Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 44.3 million, an increase from RMB 42.3 million in 2023, reflecting a recovery in market demand [12]. - Rental income for the year was RMB 11.3 million, up 27.9% from RMB 8.8 million in 2023 [12]. - Revenue from the production and sales of educational equipment was RMB 33 million, stable compared to RMB 33.5 million in 2023 [13]. - The company recorded revenue of approximately RMB 44,334,000 for the current year, an increase from RMB 42,305,000 in the previous year, representing a growth of 4.8% [33]. - The loss attributable to equity holders of the parent company was approximately RMB 15,312,000, a significant improvement from a loss of RMB 47,324,000 in the previous year, reflecting a reduction of 67.6% [33]. - The company reported a basic loss per share of RMB 1.53, compared to a loss of RMB 4.74 per share in the previous year, indicating a 67.7% improvement [33]. - Other income for the current year was approximately RMB 5,298,000, an increase of RMB 652,000 compared to RMB 4,646,000 in the previous year, primarily due to increased bank interest income [34]. Asset and Liability Management - The total assets of the company as of December 31, 2023, were RMB 1,246,998,000, an increase from RMB 1,100,442,000 in the previous year [20]. - The total liabilities increased to RMB 893,688,000 from RMB 702,047,000 in the previous year, reflecting a rise of 27.3% [20]. - As of December 31, 2024, the total assets of the group were approximately RMB 726,903,000, a decrease from RMB 1,246,998,000 as of December 31, 2023 [39]. - The total liabilities of the group as of December 31, 2024, were approximately RMB 387,781,000, down from RMB 893,688,000 as of December 31, 2023 [39]. - The net asset value of the group as of December 31, 2024, was RMB 339,122,000, compared to RMB 353,310,000 as of December 31, 2023 [39]. - The group had outstanding bank and other borrowings of approximately RMB 7,637,000 as of December 31, 2024, significantly reduced from RMB 45,117,000 as of December 31, 2023 [39]. - The debt-to-asset ratio as of December 31, 2024, was 35%, a notable improvement from 67% as of December 31, 2023 [39]. Business Strategy and Future Plans - The company plans to enhance cooperation with technology firms to develop more intelligent calligraphy education products in 2025 [15]. - The real estate rental market is expected to see more development opportunities in 2025, supported by government policies and a gradual market recovery [15]. - The company intends to expand into trade business to diversify its revenue structure and enhance market competitiveness [16]. - The company will continue to pursue acquisitions of high-tech and innovative business models to drive business and revenue diversification [16]. - The group plans to focus on the rental of investment properties and the production and sales of digital Chinese calligraphy education equipment and related systems in 2025 [49]. - The group aims to enhance cost control and risk management to improve operational efficiency and profitability in the upcoming year [49]. Corporate Governance and Management - The board expressed gratitude to the management team and employees for their contributions to the group's development over the past year [16]. - The company has a strong governance structure with independent non-executive directors serving on various committees, enhancing oversight and decision-making [68]. - The company’s independent non-executive directors bring diverse expertise, including legal, economic, and management experience, contributing to effective governance [69]. - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience [133]. - The board has adopted a diversity policy that considers various factors such as gender, age, and professional experience when reviewing board composition [161]. - The board aims to maintain the current level of female representation and actively seeks opportunities to increase the proportion of female members [161]. Risk Management and Internal Control - The company has established a robust risk management and internal control system to ensure compliance with regulations and safeguard assets [172]. - The audit committee has reviewed the risk management and internal control systems, covering financial, operational, and compliance controls, and has deemed the review sufficient and effective [173]. - The audit procedures for investment property valuation included assessing the competence and objectivity of the appointed valuers and evaluating the reasonableness of significant assumptions used in the valuation [194]. - The company has appointed external professional consultants to review the risk management and internal control systems for the year [173]. Shareholder Communication and Dividends - The company did not recommend any final dividend for the current year, consistent with the previous year [37]. - The company has adopted a shareholder communication policy to ensure timely, transparent, and accurate communication with shareholders [182]. - The board does not recommend any final dividend for the year, consistent with the previous year where no dividend was declared [75]. Employee Management and Satisfaction - The company has a strong focus on employee retention and satisfaction, offering competitive compensation and benefits [104]. - The number of employees decreased to 110 as of December 31, 2024, from 121 as of December 31, 2023 [52]. - As of December 31, 2024, over 38% of the group's employees are female, indicating gender diversity within the workforce [162]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the company's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards [188]. - The company aims to ensure that its financial statements accurately reflect the group's financial position, operating performance, and cash flows [142]. - The audit committee held three meetings during the year and reviewed the financial statements for the year ending December 31, 2023, and the interim financial statements for the six months ending June 30, 2024 [150][152].