Financial Performance - Operating revenue for the third quarter was CNY 1,301,075,562, a decrease of 59.61% compared to the same period last year[3] - Net profit attributable to shareholders was a loss of CNY 189,784,430, representing a decline of 1,173.21% year-on-year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 208,378,432, a decrease of 14,295.56% compared to the previous year[3] - Total revenue for the first three quarters of 2024 was CNY 4,730,946,624, a decrease of 54.8% compared to CNY 10,489,964,186 in the same period of 2023[17] - The net profit for the first three quarters of 2024 was -1,052,709,814 RMB, compared to -27,634,849 RMB in the same period of 2023, indicating a significant decline in profitability[19] - The total comprehensive income attributable to the parent company for the first three quarters of 2024 was -928,101,569 RMB, while it was 27,253,561 RMB in 2023, reflecting a drastic drop[22] - Operating profit for the first three quarters of 2024 was -918,752,480 RMB, compared to 142,281,038 RMB in 2023, showing a negative shift in operational performance[19] Assets and Liabilities - The total assets at the end of the reporting period were CNY 52,628,814,650, down 6.40% from the previous year[3] - The equity attributable to shareholders at the end of the reporting period was CNY 11,589,443,054, a decrease of 9.78% year-on-year[3] - The company's total assets as of September 30, 2024, were CNY 52,628,814,650, a decrease of 6.4% from CNY 56,225,144,598 at the end of 2023[16] - Current liabilities increased to CNY 21,500,268,947 as of September 30, 2024, compared to CNY 20,058,285,868 at the end of 2023, representing a rise of 7.2%[14] - Total liabilities decreased to CNY 38,487,368,101 as of September 30, 2024, from CNY 40,695,295,539 at the end of 2023, a reduction of 5.4%[15] - The company's equity attributable to shareholders decreased to CNY 11,589,443,054 as of September 30, 2024, down from CNY 12,845,583,320 at the end of 2023, a decline of 9.8%[16] Cash Flow - Cash flow from operating activities was not applicable for the current period, but at the end of the reporting period, it was CNY 516,231,017, down 73.27% year-on-year[3] - Cash inflow from operating activities decreased to 4,852,689,032 RMB in 2024 from 7,460,367,239 RMB in 2023, representing a decline of approximately 34%[23] - Cash outflow from operating activities was 4,336,458,015 RMB in 2024, down from 5,528,759,721 RMB in 2023, indicating a reduction of about 22%[24] - The net cash flow from operating activities for the first three quarters of 2024 was 516,231,017 RMB, a decrease of 73% compared to 1,931,607,518 RMB in 2023[24] - Cash inflow from investment activities totaled 98,796,090 RMB in 2024, down from 230,915,453 RMB in 2023, marking a decline of approximately 57%[25] - Cash outflow from investment activities was 99,503,020 RMB in 2024, compared to 173,783,553 RMB in 2023, indicating a decrease of about 43%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 127,377[7] - The largest shareholder, Beijing Beichen Industrial Group Co., Ltd., holds 1,167,511,731 shares, accounting for 34.675% of the total shares[7] Market and Operational Insights - The company experienced a significant decline in revenue due to a decrease in the area available for settlement in the real estate development sector[6] - The company achieved a sales area of 210,500 square meters, a year-on-year decrease of 28.43%, with a sales amount of RMB 2,945 million, down 33.86% year-on-year[10] - The company's equity sales area was 191,500 square meters, a year-on-year decrease of 25.95%[10] - Future outlook includes potential market expansion and new product development strategies to recover from the current financial downturn[17] Earnings Per Share - Basic earnings per share for the third quarter were CNY -0.06, a decrease of 1,300.00% compared to the same period last year[3] - The basic and diluted earnings per share for the first three quarters of 2024 were both -0.28 RMB, compared to 0.008 RMB in 2023, reflecting a significant loss per share[22]

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：588） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條之披露要求而 作出。 以下刊載北京北辰實業股份有限公司（「本公司」）將於二零二四年十月三十日在上 海證券交易所網頁(www.sse.com.cn)（股票代碼：601588）刊載的公告。以下公告 亦刊載於本公司網頁(www.beijingns.com.cn)。 承董事會命 北京北辰實業股份有限公司 胡浩 執行董事 中國‧北京 二零二四年十月二十九日 於本公告之日，董事會由八名董事組成，當中梁捷女士、楊華森先生、張文雷女 士、胡浩先生及魏明乾先生為執行董事，而周永健博士、甘培忠先生及陳德球先 生為獨立非執行董事。 | 证券代码：601588 | 证券简称：北辰实业 | | 公告编号：临 | 2024-043 | | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券 ...

張先生的詳細履歷如下： 張杰先生，54歲，先後畢業於中國政法大學、北京大學，法學學士、工商管理碩 士，正高級經濟師、講師。張先生曾任北京汽車工業總公司團委副書記，北京汽 車工業集團總公司教育處處長、培訓中心主任，北京現代汽車有限公司黨委副書 記、紀委書記，北京市基礎設施投資有限公司黨委辦公室（董事會辦公室）主任、 董事會秘書、總法律顧問、紀委副書記、副總經理、黨委副書記，北京市國有資 產經營有限責任公司黨委副書記、董事、總經理。張先生在企業運營、公司治理 及投資管理等方面具有豐富經驗。 張先生並無持有香港法例第571章《證券及期貨條例》第XV部所指之股份權益。 除上述所披露外，張先生確認(i)彼於本公告日期前三年期間概無於其證券於香港 及╱或海外任何證券市場上市之任何公眾公司擔任任何董事職務，亦無持有任何 其他主要委任或專業資格；(ii)彼亦無於本公司或本集團的其他成員公司擔任任何 其他職位；及(iii)彼與本公司任何董事、高層管理人員、主要股東或控股股東並 無任何關係。 張先生的任期將與第十屆董事會任期一致。一般董事薪酬將由股東於本公司股東 週年大會上確認。 1 香港交易及結算所有限公司及香港聯合交易所有限 ...

[2024 Interim Report Summary](index=1&type=section&id=2024%20中期報告) This section provides a high-level overview of the company's financial performance for the first half of 2024, highlighting significant declines in revenue and a shift to operating and net losses [Key Financial Highlights](index=1&type=section&id=主要財務亮點) For the six months ended June 30, 2024, the company experienced a significant **52.81%** year-over-year revenue decline, reporting operating and net losses attributable to ordinary equity holders, with a loss per share of **RMB 0.2286**, and no interim dividend declared 2024 First Half Key Financial Data | Metric | 2024 First Half (RMB thousands) | Year-over-year Change | Notes | | :--- | :--- | :--- | :--- | | Revenue | 3,429,871 | -52.81% | | | Operating Loss | (355,699) | -147.10% | Operating profit in prior period | | Loss attributable to ordinary equity holders | (769,580) | Decreased by 902,546 | Profit in prior period | | Loss per share (RMB) | (0.2286) | EPS of 0.0395 in prior period | | | Interim Dividend | Not distributed | Prior period: None | | | Core operating loss (excluding fair value changes) | (586,427) | Decreased by 696,127 | | | Fair value change loss on investment properties (after tax) | (183,153) | | | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=中期簡明合併財務報表) This section presents the condensed consolidated interim financial statements, including the balance sheet, income statement, comprehensive income statement, statement of changes in equity, and cash flow statement [Condensed Consolidated Interim Balance Sheet](index=2&type=section&id=中期簡明合併資產負債表) As of June 30, 2024, the company's total assets and total liabilities both decreased, resulting in a reduction in net assets, reflecting operating losses and equity changes Consolidated Balance Sheet Key Data | Metric | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 61,526,823 | 65,155,827 | -5.57% | | Non-current Assets | 20,877,787 | 21,477,985 | -2.79% | | Current Assets | 40,649,036 | 43,677,842 | -6.93% | | Total Liabilities | 40,465,893 | 42,927,967 | -5.74% | | Non-current Liabilities | 20,171,032 | 22,869,681 | -11.80% | | Current Liabilities | 20,294,861 | 20,058,286 | +1.18% | | Net Assets | 21,060,930 | 22,227,860 | -5.25% | | Equity attributable to ordinary equity holders | 18,446,551 | 19,544,170 | -5.62% | [Condensed Consolidated Interim Income Statement](index=5&type=section&id=中期簡明合併利潤表) In the first half of 2024, the company experienced a significant revenue decline, leading to reduced gross profit, and ultimately reported a loss before income tax and a loss for the period due to increased impairment losses on financial assets and fair value changes in investment properties Consolidated Income Statement Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 3,429,871 | 7,268,886 | -52.81% | | Cost of Sales | (2,941,989) | (5,977,765) | -50.80% | | Gross Profit | 487,882 | 1,291,121 | -62.21% | | Operating (Loss)/Profit | (355,699) | 755,275 | Turned from profit to loss | | Finance Costs – Net | (350,972) | (387,441) | Costs decreased by 9.42% | | (Loss)/Profit before Income Tax | (706,872) | 379,984 | Turned from profit to loss | | Income Tax Expense | (173,560) | (286,299) | Expense decreased by 39.38% | | (Loss)/Profit for the Period | (880,432) | 93,685 | Turned from profit to loss | | Attributable to ordinary equity holders | (769,580) | 132,966 | Turned from profit to loss | | (Loss)/Earnings per share (RMB cents) | (22.86) | 3.95 | Turned from profit to loss | [Condensed Consolidated Interim Statement of Comprehensive Income](index=6&type=section&id=中期簡明合併綜合收益表) In the first half of 2024, the company reported a total comprehensive loss for the period, primarily driven by the loss attributable to ordinary equity holders Consolidated Statement of Comprehensive Income Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (880,432) | 93,685 | Turned from profit to loss | | Other Comprehensive Income | – | – | | | Total Comprehensive (Loss)/Income for the Period | (880,432) | 93,685 | Turned from profit to loss | | Attributable to ordinary equity holders | (769,580) | 132,966 | Turned from profit to loss | [Condensed Consolidated Interim Statement of Changes in Equity](index=7&type=section&id=中期簡明合併權益變動表) As of June 30, 2024, equity attributable to ordinary equity holders decreased due to the loss for the period and changes in other reserves, leading to a corresponding decline in total equity Consolidated Statement of Changes in Equity Key Data | Metric | January 1, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Share Capital | 3,367,020 | 3,367,020 | 0% | | Other Reserves | 4,948,137 | 4,687,438 | -5.30% | | Retained Earnings | 11,229,013 | 10,392,093 | -7.45% | | Equity attributable to ordinary equity holders | 19,544,170 | 18,446,551 | -5.62% | | Non-controlling Interests | 2,683,690 | 2,614,379 | -2.58% | | Total Equity | 22,227,860 | 21,060,930 | -5.25% | [Condensed Consolidated Interim Cash Flow Statement](index=8&type=section&id=中期簡明合併現金流量表) In the first half of 2024, the company's operating cash flow shifted from positive to negative, investment cash flow significantly decreased, and financing cash flow turned from net inflow to net outflow, resulting in a net decrease in cash and cash equivalents Consolidated Cash Flow Statement Key Data | Metric | 2024 First Half (RMB thousands) | 2023 First Half (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (456,580) | 868,838 | Turned from inflow to outflow | | Net Cash Generated from Investing Activities | 16,822 | 67,452 | -75.06% | | Net Cash (Used in)/Generated from Financing Activities | (764,002) | 1,031,781 | Turned from inflow to outflow | | Net (Decrease)/Increase in Cash and Cash Equivalents | (1,203,760) | 1,968,071 | Turned from increase to decrease | | Cash and Cash Equivalents at End of Period | 7,301,722 | 10,356,222 | -29.49% | [Notes to the Condensed Consolidated Interim Financial Information](index=9&type=section&id=中期簡明合併財務資料附註) This section provides detailed notes to the condensed consolidated interim financial information, covering general information, basis of preparation, accounting policies, estimates, financial risk management, segment information, and other financial disclosures [1. General Information](index=9&type=section&id=1.%20一般資料) Beijing North Star Company Limited, established in China in 1997 as part of the state-owned North Star Group's restructuring, is listed on both the Hong Kong and Shanghai stock exchanges, primarily engaging in real estate development, convention and exhibition (including hotel), and commercial property operation and management - The company was established in China on April 2, 1997, as part of the restructuring of Beijing North Star Industrial Group Co., Ltd., its ultimate parent company[7](index=7&type=chunk) - The company issued H shares and listed on the Hong Kong Stock Exchange on May 14, 1997, and issued A shares and listed on the Shanghai Stock Exchange on October 16, 2006, becoming a dual-listed company[7](index=7&type=chunk) - The Group's principal activities are real estate development, convention and exhibition (including hotels), and commercial property operation and management in China[7](index=7&type=chunk) [2. Basis of Preparation](index=9&type=section&id=2.%20編製基準) The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2023 - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - This interim financial information has been reviewed but not audited[7](index=7&type=chunk) [3. Accounting Policies](index=9&type=section&id=3.%20會計政策) Several amendments to Hong Kong Accounting Standards were adopted during the period, but they are not expected to have a significant impact on the Group's interim financial information - The accounting policies applied in this interim financial information are consistent with those applied in the Group's consolidated financial statements for the year ended December 31, 2023, except for the adoption of the following amendments to standards[9](index=9&type=chunk) - Amendments to standards effective and adopted for the first time include: Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenants, Lease Liability in a Sale and Leaseback, Supplier Finance Arrangements, etc[9](index=9&type=chunk) - The adoption of these amendments to standards is not expected to have a significant impact on the Group's interim financial information[9](index=9&type=chunk) [4. Estimates](index=10&type=section&id=4.%20估計) The preparation of interim financial information requires management's judgment, estimates, and assumptions regarding the application of accounting policies and the amounts reported in the financial statements, and actual results may differ from these estimates - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[11](index=11&type=chunk) - Actual results may differ from these estimates[11](index=11&type=chunk) [5. Financial Risk Management](index=10&type=section&id=5.%20財務風險管理) The company faces market, credit, and liquidity risks, with no changes in risk management policies since year-end, and contractual cash flows for non-derivative financial liabilities indicate significant short-term (under 1 year) debt pressure - The Group's activities are exposed to various financial risks: market risk (including foreign exchange risk, fair value interest rate risk, and cash flow interest rate risk), credit risk, and liquidity risk[11](index=11&type=chunk) - There have been no changes in risk management policies since year-end[11](index=11&type=chunk) Non-derivative Financial Liabilities Maturity Analysis (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Less than 1 year | 17,904,119 | 17,015,532 | | 1 to 2 years | 7,561,429 | 5,957,165 | | 2 to 5 years | 4,521,509 | 9,117,884 | | More than 5 years | 8,581,909 | 8,179,795 | | Total | 38,568,966 | 40,270,376 | [5.1. Financial Risk Factors](index=10&type=section&id=5.1.%20財務風險因素) The company is exposed to market risks (exchange rate, interest rate), credit risk, and liquidity risk, with no changes in its risk management policies - The Group's activities are exposed to various financial risks: market risk (including foreign exchange risk, fair value interest rate risk, and cash flow interest rate risk), credit risk, and liquidity risk[11](index=11&type=chunk) - There have been no changes in risk management policies since year-end[11](index=11&type=chunk) [5.2. Liquidity Risk](index=10&type=section&id=5.2.%20流動性風險) The company's non-derivative financial liabilities' contractual cash flows indicate that as of June 30, 2024, borrowings and payables due within one year totaled approximately **RMB 17.9 billion**, posing liquidity management challenges Non-derivative Financial Liabilities Maturity Analysis (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Less than 1 year | 17,904,119 | 17,015,532 | | 1 to 2 years | 7,561,429 | 5,957,165 | | 2 to 5 years | 4,521,509 | 9,117,884 | | More than 5 years | 8,581,909 | 8,179,795 | | Total | 38,568,966 | 40,270,376 | [5.3 Fair Value Estimation](index=11&type=section&id=5.3%20公允價值估計) The company has no assets measured at fair value other than investment properties, whose fair values are assessed by independent valuers with no transfers between fair value hierarchy levels or changes in valuation techniques during the period - As of June 30, 2024, and December 31, 2023, the Group had no assets measured at fair value other than investment properties[14](index=14&type=chunk) - Detailed disclosures on the fair value of investment properties are provided in Note 7[14](index=14&type=chunk) - There were no transfers between fair value hierarchy levels and no changes in valuation techniques during the period[14](index=14&type=chunk) [6. Segment Information](index=11&type=section&id=6.%20分部信息) The company's business segments include real estate development, convention and exhibition (including hotels) and commercial properties, and other segments; in the first half of 2024, real estate development revenue significantly declined, while convention and commercial property revenue slightly increased, but the real estate development segment reported a substantial adjusted loss before income tax - The company's principal business segments are real estate development, convention and exhibition (including hotels) and commercial properties, and other businesses[15](index=15&type=chunk) Segment Revenue (RMB thousands) | Segment | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Real Estate Development Segment | 2,079,049 | 5,992,742 | -65.31% | | Convention and Exhibition (including Hotels) and Commercial Property Segment | 1,248,098 | 1,191,616 | +4.74% | | Other Segments | 102,724 | 84,528 | +21.53% | | Total Revenue | 3,429,871 | 7,268,886 | -52.81% | Adjusted (Loss)/Profit Before Income Tax (RMB thousands) | Segment | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Real Estate Development | (801,340) | 155,932 | Turned from profit to loss | | Convention and Exhibition (including Hotels) and Commercial Property | 198,372 | 205,907 | -3.66% | | Other Segments | (34,567) | (19,819) | Loss widened | | Total | (637,535) | 342,020 | Turned from profit to loss | [7. Right-of-Use Assets, Property, Plant and Equipment, and Investment Properties](index=17&type=section&id=7.