Revenue and Financial Performance - The Group's revenue for the 2024 Financial Year was RMB 6,241,000, representing an increase of approximately 316.62% compared to RMB 1,498,000 in the 2023 Corresponding Period[14]. - The increase in revenue was primarily due to the growth in revenue generated from infrastructure construction and property development in the PRC[14]. - Revenue from the construction of infrastructure business during the first half of 2024 was approximately RMB 4,711,000, with property investment and leasing business revenue recognized at RMB 1,530,000, reflecting a 2.14% increase from the previous year[24]. - Loss before tax for the 2024 Financial Year was RMB 104,258,000, an improvement from a loss of RMB 146,593,000 in the 2023 Corresponding Period[25]. - The basic loss per share attributable to owners of the Company during the 2024 Financial Year was approximately RMB 6.07 cents, a decrease of approximately 34.94% from RMB 9.33 cents in the 2023 Corresponding Period[32]. - The Group's total assets decreased by 13.89% to RMB 544,799,000 compared to RMB 632,689,000 on December 31, 2023[70]. - The Group reported net current liabilities of approximately RMB 121,072,000 as of December 31, 2024, a shift from net current assets of approximately RMB 79,002,000 in the previous year[71]. - The Group's current ratio dropped to 0.42 times as of December 31, 2024, down from 1.38 times in the previous year, indicating a decline in liquidity[72]. Strategic Plans and Investments - The Board is committed to exploring various investment opportunities and will focus on accelerating the renovation of the Shennongjia Hotel and resolving property ownership issues in the Fangshan Project[16]. - The Group plans to complete the strategic acquisition of a 51% equity interest in Guangzhou Zhudao Property Management Company Limited in 2025, enhancing its presence in the property management sector[19]. - The Group aims to complete the strategic acquisition of 51% equity in Guangzhou Zhudao Property Management Co., Ltd. by 2025, marking a significant move into the property management sector[22]. - The Group is actively pursuing infrastructure projects and integrating resources to achieve profitability as soon as possible[50]. - The Shenzhen Dongchong Project involves renovating existing properties to establish a hotel resort with a total construction area of approximately 6,000 square meters[51]. - The Group won the bidding for a 3,000 square meter vacant land in Shenzhen for an entertainment project, which began operations in January 2025[52]. Challenges and Market Conditions - The Group continues to face challenges from a sluggish global economy and weak external demand, impacting its business expansion and operational efficiency[13]. - The government has introduced policies to stabilize growth and promote reform, but the effects of these measures are yet to be fully realized[13]. - The Group's operational costs have risen due to existing overcapacity issues in certain industries, which have suppressed profit margins[13]. Impairment and Losses - Impairment losses recognized under the Expected Credit Loss model for trade receivables amounted to RMB 7,041,000, down from RMB 10,937,000 in the previous year[26]. - The Group recognized an impairment loss on deposit paid for the acquisition of the Beijing Property of approximately RMB 16,619,000, compared to RMB 11,802,000 in the 2023 Corresponding Period[29]. - An impairment provision of approximately RMB 30,488,000 was made for properties under development for sale, with the carrying amount of the Shennongjia Hotel project at approximately RMB 61,250,000[30]. Management and Governance - The Board expresses gratitude to shareholders and partners for their support and emphasizes a commitment to steady growth and value creation[21]. - The company has a diverse board with members having backgrounds in finance, law, and corporate management, enhancing its strategic decision-making capabilities[120][125][128][129]. - The company is focused on leveraging the extensive experience of its directors to drive growth and navigate market challenges[116][120]. - The board's composition reflects a commitment to strong governance and oversight, essential for maintaining investor confidence[125][128]. - The Supervisory Committee has diligently monitored the management's compliance with state laws and regulations, ensuring shareholder interests are safeguarded[141]. Employee and Operational Metrics - The Group's employee count decreased to 35 as of December 31, 2024, down from 48 in the previous year, with total salaries and emoluments amounting to RMB 5,882,000[87]. - The Group's current ratio dropped to 0.42 times as of December 31, 2024, down from 1.38 times in the previous year, indicating a decline in liquidity[72]. Shareholder Information and Dividends - The Board does not recommend the payment of a final dividend for the 2024 financial year, similar to the previous year[95]. - The Group did not make any charity donations during the 2024 financial year, compared to RMB 100,000 in the previous year[102]. - There are no distributable reserves as of December 31, 2024, under the Company Law of the PRC[163]. Financial Reporting and Compliance - The consolidated financial statements for the 2024 Financial Year audited by Asian Alliance (HK) CPA Limited reflect the Group's operating results and financial position accurately[144]. - All independent non-executive Directors confirmed their independence in accordance with the Listing Rules[173]. - The Company has adopted the Model Code for securities transactions by Directors and Supervisors, and all confirmed compliance throughout the 2024 Financial Year[198].

