香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 TALENT PROPERTY GROUP LIMITED 新 天 地 產 集 團 有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：760） 二 零 二 二 年 全 年 業 績 公 佈 主席報告書 本人謹代表新天地產集團有限公司（「本公司」），提呈本公司及其附屬公司（「本 集團」）截至二零二二年十二月三十一日止年度的經審核綜合業績。 財務業績 二零二二年綜合收益及毛利分別約為人民幣276.1百萬元（二零二一年：人民幣 344.0百萬元）及人民幣98.6百萬元（二零二一年：人民幣133.9百萬元）。本年度之 收入主要包括新天半山別墅銷售以及揚州項目預售單位交樓之收入確認。收 入組合改變，至使毛利率有所下降。於未計及投資物業公平值變動及撥回發 展中物業的減值虧損前，除稅前虧損為人民幣1.4百萬元（二零二一年：除稅前 ...

(Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code 股份代號 : 760) Interim Report 中 期 報 告 2022 * For identification purposes only * 僅供識別 CONTENTS 目錄 | Management Discussion and Analysis | 2 | | --- | --- | | 管理層之討論及分析 | | | Other Information | 12 | | 其他資料 | | | Condensed Consolidated Statement of Profit or Loss and | | | Other Comprehensive Income | 16 | | 簡明綜合損益及其他全面收入報表 | | | Condensed Consolidated Statement of Financial Position | 18 | | 簡明綜合財政狀況表 | | | Condensed Consolidated Statem ...

Financial Performance - The consolidated revenue for 2021 was approximately RMB 344.0 million, a slight decrease from RMB 348.2 million in 2020, while gross profit fell to RMB 133.9 million from RMB 166.9 million[11]. - Profit before taxation increased to RMB 197.3 million in 2021, compared to RMB 97.8 million in 2020, excluding fair value changes and impairment losses[11]. - Profit after tax attributable to the owners of the Company was RMB 164.0 million in 2021, a significant recovery from a loss of RMB 100.9 million in 2020[11]. - For the year ended December 31, 2021, the Group recorded revenue of RMB344.0 million, a decrease of 1.2% from RMB348.2 million in 2020, and gross profit of RMB133.9 million, down from RMB166.9 million, resulting in a gross profit margin of 38.9% compared to 47.9% in 2020[41][44]. - The gross profit margin decreased to 38.9% in 2021 from 47.9% in 2020, reflecting a decline in gross profit to RMB 133.9 million[47]. - The Group recorded a share of profit from an associate of RMB 129.7 million in 2021, significantly up from RMB 38.6 million in 2020[56]. - Finance costs decreased to RMB 65.1 million in 2021 from RMB 89.1 million in 2020 due to the repayment of various loans[63]. - Income tax expense was recorded at RMB 33.2 million in 2021, down from RMB 74.0 million in 2020[64]. - A gain of RMB 28.8 million was recorded from the disposal of a subsidiary during the year[50]. - The company recorded a profit attributable to owners of RMB 164.0 million for the year, a significant recovery from a loss of RMB 100.9 million in 2020[70]. Real Estate Projects - The flagship project Xintian Banshan recorded a total subscription area of approximately 5,200 sqm in 2021, up from 3,500 sqm in 2020, with total sales amounting to approximately RMB 374 million, compared to RMB 237 million in 2020[18]. - Revenue from the delivery and sales of residential units and villas of Xintian Banshan was RMB261.2 million, an increase from RMB182.7 million in 2020, with a gross floor area of approximately 3,800 sqm[42]. - The Yangzhou Intelligent Living City project recorded revenue of RMB31.7 million from office units with a gross floor area of approximately 3,900 sqm[42]. - As of the end of 2021, the subscription amount for commercial units in Xuzhou Intelligent Industrial Town was approximately RMB205.1 million, down from RMB284.8 million in 2020, with a saleable area of 17,300 sqm[29]. - The Group plans to fully complete the Yangzhou Intelligent Life City project by mid-2022 for sale and delivery as completed units[23][25]. - The Group aims to complete the sale of the remaining commercial units of approximately 10,000 sqm in Xuzhou Intelligent Industrial Town in 2022[29]. - The Group has ongoing property development projects, including Xintian Banshan with a planned saleable area of approximately 15,000 sq.m., expected to be completed in 2022[87]. - The Yangzhou Intelligence Living City project has a planned gross floor area of approximately 86,000 sq.m., with a 100% ownership interest and expected completion in Q2 2022[87]. - The Xuzhou Intelligence Industry Town project has a planned gross floor area of approximately 104,000 sq.m., also with a 100% ownership interest and expected completion in Q2 2022[89]. Market Conditions - The real estate market in China faced increased regulatory restrictions in 2021, leading to liquidity crises among large developers and a surge in credit defaults[17]. - The Company adjusted its pricing strategy for Xintian Banshan to accelerate cash recovery in response to market trends[18]. - The future business model in the real estate sector is expected to focus on high-quality growth and refined products, moving away from the previous "high turnover" and "excessive financialization" approach[17]. - The Talent Shoes Trading Center experienced higher tenant loss in the