%20使用權資產、物業、廠房及設備以及投資物業) As of June 30, 2024, the company's net book values for right-of-use assets, property, plant and equipment, and investment properties all decreased, with investment properties recording fair value losses assessed by independent valuers Asset Net Book Values (RMB thousands) | Asset Type | January 1, 2024 (RMB thousands) | June 30, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 414,133 | 398,210 | -3.84% | | Property, Plant and Equipment | 2,433,403 | 2,365,331 | -2.79% | | Investment Properties | 16,739,636 | 16,503,166 | -1.41% | - Fair value loss on investment properties of **RMB 245,672 thousand** was recognized in profit or loss[27](index=27&type=chunk) - Investment properties were valued by **Han Hua Appraisal Limited**, an independent professionally qualified valuer[28](index=28&type=chunk) [7.a Fair Value Hierarchy](index=18&type=section&id=7.a%20公允價值層級) Fair value measurement of investment properties primarily utilizes Level 3 (unobservable inputs), with no transfers between fair value hierarchy levels during the period - Fair value information for investment properties measured in accordance with HKFRS 13 shows no transfers between Level 1, 2, and 3 during the period[29](index=29&type=chunk) Investment Properties Fair Value Measurement (Level 3) (RMB thousands) | Investment Property Type | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Office Buildings | 6,580,000 | 6,693,605 | | Apartments | 2,151,000 | 2,173,600 | | Convention Centers | 4,130,000 | 4,091,000 | | Shopping Malls | 3,636,100 | 3,769,300 | | Others | 6,066 | 12,131 | | Total | 16,503,166 | 16,739,636 | [7.b The Group's Valuation Process](index=18&type=section&id=7.b%20本集團的估值流程) The company's investment properties are valued by independent professional valuer Han Hua Appraisal Limited, with the finance department team regularly reviewing valuation results and reporting to the CFO - The Group's investment properties were valued by **Han Hua Appraisal Limited** as of June 30, 2024, a valuer holding relevant recognized professional qualifications and having recent experience in the location and category of the investment properties valued[30](index=30&type=chunk) - The Group's finance department has a team responsible for reviewing the valuations performed by independent valuers for financial reporting purposes, reporting directly to the Chief Financial Officer (CFO)[30](index=30&type=chunk) [7.c Valuation Techniques](index=19&type=section&id=7.c%20估值技術) Office buildings, apartments, and shopping malls are valued using the income capitalization approach, while convention centers and Apartment Building A use the discounted cash flow forecast method, and investment properties under construction are valued assuming renovation and completion, considering conversion costs - Valuations for **office buildings, apartments (excluding Block A), and shopping malls** are based on the income capitalization approach (term and reversion method), primarily using unobservable inputs (e.g., market rent, yield rates)[32](index=32&type=chunk) - Valuations for **convention centers and Apartment Block A** utilize the discounted cash flow forecast method, determined by significant unobservable inputs[32](index=32&type=chunk) - For **investment properties under construction**, valuations assume renovation and completion according to the latest proposed renovation plans, taking into account conversion costs[32](index=32&type=chunk) [8. Properties Under Development](index=19&type=section&id=8.%20開發中物業) As of June 30, 2024, the net book value of properties under development decreased, primarily due to reductions in land use rights and capitalized finance costs, alongside a decrease in accumulated impairment Properties Under Development (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Land Use Rights | 8,150,407 | 8,778,115 | -7.15% | | Development Costs and Capitalized Expenses | 3,983,477 | 3,463,306 | +15.02% | | Capitalized Finance Costs | 1,415,069 | 2,053,889 | -31.10% | | Accumulated Impairment | (406,505) | (678,291) | -40.07% | | Net Book Value | 13,142,448 | 13,617,019 | -3.34% | [9. Trade and Other Receivables and Prepayments](index=20&type=section&id=9.%20應收賬款、其他應收款及預付款項) As of June 30, 2024, the company's total trade and other receivables decreased, with amounts due from other related parties and non-controlling interests being major components, and a notable increase in allowance for doubtful debts Trade and Other Receivables and Prepayments (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade and Other Receivables | 1,539,330 | 1,789,102 | -13.96% | | Prepayments for Taxes, Construction, and Other Items | 1,787,390 | 1,788,654 | -0.07% | | Total | 3,326,720 | 3,577,756 | -7.02% | Trade and Other Receivables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables – Net | 226,123 | 195,199 | +15.84% | | Amounts Due from Other Related Parties | 834,176 | 873,177 | -4.47% | | Amounts Due from Non-controlling Interests | 760,995 | 859,822 | -11.49% | | Other Receivables – Net | 1,313,207 | 1,593,903 | -17.50% | | Allowance for Doubtful Debts (Other Receivables) | (570,124) | (447,398) | +27.42% | [9.a Trade and Other Receivables](index=21&type=section&id=9.a%20應收賬款及其他應收款) Net trade receivables increased, while amounts due from other related parties and non-controlling interests decreased, with a significant rise in allowance for doubtful debts reflecting increased credit risk Trade and Other Receivables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Receivables – Net | 226,123 | 195,199 | +15.84% | | Amounts Due from Other Related Parties | 834,176 | 873,177 | -4.47% | | Amounts Due from Non-controlling Interests | 760,995 | 859,822 | -11.49% | | Other Receivables – Net | 1,313,207 | 1,593,903 | -17.50% | | Allowance for Doubtful Debts (Other Receivables) | (570,124) | (447,398) | +27.42% | Trade Receivables Ageing Analysis (RMB thousands) | Ageing | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | 0 to 30 days | 96,485 | 146,463 | | 31 to 90 days | 37,170 | 16,456 | | Over 90 days | 164,424 | 93,515 | | Total | 298,079 | 256,434 | [10. Share Capital](index=22&type=section&id=10.%20股本) As of June 30, 2024, the company's authorized, issued, and fully paid share capital remained unchanged at **3,367,020,000 shares** of **RMB 1** each Share Capital Information (RMB thousands) | Metric | December 31, 2023 (Audited) | Changes during the period (RMB thousands) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | :--- | | Authorized, Issued, and Fully Paid Share Capital (3,367,020,000 shares of RMB 1 each) | 3,367,020 | – | 3,367,020 | [11. Trade and Other Payables and Borrowings/Amounts from Other Parties](index=22&type=section&id=11.%20應付賬款、其他應付款及自其他方取得的借款╱款項) As of June 30, 2024, the company's total trade and other payables decreased, and borrowings/amounts from other parties also significantly reduced, reflecting an optimized liability structure Trade and Other Payables and Borrowings/Amounts from Other Parties (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 6,368,020 | 7,273,603 | -12.45% | | Borrowings/Amounts from Other Parties | 7,393,340 | 8,944,193 | -17.34% | | Total | 13,761,360 | 16,217,796 | -15.15% | [11.a Trade and Other Payables](index=23&type=section&id=11.a%20應付賬款及其他應付款) Trade payables to third parties and related parties both decreased, as did other taxes payable, indicating the company's efforts in managing payables Trade and Other Payables Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Trade Payables to Third Parties | 4,206,538 | 4,744,431 | -11.34% | | Trade Payables to Related Parties | 735,202 | 1,024,351 | -28.23% | | Lease Prepayments Received | 96,891 | 164,171 | -41.09% | | Other Taxes Payable | 201,028 | 261,487 | -23.13% | | Other Payables | 1,053,542 | 980,818 | +7.41% | [11.b Borrowings/Amounts from Other Parties](index=24&type=section&id=11.b%20自其他方取得的借款╱款項) Loans from non-controlling shareholders of subsidiaries, amounts due to North Star Group, and related party borrowings all decreased, while the amount of asset-backed special plans remained relatively stable Borrowings/Amounts from Other Parties Details (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Loans from Non-controlling Shareholders of Subsidiaries | 1,973,519 | 2,060,858 | -4.24% | | Amounts Due to North Star Group | 1,601,733 | 2,902,871 | -44.82% | | Asset-backed Special Plans Issued by the Company | 3,597,695 | 3,610,848 | -0.36% | | Related Party Borrowings/Loans | 172,119 | 321,342 | -46.44% | - Among the loans due to non-controlling shareholders of subsidiaries, **RMB 1,604,390 thousand** and **RMB 282,378 thousand** bear fixed annual interest rates of **6.5%** and **7%**, respectively[41](index=41&type=chunk) - The asset-backed special plans issued by the company include the Tianfeng-North Star Changsha Intercontinental Hotel Asset-Backed Special Plan (raised **RMB 1.05 billion**, 18-year term) and the CITIC Securities-Tianfeng-North Star Century Center Asset-Backed Special Plan (raised **RMB 2.861 billion**, 18-year term)[41](index=41&type=chunk) [12. Borrowings](index=26&type=section&id=12.