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 44,334,000, an increase of 4.8% from RMB 42,305,000 in 2023[3] - Rental income increased to RMB 11,305,000, up 27.9% from RMB 8,839,000 in the previous year[3] - The company reported a loss from continuing operations of RMB 37,165,000, an improvement of 22% compared to a loss of RMB 47,648,000 in 2023[4] - The total comprehensive loss for the year was RMB 14,188,000, significantly reduced from RMB 45,085,000 in 2023[6] - The group reported a loss of RMB 17,616,000 for the year ending December 31, 2024[12] - The company reported an adjusted pre-tax loss of RMB 33,289,000 for the year, compared to a loss of RMB 60,411,000 in the previous year, indicating an improvement[27] - The company reported a pre-tax loss of RMB 15,312,000 for 2024, compared to a loss of RMB 47,324,000 in 2023, indicating an improvement[47] - The loss attributable to equity holders of the parent company was approximately RMB 15,312,000, a significant improvement from a loss of RMB 47,324,000 in the previous year, indicating a reduction in loss by approximately 67.6%[66] Assets and Liabilities - Cash and cash equivalents increased to RMB 178,397,000 from RMB 156,267,000, reflecting a growth of 14.1%[7] - Non-current assets decreased to RMB 500,636,000 from RMB 514,784,000, a decline of 2.7%[7] - The company's net asset value was RMB 339,122,000, down from RMB 353,310,000, a decrease of 4%[8] - The net current liabilities as of December 31, 2024, were approximately RMB 154,336,000[12] - Total assets as of December 31, 2024, were approximately RMB 726,903,000, down from RMB 1,246,998,000 in the previous year, indicating a decrease of about 41.7%[71] - The net asset value of the group as of December 31, 2024, was approximately RMB 339,122,000, a slight decrease from RMB 353,310,000 in the previous year[71] Revenue Segments - For the year ending December 31, 2024, the total revenue from continuing operations was RMB 44,334,000, with a segment loss of RMB 2,321,000[27] - The property leasing segment generated revenue of RMB 11,305,000 and a profit of RMB 2,603,000, while the education equipment segment reported revenue of RMB 33,029,000 but incurred a loss of RMB 928,000[27] - Revenue from educational equipment sales was RMB 33,029,000, slightly down from RMB 33,466,000 in the previous year[34] - The consulting services segment recorded a loss of RMB 3,921,000, while the loan financing segment had a loss of RMB 75,000 for the year ending December 31, 2024[27] Cost and Expenses - The cost of goods sold decreased to RMB 18,791,000 from RMB 23,431,000, a reduction of 19.5%[3] - Financing costs decreased to RMB 22,354,000 from RMB 27,885,000, a reduction of 19.7%[3] - The total capital expenditure for the education equipment segment was RMB 1,140,000 for the year, with RMB 1,126,000 allocated to property leasing[29] - The total capital expenditure for the year was RMB 2,372,000, which includes the acquisition of properties, machinery, and equipment[30] Corporate Strategy and Operations - The company has terminated its real estate development segment, focusing on property leasing and educational equipment sales[11] - The company plans to terminate its loan financing business by the end of 2025, as no new loans were issued during the year[62] - The group plans to focus on property leasing, digital Chinese calligraphy education equipment production, and consulting services, aiming to enhance market presence and brand influence[78] - The group anticipates significant growth in engineering development and consulting revenue as joint ventures begin operations[78] Governance and Compliance - The company has complied with corporate governance codes, although there were deviations regarding meetings between the chairman and independent non-executive directors[92] - The board of directors held three regular meetings this year, which is less than the minimum requirement of four meetings as per corporate governance code C.5.1[93] - The audit committee consists of four independent non-executive directors and is responsible for reviewing the group's accounting principles and financial reporting procedures[97] Financial Reporting and Standards - The group has applied new accounting standards that did not have a significant impact on the financial statements for the current year[15] - The group has not applied new accounting standards that have been issued but are not yet effective, which are expected to have no significant impact in the foreseeable future[19] - The group’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards[12] - The group’s accounting policies have been updated to reflect the latest revisions in financial reporting standards[15] - The company is currently assessing the detailed impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements, which are expected to affect the presentation of the income statement and future disclosures[23] Cash