Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 2,980,833 thousand, a 65.5% increase from HKD 1,797,834 thousand in the same period of 2023[2] - Gross profit for the period was HKD 620,521 thousand, down 19.5% from HKD 772,063 thousand year-on-year[2] - The company reported a net loss of HKD 188,301 thousand for the six months ended June 30, 2024, compared to a net loss of HKD 323,180 thousand in the same period of 2023, representing a 41.7% improvement[3] - The company’s total comprehensive loss for the period was HKD 655,087 thousand, compared to HKD 1,207,577 thousand in the same period of 2023, indicating a significant reduction in losses[3] - The basic loss per share for the period was HKD 4.84, an improvement from HKD 6.32 in the same period last year[3] - The basic loss per share attributable to the owners of the company for the six months ended June 30, 2024, was HKD (231,564,000), compared to HKD (302,936,000) in 2023[15] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 28,486,589 thousand, a decrease from HKD 28,773,636 thousand as of December 31, 2023[4] - Current liabilities totaled HKD 20,858,767 thousand, slightly down from HKD 20,957,780 thousand at the end of 2023[5] - The company’s cash and cash equivalents were HKD 5,362,707 thousand, down from HKD 5,985,911 thousand at the end of 2023[4] - The total trade and other receivables as of June 30, 2024, amounted to HKD 1,147,078,000, a decrease from HKD 1,225,545,000 as of December 31, 2023[17] - The group’s trade payables as of June 30, 2024, amounted to HKD 1,180,947,000, an increase from HKD 1,007,357,000 as of December 31, 2023[21] - The total loans amounted to approximately HKD 18,229,744,000, an increase from HKD 18,002,416,000 at the end of 2023[38] Revenue Sources - Revenue from customer contracts for the six months ended June 30, 2024, was HKD 2,599,495,000, a 83.6% increase from HKD 1,422,098,000 in 2023[9] - Property sales revenue reached HKD 2,453,892,000, accounting for 82.3% of total revenue, up from 70.7% in the same period last year[30] - The group's rental income for the period increased by 1.5% to HKD 381,338,000 compared to HKD 375,736,000 in the same period of 2023[27] Investment and Financing - Investment property fair value loss was HKD 210,465 thousand, significantly higher than HKD 2,263 thousand in the previous year[2] - The financing costs totaled HKD 315,250,000 for the six months ended June 30, 2024, down 26.6% from HKD 429,251,000 in 2023[11] - The income tax expense for the six months ended June 30, 2024, was HKD 122,369,000, a decrease of 67.8% compared to HKD 380,521,000 in 2023[13] - The company capitalized HKD 32,984,000 of financing costs related to properties under development for the six months ended June 30, 2024[11] - The group repaid bank and other borrowings amounting to HKD 1,590,738,000 in the six months ended June 30, 2024[22] - The group obtained new bank and other borrowings of HKD 2,192,743,000 during the same period[22] Market and Sales Performance - For the six months ended June 30, 2024, the group's contracted sales amounted to RMB 2,283,730,000, a decrease of 54.4% compared to RMB 5,009,840,000 for the same period in 2023[25] - The total contracted sales area was 98,000 square meters, down 42.0% year-on-year, with an average selling price of approximately RMB 23,300 per square meter[25] - The overall market for real estate remains under pressure, with a 26.1% year-on-year decline in bond financing for real estate companies[23] Strategic Focus and Future Plans - The group is focusing on core cities and quality projects, adjusting operational strategies to ensure smooth project deliveries[24] - The group plans to focus on the Yangtze River Delta region and other core first- and second-tier cities for future development[41] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as set out in the Listing Rules during the six months ended June 30, 2024[46] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial statements for the six months ended June 30, 2024[48] - Deloitte Touche Tohmatsu has reviewed the company's unaudited condensed consolidated financial statements for the six months ended June 30, 2024[49] - There were changes in the board of directors, including the appointment of new executive and independent non-executive directors effective July 15, 2024[50] Shareholder Information - No interim dividend is recommended for the six months ended June 30, 2024, consistent with the previous year[42] - During the six months ended June 30, 2024, the company repurchased a total of 9,368,000 ordinary shares at a total cost of HKD 3,317,670, excluding transaction costs[44] - The repurchased shares were cancelled on March 26, 2024, resulting in a reduction of the company's issued share capital[44] - As of June 30, 2024, the issued and paid-up share capital of the company was HKD 191,216,607.56, divided into 4,780,415,189 ordinary shares with a par value of HKD 0.04 each[43] Other Financial Information - The group experienced a net loss of HKD 19,850,000 from other expenses, a significant improvement from a net loss of HKD 106,081,000 in the same period last year[35] - The distribution and selling expenses increased by 13.2% to HKD 107,098,000, primarily due to enhanced promotional efforts[33] - The group held cash and cash equivalents of HKD 5,362,707,000, down from HKD 5,985,911,000 at the end of 2023[37]