second half of the year due to adverse business conditions, prompting the Group to optimize rental and customer mix in 2022[30]. - The company is focused on reducing inventories, maintaining liquidity, and tightly controlling operating costs to navigate the challenging business environment in the real estate market[77]. - The management is closely monitoring market conditions and formulating selling plans to adapt to changing economic circumstances[74]. - The Group is committed to seizing attractive opportunities for future growth despite the uncertainties posed by global economic factors[77]. Asset Management - Minimal provision for impairment loss was recorded in 2021, following prudent charges in previous years, indicating improved asset management[11]. - Unfavorable fair value changes of RMB 12.0 million were recorded for investment properties, a significant reduction from RMB 213.9 million in 2020[11]. - Fair value deficits of RMB 12.0 million were recorded, down from RMB 45.9 million in 2020, primarily from the Talent Shoes Trading Center[57]. - The Group's investment property and completed properties held for sale were valued at approximately RMB552.0 million and RMB205.5 million, respectively[102]. Corporate Governance - The Company has applied the principles and code provisions of the Corporate Governance Code and has complied with them during the year ended December 31, 2021[131]. - The Board is collectively responsible for leadership and promoting the success of the Company by directing and supervising its affairs[132]. - The Board has delegated day-to-day operations to general managers and department heads, ensuring proper monitoring of business operations[133]. - The Company is committed to maintaining high standards of corporate governance in the interests of shareholders[134]. - The Board currently has no appointed CEO, believing that the existing structure provides strong leadership for effective decision-making and strategy formulation[148]. - The Board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced governance structure[148]. - The Nomination Committee met once during the year to assess the independence of retiring independent non-executive directors and recommend re-appointments[158]. - The Remuneration Committee is responsible for attracting and retaining high-caliber directors and senior management, having met once in the year to review remuneration policies[159]. - The Audit Committee, comprising three independent non-executive directors, held three meetings in 2021 to review the Group's annual and interim results, audit plans, and risk management systems[166]. - The Company has adopted a board diversity policy to ensure a balanced and diverse profile on the Board, considering various factors such as gender, age, and industry experience[153]. Employee and Stakeholder Relations - The Group had approximately 213 employees as of December 31, 2021, a decrease from 216 employees in the previous year[103]. - Employee remuneration includes basic salary, medical insurance, performance-related bonuses, and mandatory provident fund contributions, in line with industry practices[164]. - The Group emphasizes the importance of its Directors, senior management, and employees for maintaining market competitiveness, offering competitive remuneration packages and a Share Option Scheme to incentivize contributions[110]. - The Company maintains a website to provide comprehensive information about its major businesses, financial information, and announcements to promote effective communication with shareholders[185]. - The company believes that regular and timely communication with shareholders enhances their understanding of the business and operations[189]. Financial Position - As of December 31, 2021, the Group's total assets were approximately RMB4,220.7 million, a slight decrease from RMB4,266.7 million as of December 31, 2020[94]. - The Group's total equity increased to approximately RMB1,708.6 million from RMB1,597.6 million year-over-year[94]. - The total liabilities decreased to approximately RMB2,512.1 million from RMB2,669.1 million, resulting in a gearing ratio of approximately 59.5%, down from 62.6%[96]. - Bank borrowings amounted to RMB277.2 million, down from RMB312.9 million, with a variable interest rate of 110.6%[96]. - Other borrowings decreased to RMB285.5 million from RMB431.6 million, with fixed interest rates ranging from 10.5% to 11.8%[96]. - Completed properties held for sale amounted to approximately RMB205.5 million, slightly up from RMB204.6 million[102]. - The Group has no outstanding forward contracts in foreign currency, minimizing foreign exchange risk exposure[95]. - The average exchange rate applied for consolidation was HK$1.20610 to RMB1, with a closing rate of HK$1.22356 to RMB1[97].