Flow and Financing - The board anticipates generating positive cash flow from operations in the future[14] - The group has received a financial support letter from its controlling shareholder, which will facilitate the acquisition of quality assets and reduce operational risks[78] - Qingdao Urban Investment provided an unsecured loan of RMB 182,000,000 to Qifeng at an interest rate of 3.85%[82] - The company has 110 employees as of December 31, 2024, down from 121 employees the previous year[91] Other Financial Information - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[46] - A major customer contributed RMB 8,570,000 in revenue, accounting for over 10% of total revenue for the year, a significant increase from 2023 when no single customer exceeded this threshold[32] - The company incurred a net impairment loss of RMB 1,000,000 on financial assets, down from RMB 1,150,000 in the previous year[40] - The provision for credit losses on accounts receivable rose to RMB 3,612,000 in 2024 from RMB 2,612,000 in 2023, an increase of 38%[53] - Total accounts payable decreased significantly to RMB 2,811,000 in 2024 from RMB 339,364,000 in 2023, a reduction of approximately 99%[54] - The expected loss rate for the credit loss as of December 31, 2024, is estimated at 22%[82] - The company has signed a share transfer agreement to sell 95% of its stake in a subsidiary, marking a strategic exit from property development activities[65] - The sale of 95% equity in Bengbu Huaiying Investment Management for RMB 43,654,590 was agreed upon on November 29, 2024, resulting in the company no longer holding this subsidiary[85] - The net proceeds from the rights issue amounted to approximately RMB 159,900,000, with 90% (approximately RMB 143,910,000) intended for other investment opportunities[86] - As of December 31, 2024, RMB 74.56 million was used to repay bank loans, and RMB 15.99 million was allocated for general operating funds[88] - The company maintained a strict credit control policy, with 31% of accounts receivable concentrated among its largest customer in the education equipment segment[50] - Other income increased to approximately RMB 5,298,000 from RMB 4,646,000, marking an increase of about 14% primarily due to higher bank interest income[68]

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 12,249,000 (approximately $1.54 million), an increase of 16.9% compared to RMB 10,475,000 for the same period in 2023[2] - The company reported a loss before tax of RMB 18,068,000 for the first half of 2024, significantly improved from a loss of RMB 49,163,000 in the same period last year, representing a reduction of 63.3%[2] - The net loss for the period was RMB 18,167,000, compared to a net loss of RMB 43,309,000 in the previous year, indicating a 58.1% improvement[2] - The basic and diluted loss per share for the period was RMB 1.44, an improvement from RMB 3.78 in the same period last year[2] - The group reported a loss attributable to equity holders of the parent of RMB 14,398,000 for the six months ended June 30, 2024, compared to a loss of RMB 37,775,000 for the same period in 2023[47] - The loss attributable to equity holders of the parent company for the six months ended June 30, 2024, was approximately RMB 14,400,000, a significant reduction from a loss of RMB 37,780,000 in the prior year[88] Cash Flow and Liquidity - The company's cash and cash equivalents increased to RMB 350,684,000 as of June 30, 2024, up from RMB 156,267,000 at the end of 2023, reflecting a growth of 124.4%[6] - The net cash flow from operating activities for the six months ended June 30, 2024, was RMB 200,452 thousand, a significant improvement from a net outflow of RMB (13,760) thousand in the same period of 2023[21] - The net cash flow from investing activities was RMB 144 thousand, compared to RMB 470 thousand in the same period of 2023, showing a decrease in investment income[21] - The net cash flow used in financing activities was RMB (1,698) thousand, an improvement from RMB (8,298) thousand in the same period of 2023, reflecting better management of financing costs[21] - Cash and cash equivalents, including short-term bank deposits, increased to RMB 350,684,000 as of June 30, 2024, from RMB 156,267,000 as of December 31, 2023[54] Assets and Liabilities - The total assets as of June 30, 2024, were RMB 1,531,638,000, compared to RMB 1,247,098,000 at the end of 2023, representing a growth of 22.8%[6] - The total liabilities increased to RMB 1,189,149,000 as of June 30, 2024, compared to RMB 885,298,000 at the end of 2023, reflecting a rise of 34.4%[6] - The company's equity attributable to shareholders decreased to RMB 335,616,000 from RMB 353,310,000 at the end of 2023, a decline of 5.0%[7] - The company's net debt to equity ratio as of June 30, 2024, was 71%, up from 67% as of December 31, 2023[91] Inventory and Receivables - Inventory levels rose to RMB 426,969,000, compared to RMB 386,798,000 at the end of 2023, marking an increase of 10.4%[6] - The construction-related costs for the Yongkang Garden South District project were confirmed as inventory at RMB 413,300,000 as of June 30, 2024, compared to RMB 373,500,000 as of December 31, 2023[87] - The company reported a total of RMB 198,606,000 in receivables from a joint venture, unchanged from the previous reporting period[66] Revenue Segments - The segment revenue from the sale of educational equipment was RMB 6,532 thousand, up from RMB 5,440 thousand in the previous year, indicating a growth