Financial Performance - Revenue for the 2024 Financial Year was approximately RMB 6,241,000, representing an increase of 316.62% compared to RMB 1,498,000 for the 2023 Corresponding Period[3]. - Loss after tax for the 2024 Financial Year was approximately RMB 104,269,000, while loss after tax for the 2023 Corresponding Period was approximately RMB 146,630,000[3]. - Basic loss per share for the 2024 Financial Year was approximately RMB 6.07 cents, compared to RMB 9.33 cents for the 2023 Corresponding Period[3]. - Gross loss for the 2024 Financial Year was RMB 24,469,000, compared to a gross loss of RMB 83,871,000 in 2023[6]. - Other income for the 2024 Financial Year was RMB 8,876,000, an increase from RMB 2,175,000 in 2023[6]. - Total comprehensive expense for the year was RMB 103,112,000, compared to RMB 150,502,000 in 2023[8]. - The Group incurred a loss attributable to owners of the Company of approximately RMB 89,243,000 for the year ended December 31, 2024[32]. - The Group's loss before tax for 2024 is RMB 104,258,000, improved from a loss of RMB 146,593,000 in 2023[44]. - The Group reported a loss attributable to owners of approximately RMB 89,243,000 for the year ended December 31, 2024, compared to a loss of RMB 137,159,000 in 2023[60]. Assets and Liabilities - Non-current assets increased to RMB 458,417,000 in 2024 from RMB 344,283,000 in 2023[10]. - Current liabilities were RMB 207,454,000, slightly decreased from RMB 209,404,000 in 2023[10]. - The net assets of the company decreased to RMB 320,137,000 in 2024 from RMB 422,849,000 in 2023, representing a decline of approximately 24.2%[11]. - Total equity fell to RMB 320,137,000 in 2024, down from RMB 422,849,000 in 2023, indicating a decrease of about 24.2%[11]. - The Group's current liabilities exceeded its current assets by approximately RMB 121,072,000 as of December 31, 2024[32]. - The Group's net current liabilities were approximately RMB 121,072,000 as of December 31, 2024, compared to net current assets of approximately RMB 79,002,000 as of December 31, 2023[124]. - The Group's current ratio decreased to 0.42 times as of December 31, 2024, down from 1.38 times as of December 31, 2023[125]. - The Group's gearing ratio increased to 0.41 times as of December 31, 2024, compared to 0.33 times as of December 31, 2023[125]. Dividends and Share Capital - The Board does not recommend the payment of a final dividend for the 2024 Financial Year[3]. - The company’s share capital remained unchanged at RMB 1,469,376,000 for both 2023 and 2024[11]. - No dividends were paid or proposed for ordinary shareholders during 2024, consistent with 2023[60]. Accounting Standards and Compliance - The company has adopted new HKFRS accounting standards effective from January 1, 2024, which have had no material impact on the financial positions and performance for the current and prior years[16]. - The application of new and amendments to HKFRS Accounting Standards is not expected to have a material impact on the consolidated financial statements in the foreseeable future[28]. - The consolidated financial statements have been prepared in accordance with HKFRS Accounting Standards issued by the HKICPA[30]. - The figures in the consolidated financial statements for the year ended 31 December 2024 have been agreed by the Group's auditor, Asian Alliance (HK) CPA Limited[173]. Operational Developments - The company’s principal activities are investment holding, with subsidiaries engaged in various operations as detailed in the consolidated financial statements[12]. - The Group is actively considering the disposal of certain investment properties to meet funding needs[35]. - The Group is negotiating with creditors to extend repayment periods[35]. - The Group's operations in property management are expected to generate predictable cash flows and reduce reliance on the cyclical nature of property development[121]. - The Group aims to integrate resources to promote the construction and operation of various property projects to achieve profitability as soon as possible[103]. - The Group is exploring development opportunities in property investment, focusing on both leasing and management to enhance service offerings[116]. Employee and Staff Costs - As of December 31, 2024, the Group employed a total of 35 employees, down from 48 employees as of December 31, 2023[143]. - The total salaries and emoluments for the 2024 Financial Year amounted to RMB 5,882,000, a decrease of approximately 4.6% compared to RMB 6,167,000 in the corresponding period of 2023[143]. Impairments and Provisions - Impairment of trade receivables recognized during the 2024 Financial Year was RMB 7,041,000, down from RMB 10,937,000 in the 2023 Corresponding Period[79]. - An impairment loss on deposit paid for the acquisition of the Beijing Property was recognized at approximately RMB 16,619,000 for the 2024 Financial Year, compared to RMB 11,802,000 in the 2023 Corresponding Period[82]. - The Group made an impairment provision of approximately RMB 30,488,000 for properties under development for sale due to delays and market conditions[83]. Future Outlook - The Group expects to record a net operating cash inflow for the year ending 31 December 2025[35]. - The Shennongjia Hotel project is expected to be completed in the second half of 2025, with opening postponed to 2026 due to construction delays[83]. - The domestic tourism market in Shennongjia experienced a 48% increase in tourist numbers and a 35% growth in tourism revenue in 2023, with continued growth observed in 2024[92]. Acquisitions and Investments - The Group has acquired a 51% equity interest in Guangzhou Zhudao Property Management Company Limited for RMB 550,000, enhancing its property management capabilities[113]. - The Group has won the bidding for a 3,000 square meter vacant land in Shenzhen for an entertainment project, which began operations in January 2025[105].