Real Estate Projects - The company has 28 real estate projects across 10 major cities in China, providing approximately 3.48 million square meters of future saleable area[12] - The flagship project, Xi'an Natural World, has been a significant contributor to sales success during the year[23] - The company has established multiple commercial projects in key cities, with a total investment property area of approximately 1,126,000 square meters[54] - The company is focusing on expanding its presence in Shanghai, with multiple projects in the Minhang District and surrounding areas[107] - The company aims to enhance its product offerings by integrating residential, commercial, and cultural functions within its developments[106] - The company is committed to developing low-density residential communities with a green space ratio exceeding 35% in its projects[119] Financial Performance - In 2023, the company achieved total contracted sales of RMB 8.229 billion and total revenue of HKD 7.954 billion, with a net profit of HKD 0.491 billion, representing a year-on-year increase of 21.6% in profit attributable to shareholders[40] - The company's rental income significantly increased by 42.8% year-on-year to HKD 0.773 billion, recovering to pre-pandemic levels due to the steady recovery of the consumption market[42] - The company reported a total revenue of HKD 7,953,596,000 in 2023, a decrease of 27.8% from HKD 11,022,496,000 in 2022[56] - Property sales revenue amounted to HKD 6,870,636,000, accounting for 86.4% of total revenue, down from 93.2% in 2022[56] - The gross profit for the year was HKD 3,325,390,000, an 11.9% increase from the previous year, with a gross margin of 41.8%, up 14.9 percentage points[56] - The company reported a profit of approximately HKD 490,713,000 for the year, a year-on-year increase of 60.9% from HKD 305,001,000 in 2022[81] Debt and Capital Management - The net debt to equity ratio decreased to 58.4% year-on-year, indicating improved financial stability[24] - The company issued a second tranche of domestic corporate bonds totaling RMB 1.8 billion with a maturity of three years and a coupon rate of 3.5%[24] - The company plans to issue domestic corporate bonds in 2024 to expand capital, with a total principal amount of RMB 1,800,000,000 issued in 2023 at a coupon rate of 3.5%[88] - The company reported a total loan amount of approximately HKD 18,002,416,000 as of December 31, 2023, an increase from HKD 17,658,754,000 the previous year[67] - The company's total cash and cash equivalents were HKD 5,985,911,000 as of December 31, 2023, up from HKD 4,477,602,000 in the previous year[68] Strategic Focus and Development - The company plans to focus on the strategic positioning of being a "core urban integrated development operator" and aims to enhance its innovative operational management capabilities[47] - The company aims to integrate digital and intelligent planning into its projects to enhance urban living environments[47] - The company plans to continue its digital transformation to enhance operational efficiency and support high-quality diversified development[56] - The company is cautiously expanding its land reserves while monitoring market conditions for quality land acquisition opportunities[43] - The company aims to increase high-quality land reserves and further diversify its development strategy in response to market changes[50] Market Conditions and Economic Environment - The GDP of China grew by 5.2% in 2023, providing a resilient economic backdrop for the company's operations[40] - The overall real estate policy adjustments exceeded 1,000 times in 2023, with local governments implementing supportive measures to boost market confidence[42] - The rental market demand has shown signs of recovery, contributing positively to the company's financial performance[42] Shareholder Communication and Dividends - The company's board proposed a dividend of HKD 0.029 per share to share the development results with shareholders[40] - The company plans to distribute a final cash dividend of 2.1 HK cents per share and a special cash dividend of 0.8 HK cents per share[68] - The company emphasizes creating value for shareholders and maintaining effective communication regarding business decisions[172] - The company emphasizes maintaining close communication with investors through regular meetings, conference calls, and shareholder meetings to keep them informed about the company's operational status and financial performance[182] - The company plans to enhance communication with domestic investors, particularly in Shanghai and the Greater Bay Area, to effectively convey the group's long-term strategy and operational updates[192] Awards and Recognition - The company has received multiple awards in 2023, including recognition in the "Top 100 Real Estate Development Enterprises" and "Top 50 State-Owned Enterprises" categories[25] - In 2023, the company received multiple accolades, including being recognized as one of the "Top 50 Real Estate Development Enterprises" and "Top 5 in Risk Control" during the industry evaluation[45]

Share Repurchase and Capital Structure - The company repurchased a total of 2,894,000 ordinary shares at a total purchase price of HKD 1,321,960 during the year ended December 31, 2023[1]. - The repurchased shares included 1,700,000 shares bought on December 29, 2023, at a price of HKD 0.35 per share[1]. - The issued share capital of the company was reduced by the par value of the repurchased shares that were cancelled on February 27, 2023[1]. - As of December 31, 2023, the company's issued and paid-up share capital was HKD 191,659,327.56, consisting of 4,791,483,189 ordinary shares with a par value of HKD 0.04 each[13]. - The group completed four share buybacks during the year, totaling 2,894,000 shares, with 1,194,000 shares canceled, involving an expenditure of HKD 1,321,960, accounting for 0.06% of the issued shares[87]. Financial Performance - Total revenue decreased by 27.8% to HKD 7,953,596,000 from HKD 11,022,496,000 in the previous year[30]. - Gross profit increased by 11.9% to HKD 3,325,390,000, with a gross margin of 41.8%, up from 26.9%[30]. - The net profit attributable to the company's owners was HKD 494,570,000, compared to HKD 305,001,000 in the previous year[21]. - Basic earnings per share rose to 10.32 HKD from 8.47 HKD, representing a 21.8% increase[21]. - The company's net asset value per share decreased to 2.92 HKD from 3.04 HKD, a decline of 3.9%[30]. - The group’s net profit increased by 60.9% to HKD 490,713,000, with earnings attributable to shareholders rising by 21.6% to approximately HKD 494,570,000[133]. Revenue Breakdown - Total revenue for 2023 was HKD 7,180,575, a decrease of 31.0% from HKD 10,480,999 in 2022[63]. - Property sales revenue