合生创展集团公告，截至2025年6月30日止6个月，本集团及其合营公司及联营公司之总合约销售金额为 约人民币79.28亿元，其中物业合约销售约人民币72.25亿元，装修合约销售约人民币7.03亿元。2025年6 月单月，总合约销售金额为约人民币18.95亿元，其中物业合约销售约人民币15.83亿元，装修合约销售 约人民币3.12亿元。截至2025年6月30日止6个月，物业合约销售面积为约28.82万平方米，平均售价为约 每平方米人民币25070元。以"合生"品牌代建管理之非自投物业之总合约销售面积为约41231平方米，合 约销售金额为约人民币37.36亿元。 ...

Revenue and Financial Performance - In 2024, the total revenue reached approximately HK$38,930 million, an increase from HK$36,832 million in 2023, representing a growth of 5.7%[7] - The real estate segment generated revenue of HK$30,134 million, up from HK$26,500 million in 2023, marking a growth of 13.8%[7] - The commercial segment reported revenue of approximately HK$4,446 million, compared to HK$4,239 million in the previous year, reflecting an increase of 4.9%[9] - The property management segment income was approximately HK$1,304 million, a slight decrease from HK$1,395 million in 2023, indicating a decline of 6.5%[9] - The Group's investments losses in the primary and secondary market amounted to approximately HK$97 million in 2024[9] - Financial assets at fair value through other comprehensive income were approximately HK$2,325 million, while those at fair value through profit or loss were approximately HK$1,156 million as of December 31, 2024[9] - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[23] - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[25] Property Development and Sales - Contracted sales for the year amounted to approximately RMB16,629 million, with several properties achieving over RMB800 million in sales[9] - As of December 31, 2024, the Group's revenue from property development was approximately HK$30,134 million, representing a year-on-year increase of 14%[52] - In 2024, property contracted sales amounted to approximately RMB16,629 million, a decrease of 49% year-on-year, with an average selling price of RMB29,844 per sq.m.[52] - The top residential projects YUNĒ in Shanghai and MAHÁ in Beijing achieved sales of over RMB7,600 million and RMB1,700 million respectively in 2024[53] - The completed area in 2024 totaled 1,211,909 sq.m., with Northern China contributing 59%, Eastern China 19%, and Southern China 22%[60] - The average selling price of contracted sales for the year was approximately RMB29,844 per sq.m., indicating a premium positioning in the market[52] Strategic Initiatives and Market Expansion - The company aims to create a full-cycle capital ecological chain, enhancing investment returns through diversified operating strategies and technology empowerment[11] - The company is expanding its market presence in major cities like Beijing, Shanghai, and Guangzhou, with multiple high-end projects underway[11] - The Group's strategic focus remains on the three core economic development regions in China, actively expanding market presence[53] - The Group is focusing on strategic cooperation with local governments to improve urban redevelopment project efficiency[55] - The Group's strategy includes responding to the real estate market's challenges by promoting stabilization and recovery through various policy adjustments[78] Infrastructure and Construction - The total annual output in the infrastructure segment for 2024 was approximately HK$6,030 million, with an area under construction of approximately 6.54 million sq.m. and a completed area of approximately 0.83 million sq.m.[173] - The area under construction increased by 26% to 6.54 million sq.m. in 2024 from 5.18 million sq.m. in 2023[175] - The company is focusing on technological transformation, promoting the application of smart construction platforms and automated processes to enhance work quality and efficiency[176] - The infrastructure segment faced challenges such as delays in production indicators and the need for improved project quality and management[180] Property Management Services - The property management segment has achieved a national first-class qualification, positioning the company as a leading player in the industry with a strong asset management platform[11] - The property management services are divided into three major segments: Jinghe, Puhe, and MAHÁ, focusing on various property types including commercial and luxury residential[140] - The property management segment aims to enhance internal management efficiency and cost control while focusing on market expansion in residential buildings and commercial industry parks[156] - The property management segment has been recognized as a leader in the industry, reflecting confidence in its service capabilities and operational efficiency[144] Risk Management and Financial Health - The Group's proactive risk management policies aim to address uncertainties in the real estate market, ensuring stable operations and financial health[96] - The Group is proactively reducing financing to lower interest expenses and is accelerating cash collection to improve cash inflow[93] - The commercial segment faces risks primarily related to market competition and human resources[119] - Business risks include the potential inability to procure new property management contracts and collect management fees, which could lead to impairment losses[158] Leadership and Governance - The board of directors has undergone changes, with a new Chief Financial Officer appointed effective March 27, 2024, to strengthen financial oversight[13] - CHU Kut Yung has been appointed as the Chairman of the Company since January 10, 2020, and has solid experience in investment and management[183] - ZHANG Fan has been responsible for optimizing the Group's overall investment management system and has successfully expanded various first-level projects[184] - LUO Taibin has been appointed as the Chief Financial Officer and an executive Director of the Company since March 27, 2024, with a focus on overall investment and financial management[197]

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 37,834 million, an increase of 13.5% from HKD 34,292 million in 2023[2] - Profit attributable to equity holders was HKD 120 million, a significant decrease of 95.9% compared to HKD 2,922 million in 2023[2] - Core profit increased to HKD 3,123 million, up 35% from HKD 2,314 million in 2023[2] - The group's revenue for the year ended December 31, 2024, was HKD 37,834,224, an increase of 10.5% compared to HKD 34,291,809 in 2023[15] - The gross profit for the same period was HKD 9,558,097, slightly up from HKD 9,496,472, reflecting a stable gross margin[15] - The annual profit for 2024 was HKD 1,103,377, a decrease from HKD 3,404,220 in 2023, representing a decline of approximately 68.6%[41][42] - Basic and diluted earnings per share for 2024 were HKD 0.03, down from HKD 0.77 in 2023, reflecting a decline of 96.1%[55] Sales and Contracted Properties - The total contracted sales and pre-sales of properties amounted to RMB 16,629 million, a decrease of 48.9% from RMB 32,583 million in 2023[6] - Revenue from property development for 2024 reached HKD 30,134,040, an increase of 13.8% compared to HKD 26,499,537 in 2023[44] - The group's segment revenue from property management in 2024 was HKD 1,503,889, compared to HKD 1,395,193 in 2023, showing an increase of approximately 7.8%[41][42] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 256,882,175, down from HKD 288,694,135 in 2023, indicating a reduction of about 11%[19] - The total liabilities decreased to HKD 157,966,693 from HKD 187,709,286, reflecting a reduction of about 15.9%[19] - The group had a net borrowing amount of HKD 68,109 million as of December 31, 2024, compared to HKD 73,920 million on December 31, 2023[82] - The debt-to-asset ratio decreased to 62% as of December 31, 2024, down from 65% a year earlier[75] Cash Flow and Financial Position - The company's cash and bank balances decreased to HKD 11,398,148 from HKD 15,368,332, a decline of approximately 26%[18] - The company aims to maintain a stable cash flow and optimize its debt structure to support long-term sustainable development[5] - The company reported a net financial cost of HKD (1,157,879) for 2024, compared to HKD (414,732) in 2023, indicating an increase in financial expenses[50] Debt and