Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,286,864,000, representing a 41% increase compared to RMB 2,332,710,000 for the same period in 2023[2] - Gross profit decreased by 7% to RMB 557,414,000 from RMB 599,182,000 year-on-year[2] - Other income and gains fell by 54% to RMB 354,290,000 from RMB 765,601,000 in the previous year[2] - The company reported a loss attributable to shareholders of RMB 2,179,099,000, compared to a profit of RMB 562,484,000 in the same period last year, marking a 454% decline[2] - Basic and diluted loss per share was RMB (0.1312), a decrease of 487% from RMB 0.0339 in the prior year[2] - The company reported a pre-tax loss of RMB (2,298,117) thousand for the period, compared to a pre-tax loss of RMB (1,730,336) thousand in the previous year[20] - The group reported a loss attributable to equity holders of RMB (2,179,099) thousand for the first half of 2024, compared to a profit of RMB 562,484 thousand in the same period of 2023[28] Assets and Liabilities - Cash and bank balances, including restricted cash, decreased by 18% to RMB 4,220,498,000 from RMB 5,161,269,000[2] - Total assets decreased by 6% to RMB 85,904,040,000 from RMB 91,098,407,000[2] - Net assets attributable to shareholders decreased by 12% to RMB 23,207,742,000 from RMB 26,348,402,000[2] - The company’s total liabilities increased, impacting its financial position and future operational strategies[2] - As of June 30, 2024, total current liabilities amounted to RMB 39,154,677 thousand, a decrease of 1.73% from RMB 39,845,699 thousand as of December 31, 2023[9] - The total equity attributable to the company's shareholders decreased to RMB 23,207,742 thousand from RMB 26,348,402 thousand, a decline of 11.4%[10] - The total assets as of June 30, 2024, amounted to RMB 85,904,040 thousand, while total liabilities were RMB 62,696,298 thousand, resulting in a net asset position of RMB 23,207,742 thousand[20] Revenue Segmentation - The property development segment generated revenue of RMB 2,633,000,000, accounting for 80% of total revenue, up from RMB 1,636,000,000 (70% of total revenue) in the same period last year[35] - The property investment and management segment's revenue increased to RMB 653,800,000, representing 20% of total revenue, compared to RMB 615,800,000 (26% of total revenue) in the previous year[36] - The company recognized property sales revenue of RMB 2,622,288 thousand for the six months ended June 30, 2024, compared to RMB 1,635,953 thousand in the same period of 2023, reflecting a growth of approximately 60%[20] Cost and Expenses - The group's property sales cost for the first half of 2024 was RMB 2,446,254 thousand, up from RMB 1,483,710 thousand in the first half of 2023, reflecting a year-on-year increase of approximately 64.9%[23] - Total employee benefits expenses decreased to RMB 372,771 thousand in the first half of 2024 from RMB 424,772 thousand in the same period of 2023, a reduction of about 12.2%[23] - Financial expenses totaled RMB 742,258 thousand for the current period, down from RMB 867,596 thousand in the previous year, showing a reduction of about 14%[21] Cash Flow and Financing - Cash and cash equivalents decreased by RMB 940,800,000 or 18% to RMB 4,220,500,000 as of June 30, 2024, primarily due to payments for property development costs and loan repayments[38] - The total bank loans amounted to RMB 10,907,400,000 as of June 30, 2024, with interest rates ranging from 3.10% to 6.56%[39] - The net debt as of June 30, 2024, was RMB 16,990,000,000, a decrease of RMB 699,400,000 from RMB 17,689,400,000 as of December 31, 2023[39] - The company has pledged assets totaling RMB 18,126,808,000 as collateral for bank loans as of June 30, 2024[44] Market and Operational Insights - The company reported that over 90% of its revenue and assets are derived from customers and locations in mainland China, indicating a strong regional focus[15] - The company anticipates a slow but gradual recovery in the real estate market in the fourth quarter of 2024, supported by government measures to encourage home purchases[50] - The company aims to maintain financial stability and liquidity as a top operational priority, employing flexible pricing strategies and enhancing brand image to accelerate sales collection[50] Corporate Governance and Internal Controls - The Audit Committee is currently composed of independent non-executive directors, including Mr. Xia Xinping (Chairman), Mr. Xu Zhaozhong, and Mr. Jiang Shangyi[54] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters related to auditing, internal control, and financial reporting[54] - The Board is responsible for continuously monitoring and improving the Group's risk management and internal control systems to protect the company's assets and shareholders' interests[55] - The internal audit department is independent and regularly reviews the effectiveness and adequacy of risk management and internal control procedures[56] Employee and Organizational Changes - The company employed approximately 2,600 staff as of June 30, 2024, down from about 3,000 staff in the same period of 2023[53] - The internal organizational structure has changed, leading to a reclassification of reportable segments, but no inter-segment transactions occurred during the period[15]

Financial Performance - The Group achieved contracted sales of RMB35.58 billion in 2023, a decrease of 42% compared to the previous year[16]. - The consolidated revenue for the year ended 31 December 2023 was RMB17.45 billion, with a profit attributed to shareholders of RMB343 million, resulting in basic earnings per share of RMB0.0206[20]. - Revenue for the year ended December 31, 2023, increased to RMB 17.45 billion from RMB 10.30 billion in 2022, primarily due to a RMB 7.36 billion increase in property sales revenue[40][44]. - Profit for the year attributable to owners of the Company decreased to RMB 342 million in 2023, down 85% from RMB 2,324 million in 2022[86]. - Basic earnings per share decreased by 85% to RMB0.0206 in 2023 from RMB0.1400 in 2022[51][54]. - Other income and gains rose to RMB 1.60 billion in 2023 from RMB 1.12 billion in 2022, driven by a RMB 300 million remeasurement gain from subsidiary acquisitions[41][44]. - The fair value gain of investment properties was reported at RMB 611.4 million for 2023, down from RMB 1.44 billion in 2022[42][44]. - The Group reported a profit attributable to owners of the Company of RMB342.7 million for the year ended 31 December 2023, a significant decrease from RMB2,323.9 million in 2022[50][54]. Revenue Sources - Revenue from the property development segment increased to RMB16,263.7 million, representing 93% of total revenue, compared to RMB8,907.1 million (86% of total revenue) in 2022[55][58]. - The property investment and management segment's revenue increased slightly to RMB1,188.6 million in 2023 from RMB1,128.6 million in 2022, representing 7% of total revenue[56][59]. - The Group's investment properties generated total revenue of approximately RMB 2.17 billion in 2023, reflecting a year-on-year growth of 14%[96]. - The rental housing business recorded revenue of approximately RMB 230 million for the year, representing a year-on-year growth of 5%[102]. Cash Flow and Financial Management - The Group's cash flow management strategy emphasizes maintaining a balance between price and sales volume, with a focus on maximizing cash flow[15]. - The Group has successfully explored various new long-term and low financing channels during the year[15]. - The gearing ratio improved to 87% in 2023 from 90% in 2022, indicating better financial stability[37]. - The Group's net debt increased to RMB17,689.4 million as of 31 December 2023, with a net debt ratio of 67%, up from 65% in 2022[64][66]. - The Group's total bank and other borrowings amounted to RMB11,452.7 million as of 31 December 2023, with interest rates ranging from 3.15% to 7.36% per annum[63][66]. Property Development and Management - The total land bank amounted to 16.07 million square meters, with approximately 83% located in first and second-tier cities, supporting development for the next two years or more[27][31]. - The Group operates 16 commercial projects and 22 business parks in the PRC, covering a GFA of approximately 1,075,000 square meters and 2,002,000 square meters, respectively[22]. - The Group plans to commence operations for two new commercial projects in 2024, covering a GFA of approximately 200,000 square meters[22]. - The average selling price of properties in 2023 was approximately RMB 14,100 per square meter, down 32% from the previous year[90]. - The Group acquired two land projects in 2023 with a total planned GFA of approximately 109,100 square meters for a consideration of approximately RMB 508 million[89]. Corporate Governance - The Company has adopted and complied with all mandatory disclosure requirements and applicable code provisions throughout FY2023, with exceptions for code provisions C.1.6, C.5.1, and F.2.2[131]. - The Company emphasizes high standards of corporate governance, focusing on a quality board, effective risk management, and transparency to optimize shareholder returns[130]. - The Company has a commitment to enhance performance and protect shareholder interests through sound governance practices[135]. - The Company has a diverse board with members having extensive experience in finance, law, and corporate governance[126][127][128]. - The Board consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, with 1 female director, representing 11% of the board[163]. Leadership and Management - The company has a strong leadership team with extensive experience in property development and corporate management, including Mr. Ling, Mr. Huang, Mr. Xu, and Mr. Wei[107][108][109][110]. - The positions of Chairman and CEO are held by separate individuals to maintain effective governance[196]. - Executive Directors and senior management are responsible for key corporate strategy and day-to-day operations[189]. - The Company ensures that adequate and reliable information is provided to the Board in a timely manner[196]. - The leadership team has received multiple accolades for their contributions to corporate governance and management excellence[109]. Sustainability and Future Outlook - More than 18.76 million square meters of developed or under development projects met green building standards as of December 31, 2023, reflecting the company's commitment to sustainable development[28][32]. - The Group remains committed to issuing C-REITs in affordable rental housing to enhance sustainable development[23]. - The company expects China's economy to grow at a rate of 4-6% in 2024, with the property market anticipated to bottom out in the second half of 2024[29][33]. - The Company recognizes the need for a diverse Board to support strategic objectives and sustainable development[160].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 17,452,374 thousand, representing a 69% increase from RMB 10,302,492 thousand in 2022[2] - Gross profit increased by 55% to RMB 3,612,905 thousand compared to RMB 2,336,689 thousand in the previous year[2] - The net profit attributable to shareholders decreased by 85% to RMB 342,718 thousand, with earnings per share of RMB 0.0206, down from RMB 0.1400 in 2022[2] - The total comprehensive income for the year was RMB 764,022 thousand, down from RMB 1,884,277 thousand in 2022[6] - The group's profit before tax for 2023 was RMB 342,718 thousand, a significant decrease from RMB 2,323,906 thousand in 2022, representing a decline of approximately 85.3%[29] - Total income, including other income and gains, reached RMB 17,452,374 thousand in 2023, compared to RMB 10,302,492 thousand in 2022, marking a growth of 69.5%[20] - Total comprehensive income for the year amounted to RMB 5,084 thousand, a decrease from RMB 13,276 thousand in the previous year[16] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 91,098,407 thousand, a 6% increase from RMB 86,034,492 thousand in 2022[2] - The company’s total liabilities decreased by 2% to RMB 64,750,005 thousand from RMB 66,013,850 thousand in 2022[7] - As of December 31, 2023, total current liabilities amounted to RMB 39,845,699 thousand, an increase from RMB 34,775,980 thousand in 2022, representing a growth of approximately 6.1%[8] - Non-current liabilities totaled RMB 24,904,306 thousand, compared to RMB 24,236,870 thousand in 2022, indicating an increase of about 2.8%[8] - The net asset value was RMB 26,348,402 thousand as of December 31, 2023, down from RMB 27,021,642 thousand in 2022, reflecting a decrease of approximately 2.5%[8] - The total assets less current liabilities stood at RMB 51,252,708 thousand, slightly down from RMB 51,258,512 thousand in 2022[8] Cash Flow and Financial Position - Cash and cash equivalents, including restricted funds, decreased by 25% to RMB 5,161,269 thousand from RMB 6,847,242 thousand in the previous year[2] - The company’s cash and bank deposits decreased by 25% to RMB 5,161,300,000 as of December 31, 2023, down from RMB 6,847,200,000 due to payments for property development costs, taxes, and debt