%20借款) As of June 30, 2024, the company's total borrowings slightly increased, but long-term borrowings (excluding current portion) decreased, with most borrowings secured or guaranteed, and the company having issued multiple tranches of corporate bonds and medium-term notes Total Borrowings (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Long-term Borrowings (Non-current) | 12,593,114 | 14,984,857 | -15.96% | | Current Portion of Long-term Borrowings | 8,557,614 | 5,575,026 | +53.50% | | Total Borrowings | 21,150,728 | 20,559,883 | +2.87% | - Long-term borrowings of **RMB 13,459,134 thousand** are secured by certain right-of-use assets, investment properties, hotel properties, properties under development, and completed properties held for sale[45](index=45&type=chunk) - The company has issued multiple tranches of five-year corporate bonds and medium-term notes with coupon rates ranging from **3.10% to 4.80%** per annum, some of which include put options[47](index=47&type=chunk)[48](index=48&type=chunk) [13. Operating (Loss)/Profit](index=28&type=section&id=13.%20營運（虧損）╱利潤) In the first half of 2024, the company's operating loss was primarily impacted by fair value losses on investment properties, impairment of properties under development and completed properties held for sale, and increased impairment losses on financial assets Components of Operating (Loss)/Profit (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Fair Value (Loss)/Gain on Investment Properties Recognized in Profit or Loss | (245,672) | 26,612 | Turned from gain to loss | | Impairment of Properties Under Development and Completed Properties Held for Sale | (478,572) | (191,681) | Impairment increased by 149.68% | | Net Impairment Loss on Financial Assets | (133,539) | (58,884) | Impairment increased by 126.79% | | (Loss)/Gain on Deregistration of Joint Ventures | (4,490) | 20,678 | Turned from gain to loss | - The Group had no non-financial assets with indefinite useful lives during the period[50](index=50&type=chunk) [14. Finance Income and Costs](index=28&type=section&id=14.%20融資收益及成本) In the first half of 2024, the company's net finance costs decreased, primarily due to lower interest expenses and capitalized amounts, alongside an increase in interest income Finance Income and Costs (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Interest Expense | (626,436) | (734,443) | Expense decreased by 14.69% | | Less: Capitalized Amount in Properties Under Development and Investment Properties | 206,150 | 304,710 | Capitalized amount decreased by 32.34% | | Finance Costs | (423,279) | (433,577) | Costs decreased by 2.38% | | Finance Income – Interest Income | 72,307 | 46,136 | Income increased by 56.73% | | Finance Costs – Net | (350,972) | (387,441) | Costs decreased by 9.42% | [15. Income Tax Expense](index=29&type=section&id=15.%20所得稅費用) In the first half of 2024, the company's income tax expense significantly decreased, primarily due to reductions in China corporate income tax and land appreciation tax, coupled with an increase in deferred income tax credits - China income tax is calculated in accordance with relevant Chinese laws and regulations, with an applicable income tax rate of **25%**[52](index=52&type=chunk) - The company and certain Chinese subsidiaries are required to pay land appreciation tax on land appreciation amounts at progressive rates ranging from **30% to 60%** in accordance with the Land Appreciation Tax Regulations of the People's Republic of China[52](index=52&type=chunk) Income Tax Expense (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | China Corporate Income Tax | 175,727 | 192,055 | -8.40% | | China Land Appreciation Tax | 78,128 | 98,645 | -20.81% | | Deferred Income Tax Credit | (80,295) | (4,401) | Credit increased by 1724.95% | | Total Income Tax Expense | 173,560 | 286,299 | -39.38% | [16. (Loss)/Earnings Per Share](index=29&type=section&id=16.%20每股（虧損）╱收益) In the first half of 2024, the company reported a basic and diluted loss per share of **RMB 0.2286**, compared to an earnings per share of **RMB 0.0395** in the prior period, primarily due to the loss attributable to ordinary equity holders - Basic (loss)/earnings per share is calculated based on the company's (loss)/profit attributable to ordinary equity holders and the weighted average number of ordinary shares outstanding during the six months ended June 30, 2024, and 2023[54](index=54&type=chunk) - The company had no potential dilutive ordinary shares during the six months ended June 30, 2024, and 2023, thus diluted (loss)/earnings per share is equal to basic (loss)/earnings per share[54](index=54&type=chunk) (Loss)/Earnings Per Share (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | (Loss)/Profit attributable to ordinary equity holders | (769,580) | 132,966 | | Number of ordinary shares outstanding (thousands) | 3,367,020 | 3,367,020 | | (Loss)/Earnings per share (RMB cents) (Basic and Diluted) | (22.86) | 3.95 | [17. Dividends](index=30&type=section&id=17.%20股息) The Board resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the prior period - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024 (six months ended June 30, 2023: nil)[56](index=56&type=chunk) - Dividends related to the year ended December 31, 2023, amounting to **RMB 67,340 thousand**, were approved at the annual general meeting held in May 2024[56](index=56&type=chunk) [18. Pledged Assets](index=30&type=section&id=18.%20抵押資產) As of June 30, 2024, the company pledged various assets, including investment properties, right-of-use assets, property, plant and equipment, properties under development, completed properties held for sale, and trade receivables, as collateral for borrowings totaling **RMB 13,459,134 thousand** - As of June 30, 2024, the Group pledged certain investment properties with a fair value of **RMB 9,695,000 thousand**, right-of-use assets with a net book value of **RMB 246,248 thousand**, property, plant and equipment with a net book value of **RMB 1,462,500 thousand**, properties under development with a carrying value of **RMB 3,472,147 thousand**, completed properties held for sale with a carrying value of **RMB 250,433 thousand**, and trade receivables with a carrying value of **RMB 4,527 thousand** as collateral for borrowings of **RMB 13,459,134 thousand**[57](index=57&type=chunk) [19. Financial Guarantees](index=30&type=section&id=19.%20財務擔保) The company provides phased joint and several liability guarantees for mortgage loans granted by banks to property purchasers, with outstanding guaranteed amounts totaling **RMB 5,553,911 thousand** as of June 30, 2024, though directors consider the likelihood of significant loss to be remote - The Group provides phased joint and several liability guarantees for mortgage loans granted by banks to property purchasers[58](index=58&type=chunk) Outstanding Guaranteed Amounts (RMB thousands) | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Outstanding Guaranteed Amounts | 5,553,911 | 7,137,252 | -22.20% | - The directors of the company believe that the possibility of the Group incurring any significant loss under these financial guarantee contracts is remote, and therefore no related liabilities have been recognized[58](index=58&type=chunk) [20. Commitments](index=31&type=section&id=20.%20承諾) As of June 30, 2024, the company had significant capital commitments for properties under development and investment properties, while the total future minimum lease receivables from investment properties slightly decreased Capital Commitments (RMB thousands) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Properties Under Development (Contracted but not provided for) | 5,384,264 | 5,162,143 | +4.31% | | Properties Under Development (Authorized but not contracted for) | 2,456,374 | 2,197,717 | +11.77% | | Investment Properties (Contracted but not provided for) | 1,868 | 10,247 | -81.77% | | Investment Properties (Authorized but not contracted for) | 37,257 | 3,349 | +1012.45% | Future Minimum Lease Receivables from Investment Properties (RMB thousands) | Term | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Within 1 year | 699,924 | 749,998 | -6.79% | | 2 to 5 years | 874,238 | 901,478 | -3.02% | | After 5 years | 599,529 | 593,756 | +0.97% | | Total | 2,173,691 | 2,245,232 | -3.19% | [21. Significant Non-Cash Investing or Financing Activities](index=32&type=section&id=21%20重大非現金投資或融資活動) Significant non-cash activities during the period included the recognition of right-of-use assets and lease liabilities for property and equipment, and the offset of dividends receivable from joint ventures against amounts received from joint ventures - The recognition of right-of-use assets and lease liabilities for property and equipment is considered a non-cash investing and financing activity[61](index=61&type=chunk) - During the six months ended June 30, 2024, dividends receivable from joint ventures of **RMB 27,500 thousand** were offset against amounts received from joint ventures[61](index=61&type=chunk) - During the six months ended June 30, 2024, amounts received by the Group from joint ventures of **RMB 125,000 thousand** were offset against the net gain on derecognition of that joint venture[61](index=61&type=chunk) [22. Related Party Transactions](index=32&type=section&id=22.