of 20.1%[35] - Revenue from external customers in mainland China was RMB 10,882 thousand, up from RMB 9,112 thousand in the same period of 2023, reflecting a growth of 19.4%[30] - Rental income from investment properties in Hong Kong and China for the six months ended June 30, 2024, was approximately RMB 5,700,000, representing a 14% increase from RMB 5,000,000 in the same period of 2023, accounting for 47% of total revenue[82] - Revenue from the production and sale of digital Chinese calligraphy education equipment for the six months ended June 30, 2024, was RMB 6,500,000, up from RMB 5,400,000 in 2023, which is a 20% increase and accounts for 53% of total revenue[83] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with the relevant provisions during the reporting period[111] - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the accounting principles and practices adopted by the group[119] - The company has maintained a high level of corporate governance in line with shareholder interests[111] Future Outlook and Strategy - The company anticipates a positive operating environment in 2024, driven by China's macroeconomic recovery and expected interest rate cuts by the Federal Reserve in the second half of 2024[99] - The company expects significant growth in property development, construction, and consulting revenue in the foreseeable future as joint ventures begin operations[99] - The company is actively identifying potential quality assets for acquisition to improve its core business[99] - The company has shifted its strategy to utilize part of the rights issue proceeds for loan repayment to improve its capital structure and reduce financing costs[105] Shareholder Information - As of June 30, 2024, major shareholders include Qingdao Urban Construction Investment Group Co., Ltd. and Huqing Development (Holdings) Group Limited, each holding 689,243,266 shares, representing approximately 69.02% of the total issued shares[109] - The company has not been notified of any other individuals holding 5% or more of the total issued shares as of June 30, 2024[110] Employee Information - As of June 30, 2024, the company employed a total of 103 full-time employees, down from 121 on December 31, 2023[98] - Employee benefit expenses for the six months ended June 30, 2024, were approximately RMB 5,400,000, a decrease from RMB 7,000,000 in the previous year[90]

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 12,249,000, an increase of 17% compared to RMB 10,475,000 for the same period in 2023[1] - The company reported a loss before tax of RMB 18,068,000, significantly improved from a loss of RMB 49,163,000 in the same period last year, reflecting a reduction of approximately 63%[2] - The net loss for the period was RMB 18,167,000, compared to a net loss of RMB 43,309,000 in the prior year, showing a 58% improvement[2] - The loss attributable to equity holders of the parent company per share was RMB 1.44, an improvement from RMB 3.78 in the previous year[2] - The group reported a net loss from the revaluation of investment properties of zero for the six months ended June 30, 2024, compared to a loss of RMB 24,271,000 for the same period in 2023[28] - The group reported a pre-tax loss of RMB 1,051,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,091,000 for the same period in 2023[21] Revenue Breakdown - The property leasing segment generated revenue of RMB 5,717,000 in 2024, up from RMB 5,035,000 in 2023, an increase of 13.5%[12] - The sales of educational equipment segment reported revenue of RMB 6,532,000 for the first half of 2024, compared to RMB 5,440,000 in 2023, reflecting a growth of 20.1%[14] - Rental income from investment properties in Hong Kong and China for the six months ended June 30, 2024, was approximately RMB 5,700,000, representing 47% of total revenue, an increase from RMB 5,000,000 in the same period last year[48] - Revenue from the production and sale of digital Chinese calligraphy education equipment for the six months ended June 30, 2024, was RMB 6,500,000, accounting for 53% of total revenue, up from RMB 5,400,000 year-on-year[49] Other Income and Expenses - Other income increased to RMB 3,108,000 from RMB 1,293,000, representing a growth of 140% year-over-year[1] - The company recorded other income of RMB 2,365,000 from bank interest for the first half of 2024, significantly up from RMB 660,000 in 2023[18] - Interest expenses for the six months ended June 30, 2024, totaled RMB 13,075,000, slightly down from RMB 13,297,000 in 2023[20] - The group’s financing costs for the six months ended June 30, 2024, were approximately RMB 13,100,000, a decrease of approximately RMB 200,000 from RMB 13,300,000 in the same period of 2023[55] Assets and Liabilities - Cash and cash equivalents rose to RMB 350,684,000, up from RMB 156,267,000, indicating a significant increase in liquidity[4] - Total current assets reached RMB 1,015,820,000, compared to RMB 732,214,000 in the previous year, marking an increase of 38.9%[4] - The company's total liabilities increased to RMB 1,189,149,000 from RMB 885,298,000, reflecting a rise of 34.4%[4] - The total assets as of June 30, 2024, amounted to RMB 1,531,638,000, an increase from RMB 1,246,998,000 as of December 31, 2023[11] - The total liabilities as of June 30, 2024, were RMB 1,175,661,000, compared to RMB 1,075,165,000 as of December 31, 2023, indicating a rise of 9.3%[11] - The group’s asset-liability ratio as of June 30, 2024, was 71%, an increase from 67% as of December 