Financial Performance - Revenue for the six months ended June 30, 2020, was RMB 7,217,000, an increase of 6.4% compared to RMB 6,782,000 for the same period in 2019[5] - Gross profit for the period was RMB 1,957,000, compared to a gross loss of RMB 1,825,000 in the previous year, indicating a significant turnaround[5] - The company reported a loss before tax of RMB 4,173,000, which is a 53% improvement from a loss of RMB 8,852,000 in the same period last year[5] - Basic and diluted loss per share improved to RMB 1.7 from RMB 2.5 year-on-year, reflecting better operational performance[5] - The company reported a total comprehensive loss of RMB (6,049) thousand for the six months ended June 30, 2020, compared to a loss of RMB (8,781) thousand in the previous period[10] - The net loss for the period was approximately RMB 4.2 million, a significant decrease of about 52.9% compared to a net loss of approximately RMB 8.9 million in the same period last year[46] Assets and Liabilities - Total assets decreased to RMB 35,840,000 as of June 30, 2020, down from RMB 42,940,000 at the end of 2019[9] - Current liabilities were reduced to RMB 7,158,000 from RMB 8,555,000, indicating improved liquidity management[9] - The company's net asset value decreased to RMB 33,394,000 from RMB 39,534,000, primarily due to the losses incurred[9] - The company reported a net asset value of approximately RMB 28.7 million as of June 30, 2020, down from RMB 34.4 million as of December 31, 2019[63] - The total assets were approximately RMB 40.5 million as of June 30, 2020, compared to RMB 48.2 million as of December 31, 2019[63] Cash Flow - For the six months ended June 30, 2020, the net cash used in operating activities was RMB (8,826) thousand, an improvement from RMB (15,504) thousand in the same period of 2019[13] - The net cash generated from investing activities was RMB 7,264 thousand, compared to RMB (2,842) thousand in the prior year, indicating a positive shift in investment cash flow[13] - The cash and cash equivalents at the end of the period were RMB 8,646 thousand, slightly down from RMB 10,528 thousand at the beginning of the period[13] Trade Receivables - The company reported an increase in trade receivables to RMB 12,806,000 from RMB 11,443,000, suggesting a growth in sales[9] - Accounts receivable from customer contracts increased to RMB 12,806 thousand as of June 30, 2020, compared to RMB 11,443 thousand as of December 31, 2019[21] - The total trade receivables increased to RMB 13,593,000 as of June 30, 2020, up from RMB 12,230,000 as of December 31, 2019[31] - The average credit period granted to customers is 90 days, with trade receivables net of provisions amounting to RMB 12,806,000[31] - The company maintained a strict control over its overdue receivables, with a significant portion (RMB 5,348,000) of trade receivables aged 0 to 90 days[32] Operational Highlights - The company operates primarily in the real estate market in China and Southeast Asia, focusing on providing consulting and sales agency services[21] - Revenue from comprehensive real estate consulting and sales agency services accounted for approximately 77.2% of total revenue, down from 91.3% in the same period last year[46] - The company executed 9 comprehensive real estate consulting and sales agency service projects in China and Cambodia, with a total floor area of approximately 42,000 square meters[49] - Revenue from pure real estate planning and consulting services was approximately RMB 1.646 million, representing 22.8% of total revenue, up from 8.7% in the same period last year[52] - The company anticipates continued demand for real estate market consulting services from small and medium-sized developers due to market uncertainties caused by the pandemic[52] Cost Management - The overall operating and administrative expenses decreased by approximately 11.7% due to strict cost-saving measures and a voluntary 20% salary reduction for directors and senior management[44] - The company aims to enhance its operational performance in the second half of 2020 by controlling costs and cash flow[59] Shareholder Information - Mr. Jiang holds 89,659,979 shares of ordinary stock, representing approximately 36.42% of the company[76] - Ms. Lin holds 43,722,460 shares of ordinary stock, representing approximately 17.76% of the company[76] - Mr. Han holds 7,051,801 shares of ordinary stock, representing approximately 2.86% of the company[76] - The total number of shares issued by the company as of June 30, 2020, is 252,983,390[80] - The company has adopted a share option plan to reward eligible participants, including employees, for their contributions[73] Market Conditions and Future Outlook - The company expects the policy environment for the real estate industry to improve in the second half of 2020, which may lead to gradual performance recovery[41] - The Cambodian real estate market was significantly impacted by the pandemic, with a sharp decline in export orders and housing demand[44] - The company is assessing its business plans in Cambodia due to significant uncertainties in the real estate market caused by the pandemic[60] - The company plans to expand its residential property consulting and agency services in China's second to fourth-tier cities[57] - The company is exploring opportunities in other cities in China to maintain its market share[57] Compliance and Governance - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim financial statements for the six months ending June 30, 2020[105] - The company has adopted a code of conduct for directors' securities trading, confirming compliance with the standards set forth in the listing rules[104] - The company believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic deployment[103]