Restructuring - The company has defaulted on borrowings totaling HKD 941,661,000, leading to cross-defaults amounting to HKD 9,269,709,000[24] - The company is actively negotiating debt restructuring plans with lenders related to the defaulted borrowings[25] - The ability to continue as a going concern depends on successful debt restructuring, refinancing existing bank borrowings, and expediting property sales[26] Market Outlook and Strategy - The company expects the real estate market to gradually stabilize in 2025, supported by government policies aimed at promoting market recovery[11] - The company plans to focus on expanding its residential property development and commercial real estate investments in mainland China[20] - The company plans to enhance its brand value through a comprehensive approach focusing on product, service, support, and delivery capabilities[12] Corporate Governance and Reporting - The board approved the financial statements for publication on March 28, 2025[22] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting principles and financial reporting for the year ending December 31, 2024[93] - The independent auditor agreed with the financial figures presented in the preliminary announcement for the year ending December 31, 2024[94] Employee and Operational Metrics - The group’s employee costs, including director remuneration, totaled HKD 1,628 million for the year, down from HKD 2,022 million in the previous year[88] - The group employed 8,506 staff as of December 31, 2024, a decrease from 9,654 staff in the previous year[88]

Financial Performance - The company's revenue for the year ending December 31, 2024, was HKD 37,834 million, an increase of 10.5% from HKD 34,292 million in 2023[2]. - Profit attributable to equity holders was HKD 120 million, a significant decrease of 95.9% compared to HKD 2,922 million in 2023[2]. - Core profit increased to HKD 3,123 million, up 35% from HKD 2,314 million in 2023[2]. - The group's revenue for the year ended December 31, 2024, was HKD 37,834,224, an increase of 10.5% compared to HKD 34,291,809 in 2023[15]. - The annual profit attributable to the company was HKD 1,103,377, a significant decrease of 67.6% from HKD 3,404,220 in the previous year[15]. - Basic and diluted earnings per share dropped to HKD 0.03 from HKD 0.77, indicating a challenging year for the company[15]. - The company's net profit for the year ended December 31, 2024, was HKD 1,103,377, down from HKD 3,404,220 in 2023, reflecting a decrease of around 68%[41][42]. - The group's pre-tax profit for the year ended December 31, 2024, was HKD 2,805,888, compared to HKD 6,294,102 in 2023, representing a decline of about 55%[41][42]. - The financial costs for the year ended December 31, 2024, were HKD (1,250,486), an increase from HKD (933,794) in 2023, indicating a rise of approximately 34%[41][42]. - The investment properties' fair value loss for the year ended December 31, 2024, was HKD (397,820), compared to a gain of HKD 2,495,968 in 2023[41][42]. Sales and Contracts - The total sales and pre-sale contracts for properties reached RMB 16,629 million, a decline of 48.9% from RMB 32,583 million in 2023[6]. - Revenue from property development for 2024 reached HKD 30,134,040, an increase of 13.8% compared to HKD 26,499,537 in 2023[44]. - The total contracted sales in 2024 amounted to approximately RMB 16,629 million, a decrease of 49% from RMB 32,583 million in 2023[66]. Assets and Liabilities - Total assets decreased to HKD 256,882,175 from HKD 288,694,135, a decline of 11.0%[19]. - The company's total liabilities also decreased to HKD 157,966,693 from HKD 187,709,286, a reduction of 15.9%[19]. - The group's total assets as of December 31, 2024, were HKD 256,882,175, down from HKD 288,694,135 in 2023, indicating a decrease of approximately 11%[43]. - The group's total liabilities increased to HKD 256,882,175 as of December 31, 2024, from HKD 288,694,135 in 2023, indicating a decrease of approximately 11%[43]. - The group had a net borrowing amount of HKD 68,109 million after accounting for cash and bank deposits[82]. Cash Flow and Liquidity - Cash and bank balances decreased to HKD 11,398,148 from HKD 15,368,332, a decline of 25.7%[18]. - The group has a total of HKD 25,037 million in short-term bank and other borrowings, with cash and cash equivalents of HKD 8,449 million[63]. - The current ratio improved to 1.61 as of December 31, 2024, up from 1.43 a year earlier, indicating better short-term financial health[75]. - The debt-to-asset ratio decreased to 62% from 65% year-over-year, reflecting improved leverage[75]. Future Outlook and Strategy - The company anticipates a challenging economic environment in 2025, with continued pressure on the real estate market and consumer confidence[11]. - The central government is expected to implement more proactive macro policies to stabilize economic growth and support the real estate market in 2025[11]. - The company plans to enhance its brand value and maintain a prudent development strategy to adapt to industry changes[12]. - The company aims to create long-term value for shareholders, customers, and society through high-quality development and diversified industry layout[12]. - The company plans to focus on residential property development and commercial real estate investment in mainland China moving forward[20]. - The company plans to focus on market expansion and new product development to improve future performance[41]. Corporate Governance and Compliance - The board approved the financial statements for publication on March 28, 2025[22]. - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting principles and discussed risk management and internal controls[93]. - The independent auditor agreed with the financial figures presented in the preliminary announcement for the year ending December 31, 2024[94]. - A remuneration committee has been established, consisting of three independent non-executive directors, in accordance with corporate governance codes[95]. - The company confirmed that its public float met the required levels during the review year[91]. Debt and Restructuring - The company has defaulted on borrowings totaling HKD 941,661,000, leading to cross-defaults triggering a total of HKD 9,269,709,000 in loans from banks and financial institutions[24]. - The company is actively negotiating debt restructuring plans with lenders related to the defaulted borrowings[25]. - The company is in discussions with several financial institutions regarding the extension of certain borrowings[25]. - There is significant uncertainty regarding the company's ability to implement the related plans and measures successfully[26]. - The company's ability to continue as a going concern depends on the successful completion of the debt restructuring and refinancing of existing bank borrowings[26]. Segment Performance - The company has five reportable operating segments based on products and services, including property development and commercial real estate investment[37]. - The property development segment engages in property development and sales, while the commercial real estate investment segment focuses on properties with rental income potential[40]. - The property development segment remains the core business, accounting for 80% of the group's operations, with revenue contributions from key regions: 14% from South China, 12% from East China, and 74% from North China[74]. Other Financial Metrics - The actual tax rate for 2024 was 61%, an increase of 15 percentage points compared to the previous year[72]. - Employee costs for the year reached HKD 1,628 million, down from HKD 2,022 million in 2023, with a total workforce of 8,506 employees[88]. - The group provided guarantees for mortgage loans to property buyers amounting to HKD 13,841 million as of December 31, 2024, down from HKD 18,300 million a year earlier[84]. - The company did not recommend any dividend payments for the years ending in 2024 and 2023[56]. - The group did not recommend a final dividend for the year ended December 31, 2024, to retain cash for future business development[64].