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 5,465,000, compared to RMB 744,000 for the same period in 2023, representing a significant increase of 634.4%[5] - Gross profit for the period was RMB 1,305,000, up from RMB 702,000 in the prior year, indicating an increase of 85.7%[5] - Profit before tax for the period was RMB 1,864,000, compared to a loss of RMB 4,632,000 in the same period last year, marking a turnaround of RMB 6,496,000[5] - Profit for the period attributable to owners of the company was RMB 3,099,000, compared to a loss of RMB 3,856,000 in the previous year[5] - Basic earnings per share for the period was RMB 0.21, compared to a loss per share of RMB 0.26 in the same period last year[5] - Total comprehensive income for the period was RMB 1,840,000, compared to a loss of RMB 4,660,000 in the prior year[6] - Other income for the six months ended June 30, 2024, was RMB 8,741,000, a substantial increase from RMB 1,911,000 in 2023[22] - The profit before tax for the period was RMB 1,864,000, compared to a loss of RMB 4,632,000 in the same period of 2023[20] - Basic and diluted earnings (loss) per share for the period were RMB 3,099,000, compared to a loss of RMB 3,856,000 in 2023[33] Revenue Sources - Revenue from construction of land was RMB 4,710,000, while lease revenue was RMB 755,000, indicating diversification in revenue sources[18] - The Group's revenue for the Period was approximately RMB 5,465,000, a significant increase from RMB 744,000 in the 2023 Corresponding Period, primarily due to increased revenue from infrastructure construction and property development[40][43]. - The Group recorded approximately RMB 4,710,000 in revenue from the construction of infrastructure during the Period, following the completion of the Zhongfang Chaozhou Jing Nan Industrial Park Project[44]. - The property investment and leasing business generated rental income of RMB 755,000, slightly up from RMB 744,000 in the 2023 Corresponding Period[50]. Assets and Liabilities - Trade receivables increased to RMB 7,041,000 from RMB 2,188,000, reflecting a growth of 221.5%[7] - Current liabilities decreased slightly to RMB 200,334,000 from RMB 209,404,000, showing a reduction of 5.1%[7] - Non-current assets increased significantly to RMB 500,031,000 from RMB 344,283,000, representing a growth of 45.4%[7] - The company reported a net current liabilities position of RMB (57,995,000), compared to RMB 79,002,000 in the previous year, indicating an improvement in liquidity[7] - Non-current liabilities increased to RMB 17,347,000 as of June 30, 2024, from RMB 436,000 at the end of 2023, primarily due to an increase in lease liabilities[8] - Net assets rose to RMB 424,689,000 as of June 30, 2024, compared to RMB 422,849,000 at the end of 2023, reflecting a stable financial position[8] - The Group's total assets amounted to RMB 642,370,000, an increase of 1.53% from RMB 632,689,000 as of December 31, 2023[60] - The Group's net current liabilities were approximately RMB 57,995,000 as of June 30, 2024, compared to net current assets of approximately RMB 79,002,000 as of December 31, 2023[60] Operational Developments - The Company continues to focus on infrastructure construction and property development as key revenue drivers[18] - As of June 30, 2024, the Group is constructing properties in Shennongjia, with completion and renovation expected within the year[46][47]. - The Shennongjia Hotel is under construction and is scheduled to commence operations in 2025, aiming to capitalize on the resurgence in domestic tourism[53] - The Shenzhen Dongchong Project involves the renovation of existing properties to establish a hotel resort with a total construction area of approximately 6,000 sq.m., expected to be fully operational in 2025[54] - The Group won the bidding for a 3,000 sq.m. vacant land in Shenzhen for an entertainment project, which is currently under renovation and expected to begin operations in the second half of 2024[58] - The Group is actively exploring development opportunities in various formats within the property investment sector, including commercial property management and sports venues[52] Corporate Governance and Compliance - The Company has adopted the going concern basis of accounting, indicating confidence in its operational sustainability for the foreseeable future[10] - The application of amendments to HKFRSs had no material impact on the financial performance for the current period[14] - The Company has complied with all provisions of the Corporate Governance Code during the period, except for not arranging insurance for directors against legal actions[72] - The audit committee reviewed the unaudited condensed consolidated financial information for the period[75] - All Directors and Supervisors confirmed compliance with the Model Code for securities transactions during the period[73] Shareholder Information - As of June 30, 2024, Beijing Hua Xia Ding Technology Company Limited holds 420,000,000 domestic shares, representing approximately 28.58% of the total issued share capital[79] - Huang Guang Fu, a PRC resident, is deemed to have interests in the underlying shares held by Beijing Hua Xia Ding Technology Company Limited, also holding 420,000,000 domestic shares, equivalent to 28.58%[82] - Beijing Lichuang Future Technology Company Limited has 180,000,000 domestic shares, accounting for approximately 12.25% of the total issued share capital[79] - Zhai Ming Yue, a PRC resident, is also deemed to have interests in the underlying shares held by Beijing Lichuang Future Technology Company Limited, holding 180,000,000 domestic shares, which is 12.25%[82] - Shenzhen Wan Zhong Run Long Investment Company Limited holds 140,000,000 domestic shares, representing approximately 9.53% of the total issued share capital[81] - Zhang Song is deemed to have interests in the underlying shares held by Shenzhen Wan Zhong Run Long Investment Company Limited, also holding 140,000,000 domestic shares, equivalent to 9.53%[82] - HKSCC Nominees Limited holds 599,477,515 H-Shares, which is approximately 40.80% of the total issued share capital[81] - As of June 30, 2024, the total number of issued H-Shares is 1,469,376,000[5] - The Hongkong and Shanghai Banking Corporation Limited holds 78,428,740 H-Shares, representing 12.95% of the issued H-Shares[1] - Bank of China (Hong Kong) Limited holds 75,682,000 H-Shares, representing 12.50% of the issued H-Shares[2] - Ever-long Securities Company Limited holds 64,574,000 H-Shares, representing 10.66% of the issued H-Shares[3] Employee Information - As of June 30, 2024, the group employed a total of 44 employees, with total salaries and emoluments amounting to RMB 2,802,000, a decrease from RMB 3,073,000 in the corresponding period of 2023[70] - The group has not adopted any share option scheme for its senior management or employees[70] Legal and Contingent Liabilities - Two litigations were filed against the Company for outstanding liabilities totaling RMB 8,280,000, with court orders freezing related bank balances[71] - The Group had no significant contingent liabilities as of June 30, 2024, consistent with the corresponding period in 2023[71]