%20關聯方交易) The company engages in numerous related party transactions with North Star Group and other government-controlled entities, including service provision and receipt, loan transactions, and project co-development funds, with changes in the identity of some related parties during the period - The Group is controlled by **North Star Group**, which holds **34.48%** of the company's equity[62](index=62&type=chunk) - Significant transactions between the Group and entities controlled by the Chinese government (government-controlled entities) primarily include bank borrowings and certain purchases of goods and services[62](index=62&type=chunk) - During the period, some non-controlling shareholders (such as China Construction Jiuhua) were considered related parties, while Wuhan Base, Wuhan Jielong, and Shenzhen Jiangwan are no longer considered related parties[62](index=62&type=chunk) [22.i Services Received From/Provided To and Leases With Related Parties](index=33&type=section&id=22.i%20自關聯方接受╱提供服務和租賃) The company provides network and management services to related parties such as Beijing North Star Convention & Exhibition Investment Co., Ltd. and Chenxing Company, while receiving construction services from related parties like China Construction Revenue from Services Provided and Leases (RMB thousands) | Related Party | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beijing North Star Convention & Exhibition Investment Co., Ltd. | 1,925 | 2,494 | | Beijing Chenxing International Exhibition Co., Ltd. | 402 | 859 | | North Star Group | 1,620 | 1,054 | Expenses for Services Received and Leases (RMB thousands) | Related Party | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Jingxi Sci-Fi Convention & Exhibition (Purchase of exhibition services) | 574 | 672 | | North Star Group (Trademark license fees, lease fees, and management service fees) | 465 | 1,483 | | China Construction (Receipt of construction services) | 398,651 | 352,087 | [22.ii Loans from North Star Group](index=34&type=section&id=22.ii%20自北辰集團取得的貸款) The company's outstanding loans from North Star Group significantly decreased at period-end, with substantial repayments made and new credit loans obtained during the period Loans from North Star Group (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beginning of period | 2,902,871 | 1,601,907 | | Proceeds from loans | 950,000 | 800,000 | | Repayment of loans | (2,250,000) | (300,000) | | End of period | 1,601,733 | 2,102,275 | - Credit loans provided by North Star Group to the company bear a fixed annual interest rate of **3.90%**[65](index=65&type=chunk)[66](index=66&type=chunk) - During the six months ended June 30, 2024, the company repaid multiple loans from North Star Group and obtained new credit loans totaling **RMB 950,000 thousand**[66](index=66&type=chunk) [22.iii Loans from China Construction Jiuhua](index=34&type=section&id=22.iii%20自中建玖合取得的貸款) The company's outstanding loans from China Construction Jiuhua slightly increased at period-end, with these unsecured loans bearing a fixed annual interest rate of **6.50%** Loans from China Construction Jiuhua (RMB thousands) | Metric | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | | :--- | :--- | :--- | | Beginning of period | 444,948 | 529,935 | | Proceeds from loans | 1,664 | 43,400 | | Repayment of loans | – | (124,000) | | End of period | 454,745 | 445,740 | - The loan is unsecured, bears a fixed annual interest rate of **6.50%**, and is repayable in installments within one year[67](index=67&type=chunk) [22.iv Project Co-development Funds Provided to Associates and Joint Ventures](index=35&type=section&id=22.iv%20向聯營企業和合營企業提供的項目合作開發款) The company provided project co-development funds to Wuhan Jinchen Yingchuang and Guangzhou Guangyue, with slightly reduced period-end balances, and some amounts bearing fixed interest rates Project Co-development Funds Provided to Associates and Joint Ventures (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Wuhan Jinchen Yingchuang | 282,918 | 287,942 | | Guangzhou Guangyue | 551,258 | 585,235 | | Total | 834,176 | 873,177 | - Of the amounts provided to Wuhan Jinchen Yingchuang, **RMB 264,600 thousand** bear a fixed annual interest rate of **6.5%**, with the remainder being interest-free[71](index=71&type=chunk) - Amounts provided to Guangzhou Guangyue bear a fixed annual interest rate of **6.5%**[72](index=72&type=chunk) [22.v Funds Received from Related Parties](index=36&type=section&id=22.v%20自關聯方取得資金) The company obtained funds from various joint ventures, associates, and non-controlling shareholders, with a reduced period-end balance, and some loans being interest-free or bearing fixed interest rates Funds Received from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Wuhan Dangdai | 42,000 | 42,000 | | Hangzhou Jinhu | – | 152,500 | | Beijing Chenxuan | 96,220 | – | | Wuxi Shengyang | – | 32,000 | | Wuxi Chenwan | 22,050 | 22,050 | | Jingxi Sci-Fi Convention & Exhibition | 11,864 | 1,115 | | Total | 172,248 | 321,416 | - Funds received from joint ventures and associates are unsecured, interest-free, and have no fixed repayment dates[74](index=74&type=chunk) - Loans from Wuhan Jielong and Wuhan Base are unsecured, bear a fixed annual interest rate of **10.5%**, and have no fixed repayment dates[74](index=74&type=chunk) [22.vi Amounts Provided to Related Parties](index=37&type=section&id=22.vi%20向關聯方提供款項) The company provided funds to Jinyu Real Estate, with the period-end balance remaining unchanged, and these funds are unsecured, non-interest-bearing, and have no fixed repayment terms Amounts Provided to Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | January 1, 2023 (Unaudited) | | :--- | :--- | :--- | | Jinyu Real Estate | 416,500 | 416,500 | | Total | 416,500 | 495,500 | - Amounts provided to related parties are unsecured, non-interest-bearing, and have no fixed repayment terms[79](index=79&type=chunk) [22.vii Advances Made on Behalf of Related Parties](index=37&type=section&id=22.vii%20為關聯方代墊款項) During the period, the company made advances totaling **RMB 250 thousand** on behalf of related parties, all of which have been fully repaid Advances Made on Behalf of Related Parties (RMB thousands) | Related Party | Advances Made This Year (RMB thousands) | Repayments (RMB thousands) | | :--- | :--- | :--- | | Chenxing Company | 224 | (224) | | Wuhan Dangdai | 13 | (13) | | North Star Group | 13 | (13) | | Total | 250 | (250) | - Amounts provided to related parties are unsecured, non-interest-bearing, and have no fixed repayment terms[79](index=79&type=chunk) [22.viii Balances, Advances, and Amounts for Purchases of Goods and Services](index=38&type=section&id=22.viii%20購買商品及服務的結餘、代墊款及款項) As of June 30, 2024, both amounts due from and to related parties decreased, and loans/advances from related parties significantly declined, with the company recognizing a higher loss allowance for amounts due from related parties Amounts Due from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Guangzhou Guangyue | 551,258 | 585,235 | | Wuhan Jinchen Yingchuang | 282,918 | 287,942 | | Jinyu Real Estate | 416,500 | 416,500 | | Total | 1,257,752 | 1,371,784 | Amounts Due to Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group | 450 | 713 | | China Construction | 733,530 | 1,020,593 | | Total | 735,331 | 1,033,710 | Loans/Advances from Related Parties (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group | 1,601,733 | 2,902,871 | | China Construction Jiuhua | 454,745 | 444,948 | | Total | 2,228,597 | 3,782,488 | - As of June 30, 2024, the Group recognized a loss allowance of **RMB 548,514 thousand** for amounts due from related parties based on the expected credit loss model[82](index=82&type=chunk) [22.ix Key Management Personnel Remuneration](index=39&type=section&id=22.ix%20關鍵管理人員報酬) In the first half of 2024, the total remuneration for key management personnel, including salaries, other short-term employee benefits, and post-employment benefits, decreased Key Management Personnel Remuneration (RMB thousands) | Item | 2024 First Half (Unaudited) | 2023 First Half (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Salaries and Other Short-term Employee Benefits | 6,485 | 9,644 | -32.76% | | Post-employment Benefits | 1,092 | 1,267 | -13.79% | | Total | 7,577 | 10,911 | -30.56% | [22.x Lease Liabilities](index=40&type=section&id=22.x%20租賃負債) As of June 30, 2024, the company's lease liabilities related to land with North Star Group slightly increased, and the final transfer of this land has not yet been completed Lease Liabilities (RMB thousands) | Related Party | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | North Star Group (Lease liabilities related to land) | 16,589 | 16,196 | - The company has entered into an asset transfer agreement with North Star Group to acquire a parcel of land, but the final transfer price has not yet been approved and requires independent shareholders' approval[84](index=84&type=chunk) [22.xi Dividends Received/Receivable](index=40&type=section&id=22.xi%20已收╱應收股息) During the period, the company's joint venture, Hangzhou Jinhu, declared a dividend, with the company's share amounting to **RMB 42,730 thousand** - The Group's joint venture, Hangzhou