Market Performance - In 2019, the total sales area of commercial housing in China reached 1.33 billion square meters, a year-on-year increase of 0.1%[8] - The average floor price of residential land increased by nearly 20% due to a significant increase in land transactions in first- and second-tier cities[9] - The decline in revenue was mainly due to a significant drop in demand in first and second-tier cities in China, influenced by the US-China trade war and increased regulatory measures by the Chinese government[16] - The group anticipates a short-term decline in sales revenue due to the COVID-19 outbreak, with stabilization expected in the second or third quarter of 2020[38] - In 2020, the national new housing sales area is expected to decline by approximately 10%, with a larger decrease anticipated in the first quarter[49] Financial Performance - The group's total comprehensive property consulting and sales agency service revenue decreased significantly by approximately 47.7%[13] - The audited revenue for the year was approximately RMB 14.4 million, a substantial decline of about 44.9% compared to RMB 26.1 million in the same period last year[13] - The group recorded a gross loss of approximately RMB 169,000, compared to a gross profit of approximately RMB 4.6 million in the previous year[13] - The loss attributable to shareholders increased from RMB 7.6 million in the previous year to RMB 12.4 million[13] - Basic loss per share for 2019 was approximately RMB 5.05, compared to RMB 3.08 in 2018[13] - The net loss for the year was approximately RMB 167 million, a substantial increase of about 141.9% compared to a net loss of RMB 69 million in the previous year[31] Operational Challenges - The overall financing cost for real estate companies has increased due to stringent financial regulations[11] - The number of projects launched by property developers decreased due to the impact of the trade war and government restrictions, leading to a significant reduction in demand for the group's services[32] - The company continues to evaluate the impact of the pandemic on its operations and financial performance while strengthening cost control measures[156] Strategic Plans - The group plans to continue expanding its project base and enhance the quantity and quality of property planning, consulting, and sales agency services[12] - The company plans to adjust its market positioning based on the development trends of the Chinese economy and government policies, while seeking suitable investment opportunities[17] - The company aims to reduce operating expenses through enhanced budget management and strict cost control measures to ensure financial stability[17] - The group aims to maintain a cautious approach to market fluctuations while seeking new business partners and opportunities in China and Southeast Asia[56] Sustainability and ESG Practices - The company emphasizes sustainable development as a key component of its long-term business growth and is committed to reducing environmental impact[77] - The report outlines the company's efforts in environmental, social, and governance (ESG) practices during the fiscal year ending December 31, 2019[78] - The company identified 27 sustainability issues impacting its operations, including labor practices, environmental protection, supply chain management, and community investment[83] - The company has not reported any violations of environmental laws and regulations during the reporting year[121] Employee Relations - The group is committed to enhancing employee satisfaction and providing a harmonious and safe working environment to retain talent[97] - Competitive salaries and various benefits, including marriage leave, maternity leave, and transportation allowances, are provided to employees[98] - Regular training programs are implemented to improve employees' knowledge, skills, and overall job satisfaction, contributing to the group's strategic goals[108] - The group adheres to local labor laws and has not violated any employment regulations during the reporting year[102] Shareholder Information - The group recorded a loss for the year ending December 31, 2019, and the board decided not to recommend any final dividend for shareholders[158] - The company's distributable reserves as of December 31, 2019, were approximately RMB 20,621,000, a decrease from RMB 21,893,000 in 2018[169] - The board aims to recommend an annual dividend with a target payout ratio of 10% to 30% of the consolidated net profit for the fiscal year[161] - The board's decision to propose any dividend is at its absolute discretion and subject to shareholder approval[161] Share Option Scheme - The company has granted stock options totaling 4,200,000 shares to Mr. Jiang and his spouse, which are included in their holdings[181] - The share option plan was adopted on June 17, 2016, and is valid for ten years, allowing selected participants to be granted options as a reward for their contributions[186] - The exercise price of the options cannot be lower than the highest of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[192]