Financial Performance - Revenue for the 2023 Financial Year was approximately RMB 1,498,000, representing a decrease of 94.91% compared to RMB 29,427,000 for the 2022 Corresponding Period[3]. - Loss after tax for the 2023 Financial Year was approximately RMB 146,630,000, while the loss after tax for the 2022 Corresponding Period was approximately RMB 75,824,000[3]. - Basic loss per share for the 2023 Financial Year was approximately RMB 9.33 cents, compared to a loss per share of RMB 5.00 cents for the 2022 Corresponding Period[3]. - Total comprehensive expense for the year was RMB 150,502,000, compared to RMB 79,518,000 for the previous year[9]. - Loss before tax increased to RMB 146,593,000 in 2023 compared to RMB 75,824,000 in 2022, indicating a rise of 93%[72]. - The company reported a loss for the year attributable to owners of RMB 137,159,000 in 2023, compared to RMB 73,521,000 in 2022, which is an increase of 86%[83]. - Other income for the 2023 Financial Year was RMB 2,175,000, compared to RMB 1,920,000 for the previous year[6]. - Finance costs surged to RMB 1,824,000 in 2023, up from RMB 478,000 in 2022, marking an increase of 282%[77]. - Total staff costs recognized as an expense decreased to RMB 6,167,000 in 2023 from RMB 6,845,000 in 2022, a reduction of 10%[82]. - Impairment loss recognized in respect of contract costs was RMB 68,814,000 in 2023, with no such loss reported in 2022[82]. Assets and Liabilities - The Group's non-current assets decreased from RMB 395,292,000 in 2022 to RMB 344,283,000 in 2023[12]. - The Group's cash and cash equivalents decreased from RMB 6,557,000 in 2022 to RMB 3,741,000 in 2023[12]. - In 2023, the net assets of the company decreased to RMB 422,849,000 from RMB 573,351,000 in 2022, representing a decline of approximately 26.3%[13]. - The total equity attributable to owners of the company fell to RMB 432,703,000 in 2023 from RMB 573,734,000 in 2022, a decrease of about 24.5%[13]. - The total liabilities of the company, including non-current liabilities, amounted to RMB 436,000 in 2023, up from RMB 285,000 in 2022, reflecting an increase of about 53.0%[13]. - Trade payables increased from RMB 116,144,000 in 2022 to RMB 149,825,000 in 2023[12]. - The Group's net current assets as of December 31, 2023, were approximately RMB 79,002,000, down from RMB 178,344,000 on December 31, 2022[131]. - The Group had no bank borrowings as of December 31, 2023, but had other borrowings of RMB 7,215,000, up from RMB 5,415,000 in the previous year[135]. - The current ratio decreased to 1.38 times as of December 31, 2023, compared to 2.02 times in the previous year[135]. - The gearing ratio increased to 0.33 times as of December 31, 2023, from 0.23 times on December 31, 2022[135]. Dividends and Shareholder Information - The Board does not recommend the payment of a final dividend for the 2023 Financial Year, consistent with the 2022 Corresponding Period[3]. - No dividends were paid or proposed for ordinary shareholders during 2023, consistent with 2022[83]. - The weighted average number of ordinary shares remained unchanged at 1,469,376,000 for both 2023 and 2022[83]. Accounting Policies and Financial Reporting - The company has adopted new amendments to HKFRSs for the first time in 2023, which had no material impact on its financial positions and performance[20]. - The Group has implemented amendments to HKAS 1 for the first time, changing "significant accounting policies" to "material accounting policy information" to enhance clarity in financial statements[39]. - The amendments clarify that accounting policy information may be material due to the nature of related transactions, even if the amounts are immaterial[42]. - The Group's financial positions and performance have not been materially impacted by the amendments, but disclosures regarding accounting policies have been affected[44]. - The Group recognized a cumulative catch-up adjustment in profit or loss for the year ended December 31, 2022, due to changes in accounting policy related to the abolition of the MPF offsetting mechanism[54]. - The amendments to HKFRSs did not have a material impact on the Group's profit or loss for the years ended December 31, 2023, and December 31, 2022[55]. Business Operations and Future Plans - The Group is actively developing its hotel business, with plans for tourism-related hotel and catering services in Dongchong, Shenzhen[129]. - The Group plans to launch an alcohol sales business in 2024, focusing on high-end white wine in the Shenzhen area[129]. - The Group won the bidding for a 3,000-square-meter vacant land in Shenzhen for an entertainment project, expected to begin operations in the second half of 2024[128]. - The Group's property investment business includes 125 offices in Beijing, 11 shop units and 60 parking spaces in Sanhe, and a commercial property in Shunyi, Beijing[115]. - The management is optimizing the project plan for the Shennongjia Hotel to expedite construction progress, which has been slightly delayed due to transportation restrictions[113]. - The Group is exploring various investment opportunities to enhance market competitiveness, particularly in property renovation and rural area development[127]. - The Group aims to integrate resources to promote the construction and operation of property projects for quicker profitability[123]. - The overall construction settlement of the Zhongfang Chaozhou Jing Nan Industrial Park Project remains incomplete, affecting revenue recognition[102]. - As of December 31, 2023, the Group's properties are under construction, with completion and renovation expected in 2024[114]. Employment and Staff Costs - The Group employed a total of 48 employees as of December 31, 2023, a decrease from 49 employees in the previous year[157]. - Total salaries and emoluments for the 2023 Financial Year amounted to RMB 6,167,000, down from RMB 6,845,000 in the 2022 Corresponding Period[157]. Investments and Capital Commitments - The Group's total capital commitments as of December 31, 2023, were RMB 62,163,000, an increase from RMB 45,522,000 in the previous year[167]. - The Group disposed of 5,000,000 shares of Chaozhou Rural Commercial Bank for RMB 12,000,000, representing approximately 0.19% of the total issued share capital[145]. - The share disposal is seen as an opportunity to strengthen the Group's cash position for general working capital during the economic recovery[146]. - The Group did not have any significant investments during the 2023 Financial Year[153]. Miscellaneous - The company’s H-shares have been listed on The Stock Exchange of Hong Kong since December 16, 1999, indicating a long-standing presence in the market[17]. - The Group's subsidiary in Hong Kong is required to pay Long Service Payments (LSP) under certain circumstances, with changes to the offsetting mechanism taking effect on May 1, 2025[47]. - The Group currently does not have a hedging policy against foreign exchange risk but may consider it in the future[159]. - The Group had no significant contingent liabilities as of December 31, 2023, consistent with the previous year[160].