31, 2023[56] Cash Flow and Financing - Cash and cash equivalents increased significantly to RMB 249,343,000 as of June 30, 2024, up from RMB 57,599,000 as of December 31, 2023[33] - The group has secured mortgage financing from a Hong Kong bank amounting to RMB 36.5 million as of June 30, 2024, down from RMB 41.5 million as of December 31, 2023[38] - The company plans to allocate approximately RMB 105.75 million for investment opportunities, but has not yet made final decisions due to the current economic downturn in the property market[69] - The company expects to utilize all net proceeds from the rights issue by June 30, 2025[70] Operational Outlook - The group anticipates a positive operating environment in 2024, supported by China's proactive fiscal policies and stable monetary policies, which are expected to boost the overall economy and real estate market[63] - The group expects a significant reduction in operational risks due to the completion of default loan disposal, with anticipated sales expected to lower operational risks significantly[63] - The group plans to establish a joint venture focused on reconstruction and development in China, which will engage in municipal facility construction and management[64] Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period[71] - The audit committee, composed of three independent non-executive directors, has reviewed the financial information presented in the interim results announcement[75] - No significant matters affecting the company's financial position have been disclosed post-reporting period[74]

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 42.3 million, a decrease of 25.3% from RMB 56.6 million in 2022[9] - The loss attributable to shareholders for the year was RMB 47.3 million, an improvement from a loss of RMB 63.5 million in 2022, representing a reduction of 25.8%[9] - For the fiscal year ending December 31, 2023, the company reported total revenue of approximately RMB 42,305,000, a decrease of 25% compared to RMB 56,601,000 in 2022[39] - The company recorded a loss attributable to equity holders of the parent of approximately RMB 47,324,000 for the year, an improvement from a loss of RMB 63,531,000 in 2022[39] - Rental income from investment properties in Hong Kong and China was approximately RMB 8,800,000, accounting for 21% of total revenue, a significant decrease from RMB 25,500,000 in 2022[33] - Revenue from the production and sale of digital Chinese calligraphy education equipment was approximately RMB 33,500,000, representing 79% of total revenue, an increase from RMB 31,100,000 in 2022[34] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 1,246.998 million, reflecting a growth from RMB 1,100.442 million in 2022[22] - The company's total assets increased to approximately RMB 1,246,998,000 as of December 31, 2023, up from RMB 1,100,442,000 in 2022, representing a growth of 13.3%[44] - Total liabilities rose to approximately RMB 893,688,000 as of December 31, 2023, compared to RMB 702,047,000 in 2022, indicating an increase of 27.3%[44] - The net asset value of the company decreased to approximately RMB 353,310,000 as of December 31, 2023, down from RMB 398,395,000 in 2022, reflecting a decline of 11.3%[44] Business Strategy and Future Plans - The company plans to accelerate asset injection and seek high-tech or innovative business model acquisitions to drive business transformation and revenue diversification in 2024 and beyond[13] - The company aims to leverage potential business and investment opportunities in the Greater China region to drive growth and maximize shareholder returns[13] - The group anticipates a positive operating environment in 2024, supported by China's proactive fiscal policies and expected interest rate cuts by the Federal Reserve in the second half of 2024[53] - The group expects significant growth in engineering development and consulting revenue as joint ventures begin operations[55] - The group plans to accelerate the acquisition of potential quality assets to enhance its core business and maintain market value[55] Financial Management and Cost Control - The company emphasizes prudent financial management and strict cost control as part of its strategy moving forward[13] - The financing costs for the year were approximately RMB 27,900,000, an increase of RMB 4,200,000 compared to RMB 23,700,000 in 2022[41] - The company has resumed installation projects that were previously affected by the pandemic, aligning with customer procurement plans from 2022[9] Shareholder and Dividend Information - The company does not recommend any final dividend for the year, consistent with the previous year[81] - The company has adopted a dividend policy that allows for the distribution of dividends based on sustainable and affordable criteria[82] - The total distributable reserves of the company as of December 31, 2023, amounted to approximately RMB 107,357,000, a decrease from RMB 111,264,000 in 2022[86] Risk Management and Compliance - The company has established a risk management framework to address major financial risks as detailed in the annual report[122] - The audit committee has engaged external professional consultants to review the risk management and internal control systems, covering all significant controls including financial, operational, and compliance[193] - The company has established procedures for the accurate and secure handling of internal information to prevent improper handling[194] Corporate Governance - The