Financial Performance - For the six months ended June 30, 2021, the Group recorded unaudited consolidated revenue of RMB 179.0 million, a 57.0% increase from RMB 114.0 million in the preceding period[6]. - Gross profit for the same period was RMB 78.6 million, representing a gross profit margin of 43.9%, down from 57.1% in the preceding period[14]. - Profit attributable to owners of the Company was RMB 78.8 million, a significant turnaround from a loss of RMB 97.7 million in the preceding period[34]. - Total comprehensive income for the period reached RMB 78,452,000, a significant recovery from a loss of RMB 161,728,000 in the same period last year[119]. - Profit before tax for the period was RMB 116,995,000, compared to a loss of RMB 147,296,000 in the previous year, marking a significant turnaround[117]. - The company reported a profit attributable to owners of approximately RMB 78,778,000 for the six months ended 30 June 2021, compared to a loss of approximately RMB 97,703,000 for the same period in 2020[174]. Revenue Sources - Revenue from the delivery and sales of residential units and villas of Xintian Banshan was RMB 146.7 million, significantly up from RMB 35.2 million in the preceding period[7]. - Subscription and contract sales for Xintian Banshan Villa totaled approximately RMB 274 million, with a gross floor area of approximately 3,800 sqm, compared to RMB 130 million and 1,700 sqm in the preceding period[8]. - Subscription and contract sales for the Yangzhou Intelligent Life City totaled approximately RMB 15 million, up from RMB 14 million in the preceding period, with a gross floor area of approximately 2,000 sqm[29]. - Subscription and contract sales for the Xuzhou Intelligent Industrial Town amounted to approximately RMB 113 million, compared to RMB 111 million in the preceding period, with a gross floor area of approximately 11,500 sqm[30]. - The property development segment generated revenue of RMB 167,447,000, while the property investment and management segments contributed RMB 6,359,000 and RMB 5,177,000 respectively[146]. Expenses and Costs - Distribution costs increased slightly to RMB 6.5 million, while administrative and other expenses decreased to RMB 20.7 million from RMB 24.5 million in the preceding period[15]. - Finance costs decreased to RMB 33.8 million from RMB 51.3 million in the preceding period due to the repayment of various loans[32]. - Income tax expenses increased to RMB 38.2 million from RMB 14.4 million in the preceding period, primarily due to increased revenue from sales of Xintian Banshan[33]. - The company reported finance costs of RMB 20,139,000 and income tax expenses of RMB 38,217,000 for the period[146]. - The total income tax expense for the six months ended June 30, 2021, was RMB 38,217,000, significantly higher than RMB 14,415,000 in the same period of 2020, indicating an increase of approximately 165%[167]. Asset and Liability Management - As of June 30, 2021, the Group's total assets were approximately RMB4,090.8 million, a decrease from RMB4,266.7 million as of December 31, 2020[56]. - The Group's total liabilities were approximately RMB2,467.4 million, down from RMB2,669.1 million as of December 31, 2020[56]. - The gearing ratio as of June 30, 2021, was approximately 60.3%, compared to 62.6% as of December 31, 2020[58]. - The company reported a net current asset value of RMB 1,174,398,000, down from RMB 1,425,187,000 at the end of 2020[122]. - The company’s investment properties and completed properties held for sale were mortgaged for general bank financing, with values of approximately RMB 552 million and RMB 205 million as of June 30, 2021[68]. Corporate Governance and Structure - The company has committed to high standards of corporate governance, complying with the Code on Corporate Governance Practices, with some deviations noted[95][96]. - The company has not appointed a chief executive officer, believing the current board structure provides strong leadership for decision-making[96]. - The company has not granted any new share options during the six months ended June 30, 2021, and the number of shares available for issue under the share option scheme is 1,029,313,655, representing 10% of the issued shares[80][81]. - The board does not recommend payment of any interim dividend for the six months ended June 30, 2021[85]. Market and Strategic Outlook - The Group adopted price adjusting strategies to enhance sales and cash return amid regulatory changes in the real estate market[8]. - The management anticipates increasingly stringent regulatory policies in the second half of the year, impacting the property market unevenly across different city tiers[39]. - The Group aims to broaden financing channels to secure resources for existing projects while prudently selecting new opportunities[40]. - The Group plans to launch a mega villa in zone E of Xintian Banshan during the year while controlling marketing progress to destock[40]. Employee and Operational Metrics - The Group had approximately 214 employees as of June 30, 2021, a slight decrease from 216 employees as of December 31, 2020[65]. - The company continues to apply the same accounting policies as in the preparation of the annual financial statements for the year ended December 31, 2020[134].