Financial Performance - The Group's revenue for the period was approximately RMB 744,000, representing a slight increase of 2.05% compared to RMB 729,000 in the corresponding period of 2022[8]. - Loss before tax for the period amounted to RMB 4,632,000, an increase of 76.93% from a loss of RMB 2,618,000 in the corresponding period of 2022[9]. - Loss per share was approximately RMB 0.0026, compared to a loss per share of RMB 0.0013 in the corresponding period of 2022[9]. - For the six months ended June 30, 2023, the company reported a revenue of RMB 744,000, compared to RMB 729,000 for the same period in 2022, reflecting a growth of approximately 2.1%[75]. - The gross profit for the same period increased to RMB 702,000, up from RMB 566,000 in 2022, representing a growth of approximately 24.0%[75]. - The loss for the period was RMB 4,633,000, compared to a loss of RMB 2,686,000 in 2022, indicating a deterioration of approximately 72.6%[77]. - Total comprehensive expense for the period amounted to RMB 4,660,000, compared to RMB 2,687,000 in 2022, marking an increase of approximately 73.5%[77]. - The loss for the period ended June 30, 2023, was RMB 3,856,000, compared to a loss of RMB 1,954,000 for the same period in 2022, indicating an increase in loss of approximately 97.2% year-over-year[146]. Assets and Liabilities - As of June 30, 2023, the Group's total assets amounted to RMB 728,066,000, representing a decrease of 2.79% from RMB 748,981,000 as of December 31, 2022[35]. - The Group's net current assets were approximately RMB 180,017,000 as of June 30, 2023, an increase from RMB 178,344,000 as of December 31, 2022[36]. - The current ratio improved to 2.13 times as of June 30, 2023, compared to 2.02 times as of December 31, 2022[37]. - As of June 30, 2023, total assets less current liabilities were RMB 569,162,000, a slight decrease from RMB 573,636,000 at the end of 2022[80]. - The company's net assets as of June 30, 2023, were RMB 568,691,000, down from RMB 573,351,000 at the end of 2022, indicating a decrease of approximately 0.6%[80]. - As of June 30, 2023, the Group had no bank loans, with a current ratio of 2.13 (December 31, 2022: 2.02) and a debt-to-asset ratio of 0.22 (December 31, 2022: 0.23)[39]. - Trade payables as of June 30, 2023, totaled RMB 108,584,000, a decrease from RMB 116,144,000 as of December 31, 2022[163]. Cash Flow - For the six months ended June 30, 2023, the net cash used in operating activities was RMB (106,000), a significant improvement compared to RMB (31,340,000) for the same period in 2022[91]. - The net cash from investing activities was RMB 7,000, contrasting with a net cash outflow of RMB (1,904,000) in the previous year[91]. - The cash and cash equivalents at the end of the period were RMB 6,087,000, down from RMB 6,700,000 at the end of June 2022[91]. Investments and Projects - The infrastructure construction business did not record any revenue during the period due to the incomplete settlement of the Zhongfang Chaozhou Jing Nan Industrial Park Project[11]. - The settlement work for the main portion of the Project is expected to be completed within 2023, following ongoing discussions and data reconciliation among all parties involved[15]. - The Group is developing properties in Shennongjia, with a total site area of approximately 35,506 sq.m. for commercial hotel service use[18]. - Construction of the Shennongjia Hotel has faced slight delays due to local government restrictions on transportation of construction materials during peak travel season[19]. - The Group plans to explore investment and construction projects through strong management connections and public/private tenders[20]. - The Group is actively seeking development opportunities in various formats within the property investment sector, including commercial property management and sports venues[30]. Employee and Management Costs - The total emoluments for the Group's 51 employees amounted to approximately RMB 3,073,000 for the period, a decrease from RMB 3,287,000 in the corresponding period of 2022[58]. - Key management personnel's remuneration decreased to RMB 849,000 in 2023 from RMB 998,000 in 2022, reflecting a reduction of approximately 14.97%[171]. - The Group's staff costs for the six months ended June 30, 2023, were RMB 3,073,000, a decrease from RMB 3,287,000 in the same period of 2022[128]. Shareholder and Equity Information - On June 14, 2023, the Group agreed to sell 5,000,000 shares of Chaozhou Rural Commercial Bank for RMB 12,000,000, representing approximately 0.19% of the total issued share capital[49]. - The company did not recommend the payment of interim dividends for the period, consistent with the previous year[191]. - The total equity attributable to owners of the company at June 30, 2023, was RMB 569,851,000, a decrease from RMB 573,734,000 at the beginning of the year[84]. Compliance and Governance - The audit committee reviewed the unaudited condensed consolidated financial information for the period, ensuring compliance with financial reporting standards[190]. - The company complied with all provisions of the Corporate Governance Code during the period, except for the insurance cover for directors[187]. - The company has adopted the standard code of conduct for directors' securities transactions as per the Listing Rules Appendix 10, confirming compliance by all directors during the period[193].

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Hong Kong Exchanges and Clearing Limited and The Stock 香港交易及結算所有限公司及香港聯合交 Exchange of Hong Kong Limited take no responsibility for the 易所有限公司對本公告的內容概不負責，對 contents of this announcement, make no representation as to 其準確性或完整性亦不發表任何聲明，並明 its accuracy or completeness and expressly disclaim any liability 確表示，概不對因本公告全部或任何部份內 whatsoever for any loss howsoever arising from or in reliance upon 容而產生或因倚賴該等內容而引致的任何 the whole or any part of the contents of this announcement. 損失承擔任何責任。 瀋陽公用發展股份有限公司 Shenyang Public Utilit ...