board of directors consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[152] - The company has maintained compliance with public shareholding requirements throughout the year[140] - The company has confirmed that all independent non-executive directors are independent according to the relevant guidelines[142] - The board regularly reviews the performance of operational departments against set targets and financial budgets[159] Employee and Stakeholder Engagement - The company emphasizes the importance of employees as key stakeholders and regularly reviews compensation and benefits policies[121] - The group has 121 full-time employees as of December 31, 2023, an increase from 119 in the previous year[56] - The board aims to maintain the current level of female representation and seeks to increase it when suitable candidates are identified[179] Audit and Financial Reporting - The financial statements for the year ended December 31, 2022, were audited by Ernst & Young, with a new auditor appointed effective January 19, 2024[144] - The audit committee confirmed that the resources and training for the group's accounting and internal audit functions were adequate this year[168] - The audit committee has recommended appointing Hong Kong Li Xin De Hao Accounting Firm Limited as the company's auditor, pending shareholder approval[197]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 42,305,000, a decrease of 25.3% from RMB 56,601,000 in 2022[3] - Rental income decreased significantly to RMB 8,839,000 from RMB 25,507,000, representing a decline of 65.3%[3] - The company reported a net loss of RMB 47,636,000 for 2023, an improvement from a net loss of RMB 68,841,000 in 2022, indicating a reduction in losses by 30.9%[4] - The basic and diluted loss per share for the parent company shareholders was RMB 4.74, compared to RMB 6.36 in the previous year, reflecting a decrease in loss per share by 25.6%[4] - The company reported a total comprehensive loss of RMB 45,085,000 for 2023, compared to RMB 53,098,000 in 2022, indicating an improvement of 15.1%[6] - Total adjusted pre-tax loss for the year was RMB 60,394,000, compared to a loss of RMB 84,763,000 in 2022, indicating a 28.7% improvement[27] Assets and Liabilities - Total assets decreased to RMB 1,247,998,000 in 2023 from RMB 1,100,442,000 in 2022, showing an increase of 13.4%[8] - Current liabilities surged to RMB 885,298,000 in 2023, up from RMB 346,579,000 in 2022, marking a significant increase of 155.5%[8] - The total segment assets increased to RMB 1,075,165,000 in 2023 from RMB 910,681,000 in 2022, representing an 18.1% growth[30] - The total liabilities of the group were approximately RMB 893,700,000 as of December 31, 2023, compared to RMB 702,000,000 as of December 31, 2022[88] Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 156,267,000 from RMB 173,011,000, a decline of 9.7%[8] - The group completed the transfer of receivables from joint venture loans, receiving cash consideration of RMB 155,000,000[15] - The company expects to continue generating positive cash flow from its operations[15] - Total financing costs increased to RMB 27,885,000 in 2023, up 17.5% from RMB 23,680,000 in 2022[44] - The company has a loan agreement with its ultimate holding company for an unsecured loan of RMB 182,000,000 at an interest rate of 3.85%, available for two years[70] Revenue Segments - The group operates through five reporting segments, including property leasing and loan financing services[24] - For the year ended December 31, 2023, total segment revenue was RMB 42,305,000, a decrease of 25.3% from RMB 56,601,000 in 2022[27] - The property leasing segment reported a revenue of RMB 8,839,000, down from RMB 25,507,000 in the previous year, reflecting a decline of 65.3%[37] - The education equipment production and sales segment generated revenue of RMB 33,466,000, an increase of 7.6% compared to RMB 31,094,000 in 2022[37] Impairment and Losses - The company incurred a net impairment loss of RMB 2,173,000 in the education equipment segment for the year ended December 31, 2023[32] - The pre-tax loss for the group was impacted by a significant increase in financial asset impairment losses, which rose to RMB 1,150,000 from RMB 43,455,000 in 2022[42] Employee and Operational Costs - The company’s total employee costs were RMB 14,280,000 in 2023, slightly up from RMB 14,001,000 in 2022[42] - The total inventory value as of December 31, 2023, was RMB 386,798,000, a 68.9% increase from RMB 228,920,000 in 2022[53] Dividends and Shareholder Information - The company did not declare any dividends for the year ending December 31, 2023, consistent with 2022[49] - The company has issued and fully paid 998,553,360 shares as of December 31, 2023, maintaining the same number as in 2022[62] Future Outlook - The group anticipates a positive operating environment in 2024, supported by China's proactive fiscal policies and expected interest rate cuts by the Federal Reserve in the second half of 2024[95] - The group plans to accelerate the acquisition of potential quality assets to improve its core business and maintain market value[96] - Revenue from engineering development and consulting is projected to see significant growth in the foreseeable future as joint ventures commence operations[96] Compliance and Governance - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors throughout the year[115] - All independent non-executive directors have confirmed their independent status according to the listing rules[116] - The audit committee, consisting of four independent non-executive directors, regularly reviews the effectiveness of risk management and internal control systems[118]