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號 : 760) 2020 annual report 年報 CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairman's Statement | 4 | | 主席報告書 | | | Business and Financial Review | 11 | | 業務及財務回顧 | | | Biographical Details of Directors and Senior Management | 23 | | 董事及高級管理人員之履歷 | | | Corporate Governance Report | 26 | | 企業管治報告 | | | Environmental, Social and Governance Report | 36 | | 環境、社會及管治報告 | | | Report of the Directors | 51 | | 董 ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號 : 760) 2020 Interim Report 中期報告 * For identification purposes only * 僅供識別 CONTENTS 目錄 | Management Discussion and Analysis | 2 | | --- | --- | | 管理層之討論及分析 | | | Other Information | 13 | | 其他資料 | | | Report on Review of Condensed Consolidated Financial Statements | 18 | | 簡明綜合財務報表審閱報告 | | | Condensed Consolidated Statement of Profit or Loss and | | | Other Comprehensive Income | 20 | | 簡明綜合損益及其他全面收入報表 | | | Condensed Consolidat ...

Financial Performance - The consolidated revenue for 2019 was approximately RMB277.7 million, a slight decrease from RMB278.7 million in 2018, while gross profit increased to RMB115.5 million from RMB82.1 million in 2018, indicating a rise in gross profit margin[11]. - Profit before tax for the year was RMB52.0 million, down from RMB58.8 million in 2018, reflecting challenges in the market[11]. - The post-tax loss attributable to the owners of the Company was RMB99.8 million, a significant decline from a profit of RMB69.6 million in 2018, reflecting the adverse impact of market conditions[13]. - For the year ended December 31, 2019, the Group recorded revenue of RMB277.7 million and gross profit of RMB115.5 million, compared to revenue of RMB278.7 million and gross profit of RMB82.1 million for 2018[42][47]. - The overall gross profit margin improved to 41.6% in 2019 from 29.5% in 2018, reflecting better profitability[45][47]. - Distribution costs decreased significantly to RMB11.0 million in 2019 from RMB23.2 million in 2018, due to reduced marketing efforts[49][52]. - Administrative expenses were reduced to RMB49.6 million in 2019 from RMB51.8 million in the previous year, attributed to cost-saving measures[50][53]. - The Group recorded a share of profit from an associate of RMB19.6 million in 2019, down from RMB23.1 million in 2018, related to the Linhe Cun Rebuilding project[51][54]. - Finance costs from bank and other borrowings increased to RMB74.1 million in 2019, up from RMB30.6 million in 2018, due to new borrowings for logistics projects[58]. Asset Valuation and Impairment - The Group recorded a reduction in fair value of investment properties totaling RMB62.6 million, compared to RMB38.9 million in 2018, indicating a significant decline in asset valuation[12]. - A provision for impairment loss of RMB168.0 million was made for logistics commercial projects under development, highlighting ongoing challenges in project viability[12]. - The fair value loss for Talent Shoes Trading Centre was RMB59.6 million in 2019, compared to RMB38.9 million in 2018, reflecting adverse impacts from the trade war and economic slowdown[60]. - The Group made an impairment provision of RMB168.0 million for its logistics projects, considering actual sale prices, future sales strategies, and development costs[60]. Market Conditions and Economic Outlook - The regulatory policies aimed at stabilizing land and housing prices were gradually implemented, leading to a cooling of the land market and a slowdown in housing price increases[21]. - The economic outlook for 2020 is expected to be challenging, with potential recessionary