repayments[52] - Total bank and other loans amounted to RMB 11,452,700,000 as of December 31, 2023, with an interest rate ranging from 3.15% to 7.36%[53] - The net debt ratio increased from 65% as of December 31, 2022, to 67% as of December 31, 2023, indicating a higher proportion of long-term debt[53] - The company has pledged assets totaling RMB 18,273,109,000 as collateral for bank loans as of December 31, 2023, compared to RMB 1,665,680,000 in the previous year[58] Segment Performance - Segment revenue from property development reached RMB 16,263,730 thousand, while property investment and management generated RMB 1,188,644 thousand, totaling RMB 17,452,374 thousand[18] - The gross profit for the total segments was RMB 3,612,905 thousand, with property development contributing RMB 2,968,222 thousand and property investment and management contributing RMB 644,683 thousand[18] - Revenue from property sales increased significantly to RMB 16,263,730 thousand in 2023, up from RMB 8,907,147 thousand in 2022, representing an increase of 82.5%[20] - Revenue from the property development segment increased to RMB 16,263,700,000, accounting for 93% of total revenue, up from RMB 8,907,100,000 or 86% in the previous year[50] - The property investment and management segment's revenue rose to RMB 1,188,600,000, representing 7% of total revenue, compared to RMB 1,128,600,000 or 11% in the previous year[51] Investments and Acquisitions - The company acquired 86.93% equity in Nanjing Weipan Real Estate Development Co., Ltd. after amending the joint venture agreement in March 2023[36] - The company gained control of Nanjing Weijing Real Estate Development Co., Ltd. with a 42% equity stake following an agreement with joint venture partners in June 2023[36] - The acquisition of Wuhan Jinyue Xinhanghe Real Estate Co., Ltd. was completed for RMB 27,200,000, granting the company 72% control[36] - The company acquired 51% equity in Shanghai Aohui Real Estate Co., Ltd. for RMB 84,000,000, gaining control after previously holding 49%[41] Employee and Corporate Governance - As of December 31, 2023, the group employed approximately 2,700 employees, a decrease from 3,300 in 2022[69] - The board consists of four executive directors and three independent non-executive directors as of the announcement date[75] - The audit committee reviewed the group's accounting policies and financial reporting for the year ended December 31, 2023[71] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[3] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[20] - The company anticipates China's economy to grow at a rate of 4-6% in 2024, with the real estate market expected to bottom out in the second half of 2024 and gradually recover in 2025[65]

Revenue and Profitability - The Group's revenue increased from RMB2,174.2 million in the six months ended June 30, 2022, to RMB2,332.7 million in the same period of 2023, representing an increase of RMB158.5 million[24]. - Other income and gains rose from RMB512.4 million in the six months ended June 30, 2022, to RMB765.6 million in the current period, primarily due to a fair value gain of RMB292.7 million from the acquisition of subsidiaries[24]. - Profit attributable to owners of the Company decreased from RMB1,085.0 million in the six months ended June 30, 2022, to RMB562.5 million in 2023, a decline of RMB522.5 million[27]. - Basic earnings per share dropped by 48%, from RMB0.0654 in the six months ended June 30, 2022, to RMB0.0339 in 2023[27]. - The Group's overall profit from joint ventures and associates decreased from RMB1,188.3 million in the six months ended June 30, 2022, to RMB506.8 million in 2023, a decline of RMB681.5 million[26]. - Gross profit decreased to RMB 599,182, down 46.3% from RMB 1,114,283 year-on-year[75]. - Profit for the period was RMB 607,157, a decline of 46.2% from RMB 1,129,562 in the previous year[76]. Segment Performance - Revenue from the property development segment was RMB1,636.0 million, accounting for 70% of total revenue, compared to RMB1,537.4 million (71%) in the prior year[29]. - The property investment and management segment's revenue increased to RMB615.8 million, representing 26% of total revenue, up from RMB539.8 million (25%) in the previous year[30]. - The segment results for property investment and management reported a profit of RMB566.1 million, an increase of RMB325.4 million from RMB240.7 million in the same period of 2022[30]. - The microfinance segment's revenue decreased to RMB 81 million, down from RMB 96.9 million, maintaining a 4% share of total revenue, with profits dropping to RMB 20.6 million from RMB 50.6 million[33]. - For the six months ended June 30, 2023, the total segment revenue was RMB 2,332,710,000, with property development contributing RMB 1,635,953,000, property investment and management RMB 615,794,000, and microfinance RMB 80,963,000[142]. Financial Position - Total shareholders' equity increased from RMB 22,442.8 million as of December 31, 2022, to RMB 22,705.6 million as of June 30, 2023[35]. - The group's cash and bank balances decreased by RMB 2,153.8 million or 36% to RMB 3,899.4 million as of June 30, 2023, primarily due to property development costs and loan repayments[36]. - Total borrowings amounted to RMB 12,847.3 million as of June 30, 2023, with interest rates ranging from 3.30% to 6.88% per annum[37]. - The net debt decreased by RMB 425.9 million to RMB 17,090.9 million as of June 30, 2023, with a net debt ratio of 63%, down from 65%[40]. - As of June 30, 2023, the total assets of the Group amounted to RMB 17,101,395,000, a significant increase from RMB 1,665,680,000 as of December 31, 2022[48]. - Total current assets rose to RMB 55,219,351, up from RMB 40,005,950 at the end of 2022, reflecting improved liquidity[77]. - Total liabilities as of June 30, 2023, were RMB 73,656,989,000, with property development liabilities at RMB 43,918,935,000 and property investment and management liabilities at RMB 11,542,366,000[142]. Cash Flow and Financing - Net cash used in operating activities for the first half of 2023 was RMB 515,190,000, compared to RMB 1,583,920,000 in the same period of 2022, indicating an improvement in cash flow management[84]. - Cash inflow from investing activities for the six months ended June 30, 2023, was RMB 1,311,888,000, a significant recovery from a cash outflow of RMB 1,611,292,000 in the same period of 2022[86]. - Net cash used in financing activities amounted to RMB (2,967,207,000) for the six months ended June 30, 2023, compared to RMB (76,928,000) in the same period