was HKD 6,870,636, down 33.0% from HKD 10,275,286 in the previous year[63]. - Hotel operations revenue increased to HKD 299,672, up 47.5% from HKD 203,272 in 2022[63]. - Property sales revenue reached HKD 6,870,636,000, accounting for 86.4% of total revenue, down from 93.2% in the previous year[114]. Expenses and Liabilities - The income tax expense for the year was HKD 1,466,007 thousand in 2023, up from HKD 1,055,893 thousand in 2022, reflecting a significant increase of approximately 39%[45]. - The total trade payables decreased to HKD 1,007,357 thousand in 2023 from HKD 1,810,201 thousand in 2022, showing a reduction of about 44%[54]. - The total land value tax for the year was HKD 773,188 thousand in 2023, an increase from HKD 558,780 thousand in 2022, representing a rise of approximately 38%[45]. - The group recorded a net loss of approximately HKD 223,018,000 in other expenses, compared to a net loss of HKD 156,171,000 in 2022[119]. Cash Flow and Financing - Cash and cash equivalents rose to HKD 5,985,911, up 33.7% from HKD 4,477,602 in the previous year[63]. - The net debt-to-equity ratio decreased from 63.0% to 58.4%, with a current ratio of 1.4 times compared to 1.1 times at the end of 2022[93]. - The total loans of the group, including bank loans and other loans, amounted to approximately HKD 18,002,416,000, an increase from HKD 17,658,754,000 as of December 31, 2022[135]. Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules for the year ended December 31, 2023[10]. - The audit committee, composed of three independent non-executive directors, reviewed the audited financial statements for the year ended December 31, 2023[12]. - The company has adopted a custom code of conduct for securities trading by directors and relevant employees, ensuring compliance with the standard code[3]. - The company maintains the required public float as per the listing rules[15]. Future Outlook and Strategic Plans - The outlook for 2024 indicates a potential recovery in the real estate market, supported by favorable policy adjustments and improving consumer confidence[96]. - The group plans to continue expanding its property management and hotel operations in the upcoming year[63]. - The group aims to enhance its digital transformation through a three-phase plan in collaboration with Mingyuan Cloud, with the second phase already initiated in February 2023[86]. - The group plans to continue its rental housing business, with completed projects contributing stable rental income and new projects expected to be completed in 2024[112]. - The group aims to enhance land reserves and focus on high-quality real estate projects in key cities, particularly in the Yangtze River Delta region, to promote stable market development[139]. Dividends - The company proposed a final dividend of HKD 0.021 per ordinary share and a special dividend of HKD 0.008 per ordinary share, subject to shareholder approval[50]. - The board proposed a final cash dividend of HKD 0.021 per share and a special cash dividend of HKD 0.008 per share for the year ending December 31, 2023, subject to shareholder approval[140].

Financial Performance - The company's income tax for the six months ended June 30, 2023, was HKD 380,521, a decrease of 2.8% from HKD 388,734 in 2022[29]. - The depreciation of property, plant, and equipment for the same period was HKD 69,764, down from HKD 78,349, reflecting a reduction of 10.1%[31]. - The net loss attributable to the company's owners for the six months ended June 30, 2023, was HKD (302,936), compared to a profit of HKD 126,448 in 2022, indicating a significant decline[32]. - The weighted average number of ordinary shares used for calculating basic loss per share was 4,792,186 thousand shares, slightly down from 4,806,323 thousand shares in the previous year[32]. - For the six months ended June 30, 2023, the company reported total revenue of HKD 8,302,292,000, a decrease from HKD 8,909,949,000 in the same period of 2022, representing a decline of approximately 6.8%[38]. - The company's net profit for the same period was HKD 1,420,034,000, compared to HKD 1,419,336,000 in the previous year, indicating a slight increase of 0.05%[38]. - The total comprehensive income for the six months ended June 30, 2023, was HKD 5,881,923,000, compared to HKD 7,141,929,000 for the same period in 2022, reflecting a decrease of approximately 17.7%[38]. - The company reported a fair value loss of HKD 8,713,000 on financial instruments for the period, compared to a loss of HKD 18,065,000 in the same period of the previous year[38]. - The company's earnings per share for the six months ended June 30, 2023, was HKD 8.30, compared to HKD 8.29 for the same period in 2022, showing a marginal increase[38]. - The group reported a net impairment loss on investment properties of approximately HKD 2.26 million, primarily due to a decrease in fair value of properties in Tianjin[124]. - The group experienced a weaker RMB against HKD, leading to foreign exchange losses on bank and other borrowings[126]. - The company recorded a net loss of HKD 323.18 million for the six months ended June 30, 2023, compared to a profit of HKD 80.90 million for the same period in 2022[126]. - Shareholders' loss attributable to the company was approximately HKD 302.94 million, with a basic loss per share of HKD 0.0632[126]. Revenue and Sales - The group generates all revenue from customer contracts in China[27]. - The company has no single customer contributing 10% or more to its revenue for the six months ended June 30, 2023[45]. - The company's contract sales for the period amounted to RMB 4,880,370,000, representing a year-on-year increase of 200.7%[72]. - The total sales area was 157,000 square meters, up 68.8% year-on-year, with an average selling price of approximately RMB 31,000 per square meter[72]. - Key sales projects included Xi'an Natural World, Tianjin Shangshi Yangshan, Shanghai Shangshi Wanghai, and Shanghai Shangshi Yunduan, contributing 24.4%, 21.3%, 20.4%, and 14.9% to total contract sales respectively[72]. - The company’s contract sales for residential