pressures due to the impact of the novel coronavirus and continued regulatory constraints on property development[21]. - The economic environment in 2020 is expected to impact the sales of high-end villas, but low-density communities may show advantages post-epidemic[24]. Project Performance and Development - The flagship project Xintian Banshan recorded a subscription area of approximately 360 sqm and a total amount of RMB 27 million in 2019, a significant decrease from RMB 316 million in 2018[24]. - The Yangzhou Intelligent Life City project, with a gross floor area of approximately 93,000 sqm, recorded subscriptions of approximately RMB 29.5 million for 3,600 sqm by the end of 2019, underperforming expectations due to a sluggish property market[31]. - The Linhe Cun redevelopment project, located in the central business district, has completed development with most units sold out, but the Group remains cautious about de-stocking remaining inventories due to the epidemic[30]. - The Group successfully bid for a land parcel of 250,000 sqm in Yangzhou City for the Suzhong Demonstration City on Intelligent Agricultural Industry, with construction initiated in March 2020[35]. - The Group plans to strengthen marketing management and explore regional value for the Yangzhou Intelligent Life City project to improve cash recovery[31]. - The mega villa project at zone E of Xintian Banshan is expected to be available for sale in mid-2021, contingent on the sales performance of villas at zone B[24]. Operational and Strategic Initiatives - The Group plans to accelerate the pre-sale of logistics projects in Yangzhou and Xuzhou to improve cash flow amid market challenges[57]. - The Group aims to maintain rental income from the Talent Shoes Trading Center by attracting more sizable merchants and enhancing management services[25]. - The Group's liquidity position is supported by sufficient working capital for operations and future investment opportunities[93]. - The Group maintains a relatively low gearing ratio to accommodate market risks associated with property assets[66]. - The management will cautiously explore attractive opportunities while navigating the uncertainties posed by the ongoing economic environment[75]. Corporate Governance - The Company has established three committees: Nomination Committee, Remuneration Committee, and Audit Committee, to oversee specific aspects of the Board and the Company's affairs[151]. - The Board comprises five directors, including two executive directors and three independent non-executive directors[143]. - The Company has adopted a board diversity policy to ensure a balanced diverse profile on the Board, considering factors such as gender, age, and industry experience[153]. - The Company has received annual confirmations of independence from all independent non-executive directors, ensuring their independence[145]. - The Board is responsible for preparing the financial statements in accordance with Hong Kong Financial Reporting Standards[168]. - The corporate governance report was circulated for review and approval by the Board, ensuring compliance with legal and regulatory requirements[173]. Employee and Operational Metrics - The Group had approximately 213 employees as of December 31, 2019, a decrease from 229 in 2018[102]. - All employees are compensated based on industry practices, including medical insurance and performance-related bonuses[160]. - The Company Secretary completed not less than 15 hours of relevant professional training as required under Rule 3.29 of the Listing Rules for the year ended December 31, 2019[181].