Jinhu, declared a dividend of **RMB 170,920 thousand** in April 2024, of which the Group's share is **RMB 42,730 thousand**[85](index=85&type=chunk) [Supplementary Information](index=41&type=section&id=補充信息) This section provides supplementary information, including a reconciliation of consolidated interim financial information between China Accounting Standards and Hong Kong Financial Reporting Standards [Reconciliation of Consolidated Interim Financial Information](index=41&type=section&id=合併中期財務資料調節表) The company provides a reconciliation of consolidated interim financial information between China Accounting Standards and Hong Kong Financial Reporting Standards, with key differences arising from the reversal of depreciation and impairment provisions for investment properties and fair value adjustments Reconciliation of Consolidated Interim Financial Information (RMB thousands) | Item | 2024 First Half (Loss)/Profit Attributable to Owners of the Company | 2023 First Half (Loss)/Profit Attributable to Owners of the Company | June 30, 2024 (Equity Attributable to Owners of the Company) | December 31, 2023 (Equity Attributable to Owners of the Company) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards | (738,317) | 9,570 | 11,779,227 | 12,845,583 | | 1. Reversal of depreciation and impairment provisions for investment properties under China Accounting Standards | 151,890 | 100,130 | 2,773,448 | 2,621,558 | | 2. Fair value adjustments for investment properties under HKFRS | (183,153) | 23,266 | 3,893,876 | 4,077,029 | | Under HKFRS (including attributable to ordinary equity holders) | (769,580) | 132,966 | 18,446,551 | 19,544,170 | [Management Discussion and Analysis](index=42&type=section&id=管理層討論與分析) This section provides management's discussion and analysis of the company's operations, financial performance, industry conditions, core competencies, and future strategies [I. Description of the Company's Industry and Principal Businesses During the Reporting Period](index=42&type=section&id=一、報告期內公司所屬行業及主營業務情況說明) The company's main businesses are convention and exhibition (including hotels) and commercial properties, and real estate development, synergistically developed through a "convention + real estate" model; in the first half of 2024, the convention industry innovated, the hotel sector faced pressure, and the office market slowly recovered, while the real estate market experienced significant supply-demand changes and weak overall activity - The company's principal businesses include convention and exhibition (including hotels) and commercial properties, and real estate development[88](index=88&type=chunk) - The convention and exhibition (including hotels) business, relying on Capital Exhibition, is committed to building "China's leading convention and exhibition brand enterprise"[88](index=88&type=chunk) - The real estate development business has established a multi-regional, multi-level national development layout, involving diverse property types such as residential, apartments, villas, affordable housing, office buildings, and commercial properties, actively innovating development models and promoting "convention + real estate" project synergy[88](index=88&type=chunk) - In the first half of 2024, the convention and exhibition industry showed a clear trend towards digitalization and intelligent transformation, hotel occupancy rates and average room rates declined, and the Beijing office market saw a slight decrease in vacancy rates but continued rental declines[90](index=90&type=chunk) - In the first half of 2024, China's real estate market experienced significant changes in supply and demand, with overall weak activity, a **21.9%** year-on-year decrease in commercial residential sales area, and a **26.9%** decrease in sales value[91](index=91&type=chunk)[92](index=92&type=chunk) [ (I) Company Business Overview](index=42&type=section&id=（一）%20公司業務概要) The company's core businesses are convention and exhibition (including hotels) and commercial properties, and real estate development, integrating resources through a "convention + real estate" model to achieve multi-business synergistic development - The company's principal businesses include convention and exhibition (including hotels) and commercial properties, and real estate development[8

Financial Performance - The company reported revenue of RMB 3,429,871,000 for the six months ended June 30, 2024, a decrease of 52.81% compared to RMB 7,268,886,000 in the same period last year[2]. - Operating loss for the period was RMB 355,699,000, a decline of 147.10% from a profit of RMB 755,275,000 in the previous year[2]. - Loss attributable to ordinary shareholders was RMB 769,580,000, a reduction of RMB 902,546,000 compared to the previous year's loss[2]. - Core operating performance (excluding fair value changes) recorded a loss of RMB 586,427,000, a decrease of RMB 696,127,000 year-on-year[1]. - The total adjusted profit before tax for the group was a loss of RMB 637,535,000 for the six months ended June 30, 2024, compared to a profit of RMB 342,020,000 in the same period of 2023[12]. - The company reported a loss before tax of RMB (706,872) thousand for the six months ended June 30, 2024, compared to a profit of RMB 379,984 thousand for the same period in 2023, indicating a significant decline in performance[18]. - Basic and diluted loss per share attributable to ordinary shareholders was RMB 22.86, compared to earnings of RMB 3.95 in the same period last year[2]. Asset and Liability Management - Total assets decreased to RMB 61,526,823,000 as of June 30, 2024, down from RMB 65,155,827,000 at the end of 2023[4]. - Non-current liabilities, including long-term borrowings, amounted to RMB 12,593,114,000, down from RMB 14,984,857,000[5]. - Current liabilities totaled RMB 20,294,861,000, compared to RMB 20,058,286,000 in the previous period[5]. - The company's net assets decreased to RMB 21,060,930,000 from RMB 22,227,860,000[5]. - Total liabilities also decreased to RMB 40,465,893 thousand as of June 30, 2024, compared to RMB 42,927,967 thousand as of December 31, 2023[20]. - The company's equity attributable to ordinary shareholders decreased by 5.62% as of June 30, 2024, primarily due to a loss attributable to ordinary shareholders of RMB 769.58 million during the period[75]. Revenue by Segment - For the six months ended June 30, 2024, the real estate development segment generated revenue of RMB 2,079,049,000, compared to RMB 5,992,742,000 for the same period in 2023, reflecting a significant decrease[8]. - The exhibition (including hotels) and commercial properties segment reported revenue of RMB 1,248,098,000 for the six months ended June 30, 2024, up from RMB 1,191,616,000 in the previous year, indicating a growth of approximately 4.7%[8]. - The group’s other segments generated revenue of RMB 102,724,000 for the six months ended June 30, 2024, compared to RMB 84,528,000 in the same period of 2023, representing an increase of about 21.5%[8]. Market Conditions - The real estate market saw a significant decline, with national residential sales area down 21.9% year-on-year to 40,114.18 million square meters, and sales revenue down 26.9% to RMB 41,269.74 billion in the first half of 2024[37]. - The overall real estate market activity remained weak, with transaction volumes at historically low levels across various cities[37]. - The company is facing market risks due to overall downward pressure in the national real estate market, influenced by declining resident income and housing price expectations[72]. Strategic Initiatives - The company is focusing on integrating exhibition resources and expanding its exhibition industry, aiming to become China's leading exhibition brand[33]. - The company is actively pursuing new strategies to mitigate risks and adapt to the changing market environment, focusing on high-quality development[35]. - The company is enhancing its asset management model and property management standards to support its "exhibition + real estate" operational strategy[33]. - The company is committed to developing a diversified operation model to enhance industry competitiveness[69]. Operational Highlights - The company hosted 674 exhibitions in the first half of 2024, a year-on-year increase of approximately 18%, with a total attendance of 1.4225 million people, up about 9%[42]. - The company signed 2 new management contracts and 4 consulting projects, expanding its management business to 29 cities across key strategic development areas[43]. - The company has a total managed venue area of 4.7 million square meters, maintaining a leading position in the industry[43]. Future Outlook - The company expects to achieve a construction area of 1.7462 million square meters and a completion area of 586,500 square meters in the second half of 2024, aiming for a sales area of 639,200 square meters with a contract amount (including parking spaces) of RMB 8.506 billion[70]. - The company plans to invest RMB 123 million in fixed assets in the second half of 2024, with funding sourced from its own capital[71]. - The company aims to increase its market share through strategic investments and new project launches in key regions[60].