Financial Performance - For the six months ended June 30, 2019, the company reported revenue of RMB 6,782,000, a decrease of 54.5% compared to RMB 14,904,000 for the same period in 2018[6]. - The company incurred a gross loss of RMB 1,825,000, compared to a gross profit of RMB 3,327,000 in the previous year, indicating a significant decline in profitability[6]. - The pre-tax loss for the period was RMB 8,852,000, which is a substantial increase from the pre-tax loss of RMB 2,557,000 in the same period last year, reflecting a 246.5% increase in losses[6]. - The total comprehensive loss for the period was RMB 8,781,000, compared to RMB 2,514,000 in the prior year, representing a 249.5% increase in total losses[7]. - Basic loss per share was RMB 2.5, compared to RMB 1.5 in the previous year, indicating a worsening of the company's financial performance[6]. - The company reported a net loss attributable to owners of the company of approximately RMB 6,120,000 for the six months ended June 30, 2019, compared to a loss of RMB 3,665,000 in the same period of 2018[33]. - The total comprehensive income for the six months ended June 30, 2019, was RMB (6,049) thousand, compared to RMB (3,622) thousand for the same period in 2018, indicating a worsening financial performance[11]. Asset and Equity Changes - Non-current assets decreased from RMB 5,057,000 as of December 31, 2018, to RMB 4,880,000 as of June 30, 2019, reflecting a decline of 3.5%[10]. - Current assets decreased from RMB 66,111,000 to RMB 50,577,000, a reduction of 23.5%, indicating a tightening of liquidity[10]. - The company's cash and cash equivalents decreased significantly from RMB 25,005,000 to RMB 8,628,000, a decline of 65.5%[10]. - The total equity attributable to owners of the company decreased from RMB 49,726,000 to RMB 43,736,000, a drop of 12.1%[10]. - As of June 30, 2019, the total equity attributable to owners of the company was RMB 43,736 thousand, a decrease from RMB 54,763 thousand at the beginning of the year[11]. - The company reported a total loss of RMB (83,752) thousand in accumulated losses as of June 30, 2019, compared to RMB (71,690) thousand at the beginning of the year, indicating increasing financial strain[11]. Cash Flow Analysis - For the six months ended June 30, 2019, the net cash used in operating activities was RMB (15,504) thousand, compared to RMB (3,613) thousand for the same period in 2018, indicating a significant increase in cash outflow[13]. - The net cash used in investing activities was RMB (2,842) thousand for the first half of 2019, a decrease from RMB 1,669 thousand in the previous year, reflecting a shift towards more cash outflow in investments[13]. - The net cash generated from financing activities was RMB 1,898 thousand in 2019, down from RMB 5,190 thousand in 2018, suggesting reduced financing inflows[13]. - The cash and cash equivalents at the end of the period were RMB 8,628 thousand, down from RMB 15,784 thousand at the beginning of the year, reflecting a decline in liquidity[13]. Revenue Sources and Trends - For the six months ended June 30, 2019, the total revenue from real estate consulting and sales agency services in China was RMB 5,112,000, a decrease of 64% compared to RMB 14,196,000 in the same period of 2018[26]. - The total revenue from Cambodia increased significantly to RMB 1,080,000 from RMB 142,000, marking a growth of 661% year-on-year[26]. - The total revenue from pure real estate planning consulting services in China was RMB 590,000, slightly up from RMB 566,000 in the previous year[26]. - The group recorded total revenue primarily from Jiangsu Province (43.3%), followed by Hubei Province (32.8%) and Phnom Penh, Cambodia (17.7%) during the review period[58]. - The total unaudited revenue from comprehensive real estate consulting and sales agency services was approximately RMB 6,192,000, accounting for about 91.3% of the total unaudited revenue for the period[61]. Operational and Market Conditions - The company noted a significant decline in the transaction scale of commodity residential sales compared to the same period last year, particularly in second and third-tier cities[47]. - The company is concentrating its business development efforts in third and fourth-tier cities due to structural adjustments made last year[47]. - The forecast for the second half of the year indicates a continued decline in supply in third and fourth-tier cities, with overall transaction volume expected to decrease by approximately 15% year-on-year[67]. - The overall housing prices in most third and fourth-tier cities are expected to show a downward trend due to weak purchasing power, with significant differentiation among cities[68]. - The group anticipates that the transaction volume in third and fourth-tier cities will continue to decline, reflecting a "more drops than rises" pattern for the year[67]. Shareholder and Equity Information - Active Star Investment Limited holds 86,861,979 shares, representing 35.28% of the total shares outstanding[90]. - Upwell Assets Corporation owns 43,722,460 shares, accounting for 17.76% of the total shares outstanding[90]. - The total number of shares issued by the company as of June 30, 2019, is 253,083,390[88]. - The company granted stock options totaling 4,200,000 shares to Jiang and his wife, with 2,400,000 options granted to Jiang and 1,800,000 to his wife[88]. - The company has no other known interests or short positions in shares or related securities as of June 30, 2019[88]. - The total number of shares held by major shareholders is significant, with the top three shareholders holding over 60% of the total shares[90]. Corporate Governance and Compliance - The audit committee has been established in accordance with the corporate governance code and Listing Rule 3.21, consisting of three independent non-executive directors[115]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2019[115]. - The financial statements were approved by the board of directors on August 26, 2019[116].