Financial Performance - The unaudited consolidated profit attributable to equity holders for the six months ended June 30, 2024, was approximately HK$1,073 million, with basic and diluted earnings per share at HK$0.283[41]. - For the first half of 2024, the Group recorded a turnover of RMB12,559 million (HK$13,809 million), representing an 8% decrease compared to RMB13,687 million (HK$15,080 million) in the same period of 2023[85]. - Profit attributable to equity holders was HK$1,073 million for the first half of 2024, a decrease of 41% compared to HK$3,903 million in the same period of 2023[103]. - The effective tax rate increased to 48% for the first half of 2024, up by 20 percentage points compared to the same period of last year[102]. - Gross profit for the first half of 2024 was HK$3,761 million, down from HK$5,377 million in 2023, with a gross profit margin of 27%, down from 36%[91]. - The profit for the period was HK$1,083,067, a decline of 75.8% compared to HK$4,475,232 in 2023[121]. - Total comprehensive income for the period was HK$462,642, down from HK$793,117 in the same period last year[121]. - The company reported a fair value gain on investment properties of HK$524,931, significantly lower than HK$2,985,763 in 2023[119]. Revenue Breakdown - Revenue from property development contributed HK$9,890 million, accounting for 72% of the Group's total sales[105]. - Revenue from commercial property investment was HK$2,252 million, representing 16% of the Group's total sales[105]. - Total revenues for the six months ended June 30, 2024, amounted to HKD 15,594.739 million, with a breakdown of HKD 1,562.768 million from property development and HKD 2,015.483 million from commercial properties investment[150]. - Revenue from property development was HK$9,889,808, down from HK$11,320,244 in 2023, indicating a decrease of about 12.6%[160]. - Revenue from commercial properties investment increased to HK$2,251,973, up from HK$2,089,117, reflecting a growth of approximately 7.8%[160]. Sales and Contracted Sales - Recognized sales from the real estate segment in the first half of 2024 amounted to HK$9,890 million, with an overall average selling price of RMB20,119 per square metre for delivered properties[44]. - Contracted sales for the Group reached RMB8,850 million, with high-end properties accounting for 73% of total contracted sales[44]. - Total contracted sales for the first half of 2024 amounted to RMB 8,850 million, a decrease of approximately 45% compared to RMB 16,062 million in the same period of 2023[86]. - Contracted sales of properties were approximately RMB 8,526 million, down from RMB 15,567 million in the same period of 2023, representing a decrease of about 45%[89]. - The average selling price of contracted sales of properties was RMB 26,955 per square metre, a decrease of approximately 24% from RMB 35,576 per square metre in the same period of 2023[89]. Assets and Liabilities - As of June 30, 2024, total assets amounted to HK$287,526 million, and total liabilities were HK$186,940 million, both decreasing by 0.4% compared to December 31, 2023[107]. - The Group's current ratio improved to 1.56 as of June 30, 2024, up from 1.43 as of December 31, 2023[107]. - Cash and bank balances increased to HK$21,696 million as of June 30, 2024, from HK$15,368 million as of December 31, 2023[108]. - Total borrowings from banks and financial institutions rose by 7% to HK$79,104 million as of June 30, 2024, compared to HK$74,199 million as of December 31, 2023[109]. - The gearing ratio decreased to 67% as of June 30, 2024, down from 71% as of December 31, 2023[109]. Dividends and Shareholder Returns - The Board did not recommend any interim dividend for the six months ended June 30, 2024, compared to HK$Nil in 2023[41]. - The net asset value per share was HK$26.52 as of June 30, 2024[107]. - The company's equity attributable to equity holders was HK$95,847,477, an increase from HK$95,358,213 at the end of 2023[124]. Operational Segments - The Group's real estate business is divided into five segments: real estate, commercial, property management, investments, and infrastructure[42]. - The commercial segment has transformed perceived threats into opportunities, focusing on tenant portfolio optimization through market surveys and tailored lease contracts[59]. - The company operates various commercial urban complexes, including urban complexes and regional deluxe shopping malls, contributing to urban development through social interaction and lifestyle experiences[59]. - The company has five reportable operating segments, including property development, commercial properties investment, property management, infrastructure, and investments[149]. Market and Strategic Focus - The Group's strategy includes actively cooperating with the government on urban redevelopment to avoid high land premiums[46]. - The Group is focusing on digital transformation to empower physical businesses and enhance internet marketing and digital operations[61]. - The Group aims to transform into a comprehensive investment holding platform company, emphasizing equity investments in high-and-new technology for higher capital returns and stable cash flows[72]. - The Group plans to focus on market expansion in residential buildings, commercial industry parks, and urban services to ensure continuous growth in area under management[70]. Economic and Policy Environment - The Central Economic Work Conference emphasized the need to accelerate the construction of affordable housing and improve the commercial housing system to meet residents' housing demands[51][53]. - The policy measures outlined by the Central Economic Work Conference are expected to foster stable and high-quality development in the real estate market[51][54]. Financial Management and Costs - Operating costs related to selling, marketing, general, and administration expenses decreased by 29% to HK$1,313 million in the first half of 2024[94]. - Gross interest expenses before capitalization decreased to HK$2,704 million, down 9% from HK$2,981 million in the same period of 2023[95]. - The company reported a decrease in finance lease receivables of HK$4,370, compared to a decrease of HK$1,868 in the previous year[132]. - Interest paid decreased slightly to HK$2,985,913 from HK$3,031,607 in 2023[137]. Investment Properties and Valuation - As of June 30, 2024, the fair value of the Group's investment properties is HK$86,291,847,000, down from HK$87,275,592,000 as of December 31, 2023, representing a decrease of approximately 1.13%[189]. - The Group's investment properties consist of residential apartments, office units, and shopping malls located in Mainland China[189]. - The valuation of completed investment properties is primarily based on the income capitalization method, reflecting current market conditions[192]. - The Group's investment properties were revalued by Savills Valuation and Professional Services (China) Ltd., ensuring independent assessment[189].