Financial Performance - The Group's revenue for the period was approximately RMB 729,000, a significant decrease from RMB 43,373,000 in the corresponding period of 2021, primarily due to no revenue generated from infrastructure construction and property development in the PRC[8]. - Loss before tax from continuing operations amounted to RMB 2,618,000, representing a decrease of 139.55% compared to a profit before tax of RMB 6,619,000 in the corresponding period of 2021[9]. - Loss per share was approximately RMB 0.0013, compared to basic earnings per share of RMB 0.0064 in the corresponding period of 2021[9]. - The Group's inability to generate profit from the infrastructure construction business was a significant factor contributing to the overall loss[9]. - The Group's revenue decline is attributed to the lack of infrastructure construction and property development activities during the period[11]. - The Group's financial performance reflects challenges in the construction sector, impacting overall profitability and revenue generation[8]. - Total revenue for the six months ended June 30, 2022, was RMB 729,000, a decrease of 98.3% from RMB 43,373,000 in the same period of 2021[101]. - The loss for the period from continuing operations was RMB 2,686,000, a significant decline from a profit of RMB 6,559,000 in the previous year[72]. - The loss attributable to owners of the Company for the period was RMB 1,954,000, compared to a profit of RMB 9,375,000 in the same period of 2021[74]. - Total comprehensive expense for the period was RMB (2,687,000), a decrease from RMB 9,094,000 in the same period of 2021[78]. Assets and Liabilities - As of June 30, 2022, the Group's total assets amounted to RMB801,103,000, representing a decrease of 9.3% from RMB883,277,000 as of December 31, 2021[26]. - The Group's non-current assets as of June 30, 2022, were RMB428,545,000, showing a slight decrease from RMB428,740,000 as of December 31, 2021[26]. - The Group's current assets decreased to RMB372,558,000 as of June 30, 2022, from RMB454,537,000 as of December 31, 2021[26]. - The Group's net current assets were approximately RMB 221,941,000 as of June 30, 2022, slightly down from RMB 224,576,000 as of December 31, 2021[30]. - The Group's total assets less current liabilities amounted to RMB 650,486,000, a slight decrease from RMB 653,316,000 as of December 31, 2021, representing a decline of approximately 0.4%[80]. - The company's net assets stood at RMB 650,182,000, down from RMB 652,869,000, marking a decrease of about 0.4%[82]. - The equity attributable to owners of the company was RMB 648,994,000, a decrease from RMB 650,949,000, representing a decline of approximately 0.3%[82]. - As of June 30, 2022, the outstanding payable was approximately RMB 15,000[61]. - The Group had no significant contingent liabilities as of June 30, 2022, consistent with the previous year[62]. Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2022, was RMB (31,340,000), compared to RMB (11,927,000) for the same period in 2021, indicating a significant increase in cash outflow[89]. - Net cash from financing activities was RMB 32,862,000 for the six months ended June 30, 2022, compared to RMB (1,655,000) in the prior year, showing a positive shift in financing[89]. - The Group's net cash used in investing activities was RMB (1,904,000) for the six months ended June 30, 2022, a significant decrease from RMB 18,919,000 in the prior year, indicating reduced investment outflows[89]. - The Group's cash flow management strategies are reflected in the significant changes in cash flows from operating and financing activities, indicating a focus on improving liquidity[89]. - The cash and bank balances were recorded at RMB 6,700,000, a decrease from RMB 7,083,000, indicating a decline of about 5.4%[80]. Business Operations and Strategy - The infrastructure construction business, a principal business of the Group, did not record any revenue during the period due to the incomplete settlement of the Zhongfang Chaozhou Jing Nan Industrial Park Project[10]. - No new products or technologies were mentioned in the report, indicating a focus on existing operations and resolving ongoing projects[10]. - There were no indications of market expansion or acquisitions during the reporting period[10]. - The management discussion highlighted the need for strategic adjustments to address the current financial challenges faced by the Group[8]. - The Group is actively exploring investment and construction projects to reinforce its financial strength through strong management connections and public/private tenders[24]. - The Group aims to enhance its overall business strength by carrying out property management services and identifying projects aligned with its development strategy[24]. - The Group is focusing on opportunities arising from the renovation of old urban residential areas, which may lead to increased tenders from local governments[25]. - The Group will continue to explore diversified investment opportunities to enhance its market competitiveness[24]. Shareholder Information - As of June 30, 2022, Beijing Hua Xia Ding and Huang Guang Fu each hold 420,000,000 Domestic Shares, representing 28.58% of the total issued share capital[189]. - Beijing Lichuang Future and Zhai Ming Yue each hold 180,000,000 Domestic Shares, accounting for 12.25% of the total issued share capital[189]. - Shenzhen Wan Zhong Run Long and Zhang Song each hold 140,000,000 Domestic Shares, which is 9.53% of the total issued share capital[189]. - HKSCC Nominees Limited holds 605,376,000 H-Shares, representing 41.20% of the total issued H-Shares[189]. - The Hongkong and Shanghai Banking Corporation Limited holds 75,164,740 H-Shares, representing 12.41% of the issued H-Shares[191]. - Ever-long Securities Company Limited holds 64,282,000 H-Shares, accounting for 10.61% of the issued H-Shares[191]. - Bank of China (Hong Kong) Limited holds 63,724,000 H-Shares, representing 10.52% of the issued H-Shares[191]. - As of June 30, 2022, no interests or short positions were reported by Directors, chief executives, and supervisors in the Shares or underlying Shares[185]. Compliance and Governance - The Group's financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant financial reporting standards[91]. - The application of amendments to HKFRSs had no material impact on the Group's financial positions and performance for the current and prior periods[93]. - The Company has complied with all code provisions of the Corporate Governance Code during the period, except for the arrangement of insurance cover for directors, which was deemed unnecessary due to minimal risk[177]. - The Board does not recommend the payment of interim dividends for the Period, consistent with the 2021 corresponding period which also had no dividends declared[183].