Financial Performance - For the six months ended June 30, 2019, the Group recorded unaudited consolidated revenue of RMB34.9 million, a decrease of 80% compared to RMB173.6 million for the same period in 2018[7]. - Gross profit for the Reporting Period was RMB7.7 million, resulting in a gross profit margin of 22.0%, down from a gross profit of RMB57.2 million and a margin of 32.9% in the Preceding Period[15]. - Revenue from the sale of high-end residential units at Xintian Banshan was RMB17.1 million, significantly lower than RMB158.4 million in the previous period, with a decrease in delivered area from 4,100 sqm to 600 sqm[8]. - A loss attributable to owners of the company was recorded at RMB 4.8 million, compared to a profit of RMB 78.7 million in the previous period, driven by a significant reduction in property sales revenue[32]. - Loss before tax was RMB 7,056,000, compared to a profit of RMB 122,482,000 in the prior year, indicating a significant decline in performance[109]. - Total comprehensive loss for the period was RMB 8,311,000, compared to a total comprehensive income of RMB 67,580,000 in the same period of 2018[111]. - Basic and diluted loss per share for the period was (0.047) cents, compared to earnings of 0.765 cents per share in the prior year[111]. - Other revenue and net income decreased to RMB 1,607,000 from RMB 10,475,000, reflecting a decline of 84.7%[109]. - Administrative and other operating expenses were reduced to RMB 17,619,000 from RMB 22,497,000, showing a decrease of 21.8%[109]. Assets and Liabilities - As of June 30, 2019, the Group's total assets were approximately RMB 4,029.8 million, an increase from RMB 3,620.3 million as of December 31, 2018[48]. - The Group's total liabilities were approximately RMB 2,044.0 million, up from RMB 1,656.2 million as of December 31, 2018[48]. - The gearing ratio increased to approximately 50.7% as of June 30, 2019, compared to 45.7% as of December 31, 2018[50]. - Current liabilities increased to RMB 1,617,082,000 from RMB 1,423,477,000, reflecting a rise of about 13.6%[115]. - Net current assets improved to RMB 1,215,881,000, up from RMB 930,448,000, indicating a significant increase of approximately 30.7%[115]. - Borrowings rose to RMB 470,000,000 from RMB 381,854,000, marking an increase of approximately 23.2%[115]. Investment and Development - The Group recorded a share of profit from an associate of RMB12.2 million, down from RMB29.4 million in the previous period, related to the Linhe Cun Rebuilding project[17]. - A reversal of previously provided impairment loss of RMB2.3 million was recorded for properties under development, compared to a provision of RMB105.8 million in the Preceding Period[24]. - Properties under development include Xintian Banshan with a site area of 118,102 sq.m., expected to complete in 2020, and several logistics projects in Yangzhou and Xuzhou, with completion dates ranging from 2019 to 2020[44]. - The Group's properties under development and deposits were valued at approximately RMB 519 million and RMB 3 million, respectively, as of June 30, 2019[57]. Financing and Costs - Finance costs increased to RMB26.8 million from RMB14.7 million in the previous period, due to new borrowings for land premium and construction costs[25]. - Financing costs increased to RMB 26.8 million from RMB 14.7 million in the previous period, primarily due to new borrowings for logistics project funding[28]. - Income tax expenses decreased significantly to RMB 1.2 million from RMB 48.7 million in the preceding period, mainly due to reduced revenue recognition from Xintian Banshan[31]. Corporate Governance and Compliance - The Company failed to meet certain corporate governance requirements following the resignation of an independent non-executive director but has since rectified this issue[88]. - The Company has adopted the Model Code for directors' securities transactions and confirmed compliance throughout the accounting period[78]. - The audit committee consists of independent non-executive directors and has reviewed the accounting principles and standards adopted by the Group[94]. Shareholder Information - Mr. Zhang Gao Bin directly and wholly owns 6,474,393,939 ordinary shares, representing 62.89% of the issued share capital of Talent Trend Holdings Limited[71]. - As of August 30, 2019, the number of shares available for issue under the share option scheme was 1,029,313,655, which is equivalent to 10% of the issued shares of the Company[73]. - The Board does not recommend payment of any interim dividend for the six months ended June 30, 2019[76]. - The Company did not purchase, redeem, or sell any of its listed securities during the six months ended June 30, 2019[75]. Accounting Policies and Changes - The Group applied HKFRS 16 for the first time during the interim period, replacing HKAS 17 and related interpretations[133]. - The Group's accounting policies have been significantly impacted by the application of HKFRS 16, leading to changes in how leases are recognized and measured[156]. - Right-of-use assets are recognized at the commencement date and measured at cost, less accumulated depreciation and impairment losses[142]. - Lease liabilities are recognized at the present value of unpaid lease payments at the lease commencement date[153]. - The Group uses the incremental borrowing rate to calculate the present value of lease payments if the implicit interest rate in the lease is not readily determinable[153].