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 10,475,000, a decrease of 48.5% compared to RMB 20,387,000 in the same period of 2022[1]. - The company reported a net loss of RMB 43,309,000 for the first half of 2023, compared to a profit of RMB 311,000 in the same period of 2022[2]. - The basic and diluted loss per share for the first half of 2023 was RMB 3.78, compared to earnings of RMB 0.31 per share in the same period of 2022[1]. - The group reported a pre-tax loss of RMB (49,163) thousand for the six months ended June 30, 2023, compared to a pre-tax profit of RMB 1,843 thousand for the same period in 2022[15]. - The group reported a loss attributable to equity holders of the parent company of RMB 37,775,000 for the six months ended June 30, 2023, compared to a profit of RMB 3,120,000 in the same period of 2022[38]. Revenue Breakdown - The segment performance for the property leasing division showed a revenue of RMB 5,035 thousand with a profit of RMB 1,647 thousand, while the education equipment sales segment reported revenue of RMB 5,440 thousand with a loss of RMB (6,437) thousand[15]. - Rental income from investment properties in Hong Kong and China was approximately RMB 5,000,000 for the six months ended June 30, 2023, a decrease from RMB 13,800,000 in the same period of 2022, accounting for 48% of total revenue[76]. - Revenue from the production and sale of digital Chinese calligraphy education equipment was RMB 5,400,000 for the six months ended June 30, 2023, down from RMB 6,600,000 in 2022, representing 52% of total revenue[77]. Costs and Expenses - The cost of goods sold was RMB 4,240,000, slightly up from RMB 4,132,000 year-on-year, indicating a marginal increase in operational costs[1]. - Financing costs for the six months ended June 30, 2023, totaled RMB 13,297,000, an increase of 12.9% from RMB 11,773,000 in 2022[31]. - Employee benefit expenses for the six months ended June 30, 2023, were approximately RMB 7,000,000, a decrease of RMB 300,000 from RMB 7,300,000 in 2022[87]. Assets and Liabilities - The company's total assets decreased to RMB 714,019,000 from RMB 753,863,000, indicating a decline of 5.3%[4]. - Current liabilities rose to RMB 432,710,000 from RMB 346,579,000, representing a 24.8% increase, which may impact liquidity[4]. - The company's equity attributable to owners decreased to RMB 307,725,000 from RMB 338,245,000, reflecting a decline of 8.99%[5]. - Cash and cash equivalents decreased to RMB 155,103,000 as of June 30, 2023, down from RMB 173,011,000 as of December 31, 2022, indicating a decline of approximately 10.4%[44]. Inventory and Payables - Inventory increased to RMB 313,198,000 as of June 30, 2023, from RMB 228,920,000 at the end of 2022, indicating a 37% rise in stock levels[4]. - Accounts payable increased to RMB 274,168,000 as of June 30, 2023, compared to RMB 187,707,000 as of December 31, 2022, reflecting an increase of approximately 46%[45]. Cash Flow - The net cash flow used in operating activities for the six months ended June 30, 2023, was RMB (13,760) thousand, compared to RMB (2,227) thousand for the same period in 2022, indicating a significant increase in cash outflow[11]. - Cash and cash equivalents decreased by RMB 21,588 thousand during the six months ended June 30, 2023, compared to a decrease of RMB 24,680 thousand in the same period of 2022[11]. - The group's financing activities used a net cash flow of RMB (8,298) thousand for the six months ended June 30, 2023, compared to RMB (13,138) thousand in the same period of 2022[11]. Loans and Financing - The company provided a loan of RMB 191,600,000 to Huizhou Jiayu, with an interest rate of 15%, and recognized no interest income for the six months ended June 30, 2023, down from RMB 12,555,000 in the same period of 2022[60]. - The company has a loan agreement with Qingdao Urban Construction Investment Group for an unsecured loan of RMB 182,000,000 at an interest rate of 3.85%[59]. - Interest expenses on loans from the ultimate holding company amounted to RMB 8,964,000 for the six months ended June 30, 2023, compared to RMB 8,261,000 for the same period in 2022[56]. Strategic Focus and Future Outlook - The board expressed cautious optimism regarding a gradual business recovery in the second half of 2023, despite slow growth due to economic recovery challenges in China and Hong Kong[99]. - The group is committed to developing and selling digital Chinese calligraphy education equipment in the post-COVID-19 economic recovery phase[101]. - The company plans to utilize funds from the ultimate holding company to support loans provided to Huizhou Jiayu, indicating a strategic focus on financial support for its subsidiaries[59]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules during the reporting period[139]. - The audit committee, composed of four independent non-executive directors, is responsible for reviewing accounting principles and overseeing financial reporting processes[144].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 QINGDAO HOLDINGS INTERNATIONAL LIMITED 青島控股國際有限公司* （於百慕達註冊成立的有限公司） （股份代號：00499） 中期業績 截至二零二三年六月三十日止六個月 青島控股國際有限公司（「本公司」）董事（「董事」）會（「董事會」）呈報本公司及其附 屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜 合財務報表及截至二零二二年六月三十日止六個月之比較數字如下： 中期簡明綜合損益表 截至二零二三年六月三十日止六個月 二零二三年 二零二二年 附註 人民幣千元 人民幣千元 （未經審核） （未經審核） 收益 ...