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 13,809 million, with a profit attributable to equity holders of HKD 1,073 million[2]. - The basic and diluted earnings per share were HKD 0.283[2]. - The company's revenue for the six months ended June 30, 2024, was HKD 13,809.26 million, a decrease of 8.4% compared to HKD 15,079.85 million in the same period of 2023[8]. - Gross profit for the same period was HKD 3,761.44 million, down 30% from HKD 5,377.24 million year-on-year[8]. - The net profit attributable to equity holders for the six months was HKD 1,072.88 million, a decline of 72.5% from HKD 3,902.82 million in the previous year[8]. - The company reported a pre-tax profit of HKD 2,069.70 million, down 66.5% from HKD 6,187.85 million in the prior period[8]. - The total comprehensive income for the period was HKD 462.64 million, significantly lower than HKD 793.12 million in the same period last year[9]. - The net profit for the period was HKD 1,083,067, compared to HKD 4,475,232 for the six months ended June 30, 2023, indicating a significant decrease of about 75.8%[20]. - The company reported a financial cost net of HKD 596,086 for the six months ended June 30, 2024, compared to HKD 459,217 in the same period of 2023[29]. - The company reported a total tax expense of HKD 986,633 for the six months ended June 30, 2024, compared to HKD 1,712,613 in the same period of 2023[30]. Property Sales and Development - Contract sales and pre-sales of properties reached RMB 8,850 million in the first half of 2024, down from RMB 16,062 million in the same period of 2023[4]. - The total area of properties sold but not yet delivered was 1,025,092 square meters as of June 30, 2024, with expected revenue of HKD 39,577 million to be recognized upon delivery[5]. - The total area delivered in the first half of 2024 was 438,051 square meters, compared to 543,253 square meters in the same period of 2023[5]. - Property development revenue for the six months ended June 30, 2024, was HKD 9,889,808, a decrease of 12.6% from HKD 11,320,244 in the same period of 2023[25]. - The average selling price of delivered properties increased by 9% to RMB 20,119 per square meter in the first half of 2024, compared to RMB 18,479 per square meter in the same period last year[43]. - The average selling price for property contract sales decreased by approximately 24% to RMB 26,955 per square meter in the first half of 2024, down from RMB 35,576 per square meter in the same period last year[44]. - Property development contributed HKD 9,890 million in revenue, accounting for 72% of total sales, while commercial property investment generated HKD 2,252 million, representing 16%[52]. Market Conditions - The Chinese economy showed a GDP growth of 5.0% year-on-year in the first half of 2024, indicating resilience amid global economic challenges[3]. - The real estate market is experiencing a weak recovery, with ongoing challenges related to debt and buyer confidence[3]. - The real estate market is expected to enter a bottoming phase in the second half of the year, with a moderate recovery anticipated[6]. Financial Position - Total equity attributable to shareholders increased to HKD 95,847,477 thousand as of June 30, 2024, compared to HKD 95,358,213 thousand as of December 31, 2023, reflecting a growth of 0.51%[11]. - Total liabilities decreased slightly to HKD 186,939,900 thousand as of June 30, 2024, from HKD 187,709,286 thousand as of December 31, 2023, indicating a reduction of 0.41%[11]. - Total assets amounted to HKD 287,525,545 thousand as of June 30, 2024, down from HKD 288,694,135 thousand as of December 31, 2023, representing a decline of 0.41%[11]. - Current liabilities totaled HKD 111,876,664 thousand as of June 30, 2024, compared to HKD 120,838,785 thousand as of December 31, 2023, showing a decrease of 7.41%[11]. - The current ratio improved to 1.56 from 1.43 as of December 31, 2023, with net cash and bank balances reaching HKD 21,696 million[54]. - Total borrowings from banks and financial institutions increased by 7% to HKD 79,104 million, compared to HKD 74,199 million at the end of 2023[54]. Operational Strategy - The company is focusing on a dual-engine development model of light and heavy asset management to enhance operational efficiency[3]. - The company plans to enhance its operational standards by focusing on layout planning, brand resource accumulation, and market reputation recognition[6]. - The company aims to strengthen its core competitiveness while ensuring financial safety and improving profitability[6]. - The company will continue to adapt to market dynamics and seize opportunities from national policy implementation and urban high-quality development[6]. - The company plans to focus on market expansion and new product development to drive future growth[19]. Governance and Compliance - The company adhered to the corporate governance code as per the listing rules, except for the absence of the chairman at the annual general meeting[63]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's accounting principles and discussed risk management and internal controls[65]. - The interim results for the six months ending June 30, 2024, were reviewed by the audit committee[65]. - The company confirmed that its public float met the required level as per the listing rules during the period[66]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[66].