Financial Performance - In the 2021 Financial Year, the Group reported a revenue of RMB 46,075,000, an increase of approximately 5.96 times compared to RMB 6,624,000 in the 2020 Corresponding Period[12] - The Group's revenue for the 2021 Financial Year amounted to RMB 47,022,000, representing a significant increase of approximately 570.98% compared to RMB 7,008,000 in the 2020 Corresponding Period[33] - Rental income for the 2021 Financial Year was RMB 947,000, an increase of approximately 146.61% from RMB 384,000 in the 2020 Corresponding Period[34] - The Group completed the acceptance and delivery of infrastructure projects, recording revenue of RMB 46,075,000 for the 2021 Financial Year, compared to RMB 6,624,000 in the 2020 Corresponding Period[34] - Loss before tax for the Group was RMB 27,621,000, an improvement from a loss of RMB 37,882,000 in the 2020 Corresponding Period[35] - The Group reported a pre-tax loss of RMB 27,621,000 for the 2021 financial year, an improvement from a loss of RMB 37,882,000 in the same period of 2020[38] - Income tax expenses decreased by approximately 93.75% to RMB 6,000 in 2021 from RMB 96,000 in 2020, primarily due to reduced profits from Beijing Yufeng Chengyou[43] - Basic loss per share attributable to owners was approximately RMB 1.60 cents in 2021, a decrease of about 40.74% compared to RMB 2.70 cents in 2020[45] Business Strategy and Operations - The Group disposed of 90% equity interests in Chaozhou Jiafu and Guangdong Xinmao, which were expected to be less profitable, to focus on the construction of the Shennongjia Hotel project[13] - The Group plans to focus on steady development and explore potential infrastructure projects while integrating resources for property project profitability[29] - The property investment business is expanding, with projects distributed in Beijing, Guangzhou, and Sanhe, contributing to increasing rental income[19] - The Group did not acquire any new properties in 2021, focusing instead on existing projects and addressing property rights issues[23] - The Group aims to enhance market competitiveness and explore diversified investment opportunities moving forward[29] - The Group's business model focuses on acquiring properties for sale and leasing, aiming to recognize revenue through price differences and rental income[62] - The Group will continue to integrate resources to promote the construction and operation of various property projects to achieve profitability as soon as possible[64] Challenges and Risks - The Group faced challenges due to the ongoing Covid-19 pandemic and domestic real estate control policies, impacting its property investment business[11] - The settlement of the main project was delayed due to disagreements on review data, with efforts to complete the settlement in 2022[12] - Impairment losses under the expected credit loss model amounted to approximately RMB 5,344,000, primarily due to issues related to the disposal of equity interests[36] - The construction progress of the Beijing Property has been slower than planned, with completion now estimated on or before December 31, 2022[41] - The completion date for the Beijing Property has been postponed to 31 December 2022 due to the impact of the pandemic and other significant events[75] Financial Position - The Group's total assets as of December 31, 2021, amounted to RMB 883,277,000, a decrease of 1.7% from RMB 898,130,000 in 2020[70] - The Group's net current assets as of December 31, 2021, were approximately RMB 224,576,000, up from RMB 171,005,000 in 2020[70] - The current ratio improved to 2.0 times in 2021 from 1.8 times in 2020, indicating better liquidity management[70] - The Group has no bank borrowings as of December 31, 2021, maintaining a gearing ratio of 0.26 times, slightly up from 0.24 times in 2020[70] - The total capital commitments of the Group amounted to RMB59,721,000 as of December 31, 2021, compared to RMB28,273,000 in 2020, reflecting a 111% increase[128] Corporate Governance and Management - The consolidated financial statements for the 2021 Financial Year were audited by Asian Alliance (HK) CPA Limited, reflecting the Group's operating results and financial position accurately[173] - The Supervisory Committee confirmed that the Directors and senior management acted in the best interest of the Company without any abuse of power[171] - The company has a diverse board with members holding qualifications in accounting, finance, and engineering, enhancing its governance and strategic direction[137] - The board's composition reflects a balance of executive and independent non-executive directors, ensuring effective oversight and decision-making[140] - The company aims to leverage its management's extensive experience to drive growth and innovation in its operations[139] Shareholder Information - Major shareholders include Beijing Hua Xia Ding and Huang Guang Fu, each holding 420,000,000 domestic shares, representing 28.58% of total issued share capital[188] - Beijing Lichuang Future and Zhai Ming Yue each hold 180,000,000 domestic shares, accounting for 12.25% of total issued share capital[188] - Shenzhen Wan Zhong Run Long and Zhang Song each own 140,000,000 domestic shares, which is 9.53% of total issued share capital[188] - HKSCC Nominees Limited holds 605,376,000 H-Shares, representing 41.2% of total issued share capital[188] - All independent non-executive Directors confirmed their independence in accordance with Listing Rules[179] Social Responsibility and Compliance - The Group emphasizes environmental protection as critical for long-term development, focusing on waste reduction and efficiency maximization[196] - The Group ensures reasonable remuneration for all staff and regularly reviews employment policies related to remuneration and benefits[196] - The Group maintains strong relationships with customers and suppliers, conducting regular reviews of customer requirements and supplier performance[196] - The Group is committed to compliance with regulatory requirements and continuously reviews new laws affecting its operations, with no known material non-compliance issues[196]