and affordable housing reached RMB 5,009,840,000, a year-on-year increase of 9.7%[96]. - The total average selling price increased by 114.5% to approximately RMB 29,600 per square meter, primarily due to a higher proportion of residential sales during the period[96]. - Property sales revenue reached HKD 1,271,776,000, accounting for 70.7% of total revenue, down from 95.0% in the previous year[102]. Investment and Development - The company holds approximately 55.13% of the shares in Shanghai Investment Holdings, which translates to 2,111,229,080 shares[10]. - The company has shifted several residential property projects from sale to rental, resulting in an increase in investment properties valued at HKD 211,911,000 as of June 30, 2023, up from HKD 110,506,000 in the previous year[51]. - The group has 28 real estate projects across 10 major cities in China, providing approximately 3.58 million square meters of saleable area[56]. - The company has a land reserve that supports future development projects, enhancing its market expansion strategy[121]. - The group has a total land reserve of approximately 3.58 million square meters as of June 30, 2023, across 28 projects in 10 cities[133]. - The company plans to continue focusing on urban integration development in Shanghai and other core first and second-tier cities, aiming to create greater value for shareholders and customers[69]. - The group plans to adopt a cautious strategy for future land acquisitions while maintaining sufficient land reserves[100]. - The company has ongoing projects with a total construction area of approximately 1.3 million square meters, including residential and commercial properties[118]. - The group has 12 ongoing projects with a total construction area of 2,630,000 square meters, including new projects in major cities like Xi'an and Shanghai[98]. Operational Performance - The gross profit for the period was HKD 772,063,000, a decline of 36.3%, with a gross margin of 42.9%, up 25.1 percentage points year-on-year[103]. - Rental income increased by 44.5% to HKD 375,736,000, compared to HKD 260,064,000 in the first half of 2022, due to the lifting of pandemic restrictions[99]. - The company has engaged in acquisitions to increase its non-controlling interests, enhancing its overall equity position[40]. - The company has completed and delivered fewer properties during the period, impacting overall performance[126]. - The company plans to optimize its debt and equity balance to maximize returns for shareholders, maintaining its overall strategy from the previous year[127]. - The management believes that the group has sufficient funds and future earnings to meet current working capital and future development needs[129]. - The group plans to enhance delivery volumes in the second half of the year while ensuring stable operations of new delivery models[132]. Market Outlook - The company anticipates that more projects will be completed and delivered in the second half of 2023, contributing to stable business development[68]. - The government is expected to strengthen policy support for the real estate sector in the second half of 2023, which may improve market confidence and demand[68]. - The group maintains a cautiously optimistic outlook for the real estate market, anticipating gradual recovery supported by government policies[110]. Employee and Management - The group employs 766 staff members, with compensation policies linked to performance, qualifications, and market statistics[130]. - The group has no foreign exchange hedging arrangements in place as of June 30, 2023, but will take necessary measures to mitigate exchange rate risks in the future[129]. - The group is committed to creating better value returns for shareholders through innovative business strategies and compliance with local real estate policies[132].

Financial Performance - For the six months ended June 30, 2023, total revenue was HKD 1,797,834, a decrease of 73.6% compared to HKD 6,808,613 for the same period in 2022[18] - Gross profit for the same period was HKD 772,063, down 36.4% from HKD 1,211,643 in 2022[18] - The company reported a net loss of HKD 323,180 for the six months ended June 30, 2023, compared to a profit of HKD 80,904 in the prior year[19] - Basic loss per share for the period was HKD (6.32), compared to earnings of HKD 2.63 in the same period last year[19] - The company reported a loss attributable to shareholders of HKD (302,936,000) for the six months ended June 30, 2023, compared to a profit of HKD 126,448,000 in the same period last year[64] - The group recorded a net loss of approximately HKD 323,180,000 for the six months ended June 30, 2023, compared to a profit of HKD 80,904,000 for the same period in 2022, primarily due to foreign exchange losses from the depreciation of the RMB against the HKD and fewer properties completed and delivered[109] Revenue Breakdown - Total revenue for the first half of 2023 was HKD 1,422,098,000, a decrease of 78.3% compared to HKD 6,548,549,000 in the same period of 2022[30] - Property sales revenue dropped significantly to HKD 1,271,776,000, down 80.3% from HKD 6,464,820,000 year-on-year[30] - Hotel operations revenue increased to HKD 146,288,000, up 75.7% from HKD 83,283,000 in the previous year[30] - Rental income, property management, and hotel business contributed HKD 375,736,000, HKD 4,034,000, and HKD 146,288,000 respectively, representing 20.9%, 0.2%, and 8.2% of total revenue[80] - The overall rental income increased by 44.5% to HKD 375,736,000, compared to HKD 260,064,000 in the same period last year[103] Assets and Liabilities - The total assets less current liabilities amounted to HKD 36,595,947 as of June 30, 2023, compared to HKD 31,452,115 in 2022[23] - Cash and cash equivalents increased to HKD 6,131,301 from HKD 4,477,602 year-over-year[4] - The company’s non-current liabilities increased to HKD 19,333,958 from HKD 20,831,274 in the previous year[9] - Trade receivables aged over 180 days amounted to HKD 263,787,000, a significant increase from HKD 5,123,000 in the previous year[41] - The group’s