Revenue and Financial Performance - For the year ended December 31, 2023, total revenue was HK$34,442 million, an increase of 25.5% from HK$27,000 million in 2022[4] - The real estate segment generated revenue of HK$26,499 million, up from HK$19,081 million in 2022, reflecting a growth of 38.5%[4] - The commercial segment reported revenue of HK$4,239 million, an increase from HK$3,952 million in 2022, representing a growth of 7.3%[4] - Property management segment income was approximately HK$1,395 million, down from HK$2,989 million in 2022, indicating a decline of 53.3%[4] - Infrastructure income before elimination was approximately HK$8,114 million, compared to HK$3,439 million in 2022, showing a significant increase[7] - The investments segment recorded a loss of approximately HK$151 million in 2023, an improvement from a loss of HK$2,210 million in 2022[7] - The Group's revenue from property development for the year ended December 31, 2023, was approximately HK$26,500 million, representing a year-on-year increase of 39%[146] - Property contracted sales for 2023 amounted to approximately RMB31,422 million, reflecting a 3% year-on-year increase, with an average selling price of RMB40,625 per sq.m.[146] - The average selling price of contracted sales for the year was approximately RMB40,625 per sq.m., indicating strong market demand[146] Real Estate Development - Contracted sales in the real estate segment amounted to approximately RMB32,583 million in 2023, with several properties achieving over RMB1,000 million in sales[6] - The company is actively expanding its real estate projects across various regions, including significant developments in the Bohai Rim and Yangtze River Delta economic zones[55] - The total area of the company's real estate projects includes both completed and incomplete areas, reflecting ongoing growth and development strategies[70] - The real estate segment remains a key focus, with strategic investments planned in high-demand urban areas[55] - The Group's land bank totals 27.62 million sq.m. as of December 31, 2023, sufficient for future development needs[154] - During the year, the Group acquired new land with an area of 350,790 sq.m.[155] - The completed area for property development in 2024 is projected to be 2,382,389 sq.m.[156] - The total saleable area across various property types includes 19.12 million sq.m. for residential, 1.85 million sq.m. for shopping arcades, and 1.49 million sq.m. for offices[157] - The completed properties in Guangzhou amount to 1.12 million sq.m., while properties under development total 4.05 million sq.m.[161] - The total completed area for property development in 2025 is expected to be 1,457,510 sq.m.[156] - The Group has a total of 5.33 million sq.m. of completed properties across various categories[161] Market Trends and Economic Conditions - In 2023, the decline in real estate development investment in China narrowed to 9.6%, a decrease of 0.4 percentage points compared to the previous year[168] - The sales area of commercial housing in China decreased by 8.5% in 2023, with sales declining by 6.5%, both significantly narrowing by 15.8 and 20.2 percentage points respectively compared to the previous year[168] - The completed area of housing by real estate developers grew by 17% in 2023 compared to the previous year[168] - The real estate market is currently in an adjustment phase, with temporary difficulties faced by some companies, but risks are expected to be resolved with policy adjustments and market mechanisms[176] - The central government reiterated policies to stabilize the real estate market, emphasizing the principle that "properties are for accommodation, not for speculation"[173] Strategic Initiatives and Future Outlook - The company is focusing on new product and technology development to enhance its market position and competitiveness[55] - Future outlook includes continued market expansion and potential mergers and acquisitions to strengthen its portfolio[55] - The Group aims to improve conversion efficiency of urban redevelopment projects through standardized management and control[149] - The Group's strategy focuses on balancing long-term and current development needs to sustain growth[155] - The Group aims to establish a housing system that encourages both renting and buying, promoting stability in the real estate market[170] - The Group is committed to promoting the national strategic layout of the Hopson M-Series brand while ensuring housing delivery and stability in 2024[177] Commercial Segment and Investment Properties - The Group's commercial properties include significant assets such as Hopson One Shopping Mall with an approximate gross floor area of 259,903 sq.m.[1] - The Group's commercial plot located at the north of Hopson Gallopade Park has an approximate gross floor area of 371,832 sq.m. and is currently under construction[191] - The commercial segment has successfully turned challenges into opportunities, maintaining sales volume and customer traffic despite an economic slowdown[184] - The Group's investment real estate business will continuously expand its managed commercial area and business scale, leveraging high-quality land reserves to drive growth in commercial operating services[196] - The Group aims to optimize the tenant portfolio for investment properties to enhance rental income potential[196] - The Group plans to transition from traditional tenant management to incubation, focusing on introducing branded companies and creating new intellectual properties in rural regions[197] Corporate Governance and Management - The company appointed Luo Taibin as Chief Financial Officer effective March 27, 2024[28] - The company’s independent auditor is Ernst & Young Certified Public Accountants[28] - The principal bankers include Agricultural Bank of China, Bank of China, and Hang Seng Bank among others[28] - The registered office is located at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda[28] - The company has representative offices in Guangzhou, Beijing, and Shanghai[28] Brand Development and Marketing - The Group launched the global lifestyle brand "Hopson M-Series," aiming to enhance urban lifestyle and quality of living environment[148] - The Hopson M-Series brand was further promoted in 2023, targeting improvement and rigid demand in key regions, with a focus on high-end lifestyle real estate[173] - The Hopson Commercial Technology platform is committed to becoming a leading integrated operator providing commercial and pan-commercial ecological technologies globally[194] - The Group's commercial development strategy will innovate and upgrade products and services based on consumer trends and demands in the post-pandemic era[195] - The company will innovate new categories, scenarios, and models based on consumer trends to adapt to changing demand[199]