Financial Performance - Net profit attributable to shareholders decreased by 631.88% due to reduced revenue and profit from the real estate development segment[17]. - Operating income fell by 58.82%, primarily due to a decrease in revenue from the real estate development segment[17]. - Basic earnings per share decreased by 600.00% as a result of reduced net profit attributable to ordinary shareholders[17]. - The company recorded a total profit of CNY -169,840,698, reflecting significant losses[4]. - The net profit attributable to shareholders of the listed company was a loss of RMB 173,760,528, representing a decline of 631.88% year-on-year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 181,647,770, a decrease of 4,197.21% compared to the previous year[26]. - The company reported a net loss of ¥223,170,760 in Q1 2024, compared to a net profit of ¥48,146,359 in Q1 2023[118]. Revenue and Income - The company reported a total revenue of CNY 1,599,551,000 for the first quarter of 2024[3]. - The company's operating revenue for the reporting period was RMB 1,723,183,957, a decrease of 58.82% compared to the same period last year[26]. - Operating revenue for Q1 2024 was 394,916,593, a decrease of 23.4% compared to 515,391,002 in Q1 2023[153]. Cash Flow - Net cash flow from operating activities decreased by 136.25% due to a reduction in cash received from sales of goods and services[17]. - The net cash flow from operating activities was a negative RMB 308,131,849, down 136.25% year-on-year[26]. - In Q1 2024, the net cash flow from operating activities was ¥63,720,917, a decrease of 31.3% compared to ¥92,741,595 in Q1 2023[107]. - The net cash flow from investing activities in Q1 2024 was -¥321,840,656, compared to a positive cash flow of ¥1,173,270,227 in Q1 2023[112]. - The company reported a net increase in cash and cash equivalents of -1,020,733,347 for Q1 2024, compared to an increase of 3,689,853,076 in Q1 2023[133]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 54,322,259,266, a decrease of 3.38% compared to the previous year[15]. - The company’s total liabilities at the end of the reporting period were CNY 41,650,436,474, reflecting a significant financial position[15]. - Total current assets decreased from ¥43,677,842,676 to ¥41,908,096,344, a decline of approximately 4.05%[39]. - The total cash and cash equivalents at the end of Q1 2024 were ¥5,653,976,506, down 41.5% from ¥9,620,265,915 at the end of Q1 2023[108]. - The company’s total liabilities decreased from 34,493,000,000 in Q4 2023 to 32,932,840,494 in Q1 2024[140]. Operational Metrics - The total land reserve remained at 4.2477 million square meters, with no new real estate reserves added during the reporting period[33]. - The company achieved a sales area of 45,400 square meters, a year-on-year decrease of 71.61%, with a sales amount of RMB 644 million, down 71.74%[33]. - The total construction area for conference centers and commercial properties was 367,900 square meters, generating total operating income of RMB 115.6 million[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 129,786[20]. - The total equity attributable to shareholders decreased from ¥12,845,583,320 to ¥12,671,822,792, a decline of approximately 1.35%[55]. Future Outlook - The company plans to explore market expansion opportunities and new product development strategies in the upcoming quarters[153]. - The company has no new strategies or mergers and acquisitions reported during this period[33].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 15,751,478 thousand, an increase from RMB 12,988,940 thousand in 2022, representing a growth of approximately 21.6%[2] - Gross profit for 2023 was RMB 3,553,718 thousand, compared to RMB 1,706,146 thousand in 2022, indicating a significant increase in profitability[2] - Operating profit surged to RMB 1,901,362 thousand in 2023, up from RMB 40,547 thousand in the previous year, reflecting a substantial operational improvement[2] - The net profit for the year was RMB 10,190 thousand, a recovery from a net loss of RMB 1,525,177 thousand in 2022[4] - Earnings per share attributable to ordinary shareholders was RMB 4.17, a significant turnaround from a loss per share of RMB 43.70 in the previous year[3] - The adjusted profit before tax for the reportable segments was RMB 997,578,000 in 2023, a significant recovery from a loss of RMB 793,808,000 in 2022[29] - The company reported a comprehensive income of RMB 1,003 thousand for 2023, a significant improvement from a comprehensive loss of RMB 1,519,339 thousand in 2022[4] Assets and Liabilities - Total assets decreased to RMB 65,155,827 thousand in 2023 from RMB 76,112,736 thousand in 2022, indicating a reduction in asset base[15] - Total liabilities were reported at RMB 42,927,967 thousand, down from RMB 53,528,643 thousand in 2022, showing a decrease in financial obligations[6] - The company’s net assets stood at RMB 22,227,860 thousand, slightly down from RMB 22,584,093 thousand in the previous year[6] - Total segment assets as of December 31, 2023, were RMB 47,593,167 thousand, a decrease from RMB 59,998,285 thousand as of December 31, 2022[38] - Total liabilities for the segments were RMB 25,849,464 thousand, with real estate development accounting for RMB 24,341,316 thousand[38] Revenue Segmentation - For the year ended December 31, 2023, the group's revenue from real estate development was RMB 12,904,731,000, an increase of 17.7% from RMB 10,964,541,000 in 2022[22] - The revenue from the exhibition (including hotels) and commercial properties segment for 2023 was RMB 2,649,089,000, up 40.7% from RMB 1,881,782,000 in 2022[22] - Total revenue from external customers reached RMB 12,988,940 thousand, with real estate development contributing RMB 10,964,541 thousand, accounting for approximately 84.7% of total revenue[37] Tax and Expenses - The income tax expense for the year was RMB 1,066,161 thousand, significantly higher than RMB 722,064 thousand in the previous year[51] - The total income tax expense for 2023 was RMB 1,066.2 million, an increase from RMB 722.1 million in 2022[64] - The company reported a depreciation expense of RMB 209,231 thousand for the year, slightly down from RMB 211,863 thousand in the previous year[57] Investment and Development - The total investment amount for the reporting period reached 53.17 billion yuan, with a total land reserve of 4.3257 million square meters and an equity land reserve of 3.8366 million square meters[105] - The company has a total of 432,570 square meters of land under development, with no new real estate reserves added during the reporting period[105] - The company completed a total construction area of 1,426,100 square meters during the reporting period, with 407,300 square meters newly started and 3,222,300 square meters resumed[180] Market and Strategy - The overall GDP growth rate for China in 2023 was 5.2%, indicating a recovering economic environment that supports real estate demand[80] - The company emphasized risk management by controlling operational expenditures and ensuring project development timelines are manageable[84] - The company is focusing on collaborative development projects to optimize its asset portfolio and enhance operational efficiency[98] - The company is innovating its development model by integrating "exhibition + real estate" projects to adapt to current industry trends[104] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.02 per share for the year ended December 31, 2023, totaling RMB 67.34 million, compared to no dividend in 2022[69][77] - The company’s proposed dividend is subject to approval at the annual general meeting scheduled for May 29, 2024[77] - The company plans to distribute the proposed final dividend on May 29, 2024, contingent upon shareholder approval at the annual general meeting[92] Operational Highlights - The company successfully delivered 7,460 residential units across 15 batches, demonstrating effective inventory management and sales strategies[99] - The hotel and exhibition sectors showed significant recovery, with increased occupancy rates driven by a resurgence in business travel and events[82] - The company is actively enhancing its risk resistance capabilities in the real estate development business amidst increasing market differentiation and frequent debt risk events[103] Digital Transformation and Marketing - The company is enhancing its digital marketing efforts, with the "Beichen Orange Enjoy Home" online platform achieving over RMB 500 million in sales[99] - The company aims to accelerate the digital transformation of the industry and the construction of smart venues[197] - The company is focused on expanding its upstream business in the exhibition industry through multiple channels and fields[197]

北 京 北 辰 寶 業 股 2023年第三季度報告 重要內容提示： 公 司 負 責 人 、 主 管 會 計 工 作 負 責 人 及 會 計 機 構 負 責 人（ 會 計 主 管 人 員 ） 保證季度報告中財務信息的真實、準確、完整。 是 ✓ 否 一 、主要財務數據 （一）主要會計數據和財務指標 | --- | --- | --- | --- | --- | |--------------------------------|------------------|-------------------|-------------------|--------------| | | | | | 年初至 | | | | 本報告期 | | 報告期末 | | | | 比上年同期 | 年初至 | 比上年同期 | | 項 目 | 本報告期 | 增減變動幅度 | 報告期末 | 增減變動幅度 | | | | (%) | | (%) | | | | | | | | 營業收入 | 3, 221, 078, 013 | 67. 27 | 10, 489, 964, 186 | 19. 66 | | 歸屬於上市公司股東的淨利潤 | 1 ...