trade and other payables totaled HKD 5,784,517,000, a decrease from HKD 6,779,706,000 as of December 31, 2022[42] - The total loans, including bank loans and other borrowings, were approximately HKD 18,558,907,000 as of June 30, 2023, compared to HKD 17,658,754,000 as of December 31, 2022[111] Investment and Property Management - The company’s investment properties decreased in value, with a net loss of HKD 2,263 recognized for the period[18] - The fair value of investment properties decreased by HKD 2,263,000, compared to an increase of HKD 1,208,000 in the same period of 2022[38] - The company recorded a net impairment loss of approximately HKD 2,263,000 on investment properties, primarily due to a decrease in fair value of properties in Tianjin[82] - The company has transitioned certain residential properties from sale to rental, with a book value of HKD 211,911,000 as of June 30, 2023[39] Sales and Market Strategy - The company's contract sales amount for commodity housing reached RMB 4,880,370,000, a year-on-year increase of 200.7% compared to RMB 1,623,150,000 in the same period last year[75] - The average selling price of commodity housing increased to approximately RMB 31,000 per square meter, driven by a higher proportion of sales in first-tier cities[75] - The company’s contract sales amount for residential and affordable housing was RMB 5,009,840,000, representing a year-on-year increase of 9.7% from RMB 4,568,240,000[101] - The total average selling price increased by 114.5% to approximately RMB 29,600 per square meter, primarily due to a higher proportion of residential property sales during the period[101] - The company is maintaining a cautious approach to land acquisition while ensuring sufficient land reserves, waiting for market conditions to improve[77] - The company continues to focus on expanding its presence in first and second-tier cities, particularly in the Yangtze River Delta region[89] Operational Efficiency - The group incurred a total financing cost of HKD 429,251,000, a decrease of 5.2% from HKD 452,543,000 in the same period last year[34] - The company’s distribution and selling expenses decreased by 3.9% to HKD 94,605,000, attributed to a decline in the number of properties delivered to customers[83] - The group has adopted a share option scheme to reward directors and eligible employees, although no options were granted during the six months ended June 30, 2023[112] Future Outlook - The group remains cautiously optimistic about the recovery of the Chinese real estate market in the second half of 2023, supported by government policies aimed at stabilizing the market[113] - The company plans to enhance delivery volumes in the second half of the year while ensuring the stability of new delivery models[89] Employee and Corporate Governance - The company employed 766 staff members as of June 30, 2023, with compensation policies based on performance, qualifications, and market comparisons[87] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2023, consistent with the previous year[114] - The company expressed gratitude to the board, management, employees, customers, suppliers, business partners, and shareholders for their ongoing support[133]

| --- | --- | --- | --- | --- | --- | --- | |-------|------------|----------|-------|-------|------------------|-------| | | | | | | | | | | | | | | | | | | 實幹創新 | | | | | | | | | | | | | | | | | 穩健前行 | | | | | | | 年2022 | | | | | | | | | | | | ad and the count | | 典雅 3 財務摘要 20 物業資料 — 土地儲備 119 董事會報告 141 綜合財務狀況表 261 詞彙 上 海 實 業 城 市 開 發 集 團 有 限 公 司 SHANGHAI INDUSTRIAL URBAN DEVELOPMENT GROUP LIMITED ( 於百慕達註冊成立之有限公司 ) 股份代號: 563 精工 巧築別致 2 公司資料 12 管理層討論及分析 17 投資者常見問題 111 董事及高級管理層簡介 139 綜合損益及其他全面收入報表 143 綜合股本權益變動表 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 11,022,496 thousand, a slight increase from HKD 11,015,088 thousand in 2021[3] - Gross profit decreased to HKD 2,970,470 thousand in 2022 from HKD 3,554,120 thousand in 2021, reflecting a decline of approximately 16.4%[3] - Net profit for the year was HKD 305,001 thousand, down from HKD 898,684 thousand in the previous year, representing a decrease of about 66.1%[4] - Basic earnings per share decreased to HKD 8.47 from HKD 11.91, a decline of approximately 28.8%[4] - The company reported a significant drop in rental income, which fell to HKD 541,497 thousand from HKD 829,307 thousand, a decrease of about 34.8%[3] - Other comprehensive income for the year was a loss of HKD 1,038,212 thousand, compared to a gain of HKD 1,635,599 thousand in 2021, indicating a significant shift in financial performance[4] - The company reported a net profit of HKD 848,598 for the year, significantly lower than HKD 2,762,758 in 2021, indicating a decrease of approximately 69.3%[44] - The group recorded a net profit of HKD 305,001,000, a decline of 66.1% compared to HKD 898,684,000 in the previous year[144] Revenue and Sales - Property sales revenue rose to HKD 10,275,286 thousand, an increase from HKD 9,937,996 thousand in the previous year[38] - The total contract sales amount from commodity housing was RMB 4,711,840,000, a decrease from RMB 7,764,440,000 in 2021, with a sales area of 248,000 square meters, representing a year-on-year increase of 25.9%[85] - The total contract sales amount for commodity and affordable housing was RMB 7,908,440,000, down 11.5% from RMB 8,933,090,000 in 2021[106] - Contract sales from affordable housing reached RMB 3,196,600,000, a significant increase of 173.5% year-on-year, with a sales area of 256,000 square meters, up 306.3%[107] - The group's revenue for the year ended December 31, 2022, was HKD 11,022,496,000, a year-on-year increase of 0.1%, primarily due to competitive flagship projects being delivered as planned[137] - Property sales revenue reached HKD 10,275,286,000, accounting for 93.2% of total revenue, compared to 90.2% in the previous year[137] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 3.0 per share, down 33.3% from HKD 4.5 per share in the previous year[20] - The company declared a final dividend of HKD 0.021 per share in 2022, up from HKD 0.019 in 