Financial Performance - The company reported a revenue of RMB 56.6 million for the year ended December 31, 2022, a decrease of 18.7% from RMB 69.3 million in 2021[10]. - The company incurred a loss attributable to shareholders of RMB 63.5 million in 2022, compared to a profit of RMB 8.4 million in 2021[10]. - Total revenue for the fiscal year 2022 was RMB 56,601,000, a decrease of 18.3% compared to RMB 69,260,000 in 2021[24]. - The pre-tax profit for 2022 was a loss of RMB 84,763,000, compared to a profit of RMB 12,503,000 in 2021[24]. - Rental income from investment properties was approximately RMB 25,500,000, accounting for 45% of total revenue, down 4% from RMB 27,400,000 in 2021[30]. - Revenue from the production and sale of digital Chinese calligraphy education equipment was RMB 31,100,000, representing 55% of total revenue, a decline from RMB 41,900,000 in 2021[31]. - The group recorded revenue of approximately RMB 56.6 million for the year, a decrease from RMB 69.3 million in the previous year, resulting in a loss attributable to equity holders of RMB 63.5 million compared to a profit of RMB 8.4 million in the prior year[38]. - The cost of inventory sold for the year was approximately RMB 18.6 million, down from RMB 24.6 million in the previous year, while other income decreased to RMB 22 million from RMB 24.5 million, attributed to a reduction in self-extracted loan interest income[39]. Assets and Liabilities - The total assets of the company as of December 31, 2022, amounted to RMB 1,100.4 million[21]. - The total assets of the company increased to RMB 1,100,442,000 in 2022 from RMB 1,037,449,000 in 2021[24]. - Total liabilities rose to RMB 702,047,000 in 2022, up from RMB 587,116,000 in 2021[24]. - Total current assets amounted to approximately RMB 571.33 million with a current ratio of 1.65, down from 2.22 in the previous year[46]. - The group’s asset-liability ratio increased to 57% from 42% in the previous year, indicating a higher level of debt relative to equity[46]. COVID-19 Impact - The ongoing COVID-19 pandemic significantly disrupted the company's operations, particularly affecting the installation of digital Chinese calligraphy education equipment[10]. - The company did not record any revenue from its lending business in 2022, consistent with 2021, due to the impact of COVID-19[32]. - The consulting services segment did not generate any revenue in 2022, similar to 2021[36]. - Huizhou Jiuwu failed to repay the principal amount of RMB 191,600,000 and interest of approximately RMB 7,006,000 due to delays in property sales caused by COVID-19 restrictions[68][69]. Future Outlook - The company is optimistic about the business environment in 2023, anticipating gradual improvements due to the relaxation of pandemic control measures by the Chinese and Hong Kong governments[11]. - The board is cautiously optimistic about the gradual recovery of business in mainland China and Hong Kong, anticipating an improvement in the overall business environment in 2023[55]. - The group plans to continue developing digital Chinese calligraphy education equipment and expanding its sales network in mainland China post-COVID-19[55]. - The company aims to enhance and diversify its revenue sources by acquiring property development businesses alongside its existing operations[11]. Legal and Financial Management - The company plans to seek legal advice regarding the default incident involving Huizhou Jiayu Real Estate Co., Ltd., considering various options including legal proceedings[14]. - The company has implemented credit risk assessment procedures in its lending business to monitor loan repayments and recoverability[33]. - The company has issued three repayment notices to Huizhou Jiayu, demanding immediate repayment of loans and interest, and is seeking legal advice regarding the default event[74]. - The company is actively pursuing legal options regarding the default event and considering additional guarantees for the loans[74]. Project Developments - The company has initiated the construction of the Yongkangyuan project in Bengbu, Anhui Province, which is expected to generate reasonable revenue from its saleable area[11]. - A construction contract was signed on December 30, 2022, with a total value of RMB 444,676,589.37 for the construction of a residential and commercial project in Bengbu, Anhui Province[75]. - The project includes the construction of 14 residential buildings, 2 commercial buildings, a kindergarten, and a basement, with a total construction area of approximately 169,744 square meters[75]. - The board believes that the sale of the Yongkang Garden project and its saleable floor area is expected to generate reasonable income for the group[56]. Corporate Governance - The board of directors consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[177]. - The audit committee has reviewed the financial statements for the year and discussed audit, internal control, and risk management matters with management[169]. - The company has adhered to the corporate governance code as outlined in the listing rules, with some deviations disclosed in the report[173]. - The company emphasizes the importance of independent professional advice for directors when necessary[185]. Employee and Stakeholder Relations - The company expressed gratitude to its management team and employees for their contributions during the challenging year[14]. - The company emphasizes the importance of employees as key stakeholders and regularly reviews compensation and benefits policies[146]. - Employee benefits expenses slightly decreased to approximately RMB 14 million from RMB 14.4 million in the previous year[42]. Environmental and Social Responsibility - The company is committed to environmental sustainability and aims to reduce its environmental impact while promoting social responsibility[148]. Shareholder Information - The company does not recommend paying any final dividends for the year[104]. - The company adopted a dividend policy in January 2019, ensuring dividends are paid sustainably based on financial conditions and future growth needs[105]. - The total distributable reserves of the company as of December 31, 2022, amounted to approximately RMB 111,264,000, an increase from RMB 100,677,000 in 2021, representing a growth of about 11.6%[108].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 QINGDAO HOLDINGS INTERNATIONAL LIMITED 青島控股國際有限公司* （於百慕達註冊成立的有限公司） （股份代號：00499） 截至二零二二年十二月三十一日止年度業績公佈 青島控股國際有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附 屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（「本年度」）之綜 合業績，連同截至二零二一年之比較數字。 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 人民幣千元 人民幣千元 收入 – 貨品 31,094 41,854 – 租金 25,507 27,406 收入總額 4 56,601 69,260 已售存貨成本 (18,574) (24,572) 投資物業公平值（減少）╱增加 (39,902) 10,911 ...