of 2022[87]. - The company reported net proceeds from the issuance of shares of RMB 1,487,000, compared to RMB 8,702,000 in the previous year[87]. - The company paid dividends to non-controlling shareholders totaling RMB (183,880,000) during the period[87]. Asset Management and Investments - The Group's land bank in the PRC totaled 18.14 million square meters as of June 30, 2023, representing a decrease of approximately 6.2% compared to December 31, 2022[54]. - The Group's investment properties in operation totaled 3 million square meters as of June 30, 2023, representing a 13% increase compared to the same period in 2022[57]. - The average selling price in the first half of 2023 was approximately RMB 15,400 per square meter[58]. - The company reported a gain on disposal of financial assets at fair value amounting to RMB 24,583,000 in the first half of 2023, compared to RMB 3,000,000 in the same period of 2022, indicating successful asset management strategies[86]. - The Group's investment in joint ventures was valued at RMB 14,495,468,000, while investments in associates were RMB 6,997,497,000[142]. Taxation and Compliance - The Group is subject to Land Appreciation Tax (LAT) in Mainland China, with rates ranging from 30% to 60% on land value appreciation, and significant judgement is required in determining LAT liabilities[121]. - The final tax determination for LAT is uncertain, and the Group recognizes liabilities based on management's best estimates, which may impact future provisions[122]. - The corporate income tax charge for the period in Mainland China was RMB 92,623,000, down from RMB 157,758,000 in 2022, showing a decrease of about 41.2%[161]. Risk Management - The group is exposed to foreign currency risk due to borrowings in multiple currencies, but considers the risk acceptable given the majority of operating income is in RMB[43]. - The company maintains strict control over outstanding receivables, with no significant concentration of credit risk noted[172]. - The company does not grant credit terms to its customers under normal circumstances, minimizing credit risk[172].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,332,710, representing a 7% increase from RMB 2,174,164 in the same period of 2022[2]. - Gross profit decreased by 46% to RMB 599,182 compared to RMB 1,114,283 in the prior year[2]. - The attributable profit to shareholders was RMB 562,483, down 48% from RMB 1,085,011 in the previous year[2]. - Basic earnings per share decreased by 48% to RMB 0.0339 from RMB 0.0654 in the same period last year[6]. - The company reported a total comprehensive income of RMB 406,902 for the period, down from RMB 927,276 in the previous year[8]. - The company reported a net profit of RMB 389 thousand for the six months ended June 30, 2023, down from RMB 10,687 thousand for the same period in 2022, showing a decline of approximately 96.4%[17]. - The group’s profit before tax decreased to RMB 562,484 thousand for the six months ended June 30, 2023, down from RMB 1,085,011 thousand in the same period of 2022, reflecting a decline of 48.2%[32]. - Profit attributable to shareholders decreased to RMB 562,500,000 from RMB 1,085,000,000, a decline of RMB 522,500,000[47]. Assets and Liabilities - Total assets grew by 17% to RMB 100,769,937 compared to RMB 86,034,492 at the end of 2022[2]. - Total current liabilities increased to RMB 47,790,029 thousand as of June 30, 2023, from RMB 34,775,980 thousand as of December 31, 2022, representing a growth of approximately 37.5%[10]. - Non-current liabilities rose to RMB 25,866,960 thousand as of June 30, 2023, compared to RMB 24,236,870 thousand as of December 31, 2022, indicating an increase of about 6.8%[10]. - The total liabilities as of June 30, 2023, were RMB 73,656,989,000, with property investment liabilities at RMB 43,918,935,000 and property development and management liabilities at RMB 11,542,366,000[21]. - The total amount of trade receivables as of June 30, 2023, was RMB 45,959 thousand, compared to RMB 40,256 thousand as of December 31, 2022, indicating an increase of 14.3%[33]. Cash Flow and Financial Position - Cash and bank balances, including restricted cash, increased by 9% to RMB 7,430,594 from RMB 6,847,242[2]. - Cash and cash equivalents decreased by 36% to RMB 3,899,400,000 from RMB 6,053,200,000 due to payments for property development costs and loan repayments[52]. - Total bank and other loans amounted to RMB 12,847,300,000, with a debt-to-equity ratio decreasing from 65% to 63%[53]. - The company provided guarantees totaling USD 131.376 million (approximately RMB 949.299 million) for financing to joint ventures as of June 30, 2023, down from USD 152.376 million (approximately RMB 1,061.240 million) as of December 31, 2022[60]. Revenue Segmentation - For the six months ended June 30, 2023, the total segment revenue was RMB 2,332,710,000, with property investment contributing RMB 1,635,953,000, property development and management contributing RMB 615,794,000, and micro-loans contributing RMB 80,963,000[21]. - The property development segment generated revenue of RMB 1,636,000,000, accounting for 70% of total revenue, while the property investment and management segment's revenue increased to RMB 615,800,000, representing 26% of total revenue[48][49]. - Revenue from property sales increased to RMB 1,635,953 thousand for the six months ended June 30, 2023, compared to RMB 1,537,436 thousand in the same period of 2022, representing a growth of 6.4%[25]. Operational Highlights - The company is focusing on expanding its development properties, which increased significantly to RMB 28,394,859 from RMB 13,413,636 year-on-year[9]. - The company’s land reserves totaled 18.14 million square meters as of June 30, 2023, a decrease of approximately 6.2% compared to December 31, 2022[61]. - The cumulative contracted sales for the first half of 2023 were approximately RMB 20.232 billion, a decline of 24.8% year-over-year[62]. - The average selling price for the first half of 2023 was approximately RMB 15,400 per square meter[62]. - The total area of investment properties held by the company reached 3 million square meters as of June 30, 2023, reflecting a year-over-year growth of 13%[63]. - Rental income from investment properties amounted to approximately RMB 1.07 billion, representing a year-over-year increase of 15%[63]. - The rental housing business recorded revenue of approximately RMB 110 million, showing a year-over-year growth of 7%[64]. Employee and Governance - The group employed approximately 3,000 employees as of June 