Financial Performance - The consolidated revenue for 2018 was approximately RMB 278.7 million, a decrease from RMB 727.0 million in 2017, while gross profit was RMB 82.1 million compared to RMB 182.3 million in 2017[10] - For the year ended December 31, 2018, the Group recorded revenue of RMB 278.7 million, a decrease of 61.7% from RMB 727.0 million in 2017[35] - Gross profit for 2018 was RMB 82.1 million, with a gross profit margin of 29.5%, compared to RMB 182.3 million and a margin of 25.1% in 2017[38] - The profit attributable to owners of the company was RMB 69.6 million for the year, compared to RMB 63.7 million in 2017[60] - Income tax expenses decreased significantly to RMB 40.5 million in 2018 from RMB 130.0 million in 2017, primarily due to reduced revenue recognition and tax losses from logistics projects[54] Sales and Market Conditions - Subscription and contracted sales amount for the flagship project Xintian Banshan were approximately RMB 279 million, down from RMB 316 million in 2017, with the area sold being 3,400 sqm compared to 7,800 sqm in 2017[18] - The macroeconomic environment became more unstable in the second half of 2018, impacting the overall market conditions[15] - The Group noted signs of a slight loosening of real estate regulatory policies towards the end of 2018, which may influence future sales strategies[15] - The Group plans to enhance sales of Xintian Banshan to capitalize on expected stable real estate market conditions in 2019[73] Investment and Development - The Group increased investment in logistics projects during 2018, indicating a strategic focus on diversifying business operations[10] - The Group has acquired land parcels in Jiangsu Province for developing integrated intelligent logistics parks, covering site areas of approximately 80,000 sqm and 100,000 sqm[28] - The logistics facilities market in China continues to grow rapidly, driven by rising consumption and demand for logistics services, prompting the Group to expand into property development for the logistics industry[24] - The Group plans to continue exploring potential buyers and promoting the sale of penthouse special units and parking spaces in 2019, aiming for cash recovery[18] Operational Efficiency - The Group aims to strengthen cost control and construction progress management to achieve long-term benefits from economic transformation[30] - Distribution costs increased to RMB 23.2 million in 2018 from RMB 14.7 million in 2017, attributed to enhanced marketing efforts for luxury villas and logistics projects[42] - Administrative expenses rose to RMB 51.8 million in 2018 from RMB 48.9 million in 2017, mainly due to increased spending on logistics park development[43] - Finance costs increased to RMB 30.6 million in 2018 from RMB 18.4 million in 2017, due to new borrowings for logistics project development[53] Assets and Liabilities - As of December 31, 2018, the Group's total assets were approximately RMB 3,620.3 million, an increase from RMB 3,297.7 million in 2017[82] - The Group's total equity was approximately RMB 1,964.1 million as of December 31, 2018, compared to RMB 1,894.6 million in 2017[82] - The Group's total liabilities increased to approximately RMB 1,656.2 million as of December 31, 2018, from RMB 1,403.1 million in 2017[82] - The gearing ratio as of December 31, 2018, was approximately 45.7%, up from 42.5% in 2017[84] Corporate Governance - The Company has applied the principles and code provisions of the Corporate Governance Code and has complied with them during the year ended December 31, 2018[119] - The Board is collectively responsible for leadership and promoting the success of the Company by directing and supervising its affairs[121] - The Company has a commitment to high standards of corporate governance in the interests of shareholders[119] - The Board has established three committees: Nomination Committee, Remuneration Committee, and Audit Committee, each with defined terms of reference[138] Environmental, Social, and Governance (ESG) - The board is responsible for overseeing the Group's Environmental, Social and Governance (ESG) strategy and reporting[189] - An ESG working group has been established to monitor and manage the Group's ESG matters[189] - The Group has prioritized key ESG issues to determine the scope and content of disclosure in the ESG report[190] - The reporting period for the ESG report is from January 1, 2018, to December 31, 2018[188] Employee and Talent Management - The Group employed approximately 229 employees, a decrease from 254 employees as of December 31, 2017[95] - The Group maintains competitive remuneration packages to attract and retain talent, including a Share Option Scheme approved on May 20, 2013[99] - All employees are compensated based on industry practices, including medical insurance, performance-related bonuses, and mandatory provident funds[147] Emissions and Resource Usage - The Group recorded an increase in emissions and resource usage during the reporting period due to the inclusion of data from three logistics companies, with development projects starting in 2018[194] - Nitrogen oxides (NOx) emissions increased to 8,176 g in 2018 from 2,401 g in 2017, representing a rise of 240%[200] - Sulphur oxides (SOx) emissions rose to 180 g in 2018 from 68 g in 2017, marking an increase of 164.7%[200] - Particulate matter (PM) emissions increased to 602 g in 2018 from 177 g in 2017, reflecting a growth of 239.5%[200]