Revenue and Profit Performance - Revenue for 2023 reached HKD 34,292 million, a 25.8% increase from HKD 27,252 million in 2022[2] - Revenue for the year ended December 31, 2023, increased to HKD 34,291,809 thousand, up from HKD 27,252,008 thousand in 2022, representing a growth of approximately 25.8%[8] - Total revenue for the year ended December 31, 2023, was HK$42.10 billion, with property development contributing HK$27.48 billion (65.3%) and commercial property investment contributing HK$4.94 billion (11.7%)[24] - The company's revenue for 2023 was RMB 30,854 million (HKD 34,292 million), a 32% increase in RMB terms and a 26% increase in HKD terms compared to 2022[45] - Profit attributable to equity holders was HKD 2,922 million, a significant decrease from HKD 8,762 million in 2022[2] - Core profit increased to HKD 2,314 million from HKD 1,081 million in 2022[2] - Net profit attributable to equity holders of the company was HKD 2,922,321 thousand in 2023, compared to HKD 8,762,461 thousand in 2022, a decline of 66.6%[8] - The company reported a pre-tax profit of HK$6.29 billion and a net profit of HK$3.40 billion for the year[24] - The company's profit attributable to equity holders for 2023 was HKD 2,922 million, with core profit increasing by 114.1% to HKD 2,314 million after adjustments[52] Property Development and Sales - Contract sales and pre-sales for properties totaled RMB 32,583 million, slightly up from RMB 32,579 million in 2022[4] - Total delivered property area in 2023 was 1,446,055 square meters, up from 1,014,411 square meters in 2022[5] - Sales in Shanghai increased significantly to RMB 15,148 million, driven by the new Mansion Shanghai project[4] - Sales in Beijing and Tianjin dropped to RMB 9,933 million from RMB 20,968 million in 2022[4] - Property development revenue in 2023 increased to HK$26,499,537 thousand from HK$19,081,399 thousand in 2022, reflecting significant growth in this segment[28] - The property development segment in East China generated the highest revenue at HK$14.13 billion, followed by North China at HK$8.37 billion and South China at HK$4.99 billion[24] - Property development remains the core business of the company, accounting for 77% of total revenue. The company's operations in the South China, East China, and North China regions contributed 22%, 46%, and 32% of total revenue, respectively[53] Land Reserves and Construction - Land reserves as of December 31, 2023, stood at 27.62 million square meters, down from 28.72 million square meters in 2022[6] - Expected completed construction area for 2024 is 2,382,389 square meters[6] Financial Position and Liabilities - The company maintains a low debt-to-asset ratio and strong cash flow, supporting its stable operations[3] - Total assets as of December 31, 2023, stood at HKD 288,694,135 thousand, slightly down from HKD 298,714,401 thousand in 2022[11] - Total equity attributable to equity holders of the company increased to HKD 95,358,213 thousand in 2023 from HKD 93,149,760 thousand in 2022, reflecting a 2.4% growth[12] - Total liabilities decreased to HKD 187,709,286 thousand in 2023 from HKD 200,336,235 thousand in 2022, a reduction of 6.3%[13] - The company's net asset value as of December 31, 2023, was HKD 100,984,849 thousand, up from HKD 98,378,166 thousand in 2022, indicating a 2.6% increase[13] - Net current assets of the group amounted to HK$52,319 million, including HK$130,204 million in prepayments for land acquisition, properties under development, and completed properties for sale, and HK$15,368 million in cash and bank balances[16] - The group has classified borrowings of HK$37,030 million as current liabilities[16] - The group successfully extended the repayment of approximately HK$4,553 million of the current portion of borrowings after the reporting period[17] - The company's total assets and total liabilities as of December 31, 2023, were HKD 288,694 million and HKD 187,709 million, respectively, representing a decrease of 3% and 6% compared to December 31, 2022[54] - The company's debt-to-asset ratio decreased to 65% as of December 31, 2023, from 67% as of December 31, 2022[54] - The company's net asset value per share as of December 31, 2023, was HKD 26.63[54] - The company's total bank credit facilities as of December 31, 2023, amounted to HKD 206,322 million, with HKD 119,467 million remaining unused[55] - The company's total assets and equity pledged as collateral for loans amounted to HKD 84,775 million and HKD 8,619 million, respectively, as of December 31, 2023[57] Investment and Fair Value Gains - Investment property fair value gain decreased significantly to HKD 2,495,968 thousand in 2023 from HKD 10,072,467 thousand in 2022, a drop of 75.2%[8] - The commercial property investment segment in East China recorded a significant fair value gain of HK$2.57 billion, contributing to a total fair value gain of HK$2.50 billion for the segment[24] - The company's fair value gain on investment properties for 2023 was HKD 2,496 million, a significant decrease from HKD 10,072 million in 2022[48] Segment Performance - The property development segment in East China generated the highest revenue at HK$14.13 billion, followed by North China at HK$8.37 billion and South China at HK$4.99 billion[24] - The commercial property investment segment in East China recorded a significant fair value gain of HK$2.57 billion, contributing to a total fair value gain of HK$2.50 billion for the segment[24] - The investment segment reported a loss of HK$424.06 million, primarily due to impairment provisions of HK$159.89 million for an associate and HK$51.24 million for joint ventures[24] - The infrastructure segment achieved revenue of HK$8.11 billion, with a segment profit of HK$455.05 million[24] - The property management segment generated revenue of HK$1.70 billion, with a segment profit of HK$21.86 million[24] - Commercial property investment revenue rose to HK$4,239,271 thousand in 2023, up from HK$3,952,516 thousand in 2022, indicating steady growth in this sector[28] - Property management revenue decreased to HK$1,395,193 thousand in 2023 from HK$2,989,241 thousand in 2022, showing a notable decline[28] - Infrastructure revenue dropped to HK$2,308,801 thousand in 2023 from HK$3,439,021 thousand in 2022, reflecting a significant reduction[28] - Investment losses improved to HK$150,993 thousand in 2023 from HK$2,210,169 thousand in 2022, indicating a substantial recovery in this area[28] Financial Costs and Income - The company's financial costs for the year were HK$933.79 million, offset by financial income of HK$519.06 million[24] - Financial income from bank deposits, loans to a joint venture, and interest income decreased to HK$519,062 thousand in 2023 from HK$563,138 thousand in 2022[32] - Total borrowing costs decreased to HK$5,711,647 thousand in 2023 from HK$7,884,138 thousand in 2022, with capitalised amounts for development properties reducing net borrowing costs to HK$933,794 thousand[32] - Net financial costs decreased to HK$414,732 thousand in 2023 from HK$952,679 thousand in 2022[32] - The company's financial costs before capitalization decreased by 28% to HKD 5,712 million in 2023, primarily due to lower bank and financial institution borrowings[50] Taxation - Hong Kong profits tax provision was calculated at 16.5% of estimated taxable profits, consistent with 2022[32] - Mainland China corporate income tax increased to HK$573,577 thousand in 2023 from HK$1,738,625 thousand in 2022[32] - The company's effective tax rate for 2023 was 45.9%, an increase of 15.5 percentage points from the previous year, mainly due to higher land value-added tax rates on key projects[51] Earnings and Dividends - Basic earnings per share decreased to HK$0.77 in 2023 from HK$2.31 in 2022, based on a weighted average of 3,792,541,000 ordinary shares[35] - No dividends were recommended for the years ended December 31, 2023, and 2022[36] Borrowings and Debt Management - The group has classified borrowings of HK$37,030 million as current liabilities[16] - The group successfully extended the repayment of approximately HK$4,553 million of the current portion of borrowings after the reporting period[17] - Non-current bank and financial institution borrowings decreased to HK$49,173,293 thousand in 2023 from HK$59,520,917 thousand in 2022[39] - Commercial mortgage-backed securities issued in 2021 with interest rates of 4.80% and 5.30% had a carrying value of HK$1,454,393 thousand as of December 31, 2023[40] - The company issued commercial mortgage-backed securities with a face value of RMB 635,000,000 at an interest rate of 6.00%, maturing in 2041, and had a book value of HKD 662,091,000 as of December 31, 2023[41] - The company issued unsecured senior notes with a face value of USD 300,000,000 at an interest rate of 7.00%, maturing in May 2024, and had