30, 2023, down from approximately 3,800 employees a year earlier[68]. - The audit committee has reviewed the group's accounting principles and practices, discussing audit, internal control, and financial reporting matters for the six months ending June 30, 2023[69]. - The board has complied with the corporate governance code, with some exceptions regarding attendance at the annual general meeting[66]. Market and Industry Outlook - In the first half of 2023, the national real estate market experienced a strong rebound in Q1, followed by a significant cooling in Q2, with July sales remaining sluggish[65]. - The government has continued to introduce supportive policies for the real estate industry, aiming to create a more relaxed policy environment[65]. - The group anticipates more policies encouraging home purchases in the second half of 2023, with expectations for gradual industry recovery[65]. - The introduction of real estate investment trusts in logistics, commercial parks, and affordable rental housing is expected to enhance liquidity for real estate developers[65].

Financial Performance - In 2022, the Group achieved contracted sales of RMB61.77 billion, a decrease of 21.3% compared to the previous year[12]. - The consolidated revenue for the year ended December 31, 2022, was RMB10.3 billion, with a profit attributable to shareholders of RMB2.31 billion[12]. - Basic earnings per share for the year were RMB0.1392, and a final dividend of RMB0.007 per share was declared[12]. - Profit attributable to owners of the Company was RMB 2.31 billion, compared to RMB 4.01 billion in the previous year, reflecting a significant decline[26]. - The Group's profit for the year was RMB 2,353,488,000, a decline of 45.6% from RMB 4,328,934,000 in 2021[62]. - Profit before tax for the year ended December 31, 2022, was RMB 3,485,992,000, down 39.0% from RMB 5,723,457,000 in 2021[62]. - The profit attributable to owners of the Company decreased from RMB4,014.2 million for the year ended December 31, 2021 to RMB2,310.6 million for the year ended December 31, 2022, a decline of about 43%[34]. - The Group's revenue for the year ended 31 December 2022 decreased to RMB10,302.5 million from RMB14,184.8 million for the year ended 31 December 2021, a decrease of approximately 27%[29]. Market Conditions - China's GDP expanded by 3% year-on-year in 2022, despite pressures from COVID-19 and economic expectations[8]. - The top 100 property enterprises in Mainland China saw a 42.3% decrease in contracted sales compared to 2021, highlighting the challenging market conditions[12]. - The real estate market began to show signs of moderate recovery in the fourth quarter of 2022 due to government easing policies[10]. - The Group achieved contracted sales of RMB 61.77 billion in 2022, a decrease of 21.3% compared to the previous year[14]. Revenue Segmentation - Revenue from the property development segment decreased to RMB8,907.1 million, representing 86% of total revenue, compared to RMB13,019.7 million, representing 92% of total revenue for the previous year[37]. - Revenue from the property investment and management segment increased to RMB1,128.6 million, representing 11% of total revenue, up from RMB868.6 million, which was 6% of total revenue in the previous year[38]. - Rental income from commercial properties and business parks increased by 47% year-on-year, reaching RMB 1.69 billion in 2022[15]. - The rental housing business generated RMB 222.56 million in rental income, managing over 13,000 rooms as of December 31, 2022[16]. Assets and Liabilities - As of December 31, 2022, total assets were RMB 85.99 billion, an increase from RMB 77.08 billion in 2021[26]. - Total liabilities rose to RMB 59,012,850,000 as of December 31, 2022, from RMB 52,489,027,000 in 2021, an increase of 12.9%[62]. - The Group's total equity, including non-controlling interests, was RMB 26,973,855,000 as of December 31, 2022, compared to RMB 24,589,608,000 in 2021, reflecting an increase of 9.7%[62]. - The gearing ratio improved to 90% in 2022, down from 93% in the previous year, indicating better financial stability[26]. Land Bank and Development - The Group's land bank totaled 19.34 million square meters, with over 79% located in first and second-tier cities, supporting development for the next three years[18]. - The company has a significant presence in the North China region, with projects such as Beijing Kunding (134,000 sqm) and Fangshan Gongchen (102,000 sqm) focusing on business parks and residential/commercial developments[68]. - The company is expanding its footprint in the South China region, with projects like the Guangzhou Huadu North Railway Station TOD Project (400,000 sqm) and the Guangzhou Zengcheng Zhongxin Project (189,000 sqm)[65]. - The company emphasizes the importance of a large and high-quality land reserve as a key competitive advantage in the competitive real estate market in China[65]. Corporate Governance - The company has maintained a high standard of corporate governance, focusing on a quality board of directors and sound risk management practices[97]. - The Company aims to enhance corporate governance and sustainable development through its operational strategies and employee training[104]. - The Board consists of 9 Directors, including 4 executive Directors, 2 NEDs, and 3 INEDs, with one female Director representing 11% of the Board[111]. - The Company has received annual confirmations of independence from all three INEDs, confirming their independence[108]. Risk Management - The Group's internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[177]. - The Audit Committee regularly reviews the adequacy of resources and qualifications of the Company's accounting and financial reporting staff[178]. - The Group will continue to improve its risk management and internal control systems, standardize implementation, and strengthen internal supervision[179]. - Employees are required to report conflicts of interest regularly to prevent interference with the Group's interests[182]. Environmental, Social, and Governance (ESG) - The Environmental, Social and Governance Report covers ESG issues related to property development, investment, and management in Mainland China for the year 2022[198]. - The report highlights the company's initiatives aimed at enhancing sustainability and social responsibility[200]. - The company emphasizes its commitment to ESG principles in its operations and strategic planning[200]. - Future ESG strategies will focus on integrating new technologies to enhance operational efficiency[200].