2021, totaling HKD 216,285,000 compared to HKD 206,672,000 in the previous year[48] - The proposed final dividend is HKD 0.021 per ordinary share and a special dividend of HKD 0.009 per ordinary share, subject to shareholder approval[69] - The company plans to distribute a final cash dividend of HKD 0.021 per share and a special cash dividend of HKD 0.009 per share for the year ended December 31, 2022, pending shareholder approval[169] Assets and Liabilities - Total liabilities decreased to HKD 22,569,287 thousand from HKD 24,630,428 thousand, indicating a reduction of approximately 8.4%[5] - Cash and cash equivalents decreased significantly to HKD 4,477,602 thousand from HKD 14,116,711 thousand, a decline of about 68.3%[5] - Total non-current assets increased to HKD 28,847,264 thousand from HKD 28,261,083 thousand in 2021[23] - The company reported a significant decrease in current liabilities, totaling HKD 25,994,672 thousand, down from HKD 36,356,973 thousand in 2021[26] - The net asset value per share attributable to the company’s owners decreased to HKD 3.04, down 4.1% from HKD 3.17 in the previous year[20] - The debt-to-equity ratio increased to 63.0%, compared to 24.0% in the previous year, indicating a higher leverage position[20] - The net debt to total equity ratio increased from 24.0% to 63.0% year-on-year, with a current ratio of 1.1 times[119] Operational Highlights - The company is focusing on expanding its property development and investment operations in mainland China[28] - The group completed 12 construction projects with a total area of 2,499,000 square meters as of December 31, 2022, including significant projects in Xi'an and Shanghai[132] - The group launched multiple residential projects, achieving stable sales performance despite the pandemic's impact[133] - The group plans to focus on promoting key projects in Xi'an and Shanghai to meet market demand for premium residential properties[111] - The group aims to explore the long-term rental housing market and enhance land reserves to create more development opportunities[149] Market Conditions - The real estate market in mainland China saw a significant downturn, with a 10% decrease in development investment and a 26.7% drop in sales revenue[84] - The macroeconomic outlook for 2023 indicates a recovery in the real estate sector, supported by government measures to boost domestic demand and housing improvements[167] Corporate Governance - The audit committee consists of three independent non-executive directors who reviewed the financial statements for the year ended December 31, 2022[153] - The company confirmed compliance with the corporate governance code and the relevant securities trading guidelines throughout the year ended December 31, 2022[177] - The board of directors expressed gratitude to customers, suppliers, business partners, and shareholders for their continued support[179] Share Repurchase - The company repurchased a total of 13,646,000 shares at a total cost of HKD 7,503,060 during the year ended December 31, 2022[157] - The highest repurchase price per share was HKD 0.61, while the lowest was HKD 0.495[175] - All repurchased shares were cancelled by December 30, 2022, and February 27, 2023, resulting in a reduction of the issued share capital[176]

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 6,808,613, a significant increase from HKD 4,577,400 for the same period in 2021, representing a growth of approximately 48.5%[8] - The profit attributable to equity holders for the same period was HKD 126,448, compared to HKD 54,029 in the previous year, marking an increase of about 134%[8] - The basic earnings per share rose to HKD 2.63, up from HKD 1.12, reflecting a substantial improvement in profitability[8] - For the six months ended June 30, 2022, the group's revenue was HKD 6,808,613,000, representing a year-on-year increase of 48.7% compared to HKD 4,577,400,000 for the same period in 2021[30] - The group recorded a gross profit of HKD 1,211,643,000, a decrease of 34.4% year-on-year, with a gross profit margin of 17.8%, down 22.6 percentage points[32] - The group reported a net profit of HKD 80,904,000, a decline of 61.0% compared to HKD 207,224,000 in the same period last year[38] - The company reported a profit before tax of HKD 469,638 thousand, a decline of 64.4% compared to HKD 1,318,398 thousand in the previous year[167] - The company’s non-controlling interests reported a loss of HKD 45,544 thousand, compared to a profit of HKD 153,195 thousand in the previous year[169] - The company reported a comprehensive income of HKD 1,114,618,000 for the period, reflecting a significant change in financial performance[177] Debt and Financial Position - The net debt to total equity ratio increased to 52.6% from 24.0%, indicating a rise in leverage[8] - As of June 30, 2022, the group held cash and cash equivalents of HKD 8,807,685,000, down from HKD 14,116,711,000 at the end of 2021[39] - The group's total borrowings amounted to HKD 20,163,705,000, an increase from HKD 19,720,082,000 at the end of 2021[39] - Total liabilities decreased to HKD 27,286,196 thousand from HKD 36,356,973 thousand at the end of 2021[174] - The total liabilities as of June 30, 2022, were HKD 11,266,051,000, reflecting the company's financial obligations[177] - The company received new bank and other borrowings amounting to HKD 4,504,385,000, an increase of 21.1% from HKD 3,717,769,000 in the same period last year[188] Real Estate Projects and Sales - The company has 29 real estate projects across 11 major cities in China, providing approximately 3.95 million square meters of saleable area, laying a solid foundation for long-term development[2] - The company plans to launch several residential projects in the second half of 2022, including the Xi'an Qiyuan Road project and the Shanghai Qingpu project[15] - The company’s flagship projects, including Beijing Xidiaoyutai and Shanghai Wanyuan City, continue to contribute significant sales revenue[15] - For the first half of 2022, the company's contract sales amounted to RMB 4.57 billion, a decrease of 