a book value of HKD 2,337,350,000 as of December 31, 2023[41] - The company issued unsecured senior notes with a face value of USD 237,500,000 at an interest rate of 6.80%, maturing in 2023, and fully repaid the remaining outstanding amount of USD 224,500,000 in December 2023[41] - The company's total bank and financial institution borrowings as of December 31, 2023, decreased by 7% to HKD 74,199 million compared to December 31, 2022[55] - The company repurchased $13,000,000 of the outstanding 2021 June notes, representing approximately 5.5% of the total outstanding principal amount at that time[67] - The total outstanding principal amount of the 2021 June notes after the repurchase was $224,500,000, which was fully repaid on December 28, 2023, along with accrued interest[67] - The company issued $250,000,000 of 8.00% guaranteed convertible bonds on January 10, 2022, which were fully redeemed on January 6, 2023, along with accrued interest[68] Accounting and Financial Reporting - The group has adopted new and revised Hong Kong Financial Reporting Standards (HKFRS), including HKFRS 17, HKAS 1, and HKAS 12, with no material impact on the financial statements[18] - The group has not yet applied the temporary exception for deferred taxes related to the OECD's Pillar Two model rules, as the rules have not been enacted or substantively enacted in the jurisdictions where the group operates[20] - The group plans to apply the revised HKFRS 10 and HKAS 28, which address inconsistencies in the treatment of asset sales or contributions between investors and their associates or joint ventures, when they become effective[21] - The company's audit committee reviewed the accounting principles, risk management, internal controls, and financial reporting for the year ended December 31, 2023[69] - The company's preliminary financial figures for the year ended December 31, 2023, were agreed upon by the auditors, but no audit opinion or conclusion was provided[70] Corporate Governance and Shareholder Information - The board of directors consists of eight members, including six executive directors and three independent non-executive directors as of the announcement date[73] - The company will suspend share transfer registration from June 11, 2024, to June 14, 2024, to determine the list of shareholders eligible to attend and vote at the annual general meeting on June 14, 2024[71] - The 2023 annual report containing all information required by the listing rules will be published on the stock exchange and company websites in due course[72] Employee and Operational Costs - The company's total employee count as of December 31, 2023, was 9,654, a decrease from 10,482 as of December 31, 2022[65] - The company's employee costs, including director remuneration, for the year ended December 31, 2023, amounted to HKD 2,022 million, a decrease from HKD 2,399 million in the previous year[65] - Employee benefit costs, including director remuneration, decreased to HK$2,021,623 thousand in 2023 from HK$2,399,121 thousand in 2022, showing a reduction in personnel expenses[31] - Advertising expenses increased to HK$608,447 thousand in 2023 from HK$444,802 thousand in 2022, reflecting higher marketing efforts[31] Impairment and Depreciation - Impairment provisions for completed properties and properties under development amounted to HK$1.03 billion and HK$36.35 million, respectively[24] - Depreciation of property, plant, and equipment amounted to HK$223.54 million, while depreciation of right-of-use assets totaled HK$180.22 million[24] Accounts Receivable and Other Financial Items - Accounts receivable aged over 12 months decreased to HK$2,731,609 thousand in 2023 from HK$3,046,732 thousand in 2022[38] - The company's cash and bank deposits as of December 31, 2023, amounted to HKD 15,368 million, with 97.97% denominated in RMB[54]

Real Estate Performance - The real estate segment reported recognized sales of HK$11,320 million in the first half of 2023, with major projects including Beijing Jinmao Place Phase II and Hopson International Garden[10]. - Contracted sales for the Group amounted to RMB16,062 million, with suburban properties, high-end properties, and renovated properties accounting for 3%, 68%, and 29% of total sales, respectively[10]. - Sales in the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Bohai Rim Economic Zone reached RMB5,600 million, RMB4,800 million, and RMB5,700 million, respectively[10]. - The average selling price of contracted property sales was RMB35,576 per square metre, reflecting strong demand for high-end improvement products[10]. - The Group's focus on high-end properties has resulted in significant sales achievements, with several projects exceeding RMB1,000 million in sales[10]. - Completed properties accounted for a saleable area of 5.12 million square metres, while properties under development totaled 7.02 million square metres[15]. - The total saleable area across various property types includes 20.02 million square metres for residential, 1.87 million square metres for shopping arcades, and 1.49 million square metres for offices[14]. Land Bank and Development Strategy - As of June 30, 2023, the Group's land bank totaled 28.35 million square metres, sufficient for future development needs[12]. - The Group acquired approximately 170,000 square metres of land during the period to balance long-term and current development needs[12]. - The Group's strategy includes cooperating with the government on urban redevelopment projects to acquire quality land in prime locations while avoiding high land premiums[12]. Commercial Segment Performance - As of June 30, 2023, revenue from the commercial segment was approximately HK$2,089 million[24]. - The commercial segment has a land bank of approximately 7.3 million square meters, with 6.9 million square meters located in first-tier cities, accounting for 95% of the total[27]. - The Group's commercial urban complexes include various property types, such as shopping malls and office buildings, contributing to urban development through innovative lifestyle experiences[26]. Market Trends and Economic Conditions - The real estate market in China showed steady momentum in the first half of the year, with pent-up housing demand being released and a gradual return to normal operations in the second quarter[21]. - The policy of "properties are for accommodation, not for speculation" has suppressed speculative housing demand while supporting rigid and improved housing needs[21]. - The commercial real estate market is expected to steadily recover in the second half of 2023, driven by continuous economic recovery and policy efforts to promote consumption[27]. - The operational mode of some real estate companies with high gearing ratios and debt levels has become unsustainable, leading to adjustments in the supply side of the market[21]. - The consumer market is gradually recovering post-epidemic, although it is still lagging behind its peak[26]. Financial Performance - The Group recorded a turnover of RMB13,687 million (HK$15,080 million) for the first half of 2023, representing a 24.2% increase compared to RMB11,016 million (HK$13,170 million) in the same period of 2022[53]. - Gross profit for the first half of 2023 was HK$5,377 million, with a gross profit margin of 36%, up from 23% in 2022[55]. - Profit attributable to equity holders was HK$3,903 million for the first half of 2023, down from HK$6,390 million in 2022, while underlying profit increased by 183% to HK$1,581 million[65]. - The effective interest rate of the Group's borrowings for the first half of 2023 was approximately 6.2% per annum, down from 6.5% in 2022[64]. - The effective tax rate for the first half of 2023 was 27.7%, an increase of 0.3 percentage points compared to the same period last year[67]. Investment and Technology - Revenue from