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，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何 損失承擔任何責任。 Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：535） 截至2022年12月31日止年度之 年度業績公佈 財務概要 | --- | --- | --- | --- | |--------------------------------------------------|-----------------------------------------------------|------------------------------------|----------| | | 截至 12 \n2022 年 \n人民幣千元 人民幣千元 | 月 31 日止年度 \n2021 年 \n | 變動 \n% | | 收入 | 10,302,492 | 14,184,795 | － 2 ...

Revenue and Profitability - The Group's revenue decreased from RMB4,997.9 million for the six months ended 30 June 2021 to RMB2,174.2 million for the six months ended 30 June 2022, a decrease of RMB2,823.7 million[17]. - Overall profit attributable to owners of the Company was RMB1,074.3 million, a slight increase of RMB7.8 million compared to RMB1,066.5 million for the corresponding period[22]. - The decrease in revenue was mainly attributed to the impact of COVID-19 prevention measures affecting property project development and delivery schedules[17]. - Revenue from the property development segment decreased to RMB1,537.4 million, representing 71% of total revenue, down from RMB4,417.9 million or 88% for the same period in 2021[24]. - Revenue for the six months ended June 30, 2022, was RMB 2,174,164, a decrease of 56.4% compared to RMB 4,997,902 in the same period of 2021[76]. - Profit for the period was RMB 1,118,875, representing a decline of 13.3% from RMB 1,289,944 in 2021[78]. - The company reported a basic earnings per share of RMB 0.0648, slightly up from RMB 0.0645 in the previous year[76]. Expenses and Costs - Direct operating expenses decreased from RMB789.4 million to RMB707.2 million, with the previous period including RMB95.4 million from a disposed fitting-out business[18]. - Finance costs increased from RMB392.4 million to RMB467.7 million, due to payments of remaining land premiums and increased interest paid to related parties[21]. - Total finance costs incurred for the six months ended June 30, 2022, were RMB 618,590, an increase from RMB 504,288 in 2021, marking a rise of about 23%[186]. - Total employees benefits expenses for the six months ended June 30, 2022, were RMB 448,283, down from RMB 486,823 in 2021, indicating a decrease of about 8%[189]. Assets and Liabilities - Total non-current assets increased to RMB 42,118,866 as of June 30, 2022, compared to RMB 39,877,717 at the end of 2021, reflecting a growth of 5.6%[79]. - The Group's bank deposits and cash balances decreased by RMB3,229.0 million or 37% to RMB5,542.9 million as of 30 June 2022[35]. - Total current liabilities decreased to RMB 28,725,885 from RMB 31,838,363, a reduction of approximately 6.6%[81]. - Total non-current liabilities rose to RMB 24,379,503, compared to RMB 20,650,664, an increase of about 18.4%[81]. - Total assets as of June 30, 2022, amounted to RMB 78,103,222, while total liabilities were RMB 53,105,388, resulting in a net asset position of RMB 24,997,834[174]. Cash Flow and Financing - The cash flow from operating activities for the six months was RMB 429,974,000, indicating strong cash generation capabilities[86]. - Net cash used in operating activities for the first half of 2022 was RMB 1,583,920, compared to RMB 4,586,228 in the same period of 2021, indicating a significant reduction in cash outflow[87]. - The net decrease in cash and cash equivalents for the same period was RMB (3,272,140,000), compared to RMB (73,523,000) in 2021, indicating a substantial decline in liquidity[91]. - The company experienced significant changes in financing activities, including net proceeds from share issuance of RMB 8,702,000 and new bank borrowings of RMB 3,646,919,000[91]. Market and Strategic Outlook - The implementation of new strategies and market expansion plans were discussed, focusing on enhancing operational efficiency and exploring new property development opportunities[15]. - The national real estate market faced unprecedented challenges in the first half of 2022, leading to a significant decline in commercial property sales[62]. - The industry is expected to gradually recover in the second half of 2022 as favorable policies for the real estate sector continue to be introduced[63]. - The Group plans to adopt a scientific investment layout and flexible volume-price management strategy to optimize investment and sales ratios for maximum shareholder returns[64]. Taxation - The corporate income tax expense for Mainland China for the period was RMB 157,758,000, down from RMB 265,170,000 in 2021, indicating a decrease of approximately 40.5%[192]. - The land appreciation tax (LAT) in Mainland China for the period was RMB 341,927,000, compared to RMB 319,604,000 in 2021, showing an increase of about 7%[192]. - The total tax expenses deducted in the interim condensed consolidated income statement amounted to RMB 490,431,000, a decrease from RMB 534,432,000 in 2021[192]. Financial Reporting and Compliance - The Group has applied revised Hong Kong Financial Reporting Standards for the first time, effective from 1 January 2022[15]. - The unaudited interim financial information has been prepared in accordance with HKAS 34 Interim Financial Reporting, ensuring compliance with relevant accounting standards[94]. - The Group has applied amendments to HKFRS 3 prospectively to business combinations that occurred on or after January 1, 2022, with no impact on financial position or performance due to the absence of contingent assets and liabilities[104].