Financial Performance - Operating profit for the six months ended June 30, 2023, was RMB 755,275,000, an increase of 593.17% compared to the same period last year[3]. - Revenue for the same period was RMB 7,268,886,000, up 6.26% year-on-year[15]. - Profit attributable to ordinary shareholders was RMB 132,966,000, a turnaround from a loss of RMB 464,459,000 in the previous year[19]. - Basic and diluted earnings per share were RMB 0.0395, compared to a loss per share of RMB 0.1583 in the prior year[18]. - Core operating performance (excluding fair value changes) was RMB 109,700,000, an increase of RMB 540,532,000 year-on-year[15]. - The company reported a net profit of RMB 93,685 thousand for the period, a recovery from a loss of RMB 464,459 thousand in the same period last year[42]. - The adjusted profit before tax for the total segments was RMB 342,020,000, compared to a loss of RMB 119,392,000 for the same period in 2022, indicating a significant turnaround[86]. - The adjusted profit before tax for the real estate development segment was RMB 155,932,000, while the exhibition and commercial properties segment reported a profit of RMB 205,907,000[64]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 73,547,092,000, a decrease from RMB 76,112,736,000 at the end of 2022[16]. - Total liabilities were RMB 50,881,550,000, down from RMB 53,528,643,000 at the end of 2022[17]. - Net assets increased slightly to RMB 22,665,542,000 from RMB 22,584,093,000 at the end of 2022[17]. - The company reported total borrowings (including interest payable) of RMB 27,658,472 thousand as of June 30, 2023, compared to RMB 30,728,492 thousand as of December 31, 2022[55]. - The liquidity risk table indicates total liabilities of RMB 44,245,977 thousand as of June 30, 2023, compared to RMB 44,564,722 thousand as of December 31, 2022[55]. - The total liabilities, including accounts payable and other payables, were RMB 16,399,892,000 as of June 30, 2023, compared to RMB 14,153,707,000 as of December 31, 2022, representing an increase of approximately 15.9%[104]. - The total current and non-current receivables as of June 30, 2023, amounted to RMB 5,050,382, a decrease from RMB 5,396,314 as of December 31, 2022[120]. Cash Flow and Investments - Net cash generated from operating activities was RMB 868,838 thousand, down 9.7% from RMB 962,208 thousand in the previous year[22]. - Cash and cash equivalents at the end of the period were RMB 10,356,222 thousand, a decrease from RMB 10,985,546 thousand at the end of the previous year[22]. - The net cash used in investing activities was RMB 67,452 thousand, a significant improvement from a net cash outflow of RMB 155,224 thousand in the previous year[22]. - The company raised RMB 2,903,931 thousand through borrowings and bond issuance during the financing activities[22]. - Investment income for the six months ended June 30, 2023, was RMB 29,996,000, an increase from RMB 18,508,000 in the same period of 2022[165]. Dividends and Shareholder Returns - The board decided not to declare an interim dividend for the six months ended June 30, 2023[15]. - The group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[194]. Real Estate and Revenue Segments - Total revenue from the real estate development segment reached RMB 5,992,742,000, while the exhibition (including hotels) and commercial properties segment generated RMB 1,191,616,000 for the six months ended June 30, 2023[64]. - The confirmed revenue from contract liabilities for the real estate development segment was RMB 3,337,261,000 for the six months ended June 30, 2023, compared to RMB 4,478,208,000 for the same period in 2022, reflecting a decline of approximately 25.5%[108]. - The rental income from investment properties for the six months ended June 30, 2023, was RMB 706,707,000, compared to RMB 637,839,000 for the same period in 2022[74]. Financial Risks and Guarantees - The company has not recognized any liabilities related to financial guarantee contracts, as the board believes the likelihood of significant losses is low[146]. - The group provided guarantees for mortgage loans to homebuyers, with the outstanding guaranteed amount as of June 30, 2023, being RMB 8,650,010,000, down from RMB 10,979,240,000 as of December 31, 2022[195]. Changes in Valuation and Impairments - The fair value change of investment properties (after tax) was RMB 23,266,000[15]. - The fair value loss recognized in profit or loss for the six months ended June 30, 2023, was RMB 26,612,000, compared to a loss of RMB 136,108,000 for the same period in 2022[13][114]. - The net impairment loss on financial assets for the six months ended June 30, 2023, was RMB 58,884,000, compared to RMB 17,713,000 in the same period of 2022, indicating an increase in financial asset impairments[165]. Related Party Transactions - The group has significant transactions with government-controlled entities, primarily involving bank borrowings and procurement of goods and services, with prices and terms set according to market-based commercial arrangements[199]. - Certain non-controlling shareholders of the group's subsidiaries have significant influence over important related subsidiaries, including Wuhan Jielong Investment Co., Ltd. and Beijing Jinyu Real Estate Development Group Co., Ltd.[200]. - From January 1, 2023, China State Construction Group Co., Ltd. and its subsidiaries are considered related parties of the group due to their controlling interest in Zhongjian Jiuhhe[200].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 7,268,886,000, an increase of 6.3% compared to RMB 6,840,511,000 for the same period in 2022[2] - Operating profit for the first half of 2023 was RMB 755,275,000, significantly up from RMB 108,959,000 in the first half of 2022[2] - Net profit attributable to ordinary shareholders for the six months ended June 30, 2023, was RMB 132,966,000, compared to a loss of RMB 532,913,000 in the same period of 2022[2] - Earnings per share attributable to ordinary shareholders for the first half of 2023 was RMB 3.95, a recovery from a loss of RMB 15.83 in the same period of 2022[2] - The company reported a pre-tax profit of RMB 379,984 thousand for the first half of 2023, compared to a loss of RMB 254,842 thousand in the same period of 2022[43] - The total comprehensive income for the period was RMB 93,685,000, compared to a loss of RMB 464,459,000 in the previous year[87] - The company reported a pre-tax profit of RMB 37,998.4 million and a profit attributable to ordinary shareholders of RMB 13,296.6 million, marking a turnaround from losses[59] - The core operating performance after tax from the main business (excluding fair value changes) was RMB 10,970.0 million[59] Assets and Liabilities - Total liabilities as of June 30, 2023, were RMB 50,881,550,000, a decrease from RMB 53,528,643,000 as of December 31, 2022[5] - Total assets as of June 30, 2023, were RMB 73,547,092,000, compared to RMB 75,112,436,000 as of December 31, 2022[5] - The company’s total assets, as of June 30, 2023, amounted to RMB 19,545,916 thousand, showing a slight increase from RMB 19,412,950 thousand as of December 31, 2022[52] - The company’s total liabilities decreased to RMB 5,106,975 thousand from RMB 6,676,748 thousand in the previous year[140] - Total liabilities as of June 30, 2023, decreased to RMB 50,881,550 thousand from RMB 53,528,643 thousand as of December 31, 2022, representing a reduction of approximately 5.3%[154] Real Estate Development - The real estate development segment generated revenue of RMB 5,879,608,000 for the first half of 2023[12] - Revenue from the real estate development segment for the first half of 2023 was RMB 3,337,261 thousand, a decrease of 25.5% compared to RMB 4,478,208 thousand in the same period of 2022[42] - The company has expanded its real estate development business across 15 core cities, including Beijing-Tianjin-Hebei and the Guangdong-Hong Kong-Macao Greater Bay Area, forming a nationwide scale development layout[32] - The company realized contract sales amounting to RMB 39.11 billion (including parking spaces) and a sales area of 261,000 square meters during the reporting period[60] - The company has a total land area of 180,200 square meters in Changsha and 134,800 square meters in Wuhan, with planned construction areas of 3,820,000 square meters and 337,000 square meters respectively[171] Investment Properties - The company reported rental income from investment properties of RMB 706,707,000 for the first half of 2023, up from RMB 637,839,000 in the same period of 2022[12] - The fair value gain from investment properties was RMB 26,612 thousand in the first half of 2023, recovering from a loss of RMB 136,108 thousand in the same period of 2022[46] - The fair value change income from investment properties (after tax) was RMB 2,326.6 million[59] - The company has a 100% equity interest in all listed properties, ensuring full control over rental income[196] Financing and Costs - The total financing costs for the company decreased to RMB 168,348 thousand in the first half of 2023 from RMB 298,638 thousand in the same period of 2022[43] - The company reported a net financing cost of RMB 387,441 thousand for the six months ended June 30, 2023, compared to RMB 361,338 thousand for the same period in 2022, indicating an increase of about 7.2%[156] - The company has established long-term strategic partnerships with multiple banks and financial institutions, enhancing its financing advantages and risk management capabilities[168] - The company is actively expanding its diversified financing channels to optimize its overall debt structure and enhance its risk resistance capabilities[168] Operational Highlights - In the first half of the year, the company completed the delivery of over 1,200 units across 5 projects, ensuring timely project completion and cash flow[39] - The company achieved a new construction area of 236,400 square meters and a completion area of 676,600 square meters during the reporting period[148] - The company has successfully organized and executed 10 exhibition projects, including the 2023 China Refrigeration Exhibition and the 2023 Road Transport Vehicle Exhibition[190] - The company is in the substantive stage of signing contracts for major upcoming events, including the 2023 World Geothermal Congress and the 2025 World Gas Conference[190] Employee and Corporate Governance - The total number of employees as of June 30, 2023, was 5,257, with employee compensation linked to performance and profitability[179] - The company does not provide employee dormitories[180] - The mid-term report for 2023 will be published on the designated website of the Hong Kong Stock Exchange and the company's website[181]