,632,431 thousand as of 30 June 2023, compared to RMB 44,798,581 thousand at the end of 2022[94] - The company's secured bank loans amounted to RMB 13,640,408 thousand, and unsecured bank loans were RMB 1,391,188 thousand as of 30 June 2023[158] - Loans repayable within one year amounted to RMB 10,677,372 thousand, a slight increase from RMB 10,315,099 thousand at the end of 2022[181] - Loans repayable within more than one year but not exceeding two years decreased to RMB 4,274,148 thousand from RMB 5,187,333 thousand[181] Cash Flow and Financing - Net cash used in operating activities was RMB 203,910 thousand for the six months ended 30 June 2023, compared to RMB 149,604 thousand in the same period in 2022[120] - Proceeds from disposal of investment properties and property, plant, and equipment amounted to RMB 705,129 thousand for the six months ended 30 June 2023, down from RMB 857,857 thousand in the same period in 2022[120] - Repayments from related parties totaled RMB 613,362 thousand for the six months ended 30 June 2023, up from RMB 537,643 thousand in the same period in 2022[120] - Net cash used in investing activities was RMB 107,552 thousand for the six months ended 30 June 2023, compared to net cash from investing activities of RMB 3,595,993 thousand in the same period in 2022[120] - Net cash used in financing activities was RMB 962,016 thousand for the six months ended 30 June 2023, compared to RMB 5,530,842 thousand in the same period in 2022[120] - Cash and cash equivalents as at 30 June 2023 were RMB 1,739,814 thousand, down from RMB 5,348,096 thousand as at 30 June 2022[120] - Dividends paid to perpetual securities holders amounted to RMB 41,413 thousand for the six months ended 30 June 2023[118] - Distribution paid to non-controlling shareholders of subsidiaries was RMB 728,892 thousand for the six months ended 30 June 2023[118] Segment Performance - External sales revenue for the six months ended 30 June 2023 was RMB 4,650,178 thousand, with total segment revenue reaching RMB 6,147,869 thousand[125] - Segment loss for property sales was RMB 215,332 thousand, while property leasing and hotel services generated profits of RMB 50,822 thousand and RMB 169,077 thousand respectively[125] - Total segment assets as of 30 June 2023 amounted to RMB 177,695,134 thousand, with property sales contributing RMB 155,624,911 thousand[127] - Inter-segment sales for the period were RMB 1,124,768 thousand, primarily from property management and other services[125] - Share of results from joint ventures contributed RMB 37,358 thousand to the period's profit[125] - Segment assets for hotel and related services increased to RMB 2,076,253 thousand as of 30 June 2023, up from RMB 1,691,317 thousand at the end of 2022[127] - External sales revenue for properties and leasing reached RMB 7,790,022,000, contributing significantly to the total segment revenue of RMB 8,800,698,000[134] - Segment profit for property sales was RMB 300,260,000, while property leasing incurred a loss of RMB 262,214,000[134] - Property management and other services revenue increased by RMB 80,253 thousand (32.9%) to RMB 323,935 thousand[196] - Lease of properties revenue slightly increased by RMB 263 thousand (0.3%) to RMB 98,194 thousand[196] - Hotel and related services revenue decreased by RMB 10,679 thousand (34.1%) to RMB 20,631 thousand[196] Other Financial Information - Depreciation of property, plant and equipment increased to RMB 28,736 thousand in 2023 from RMB 28,430 thousand in 2022[53] - Earnings for basic earnings per share decreased to RMB 81,910 thousand in 2023 from RMB 105,864 thousand in 2022[56] - No dividends were paid, declared, or proposed during the interim period[55] - The weighted average number of ordinary shares for basic earnings per share remained constant at 2,769,188 thousand shares[56] - Trade receivables decreased to RMB 371,109 thousand as of 30 June 2023, down from RMB 401,785 thousand at the end of 2022[66] - Other receivables, net of allowance for credit losses, decreased to RMB 19,187,550 thousand from RMB 20,009,887 thousand over the same period[66] - Net foreign exchange loss for the six months ended 30 June 2023 was RMB 91,385 thousand, compared to RMB 131,826 thousand in the same period of 2022[72] - Interest expenses on interest-bearing loans decreased to RMB 406,843 thousand from RMB 519,986 thousand year-over-year[74] - Trade and other receivables overdue for more than 365 days stood at RMB 223,989 thousand as of 30 June 2023, a slight decrease from RMB 229,730 thousand at the end of 2022[159] - Trade payables due within 0–90 days were RMB 17,425,156 thousand, while those overdue for more than 365 days were RMB 5,267,056 thousand as of 30 June 2023[167] - The carrying amount of shares held for the share award scheme remained unchanged at RMB 49,279,000 as of 30 June 2023[168] - Rental income from leases amounted to RMB 98,194 thousand in the first half of 2023, slightly higher than RMB 97,931 thousand in the same period in 2022[154] - The company's total interest-bearing loans stood at RMB 15,031,596 thousand as of 30 June 2023, a decrease from RMB 15,721,870 thousand at the end of 2022[158] - Trade payables decreased slightly to RMB 26,662,493 thousand from RMB 27,332,409 thousand[182] - Retained earnings as at 30 June 2023 were RMB 8,590,473 thousand, up from RMB 14,002,044 thousand as at 1 January 2023[118] - Total comprehensive income for the period was RMB 82,863 thousand, including other comprehensive income of RMB 953 thousand[118] - The company applied new and amended IFRSs, including IFRS 17 (Insurance Contracts) and amendments to IAS 8 and IAS 12, effective from 1 January 2023[121] - The company's condensed consolidated financial statements were prepared in accordance with IAS 34 and Hong Kong Stock Exchange listing rules[121] - Impairment loss on trade receivables was RMB 199,000, while other receivables saw a reversal of RMB 5,716,000[137]