Financial Performance - In 2021, the Group achieved a record contract sales amount of RMB78.45 billion, representing an increase of approximately 4% year-on-year[17]. - Profit attributable to shareholders was RMB4.01 billion, a decrease of 8% compared to the previous year[17]. - The Group's gross margin for 2021 was 20%, down from 42% in the same period last year[17]. - The Group's revenue for the year ended 31 December 2021 decreased to RMB14,184.8 million from RMB16,884.3 million for the year ended 31 December 2020, a decline of approximately 16.0%[28]. - Profit before tax for the year ended December 31, 2021, was RMB 5,723,457,000, down 21.2% from RMB 7,266,147,000 in 2020[61]. - The Group's profit for the year was RMB 4,328,934,000, a decrease of 10.5% compared to RMB 4,834,849,000 in 2020[61]. - Basic earnings per share decreased by 9% to RMB0.2425 for the year ended 31 December 2021, compared to RMB0.2679 in the previous year[32]. Cash Flow and Collection - The cash collection rate for contract sales exceeded 90%, providing a stable cash flow foundation for the Group[17]. - Cash collection rate for contract sales exceeded 90%, providing stable cash flow amidst challenging market conditions[18]. - The Group's cash and bank balances rose by 23% to RMB8.772 billion as of December 31, 2021, from RMB7.152 billion in 2020[43]. Assets and Liabilities - Total assets increased to RMB 77.08 billion, up from RMB 64.41 billion in 2020[25]. - Total liabilities rose to RMB 52,489,027,000 as of December 31, 2021, compared to RMB 43,308,088,000 in 2020, an increase of 21.4%[61]. - The gearing ratio rose to 93% in 2021, compared to 87% in 2020[25]. - The net debt increased by RMB2.29 billion to RMB13.328 billion as of December 31, 2021, resulting in a net debt ratio of 54%, up from 52% in 2020[46]. Land Bank and Development Projects - Total land reserves amounted to 23.27 million sqm, with 82% located in first-tier and second-tier cities[19]. - The management emphasizes the importance of a sizable and quality land bank for success in the competitive property market in the PRC[62]. - The Group's land bank distribution includes 206 thousand square meters in Vision Shenzhen Business Park Phase 3 and 400 thousand square meters in Guangzhou Huadu North Railway Station TOD Project[64]. - The Group acquired 40 land projects in China with a total planned GFA of approximately 7.686 million square meters, at a total consideration of approximately RMB23,088 million, averaging RMB6,300 per square meter[69][70]. Revenue Segments - Revenue from the property development segment decreased to RMB13,019.7 million, representing 92% of total revenue, down from RMB15,764.2 million, which was 93% of total revenue in 2020[33]. - The property investment and management segment's revenue increased to RMB868.6 million, representing 6% of total revenue, up from RMB795.0 million, which was 5% of total revenue in 2020[35]. - The segment results for property investment and management reported a profit of RMB2,210.7 million for the year ended 31 December 2021, a significant increase from RMB51.3 million in 2020[35]. Corporate Governance - The Company emphasizes high standards of corporate governance to optimize shareholder returns and enhance performance[94]. - The Company has maintained compliance with the Corporate Governance Code throughout FY2021, with some deviations due to the COVID-19 pandemic[95]. - The Board of Directors consists of four executive directors, two non-executive directors, and three independent non-executive directors as of the report date[100]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance by all directors throughout the year[99]. Risk Management and Internal Control - The Company has a strong focus on risk management and internal control as part of its corporate governance practices[94]. - The Audit Committee monitors internal and external audit functions and makes recommendations to ensure effective operations[129]. - The internal audit function operates independently of the Group's business operations, ensuring unbiased assessments of risk management[170]. - The Group aims to continuously improve its risk management and internal control systems to promote sustainable development[175]. Environmental, Social, and Governance (ESG) - The Company emphasizes the importance of ESG issues related to property development and management businesses in Mainland China[192]. - The reporting period for the Environmental, Social and Governance (ESG) Report covers from January 1, 2021, to December 31, 2021[192]. - The projects included in the ESG Report represent more than 75% of the Group's revenue in FY2021[196]. - The Group aims to report ESG performance objectively, utilizing quantitative methods for data presentation whenever possible[198].