Economic Performance - In 2018, China's GDP grew by 6.7%, with quarterly growth rates of 6.8%, 6.7%, and 6.5% respectively, maintaining a range of 6.5%-6.9% for 12 consecutive quarters[7]. - The company anticipates that the real estate market in China will face overall pressure in 2019, with new construction and investment growth expected to remain at a low to medium pace, with new construction growth projected between 4.6% and 6.6%[43]. Real Estate Sector Insights - The real estate sector in China saw a 30% year-on-year increase in the supply of residential land, driven by government policies to boost land availability[8]. - The company reported that leading real estate firms maintained sales growth, with major firms' land acquisition amounts accounting for nearly 30% of the total sales value of commercial housing during the same period[9]. - Investment in residential properties reached RMB 70,370 billion in 2018, reflecting a growth of 13.7%[34]. Company Operations and Projects - The company executed a total of 17 projects in 2018, with 12 related to comprehensive real estate consulting and sales agency services, and a total saleable area of approximately 546,000 square meters[13]. - The company has 16 executable projects as of December 31, 2018, indicating a focus on increasing the quantity and quality of property planning, consulting, and sales agency services[13]. - The company is actively seeking market opportunities in Cambodia, with several projects already in execution and more in the preliminary stages, expecting profitability in the coming years[12]. Financial Performance - The audited revenue for the year was approximately RMB 26,103,000, a slight decline of about 1.0% compared to RMB 26,367,000 in the same period last year[14]. - The group's total comprehensive property consulting and sales agency service revenue slightly decreased by approximately 0.4%, while revenue from real estate planning consulting dropped by 9.2%[14]. - The annual loss attributable to the company’s owners decreased from approximately RMB 16,644,000 in the previous year to about RMB 7,553,000 this year[14]. Cost Management - Overall service costs decreased by approximately 17.6%, primarily due to effective cost control in rental expenses and marketing expenditures for several major projects[14]. - The total operating and administrative expenses decreased by approximately 15.4%, mainly due to a reduction in amortization expenses related to newly issued convertible bonds[14]. Corporate Governance and Compliance - The company emphasizes the importance of compliance with local laws and regulations while enhancing corporate governance and communication with stakeholders[59]. - The company maintains a zero-tolerance policy towards corruption, bribery, and fraud, ensuring compliance with local and national anti-corruption laws[72]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, with Jiang Chenfeng serving as the chairman[197]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the group's environmental, social, and governance (ESG) performance for the fiscal year 2018, from January 1 to December 31[60]. - The group is committed to providing a comfortable and safe working environment, adhering to local occupational health and safety regulations[86]. - The company is dedicated to enhancing employee satisfaction and welfare, providing competitive salaries and various benefits, including paid leave and bonuses[79]. Employee Relations and Welfare - The company has established a welfare committee to organize employee activities, fostering cohesion and a sense of belonging among staff[79]. - Employee training programs are in place to enhance knowledge, skills, and overall job satisfaction, contributing to the group's strategic goals[88]. - The company ensures that all employees are treated equally, without discrimination based on gender, race, age, or other factors, promoting a fair and diverse workplace[79]. Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2018, due to the recorded loss and the need to maintain a stable cash flow level[17]. - The company has adopted a dividend policy targeting a payout ratio of 10% to 30% of the consolidated net profit for the fiscal year[140]. - As of December 31, 2018, the company's distributable reserves amounted to approximately RMB 21,893,000, a decrease from RMB 22,742,000 in 2017[148]. Sustainability Efforts - The company has implemented various measures to reduce operational carbon footprint and unnecessary operational costs[105]. - Total greenhouse gas emissions for the year amounted to 84.61 tons of CO2 equivalent, a decrease of 21.73% from 108.09 tons in 2017[102]. - The company engaged in community service activities, promoting social responsibility among employees[113].