6.1% year-on-year, with a total sales area of 331,000 square meters, up 198.2%[24] - The average selling price of properties dropped by 68.5% to approximately RMB 13,800 per square meter, primarily due to a higher proportion of affordable housing sales[24] - Contract sales from affordable housing reached RMB 2.95 billion, a substantial increase of 377.9% year-on-year, with a sales area of 238,000 square meters[25] - The company has 12 ongoing projects with a total construction area of 2.43 million square meters, including significant projects in Xi'an and Shanghai[27] Market Conditions and Outlook - The overall real estate market saw a 5.4% decline in development investment and a 28.9% drop in sales, with residential sales down 31.8% in the first half of 2022[22] - The company maintains a cautiously optimistic outlook for the second half of 2022, anticipating government measures to stimulate the real estate market and improve buyer confidence[19] - The real estate market in China is expected to stabilize in the second half of 2022, with potential for further policy relaxation to support recovery[44] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange during the reporting period[136] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial statements for the six months ending June 30, 2022[142] - The company confirmed that there were no violations of the securities trading guidelines by relevant employees during the six months ending June 30, 2022[137] Shareholder and Dividend Information - The company does not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[133] - The company aims to improve shareholder returns through a flexible dividend policy, leveraging its retained earnings[181] - The company expressed gratitude to its board, management, employees, customers, suppliers, business partners, and shareholders for their continued support[159] Strategic Initiatives - The company plans to leverage its strong brand advantage as a state-owned enterprise to maintain steady growth and create greater value for shareholders[44] - The company is focusing on strategic acquisitions to strengthen its market presence and operational capabilities[179] - The company has plans for market expansion and new product development, aiming to enhance its competitive position[179]

Financial Performance - The total contracted sales for the year reached RMB 8,933,090,000[17] - The overall revenue for the year was HKD 11,015,088,000[17] - The net profit after tax was HKD 898,684,000, with shareholders' profit amounting to HKD 572,328,000[17] - The proposed dividend is HKD 0.045 per share[17] - The company's total revenue for the year ended December 31, 2021, was HKD 11,015,088,000, representing a year-on-year increase of 73.3% from HKD 6,356,732,000 in 2020[39] - Property sales revenue reached HKD 9,937,996,000, accounting for 90.2% of total revenue, compared to 86.2% in 2020[39] - Rental income from investment properties increased by 25.1% to HKD 829,307,000, up from HKD 662,718,000 in 2020[36] - The gross profit for the year was HKD 3,554,120,000, a 61.7% increase from the previous year, with a gross profit margin of 32.3%[39] - The company recorded a net profit of HKD 898,684,000, up 21.3% from HKD 740,964,000 in 2020, with earnings per share of HKD 11.91[39] Sales and Market Strategy - The company aims to maintain stable growth amidst changes in the real estate market and regulatory policies[17] - The company is actively responding to market changes and promoting new strategies for expansion[17] - The company has implemented a marketing strategy that integrates online and offline channels to boost sales during the market recovery phase[54] - The company achieved a strong sales performance despite the pandemic, with flagship projects delivering as scheduled[39] - The total contract sales amount for the group's residential and affordable housing reached RMB 8,933,090,000 in 2021, representing a year-on-year increase of 17.4% from RMB 7,608,340,000 in 2020[31] - The contract sales amount from residential properties was RMB 7,764,440,000 in 2021, up from RMB 7,426,400,000 in 2020, indicating a growth of 4.5%[31] - The contract sales area for the group was 197,000 square meters in 2021, which is a 40.7% increase year-on-year[31] - The contract sales amount from affordable housing surged to RMB 1,168,650,000 in 2021, a significant increase of 542.3% compared to RMB 181,940,000 in 2020[31] Development Projects and Land Acquisition - The company has 28 real estate projects across 11 major cities in China, providing approximately 3.93 million square meters of future saleable area[2] - The company successfully acquired three quality land parcels in Xi'an and Shanghai under the "two concentrated" land policy, laying a foundation for future development over the next three to five years[23] - The group successfully acquired land use rights for two residential plots in Shanghai, with a total bid price of RMB 1,178,000,000 and an area of 30,051 square meters[34] - The group has 14 ongoing projects with a total construction area of 2,982,000 square meters, including significant projects in Xi'an and Shanghai[34] - The total land reserve amounts to 5,303,596 square meters, with a total planned construction area of 12,311,206 square meters and a total saleable area of 10,163,536 square meters[70] Financial Health and Debt Management - The debt-to-equity ratio at the end of 2021 was 31.9%[11] - The company has achieved all "three red lines" indicators, demonstrating strong financial health and risk resistance[23] - As of December 31, 2021, the company's net debt to total equity ratio decreased from 31.9% to 24.0%, with a current ratio of 1.2 times[1] - The total loans of the company amounted to approximately 19,720,082,000 HKD as of December 31, 2021, compared to 17,747,266,000 HKD in the previous year[1] - The company increased its cash reserves and reduced its debt ratio by divesting from its subsidiary Shanghai Huanyu, which is part of its long-term development strategy[31] Corporate Governance and Investor Relations - The company emphasizes