technology-driven hooplife community and property management amounted to HK$714 million as of June 30, 2023[33]. - The investments segment focuses on equity investments in high-and-new technology, with financial assets at fair value through other comprehensive income totaling HK$3,266 million and financial assets at fair value through profit or loss amounting to HK$2,398 million in the first half of 2023[38]. - Hooplife Technology Group aims to empower quality upgrades and continuously optimize service quality through its strategy of "technology empowerment + operation empowerment"[36]. - The Group's strategy includes partnering with various stakeholders to enhance operational and service capabilities, thereby adding value to industry development[36]. Infrastructure Segment - For the six months ended June 30, 2023, the total output of the infrastructure segment amounted to approximately HK$879 million, with a construction area of approximately 6.79 million square meters[48]. - The revenue from infrastructure investment before elimination was HK$3,563 million, representing a decrease of 35% compared to HK$5,474 million in the same period of 2022[49]. - The infrastructure segment has implemented a smart construction cloud platform to enhance quality and safety supervision, output value management, and project inspection automation[50]. Asset Management and Liabilities - Total assets as of June 30, 2023, amounted to HK$295,832 million, while total liabilities were HK$196,660 million, representing a decrease of 1% and 2% respectively compared to December 31, 2022[66]. - The gearing ratio was 73% as of June 30, 2023, down 6 percentage points from 79% as of December 31, 2022[69]. - The Group had cash and bank balances of HK$18,997 million as of June 30, 2023, an increase from HK$18,394 million as of December 31, 2022[71]. - The Group provided guarantees for mortgage facilities amounting to HK$17,562 million as of June 30, 2023, down from HK$20,170 million as of December 31, 2022[78]. Changes in Accounting Policies - The Group's interim condensed consolidated financial information is consistent with the annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new and revised HKFRSs[110]. - Amendments to HKAS 1 require disclosure of material accounting policy information, which is expected to affect the Group's annual consolidated financial statements[112]. - The Group has applied the amendments to HKFRSs since January 1, 2023, with no significant effects on interim financial information[112]. Future Outlook - The company is committed to ongoing investment in new product development and market expansion strategies[88]. - The company plans to focus on expanding its commercial properties investment and enhancing property management services in the upcoming periods[132].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 15,080 million, with a profit attributable to equity holders of HKD 3,903 million[2]. - Basic and diluted earnings per share were HKD 1.132, compared to HKD 1.853 in the previous period[8]. - Revenue for the six months ended June 30, 2023, was HKD 15,079,851 thousand, an increase from HKD 13,170,426 thousand in 2022, representing a growth of approximately 14%[9]. - Gross profit for the same period was HKD 5,377,235 thousand, up from HKD 3,064,428 thousand, indicating a significant increase of about 75%[9]. - The net profit for the period was HKD 4,475,232 thousand, a decrease from HKD 6,301,440 thousand in the previous year, reflecting a decline of approximately 29%[11]. - The company reported a net profit of HKD 4,475,232 thousand for the same period, reflecting a significant increase[20]. - The total tax expense for the six months ended June 30, 2023, was HKD 1,712,613, compared to HKD 2,381,645 in the previous year[31]. - The group reported a profit attributable to equity holders of HKD 3,902,818 for the six months ended June 30, 2023, down from HKD 6,389,859 in the same period of 2022[34]. Sales and Contracted Sales - Contracted sales for the first half of 2023 reached RMB 16,062 million, a slight decrease from RMB 16,860 million in the same period last year[3]. - For the first half of 2023, the company recorded a revenue of RMB 13,687 million (HKD 15,080 million), representing a 24.2% increase compared to RMB 11,016 million (HKD 13,170 million) in the same period of 2022[48]. - The average selling price of delivered properties increased by 27.0% to RMB 18,479 per square meter in the first half of 2023, compared to RMB 14,551 per square meter in the same period of 2022[48]. - Property development revenue for the six months ended June 30, 2023, was HKD 11,320,244, an increase of 22% from HKD 9,282,267 in the same period of 2022[26]. - Commercial real estate investment revenue rose to HKD 2,089,117, up 6% from HKD 1,965,504 year-on-year[26]. - Infrastructure revenue decreased significantly to HKD 879,260, down 61% from HKD 2,254,844 in the previous year[26]. Assets and Liabilities - Total assets as of June 30, 2023, were HKD 295,832,592 thousand, slightly down from HKD 298,714,401 thousand at the end of 2022[13]. - The company’s total liabilities decreased to HKD 196,660,203 thousand from HKD 200,336,235 thousand, a reduction of about 1.3%[13]. - The total assets and liabilities of the company as of June 30, 2023, were HKD 295,832 million and HKD 196,660 million, respectively, representing a decrease of 1% and 2% from December 31, 2022[58]. - The company's cash and bank balances reached HKD 18,997 million as of June 30, 2023, compared to HKD 18,394 million at the end of 2022[59]. - The debt-to-asset ratio remained stable at 67% as of June 30, 2023, unchanged from December 31, 2022[59]. Financial Management and Strategy - The company maintains a prudent financial management strategy, ensuring safety and liquidity of funds while focusing on asset appreciation and financial stability[3]. - The group plans to continue its long-term strategy, enhancing profitability while adapting to market dynamics and seizing recovery opportunities[5]. - The company plans to expand its market presence and invest in new technologies to drive future growth[20]. Segment Performance - The company operates five reportable segments: property development, commercial real estate investment, property management, infrastructure, and investment in high-tech and medical sciences[18]. - The company’s segments are further divided geographically into South China, North China, and East China, focusing on major cities like Guangzhou, Beijing, and Shanghai[18]. - The revenue from the North China segment was HKD 6,379,752 thousand, which represents a 39,989 thousand increase compared to the previous period[20]. - The South China segment generated revenue of HKD 1,251,181 thousand, with a notable increase in performance[20]. Shareholder Information - The company announced a bonus share issue of one new share for every ten existing shares held[2]. - The board of directors did not recommend an interim dividend for the six months ended June 30, 2023, compared to zero HKD for the same period in 2022[36]. - The company proposed a bonus share distribution of one new share for every ten existing shares, pending shareholder approval[47]. Compliance and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective January 1, 2023, with no significant impact on interim financial data but expected effects on annual financial statements[16]. - The company has adopted the standard code for securities transactions by directors, confirming compliance for the six months ended June 30, 2023[66]. - The company maintained compliance with the corporate governance code, except for the absence of the chairman at the annual general meeting[67]. - The company confirms that its public float during the review period meets the regulatory requirements[73]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[73].