Revenue and Profitability - The Group's revenue decreased from RMB5,837.2 million for the six months ended June 30, 2020, to RMB4,997.9 million for the six months ended June 30, 2021, a decrease of RMB839.3 million[9]. - The profit attributable to owners of the Company decreased from RMB1,608.3 million to RMB1,066.5 million, a decline of RMB541.8 million, mainly due to reduced property sales recognition[14]. - Basic earnings per share decreased by 36%, from RMB0.1004 to RMB0.0645 for the six months ended June 30, 2021[14]. - Revenue for the six months ended June 30, 2021, was RMB 4,997,902, a decrease of 14.4% compared to RMB 5,837,173 for the same period in 2020[62]. - Gross profit for the period was RMB 1,429,034, down 23.0% from RMB 1,854,234 in the previous year[62]. - Profit for the period attributable to owners of the Company was RMB 1,066,481, a decline of 33.7% from RMB 1,608,336 in 2020[62]. Operating Expenses and Costs - Direct operating expenses rose from RMB523.3 million to RMB789.4 million, attributed to increased marketing and staff costs due to property project preparations[10]. - Finance costs increased from RMB274.5 million to RMB392.4 million, driven by higher loan interest expenses from related party borrowings[13]. - The Group's employee benefits expenses totaled RMB 486,823,000, compared to RMB 277,207,000 in the previous year, reflecting an increase of approximately 75.6%[149]. - Total finance costs incurred were RMB 504,288,000, an increase from RMB 275,753,000 in the previous year, marking an increase of approximately 82.7%[146]. Income and Gains - Other income and gains increased from RMB299.6 million to RMB564.1 million, primarily due to an increase in consulting services income and interest income[9]. - The increase in other income was also supported by an increase in interest income of RMB33.5 million[9]. - The Group received various government subsidies totaling RMB90.6 million during the period[9]. - Other income and gains increased to RMB 564,129, up 88.5% from RMB 299,639 in the previous year[62]. Financial Position - Total shareholders' equity decreased from RMB 18,888.2 million as of December 31, 2020, to RMB 18,676.5 million as of June 30, 2021, reflecting a net decrease of RMB 259.5 million[21]. - The Group's net debt increased by RMB 3,357.7 million to RMB 14,395.3 million as of June 30, 2021, with a net debt ratio rising to 68% from 52% as of December 31, 2020[24]. - Total current assets rose to RMB 35,137,805, compared to RMB 26,193,343 at the end of 2020, indicating a growth of 34.1%[65]. - Total non-current assets as of June 30, 2021, were RMB 36,896,616, a decrease from RMB 38,213,797 at the end of 2020[65]. Sales and Contracts - As of June 30, 2021, the Group achieved aggregated contracted sales of RMB 41,762 million, representing a growth of 34% compared to the same period in 2020[43]. - The total contracted sales area for the first half of 2021 was 1.90 million square meters, an increase of 41% year-on-year[43]. - Revenue from property sales was RMB 4,110,959 for the six months ended June 30, 2021, down from RMB 5,150,431 in 2020, indicating a decrease of about 20.2%[141]. - The total revenue from contracts with customers was RMB 4,540,105 for the six months ended June 30, 2021, compared to RMB 5,452,755 in 2020, reflecting a decline of approximately 16.7%[141]. Segment Performance - Revenue from the property development and fitting-out segment for the six months ended June 30, 2021, was RMB 4,417.9 million, accounting for 88% of total revenue, down from RMB 5,317.4 million (91%) in the same period of 2020, with a profit decrease of RMB 646.2 million[15]. - Revenue from the property investment and management segment increased to RMB 421.4 million (9% of total revenue) for the six months ended June 30, 2021, compared to RMB 372.8 million (6%) in the same period of 2020, with a profit turnaround from a loss of RMB 56.6 million to a profit of RMB 252.5 million[17]. - The microfinance segment's revenue increased to RMB 158.7 million (3% of total revenue) for the six months ended June 30, 2021, from RMB 147.0 million (3%) in the same period of 2020, with profit remaining stable at RMB 99.5 million[20]. Debt and Borrowings - The Group arranged two short-term bank borrowings totaling RMB 773.9 million during the review period, with total bank and other borrowings amounting to RMB 5,338.8 million as of June 30, 2021[23]. - Total borrowings as of June 30, 2021, amounted to RMB 21,913,358,000, an increase from RMB 18,321,435,000 as of December 31, 2020[36]. - As of June 30, 2021, 63% of the Group's borrowings were subject to floating interest rates, up from 57% as of December 31, 2020[37]. - The maturity profile indicates that RMB 3,725,521,000 of borrowings are due within one year, compared to RMB 2,015,629,000 in the previous year[190]. Asset Management - The Group held a gross floor area of 1.785 million square meters of investment properties in operation as of June 30, 2021, a year-on-year increase of 47%[18]. - The total rental income from commercial properties during the period was approximately RMB 316 million, representing a year-on-year increase of 36%[45]. - The total rental and management fee revenue from commercial and industrial park projects for the six months ended June 30, 2021, was approximately RMB 526 million, representing a 35% increase compared to the same period in 2020[49]. - The total built area of the group's operational commercial projects reached approximately 660,000 square meters, with total rental income of about RMB 316 million during the period, reflecting a 36% year-on-year growth[48]. Financial Reporting and Standards - The Group's financial reporting standards were updated for the first time in accordance with the revised Hong Kong Financial Reporting Standards effective from January 1, 2021[8]. - The Group's interim condensed consolidated financial information for the six months ended June 30, 2021, is prepared in accordance with Hong Kong Accounting Standard 34[83]. - The Group has applied revised Hong Kong Financial Reporting Standards for the first time, effective from January 1, 2021[85]. Market Outlook and Strategy - The overall size of the real estate sector in 2021 is expected to remain similar to that of 2020 due to ongoing austerity measures[51]. - The "three red lines" financing measures are anticipated to exert significant pressure on highly indebted real estate companies, affecting their land auction and acquisition activities[51]. - The newly adopted policy of centralized land supply in over 20 cities is expected to control land premiums and provide better profit margin projects for larger, less leveraged companies in the long run[51]. - The real estate market in first- and second-tier cities is expected to remain robust due to significant economic growth and continuous demand from first-time and trade-up buyers[50].