Revenue and Profitability - The Group's revenue for the period amounted to approximately RMB43,373,000, a significant increase from RMB199,000 in the corresponding period of 2020, primarily due to increased revenue from infrastructure construction and property development in the PRC[7]. - Profit before tax from continuing operations was RMB6,619,000, representing a 366.04% increase compared to a loss of RMB2,488,000 in the corresponding period of 2020[8]. - Earnings per Share was approximately RMB0.0064, compared to a basic loss per Share of RMB0.0016 in the corresponding period of 2020[8]. - The substantial increase in revenue is attributed to the Group's effective management of construction projects and property development[7]. - The Group's financial performance reflects a recovery trajectory following the challenges posed by the pandemic[8]. - Total revenue for the six months ended June 30, 2021, was RMB 43,373,000, compared to RMB 199,000 in the same period of 2020, representing a significant increase[88]. - Gross profit for the same period was RMB 271,000, up from RMB 199,000 in 2020, indicating a positive growth trend[88]. - Profit before tax reached RMB 6,619,000, a substantial recovery from a loss of RMB 2,488,000 in the previous year[88]. - Profit attributable to owners of the Company from continuing operations was RMB 6,805,000, compared to a loss of RMB 2,488,000 in 2020[90]. - Total comprehensive income for the period was RMB 9,094,000, compared to a loss of RMB 1,092,000 in 2020, reflecting improved financial health[92]. Assets and Liabilities - The Group's total assets as of June 30, 2021, amounted to RMB 840,240,000, representing a decrease of 6.45% from RMB 898,130,000 as of December 31, 2020[28]. - The Group's net current assets as of June 30, 2021, were approximately RMB 188,919,000, up from RMB 171,005,000 in 2020[32]. - The Group's non-current assets as of June 30, 2021, were RMB 501,648,000, down from RMB 513,724,000 as of December 31, 2020[28]. - The Group's current liabilities as of June 30, 2021, were RMB 149,673,000, a decrease from RMB 213,401,000 as of December 31, 2020[28]. - As of June 30, 2021, the Group had a current ratio of 2.26 times, up from 1.8 times in 2020, and a gearing ratio of 0.18 times, down from 0.24 times in 2020[33][36]. - The Group's net current assets were approximately RMB 188,919,000 as of June 30, 2021, compared to RMB 171,005,000 in 2020, with cash and cash equivalents amounting to RMB 6,645,000, up from RMB 2,343,000 in 2020[36]. Investments and Acquisitions - The Group entered into a property acquisition agreement for a commercial property in Beijing for a total consideration of RMB 152,800,000, with a construction area of 2,800 sq.m.[34][37]. - The Group conditionally agreed to acquire properties in Hebei Province for RMB 110,000,000, comprising 11 shop units with a total gross floor area of approximately 3,168 sq.m.[44][47]. - A sale and purchase agreement was entered into for the acquisition of 78% equity interest in San He Jing Jiao for RMB 321,000,000, which is involved in a large-scale residential development project[52][54]. - The acquisition of 60% equity interest in Shennongjia Hotel was completed on 15 March 2021 for a total consideration of RMB 35,000,000[61]. - The Shennongjia Hotel holds land use rights for approximately 35,506 sq.m. of land in Hubei Province, designated for commercial hotel service use[60]. - The Group has started construction on the Shennongjia Hotel, which will take several years to complete[24]. - The Group acquired investment properties worth approximately RMB110,000,000 through the acquisition of subsidiaries, down from approximately RMB138,328,000 in the same period of 2020[164]. Disposals and Strategic Focus - The disposal of 100% equity interest in Shen Wu Investment was completed for a consideration of RMB 5,000,000 on 31 December 2020[63]. - The completion of the acquisition and disposal transactions reflects the company's strategic focus on optimizing its asset portfolio[59]. - Shenzhen Tong He completed the disposal of 90% equity interest in Guangdong Xinmao for a consideration of RMB 9,990,000 on February 2, 2021[74]. - Shenzhen Juxi sold 90% equity interest in Chaozhou Jiafu for RMB 16,308,000, with the transaction completed on April 27, 2021[74]. - The Group's assignment of shareholder's loan during the disposal of Chaozhou Jiafu was RMB 22,365,000[195]. - The total gain on disposal of Guangdong Xinmao was RMB 549,000, while the gain on disposal of Chaozhou Jiafu was RMB 11,832,000[195]. - The Group's credit business is treated as a discontinued operation following the sale of Shenzhen Shen Wu Group, which was completed on June 2, 2021[169]. Employment and Compensation - As of June 30, 2021, the Group employed 42 employees, with total emoluments amounting to approximately RMB 2,522,000, an increase from RMB 2,157,000 in the corresponding period of 2020[80]. Financial Management and Compliance - The Group has prepared the condensed consolidated financial statements in accordance with HKAS 34 and applicable disclosure requirements, ensuring compliance with Hong Kong accounting standards[1]. - The financial statements are based on historical cost, except for certain investment properties and financial instruments measured at fair value[1]. - The Group has early applied the Amendment to HKFRS 16 regarding Covid-19-related rent concessions, which had no material impact on financial positions and performance[119]. - The Group's accounting policies for the six months ended June 30, 2021, remain consistent with those presented in the annual financial statements for the year ended December 31, 2020[1]. - The statutory surplus reserve is required to be set aside at 10% of profit after taxation until it reaches 50% of paid-up capital, which is a regulatory compliance measure[109]. Currency and Exchange - The Group recorded an exchange profit of approximately RMB 1,193,000 due to the appreciation of the Hong Kong Dollar against RMB, compared to a loss of RMB 247,000 in the corresponding period of 2020[83]. - The management will consider hedging significant currency risks in the future as needed[83].