maintaining good relationships with investors and ensuring timely and accurate communication regarding operational status and financial performance[140] - In 2021, the company engaged with nearly 100 investors and capital market participants through non-deal roadshows and meetings[149] - The company is committed to enhancing corporate governance practices to ensure sustainable growth and shareholder value[151] - The board consists of nine members, including five executive directors and four independent non-executive directors, in compliance with listing rules[160] - The board has adopted a diversity policy to ensure a balanced mix of skills, experience, and perspectives, recognizing the benefits of diversity for competitive advantage and sustainable development[163] Future Outlook and Strategic Focus - The company plans to continue focusing on real estate development in key first and second-tier cities, particularly in the Shanghai metropolitan area, while also promoting diversified businesses such as health industries[49] - The company believes the real estate market in 2022 will maintain overall stability, focusing on high-quality projects in the Shanghai metropolitan area and other core first and second-tier cities[62] - The company aims to enhance operational capabilities and promote diversified quality development in response to the "housing is for living, not for speculation" policy[62] - The company plans to continue expanding its health-related business and rental housing services in response to market demands[36]

Financial Performance - For the six months ended June 30, 2021, the company's revenue was HKD 4,577,400,000, representing a 44.3% increase from HKD 3,172,823,000 for the same period in 2020[10]. - The profit attributable to equity holders of the company for the same period was HKD 54,029,000, a decrease of 64.2% compared to HKD 151,041,000 in the previous year[10]. - The basic earnings per share for the first half of 2021 was HKD 1.12, down from HKD 3.14 in the same period of 2020[10]. - The group reported a profit of HKD 207,224,000, a decrease of 41.6% compared to HKD 355,072,000 in the previous year[41]. - Gross profit for the six months was HKD 1,847,237,000, reflecting a 29.0% increase, with a gross margin of 40.4%[36]. - The company reported a net profit of HKD 207,224, a decrease of 41.7% compared to HKD 355,072 in the previous year[157]. - Total revenue for the six months ended June 30, 2021, was HKD 4,577,400, a 44.2% increase from HKD 3,172,823 in 2020[155]. - Total comprehensive income for the period was HKD 521,844, compared to a loss of HKD 81,225 in 2020[157]. Sales and Contract Performance - In the first half of 2021, the total contract sales amount for the group reached RMB 4,866,570,000, representing a year-on-year increase of 31.3% compared to RMB 3,706,390,000 in the same period of 2020[25]. - The total contract sales area was 111,000 square meters, which is a 73.4% increase year-on-year, while the average selling price decreased by 24.4% to approximately RMB 43,800 per square meter[25]. - The total sales amount for commercial housing reached RMB 4,250,320,000, accounting for 87.3% of the total contract sales[25]. - Property sales revenue reached HKD 4,031,412,000, accounting for 88.1% of total revenue, with significant contributions from projects in Shanghai[33]. Project Development and Land Acquisition - The company has 27 real estate projects across 11 major cities in China, providing approximately 4.14 million square meters of saleable area[4]. - The group successfully acquired multiple high-quality land parcels, including residential land in Shanghai and Tianjin, to enhance its land reserves[17]. - The company successfully acquired land use rights for a project in Xi'an, Shaanxi Province, for approximately RMB 1.525 billion, covering an area of 51,208 square meters, which can be developed into a residential project of about 102,418 square meters[47]. - The company aims to strengthen its existing quality land reserves and optimize resource allocation towards premium development models[48]. - The company has adopted a prudent strategy for future land acquisitions and has restructured its projects accordingly[52]. Financial Position and Debt Management - As of June 30, 2021, the group had cash and cash equivalents of HKD 9,039,343,000, down from HKD 9,550,663,000 at the end of 2020[42]. - The total loans amounted to approximately HKD 20,986,896,000, an increase from HKD 17,747,266,000 a year earlier[44]. - The net debt to total equity ratio improved to 45.0% from 31.9% year-on-year, indicating a stronger balance sheet[11]. Market Strategy and Future Outlook - The company aims to focus on high-quality urban renewal and industry development in core Chinese city clusters[16]. - The real estate market is expected to continue steady growth in the second half of 2021, supported by central government policies and the "14th Five-Year Plan"[50]. - The company plans to focus on the Shanghai metropolitan area and other first- and second-tier cities, enhancing existing quality land development and seizing urban renewal opportunities[50]. - Future guidance indicates an expected revenue growth of approximately 10% for the next quarter[187]. Corporate Governance and Shareholder Information - The company did not declare any interim dividends for the six months ending June 30, 2021, consistent with the previous year[119]. - Major shareholders hold significant stakes, with 上實控股 owning 2,111,229,080 shares, representing 43.93% of the issued share capital, and 上實集團 holding 3,064,869,977 shares, accounting for 63.77%[142]. - The audit committee reviewed the unaudited interim financial statements for the six months ended June 30, 2021, ensuring compliance with accounting principles and risk management procedures[127]. Operational Efficiency and Cost Management - Distribution and selling expenses rose by 78.2% to HKD 176,787,000 due to increased marketing efforts[38]. - The company reported a decrease in operational expenses by 248,683, reflecting improved cost management strategies[195].